ppl-20240630false0000922224--12-31Large Accelerated Filerfalsefalse2022Q3false0000317187Non-accelerated Filerfalsefalsefalse0000060549Non-accelerated Filerfalsefalsefalse0000055387Non-accelerated FilerfalsefalseKYVAhttp://fasb.org/srt/2024#AffiliatedEntityMemberhttp://fasb.org/srt/2024#AffiliatedEntityMemberhttp://fasb.org/srt/2024#AffiliatedEntityMemberhttp://fasb.org/srt/2024#AffiliatedEntityMemberXX. Summary of Significant Accounting Policies
(All Registrants)
The following accounting policy disclosures represent updates to Note 1 in each Registrant's 2023 Form 10-K and should be read in conjunction with those disclosures.
Restricted Cash and Cash Equivalents (PPL)
Reconciliation of Cash, Cash Equivalents and Restricted Cash
The following provides a reconciliation of Cash, Cash Equivalents and Restricted Cash reported within the Balance Sheets that sum to the total of the same amounts shown on the Statements of Cash Flows:
| | | | | | | | | | | | | |
| PPL |
| June 30,
2024 | | | | December 31,
2023 |
| Cash and cash equivalents | $ | 282 | | | | | $ | 331 | |
| Restricted cash - current (a) | 42 | | | | | 1 | |
| Total Cash, Cash Equivalents and Restricted Cash | $ | 324 | | | | | $ | 332 | |
(a)Bank deposits and other cash equivalents that are restricted by agreement or that have been clearly designated for a specific purpose are classified as restricted cash. On the Balance Sheets, the current portion of restricted cash is included in "Other current assets."
The following provides a reconciliation of Cash, Cash Equivalents and Restricted Cash reported within the Balance Sheets that sum to the total of the same amounts shown on the Statements of Cash Flows:
| | | | | | | | | | | | | |
| PPL |
| June 30,
2024 | | | | December 31,
2023 |
| Cash and cash equivalents | $ | 282 | | | | | $ | 331 | |
| Restricted cash - current (a) | 42 | | | | | 1 | |
| Total Cash, Cash Equivalents and Restricted Cash | $ | 324 | | | | | $ | 332 | |
(a)Bank deposits and other cash equivalents that are restricted by agreement or that have been clearly designated for a specific purpose are classified as restricted cash. On the Balance Sheets, the current portion of restricted cash is included in "Other current assets."
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549 |
| |
FORM 10-Q |
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| ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 for the quarterly period ended June 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 ___________ |
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Commission File Number | Registrant; State of Incorporation; Address and Telephone Number | IRS Employer Identification No. |
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| 1-11459 | PPL Corporation (Exact name of Registrant as specified in its charter) Pennsylvania 645 Hamilton Street Allentown, PA 18101 (610) 774-5151 Former Address: Two North Ninth Street Allentown, PA 18101-1179 | 23-2758192 |
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| 1-905 | PPL Electric Utilities Corporation (Exact name of Registrant as specified in its charter) Pennsylvania 827 Hausman Road Allentown, PA 18104-9392 (610) 774-5151 Former Address: Two North Ninth Street Allentown, PA 18101-1179 | 23-0959590 |
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| 1-2893 | Louisville Gas and Electric Company (Exact name of Registrant as specified in its charter) Kentucky 220 West Main Street Louisville, KY 40202-1377 (502) 627-2000 | 61-0264150 |
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| 1-3464 | Kentucky Utilities Company (Exact name of Registrant as specified in its charter) Kentucky and Virginia One Quality Street Lexington, KY 40507-1462 (502) 627-2000 | 61-0247570 |
Securities registered pursuant to Section 12(b) of the Act:
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| Title of each class | Trading Symbol(s): | Name of each exchange on which registered |
| Common Stock of PPL Corporation | PPL | New York Stock Exchange |
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| Junior Subordinated Notes of PPL Capital Funding, Inc. | | |
| 2007 Series A due 2067 | PPL/67 | New York Stock Exchange |
Indicate by check mark whether the registrants (1) have 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 registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days.
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| PPL Corporation | Yes | ☒ | No | ☐ | |
| PPL Electric Utilities Corporation | Yes | ☒ | No | ☐ | |
| Louisville Gas and Electric Company | Yes | ☒ | No | ☐ | |
| Kentucky Utilities Company | Yes | ☒ | No | ☐ | |
Indicate by check mark whether the registrants have 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 registrants were required to submit such files).
