Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Entity Registrant Name | 'DPL INC | ' |
Entity Central Index Key | '0000787250 | ' |
Document Type | '10-K | ' |
Document Period End Date | 31-Dec-13 | ' |
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 | '2013 | ' |
Document Fiscal Period Focus | 'FY | ' |
Entity Voluntary Filers | 'No | ' |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Public Float | ' | $0 |
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 $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 11 Months Ended | |||
In Millions, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 27, 2011 |
THE DAYTON POWER AND LIGHT COMPANY [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Predecessor [Member] | |
Revenues | $1,551.50 | $1,531.80 | $1,677.70 | $156.90 | $1,636.90 | $1,668.40 | $1,670.90 |
Cost of revenues: | ' | ' | ' | ' | ' | ' | ' |
Fuel | 362.5 | 354.9 | 380.6 | 35.8 | 366.7 | 361.9 | 355.8 |
Purchased power | 381.9 | 309.5 | 401.6 | 36.7 | 389 | 342.1 | 404.6 |
Amortization of intangibles | ' | ' | ' | 11.6 | 7.1 | 95.1 | ' |
Total cost of revenues | 744.4 | 664.4 | 782.2 | 84.1 | 762.8 | 799.1 | 760.4 |
Gross margin | 807.1 | 867.4 | 895.5 | 72.8 | 874.1 | 869.3 | 910.5 |
Operating expenses: | ' | ' | ' | ' | ' | ' | ' |
Operation and maintenance | 362.1 | 385.9 | 364.8 | 47.5 | 396.7 | 406.4 | 377.8 |
Depreciation and amortization | 140.2 | 141.3 | 134.9 | 11.6 | 132.9 | 125.4 | 129.4 |
General taxes | 76.4 | 74.4 | 75.9 | 7.6 | 80.9 | 79.5 | 75.5 |
Goodwill Impairment | ' | ' | ' | ' | 306.3 | 1,817.20 | ' |
Fixed asset impairment | 86 | 80.8 | ' | ' | 26.2 | ' | ' |
Total operating expenses | 664.7 | 682.4 | 575.6 | 66.7 | 943 | 2,428.50 | 582.7 |
Operating income | 142.4 | 185 | 319.9 | 6.1 | -68.9 | -1,559.20 | 327.8 |
Other income / (expense), net: | ' | ' | ' | ' | ' | ' | ' |
Investment income | 2 | 2.3 | 17.3 | 0.1 | 1.4 | 2.5 | 0.4 |
Interest expense | -37.2 | -39.1 | -38.2 | -11.5 | -124 | -122.9 | -58.7 |
Charge for early redemption of debt | ' | ' | ' | ' | -2.8 | ' | -15.3 |
Other deductions | -5 | -1.9 | -1.6 | -0.3 | -5.4 | -2.5 | -1.7 |
Total other income / (expense), net | -40.2 | -38.7 | -22.5 | -11.7 | -130.8 | -122.9 | -75.3 |
Earnings before income tax | 102.2 | 146.3 | 297.4 | -5.6 | -199.7 | -1,682.10 | 252.5 |
Income tax expense | 18.6 | 55.1 | 104.2 | 0.6 | 22.3 | 47.7 | 102 |
Net income | 83.6 | 91.2 | 193.2 | -6.2 | -222 | -1,729.80 | 150.5 |
Dividends on preferred stock | 0.9 | 0.9 | 0.9 | ' | ' | ' | ' |
Earnings on common stock | $82.70 | $90.30 | $192.30 | ' | ' | ' | ' |
Average number of common shares outstanding (millions): | ' | ' | ' | ' | ' | ' | ' |
Basic | ' | ' | ' | ' | ' | ' | 114.5 |
Diluted | ' | ' | ' | ' | ' | ' | 115.1 |
Earnings per share of common stock: | ' | ' | ' | ' | ' | ' | ' |
Basic | ' | ' | ' | ' | ' | ' | $1.31 |
Diluted | ' | ' | ' | ' | ' | ' | $1.31 |
Dividends paid per share of common stock | ' | ' | ' | ' | ' | ' | $1.54 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income/(Loss) (USD $) | 1 Months Ended | 12 Months Ended | 11 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 27, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Successor [Member] | Successor [Member] | Successor [Member] | Predecessor [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |
Net income | ($6.20) | ($222) | ($1,729.80) | $150.50 | $83.60 | $91.20 | $193.20 |
Available-for-sale securities activity: | ' | ' | ' | ' | ' | ' | ' |
Change in fair value of available-for-sale securities | ' | -1.2 | 0.5 | ' | -1.6 | 0.5 | -7.8 |
Reclassification to earnings of available-for-sale securities, net of income tax expense/(benefit) | ' | 1.4 | -0.1 | ' | 1.4 | -0.1 | ' |
Total change in fair value of available-for-sale securities | ' | 0.2 | 0.4 | ' | -0.2 | 0.4 | -7.8 |
Derivative activity: | ' | ' | ' | ' | ' | ' | ' |
Change in derivative fair value | -0.5 | 19.7 | -1.5 | -58.2 | 1 | -3 | -1.2 |
Reclassification of earnings, net of income tax (expense)/benefit of $0.6 and $(0.3), respectively | ' | 3.4 | -0.5 | -0.3 | 2.6 | -3.4 | -0.2 |
Total change in fair value of derivatives | -0.5 | 23.1 | -2 | -58.5 | 3.6 | -6.4 | -1.4 |
Pension and postretirement activity: | ' | ' | ' | ' | ' | ' | ' |
Prior service cost for the period | -0.2 | ' | ' | 0.1 | 0.5 | 0.8 | 0.5 |
Unrealized losses on pension and postretirement benefits net of income tax benefits | 0.3 | 4.9 | -1.9 | 0.3 | 4.3 | -1.5 | -8 |
Reclassification to earnings of Pension | ' | 0.3 | ' | 2.8 | 3.8 | 2.7 | 2.3 |
Total change in unfunded pension obligation | 0.1 | 5.2 | -1.9 | 3.2 | 8.6 | 2 | -5.2 |
Other comprehensive income / (loss) | -0.4 | 28.5 | -3.5 | -55.3 | 12 | -4 | -14.4 |
Net comprehensive income / (loss) | ($6.60) | ($193.50) | ($1,733.30) | $95.20 | $95.60 | $87.20 | $178.80 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income/(Loss) (Parenthetical) (USD $) | 1 Months Ended | 12 Months Ended | 11 Months Ended | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 27, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Successor [Member] | Successor [Member] | Successor [Member] | Predecessor [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |
Income tax (expense)/benefit on unrealized gains (losses) related to available-for-sale securities | ' | $0.60 | ($0.20) | ' | $0.90 | ($0.20) | $4.30 |
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Tax | ' | -0.7 | ' | ' | -0.7 | ' | ' |
Income tax (expense)/benefit on unrealized gains (losses) related to derivative activity | 0.3 | -10.6 | 1.4 | 31.2 | -0.6 | 1.6 | 0.5 |
Income tax (expense)/benefit on reclassification of earnings related to derivative activity | ' | -2.3 | 0.4 | -0.3 | -2.5 | 0.5 | 0.1 |
Income tax (expense)/benefit on prior service cost related to pension and postretirement activity | 0.2 | ' | ' | ' | -0.2 | -0.5 | -0.4 |
Income tax (expense)/benefit on net loss related to pension and postretirement activity | -0.2 | -2.7 | 1 | -0.7 | -1.9 | 0.8 | 5.4 |
Income tax (expense)/benefit on reclassification of earnings related to pension and postretirement activity | ' | $0.30 | ' | $1.50 | ($1.90) | ($1.50) | ($1.50) |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 11 Months Ended | 12 Months Ended | |||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 27, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 |
THE DAYTON POWER AND LIGHT COMPANY [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Predecessor [Member] | Renewable Energy Certificates [Member] | Renewable Energy Certificates [Member] | Renewable Energy Certificates [Member] | Renewable Energy Certificates [Member] | Renewable Energy Certificates [Member] | |
THE DAYTON POWER AND LIGHT COMPANY [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | Successor [Member] | Successor [Member] | ||||||||
Cash flows from operating activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income | $83.60 | $91.20 | $193.20 | ($6.20) | ($222) | ($1,729.80) | $150.50 | ' | ' | ' | ' | ' |
Adjustments to reconcile Net income to Net cash provided by operating activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation and amortization | 140.2 | 141.3 | 134.9 | 11.6 | 132.9 | 125.4 | 129.4 | ' | ' | ' | ' | ' |
Amortization of intangibles | ' | ' | ' | 11.6 | 7.1 | 95.1 | ' | ' | ' | ' | ' | ' |
Amortization of debt market value adjustments | ' | ' | ' | ' | -14.4 | -19 | ' | ' | ' | ' | ' | ' |
Deferred income taxes | -16.8 | 3.6 | 50.7 | 0.1 | 24 | -4.2 | 65.5 | ' | ' | ' | ' | ' |
Gain on liquidation of DPL stock, held in trust | ' | ' | -14.6 | -26.9 | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed asset impairment | 86 | 80.8 | ' | ' | 26.2 | ' | ' | ' | ' | ' | ' | ' |
Charge for early redemption of debt | ' | ' | ' | ' | 2.8 | ' | 15.3 | ' | ' | ' | ' | ' |
Goodwill Impairment | ' | ' | ' | ' | 306.3 | 1,817.20 | ' | ' | ' | ' | ' | ' |
Recognition of deferred SECA revenue | ' | -17.8 | ' | ' | ' | -17.8 | ' | ' | ' | ' | ' | ' |
Changes in certain assets and liabilities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable | 15 | 20.9 | 5.3 | -12.3 | 7.4 | 13.4 | 14.6 | ' | ' | ' | ' | ' |
Inventories | 27.2 | 14.2 | -11.8 | -2.3 | 27.4 | 15.6 | -8 | ' | ' | ' | ' | ' |
Prepaid taxes | 0.4 | 0.1 | 8.1 | 0.6 | 0.7 | ' | 7.1 | ' | ' | ' | ' | ' |
Taxes applicable to subsequent years | -1.8 | 5.2 | -9 | -71.2 | -1.4 | 7.2 | 58.4 | ' | ' | ' | ' | ' |
Deferred regulatory costs, net | 7.8 | -1.5 | -12.6 | 0.1 | 7.6 | -1.1 | -14.4 | ' | ' | ' | ' | ' |
Accounts payable | -5.9 | -15.3 | 7.1 | 6.6 | -5.8 | -16.2 | -0.6 | ' | ' | ' | ' | ' |
Accrued taxes payable | -9.1 | -8.5 | 15.2 | 78.5 | -5.5 | 5.1 | -58.6 | ' | ' | ' | ' | ' |
Accrued interest payable | -3.4 | 5.2 | 0.2 | 6.4 | -3.3 | 1.5 | -8.1 | ' | ' | ' | ' | ' |
Pension, retiree and other benefits | 1.8 | 28.5 | -24 | 10.2 | 1.8 | 28.5 | -34.2 | ' | ' | ' | ' | ' |
Unamortized investment tax credit | -2.5 | -2.5 | -2.5 | -0.2 | -0.5 | -0.3 | -2.3 | ' | ' | ' | ' | ' |
Insurance and claims costs | ' | ' | ' | -0.1 | -4.8 | -2.8 | 4.3 | ' | ' | ' | ' | ' |
Other | 12.8 | -5.6 | 24 | -7.9 | 16.3 | -26.3 | 15.5 | ' | ' | ' | ' | ' |
Net cash provided by operating activities | 335.3 | 339.8 | 364.2 | -1.4 | 302.8 | 291.5 | 334.4 | ' | ' | ' | ' | ' |
Cash flows from investing activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Capital expenditures | -122.1 | -195.5 | -204.5 | -30.5 | -124.4 | -198.1 | -174.2 | ' | ' | ' | ' | ' |
Proceeds from sale of property - other | 0.8 | 0.2 | ' | ' | 0.8 | 1.1 | ' | ' | ' | ' | ' | ' |
Insurance proceeds | 14.2 | ' | ' | ' | 7.6 | ' | ' | ' | ' | ' | ' | ' |
Purchase of MC Squared | ' | ' | ' | ' | ' | ' | -8.3 | ' | ' | ' | ' | ' |
Payments to Acquire Intangible Assets | ' | ' | ' | ' | ' | ' | ' | -3.9 | -5.4 | -4.4 | -3.9 | -5.4 |
Increase (Decrease) in Restricted Cash | -2.3 | 2.9 | -3.8 | 1 | -2.8 | 2.9 | -4.8 | ' | ' | ' | ' | ' |
Purchases of short-term investments and securities | ' | ' | ' | ' | ' | ' | -1.7 | ' | ' | ' | ' | ' |
Sales of short-term investments and securities | ' | ' | ' | ' | ' | ' | 70.9 | ' | ' | ' | ' | ' |
Proceeds from liquidation of DPL stock, held in trust | ' | ' | 26.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other | -1.2 | 0.3 | 0.8 | -0.3 | -1.2 | 0.3 | 1.2 | ' | ' | ' | ' | ' |
Net cash used for investing activities | -114.5 | -197.5 | -185 | -30.4 | -123.9 | -199.2 | -120.7 | ' | ' | ' | ' | ' |
Cash flows from financing activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Dividends paid on common stock | -190 | -145 | -220 | -63 | ' | -64.1 | -113 | ' | ' | ' | ' | ' |
Dividends paid on preferred stock | -0.9 | -0.9 | -0.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deferred Finance Costs | -10.4 | ' | ' | ' | -15.3 | -0.8 | ' | ' | ' | ' | ' | ' |
Proceeds from liquidation of DPL stock, held in trust | ' | ' | ' | 26.9 | ' | ' | ' | ' | ' | ' | ' | ' |
Premium paid for early redemption of debt | ' | ' | ' | ' | -2.4 | ' | -12.2 | ' | ' | ' | ' | ' |
Payment of MC Squared debt | ' | ' | ' | ' | ' | ' | -13.5 | ' | ' | ' | ' | ' |
Payment of long-term debt | -470.1 | -0.1 | -0.1 | ' | -945.1 | -0.1 | -419.5 | ' | ' | ' | ' | ' |
Issuance of long-term debt | 445 | ' | ' | 125 | 645 | ' | 300 | ' | ' | ' | ' | ' |
Withdrawals from revolving credit facilities | ' | ' | 50 | ' | 50 | ' | 50 | ' | ' | ' | ' | ' |
Repayments of borrowings from revolving credit facilities | ' | ' | -50 | ' | -50 | ' | -50 | ' | ' | ' | ' | ' |
Contributions to additional paid-in capital from parent | ' | ' | 20 | ' | ' | 0.3 | ' | ' | ' | ' | ' | ' |
Repurchase of warrants | ' | ' | ' | ' | ' | -9 | ' | ' | ' | ' | ' | ' |
Exercise of stock options | ' | ' | ' | ' | ' | ' | 1.6 | ' | ' | ' | ' | ' |
Exercise of warrants | ' | ' | ' | ' | ' | ' | 14.7 | ' | ' | ' | ' | ' |
Tax impact related to exercise of stock options | ' | ' | ' | ' | ' | ' | 1.4 | ' | ' | ' | ' | ' |
Net cash used for financing activities | -226.4 | -146 | -201 | 88.9 | -317.8 | -73.7 | -240.5 | ' | ' | ' | ' | ' |
Cash and cash equivalents: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net change | -5.6 | -3.7 | -21.8 | 57.1 | -138.9 | 18.6 | -26.8 | ' | ' | ' | ' | ' |
Assumption of cash aquisition | ' | ' | ' | 19.2 | ' | ' | ' | ' | ' | ' | ' | ' |
