$PPL
PPL Corp

2019 Q2 Form 10-Q Financial Statement

#000092222419000050 Filed on August 06, 2019

View on sec.gov

Income Statement

Concept 2019 Q2 2018 Q2 2018 Q1
Revenue $1.803B $1.848B $2.126B
YoY Change -2.44% 7.13% 8.97%
Cost Of Revenue $138.0M $148.0M $241.0M
YoY Change -6.76% 8.82% 12.09%
Gross Profit $1.665B $1.700B $1.885B
YoY Change -2.06% 6.99% 8.58%
Gross Profit Margin 92.35% 91.99% 88.66%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $309.0M $286.0M $269.0M
YoY Change 8.04% 6.72% 11.16%
% of Gross Profit 18.56% 16.82% 14.27%
Operating Expenses $1.025B $1.042B $1.034B
YoY Change -1.63% 17.47% 10.0%
Operating Profit $640.0M $658.0M $851.0M
YoY Change -2.74% 0.0% 12.27%
Interest Expense $246.0M $235.0M $239.0M
YoY Change 4.68% 5.86% 10.14%
% of Operating Profit 38.44% 35.71% 28.08%
Other Income/Expense, Net $131.0M $234.0M -$43.00M
YoY Change -44.02% -444.12% 377.78%
Pretax Income $525.0M $657.0M $569.0M
YoY Change -20.09% 78.53% 6.95%
Income Tax $84.00M $142.0M $117.0M
% Of Pretax Income 16.0% 21.61% 20.56%
Net Earnings $441.0M $515.0M $452.0M
YoY Change -14.37% 76.37% 12.16%
Net Earnings / Revenue 24.46% 27.87% 21.26%
Basic Earnings Per Share $0.61 $0.74 $0.65
Diluted Earnings Per Share $0.60 $0.73 $0.65
COMMON SHARES
Basic Shares Outstanding 721.8M shares 699.0M shares 694.5M shares
Diluted Shares Outstanding 730.9M shares 701.0M shares 695.3M shares

Balance Sheet

Concept 2019 Q2 2018 Q2 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $406.0M $852.0M $629.0M
YoY Change -52.35% 82.44% 53.79%
Cash & Equivalents $406.0M $852.0M $629.0M
Short-Term Investments
Other Short-Term Assets $67.00M $62.00M $49.00M
YoY Change 8.06% 14.81% -3.92%
Inventory $286.0M $288.0M $279.0M
Prepaid Expenses $142.0M $126.0M $139.0M
Receivables $662.0M $675.0M $760.0M
Other Receivables $110.0M $66.00M $89.00M
Total Short-Term Assets $2.231B $2.600B $2.490B
YoY Change -14.19% 20.04% 11.81%
LONG-TERM ASSETS
Property, Plant & Equipment $35.13B $33.82B $33.74B
YoY Change 3.86% 8.29% 10.95%
Goodwill $3.139B $3.308B $3.302B
YoY Change -5.11% 5.38% 8.26%
Intangibles $710.0M $694.0M $703.0M
YoY Change 2.31% 5.79% 9.16%
Long-Term Investments
YoY Change
Other Assets $291.0M $192.0M $140.0M
YoY Change 51.56% 26.32% -7.28%
Total Long-Term Assets $6.843B $6.407B $6.162B
YoY Change 6.81% -2.41% -3.72%
TOTAL ASSETS
Total Short-Term Assets $2.231B $2.600B $2.490B
Total Long-Term Assets $6.843B $6.407B $6.162B
Total Assets $44.20B $42.83B $42.39B
YoY Change 3.21% 7.17% 8.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $830.0M $804.0M $836.0M
YoY Change 3.23% 6.91% 19.43%
Accrued Expenses $238.0M $203.0M $323.0M
YoY Change 17.24% 3.57% 8.03%
Deferred Revenue
YoY Change
Short-Term Debt $1.636B $1.864B $1.457B
YoY Change -12.23% 24.52% -12.55%
Long-Term Debt Due $136.0M $203.0M $250.0M
YoY Change -33.0% -69.75% -40.05%
Total Short-Term Liabilities $4.063B $4.448B $4.238B
YoY Change -8.66% 2.25% -0.42%
LONG-TERM LIABILITIES
Long-Term Debt $20.97B $20.22B $20.21B
YoY Change 3.7% 9.89% 12.56%
Other Long-Term Liabilities $458.0M $456.0M $441.0M
YoY Change 0.44% 5.07% 4.5%
Total Long-Term Liabilities $7.193B $6.925B $6.760B
YoY Change 3.87% 2.94% 0.73%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.063B $4.448B $4.238B
Total Long-Term Liabilities $7.193B $6.925B $6.760B
Total Liabilities $11.26B $11.37B $11.00B
YoY Change -1.03% 2.67% 0.28%
SHAREHOLDERS EQUITY
Retained Earnings $4.903B $4.266B $4.037B
YoY Change 14.93% 7.11% 1.89%
Common Stock $11.08B $10.47B $10.42B
YoY Change 5.8% 4.38% 4.98%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $11.98B $11.24B $11.18B
YoY Change
Total Liabilities & Shareholders Equity $44.20B $42.83B $42.39B
YoY Change 3.21% 7.17% 8.59%