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| PPL Corporation | Yes | ☒ | No | ☐ | |
| PPL Electric Utilities Corporation | Yes | ☒ | No | ☐ | |
| Louisville Gas and Electric Company | Yes | ☒ | No | ☐ | |
| Kentucky Utilities Company | Yes | ☒ | No | ☐ | |
Indicate by check mark whether the registrants are large accelerated filers, accelerated filers, non-accelerated filers, smaller reporting companies or emerging growth companies. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
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| | Large accelerated
filer | Accelerated
filer | Non-accelerated
filer | Smaller reporting
company | Emerging growth company |
| PPL Corporation | ☒ | ☐ | ☐ | ☐ | ☐ |
| PPL Electric Utilities Corporation | ☐ | ☐ | ☒ | ☐ | ☐ |
| Louisville Gas and Electric Company | ☐ | ☐ | ☒ | ☐ | ☐ |
| Kentucky Utilities Company | ☐ | ☐ | ☒ | ☐ | ☐ |
If emerging growth companies, indicate by check mark if the registrants have 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.
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| PPL Corporation | ☐ | | | | |
| PPL Electric Utilities Corporation | ☐ | | | | |
| Louisville Gas and Electric Company | ☐ | | | | |
| Kentucky Utilities Company | ☐ | | | | |
Indicate by check mark whether the registrants are shell companies (as defined in Rule 12b-2 of the Exchange Act).
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| PPL Corporation | Yes | ☐ | No | ☒ | |
| PPL Electric Utilities Corporation | Yes | ☐ | No | ☒ | |
| Louisville Gas and Electric Company | Yes | ☐ | No | ☒ | |
| Kentucky Utilities Company | Yes | ☐ | No | ☒ | |
Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date.
PPL Corporation Common stock, $0.01 par value, 737,773,304 shares outstanding at July 30, 2024.
PPL Electric Utilities Corporation Common stock, no par value, 66,368,056 shares outstanding and all held by PPL Energy Holdings LLC, a wholly-owned, indirect subsidiary of PPL Corporation, at July 30, 2024.
Louisville Gas and Electric Company Common stock, no par value, 21,294,223 shares outstanding and all held by LG&E and KU Energy LLC, a wholly-owned, indirect subsidiary of PPL Corporation, at July 30, 2024.
Kentucky Utilities Company Common stock, no par value, 37,817,878 shares outstanding and all held by LG&E and KU Energy LLC, a wholly-owned, indirect subsidiary of PPL Corporation, at July 30, 2024.
This document is available free of charge at the Investors section of PPL Corporation's website at www.pplweb.com. However, other information on this website does not constitute a part of this Form 10-Q.
PPL CORPORATION
PPL ELECTRIC UTILITIES CORPORATION
LOUISVILLE GAS AND ELECTRIC COMPANY
KENTUCKY UTILITIES COMPANY
FORM 10-Q
FOR THE QUARTER ENDED JUNE 30, 2024
Table of Contents
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.
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| PART I. FINANCIAL INFORMATION | |
| | Item 1. Financial Statements | |
| | | PPL Corporation and Subsidiaries | |
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| | | PPL Electric Utilities Corporation and Subsidiaries | |
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| | | Louisville Gas and Electric Company | |
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| | | Kentucky Utilities Company | |
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| | Combined Notes to Condensed Financial Statements (Unaudited) | |
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| | Item 2. Combined Management's Discussion and Analysis of Financial Condition and Results of Operations | |
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| PART II. OTHER INFORMATION | |
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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 | |
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. Debt issued by PPL Capital Funding is fully and unconditionally guaranteed as to payment by PPL.
PPL Electric - PPL Electric Utilities Corporation, a public utility subsidiary of PPL engaged in the regulated transmission and distribution of electricity in its Pennsylvania service area and that provides electricity supply to its retail customers in this area as a PLR.
PPL Energy Holdings - PPL Energy Holdings, LLC, a subsidiary of PPL and the parent holding company of PPL Energy Funding Corporation, LKE, PPL Electric, PPL Rhode Island Holdings, PPL Services and other subsidiaries.