Balance at beginning of period | 28.5 | 32.2 | 54 | 97.2 | 192.1 | 173.5 | 124 | ' | ' | ' | ' | ' |
Cash and cash equivalents at end of period | 22.9 | 28.5 | 32.2 | 173.5 | 53.2 | 192.1 | 97.2 | ' | ' | ' | ' | ' |
Supplemental cash flow information: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest paid, net of amounts capitalized | 41.5 | 35.1 | 39.2 | 6 | 137.5 | 136.9 | 62 | ' | ' | ' | ' | ' |
Income taxes refunded, net | -20.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income taxes paid/(refund), net | ' | 61.9 | 13.9 | ' | -5.2 | 47.6 | 25.6 | ' | ' | ' | ' | ' |
Assumption of debit with acquisition | ' | ' | ' | 1,250 | ' | ' | ' | ' | ' | ' | ' | ' |
Non-cash financing and investing activities: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accruals for capital expenditures | 14.7 | 16.7 | 26.5 | 26.5 | 14.7 | 16.7 | 18.9 | ' | ' | ' | ' | ' |
Long-term liability incurred for purchase of assets | ' | ' | $18.70 | ' | ' | ' | $18.70 | ' | ' | ' | ' | ' |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | THE DAYTON POWER AND LIGHT COMPANY [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Current assets: | ' | ' | ' | ' |
Cash and cash equivalents | $53.20 | $192.10 | $22.90 | $28.50 |
Restricted Cash | 13.5 | 10.7 | 13 | 10.7 |
Accounts receivable, net (Note 3) | 203.3 | 208.2 | 147.5 | 160 |
Inventories (Note 3) | 82.7 | 110.1 | 81.7 | 108.9 |
Taxes applicable to subsequent years | 70.6 | 69.3 | 68.5 | 66.7 |
Regulatory assets, current (Note 4) | 20.8 | 21.1 | 20.8 | 18.3 |
Other prepayments and current assets | 35.1 | 43.1 | 32.5 | 33 |
Total current assets | 479.2 | 654.6 | 386.9 | 426.1 |
Property, plant and equipment: | ' | ' | ' | ' |
Property, plant and equipment | 2,677 | 2,590.40 | 5,105.30 | 5,249 |
Less: Accumulated depreciation and amortization | -206.7 | -115.9 | -2,448.10 | -2,516.30 |
Property, plant and equipment, net of depreciation | 2,470.30 | 2,474.50 | 2,657.20 | 2,732.70 |
Construction work in process | 63.9 | 89.3 | 60.9 | 87.8 |
Total net property, plant and equipment | 2,534.20 | 2,563.80 | 2,718.10 | 2,820.50 |
Other noncurrent assets: | ' | ' | ' | ' |
Regulatory assets, non-current (Note 4) | 159.7 | 185.5 | 159.7 | 185.5 |
Goodwill | 452.8 | 759.1 | ' | ' |
Intangible assets, Net of amortization (Note 6) | 42.8 | 50.1 | 8.3 | 9 |
Other deferred assets | 52.8 | 34.2 | 40.1 | 23.1 |
Total other noncurrent assets | 708.1 | 1,028.90 | 208.1 | 217.6 |
Total Assets | 3,721.50 | 4,247.30 | 3,313.10 | 3,464.20 |
Current liabilities: | ' | ' | ' | ' |
Current portion - long-term debt (Note 7) | 10.2 | 584.9 | 0.2 | 570.4 |
Accounts payable | 78.2 | 83.2 | 73.9 | 79.1 |
Accrued taxes | 89.4 | 97.1 | 81 | 92.2 |
Accrued interest | 28.5 | 31.8 | 9.6 | 13.1 |
Customer security deposits | 13.9 | 15 | 33.1 | 35.2 |
Regulatory liabilities, current (Note 4) | ' | 0.1 | ' | 0.1 |
Insurance and claims costs | 6.7 | 11.5 | ' | ' |
Other current liabilities | 64.2 | 96.9 | 59.7 | 52.1 |
Total current liabilities | 291.1 | 920.5 | 257.5 | 842.2 |
Noncurrent liabilities: | ' | ' | ' | ' |
Long-term debt (Note 7) | 2,284.20 | 2,025 | 876.9 | 332.7 |
Deferred taxes (Note 8) | 564.3 | 534.9 | 632.3 | 652 |
Taxes Payable | 79.1 | 68.1 | 76.5 | 66 |
Regulatory liabilities, non-current (Note 4) | 121.1 | 117.3 | 121.1 | 117.3 |
Pension, retiree and other benefits (Note 9) | 51.6 | 61.6 | 51.6 | 61.6 |
Unamortized investment tax credit | 2.8 | 3.3 | 24.9 | 27.4 |
Other deferred credits | 69.4 | 71.4 | 45.4 | 43 |
Total noncurrent liabilities | 3,172.50 | 2,881.60 | 1,828.70 | 1,300 |
Redeemable preferred stock of subsidiary | 18.4 | 18.4 | 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 | 2,237 | 2,236.70 | 803.5 | 803.3 |
Accumulated other comprehensive loss | 24.6 | -3.9 | -26.7 | -38.7 |
Retained earnings/ (deficit) | -2,022.10 | -1,806 | 426.8 | 534.1 |
Total common shareholders' equity | 239.5 | 426.8 | 1,204 | 1,299.10 |
Total Liabilities and Shareholders' Equity | $3,721.50 | $4,247.30 | $3,313.10 | $3,464.20 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) | Dec. 31, 2013 |
Consolidated Balance Sheets | ' |
Common stock, shares authorized | 1,500 |
Common stock, shares outstanding | 1 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | THE DAYTON POWER AND LIGHT COMPANY [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | Common Stock [Member] | Common Stock [Member] | Warrant [Member] | Common Stock Held By Employee Plans [Member] | Other Paid-In Capital [Member] | Accumulated Other Comprehensive Income/(Loss) [Member] | Accumulated Other Comprehensive Income/(Loss) [Member] | Retained Earnings [Member] | Retained Earnings [Member] | Successor [Member] | Predecessor [Member] | Total | ||||
In Millions, except Share data | Common Stock [Member] | Other Paid-In Capital [Member] | Accumulated Other Comprehensive Income/(Loss) [Member] | Retained Earnings [Member] | USD ($) | Successor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Successor [Member] | Successor [Member] | Predecessor [Member] | Successor [Member] | Predecessor [Member] | USD ($) | USD ($) | USD ($) | ||||
USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||||||
Balance at Dec. 31, 2010 | $0.40 | ' | ' | ' | ' | ' | $1.20 | $2.70 | ($12.50) | ' | ' | ($18.90) | ' | $1,246 | ' | $1,218.50 | ' | ||||
Balance (in shares) at Dec. 31, 2010 | 41,172,173 | ' | ' | ' | ' | ' | 116,924,844 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150.5 | ' | ||||
Total comprehensive income / (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -55.3 | ' | 150.5 | ' | 95.2 | ' | ||||
Common stock dividends | [1] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -176 | ' | -176 | ' | |||
Repurchase of warrants | ' | ' | ' | ' | ' | ' | ' | -1.1 | ' | ' | ' | ' | ' | ' | ' | -1.1 | ' | ||||
Treasury stock reissued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18.2 | ' | 18.2 | ' | ||||
Treasury stock reissued (in shares) | ' | ' | ' | ' | ' | ' | 805,150 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Tax effects to equity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.4 | ' | 1.4 | ' | ||||
Employee / Director stock plans | ' | ' | ' | ' | ' | ' | ' | ' | 12.7 | ' | ' | ' | ' | 1.8 | ' | 14.5 | ' | ||||
Other | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -0.1 | ' | -0.1 | ' | -0.2 | ' | ||||
Balance at Nov. 27, 2011 | ' | ' | ' | ' | ' | ' | 1.2 | 1.6 | 0.2 | ' | ' | -74.3 | ' | 1,241.80 | ' | 1,170.50 | ' | ||||
Balance (in shares) at Nov. 27, 2011 | ' | ' | ' | ' | ' | ' | 117,729,994 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Balance at Dec. 31, 2010 | 0.4 | 782.5 | -20.3 | 616.9 | 1,379.50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Balance (in shares) at Dec. 31, 2010 | 41,172,173 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net income | ' | ' | ' | ' | 193.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Total comprehensive income / (Loss) | ' | ' | -14.4 | 193.2 | 178.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Common stock dividends | ' | ' | ' | -220 | -220 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Preferred stock dividends | ' | ' | ' | -0.9 | -0.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Contribution from Parent | ' | 20 | ' | ' | 20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Tax effects to equity | ' | 1.4 | ' | ' | 1.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Employee / Director stock plans | ' | -5.4 | ' | ' | -5.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Other | ' | 4.7 | ' | -0.2 | 4.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Balance at Dec. 31, 2011 | 0.4 | 803.2 | -34.7 | 589 | 1,357.90 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Balance (in shares) at Dec. 31, 2011 | 41,172,173 | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Balance at Nov. 27, 2011 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Capitalization at merger | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,235.60 | ' | ' | ' | ' | 2,235.60 | ' | ' | ||||
Net income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -6.2 | ' | ' | ||||
Total comprehensive income / (Loss) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -0.4 | ' | -6.2 | ' | -6.6 | ' | ' | ||||
Contribution from Parent | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.7 | ' | ' | ' | ' | 1.7 | ' | ' | ||||
Balance at Dec. 31, 2011 | 0.4 | 803.2 | -34.7 | 589 | 1,357.90 | ' | ' | ' | ' | 2,237.30 | -0.4 | ' | -6.2 | ' | 2,230.70 | ' | ' | ||||
Balance (in shares) at Dec. 31, 2011 | 41,172,173 | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net income | ' | ' | ' | ' | 91.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,729.80 | ' | ' | ||||
Total comprehensive income / (Loss) | ' | ' | -4 | 91.2 | 87.2 | ' | ' | ' | ' | ' | -3.5 | ' | -1,729.80 | ' | -1,733.30 | ' | ' | ||||
Common stock dividends | ' | ' | ' | -145 | -145 | ' | ' | ' | ' | ' | ' | ' | -70 | ' | -70 | ' | ' | ||||
Preferred stock dividends | ' | ' | ' | -0.9 | -0.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Other | ' | 0.1 | ' | -0.2 | -0.1 | ' | ' | ' | ' | -0.6 | ' | ' | ' | ' | -0.6 | ' | ' | ||||
Balance at Dec. 31, 2012 | 0.4 | 803.3 | -38.7 | 534.1 | 1,299.10 | ' | ' | ' | ' | 2,236.70 | -3.9 | ' | -1,806 | ' | 426.8 | ' | 426.8 | ||||
Balance (in shares) at Dec. 31, 2012 | 41,172,173 | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Net income | ' | ' | ' | ' | 83.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -222 | ' | ' | ||||
Total comprehensive income / (Loss) | ' | ' | 12 | 83.6 | 95.6 | ' | ' | ' | ' | ' | 28.5 | ' | -222 | ' | -193.5 | ' | ' | ||||
Common stock dividends | ' | ' | ' | -190 | -190 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Preferred stock dividends | ' | ' | ' | -0.9 | -0.9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Other | ' | 0.2 | ' | ' | 0.2 | ' | ' | ' | ' | 0.3 | [1] | ' | ' | 5.9 | [1] | ' | 6.2 | [1] | ' | ' | |
Balance at Dec. 31, 2013 | $0.40 | $803.50 | ($26.70) | $426.80 | $1,204 | ' | ' | ' | ' | $2,237 | $24.60 | ' | ($2,022.10) | ' | $239.50 | ' | $239.50 | ||||
Balance (in shares) at Dec. 31, 2013 | 41,172,173 | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ||||
[1] |
Overview_and_Summary_of_Signif
Overview and Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Overview and Summary of Significant Accounting Policies | ' | ||||||||||||
Note 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 subsidiary. See Note 17 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. See Note 2. Following the merger of DPL and Dolphin Subsidiary II, Inc., 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 service are still regulated. DP&L has exclusive right to provide such service 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 and generates electricity at seven coal-fired power stations. Beginning in 2014, DP&L no longer provides 100% of the generation for its SSO customers. 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 of the area and the market price of electricity. DP&L sells any excess energy and capacity into the wholesale market. DP&L also sells electricity to DPLER, an affiliate, to satisfy the electric requirements of its retail customers. | |||||||||||||
DP&L filed a generation separation application at the end of December 2013, as required in its ESP order, with the PUCO and on February 25, 2013, filed a supplemental application. In the supplemental application, DP&L reaffirmed its commitment to separate the generation assets on or before May 31, 2017. DP&L continues to look at multiple options to effectuate the separation including transfer into a new unregulated affiliate of DPL or through a sale. | |||||||||||||
DPLER sells competitive retail electric service, under contract, to residential, commercial and industrial customers. DPLER’s operations include those of its wholly-owned subsidiary, MC Squared, which was acquired on February 28, 2011. DPLER has approximately 308,000 customers currently located throughout Ohio and Illinois. Approximately 130,000 of DPLER’s customers are also electric distribution customers of DP&L. DPLER does not own any transmission or generation assets, and all of DPLER’s electric energy was purchased from DP&L or PJM to meet its sales obligations. DPLER’s sales reflect the general economic conditions and seasonal weather patterns of the area. | |||||||||||||
