Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended |
Sep. 30, 2014 | |
Entity Registrant Name | 'DPL INC |
Entity Central Index Key | '0000787250 |
Document Type | '10-Q |
Document Period End Date | 30-Sep-14 |
Amendment Flag | 'false |
Current Fiscal Year End Date | '--12-31 |
Entity Current Reporting Status | 'Yes |
Entity Filer Category | 'Non-accelerated Filer |
Document Fiscal Year Focus | '2014 |
Document Fiscal Period Focus | 'Q3 |
Entity Voluntary Filers | 'No |
Entity Well-known Seasoned Issuer | 'No |
DPL [Member] | ' |
Entity Common Stock, Shares Outstanding | 1 |
THE DAYTON POWER AND LIGHT COMPANY [Member] | ' |
Entity Common Stock, Shares Outstanding | 41,172,173 |
Consolidated_Statements_of_Res
Consolidated Statements of Results of Operations (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Revenues | $479.20 | $441.20 | $1,329.60 | $1,210.70 |
Cost of revenues: | ' | ' | ' | ' |
Fuel | 85.1 | 99.7 | 235.9 | 274 |
Purchased power | 153.7 | 113.1 | 466.2 | 282.6 |
Amortization of intangibles | 0.3 | 1.8 | 0.9 | 5.3 |
Total cost of revenues | 239.1 | 214.6 | 703 | 561.9 |
Gross margin | 240.1 | 226.6 | 626.6 | 648.8 |
Operating expenses: | ' | ' | ' | ' |
Operation and maintenance | 94 | 97.3 | 294.7 | 297.4 |
Depreciation and amortization | 34.5 | 33.9 | 103.7 | 99 |
Taxes, Miscellaneous | 21.2 | 19.4 | 70.3 | 60.8 |
Goodwill Impairment | ' | ' | 135.8 | ' |
Fixed asset impairment | ' | ' | 11.5 | ' |
Total operating expenses | 149.7 | 150.6 | 616 | 457.2 |
Operating income | 90.4 | 76 | 10.6 | 191.6 |
Other income / (expense), net: | ' | ' | ' | ' |
Investment income | 0.2 | -0.5 | 0.6 | 1.2 |
Interest expense | -33.1 | -31 | -95.8 | -91.1 |
Other deductions | -0.1 | ' | -2.5 | -4.9 |
Total other income / (expense), net | -33 | -31.5 | -97.7 | -94.8 |
Earnings before income tax | 57.4 | 44.5 | -87.1 | 96.8 |
Income tax expense | -41 | 11.3 | 29.7 | 20.8 |
Net income | 98.4 | 33.2 | -116.8 | 76 |
THE DAYTON POWER AND LIGHT COMPANY [Member] | ' | ' | ' | ' |
Revenues | 454.9 | 413.1 | 1,252.50 | 1,141.50 |
Cost of revenues: | ' | ' | ' | ' |
Fuel | 84.5 | 96.7 | 227.4 | 269.6 |
Purchased power | 152.4 | 110.4 | 457.3 | 276.7 |
Total cost of revenues | 236.9 | 207.1 | 684.7 | 546.3 |
Gross margin | 218 | 206 | 567.8 | 595.2 |
Operating expenses: | ' | ' | ' | ' |
Operation and maintenance | 85.9 | 87.6 | 265.9 | 270.4 |
Depreciation and amortization | 36.4 | 35.8 | 108.2 | 104.5 |
Taxes, Miscellaneous | 20.2 | 18.2 | 67.1 | 57.4 |
Total operating expenses | 142.5 | 141.6 | 441.2 | 432.3 |
Operating income | 75.5 | 64.4 | 126.6 | 162.9 |
Other income / (expense), net: | ' | ' | ' | ' |
Investment income | 0.2 | 0.1 | 0.6 | 1.7 |
Interest expense | -9.4 | -10.4 | -25.5 | -29.7 |
Other deductions | ' | ' | -2.1 | -4.3 |
Total other income / (expense), net | -9.2 | -10.3 | -27 | -32.3 |
Earnings before income tax | 66.3 | 54.1 | 99.6 | 130.6 |
Income tax expense | 13.1 | 13.2 | 23.1 | 29.2 |
Net income | 53.2 | 40.9 | 76.5 | 101.4 |
Dividends on preferred stock | 0.3 | 0.2 | 0.7 | 0.6 |
Earnings on common stock | $52.90 | $40.70 | $75.80 | $100.80 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income/(Loss) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Net income | $98.40 | $33.20 | ($116.80) | $76 |
Available-for-sale securities activity: | ' | ' | ' | ' |
Change in fair value of available-for-sale securities | -0.4 | 0.2 | -0.6 | -1.3 |
Reclassification to earnings of available-for-sale securities, net of income tax expense/(benefit) | 0.2 | 0.4 | 0.4 | 1.4 |
Total change in fair value of available-for-sale securities | -0.2 | 0.6 | -0.2 | 0.1 |
Derivative activity: | ' | ' | ' | ' |
Change in derivative fair value | 1.2 | 6.2 | -23.8 | 18.7 |
Reclassification of earnings, net of income tax (expense)/benefit of $0.6 and $(0.3), respectively | 3.4 | 1.3 | 14.2 | 3 |
Total change in fair value of derivatives | 4.6 | 7.5 | -9.6 | 21.7 |
Pension and postretirement activity: | ' | ' | ' | ' |
Reclassification to earnings of Pension | ' | ' | ' | 0.3 |
Total change in unfunded pension obligation | ' | ' | ' | 0.3 |
Other comprehensive income / (loss) | 4.4 | 8.1 | -9.8 | 22.1 |
Net comprehensive income / (loss) | 102.8 | 41.3 | -126.6 | 98.1 |
THE DAYTON POWER AND LIGHT COMPANY [Member] | ' | ' | ' | ' |
Net income | 53.2 | 40.9 | 76.5 | 101.4 |
Available-for-sale securities activity: | ' | ' | ' | ' |
Change in fair value of available-for-sale securities | -0.4 | -0.2 | -0.6 | -1.8 |
Reclassification to earnings of available-for-sale securities, net of income tax expense/(benefit) | 0.2 | 0.4 | 0.4 | 1.4 |
Total change in fair value of available-for-sale securities | -0.2 | 0.2 | -0.2 | -0.4 |
Derivative activity: | ' | ' | ' | ' |
Change in derivative fair value | 1.4 | -0.3 | -26.3 | ' |
Reclassification of earnings, net of income tax (expense)/benefit of $0.6 and $(0.3), respectively | 3.2 | 1 | 15.3 | 2.3 |
Total change in fair value of derivatives | 4.6 | 0.7 | -11 | 2.3 |
Pension and postretirement activity: | ' | ' | ' | ' |
Reclassification to earnings of Pension | 0.7 | 0.9 | 2.1 | 2.7 |
Total change in unfunded pension obligation | 0.7 | 0.9 | 2.1 | 2.7 |
Other comprehensive income / (loss) | 5.1 | 1.8 | -9.1 | 4.6 |
Net comprehensive income / (loss) | $58.30 | $42.70 | $67.40 | $106 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income/(Loss) (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Income tax (expense)/benefit on unrealized gains (losses) related to available-for-sale securities | $0.20 | ($0.10) | $0.20 | $0.70 |
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Tax | -0.1 | -0.2 | -0.7 | -0.2 |
Income tax (expense)/benefit on unrealized gains (losses) related to derivative activity | -1 | -3.3 | 12.4 | -10 |
Income tax (expense)/benefit on reclassification of earnings related to derivative activity | -1.5 | -0.8 | -7.4 | -2.1 |
Income tax (expense)/benefit on reclassification of earnings related to pension and postretirement activity | ' | ' | ' | 0.3 |
THE DAYTON POWER AND LIGHT COMPANY [Member] | ' | ' | ' | ' |
Income tax (expense)/benefit on unrealized gains (losses) related to available-for-sale securities | 0.2 | 0.1 | 0.2 | 0.9 |
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Tax | -0.1 | -0.2 | -0.2 | -0.7 |
Income tax (expense)/benefit on unrealized gains (losses) related to derivative activity | -0.7 | 0.1 | 9.9 | ' |
Income tax (expense)/benefit on reclassification of earnings related to derivative activity | -1.9 | -0.9 | -6.7 | -2.2 |
Income tax (expense)/benefit on reclassification of earnings related to pension and postretirement activity | ($0.30) | ($0.50) | ($1) | ($1.50) |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net income | ($116.80) | $76 |
Adjustments to reconcile Net income to Net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 103.7 | 99 |
Amortization of intangibles | 0.9 | 5.3 |
Amortization of debt market value adjustments | 0.1 | -14.3 |
Deferred income taxes | -2.5 | 31.5 |
Fixed asset impairment | 11.5 | ' |
Goodwill Impairment | 135.8 | ' |
Changes in certain assets and liabilities: | ' | ' |
Accounts receivable | 12.7 | 30.8 |
Inventories | -3.6 | 18.6 |
Prepaid taxes | 0.5 | 0.7 |
Taxes applicable to subsequent years | 52.1 | 52.1 |
Deferred regulatory costs, net | 4.8 | 11.6 |
Accounts payable | 7.2 | -7.2 |
Accrued taxes payable | -27.5 | -69.3 |
Accrued interest payable | 14.5 | 24.3 |
Pension, retiree and other benefits | -5.2 | 7.1 |
Unamortized investment tax credit | -0.4 | -0.4 |
Insurance and claims costs | 0.4 | -2.4 |
Other | -13.8 | -14.3 |
Net cash provided by operating activities | 174.4 | 249.1 |
Cash flows from investing activities: | ' | ' |
Capital expenditures | -81.6 | -96.5 |
Proceeds from sale of property - other | ' | 0.8 |
Insurance proceeds | ' | 7.6 |
Decrease (increase) in Restricted Cash | -9 | 3.4 |
Other investing activities, net | 1.1 | -1.6 |
Net cash used for investing activities | -93.1 | -89.6 |
Cash flows from financing activities: | ' | ' |
Deferred Finance Costs | -0.3 | -11.6 |
Payment of long-term debt | -30.1 | -425.1 |
Issuance of long-term debt | ' | 644.2 |
Withdrawals from revolving credit facilities | 115 | 50 |
Repayments of borrowings from revolving credit facilities | -115 | -50 |
Net cash used for financing activities | -30.4 | 207.5 |
Cash and cash equivalents: | ' | ' |
Net change | 50.9 | 367 |
Balance at beginning of period | 53.2 | 192.1 |
Cash and cash equivalents at end of period | 104.1 | 559.1 |
Supplemental cash flow information: | ' | ' |
Interest paid, net of amounts capitalized | 73.8 | 79.5 |
Income taxes paid/(refund), net | 0.2 | -20.2 |
Non-cash financing and investing activities: | ' | ' |
Accruals for capital expenditures | 6.7 | 5.4 |
THE DAYTON POWER AND LIGHT COMPANY [Member] | ' | ' |
Cash flows from operating activities: | ' | ' |
Net income | 76.5 | 101.4 |
Adjustments to reconcile Net income to Net cash provided by operating activities: | ' | ' |
Depreciation and amortization | 108.2 | 104.5 |
Deferred income taxes | 2.9 | 27.1 |
Changes in certain assets and liabilities: | ' | ' |
Accounts receivable | 4.8 | 30.7 |
Inventories | -3.5 | 18.5 |
Prepaid taxes | 0.2 | 0.8 |
Taxes applicable to subsequent years | 50.5 | 50 |
Deferred regulatory costs, net | 4.8 | 12.4 |
Accounts payable | 7.9 | -7.3 |
Accrued taxes payable | -40.8 | -48.2 |
Accrued interest payable | -5.7 | 2.7 |
Pension, retiree and other benefits | -5.2 | 7.1 |
Unamortized investment tax credit | -1.9 | -1.9 |
Other | -9.5 | -13.9 |
Net cash provided by operating activities | 189.2 | 283.9 |
Cash flows from investing activities: | ' | ' |
Capital expenditures | -78.6 | -95.1 |
Proceeds from sale of property - other | ' | 0.8 |
Insurance proceeds | 0.4 | 12.1 |
Decrease (increase) in Restricted Cash | -9.4 | 3.4 |
Other investing activities, net | 1.1 | -1.7 |
Net cash used for investing activities | -90.1 | -83.8 |
Cash flows from financing activities: | ' | ' |
Dividends paid on common stock | -90 | -155 |
Dividends paid on preferred stock | -0.7 | -0.6 |
Borrowings from related party | 15 | ' |
Repayment of borrowings from related party | -15 | ' |
Deferred Finance Costs | -0.2 | -6.7 |
Payment of long-term debt | -0.1 | -0.1 |
Issuance of long-term debt | ' | 444.2 |
Net cash used for financing activities | -91 | 281.8 |
Cash and cash equivalents: | ' | ' |
Net change | 8.1 | 481.9 |
Balance at beginning of period | 22.9 | 28.5 |
Cash and cash equivalents at end of period | 31 | 510.4 |
Supplemental cash flow information: | ' | ' |
Interest paid, net of amounts capitalized | 26.1 | 28.7 |
Income taxes paid/(refund), net | 0.2 | -20.3 |
Non-cash financing and investing activities: | ' | ' |
Accruals for capital expenditures | 6.7 | 5.4 |
Emission Allowances [Member] | ' | ' |
Cash flows from investing activities: | ' | ' |
Payments to Acquire Intangible Assets | -0.2 | ' |
Emission Allowances [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ' | ' |
Cash flows from investing activities: | ' | ' |
Payments to Acquire Intangible Assets | 0.2 | ' |
Renewable Energy Certificates [Member] | ' | ' |
Cash flows from investing activities: | ' | ' |
Payments to Acquire Intangible Assets | -3.4 | -3.3 |
Renewable Energy Certificates [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ' | ' |
Cash flows from investing activities: | ' | ' |
Payments to Acquire Intangible Assets | $3.40 | $3.30 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $104.10 | $53.20 |
Restricted Cash | 22.5 | 13.5 |
Accounts receivable, net (Note 2) | 190.7 | 203.3 |
Inventories (Note 2) | 86.4 | 82.7 |
Taxes applicable to subsequent years | 18.5 | 70.6 |
Regulatory assets, current (Note 3) | 30 | 20.8 |
Other prepayments and current assets | 44.9 | 35.1 |
Total current assets | 497.1 | 479.2 |
Property, plant and equipment: | ' | ' |
Property, plant and equipment | 2,724.10 | 2,677 |
Less: Accumulated depreciation and amortization | -288.5 | -206.7 |
Property, plant and equipment, net of depreciation | 2,435.60 | 2,470.30 |
Construction work in process | 65.8 | 63.9 |
Total net property, plant and equipment | 2,501.40 | 2,534.20 |
Other noncurrent assets: | ' | ' |
Regulatory assets, non-current (Note 3) | 147.8 | 159.7 |
Goodwill | 317 | 452.8 |
Intangible assets, Net of amortization (Note 6) | 38.6 | 42.8 |
Other deferred assets | 40.7 | 52.8 |
Total other noncurrent assets | 544.1 | 708.1 |
Total Assets | 3,542.60 | 3,721.50 |
Current liabilities: | ' | ' |
Current portion - long-term debt (Note 5) | 110.1 | 10.2 |
Accounts payable | 77.4 | 78.2 |
Accrued taxes | 131.9 | 89.4 |
Accrued interest | 43.2 | 28.5 |
Customer security deposits | 14.4 | 13.9 |
Regulatory liabilities, current | 10 | ' |
Insurance and claims costs | 7 | 6.7 |
Other current liabilities | 66.3 | 64.2 |
Total current liabilities | 460.3 | 291.1 |
Noncurrent liabilities: | ' | ' |
Long-term debt (Note 5) | 2,154.30 | 2,284.20 |
Deferred taxes (Note 6) | 553.4 | 564.3 |
Taxes Payable | 3 | 79.1 |
Regulatory liabilities, non-current (Note 3) | 123.7 | 121.1 |
Pension, retiree and other benefits (Note 9) | 42.7 | 51.6 |
Unamortized investment tax credit | 2.4 | 2.8 |
Other deferred credits | 71 | 69.4 |
Total noncurrent liabilities | 2,950.50 | 3,172.50 |
Redeemable preferred stock | 18.4 | 18.4 |
Common shareholders' equity: | ' | ' |
Other paid-in capital | 2,237.50 | 2,237 |
Accumulated other comprehensive loss | 14.8 | 24.6 |
Retained earnings/ (deficit) | -2,138.90 | -2,022.10 |
Total common shareholders' equity | 113.4 | 239.5 |
Total Liabilities and Shareholders' Equity | 3,542.60 | 3,721.50 |
THE DAYTON POWER AND LIGHT COMPANY [Member] | ' | ' |
Current assets: | ' | ' |
Cash and cash equivalents | 31 | 22.9 |
Restricted Cash | 22.5 | 13 |
Accounts receivable, net (Note 2) | 142.8 | 147.5 |
Inventories (Note 2) | 85.2 | 81.7 |
Taxes applicable to subsequent years | 18 | 68.5 |
Regulatory assets, current (Note 3) | 30 | 20.8 |
Other prepayments and current assets | 43.1 | 32.5 |
Total current assets | 372.6 | 386.9 |
Property, plant and equipment: | ' | ' |
Property, plant and equipment | 5,161.20 | 5,105.30 |
Less: Accumulated depreciation and amortization | -2,539.60 | -2,448.10 |
Property, plant and equipment, net of depreciation | 2,621.60 | 2,657.20 |
Construction work in process | 65.1 | 60.9 |
Total net property, plant and equipment | 2,686.70 | 2,718.10 |
Other noncurrent assets: | ' | ' |
Regulatory assets, non-current (Note 3) | 147.8 | 159.7 |
Intangible assets, Net of amortization (Note 6) | 7.7 | 8.3 |
Other deferred assets | 30.5 | 40.1 |
Total other noncurrent assets | 186 | 208.1 |
Total Assets | 3,245.30 | 3,313.10 |
Current liabilities: | ' | ' |
Current portion - long-term debt (Note 5) | 0.1 | 0.2 |
Accounts payable | 73.9 | 73.9 |
Accrued taxes | 108.2 | 81 |
Accrued interest | 4.1 | 9.6 |
Customer security deposits | 34.5 | 33.1 |
Regulatory liabilities, current | 10 | ' |
Other current liabilities | 62.3 | 59.7 |
Total current liabilities | 293.1 | 257.5 |
Noncurrent liabilities: | ' | ' |
Long-term debt (Note 5) | 877 | 876.9 |
Deferred taxes (Note 6) | 629.6 | 632.3 |
Taxes Payable | ' | 76.5 |
Regulatory liabilities, non-current (Note 3) | 123.7 | 121.1 |
Pension, retiree and other benefits (Note 9) | 42.7 | 51.6 |
Unamortized investment tax credit | 23 | 24.9 |
Other deferred credits | 52.6 | 45.4 |
Total noncurrent liabilities | 1,748.60 | 1,828.70 |
Redeemable preferred stock | 22.9 | 22.9 |
Common shareholders' equity: | ' | ' |
Common stock, at par value of $0.01 per share: | 0.4 | 0.4 |
Other paid-in capital | 803.5 | 803.5 |
Accumulated other comprehensive loss | -35.8 | -26.7 |
Retained earnings/ (deficit) | 412.6 | 426.8 |
Total common shareholders' equity | 1,180.70 | 1,204 |
Total Liabilities and Shareholders' Equity | $3,245.30 | $3,313.10 |
Overview_and_Summary_of_Signif
Overview and Summary of Significant Accounting Policies | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Overview and Summary of Significant Accounting Policies | ' | ||||||||||||
DPL Inc. | |||||||||||||
Notes to Condensed Consolidated Financial Statements (Unaudited) | |||||||||||||
1. Overview and Summary of Significant Accounting Policies | |||||||||||||
Description of Business | |||||||||||||
DPL is a diversified regional energy company organized in 1985 under the laws of Ohio. DPL’s two reportable segments are the Utility segment, comprised of its DP&L subsidiary, and the Competitive Retail segment, comprised of its DPLER operations, which include the operations of DPLER’s wholly owned subsidiary MC Squared. Refer to Note 11 for more information relating to these reportable segments. The terms “we,” “us,” “our” and “ours” are used to refer to DPL and its subsidiaries. | |||||||||||||
On November 28, 2011, DPL was acquired by AES in the Merger and DPL became a wholly-owned subsidiary of AES. Following the Merger, DPL became an indirectly wholly owned subsidiary of AES. | |||||||||||||
DP&L is a public utility incorporated in 1911 under the laws of Ohio. Beginning in 2001, Ohio law gave Ohio consumers the right to choose the electric generation supplier from whom they purchase retail generation service, however distribution and transmission retail services are still regulated. DP&L has the exclusive right to provide such distribution and transmission services to its more than 515,000 customers located in West Central Ohio. Additionally, DP&L offers retail SSO electric service to residential, commercial, industrial and governmental customers in a 6,000 square mile area of West Central Ohio. DP&L owns multiple coal-fired and peaking electric generating facilities as well as numerous transmission facilities, all of which are included in the financial statements at amortized cost. During 2014, DP&L is required to source 10% of the generation for its SSO customers through a competitive bid process, 60% in 2015 and 100% in 2016. Principal industries located in DP&L’s service territory include automotive, food processing, paper, plastic, manufacturing and defense. DP&L's sales reflect the general economic conditions, seasonal weather patterns, retail competition in our service territory and the market price of electricity. DP&L sells any excess energy and capacity into the wholesale market. On June 4, 2014, the PUCO issued a fourth entry on rehearing which reinstated the time by which DP&L must separate its generation assets from its transmission and distribution assets to no later than January 1, 2017. DP&L also sells electricity to DPLER, an affiliate, to satisfy the electric requirements of DPLER’s retail customers. | |||||||||||||
DPLER sells competitive retail electric service, under contract, to residential, commercial, industrial and governmental customers. DPLER’s operations include those of its wholly owned subsidiary MC Squared. DPLER has approximately 274,000 customers currently located throughout Ohio and Illinois. DPLER does not own any transmission or generation assets, and all of DPLER’s electric energy was purchased from DP&L to meet its sales obligations. DPLER’s sales reflect the general economic conditions and seasonal weather patterns of the areas it serves. | |||||||||||||
DPL’s other significant subsidiaries include DPLE, which owns and operates peaking generating facilities from which it makes wholesale sales of electricity, and MVIC, our captive insurance company that provides insurance services to our subsidiaries and us. DPL owns all of the common stock of its subsidiaries. | |||||||||||||
DPL also has a wholly owned business trust, DPL Capital Trust II, formed for the purpose of issuing trust capital securities to investors. | |||||||||||||
DP&L’s electric transmission and distribution businesses are subject to rate regulation by federal and state regulators while its generation business is deemed competitive under Ohio law. Accordingly, DP&L applies the accounting standards for regulated operations to its electric transmission and distribution businesses and records regulatory assets when incurred costs are expected to be recovered in future customer rates, and regulatory liabilities when current cost recoveries in customer rates relate to expected future costs. | |||||||||||||
DPL and its subsidiaries employed 1,197 people as of September 30, 2014, of which 1,142 were employed by DP&L. Approximately 61% of all DPL employees are under a collective bargaining agreement that expires on October 31, 2017. The current collective bargaining agreement was ratified by the membership on October 30, 2014. | |||||||||||||
Financial Statement Presentation | |||||||||||||
DPL’s Condensed Consolidated Financial Statements include the accounts of DPL and its wholly owned subsidiaries except for DPL Capital Trust II, which is not consolidated, consistent with the provisions of GAAP. DP&L has undivided ownership interests in seven coal-fired and peaking generating facilities as well as numerous transmission facilities, all of which are included in the financial statements at amortized cost, which was adjusted to fair value at the Merger date for DPL. Operating revenues and expenses of these facilities are included on a pro rata basis in the corresponding lines in the Condensed Consolidated Statements of Results of Operations. See Note 4 for more information. | |||||||||||||
All material intercompany accounts and transactions are eliminated in consolidation. | |||||||||||||
These financial statements have been prepared in accordance with GAAP for interim financial statements, the instructions of Form 10-Q and Regulation S-X. Accordingly, certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with GAAP have been omitted from this interim report. Therefore, our interim financial statements in this report should be read along with the annual financial statements included in our Form 10-K for the fiscal year ended December 31, 2013. | |||||||||||||
In the opinion of our management, the Condensed Consolidated Financial Statements presented in this report contain all adjustments necessary to fairly state our financial position as of September 30, 2014; our results of operations for the three and nine months ended September 30, 2014 and 2013 and our cash flows for the nine months ended September 30, 2014 and 2013. Unless otherwise noted, all adjustments are normal and recurring in nature. Due to various factors, including, but not limited to, seasonal weather variations, the timing of outages of EGUs, changes in economic conditions involving commodity prices and competition, and other factors, interim results for the three and nine months ended September 30, 2014 may not be indicative of our results that will be realized for the full year ending December 31, 2014. | |||||||||||||
The preparation of financial statements in conformity with GAAP requires us to make estimates and judgments that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the revenues and expenses of the periods reported. Actual results could differ from these estimates. Significant items subject to such estimates and judgments include: the carrying value of property, plant and equipment; unbilled revenues; the valuation of derivative instruments; the valuation of insurance and claims liabilities; the valuation of allowances for receivables and deferred income taxes; regulatory assets and liabilities; liabilities recorded for income tax exposures; litigation; contingencies; the valuation of AROs; assets and liabilities related to employee benefits; goodwill; and intangibles. | |||||||||||||
As a result of push down accounting, DPL’s Condensed Consolidated Statements of Operations subsequent to the Merger include amortization expense relating to purchase accounting adjustments and depreciation of fixed assets based upon their fair value. | |||||||||||||
Goodwill Impairment | |||||||||||||
In connection with the Merger, DPL re-measured the carrying amount of all of its assets and liabilities to fair value, which resulted in the recognition of goodwill assigned to DPL’s two reporting units, DPLER and the DP&L Reporting Unit, which includes DP&L and other entities. FASC 350 “Intangibles – Goodwill and Other” requires that goodwill be tested for impairment at the reporting unit level at least annually or more frequently if impairment indicators are present. DPL’s annual testing date for goodwill is October 1 of each year. In evaluating the potential impairment of goodwill, we make estimates and assumptions about revenue, operating cash flows, capital expenditures, growth rates and discount rates based on our budgets and long term forecasts, macroeconomic projections, and current market expectations of returns on similar assets. There are inherent uncertainties related to these factors and management’s judgment in applying these factors. Generally, the fair value of a reporting unit is determined using a discounted cash flow valuation model. We could be required to evaluate the potential impairment of goodwill outside of the required annual assessment process if we experience certain events, including but not limited to: deterioration in general economic conditions; changes to our operating or regulatory environment; increased competitive environment; increase in fuel costs, particularly when we are unable to pass its effect to customers; negative or declining cash flows; loss of a key contract or customer, particularly when we are unable to replace it on equally favorable terms; or adverse actions or assessments by a regulator. These types of events and the resulting analyses could result in goodwill impairment expense, which could substantially affect our results of operations for those periods. | |||||||||||||
Sale of Receivables | |||||||||||||
DPLER sells receivables from its customers in Duke Energy’s territory to Duke Energy. Receivables sold to Duke Energy during the three months ended September 30, 2014 and 2013 were $10.6 million and $6.1 million, respectively. Receivables sold to Duke Energy during the nine months ended September 30, 2014 and 2013 were $30.4 million and $15.6 million, respectively. Similarly, MC Squared sells receivables from its customers in ComEd territory to ComEd. Receivables sold to ComEd during the three months ended September 30, 2014 and 2013 were $27.1 million and $22.6 million, respectively. Receivables sold to ComEd during the nine months ended September 30, 2014 and 2013 were $68.3 million and $57.8 million, respectively. There is no recourse or any other continuing involvement associated with the sold receivables. These sales are at face value for cash at the amounts billed for DPLER or MC Squared customers’ use of energy. | |||||||||||||
Regulatory Accounting | |||||||||||||
As a regulated utility, DP&L applies the provisions of FASC 980 “Regulated Operations,” which gives recognition to the ratemaking and accounting practices of the PUCO and the FERC. Regulatory assets generally represent incurred costs that have been deferred because such costs are probable of future recovery in customer rates. Regulatory assets can also represent performance incentives permitted by the regulator, such as with our Energy Efficiency Shared Savings. Regulatory assets have been included as allowable costs for ratemaking purposes, as authorized by the PUCO or established regulatory practices. Regulatory liabilities generally represent obligations to make refunds or future rate reductions to customers for previous over collections or the deferral of revenues collected for costs that DPL expects to incur in the future. | |||||||||||||
The deferral of costs (as regulatory assets) is appropriate only when the future recovery of such costs is probable. In assessing probability, we consider such factors as specific orders from the PUCO or FERC, regulatory precedent and the current regulatory environment. To the extent recovery of costs is no longer deemed probable, related regulatory assets would be required to be expensed in current period earnings. Our regulatory assets and liabilities have been created pursuant to a specific order of the PUCO or FERC or established regulatory practices, such as other utilities under the jurisdiction of the PUCO or FERC being granted recovery of similar costs. It is probable, but not certain, that these regulatory assets will be recoverable, subject to PUCO or FERC approval. Regulatory assets and liabilities are classified as current or non-current based on the term in which recovery is expected. See Note 3 for more information about Regulatory Assets. | |||||||||||||
Property, Plant & Equipment | |||||||||||||
We record our ownership share of our undivided interest in jointly-held plants as an asset in property, plant and equipment. Property, plant and equipment are stated at cost except for adjustments of generating plants to fair market value recorded in connection with the Merger, subsequent impairments and the adjustment of certain intangible assets to fair market value in connection with the 2011 acquisition of MC Squared by DPLER. For regulated transmission and distribution property, cost includes direct labor and material, allocable overhead expenses and an allowance for funds used during construction (AFUDC). AFUDC represents the cost of borrowed funds and equity used to finance regulated construction projects. For non-regulated property including unregulated generation property, cost is similarly defined except financing costs are reflected as capitalized interest without an equity component. Capitalization of AFUDC and interest ceases at either project completion or at the date specified by regulators. | |||||||||||||
For substantially all depreciable property, when a unit of property is retired, the original cost of that property less any salvage value is charged to Accumulated depreciation and amortization. | |||||||||||||
Property is evaluated for impairment when events or changes in circumstances indicate that its carrying amount may not be recoverable. | |||||||||||||
Intangibles | |||||||||||||
Intangibles include emission allowances, renewable energy credits, customer relationships and customer contracts. Emission allowances are carried on a first-in, first-out (FIFO) basis for purchased emission allowances. In addition, we recorded emission allowances at their fair value as of the Merger date. Net gains or losses on the sale of excess emission allowances, representing the difference between the sales proceeds and the carrying value of emission allowances, are recorded as a component of our fuel costs and are reflected in Operating income when realized. During the three and nine months ended September 30, 2014 and 2013, gains from the sale of emission allowances were immaterial. | |||||||||||||
Customer relationships recognized as part of the purchase accounting associated with the Merger are amortized over ten to seventeen years and customer contracts were amortized over the average length of the contracts. Emission allowances are amortized as they are used in our operations on a FIFO basis. Renewable energy credits are amortized as they are used or retired. | |||||||||||||
Accounting for Taxes Collected from Customers and Remitted to Governmental Authorities | |||||||||||||
DPL collects certain excise taxes levied by state or local governments from its customers. These taxes are accounted for on a net basis and not included in revenue. The amounts of such taxes collected for the three months ended September 30, 2014 and 2013 were $12.5 million and $13.0 million, respectively. The amounts of such taxes collected for the nine months ended September 30, 2014 and 2013 were $38.5 million and $38.0 million, respectively. | |||||||||||||
Related Party Transactions | |||||||||||||
In December 2013, an agreement was signed, effective January 1, 2014, whereby the Service Company is to provide services including accounting, legal, human resources, information technology and other corporate services on behalf of companies that are part of the U.S. SBU, including, among other companies, DPL and DP&L. The Service Company allocates the costs for these services based on cost drivers designed to result in fair and equitable allocations. This includes ensuring that the regulated utilities served, including DP&L, are not subsidizing costs incurred for the benefit of non-regulated businesses. | |||||||||||||
In the normal course of business, DPL enters into transactions with subsidiaries of AES. The following table provides a summary of these transactions: | |||||||||||||
Three months ended | Nine months ended | ||||||||||||
September 30, | September 30, | ||||||||||||
$ in millions | 2014 | 2013 | 2014 | 2013 | |||||||||
Transactions with the Service Company | |||||||||||||
Charges for services provided | $ | 5.5 | $ | - | $ | 27.8 | $ | - | |||||
Charges to the Service Company | 0.2 | - | 0.2 | - | |||||||||
Transactions with the Service Company | At September 30, 2014 | At December 31, 2013 | |||||||||||
Net prepaid / (payable) to the Service Company | $ | 9.4 | $ | - | |||||||||
DPL has issued debt to a wholly owned business trust, DPL Capital Trust II. | |||||||||||||
Recently Issued Accounting Standards | |||||||||||||
Going Concern | |||||||||||||
The FASB recently issued ASU 2014-15 “Presentation of Financial Statements – Going Concern (Subtopic 205-40: Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern)” effective for annual and interim periods ending after December 15, 2016. ASU 2014-15 requires management to evaluate whether there are conditions or events, considered in aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued. There are required disclosures if substantial doubt is identified including documentation of: principal conditions or events that raised substantial doubt about the entity’s ability to continue as a going concern (before consideration of management’s plans), management’s evaluation of the significance of those conditions or events in relation to the entity’s ability to meet its obligations, and management’s plans that alleviated substantial doubt about the entity’s ability to continue as a going concern. This ASU is not expected to have any impact on our overall results of operations, financial position or cash flows. | |||||||||||||
Revenue from Contracts with Customers | |||||||||||||
The FASB recently issued ASU 2014-09 “Revenue from Contracts with Customers” (Topic 606) effective for annual and interim periods beginning after December 15, 2016; with retrospective application. The core principle of the ASU is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Because the guidance in this update is principles-based, it can be applied to all contracts with customers regardless of industry-specific or transaction-specific fact patterns. Additionally, the guidance requires improved disclosures to help users of financial statements better understand the nature, amount, timing, and uncertainty of revenue that is recognized. We have not yet determined the extent, if any, to which our overall results of operations, financial position or cash flows may be affected by the implementation of this ASU. | |||||||||||||
Discontinued Operations | |||||||||||||
The FASB recently issued ASU 2014-08 “Presentation of Financial Statements” (Topic 205) and “Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity” effective for annual and interim periods beginning after December 15, 2014. ASU 2014-08 updates the definition of discontinued operations by limiting discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have (or will have) a major effect on an entity’s operations and financial results. In addition, an entity is required to expand disclosures for discontinued operations by providing more information about the assets, liabilities, revenues and expenses of discontinued operations both on the face of the financial statements and in the Notes. For the disposal of an individually significant component of an entity that does not qualify for discontinued operations reporting, an entity is required to disclose the pretax profit or loss of the component in the Notes. Our early adoption of ASU No. 2014-008 in the third quarter of 2014 did not have any impact on our overall results of operations, financial position or cash flows. | |||||||||||||
DP&L [Member] | ' | ||||||||||||
Overview and Summary of Significant Accounting Policies | ' | ||||||||||||
The Dayton Power and Light Company | |||||||||||||
Notes to Condensed Financial Statements (Unaudited) | |||||||||||||
1. Overview and Summary of Significant Accounting Policies | |||||||||||||
Description of Business | |||||||||||||
DP&L is a public utility incorporated in 1911 under the laws of Ohio. Beginning in 2001, Ohio law gave Ohio consumers the right to choose the electric generation supplier from whom they purchase retail generation service, however distribution and transmission retail services are still regulated. DP&L has the exclusive right to provide such distribution and transmission services to its more than 515,000 customers located in West Central Ohio. Additionally, DP&L offers retail SSO electric service to residential, commercial, industrial and governmental customers in a 6,000 square mile area of West Central Ohio. DP&L owns multiple coal-fired and peaking electric generating facilities as well as numerous transmission facilities, all of which are included in the financial statements at amortized cost. During 2014, DP&L is required to source 10% of the generation for its SSO customers through a competitive bid process, 60% in 2015 and 100% in 2016. Principal industries located in DP&L’s service territory include automotive, food processing, paper, plastic, manufacturing and defense. DP&L's sales reflect the general economic conditions, seasonal weather patterns, retail competition in our service territory and the market price of electricity. DP&L sells any excess energy and capacity into the wholesale market. On June 4, 2014, the PUCO issued a fourth entry on rehearing which reinstated the time by which DP&L must separate its generation assets from its transmission and distribution assets to no later than January 1, 2017. While the OCC filed an application for rehearing on this Commission Order, it was denied by final order issued on July 23, 2014. DP&L also sells electricity to DPLER, an affiliate, to satisfy the electric requirements of DPLER’s retail customers. DP&L is a subsidiary of DPL. | |||||||||||||
DP&L’s electric transmission and distribution businesses are subject to rate regulation by federal and state regulators while its generation business is deemed competitive under Ohio law. Accordingly, DP&L applies the accounting standards for regulated operations to its electric transmission and distribution businesses and records regulatory assets when incurred costs are expected to be recovered in future customer rates, and regulatory liabilities when current cost recoveries in customer rates relate to expected future costs. | |||||||||||||
DP&L employed 1,142 people as of September 30, 2014. Approximately 63% of all employees are under a collective bargaining agreement which expires on October 31, 2017. The current collective bargaining agreement was ratified by the membership on October 30, 2014. | |||||||||||||
Financial Statement Presentation | |||||||||||||
DP&L does not have any subsidiaries. DP&L has undivided ownership interests in seven coal-fired and peaking electric generating facilities as well as numerous transmission facilities, all of which are included in the financial statements at amortized cost. Operating revenues and expenses of these facilities are included on a pro rata basis in the corresponding lines in the Condensed Statements of Results of Operations. See Note 4 for more information. | |||||||||||||
These financial statements have been prepared in accordance with GAAP for interim financial statements, the instructions of Form 10-Q and Regulation S-X. Accordingly, certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with GAAP have been omitted from this interim report. Therefore, our interim financial statements in this report should be read along with the annual financial statements included in our Form 10-K for the fiscal year ended December 31, 2013. | |||||||||||||
In the opinion of our management, the Condensed Financial Statements presented in this report contain all adjustments necessary to fairly state our financial position as of September 30, 2014; our results of operations for the three and nine months ended September 30, 2014 and 2013 and our cash flows for the nine months ended September 30, 2014 and 2013. Unless otherwise noted, all adjustments are normal and recurring in nature. Due to various factors, including, but not limited to, seasonal weather variations, the timing of outages of EGUs, changes in economic conditions involving commodity prices and competition, and other factors, interim results for the three and nine months ended September 30, 2014 may not be indicative of our results that will be realized for the full year ending December 31, 2014. | |||||||||||||
The preparation of financial statements in conformity with GAAP requires us to make estimates and judgments that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the revenues and expenses of the periods reported. Actual results could differ from these estimates. Significant items subject to such estimates and judgments include: the carrying value of property, plant and equipment; unbilled revenues; the valuation of derivative instruments; the valuation of insurance and claims liabilities; the valuation of allowances for receivables and deferred income taxes; regulatory assets and liabilities; liabilities recorded for income tax exposures; litigation; contingencies; the valuation of AROs; intangibles and assets and liabilities related to employee benefits. | |||||||||||||
Regulatory Accounting | |||||||||||||
As a regulated utility, we apply the provisions of FASC 980 “Regulated Operations,” which gives recognition to the ratemaking and accounting practices of the PUCO and the FERC. Regulatory assets generally represent incurred costs that have been deferred because such costs are probable of future recovery in customer rates. Regulatory assets can also represent performance incentives permitted by the regulator, such as with our CCEM energy efficiency program. Regulatory assets have been included as allowable costs for ratemaking purposes, as authorized by the PUCO or established regulatory practices. Regulatory liabilities generally represent obligations to make refunds or future rate reductions to customers for previous over collections or the deferral of revenues collected for costs that DP&L expects to incur in the future. | |||||||||||||
The deferral of costs (as regulatory assets) is appropriate only when the future recovery of such costs is probable. In assessing probability, we consider such factors as specific orders from the PUCO or FERC, regulatory precedent and the current regulatory environment. To the extent recovery of costs is no longer deemed probable, related regulatory assets would be required to be expensed in current period earnings. Our regulatory assets and liabilities have been created pursuant to a specific order of the PUCO or FERC or established regulatory practices, such as other utilities under the jurisdiction of the PUCO or FERC being granted recovery of similar costs. It is probable, but not certain, that these regulatory assets will be recoverable, subject to PUCO or FERC approval. Regulatory assets and liabilities are classified as current or non-current based on the term in which recovery is expected. See Note 3 for more information about Regulatory Assets. | |||||||||||||
Property, Plant & Equipment | |||||||||||||
We record our ownership share of our undivided interest in jointly-held plants as an asset in property, plant and equipment. Property, plant and equipment are stated at cost except for the impact of asset impairments recorded for certain generating plants. For regulated transmission and distribution property, cost includes direct labor and material, allocable overhead expenses and an allowance for funds used during construction (AFUDC). AFUDC represents the cost of borrowed funds and equity used to finance regulated construction projects. For non-regulated property including unregulated generation property, cost is similarly defined except financing costs are reflected as capitalized interest without an equity component. Capitalization of AFUDC and interest ceases at either project completion or at the date specified by regulators. | |||||||||||||