Cashflow Statement

Concept 2019 Q2 2018 Q2 2018 Q1
OPERATING ACTIVITIES
Net Income $441.0M $515.0M $452.0M
YoY Change -14.37% 76.37% 12.16%
Depreciation, Depletion And Amortization $309.0M $286.0M $269.0M
YoY Change 8.04% 6.72% 11.16%
Cash From Operating Activities $596.0M $759.0M $566.0M
YoY Change -21.48% 15.88% 319.26%
INVESTING ACTIVITIES
Capital Expenditures -$745.0M -$770.0M $750.0M
YoY Change -3.25% 8.76% 10.78%
Acquisitions
YoY Change
Other Investing Activities -$12.00M -$126.0M $3.000M
YoY Change -90.48% -4300.0% -400.0%
Cash From Investing Activities -$757.0M -$896.0M -$753.0M
YoY Change -15.51% 27.09% 10.9%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $100.0M
YoY Change 36.99%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 56.00M 364.0M $331.0M
YoY Change -84.62% 250.0% -45.47%
NET CHANGE
Cash From Operating Activities 596.0M 759.0M $566.0M
Cash From Investing Activities -757.0M -896.0M -$753.0M
Cash From Financing Activities 56.00M 364.0M $331.0M
Net Change In Cash -105.0M 227.0M $142.0M
YoY Change -146.26% 320.37% 115.15%
FREE CASH FLOW
Cash From Operating Activities $596.0M $759.0M $566.0M
Capital Expenditures -$745.0M -$770.0M $750.0M
Free Cash Flow $1.341B $1.529B -$184.0M
YoY Change -12.3% 12.18% -66.05%