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 us and our other subsidiaries. All of DPL’s subsidiaries are wholly-owned. | |||||||||||||
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 1,266 people as of December 31, 2013, of which 1,218 employees were employed by DP&L. Approximately 59% of all DPL employees are under a collective bargaining agreement which expires on October 31, 2014. | |||||||||||||
Financial Statement Presentation | |||||||||||||
We prepare Consolidated Financial Statements for DPL. DPL’s 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’s undivided ownership interests in certain coal-fired generating stations are included in the financial statements at amortized cost, which was adjusted to fair value at the Merger date. Operating revenues and expenses are included on a pro rata basis in the corresponding lines in the Consolidated Statement of Operations. See Note 5 for more information. | |||||||||||||
Certain immaterial amounts from prior periods, including derivative assets and liabilities and restricted cash, have been reclassified to conform to the current period presentation. | |||||||||||||
All material intercompany accounts and transactions are eliminated in consolidation. | |||||||||||||
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; reserves recorded for income tax exposures; litigation; contingencies; the valuation of AROs; assets and liabilities related to employee benefits; goodwill; and intangibles. | |||||||||||||
On November 28, 2011, AES completed the Merger with DPL. As a result of the Merger, DPL is an indirect wholly-owned subsidiary of AES. DPL’s basis of accounting incorporates the application of FASC 805, “Business Combinations” (FASC 805) as of the Merger date. FASC 805 required the acquirer to recognize and measure identifiable assets acquired and liabilities assumed at fair value as of the Merger date. DPL’s Consolidated Financial Statements and accompanying footnotes have been segregated to present pre-merger activity as the “Predecessor” Company and post-merger activity as the “Successor” Company. Purchase accounting impacts, including goodwill recognition, have been “pushed down” to DPL, resulting in the assets and liabilities of DPL being recorded at their respective fair values as of November 28, 2011. See Note 2 for additional information. AES finalized its purchase price allocation during the third quarter of 2012. | |||||||||||||
As a result of the push down accounting, DPL’s 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. Therefore, the DPL financial data prior to the Merger will not generally be comparable to its financial data subsequent to the Merger. See Note 2 for additional information. | |||||||||||||
DPL remeasured the carrying amount of all of its assets and liabilities to fair value, which resulted in the recognition of approximately $2,576.3 million of goodwill, after adjustments. 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. 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 situations, including but not limited to: deterioration in general economic conditions; 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. In the fourth quarter of 2013, we recorded an impairment of $306.3 against the goodwill at DPL’s DP&L reporting unit. In the third quarter of 2012, we recorded an estimated impairment charge of $1,850.0 million against the goodwill at DPL’s DP&L reporting unit. This was adjusted to $1,817.2 million in the fourth quarter of 2012. See Note 18 for information regarding the impairments of goodwill in 2013 and 2012. | |||||||||||||
As part of the purchase accounting, values were assigned to various intangible assets, including customer relationships, customer contracts and the value of our electric security plan. See Note 6 for more information. | |||||||||||||
Revenue Recognition | |||||||||||||
Revenues are recognized from retail and wholesale electricity sales and electricity transmission and distribution delivery services. We consider revenue realized, or realizable, and earned when persuasive evidence of an arrangement exists, the products or services have been provided to the customer, the sales price is fixed or determinable, and collection is reasonably assured. Energy sales to customers are based on the reading of their meters that occurs on a systematic basis throughout the month. We recognize the revenues on our statements of results of operations using an accrual method for retail and other energy sales that have not yet been billed, but where electricity has been consumed. This is termed “unbilled revenues” and is a widely recognized and accepted practice for utilities. At the end of each month, unbilled revenues are determined by the estimation of unbilled energy provided to customers since the date of the last meter reading, estimated line losses, the assignment of unbilled energy provided to customer classes and the average rate per customer class. | |||||||||||||
All of the power produced at the generation stations is sold to an RTO and we in turn purchase it back from the RTO to supply our customers. These power sales and purchases are reported on a net hourly basis as revenues or purchased power on our Statements of Results of Operations. We record expenses when purchased electricity is received and when expenses are incurred, with the exception of the ineffective portion of certain power purchase contracts that are derivatives and qualify for hedge accounting. We also have certain derivative contracts that do not qualify for hedge accounting, and their unrealized gains or losses are recorded prior to the receipt of electricity. | |||||||||||||
Allowance for Uncollectible Accounts | |||||||||||||
We establish provisions for uncollectible accounts by using both historical average loss percentages to project future losses and by establishing specific provisions for known credit issues. | |||||||||||||
Sale of Receivables | |||||||||||||
In the first quarter of 2012, DPLER began selling receivables from DPLER customers in Duke Energy’s territory to Duke Energy. These sales are at face value for cash at the billed amounts for DPLER customers’ use of energy. There is no recourse or any other continuing involvement associated with the sold receivables. Total receivables sold to Duke Energy during the years ended December 31, 2013 and 2012 was $20.7 million and $15.7 million, respectively. In addition, MC Squared sells receivables from their customers in ComEd territory to ComEd. Total receivables sold to ComEd during the years ended December 31, 2013 and 2012 was $75.4 million and $27.7 million, respectively. | |||||||||||||
Property, Plant and Equipment | |||||||||||||
We record our ownership share of our undivided interest in jointly-held stations as an asset in property, plant and equipment. New property, plant and equipment additions are stated at cost. 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, cost also includes capitalized interest. Capitalization of AFUDC and interest ceases at either project completion or at the date specified by regulators. AFUDC and capitalized interest was $1.5 million, $4.0 million, $0.5 million and $3.9 million in the years ended December 31, 2013, and 2012, the period from November 28, 2011 through December 31, 2011, and the period January 1, 2011 through November 27, 2011, respectively. | |||||||||||||
For unregulated generation property, cost includes direct labor and material, allocable overhead expenses and interest capitalized during construction using the provisions of GAAP relating to the accounting for capitalized interest. | |||||||||||||
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. | |||||||||||||
Repairs and Maintenance | |||||||||||||
Costs associated with maintenance activities, primarily power station outages, are recognized at the time the work is performed. These costs, which include labor, materials and supplies, and outside services required to maintain equipment and facilities, are capitalized or expensed based on defined units of property. | |||||||||||||
Depreciation – Changes in Estimates | |||||||||||||
Depreciation expense is calculated using the straight-line method, which allocates the cost of property over its estimated useful life. For DPL’s generation, transmission and distribution assets, straight-line depreciation is applied monthly on an average composite basis using group rates. | |||||||||||||
During the fourth quarter of 2013, the Company tested the recoverability of long-lived assets at certain generating stations. See Note 19 for more information. Gradual decreases in power prices as well as lower estimates of future capacity prices in conjunction with the DP&L reporting unit of DPL failing step 1 of the annual goodwill impairment test were collectively determined to be an impairment indicator. The effect of this impairment will be to reduce future depreciation related to these stations by approximately $1.6 million per year. | |||||||||||||
For DPL’s generation, transmission, and distribution assets, straight-line depreciation is applied on an average annual composite basis using group rates that approximated 5.8% in 2013, 4.8% in 2012 and 5.8% in 2011. | |||||||||||||
The following is a summary of DPL’s Property, plant and equipment with corresponding composite depreciation rates at December 31, 2013 and 2012: | |||||||||||||
December 31, | |||||||||||||
$ in millions | 2013 | Composite Rate | 2012 | Composite Rate | |||||||||
Regulated: | |||||||||||||
Transmission | $ | 213.1 | 4.10% | $ | 208.9 | 4.40% | |||||||
Distribution | 970.1 | 5.60% | 935.0 | 5.40% | |||||||||
General | 56.8 | 12.10% | 50.6 | 10.80% | |||||||||
Non-depreciable | 60.8 | N/A | 60.0 | N/A | |||||||||
Total regulated | 1,300.8 | 1,254.5 | |||||||||||
Unregulated: | |||||||||||||
Production / Generation | 1,340.8 | 6.20% | 1,299.7 | 4.40% | |||||||||
Other | 15.7 | 8.90% | 16.6 | 11.60% | |||||||||
Non-depreciable | 19.7 | N/A | 19.6 | N/A | |||||||||
Total unregulated | 1,376.2 | 1,335.9 | |||||||||||
Total property, plant and equipment in service | $ | 2,677.0 | 5.80% | $ | 2,590.4 | 4.80% | |||||||
AROs | |||||||||||||
We recognize AROs in accordance with GAAP which requires legal obligations associated with the retirement of long-lived assets to be recognized at their fair value at the time those obligations are incurred. Upon initial recognition of a legal liability, costs are capitalized as part of the related long-lived asset and depreciated over the useful life of the related asset. Our legal obligations associated with the retirement of our long-lived assets consists primarily of river intake and discharge structures, coal unloading facilities, loading docks, ice breakers and ash disposal facilities. Our generation AROs are recorded within Other deferred credits on the consolidated balance sheets. | |||||||||||||
Estimating the amount and timing of future expenditures of this type requires significant judgment. Management routinely updates these estimates as additional information becomes available. | |||||||||||||
Changes in the Liability for Generation AROs | |||||||||||||
$ in millions | |||||||||||||
Balance at December 31, 2011 | $ | 23.6 | |||||||||||
Calendar 2012 | |||||||||||||
Accretion expense | 0.8 | ||||||||||||
Settlements | -0.4 | ||||||||||||
Estimated cash flow revisions | -0.1 | ||||||||||||
Balance at December 31, 2012 | 23.9 | ||||||||||||
Calendar 2013 | |||||||||||||
Accretion expense | 0.8 | ||||||||||||
Settlements | -0.3 | ||||||||||||
Balance at December 31, 2013 | $ | 24.4 | |||||||||||
Asset Removal Costs | |||||||||||||
We continue to record costs of removal for our regulated transmission and distribution assets through our depreciation rates and recover those amounts in rates charged to our customers. There are no known legal AROs associated with these assets. We have recorded $114.9 million and $112.1 million in estimated costs of removal at December 31, 2013 and 2012, respectively, as regulatory liabilities for our transmission and distribution property. These amounts represent the excess of the cumulative removal costs recorded through depreciation rates versus the cumulative removal costs actually incurred. See Note 4 for additional information. | |||||||||||||