For substantially all depreciable property, when a unit of property is retired, the original cost of that property less any salvage value is charged to Accumulated depreciation and amortization. | |||||||||||||
Property is evaluated for impairment when events or changes in circumstances indicate that its carrying amount may not be recoverable. | |||||||||||||
Intangibles | |||||||||||||
Intangibles consist of emission allowances and renewable energy credits. Emission allowances are carried on a first-in, first-out (FIFO) basis for purchased emission allowances. Net gains or losses on the sale of excess emission allowances, representing the difference between the sales proceeds and the carrying value of emission allowances, are recorded as a component of our fuel costs and are reflected in Operating income when realized. Emission allowances are amortized as they are used in our operations. Renewable energy credits are amortized as they are used or retired. During the three and nine months ended September 30, 2014 and 2013, gains from the sale of emission allowances were immaterial. | |||||||||||||
Accounting for Taxes Collected from Customers and Remitted to Governmental Authorities | |||||||||||||
DP&L collects certain excise taxes levied by state or local governments from its customers. These taxes are accounted for on a net basis and not included in revenue. The amounts of such taxes collected for the three months ended September 30, 2014 and 2013 were $12.5 million and $13.0 million, respectively. The amounts of such taxes collected for the nine months ended September 30, 2014 and 2013 were $38.5 million and $38.0 million, respectively. | |||||||||||||
Related Party Transactions | |||||||||||||
In December 2013, an agreement was signed, effective January 1, 2014, whereby the Service Company is to provide services including accounting, legal, human resources, information technology and other corporate services on behalf of companies that are part of the U.S. SBU, including, among other companies, DP&L. The Service Company allocates the costs for these services based on cost drivers designed to result in fair and equitable allocations. This includes ensuring that the regulated utilities served, including DP&L, are not subsidizing costs incurred for the benefit of non-regulated businesses. | |||||||||||||
In the normal course of business, DP&L enters into transactions with other subsidiaries of DPL and AES. The following table provides a summary of these transactions: | |||||||||||||
Three months ended | Nine months ended | ||||||||||||
September 30, | September 30, | ||||||||||||
$ in millions | 2014 | 2013 | 2014 | 2013 | |||||||||
DP&L Revenues: | |||||||||||||
Sales to DPLER (including MC Squared) (a) | $ | 125.6 | $ | 123.8 | $ | 376.6 | $ | 336.0 | |||||
DP&L Operations and Maintenance Expenses: | |||||||||||||
Premiums paid for insurance services provided by MVIC (b) | $ | -0.7 | $ | -0.7 | $ | -2.1 | $ | -2.2 | |||||
Expense recoveries for services provided to DPLER (c) | $ | 0.5 | $ | 1.3 | $ | 1.6 | $ | 3.8 | |||||
Transactions with the Service Company | |||||||||||||
Charges for services provided | $ | 9.0 | $ | - | $ | 28.1 | $ | - | |||||
DP&L Customer security deposits: | At September 30, 2014 | At December 31, 2013 | |||||||||||
Deposits received from DPLER (d) | $ | 20.1 | $ | 19.2 | |||||||||
Balances with the Service Company | |||||||||||||
Net prepaid / (payable) to the Service Company | $ | 9.4 | $ | - | |||||||||
(a)DP&L sells power to DPLER to satisfy the electric requirements of DPLER’s retail customers. The revenue dollars associated with sales to DPLER are recorded as wholesale revenues in DP&L’s Financial Statements. The increase in DP&L’s sales to DPLER during the nine months ended September 30, 2014, compared to the nine months ended September 30, 2013, is primarily due to an increase in customers. | |||||||||||||
(b)MVIC, a wholly owned captive insurance subsidiary of DPL, provides insurance coverage to DP&L and other DPL subsidiaries for workers’ compensation, general liability, property damages and directors’ and officers’ liability. These amounts represent insurance premiums paid by DP&L to MVIC. | |||||||||||||
(c)In the normal course of business DP&L incurs and records expenses on behalf of DPLER. Such expenses include, but are not limited to, employee-related expenses, accounting, information technology, payroll, legal and other administrative expenses. DP&L subsequently charges these expenses to DPLER at DP&L’s cost and credits the expense in which they were initially recorded. | |||||||||||||
(d)DP&L requires credit assurance from the CRES providers serving customers in its service territory because DP&L is the default energy provider should the CRES provider fail to fulfill its obligations to provide electricity. Due to DPL’s credit downgrade, DP&L required cash collateral from DPLER. | |||||||||||||
Recently Issued Accounting Standards | |||||||||||||
Going Concern | |||||||||||||
The FASB recently issued ASU 2014-15 “Presentation of Financial Statements – Going Concern (Subtopic 205-40: Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern)” effective for annual and interim periods ending after December 15, 2016. ASU 2014-15 requires management to evaluate whether there are conditions or events, considered in aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued. There are required disclosures if substantial doubt is identified including documentation of: principal conditions or events that raised substantial doubt about the entity’s ability to continue as a going concern (before consideration of management’s plans), management’s evaluation of the significance of those conditions or events in relation to the entity’s ability to meet its obligations, and management’s plans that alleviated substantial doubt about the entity’s ability to continue as a going concern. This ASU is not expected to have any impact on our overall results of operations, financial position or cash flows. | |||||||||||||
Revenue from Contracts with Customers | |||||||||||||
The FASB recently issued ASU 2014-09 “Revenue from Contracts with Customers” (Topic 606) effective for annual and interim periods beginning after December 15, 2016; with retrospective application. The core principle of the ASU is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Because the guidance in this update is principles-based, it can be applied to all contracts with customers regardless of industry-specific or transaction-specific fact patterns. Additionally, the guidance requires improved disclosures to help users of financial statements better understand the nature, amount, timing, and uncertainty of revenue that is recognized. We have not yet determined the extent, if any, to which our overall results of operations, financial position or cash flows may be affected by the implementation of this ASU. | |||||||||||||
Discontinued Operations | |||||||||||||
The FASB recently issued ASU 2014-08 “Presentation of Financial Statements” (Topic 205) and “Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity” effective for annual and interim periods beginning after December 15, 2014. ASU 2014-08 updates the definition of discontinued operations by limiting discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have (or will have) a major effect on an entity’s operations and financial results. In addition, an entity is required to expand disclosures for discontinued operations by providing more information about the assets, liabilities, revenues and expenses of discontinued operations both on the face of the financial statements and in the Notes. For the disposal of an individually significant component of an entity that does not qualify for discontinued operations reporting, an entity is required to disclose the pretax profit or loss of the component in the Notes. Our early adoption of ASU No. 2014-008 in the third quarter of 2014 did not have any impact on our overall results of operations, financial position or cash flows. | |||||||||||||
Supplemental_Financial_Informa
Supplemental Financial Information | 9 Months Ended | ||||||||||||||
Sep. 30, 2014 | |||||||||||||||
Supplemental Financial Information | ' | ||||||||||||||
2. Supplemental Financial Information | |||||||||||||||
Accounts receivable and Inventories are as follows at September 30, 2014 and December 31, 2013: | |||||||||||||||
September 30, | December 31, | ||||||||||||||
$ in millions | 2014 | 2013 | |||||||||||||
Accounts receivable, net: | |||||||||||||||
Unbilled revenue | $ | 65.7 | $ | 77.8 | |||||||||||
Customer receivables | 112.9 | 102.7 | |||||||||||||
Amounts due from partners in jointly owned plants | 10.4 | 15.8 | |||||||||||||
Other | 3.0 | 8.2 | |||||||||||||
Provision for uncollectible accounts | -1.3 | -1.2 | |||||||||||||
Total accounts receivable, net | $ | 190.7 | $ | 203.3 | |||||||||||
Inventories, at average cost: | |||||||||||||||
Fuel and limestone | $ | 48.5 | $ | 42.7 | |||||||||||
Plant materials and supplies | 36.2 | 38.2 | |||||||||||||
Other | 1.7 | 1.8 | |||||||||||||
Total inventories, at average cost | $ | 86.4 | $ | 82.7 | |||||||||||
Accumulated Other Comprehensive Income / (Loss) | |||||||||||||||
The amounts reclassified out of Accumulated Other Comprehensive Income / (Loss) by component during the three and nine months ended September 30, 2014 and 2013 are as follows: | |||||||||||||||
Details about Accumulated Other Comprehensive Income / (Loss) components | Affected line item in the Condensed Consolidated Statements of Operations | Three months ended | Nine months ended | ||||||||||||
September 30, | September 30, | ||||||||||||||
$ in millions | 2014 | 2013 | 2014 | 2013 | |||||||||||
Gains and losses on Available-for-sale securities activity (Note 8): | |||||||||||||||
Other income | $ | 0.3 | $ | 0.6 | $ | 0.6 | $ | 2.1 | |||||||
Tax expense | -0.1 | -0.2 | -0.2 | -0.7 | |||||||||||
Net of income taxes | 0.2 | 0.4 | 0.4 | 1.4 | |||||||||||
Gains and losses on cash flow hedges (Note 9): | |||||||||||||||
Interest expense | -0.3 | - | -1 | - | |||||||||||
Revenue | 4.9 | 0.5 | 23.4 | 2.2 | |||||||||||
Purchased power | 0.3 | 1.6 | -0.8 | 2.9 | |||||||||||
Total before income taxes | 4.9 | 2.1 | 21.6 | 5.1 | |||||||||||
Tax expense | -1.5 | -0.8 | -7.4 | -2.1 | |||||||||||
Net of income taxes | 3.4 | 1.3 | 14.2 | 3.0 | |||||||||||
Amortization of defined benefit pension items (Note 7): | |||||||||||||||
Tax benefit | - | - | - | 0.3 | |||||||||||
Net of income taxes | - | - | - | 0.3 | |||||||||||
Total reclassifications for the period, net of income taxes | $ | 3.6 | $ | 1.7 | $ | 14.6 | $ | 4.7 | |||||||
The changes in the components of Accumulated Other Comprehensive Income / (Loss) during the nine months ended September 30, 2014 are as follows: | |||||||||||||||
$ in millions | Gains / (losses) on available-for-sale securities | Gains / (losses) on cash flow hedges | Change in unfunded pension obligation | Total | |||||||||||
Balance January 1, 2014 | $ | 0.6 | $ | 20.6 | $ | 3.4 | $ | 24.6 | |||||||
Other comprehensive loss before reclassifications | -0.6 | -23.8 | - | -24.4 | |||||||||||
Amounts reclassified from accumulated other comprehensive income / (loss) | 0.4 | 14.2 | - | 14.6 | |||||||||||
Net current period other comprehensive loss | -0.2 | -9.6 | - | -9.8 | |||||||||||
Balance September 30, 2014 | $ | 0.4 | $ | 11.0 | $ | 3.4 | $ | 14.8 | |||||||
DP&L [Member] | ' | ||||||||||||||
Supplemental Financial Information | ' | ||||||||||||||
2. Supplemental Financial Information | |||||||||||||||
Accounts receivable and Inventories are as follows at September 30, 2014 and December 31, 2013: | |||||||||||||||
September 30, | December 31, | ||||||||||||||
$ in millions | 2014 | 2013 | |||||||||||||
Accounts receivable, net: | |||||||||||||||
Unbilled revenue | $ | 36.0 | $ | 47.2 | |||||||||||
Customer receivables | 70.3 | 58.2 | |||||||||||||
Amounts due from partners in jointly owned plants | 10.4 | 15.8 | |||||||||||||
Other | 27.0 | 27.2 | |||||||||||||
Provision for uncollectible accounts | -0.9 | -0.9 | |||||||||||||
Total accounts receivable, net | $ | 142.8 | $ | 147.5 | |||||||||||
Inventories, at average cost: | |||||||||||||||
Fuel and limestone | $ | 48.5 | $ | 42.9 | |||||||||||
Plant materials and supplies | 35.0 | 37.0 | |||||||||||||
Other | 1.7 | 1.8 | |||||||||||||
Total inventories, at average cost | $ | 85.2 | $ | 81.7 | |||||||||||
Accumulated Other Comprehensive Income / (Loss) | |||||||||||||||
The amounts reclassified out of Accumulated Other Comprehensive Income / (Loss) by component during the three and nine months ended September 30, 2014 and 2013 are as follows: | |||||||||||||||
Details about Accumulated Other Comprehensive Income / (Loss) components | Affected line item in the Condensed Statements of Operations | Three months ended | Nine months ended | ||||||||||||
September 30, | September 30, | ||||||||||||||
$ in millions | 2014 | 2013 | 2014 | 2013 | |||||||||||
Gains and losses on Available-for-sale securities activity (Note 8): | |||||||||||||||
Other income | $ | 0.3 | $ | 0.6 | $ | 0.6 | $ | 2.1 | |||||||
Tax expense | -0.1 | -0.2 | -0.2 | -0.7 | |||||||||||
Net of income taxes | 0.2 | 0.4 | 0.4 | 1.4 | |||||||||||
Gains and losses on cash flow hedges (Note 9): | |||||||||||||||
Interest expense | -0.2 | -0.6 | -0.8 | -1.8 | |||||||||||
Revenue | 4.9 | 0.4 | 23.4 | 2.1 | |||||||||||
Purchased power | 0.4 | 2.0 | -0.6 | 4.2 | |||||||||||
Total before income taxes | 5.1 | 1.8 | 22.0 | 4.5 | |||||||||||
Tax expense | -1.9 | -0.8 | -6.7 | -2.2 | |||||||||||
Net of income taxes | 3.2 | 1.0 | 15.3 | 2.3 | |||||||||||
Amortization of defined benefit pension items (Note 7): | |||||||||||||||
Reclassification to Other income / (deductions) | 1.0 | 1.4 | 3.1 | 4.2 | |||||||||||
Tax benefit | -0.3 | -0.5 | -1 | -1.5 | |||||||||||
Net of income taxes | 0.7 | 0.9 | 2.1 | 2.7 | |||||||||||
Total reclassifications for the period, net of income taxes | $ | 4.1 | $ | 2.3 | $ | 17.8 | $ | 6.4 | |||||||
The changes in the components of Accumulated Other Comprehensive Income / (Loss) during the nine months ended September 30, 2014 are as follows: | |||||||||||||||
$ in millions | Gains / (losses) on available-for-sale securities | Gains / (losses) on cash flow hedges | Change in unfunded pension obligation | Total | |||||||||||
Balance January 1, 2014 | $ | 0.8 | $ | 6.2 | $ | -33.7 | $ | -26.7 | |||||||
Other comprehensive loss before reclassifications | -0.6 | -26.3 | - | -26.9 | |||||||||||
Amounts reclassified from accumulated other comprehensive income / (loss) | 0.4 | 15.3 | 2.1 | 17.8 | |||||||||||
Net current period other comprehensive loss | -0.2 | -11 | 2.1 | -9.1 | |||||||||||
Balance September 30, 2014 | $ | 0.6 | $ | -4.8 | $ | -31.6 | $ | -35.8 | |||||||
Regulatory_Matters
Regulatory Matters | 9 Months Ended |
Sep. 30, 2014 | |
Regulatory Matters | ' |
3. Regulatory Assets | |
DP&L’s regulatory asset for deferred storm costs represents costs incurred to repair the damage caused to DP&L’s distribution equipment by major storms in 2008, 2011 and 2012. Such costs are included in Regulatory assets, non-current on the accompanying Condensed Consolidated Balance Sheets and were $22.3 million and $25.6 million as of September 30, 2014 and December 31, 2013, respectively. DP&L filed an application with the PUCO in 2012 to recover these costs. The main issue in the case was the level of storm costs that should be recoverable. On April 14, 2014, DP&L reached an agreement in principle with the PUCO Staff whereby DP&L would recover storm costs of $22.3 million from all customers on a non-bypassable basis. As a result of these developments, we reduced the regulatory asset balance to $22.3 million as our best estimate of the amount that is probable of recovery. In accordance with FASC 980 “Regulated Operations”, the reduction was recognized as a current period expense, which is included in Operation and maintenance and the corresponding adjustment to carrying costs which is included in interest expense on the accompanying Condensed Consolidated Statements of Results of Operations. A stipulation was finalized and filed at the PUCO and a hearing took place the first week of June 2014. A decision is expected before the end of the year. | |
In August 2014, the PUCO issued an order in a case relating to review of DP&L’s fuel cost recovery mechanism for the calendar year 2012. The order included the disallowance of an immaterial amount of fuel costs. The impact of the order issued was a reversal in the third quarter of a previously established $2.6 million reserve. | |
DP&L [Member] | ' |
Regulatory Matters | ' |
3. Regulatory Assets | |
DP&L’s regulatory asset for deferred storm costs represents costs incurred to repair the damage caused to DP&L’s distribution equipment by major storms in 2008, 2011 and 2012. Such costs are included in Regulatory Assets, non-current on the accompanying Condensed Balance Sheets and were $22.3 million and $25.6 million as of March 31, 2014 and December 31, 2013, respectively. DP&L filed an application with the PUCO in 2012 to recover these costs. The main issue in the case was the level of storm costs that should be recoverable. On April 14, 2014, DP&L reached an agreement in principle with the PUCO Staff whereby DP&L would recover storm costs of $22.3 million from all customers on a non-bypassable basis. As a result of these developments, we reduced the regulatory asset balance to $22.3 million as our best estimate of the amount that is probable of recovery. In accordance with FASC 980 “Regulated Operations”, the reduction was recognized as a current period expense, which is included in Operation and maintenance and the corresponding adjustment to carrying costs which is included in interest expense on the accompanying Condensed Statements of Results of Operations. A stipulation was finalized and filed at the PUCO and a hearing took place the first week of June 2014. A decision is expected before the end of the year. | |
In August 2014, the PUCO issued an order in a case relating to review of DP&L’s fuel cost recovery mechanism for the calendar year 2012. The order included the disallowance of an immaterial amount of fuel costs. The impact of the order issued was a reversal in the third quarter of a previously established $2.6 million reserve. | |
Ownership_of_Coalfired_Facilit
Ownership of Coal-fired Facilities | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Ownership of Coal-fired Facilities | ' | |||||||||||||||
4. Ownership of Coal-fired Facilities | ||||||||||||||||
DP&L has undivided ownership interests in seven coal-fired electric generating facilities, various peaking facilities and numerous transmission facilities with certain other Ohio utilities. Certain expenses, primarily fuel costs for the generating units, are allocated to the owners based on their energy usage. The remaining expenses, investments in fuel inventory, plant materials and operating supplies, and capital additions are allocated to the owners in accordance with their respective ownership interests. At September 30, 2014, DP&L had $19.0 million of construction work in process at such jointly owned facilities. DP&L’s share of the operating cost of such facilities is included within the corresponding line in the Condensed Consolidated Statements of Results of Operations and DP&L’s share of the investment in the facilities is included within Total net property, plant and equipment in the Condensed Consolidated Balance Sheets. Each joint owner provides their own financing for their share of the operations and capital expenditures of the jointly owned units and stations. | ||||||||||||||||
DP&L’s undivided ownership interest in such facilities at September 30, 2014 is as follows: | ||||||||||||||||
DP&L Share | DPL Carrying value | |||||||||||||||
Jointly owned production units and stations: | Ownership | Summer Production Capacity (MW) | Gross Plant in Service | Accumulated Depreciation | Construction Work in Process | SCR and FGD Equipment Installed and in Service (Yes/No) | ||||||||||
(%) | ($ in millions) | ($ in millions) | ($ in millions) | |||||||||||||
Beckjord Unit 6 | 50 | 207 | $ | 2 | $ | 1 | $ | - | No | |||||||
Conesville Unit 4 | 16.5 | 129 | 24 | 1 | - | Yes | ||||||||||
East Bend Station | 31 | 186 | - | - | - | Yes | ||||||||||
Killen Station | 67 | 402 | 309 | 17 | 2 | Yes | ||||||||||
Miami Fort Units 7 and 8 | 36 | 368 | 213 | 21 | 1 | Yes | ||||||||||
Stuart Station | 35 | 808 | 213 | 15 | 12 | Yes | ||||||||||
Zimmer Station | 28.1 | 365 | 181 | 33 | 4 | Yes | ||||||||||
Transmission (at varying percentages) | n/a | 42 | 5 | - | ||||||||||||
Total | 2,465 | $ | 984 | $ | 93 | $ | 19 | |||||||||
Beckjord Unit 6, in which DP&L has a 50% ownership interest, is currently inoperable, and there are no plans to return it to service. This unit was retired effective October 1, 2014. | ||||||||||||||||
DPL revalued DP&L’s investment in the above plants at the estimated fair value for each plant at the Merger date. | ||||||||||||||||
As discussed in Note 13, we have reached an agreement to sell our interest in the East Bend station. | ||||||||||||||||
DP&L [Member] | ' | |||||||||||||||
Ownership of Coal-fired Facilities | ' | |||||||||||||||
4. Ownership of Coal-fired Facilities | ||||||||||||||||
DP&L has undivided ownership interests in seven coal-fired electric generating facilities, various peaking facilities and numerous transmission facilities with certain other Ohio utilities. Certain expenses, primarily fuel costs for the generating units, are allocated to the owners based on the energy taken. The remaining expenses, investments in fuel inventory, plant materials and operating supplies, and capital additions are allocated to the owners in accordance with their respective ownership interests. As of September 30, 2014, DP&L had $19.0 million of construction work in process at such jointly owned facilities. DP&L’s share of the operating cost of such facilities is included within the corresponding line in the Condensed Statements of Results of Operations and DP&L’s share of the investment in the facilities is included within Total net property, plant & equipment in the Condensed Balance Sheets. Each joint owner provides their own financing for their share of the operations and capital expenditures of the jointly owned unit or station. | ||||||||||||||||
DP&L’s undivided ownership interest in such facilities at September 30, 2014, is as follows: | ||||||||||||||||
DP&L Share | DP&L Carrying value | |||||||||||||||
Jointly owned production units and stations: | Ownership | Summer Production Capacity (MW) | Gross Plant in Service | Accumulated Depreciation | Construction Work in Process | SCR and FGD Equipment Installed and in Service (Yes/No) | ||||||||||
(%) | ($ in millions) | ($ in millions) | ($ in millions) | |||||||||||||
Beckjord Unit 6 | 50 | 207 | $ | 76 | $ | 74 | $ | - | No | |||||||
Conesville Unit 4 | 16.5 | 129 | 22 | 3 | - | Yes | ||||||||||
East Bend Station | 31 | 186 | 2 | 1 | - | Yes | ||||||||||
Killen Station | 67 | 402 | 624 | 311 | 2 | Yes | ||||||||||
Miami Fort Units 7 and 8 | 36 | 368 | 361 | 159 | 1 | Yes | ||||||||||
Stuart Station | 35 | 808 | 751 | 319 | 12 | Yes | ||||||||||
Zimmer Station | 28.1 | 365 | 1,100 | 670 | 4 | Yes | ||||||||||
Transmission (at varying percentages) | n/a | 98 | 62 | - | ||||||||||||
Total | 2,465 | $ | 3,034 | $ | 1,599 | $ | 19 | |||||||||
Beckjord Unit 6, in which DP&L has a 50% ownership interest, is currently inoperable, and there are no plans to return it to service. This unit was retired effective October 1, 2014. | ||||||||||||||||
In May 2014, an agreement was signed for the sale of DP&L’s interest in the generating assets at East Bend. This transaction is expected to close by the end of 2014. | ||||||||||||||||
Debt_Obligations
Debt Obligations | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Debt Obligations | ' | ||||||
5. Debt Obligations | |||||||
Long-term debt | |||||||
September 30, | December 31, | ||||||
$ in millions | 2014 | 2013 | |||||
First mortgage bonds due in September 2016 - 1.875% | $ | 445.0 | $ | 445.0 | |||
Pollution control series due in January 2028 - 4.7% | 36.0 | 36.0 | |||||
Pollution control series due in January 2034 - 4.8% | 179.6 | 179.6 | |||||
Pollution control series due in September 2036 - 4.8% | 96.4 | 96.4 | |||||
Pollution control series due in November 2040 - rates from: 0.04% - 0.15% and 0.05% - 0.24% (a) | 100.0 | 100.0 | |||||
U.S. Government note due in February 2061 - 4.2% | 18.1 | 18.3 | |||||
Unamortized debt discount | -0.5 | -0.7 | |||||
Total long-term debt at subsidiary | 874.6 | 874.6 | |||||
Bank term loan due in May 2018 - rates from: 2.41% - 2.42% and 2.42% - 2.45% (a) | 150.0 | 180.0 | |||||
Senior unsecured bonds due in October 2016 - 6.5% | 330.0 | 430.0 | |||||
Senior unsecured bonds due in October 2021 - 7.25% | 780.0 | 780.0 | |||||
Note to DPL Capital Trust II due in September 2031 - 8.125% (b) | 19.7 | 19.6 | |||||
Total non-current portion of long-term debt | $ | 2,154.3 | $ | 2,284.2 | |||
Current portion of long-term debt | |||||||
September 30, | December 31, | ||||||
$ in millions | 2014 | 2013 | |||||
Bank term loan due in May 2018 - rates from: 2.41% - 2.42% and 2.42% - 2.45% (a) | $ | 10.0 | $ | 10.0 | |||
Senior unsecured bonds due in October 2016 - 6.5% | 100.0 | - | |||||
U.S. Government note due in February 2061 - 4.2% | 0.1 | 0.1 | |||||
Capital lease obligations | - | 0.1 | |||||
Total current portion of long-term debt | $ | 110.1 | $ | 10.2 | |||
(a)Range of interest rates for the nine months ended September 30, 2014 and the twelve months ended December 31, 2013, respectively. | |||||||
(b)Note payable to related party. See Note 1: Related Party Transactions for additional information. | |||||||
At September 30, 2014, maturities of long-term debt are as follows: | |||||||
Due within the twelve months ending September 30, | |||||||
($ in millions) | |||||||
2015 | $ | 110.1 | |||||
2016 | 385.1 | ||||||
2017 | 470.1 | ||||||
2018 | 70.1 | ||||||
2019 | 0.1 | ||||||
Thereafter | 1,232.7 | ||||||
Total maturities | 2,268.2 | ||||||
Unamortized premiums and discounts | -3.8 | ||||||
Total long-term debt | $ | 2,264.4 | |||||
Premiums or discounts recognized at the Merger date are amortized over the remaining life of the debt using the effective interest method. | |||||||
On May 10, 2013, DP&L closed a $300.0 million unsecured revolving credit agreement with a syndicated bank group. This $300.0 million facility has a five-year term expiring on May 10, 2018, a $100.0 million letter of credit sublimit and a feature that provides DP&L the ability to increase the size of the facility by an additional $100.0 million. At September 30, 2014, there were two letters of credit in the amount of $0.7 million outstanding, with the remaining $299.3 million available to DP&L. Fees associated with this letter of credit facility were not material during the three and nine months ended September 30, 2014. | |||||||
DP&L’s unsecured revolving credit agreement and DP&L’s amended standby letters of credit have two financial covenants, the first measures Total Debt to Total Capitalization. The Total Debt to Total Capitalization ratio is calculated, at the end of each fiscal quarter, by dividing total debt at the end of the quarter by total capitalization at the end of the quarter. The second financial covenant ratio compares EBITDA to Interest Expense ratio. The EBITDA to Interest Expense ratio is calculated, at the end of each fiscal quarter, by dividing EBITDA for the four prior fiscal quarters by the consolidated interest charges for the same period. | |||||||
On May 10, 2013, DPL entered into a $100.0 million unsecured revolving credit facility. This $100.0 million facility has a $100.0 million letter of credit sublimit and a feature that provides DPL the ability to increase the size of the facility by an additional $50.0 million. This facility has a five year term expiring on May 10, 2018; however, if DPL has not refinanced its senior unsecured bonds due October 2016 before July 15, 2016, then the maturity of this facility shall be July 15, 2016. At September 30, 2014, there was one letter of credit in the amount of $2.3 million outstanding, with the remaining $97.7 million available to DPL. Fees associated with this facility were not material during the three months or nine months ended September 30, 2014 or 2013. | |||||||
DPL’s unsecured revolving credit agreement and unsecured term loan have two financial covenants. The first financial covenant, a Total Debt to EBITDA ratio, is calculated at the end of each fiscal quarter by dividing total debt at the end of the current quarter by consolidated EBITDA for the four prior fiscal quarters. The second financial covenant, an EBITDA to Interest Expense ratio, is calculated, at the end of each fiscal quarter, by dividing EBITDA for the four prior fiscal quarters by the consolidated interest charges for the same period. | |||||||
DPL’s unsecured revolving credit agreement and unsecured term loan restrict dividend payments from DPL to AES and adjust the cost of borrowing under the facilities under certain credit rating scenarios. | |||||||
In connection with the closing of the Merger, DPL assumed $1,250.0 million of debt that Dolphin Subsidiary II, Inc., a subsidiary of AES, issued on October 3, 2011 to partially finance the Merger. The $1,250.0 million of debt was issued in two tranches. The first tranche was $450.0 million of five year senior unsecured notes issued with a 6.50% coupon maturing on October 15, 2016. The second tranche was $800.0 million of ten year senior unsecured notes issued with a 7.25% coupon maturing on October 15, 2021. In December 2013, DPL executed an open market repurchase and successfully bought back $20 million of the first tranche and $20 million of the second tranche. DPL paid a $1.9 million and a $0.5 million premium, respectively, to repurchase these bonds. Subsequent to repurchasing these bonds DPL immediately retired them. | |||||||
On September 6, 2014, DPL announced its intent to purchase a maximum of $280.0 million of aggregate principal of the Senior Unsecured bonds maturing October 2016 through a tender offer. On October 6, DPL partially funded the tender by closing on a new bond issuance of $200.0 million of Senior Unsecured notes maturing October 2019, which were priced at 6.75% and increased the maximum amount of the tender to $300.0 million. The remainder of the tender was funded with cash on hand and the use of the DPL revolving line of credit. The tender offer expired on October 20, 2014. The net balance paid with cash or current borrowings of $100.0 million has been reclassified as current as of September 30, 2014. | |||||||
In October 2014, DPL repaid $5.0 million of the note due to Capital Trust II, which used the funds to repurchase securities in the open market at a slight premium. Subsequent to repurchasing these securities Capital Trust II immediately retired them. | |||||||
Substantially all property, plant & equipment of DP&L is subject to the lien of the mortgage securing DP&L’s First and Refunding Mortgage. | |||||||
DP&L [Member] | ' | ||||||
Debt Obligations | ' | ||||||
5. Debt Obligations | |||||||
Long-term debt | |||||||
September 30, | December 31, | ||||||
$ in millions | 2014 | 2013 | |||||
First mortgage bonds due in September 2016 - 1.875% | 445.0 | 445.0 | |||||
Pollution control series due in January 2028 - 4.7% | $ | 35.3 | $ | 35.3 | |||
Pollution control series due in January 2034 - 4.8% | 179.1 | 179.1 | |||||
Pollution control series due in September 2036 - 4.8% | 100.0 | 100.0 | |||||
Pollution control series due in November 2040 - rates from: 0.04% - 0.15% and 0.05% - 0.24% (a) | 100.0 | 100.0 | |||||
U.S. Government note due in February 2061 - 4.2% | 18.1 | 18.2 | |||||
Unamortized debt discount | -0.5 | -0.7 | |||||
Total non-current portion of long-term debt | $ | 877.0 | $ | 876.9 | |||
Current portion of long-term debt | |||||||
September 30, | December 31, | ||||||
$ in millions | 2014 | 2013 | |||||
U.S. Government note due in February 2061 - 4.2% | 0.1 | $ | 0.1 | ||||
Capital lease obligations | - | 0.1 | |||||
Total current portion of long-term debt | $ | 0.1 | $ | 0.2 | |||
(a) Range of interest rates for the nine months ended September 30, 2014 and the twelve months ended December 31, 2013, respectively. | |||||||
At September 30, 2014, maturities of long-term debt are as follows: | |||||||
Due within the twelve months ending September 30, | |||||||
$ in millions | |||||||
2015 | $ | 0.1 | |||||
2016 | 445.1 | ||||||
2017 | 0.1 | ||||||
2018 | 0.1 | ||||||
2019 | 0.1 | ||||||
Thereafter | 432.1 | ||||||
877.6 | |||||||
Unamortized discounts | -0.5 | ||||||
Total long-term debt | $ | 877.1 | |||||
On May 10, 2013, DP&L closed a $300.0 million unsecured revolving credit agreement with a syndicated bank group. This $300.0 million facility has a five-year term expiring on May 10, 2018, a $100.0 million letter of credit sublimit and a feature that provides DP&L the ability to increase the size of the facility by an additional $100.0 million. At September 30, 2014, there were two letters of credit in the amount of $0.7 million outstanding, with the remaining $299.3 million available to DP&L. Fees associated with this revolving credit facility were not material during the three and nine months ended September 30, 2014 or 2013. | |||||||
DP&L’s unsecured revolving credit agreements and DP&L’s standby letter of credit have two financial covenants, the first measures Total Debt to Total Capitalization. The Total Debt to Total Capitalization ratio is calculated, at the end of each fiscal quarter, by dividing total debt at the end of the quarter by total capitalization at the end of the quarter. The second financial covenant compares EBITDA to Interest Expense. The EBITDA to Interest Expense ratio is calculated, at the end of each fiscal quarter, by dividing EBITDA for the four prior fiscal quarters by the consolidated interest charges for the same period. | |||||||
On March 31, 2014, DP&L borrowed $15.0 million from DPL at an interest rate of LIBOR plus 2.0%. This note was due on or before April 30, 2014 and was repaid on April 30, 2014. | |||||||
Income_Taxes
Income Taxes | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Income Taxes | ' | ||||||||||||
6. Income Taxes | |||||||||||||
The following table details the effective tax rates for the three and nine months ended September 30, 2014 and 2013. | |||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
DPL | -71.50% | 25.40% | -34.20% | 21.50% | |||||||||
Income tax expense for the three and nine months ended September 30, 2014 and 2013 was calculated using the estimated annual effective income tax rates for 2014 and 2013 of (42.3)% and 31.0%, respectively. For the three and nine months ended September 30, 2014 and September 30, 2013, management estimated the annual effective tax rate based on its forecast of annual pre-tax income. To the extent that actual pre-tax results for the year differ from the forecasts applied to the most recent interim period, the rates estimated could be materially different from the actual effective tax rates. | |||||||||||||
For the three months ended September 30, 2014, DPL’s current period effective rate is less than the estimated annual effective rate due to a 2014 adjustment to the tax reserves due to uncertain tax positions related to the expiration of the statute of limitations on the 2010 tax year. | |||||||||||||
For the nine months ended September 30, 2014, the decrease in DPL’s effective rate compared to the same period in 2013 primarily reflects decreased pre-tax earnings related to the non-deductible goodwill impairment during the first quarter of 2014, which is treated as a permanent item in the annual effective income tax rate, and a 2014 adjustment to the tax reserves due to uncertain tax positions related to the expiration of the statute of limitations on the 2010 tax year. | |||||||||||||
For the nine months ended September 30, 2013, DPL’s current period effective rate was less than the estimated annual effective rate due primarily to a favorable resolution of the 2008 IRS examination in the first quarter of 2013 and a 2013 deferred tax adjustment related to the expiration of the statute of limitations on the 2007, 2008 and 2009 tax years. | |||||||||||||
DP&L [Member] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
6. Income Taxes | |||||||||||||
The following table details the effective tax rates for the three and nine months ended September 30, 2014 and 2013. | |||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
DP&L | 19.80% | 24.40% | 23.20% | 22.50% | |||||||||
Income tax expense for the three and nine months ended September 30, 2014 and 2013 was calculated using the estimated annual effective income tax rates for 2014 and 2013 of 30.5% and 29.5%, respectively. For the three and nine months ended September 30, 2014 and 2013 management estimated the annual effective tax rate based on its forecast of annual pre-tax income. To the extent that actual pre-tax results for the year differ from the forecasts applied to the most recent interim period, the rates estimated could be materially different from the actual effective tax rates. | |||||||||||||
For the three and nine months ended September 30, 2014, DP&L’s current period effective rate is less than the estimated annual effective rate due to a 2014 adjustment to the tax reserves due to uncertain tax positions related to the expiration of the statute of limitations on the 2010 tax year. | |||||||||||||
For the nine months ended September 30, 2013, DP&L’s current period effective rate is less than the estimated annual effective rate due primarily to a favorable resolution of the 2008 Internal Revenue Service examination in the first quarter of 2013 and the adjustment to the tax reserves due to uncertain tax positions related to the expiration of the statute of limitations on the 2007, 2008 and 2009 tax years. | |||||||||||||
Pension_and_Postretirement_Ben
Pension and Postretirement Benefits | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Pension and Postretirement Benefits | ' | ||||||||||||
7. Pension and Postretirement Benefits | |||||||||||||
DP&L sponsors a defined benefit pension plan for the vast majority of its employees. | |||||||||||||
We generally fund pension plan benefits as accrued in accordance with the minimum funding requirements of ERISA and, in addition, make voluntary contributions from time to time. There were no contributions made during the three and nine months ended September 30, 2014 or 2013, respectively. | |||||||||||||
The amounts presented in the following tables for pension include both the collective bargaining plan formula, the traditional management plan formula, the cash balance plan formula and the SERP, in the aggregate. The amounts presented for postretirement include both health and life insurance. | |||||||||||||
The net periodic benefit cost / (income) of the pension and postretirement benefit plans for the three and nine months ended September 30, 2014 and 2013 was: | |||||||||||||
Net Periodic Benefit Cost / (Income) | Pension | Postretirement | |||||||||||
Three months ended | Three months ended | ||||||||||||
September 30, | September 30, | ||||||||||||
$ in millions | 2014 | 2013 | 2014 | 2013 | |||||||||
Service cost | $ | 1.5 | $ | 1.8 | $ | - | $ | - | |||||
Interest cost | 4.3 | 3.8 | 0.2 | 0.2 | |||||||||
Expected return on plan assets (a) | -5.8 | -5.8 | - | - | |||||||||
Amortization of unrecognized: | |||||||||||||
Prior service cost | 0.4 | 0.3 | - | - | |||||||||
Actuarial loss / (gain) | 0.9 | 1.3 | -0.1 | -0.1 | |||||||||
Net periodic benefit cost | $ | 1.3 | $ | 1.4 | $ | 0.1 | $ | 0.1 | |||||
Net Periodic Benefit Cost / (Income) | Pension | Postretirement | |||||||||||
Nine months ended | Nine months ended | ||||||||||||
September 30, | September 30, | ||||||||||||
$ in millions | 2014 | 2013 | 2014 | 2013 | |||||||||
Service cost | $ | 4.5 | $ | 5.4 | $ | 0.1 | $ | 0.1 | |||||
Interest cost | 13.1 | 11.6 | 0.6 | 0.6 | |||||||||
Expected return on plan assets (a) | -17.2 | -17.6 | -0.1 | -0.2 | |||||||||
Amortization of unrecognized: | |||||||||||||
Prior service cost | 1.1 | 1.1 | - | - | |||||||||
Actuarial loss / (gain) | 2.6 | 3.7 | -0.4 | -0.3 | |||||||||
Net periodic benefit cost | $ | 4.1 | $ | 4.2 | $ | 0.2 | $ | 0.2 | |||||
(a) | For purposes of calculating the expected return on pension plan assets, under GAAP, the market-related value of assets (MRVA) is used. GAAP requires that the difference between actual plan asset returns and estimated plan asset returns be included in the MRVA equally over a period not to exceed five years. We use a methodology under which we include the difference between actual and estimated asset returns in the MRVA equally over a three year period. The MRVA used in the calculation of expected return on pension plan assets for the 2014 and 2013 net periodic benefit cost was approximately $351 million and $346 million, respectively. | ||||||||||||
Benefit payments and Medicare Part D reimbursements, which reflect future service, are estimated to be paid as follows: | |||||||||||||
$ in millions | Pension | Postretirement | |||||||||||
2014 | $ | 6.3 | $ | 0.5 | |||||||||
2015 | 23.9 | 2.1 | |||||||||||
2016 | 23.9 | 2.0 | |||||||||||
2017 | 24.3 | 1.8 | |||||||||||
2018 | 24.6 | 1.6 | |||||||||||
2019 - 2023 | 126.5 | 6.7 | |||||||||||
DP&L [Member] | ' | ||||||||||||
Pension and Postretirement Benefits | ' | ||||||||||||
7. Pension and Postretirement Benefits | |||||||||||||
DP&L sponsors a defined benefit pension plan for the vast majority of its employees. | |||||||||||||
We generally fund pension plan benefits as accrued in accordance with the minimum funding requirements of ERISA and, in addition, make voluntary contributions from time to time. There were no contributions made during the three and nine months ended September 30, 2014 or 2013, respectively. | |||||||||||||
The amounts presented in the following tables for pension include the collective bargaining plan formula, the traditional management plan formula, the cash balance plan formula and the SERP, in the aggregate. The amounts presented for postretirement include both health and life insurance. | |||||||||||||
The net periodic benefit cost / (income) of the pension and postretirement benefit plans for the three and nine months ended September 30, 2014 and 2013 was: | |||||||||||||
Net Periodic Benefit Cost / (Income) | Pension | Postretirement | |||||||||||
Three months ended | Three months ended | ||||||||||||
September 30, | September 30, | ||||||||||||
$ in millions | 2014 | 2013 | 2014 | 2013 | |||||||||
Service cost | $ | 1.5 | $ | 1.8 | $ | - | $ | - | |||||
Interest cost | 4.3 | 3.8 | 0.2 | 0.2 | |||||||||
Expected return on plan assets (a) | -5.7 | -5.8 | -0.1 | -0.1 | |||||||||
Amortization of unrecognized: | |||||||||||||
Prior service cost | 0.7 | 0.7 | 0.1 | 0.1 | |||||||||
Actuarial loss / (gain) | 1.6 | 2.3 | -0.2 | -0.2 | |||||||||
Net periodic benefit cost | $ | 2.4 | $ | 2.8 | $ | - | $ | - | |||||
Net Periodic Benefit Cost / (Income) | Pension | Postretirement | |||||||||||
Nine months ended | Nine months ended | ||||||||||||
September 30, | September 30, | ||||||||||||
$ in millions | 2014 | 2013 | 2014 | 2013 | |||||||||
Service cost | $ | 4.4 | $ | 5.4 | $ | 0.1 | $ | 0.1 | |||||
Interest cost | 13.0 | 11.6 | 0.6 | 0.6 | |||||||||
Expected return on plan assets (a) | -17 | -17.6 | -0.2 | -0.2 | |||||||||
Amortization of unrecognized: | |||||||||||||
Prior service cost | 2.1 | 2.1 | 0.1 | 0.1 | |||||||||
Actuarial loss / (gain) | 4.8 | 6.9 | -0.5 | -0.5 | |||||||||
Net periodic benefit cost | $ | 7.3 | $ | 8.4 | $ | 0.1 | $ | 0.1 | |||||