Facts In Submission

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us-gaap Common Stock Dividends Per Share Declared
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us-gaap Common Stock Dividends Per Share Declared
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CY2019Q2 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2018Q4 us-gaap Cash And Cash Equivalents At Carrying Value
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CY2018Q4 us-gaap Restricted Cash Current
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CY2019Q2 us-gaap Restricted Cash Noncurrent
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CY2019Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2019Q1 us-gaap Operating Lease Right Of Use Asset
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CY2019Q2 us-gaap Revenues
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CY2018Q2 us-gaap Revenues
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us-gaap Revenues
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us-gaap Revenues
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CY2019Q2 us-gaap Net Income Loss
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CY2018Q2 us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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CY2019Q2 us-gaap Assets
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CY2018Q4 us-gaap Assets
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CY2019Q2 ppl Alternative Revenue Programs
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CY2019Q2 ppl Other Revenue
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CY2019Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2018Q2 ppl Other Revenue
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us-gaap Revenues
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ppl Alternative Revenue Programs
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us-gaap Revenues
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ppl Alternative Revenue Programs
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CY2018Q2 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2019Q2 us-gaap Provision For Doubtful Accounts
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CY2018Q2 us-gaap Provision For Doubtful Accounts
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us-gaap Provision For Doubtful Accounts
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us-gaap Provision For Doubtful Accounts
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CY2018Q4 us-gaap Contract With Customer Liability
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CY2019Q2 us-gaap Contract With Customer Liability
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us-gaap Contract With Customer Liability Revenue Recognized
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CY2017Q4 us-gaap Contract With Customer Liability
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CY2018Q2 us-gaap Contract With Customer Liability
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CY2019Q2 us-gaap Net Income Loss
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CY2018Q2 us-gaap Net Income Loss
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us-gaap Net Income Loss
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us-gaap Net Income Loss
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CY2019Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
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CY2018Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
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us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
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us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
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CY2019Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
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CY2018Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
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us-gaap Net Income Loss Available To Common Stockholders Diluted
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us-gaap Net Income Loss Available To Common Stockholders Diluted
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CY2019Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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us-gaap Weighted Average Number Of Shares Outstanding Basic
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CY2019Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2018Q2 us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
IncrementalCommonSharesAttributableToShareBasedPaymentArrangements
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us-gaap Incremental Common Shares Attributable To Share Based Payment Arrangements
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CY2019Q2 ppl Incremental Common Shares Attributableto Dilutive Effectof Equity Forward Sales Agreements
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8233000 shares
CY2018Q2 ppl Incremental Common Shares Attributableto Dilutive Effectof Equity Forward Sales Agreements
IncrementalCommonSharesAttributabletoDilutiveEffectofEquityForwardSalesAgreements
1797000 shares
ppl Incremental Common Shares Attributableto Dilutive Effectof Equity Forward Sales Agreements
IncrementalCommonSharesAttributabletoDilutiveEffectofEquityForwardSalesAgreements
8070000 shares
ppl Incremental Common Shares Attributableto Dilutive Effectof Equity Forward Sales Agreements
IncrementalCommonSharesAttributabletoDilutiveEffectofEquityForwardSalesAgreements
898000 shares
CY2019Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Weighted Average Number Of Diluted Shares Outstanding
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us-gaap Earnings Per Share Basic
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us-gaap Earnings Per Share Diluted
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us-gaap Earnings Per Share Diluted
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CY2019Q2 us-gaap Stock Issued During Period Shares Share Based Compensation
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CY2018Q2 us-gaap Stock Issued During Period Shares Share Based Compensation
StockIssuedDuringPeriodSharesShareBasedCompensation
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us-gaap Stock Issued During Period Shares Share Based Compensation
StockIssuedDuringPeriodSharesShareBasedCompensation
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us-gaap Stock Issued During Period Shares Share Based Compensation
StockIssuedDuringPeriodSharesShareBasedCompensation
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CY2019Q2 us-gaap Stock Issued During Period Shares Dividend Reinvestment Plan
StockIssuedDuringPeriodSharesDividendReinvestmentPlan
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CY2018Q2 us-gaap Stock Issued During Period Shares Dividend Reinvestment Plan
StockIssuedDuringPeriodSharesDividendReinvestmentPlan
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us-gaap Stock Issued During Period Shares Dividend Reinvestment Plan
StockIssuedDuringPeriodSharesDividendReinvestmentPlan
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us-gaap Stock Issued During Period Shares Dividend Reinvestment Plan
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CY2019Q2 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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CY2018Q2 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
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CY2019Q2 us-gaap Income Tax Reconciliation State And Local Income Taxes
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CY2018Q2 us-gaap Income Tax Reconciliation State And Local Income Taxes
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us-gaap Income Tax Reconciliation State And Local Income Taxes
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us-gaap Income Tax Reconciliation State And Local Income Taxes
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CY2019Q2 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2018Q2 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
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CY2019Q2 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
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CY2018Q2 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
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us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
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us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