Changes in the Liability for Transmission and Distribution Asset Removal Costs | |||||||||||||
$ in millions | |||||||||||||
Balance at December 31, 2011 | $ | 112.4 | |||||||||||
Calendar 2012 | |||||||||||||
Additions | 10.1 | ||||||||||||
Settlements | -10.4 | ||||||||||||
Balance at December 31, 2012 | 112.1 | ||||||||||||
Calendar 2013 | |||||||||||||
Additions | 22.0 | ||||||||||||
Settlements | -19.2 | ||||||||||||
Balance at December 31, 2013 | $ | 114.9 | |||||||||||
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 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 4 for more information about Regulatory Assets and Liabilities. | |||||||||||||
Inventories | |||||||||||||
Inventories are carried at average cost and include coal, limestone, oil and gas used for electric generation, and materials and supplies used for utility operations. | |||||||||||||
Intangibles | |||||||||||||
Intangibles include emission allowances, renewable energy credits, customer relationships, customer contracts and the value of our ESP. 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 cost of emission allowances, are recorded as a component of our fuel costs and are reflected in Operating income when realized. | |||||||||||||
Customer relationships recognized as part of the purchase accounting are amortized over nine to fifteen years and customer contracts are amortized over the average length of the contracts. The ESP was amortized over one year on a straight-line basis. 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. See Note 6 for additional information. | |||||||||||||
Income Taxes | |||||||||||||
GAAP requires an asset and liability approach for financial accounting and reporting of income taxes with tax effects of differences, based on currently enacted income tax rates, between the financial reporting and tax basis of accounting reported as Deferred tax assets or liabilities in the balance sheets. Deferred tax assets are recognized for deductible temporary differences. Valuation allowances are provided against deferred tax assets unless it is more likely than not that the asset will be realized. | |||||||||||||
Investment tax credits, which have been used to reduce federal income taxes payable, are deferred for financial reporting purposes and are amortized over the useful lives of the property to which they relate. For rate-regulated operations, additional deferred income taxes and offsetting regulatory assets or liabilities are recorded to recognize that income taxes will be recoverable or refundable through future revenues. | |||||||||||||
DPL and its subsidiaries file U.S. federal income tax returns as part of the consolidated U.S. income tax return filed by AES. Prior to the Merger, DPL and its subsidiaries filed a consolidated U.S. federal income tax return. The consolidated tax liability is allocated to each subsidiary based on the separate return method which is specified in our tax allocation agreement and which provides a consistent, systematic and rational approach. See Note 8 for additional information. | |||||||||||||
Financial Instruments | |||||||||||||
We classify our investments in debt and equity financial instruments of publicly traded entities into different categories: held-to-maturity and available-for-sale. Available-for-sale securities are carried at fair value and unrealized gains and losses on those securities, net of deferred income taxes, are presented as a separate component of shareholders’ equity. Other than temporary declines in value are recognized currently in earnings. Financial instruments classified as held-to-maturity are carried at amortized cost. The cost basis for public equity security and fixed maturity investments is average cost and amortized cost, respectively. | |||||||||||||
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. DP&L’s excise taxes are accounted for on a net basis and recorded as a reduction in revenues in the accompanying Statements of Results of Operations. These and certain other taxes are accounted for on a net basis and recorded as a reduction in revenues. The amounts for the years ended December 31, 2013, and 2012, the period November 28, 2011 through December 31, 2011, and the period January 1, 2011 through November 27, 2011, were $50.5 million, $50.5 million, $4.3 million and $49.4 million, respectively. | |||||||||||||
Share-Based Compensation | |||||||||||||
We measure the cost of employee services received and paid with equity instruments based on the fair value of such equity instrument on the grant date. This cost is recognized in results of operations over the period that employees are required to provide service. Liability awards are initially recorded based on the fair value of equity instruments and are to be re-measured for the change in stock price at each subsequent reporting date until the liability is ultimately settled. The fair value for employee share options and other similar instruments at the grant date are estimated using option-pricing models and any excess tax benefits are recognized as an addition to paid-in capital. The reduction in income taxes payable from the excess tax benefits is presented in the Statements of Cash Flows within Cash flows from financing activities. See Note 12 for additional information. As a result of the Merger, discussed in Note 2, vesting of all share-based awards was accelerated as of the Merger date, and none are in existence at December 31, 2013 or 2012. | |||||||||||||
Cash and Cash Equivalents | |||||||||||||
Cash and cash equivalents are stated at cost, which approximates fair value. All highly liquid short-term investments with original maturities of three months or less are considered cash equivalents. | |||||||||||||
Restricted Cash | |||||||||||||
Restricted cash includes cash which is restricted as to withdrawal or usage. The nature of the restrictions include restrictions imposed by agreements related to deposits held as collateral. | |||||||||||||
Financial Derivatives | |||||||||||||
All derivatives are recognized as either assets or liabilities in the balance sheets and are measured at fair value. Changes in the fair value are recorded in earnings unless the derivative is designated as a cash flow hedge of a forecasted transaction or it qualifies for the normal purchases and sales exception. | |||||||||||||
We use forward contracts to reduce our exposure to changes in energy and commodity prices and as a hedge against the risk of changes in cash flows associated with expected electricity purchases. These purchases are used to hedge our full load requirements. We also hold forward sales contracts that hedge against the risk of changes in cash flows associated with power sales during periods of projected generation facility availability. We use cash flow hedge accounting when the hedge or a portion of the hedge is deemed to be highly effective and MTM accounting when the hedge or a portion of the hedge is not effective. We have elected not to offset net derivative positions in the financial statements. Accordingly, we do not offset such derivative positions against the fair value of amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral under master netting agreements. See Note 11 for additional information. | |||||||||||||
Insurance and Claims Costs | |||||||||||||
In addition to insurance obtained from third-party providers, MVIC, a wholly-owned captive subsidiary of DPL, provides insurance coverage to us, our subsidiaries and, in some cases, our partners in commonly-owned facilities we operate, for workers’ compensation, general liability, property damage, and directors’ and officers’ liability. DP&L is responsible for claim costs below certain coverage thresholds of MVIC for the insurance coverage noted above. In addition, DP&L has estimated liabilities for medical, life, and disability reserves for claims costs below certain coverage thresholds of third-party providers. We record these additional insurance and claims costs of approximately $18.8 million and $17.7 million at 2013 and 2012, respectively, within Other current liabilities and Other deferred credits on the balance sheets. The estimated liabilities for workers’ compensation, medical, life and disability costs at DP&L are actuarially determined based using certain assumptions. There is uncertainty associated with these loss estimates and actual results may differ from the estimates. Modification of these loss estimates based on experience and changed circumstances is reflected in the period in which the estimate is re-evaluated. | |||||||||||||
Related Party Transactions | |||||||||||||
Effective December 22, 2013, AES US Services, LLC (the “Service Company”) began providing services including accounting, legal, human resources, information technology and other services of a similar nature on behalf of the AES U.S. Strategic Business Unit (“U.S. SBU”). The Service Company allocates the costs for these services based on cost drivers designed to result in fair and equitable distribution. This includes ensuring that the regulatory utilities served, including DP&L, are not subsidizing costs incurred for the benefit of non-regulated businesses. | |||||||||||||
DPL Capital Trust II | |||||||||||||
DPL has a wholly-owned business trust, DPL Capital Trust II (the Trust), formed for the purpose of issuing trust capital securities to third-party investors. Effective in 2003, DPL deconsolidated the Trust upon adoption of the accounting standards related to variable interest entities and currently treats the Trust as a nonconsolidated subsidiary. The Trust holds mandatorily redeemable trust capital securities. The investment in the Trust, which amounts to $0.4 million and $0.5 million at December 31, 2013 and 2012, respectively, is included in Other deferred assets within Other noncurrent assets. DPL also has a note payable to the Trust amounting to $19.6 million at December 31, 2013 and 2012 , respectively, that was established upon the Trust’s deconsolidation in 2003. See Note 7 for additional information. | |||||||||||||
In addition to the obligations under the note payable mentioned above, DPL also agreed to a security obligation which represents a full and unconditional guarantee of payments to the capital security holders of the Trust. | |||||||||||||
Recently Adopted Accounting Standards | |||||||||||||
Offsetting Assets and Liabilities | |||||||||||||
In December 2011, the FASB issued ASU 2011-11 “Disclosures about Offsetting Assets and Liabilities” (ASU 2011-11) effective for interim and annual reporting periods beginning on or after January 1, 2013. We adopted ASU 2011-11 on January 1, 2013. This standard was clarified by ASU 2013-01 “Scope Clarification of Disclosures about Offsetting Assets and Liabilities”, which also was effective on January 1, 2013. This standard updates FASC Topic 210 “Balance Sheet.” ASU 2011-11 updates the disclosures for financial instruments and derivatives to provide more transparent information around the offsetting of assets and liabilities. Entities are required to disclose both gross and net information about both instruments and transactions eligible for offset in the statement of financial position and/or subject to an agreement similar to a master netting agreement. In ASU 2013-01, the FASB clarified that the disclosures were not intended to include trade receivables and other contracts for financial instruments that may be subject to a master netting arrangement. We adopted this rule, which resulted in enhanced disclosures, but it did not have an effect on our overall results of operations, financial position or cash flows. | |||||||||||||
Testing Indefinite-Lived Intangible Assets for Impairments | |||||||||||||
In July 2012, the FASB issued ASU 2012-02 “Testing Indefinite-Lived Intangible Assets for Impairment” (ASU 2012-02) effective for interim and annual impairment tests performed for fiscal years beginning after September 15, 2012. We adopted ASU 2012-02 on January 1, 2013. This standard updates FASC Topic 350 “Intangibles-Goodwill and Other.” ASU 2012-02 permits an entity first to assess qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform the quantitative impairment test in accordance with FASC Subtopic 350-30. We adopted this rule but it did not have an effect on our overall results of operations, financial position or cash flows. | |||||||||||||