(a)For purposes of calculating the expected return on pension plan assets, under GAAP, the market-related value of assets (MRVA) is used. GAAP requires that the difference between actual plan asset returns and estimated plan asset returns be included in the MRVA equally over a period not to exceed five years. We use a methodology under which we include the difference between actual and estimated asset returns in the MRVA equally over a three year period. The MRVA used in the calculation of expected return on pension plan assets for the 2014 and 2013 net periodic benefit cost was approximately $351 million and $346 million, respectively. | |||||||||||||
Benefit payments and Medicare Part D reimbursements, which reflect future service, are estimated to be paid as follows: | |||||||||||||
$ in millions | Pension | Postretirement | |||||||||||
2014 | $ | 6.3 | $ | 0.5 | |||||||||
2015 | 23.9 | 2.1 | |||||||||||
2016 | 23.9 | 2.0 | |||||||||||
2017 | 24.3 | 1.8 | |||||||||||
2018 | 24.6 | 1.6 | |||||||||||
2019 - 2023 | 126.5 | 6.7 | |||||||||||
Fair_Value_Measurements
Fair Value Measurements | 9 Months Ended | ||||||||||||||||
Sep. 30, 2014 | |||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
8. Fair Value Measurements | |||||||||||||||||
The fair values of our financial instruments are based on published sources for pricing when possible. We rely on valuation models only when no other methods exist. The value of our financial instruments represents our best estimates of the fair value, which may not be the value realized in the future. | |||||||||||||||||
The following table presents the fair value and cost of our non-derivative instruments at September 30, 2014 and December 31, 2013. Further information about the fair value of our derivative instruments can be found in Note 9. | |||||||||||||||||
30-Sep-14 | 31-Dec-13 | ||||||||||||||||
$ in millions | Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||
Assets | |||||||||||||||||
Money market funds | $ | 0.1 | $ | 0.1 | $ | 0.3 | $ | 0.3 | |||||||||
Equity securities | 2.7 | 3.6 | 3.3 | 4.4 | |||||||||||||
Debt securities | 5.0 | 5.0 | 5.4 | 5.5 | |||||||||||||
Hedge funds | 0.8 | 0.9 | 0.9 | 0.9 | |||||||||||||
Real estate | 0.4 | 0.4 | 0.4 | 0.4 | |||||||||||||
Total Assets | $ | 9.0 | $ | 10.0 | $ | 10.3 | $ | 11.5 | |||||||||
Liabilities | |||||||||||||||||
Debt | $ | 2,264.4 | $ | 2,345.9 | $ | 2,294.4 | $ | 2,334.6 | |||||||||
These financial instruments are not subject to master netting agreements or collateral requirements and as such are presented in the Condensed Consolidated Balance Sheet at their gross fair value, except for Debt, which is presented at amortized carrying value. | |||||||||||||||||
Debt | |||||||||||||||||
The carrying value of DPL’s debt in place at the Merger was adjusted to fair value at the Merger date. The carrying value of this debt is net of subsequent amortization of any premiums or discounts recognized at the merger date. Debt issued subsequent to the Merger is carried at issue cost, net of unamortized premium or discount. Unrealized gains or losses are not recognized in the financial statements because debt is presented at cost or the value established at the Merger date, less amortized premium or discount. The debt amounts include the current portion payable in the next twelve months and have maturities that range from 2016 to 2061. | |||||||||||||||||
Master Trust Assets | |||||||||||||||||
DP&L established Master Trusts to hold assets that could be used for the benefit of employees participating in employee benefit plans and these assets are not used for general operating purposes. These assets are primarily comprised of open-ended mutual funds, which are valued using the net asset value per unit. These investments are recorded at fair value within Other deferred assets on the balance sheets and classified as available for sale. Any unrealized gains or losses are recorded in AOCI until the securities are sold. | |||||||||||||||||
DPL had $0.6 million ($0.4 million after tax) of unrealized gains and immaterial unrealized losses on the Master Trust assets in AOCI at September 30, 2014 and $0.9 million ($0.6 million after tax) of unrealized gains and immaterial unrealized losses in AOCI at December 31, 2013. | |||||||||||||||||
During the nine months ended September 30, 2014, $0.6 million ($0.4 million after tax) of various investments were sold to facilitate the distribution of benefits and the unrealized gains were reversed into earnings. An immaterial amount of unrealized gains are expected to be reversed to earnings over the next twelve months to facilitate the distribution of benefits. | |||||||||||||||||
Fair Value Hierarchy | |||||||||||||||||
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. These inputs are then categorized as Level 1 (quoted prices in active markets for identical assets or liabilities); Level 2 (observable inputs such as quoted prices for similar assets or liabilities or quoted prices in markets that are not active); or Level 3 (unobservable inputs). | |||||||||||||||||
Valuations of assets and liabilities reflect the value of the instrument including the values associated with counterparty risk. We include our own credit risk and our counterparty’s credit risk in our calculation of fair value using global average default rates based on an annual study conducted by a large rating agency. | |||||||||||||||||
The fair value of assets and liabilities at September 30, 2014 and December 31, 2013 and the respective category within the fair value hierarchy for DPL was determined as follows: | |||||||||||||||||
Assets and Liabilities at Fair Value | |||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||
$ in millions | Fair Value at September 30, 2014 | Based on Quoted Prices in Active Markets | Other Observable Inputs | Unobservable Inputs | |||||||||||||
Assets | |||||||||||||||||
Master Trust assets | |||||||||||||||||
Money market funds | $ | 0.1 | $ | 0.1 | $ | - | $ | - | |||||||||
Equity securities | 3.6 | 3.6 | - | - | |||||||||||||
Debt securities | 5.0 | 5.0 | - | - | |||||||||||||
Hedge funds | 0.9 | - | 0.9 | - | |||||||||||||
Real estate | 0.4 | 0.4 | - | - | |||||||||||||
Total Master Trust assets | 10.0 | 9.1 | 0.9 | - | |||||||||||||
Derivative Assets | |||||||||||||||||
Forward power contracts | 11.2 | - | 11.2 | - | |||||||||||||
Total Derivative assets | 11.2 | - | 11.2 | - | |||||||||||||
Total Assets | $ | 21.2 | $ | 9.1 | $ | 12.1 | $ | - | |||||||||
Liabilities | |||||||||||||||||
Derivative Liabilities | |||||||||||||||||
FTRs | $ | 1.0 | $ | - | $ | - | $ | 1.0 | |||||||||
Heating oil | 0.1 | 0.1 | - | - | |||||||||||||
Forward power contracts | 26.9 | - | 26.9 | - | |||||||||||||
Total Derivative liabilities | 28.0 | 0.1 | 26.9 | 1.0 | |||||||||||||
Long-term debt | 2,345.9 | - | 2,327.6 | 18.3 | |||||||||||||
Total Liabilities | $ | 2,373.9 | $ | 0.1 | $ | 2,354.5 | $ | 19.3 | |||||||||
Assets and Liabilities at Fair Value | |||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||
$ in millions | Fair Value at December 31, 2013 | Based on Quoted Prices in Active Markets | Other Observable Inputs | Unobservable Inputs | |||||||||||||
Assets | |||||||||||||||||
Master Trust assets | |||||||||||||||||
Money market funds | $ | 0.3 | $ | 0.3 | $ | - | $ | - | |||||||||
Equity securities | 4.4 | 4.4 | - | - | |||||||||||||
Debt securities | 5.5 | 5.5 | - | - | |||||||||||||
Hedge funds | 0.9 | - | 0.9 | - | |||||||||||||
Real estate | 0.4 | 0.4 | - | - | |||||||||||||
Total Master Trust assets | 11.5 | 10.6 | 0.9 | - | |||||||||||||
Derivative assets | |||||||||||||||||
FTRs | 0.2 | - | - | 0.2 | |||||||||||||
Heating oil futures | 0.2 | 0.2 | - | - | |||||||||||||
Forward power contracts | 13.4 | - | 13.4 | - | |||||||||||||
Total Derivative assets | 13.8 | 0.2 | 13.4 | 0.2 | |||||||||||||
Total Assets | $ | 25.3 | $ | 10.8 | $ | 14.3 | $ | 0.2 | |||||||||
Liabilities | |||||||||||||||||
Derivative liabilities | |||||||||||||||||
Forward power contracts | $ | 10.6 | $ | - | 10.6 | $ | - | ||||||||||
Total Derivative liabilities | 10.6 | - | 10.6 | - | |||||||||||||
Long-term debt | 2,334.6 | - | 2,316.1 | 18.5 | |||||||||||||
Total Liabilities | $ | 2,345.2 | $ | - | $ | 2,326.7 | $ | 18.5 | |||||||||
We use the market approach to value our financial instruments. Level 1 inputs are used for derivative contracts such as heating oil futures and for money market accounts that are considered cash equivalents. The fair value is determined by reference to quoted market prices and other relevant information generated by market transactions. Level 2 inputs are used to value derivatives such as forward power contracts and forward NYMEX-quality coal contracts (which are traded on the OTC market but which are valued using prices on the NYMEX for similar contracts on the OTC market). FTRs are considered a Level 3 input because the monthly auctions are considered inactive. | |||||||||||||||||
Our Level 3 inputs are immaterial to our derivative balances as a whole, and as such no further disclosures are presented. | |||||||||||||||||
Approximately 98% of the inputs to the fair value of our derivative instruments are from quoted market prices. | |||||||||||||||||
Our debt is fair valued for disclosure purposes only and most of the fair values are determined using quoted market prices in inactive markets. These fair value inputs are considered Level 2 in the fair value hierarchy. Our long-term leases and the Wright-Patterson Air Force Base loan are not publicly traded. Fair value is assumed to equal carrying value. These fair value inputs are considered Level 3 in the fair value hierarchy as there are no observable inputs. Additional Level 3 disclosures are not presented since debt is not recorded at fair value. | |||||||||||||||||
Non-recurring Fair Value Measurements | |||||||||||||||||
We use the cost approach to determine the fair value of our AROs, which is estimated by discounting expected cash outflows to their present value at the initial recording of the liability. Cash outflows are based on the approximate future disposal cost as determined by market information, historical information or other management estimates. These inputs to the fair value of the AROs would be considered Level 3 inputs under the fair value hierarchy. There was not a material change in our AROs in the three months ended September 30, 2014. AROs increased $1.6 million during the nine months ended September 30, 2014, primarily due to a new study of the asbestos and underground storage tank AROs at Hutchings in the first quarter of 2014. Additions to AROs were not material during the three and nine months ended September 30, 2013. | |||||||||||||||||
When evaluating impairment of goodwill and long-lived assets, we measure fair value using the applicable fair value measurement guidance. Impairment expense is measured by comparing the fair value at the evaluation date to the carrying amount. The following table summarizes Goodwill and Long-lived assets measured at fair value on a nonrecurring basis during the period and their level within the fair value hierarchy: | |||||||||||||||||
$ in millions | Nine months ended September 30, 2014 | ||||||||||||||||
Carrying | Fair Value | Gross | |||||||||||||||
Amount (c) | Level 1 | Level 2 | Level 3 | Loss | |||||||||||||
Assets | |||||||||||||||||
Long-lived assets (a) | |||||||||||||||||
DP&L (East Bend) | $ | 14.2 | $ | - | $ | - | $ | 2.7 | $ | 11.5 | |||||||
Goodwill (b) | |||||||||||||||||
DPLER Reporting unit | $ | 135.8 | $ | - | $ | - | $ | - | $ | 135.8 | |||||||
(a)See Note 13 for further information | |||||||||||||||||
(b)See Note 12 for further information | |||||||||||||||||
(c)Carrying amount at date of valuation | |||||||||||||||||
DP&L [Member] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
8. Fair Value Measurements | |||||||||||||||||
The fair values of our financial instruments are based on published sources for pricing when possible. We rely on valuation models only when no other method is available to us. The value of our financial instruments represents our best estimates of fair value, which may not be the value realized in the future. | |||||||||||||||||
The following table presents the fair value and cost of our non-derivative instruments at September 30, 2014 and December 31, 2013. Further information about the fair value of our derivative instruments can be found in Note 9. | |||||||||||||||||
30-Sep-14 | 31-Dec-13 | ||||||||||||||||
$ in millions | Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||
Assets | |||||||||||||||||
Money market funds | $ | 0.1 | $ | 0.1 | $ | 0.3 | $ | 0.3 | |||||||||
Equity securities | 2.7 | 3.6 | 3.3 | 4.4 | |||||||||||||
Debt securities | 5.0 | 5.0 | 5.4 | 5.5 | |||||||||||||
Hedge funds | 0.8 | 0.9 | 0.9 | 0.9 | |||||||||||||
Real estate | 0.4 | 0.4 | 0.4 | 0.4 | |||||||||||||
Total assets | $ | 9.0 | $ | 10.0 | $ | 10.3 | $ | 11.5 | |||||||||
Liabilities | |||||||||||||||||
Debt | $ | 877.1 | $ | 884.7 | $ | 877.1 | $ | 859.6 | |||||||||
These financial instruments are not subject to master netting agreements or collateral requirements and as such are presented in the Condensed Balance Sheet at their gross fair value, except for Debt, which is presented at amortized cost. | |||||||||||||||||
Debt | |||||||||||||||||
The fair value of debt is based on current public market prices for disclosure purposes only. Unrealized gains or losses are not recognized in the financial statements because debt is presented at amortized cost in the financial statements. The debt amounts include the current portion payable in the next twelve months and have maturities that range from 2016 to 2061. | |||||||||||||||||
Master Trust Assets | |||||||||||||||||
DP&L established Master Trusts to hold assets that could be used for the benefit of employees participating in employee benefit plans and these assets are not used for general operating purposes. These assets are primarily comprised of open-ended mutual funds that are valued using the net asset value per unit. These investments are recorded at fair value within Other deferred assets on the balance sheets and classified as available for sale. Any unrealized gains or losses are recorded in AOCI until the securities are sold. | |||||||||||||||||
DP&L had $0.9 million ($0.6 million after tax) in unrealized gains and immaterial unrealized losses on the Master Trust assets in AOCI at September 30, 2014 and $1.2 million ($0.7 million after tax) in unrealized gains and immaterial unrealized losses in AOCI at December 31, 2013. | |||||||||||||||||
During the nine months ended September 30, 2014, $0.6 million $0.4 million after tax) of various investments were sold to facilitate the distribution of benefits and the unrealized gains were reversed into earnings. An immaterial amount of unrealized gains are expected to be reversed to earnings over the next twelve months to facilitate the disbursement of benefits. | |||||||||||||||||
Fair Value Hierarchy | |||||||||||||||||
Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. These inputs are then categorized as Level 1 (quoted prices in active markets for identical assets or liabilities); Level 2 (observable inputs such as quoted prices for similar assets or liabilities or quoted prices in markets that are not active); or Level 3 (unobservable inputs). | |||||||||||||||||
Valuations of assets and liabilities reflect the value of the instrument including the values associated with counterparty risk. We include our own credit risk and our counterparty’s credit risk in our calculation of fair value using global average default rates based on an annual study conducted by a large rating agency. | |||||||||||||||||
The fair value of assets and liabilities at September 30, 2014 and December 31, 2013 and the respective category within the fair value hierarchy for DP&L was determined as follows: | |||||||||||||||||
Assets and Liabilities at Fair Value | |||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||
$ in millions | Fair Value at September 30, 2014 | Based on Quoted Prices in Active Markets | Other Observable Inputs | Unobservable Inputs | |||||||||||||
Assets | |||||||||||||||||
Master Trust assets | |||||||||||||||||
Money market funds | $ | 0.1 | $ | 0.1 | $ | - | $ | - | |||||||||
Equity securities | 3.6 | 3.6 | - | - | |||||||||||||
Debt securities | 5.0 | 5.0 | - | - | |||||||||||||
Hedge funds | 0.9 | - | 0.9 | - | |||||||||||||
Real estate | 0.4 | 0.4 | - | - | |||||||||||||
Total Master Trust assets | 10.0 | 9.1 | 0.9 | - | |||||||||||||
Derivative assets | |||||||||||||||||
FTRs | - | - | - | - | |||||||||||||
Heating oil | - | - | - | - | |||||||||||||
Forward power contracts | 11.7 | - | 11.7 | - | |||||||||||||
Total derivative assets | 11.7 | - | 11.7 | - | |||||||||||||
Total assets | $ | 21.7 | $ | 9.1 | $ | 12.6 | $ | - | |||||||||
Liabilities | |||||||||||||||||
Derivative liabilities | |||||||||||||||||
FTRs | $ | 1.0 | $ | - | $ | - | $ | 1.0 | |||||||||
Heating oil | 0.1 | 0.1 | - | - | |||||||||||||
Forward power contracts | 26.9 | - | 26.9 | - | |||||||||||||
Total derivative liabilities | 28.0 | 0.1 | 26.9 | 1.0 | |||||||||||||
Long-term debt | 884.7 | - | 866.4 | 18.3 | |||||||||||||
Total liabilities | $ | 912.7 | $ | 0.1 | $ | 893.3 | $ | 19.3 | |||||||||
Assets and Liabilities at Fair Value | |||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||
$ in millions | Fair Value at December 31, 2013 | Based on Quoted Prices in Active Markets | Other Observable Inputs | Unobservable Inputs | |||||||||||||
Assets | |||||||||||||||||
Master Trust assets | |||||||||||||||||
Money market funds | $ | 0.3 | $ | 0.3 | $ | - | $ | - | |||||||||
Equity securities | 4.4 | 4.4 | - | - | |||||||||||||
Debt securities | 5.5 | 5.5 | - | - | |||||||||||||
Hedge funds | 0.9 | - | 0.9 | - | |||||||||||||
Real estate | 0.4 | 0.4 | - | - | |||||||||||||
Total Master Trust assets | 11.5 | 10.6 | 0.9 | - | |||||||||||||
Derivative assets | |||||||||||||||||
Heating oil futures | 0.2 | 0.2 | - | - | |||||||||||||
FTRs | 0.2 | - | - | 0.2 | |||||||||||||
Forward power contracts | 13.4 | - | 13.4 | - | |||||||||||||
Total Derivative assets | 13.8 | 0.2 | 13.4 | 0.2 | |||||||||||||
Total assets | $ | 25.3 | $ | 10.8 | $ | 14.3 | $ | 0.2 | |||||||||
Liabilities | |||||||||||||||||
Derivative liabilities | |||||||||||||||||
Forward power contracts | 10.6 | - | 10.6 | - | |||||||||||||
Total Derivative liabilities | 10.6 | - | 10.6 | - | |||||||||||||
Long-term debt | 859.6 | - | 841.1 | 18.5 | |||||||||||||
Total liabilities | $ | 870.2 | $ | - | $ | 851.7 | $ | 18.5 | |||||||||
We use the market approach to value our financial instruments. Level 1 inputs are used for derivative contracts such as heating oil futures and for money market accounts that are considered cash equivalents. The fair value is determined by reference to quoted market prices and other relevant information generated by market transactions. Level 2 inputs are used to value derivatives such as forward power contracts and forward NYMEX-quality coal contracts (which are traded on the OTC market but which are valued using prices on the NYMEX for similar contracts on the OTC market). FTRs are considered a Level 3 input because the monthly auctions are considered inactive. | |||||||||||||||||
Our Level 3 inputs are immaterial to our derivative balances as a whole, and as such no further disclosures are presented. | |||||||||||||||||
Our debt is fair valued for disclosure purposes only and most of the fair values are determined using quoted market prices in inactive markets. These fair value inputs are considered Level 2 in the fair value hierarchy. Our long-term leases and the Wright-Patterson Air Force Base loan are not publicly traded. Fair value is assumed to equal carrying value. These fair value inputs are considered Level 3 in the fair value hierarchy as there are no observable inputs. Additional Level 3 disclosures are not presented since debt is not recorded at fair value. | |||||||||||||||||
Approximately 98% of the inputs to the fair value of our derivative instruments are from quoted market prices for DP&L. | |||||||||||||||||
Non-recurring Fair Value Measurements | |||||||||||||||||
We use the cost approach to determine the fair value of our AROs, which is estimated by discounting expected cash outflows to their present value at the initial recording of the liability. Cash outflows are based on the approximate future disposal cost as determined by market information, historical information or other management estimates. These inputs to the fair value of the AROs would be considered Level 3 inputs under the fair value hierarchy. There was not a material change in our AROs in the three months ended September 30, 2014. Additions to AROs for the three and nine months ended September 30, 2014 were $1.7 million, primarily due to a new study of the asbestos and underground storage tank AROs at Hutchings in the first quarter of 2014. Additions to AROs were not material during the three and nine months ended September 30, 2013. | |||||||||||||||||
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Derivative Instruments and Hedging Activities | ' | |||||||||||||||
9. Derivative Instruments and Hedging Activities | ||||||||||||||||
In the normal course of business, DPL enters into various financial instruments, including derivative financial instruments. We use derivatives principally to manage the risk of changes in market prices for commodities and interest rate risk associated with our long-term debt. The derivatives that we use to economically hedge these risks are governed by our risk management policies for forward and futures contracts. Our net positions are continually assessed within our structured hedging programs to determine whether new or offsetting transactions are required. The objective of the hedging program is to mitigate financial risks while ensuring that we have adequate resources to meet our requirements. We monitor and value derivative positions monthly as part of our risk management processes. We use published sources for pricing, when possible, to mark positions to market. All of our derivative instruments are used for risk management purposes and are designated as normal purchase/normal sale, cash flow hedges or marked to market each reporting period. | ||||||||||||||||
At September 30, 2014, DPL had the following outstanding derivative instruments: | ||||||||||||||||
Commodity | Accounting Treatment | Unit | Purchases | Sales | Net Purchases/ (Sales) | |||||||||||
(in thousands) | (in thousands) | (in thousands) | ||||||||||||||
FTRs | Mark to Market | MWh | 17.4 | - | 17.4 | |||||||||||
Heating oil futures | Mark to Market | Gallons | 672.0 | - | 672.0 | |||||||||||
Forward power contracts | Cash Flow Hedge | MWh | 40.7 | -3,543.00 | -3,502.30 | |||||||||||
Forward power contracts | Mark to Market | MWh | 2,320.0 | -3,357.90 | -1,037.90 | |||||||||||
At December 31, 2013, DPL had the following outstanding derivative instruments: | ||||||||||||||||
Commodity | Accounting Treatment | Unit | Purchases | Sales | Net Purchases/ (Sales) | |||||||||||
(in thousands) | (in thousands) | (in thousands) | ||||||||||||||
FTRs | Mark to Market | MWh | 7.1 | - | 7.1 | |||||||||||
Heating oil futures | Mark to Market | Gallons | 1,428.0 | - | 1,428.0 | |||||||||||
Forward power contracts | Cash Flow Hedge | MWh | 140.4 | -4,705.70 | -4,565.30 | |||||||||||
Forward power contracts | Mark to Market | MWh | 3,177.8 | -2,883.10 | 294.7 | |||||||||||
Cash Flow Hedges | ||||||||||||||||
As part of our risk management processes, we identify the relationships between hedging instruments and hedged items, as well as the risk management objective and strategy for undertaking various hedge transactions. The fair value of cash flow hedges is determined by observable market prices available as of the balance sheet dates and will continue to fluctuate with changes in market prices up to contract expiration. The effective portion of the hedging transaction is recognized in AOCI and transferred to earnings using specific identification of each contract when the forecasted hedged transaction takes place or when the forecasted hedged transaction is probable of not occurring. The ineffective portion of the cash flow hedge is recognized in earnings in the current period. All risk components were taken into account to determine the hedge effectiveness of the cash flow hedges. | ||||||||||||||||
We enter into forward power contracts to manage commodity price risk exposure related to our generation of electricity. We do not hedge all commodity price risk. We reclassify gains and losses on forward power contracts from AOCI into earnings in those periods in which the contracts settle. | ||||||||||||||||
We also entered into interest rate derivative contracts to manage interest rate exposure related to borrowings of fixed-rate debt. These interest rate derivative contracts were settled in the third quarter of 2013. We do not hedge all interest rate exposure. We reclassify gains and losses on interest rate derivative hedges out of AOCI and into earnings in those periods in which hedged interest payments occur. | ||||||||||||||||
The following tables provide information for DPL concerning gains or losses recognized in AOCI for the cash flow hedges for the three and nine months ended September 30, 2014 and 2013: | ||||||||||||||||
Three months ended | Three months ended | |||||||||||||||
30-Sep-14 | 30-Sep-13 | |||||||||||||||
Interest | Interest | |||||||||||||||
$ in millions (net of tax) | Power | Rate Hedge | Power | Rate Hedge | ||||||||||||
Beginning accumulated derivative gain / (loss) in AOCI | $ | -12.4 | $ | 18.8 | $ | -1.1 | $ | 12.8 | ||||||||
Net gains / (losses) associated with current period hedging transactions | 1.2 | - | -0.2 | 6.4 | ||||||||||||
Net gains / (losses) reclassified to earnings | ||||||||||||||||
Interest expense | - | -0.2 | - | - | ||||||||||||
Revenues | 3.4 | - | 0.3 | - | ||||||||||||
Purchased power | 0.2 | - | 1.0 | - | ||||||||||||
Ending accumulated derivative gain / (loss) in AOCI | $ | -7.6 | $ | 18.6 | $ | - | $ | 19.2 | ||||||||
Nine months ended | Nine months ended | |||||||||||||||
30-Sep-14 | 30-Sep-13 | |||||||||||||||
Interest | Interest | |||||||||||||||
$ in millions (net of tax) | Power | Rate Hedge | Power | Rate Hedge | ||||||||||||
Beginning accumulated derivative gain / (loss) in AOCI | $ | 1.4 | $ | 19.2 | $ | -3 | $ | 0.5 | ||||||||
Net gains / (losses) associated with current period hedging transactions | -23.8 | - | - | 18.7 | ||||||||||||
Net gains / (losses) reclassified to earnings | ||||||||||||||||
Interest expense | - | -0.6 | - | - | ||||||||||||
Revenues | 15.4 | - | 1.3 | - | ||||||||||||
Purchased power | -0.6 | - | 1.7 | - | ||||||||||||
Ending accumulated derivative gain / (loss) in AOCI | $ | -7.6 | $ | 18.6 | $ | - | $ | 19.2 | ||||||||
Portion expected to be reclassified to earnings in the next twelve months (a) | $ | -7.3 | $ | -0.6 | ||||||||||||
Maximum length of time that we are hedging our exposure to variability in future cash flows related to forecasted transactions (in months) | 27 | 0 | ||||||||||||||
(a)The actual amounts that we reclassify from AOCI to earnings related to power can differ from the estimate above due to market price changes. | ||||||||||||||||
Mark to Market Accounting | ||||||||||||||||
Certain derivative contracts are entered into on a regular basis as part of our risk management program but do not qualify for hedge accounting or the normal purchase and sales exceptions under FASC 815. Accordingly, such contracts are recorded at fair value with changes in the fair value charged or credited to the Condensed Consolidated Statements of Results of Operations in the period in which the change occurred. This is commonly referred to as “MTM accounting.” Contracts we enter into as part of our risk management program may be settled financially, by physical delivery, or net settled with the counterparty. FTRs, heating oil futures, and certain forward power contracts are currently marked to market. | ||||||||||||||||
Certain qualifying derivative instruments have been designated as normal purchases or normal sales contracts, as provided under GAAP. Derivative contracts that have been designated as normal purchases or normal sales under GAAP are not subject to MTM accounting and are recognized in the Condensed Consolidated Statements of Results of Operations on an accrual basis. | ||||||||||||||||
Regulatory Assets and Liabilities | ||||||||||||||||
In accordance with regulatory accounting under GAAP, a cost or loss that is probable of recovery in future rates should be deferred as a regulatory asset and revenue or a gain that is probable of being returned to customers should be deferred as a regulatory liability. Portions of the derivative contracts that are marked to market each reporting period and are related to the retail portion of DP&L’s load requirements are included as part of the fuel and purchased power recovery rider approved by the PUCO which began January 1, 2010. Therefore, the Ohio retail customers’ portion of the heating oil futures is deferred as a regulatory asset or liability until the contracts settle. If these unrealized gains and losses are no longer deemed to be probable of recovery through our rates, they will be reclassified into earnings in the period such determination is made. | ||||||||||||||||
The following tables present the amount and classification within the Condensed Consolidated Statements of Results of Operations or Condensed Consolidated Balance Sheets of the gains and losses on DPL’s derivatives not designated as hedging instruments for the three and nine months ended September 30, 2014 and 2013. | ||||||||||||||||
For the three months ended September 30, 2014 | ||||||||||||||||
$ in millions | Heating Oil | FTRs | Power | Total | ||||||||||||
Change in unrealized gain / (loss) | $ | -0.2 | $ | 0.3 | $ | -2.3 | $ | -2.2 | ||||||||
Realized gain / (loss) | - | 0.1 | -2.1 | -2 | ||||||||||||
Total | $ | -0.2 | $ | 0.4 | $ | -4.4 | $ | -4.2 | ||||||||
Recorded on Balance Sheet: | ||||||||||||||||
Regulatory asset | $ | -0.1 | $ | - | $ | - | $ | -0.1 | ||||||||
Recorded in Income Statement: gain / (loss) | ||||||||||||||||
Purchased power | - | 0.4 | -4.4 | -4 | ||||||||||||
Fuel | -0.1 | - | - | -0.1 | ||||||||||||
Total | $ | -0.2 | $ | 0.4 | $ | -4.4 | $ | -4.2 | ||||||||
For the three months ended September 30, 2013 | ||||||||||||||||
$ in millions | Heating Oil | FTRs | Power | Total | ||||||||||||
Change in unrealized gain | $ | 0.1 | $ | 1.3 | $ | 0.1 | $ | 1.5 | ||||||||
Realized gain / (loss) | 0.1 | - | -0.8 | -0.7 | ||||||||||||
Total | $ | 0.2 | $ | 1.3 | $ | -0.7 | $ | 0.8 | ||||||||
Recorded in Income Statement: gain / (loss) | ||||||||||||||||
Purchased power | $ | - | $ | 1.3 | $ | -0.7 | $ | 0.6 | ||||||||
Fuel | 0.1 | - | - | 0.1 | ||||||||||||
O&M | 0.1 | - | - | 0.1 | ||||||||||||
Total | $ | 0.2 | $ | 1.3 | $ | -0.7 | $ | 0.8 | ||||||||
For the nine months ended September 30, 2014 | ||||||||||||||||
$ in millions | Heating Oil | FTRs | Power | Total | ||||||||||||
Change in unrealized loss | $ | -0.3 | $ | -1.2 | $ | -6 | $ | -7.5 | ||||||||
Realized gain / (loss) | 0.1 | 0.7 | -3.6 | -2.8 | ||||||||||||
Total | $ | -0.2 | $ | -0.5 | $ | -9.6 | $ | -10.3 | ||||||||
Recorded on Balance Sheet: | ||||||||||||||||
Regulatory asset | $ | -0.1 | $ | - | $ | - | $ | -0.1 | ||||||||
Recorded in Income Statement: loss | ||||||||||||||||
Purchased power | - | -0.5 | -9.6 | -10.1 | ||||||||||||
Fuel | -0.1 | - | - | -0.1 | ||||||||||||
Total | $ | -0.2 | $ | -0.5 | $ | -9.6 | $ | -10.3 | ||||||||
For the nine months ended September 30, 2013 | ||||||||||||||||
$ in millions | Heating Oil | FTRs | Power | Total | ||||||||||||
Change in unrealized gain / (loss) | $ | -0.2 | $ | 0.4 | $ | 10.5 | $ | 10.7 | ||||||||
Realized gain | - | 1.2 | 0.5 | 1.7 | ||||||||||||
Total | $ | -0.2 | $ | 1.6 | $ | 11.0 | $ | 12.4 | ||||||||
Recorded on Balance Sheet: | ||||||||||||||||
Regulatory asset | $ | -0.1 | $ | - | $ | - | $ | -0.1 | ||||||||
Recorded in Income Statement: gain / (loss) | ||||||||||||||||
Purchased power | - | 1.6 | 11.0 | 12.6 | ||||||||||||
Fuel | -0.1 | - | - | -0.1 | ||||||||||||
Total | $ | -0.2 | $ | 1.6 | $ | 11.0 | $ | 12.4 | ||||||||
DPL has elected not to offset derivative assets and liabilities and not to offset net derivative positions against the right to reclaim cash collateral pledged (an asset) or the obligation to return cash collateral received (a liability) under derivative agreements. | ||||||||||||||||
The following tables summarize the derivative positions presented in the balance sheet where a right of offset exists under these arrangements and related cash collateral received or pledged. | ||||||||||||||||
Fair Values of Derivative Instruments | ||||||||||||||||
at September 30, 2014 | ||||||||||||||||
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets | ||||||||||||||||
$ in millions | Hedging Designation | Gross Fair Value as presented in the Condensed Consolidated Balance Sheets | Financial Instruments with Same Counterparty in Offsetting Position | Cash Collateral | Net Amount | |||||||||||
Assets | ||||||||||||||||
Short-term derivative positions (presented in Other current assets) | ||||||||||||||||
Forward power contracts | Cash Flow | $ | 0.9 | $ | -0.9 | $ | - | $ | - | |||||||
Forward power contracts | MTM | 6.3 | -5.4 | - | 0.9 | |||||||||||
Heating oil | MTM | - | - | - | - | |||||||||||
Long-term derivative positions (presented in Other deferred assets) | ||||||||||||||||
Forward power contracts | Cash Flow | 0.7 | -0.6 | -0.1 | - | |||||||||||
Forward power contracts | MTM | 3.3 | -2.5 | - | 0.8 | |||||||||||
Total assets | $ | 11.2 | $ | -9.4 | $ | -0.1 | $ | 1.7 | ||||||||
Liabilities | ||||||||||||||||
Short-term derivative positions (presented in Other current liabilities) | ||||||||||||||||
Forward power contracts | Cash Flow | $ | 12.0 | $ | -0.9 | $ | -9.8 | $ | 1.3 | |||||||
Forward power contracts | MTM | 10.2 | -5.4 | -2.8 | 2.0 | |||||||||||
Heating oil | MTM | 0.1 | - | -0.1 | - | |||||||||||
FTRs | MTM | 1.0 | - | - | 1.0 | |||||||||||
Long-term derivative positions (presented in Other deferred liabilities) | ||||||||||||||||
Forward power contracts | Cash Flow | 1.3 | -0.6 | -0.7 | - | |||||||||||
Forward power contracts | MTM | 3.4 | -2.6 | -0.7 | 0.1 | |||||||||||
Total liabilities | $ | 28.0 | $ | -9.5 | $ | -14.1 | $ | 4.4 | ||||||||
Forward power contracts with a value of $0.1 million have been omitted from the above table as they had been, but no longer need to be, accounted for as derivatives at fair value. These derivatives are being amortized to earnings over the remaining term of the associated forward contracts. | ||||||||||||||||
Fair Values of Derivative Instruments | ||||||||||||||||
at December 31, 2013 | ||||||||||||||||
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets | ||||||||||||||||
$ in millions | Hedging Designation | Gross Fair Value as presented in the Condensed Consolidated Balance Sheets | Financial Instruments with Same Counterparty in Offsetting Position | Cash Collateral | Net Amount | |||||||||||
Assets | ||||||||||||||||
Short-term derivative positions (presented in Other current assets) | ||||||||||||||||
Forward power contracts | Cash Flow | $ | 0.5 | $ | -0.2 | $ | - | $ | 0.3 | |||||||
Forward power contracts | MTM | 4.9 | -4.2 | - | 0.7 | |||||||||||
FTRs | MTM | 0.2 | - | - | 0.2 | |||||||||||
Heating oil futures | MTM | 0.2 | - | -0.2 | - | |||||||||||
Long-term derivative positions (presented in Other deferred assets) | ||||||||||||||||
Forward power contracts | Cash Flow | 3.0 | - | -3 | - | |||||||||||
Forward power contracts | MTM | 5.0 | -0.3 | - | 4.7 | |||||||||||
Total assets | $ | 13.8 | $ | -4.7 | $ | -3.2 | $ | 5.9 | ||||||||
Liabilities | ||||||||||||||||
Short-term derivative positions (presented in Other current liabilities) | ||||||||||||||||
Forward power contracts | Cash Flow | $ | 2.7 | $ | -0.2 | $ | -2.3 | $ | 0.2 | |||||||
Forward power contracts | MTM | 6.6 | -4.2 | -2.3 | 0.1 | |||||||||||
Long-term derivative positions (presented in Other deferred liabilities) | ||||||||||||||||
Forward power contracts | MTM | 1.3 | -0.3 | -1 | - | |||||||||||
Total liabilities | $ | 10.6 | $ | -4.7 | $ | -5.6 | $ | 0.3 | ||||||||
Forward power contracts with a short-term asset position of $0.9 million and a long-term asset position of $0.1 million have been omitted from the above table as they had been, but no longer need to be, accounted for as derivatives at fair value. These derivatives are being amortized to earnings over the remaining term of the associated forward contracts. | ||||||||||||||||
The aggregate fair value of DPL’s commodity derivative instruments that were in a MTM loss position at September 30, 2014 was $28.0 million. Certain of our OTC commodity derivative contracts are under master netting agreements that contain provisions that require our debt to maintain an investment grade credit rating from credit rating agencies. If our debt does not maintain an investment grade credit rating, our counterparties to the derivative instruments could request immediate payment or immediate and full overnight collateralization of the MTM loss. The MTM loss positions at September 30, 2014 were offset by $14.1 million of collateral posted directly with third parties and in a broker margin account which offsets our loss positions on the forward contracts. This liability position is further offset by the asset position of counterparties with master netting agreements of $9.5 million. If our counterparties were to call for collateral, we could have to post collateral for the remaining $4.4 million. | ||||||||||||||||
DP&L [Member] | ' | |||||||||||||||
Derivative Instruments and Hedging Activities | ' | |||||||||||||||
9. Derivative Instruments and Hedging Activities | ||||||||||||||||
In the normal course of business, DP&L enters into various financial instruments, including derivative financial instruments. We use derivatives principally to manage the risk of changes in market prices for commodities and interest rate risk associated with our long-term debt. The derivatives that we use to economically hedge these risks are governed by our risk management policies for forward and futures contracts. Our net positions are continually assessed within our structured hedging programs to determine whether new or offsetting transactions are required. The objective of the hedging program is to mitigate financial risks while ensuring that we have adequate resources to meet our requirements. We monitor and value derivative positions monthly as part of our risk management processes. We use published sources for pricing, when possible, to mark positions to market. All of our derivative instruments are used for risk management purposes and are designated as cash flow hedges or marked to market each reporting period. | ||||||||||||||||
At September 30, 2014, DP&L had the following outstanding derivative instruments: | ||||||||||||||||
Commodity | Accounting Treatment | Unit | Purchases | Sales | Net Purchases/ (Sales) | |||||||||||
(in thousands) | (in thousands) | (in thousands) | ||||||||||||||
FTRs | Mark to Market | MWh | 17.4 | - | 17.4 | |||||||||||
Heating oil futures | Mark to Market | Gallons | 672.0 | - | 672.0 | |||||||||||
Forward power contracts | Cash Flow Hedge | MWh | 40.7 | -3,543.00 | -3,502.30 | |||||||||||
Forward power contracts | Mark to Market | MWh | 2,320.0 | -3,463.50 | -1,143.50 | |||||||||||
At December 31, 2013, DP&L had the following outstanding derivative instruments: | ||||||||||||||||
Commodity | Accounting Treatment | Unit | Purchases | Sales | Net Purchases/ (Sales) | |||||||||||
(in thousands) | (in thousands) | (in thousands) | ||||||||||||||
FTRs | Mark to Market | MWh | 7.1 | - | 7.1 | |||||||||||
Heating oil futures | Mark to Market | Gallons | 1,428.0 | - | 1,428.0 | |||||||||||
Forward power contracts | Cash Flow Hedge | MWh | 140.4 | -4,705.70 | -4,565.30 | |||||||||||
Forward power contracts | Mark to Market | MWh | 3,172.4 | -2,888.50 | 283.9 | |||||||||||
Cash Flow Hedges | ||||||||||||||||
As part of our risk management processes, we identify the relationships between hedging instruments and hedged items, as well as the risk management objective and strategy for undertaking various hedge transactions. The fair value of cash flow hedges is determined by observable market prices available as of the balance sheet dates and will continue to fluctuate with changes in market prices up to contract expiration. The effective portion of the hedging transaction is recognized in AOCI and transferred to earnings using specific identification of each contract when the forecasted hedged transaction takes place or when the forecasted hedged transaction is probable of not occurring. The ineffective portion of the cash flow hedge is recognized in earnings in the current period. All risk components were taken into account to determine the hedge effectiveness of the cash flow hedges. | ||||||||||||||||
We enter into forward power contracts to manage commodity price risk exposure related to our generation of electricity. We do not hedge all commodity price risk. We reclassify gains and losses on forward power contracts from AOCI into earnings in those periods in which the contracts settle. | ||||||||||||||||
The following tables provide information for DP&L concerning gains or losses recognized in AOCI for the cash flow hedges for the three and nine months ended September 30, 2014 and 2013: | ||||||||||||||||
Three months ended | Three months ended | |||||||||||||||
30-Sep-14 | 30-Sep-13 | |||||||||||||||
Interest | Interest | |||||||||||||||
$ in millions (net of tax) | Power | Rate Hedge | Power | Rate Hedge | ||||||||||||
Beginning accumulated derivative gain / (loss) in AOCI | $ | -14 | $ | 4.6 | $ | -1.9 | $ | 6.1 | ||||||||
Net gains / (losses) associated with current period hedging transactions | 1.4 | - | -0.3 | - | ||||||||||||
Net gains / (losses) reclassified to earnings | ||||||||||||||||
Interest expense | - | -0.2 | - | -0.6 | ||||||||||||
Revenues | 3.2 | - | 0.3 | - | ||||||||||||
Purchased power | 0.2 | - | 1.3 | - | ||||||||||||
Ending accumulated derivative gain / (loss) in AOCI | $ | -9.2 | $ | 4.4 | $ | -0.6 | $ | 5.5 | ||||||||
Nine months ended | Nine months ended | |||||||||||||||
30-Sep-14 | 30-Sep-13 | |||||||||||||||
Interest | Interest | |||||||||||||||
$ in millions (net of tax) | Power | Rate Hedge | Power | Rate Hedge | ||||||||||||
Beginning accumulated derivative gain / (loss) in AOCI | $ | 1.0 | $ | 5.2 | $ | -4.7 | $ | 7.3 | ||||||||
Net losses associated with current period hedging transactions | -26.3 | - | - | - | ||||||||||||
Net gains / (losses) reclassified to earnings | ||||||||||||||||
Interest expense | - | -0.8 | - | -1.8 | ||||||||||||
Revenues | 16.6 | - | 1.4 | - | ||||||||||||
Purchased power | -0.5 | - | 2.7 | - | ||||||||||||
Ending accumulated derivative gain / (loss) in AOCI | $ | -9.2 | $ | 4.4 | $ | -0.6 | $ | 5.5 | ||||||||
Portion expected to be reclassified to earnings in the next twelve months (a) | $ | -7.2 | $ | -1.1 | ||||||||||||
Maximum length of time that we are hedging our exposure to variability in future cash flows related to forecasted transactions (in months) | 27 | 0 | ||||||||||||||
(a)The actual amounts that we reclassify from AOCI to earnings related to power can differ from the estimate above due to market price changes. | ||||||||||||||||
Mark to Market Accounting | ||||||||||||||||
Certain derivative contracts are entered into on a regular basis as part of our risk management program but do not qualify for hedge accounting or the normal purchases and sales exceptions under FASC 815. Accordingly, such contracts are recorded at fair value with changes in the fair value charged or credited to the Condensed Statements of Results of Operations in the period in which the change occurred. This is commonly referred to as “MTM accounting.” Contracts we enter into as part of our risk management program may be settled financially, by physical delivery, or net settled with the counterparty. FTRs, heating oil futures, forward NYMEX-quality coal contracts and certain forward power contracts are marked to market. | ||||||||||||||||