PPL Rhode Island Holdings - PPL Rhode Island Holdings, LLC, a subsidiary of PPL Energy Holdings formed for the purpose of acquiring Narragansett Electric to which certain interests of PPL Energy Holdings in the Narragansett Stock Purchase Agreement were assigned.
PPL Services - PPL Services Corporation, a subsidiary of PPL that provides administrative, management and support services to PPL and its subsidiaries.
RIE - Rhode Island Energy, the name under which Narragansett Electric continues to provide services since its acquisition by PPL and its subsidiary, PPL Rhode Island Holdings on May 25, 2022.
Other terms and abbreviations
£ - British pound sterling.
2023 Form 10-K - Annual Report to the SEC on Form 10-K for the year ended December 31, 2023.
Act 11 - Act 11 of 2012 that became effective in April 2012. The Pennsylvania legislation authorized the PAPUC to approve two specific ratemaking mechanisms: the use of a fully projected future test year in base rate proceedings and, subject to certain conditions, a DSIC.
Act 129 - Act 129 of 2008 that became effective in October 2008. The law amended the Pennsylvania Public Utility Code and created an energy efficiency and conservation program and smart metering technology requirements, adopted new PLR electricity supply procurement rules, provided remedies for market misconduct and changed the Alternative Energy Portfolio Standard (AEPS).
AFUDC - allowance for funds used during construction. The cost of equity and debt funds used to finance construction projects of regulated businesses, which is capitalized as part of construction costs.
AOCI - accumulated other comprehensive income or loss.
ARO - asset retirement obligation.
Bcf - billion cubic feet. A unit of measure commonly used in quoting volumes of natural gas.
CCR(s) - coal combustion residual(s). CCRs include fly ash, bottom ash and sulfur dioxide scrubber wastes.
Clean Air Act - federal legislation enacted to address certain environmental issues related to air emissions, including acid rain, ozone and toxic air emissions.
COVID-19 - the disease caused by the novel coronavirus identified in 2019 that caused a global pandemic.
CPCN - Certificate of Public Convenience and Necessity. Authority granted by the KPSC pursuant to Kentucky Revised Statute 278.020 to provide utility service to or for the public or the construction of certain plant, equipment, property or facilities for furnishing of utility service to the public. A CPCN is required for any capital addition, subject to KPSC jurisdiction, in excess of $100 million.
Customer Choice Act - the Pennsylvania Electricity Generation Customer Choice and Competition Act, legislation enacted to restructure the state's electric utility industry to create retail access to a competitive market for generation of electricity.
DSIC - Distribution System Improvement Charge. Authorized under Act 11, which is an alternative ratemaking mechanism providing more-timely cost recovery of qualifying distribution system capital expenditures.
DSM - Demand Side Management. Pursuant to Kentucky Revised Statute 278.285, the KPSC may determine the reasonableness of DSM programs proposed by any utility under its jurisdiction. DSM programs consist of energy efficiency programs intended to reduce peak demand and delay the investment in additional power plant construction, provide customers with tools and information regarding their energy usage and support energy efficiency.
Earnings from Ongoing Operations - a non-GAAP financial measure of earnings adjusted for the impact of special items and used in "Item 2. Combined Management's Discussion and Analysis of Financial Condition and Results of Operations" (MD&A).
ECR - Environmental Cost Recovery. Pursuant to Kentucky Revised Statute 278.183, Kentucky electric utilities are entitled to the current recovery of costs of complying with the Clean Air Act, as amended, and those federal, state or local environmental requirements that apply to coal combustion wastes and byproducts from the production of energy from coal.
ELG(s) - Effluent Limitation Guidelines, regulations promulgated by the EPA.
Environmental Response Fund - Established in RIPUC Docket No. 2930. Created to satisfy remedial and clean-up obligations of RIE arising from the past ownership and/or operation of manufactured gas plants and sites associated with the operation and disposal activities of such gas plants.
EPA - Environmental Protection Agency, a U.S. government agency.
EPS - earnings per share.
FERC - Federal Energy Regulatory Commission, the U.S. federal agency that regulates, among other things, interstate transmission and wholesale sales of electricity, hydroelectric power projects and related matters.
GAAP - Generally Accepted Accounting Principles in the U.S.
GHG(s) - greenhouse gas(es).
GLT - gas line tracker. The KPSC approved mechanism for LG&E's recovery of certain costs associated with gas transmission lines, gas service lines, gas risers, leak mitigation, and gas main replacements.