Comprehensive Income | |||||||||||||
The FASB recently issued ASU 2013-02 “Comprehensive Income (Topic 220): Reporting of Amounts Reclassified out of Accumulated Other Comprehensive Income” effective for annual and interim periods beginning after December 15, 2012. ASU 2013-02 does not change the current requirements for reporting net income or OCI in financial statements. However, this ASU requires an entity to provide information about the amounts reclassified out of AOCI by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the Notes, significant amounts reclassified out of AOCI by the respective line items of net income, but only if the amount reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under GAAP that provide additional detail about those amounts. We adopted this rule, which resulted in enhanced disclosures, but it did not have an effect on our overall results of operations, financial position or cash flows. | |||||||||||||
DP&L [Member] | ' | ||||||||||||
Overview and Summary of Significant Accounting Policies | ' | ||||||||||||
Note 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 service are still regulated. DP&L has exclusive right to provide such service 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 and generates electricity at seven coal-fired power stations. Beginning in 2014, DP&L no longer provides 100% of the generation for its SSO customers. 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 of the area and the market price of electricity. DP&L sells any excess energy and capacity into the wholesale market. DP&L also sells electricity to DPLER, an affiliate, to satisfy the electric requirements of its retail customers. | |||||||||||||
DP&L filed a generation separation application at the end of December 2013, as required in its ESP order, with the PUCO and on February 25, 2013, filed a supplemental application. In the supplemental application, DP&L reaffirmed its commitment to separate the generation assets on or before May 31, 2017. DP&L continues to look at multiple options to effectuate the separation including transfer into a new unregulated affiliate of DPL or through a sale. | |||||||||||||
On November 28, 2011, DP&L’s parent company DPL was acquired by AES in the Merger and DPL became a wholly-owned subsidiary of AES. See Note 2 for more information. Following the Merger of DPL and Dolphin Subsidiary II, Inc., DPL became an indirectly wholly-owned subsidiary of AES. | |||||||||||||
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 1,218 people as of December 31, 2013. Approximately 62% of all employees are under a collective bargaining agreement which expires on October 31, 2014. | |||||||||||||
Financial Statement Presentation | |||||||||||||
DP&L does not have any subsidiaries. DP&L has undivided ownership interests in seven electric generating facilities and numerous transmission facilities. These undivided interests in jointly-owned facilities are accounted for on a pro rata basis in DP&L’s Financial Statements. | |||||||||||||
Certain immaterial amounts from prior periods, including derivative assets and liabilities and restricted cash, have been reclassified to conform to the current period presentation. | |||||||||||||
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; reserves recorded for income tax exposures; litigation; contingencies; the valuation of AROs; and assets and liabilities related to employee benefits. | |||||||||||||
Revenue Recognition | |||||||||||||
Revenues are recognized from retail and wholesale electricity sales and electricity transmission and distribution delivery services. We consider revenue realized, or realizable, and earned when persuasive evidence of an arrangement exists, the products or services have been provided to the customer, the sales price is fixed or determinable, and collection is reasonably assured. Energy sales to customers are based on the reading of their meters that occurs on a systematic basis throughout the month. We recognize the revenues on our statements of results of operations using an accrual method for retail and other energy sales that have not yet been billed, but where electricity has been consumed. This is termed “unbilled revenues” and is a widely recognized and accepted practice for utilities. At the end of each month, unbilled revenues are determined by the estimation of unbilled energy provided to customers since the date of the last meter reading, estimated line losses, the assignment of unbilled energy provided to customer classes and the average rate per customer class. | |||||||||||||
All of the power produced at the generation stations is sold to an RTO and we in turn purchase it back from the RTO to supply our customers. These power sales and purchases are reported on a net hourly basis as revenues or purchased power on our statements of results of operations. We record expenses when purchased electricity is received and when expenses are incurred, with the exception of the ineffective portion of certain power purchase contracts that are derivatives and qualify for hedge accounting. We also have certain derivative contracts that do not qualify for hedge accounting, and their unrealized gains or losses are recorded prior to the receipt of electricity. | |||||||||||||
Allowance for Uncollectible Accounts | |||||||||||||
We establish provisions for uncollectible accounts by using both historical average loss percentages to project future losses and by establishing specific provisions for known credit issues. | |||||||||||||
Property, Plant and Equipment | |||||||||||||
We record our ownership share of our undivided interest in jointly-held stations as an asset in property, plant and equipment. Property, plant and equipment are stated at cost. 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, cost also includes capitalized interest. Capitalization of AFUDC and interest ceases at either project completion or at the date specified by regulators. AFUDC and capitalized interest was $1.5 million, $4.0 million, and $4.4 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||
For unregulated generation property, cost includes direct labor and material, allocable overhead expenses and interest capitalized during construction using the provisions of GAAP relating to the accounting for capitalized interest. | |||||||||||||
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. | |||||||||||||
At December 31, 2013, DP&L did not have any material plant acquisition adjustments or other plant-related adjustments. | |||||||||||||
Repairs and Maintenance | |||||||||||||
Costs associated with maintenance activities, primarily station outages, are recognized at the time the work is performed. These costs, which include labor, materials and supplies, and outside services required to maintain equipment and facilities, are capitalized or expensed based on defined units of property. | |||||||||||||
Depreciation – Changes in Estimates | |||||||||||||
Depreciation expense is calculated using the straight-line method, which allocates the cost of property over its estimated useful life. For DP&L’s generation, transmission and distribution assets, straight-line depreciation is applied monthly on an average composite basis using group rates. | |||||||||||||
During the fourth quarter of 2013, the Company tested the recoverability of long-lived assets at certain generating stations. See Note 15 for more information. Gradual decreases in power prices as well as lower estimates of future capacity prices in conjunction with the DP&L reporting unit of DPL failing step 1 of the annual goodwill impairment test were collectively determined to be an impairment indicator. The effect of this impairment will be to reduce future depreciation related to these stations by approximately $3.8 million per year. | |||||||||||||
In the third quarter of 2012, a series of events led DP&L management to conclude that there was an impairment in the value of certain generating stations. See Note 15 for more information. The effect of this impairment will be to reduce future depreciation related to these stations by approximately $7.1 million per year. The effect in the years ended December 31, 2013 and 2012 was a reduction of approximately $5.4 million and $1.8 million, respectively. | |||||||||||||
For DP&L’s generation, transmission, and distribution assets, straight-line depreciation is applied on an average annual composite basis using group rates that approximated 4.4% in 2013, 4.2% in 2012 and 2.6% in 2011. | |||||||||||||
The following is a summary of DP&L’s Property, plant and equipment with corresponding composite depreciation rates at December 31, 2013 and December 31, 2012: | |||||||||||||
December 31, | |||||||||||||
$ in millions | 2013 | Composite Rate | 2012 | Composite Rate | |||||||||
Regulated: | |||||||||||||
Transmission | $ | 388.3 | 2.30% | $ | 380.9 | 2.40% | |||||||
Distribution | 1,528.2 | 3.50% | 1,480.7 | 3.40% | |||||||||
General | 111.1 | 6.20% | 100.0 | 5.40% | |||||||||
Non-depreciable | 60.8 | N/A | 60.1 | N/A | |||||||||
Total regulated | 2,088.4 | 2,021.7 | |||||||||||
Unregulated: | |||||||||||||
Production / Generation | 3,002.1 | 5.20% | 3,210.8 | 4.90% | |||||||||
Non-depreciable | 14.8 | N/A | 16.5 | N/A | |||||||||
Total unregulated | 3,016.9 | 3,227.3 | |||||||||||
Total property, plant and equipment in service | $ | 5,105.3 | 4.40% | $ | 5,249.0 | 4.20% | |||||||
AROs | |||||||||||||
We recognize AROs in accordance with GAAP which requires legal obligations associated with the retirement of long-lived assets to be recognized at their fair value at the time those obligations are incurred. Upon initial recognition of a legal liability, costs are capitalized as part of the related long-lived asset and depreciated over the useful life of the related asset. Our legal obligations associated with the retirement of our long-lived assets consisted primarily of river intake and discharge structures, coal unloading facilities, loading docks, ice breakers and ash disposal facilities. Our generation AROs are recorded within other deferred credits on the balance sheets. | |||||||||||||
Estimating the amount and timing of future expenditures of this type requires significant judgment. Management routinely updates these estimates as additional information becomes available. | |||||||||||||
Changes in the Liability for Generation AROs | |||||||||||||
$ in millions | |||||||||||||
Balance at December 31, 2011 | $ | 18.8 | |||||||||||
Calendar 2012 | |||||||||||||
Accretion expense | 0.9 | ||||||||||||
Settlements | -0.4 | ||||||||||||
Estimated cash flow revisions | -0.1 | ||||||||||||
Balance at December 31, 2012 | 19.2 | ||||||||||||
Calendar 2013 | |||||||||||||
Accretion expense | 1.0 | ||||||||||||
Settlements | -0.3 | ||||||||||||
Balance at December 31, 2013 | $ | 19.9 | |||||||||||
Asset Removal Costs | |||||||||||||
We continue to record cost of removal for our regulated transmission and distribution assets through our depreciation rates and recover those amounts in rates charged to our customers. There are no known legal AROs associated with these assets. We have recorded $114.9 million and $112.1 million in estimated costs of removal at December 31, 2013 and 2012, respectively, as regulatory liabilities for our transmission and distribution property. These amounts represent the excess of the cumulative removal costs recorded through depreciation rates versus the cumulative removal costs actually incurred. See Note 4 for additional information. | |||||||||||||
Changes in the Liability for Transmission and Distribution Asset Removal Costs | |||||||||||||
$ in millions | |||||||||||||
Balance at December 31, 2011 | $ | 112.4 | |||||||||||
Calendar 2012 | |||||||||||||
Additions | 10.1 | ||||||||||||
Settlements | -10.4 | ||||||||||||
Balance at December 31, 2012 | 112.1 | ||||||||||||
Calendar 2013 | |||||||||||||
Additions | 22.0 | ||||||||||||