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CY2019Q2 ppl Amortization Of Excess Deferred Income Taxes
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CY2018Q2 ppl Amortization Of Excess Deferred Income Taxes
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ppl Amortization Of Excess Deferred Income Taxes
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ppl Amortization Of Excess Deferred Income Taxes
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CY2019Q2 ppl Income Tax Reconciliation State Tax Reform Deferred Tax Charge
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CY2018Q2 ppl Income Tax Reconciliation State Tax Reform Deferred Tax Charge
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ppl Income Tax Reconciliation State Tax Reform Deferred Tax Charge
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CY2019Q2 ppl Income Tax Reconciliation Foreign Interest Benefit
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CY2018Q2 ppl Income Tax Reconciliation Foreign Interest Benefit
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ppl Income Tax Reconciliation Foreign Interest Benefit
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ppl Income Tax Reconciliation Foreign Interest Benefit
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CY2019Q2 us-gaap Income Tax Reconciliation Tax Credits Other
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us-gaap Income Tax Reconciliation Tax Credits Other
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us-gaap Income Tax Reconciliation Tax Credits Other
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CY2019Q2 us-gaap Income Tax Reconciliation Other Adjustments
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CY2018Q2 us-gaap Income Tax Reconciliation Other Adjustments
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us-gaap Income Tax Reconciliation Other Adjustments
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us-gaap Income Tax Reconciliation Other Adjustments
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CY2019Q2 ppl Total Increase Decrease To Federal Income Tax On Income From Continuing Operations At Statutory Tax Rate
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CY2018Q2 ppl Total Increase Decrease To Federal Income Tax On Income From Continuing Operations At Statutory Tax Rate
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ppl Total Increase Decrease To Federal Income Tax On Income From Continuing Operations At Statutory Tax Rate
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ppl Total Increase Decrease To Federal Income Tax On Income From Continuing Operations At Statutory Tax Rate
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CY2019Q2 us-gaap Income Tax Expense Benefit
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CY2018Q2 us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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us-gaap Income Tax Expense Benefit
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CY2019Q2 us-gaap Regulatory Assets Current
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CY2018Q4 us-gaap Regulatory Assets Current
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CY2019Q2 us-gaap Regulatory Assets Noncurrent
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CY2018Q4 us-gaap Regulatory Assets Noncurrent
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CY2019Q2 us-gaap Regulatory Liability Current
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CY2018Q4 us-gaap Regulatory Liability Current
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CY2018Q1 ppl Common Stock Aggregate Sales Price
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CY2019Q2 us-gaap Common Stock Dividends Per Share Declared
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CY2019Q2 ppl Common Stock Dividends Per Share Declared As Per Annum Equivalent
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CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
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CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
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CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Three
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CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Four
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CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Five
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CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
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CY2019Q2 us-gaap Lessee Operating Lease Liability Payments Due
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CY2019Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
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CY2019Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
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CY2019Q2 us-gaap Operating Lease Liability Noncurrent
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CY2019Q2 us-gaap Operating Lease Right Of Use Asset
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CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Current
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CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
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CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
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CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
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CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
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CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due
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CY2019Q2 us-gaap Lessor Operating Lease Payments To Be Received Remainder Of Fiscal Year
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CY2019Q2 us-gaap Lessor Operating Lease Payments To Be Received Next Twelve Months
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CY2019Q2 us-gaap Lessor Operating Lease Payments To Be Received Two Years
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CY2019Q2 us-gaap Lessor Operating Lease Payments To Be Received Three Years
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CY2019Q2 us-gaap Lessor Operating Lease Payments To Be Received Four Years
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CY2019Q2 us-gaap Lessor Operating Lease Payments To Be Received Five Years
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CY2019Q2 us-gaap Lessor Operating Lease Payments To Be Received Thereafter
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CY2019Q2 us-gaap Lessor Operating Lease Payments To Be Received
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CY2019Q2 us-gaap Operating Lease Lease Income
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us-gaap Operating Lease Lease Income
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CY2018Q4 ppl Amount Of Alleged Improper Distribution
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CY2015Q2 ppl Restructuring And Related Activities Ownership Percentage By Riverstone
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CY2019Q2 us-gaap Guarantee Obligations Current Carrying Value
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ppl Defined Benefit Plan Net Periodic Benefit Cost Credit Non Service
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CY2019Q2 ppl Maximum Aggregate Coverage Bodily Injury And Property Damage
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CY2019Q2 us-gaap Gain Loss From Price Risk Management Activity
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us-gaap Gain Loss From Price Risk Management Activity
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ppl Defined Benefit Plan Net Periodic Benefit Cost Credit Non Service
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CY2019Q2 us-gaap Interest Income Other
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us-gaap Interest Income Other
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CY2019Q2 us-gaap Public Utilities Allowance For Funds Used During Construction Capitalized Cost Of Equity
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us-gaap Public Utilities Allowance For Funds Used During Construction Capitalized Cost Of Equity
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us-gaap Public Utilities Allowance For Funds Used During Construction Capitalized Cost Of Equity