IBEW - International Brotherhood of Electrical Workers.
IRS - Internal Revenue Service, a U.S. government agency.
ISO - Independent System Operator.
KPSC - Kentucky Public Service Commission, the state agency that has jurisdiction over the regulation of rates and service of utilities in Kentucky.
Mill Creek Unit 5 - a combined cycle natural gas unit under construction in Kentucky, jointly owned by LG&E and KU, which is expected to provide additional generating capacity of 198 MW and 442 MW to LG&E and KU beginning in 2027.
Moody's - Moody's Investors Service, Inc., a credit rating agency.
MW - megawatt, one thousand kilowatts.
NAAQS - National Ambient Air Quality Standards periodically adopted pursuant to the Clean Air Act.
National Grid USA - National Grid USA is a wholly-owned subsidiary of National Grid plc, a British multinational electricity and gas utility company headquartered in London, England.
NEP - New England Power Company, a National Grid U.S. affiliate.
NERC - North American Electric Reliability Corporation.
NPNS - the normal purchases and normal sales exception as permitted by derivative accounting rules. Derivatives that qualify for this exception may receive accrual accounting treatment.
OCI - other comprehensive income or loss.
OVEC - Ohio Valley Electric Corporation, located in Piketon, Ohio, an entity in which LG&E owns a 5.63% interest and KU owns a 2.50% interest, which are recorded at cost. OVEC owns and operates two coal-fired power plants, the Kyger Creek plant in Ohio and the Clifty Creek plant in Indiana, with combined capacities of 2,120 MW.
PAPUC - Pennsylvania Public Utility Commission, the state agency that regulates certain ratemaking, services, accounting and operations of Pennsylvania utilities.
PLR - Provider of Last Resort, the role of PPL Electric in providing default electricity supply within its delivery area to retail customers who have not chosen to select an alternative electricity supplier under the Customer Choice Act.
PP&E - property, plant and equipment.
Registrant(s) - refers to the Registrants named on the cover of this Report (each a "Registrant" and collectively, the "Registrants").
Regulation S-X - SEC regulation governing the form and content of and requirements for financial statements required to be filed pursuant to the federal securities laws.
RIPUC - Rhode Island Public Utilities Commission, a three-member quasi-judicial tribunal with jurisdiction, powers, and duties to implement and enforce the standards of conduct under R.I. Gen. Laws § 39-1-27.6 and to hold investigations and hearings involving the rates, tariffs, tolls, and charges, and the sufficiency and reasonableness of facilities and accommodations of public utilities.
Rhode Island Division of Public Utilities and Carriers - the Rhode Island Division of Public Utilities and Carriers, which is headed by an Administrator who is not a Commissioner of the RIPUC, exercises the jurisdiction, supervision, power, and duties not specifically assigned to the RIPUC.
Safari Energy - Safari Energy, LLC, which was, prior to the sale of Safari Holdings on November 1, 2022, a subsidiary of Safari Holdings that provided solar energy solutions for commercial customers in the U.S.
Safari Holdings - Safari Holdings, LLC, which was, prior to its sale on November 1, 2022, a subsidiary of PPL and parent holding company of Safari Energy.
Sarbanes-Oxley - Sarbanes-Oxley Act of 2002, which sets requirements for management's assessment of internal controls for financial reporting. It also requires an independent auditor to make its own assessment.
Scrubber - an air pollution control device that can remove particulates and/or gases (primarily sulfur dioxide) from exhaust gases.
SEC - the U.S. Securities and Exchange Commission, a U.S. government agency primarily responsible to protect investors and maintain the integrity of the securities markets.
Smart metering technology - technology that can measure, among other things, time of electricity consumption to permit offering rate incentives for usage during lower cost or demand intervals. The use of this technology also has the potential to strengthen network reliability.
SOFR - Secured Overnight Financing Rate, a broad measure of the cost of borrowing cash overnight collateralized by Treasury securities.
S&P - S&P Global Ratings, a credit rating agency.
Superfund - federal environmental statute that addresses remediation of contaminated sites; states also have similar statutes.
Treasury Stock Method - a method applied to calculate diluted EPS that assumes any proceeds that could be obtained upon exercise of options and warrants (and their equivalents) would be used to purchase common stock at the average market price during the relevant period.