Settlements | -19.2 | ||||||||||||
Balance at December 31, 2013 | $ | 114.9 | |||||||||||
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 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 4 for more information about Regulatory Assets and Liabilities. | |||||||||||||
Inventories | |||||||||||||
Inventories are carried at average cost and include coal, limestone, oil and gas used for electric generation, and materials and supplies used for utility operations. | |||||||||||||
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 cost of emission allowances, are recorded as a component of our fuel costs and are reflected in Operating income when realized. Beginning in January 2010, part of the gains on emission allowances were used to reduce the overall fuel rider charged to our SSO retail customers. Emission allowances are amortized as they are used in our operations. Renewable energy credits are amortized as they are used or retired. | |||||||||||||
Prior to the Merger date, emission allowances and renewable energy credits were carried as inventory. Emission allowances and renewable energy credits are now carried as intangibles in accordance with AES’ policy. | |||||||||||||
Income Taxes | |||||||||||||
GAAP requires an asset and liability approach for financial accounting and reporting of income taxes with tax effects of differences, based on currently enacted income tax rates, between the financial reporting and tax basis of accounting reported as deferred tax assets or liabilities in the balance sheets. Deferred tax assets are recognized for deductible temporary differences. Valuation allowances are provided against deferred tax assets unless it is more likely than not that the asset will be realized. | |||||||||||||
Investment tax credits, which have been used to reduce federal income taxes payable, are deferred for financial reporting purposes and are amortized over the useful lives of the property to which they relate. For rate-regulated operations, additional deferred income taxes and offsetting regulatory assets or liabilities are recorded to recognize that income taxes will be recoverable or refundable through future revenues. | |||||||||||||
DPL and its subsidiaries file U.S. federal income tax returns as part of the consolidated U.S. income tax return filed by AES. Prior to the Merger, DPL and its subsidiaries filed a consolidated U.S. federal income tax return. The consolidated tax liability is allocated to each subsidiary based on the separate return method which is specified in our tax allocation agreement and which provides a consistent, systematic and rational approach. See Note 7 for additional information. | |||||||||||||
Financial Instruments | |||||||||||||
We classify our investments in debt and equity financial instruments of publicly traded entities into different categories: available-for-sale and held-to-maturity. Available-for-sale securities are carried at fair value and unrealized gains and losses on those securities, net of deferred income taxes, are presented as a separate component of shareholders’ equity. Other-than-temporary declines in value are recognized currently in earnings. Financial instruments classified as held-to-maturity are carried at amortized cost. The cost basis for public equity security and fixed maturity investments is average cost and amortized cost, respectively. | |||||||||||||
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. DP&L’s excise taxes are accounted for on a net basis and recorded as a reduction in revenues in the accompanying Statements of Results of Operations in accordance with AES policy. The amounts for the years ended December 31, 2013, 2012 and 2011 were $50.5 million, $50.5 million and $53.7 million, respectively. | |||||||||||||
Share-Based Compensation | |||||||||||||
We measure the cost of employee services received and paid with equity instruments based on the fair value of such equity instrument on the grant date. This cost is recognized in results of operations over the period that employees are required to provide service. Liability awards are initially recorded based on the fair value of equity instruments and are to be re-measured for the change in stock price at each subsequent reporting date until the liability is ultimately settled. The fair value for employee share options and other similar instruments at the grant date are estimated using option-pricing models and any excess tax benefits are recognized as an addition to paid-in capital. The reduction in income taxes payable from the excess tax benefits is presented in the statements of cash flows within Cash flows from financing activities. See Note 11 for additional information. As a result of the Merger, discussed in Note 2, vesting of all share-based awards was accelerated as of the Merger date, and none are in existence at December 31, 2013 or 2012. | |||||||||||||
Cash and Cash Equivalents | |||||||||||||
Cash and cash equivalents are stated at cost, which approximates fair value. All highly liquid short-term investments with original maturities of three months or less are considered cash equivalents. | |||||||||||||
Restricted Cash | |||||||||||||
Restricted cash includes cash which is restricted as to withdrawal or usage. The nature of the restrictions include restrictions imposed by agreements related to deposits held as collateral. | |||||||||||||
Financial Derivatives | |||||||||||||
All derivatives are recognized as either assets or liabilities in the balance sheets and are measured at fair value. Changes in the fair value are recorded in earnings unless they are designated as a cash flow hedge of a forecasted transaction or qualify for the normal purchases and sales exception. | |||||||||||||
We use forward contracts to reduce our exposure to changes in energy and commodity prices and as a hedge against the risk of changes in cash flows associated with expected electricity purchases. These purchases are used to hedge our full load requirements. We also hold forward sales contracts that hedge against the risk of changes in cash flows associated with power sales during periods of projected generation facility availability. We use cash flow hedge accounting when the hedge or a portion of the hedge is deemed to be highly effective and MTM accounting when the hedge or a portion of the hedge is not effective. We have elected not to offset net derivative positions in the financial statements. Accordingly, we do not offset such derivative positions against the fair value of amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral under master netting agreements. See Note 10 for additional information. | |||||||||||||
Insurance and Claims Costs | |||||||||||||
In addition to insurance obtained from third-party providers, MVIC, a wholly-owned captive subsidiary of DPL, provides insurance coverage to DP&L and, in some cases, our partners in commonly-owned facilities we operate, for workers’ compensation, general liability, property damage, and directors’ and officers’ liability. Furthermore, DP&L is responsible for claim costs below certain coverage thresholds of MVIC for the insurance coverage noted above. In addition, DP&L has estimated liabilities for medical, life, and disability reserves for claims costs below certain coverage thresholds of third-party providers. We record these additional insurance and claims costs of approximately $18.8 million and $17.7 million at December 31, 2013 and 2012, respectively, within Other current liabilities and Other deferred credits on the balance sheets. The estimated liabilities for MVIC at DPL and the estimated liabilities for workers’ compensation, medical, life and disability costs at DP&L are actuarially determined based on certain assumptions. There is uncertainty associated with these loss estimates and actual results may differ from the estimates. Modification of these loss estimates based on experience and changed circumstances is reflected in the period in which the estimate is re-evaluated. | |||||||||||||
Related Party Transactions | |||||||||||||
In the normal course of business, DP&L enters into transactions with other subsidiaries of DPL. All material intercompany accounts and transactions are eliminated in DPL’s Consolidated Financial Statements. | |||||||||||||
Effective December 22, 2013, AES US Services, LLC (the “Service Company”) began providing services including accounting, legal, human resources, information technology and other services of a similar nature on behalf of the AES U.S. Strategic Business Unit (“U.S. SBU”). The Service Company allocates the costs for these services based on cost drivers designed to result in fair and equitable distribution. This includes ensuring that the regulatory utilities served, including DP&L, are not subsidizing costs incurred for the benefit of non-regulated businesses. | |||||||||||||
The following table provides a summary of these transactions: | |||||||||||||
Years ended December 31, | |||||||||||||
$ in millions | 2013 | 2012 | 2011 | ||||||||||
DP&L revenues: | |||||||||||||
Sales to DPLER (a) | $ | 345.8 | $ | 350.8 | $ | 327.0 | |||||||
Sales to MC Squared (a) | $ | 108.1 | $ | 40.0 | $ | - | |||||||
DP&L Operation & Maintenance Expenses: | |||||||||||||
Premiums paid for insurance services | $ | -2.9 | $ | -2.6 | $ | -3.1 | |||||||
provided by MVIC (b) | |||||||||||||
Expense recoveries for services | $ | 5.2 | $ | 4.0 | $ | 4.6 | |||||||
provided to DPLER (c) | |||||||||||||
DP&L Customer security deposits: | |||||||||||||
Deposits received from DPLER (d) | $ | 19.2 | $ | 20.2 | $ | - | |||||||
(a)DP&L sells power to DPLER and MC Squared to satisfy the electric requirements of their retail customers. The revenue dollars associated with sales to DPLER and MC Squared are recorded as wholesale revenues in DP&L’s Financial Statements. The increase in DP&L’s sales to DPLER during the year ended December 31, 2012, compared to the year ended December 31, 2011 is primarily due to customers electing to switch their generation service from DP&L to DPLER. DP&L started selling physical power to MC Squared during June 2012 and became their sole source of power in September 2012. | |||||||||||||
(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 administration 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 Adopted Accounting Standards | |||||||||||||
Offsetting Assets and Liabilities | |||||||||||||
In December 2011, the FASB issued ASU 2011-11 “Disclosures about Offsetting Assets and Liabilities” (ASU 2011-11) effective for interim and annual reporting periods beginning on or after January 1, 2013. We adopted this ASU on January 1, 2013. This standard was clarified by ASU 2013-01 “Scope Clarification of Disclosures about Offsetting Assets and Liabilities”, which also was effective on January 1, 2013. This standard updates FASC Topic 210 “Balance Sheet.” ASU 2011-11 updates the disclosures for financial instruments and derivatives to provide more transparent information around the offsetting of assets and liabilities. Entities are required to disclose both gross and net information about both instruments and transactions eligible for offset in the statement of financial position and/or subject to an agreement similar to a master netting agreement. In ASU 2013-01, the FASB clarified that the disclosures were not intended to include trade receivables and other contracts for financial instruments that may be subject to a master netting arrangement. We adopted this rule, which resulted in enhanced disclosures, but it did not have an effect on our overall results of operations, financial position or cash flows. | |||||||||||||
Testing Indefinite-Lived Intangible Assets for Impairments | |||||||||||||
In July 2012, the FASB issued ASU 2012-02 “Testing Indefinite-Lived Intangible Assets for Impairment” (ASU 2012-02) effective for interim and annual impairment tests performed for fiscal years beginning after September 15, 2012. We adopted this ASU on January 1, 2013. This standard updates FASC Topic 350 “Intangibles-Goodwill and Other.” ASU 2012-02 permits an entity first to assess qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform the quantitative impairment test in accordance with FASC Subtopic 350-30. We adopted this rule but it did not have an effect on our overall results of operations, financial position or cash flows. | |||||||||||||