Certain qualifying derivative instruments have been designated as normal purchases or normal sales contracts, as provided under GAAP. Derivative contracts that have been designated as normal purchases or normal sales under GAAP are not subject to MTM accounting and are recognized in the Condensed Statements of Results of Operations on an accrual basis. | ||||||||||||||||
Regulatory Assets and Liabilities | ||||||||||||||||
In accordance with regulatory accounting under GAAP, a cost or loss that is probable of recovery in future rates should be deferred as a regulatory asset and revenue or a gain that is probable of being returned to customers should be deferred as a regulatory liability. Portions of the derivative contracts that are marked to market each reporting period and are related to the retail portion of DP&L’s load requirements are included as part of the fuel and purchased power recovery rider approved by the PUCO which began January 1, 2010. Therefore, the Ohio retail customers’ portion of the heating oil futures is deferred as a regulatory asset or liability until the contracts settle. If these unrealized gains and losses are no longer deemed to be probable of recovery through our rates, they will be reclassified into earnings in the period such determination is made. | ||||||||||||||||
The following tables present the amount and classification within the Condensed Statements of Results of Operations or Condensed Balance Sheets of the gains and losses on DP&L’s derivatives not designated as hedging instruments for the three and nine months ended September 30, 2014 and 2013: | ||||||||||||||||
For the three months ended September 30, 2014 | ||||||||||||||||
$ in millions | Heating Oil | FTRs | Power | Total | ||||||||||||
Change in unrealized gain / (loss) | $ | -0.2 | $ | 0.3 | $ | -2.7 | $ | -2.6 | ||||||||
Realized gain / (loss) | - | 0.1 | -2.1 | -2 | ||||||||||||
Total | $ | -0.2 | $ | 0.4 | $ | -4.8 | $ | -4.6 | ||||||||
Recorded on Balance Sheet: | ||||||||||||||||
Regulatory asset | $ | -0.1 | $ | - | $ | - | $ | -0.1 | ||||||||
Recorded in Income Statement: gain / (loss) | ||||||||||||||||
Revenues | - | - | -0.3 | -0.3 | ||||||||||||
Purchased power | - | 0.4 | -4.5 | -4.1 | ||||||||||||
Fuel | -0.1 | - | - | -0.1 | ||||||||||||
Total | $ | -0.2 | $ | 0.4 | $ | -4.8 | $ | -4.6 | ||||||||
For the three months ended September 30, 2013 | ||||||||||||||||
$ in millions | Heating Oil | FTRs | Power | Total | ||||||||||||
Change in unrealized gain / (loss) | $ | 0.1 | $ | 1.3 | $ | -0.1 | $ | 1.3 | ||||||||
Realized gain / (loss) | 0.1 | - | -0.8 | -0.7 | ||||||||||||
Total | $ | 0.2 | $ | 1.3 | $ | -0.9 | $ | 0.6 | ||||||||
Recorded in Income Statement: gain / (loss) | ||||||||||||||||
Revenues | $ | - | $ | - | $ | 0.1 | $ | 0.1 | ||||||||
Purchased power | - | 1.3 | -1 | 0.3 | ||||||||||||
Fuel | 0.1 | - | - | 0.1 | ||||||||||||
O&M | 0.1 | - | - | 0.1 | ||||||||||||
Total | $ | 0.2 | $ | 1.3 | $ | -0.9 | $ | 0.6 | ||||||||
For the nine months ended September 30, 2014 | ||||||||||||||||
$ in millions | Heating Oil | FTRs | Power | Total | ||||||||||||
Change in unrealized loss | $ | -0.3 | $ | -1.2 | $ | -5.7 | $ | -7.2 | ||||||||
Realized gain / (loss) | 0.1 | 0.7 | -3 | -2.2 | ||||||||||||
Total | $ | -0.2 | $ | -0.5 | $ | -8.7 | $ | -9.4 | ||||||||
Recorded on Balance Sheet: | ||||||||||||||||
Regulatory asset | $ | -0.1 | $ | - | $ | - | $ | -0.1 | ||||||||
Recorded in Income Statement: gain / (loss) | ||||||||||||||||
Revenues | - | - | 1.0 | 1.0 | ||||||||||||
Purchased power | - | -0.5 | -9.7 | -10.2 | ||||||||||||
Fuel | -0.1 | - | - | -0.1 | ||||||||||||
Total | $ | -0.2 | $ | -0.5 | $ | -8.7 | $ | -9.4 | ||||||||
For the nine months ended September 30, 2013 | ||||||||||||||||
$ in millions | Heating Oil | FTRs | Power | Total | ||||||||||||
Change in unrealized gain / (loss) | $ | -0.2 | $ | 0.4 | $ | 8.9 | $ | 9.1 | ||||||||
Realized gain | - | 1.2 | 1.1 | 2.3 | ||||||||||||
Total | $ | -0.2 | $ | 1.6 | $ | 10.0 | $ | 11.4 | ||||||||
Recorded on Balance Sheet: | ||||||||||||||||
Regulatory asset | $ | -0.1 | $ | - | $ | - | $ | -0.1 | ||||||||
Recorded in Income Statement: gain / (loss) | ||||||||||||||||
Revenues | - | - | 0.2 | 0.2 | ||||||||||||
Purchased power | - | 1.6 | 9.8 | 11.4 | ||||||||||||
Fuel | -0.1 | - | - | -0.1 | ||||||||||||
Total | $ | -0.2 | $ | 1.6 | $ | 10.0 | $ | 11.4 | ||||||||
DP&L has elected not to offset derivative assets and liabilities and not to offset net derivative positions against the right to reclaim cash collateral pledged (an asset) or the obligation to return cash collateral received (a liability) under derivative agreements. | ||||||||||||||||
The following tables summarize the derivative positions presented in the balance sheet where a right of offset exists under these arrangements and related cash collateral received or pledged. | ||||||||||||||||
Fair Values of Derivative Instruments | ||||||||||||||||
at September 30, 2014 | ||||||||||||||||
Gross Amounts Not Offset in the Condensed Balance Sheets | ||||||||||||||||
$ in millions | Hedging Designation | Gross Fair Value as presented in the Condensed Balance Sheets | Financial Instruments with Same Counterparty in Offsetting Position | Cash Collateral | Net Amount | |||||||||||
Assets | ||||||||||||||||
Short-term derivative positions (presented in Other current assets) | ||||||||||||||||
Forward power contracts | Cash Flow | $ | 0.9 | $ | -0.9 | $ | - | $ | - | |||||||
Forward power contracts | MTM | 6.5 | -5.4 | - | 1.1 | |||||||||||
Heating oil futures | MTM | - | - | - | - | |||||||||||
Long-term derivative positions (presented in Other deferred assets) | ||||||||||||||||
Forward power contracts | Cash Flow | 0.7 | -0.6 | -0.1 | - | |||||||||||
Forward power contracts | MTM | 3.6 | -2.6 | - | 1.0 | |||||||||||
Total assets | $ | 11.7 | $ | -9.5 | $ | -0.1 | $ | 2.1 | ||||||||
Liabilities | ||||||||||||||||
Short-term derivative positions (presented in Other current liabilities) | ||||||||||||||||
Forward power contracts | Cash Flow | $ | 12.0 | $ | -0.9 | $ | -9.8 | $ | 1.3 | |||||||
Forward power contracts | MTM | 10.2 | -5.4 | -2.8 | 2.0 | |||||||||||
Heating oil futures | MTM | 0.1 | - | -0.1 | - | |||||||||||
FTRs | MTM | 1.0 | - | - | 1.0 | |||||||||||
Long-term derivative positions (presented in Other deferred liabilities) | ||||||||||||||||
Forward power contracts | Cash Flow | 1.3 | -0.6 | -0.7 | - | |||||||||||
Forward power contracts | MTM | 3.4 | -2.6 | -0.7 | 0.1 | |||||||||||
Total liabilities | $ | 28.0 | $ | -9.5 | $ | -14.1 | $ | 4.4 | ||||||||
The following table presents the fair value and balance sheet classification of DP&L’s derivative instruments at December 31, 2013: | ||||||||||||||||
Fair Values of Derivative Instruments | ||||||||||||||||
at December 31, 2013 | ||||||||||||||||
Gross Amounts Not Offset in the Condensed Balance Sheets | ||||||||||||||||
$ in millions | Hedging Designation | Gross Fair Value as presented in the Condensed Balance Sheets | Financial Instruments with Same Counterparty in Offsetting Position | Cash Collateral | Net Amount | |||||||||||
Assets | ||||||||||||||||
Short-term derivative positions (presented in Other current assets) | ||||||||||||||||
Forward power contracts | Cash Flow | $ | 0.5 | $ | -0.2 | $ | - | $ | 0.3 | |||||||
Forward power contracts | MTM | 4.9 | -4.2 | - | 0.7 | |||||||||||
FTRs | MTM | 0.2 | 0.2 | |||||||||||||
Heating oil futures | MTM | 0.2 | - | -0.2 | - | |||||||||||
Long-term derivative positions (presented in Other deferred assets) | ||||||||||||||||
Forward power contracts | Cash Flow | 3.0 | - | -3 | - | |||||||||||
Forward power contracts | MTM | 5.0 | -0.3 | - | 4.7 | |||||||||||
Total assets | $ | 13.8 | $ | -4.7 | $ | -3.2 | $ | 5.9 | ||||||||
Liabilities | ||||||||||||||||
Short-term derivative positions (presented in Other current liabilities) | ||||||||||||||||
Forward power contracts | Cash Flow | $ | 2.7 | $ | -0.2 | $ | -2.3 | $ | 0.2 | |||||||
Forward power contracts | MTM | 6.6 | -4.2 | -2.3 | 0.1 | |||||||||||
Long-term derivative positions (presented in Other deferred liabilities) | ||||||||||||||||
Forward power contracts | MTM | 1.3 | -0.3 | -1 | - | |||||||||||
Total liabilities | $ | 10.6 | $ | -4.7 | $ | -5.6 | $ | 0.3 | ||||||||
The aggregate fair value of DP&L’s commodity derivative instruments that were in a MTM loss position at September 30, 2014 was $28.0 million. Certain of our OTC commodity derivative contracts are under master netting agreements that contain provisions that require our debt to maintain an investment grade credit rating from credit rating agencies. If our debt does not maintain an investment grade credit rating, our counterparties to the derivative instruments could request immediate payment or immediate and full overnight collateralization of the MTM loss. The MTM loss positions at September 30, 2014 were offset by $14.1 million of collateral posted directly with third parties and in a broker margin account which offsets our loss positions on the forward contracts. This liability position is further offset by the asset position of counterparties with master netting agreements of $9.5 million. If our counterparties were to call for collateral, DP&L could be required to post collateral for the remaining $4.4 million. | ||||||||||||||||
Contractual_Obligations_Commer
Contractual Obligations, Commercial Commitments and Contingencies | 9 Months Ended | |||
Sep. 30, 2014 | ||||
Contractual Obligations, Commercial Commitments And Contingencies | ' | |||
10. Contractual Obligations, Commercial Commitments and Contingencies | ||||
DPL Inc. – Guarantees | ||||
In the normal course of business, DPL enters into various agreements with its wholly owned subsidiaries, DPLE, DPLER and DPLER’s wholly owned subsidiary, MC Squared, providing financial or performance assurance to third parties. These agreements are entered into primarily to support or enhance the creditworthiness otherwise attributed to these subsidiaries on a stand-alone basis, thereby facilitating the extension of sufficient credit to accomplish these subsidiaries’ intended commercial purposes. | ||||
At September 30, 2014, DPL had $19.0 million of guarantees to third parties for future financial or performance assurance under such agreements: $2.0 million of guarantees on behalf of DPLER, $16.8 million of guarantees on behalf of DPLE and $0.2 million of guarantees on behalf of MC Squared. The guarantee arrangements entered into by DPL with these third parties cover select present and future obligations of DPLE, DPLER and MC Squared to such beneficiaries and are terminable by DPL upon written notice to the beneficiaries within a certain time. The carrying amount of obligations for commercial transactions covered by these guarantees and recorded in our Condensed Consolidated Balance Sheets was $0.4 million at September 30, 2014. | ||||
To date, DPL has not incurred any losses related to the guarantees of DPLER’s, DPLE’s or MC Squared’s obligations and we believe it is remote that DPL would be required to perform or incur any losses in the future associated with any of the above guarantees. | ||||
DP&L – Equity Ownership Interest | ||||
DP&L owns a 4.9% equity ownership interest in OVEC, an electric generation company, which is recorded using the cost method of accounting under GAAP. As of September 30, 2014, DP&L could be responsible for the repayment of 4.9%, or $76.0 million, of a $1,550.1 million debt obligation that has maturities from 2018 to 2040. This would only happen if OVEC defaulted on its debt payments. As of September 30, 2014, we have no knowledge of such a default. | ||||
Commercial Commitments and Contractual Obligations | ||||
There have been no material changes, outside the ordinary course of business, to our commercial commitments and to the information disclosed in the contractual obligations table in our Form 10-K for the fiscal year ended December 31, 2013. | ||||
Contingencies | ||||
In the normal course of business, we are subject to various lawsuits, actions, proceedings, claims and other matters asserted under various laws and regulations. We believe the amounts provided in our Condensed Consolidated Financial Statements, as prescribed by GAAP, are adequate in light of the probable and estimable contingencies. However, there can be no assurances that the actual amounts required to satisfy alleged liabilities from various legal proceedings, claims, tax examinations and other matters discussed below, and to comply with applicable laws and regulations, will not exceed the amounts reflected in our Condensed Consolidated Financial Statements. As such, costs, if any, that may be incurred in excess of those amounts provided as of September 30, 2014, cannot be reasonably determined. | ||||
Environmental Matters | ||||
DPL’s and DP&L’s facilities and operations are subject to a wide range of federal, state and local environmental regulations and laws. The environmental issues that may affect us include: | ||||
· | The federal CAA and state laws and regulations (including the Ohio SIP) which require compliance, obtaining permits and reporting as to air emissions, | |||
· | Litigation with federal and certain state governments and certain special interest groups regarding whether modifications to or maintenance of certain coal-fired generating stations require additional permitting or pollution control technology, or whether emissions from coal-fired generating stations cause or contribute to global climate changes, | |||
· | Rules and future rules issued by the USEPA and the Ohio EPA that require substantial reductions in SO2, particulates, mercury, acid gases, NOx, and other air emissions. DP&L has installed emission control technology and is taking other measures to comply with required and anticipated reductions, | |||
· | Rules and future rules issued by the USEPA and the Ohio EPA that require reporting and may require reductions of GHGs, | |||
· | Rules and future rules issued by the USEPA associated with the federal CWA, which prohibit the discharge of pollutants into waters of the United States except pursuant to appropriate permits, and | |||
· | Solid and hazardous waste laws and regulations, which govern the management and disposal of certain waste. The majority of solid waste created from the combustion of coal and fossil fuels is fly ash and other coal combustion by-products. The USEPA has previously determined that fly ash and other coal combustion by-products are not hazardous waste subject to the Resource Conservation and Recovery Act (RCRA), but the USEPA is reconsidering that determination and planning to finalize a new rule regulating coal combustion by-products. A change in determination or other additional regulation of fly ash or other coal combustion byproducts could significantly increase the costs of disposing of such by-products. | |||
In addition to imposing continuing compliance obligations, these laws and regulations authorize the imposition of substantial penalties for noncompliance, including fines, injunctive relief and other sanctions. In the normal course of business, we have investigatory and remedial activities underway at these facilities in an effort to comply, or to determine compliance, with such regulations. We record liabilities for environmental losses that are probable of occurring and can be reasonably estimated. At September 30, 2014, and December 31, 2013, we had accruals of approximately $0.9 million and $1.1 million, respectively, for environmental matters and other claims. We also have a number of environmental matters for which we have not accrued loss contingencies because the risk of loss is not probable or a loss cannot be reasonably estimated, which are disclosed in the paragraphs below. We evaluate the potential liability related to environmental matters quarterly and may revise our accruals. Such revisions in the estimates of the potential liabilities could have a material adverse effect on our results of operations, financial condition or cash flows. | ||||
We have several pending environmental matters associated with our EGUs and stations. Some of these matters could have material adverse effects on the operation of the power stations. | ||||
Cross-State Air Pollution Rule | ||||
On April 29, 2014, the U.S. Supreme Court reversed a 2012 decision by the U.S. Court of Appeals for the District of Columbia (D.C. Circuit Court) that had vacated CSAPR and remanded the case back to the D.C. Circuit Court. On June 26, 2014, the U.S. Department of Justice, on behalf of the USEPA, filed a motion with the D.C. Circuit Court to lift the current stay on CSAPR which was granted on October 23, 2014. The USEPA is expected to establish new effective dates for compliance with the reduced emissions levels, the first of which could take effect as early as January 2015. Certain challenges to CSAPR by industry groups and states (including Ohio) remain pending and oral arguments have been scheduled for March 2015. It is not possible to predict what impacts CSAPR and the pending litigation may have on our consolidated financial condition, results of operations or cash flows, but it is not expected to be material. | ||||
National Ambient Air Quality Standards | ||||
Effective August 23, 2010, the USEPA implemented its revisions to its primary NAAQS for SO2 replacing the previous 24-hour standard and annual standard with a one-hour standard. Initial non-attainment designations were made July 25, 2013, and Pierce Township in Clermont County, location of DP&L’s co-owned unit Beckjord Unit 6, was the only area with DP&L operations recommended as non-attainment. Non-attainment areas will be required to meet the 2010 standard by October 2018. On April 17, 2014, the USEPA proposed a data requirements rule for air agencies to ascertain attainment characterization more extensively across the country by additional modeling and/or monitoring requirements of areas with sources that exceed specified thresholds of SO2 emissions. The rule, if finalized, could require the installation of monitors at one or more of DP&L’s coal-fired power plants and result in additional non-attainment designations that could impact our operations. DP&L is unable to determine the effect of the proposed rule on its operations. | ||||
Carbon Dioxide and Other Greenhouse Gas Emissions | ||||
Under USEPA regulations finalized in May 2010 (referred to as the “Tailoring Rule”), the USEPA began regulating GHG emissions from certain stationary sources in January 2011. The Tailoring Rule set forth criteria for determining which facilities were required to obtain permits for their GHG emissions pursuant to the CAA Prevention of Significant Deterioration (PSD) and Title V operating permit programs. The U.S Supreme Court reviewed several cases addressing the USEPA’s authority to issue GHG PSD permits under Section 165 of the CAA, and on June 23, 2014 ruled that the USEPA had exceeded its statutory authority in issuing the Tailoring Rule. However, the Supreme Court upheld the USEPA’s ability to include Best Available Control Technology (BACT) requirements for GHGs emitted by sources that are already subject to the PSD requirements for other pollutants. Therefore, if future modifications to DP&L’s sources require PSD review for other pollutants, it may also trigger GHG BACT requirements. The USEPA has issued guidance on what BACT entails for the control of GHGs and individual states are now required to determine what controls are required for facilities within their jurisdiction on a case-by-case basis. | ||||
The USEPA issued proposed GHG emissions rules for existing, modified and reconstructed generating units on June 2, 2014. Under the proposed rules, called the Clean Power Plan, states would be judged against state-specific CO2 emissions targets beginning in 2020, with an expected total U.S. power sector emissions reduction of 30% from 2005 levels by 2030. For Ohio specifically, the Clean Power Plan proposes an interim goal for 2020-2029 and a proposed 2030 final goal of 1,452 pounds of CO2 per megawatt hour and 1,338 pounds of CO2 per megawatt hour, respectively, a reduction of approximately 28% from 2012 levels. The proposed rule requires states to submit implementation plans to meet the standards set forth in the rule by June 30, 2016, with the possibility of one- or two-year extensions under certain circumstances. The state plans may focus on energy efficiency improvements at power stations, state renewable portfolio standards, re-dispatch to natural gas combined cycle units and other measures. We could be required, among other things, to make efficiency improvements at our facilities. USEPA expects to finalize this rule by June 1, 2015. We cannot predict the effect of these proposed rules on DP&L’s operations. | ||||
Approximately 99% of the energy we produce is generated by coal. DP&L’s share of CO2 emissions at generating stations we own and co-own is approximately 14 million tons annually. Further GHG legislation or regulation implemented at a future date could have a significant effect on DP&L’s operations and costs, which could adversely affect our net income, cash flows and financial condition. However, due to the uncertainty associated with such legislation or regulation, we cannot predict the final outcome or the financial effect that such legislation or regulation may have on DP&L. | ||||
Clean Water Act – Regulation of Water Intake | ||||
On May 19, 2014, the USEPA finalized new regulations pursuant to the CWA governing existing facilities that have cooling water intake structures. The rules require an assessment of impingement and/or entrainment of organisms as a result of cooling water withdrawal. Although we do not yet know the full impact the final rules will have on our operations, the final rule may require material changes to the intake structure at Stuart Station to reduce impingement with the possibility of additional site specific requirements for reducing entrainment. We do not believe the final rule will have a material impact on operations at any of the other DP&L facilities. | ||||
A final NPDES permit for Killen Station was issued on September 4, 2014. We do not expect the new permit to have a material impact on Killen’s operations. | ||||
Regulation of Waste Disposal | ||||
In September 2002, DP&L and other parties received a special notice that the USEPA considers us to be a PRP for the clean-up of hazardous substances at the South Dayton Dump landfill site. In August 2005, DP&L and other parties received a general notice regarding the performance of a Remedial Investigation and Feasibility Study (RI/FS) under a Superfund Alternative Approach. In October 2005, DP&L received a special notice letter inviting it to enter into negotiations with the USEPA to conduct the RI/FS. No recent activity has occurred with respect to that notice or PRP status. On August 16, 2006, an Administrative Settlement Agreement and Order on Consent (“ASAOC”) was executed and became effective among a group of PRPs, not including DP&L, and the USEPA. On August 25, 2009, the USEPA issued an Administrative Order requiring that access to DP&L’s service center building site, which is across the street from the landfill site, be given to the USEPA and the existing PRP group to help determine the extent of the landfill site’s contamination as well as to assess whether certain chemicals used at the service center building site might have migrated through groundwater to the landfill site. DP&L granted such access and drilling of soil borings and installation of monitoring wells occurred in late 2009 and early 2010. On May 24, 2010, three members of the existing PRP group, Hobart Corporation, Kelsey-Hayes Company and NCR Corporation, filed a civil complaint in the United States District Court for the Southern District of Ohio against DP&L and numerous other defendants alleging that DP&L and the other defendants contributed to the contamination at the South Dayton Dump landfill site and seeking reimbursement of the PRP group’s costs associated with the investigation and remediation of the site. On February 10, 2011, the Court dismissed claims against DP&L that related to allegations that chemicals used by DP&L at its service center contributed to the landfill site’s contamination. The Court, however, did not dismiss claims alleging financial responsibility for remediation costs based on hazardous substances from DP&L that were allegedly directly delivered by truck to the landfill. Discovery, including depositions of past and present DP&L employees, was conducted in 2012. On February 8, 2013, the Court granted DP&L’s motion for summary judgment on statute of limitations grounds with respect to claims seeking a contribution toward the costs that are expected to be incurred by the PRP group in performing an RI/FS under the August 15, 2006 ASAOC. That summary judgment ruling was appealed on March 4, 2013, and on July 14, 2014, a three-judge panel of the U.S. Court of Appeals for the 6th Circuit affirmed the lower court’s ruling and subsequently denied a request by the plaintiffs for rehearing. DP&L cannot predict whether the plaintiffs will appeal to the U.S. Supreme Court. DP&L is unable to predict the outcome of any such action by the plaintiffs. Additionally, the Court’s ruling and the Appeal Court affirmance of that ruling does not address future litigation that may arise with respect to actual remediation costs. While DP&L is unable to predict the outcome of these matters, if DP&L were required to contribute to the clean-up of the site, it could have a material adverse effect on its operations. | ||||
DP&L [Member] | ' | |||
Contractual Obligations, Commercial Commitments And Contingencies | ' | |||
11. Contractual Obligations, Commercial Commitments and Contingencies | ||||
DP&L – Equity Ownership Interest | ||||
DP&L owns a 4.9% equity ownership interest in OVEC, an electric generation company, which is recorded using the cost method of accounting under GAAP. As of September 30, 2014, DP&L could be responsible for the repayment of 4.9%, or $76.0 million, of a $1,550.1 million debt obligation that has maturities from 2018 to 2040. This would only happen if OVEC defaulted on its debt payments. As of September 30, 2014, we have no knowledge of such a default. | ||||
Commercial Commitments and Contractual Obligations | ||||
There have been no material changes, outside the ordinary course of business, to our commercial commitments and to the information disclosed in the contractual obligations table in our Form 10-K for the fiscal year ended December 31, 2013. | ||||
Contingencies | ||||
In the normal course of business, we are subject to various lawsuits, actions, proceedings, claims and other matters asserted under laws and regulations. We believe the amounts provided in our Condensed Financial Statements, as prescribed by GAAP, are adequate in light of the probable and estimable contingencies. However, there can be no assurances that the actual amounts required to satisfy alleged liabilities from various legal proceedings, claims, tax examinations and other matters discussed below, and to comply with applicable laws and regulations, will not exceed the amounts reflected in our Condensed Financial Statements. As such, costs, if any, that may be incurred in excess of those amounts provided as of September 30, 2014, cannot be reasonably determined. | ||||
Environmental Matters | ||||
DP&L’s facilities and operations are subject to a wide range of federal, state and local environmental regulations and laws. The environmental issues that may affect us include: | ||||
· | The federal CAA and state laws and regulations (including the Ohio SIP) which require compliance, obtaining permits and reporting as to air emissions, | |||
· | Litigation with federal and certain state governments and certain special interest groups regarding whether modifications to or maintenance of certain coal-fired generating stations require additional permitting or pollution control technology, or whether emissions from coal-fired generating stations cause or contribute to global climate changes, | |||
· | Rules and future rules issued by the USEPA and the Ohio EPA that require substantial reductions in SO2, particulates, mercury, acid gases, NOx, and other air emissions. DP&L has installed emission control technology and is taking other measures to comply with required and anticipated reductions, | |||
· | Rules and future rules issued by the USEPA and the Ohio EPA that require reporting and may require reductions of GHGs, | |||
· | Rules and future rules issued by the USEPA associated with the federal CWA, which prohibit the discharge of pollutants into waters of the United States except pursuant to appropriate permits, and | |||
· | Solid and hazardous waste laws and regulations, which govern the management and disposal of certain waste. The majority of solid waste created from the combustion of coal and fossil fuels is fly ash and other coal combustion by-products. The USEPA has previously determined that fly ash and other coal combustion by-products are not hazardous waste subject to the Resource Conservation and Recovery Act (RCRA), but the USEPA is reconsidering that determination and planning to propose a new rule regulating coal combustion by-products. A change in determination or other additional regulation of fly ash or other coal combustion byproducts could significantly increase the costs of disposing of such by-products. | |||
In addition to imposing continuing compliance obligations, these laws and regulations authorize the imposition of substantial penalties for noncompliance, including fines, injunctive relief and other sanctions. In the normal course of business, we have investigatory and remedial activities underway at our facilities in an effort to comply, or to determine compliance, with such regulations. We record liabilities for environmental losses that are probable of occurring and can be reasonably estimated. At September 30, 2014, and December 31, 2013, we had accruals of approximately $0.9 million and $1.1 million, respectively, for environmental matters and other claims. We also have a number of environmental matters for which we have not accrued loss contingencies because the risk of loss is not probable or a loss cannot be reasonably estimated, which are disclosed in the paragraphs below. We evaluate the potential liability related to environmental matters quarterly and may revise our estimates. Such revisions in the estimates of the potential liabilities could have a material adverse effect on our results of operations, financial condition or cash flows. | ||||
We have several pending environmental matters associated with our EGUs and stations. Some of these matters could have material adverse effects on the operation of the power stations. | ||||
Cross-State Air Pollution Rule | ||||
On April 29, 2014, the U.S. Supreme Court reversed a 2012 decision by the U.S. Court of Appeals for the District of Columbia (D.C. Circuit Court) that had vacated CSAPR and remanded the case back to the D.C. Circuit Court. On June 26, 2014, the U.S. Department of Justice, on behalf of the USEPA, filed a motion with the D.C. Circuit Court to lift the current stay on CSAPR which was granted on October 23, 2014. The USEPA is expected to establish new effective dates for compliance with the reduced emissions levels, the first of which could take effect as early as January 2015. Certain challenges to CSAPR by industry groups and states (including Ohio) remain pending and oral arguments have been scheduled for March 2015. It is not possible to predict what impacts CSAPR and the pending litigation may have on our consolidated financial condition, results of operations or cash flows, but it is not expected to be material. | ||||
National Ambient Air Quality Standards | ||||
Effective August 23, 2010, the USEPA implemented its revisions to its primary NAAQS for SO2 replacing the previous 24-hour standard and annual standard with a one-hour standard. Initial non-attainment designations were made July 25, 2013, and Pierce Township in Clermont County, location of DP&L’s co-owned unit Beckjord Unit 6, was the only area with DP&L operations recommended as non-attainment. Non-attainment areas will be required to meet the 2010 standard by October 2018. On April 17, 2014, the USEPA proposed a data requirements rule for air agencies to ascertain attainment characterization more extensively across the country by additional modeling and/or monitoring requirements of areas with sources that exceed specified thresholds of SO2 emissions. The rule, if finalized, could require the installation of monitors at one or more of DP&L’s coal-fired power plants and result in additional non-attainment designations that could impact our operations. DP&L is unable to determine the effect of the proposed rule on its operations. | ||||
Carbon Dioxide and Other Greenhouse Gas Emissions | ||||
Under USEPA regulations finalized in May 2010 (referred to as the “Tailoring Rule”), the USEPA began regulating GHG emissions from certain stationary sources in January 2011. The Tailoring Rule set forth criteria for determining which facilities were required to obtain permits for their GHG emissions pursuant to the CAA Prevention of Significant Deterioration (PSD) and Title V operating permit programs. The U.S Supreme Court reviewed several cases addressing the USEPA’s authority to issue GHG PSD permits under Section 165 of the CAA, and on June 23, 2014 ruled that the USEPA had exceeded its statutory authority in issuing the Tailoring Rule. However, the Supreme Court upheld the USEPA’s ability to include Best Available Control Technology (BACT) requirements for GHGs emitted by sources that are already subject to the PSD requirements for other pollutants. Therefore, if future modifications to DP&L’s sources require PSD review for other pollutants, it may also trigger GHG BACT requirements. The USEPA has issued guidance on what BACT entails for the control of GHGs and individual states are now required to determine what controls are required for facilities within their jurisdiction on a case-by-case basis. | ||||
The USEPA issued proposed GHG emissions rules for existing, modified and reconstructed generating units on June 2, 2014. Under the proposed rules, called the Clean Power Plan, states would be judged against state-specific CO2 emissions targets beginning in 2020, with an expected total U.S. power sector emissions reduction of 30% from 2005 levels by 2030. For Ohio specifically, the Clean Power Plan proposes an interim goal for 2020-2029 and a proposed 2030 final goal of 1,452 pounds of CO2 per megawatt hour and 1,338 pounds of CO2 per megawatt hour, respectively, a reduction of approximately 28% from 2012 levels. The proposed rule requires states to submit implementation plans to meet the standards set forth in the rule by June 30, 2016, with the possibility of one- or two-year extensions under certain circumstances. The state plans may focus on energy efficiency improvements at power stations, state renewable portfolio standards, re-dispatch to natural gas combined cycle units and other measures. We could be required, among other things, to make efficiency improvements at our facilities. USEPA expects to finalize this rule by June 1, 2015. We cannot predict the effect of these proposed rules on DP&L’s operations. | ||||
Approximately 99% of the energy we produce is generated by coal. DP&L’s share of CO2 emissions at generating stations we own and co-own is approximately 14 million tons annually. Further GHG legislation or regulation implemented at a future date could have a significant effect on DP&L’s operations and costs, which could adversely affect our net income, cash flows and financial condition. However, due to the uncertainty associated with such legislation or regulation, we cannot predict the final outcome or the financial effect that such legislation or regulation may have on DP&L. | ||||
Clean Water Act – Regulation of Water Intake | ||||
On May 19, 2014, the USEPA finalized new regulations pursuant to the CWA governing existing facilities that have cooling water intake structures. The rules require an assessment of impingement and/or entrainment of organisms as a result of cooling water withdrawal. Although we do not yet know the full impact the final rules will have on our operations, the final rule may require material changes to the intake structure at Stuart Station to reduce impingement with the possibility of additional site specific requirements for reducing entrainment. We do not believe the final rule will have a material impact on operations at any of the other DP&L facilities. | ||||
A final NPDES permit for Killen Station was issued on September 4, 2014. We do not expect the new permit to have a material impact on Killen’s operations. | ||||
Regulation of Waste Disposal | ||||
In September 2002, DP&L and other parties received a special notice that the USEPA considers us to be a PRP for the clean-up of hazardous substances at the South Dayton Dump landfill site. In August 2005, DP&L and other parties received a general notice regarding the performance of a Remedial Investigation and Feasibility Study (RI/FS) under a Superfund Alternative Approach. In October 2005, DP&L received a special notice letter inviting it to enter into negotiations with the USEPA to conduct the RI/FS. No recent activity has occurred with respect to that notice or PRP status. On August 16, 2006, an Administrative Settlement Agreement and Order on Consent (“ASAOC”) was executed and became effective among a group of PRPs, not including DP&L, and the USEPA. On August 25, 2009, the USEPA issued an Administrative Order requiring that access to DP&L’s service center building site, which is across the street from the landfill site, be given to the USEPA and the existing PRP group to help determine the extent of the landfill site’s contamination as well as to assess whether certain chemicals used at the service center building site might have migrated through groundwater to the landfill site. DP&L granted such access and drilling of soil borings and installation of monitoring wells occurred in late 2009 and early 2010. On May 24, 2010, three members of the existing PRP group, Hobart Corporation, Kelsey-Hayes Company and NCR Corporation, filed a civil complaint in the United States District Court for the Southern District of Ohio against DP&L and numerous other defendants alleging that DP&L and the other defendants contributed to the contamination at the South Dayton Dump landfill site and seeking reimbursement of the PRP group’s costs associated with the investigation and remediation of the site. On February 10, 2011, the Court dismissed claims against DP&L that related to allegations that chemicals used by DP&L at its service center contributed to the landfill site’s contamination. The Court, however, did not dismiss claims alleging financial responsibility for remediation costs based on hazardous substances from DP&L that were allegedly directly delivered by truck to the landfill. Discovery, including depositions of past and present DP&L employees, was conducted in 2012. On February 8, 2013, the Court granted DP&L’s motion for summary judgment on statute of limitations grounds with respect to claims seeking a contribution toward the costs that are expected to be incurred by the PRP group in performing an RI/FS under the August 15, 2006 ASAOC. That summary judgment ruling was appealed on March 4, 2013, and on July 14, 2014, a three-judge panel of the U.S. Court of Appeals for the 6th Circuit affirmed the lower court’s ruling and subsequently denied a request by the plaintiffs for rehearing. DP&L cannot predict whether the plaintiffs will appeal to the U.S. Supreme Court. DP&L is unable to predict the outcome of any such action by the plaintiffs. Additionally, the Court’s ruling and the Appeal Court affirmance of that ruling does not address future litigation that may arise with respect to actual remediation costs. While DP&L is unable to predict the outcome of these matters, if DP&L were required to contribute to the clean-up of the site, it could have a material adverse effect on its operations. | ||||
Business_Segments
Business Segments | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Business Segments [Abstract] | ' | |||||||||||||||
Business Segments | ' | |||||||||||||||
11. Business Segments | ||||||||||||||||
DPL operates through two segments; Utility and Competitive Retail. The Utility segment consists of the operations of DPL’s subsidiary, DP&L. The Competitive Retail segment consists of DPL’s wholly owned subsidiary DPLER, including DPLER’s wholly owned subsidiary, MC Squared. This is how we view our business and make decisions on how to allocate resources and evaluate performance. | ||||||||||||||||
The Utility segment is comprised of DP&L’s electric generation, transmission and distribution businesses which generate and sell electricity to residential, commercial, industrial and governmental customers. Electricity sold to DP&L’s standard service offer customers is primarily generated at seven coal-fired power plants and DP&L distributes power to more than 515,000 retail customers who are located in a 6,000 square mile area of West Central Ohio. DP&L also sells electricity to DPLER and any excess energy and capacity is sold into the PJM wholesale market. DP&L’s transmission and distribution businesses are subject to rate regulation by federal and state regulators while rates for its generation business are deemed competitive under Ohio law. | ||||||||||||||||
The Competitive Retail segment is comprised of the DPLER and MC Squared competitive retail electric service businesses which sell retail electric energy under contract to residential, commercial, industrial and governmental customers who have selected DPLER or MC Squared as their alternative electric supplier. The Competitive Retail segment sells electricity to approximately 274,000 customers located throughout Ohio and in Illinois. This number includes 117,000 customers in Northern Illinois of MC Squared, a Chicago-based retail electricity supplier. The Competitive Retail segment’s electric energy used to meet its sales obligations was purchased from DP&L. The majority of intercompany sales from DP&L to DPLER are based on fixed-price contracts for each DPLER customer; the price approximates market prices for wholesale power at the inception of each customer’s contract. The Competitive Retail segment has no transmission or generation assets. The operations of the Competitive Retail segment are not subject to cost-of-service rate regulation by federal or state regulators. | ||||||||||||||||
Included in the “Other” column in the following tables are other businesses that do not meet the GAAP requirements for disclosure as reportable segments as well as certain corporate costs including interest expense on DPL’s debt. | ||||||||||||||||
Management evaluates segment performance based on gross margin. The accounting policies of the reportable segments are the same as those described in Note 1 – Overview and Summary of Significant Accounting Policies. Intersegment sales and profits are eliminated in consolidation. | ||||||||||||||||
The following tables present financial information for each of DPL’s reportable business segments: | ||||||||||||||||
$ in millions | Utility | Competitive Retail | Other | Adjustments and Eliminations | DPL Consolidated | |||||||||||
For the three months ended September 30, 2014 | ||||||||||||||||
Revenues from external customers | $ | 329.3 | $ | 141.3 | $ | 8.6 | $ | - | $ | 479.2 | ||||||
Intersegment revenues | 125.6 | - | 3.0 | -128.6 | - | |||||||||||
Total revenues | 454.9 | 141.3 | 11.6 | -128.6 | 479.2 | |||||||||||
Fuel | 84.5 | - | 0.6 | - | 85.1 | |||||||||||
Purchased power | 152.4 | 128.7 | 0.4 | -127.8 | 153.7 | |||||||||||
Amortization of intangibles | - | - | 0.3 | - | 0.3 | |||||||||||
Gross margin | $ | 218.0 | $ | 12.6 | $ | 10.3 | $ | -0.8 | $ | 240.1 | ||||||
Depreciation and amortization | $ | 36.4 | $ | 0.3 | $ | -2.2 | $ | - | $ | 34.5 | ||||||
Interest expense | 9.4 | 0.1 | 23.8 | -0.2 | 33.1 | |||||||||||
