8-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported):  February 14, 2019

Commission FileNumber	Registrant; State of Incorporation; Address and Telephone Number	IRS EmployerIdentification No.
1-11459	PPL Corporation(Exact name of Registrant as specified in its charter) (Pennsylvania)Two North Ninth StreetAllentown, PA 18101-1179 (610) 774-5151	23-2758192

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

[  ]	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
[  ]	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[  ]	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[  ]	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter). Emerging growth 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. [  ]

Section 2 - Financial Information

Item 2.02 Results of Operations and Financial Condition

The information attached hereto as Exhibit 99.1 provides supplemental unaudited financial information for the U.K. Regulated Segment of PPL Corporation ("PPL"). The U.K. Regulated Segment consists of PPL Global, LLC, which primarily includes PPL's regulated electricity distribution businesses in the U.K., known as Western Power Distribution ("WPD"), the results of hedging the translation of WPD's earnings from British pound sterling into U.S. dollars and certain costs such as U.S. income taxes, administrative costs and acquisition-related financing costs.

Section 9 - Financial Statements and Exhibits

Item 9.01 Financial Statements and Exhibits

(d)	Exhibits
	99.1 -	Supplemental Unaudited Financial Information of PPL Corporation's U.K. Regulated Segment.

As provided in General Instruction B.2 of Form 8-K, the information contained in this Form 8-K shall not be deemed to be "filed" for purposes of Section 18 of the Securities Exchange Act of 1934, as amended, nor shall any such information be deemed to be incorporated by reference in any filing under the Securities Act of 1933, as amended, except as shall be expressly set forth by specific reference in such a filing.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

PPL CORPORATION
By:	/s/ Stephen K. Breininger
	Stephen K. Breininger Vice President and Controller

Dated:  February 14, 2019

EX-99

The supplemental financial information provided below should be read in conjunction with the audited financial statements and accompanying notes of PPL Corporation ("PPL") in its Annual Report on Form 10-K for the fiscal year ended December 31, 2018 (the "2018 10-K") and the disclosures relevant to the U.K. Regulated Segment under Item 1. Business, and Item 7. Combined Management's Discussion and Analysis of Financial Condition and Results of Operations in the 2018 10-K.

The U.K. Regulated Segment consists of PPL Global, LLC, which primarily includes WPD's regulated electricity distribution operations, the results of hedging the translation of WPD's earnings from British pound sterling into U.S. dollars, and certain costs, such as U.S. income taxes, administrative costs and allocated acquisition-related financing costs. The information presented below was prepared on the same basis as the information presented in the 2018 10-K.

Select Condensed Consolidated Financial Information - PPL's U.K. Regulated Segment

Unaudited

PPL's U.K. Regulated Segment

Condensed Consolidated Balance Sheets

At December 31,

(Millions of Dollars)

	2018		2017
Assets
Current Assets	$	534	$	685
Property, Plant & Equipment, net	12,437		12,500
Goodwill	2,447		2,596
Other Noncurrent Assets	1,282		1,032
Total Assets	$	16,700	$	16,813
Liabilities and Equity
Current Liabilities (including debt due within one year)	$	1,020	$	1,575
Long-term Debt	7,572		7,411
Deferred Credits and Other Noncurrent Liabilities	882		909
Equity	7,226		6,918
Total Liabilities and Equity	$	16,700	$	16,813

The spot rates of U.S. Dollar per British pound sterling used to translate the WPD Balance Sheet from British pound sterling to U.S. dollars were $1.28/£ and $1.35/£ as of December 31, 2018 and 2017, respectively. In 2018, changes in this exchange rate resulted in a foreign currency translation loss of $453 million, which primarily reflected a $754 million decrease to PP&E and $150 million decrease to goodwill, partially offset by a $445 million decrease to long-term debt and a $6 million decrease to other net liabilities.

PPL's U.K. Regulated Segment

Condensed Consolidated Statements of Cash Flows

For the Years Ended December 31,

(Millions of Dollars)