Comprehensive Income | |||||||||||||
The FASB recently issued ASU 2013-02 “Comprehensive Income (Topic 220): Reporting of Amounts Reclassified out of Accumulated Other Comprehensive Income” effective for annual and interim periods beginning after December 15, 2012. This ASU does not change the current requirements for reporting net income or OCI in financial statements. However, this ASU requires an entity to provide information about the amounts reclassified out of AOCI by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the Notes, significant amounts reclassified out of AOCI by the respective line items of net income, but only if the amount reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under GAAP that provide additional detail about those amounts. We adopted this rule, which resulted in enhanced disclosures, but it did not have an effect on our overall results of operations, financial position or cash flows. | |||||||||||||
Business_Combination
Business Combination | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Business Combination | ' | |||||||
Note 2 – Business Combination | ||||||||
On November 28, 2011, AES completed its acquisition of DPL. AES paid cash consideration of approximately $3,483.6 million. The allocation of the purchase price was based on the estimated fair value of assets acquired and liabilities assumed. In addition, Dolphin Subsidiary II, Inc. (a wholly-owned subsidiary of AES) issued $1,250.0 million of debt, which, as a result of the Merger of DPL and Dolphin Subsidiary II, Inc. was assumed by DPL. The assets acquired and liabilities assumed in the acquisition were recorded at estimated amounts based on the purchase price allocation. We finalized the allocation of the purchase price in the third quarter of 2012. | ||||||||
From November 28, 2011 through September 30, 2012, we recognized the following changes to our preliminary purchase price allocation: | ||||||||
Decrease / (increase) | ||||||||
to preliminary goodwill | ||||||||
$ in millions | Change before deferred income tax effect | Deferred income tax effect | ||||||
Property, plant and equipment (a) | $ | -70.7 | $ | 25.5 | ||||
DPLER intangibles (b) | -19.1 | 6.7 | ||||||
Out of market coal contract (c) | -34.2 | 12.0 | ||||||
Deferred tax liabilities (d) | - | -20.7 | ||||||
Regulatory assets (e) | 15.4 | - | ||||||
Taxes payable (f) | 13.1 | -16 | ||||||
Other | 1.0 | - | ||||||
$ | -94.5 | $ | 7.5 | |||||
Net (increase) in goodwill | $ | -87 | ||||||
(a)related to refined information associated with certain contractual arrangements, growth and ancillary revenue assumptions. | ||||||||
(b)related to refined market and contractual information. | ||||||||
(c)related to a change in certain assumptions related to an out of market coal contract. | ||||||||
(d)related to an assessment of our overall deferred tax liabilities on regulated property, plant and equipment. | ||||||||
(e)related to the increase in deferred taxes discussed in (d) above. | ||||||||
(f)related to the final 2011 DPL Inc. standalone federal tax return. | ||||||||
These purchase price adjustments increased the provisionally recognized goodwill by $87.0 million and have been reflected retrospectively as of December 31, 2011 in the accompanying Condensed Consolidated Balance Sheets. The effect on net income for the nine months ended September 30, 2012 of $8.7 million was recorded in the second and third quarters. The effect on net income for the period November 28, 2011 through December 31, 2011 was not material. | ||||||||
Estimated preliminary and final fair value of assets acquired and liabilities assumed as of the Merger date are as follows: | ||||||||
$ in millions | Final purchase price allocation | Preliminary purchase price allocation | ||||||
Cash | $ | 116.4 | $ | 116.4 | ||||
Restricted cash | 18.5 | 18.5 | ||||||
Accounts receivable | 277.6 | 277.6 | ||||||
Inventory | 123.7 | 123.7 | ||||||
Other current assets | 37.3 | 37.3 | ||||||
Property, plant and equipment | 2,477.8 | 2,548.5 | ||||||
Intangible assets subject to amortization | 147.2 | 166.3 | ||||||
Intangible assets - indefinite-lived | 5.0 | 5.0 | ||||||
Regulatory assets | 217.1 | 201.1 | ||||||
Other non-current assets | 58.3 | 58.3 | ||||||
Current liabilities | -413.1 | -408.2 | ||||||
Debt | -1,255.10 | -1,255.10 | ||||||
Deferred taxes | -551.2 | -558.2 | ||||||
Regulatory liabilities | -117 | -117 | ||||||
Other non-current liabilities | -216.8 | -201.5 | ||||||
Redeemable preferred stock | -18.4 | -18.4 | ||||||
Net identifiable assets acquired | 907.3 | 994.3 | ||||||
Goodwill | 2,576.3 | 2,489.3 | ||||||
Net assets acquired | $ | 3,483.6 | $ | 3,483.6 | ||||
DP&L [Member] | ' | |||||||
Business Combination | ' | |||||||
Note 2 – Business Combination | ||||||||
On November 28, 2011, all of the outstanding common stock of DP&L’s parent company, DPL, was acquired by AES. In accordance with FASC 805, the assets and liabilities of DPL were valued at their fair value at the Merger date. These adjustments were “pushed down” to DPL’s records. These adjustments were not pushed down to DP&L which will continue to present its assets and liabilities on its historical cost basis. Therefore, DP&L does not need to show a Predecessor and Successor split of its financial statements. | ||||||||
Supplemental_Financial_Informa
Supplemental Financial Information | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Supplemental Financial Information | ' | ||||||||||||||
Note 3 – Supplemental Financial Information | |||||||||||||||
December 31, | |||||||||||||||
$ in millions | 2013 | 2012 | |||||||||||||
Accounts receivable, net | |||||||||||||||
Unbilled revenue | $ | 77.8 | $ | 75.2 | |||||||||||
Customer receivables | 102.7 | 98.2 | |||||||||||||
Amounts due from partners in jointly-owned stations | 15.8 | 19.7 | |||||||||||||
Coal sales | - | 1.6 | |||||||||||||
Other | 8.2 | 14.6 | |||||||||||||
Provisions for uncollectible accounts | -1.2 | -1.1 | |||||||||||||
Total accounts receivable, net | $ | 203.3 | $ | 208.2 | |||||||||||
Inventories | |||||||||||||||
Fuel and limestone | $ | 42.7 | $ | 67.3 | |||||||||||
Plant materials and supplies | 38.2 | 41.0 | |||||||||||||
Other | 1.8 | 1.8 | |||||||||||||
Total inventories, at average cost | $ | 82.7 | $ | 110.1 | |||||||||||
Accumulated Other Comprehensive Income / (Loss) | |||||||||||||||
The amounts reclassified out of Accumulated Other Comprehensive Income / (Loss) by component during the years ended December 31, 2013 and 2012 and the periods November 28, 2011 through December 31, 2011 and January 1, 2011 through November 27, 2011 are as follows: | |||||||||||||||
Details about Accumulated Other Comprehensive Income / (Loss) Components | Affected line item in the Consolidated Statements of Operations | Successor | Predecessor | ||||||||||||
$ in millions | Year ended December 31, 2013 | Year ended December 31, 2012 | November 28, 2011 through December 31, 2011 | January 1, 2011 through November 27, 2011 | |||||||||||
Gains and losses on Available-for-sale securities activity (Note 10): | |||||||||||||||
Other income / (deductions) | $ | 2.1 | $ | -0.1 | $ | - | $ | - | |||||||
Total before income taxes | 2.1 | -0.1 | - | - | |||||||||||
Tax expense | -0.7 | - | - | - | |||||||||||
Net of income taxes | 1.4 | -0.1 | - | - | |||||||||||
Gains and losses on cash flow hedges (Note 11): | |||||||||||||||
Interest Expense | - | 0.2 | - | -2.3 | |||||||||||
Revenue | 2.2 | -0.1 | - | 1.3 | |||||||||||
Purchased power | 3.5 | -1.1 | - | 1.0 | |||||||||||
Total before income taxes | 5.7 | -1 | - | - | |||||||||||
Tax expense | -2.3 | 0.5 | - | -0.3 | |||||||||||
Net of income taxes | 3.4 | -0.5 | - | -0.3 | |||||||||||
Amortization of defined benefit pension items (Note 9): | |||||||||||||||
Reclassification to Other income / (deductions) | - | - | - | 4.3 | |||||||||||
Tax benefit | 0.3 | - | - | -1.5 | |||||||||||
Net of income taxes | 0.3 | - | - | 2.8 | |||||||||||
Total reclassifications for the period, net of income taxes | $ | 5.1 | $ | -0.6 | $ | - | $ | 2.5 | |||||||
The changes in the components of Accumulated Other Comprehensive Income / (Loss) during the years ended December 31, 2013 and 2012 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, 2012 | $ | - | $ | -0.5 | $ | 0.1 | $ | -0.4 | |||||||
Other comprehensive income / (loss) before reclassifications | 0.5 | -1.5 | -1.9 | -2.9 | |||||||||||
Amounts reclassified from accumulated other comprehensive income / (loss) | -0.1 | -0.5 | - | -0.6 | |||||||||||
Net current period other comprehensive income / (loss) | 0.4 | -2 | -1.9 | -3.5 | |||||||||||
Balance December 31, 2012 | 0.4 | -2.5 | -1.8 | -3.9 | |||||||||||
Other comprehensive income / (loss) before reclassifications | -1.2 | 19.7 | 4.9 | 23.4 | |||||||||||
Amounts reclassified from accumulated other comprehensive income / (loss) | 1.4 | 3.4 | 0.3 | 5.1 | |||||||||||
Net current period other comprehensive income | 0.2 | 23.1 | 5.2 | 28.5 | |||||||||||
Balance December 31, 2013 | $ | 0.6 | $ | 20.6 | $ | 3.4 | $ | 24.6 | |||||||
DP&L [Member] | ' | ||||||||||||||
Supplemental Financial Information | ' | ||||||||||||||
Note 3 – Supplemental Financial Information | |||||||||||||||
December 31, | |||||||||||||||
$ in millions | 2013 | 2012 | |||||||||||||
Accounts receivable, net | |||||||||||||||
Unbilled revenue | $ | 47.2 | $ | 48.1 | |||||||||||
Customer receivables | 58.2 | 62.0 | |||||||||||||
Amounts due from partners in jointly-owned stations | 15.8 | 19.7 | |||||||||||||
Coal sales | - | 1.6 | |||||||||||||
Other | 27.2 | 29.5 | |||||||||||||
Provisions for uncollectible accounts | -0.9 | -0.9 | |||||||||||||
Total accounts receivable, net | $ | 147.5 | $ | 160.0 | |||||||||||
Inventories | |||||||||||||||
Fuel and limestone | $ | 42.9 | $ | 67.3 | |||||||||||
Plant materials and supplies | 37.0 | 39.8 | |||||||||||||
Other | 1.8 | 1.8 | |||||||||||||
Total inventories, at average cost | $ | 81.7 | $ | 108.9 | |||||||||||
Accumulated Other Comprehensive Income (Loss) | |||||||||||||||
The amounts reclassified out of Accumulated Other Comprehensive Income / (Loss) by component during the years ended December 31, 2013, 2012 and 2011 are as follows: | |||||||||||||||
Details about Accumulated Other Comprehensive Income / (Loss) Components | Affected line item in the Statements of Operations | Years ended December 31, | |||||||||||||
$ in millions | 2013 | 2012 | 2011 | ||||||||||||
Gains and losses on Available-for-sale securities activity (Note 9): | |||||||||||||||
Other income / (deductions) | $ | 2.1 | $ | -0.1 | $ | - | |||||||||
Total before income taxes | 2.1 | -0.1 | - | ||||||||||||
Tax expense | -0.7 | - | - | ||||||||||||
Net of income taxes | 1.4 | -0.1 | - | ||||||||||||
Gains and losses on cash flow hedges (Note 10): | |||||||||||||||
Interest expense | -2.1 | -2.5 | -2.4 | ||||||||||||
Revenue | 2.2 | 0.3 | 1.1 | ||||||||||||
Purchased power | 5.0 | -1.6 | 1.0 | ||||||||||||
Total before income taxes | 5.1 | -3.8 | -0.3 | ||||||||||||
Tax expense | -2.5 | 0.4 | 0.1 | ||||||||||||
Net of income taxes | 2.6 | -3.4 | -0.2 | ||||||||||||
Amortization of defined benefit pension items (Note 8): | |||||||||||||||
Reclassification to Other income / (deductions) | 5.7 | 4.1 | 2.8 | ||||||||||||
Tax benefit | -1.9 | -1.4 | -0.5 | ||||||||||||
Net of income taxes | 3.8 | 2.7 | 2.3 | ||||||||||||
Total reclassifications for the period, net of income taxes | $ | 7.8 | $ | -0.8 | $ | 2.1 | |||||||||
The changes in the components of Accumulated Other Comprehensive Income / (Loss) during the years ended December 31, 2013 and 2012 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, 2012 | $ | 0.6 | $ | 9.0 | $ | -44.3 | $ | -34.7 | |||||||
Other comprehensive income / (loss) before reclassifications | 0.5 | -3 | -0.7 | -3.2 | |||||||||||
Amounts reclassified from accumulated other comprehensive income / (loss) | -0.1 | -3.4 | 2.7 | -0.8 | |||||||||||
Net current period other comprehensive income / (loss) | 0.4 | -6.4 | 2.0 | -4 | |||||||||||
Balance December 31, 2012 | 1.0 | 2.6 | -42.3 | -38.7 | |||||||||||