Income tax expense (benefit) | 13.1 | 1.5 | -55.6 | - | -41 | |||||||||||
Net income / (loss) | 53.2 | 3.0 | 42.2 | - | 98.4 | |||||||||||
Cash capital expenditures | $ | 25.6 | $ | 0.5 | $ | 0.3 | $ | - | $ | 26.4 | ||||||
$ in millions | Utility | Competitive Retail | Other | Adjustments and Eliminations | DPL Consolidated | |||||||||||
For the three months ended September 30, 2013 | ||||||||||||||||
Revenues from external customers | $ | 289.3 | $ | 139.7 | $ | 12.2 | $ | - | $ | 441.2 | ||||||
Intersegment revenues | 123.8 | - | 1.0 | -124.8 | - | |||||||||||
Total revenues | 413.1 | 139.7 | 13.2 | -124.8 | 441.2 | |||||||||||
Fuel | 96.7 | - | 2.9 | 0.1 | 99.7 | |||||||||||
Purchased power | 110.4 | 125.6 | 0.9 | -123.8 | 113.1 | |||||||||||
Amortization of intangibles | - | - | 1.8 | - | 1.8 | |||||||||||
Gross margin | $ | 206.0 | $ | 14.1 | $ | 7.6 | $ | -1.1 | $ | 226.6 | ||||||
Depreciation and amortization | $ | 35.8 | $ | 0.1 | $ | -2 | $ | - | $ | 33.9 | ||||||
Interest expense | 10.4 | 0.1 | 20.6 | -0.1 | 31.0 | |||||||||||
Income tax expense (benefit) | 13.2 | 1.4 | -3.3 | - | 11.3 | |||||||||||
Net income / (loss) | 40.9 | 2.5 | -10.2 | - | 33.2 | |||||||||||
Cash capital expenditures | $ | 28.3 | $ | - | $ | 1.0 | $ | - | $ | 29.3 | ||||||
$ in millions | Utility | Competitive Retail | Other | Adjustments and Eliminations | DPL Consolidated | |||||||||||
For the nine months ended September 30, 2014 | ||||||||||||||||
Revenues from external customers | $ | 875.9 | $ | 414.9 | $ | 38.8 | $ | - | $ | 1,329.6 | ||||||
Intersegment revenues | 376.6 | - | 4.1 | -380.7 | - | |||||||||||
Total revenues | 1,252.5 | 414.9 | 42.9 | -380.7 | 1,329.6 | |||||||||||
Fuel | 227.4 | - | 8.5 | - | 235.9 | |||||||||||
Purchased power | 457.3 | 380.0 | 7.1 | -378.2 | 466.2 | |||||||||||
Amortization of intangibles | - | - | 0.9 | - | 0.9 | |||||||||||
Gross margin | $ | 567.8 | $ | 34.9 | $ | 26.4 | $ | -2.5 | $ | 626.6 | ||||||
Depreciation and amortization | $ | 108.2 | $ | 0.6 | $ | -5.1 | $ | - | $ | 103.7 | ||||||
Goodwill impairment | - | - | 135.8 | - | 135.8 | |||||||||||
Fixed-asset impairment | - | - | 11.5 | - | 11.5 | |||||||||||
Interest expense | 25.5 | 0.3 | 70.5 | -0.5 | 95.8 | |||||||||||
Income tax expense (benefit) | 23.1 | 2.1 | 4.5 | - | 29.7 | |||||||||||
Net income / (loss) | 76.5 | 4.2 | -197.5 | - | -116.8 | |||||||||||
Cash capital expenditures | $ | 78.6 | $ | 0.5 | $ | 2.5 | $ | - | $ | 81.6 | ||||||
At September 30, 2014 | ||||||||||||||||
Total assets | $ | 3,245.3 | $ | 100.3 | $ | 1,536.9 | $ | -1,339.90 | $ | 3,542.6 | ||||||
$ in millions | Utility | Competitive Retail | Other | Adjustments and Eliminations | DPL Consolidated | |||||||||||
For the nine months ended September 30, 2013 | ||||||||||||||||
Revenues from external customers | $ | 805.5 | $ | 381.9 | $ | 23.3 | $ | - | $ | 1,210.7 | ||||||
Intersegment revenues | 336.0 | - | 3.0 | -339 | - | |||||||||||
Total revenues | 1,141.5 | 381.9 | 26.3 | -339 | 1,210.7 | |||||||||||
Fuel | 269.6 | - | 4.2 | 0.2 | 274.0 | |||||||||||
Purchased power | 276.7 | 340.8 | 1.5 | -336.4 | 282.6 | |||||||||||
Amortization of intangibles | - | - | 5.3 | - | 5.3 | |||||||||||
Gross margin | $ | 595.2 | $ | 41.1 | $ | 15.3 | $ | -2.8 | $ | 648.8 | ||||||
Depreciation and amortization | $ | 104.5 | $ | 0.4 | $ | -5.9 | $ | - | $ | 99.0 | ||||||
Interest expense | 29.7 | 0.4 | 61.5 | -0.5 | 91.1 | |||||||||||
Income tax expense (benefit) | 29.2 | 4.3 | -12.7 | - | 20.8 | |||||||||||
Net income / (loss) | 101.4 | 7.7 | -33.1 | - | 76.0 | |||||||||||
Cash capital expenditures | $ | 95.1 | $ | - | $ | 1.4 | $ | - | $ | 96.5 | ||||||
At December 31, 2013 | ||||||||||||||||
Total assets | $ | 3,313.1 | $ | 105.0 | $ | 1,675.8 | $ | -1,372.40 | $ | 3,721.5 | ||||||
Goodwill_Impairment
Goodwill Impairment | 9 Months Ended |
Sep. 30, 2014 | |
Goodwill and Intangible Asset Impairment [Abstract] | ' |
Goodwill Impairment | ' |
12. Goodwill Impairment | |
During the first quarter of 2014, we performed an interim impairment test on the $135.8 million in goodwill at our DPLER reporting unit. The DPLER reporting unit was identified as being "at risk" during the fourth quarter of 2013. The impairment indicators arose based on market information available regarding actual and proposed sales of competitive retail marketers, which indicated a significant decline in valuations during the first quarter of 2014. | |
In Step 1 of the interim impairment test, the fair value of the reporting unit was determined to be less than its carrying amount under both the market approach and the income approach using a discounted cash flow valuation model. The significant assumptions included commodity price curves, estimated electricity to be demanded by its customers, changes in its customer base through attrition and expansion, discount rates, the assumed tax structure and the level of working capital required to run the business. | |
During the second quarter of 2014, we finalized the work to determine the implied fair value for the DPLER reporting unit. There were no further adjustments to the full impairment of $135.8 million recognized in the first quarter. | |
Fixed_Asset_Impairment
Fixed Asset Impairment | 9 Months Ended |
Sep. 30, 2014 | |
Asset Impairment Charges [Abstract] | ' |
Fixed-asset Impairment | ' |
During the first quarter of 2014, DP&L tested the recoverability of long-lived assets at East Bend, a 186 MW coal-fired plant in Kentucky jointly-owned by DP&L. Indications during that quarter that the fair value of the asset group was less than its carrying amount were determined to be impairment indicators given how narrowly these long-lived assets had passed the recoverability test during the fourth quarter of 2013. DP&L performed a long-lived asset impairment test and determined that the carrying amount of the asset group was not recoverable. The East Bend asset group was determined to have a fair value of $2.7 million using the market approach. As a result, we recognized an asset impairment expense of $11.5 million. In May 2014, an agreement was signed for the sale of DP&L’s interest in the generating assets at East Bend. The sale price approximates the carrying value. This transaction is expected to close by the end of 2014. | |
Common_Shareholders_Equity
Common Shareholders' Equity (DP&L [Member]) | 9 Months Ended |
Sep. 30, 2014 | |
DP&L [Member] | ' |
Common Shareholders' Equity | ' |
10. Shareholder’s Equity | |
DP&L has 250,000,000 authorized $0.01 par value common shares, of which 41,172,173 are outstanding at September 30, 2014. All common shares are held by DP&L’s parent, DPL. | |
As part of the PUCO’s approval of the Merger, DP&L agreed to maintain a capital structure that includes an equity ratio of at least 50 percent and not to have a negative retained earnings balance. | |
Summary_of_Significant_Account
Summary of Significant Accounting Policies (Policy) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Description of Business | ' | ||||||||||||
Description of Business | |||||||||||||
DPL is a diversified regional energy company organized in 1985 under the laws of Ohio. DPL’s two reportable segments are the Utility segment, comprised of its DP&L subsidiary, and the Competitive Retail segment, comprised of its DPLER operations, which include the operations of DPLER’s wholly owned subsidiary MC Squared. Refer to Note 11 for more information relating to these reportable segments. The terms “we,” “us,” “our” and “ours” are used to refer to DPL and its subsidiaries. | |||||||||||||
On November 28, 2011, DPL was acquired by AES in the Merger and DPL became a wholly-owned subsidiary of AES. Following the Merger, DPL became an indirectly wholly owned subsidiary of AES. | |||||||||||||
DP&L is a public utility incorporated in 1911 under the laws of Ohio. Beginning in 2001, Ohio law gave Ohio consumers the right to choose the electric generation supplier from whom they purchase retail generation service, however distribution and transmission retail services are still regulated. DP&L has the exclusive right to provide such distribution and transmission services to its more than 515,000 customers located in West Central Ohio. Additionally, DP&L offers retail SSO electric service to residential, commercial, industrial and governmental customers in a 6,000 square mile area of West Central Ohio. DP&L owns multiple coal-fired and peaking electric generating facilities as well as numerous transmission facilities, all of which are included in the financial statements at amortized cost. During 2014, DP&L is required to source 10% of the generation for its SSO customers through a competitive bid process, 60% in 2015 and 100% in 2016. Principal industries located in DP&L’s service territory include automotive, food processing, paper, plastic, manufacturing and defense. DP&L's sales reflect the general economic conditions, seasonal weather patterns, retail competition in our service territory and the market price of electricity. DP&L sells any excess energy and capacity into the wholesale market. On June 4, 2014, the PUCO issued a fourth entry on rehearing which reinstated the time by which DP&L must separate its generation assets from its transmission and distribution assets to no later than January 1, 2017. DP&L also sells electricity to DPLER, an affiliate, to satisfy the electric requirements of DPLER’s retail customers. | |||||||||||||
DPLER sells competitive retail electric service, under contract, to residential, commercial, industrial and governmental customers. DPLER’s operations include those of its wholly owned subsidiary MC Squared. DPLER has approximately 274,000 customers currently located throughout Ohio and Illinois. DPLER does not own any transmission or generation assets, and all of DPLER’s electric energy was purchased from DP&L to meet its sales obligations. DPLER’s sales reflect the general economic conditions and seasonal weather patterns of the areas it serves. | |||||||||||||
DPL’s other significant subsidiaries include DPLE, which owns and operates peaking generating facilities from which it makes wholesale sales of electricity, and MVIC, our captive insurance company that provides insurance services to our subsidiaries and us. DPL owns all of the common stock of its subsidiaries. | |||||||||||||
DPL also has a wholly owned business trust, DPL Capital Trust II, formed for the purpose of issuing trust capital securities to investors. | |||||||||||||
DP&L’s electric transmission and distribution businesses are subject to rate regulation by federal and state regulators while its generation business is deemed competitive under Ohio law. Accordingly, DP&L applies the accounting standards for regulated operations to its electric transmission and distribution businesses and records regulatory assets when incurred costs are expected to be recovered in future customer rates, and regulatory liabilities when current cost recoveries in customer rates relate to expected future costs. | |||||||||||||
DPL and its subsidiaries employed 1,197 people as of September 30, 2014, of which 1,142 were employed by DP&L. Approximately 61% of all DPL employees are under a collective bargaining agreement that expires on October 31, 2017. The current collective bargaining agreement was ratified by the membership on October 30, 2014. | |||||||||||||
Financial Statement Presentation | ' | ||||||||||||
Financial Statement Presentation | |||||||||||||
DPL’s Condensed Consolidated Financial Statements include the accounts of DPL and its wholly owned subsidiaries except for DPL Capital Trust II, which is not consolidated, consistent with the provisions of GAAP. DP&L has undivided ownership interests in seven coal-fired and peaking generating facilities as well as numerous transmission facilities, all of which are included in the financial statements at amortized cost, which was adjusted to fair value at the Merger date for DPL. Operating revenues and expenses of these facilities are included on a pro rata basis in the corresponding lines in the Condensed Consolidated Statements of Results of Operations. See Note 4 for more information. | |||||||||||||
All material intercompany accounts and transactions are eliminated in consolidation. | |||||||||||||
These financial statements have been prepared in accordance with GAAP for interim financial statements, the instructions of Form 10-Q and Regulation S-X. Accordingly, certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with GAAP have been omitted from this interim report. Therefore, our interim financial statements in this report should be read along with the annual financial statements included in our Form 10-K for the fiscal year ended December 31, 2013. | |||||||||||||
In the opinion of our management, the Condensed Consolidated Financial Statements presented in this report contain all adjustments necessary to fairly state our financial position as of September 30, 2014; our results of operations for the three and nine months ended September 30, 2014 and 2013 and our cash flows for the nine months ended September 30, 2014 and 2013. Unless otherwise noted, all adjustments are normal and recurring in nature. Due to various factors, including, but not limited to, seasonal weather variations, the timing of outages of EGUs, changes in economic conditions involving commodity prices and competition, and other factors, interim results for the three and nine months ended September 30, 2014 may not be indicative of our results that will be realized for the full year ending December 31, 2014. | |||||||||||||
The preparation of financial statements in conformity with GAAP requires us to make estimates and judgments that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the revenues and expenses of the periods reported. Actual results could differ from these estimates. Significant items subject to such estimates and judgments include: the carrying value of property, plant and equipment; unbilled revenues; the valuation of derivative instruments; the valuation of insurance and claims liabilities; the valuation of allowances for receivables and deferred income taxes; regulatory assets and liabilities; liabilities recorded for income tax exposures; litigation; contingencies; the valuation of AROs; assets and liabilities related to employee benefits; goodwill; and intangibles. | |||||||||||||
As a result of push down accounting, DPL’s Condensed Consolidated Statements of Operations subsequent to the Merger include amortization expense relating to purchase accounting adjustments and depreciation of fixed assets based upon their fair value. | |||||||||||||
Goodwill Impairment | ' | ||||||||||||
Goodwill Impairment | |||||||||||||
In connection with the Merger, DPL re-measured the carrying amount of all of its assets and liabilities to fair value, which resulted in the recognition of goodwill assigned to DPL’s two reporting units, DPLER and the DP&L Reporting Unit, which includes DP&L and other entities. FASC 350 “Intangibles – Goodwill and Other” requires that goodwill be tested for impairment at the reporting unit level at least annually or more frequently if impairment indicators are present. DPL’s annual testing date for goodwill is October 1 of each year. In evaluating the potential impairment of goodwill, we make estimates and assumptions about revenue, operating cash flows, capital expenditures, growth rates and discount rates based on our budgets and long term forecasts, macroeconomic projections, and current market expectations of returns on similar assets. There are inherent uncertainties related to these factors and management’s judgment in applying these factors. Generally, the fair value of a reporting unit is determined using a discounted cash flow valuation model. We could be required to evaluate the potential impairment of goodwill outside of the required annual assessment process if we experience certain events, including but not limited to: deterioration in general economic conditions; changes to our operating or regulatory environment; increased competitive environment; increase in fuel costs, particularly when we are unable to pass its effect to customers; negative or declining cash flows; loss of a key contract or customer, particularly when we are unable to replace it on equally favorable terms; or adverse actions or assessments by a regulator. These types of events and the resulting analyses could result in goodwill impairment expense, which could substantially affect our results of operations for those periods. | |||||||||||||
Receivables | ' | ||||||||||||
Sale of Receivables | |||||||||||||
DPLER sells receivables from its customers in Duke Energy’s territory to Duke Energy. Receivables sold to Duke Energy during the three months ended September 30, 2014 and 2013 were $10.6 million and $6.1 million, respectively. Receivables sold to Duke Energy during the nine months ended September 30, 2014 and 2013 were $30.4 million and $15.6 million, respectively. Similarly, MC Squared sells receivables from its customers in ComEd territory to ComEd. Receivables sold to ComEd during the three months ended September 30, 2014 and 2013 were $27.1 million and $22.6 million, respectively. Receivables sold to ComEd during the nine months ended September 30, 2014 and 2013 were $68.3 million and $57.8 million, respectively. There is no recourse or any other continuing involvement associated with the sold receivables. These sales are at face value for cash at the amounts billed for DPLER or MC Squared customers’ use of energy | |||||||||||||
Property, Plant and Equipment | ' | ||||||||||||
Property, Plant & Equipment | |||||||||||||
We record our ownership share of our undivided interest in jointly-held plants as an asset in property, plant and equipment. Property, plant and equipment are stated at cost except for adjustments of generating plants to fair market value recorded in connection with the Merger, subsequent impairments and the adjustment of certain intangible assets to fair market value in connection with the 2011 acquisition of MC Squared by DPLER. For regulated transmission and distribution property, cost includes direct labor and material, allocable overhead expenses and an allowance for funds used during construction (AFUDC). AFUDC represents the cost of borrowed funds and equity used to finance regulated construction projects. For non-regulated property including unregulated generation property, cost is similarly defined except financing costs are reflected as capitalized interest without an equity component. Capitalization of AFUDC and interest ceases at either project completion or at the date specified by regulators. | |||||||||||||
For substantially all depreciable property, when a unit of property is retired, the original cost of that property less any salvage value is charged to Accumulated depreciation and amortization. | |||||||||||||
Property is evaluated for impairment when events or changes in circumstances indicate that its carrying amount may not be recoverable. | |||||||||||||
Regulatory Accounting | ' | ||||||||||||
Regulatory Accounting | |||||||||||||
As a regulated utility, DP&L applies the provisions of FASC 980 “Regulated Operations,” which gives recognition to the ratemaking and accounting practices of the PUCO and the FERC. Regulatory assets generally represent incurred costs that have been deferred because such costs are probable of future recovery in customer rates. Regulatory assets can also represent performance incentives permitted by the regulator, such as with our Energy Efficiency Shared Savings. Regulatory assets have been included as allowable costs for ratemaking purposes, as authorized by the PUCO or established regulatory practices. Regulatory liabilities generally represent obligations to make refunds or future rate reductions to customers for previous over collections or the deferral of revenues collected for costs that DPL expects to incur in the future. | |||||||||||||
The deferral of costs (as regulatory assets) is appropriate only when the future recovery of such costs is probable. In assessing probability, we consider such factors as specific orders from the PUCO or FERC, regulatory precedent and the current regulatory environment. To the extent recovery of costs is no longer deemed probable, related regulatory assets would be required to be expensed in current period earnings. Our regulatory assets and liabilities have been created pursuant to a specific order of the PUCO or FERC or established regulatory practices, such as other utilities under the jurisdiction of the PUCO or FERC being granted recovery of similar costs. It is probable, but not certain, that these regulatory assets will be recoverable, subject to PUCO or FERC approval. Regulatory assets and liabilities are classified as current or non-current based on the term in which recovery is expected. See Note 3 for more information about Regulatory Assets. | |||||||||||||
Intangibles | ' | ||||||||||||
Intangibles | |||||||||||||
Intangibles include emission allowances, renewable energy credits, customer relationships and customer contracts. Emission allowances are carried on a first-in, first-out (FIFO) basis for purchased emission allowances. In addition, we recorded emission allowances at their fair value as of the Merger date. Net gains or losses on the sale of excess emission allowances, representing the difference between the sales proceeds and the carrying value of emission allowances, are recorded as a component of our fuel costs and are reflected in Operating income when realized. During the three and nine months ended September 30, 2014 and 2013, gains from the sale of emission allowances were immaterial. | |||||||||||||
Customer relationships recognized as part of the purchase accounting associated with the Merger are amortized over ten to seventeen years and customer contracts were amortized over the average length of the contracts. Emission allowances are amortized as they are used in our operations on a FIFO basis. Renewable energy credits are amortized as they are used or retired. | |||||||||||||
Accounting for Taxes Collected from Customers and Remitted to Governmental Authorities | ' | ||||||||||||
Accounting for Taxes Collected from Customers and Remitted to Governmental Authorities | |||||||||||||
DPL collects certain excise taxes levied by state or local governments from its customers. These taxes are accounted for on a net basis and not included in revenue. The amounts of such taxes collected for the three months ended September 30, 2014 and 2013 were $12.5 million and $13.0 million, respectively. The amounts of such taxes collected for the nine months ended September 30, 2014 and 2013 were $38.5 million and $38.0 million, respectively. | |||||||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | ||||||||||||
Recently Issued Accounting Standards | |||||||||||||
Going Concern | |||||||||||||
The FASB recently issued ASU 2014-15 “Presentation of Financial Statements – Going Concern (Subtopic 205-40: Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern)” effective for annual and interim periods ending after December 15, 2016. ASU 2014-15 requires management to evaluate whether there are conditions or events, considered in aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued. There are required disclosures if substantial doubt is identified including documentation of: principal conditions or events that raised substantial doubt about the entity’s ability to continue as a going concern (before consideration of management’s plans), management’s evaluation of the significance of those conditions or events in relation to the entity’s ability to meet its obligations, and management’s plans that alleviated substantial doubt about the entity’s ability to continue as a going concern. This ASU is not expected to have any impact on our overall results of operations, financial position or cash flows. | |||||||||||||
Revenue from Contracts with Customers | |||||||||||||
The FASB recently issued ASU 2014-09 “Revenue from Contracts with Customers” (Topic 606) effective for annual and interim periods beginning after December 15, 2016; with retrospective application. The core principle of the ASU is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Because the guidance in this update is principles-based, it can be applied to all contracts with customers regardless of industry-specific or transaction-specific fact patterns. Additionally, the guidance requires improved disclosures to help users of financial statements better understand the nature, amount, timing, and uncertainty of revenue that is recognized. We have not yet determined the extent, if any, to which our overall results of operations, financial position or cash flows may be affected by the implementation of this ASU. | |||||||||||||
Discontinued Operations | |||||||||||||
The FASB recently issued ASU 2014-08 “Presentation of Financial Statements” (Topic 205) and “Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity” effective for annual and interim periods beginning after December 15, 2014. ASU 2014-08 updates the definition of discontinued operations by limiting discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have (or will have) a major effect on an entity’s operations and financial results. In addition, an entity is required to expand disclosures for discontinued operations by providing more information about the assets, liabilities, revenues and expenses of discontinued operations both on the face of the financial statements and in the Notes. For the disposal of an individually significant component of an entity that does not qualify for discontinued operations reporting, an entity is required to disclose the pretax profit or loss of the component in the Notes. Our early adoption of ASU No. 2014-008 in the third quarter of 2014 did not have any impact on our overall results of operations, financial position or cash flows. | |||||||||||||
Related Party Transactions | ' | ||||||||||||
Related Party Transactions | |||||||||||||
In December 2013, an agreement was signed, effective January 1, 2014, whereby the Service Company is to provide services including accounting, legal, human resources, information technology and other corporate services on behalf of companies that are part of the U.S. SBU, including, among other companies, DPL and DP&L. The Service Company allocates the costs for these services based on cost drivers designed to result in fair and equitable allocations. This includes ensuring that the regulated utilities served, including DP&L, are not subsidizing costs incurred for the benefit of non-regulated businesses. | |||||||||||||
In the normal course of business, DPL enters into transactions with subsidiaries of AES. The following table provides a summary of these transactions: | |||||||||||||
Three months ended | Nine months ended | ||||||||||||
September 30, | September 30, | ||||||||||||
$ in millions | 2014 | 2013 | 2014 | 2013 | |||||||||
Transactions with the Service Company | |||||||||||||
Charges for services provided | $ | 5.5 | $ | - | $ | 27.8 | $ | - | |||||
Charges to the Service Company | 0.2 | - | 0.2 | - | |||||||||
Transactions with the Service Company | At September 30, 2014 | At December 31, 2013 | |||||||||||
Net prepaid / (payable) to the Service Company | $ | 9.4 | $ | - | |||||||||
DPL has issued debt to a wholly owned business trust, DPL Capital Trust II. | |||||||||||||
DP&L [Member] | ' | ||||||||||||
Description of Business | ' | ||||||||||||
Description of Business | |||||||||||||
DP&L is a public utility incorporated in 1911 under the laws of Ohio. Beginning in 2001, Ohio law gave Ohio consumers the right to choose the electric generation supplier from whom they purchase retail generation service, however distribution and transmission retail services are still regulated. DP&L has the exclusive right to provide such distribution and transmission services to its more than 515,000 customers located in West Central Ohio. Additionally, DP&L offers retail SSO electric service to residential, commercial, industrial and governmental customers in a 6,000 square mile area of West Central Ohio. DP&L owns multiple coal-fired and peaking electric generating facilities as well as numerous transmission facilities, all of which are included in the financial statements at amortized cost. During 2014, DP&L is required to source 10% of the generation for its SSO customers through a competitive bid process, 60% in 2015 and 100% in 2016. Principal industries located in DP&L’s service territory include automotive, food processing, paper, plastic, manufacturing and defense. DP&L's sales reflect the general economic conditions, seasonal weather patterns, retail competition in our service territory and the market price of electricity. DP&L sells any excess energy and capacity into the wholesale market. On June 4, 2014, the PUCO issued a fourth entry on rehearing which reinstated the time by which DP&L must separate its generation assets from its transmission and distribution assets to no later than January 1, 2017. While the OCC filed an application for rehearing on this Commission Order, it was denied by final order issued on July 23, 2014. DP&L also sells electricity to DPLER, an affiliate, to satisfy the electric requirements of DPLER’s retail customers. DP&L is a subsidiary of DPL. | |||||||||||||
DP&L’s electric transmission and distribution businesses are subject to rate regulation by federal and state regulators while its generation business is deemed competitive under Ohio law. Accordingly, DP&L applies the accounting standards for regulated operations to its electric transmission and distribution businesses and records regulatory assets when incurred costs are expected to be recovered in future customer rates, and regulatory liabilities when current cost recoveries in customer rates relate to expected future costs. | |||||||||||||
DP&L employed 1,142 people as of September 30, 2014. Approximately 63% of all employees are under a collective bargaining agreement which expires on October 31, 2017. The current collective bargaining agreement was ratified by the membership on October 30, 2014. | |||||||||||||
Financial Statement Presentation | ' | ||||||||||||
Financial Statement Presentation | |||||||||||||
DP&L does not have any subsidiaries. DP&L has undivided ownership interests in seven coal-fired and peaking electric generating facilities as well as numerous transmission facilities, all of which are included in the financial statements at amortized cost. Operating revenues and expenses of these facilities are included on a pro rata basis in the corresponding lines in the Condensed Statements of Results of Operations. See Note 4 for more information. | |||||||||||||
These financial statements have been prepared in accordance with GAAP for interim financial statements, the instructions of Form 10-Q and Regulation S-X. Accordingly, certain information and footnote disclosures normally included in the annual financial statements prepared in accordance with GAAP have been omitted from this interim report. Therefore, our interim financial statements in this report should be read along with the annual financial statements included in our Form 10-K for the fiscal year ended December 31, 2013. | |||||||||||||
In the opinion of our management, the Condensed Financial Statements presented in this report contain all adjustments necessary to fairly state our financial position as of September 30, 2014; our results of operations for the three and nine months ended September 30, 2014 and 2013 and our cash flows for the nine months ended September 30, 2014 and 2013. Unless otherwise noted, all adjustments are normal and recurring in nature. Due to various factors, including, but not limited to, seasonal weather variations, the timing of outages of EGUs, changes in economic conditions involving commodity prices and competition, and other factors, interim results for the three and nine months ended September 30, 2014 may not be indicative of our results that will be realized for the full year ending December 31, 2014. | |||||||||||||
The preparation of financial statements in conformity with GAAP requires us to make estimates and judgments that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the revenues and expenses of the periods reported. Actual results could differ from these estimates. Significant items subject to such estimates and judgments include: the carrying value of property, plant and equipment; unbilled revenues; the valuation of derivative instruments; the valuation of insurance and claims liabilities; the valuation of allowances for receivables and deferred income taxes; regulatory assets and liabilities; liabilities recorded for income tax exposures; litigation; contingencies; the valuation of AROs; intangibles and assets and liabilities related to employee benefits. | |||||||||||||
Property, Plant and Equipment | ' | ||||||||||||
Property, Plant & Equipment | |||||||||||||
We record our ownership share of our undivided interest in jointly-held plants as an asset in property, plant and equipment. Property, plant and equipment are stated at cost except for the impact of asset impairments recorded for certain generating plants. For regulated transmission and distribution property, cost includes direct labor and material, allocable overhead expenses and an allowance for funds used during construction (AFUDC). AFUDC represents the cost of borrowed funds and equity used to finance regulated construction projects. For non-regulated property including unregulated generation property, cost is similarly defined except financing costs are reflected as capitalized interest without an equity component. Capitalization of AFUDC and interest ceases at either project completion or at the date specified by regulators. | |||||||||||||
For substantially all depreciable property, when a unit of property is retired, the original cost of that property less any salvage value is charged to Accumulated depreciation and amortization. | |||||||||||||
Property is evaluated for impairment when events or changes in circumstances indicate that its carrying amount may not be recoverable | |||||||||||||
Regulatory Accounting | ' | ||||||||||||
Regulatory Accounting | |||||||||||||
As a regulated utility, we apply the provisions of FASC 980 “Regulated Operations,” which gives recognition to the ratemaking and accounting practices of the PUCO and the FERC. Regulatory assets generally represent incurred costs that have been deferred because such costs are probable of future recovery in customer rates. Regulatory assets can also represent performance incentives permitted by the regulator, such as with our CCEM energy efficiency program. Regulatory assets have been included as allowable costs for ratemaking purposes, as authorized by the PUCO or established regulatory practices. Regulatory liabilities generally represent obligations to make refunds or future rate reductions to customers for previous over collections or the deferral of revenues collected for costs that DP&L expects to incur in the future. | |||||||||||||
The deferral of costs (as regulatory assets) is appropriate only when the future recovery of such costs is probable. In assessing probability, we consider such factors as specific orders from the PUCO or FERC, regulatory precedent and the current regulatory environment. To the extent recovery of costs is no longer deemed probable, related regulatory assets would be required to be expensed in current period earnings. Our regulatory assets and liabilities have been created pursuant to a specific order of the PUCO or FERC or established regulatory practices, such as other utilities under the jurisdiction of the PUCO or FERC being granted recovery of similar costs. It is probable, but not certain, that these regulatory assets will be recoverable, subject to PUCO or FERC approval. Regulatory assets and liabilities are classified as current or non-current based on the term in which recovery is expected. See Note 3 for more information about Regulatory Assets. | |||||||||||||
Intangibles | ' | ||||||||||||
Intangibles | |||||||||||||
Intangibles consist of emission allowances and renewable energy credits. Emission allowances are carried on a first-in, first-out (FIFO) basis for purchased emission allowances. Net gains or losses on the sale of excess emission allowances, representing the difference between the sales proceeds and the carrying value of emission allowances, are recorded as a component of our fuel costs and are reflected in Operating income when realized. Emission allowances are amortized as they are used in our operations. Renewable energy credits are amortized as they are used or retired. During the three and nine months ended September 30, 2014 and 2013, gains from the sale of emission allowances were immaterial. | |||||||||||||
Accounting for Taxes Collected from Customers and Remitted to Governmental Authorities | ' | ||||||||||||
Accounting for Taxes Collected from Customers and Remitted to Governmental Authorities | |||||||||||||
DP&L collects certain excise taxes levied by state or local governments from its customers. These taxes are accounted for on a net basis and not included in revenue. The amounts of such taxes collected for the three months ended September 30, 2014 and 2013 were $12.5 million and $13.0 million, respectively. The amounts of such taxes collected for the nine months ended September 30, 2014 and 2013 were $38.5 million and $38.0 million, respectively. | |||||||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | ||||||||||||
Recently Issued Accounting Standards | |||||||||||||
Going Concern | |||||||||||||
The FASB recently issued ASU 2014-15 “Presentation of Financial Statements – Going Concern (Subtopic 205-40: Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern)” effective for annual and interim periods ending after December 15, 2016. ASU 2014-15 requires management to evaluate whether there are conditions or events, considered in aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued. There are required disclosures if substantial doubt is identified including documentation of: principal conditions or events that raised substantial doubt about the entity’s ability to continue as a going concern (before consideration of management’s plans), management’s evaluation of the significance of those conditions or events in relation to the entity’s ability to meet its obligations, and management’s plans that alleviated substantial doubt about the entity’s ability to continue as a going concern. This ASU is not expected to have any impact on our overall results of operations, financial position or cash flows. | |||||||||||||
Revenue from Contracts with Customers | |||||||||||||
The FASB recently issued ASU 2014-09 “Revenue from Contracts with Customers” (Topic 606) effective for annual and interim periods beginning after December 15, 2016; with retrospective application. The core principle of the ASU is that an entity should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. Because the guidance in this update is principles-based, it can be applied to all contracts with customers regardless of industry-specific or transaction-specific fact patterns. Additionally, the guidance requires improved disclosures to help users of financial statements better understand the nature, amount, timing, and uncertainty of revenue that is recognized. We have not yet determined the extent, if any, to which our overall results of operations, financial position or cash flows may be affected by the implementation of this ASU. | |||||||||||||
Discontinued Operations | |||||||||||||
The FASB recently issued ASU 2014-08 “Presentation of Financial Statements” (Topic 205) and “Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity” effective for annual and interim periods beginning after December 15, 2014. ASU 2014-08 updates the definition of discontinued operations by limiting discontinued operations reporting to disposals of components of an entity that represent strategic shifts that have (or will have) a major effect on an entity’s operations and financial results. In addition, an entity is required to expand disclosures for discontinued operations by providing more information about the assets, liabilities, revenues and expenses of discontinued operations both on the face of the financial statements and in the Notes. For the disposal of an individually significant component of an entity that does not qualify for discontinued operations reporting, an entity is required to disclose the pretax profit or loss of the component in the Notes. Our early adoption of ASU No. 2014-008 in the third quarter of 2014 did not have any impact on our overall results of operations, financial position or cash flows. | |||||||||||||
Related Party Transactions | ' | ||||||||||||
Related Party Transactions | |||||||||||||
In December 2013, an agreement was signed, effective January 1, 2014, whereby the Service Company is to provide services including accounting, legal, human resources, information technology and other corporate services on behalf of companies that are part of the U.S. SBU, including, among other companies, DP&L. The Service Company allocates the costs for these services based on cost drivers designed to result in fair and equitable allocations. This includes ensuring that the regulated utilities served, including DP&L, are not subsidizing costs incurred for the benefit of non-regulated businesses. | |||||||||||||
In the normal course of business, DP&L enters into transactions with other subsidiaries of DPL and AES. The following table provides a summary of these transactions: | |||||||||||||
Three months ended | Nine months ended | ||||||||||||
September 30, | September 30, | ||||||||||||
$ in millions | 2014 | 2013 | 2014 | 2013 | |||||||||
DP&L Revenues: | |||||||||||||
Sales to DPLER (including MC Squared) (a) | $ | 125.6 | $ | 123.8 | $ | 376.6 | $ | 336.0 | |||||
DP&L Operations and Maintenance Expenses: | |||||||||||||
Premiums paid for insurance services provided by MVIC (b) | $ | -0.7 | $ | -0.7 | $ | -2.1 | $ | -2.2 | |||||
Expense recoveries for services provided to DPLER (c) | $ | 0.5 | $ | 1.3 | $ | 1.6 | $ | 3.8 | |||||
Transactions with the Service Company | |||||||||||||
Charges for services provided | $ | 9.0 | $ | - | $ | 28.1 | $ | - | |||||
DP&L Customer security deposits: | At September 30, 2014 | At December 31, 2013 | |||||||||||
Deposits received from DPLER (d) | $ | 20.1 | $ | 19.2 | |||||||||
Balances with the Service Company | |||||||||||||
Net prepaid / (payable) to the Service Company | $ | 9.4 | $ | - | |||||||||
(a)DP&L sells power to DPLER to satisfy the electric requirements of DPLER’s retail customers. The revenue dollars associated with sales to DPLER are recorded as wholesale revenues in DP&L’s Financial Statements. The increase in DP&L’s sales to DPLER during the nine months ended September 30, 2014, compared to the nine months ended September 30, 2013, is primarily due to an increase in customers. | |||||||||||||
(b)MVIC, a wholly owned captive insurance subsidiary of DPL, provides insurance coverage to DP&L and other DPL subsidiaries for workers’ compensation, general liability, property damages and directors’ and officers’ liability. These amounts represent insurance premiums paid by DP&L to MVIC. | |||||||||||||
(c)In the normal course of business DP&L incurs and records expenses on behalf of DPLER. Such expenses include, but are not limited to, employee-related expenses, accounting, information technology, payroll, legal and other administrative expenses. DP&L subsequently charges these expenses to DPLER at DP&L’s cost and credits the expense in which they were initially recorded. | |||||||||||||
(d)DP&L requires credit assurance from the CRES providers serving customers in its service territory because DP&L is the default energy provider should the CRES provider fail to fulfill its obligations to provide electricity. Due to DPL’s credit downgrade, DP&L required cash collateral from DPLER. | |||||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Related Party Transactions [Member] | ' | ||||||||||||