U.K. utility business - PPL WPD Investments Limited and its subsidiaries, including, notably, WPD plc and the four distribution network operators, which substantially represented PPL's U.K. Regulated segment. The U.K. utility business was sold on June 14, 2021.
UWUA - Utility Workers Union of America.
VEBA - Voluntary Employee Beneficiary Association, a tax-exempt trust under the Internal Revenue Code Section 501(c)(9) used by employers to fund and pay eligible medical, life and similar benefits.
VSCC - Virginia State Corporation Commission, the state agency that has jurisdiction over the regulation of Virginia corporations, including utilities.
Forward-looking Information
Statements contained in this Form 10-Q concerning expectations, beliefs, plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements that are other than statements of historical fact are "forward-looking statements" within the meaning of the federal securities laws. Although the Registrants believe that the expectations and assumptions reflected in these statements are reasonable, there can be no assurance that these expectations will prove to be correct. Forward-looking statements are subject to many risks and uncertainties, and actual results may differ materially from the results discussed in forward-looking statements. In addition to the specific factors discussed in each Registrant's 2023 Form 10-K and in "Item 2. Combined Management's Discussion and Analysis of Financial Condition and Results of Operations" in this Form 10-Q, the following are among the important factors that could cause actual results to differ materially and adversely from the forward-looking statements:
•strategic acquisitions, dispositions, or similar transactions and our ability to consummate these business transactions or realize expected benefits from them;
•pandemic health events or other catastrophic events such as fires, earthquakes, explosions, floods, droughts, tornadoes, hurricanes and other extreme weather-related events (including events potentially caused or exacerbated by climate change) and their impact on economic conditions, financial markets and supply chains;
•capital market conditions, including the availability of capital, credit or insurance, changes in interest rates and certain economic indices, and decisions regarding capital structure;
•volatility in or the impact of other changes in financial markets, commodity prices and economic conditions, including inflation;
•weather and other conditions affecting generation, transmission and distribution operations, operating costs and customer energy use;
•the outcome of rate cases or other cost recovery, revenue or regulatory proceedings;
•the direct or indirect effects on PPL or its subsidiaries or business systems of cyber-based intrusion or the threat of cyberattacks;
•significant changes in the demand for electricity;
•expansion of alternative and distributed sources of electricity generation and storage;
•the effectiveness of our risk management programs, including commodity and interest rate hedging;
•defaults by counterparties or suppliers for energy, capacity, coal, natural gas or key commodities, goods or services;
•a material decline in the market value of PPL's equity;
•significant decreases in the fair value of debt and equity securities and their impact on the value of assets in defined benefit plans, and the related cash funding requirements if the fair value of those assets decline;
•interest rates and their effect on pension and retiree medical liabilities, ARO liabilities, interest payable on certain debt securities, and the general economy;
•the potential impact of any unrecorded commitments and liabilities of the Registrants and their subsidiaries;
•new accounting requirements or new interpretations or applications of existing requirements;
•adverse changes in the corporate credit ratings or securities analyst rankings of the Registrants and their securities;
•any requirement to record impairment charges pursuant to GAAP with respect to any of our significant investments;
•laws or regulations to reduce emissions of GHGs or the physical effects of climate change;
•the availability of electricity and natural gas, and any consequences of a perceived or actual inability to serve demand reliably;
•continuing ability to access fuel supply for LG&E and KU, as well as the ability to recover fuel costs and environmental expenditures in a timely manner at LG&E and KU and natural gas supply costs at LG&E and RIE;
•war, armed conflicts, terrorist attacks, or similar disruptive events, including the ongoing conflicts in Ukraine and the Middle East;
•changes in political, regulatory or economic conditions in states or regions where the Registrants or their subsidiaries conduct business;
•the ability to obtain necessary governmental permits and approvals;
•changes in state or federal tax laws or regulations;
•establishment of new tariffs on imported goods;
•changes in state, federal or foreign legislation or regulatory developments;
•the impact of any state, federal or foreign investigations applicable to the Registrants and their subsidiaries and the energy industry;
•our ability to attract and retain qualified employees;
•the effect of changing expectations and demands of our customers, regulators, investors and stakeholders, including views on environmental, social and governance concerns;
•the effect of any business or industry restructuring;
•development of new projects, markets and technologies;
•performance of new ventures;
•collective labor bargaining negotiations and labor costs;
•risks related to wildfires, including costs of potential regulatory penalties and damages in excess of insurance liability coverage; and
•the outcome of litigation involving the Registrants and their subsidiaries.