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CY2019Q2 ppl Other Nonoperating Income Miscellaneous
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us-gaap Other Nonoperating Income
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CY2019Q2 ppl Charitable Contributions
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ppl Charitable Contributions
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ppl Charitable Contributions
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CY2019Q2 ppl Other Nonoperating Expense Miscellaneous
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CY2018Q2 ppl Other Nonoperating Expense Miscellaneous
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ppl Other Nonoperating Expense Miscellaneous
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us-gaap Other Nonoperating Expense
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us-gaap Other Nonoperating Expense
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CY2019Q2 us-gaap Other Nonoperating Income Expense
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CY2018Q2 us-gaap Other Nonoperating Income Expense
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234000000 USD
us-gaap Other Nonoperating Income Expense
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183000000 USD
us-gaap Other Nonoperating Income Expense
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us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<div style="line-height:120%;padding-bottom:0px;padding-top:0px;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;font-weight:bold;">18. New Accounting Guidance Pending Adoption</span></div><div style="line-height:120%;padding-bottom:0px;padding-top:0px;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><br/></span></div><div style="line-height:120%;padding-bottom:0px;padding-top:0px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;">(All Registrants)</span></div><div style="line-height:120%;padding-bottom:0px;padding-top:0px;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><br/></span></div><div style="line-height:120%;padding-bottom:0px;padding-top:0px;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;text-decoration:underline;">Accounting for Financial Instrument Credit Losses</span></div><div style="line-height:120%;padding-bottom:0px;padding-top:0px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;padding-bottom:0px;padding-top:0px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">In June 2016, the FASB issued accounting guidance that requires the use of a current expected credit loss (CECL) model for the measurement of credit losses on financial instruments within the scope of this guidance, which includes accounts receivable. The CECL model requires an entity to measure credit losses using historical information, current information and reasonable and supportable forecasts of future events, rather than the incurred loss impairment model required under current GAAP.</span></div><div style="line-height:120%;padding-bottom:0px;padding-top:0px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;padding-bottom:0px;padding-top:0px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">For public business entities, this guidance will be applied using a modified retrospective approach and is effective for fiscal years beginning after December 15, 2019, and interim periods within those years. The Registrants are currently assessing the impact of adopting this guidance and will adopt this standard on January 1, 2020 with a modified retrospective approach through a cumulative-effect adjustment to retained earnings at the date of adoption. Key implementation activities in process include finalizing the population of financial instruments within the scope of this guidance and identifying potential differences between the Registrants’ current credit loss models and the requirements of this guidance.</span></div><div style="line-height:120%;padding-bottom:0px;padding-top:0px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;padding-bottom:0px;padding-top:0px;text-align:left;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;text-decoration:underline;">Accounting for Implementation Costs in a Cloud Computing Service Arrangement</span></div><div style="line-height:120%;padding-bottom:0px;padding-top:0px;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;padding-bottom:0px;padding-top:0px;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">In August 2018, the FASB issued accounting guidance that requires a customer in a cloud computing hosting arrangement that is a service contract to capitalize implementation costs consistent with internal-use software guidance for non-service arrangements. Prior guidance had not addressed these implementation costs. The guidance requires these capitalized implementation costs to be amortized over the term of the hosting arrangement to the statement of income line item where the service arrangement costs are recorded. The guidance also prescribes the financial statement classification of the capitalized implementation costs and cash flows associated with the arrangement. Additional quantitative and qualitative disclosures are also required.</span></div><div style="line-height:120%;padding-bottom:0px;padding-top:0px;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;padding-bottom:0px;padding-top:0px;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">For public business entities, this guidance is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. This standard must be applied either retrospectively or prospectively to all implementation costs incurred after the date of adoption.</span></div><div style="line-height:120%;padding-bottom:0px;padding-top:0px;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;padding-bottom:0px;padding-top:0px;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">The Registrants are currently assessing the impact of adopting this guidance and will adopt this standard prospectively as of the beginning of the period adopted, which will be January 1, 2020. Key implementation activities in process of being completed </span></div><div style="line-height:120%;padding-bottom:0px;padding-top:0px;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">include assessing the population of cloud computing hosting arrangements in the scope of this guidance and identifying and evaluating industry issues.</span></div><div style="line-height:120%;padding-bottom:0px;padding-top:0px;text-align:left;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;padding-bottom:0px;padding-top:0px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;font-style:italic;">(PPL, LKE, LG&amp;E and KU)</span></div><div style="line-height:120%;padding-bottom:0px;padding-top:0px;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><br/></span></div><div style="line-height:120%;padding-bottom:0px;padding-top:0px;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;text-decoration:underline;">Simplifying the Test for Goodwill Impairment </span></div><div style="line-height:120%;padding-bottom:0px;padding-top:0px;font-size:10pt;"><span style="font-family:Arial;font-size:10pt;"><br/></span></div><div style="line-height:120%;padding-bottom:0px;padding-top:0px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">In January 2017, the FASB issued accounting guidance that simplifies the test for goodwill impairment by eliminating the second step of the quantitative test. The second step of the quantitative test requires a calculation of the implied fair value of goodwill, which is determined in the same manner as the amount of goodwill in a business combination. Under this new guidance, an entity will now compare the estimated fair value of a reporting unit with its carrying value and recognize an impairment charge for the amount the carrying amount exceeds the fair value of the reporting unit.</span></div><div style="line-height:120%;padding-bottom:0px;padding-top:0px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;"><br/></span></div><div style="line-height:120%;padding-bottom:0px;padding-top:0px;font-size:10pt;"><span style="font-family:inherit;font-size:10pt;">For public business entities, this guidance will be applied prospectively and is effective for annual or any interim goodwill impairment tests for fiscal years beginning after December 15, 2019. The Registrants will adopt this guidance on January 1, 2020. The Registrants are currently assessing the impact of adopting this guidance.</span></div>

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