Schedule of Related Party Transactions [Table Text Block] | ' | ||||||||||||
Three months ended | Nine months ended | ||||||||||||
September 30, | September 30, | ||||||||||||
$ in millions | 2014 | 2013 | 2014 | 2013 | |||||||||
Transactions with the Service Company | |||||||||||||
Charges for services provided | $ | 5.5 | $ | - | $ | 27.8 | $ | - | |||||
Charges to the Service Company | 0.2 | - | 0.2 | - | |||||||||
Related Party Balances [Member] | ' | ||||||||||||
Schedule of Related Party Transactions [Table Text Block] | ' | ||||||||||||
Transactions with the Service Company | At September 30, 2014 | At December 31, 2013 | |||||||||||
Net prepaid / (payable) to the Service Company | $ | 9.4 | $ | - | |||||||||
DP&L [Member] | Related Party Transactions [Member] | ' | ||||||||||||
Schedule of Related Party Transactions [Table Text Block] | ' | ||||||||||||
Three months ended | Nine months ended | ||||||||||||
September 30, | September 30, | ||||||||||||
$ in millions | 2014 | 2013 | 2014 | 2013 | |||||||||
DP&L Revenues: | |||||||||||||
Sales to DPLER (including MC Squared) (a) | $ | 125.6 | $ | 123.8 | $ | 376.6 | $ | 336.0 | |||||
DP&L Operations and Maintenance Expenses: | |||||||||||||
Premiums paid for insurance services provided by MVIC (b) | $ | -0.7 | $ | -0.7 | $ | -2.1 | $ | -2.2 | |||||
Expense recoveries for services provided to DPLER (c) | $ | 0.5 | $ | 1.3 | $ | 1.6 | $ | 3.8 | |||||
Transactions with the Service Company | |||||||||||||
Charges for services provided | $ | 9.0 | $ | - | $ | 28.1 | $ | - | |||||
DP&L [Member] | Related Party Balances [Member] | ' | ||||||||||||
Schedule of Related Party Transactions [Table Text Block] | ' | ||||||||||||
DP&L Customer security deposits: | At September 30, 2014 | At December 31, 2013 | |||||||||||
Deposits received from DPLER (d) | $ | 20.1 | $ | 19.2 | |||||||||
Balances with the Service Company | |||||||||||||
Net prepaid / (payable) to the Service Company | $ | 9.4 | $ | - | |||||||||
Supplemental_Financial_Informa1
Supplemental Financial Information (Tables) | 9 Months Ended | ||||||||||||||
Sep. 30, 2014 | |||||||||||||||
Schedule of Supplemental Financial Information | ' | ||||||||||||||
September 30, | December 31, | ||||||||||||||
$ in millions | 2014 | 2013 | |||||||||||||
Accounts receivable, net: | |||||||||||||||
Unbilled revenue | $ | 65.7 | $ | 77.8 | |||||||||||
Customer receivables | 112.9 | 102.7 | |||||||||||||
Amounts due from partners in jointly owned plants | 10.4 | 15.8 | |||||||||||||
Other | 3.0 | 8.2 | |||||||||||||
Provision for uncollectible accounts | -1.3 | -1.2 | |||||||||||||
Total accounts receivable, net | $ | 190.7 | $ | 203.3 | |||||||||||
Inventories, at average cost: | |||||||||||||||
Fuel and limestone | $ | 48.5 | $ | 42.7 | |||||||||||
Plant materials and supplies | 36.2 | 38.2 | |||||||||||||
Other | 1.7 | 1.8 | |||||||||||||
Total inventories, at average cost | $ | 86.4 | $ | 82.7 | |||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | ' | ||||||||||||||
Details about Accumulated Other Comprehensive Income / (Loss) components | Affected line item in the Condensed Consolidated Statements of Operations | Three months ended | Nine months ended | ||||||||||||
September 30, | September 30, | ||||||||||||||
$ in millions | 2014 | 2013 | 2014 | 2013 | |||||||||||
Gains and losses on Available-for-sale securities activity (Note 8): | |||||||||||||||
Other income | $ | 0.3 | $ | 0.6 | $ | 0.6 | $ | 2.1 | |||||||
Tax expense | -0.1 | -0.2 | -0.2 | -0.7 | |||||||||||
Net of income taxes | 0.2 | 0.4 | 0.4 | 1.4 | |||||||||||
Gains and losses on cash flow hedges (Note 9): | |||||||||||||||
Interest expense | -0.3 | - | -1 | - | |||||||||||
Revenue | 4.9 | 0.5 | 23.4 | 2.2 | |||||||||||
Purchased power | 0.3 | 1.6 | -0.8 | 2.9 | |||||||||||
Total before income taxes | 4.9 | 2.1 | 21.6 | 5.1 | |||||||||||
Tax expense | -1.5 | -0.8 | -7.4 | -2.1 | |||||||||||
Net of income taxes | 3.4 | 1.3 | 14.2 | 3.0 | |||||||||||
Amortization of defined benefit pension items (Note 7): | |||||||||||||||
Tax benefit | - | - | - | 0.3 | |||||||||||
Net of income taxes | - | - | - | 0.3 | |||||||||||
Total reclassifications for the period, net of income taxes | $ | 3.6 | $ | 1.7 | $ | 14.6 | $ | 4.7 | |||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||||
$ in millions | Gains / (losses) on available-for-sale securities | Gains / (losses) on cash flow hedges | Change in unfunded pension obligation | Total | |||||||||||
Balance January 1, 2014 | $ | 0.6 | $ | 20.6 | $ | 3.4 | $ | 24.6 | |||||||
Other comprehensive loss before reclassifications | -0.6 | -23.8 | - | -24.4 | |||||||||||
Amounts reclassified from accumulated other comprehensive income / (loss) | 0.4 | 14.2 | - | 14.6 | |||||||||||
Net current period other comprehensive loss | -0.2 | -9.6 | - | -9.8 | |||||||||||
Balance September 30, 2014 | $ | 0.4 | $ | 11.0 | $ | 3.4 | $ | 14.8 | |||||||
DP&L [Member] | ' | ||||||||||||||
Schedule of Supplemental Financial Information | ' | ||||||||||||||
September 30, | December 31, | ||||||||||||||
$ in millions | 2014 | 2013 | |||||||||||||
Accounts receivable, net: | |||||||||||||||
Unbilled revenue | $ | 36.0 | $ | 47.2 | |||||||||||
Customer receivables | 70.3 | 58.2 | |||||||||||||
Amounts due from partners in jointly owned plants | 10.4 | 15.8 | |||||||||||||
Other | 27.0 | 27.2 | |||||||||||||
Provision for uncollectible accounts | -0.9 | -0.9 | |||||||||||||
Total accounts receivable, net | $ | 142.8 | $ | 147.5 | |||||||||||
Inventories, at average cost: | |||||||||||||||
Fuel and limestone | $ | 48.5 | $ | 42.9 | |||||||||||
Plant materials and supplies | 35.0 | 37.0 | |||||||||||||
Other | 1.7 | 1.8 | |||||||||||||
Total inventories, at average cost | $ | 85.2 | $ | 81.7 | |||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | ' | ||||||||||||||
Details about Accumulated Other Comprehensive Income / (Loss) components | Affected line item in the Condensed Statements of Operations | Three months ended | Nine months ended | ||||||||||||
September 30, | September 30, | ||||||||||||||
$ in millions | 2014 | 2013 | 2014 | 2013 | |||||||||||
Gains and losses on Available-for-sale securities activity (Note 8): | |||||||||||||||
Other income | $ | 0.3 | $ | 0.6 | $ | 0.6 | $ | 2.1 | |||||||
Tax expense | -0.1 | -0.2 | -0.2 | -0.7 | |||||||||||
Net of income taxes | 0.2 | 0.4 | 0.4 | 1.4 | |||||||||||
Gains and losses on cash flow hedges (Note 9): | |||||||||||||||
Interest expense | -0.2 | -0.6 | -0.8 | -1.8 | |||||||||||
Revenue | 4.9 | 0.4 | 23.4 | 2.1 | |||||||||||
Purchased power | 0.4 | 2.0 | -0.6 | 4.2 | |||||||||||
Total before income taxes | 5.1 | 1.8 | 22.0 | 4.5 | |||||||||||
Tax expense | -1.9 | -0.8 | -6.7 | -2.2 | |||||||||||
Net of income taxes | 3.2 | 1.0 | 15.3 | 2.3 | |||||||||||
Amortization of defined benefit pension items (Note 7): | |||||||||||||||
Reclassification to Other income / (deductions) | 1.0 | 1.4 | 3.1 | 4.2 | |||||||||||
Tax benefit | -0.3 | -0.5 | -1 | -1.5 | |||||||||||
Net of income taxes | 0.7 | 0.9 | 2.1 | 2.7 | |||||||||||
Total reclassifications for the period, net of income taxes | $ | 4.1 | $ | 2.3 | $ | 17.8 | $ | 6.4 | |||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ' | ||||||||||||||
$ in millions | Gains / (losses) on available-for-sale securities | Gains / (losses) on cash flow hedges | Change in unfunded pension obligation | Total | |||||||||||
Balance January 1, 2014 | $ | 0.8 | $ | 6.2 | $ | -33.7 | $ | -26.7 | |||||||
Other comprehensive loss before reclassifications | -0.6 | -26.3 | - | -26.9 | |||||||||||
Amounts reclassified from accumulated other comprehensive income / (loss) | 0.4 | 15.3 | 2.1 | 17.8 | |||||||||||
Net current period other comprehensive loss | -0.2 | -11 | 2.1 | -9.1 | |||||||||||
Balance September 30, 2014 | $ | 0.6 | $ | -4.8 | $ | -31.6 | $ | -35.8 | |||||||
Ownership_of_Coalfired_Facilit1
Ownership of Coal-fired Facilities (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2014 | ||||||||||||||||
Ownership Interests | ' | |||||||||||||||
DP&L Share | DPL Carrying value | |||||||||||||||
Jointly owned production units and stations: | Ownership | Summer Production Capacity (MW) | Gross Plant in Service | Accumulated Depreciation | Construction Work in Process | SCR and FGD Equipment Installed and in Service (Yes/No) | ||||||||||
(%) | ($ in millions) | ($ in millions) | ($ in millions) | |||||||||||||
Beckjord Unit 6 | 50 | 207 | $ | 2 | $ | 1 | $ | - | No | |||||||
Conesville Unit 4 | 16.5 | 129 | 24 | 1 | - | Yes | ||||||||||
East Bend Station | 31 | 186 | - | - | - | Yes | ||||||||||
Killen Station | 67 | 402 | 309 | 17 | 2 | Yes | ||||||||||
Miami Fort Units 7 and 8 | 36 | 368 | 213 | 21 | 1 | Yes | ||||||||||
Stuart Station | 35 | 808 | 213 | 15 | 12 | Yes | ||||||||||
Zimmer Station | 28.1 | 365 | 181 | 33 | 4 | Yes | ||||||||||
Transmission (at varying percentages) | n/a | 42 | 5 | - | ||||||||||||
Total | 2,465 | $ | 984 | $ | 93 | $ | 19 | |||||||||
DP&L [Member] | ' | |||||||||||||||
Ownership Interests | ' | |||||||||||||||
DP&L Share | DP&L Carrying value | |||||||||||||||
Jointly owned production units and stations: | Ownership | Summer Production Capacity (MW) | Gross Plant in Service | Accumulated Depreciation | Construction Work in Process | SCR and FGD Equipment Installed and in Service (Yes/No) | ||||||||||
(%) | ($ in millions) | ($ in millions) | ($ in millions) | |||||||||||||
Beckjord Unit 6 | 50 | 207 | $ | 76 | $ | 74 | $ | - | No | |||||||
Conesville Unit 4 | 16.5 | 129 | 22 | 3 | - | Yes | ||||||||||
East Bend Station | 31 | 186 | 2 | 1 | - | Yes | ||||||||||
Killen Station | 67 | 402 | 624 | 311 | 2 | Yes | ||||||||||
Miami Fort Units 7 and 8 | 36 | 368 | 361 | 159 | 1 | Yes | ||||||||||
Stuart Station | 35 | 808 | 751 | 319 | 12 | Yes | ||||||||||
Zimmer Station | 28.1 | 365 | 1,100 | 670 | 4 | Yes | ||||||||||
Transmission (at varying percentages) | n/a | 98 | 62 | - | ||||||||||||
Total | 2,465 | $ | 3,034 | $ | 1,599 | $ | 19 | |||||||||
Debt_Obligations_Tables
Debt Obligations (Tables) | 9 Months Ended | ||||||
Sep. 30, 2014 | |||||||
Long-term Debt | ' | ||||||
September 30, | December 31, | ||||||
$ in millions | 2014 | 2013 | |||||
First mortgage bonds due in September 2016 - 1.875% | $ | 445.0 | $ | 445.0 | |||
Pollution control series due in January 2028 - 4.7% | 36.0 | 36.0 | |||||
Pollution control series due in January 2034 - 4.8% | 179.6 | 179.6 | |||||
Pollution control series due in September 2036 - 4.8% | 96.4 | 96.4 | |||||
Pollution control series due in November 2040 - rates from: 0.04% - 0.15% and 0.05% - 0.24% (a) | 100.0 | 100.0 | |||||
U.S. Government note due in February 2061 - 4.2% | 18.1 | 18.3 | |||||
Unamortized debt discount | -0.5 | -0.7 | |||||
Total long-term debt at subsidiary | 874.6 | 874.6 | |||||
Bank term loan due in May 2018 - rates from: 2.41% - 2.42% and 2.42% - 2.45% (a) | 150.0 | 180.0 | |||||
Senior unsecured bonds due in October 2016 - 6.5% | 330.0 | 430.0 | |||||
Senior unsecured bonds due in October 2021 - 7.25% | 780.0 | 780.0 | |||||
Note to DPL Capital Trust II due in September 2031 - 8.125% (b) | 19.7 | 19.6 | |||||
Total non-current portion of long-term debt | $ | 2,154.3 | $ | 2,284.2 | |||
Current Portion - Long-term Debt | ' | ||||||
September 30, | December 31, | ||||||
$ in millions | 2014 | 2013 | |||||
Bank term loan due in May 2018 - rates from: 2.41% - 2.42% and 2.42% - 2.45% (a) | $ | 10.0 | $ | 10.0 | |||
Senior unsecured bonds due in October 2016 - 6.5% | 100.0 | - | |||||
U.S. Government note due in February 2061 - 4.2% | 0.1 | 0.1 | |||||
Capital lease obligations | - | 0.1 | |||||
Total current portion of long-term debt | $ | 110.1 | $ | 10.2 | |||
Long-term Debt Maturities | ' | ||||||
Due within the twelve months ending September 30, | |||||||
($ in millions) | |||||||
2015 | $ | 110.1 | |||||
2016 | 385.1 | ||||||
2017 | 470.1 | ||||||
2018 | 70.1 | ||||||
2019 | 0.1 | ||||||
Thereafter | 1,232.7 | ||||||
Total maturities | 2,268.2 | ||||||
Unamortized premiums and discounts | -3.8 | ||||||
Total long-term debt | $ | 2,264.4 | |||||
DP&L [Member] | ' | ||||||
Long-term Debt | ' | ||||||
September 30, | December 31, | ||||||
$ in millions | 2014 | 2013 | |||||
First mortgage bonds due in September 2016 - 1.875% | 445.0 | 445.0 | |||||
Pollution control series due in January 2028 - 4.7% | $ | 35.3 | $ | 35.3 | |||
Pollution control series due in January 2034 - 4.8% | 179.1 | 179.1 | |||||
Pollution control series due in September 2036 - 4.8% | 100.0 | 100.0 | |||||
Pollution control series due in November 2040 - rates from: 0.04% - 0.15% and 0.05% - 0.24% (a) | 100.0 | 100.0 | |||||
U.S. Government note due in February 2061 - 4.2% | 18.1 | 18.2 | |||||
Unamortized debt discount | -0.5 | -0.7 | |||||
Total non-current portion of long-term debt | $ | 877.0 | $ | 876.9 | |||
Current Portion - Long-term Debt | ' | ||||||
September 30, | December 31, | ||||||
$ in millions | 2014 | 2013 | |||||
U.S. Government note due in February 2061 - 4.2% | 0.1 | $ | 0.1 | ||||
Capital lease obligations | - | 0.1 | |||||
Total current portion of long-term debt | $ | 0.1 | $ | 0.2 | |||
Long-term Debt Maturities | ' | ||||||
Due within the twelve months ending September 30, | |||||||
$ in millions | |||||||
2015 | $ | 0.1 | |||||
2016 | 445.1 | ||||||
2017 | 0.1 | ||||||
2018 | 0.1 | ||||||
2019 | 0.1 | ||||||
Thereafter | 432.1 | ||||||
877.6 | |||||||
Unamortized discounts | -0.5 | ||||||
Total long-term debt | $ | 877.1 | |||||
Income_Taxes_Tables
Income Taxes (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2014 | |||||||||||||
Effective Income Tax Rates | ' | ||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
DPL | -71.50% | 25.40% | -34.20% | 21.50% | |||||||||
DP&L [Member] | ' | ||||||||||||
Effective Income Tax Rates | ' | ||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||
DP&L | 19.80% | 24.40% | 23.20% | 22.50% | |||||||||
Pension_and_Postretirement_Ben1
Pension and Postretirement Benefits (Tables) | 3 Months Ended | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | Sep. 30, 2014 | |||||||||||||||||||||||||
Net Periodic Benefit Cost / (Income) | ' | ' | ||||||||||||||||||||||||
Net Periodic Benefit Cost / (Income) | Pension | Postretirement | Net Periodic Benefit Cost / (Income) | Pension | Postretirement | |||||||||||||||||||||
Three months ended | Three months ended | Nine months ended | Nine months ended | |||||||||||||||||||||||
September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||||||
$ in millions | 2014 | 2013 | 2014 | 2013 | $ in millions | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Service cost | $ | 1.5 | $ | 1.8 | $ | - | $ | - | Service cost | $ | 4.5 | $ | 5.4 | $ | 0.1 | $ | 0.1 | |||||||||
Interest cost | 4.3 | 3.8 | 0.2 | 0.2 | Interest cost | 13.1 | 11.6 | 0.6 | 0.6 | |||||||||||||||||
Expected return on plan assets (a) | -5.8 | -5.8 | - | - | Expected return on plan assets (a) | -17.2 | -17.6 | -0.1 | -0.2 | |||||||||||||||||
Amortization of unrecognized: | Amortization of unrecognized: | |||||||||||||||||||||||||
Prior service cost | 0.4 | 0.3 | - | - | Prior service cost | 1.1 | 1.1 | - | - | |||||||||||||||||
Actuarial loss / (gain) | 0.9 | 1.3 | -0.1 | -0.1 | Actuarial loss / (gain) | 2.6 | 3.7 | -0.4 | -0.3 | |||||||||||||||||
Net periodic benefit cost | $ | 1.3 | $ | 1.4 | $ | 0.1 | $ | 0.1 | Net periodic benefit cost | $ | 4.1 | $ | 4.2 | $ | 0.2 | $ | 0.2 | |||||||||
Estimated Future Benefit Payments and Medicare Part D Reimbursements | ' | ' | ||||||||||||||||||||||||
Benefit payments and Medicare Part D reimbursements, which reflect future service, are estimated to be paid as follows: | ||||||||||||||||||||||||||
$ in millions | Pension | Postretirement | ||||||||||||||||||||||||
2014 | $ | 6.3 | $ | 0.5 | ||||||||||||||||||||||
2015 | 23.9 | 2.1 | ||||||||||||||||||||||||
2016 | 23.9 | 2.0 | ||||||||||||||||||||||||
2017 | 24.3 | 1.8 | ||||||||||||||||||||||||
2018 | 24.6 | 1.6 | ||||||||||||||||||||||||
2019 - 2023 | 126.5 | 6.7 | ||||||||||||||||||||||||
DP&L [Member] | ' | ' | ||||||||||||||||||||||||
Net Periodic Benefit Cost / (Income) | ' | ' | ||||||||||||||||||||||||
Net Periodic Benefit Cost / (Income) | Pension | Postretirement | Net Periodic Benefit Cost / (Income) | Pension | Postretirement | |||||||||||||||||||||
Three months ended | Three months ended | Nine months ended | Nine months ended | |||||||||||||||||||||||
September 30, | September 30, | September 30, | September 30, | |||||||||||||||||||||||
$ in millions | 2014 | 2013 | 2014 | 2013 | $ in millions | 2014 | 2013 | 2014 | 2013 | |||||||||||||||||
Service cost | $ | 1.5 | $ | 1.8 | $ | - | $ | - | Service cost | $ | 4.4 | $ | 5.4 | $ | 0.1 | $ | 0.1 | |||||||||
Interest cost | 4.3 | 3.8 | 0.2 | 0.2 | Interest cost | 13.0 | 11.6 | 0.6 | 0.6 | |||||||||||||||||
Expected return on plan assets (a) | -5.7 | -5.8 | -0.1 | -0.1 | Expected return on plan assets (a) | -17 | -17.6 | -0.2 | -0.2 | |||||||||||||||||
Amortization of unrecognized: | Amortization of unrecognized: | |||||||||||||||||||||||||
Prior service cost | 0.7 | 0.7 | 0.1 | 0.1 | Prior service cost | 2.1 | 2.1 | 0.1 | 0.1 | |||||||||||||||||
Actuarial loss / (gain) | 1.6 | 2.3 | -0.2 | -0.2 | Actuarial loss / (gain) | 4.8 | 6.9 | -0.5 | -0.5 | |||||||||||||||||
Net periodic benefit cost | $ | 2.4 | $ | 2.8 | $ | - | $ | - | Net periodic benefit cost | $ | 7.3 | $ | 8.4 | $ | 0.1 | $ | 0.1 | |||||||||
Estimated Future Benefit Payments and Medicare Part D Reimbursements | ' | ' | ||||||||||||||||||||||||
Benefit payments and Medicare Part D reimbursements, which reflect future service, are estimated to be paid as follows: | ||||||||||||||||||||||||||
$ in millions | Pension | Postretirement | ||||||||||||||||||||||||
2014 | $ | 6.3 | $ | 0.5 | ||||||||||||||||||||||
2015 | 23.9 | 2.1 | ||||||||||||||||||||||||
2016 | 23.9 | 2.0 | ||||||||||||||||||||||||
2017 | 24.3 | 1.8 | ||||||||||||||||||||||||
2018 | 24.6 | 1.6 | ||||||||||||||||||||||||
2019 - 2023 | 126.5 | 6.7 | ||||||||||||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 9 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||
Sep. 30, 2014 | Dec. 31, 2013 | ||||||||||||||||||||||||||||||
Fair Value and Cost of Non-Derivative Instruments | ' | ' | |||||||||||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||
$ in millions | Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||
Money market funds | $ | 0.1 | $ | 0.1 | $ | 0.3 | $ | 0.3 | |||||||||||||||||||||||
Equity securities | 2.7 | 3.6 | 3.3 | 4.4 | |||||||||||||||||||||||||||
Debt securities | 5.0 | 5.0 | 5.4 | 5.5 | |||||||||||||||||||||||||||
Hedge funds | 0.8 | 0.9 | 0.9 | 0.9 | |||||||||||||||||||||||||||
Real estate | 0.4 | 0.4 | 0.4 | 0.4 | |||||||||||||||||||||||||||
Total Assets | $ | 9.0 | $ | 10.0 | $ | 10.3 | $ | 11.5 | |||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||
Debt | $ | 2,264.4 | $ | 2,345.9 | $ | 2,294.4 | $ | 2,334.6 | |||||||||||||||||||||||
Fair Value of Assets and Liabilities Measured on Recurring Basis | ' | ' | |||||||||||||||||||||||||||||
Assets and Liabilities at Fair Value | Assets and Liabilities at Fair Value | ||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||
$ in millions | Fair Value at September 30, 2014 | Based on Quoted Prices in Active Markets | Other Observable Inputs | Unobservable Inputs | $ in millions | Fair Value at December 31, 2013 | Based on Quoted Prices in Active Markets | Other Observable Inputs | Unobservable Inputs | ||||||||||||||||||||||
Assets | Assets | ||||||||||||||||||||||||||||||
Master Trust assets | Master Trust assets | ||||||||||||||||||||||||||||||
Money market funds | $ | 0.1 | $ | 0.1 | $ | - | $ | - | Money market funds | $ | 0.3 | $ | 0.3 | $ | - | $ | - | ||||||||||||||
Equity securities | 3.6 | 3.6 | - | - | Equity securities | 4.4 | 4.4 | - | - | ||||||||||||||||||||||
Debt securities | 5.0 | 5.0 | - | - | Debt securities | 5.5 | 5.5 | - | - | ||||||||||||||||||||||
Hedge funds | 0.9 | - | 0.9 | - | Hedge funds | 0.9 | - | 0.9 | - | ||||||||||||||||||||||
Real estate | 0.4 | 0.4 | - | - | Real estate | 0.4 | 0.4 | - | - | ||||||||||||||||||||||
Total Master Trust assets | 10.0 | 9.1 | 0.9 | - | Total Master Trust assets | 11.5 | 10.6 | 0.9 | - | ||||||||||||||||||||||
Derivative Assets | Derivative assets | ||||||||||||||||||||||||||||||
Forward power contracts | 11.2 | - | 11.2 | - | FTRs | 0.2 | - | - | 0.2 | ||||||||||||||||||||||
Total Derivative assets | 11.2 | - | 11.2 | - | Heating oil futures | 0.2 | 0.2 | - | - | ||||||||||||||||||||||
Forward power contracts | 13.4 | - | 13.4 | - | |||||||||||||||||||||||||||
Total Assets | $ | 21.2 | $ | 9.1 | $ | 12.1 | $ | - | Total Derivative assets | 13.8 | 0.2 | 13.4 | 0.2 | ||||||||||||||||||
Liabilities | Total Assets | $ | 25.3 | $ | 10.8 | $ | 14.3 | $ | 0.2 | ||||||||||||||||||||||
Derivative Liabilities | |||||||||||||||||||||||||||||||
FTRs | $ | 1.0 | $ | - | $ | - | $ | 1.0 | Liabilities | ||||||||||||||||||||||
Heating oil | 0.1 | 0.1 | - | - | Derivative liabilities | ||||||||||||||||||||||||||
Forward power contracts | 26.9 | - | 26.9 | - | Forward power contracts | $ | 10.6 | $ | - | 10.6 | $ | - | |||||||||||||||||||
Total Derivative liabilities | 28.0 | 0.1 | 26.9 | 1.0 | Total Derivative liabilities | 10.6 | - | 10.6 | - | ||||||||||||||||||||||
Long-term debt | 2,345.9 | - | 2,327.6 | 18.3 | Long-term debt | 2,334.6 | - | 2,316.1 | 18.5 | ||||||||||||||||||||||
Total Liabilities | $ | 2,373.9 | $ | 0.1 | $ | 2,354.5 | $ | 19.3 | Total Liabilities | $ | 2,345.2 | $ | - | $ | 2,326.7 | $ | 18.5 | ||||||||||||||
Fair Value Measurements, Nonrecurring [Table Text Block] | ' | ' | |||||||||||||||||||||||||||||
$ in millions | Nine months ended September 30, 2014 | ||||||||||||||||||||||||||||||
Carrying | Fair Value | Gross | |||||||||||||||||||||||||||||
Amount (c) | Level 1 | Level 2 | Level 3 | Loss | |||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||
Long-lived assets (a) | |||||||||||||||||||||||||||||||
DP&L (East Bend) | $ | 14.2 | $ | - | $ | - | $ | 2.7 | $ | 11.5 | |||||||||||||||||||||
Goodwill (b) | |||||||||||||||||||||||||||||||
DPLER Reporting unit | $ | 135.8 | $ | - | $ | - | $ | - | $ | 135.8 | |||||||||||||||||||||
DP&L [Member] | ' | ' | |||||||||||||||||||||||||||||
Fair Value and Cost of Non-Derivative Instruments | ' | ' | |||||||||||||||||||||||||||||
30-Sep-14 | 31-Dec-13 | ||||||||||||||||||||||||||||||
$ in millions | Carrying Value | Fair Value | Carrying Value | Fair Value | |||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||
Money market funds | $ | 0.1 | $ | 0.1 | $ | 0.3 | $ | 0.3 | |||||||||||||||||||||||
Equity securities | 2.7 | 3.6 | 3.3 | 4.4 | |||||||||||||||||||||||||||
Debt securities | 5.0 | 5.0 | 5.4 | 5.5 | |||||||||||||||||||||||||||
Hedge funds | 0.8 | 0.9 | 0.9 | 0.9 | |||||||||||||||||||||||||||
Real estate | 0.4 | 0.4 | 0.4 | 0.4 | |||||||||||||||||||||||||||
Total assets | $ | 9.0 | $ | 10.0 | $ | 10.3 | $ | 11.5 | |||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||
Debt | $ | 877.1 | $ | 884.7 | $ | 877.1 | $ | 859.6 | |||||||||||||||||||||||
Fair Value of Assets and Liabilities Measured on Recurring Basis | ' | ' | |||||||||||||||||||||||||||||
Assets and Liabilities at Fair Value | Assets and Liabilities at Fair Value | ||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||
$ in millions | Fair Value at September 30, 2014 | Based on Quoted Prices in Active Markets | Other Observable Inputs | Unobservable Inputs | $ in millions | Fair Value at December 31, 2013 | Based on Quoted Prices in Active Markets | Other Observable Inputs | Unobservable Inputs | ||||||||||||||||||||||
Assets | Assets | ||||||||||||||||||||||||||||||
Master Trust assets | Master Trust assets | ||||||||||||||||||||||||||||||
Money market funds | $ | 0.1 | $ | 0.1 | $ | - | $ | - | Money market funds | $ | 0.3 | $ | 0.3 | $ | - | $ | - | ||||||||||||||
Equity securities | 3.6 | 3.6 | - | - | Equity securities | 4.4 | 4.4 | - | - | ||||||||||||||||||||||
Debt securities | 5.0 | 5.0 | - | - | Debt securities | 5.5 | 5.5 | - | - | ||||||||||||||||||||||
Hedge funds | 0.9 | - | 0.9 | - | Hedge funds | 0.9 | - | 0.9 | - | ||||||||||||||||||||||
Real estate | 0.4 | 0.4 | - | - | Real estate | 0.4 | 0.4 | - | - | ||||||||||||||||||||||
Total Master Trust assets | 10.0 | 9.1 | 0.9 | - | Total Master Trust assets | 11.5 | 10.6 | 0.9 | - | ||||||||||||||||||||||
Derivative assets | Derivative assets | ||||||||||||||||||||||||||||||
FTRs | - | - | - | - | Heating oil futures | 0.2 | 0.2 | - | - | ||||||||||||||||||||||
Heating oil | - | - | - | - | FTRs | 0.2 | - | - | 0.2 | ||||||||||||||||||||||
Forward power contracts | 11.7 | - | 11.7 | - | Forward power contracts | 13.4 | - | 13.4 | - | ||||||||||||||||||||||
Total derivative assets | 11.7 | - | 11.7 | - | Total Derivative assets | 13.8 | 0.2 | 13.4 | 0.2 | ||||||||||||||||||||||
Total assets | $ | 21.7 | $ | 9.1 | $ | 12.6 | $ | - | Total assets | $ | 25.3 | $ | 10.8 | $ | 14.3 | $ | 0.2 | ||||||||||||||
Liabilities | Liabilities | ||||||||||||||||||||||||||||||
Derivative liabilities | Derivative liabilities | ||||||||||||||||||||||||||||||
FTRs | $ | 1.0 | $ | - | $ | - | $ | 1.0 | Forward power contracts | 10.6 | - | 10.6 | - | ||||||||||||||||||
Heating oil | 0.1 | 0.1 | - | - | Total Derivative liabilities | 10.6 | - | 10.6 | - | ||||||||||||||||||||||
Forward power contracts | 26.9 | - | 26.9 | - | |||||||||||||||||||||||||||
Total derivative liabilities | 28.0 | 0.1 | 26.9 | 1.0 | Long-term debt | 859.6 | - | 841.1 | 18.5 | ||||||||||||||||||||||
Long-term debt | 884.7 | - | 866.4 | 18.3 | Total liabilities | $ | 870.2 | $ | - | $ | 851.7 | $ | 18.5 | ||||||||||||||||||
Total liabilities | $ | 912.7 | $ | 0.1 | $ | 893.3 | $ | 19.3 | |||||||||||||||||||||||
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Notional Amounts of Outstanding Derivative Positions | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commodity | Accounting Treatment | Unit | Purchases | Sales | Net Purchases/ (Sales) | Commodity | Accounting Treatment | Unit | Purchases | Sales | Net Purchases/ (Sales) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FTRs | Mark to Market | MWh | 17.4 | - | 17.4 | FTRs | Mark to Market | MWh | 7.1 | - | 7.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Heating oil futures | Mark to Market | Gallons | 672.0 | - | 672.0 | Heating oil futures | Mark to Market | Gallons | 1,428.0 | - | 1,428.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forward power contracts | Cash Flow Hedge | MWh | 40.7 | -3,543.00 | -3,502.30 | Forward power contracts | Cash Flow Hedge | MWh | 140.4 | -4,705.70 | -4,565.30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forward power contracts | Mark to Market | MWh | 2,320.0 | -3,357.90 | -1,037.90 | Forward power contracts | Mark to Market | MWh | 3,177.8 | -2,883.10 | 294.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gains or Losses Recognized in AOCI for the Cash Flow Hedges | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended | Three months ended | Nine months ended | Nine months ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
30-Sep-14 | 30-Sep-13 | 30-Sep-14 | 30-Sep-13 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest | Interest | Interest | Interest | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ in millions (net of tax) | Power | Rate Hedge | Power | Rate Hedge | $ in millions (net of tax) | Power | Rate Hedge | Power | Rate Hedge | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning accumulated derivative gain / (loss) in AOCI | $ | -12.4 | $ | 18.8 | $ | -1.1 | $ | 12.8 | Beginning accumulated derivative gain / (loss) in AOCI | $ | 1.4 | $ | 19.2 | $ | -3 | $ | 0.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net gains / (losses) associated with current period hedging transactions | 1.2 | - | -0.2 | 6.4 | Net gains / (losses) associated with current period hedging transactions | -23.8 | - | - | 18.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net gains / (losses) reclassified to earnings | Net gains / (losses) reclassified to earnings | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | - | -0.2 | - | - | Interest expense | - | -0.6 | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | 3.4 | - | 0.3 | - | Revenues | 15.4 | - | 1.3 | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchased power | 0.2 | - | 1.0 | - | Purchased power | -0.6 | - | 1.7 | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending accumulated derivative gain / (loss) in AOCI | $ | -7.6 | $ | 18.6 | $ | - | $ | 19.2 | Ending accumulated derivative gain / (loss) in AOCI | $ | -7.6 | $ | 18.6 | $ | - | $ | 19.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portion expected to be reclassified to earnings in the next twelve months (a) | $ | -7.3 | $ | -0.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maximum length of time that we are hedging our exposure to variability in future cash flows related to forecasted transactions (in months) | 27 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the three months ended September 30, 2014 | For the three months ended September 30, 2013 | For the nine months ended September 30, 2014 | For the nine months ended September 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ in millions | Heating Oil | FTRs | Power | Total | $ in millions | Heating Oil | FTRs | Power | Total | $ in millions | Heating Oil | FTRs | Power | Total | $ in millions | Heating Oil | FTRs | Power | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in unrealized gain / (loss) | $ | -0.2 | $ | 0.3 | $ | -2.3 | $ | -2.2 | Change in unrealized gain | $ | 0.1 | $ | 1.3 | $ | 0.1 | $ | 1.5 | Change in unrealized loss | $ | -0.3 | $ | -1.2 | $ | -6 | $ | -7.5 | Change in unrealized gain / (loss) | $ | -0.2 | $ | 0.4 | $ | 10.5 | $ | 10.7 | ||||||||||||||||||||||||||||||||||||
Realized gain / (loss) | - | 0.1 | -2.1 | -2 | Realized gain / (loss) | 0.1 | - | -0.8 | -0.7 | Realized gain / (loss) | 0.1 | 0.7 | -3.6 | -2.8 | Realized gain | - | 1.2 | 0.5 | 1.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | -0.2 | $ | 0.4 | $ | -4.4 | $ | -4.2 | Total | $ | 0.2 | $ | 1.3 | $ | -0.7 | $ | 0.8 | Total | $ | -0.2 | $ | -0.5 | $ | -9.6 | $ | -10.3 | Total | $ | -0.2 | $ | 1.6 | $ | 11.0 | $ | 12.4 | ||||||||||||||||||||||||||||||||||||
Recorded on Balance Sheet: | Recorded in Income Statement: gain / (loss) | Recorded on Balance Sheet: | Recorded on Balance Sheet: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory asset | $ | -0.1 | $ | - | $ | - | $ | -0.1 | Purchased power | $ | - | $ | 1.3 | $ | -0.7 | $ | 0.6 | Regulatory asset | $ | -0.1 | $ | - | $ | - | $ | -0.1 | Regulatory asset | $ | -0.1 | $ | - | $ | - | $ | -0.1 | ||||||||||||||||||||||||||||||||||||
Fuel | 0.1 | - | - | 0.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recorded in Income Statement: gain / (loss) | O&M | 0.1 | - | - | 0.1 | Recorded in Income Statement: loss | Recorded in Income Statement: gain / (loss) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchased power | - | 0.4 | -4.4 | -4 | Total | $ | 0.2 | $ | 1.3 | $ | -0.7 | $ | 0.8 | Purchased power | - | -0.5 | -9.6 | -10.1 | Purchased power | - | 1.6 | 11.0 | 12.6 | ||||||||||||||||||||||||||||||||||||||||||||||||
Fuel | -0.1 | - | - | -0.1 | Fuel | -0.1 | - | - | -0.1 | Fuel | -0.1 | - | - | -0.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | -0.2 | $ | 0.4 | $ | -4.4 | $ | -4.2 | Total | $ | -0.2 | $ | -0.5 | $ | -9.6 | $ | -10.3 | Total | $ | -0.2 | $ | 1.6 | $ | 11.0 | $ | 12.4 | |||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Values of Derivative Instruments | Fair Values of Derivative Instruments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
at September 30, 2014 | at December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets | Gross Amounts Not Offset in the Condensed Consolidated Balance Sheets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ in millions | Hedging Designation | Gross Fair Value as presented in the Condensed Consolidated Balance Sheets | Financial Instruments with Same Counterparty in Offsetting Position | Cash Collateral | Net Amount | $ in millions | Hedging Designation | Gross Fair Value as presented in the Condensed Consolidated Balance Sheets | Financial Instruments with Same Counterparty in Offsetting Position | Cash Collateral | Net Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term derivative positions (presented in Other current assets) | Short-term derivative positions (presented in Other current assets) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forward power contracts | Cash Flow | $ | 0.9 | $ | -0.9 | $ | - | $ | - | Forward power contracts | Cash Flow | $ | 0.5 | $ | -0.2 | $ | - | $ | 0.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Forward power contracts | MTM | 6.3 | -5.4 | - | 0.9 | Forward power contracts | MTM | 4.9 | -4.2 | - | 0.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Heating oil | MTM | - | - | - | - | FTRs | MTM | 0.2 | - | - | 0.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Heating oil futures | MTM | 0.2 | - | -0.2 | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term derivative positions (presented in Other deferred assets) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forward power contracts | Cash Flow | 0.7 | -0.6 | -0.1 | - | Long-term derivative positions (presented in Other deferred assets) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forward power contracts | MTM | 3.3 | -2.5 | - | 0.8 | Forward power contracts | Cash Flow | 3.0 | - | -3 | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 11.2 | $ | -9.4 | $ | -0.1 | $ | 1.7 | Forward power contracts | MTM | 5.0 | -0.3 | - | 4.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 13.8 | $ | -4.7 | $ | -3.2 | $ | 5.9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term derivative positions (presented in Other current liabilities) | Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forward power contracts | Cash Flow | $ | 12.0 | $ | -0.9 | $ | -9.8 | $ | 1.3 | Short-term derivative positions (presented in Other current liabilities) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forward power contracts | MTM | 10.2 | -5.4 | -2.8 | 2.0 | Forward power contracts | Cash Flow | $ | 2.7 | $ | -0.2 | $ | -2.3 | $ | 0.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Heating oil | MTM | 0.1 | - | -0.1 | - | Forward power contracts | MTM | 6.6 | -4.2 | -2.3 | 0.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FTRs | MTM | 1.0 | - | - | 1.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term derivative positions (presented in Other deferred liabilities) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term derivative positions (presented in Other deferred liabilities) | Forward power contracts | MTM | 1.3 | -0.3 | -1 | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forward power contracts | Cash Flow | 1.3 | -0.6 | -0.7 | - | Total liabilities | $ | 10.6 | $ | -4.7 | $ | -5.6 | $ | 0.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forward power contracts | MTM | 3.4 | -2.6 | -0.7 | 0.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | $ | 28.0 | $ | -9.5 | $ | -14.1 | $ | 4.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DP&L [Member] | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Notional Amounts of Outstanding Derivative Positions | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commodity | Accounting Treatment | Unit | Purchases | Sales | Net Purchases/ (Sales) | Commodity | Accounting Treatment | Unit | Purchases | Sales | Net Purchases/ (Sales) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | (in thousands) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FTRs | Mark to Market | MWh | 17.4 | - | 17.4 | FTRs | Mark to Market | MWh | 7.1 | - | 7.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Heating oil futures | Mark to Market | Gallons | 672.0 | - | 672.0 | Heating oil futures | Mark to Market | Gallons | 1,428.0 | - | 1,428.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forward power contracts | Cash Flow Hedge | MWh | 40.7 | -3,543.00 | -3,502.30 | Forward power contracts | Cash Flow Hedge | MWh | 140.4 | -4,705.70 | -4,565.30 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forward power contracts | Mark to Market | MWh | 2,320.0 | -3,463.50 | -1,143.50 | Forward power contracts | Mark to Market | MWh | 3,172.4 | -2,888.50 | 283.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gains or Losses Recognized in AOCI for the Cash Flow Hedges | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three months ended | Three months ended | Nine months ended | Nine months ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
30-Sep-14 | 30-Sep-13 | 30-Sep-14 | 30-Sep-13 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest | Interest | Interest | Interest | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ in millions (net of tax) | Power | Rate Hedge | Power | Rate Hedge | $ in millions (net of tax) | Power | Rate Hedge | Power | Rate Hedge | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning accumulated derivative gain / (loss) in AOCI | $ | -14 | $ | 4.6 | $ | -1.9 | $ | 6.1 | Beginning accumulated derivative gain / (loss) in AOCI | $ | 1.0 | $ | 5.2 | $ | -4.7 | $ | 7.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net gains / (losses) associated with current period hedging transactions | 1.4 | - | -0.3 | - | Net losses associated with current period hedging transactions | -26.3 | - | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net gains / (losses) reclassified to earnings | Net gains / (losses) reclassified to earnings | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest expense | - | -0.2 | - | -0.6 | Interest expense | - | -0.8 | - | -1.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | 3.2 | - | 0.3 | - | Revenues | 16.6 | - | 1.4 | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchased power | 0.2 | - | 1.3 | - | Purchased power | -0.5 | - | 2.7 | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending accumulated derivative gain / (loss) in AOCI | $ | -9.2 | $ | 4.4 | $ | -0.6 | $ | 5.5 | Ending accumulated derivative gain / (loss) in AOCI | $ | -9.2 | $ | 4.4 | $ | -0.6 | $ | 5.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portion expected to be reclassified to earnings in the next twelve months (a) | $ | -7.2 | $ | -1.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maximum length of time that we are hedging our exposure to variability in future cash flows related to forecasted transactions (in months) | 27 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
For the three months ended September 30, 2014 | For the three months ended September 30, 2013 | For the nine months ended September 30, 2014 | For the nine months ended September 30, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ in millions | Heating Oil | FTRs | Power | Total | $ in millions | Heating Oil | FTRs | Power | Total | $ in millions | Heating Oil | FTRs | Power | Total | $ in millions | Heating Oil | FTRs | Power | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in unrealized gain / (loss) | $ | -0.2 | $ | 0.3 | $ | -2.7 | $ | -2.6 | Change in unrealized gain / (loss) | $ | 0.1 | $ | 1.3 | $ | -0.1 | $ | 1.3 | Change in unrealized loss | $ | -0.3 | $ | -1.2 | $ | -5.7 | $ | -7.2 | Change in unrealized gain / (loss) | $ | -0.2 | $ | 0.4 | $ | 8.9 | $ | 9.1 | ||||||||||||||||||||||||||||||||||||
Realized gain / (loss) | - | 0.1 | -2.1 | -2 | Realized gain / (loss) | 0.1 | - | -0.8 | -0.7 | Realized gain / (loss) | 0.1 | 0.7 | -3 | -2.2 | Realized gain | - | 1.2 | 1.1 | 2.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | -0.2 | $ | 0.4 | $ | -4.8 | $ | -4.6 | Total | $ | 0.2 | $ | 1.3 | $ | -0.9 | $ | 0.6 | Total | $ | -0.2 | $ | -0.5 | $ | -8.7 | $ | -9.4 | Total | $ | -0.2 | $ | 1.6 | $ | 10.0 | $ | 11.4 | ||||||||||||||||||||||||||||||||||||
Recorded on Balance Sheet: | Recorded in Income Statement: gain / (loss) | Recorded on Balance Sheet: | Recorded on Balance Sheet: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory asset | $ | -0.1 | $ | - | $ | - | $ | -0.1 | Revenues | $ | - | $ | - | $ | 0.1 | $ | 0.1 | Regulatory asset | $ | -0.1 | $ | - | $ | - | $ | -0.1 | Regulatory asset | $ | -0.1 | $ | - | $ | - | $ | -0.1 | ||||||||||||||||||||||||||||||||||||
Purchased power | - | 1.3 | -1 | 0.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recorded in Income Statement: gain / (loss) | Fuel | 0.1 | - | - | 0.1 | Recorded in Income Statement: gain / (loss) | Recorded in Income Statement: gain / (loss) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | - | - | -0.3 | -0.3 | O&M | 0.1 | - | - | 0.1 | Revenues | - | - | 1.0 | 1.0 | Revenues | - | - | 0.2 | 0.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchased power | - | 0.4 | -4.5 | -4.1 | Total | $ | 0.2 | $ | 1.3 | $ | -0.9 | $ | 0.6 | Purchased power | - | -0.5 | -9.7 | -10.2 | Purchased power | - | 1.6 | 9.8 | 11.4 | ||||||||||||||||||||||||||||||||||||||||||||||||
Fuel | -0.1 | - | - | -0.1 | Fuel | -0.1 | - | - | -0.1 | Fuel | -0.1 | - | - | -0.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | -0.2 | $ | 0.4 | $ | -4.8 | $ | -4.6 | Total | $ | -0.2 | $ | -0.5 | $ | -8.7 | $ | -9.4 | Total | $ | -0.2 | $ | 1.6 | $ | 10.0 | $ | 11.4 | |||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | ' | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Values of Derivative Instruments | Fair Values of Derivative Instruments | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
at September 30, 2014 | at December 31, 2013 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Amounts Not Offset in the Condensed Balance Sheets | Gross Amounts Not Offset in the Condensed Balance Sheets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ in millions | Hedging Designation | Gross Fair Value as presented in the Condensed Balance Sheets | Financial Instruments with Same Counterparty in Offsetting Position | Cash Collateral | Net Amount | $ in millions | Hedging Designation | Gross Fair Value as presented in the Condensed Balance Sheets | Financial Instruments with Same Counterparty in Offsetting Position | Cash Collateral | Net Amount | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | Assets | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term derivative positions (presented in Other current assets) | Short-term derivative positions (presented in Other current assets) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forward power contracts | Cash Flow | $ | 0.9 | $ | -0.9 | $ | - | $ | - | Forward power contracts | Cash Flow | $ | 0.5 | $ | -0.2 | $ | - | $ | 0.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Forward power contracts | MTM | 6.5 | -5.4 | - | 1.1 | Forward power contracts | MTM | 4.9 | -4.2 | - | 0.7 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Heating oil futures | MTM | - | - | - | - | FTRs | MTM | 0.2 | 0.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Heating oil futures | MTM | 0.2 | - | -0.2 | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term derivative positions (presented in Other deferred assets) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forward power contracts | Cash Flow | 0.7 | -0.6 | -0.1 | - | Long-term derivative positions (presented in Other deferred assets) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forward power contracts | MTM | 3.6 | -2.6 | - | 1.0 | Forward power contracts | Cash Flow | 3.0 | - | -3 | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 11.7 | $ | -9.5 | $ | -0.1 | $ | 2.1 | Forward power contracts | MTM | 5.0 | -0.3 | - | 4.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 13.8 | $ | -4.7 | $ | -3.2 | $ | 5.9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term derivative positions (presented in Other current liabilities) | Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forward power contracts | Cash Flow | $ | 12.0 | $ | -0.9 | $ | -9.8 | $ | 1.3 | Short-term derivative positions (presented in Other current liabilities) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forward power contracts | MTM | 10.2 | -5.4 | -2.8 | 2.0 | Forward power contracts | Cash Flow | $ | 2.7 | $ | -0.2 | $ | -2.3 | $ | 0.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Heating oil futures | MTM | 0.1 | - | -0.1 | - | Forward power contracts | MTM | 6.6 | -4.2 | -2.3 | 0.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FTRs | MTM | 1.0 | - | - | 1.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term derivative positions (presented in Other deferred liabilities) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term derivative positions (presented in Other deferred liabilities) | Forward power contracts | MTM | 1.3 | -0.3 | -1 | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forward power contracts | Cash Flow | 1.3 | -0.6 | -0.7 | - | Total liabilities | $ | 10.6 | $ | -4.7 | $ | -5.6 | $ | 0.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forward power contracts | MTM | 3.4 | -2.6 | -0.7 | 0.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | $ | 28.0 | $ | -9.5 | $ | -14.1 | $ | 4.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business_Segments_Tables
