Talen Energy Corp
For the period ended Sep 30, 2024. Filed Nov 14, 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.
Sep 30, 2024 · Filed Nov 14, 2024
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
| ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|
For the quarterly period ended September 30, 2024
OR
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|---|
For the transition period from __________ to __________
Commission File Number:001-37388
Talen Energy Corporation
(Exact name of registrant as specified in its charter)
| Delaware | 47-1197305 |
|---|---|
| (State or other jurisdiction ofincorporation or organization) | (IRS EmployerIdentification No.) |
2929 Allen Pkwy, Suite 2200
Houston, TX 77019
(Address of principal executive offices) (Zip Code)
(888)211-6011
(Registrant’s telephone number, including area code)
Not applicable
(Former name, former address and former fiscal year, if changed since last report)
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | TradingSymbol(s) | Name of each exchangeon which registered |
|---|---|---|
| Common stock, par value $0.001 per share | TLN | The Nasdaq Global Select Market |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| ☐ | Large accelerated filer | ☐ | Accelerated filer | ☐ | Emerging growth company |
|---|---|---|---|---|---|
| ☒ | Non-accelerated filer | ☐ | Smaller reporting company | ||
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No☒
Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes ☐ No ☒
As of November 14, 2024, the registrant had 50,855,417 shares outstanding of common stock, par value $0.001 per share.
QUARTERLY REPORT ON FORM 10-Q
TABLE OF CONTENTS
| Page | |||
|---|---|---|---|
| CAUTIONARY NOTE REGARDING FORWARD-LOOKING INFORMATION | 1 | ||
| PART I. FINANCIAL INFORMATION | |||
| ITEM 1. FINANCIAL STATEMENTS (UNAUDITED) | |||
| Condensed Consolidated Statements of Operations | 2 | ||
| Condensed Consolidated Statements of Comprehensive Income (Loss) | 3 | ||
| Condensed Consolidated Balance Sheets | 4 | ||
| Condensed Consolidated Statements of Cash Flows | 5 | ||
| Condensed Consolidated Statements of Equity | 7 | ||
| Notes to the Interim Financial Statements (Unaudited) | |||
| 1. Organization and Operations | 9 | ||
| 2. Basis of Presentation and Summary of Significant Accounting Policies | 9 | ||
| 3. Risk Management, Derivative Instruments and Hedging Activities | 10 | ||
| 4. Revenue | 13 | ||
| 5. Income Taxes | 14 | ||
| 6. Inventory | 14 | ||
| 7. Nuclear Decommissioning Trust Funds | 15 | ||
| 8. Property, Plant and Equipment | 15 | ||
| 9. Asset Retirement Obligations and Accrued Environmental Costs | 16 | ||
| 10. Commitments and Contingencies | 17 | ||
| 11. Long-Term Debt and Other Credit Facilities | 21 | ||
| 12. Fair Value | 23 | ||
| 13. Postretirement Benefit Obligations | 24 | ||
| 14. Earnings Per Share | 25 | ||
| 15. Stockholders' Equity | 25 | ||
| 16. Supplemental Cash Flow Information | 27 | ||
| 17. Acquisitions and Divestitures | 28 | ||
| 18. Segments | 28 | ||
| ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS | |||
| Overview | 31 | ||
| Recent Developments | 31 | ||
| Factors Affecting Our Financial Condition and Results of Operations | 32 | ||
| Results of Operations | 34 | ||
| Liquidity and Capital Resources | 38 | ||
| Cash Flow Activities | 40 | ||
| Contractual Obligations and Commitments | 41 | ||
| Non-GAAP Financial Measure | 41 | ||
| Critical Accounting Policies and Estimates | 42 | ||
| ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK | 43 | ||
| ITEM 4. CONTROLS AND PROCEDURES | 43 | ||
| PART II. OTHER INFORMATION | |||
| ITEM 1. LEGAL PROCEEDINGS | 44 | ||
| ITEM 1A. RISK FACTORS | 44 | ||
| ITEM 2. UNREGISTERED SALES OF EQUITY AND USE OF PROCEEDS | 44 | ||
| ITEM 3. DEFAULTS UPON SENIOR SECURITIES | 44 | ||
| ITEM 4. MINE SAFETY DISCLOSURES | 44 | ||
| ITEM 5. OTHER INFORMATION | 44 | ||
| ITEM 6. EXHIBITS | 45 | ||
| GLOSSARY OF TERMS AND ABBREVIATIONS | 46 | ||
| SIGNATURES | 50 | ||
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.