Any forward-looking statements should be considered in light of these important factors and in conjunction with other documents of the Registrants on file with the SEC.
New factors that could cause actual results to differ materially from those described in forward-looking statements emerge from time to time, and it is not possible for the Registrants to predict all such factors, or the extent to which any such factor or combination of factors may cause actual results to differ from those contained in any forward-looking statement. Any forward-looking statement speaks only as of the date on which such statement is made, and the Registrants undertake no obligation to update the information contained in the statement to reflect subsequent developments or information.
Investors should note that PPL announces material financial information in SEC filings, press releases and public conference calls. In accordance with SEC guidelines, PPL also uses the Investors section of its website, www.pplweb.com, to communicate with investors. It is possible that the financial and other information posted there could be deemed to be material information. The information on PPL's website is not part of this document.
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PART I. FINANCIAL INFORMATION
ITEM 1. Financial Statements
CONDENSED CONSOLIDATED STATEMENTS OF INCOME
PPL Corporation and Subsidiaries
(Unaudited)
(Millions of Dollars, except share data)
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| | Three Months Ended June 30, | | Six Months Ended June 30, |
| | 2024 | | 2023 | | 2024 | | 2023 |
| Operating Revenues | $ | 1,881 | | | $ | 1,823 | | | $ | 4,185 | | | $ | 4,238 | |
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| 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 | |
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| Operating Income | 390 | | | 305 | | | 935 | | | 803 | |
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Other Income (Expense) - net (Note 12) | 32 | | | 5 | | | 54 | | | 35 | |
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| Interest Expense | 182 | | | 165 | | | 361 | | | 329 | |
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| Income Before Income Taxes | 240 | | | 145 | | | 628 | | | 509 | |
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| Income Taxes | 50 | | | 33 | | | 131 | | | 112 | |
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| Net Income | $ | 190 | | | $ | 112 | | | $ | 497 | | | $ | 397 | |
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| Earnings Per Share of Common Stock: | |
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| Basic and Diluted | | | | | | | |
| Net Income Available to PPL Common Shareowners | $ | 0.26 | | | $ | 0.15 | | | $ | 0.67 | | | $ | 0.54 | |
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Weighted-Average Shares of Common Stock Outstanding (in thousands) | | | | | | | |
| Basic | 737,748 | | | 737,075 | | | 737,630 | | | 736,953 | |
| Diluted | 739,563 | | | 738,177 | | | 739,191 | | | 737,938 | |
The accompanying Notes to Condensed Financial Statements are an integral part of the financial statements.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
PPL Corporation and Subsidiaries
(Unaudited)
(Millions of Dollars)
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| | Three Months Ended June 30, | | Six Months Ended June 30, |
| | 2024 | | 2023 | | 2024 | | 2023 |
| Net income | $ | 190 | | | $ | 112 | | | $ | 497 | | | $ | 397 | |
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| Other comprehensive income (loss): | | | | | | | |
| Amounts arising during the period - gains (losses), net of tax (expense) benefit: | | | | | | | |
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Equity investees' other comprehensive income (loss), net of tax of $0, $0, $0, $0 | — | | | — | | | 1 | | | 1 | |
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Net actuarial gain (loss), net of tax of ($1), $5, ($1), $5 | 2 | | | (15) | | | 2 | | | (15) | |
| Reclassifications from AOCI - (gains) losses, net of tax expense (benefit): | | | | | | | |
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Qualifying derivatives, net of tax of ($1), ($1), ($1), ($1) | — | | | — | | | 1 | | | 1 | |
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| Defined benefit plans: | | | | | | | |
Prior service costs, net of tax of $0, $0, $0, $0 | — | | | 1 | | | — | | | 1 | |
Net actuarial (gain) loss, net of tax of $1, $1, $1, $1 | (1) | | | — | | | (1) | | | (1) | |
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| Total other comprehensive income (loss) | 1 | | | (14) | | | 3 | | | (13) | |