Business Segments (Tables) | 3 Months Ended | 9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segments [Abstract] | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Reporting for Reportable Business Segments | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ in millions | Utility | Competitive Retail | Other | Adjustments and Eliminations | DPL Consolidated | $ in millions | Utility | Competitive Retail | Other | Adjustments and Eliminations | DPL Consolidated | $ in millions | Utility | Competitive Retail | Other | Adjustments and Eliminations | DPL Consolidated | $ in millions | Utility | Competitive Retail | Other | Adjustments and Eliminations | DPL Consolidated | |||||||||||||||||||||||||||||||||||||||||
For the three months ended September 30, 2014 | For the three months ended September 30, 2013 | For the nine months ended September 30, 2014 | For the nine months ended September 30, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues from external customers | $ | 329.3 | $ | 141.3 | $ | 8.6 | $ | - | $ | 479.2 | Revenues from external customers | $ | 289.3 | $ | 139.7 | $ | 12.2 | $ | - | $ | 441.2 | Revenues from external customers | $ | 875.9 | $ | 414.9 | $ | 38.8 | $ | - | $ | 1,329.6 | Revenues from external customers | $ | 805.5 | $ | 381.9 | $ | 23.3 | $ | - | $ | 1,210.7 | |||||||||||||||||||||
Intersegment revenues | 125.6 | - | 3.0 | -128.6 | - | Intersegment revenues | 123.8 | - | 1.0 | -124.8 | - | Intersegment revenues | 376.6 | - | 4.1 | -380.7 | - | Intersegment revenues | 336.0 | - | 3.0 | -339 | - | |||||||||||||||||||||||||||||||||||||||||
Total revenues | 454.9 | 141.3 | 11.6 | -128.6 | 479.2 | Total revenues | 413.1 | 139.7 | 13.2 | -124.8 | 441.2 | Total revenues | 1,252.5 | 414.9 | 42.9 | -380.7 | 1,329.6 | Total revenues | 1,141.5 | 381.9 | 26.3 | -339 | 1,210.7 | |||||||||||||||||||||||||||||||||||||||||
Fuel | 84.5 | - | 0.6 | - | 85.1 | Fuel | 96.7 | - | 2.9 | 0.1 | 99.7 | Fuel | 227.4 | - | 8.5 | - | 235.9 | Fuel | 269.6 | - | 4.2 | 0.2 | 274.0 | |||||||||||||||||||||||||||||||||||||||||
Purchased power | 152.4 | 128.7 | 0.4 | -127.8 | 153.7 | Purchased power | 110.4 | 125.6 | 0.9 | -123.8 | 113.1 | Purchased power | 457.3 | 380.0 | 7.1 | -378.2 | 466.2 | Purchased power | 276.7 | 340.8 | 1.5 | -336.4 | 282.6 | |||||||||||||||||||||||||||||||||||||||||
Amortization of intangibles | - | - | 0.3 | - | 0.3 | Amortization of intangibles | - | - | 1.8 | - | 1.8 | Amortization of intangibles | - | - | 0.9 | - | 0.9 | Amortization of intangibles | - | - | 5.3 | - | 5.3 | |||||||||||||||||||||||||||||||||||||||||
Gross margin | $ | 218.0 | $ | 12.6 | $ | 10.3 | $ | -0.8 | $ | 240.1 | Gross margin | $ | 206.0 | $ | 14.1 | $ | 7.6 | $ | -1.1 | $ | 226.6 | Gross margin | $ | 567.8 | $ | 34.9 | $ | 26.4 | $ | -2.5 | $ | 626.6 | Gross margin | $ | 595.2 | $ | 41.1 | $ | 15.3 | $ | -2.8 | $ | 648.8 | |||||||||||||||||||||
Depreciation and amortization | $ | 36.4 | $ | 0.3 | $ | -2.2 | $ | - | $ | 34.5 | Depreciation and amortization | $ | 35.8 | $ | 0.1 | $ | -2 | $ | - | $ | 33.9 | Depreciation and amortization | $ | 108.2 | $ | 0.6 | $ | -5.1 | $ | - | $ | 103.7 | Depreciation and amortization | $ | 104.5 | $ | 0.4 | $ | -5.9 | $ | - | $ | 99.0 | |||||||||||||||||||||
Interest expense | 9.4 | 0.1 | 23.8 | -0.2 | 33.1 | Interest expense | 10.4 | 0.1 | 20.6 | -0.1 | 31.0 | Goodwill impairment | - | - | 135.8 | - | 135.8 | Interest expense | 29.7 | 0.4 | 61.5 | -0.5 | 91.1 | |||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | 13.1 | 1.5 | -55.6 | - | -41 | Income tax expense (benefit) | 13.2 | 1.4 | -3.3 | - | 11.3 | Fixed-asset impairment | - | - | 11.5 | - | 11.5 | Income tax expense (benefit) | 29.2 | 4.3 | -12.7 | - | 20.8 | |||||||||||||||||||||||||||||||||||||||||
Net income / (loss) | 53.2 | 3.0 | 42.2 | - | 98.4 | Net income / (loss) | 40.9 | 2.5 | -10.2 | - | 33.2 | Interest expense | 25.5 | 0.3 | 70.5 | -0.5 | 95.8 | Net income / (loss) | 101.4 | 7.7 | -33.1 | - | 76.0 | |||||||||||||||||||||||||||||||||||||||||
Income tax expense (benefit) | 23.1 | 2.1 | 4.5 | - | 29.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash capital expenditures | $ | 25.6 | $ | 0.5 | $ | 0.3 | $ | - | $ | 26.4 | Cash capital expenditures | $ | 28.3 | $ | - | $ | 1.0 | $ | - | $ | 29.3 | Net income / (loss) | 76.5 | 4.2 | -197.5 | - | -116.8 | Cash capital expenditures | $ | 95.1 | $ | - | $ | 1.4 | $ | - | $ | 96.5 | ||||||||||||||||||||||||||
Cash capital expenditures | $ | 78.6 | $ | 0.5 | $ | 2.5 | $ | - | $ | 81.6 | At December 31, 2013 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 3,313.1 | $ | 105.0 | $ | 1,675.8 | $ | -1,372.40 | $ | 3,721.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
At September 30, 2014 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 3,245.3 | $ | 100.3 | $ | 1,536.9 | $ | -1,339.90 | $ | 3,542.6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2014 | |
sqmi | |
employee | |
Service Area Square Miles | 6,000 |
Approximate number of retail customers | 515,000 |
Electric generation through competitive bid | 10.00% |
Approximate number of DPLER customers | 274,000 |
Entity number of employees | 1,197 |
Number of coal fired power plants | 7 |
Employees under a collective bargaining agreement which expires in October-2011 | 61.00% |
DP&L [Member] | ' |
Service Area Square Miles | 6,000 |
Approximate number of retail customers | 515,000 |
Entity number of employees | 1,142 |
Employees under a collective bargaining agreement which expires in October-2011 | 63.00% |
Year 2014 [Member] | DP&L [Member] | ' |
Electric generation through competitive bid | 10.00% |
Year 2015 [Member] | ' |
Electric generation through competitive bid | 60.00% |
Year 2015 [Member] | DP&L [Member] | ' |
Electric generation through competitive bid | 60.00% |
Year 2016 [Member] | ' |
Electric generation through competitive bid | 100.00% |
Year 2016 [Member] | DP&L [Member] | ' |
Electric generation through competitive bid | 100.00% |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Excise Taxes Levied by State or Local Governments) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
State/Local excise taxes | $12.50 | $13 | $38.50 | $38 |
DP&L [Member] | ' | ' | ' | ' |
State/Local excise taxes | $12.50 | $13 | $38.50 | $38 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Related Party Transactions) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Charges for services provided | $5.50 | ' | $27.80 | ' | ' |
Charges to the Service Company | 0.2 | ' | 0.2 | ' | ' |
Net Prepaid/Payables to the Service Company | 9.4 | ' | 9.4 | ' | ' |
DP&L [Member] | ' | ' | ' | ' | ' |
Charges for services provided | 9 | ' | 28.1 | ' | ' |
Premiums paid for insurance services provided by MVIC | -0.7 | -0.7 | -2.1 | -2.2 | ' |
Expense recoveries for services provided to DPLER | 0.5 | 1.3 | 1.6 | 3.8 | ' |
Deposits received from DPLER | 20.1 | ' | 20.1 | ' | 19.2 |
DPLER [Member] | ' | ' | ' | ' | ' |
Sales to related party | 125.6 | 123.8 | 376.6 | 336 | ' |
Service Company [Member] | ' | ' | ' | ' | ' |
Net Prepaid/Payables to the Service Company | $9.40 | ' | $9.40 | ' | ' |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies (Sale of Receivables) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
ComEd [Member] | ' | ' | ' | ' |
Proceeds from Sale of Other Receivables | $27.10 | $22.60 | $68.30 | $57.80 |
Duke Energy [Member] | ' | ' | ' | ' |
Proceeds from Sale of Other Receivables | $10.60 | $6.10 | $30.40 | $15.60 |
Summary_of_Signficant_Accounti
Summary of Signficant Accounting Policies (Accounting for Taxes Collected from Customers and Remitted to Governmental Authorities) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Excise Taxes Collected | $12.50 | $13 | $38.50 | $38 |
DP&L [Member] | ' | ' | ' | ' |
Excise Taxes Collected | $12.50 | $13 | $38.50 | $38 |
Supplemental_Financial_Informa2
Supplemental Financial Information (Supplemental Financial Information) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Unbilled revenue | $65.70 | $77.80 |
Customer receivables | 112.9 | 102.7 |
Amounts due from partners in jointly owned stations | 10.4 | 15.8 |
Other | 3 | 8.2 |
Provision for uncollectible accounts | -1.3 | -1.2 |
Total accounts receivable, net | 190.7 | 203.3 |
Fuel and Limestone | 48.5 | 42.7 |
Plant materials and supplies | 36.2 | 38.2 |
Other | 1.7 | 1.8 |
Total inventories, at average cost | 86.4 | 82.7 |
DP&L [Member] | ' | ' |
Unbilled revenue | 36 | 47.2 |
Customer receivables | 70.3 | 58.2 |
Amounts due from partners in jointly owned stations | 10.4 | 15.8 |
Other | 27 | 27.2 |
Provision for uncollectible accounts | -0.9 | -0.9 |
Total accounts receivable, net | 142.8 | 147.5 |
Fuel and Limestone | 48.5 | 42.9 |
Plant materials and supplies | 35 | 37 |
Other | 1.7 | 1.8 |
Total inventories, at average cost | $85.20 | $81.70 |
Supplemental_Financial_Informa3
Supplemental Financial Information (Accumulated Other Comprehensive Income) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | |||||||||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2012 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 |
DP&L [Member] | DP&L [Member] | DP&L [Member] | DP&L [Member] | DP&L [Member] | Available-for-sale Securities [Member] | Available-for-sale Securities [Member] | Available-for-sale Securities [Member] | Available-for-sale Securities [Member] | Derivative [Member] | Derivative [Member] | Derivative [Member] | Derivative [Member] | Other Pension Plan, Defined Benefit [Member] | Other Pension Plan, Defined Benefit [Member] | Other Pension Plan, Defined Benefit [Member] | Other Pension Plan, Defined Benefit [Member] | ||||||
DP&L [Member] | DP&L [Member] | DP&L [Member] | DP&L [Member] | DP&L [Member] | DP&L [Member] | |||||||||||||||||
Total Reclassifications out of AOCI | $3.60 | $1.70 | $14.60 | $4.70 | ' | $4.10 | $2.30 | $17.80 | $6.40 | ' | $0.40 | ' | $0.40 | ' | $14.20 | ' | $15.30 | ' | ' | ' | $2.10 | ' |
Total Adjustments to AOCI | ' | ' | -24.4 | ' | ' | ' | ' | -26.9 | ' | ' | -0.6 | ' | -0.6 | ' | -23.8 | ' | -26.3 | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | 4.4 | 8.1 | -9.8 | 22.1 | ' | ' | ' | -9.1 | ' | ' | -0.2 | ' | -0.2 | ' | -9.6 | ' | -11 | ' | ' | ' | 2.1 | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | $14.80 | ' | $14.80 | ' | $24.60 | ($35.80) | ' | ($35.80) | ' | ($26.70) | $0.40 | $0.60 | $0.60 | $0.80 | $11 | $20.60 | ($4.80) | $6.20 | $3.40 | $3.40 | ($31.60) | ($33.70) |
Supplemental_Financial_Informa4
Supplemental Financial Information (Reclassification out of ACOI) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Tax | ($0.10) | ($0.20) | ($0.70) | ($0.20) |
Reclassification to earnings of available-for-sale securities, net of income tax expense/(benefit) | -0.2 | -0.4 | -0.4 | -1.4 |
Income tax (expense)/benefit on reclassification of earnings related to derivative activity | -1.5 | -0.8 | -7.4 | -2.1 |
Reclassification of earnings of Cash Flow Hedge | -3.4 | -1.3 | -14.2 | -3 |
Other Comprehensive Income (Loss), Net of Tax | 4.4 | 8.1 | -9.8 | 22.1 |
Other Comprehensive Income (Loss),Net Gain (Loss) Reclassification | ' | ' | ' | -0.3 |
Income tax (expense)/benefit on reclassification of earnings related to pension and postretirement activity | ' | ' | ' | 0.3 |
Reclassification to earnings of Pension | ' | ' | ' | -0.3 |
Total Reclassifications out of AOCI | 3.6 | 1.7 | 14.6 | 4.7 |
Available-for-sale Securities [Member] | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Tax | -0.1 | -0.2 | -0.2 | -0.7 |
Reclassification to earnings of available-for-sale securities, net of income tax expense/(benefit) | 0.2 | 0.4 | 0.4 | 1.4 |
Other Comprehensive Income (Loss), Net of Tax | ' | ' | -0.2 | ' |
Total Reclassifications out of AOCI | ' | ' | 0.4 | ' |
Derivative [Member] | ' | ' | ' | ' |
Other Comprehensive Income (Loss) - Cash Flow Hedge Reclassfications | 4.9 | 2.1 | 21.6 | 5.1 |
Income tax (expense)/benefit on reclassification of earnings related to derivative activity | -1.5 | -0.8 | -7.4 | -2.1 |
Reclassification of earnings of Cash Flow Hedge | 3.4 | 1.3 | 14.2 | 3 |
Other Comprehensive Income (Loss), Net of Tax | ' | ' | -9.6 | ' |
Total Reclassifications out of AOCI | ' | ' | 14.2 | ' |
Other Pension Plan, Defined Benefit [Member] | ' | ' | ' | ' |
Other Comprehensive Income (Loss),Net Gain (Loss) Reclassification | ' | ' | ' | 0.3 |
Income tax (expense)/benefit on reclassification of earnings related to pension and postretirement activity | ' | ' | ' | 0.3 |
Reclassification to earnings of Pension | ' | ' | ' | 0.3 |
Other Income [Member] | Available-for-sale Securities [Member] | ' | ' | ' | ' |
Other Comprehensive Income (Loss) - Financial Instruments Reclassfication | 0.3 | 0.6 | 0.6 | 2.1 |
Interest Expense [Member] | Derivative [Member] | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | -0.3 | ' | -1 | ' |
Revenue [Member] | Derivative [Member] | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | 4.9 | 0.5 | 23.4 | 2.2 |
Purchased Power [Member] | Derivative [Member] | ' | ' | ' | ' |
Other Comprehensive Income (Loss) - Cash Flow Hedge Reclassfications | 0.3 | 1.6 | -0.8 | 2.9 |
DP&L [Member] | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Tax | -0.1 | -0.2 | -0.2 | -0.7 |
Reclassification to earnings of available-for-sale securities, net of income tax expense/(benefit) | 0.2 | 0.4 | 0.4 | 1.4 |
Income tax (expense)/benefit on reclassification of earnings related to derivative activity | -1.9 | -0.8 | -6.7 | -2.2 |
Reclassification of earnings of Cash Flow Hedge | 3.2 | 1 | 15.3 | 2.3 |
Other Comprehensive Income (Loss), Net of Tax | ' | ' | -9.1 | ' |
Other Comprehensive Income (Loss) - Pension Reclassifications | 1 | 1.4 | 3.1 | 4.2 |
Other Comprehensive Income (Loss),Net Gain (Loss) Reclassification | 0.7 | 0.9 | 2.1 | 2.7 |
Income tax (expense)/benefit on reclassification of earnings related to pension and postretirement activity | -0.3 | -0.5 | -1 | -1.5 |
Reclassification to earnings of Pension | 0.7 | 0.9 | 2.1 | 2.7 |
Total Reclassifications out of AOCI | 4.1 | 2.3 | 17.8 | 6.4 |
DP&L [Member] | Available-for-sale Securities [Member] | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | ' | ' | -0.2 | ' |
Total Reclassifications out of AOCI | ' | ' | 0.4 | ' |
DP&L [Member] | Derivative [Member] | ' | ' | ' | ' |
Other Comprehensive Income (Loss) - Cash Flow Hedge Reclassfications | 5.1 | 1.8 | 22 | 4.5 |
Other Comprehensive Income (Loss), Net of Tax | ' | ' | -11 | ' |
Total Reclassifications out of AOCI | ' | ' | 15.3 | ' |
DP&L [Member] | Other Pension Plan, Defined Benefit [Member] | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Net of Tax | ' | ' | 2.1 | ' |
Total Reclassifications out of AOCI | ' | ' | 2.1 | ' |
DP&L [Member] | Other Income [Member] | Available-for-sale Securities [Member] | ' | ' | ' | ' |
Other Comprehensive Income (Loss) - Financial Instruments Reclassfication | 0.3 | 0.6 | 0.6 | 2.1 |
DP&L [Member] | Interest Expense [Member] | Derivative [Member] | ' | ' | ' | ' |
Other Comprehensive Income (Loss) - Cash Flow Hedge Reclassfications | -0.2 | -0.6 | -0.8 | -1.8 |
DP&L [Member] | Revenue [Member] | Derivative [Member] | ' | ' | ' | ' |
Other Comprehensive Income (Loss) - Cash Flow Hedge Reclassfications | 4.9 | 0.4 | 23.4 | 2.1 |
DP&L [Member] | Purchased Power [Member] | Derivative [Member] | ' | ' | ' | ' |
Other Comprehensive Income (Loss) - Cash Flow Hedge Reclassfications | $0.40 | $2 | ($0.60) | $4.20 |
Regulatory_Matters_Narrative_D
Regulatory Matters (Narrative) (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Storm Damage Provision | $2.60 | ' |
Deferred Storm Costs [Member] | ' | ' |
Storm Damage Provision | 22.3 | 25.6 |
DP&L [Member] | ' | ' |
Storm Damage Provision | 2.6 | ' |
DP&L [Member] | Deferred Storm Costs [Member] | ' | ' |
Storm Damage Provision | $22.30 | $25.60 |
Regulatory_Matters_Schedule_of
Regulatory Matters (Schedule of Regulatory Assets and Liabilities) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Regulatory Matters [Abstract] | ' | ' |
Total current regulatory assets | $30 | $20.80 |
Total non-current regulatory assets | 147.8 | 159.7 |
Total current regulatory liabilities | 10 | ' |
Total non-current regulatory liabilities | $123.70 | $121.10 |
Ownership_of_Coalfired_Facilit2
Ownership of Coal-fired Facilities (Narrative) (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
Construction work in process | $19 |
Impairment of Long-Lived Assets Held-for-use | 11.5 |
DP&L [Member] | ' |
Construction work in process | $19 |
Number Of Generating Facilities | 7 |
Ownership_of_Coalfired_Facilit3
Ownership of Coal-fired Facilities (Ownership Interests) (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 |
MW | |
Construction Work in Process | 19 |
East Bend Station [Member] | ' |
Production Capacity (MW) | 186 |
DP&L [Member] | ' |
Construction Work in Process | 19 |
DP&L [Member] | Beckjord Unit 6 [Member] | ' |
Ownership (%) | 50.00% |
DP&L Share [Member] | Beckjord Unit 6 [Member] | ' |
Ownership (%) | 50.00% |
Production Capacity (MW) | 207 |
DP&L Share [Member] | Conesville Unit 4 [Member] | ' |
Ownership (%) | 16.50% |
Production Capacity (MW) | 129 |
DP&L Share [Member] | East Bend Station [Member] | ' |
Ownership (%) | 31.00% |
Production Capacity (MW) | 186 |
DP&L Share [Member] | Killen Station [Member] | ' |
Ownership (%) | 67.00% |
Production Capacity (MW) | 402 |
DP&L Share [Member] | Miami Fort Units 7 and 8 [Member] | ' |
Ownership (%) | 36.00% |
Production Capacity (MW) | 368 |
DP&L Share [Member] | Stuart Station [Member] | ' |
Ownership (%) | 35.00% |
Production Capacity (MW) | 808 |
DP&L Share [Member] | Zimmer Station [Member] | ' |
Ownership (%) | 28.10% |
Production Capacity (MW) | 365 |
DP&L Share [Member] | Total Jointly-owned Stations [Member] | ' |
Production Capacity (MW) | 2,465 |
DP&L Share [Member] | DP&L [Member] | Beckjord Unit 6 [Member] | ' |
Ownership (%) | 50.00% |
Production Capacity (MW) | 207 |
DP&L Share [Member] | DP&L [Member] | Conesville Unit 4 [Member] | ' |
Ownership (%) | 16.50% |
Production Capacity (MW) | 129 |
DP&L Share [Member] | DP&L [Member] | East Bend Station [Member] | ' |
Ownership (%) | 31.00% |
Production Capacity (MW) | 186 |
DP&L Share [Member] | DP&L [Member] | Killen Station [Member] | ' |
Ownership (%) | 67.00% |
Production Capacity (MW) | 402 |
DP&L Share [Member] | DP&L [Member] | Miami Fort Units 7 and 8 [Member] | ' |
Ownership (%) | 36.00% |
Production Capacity (MW) | 368 |
DP&L Share [Member] | DP&L [Member] | Stuart Station [Member] | ' |
Ownership (%) | 35.00% |
Production Capacity (MW) | 808 |
DP&L Share [Member] | DP&L [Member] | Zimmer Station [Member] | ' |
Ownership (%) | 28.10% |
Production Capacity (MW) | 365 |
DP&L Share [Member] | DP&L [Member] | Total Jointly-owned Stations [Member] | ' |
Production Capacity (MW) | 2,465 |
DP&L Investment [Member] | Beckjord Unit 6 [Member] | ' |
Gross Plant In Service | 2 |
Accumulated Depreciation | 1 |
SCR and FGD Equipment Installed and In Service | 'No |
DP&L Investment [Member] | Conesville Unit 4 [Member] | ' |
Gross Plant In Service | 24 |
Accumulated Depreciation | 1 |
SCR and FGD Equipment Installed and In Service | 'Yes |
DP&L Investment [Member] | East Bend Station [Member] | ' |
SCR and FGD Equipment Installed and In Service | 'Yes |
DP&L Investment [Member] | Killen Station [Member] | ' |
Gross Plant In Service | 309 |
Accumulated Depreciation | 17 |
Construction Work in Process | 2 |
SCR and FGD Equipment Installed and In Service | 'Yes |
DP&L Investment [Member] | Miami Fort Units 7 and 8 [Member] | ' |
Gross Plant In Service | 213 |
Accumulated Depreciation | 21 |
Construction Work in Process | 1 |
SCR and FGD Equipment Installed and In Service | 'Yes |
DP&L Investment [Member] | Stuart Station [Member] | ' |
Gross Plant In Service | 213 |
Accumulated Depreciation | 15 |
Construction Work in Process | 12 |
SCR and FGD Equipment Installed and In Service | 'Yes |
DP&L Investment [Member] | Zimmer Station [Member] | ' |
Gross Plant In Service | 181 |
Accumulated Depreciation | 33 |
Construction Work in Process | 4 |
SCR and FGD Equipment Installed and In Service | 'Yes |
DP&L Investment [Member] | Total Jointly-owned Stations [Member] | ' |
Gross Plant In Service | 984 |
Accumulated Depreciation | 93 |
Construction Work in Process | 19 |
DP&L Investment [Member] | Transmission (At Varying Percentages) [Member] | ' |
Gross Plant In Service | 42 |
Accumulated Depreciation | 5 |
DP&L Investment [Member] | DP&L [Member] | Beckjord Unit 6 [Member] | ' |
Gross Plant In Service | 76 |
Accumulated Depreciation | 74 |
SCR and FGD Equipment Installed and In Service | 'No |
DP&L Investment [Member] | DP&L [Member] | Conesville Unit 4 [Member] | ' |
Gross Plant In Service | 22 |
Accumulated Depreciation | 3 |
SCR and FGD Equipment Installed and In Service | 'Yes |
DP&L Investment [Member] | DP&L [Member] | East Bend Station [Member] | ' |
Gross Plant In Service | 2 |
Accumulated Depreciation | 1 |
SCR and FGD Equipment Installed and In Service | 'Yes |
DP&L Investment [Member] | DP&L [Member] | Killen Station [Member] | ' |
Gross Plant In Service | 624 |
Accumulated Depreciation | 311 |
Construction Work in Process | 2 |
SCR and FGD Equipment Installed and In Service | 'Yes |
DP&L Investment [Member] | DP&L [Member] | Miami Fort Units 7 and 8 [Member] | ' |
Gross Plant In Service | 361 |
Accumulated Depreciation | 159 |
Construction Work in Process | 1 |
SCR and FGD Equipment Installed and In Service | 'Yes |
DP&L Investment [Member] | DP&L [Member] | Stuart Station [Member] | ' |
Gross Plant In Service | 751 |
Accumulated Depreciation | 319 |
Construction Work in Process | 12 |
SCR and FGD Equipment Installed and In Service | 'Yes |
DP&L Investment [Member] | DP&L [Member] | Zimmer Station [Member] | ' |
Gross Plant In Service | 1,100 |
Accumulated Depreciation | 670 |
Construction Work in Process | 4 |
SCR and FGD Equipment Installed and In Service | 'Yes |
DP&L Investment [Member] | DP&L [Member] | Total Jointly-owned Stations [Member] | ' |
Gross Plant In Service | 3,034 |
Accumulated Depreciation | 1,599 |
Construction Work in Process | 19 |
DP&L Investment [Member] | DP&L [Member] | Transmission (At Varying Percentages) [Member] | ' |
Gross Plant In Service | 98 |
Accumulated Depreciation | 62 |
Debt_Obligations_Narrative_Det
Debt Obligations (Narrative) (Details) (USD $) | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 4 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||||||||||||||||||
Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Oct. 20, 2014 | Sep. 30, 2014 | Oct. 06, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Sep. 30, 2014 | 10-May-13 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 06, 2014 | Oct. 06, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | |
DP&L [Member] | DP&L [Member] | DP&L [Member] | DPL [Member] | DPL [Member] | Senior Unsecured notes maturing October 2019 at 6.75% [Member] | Senior Unsecured notes maturing October 2019 at 6.75% [Member] | U.S. Government note maturing in February 2061 - 4.20% [Member] | U.S. Government note maturing in February 2061 - 4.20% [Member] | U.S. Government note maturing in February 2061 - 4.20% [Member] | U.S. Government note maturing in February 2061 - 4.20% [Member] | Related Party Notes Payable [Member] | Revolving Credit Agreeement with Bank Group Expiring 2018 [Member] | Revolving Credit Agreeement with Bank Group Expiring 2018 [Member] | Revolving Credit Agreeement with Bank Group Expiring 2018 [Member] | Revolving Credit Agreeement with Bank Group Expiring 2018 [Member] | Senior Unsecured Notes at 6.50% maturing on October 15, 2016 [Member] | Senior Unsecured Notes at 6.50% maturing on October 15, 2016 [Member] | Senior Unsecured Notes at 6.50% maturing on October 15, 2016 [Member] | Senior Unsecured Notes at 6.50% maturing on October 15, 2016 [Member] | Ten Year Senior Unsecured Notes at 7.25% maturing at October 15, 2021 [Member] | Ten Year Senior Unsecured Notes at 7.25% maturing at October 15, 2021 [Member] | First Mortgage Bonds Maturing in September 2016 | First Mortgage Bonds Maturing in September 2016 | First Mortgage Bonds Maturing in September 2016 | First Mortgage Bonds Maturing in September 2016 | Note to DPL Capital Trust II Maturing in September 2031 - 8.125% [Member] | Note to DPL Capital Trust II Maturing in September 2031 - 8.125% [Member] | Note to DPL Capital Trust II Maturing in September 2031 - 8.125% [Member] | Pollution control series maturing in November 2040 - variable rates: 0.04% - 0.26% and 0.06% - 0.32% [Member] | Pollution control series maturing in November 2040 - variable rates: 0.04% - 0.26% and 0.06% - 0.32% [Member] | Pollution control series maturing in November 2040 - variable rates: 0.04% - 0.26% and 0.06% - 0.32% [Member] | Pollution control series maturing in November 2040 - variable rates: 0.04% - 0.26% and 0.06% - 0.32% [Member] | Bank Term Loan maturing in May 2018 [Member] | Bank Term Loan maturing in May 2018 [Member] | ||||
Cash on hand [Member] | Credit Facility [Member] | DPL [Member] | DPL [Member] | DP&L [Member] | DP&L [Member] | DP&L [Member] | DP&L [Member] | DPL [Member] | DPL [Member] | DPL [Member] | DP&L [Member] | DP&L [Member] | Subsequent Event [Member] | DP&L [Member] | DP&L [Member] | |||||||||||||||||||||||
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | Scenario, Forecast [Member] | Tender offer [Member] | ||||||||||||||||||||||||||||||||||
Subsequent Event [Member] | ||||||||||||||||||||||||||||||||||||||
Debt Instrument, Face Amount | ' | ' | ' | ' | ' | ' | $100,000,000 | ' | $200,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $280,000,000 | $300,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchase of Securities at Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' |
Additional principal amount of senior notes to be raised | 1,250,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 450,000,000 | ' | ' | ' | 800,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Maturity Date Range, End | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1-Feb-61 | ' | 1-Feb-61 | ' | ' | ' | ' | ' | ' | 1-Oct-16 | ' | ' | ' | 1-Oct-21 | ' | 1-Sep-16 | ' | 1-Sep-16 | ' | 1-Sep-31 | ' | ' | 1-Nov-40 | ' | 1-Nov-40 | ' | 1-May-18 | ' |
Notes Payable, Related Parties | ' | ' | ' | ' | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unsecured revolving credit agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 300,000,000 | 300,000,000 | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Withdrawals from revolving credit facilities | 115,000,000 | 50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase/decrease additional facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | 100,000,000 | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letter of credit sublimit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | 100,000,000 | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Letters of credit outstanding | ' | ' | ' | ' | ' | ' | ' | 2,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | 97,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 299,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -18,100,000 | -18,300,000 | 18,100,000 | 18,200,000 | ' | ' | ' | ' | ' | 330,000,000 | 430,000,000 | ' | ' | 780,000,000 | 780,000,000 | 445,000,000 | 445,000,000 | 445,000,000 | 445,000,000 | 19,700,000 | 19,600,000 | ' | 100,000,000 | 100,000,000 | 100,000,000 | 100,000,000 | 150,000,000 | 180,000,000 |
Premium Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,900,000 | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current portion - long-term debt | 110,100,000 | ' | 10,200,000 | 100,000 | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of debt | ' | ' | ' | ' | ' | ' | ' | $50,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $20,000,000 | ' | ' | ' | $20,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument interest percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.75% | 4.20% | ' | 4.20% | ' | 2.00% | ' | ' | ' | ' | 6.50% | ' | ' | ' | 7.25% | ' | 1.88% | ' | 1.88% | ' | 8.13% | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Obligations_Longterm_Debt
Debt Obligations (Long-term Debt) (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Total long-term debt at subsidary | $874.60 | $874.60 |
Unamortized debt discount | -0.5 | -0.7 |
Total long-term debt | 2,154.30 | 2,284.20 |
DP&L [Member] | ' | ' |
Unamortized debt discount | -0.5 | -0.7 |
Total long-term debt | 877 | 876.9 |
First Mortgage Bonds Maturing in October 2013 - 5.125% [Member] | ' | ' |
Debt instrument maturity year | 1-May-18 | ' |
Debt instrument interest percentage minimum | 2.41% | 2.42% |
Debt instrument interest percentage maximum | 2.42% | 2.45% |
First Mortgage Bonds Maturing in September 2016 | ' | ' |
Long-term debt, gross | 445 | 445 |
Debt instrument maturity year | 1-Sep-16 | ' |
Debt instrument interest percentage | 1.88% | ' |
First Mortgage Bonds Maturing in September 2016 | DP&L [Member] | ' | ' |
Long-term debt, gross | 445 | 445 |
Debt instrument maturity year | 1-Sep-16 | ' |
Debt instrument interest percentage | 1.88% | ' |
Pollution Control Series Maturing in January 2028 - 4.70% [Member] | ' | ' |
Long-term debt, gross | 36 | 36 |
Debt instrument maturity year | 1-Jan-28 | ' |
Debt instrument interest percentage | 4.70% | ' |
Pollution Control Series Maturing in January 2028 - 4.70% [Member] | DP&L [Member] | ' | ' |
Long-term debt, gross | 35.3 | 35.3 |
Debt instrument maturity year | 1-Jan-28 | ' |
Debt instrument interest percentage | 4.70% | ' |
Pollution Control Series Maturing in January 2034 - 4.80% [Member] | ' | ' |
Long-term debt, gross | 179.6 | 179.6 |
Debt instrument maturity year | 1-Jan-34 | ' |
Debt instrument interest percentage | 4.80% | ' |
Pollution Control Series Maturing in January 2034 - 4.80% [Member] | DP&L [Member] | ' | ' |
Long-term debt, gross | 179.1 | 179.1 |
Debt instrument maturity year | 1-Jan-34 | ' |
Debt instrument interest percentage | 4.80% | ' |
Pollution Control Series Maturing in September 2036 - 4.80% [Member] | ' | ' |
Long-term debt, gross | 96.4 | 96.4 |
Debt instrument maturity year | 1-Sep-36 | ' |
Debt instrument interest percentage | 4.80% | ' |
Pollution Control Series Maturing in September 2036 - 4.80% [Member] | DP&L [Member] | ' | ' |
Long-term debt, gross | 100 | 100 |
Debt instrument maturity year | 1-Sep-36 | ' |
Debt instrument interest percentage | 4.80% | ' |
Pollution control series maturing in November 2040 - variable rates: 0.04% - 0.26% and 0.06% - 0.32% [Member] | ' | ' |
Long-term debt, gross | 100 | 100 |
Debt instrument maturity year | 1-Nov-40 | ' |
Debt instrument interest percentage minimum | 0.04% | 0.05% |
Debt instrument interest percentage maximum | 0.15% | 0.24% |
Pollution control series maturing in November 2040 - variable rates: 0.04% - 0.26% and 0.06% - 0.32% [Member] | DP&L [Member] | ' | ' |
Long-term debt, gross | 100 | 100 |
Debt instrument maturity year | 1-Nov-40 | ' |
Debt instrument interest percentage minimum | 0.04% | 0.05% |
Debt instrument interest percentage maximum | 0.15% | 0.24% |
U.S. Government note maturing in February 2061 - 4.20% [Member] | ' | ' |
Long-term debt, gross | -18.1 | -18.3 |
Debt instrument maturity year | 1-Feb-61 | ' |
Debt instrument interest percentage | 4.20% | ' |
Debt instrument interest percentage minimum | 4.20% | ' |
U.S. Government note maturing in February 2061 - 4.20% [Member] | DP&L [Member] | ' | ' |
Long-term debt, gross | 18.1 | 18.2 |
Debt instrument maturity year | 1-Feb-61 | ' |
Debt instrument interest percentage | 4.20% | ' |
Debt instrument interest percentage minimum | 4.20% | ' |
Bank Term Loan maturing in May 2018 [Member] | ' | ' |
Long-term debt, gross | 150 | 180 |
Debt instrument maturity year | 1-May-18 | ' |
Debt instrument interest percentage minimum | 2.41% | 2.42% |
Debt instrument interest percentage maximum | 2.42% | 2.45% |
Note to DPL Capital Trust II Maturing in September 2031 - 8.125% [Member] | ' | ' |
Long-term debt, gross | 19.7 | 19.6 |
Debt instrument maturity year | 1-Sep-31 | ' |
Debt instrument interest percentage | 8.13% | ' |
Senior Unsecured Notes at 6.50% maturing on October 15, 2016 [Member] | ' | ' |
Long-term debt, gross | 330 | 430 |
Debt instrument maturity year | 1-Oct-16 | ' |
Debt instrument interest percentage | 6.50% | ' |
Ten Year Senior Unsecured Notes at 7.25% maturing at October 15, 2021 [Member] | ' | ' |
Long-term debt, gross | $780 | $780 |
Debt instrument maturity year | 1-Oct-21 | ' |
Debt instrument interest percentage | 7.25% | ' |
Debt_Obligations_Current_porti
Debt Obligations (Current portion - Long-term Debt) (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Obligation for capital lease | ' | 0.1 |
Current portion - long-term debt | 110.1 | 10.2 |
DP&L [Member] | ' | ' |
Obligation for capital lease | ' | 0.1 |
Current portion - long-term debt | 0.1 | 0.2 |
Pollution control series maturing in November 2040 - variable rates: 0.04% - 0.26% and 0.06% - 0.32% [Member] | ' | ' |
Debt instrument maturity year | 1-Nov-40 | ' |
Debt instrument interest percentage minimum | 0.04% | 0.05% |
Debt instrument interest percentage maximum | 0.15% | 0.24% |
Pollution control series maturing in November 2040 - variable rates: 0.04% - 0.26% and 0.06% - 0.32% [Member] | DP&L [Member] | ' | ' |
Debt instrument maturity year | 1-Nov-40 | ' |
Debt instrument interest percentage minimum | 0.04% | 0.05% |
Debt instrument interest percentage maximum | 0.15% | 0.24% |
First Mortgage Bonds Maturing in October 2013 - 5.125% [Member] | ' | ' |
Current portion - long-term debt | 10 | 10 |
Debt instrument maturity year | 1-May-18 | ' |
Debt instrument interest percentage minimum | 2.41% | 2.42% |
Debt instrument interest percentage maximum | 2.42% | 2.45% |
First Mortgage Bonds Maturing in October 2013 - 5.125% [Member] | DP&L [Member] | ' | ' |
Current portion - long-term debt | 0.1 | 0.1 |
U.S. Government note maturing in February 2061 - 4.20% [Member] | ' | ' |
Debt instrument maturity year | 1-Feb-61 | ' |
Debt instrument interest percentage | 4.20% | ' |
Debt instrument interest percentage minimum | 4.20% | ' |
U.S. Government note maturing in February 2061 - 4.20%, current | 0.1 | 0.1 |
U.S. Government note maturing in February 2061 - 4.20% [Member] | DP&L [Member] | ' | ' |
Debt instrument maturity year | 1-Feb-61 | ' |
Debt instrument interest percentage | 4.20% | ' |
Debt instrument interest percentage minimum | 4.20% | ' |
Bank Term Loan maturing in May 2018 [Member] | ' | ' |
Debt instrument maturity year | 1-May-18 | ' |
Debt instrument interest percentage minimum | 2.41% | 2.42% |
Debt instrument interest percentage maximum | 2.42% | 2.45% |
Senior Unsecured Notes at 6.50% maturing on October 15, 2016 [Member] | ' | ' |
Current portion - long-term debt | 100 | ' |
Debt instrument maturity year | 1-Oct-16 | ' |
Debt instrument interest percentage | 6.50% | ' |
Debt_Obligations_Longterm_Debt1
Debt Obligations (Long-term Debt Maturities) (Details) (USD $) | Sep. 30, 2014 |
In Millions, unless otherwise specified | |
Due within one year | $110.10 |
Due within two years | 385.1 |
Due within three years | 470.1 |
Due within four years | 70.1 |
Due within five years | 0.1 |
Thereafter | 1,232.70 |
Total Maturities | 2,268.20 |
Unamortized discounts and premiums, net | 3.8 |
Total | 2,264.40 |
DP&L [Member] | ' |
Due within one year | 0.1 |
Due within two years | 445.1 |
Due within three years | 0.1 |
Due within four years | 0.1 |
Due within five years | 0.1 |
Thereafter | 432.1 |
Total Maturities | 877.6 |
Unamortized discounts and premiums, net | -0.5 |
Total | $877.10 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | |
Estimated annual effective income tax rate | ' | ' | -42.30% | 31.00% |
Effective income tax rates | -71.50% | 25.40% | -34.20% | 21.50% |
DP&L [Member] | ' | ' | ' | ' |
Estimated annual effective income tax rate | ' | ' | 30.50% | 29.50% |
Effective income tax rates | 19.80% | 24.40% | 23.20% | 22.50% |
Pension_and_Postretirement_Ben2
Pension and Postretirement Benefits (Net Periodic Benefit Cost (Income)) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | ||
Period in which the difference between market related value of assets is calculated in years, max | ' | ' | 'five | ' | ||
Period in which the difference between actual and estimated asset returns in MRVA is calculated | ' | ' | 'three | ' | ||
Market related value of assets | ' | ' | $351 | $346 | ||
Pension [Member] | ' | ' | ' | ' | ||
Service cost | 1.5 | 1.8 | 4.5 | 5.4 | ||
Interest cost | 4.3 | 3.8 | 13.1 | 11.6 | ||
Expected return on assets | -5.8 | -5.8 | -17.2 | -17.6 | ||
Actuarial (gain) / loss | 0.9 | 1.3 | 2.6 | 3.7 | ||
Prior service cost | 0.4 | 0.3 | 1.1 | 1.1 | ||
Net periodic benefit cost / (income) | 1.3 | 1.4 | 4.1 | 4.2 | ||
Postretirement [Member] | ' | ' | ' | ' | ||
Service cost | ' | ' | 0.1 | 0.1 | ||
Interest cost | 0.2 | 0.2 | 0.6 | 0.6 | ||
Expected return on assets | ' | ' | -0.1 | -0.2 | ||
Actuarial (gain) / loss | -0.1 | -0.1 | -0.4 | -0.3 | ||
Net periodic benefit cost / (income) | 0.1 | 0.1 | 0.2 | 0.2 | ||
DP&L [Member] | ' | ' | ' | ' | ||
Market related value of assets | ' | ' | 351 | 346 | ||
DP&L [Member] | Pension [Member] | ' | ' | ' | ' | ||
Service cost | 1.5 | 1.8 | 4.4 | 5.4 | ||
Interest cost | 4.3 | 3.8 | 13 | [1] | 11.6 | [1] |
Expected return on assets | -5.7 | -5.8 | -17 | -17.6 | ||
Actuarial (gain) / loss | 1.6 | 2.3 | 4.8 | 6.9 | ||
Prior service cost | 0.7 | 0.7 | 2.1 | 2.1 | ||
Net periodic benefit cost / (income) | 2.4 | 2.8 | 7.3 | 8.4 | ||
DP&L [Member] | Postretirement [Member] | ' | ' | ' | ' | ||
Service cost | ' | ' | 0.1 | 0.1 | ||
Interest cost | 0.2 | 0.2 | 0.6 | [1] | 0.6 | [1] |
Expected return on assets | -0.1 | -0.1 | -0.2 | -0.2 | ||
Actuarial (gain) / loss | -0.2 | -0.2 | -0.5 | -0.5 | ||
Prior service cost | 0.1 | 0.1 | 0.1 | 0.1 | ||
Net periodic benefit cost / (income) | ' | ' | $0.10 | $0.10 | ||
[1] | 7. Pension and Postretirement Benefits DP&L sponsors a defined benefit pension plan for the vast majority of its employees. We generally fund pension plan benefits as accrued in accordance with the minimum funding requirements of ERISA and, in addition, make voluntary contributions from time to time. There were no contributions made during the three and nine months ended September 30, 2014 or 2013, respectively. The amounts presented in the following tables for pension include both the collective bargaining plan formula, the traditional management plan formula, the cash balance plan formula and the SERP, in the aggregate. The amounts presented for postretirement include both health and life insurance. The net periodic benefit cost / (income) of the pension and postretirement benefit plans for the three and nine months ended September 30, 2014 and 2013 was: Net Periodic Benefit Cost / (Income)PensionPostretirementThree months ended Three months ended September 30,September 30,$ in millions2014201320142013Service cost$ 1.5$ 1.8$ -$ -Interest cost 4.3 3.8 0.2 0.2Expected return on plan assets (a) (5.8) (5.8) - -Amortization of unrecognized:Prior service cost 0.4 0.3 - -Actuarial loss / (gain) 0.9 1.3 (0.1) (0.1)Net periodic benefit cost$ 1.3$ 1.4$ 0.1$ 0.1Net Periodic Benefit Cost / (Income)PensionPostretirementNine months ended Nine months ended September 30,September 30,$ in millions2014201320142013Service cost$ 4.5$ 5.4$ 0.1$ 0.1Interest cost 13.1 11.6 0.6 0.6Expected return on plan assets (a) (17.2) (17.6) (0.1) (0.2)Amortization of unrecognized:Prior service cost 1.1 1.1 - -Actuarial loss / (gain) 2.6 3.7 (0.4) (0.3)Net periodic benefit cost$ 4.1$ 4.2$ 0.2$ 0.2For purposes of calculating the expected return on pension plan assets, under GAAP, the market-related value of assets (MRVA) is used. GAAP requires that the difference between actual plan asset returns and estimated plan asset returns be included in the MRVA equally over a period not to exceed five years. We use a methodology under which we include the difference between actual and estimated asset returns in the MRVA equally over a three year period. The MRVA used in the calculation of expected return on pension plan assets for the 2014 and 2013 net periodic benefit cost was approximately $351 million and $346 million, respectively. Benefit payments and Medicare Part D reimbursements, which reflect future service, are estimated to be paid as follows:$ in millionsPensionPostretirement2014$ 6.3$ 0.52015 23.9 2.12016 23.9 2.02017 24.3 1.82018 24.6 1.62019 - 2023 126.5 6.7 |
Pension_and_Postretirement_Ben3
Pension and Postretirement Benefits (Estimated Future Benefit Payments and Medicare Part D Reimbursements) (Details) (USD $) | Sep. 30, 2014 |
In Millions, unless otherwise specified | |
Pension [Member] | ' |
2014 | $6.30 |
2015 | 23.9 |
2016 | 23.9 |
2017 | 24.3 |
2018 | 24.6 |
2019 - 2022 | 126.5 |
Postretirement [Member] | ' |
2014 | 0.5 |
2015 | 2.1 |
2016 | 2 |
2017 | 1.8 |
2018 | 1.6 |
2019 - 2022 | 6.7 |
DP&L [Member] | Pension [Member] | ' |
2014 | 6.3 |
2015 | 23.9 |
2016 | 23.9 |
2017 | 24.3 |
2018 | 24.6 |
2019 - 2022 | 126.5 |
DP&L [Member] | Postretirement [Member] | ' |
2014 | 0.5 |
2015 | 2.1 |
2016 | 2 |
2017 | 1.8 |
2018 | 1.6 |
2019 - 2022 | $6.70 |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Long Term Debt Range Adjusted To Fair Value at Merger Start | '2016 | ' |
Long Term Debt Range Adjusted To Fair Value At Merger End | '2061 | ' |
Unrealized gains / (losses) on financial instruments, Amount before tax | $0.60 | $0.90 |
Available-for-sale Securities, Change in Net Unrealized Holding Gain (Loss), Net of Tax | ' | 0.6 |
Unrealized gains and immaterial unrealized losses in AOCI, after tax | -0.4 | ' |
Percent of inputs to the fair value of derivative instruments from quoted market prices | 98.00% | ' |
Gross additions to our existing landfill and asbestos AROs | 1.6 | ' |
Available-for-sale Securities, Gross Realized Gains (Losses), Sale Proceeds | 0.6 | ' |
AvailableForSaleSecuritiesGross Realized Gains Losses Sale Proceeds Net of Tax | -0.4 | ' |
DP&L [Member] | ' | ' |
Long Term Debt Range Adjusted To Fair Value at Merger Start | '2016 | ' |
Long Term Debt Range Adjusted To Fair Value At Merger End | '2061 | ' |
Available-for-sale Securities, Change in Net Unrealized Holding Gain (Loss), Net of Tax | -0.6 | 0.7 |
Unrealized gains and immaterial unrealized losses in AOCI, before tax | 0.9 | 1.2 |
Percent of inputs to the fair value of derivative instruments from quoted market prices | 98.00% | ' |
Gross additions to our existing landfill and asbestos AROs | 1.7 | ' |
Available-for-sale Securities, Gross Realized Gains (Losses), Sale Proceeds | 0.6 | ' |
AvailableForSaleSecuritiesGross Realized Gains Losses Sale Proceeds Net of Tax | $0.40 | ' |
Fair_Value_Measurements_Fair_V
Fair Value Measurements (Fair Value and Cost of Non-Derivative Instruments) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
DP&L [Member] | ' | ' |
Total Master Trust Assets, Cost | $9 | $10.30 |
Total Master Trust Assets, Fair Value | 10 | 11.5 |
Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' |
Total Master Trust Assets, Cost | ' | 10.3 |
Total Assets | 9 | ' |
Fair Value [Member] | ' | ' |
Total Assets | 10 | 11.5 |
Equity Securities [Member] | DP&L [Member] | ' | ' |
Total Master Trust Assets, Cost | 2.7 | 3.3 |
Total Master Trust Assets, Fair Value | 3.6 | 4.4 |
Equity Securities [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' |