	2018			2017
Cash Flows From Operating Activities
Net Income	$	1,114		$	652
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation	247			230
Unrealized (gains) losses on derivatives	(190		)	166
Other	(68		)	(48		)
Changes in current assets and current liabilities	(64		)	74
Other operating activities
Defined benefit plans - funding	(186		)	(486		)
Other	62			48
Net cash provided by operating activities	915			636
Cash Flows from Investing Activities
Expenditures for long-lived assets	(954		)	(1,015		)
Other	19			6
Net cash used in investing activities	(935		)	(1,009		)
Cash Flows from Financing Activities
Net Distributions to PPL	(214		)	(44		)
Issuance of long-term debt	541			389
Retirement of long-term debt	—			(98		)
Settlement of cross-currency swaps	—			19
Net (decrease) increase in short-term debt	(347		)	139
Other	(1		)	—
Net cash (used in) provided by financing activities	(21		)	405
Effect of Exchange Rates on Cash, Cash Equivalents and Restricted Cash	(18		)	15
Net Increase (Decrease) in Cash, Cash Equivalents and Restricted Cash	(59		)	47
Cash, Cash Equivalents and Restricted Cash at Beginning of Period	83			36
Cash, Cash Equivalents and Restricted Cash at End of Period	$	24		$	83

Supplemental Disclosures of Cash Flow Information
Cash paid during the period for:
Interest - net of amount capitalized	$	347	$	331
Income taxes - net	$	193	$	80
Significant non-cash transactions:
Accrued expenditures for property, plant and equipment at December 31,	$	37	$	53
Accrued expenditures for intangible assets at December 31,	$	64	$	68

PPL's U.K. Regulated Segment

Condensed Consolidated Statements of Income

For the Years Ended December 31,

(Millions of Dollars)

	20181		20171
Operating revenues	$	2,268	$	2,091
Other operation and maintenance	538		449
Depreciation	247		230
Taxes, other than income	134		127
Total operating expenses	919		806
Other Income (Expense) - net2	403		(84		)
Interest Expense	413		397
Income Taxes	225		152
Net Income	1,114		652
Less: Special Items	146		(233		)
Earnings from Ongoing Operations3	$	968	$	885

The following after-tax gains (losses), which management considers special items, impacted PPL's U.K. Regulated Segment's results.

	2018			2017			Income Statement Line Item
Foreign currency economic hedges, net of tax of ($39), $594	$	148		$	(111	)	Other Income (Expense) - net
U.S. tax reform5	3			(122		)	Income Taxes
Death benefit, net of tax of $1, $06	(5		)	—			Other operation and maintenance
Total	$	146		$	(233	)

¹ The average rates of U.S. Dollar per British pound sterling used to translate the WPD Statement of Income from British pound sterling to U.S. dollars were $1.31/£ and $1.20/£ as of December 31, 2018 and 2017, respectively.

² "Other Income (Expense) - net" is primarily comprised of: realized and unrealized hedging results from hedging the translation of WPD's earnings from British pound sterling into U.S. dollars and non-service cost components of net periodic benefit credits.

³ A non-GAAP financial measure that should not be considered as an alternative to net income, an indicator of operating performance determined in accordance with GAAP. PPL believes that Earnings from Ongoing Operations is useful and meaningful to investors because it provides management's view of PPL's earnings performance as another criterion in making investment decisions. In addition, PPL's management uses Earnings from Ongoing Operations in measuring achievement of certain corporate performance goals, including targets for certain executive incentive compensation. Other companies may use different measures to present financial performance.

Earnings from Ongoing Operations is adjusted for the impact of special items. Special items are presented in the financial tables on an after-tax basis with the related income taxes on special items separately disclosed. Income taxes on special items, when applicable, are calculated based on the effective tax rate of the entity where the activity is recorded. Special items include:

• Unrealized gains or losses on foreign currency economic hedges (as discussed below).

• Gains and losses on sales of assets not in the ordinary course of business.

• Impairment charges.

• Significant workforce reduction and other restructuring effects.

• Acquisition and divestiture-related adjustments.

• Other charges or credits that are, in management's view, non-recurring or otherwise not reflective of the company's ongoing operations.

Unrealized gains or losses on foreign currency economic hedges include the changes in fair value of foreign currency contracts used to hedge GBP-denominated anticipated earnings. The changes in fair value of these contracts are recognized immediately within GAAP earnings. Management believes that excluding these amounts from Earnings from Ongoing Operations until settlement of the contracts provides a better matching of the financial impacts of those contracts with the economic value of PPL's underlying hedged earnings. See Note 17 to the Financial Statements of the 2018 10-K for additional information on foreign currency economic activity.

⁴ Represents unrealized gains (losses) on contracts that economically hedge anticipated GBP-denominated earnings.

⁵ During 2018, PPL recorded adjustments to certain provisional amounts recognized in the December 31, 2017 Statement of Income relating to the enactment of the Tax Cuts and Jobs Act. During 2017, PPL recorded deferred income tax expense for the enactment of the Tax Cuts and Jobs Act. See Note 6 to the Financial Statements of the 2018 10-K for additional information.

⁶ Primarily a payment related to the death of the WPD Chief Executive.