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| Comprehensive income | $ | 191 | | | $ | 98 | | | $ | 500 | | | $ | 384 | |
The accompanying Notes to Condensed Financial Statements are an integral part of the financial statements.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
PPL Corporation and Subsidiaries
(Unaudited)
(Millions of Dollars)
| | | | | | | | | | | |
| Six Months Ended June 30, |
| | 2024 | | 2023 |
| Cash Flows from Operating Activities | | | |
| Net income | $ | 497 | | | $ | 397 | |
| | | |
| | | |
| Adjustments to reconcile net income to net cash provided by operating activities | | | |
| Depreciation | 635 | | | 626 | |
| Amortization | 47 | | | 39 | |
| Defined benefit plans - income | (35) | | | (36) | |
| Deferred income taxes and investment tax credits | 114 | | | 107 | |
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| Other | 10 | | | 25 | |
| Change in current assets and current liabilities | | | |
| Accounts receivable | 162 | | | (1) | |
| Accounts payable | (167) | | | (209) | |
| Unbilled revenues | 74 | | | 233 | |
| Fuel, materials and supplies | 4 | | | (30) | |
| Prepayments | (107) | | | (90) | |
| | | |
| Taxes payable | (21) | | | (31) | |
| Regulatory assets and liabilities, net | (74) | | | (57) | |
| Accrued interest | 21 | | | 44 | |
| Other | (57) | | | (50) | |
| Other operating activities | | | |
| Defined benefit plans - funding | (7) | | | (7) | |
| | | |
| Other assets | (60) | | | (97) | |
| Other liabilities | 12 | | | (21) | |
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| Net cash provided by operating activities | 1,048 | | | 842 | |
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| Cash Flows from Investing Activities | | | |
| Expenditures for property, plant and equipment | (1,266) | | | (1,090) | |
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| Other investing activities | 5 | | | (6) | |
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| Net cash used in investing activities | (1,261) | | | (1,096) | |
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| Cash Flows from Financing Activities | | | |
| Issuance of long-term debt | 1,148 | | | 3,127 | |
| Retirement of long-term debt | — | | | (1,763) | |
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| Payment of common stock dividends | (367) | | | (348) | |
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| Net decrease in short-term debt | (603) | | | (742) | |
| Other financing activities | (23) | | | (50) | |
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| Net cash provided by financing activities | 155 | | | 224 | |
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| Net Decrease in Cash, Cash Equivalents and Restricted Cash | (58) | | | (30) | |
| Cash, Cash Equivalents and Restricted Cash at Beginning of Period | 382 | | | 357 | |
| Cash, Cash Equivalents and Restricted Cash at End of Period | $ | 324 | | | $ | 327 | |
Supplemental Disclosures of Cash Flow Information | | | |
| Significant non-cash transactions: | | | |
Accrued expenditures for property, plant and equipment at June 30, | $ | 288 | | | $ | 231 | |
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The accompanying Notes to Condensed Financial Statements are an integral part of the financial statements.
CONDENSED CONSOLIDATED BALANCE SHEETS
PPL Corporation and Subsidiaries
(Unaudited)
(Millions of Dollars, shares in thousands)
| | | | | | | | | | | |
| | June 30,
2024 | | December 31,
2023 |
| Assets | | | |
| | | |
| Current Assets | | | |
| Cash and cash equivalents | $ | 282 | | | $ | 331 | |
Accounts receivable (less reserve: 2024, $133; 2023, $123) | | | |
| Customer | 933 | | | 950 | |
| Other | 109 | | | 271 | |
Unbilled revenues (less reserve: 2024, $3; 2023, $4) | 357 | | | 428 | |
| Fuel, materials and supplies | 502 | | | 505 | |
| Prepayments | 211 | | | 103 | |
| Regulatory assets | 335 | | | 293 | |
| Other current assets | 69 | | | 51 | |
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| Total Current Assets | 2,798 | | | 2,932 | |
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| Property, Plant and Equipment | | | |
| Regulated utility plant | 39,656 | | | 38,608 | |
| Less: accumulated depreciation - regulated utility plant | 9,482 | | | 9,156 | |
| Regulated utility plant, net | 30,174 | | | 29,452 | |
| Non-regulated property, plant and equipment | 71 | | | 72 | |
| Less: accumulated depreciation - non-regulated property, plant and equipment | 26 | | | 23 | |
| Non-regulated property, plant and equipment, net | 45 | | | 49 | |
| Construction work in progress | 1,954 | | | 1,917 | |
| Property, Plant and Equipment, net | 32,173 | | | 31,418 | |
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| Other Noncurrent Assets | | | |