Total Master Trust Assets, Cost | 2.7 | 3.3 |
Equity Securities [Member] | Fair Value [Member] | ' | ' |
Total Master Trust Assets, Fair Value | 3.6 | 4.4 |
Debt Securities [Member] | DP&L [Member] | ' | ' |
Total Master Trust Assets, Cost | 5 | 5.4 |
Total Master Trust Assets, Fair Value | 5 | 5.5 |
Money Market Funds [Member] | DP&L [Member] | ' | ' |
Total Master Trust Assets, Cost | 0.1 | 0.3 |
Total Master Trust Assets, Fair Value | 0.1 | 0.3 |
Money Market Funds [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' |
Total Master Trust Assets, Cost | 0.1 | 0.3 |
Money Market Funds [Member] | Fair Value [Member] | ' | ' |
Total Master Trust Assets, Fair Value | 0.1 | 0.3 |
Debt [Member] | DP&L [Member] | ' | ' |
Debt, Cost | 877.1 | 877.1 |
Debt, Fair Value | 884.7 | 859.6 |
Debt [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' |
Total Master Trust Assets, Cost | 5 | 5.4 |
Debt, Cost | 2,264.40 | 2,294.40 |
Debt [Member] | Fair Value [Member] | ' | ' |
Total Master Trust Assets, Fair Value | 5 | 5.5 |
Debt, Fair Value | 2,345.90 | 2,334.60 |
Hedge Funds [Member] | DP&L [Member] | ' | ' |
Total Master Trust Assets, Cost | 0.8 | 0.9 |
Total Master Trust Assets, Fair Value | 0.9 | 0.9 |
Hedge Funds [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' |
Total Master Trust Assets, Cost | 0.8 | 0.9 |
Hedge Funds [Member] | Fair Value [Member] | ' | ' |
Total Master Trust Assets, Fair Value | 0.9 | 0.9 |
Real Estate Funds [Member] | DP&L [Member] | ' | ' |
Total Master Trust Assets, Cost | 0.4 | 0.4 |
Total Master Trust Assets, Fair Value | 0.4 | 0.4 |
Real Estate Funds [Member] | Carrying (Reported) Amount, Fair Value Disclosure [Member] | ' | ' |
Total Master Trust Assets, Cost | 0.4 | 0.4 |
Real Estate Funds [Member] | Fair Value [Member] | ' | ' |
Total Master Trust Assets, Fair Value | $0.40 | $0.40 |
Fair_Value_Measurements_Fair_V1
Fair Value Measurements (Fair Value of Assets and Liabilities Measured on Recurring Basis) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
DP&L [Member] | ' | ' |
Total Master Trust Assets, Fair Value | $10 | $11.50 |
Total Derivative Assets | 11.7 | 13.8 |
Total Assets | 21.7 | 25.3 |
Debt Instrument, Fair Value Disclosure | 884.7 | 859.6 |
Total Derivative Liabilities | 28 | 10.6 |
Total Liabilities | 912.7 | 870.2 |
DP&L [Member] | Forward Contract Power [Member] | ' | ' |
Total Derivative Assets | 11.7 | 13.4 |
Total Derivative Liabilities | 26.9 | 10.6 |
DP&L [Member] | Commodity Contract - FTR [Member] | ' | ' |
Total Derivative Assets | ' | 0.2 |
Total Derivative Liabilities | 1 | ' |
DP&L [Member] | Commodity Contract - Heating Oil [Member] | ' | ' |
Total Derivative Assets | ' | 0.2 |
Total Derivative Liabilities | 0.1 | ' |
Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' |
Total Master Trust Assets, Fair Value | 10 | 11.5 |
Total Derivative Assets | 11.2 | 13.8 |
Total Assets | 21.2 | 25.3 |
Total Derivative Liabilities | 28 | 10.6 |
Total Liabilities | 2,373.90 | 2,345.20 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Forward Contract Power [Member] | ' | ' |
Total Derivative Assets | 11.2 | 13.4 |
Total Derivative Liabilities | 26.9 | 10.6 |
Estimate of Fair Value, Fair Value Disclosure [Member] | Commodity Contract - FTR [Member] | ' | ' |
Total Derivative Assets | ' | 0.2 |
Total Derivative Liabilities | 1 | ' |
Estimate of Fair Value, Fair Value Disclosure [Member] | Commodity Contract - Heating Oil [Member] | ' | ' |
Total Derivative Assets | ' | 0.2 |
Total Derivative Liabilities | 0.1 | ' |
Level 1 [Member] | ' | ' |
Total Master Trust Assets, Fair Value | 9.1 | 10.6 |
Total Derivative Assets | ' | 0.2 |
Total Assets | 9.1 | 10.8 |
Total Derivative Liabilities | 0.1 | ' |
Total Liabilities | 0.1 | ' |
Level 1 [Member] | Commodity Contract - Heating Oil [Member] | ' | ' |
Total Derivative Assets | ' | 0.2 |
Total Derivative Liabilities | 0.1 | ' |
Level 1 [Member] | DP&L [Member] | ' | ' |
Total Master Trust Assets, Fair Value | 9.1 | 10.6 |
Total Derivative Assets | ' | 0.2 |
Total Assets | 9.1 | 10.8 |
Total Derivative Liabilities | 0.1 | ' |
Total Liabilities | 0.1 | ' |
Level 1 [Member] | DP&L [Member] | Commodity Contract - Heating Oil [Member] | ' | ' |
Total Derivative Assets | ' | 0.2 |
Total Derivative Liabilities | 0.1 | ' |
Level 2 [Member] | ' | ' |
Total Master Trust Assets, Fair Value | 0.9 | 0.9 |
Total Derivative Assets | 11.2 | 13.4 |
Total Assets | 12.1 | 14.3 |
Total Derivative Liabilities | 26.9 | 10.6 |
Total Liabilities | 2,354.50 | 2,326.70 |
Level 2 [Member] | Forward Contract Power [Member] | ' | ' |
Total Derivative Assets | 11.2 | 13.4 |
Total Derivative Liabilities | 26.9 | 10.6 |
Level 2 [Member] | DP&L [Member] | ' | ' |
Total Master Trust Assets, Fair Value | 0.9 | 0.9 |
Total Derivative Assets | 11.7 | 13.4 |
Total Assets | 12.6 | 14.3 |
Debt Instrument, Fair Value Disclosure | 866.4 | 841.1 |
Total Derivative Liabilities | 26.9 | 10.6 |
Total Liabilities | 893.3 | 851.7 |
Level 2 [Member] | DP&L [Member] | Forward Contract Power [Member] | ' | ' |
Total Derivative Assets | 11.7 | 13.4 |
Total Derivative Liabilities | 26.9 | 10.6 |
Level 3 [Member] | ' | ' |
Total Derivative Assets | ' | 0.2 |
Total Assets | ' | 0.2 |
Total Derivative Liabilities | 1 | ' |
Total Liabilities | 19.3 | 18.5 |
Level 3 [Member] | Commodity Contract - FTR [Member] | ' | ' |
Total Derivative Assets | ' | 0.2 |
Total Derivative Liabilities | 1 | ' |
Level 3 [Member] | DP&L [Member] | ' | ' |
Total Derivative Assets | ' | 0.2 |
Total Assets | ' | 0.2 |
Debt Instrument, Fair Value Disclosure | 18.3 | 18.5 |
Total Derivative Liabilities | 1 | ' |
Total Liabilities | 19.3 | 18.5 |
Level 3 [Member] | DP&L [Member] | Commodity Contract - FTR [Member] | ' | ' |
Total Derivative Assets | ' | 0.2 |
Total Derivative Liabilities | 1 | ' |
Equity Securities [Member] | DP&L [Member] | ' | ' |
Total Master Trust Assets, Fair Value | 3.6 | 4.4 |
Equity Securities [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' |
Total Master Trust Assets, Fair Value | 3.6 | 4.4 |
Equity Securities [Member] | Level 1 [Member] | ' | ' |
Total Master Trust Assets, Fair Value | 3.6 | 4.4 |
Equity Securities [Member] | Level 1 [Member] | DP&L [Member] | ' | ' |
Total Master Trust Assets, Fair Value | 3.6 | 4.4 |
Equity Securities [Member] | Fair Value [Member] | ' | ' |
Total Master Trust Assets, Fair Value | 3.6 | 4.4 |
Debt Securities [Member] | DP&L [Member] | ' | ' |
Total Master Trust Assets, Fair Value | 5 | 5.5 |
Debt Securities [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' |
Total Master Trust Assets, Fair Value | 5 | 5.5 |
Debt Securities [Member] | Level 1 [Member] | ' | ' |
Total Master Trust Assets, Fair Value | 5 | 5.5 |
Debt Securities [Member] | Level 1 [Member] | DP&L [Member] | ' | ' |
Total Master Trust Assets, Fair Value | 5 | 5.5 |
Money Market Funds [Member] | DP&L [Member] | ' | ' |
Total Master Trust Assets, Fair Value | 0.1 | 0.3 |
Money Market Funds [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' |
Total Master Trust Assets, Fair Value | 0.1 | 0.3 |
Money Market Funds [Member] | Level 1 [Member] | ' | ' |
Total Master Trust Assets, Fair Value | 0.1 | 0.3 |
Money Market Funds [Member] | Level 1 [Member] | DP&L [Member] | ' | ' |
Total Master Trust Assets, Fair Value | 0.1 | 0.3 |
Money Market Funds [Member] | Fair Value [Member] | ' | ' |
Total Master Trust Assets, Fair Value | 0.1 | 0.3 |
Debt [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' |
Debt Instrument, Fair Value Disclosure | 2,345.90 | 2,334.60 |
Debt [Member] | Level 2 [Member] | ' | ' |
Debt Instrument, Fair Value Disclosure | 2,327.60 | 2,316.10 |
Debt [Member] | Level 3 [Member] | ' | ' |
Debt Instrument, Fair Value Disclosure | 18.3 | 18.5 |
Debt [Member] | Fair Value [Member] | ' | ' |
Total Master Trust Assets, Fair Value | 5 | 5.5 |
Hedge Funds [Member] | DP&L [Member] | ' | ' |
Total Master Trust Assets, Fair Value | 0.9 | 0.9 |
Hedge Funds [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' |
Total Master Trust Assets, Fair Value | 0.9 | 0.9 |
Hedge Funds [Member] | Level 2 [Member] | ' | ' |
Total Master Trust Assets, Fair Value | 0.9 | 0.9 |
Hedge Funds [Member] | Level 2 [Member] | DP&L [Member] | ' | ' |
Total Master Trust Assets, Fair Value | 0.9 | 0.9 |
Hedge Funds [Member] | Fair Value [Member] | ' | ' |
Total Master Trust Assets, Fair Value | 0.9 | 0.9 |
Real Estate Funds [Member] | DP&L [Member] | ' | ' |
Total Master Trust Assets, Fair Value | 0.4 | 0.4 |
Real Estate Funds [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' |
Total Master Trust Assets, Fair Value | 0.4 | 0.4 |
Real Estate Funds [Member] | Level 1 [Member] | ' | ' |
Total Master Trust Assets, Fair Value | 0.4 | 0.4 |
Real Estate Funds [Member] | Level 1 [Member] | DP&L [Member] | ' | ' |
Total Master Trust Assets, Fair Value | 0.4 | 0.4 |
Real Estate Funds [Member] | Fair Value [Member] | ' | ' |
Total Master Trust Assets, Fair Value | $0.40 | $0.40 |
Fair_Value_Measurements_Fair_V2
Fair Value Measurements (Fair Value of Assets and Liabilities Measured on a Nonrecurring Basis) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 |
Carrying Value | ' | $2,501.40 | $2,534.20 |
Fixed asset impairment | ' | 11.5 | ' |
Goodwill | ' | 317 | 452.8 |
Goodwill Impairment | 135.8 | 135.8 | ' |
Parent Company [Member] | ' | ' | ' |
Fixed asset impairment | ' | 11.5 | ' |
Goodwill Impairment | ' | 135.8 | ' |
DPLER [Member] | ' | ' | ' |
Goodwill Impairment | ' | 135.8 | ' |
DPLER [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ' |
Goodwill Impairment | ' | 135.8 | ' |
East Bend Station [Member] | ' | ' | ' |
Fixed asset impairment | ' | 11.5 | ' |
Fair Value | ' | 2.7 | ' |
East Bend Station [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ' |
Fixed asset impairment | ' | 14.2 | ' |
East Bend Station [Member] | Level 3 [Member] | ' | ' | ' |
Fixed asset impairment | ' | $2.70 | ' |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities (Narrative) (Details) (USD $) | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 |
In Millions, unless otherwise specified | DP&L [Member] | Short-term Derivative Positions [Member] | Long-term Derivative Positions [Member] | ||
Amount No Longer Considered Derivative | ' | $0.10 | ' | $0.90 | $0.10 |
Fair value of commodity derivative instruments | 28 | ' | 28 | ' | ' |
Liability position offset by the asset position of counterparties with master netting agreements | 9.5 | ' | 9.5 | ' | ' |
Collateral Already Posted, Aggregate Fair Value | 14.1 | ' | 14.1 | ' | ' |
Collateral if debt were to fall below investment grade | $4.40 | ' | $4.40 | ' | ' |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activities (Outstanding Derivative Instruments) (Details) | 9 Months Ended | 12 Months Ended |
Sep. 30, 2014 | Dec. 31, 2013 | |
MWh | MWh | |
Designated as Hedging Instrument [Member] | Forward Contract Power [Member] | ' | ' |
Purchase of Units Derivative Instruments Forward Power Contracts Designated as Cash Flow Hedge | 40,700 | 140,400 |
Sales of Units Derivative Instruments Forward Power Contracts Designated as Cash Flow Hedge | -3,543,000 | -4,705,700 |
Derivative, Nonmonetary Notional Amount MWh | -3,502,300 | -4,565,300 |
Designated as Hedging Instrument [Member] | DP&L [Member] | Forward Contract Power [Member] | ' | ' |
Purchase of Units Derivative Instruments Forward Power Contracts Designated as Cash Flow Hedge | 40,700 | 140,400 |
Sales of Units Derivative Instruments Forward Power Contracts Designated as Cash Flow Hedge | -3,543,000 | -4,705,700 |
Derivative, Nonmonetary Notional Amount MWh | -3,502,300 | -4,565,300 |
Not Designated as Hedging Instrument [Member] | Commodity Contract - FTR [Member] | ' | ' |
Purchase of Units Derivative Instruments Financial Transmission Rights | 17,400 | 7,100 |
Derivative, Nonmonetary Notional Amount MWh | 17,400 | 7,100 |
Not Designated as Hedging Instrument [Member] | Commodity Contract - Heating Oil [Member] | ' | ' |
Purchase of Volume Units Derivative Instruments Heating Oil Futures | 672,000 | 1,428,000 |
Derivative, Nonmonetary Notional Amount, Volume | 672,000 | 1,428,000 |
Not Designated as Hedging Instrument [Member] | Forward Contract Power [Member] | ' | ' |
Purchase of Units Derivative Instruments Forward Power Contracts Not Designated as Hedged | 2,320,000 | 3,177,800 |
Sales of Units Derivative Instruments Forward Power Contracts Not Designated as Hedged | -3,357,900 | -2,883,100 |
Derivative, Nonmonetary Notional Amount MWh | -1,037,900 | 294,700 |
Not Designated as Hedging Instrument [Member] | DP&L [Member] | Commodity Contract - FTR [Member] | ' | ' |
Purchase of Units Derivative Instruments Financial Transmission Rights | 17,400 | 7,100 |
Derivative, Nonmonetary Notional Amount MWh | 17,400 | 7,100 |
Not Designated as Hedging Instrument [Member] | DP&L [Member] | Commodity Contract - Heating Oil [Member] | ' | ' |
Purchase of Volume Units Derivative Instruments Heating Oil Futures | 672,000 | 1,428,000 |
Derivative, Nonmonetary Notional Amount, Volume | 672,000 | 1,428,000 |
Not Designated as Hedging Instrument [Member] | DP&L [Member] | Forward Contract Power [Member] | ' | ' |
Purchase of Units Derivative Instruments Forward Power Contracts Not Designated as Hedged | 2,320,000 | 3,172,400 |
Sales of Units Derivative Instruments Forward Power Contracts Not Designated as Hedged | -3,463,500 | -2,888,500 |
Derivative, Nonmonetary Notional Amount MWh | -1,143,500 | 283,900 |
Derivative_Instruments_and_Hed4
Derivative Instruments and Hedging Activities (Gains or Losses Recognized in AOCI for the Cash Flow Hedges) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | |||||||||||||||||||||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Jun. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2012 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Forward Contract Power [Member] | Forward Contract Power [Member] | Forward Contract Power [Member] | Forward Contract Power [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | DP&L [Member] | DP&L [Member] | DP&L [Member] | DP&L [Member] | DP&L [Member] | DP&L [Member] | DP&L [Member] | DP&L [Member] | DP&L [Member] | DP&L [Member] | DP&L [Member] | DP&L [Member] | Interest Expense [Member] | Interest Expense [Member] | Interest Expense [Member] | Interest Expense [Member] | Interest Expense [Member] | Interest Expense [Member] | Revenue [Member] | Revenue [Member] | Revenue [Member] | Revenue [Member] | Revenue [Member] | Revenue [Member] | Revenue [Member] | Revenue [Member] | Purchased Power [Member] | Purchased Power [Member] | Purchased Power [Member] | Purchased Power [Member] | Purchased Power [Member] | Purchased Power [Member] | Purchased Power [Member] | Purchased Power [Member] | |||||
Forward Contract Power [Member] | Forward Contract Power [Member] | Forward Contract Power [Member] | Forward Contract Power [Member] | Forward Contract Power [Member] | Forward Contract Power [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | DP&L [Member] | DP&L [Member] | DP&L [Member] | DP&L [Member] | Forward Contract Power [Member] | Forward Contract Power [Member] | Forward Contract Power [Member] | Forward Contract Power [Member] | DP&L [Member] | DP&L [Member] | DP&L [Member] | DP&L [Member] | Forward Contract Power [Member] | Forward Contract Power [Member] | Forward Contract Power [Member] | Forward Contract Power [Member] | DP&L [Member] | DP&L [Member] | DP&L [Member] | DP&L [Member] | |||||||||||||
Interest Rate Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Interest Rate Contract [Member] | Forward Contract Power [Member] | Forward Contract Power [Member] | Forward Contract Power [Member] | Forward Contract Power [Member] | Forward Contract Power [Member] | Forward Contract Power [Member] | Forward Contract Power [Member] | Forward Contract Power [Member] | |||||||||||||||||||||||||||||||||||
Beginning accumulated derivative gain / (loss) in AOCI | ' | ' | ' | ' | ($12.40) | ($1.10) | $1.40 | ($3) | $12.80 | $19.20 | $0.50 | $18.80 | ' | ' | $1 | ($14) | ($1.90) | ($4.70) | $5.20 | $4.60 | $5.50 | $6.10 | $7.30 | $5.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net gains / (losses) associated with current period hedging transactions | ' | ' | ' | ' | 1.2 | -0.2 | -23.8 | ' | 6.4 | ' | 18.7 | ' | 1.4 | -0.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | 98.4 | 33.2 | -116.8 | 76 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ending accumulated derivative gain / (loss) in AOCI | ' | ' | ' | ' | -7.6 | ' | -7.6 | -3 | 19.2 | 18.6 | 19.2 | 18.8 | -9.2 | -0.6 | -9.2 | -14 | -1.9 | -4.7 | 4.4 | 4.6 | 5.5 | 6.1 | 7.3 | 5.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net gains / (losses) associated with the ineffective portion of the hedging transaction | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -26.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Portion expected to be reclassified to earnings in the next twelve months | ' | ' | ' | ' | -7.3 | ' | -7.3 | ' | ' | -0.6 | ' | ' | -7.2 | ' | -7.2 | ' | ' | ' | -1.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum length of time that we are hedging our exposure to variability in future cash flows related to forecasted transactions (in months) | ' | ' | ' | ' | ' | ' | '27 months | ' | ' | '0 months | ' | ' | ' | ' | '27 months | ' | ' | ' | '0 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($0.20) | ($0.60) | ($0.20) | ($0.60) | ($0.80) | ($1.80) | $3.40 | $0.30 | $15.40 | $1.30 | $3.20 | $0.30 | $16.60 | $1.40 | $0.20 | $1 | ($0.60) | $1.70 | $0.20 | $1.30 | ($0.50) | $2.70 |
Derivative_Instruments_and_Hed5
Derivative Instruments and Hedging Activities (Fair Values of Derivative Instruments Designated as Hedging Instruments) (Details) (USD $) | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Derivative Liability, Fair Value | ($28) | ' |
DP&L [Member] | ' | ' |
Derivative Liability, Fair Value | -28 | ' |
Not Designated as Hedging Instrument [Member] | Forward Contract Power [Member] | Short-term Derivative Positions [Member] | Other Prepayments and Current Assets [Member] | ' | ' |
Derivative Asset, Fair Value | 6.3 | 4.9 |
Derivative, Fair Value, Net | 0.9 | 0.7 |
Derivative, Fair Value, Offset, Net | -5.4 | -4.2 |
Not Designated as Hedging Instrument [Member] | Forward Contract Power [Member] | Short-term Derivative Positions [Member] | Other Prepayments and Current Assets [Member] | DP&L [Member] | ' | ' |
Derivative Asset, Fair Value | 6.5 | 4.9 |
Derivative, Fair Value, Net | 1.1 | 0.7 |
Derivative, Fair Value, Offset, Net | -5.4 | -4.2 |
Not Designated as Hedging Instrument [Member] | Forward Contract Power [Member] | Short-term Derivative Positions [Member] | Other Current Liabilities [Member] | ' | ' |
Derivative Liability, Fair Value | -10.2 | ' |
Derivative, Fair Value, Net | 2 | ' |
Derivative, Collateral, net | -2.8 | ' |
Derivative, Fair Value, Offset, Net | -5.4 | ' |
Not Designated as Hedging Instrument [Member] | Forward Contract Power [Member] | Short-term Derivative Positions [Member] | Other Current Liabilities [Member] | DP&L [Member] | ' | ' |
Derivative Liability, Fair Value | -10.2 | -6.6 |
Derivative, Fair Value, Net | 2 | 0.1 |
Derivative, Collateral, net | -2.8 | -2.3 |
Derivative, Fair Value, Offset, Net | -5.4 | -4.2 |
Not Designated as Hedging Instrument [Member] | Forward Contract Power [Member] | Short-term Derivative Positions [Member] | Other Deferred Credit [Member] | ' | ' |
Derivative Liability, Fair Value | ' | -6.6 |
Derivative, Fair Value, Net | ' | 0.1 |
Derivative, Collateral, net | ' | -2.3 |
Derivative, Fair Value, Offset, Net | ' | -4.2 |
Not Designated as Hedging Instrument [Member] | Forward Contract Power [Member] | Long-term Derivative Positions [Member] | Other Deferred Credit [Member] | ' | ' |
Derivative Liability, Fair Value | -3.4 | -1.3 |
Derivative, Fair Value, Net | 0.1 | ' |
Derivative, Collateral, net | -0.7 | -1 |
Derivative, Fair Value, Offset, Net | -2.6 | -0.3 |
Not Designated as Hedging Instrument [Member] | Forward Contract Power [Member] | Long-term Derivative Positions [Member] | Other Deferred Credit [Member] | DP&L [Member] | ' | ' |
Derivative Liability, Fair Value | -3.4 | -1.3 |
Derivative, Fair Value, Net | 0.1 | ' |
Derivative, Collateral, net | -0.7 | -1 |
Derivative, Fair Value, Offset, Net | -2.6 | -0.3 |
Not Designated as Hedging Instrument [Member] | Forward Contract Power [Member] | Long-term Derivative Positions [Member] | Other Deferred Asset [Member] | ' | ' |
Derivative Asset, Fair Value | 3.3 | 5 |
Derivative, Fair Value, Net | 0.8 | 4.7 |
Derivative, Fair Value, Offset, Net | -2.5 | -0.3 |
Not Designated as Hedging Instrument [Member] | Forward Contract Power [Member] | Long-term Derivative Positions [Member] | Other Deferred Asset [Member] | DP&L [Member] | ' | ' |
Derivative Asset, Fair Value | 3.6 | 5 |
Derivative, Fair Value, Net | 1 | 4.7 |
Derivative, Fair Value, Offset, Net | ($2.60) | ($0.30) |
Derivative_Instruments_and_Hed6
Derivative Instruments and Hedging Activities (Classification within the Condensed Consolidated Statements of Results of Operations or Balance Sheets of the Gains and Losses) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 |
Change in unrealized gain / (loss) | ($2.20) | $1.50 | ($7.50) | $10.70 |
Gain (Loss) on Derivative Instruments, Net, Pretax | -2 | -0.7 | -2.8 | 1.7 |
Regulatory (asset)/liability | ' | ' | ' | -0.1 |
Derivative, Gain (Loss) on Derivative, Net | -4.2 | 0.8 | -10.3 | 12.4 |
Commodity Contract - FTR [Member] | ' | ' | ' | ' |
Change in unrealized gain / (loss) | 0.3 | 1.3 | -1.2 | 0.4 |
Gain (Loss) on Derivative Instruments, Net, Pretax | 0.1 | ' | 0.7 | 1.2 |
Derivative, Gain (Loss) on Derivative, Net | 0.4 | 1.3 | -0.5 | 1.6 |
Commodity Contract - Heating Oil [Member] | ' | ' | ' | ' |
Change in unrealized gain / (loss) | -0.2 | 0.1 | -0.3 | -0.2 |
Gain (Loss) on Derivative Instruments, Net, Pretax | ' | 0.1 | 0.1 | ' |
Regulatory (asset)/liability | ' | ' | ' | -0.1 |
Derivative, Gain (Loss) on Derivative, Net | -0.2 | 0.2 | -0.2 | -0.2 |
Forward Contract Power [Member] | ' | ' | ' | ' |
Change in unrealized gain / (loss) | -2.3 | 0.1 | -6 | 10.5 |
Gain (Loss) on Derivative Instruments, Net, Pretax | -2.1 | -0.8 | -3.6 | 0.5 |
Derivative, Gain (Loss) on Derivative, Net | -4.4 | -0.7 | -9.6 | 11 |
DP&L [Member] | ' | ' | ' | ' |
Change in unrealized gain / (loss) | -2.6 | 1.3 | -7.2 | 9.1 |
Gain (Loss) on Derivative Instruments, Net, Pretax | -2 | -0.7 | -9.4 | 2.3 |
Regulatory (asset)/liability | ' | ' | ' | -0.1 |
Derivative, Gain (Loss) on Derivative, Net | -4.6 | 0.6 | -2.2 | 11.4 |
DP&L [Member] | NYMEX Coal Contract [Member] | ' | ' | ' | ' |
Change in unrealized gain / (loss) | ' | ' | -0.3 | -0.2 |
Gain (Loss) on Derivative Instruments, Net, Pretax | ' | ' | -0.2 | ' |
Regulatory (asset)/liability | ' | ' | ' | -0.1 |
Derivative, Gain (Loss) on Derivative, Net | ' | ' | 0.1 | -0.2 |
DP&L [Member] | Commodity Contract - FTR [Member] | ' | ' | ' | ' |
Change in unrealized gain / (loss) | 0.3 | 1.3 | ' | 8.9 |
Gain (Loss) on Derivative Instruments, Net, Pretax | 0.1 | ' | ' | 1.1 |
Derivative, Gain (Loss) on Derivative, Net | 0.4 | 1.3 | ' | 10 |
DP&L [Member] | Commodity Contract - Heating Oil [Member] | ' | ' | ' | ' |
Change in unrealized gain / (loss) | -0.2 | 0.1 | -1.2 | 0.4 |
Gain (Loss) on Derivative Instruments, Net, Pretax | ' | 0.1 | -0.5 | 1.2 |
Derivative, Gain (Loss) on Derivative, Net | -0.2 | 0.2 | 0.7 | 1.6 |
DP&L [Member] | Forward Contract Power [Member] | ' | ' | ' | ' |
Change in unrealized gain / (loss) | -2.7 | -0.1 | -5.7 | ' |
Gain (Loss) on Derivative Instruments, Net, Pretax | -2.1 | -0.8 | -8.7 | ' |
Derivative, Gain (Loss) on Derivative, Net | -4.8 | -0.9 | -3 | ' |
Revenue [Member] | DP&L [Member] | ' | ' | ' | ' |
Derivative, Gain (Loss) on Derivative, Net | -0.3 | 0.1 | 1 | 0.2 |
Revenue [Member] | DP&L [Member] | Commodity Contract - FTR [Member] | ' | ' | ' | ' |
Derivative, Gain (Loss) on Derivative, Net | ' | ' | ' | 0.2 |
Revenue [Member] | DP&L [Member] | Forward Contract Power [Member] | ' | ' | ' | ' |
Derivative, Gain (Loss) on Derivative, Net | -0.3 | 0.1 | 1 | ' |
Fuel [Member] | ' | ' | ' | ' |
Derivative, Gain (Loss) on Derivative, Net | -0.1 | 0.1 | -0.1 | -0.1 |
Fuel [Member] | Commodity Contract - Heating Oil [Member] | ' | ' | ' | ' |
Derivative, Gain (Loss) on Derivative, Net | -0.1 | 0.1 | -0.1 | -0.1 |
Fuel [Member] | DP&L [Member] | ' | ' | ' | ' |
Derivative, Gain (Loss) on Derivative, Net | -0.1 | 0.1 | -0.1 | -0.1 |
Fuel [Member] | DP&L [Member] | NYMEX Coal Contract [Member] | ' | ' | ' | ' |
Derivative, Gain (Loss) on Derivative, Net | ' | ' | -0.1 | -0.1 |
Fuel [Member] | DP&L [Member] | Commodity Contract - Heating Oil [Member] | ' | ' | ' | ' |
Derivative, Gain (Loss) on Derivative, Net | -0.1 | 0.1 | ' | ' |
O&M [Member] | ' | ' | ' | ' |
Derivative, Gain (Loss) on Derivative, Net | ' | 0.1 | ' | ' |
O&M [Member] | Commodity Contract - Heating Oil [Member] | ' | ' | ' | ' |
Derivative, Gain (Loss) on Derivative, Net | ' | 0.1 | ' | ' |
O&M [Member] | DP&L [Member] | ' | ' | ' | ' |
Derivative, Gain (Loss) on Derivative, Net | ' | 0.1 | ' | ' |
O&M [Member] | DP&L [Member] | Commodity Contract - Heating Oil [Member] | ' | ' | ' | ' |
Derivative, Gain (Loss) on Derivative, Net | ' | 0.1 | ' | ' |
Purchased Power [Member] | ' | ' | ' | ' |
Derivative, Gain (Loss) on Derivative, Net | -4 | 0.6 | -10.1 | 12.6 |
Purchased Power [Member] | Commodity Contract - FTR [Member] | ' | ' | ' | ' |
Derivative, Gain (Loss) on Derivative, Net | 0.4 | 1.3 | -0.5 | 1.6 |
Purchased Power [Member] | Forward Contract Power [Member] | ' | ' | ' | ' |
Derivative, Gain (Loss) on Derivative, Net | -4.4 | -0.7 | -9.6 | 11 |
Purchased Power [Member] | DP&L [Member] | ' | ' | ' | ' |
Derivative, Gain (Loss) on Derivative, Net | -4.1 | 0.3 | -10.2 | 11.4 |
Purchased Power [Member] | DP&L [Member] | Commodity Contract - FTR [Member] | ' | ' | ' | ' |
Derivative, Gain (Loss) on Derivative, Net | 0.4 | 1.3 | ' | 9.8 |
Purchased Power [Member] | DP&L [Member] | Commodity Contract - Heating Oil [Member] | ' | ' | ' | ' |
Derivative, Gain (Loss) on Derivative, Net | ' | ' | -0.5 | 1.6 |
Purchased Power [Member] | DP&L [Member] | Forward Contract Power [Member] | ' | ' | ' | ' |
Derivative, Gain (Loss) on Derivative, Net | -4.5 | -1 | -9.7 | ' |
Regulatory Asset Liability [Member] | ' | ' | ' | ' |
Regulatory (asset)/liability | -0.1 | ' | -0.1 | ' |
Regulatory Asset Liability [Member] | Commodity Contract - Heating Oil [Member] | ' | ' | ' | ' |
Regulatory (asset)/liability | -0.1 | ' | -0.1 | ' |
Regulatory Asset Liability [Member] | DP&L [Member] | ' | ' | ' | ' |
Regulatory (asset)/liability | ' | ' | -0.1 | ' |
Regulatory Asset Liability [Member] | DP&L [Member] | NYMEX Coal Contract [Member] | ' | ' | ' | ' |
Regulatory (asset)/liability | ' | ' | -0.1 | ' |
Not Designated as Hedging Instrument [Member] | Regulatory Asset Liability [Member] | DP&L [Member] | ' | ' | ' | ' |
Regulatory (asset)/liability | -0.1 | ' | ' | ' |
Not Designated as Hedging Instrument [Member] | Regulatory Asset Liability [Member] | DP&L [Member] | Commodity Contract - Heating Oil [Member] | ' | ' | ' | ' |
Regulatory (asset)/liability | ($0.10) | ' | ' | ' |
Derivative_Instruments_and_Hed7
Derivative Instruments and Hedging Activities (Fair Value and Balance Sheet Location (Details) (USD $) | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | DP&L [Member] | Total Assets [Member] | Total Assets [Member] | Total Assets [Member] | Total Assets [Member] | Total Liabilities [Member] | Total Liabilities [Member] | Total Liabilities [Member] | Total Liabilities [Member] | Commodity Contract - FTR [Member] | Commodity Contract - FTR [Member] | Commodity Contract - FTR [Member] | Commodity Contract - FTR [Member] | Commodity Contract - Heating Oil [Member] | Commodity Contract - Heating Oil [Member] | Commodity Contract - Heating Oil [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Not Designated as Hedging Instrument [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | Cash Flow Hedging [Member] | |
DP&L [Member] | DP&L [Member] | DP&L [Member] | DP&L [Member] | Short-term Derivative Positions [Member] | Short-term Derivative Positions [Member] | Short-term Derivative Positions [Member] | Short-term Derivative Positions [Member] | Short-term Derivative Positions [Member] | Short-term Derivative Positions [Member] | Short-term Derivative Positions [Member] | Forward Contract Power [Member] | Forward Contract Power [Member] | Forward Contract Power [Member] | Forward Contract Power [Member] | Forward Contract Power [Member] | Forward Contract Power [Member] | Forward Contract Power [Member] | Forward Contract Power [Member] | Forward Contract Power [Member] | Forward Contract Power [Member] | Forward Contract Power [Member] | Forward Contract Power [Member] | Forward Contract Power [Member] | Forward Contract Power [Member] | Forward Contract Power [Member] | Forward Contract Power [Member] | Commodity Contract - Heating Oil [Member] | Forward Contract Power [Member] | Forward Contract Power [Member] | Forward Contract Power [Member] | Forward Contract Power [Member] | Forward Contract Power [Member] | Forward Contract Power [Member] | Forward Contract Power [Member] | Forward Contract Power [Member] | Forward Contract Power [Member] | Forward Contract Power [Member] | Forward Contract Power [Member] | Forward Contract Power [Member] | Forward Contract Power [Member] | Forward Contract Power [Member] | |||||||
Other Prepayments and Current Assets [Member] | Other Prepayments and Current Assets [Member] | Other Current Liabilities [Member] | Other Current Liabilities [Member] | Other Prepayments and Current Assets [Member] | Other Current Liabilities [Member] | Other Current Liabilities [Member] | Short-term Derivative Positions [Member] | Short-term Derivative Positions [Member] | Short-term Derivative Positions [Member] | Short-term Derivative Positions [Member] | Short-term Derivative Positions [Member] | Short-term Derivative Positions [Member] | Short-term Derivative Positions [Member] | Short-term Derivative Positions [Member] | Long-term Derivative Positions [Member] | Long-term Derivative Positions [Member] | Long-term Derivative Positions [Member] | Long-term Derivative Positions [Member] | Long-term Derivative Positions [Member] | Long-term Derivative Positions [Member] | Long-term Derivative Positions [Member] | Long-term Derivative Positions [Member] | Short-term Derivative Positions [Member] | Short-term Derivative Positions [Member] | Short-term Derivative Positions [Member] | Short-term Derivative Positions [Member] | Short-term Derivative Positions [Member] | Short-term Derivative Positions [Member] | Short-term Derivative Positions [Member] | Short-term Derivative Positions [Member] | Short-term Derivative Positions [Member] | Long-term Derivative Positions [Member] | Long-term Derivative Positions [Member] | Long-term Derivative Positions [Member] | Long-term Derivative Positions [Member] | Long-term Derivative Positions [Member] | Long-term Derivative Positions [Member] | |||||||||||
DP&L [Member] | DP&L [Member] | DP&L [Member] | Other Prepayments and Current Assets [Member] | Other Prepayments and Current Assets [Member] | Other Prepayments and Current Assets [Member] | Other Prepayments and Current Assets [Member] | Other Current Liabilities [Member] | Other Current Liabilities [Member] | Other Current Liabilities [Member] | Other Deferred Credit [Member] | Other Deferred Credit [Member] | Other Deferred Credit [Member] | Other Deferred Credit [Member] | Other Deferred Credit [Member] | Other Deferred Asset [Member] | Other Deferred Asset [Member] | Other Deferred Asset [Member] | Other Deferred Asset [Member] | Other Prepayments and Current Assets [Member] | Other Prepayments and Current Assets [Member] | Other Prepayments and Current Assets [Member] | Other Prepayments and Current Assets [Member] | Other Prepayments and Current Assets [Member] | Other Current Liabilities [Member] | Other Current Liabilities [Member] | Other Current Liabilities [Member] | Other Current Liabilities [Member] | Other Deferred Credit [Member] | Other Deferred Credit [Member] | Other Deferred Asset [Member] | Other Deferred Asset [Member] | Other Deferred Asset [Member] | Other Deferred Asset [Member] | |||||||||||||||
DP&L [Member] | DP&L [Member] | DP&L [Member] | DP&L [Member] | DP&L [Member] | DP&L [Member] | DP&L [Member] | DP&L [Member] | DP&L [Member] | DP&L [Member] | DP&L [Member] | DP&L [Member] | DP&L [Member] | DP&L [Member] | DP&L [Member] | DP&L [Member] | |||||||||||||||||||||||||||||||||
Derivative Asset, Fair Value | ' | ' | $11.20 | $13.80 | $11.70 | $13.80 | ' | ' | ' | ' | $0.20 | $0.20 | ' | ' | $0.20 | ' | ' | $6.30 | $4.90 | $6.50 | $4.90 | ' | ' | ' | ' | ' | ' | ' | ' | $3.30 | $5 | $3.60 | $5 | $0.20 | $0.90 | $0.50 | $0.90 | $0.50 | ' | ' | ' | ' | ' | ' | $0.70 | $3 | $0.70 | $3 |
Derivative, Fair Value, Net | ' | ' | 1.7 | 5.9 | 2.1 | 5.9 | 4.4 | 0.3 | 4.4 | 0.3 | 0.2 | 0.2 | 1 | 1 | ' | ' | ' | 0.9 | 0.7 | 1.1 | 0.7 | 2 | 2 | 0.1 | 0.1 | 0.1 | ' | 0.1 | ' | 0.8 | 4.7 | 1 | 4.7 | ' | ' | 0.3 | ' | 0.3 | 1.3 | 0.2 | 1.3 | 0.2 | ' | ' | ' | ' | ' | ' |
Derivative, Collateral, net | ' | ' | -0.1 | -3.2 | -0.1 | -3.2 | -14.1 | -5.6 | -14.1 | -5.6 | ' | ' | ' | ' | -0.2 | -0.1 | -0.1 | ' | ' | ' | ' | -2.8 | -2.8 | -2.3 | -2.3 | -0.7 | -1 | -0.7 | -1 | ' | ' | ' | ' | -0.2 | ' | ' | ' | ' | -9.8 | -2.3 | -9.8 | -2.3 | -0.7 | -0.7 | -0.1 | -3 | -0.1 | -3 |
Derivative, Fair Value, Offset, Net | ' | ' | -9.4 | -4.7 | -9.5 | -4.7 | -9.5 | -4.7 | -9.5 | -4.7 | ' | ' | ' | ' | ' | ' | ' | -5.4 | -4.2 | -5.4 | -4.2 | -5.4 | -5.4 | -4.2 | -4.2 | -2.6 | -0.3 | -2.6 | -0.3 | -2.5 | -0.3 | -2.6 | -0.3 | ' | -0.9 | -0.2 | -0.9 | -0.2 | -0.9 | -0.2 | -0.9 | -0.2 | -0.6 | -0.6 | -0.6 | ' | -0.6 | ' |
Derivative Liability, Fair Value | $28 | $28 | ' | ' | ' | ' | $28 | $10.60 | $28 | $10.60 | ' | ' | $1 | $1 | ' | $0.10 | $0.10 | ' | ' | ' | ' | $10.20 | $10.20 | $6.60 | $6.60 | $3.40 | $1.30 | $3.40 | $1.30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $12 | $2.70 | $12 | $2.70 | $1.30 | $1.30 | ' | ' | ' | ' |
Contractual_Obligations_Commer1
Contractual Obligations, Commercial Commitments and Contingencies (Narative) (Details) (USD $) | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | ||||||||||||||||||||||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 | Sep. 30, 2014 |
T | DP&L [Member] | DP&L [Member] | Electric Generation Company [Member] | DPLER [Member] | DPLE [Member] | MC Squared [Member] | Beckjord Unit 6 [Member] | Debt Obligation on 4.9% Equity Ownership [Member] | Debt Obligation on 4.9% Equity Ownership [Member] | Pollution Control Series Maturing in January 2028 - 4.70% [Member] | Pollution Control Series Maturing in January 2028 - 4.70% [Member] | Pollution Control Series Maturing in January 2034 - 4.80% [Member] | Pollution Control Series Maturing in January 2034 - 4.80% [Member] | Pollution Control Series Maturing in September 2036 - 4.80% [Member] | Pollution Control Series Maturing in September 2036 - 4.80% [Member] | U.S. Government note maturing in February 2061 - 4.20% [Member] | U.S. Government note maturing in February 2061 - 4.20% [Member] | Note to DPL Capital Trust II Maturing in September 2031 - 8.125% [Member] | Senior Unsecured Notes at 6.50% maturing on October 15, 2016 [Member] | Ten Year Senior Unsecured Notes at 7.25% maturing at October 15, 2021 [Member] | CO2 [Member] | CO2 [Member] | Interim goals[Member] | Interim goals[Member] | Final goals[Member] | Final goals[Member] | ||
T | DP&L [Member] | DP&L [Member] | DP&L [Member] | DP&L [Member] | DP&L [Member] | DP&L [Member] | DP&L [Member] | lb | DP&L [Member] | lb | DP&L [Member] | |||||||||||||||||
lb | lb | |||||||||||||||||||||||||||
Public Utility, Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Third party guarantees | $19 | ' | ' | ' | ' | $2 | $16.80 | $0.20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due to third parties, current | 0.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity ownership interest | ' | ' | 4.90% | ' | ' | ' | ' | ' | ' | 4.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity ownership interest aggregate cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | 76 | 76 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt obligation | ' | ' | ' | ' | 1,550.10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long Term Debt Date Range Equity Ownership, Start | ' | ' | '2018 | ' | ' | ' | ' | ' | ' | '2018 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long Term Debt Date Range Equity Ownership, End | ' | ' | '2040 | ' | ' | ' | ' | ' | ' | '2040 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument interest percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.70% | 4.70% | 4.80% | 4.80% | 4.80% | 4.80% | 4.20% | 4.20% | 8.13% | 6.50% | 7.25% | ' | ' | ' | ' | ' | ' |
Environmental reserves | $0.90 | $1.10 | $0.90 | $1.10 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of energy generated by coal | 99.00% | ' | 99.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Emission Reductions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30.00% | 30.00% | ' | ' | ' | ' |
Emission Reductions Ohio | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 28 | 28 | ' | ' | ' | ' |
Annual CO2 emissions generation at stations, in tons | 14,000,000 | ' | 14,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
CO2 tons per megawatt-hour for USEPA standard on new EGUs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,452,000 | 1,452,000 | 1,338,000 | 1,338,000 |
Ownership (%) | ' | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Business_Segments_Narrative_De
Business Segments (Narrative) (Details) | 9 Months Ended |
Sep. 30, 2014 | |
sqmi | |
Service area, square miles | 6,000 |
Number of coal fired power plants | 7 |
Approximate number of retail customers | 515,000 |
Approximate Number Of Competitive Retail Customers | 274,000 |
Electric generation through competitive bid | 10.00% |
Number of MC Squared Retail Customers | 117,000 |
DP&L [Member] | ' |
Service area, square miles | 6,000 |
Approximate number of retail customers | 515,000 |
Business_Segments_Segment_Fina
Business Segments (Segment Financial Information) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Intersegment revenues | $0.20 | ' | ' | $0.20 | ' | ' |
Total revenues | 479.2 | ' | 441.2 | 1,329.60 | 1,210.70 | ' |
Fuel Costs | 85.1 | ' | 99.7 | 235.9 | 274 | ' |
Purchased power | 153.7 | ' | 113.1 | 466.2 | 282.6 | ' |
Amortization of intangibles | ' | ' | ' | 0.9 | 5.3 | ' |
Gross margin | 240.1 | ' | 226.6 | 626.6 | 648.8 | ' |
Depreciation and amortization | 34.5 | ' | 33.9 | 103.7 | 99 | ' |
Goodwill, Impairment Loss | ' | 135.8 | ' | 135.8 | ' | ' |
Fixed asset impairment | ' | ' | ' | 11.5 | ' | ' |
Interest expense | 33.1 | ' | 31 | 95.8 | 91.1 | ' |
Income tax expense (benefit) | -41 | ' | 11.3 | 29.7 | 20.8 | ' |
Net income (loss) | 98.4 | ' | 33.2 | -116.8 | 76 | ' |
Total Assets | 3,542.60 | ' | ' | 3,542.60 | ' | 3,721.50 |
Utility [Member] | ' | ' | ' | ' | ' | ' |
External customer revenues | 329.3 | ' | 289.3 | 875.9 | 805.5 | ' |
Intersegment revenues | 125.6 | ' | 123.8 | 376.6 | 336 | ' |
Total revenues | 454.9 | ' | 413.1 | 1,252.50 | 1,141.50 | ' |
Fuel Costs | 84.5 | ' | 96.7 | 227.4 | 269.6 | ' |
Purchased power | 152.4 | ' | 110.4 | 457.3 | 276.7 | ' |
Gross margin | 218 | ' | 206 | 567.8 | 595.2 | ' |
Depreciation and amortization | 36.4 | ' | 35.8 | 108.2 | 104.5 | ' |
Interest expense | 9.4 | ' | 10.4 | 25.5 | 29.7 | ' |
Income tax expense (benefit) | 13.1 | ' | 13.2 | 23.1 | 29.2 | ' |
Net income (loss) | 53.2 | ' | 40.9 | 76.5 | 101.4 | ' |
Capital expenditures | 25.6 | ' | 28.3 | 78.6 | 95.1 | ' |
Total Assets | 3,245.30 | ' | ' | 3,245.30 | ' | 3,313.10 |
Competitive Retail [Member] | ' | ' | ' | ' | ' | ' |
External customer revenues | 141.3 | ' | 139.7 | 414.9 | 381.9 | ' |
Total revenues | 141.3 | ' | 139.7 | 414.9 | 381.9 | ' |
Purchased power | 128.7 | ' | 125.6 | 380 | 340.8 | ' |
Gross margin | 12.6 | ' | 14.1 | 34.9 | 41.1 | ' |
Depreciation and amortization | 0.3 | ' | 0.1 | 0.6 | 0.4 | ' |
Interest expense | 0.1 | ' | 0.1 | 0.3 | 0.4 | ' |
Income tax expense (benefit) | 1.5 | ' | 1.4 | 2.1 | 4.3 | ' |
Net income (loss) | 3 | ' | 2.5 | 4.2 | 7.7 | ' |
Capital expenditures | 0.5 | ' | ' | 0.5 | ' | ' |
Total Assets | 100.3 | ' | ' | 100.3 | ' | 105 |
Other Reportable Business Segment [Member] | ' | ' | ' | ' | ' | ' |
External customer revenues | 8.6 | ' | 12.2 | 38.8 | 23.3 | ' |
Intersegment revenues | 3 | ' | 1 | 4.1 | 3 | ' |
Total revenues | 11.6 | ' | 13.2 | 42.9 | 26.3 | ' |
Fuel Costs | 0.6 | ' | 2.9 | 8.5 | 4.2 | ' |
Purchased power | 0.4 | ' | 0.9 | 7.1 | 1.5 | ' |
Amortization of intangibles | 0.3 | ' | 1.8 | 0.9 | 5.3 | ' |
Gross margin | 10.3 | ' | 7.6 | 26.4 | 15.3 | ' |
Depreciation and amortization | -2.2 | ' | -2 | -5.1 | -5.9 | ' |
Goodwill, Impairment Loss | ' | ' | ' | 135.8 | ' | ' |
Fixed asset impairment | ' | ' | ' | 11.5 | ' | ' |
Interest expense | 23.8 | ' | 20.6 | 70.5 | 61.5 | ' |
Income tax expense (benefit) | -55.6 | ' | -3.3 | 4.5 | -12.7 | ' |
Net income (loss) | 42.2 | ' | -10.2 | -197.5 | -33.1 | ' |
Capital expenditures | 0.3 | ' | 1 | 2.5 | 1.4 | ' |
Total Assets | 1,536.90 | ' | ' | 1,536.90 | ' | 1,675.80 |
Adjustments and Eliminations [Member] | ' | ' | ' | ' | ' | ' |
Intersegment revenues | -128.6 | ' | -124.8 | -380.7 | -339 | ' |
Total revenues | -128.6 | ' | -124.8 | -380.7 | -339 | ' |
Fuel Costs | ' | ' | 0.1 | ' | 0.2 | ' |
Purchased power | -127.8 | ' | -123.8 | -378.2 | -336.4 | ' |
Gross margin | -0.8 | ' | -1.1 | -2.5 | -2.8 | ' |
Interest expense | -0.2 | ' | -0.1 | -0.5 | -0.5 | ' |
Total Assets | -1,339.90 | ' | ' | -1,339.90 | ' | -1,372.40 |
Parent Company [Member] | ' | ' | ' | ' | ' | ' |
External customer revenues | 479.2 | ' | 441.2 | 1,329.60 | 1,210.70 | ' |
Total revenues | 479.2 | ' | 441.2 | 1,329.60 | 1,210.70 | ' |
Fuel Costs | 85.1 | ' | 99.7 | 235.9 | 274 | ' |
Purchased power | 153.7 | ' | 113.1 | 466.2 | 282.6 | ' |
Amortization of intangibles | 0.3 | ' | 1.8 | 0.9 | 5.3 | ' |
Gross margin | 240.1 | ' | 226.6 | 626.6 | 648.8 | ' |
Depreciation and amortization | 34.5 | ' | 33.9 | 103.7 | 99 | ' |
Goodwill, Impairment Loss | ' | ' | ' | 135.8 | ' | ' |
Fixed asset impairment | ' | ' | ' | 11.5 | ' | ' |
Interest expense | 33.1 | ' | 31 | 95.8 | 91.1 | ' |
Income tax expense (benefit) | -41 | ' | 11.3 | 29.7 | 20.8 | ' |
Net income (loss) | 98.4 | ' | 33.2 | -116.8 | 76 | ' |
Capital expenditures | 26.4 | ' | 29.3 | 81.6 | 96.5 | ' |
Total Assets | $3,542.60 | ' | ' | $3,542.60 | ' | $3,721.50 |
Goodwill_Impairment_Narrative_
Goodwill Impairment (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||
In Millions, unless otherwise specified | Sep. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | Sep. 30, 2014 | Sep. 30, 2013 | Dec. 31, 2013 |
Goodwill Impairment | ' | $135.80 | ' | $135.80 | ' | ' |
Goodwill | 317 | ' | ' | 317 | ' | 452.8 |
Effective Income Tax Rate, Continuing Operations | -71.50% | ' | 25.40% | -34.20% | 21.50% | ' |
Parent Company [Member] | ' | ' | ' | ' | ' | ' |
Goodwill Impairment | ' | ' | ' | 135.8 | ' | ' |
DP&L [Member] | ' | ' | ' | ' | ' | ' |
Effective Income Tax Rate, Continuing Operations | 19.80% | ' | 24.40% | 23.20% | 22.50% | ' |
DPLER [Member] | ' | ' | ' | ' | ' | ' |
Goodwill Impairment | ' | ' | ' | $135.80 | ' | ' |
Fixedasset_Impairment_Narrativ
Fixed-asset Impairment (Narrative) (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2014 | Dec. 31, 2013 |
Carrying Value | $2,501.40 | $2,534.20 |
Fixed asset impairment | 11.5 | ' |
Parent Company [Member] | ' | ' |
Fixed asset impairment | 11.5 | ' |
East Bend Station [Member] | ' | ' |
Fair Value | 2.7 | ' |
Fixed asset impairment | $11.50 | ' |
Production Plan Capacity | 186 | ' |
Common_Shareholders_Equity_Det
Common Shareholders' Equity (Details) (DP&L [Member], USD $) | 9 Months Ended |
Sep. 30, 2014 | |
DP&L [Member] | ' |
Common stock, shares authorized | 250,000,000 |
Common stock, shares outstanding | 41,172,173 |
Par Value common shares | $0.01 |
PUCO Meger Equity Ratio Approval | 50.00% |