Other comprehensive income / (loss) before reclassifications | -1.6 | 1.0 | 4.8 | 4.2 | |||||||||||
Amounts reclassified from accumulated other comprehensive income / (loss) | 1.4 | 2.6 | 3.8 | 7.8 | |||||||||||
Net current period other comprehensive income / (loss) | -0.2 | 3.6 | 8.6 | 12.0 | |||||||||||
Balance December 31, 2013 | $ | 0.8 | $ | 6.2 | $ | -33.7 | $ | -26.7 | |||||||
Regulatory_Matters
Regulatory Matters | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Regulatory Matters | ' | ||||||||||||
Note 4 – Regulatory Matters | |||||||||||||
In accordance with FASC 980, we have recognized total regulatory assets of $180.5 million and $206.6 million as of December 31, 2013 and 2012 and total regulatory liabilities of $121.1 million and $117.4 million as of December 31, 2013 and 2012. Regulatory assets and liabilities are classified as current or non-current based on the term in which recovery is expected. See Note 1 for accounting policies regarding Regulatory Assets and Liabilities. | |||||||||||||
The following table presents DPL’s Regulatory assets and liabilities: | |||||||||||||
December 31, | |||||||||||||
$ in millions | Type of Recovery (a) | Amortization Through | 2013 | 2012 | |||||||||
Regulatory assets, current: | |||||||||||||
Transmission costs | F | 2014 | $ | 2.6 | $ | 7.0 | |||||||
Fuel and purchased power recovery costs | C | 2014 | 6.3 | 14.1 | |||||||||
Energy efficiency program | F | 2014 | 7.7 | - | |||||||||
Other miscellaneous | 2014 | 4.2 | - | ||||||||||
Total regulatory assets, current | $ | 20.8 | $ | 21.1 | |||||||||
Regulatory assets, non-current: | |||||||||||||
Deferred recoverable income taxes | B/C | Ongoing | $ | 32.4 | $ | 35.1 | |||||||
Pension benefits | C | Ongoing | 77.1 | 88.9 | |||||||||
Unamortized loss on reacquired debt | C | Various | 10.9 | 11.9 | |||||||||
Deferred storm costs | D | Undetermined | 25.6 | 24.4 | |||||||||
CCEM smart grid and advanced metering infrastructure costs | D | 6.6 | 6.6 | ||||||||||
Energy efficiency program costs | F | 2014 | - | 5.2 | |||||||||
Consumer education campaign | D | Undetermined | 3.0 | 3.0 | |||||||||
Retail settlement system costs | D | Undetermined | 3.1 | 3.1 | |||||||||
Other miscellaneous | Undetermined | 1.0 | 7.3 | ||||||||||
Total regulatory assets, non-current | $ | 159.7 | $ | 185.5 | |||||||||
Regulatory liabilities, current: | |||||||||||||
Other miscellaneous | $ | - | $ | 0.1 | |||||||||
Total regulatory liabilities, current | $ | - | $ | 0.1 | |||||||||
Regulatory liabilities, non-current: | |||||||||||||
Estimated costs of removal - regulated property | $ | 115.0 | $ | 112.1 | |||||||||
Postretirement benefits | 5.6 | 5.0 | |||||||||||
Other miscellaneous | 0.5 | 0.2 | |||||||||||
Total regulatory liabilities, non-current | $ | 121.1 | $ | 117.3 | |||||||||
(a) | B – Balance has an offsetting liability resulting in no effect on rate base. | ||||||||||||
C – Recovery of incurred costs without a rate of return. | |||||||||||||
D – Recovery not yet determined, but is probable of occurring in future rate proceedings. | |||||||||||||
F – Recovery of incurred costs plus rate of return. | |||||||||||||
Regulatory Assets | |||||||||||||
Transmission costs represent the costs related to transmission, ancillary service and other PJM-related charges that have been incurred as a member of PJM. On an annual basis, retail rates are adjusted to true-up costs with recovery in rates. | |||||||||||||
Fuel and purchased power recovery costs represent prudently incurred fuel, purchased power, derivative, emission and other related costs which will be recovered from or returned to customers in the future through the operation of the fuel and purchased power recovery rider. The fuel and purchased power recovery rider fluctuates based on actual costs and recoveries and is modified at the start of each seasonal quarter. As part of the PUCO approval process, an outside auditor reviews fuel costs and the fuel procurement process. An audit of 2012 fuel costs occurred in 2013. On June 12, 2013, and applicable for the calendar year 2012 period, we received a report from that external auditor recommending a pre-tax disallowance of $5.3 million in charges to the fuel and purchased power recovery rider in 2012; a portion of which was recorded as a reserve against the regulatory asset. A hearing in this case was held on December 9, 2013, and we expect an order in the case in the second quarter of 2014. | |||||||||||||
Deferred recoverable income taxes represent deferred income tax assets recognized from the normalization of flow-through items as the result of tax benefits previously provided to customers. This is the cumulative flow-through benefit given to regulated customers that will be collected from them in future years. Since currently existing temporary differences between the financial statements and the related tax basis of assets will reverse in subsequent periods, these deferred recoverable income taxes will decrease over time. | |||||||||||||
Pension benefits represent the qualifying FASC 715 “Compensation – Retirement Benefits” costs of our regulated operations that for ratemaking purposes are deferred for future recovery. We recognize an asset for a plan’s overfunded status or a liability for a plan’s underfunded status, and recognize, as a component of Other Comprehensive Income (OCI), the changes in the funded status of the plan that arise during the year that are not recognized as a component of net periodic benefit cost. This regulatory asset represents the regulated portion that would otherwise be charged as a loss to OCI. | |||||||||||||
Unamortized loss on reacquired debt represents losses on long-term debt reacquired or redeemed in prior periods. These costs are being amortized over the lives of the original issues in accordance with FERC and PUCO rules. | |||||||||||||
Regional transmission organization costs represent costs incurred to join an RTO. The recovery of these costs will be requested in a future FERC rate case. In accordance with FERC precedence, we are amortizing these costs over a 10-year period that began in 2004 when we joined the PJM RTO. Due to the short-term nature of the remaining amortization period, the balance was reclassified to current regulatory assets in 2013 and is included in Other miscellaneous in the table above. | |||||||||||||
Deferred storm costs relate to costs incurred to repair the damage caused to DP&L’s transmission and distribution equipment by major storms in 2008, 2011 and 2012. DP&L filed an application with the PUCO in 2012 to recover these costs. There has been disagreement among DP&L, the PUCO staff and other intervenors in the case as to what portion of these storm costs should be recoverable. We continue to believe the costs we have deferred are probable for recovery based on established regulatory practices in the state of Ohio. A hearing is scheduled for this matter in March 2014. The outcome of this case is uncertain at this time. | |||||||||||||
CCEM smart grid and AMI costs represent costs incurred as a result of studying and developing distribution system upgrades and implementation of AMI. On October 19, 2010, DP&L elected to withdraw its case pertaining to the Smart Grid and AMI programs. The PUCO accepted the withdrawal in an order issued on January 5, 2011. The PUCO also indicated that it expects DP&L to continue to monitor other utilities’ Smart Grid and AMI programs and to explore the potential benefits of investing in Smart Grid and AMI programs and that DP&L will, when appropriate, file new Smart Grid and/or AMI business cases in the future. We plan to file to recover these deferred costs in a future regulatory rate proceeding. Based on past PUCO precedent, we believe these costs are probable of future recovery in rates. | |||||||||||||
Energy efficiency program costs represent costs incurred to develop and implement various customer programs addressing energy efficiency. These costs are being recovered through an Energy Efficiency Rider (EER) that began July 1, 2009 and that is subject to an annual true-up for any over/under recovery of costs. | |||||||||||||
Consumer education campaign represents costs for consumer education advertising regarding electric deregulation. DP&L will be seeking recovery of these costs as part of our next distribution rate case filing at the PUCO. The timing of such a filing has not yet been determined. | |||||||||||||
Retail settlement system costs represent costs to implement a retail settlement system that reconciles the energy a CRES supplier delivers to its customers with what its customers actually use. Based on case precedent in other utilities’ cases, the costs are recoverable through a future DP&L rate proceeding. | |||||||||||||
Other costs primarily include RPM capacity, other PJM and rate case costs and alternative energy costs that are or will be recovered over various periods. | |||||||||||||
Regulatory Liabilities | |||||||||||||
Fuel and purchased power recovery costs Please see “Regulatory Assets – Fuel and purchased power recovery costs” above. | |||||||||||||
Estimated costs of removal – regulated property reflect an estimate of amounts collected in customer rates for costs that are expected to be incurred in the future to remove existing transmission and distribution property from service when the property is retired. | |||||||||||||
Postretirement benefits represent the qualifying FASC 715 “Compensation – Retirement Benefits” gains related to our regulated operations that, for ratemaking purposes, are probable of being reflected in future rates. We recognize an asset for a plan’s overfunded status or a liability for a plan’s underfunded status, and recognize, as a component of OCI, the changes in the funded status of the plan that arise during the year that are not recognized as a component of net periodic benefit cost. This regulatory liability represents the regulated portion that would otherwise be reflected as a gain to OCI. | |||||||||||||
DP&L [Member] | ' | ||||||||||||
Regulatory Matters | ' | ||||||||||||
Note 4 – Regulatory Matters | |||||||||||||
In accordance with FASC 980, we have recognized total regulatory assets of $180.5 million and $203.8 million as of December 31, 2013 and 2012, respectively and total regulatory liabilities of $121.1 million and $117.4 million as of December 31, 2013 and 2012, respectively. Regulatory assets and liabilities are classified as current or non-current based on the term in which recovery is expected. See Note 1 for accounting policies regarding Regulatory Assets and Liabilities. | |||||||||||||
The following table presents DP&L’s Regulatory assets and liabilities: | |||||||||||||
December 31, | |||||||||||||
$ in millions | Type of Recovery (a) | Amortization Through | 2013 | 2012 | |||||||||
Regulatory assets, current: | |||||||||||||
Transmission costs | F | 2014 | $ | 2.6 | $ | 7.0 | |||||||
Fuel and purchased power recovery costs | C | 2014 | 6.3 | 11.3 | |||||||||
Energy efficiency program | F | 2014 | 7.7 | - | |||||||||
Other miscellaneous | 2014 | 4.2 | - | ||||||||||
Total regulatory assets, current | $ | 20.8 | $ | 18.3 | |||||||||
Regulatory assets, non-current: | |||||||||||||
Deferred recoverable income taxes | B/C | Ongoing | $ | 32.4 | $ | 35.1 | |||||||
Pension benefits | C | Ongoing | 77.1 | 88.9 | |||||||||
Unamortized loss on reacquired debt | C | Various | 10.9 | 11.9 | |||||||||
Deferred storm costs | D | Undetermined | 25.6 | 24.4 | |||||||||
CCEM smart grid and advanced metering infrastructure costs | D | 6.6 | 6.6 | ||||||||||
Energy efficiency program costs | F | 2014 | - | 5.2 | |||||||||
Consumer education campaign | D | Undetermined | 3.0 | 3.0 | |||||||||
Retail settlement system costs | D | Undetermined | 3.1 | 3.1 | |||||||||
Other miscellaneous | Undetermined | 1.0 | 7.3 | ||||||||||
Total regulatory assets, non-current | $ | 159.7 | $ | 185.5 | |||||||||
Regulatory liabilities, current: | |||||||||||||
Other miscellaneous | $ | - | $ | 0.1 | |||||||||
Total regulatory liabilities, current | $ | - | $ | 0.1 | |||||||||
Regulatory liabilities, non-current: | |||||||||||||
Estimated costs of removal - regulated property | $ | 115.0 | $ | 112.1 | |||||||||
Postretirement benefits | 5.6 | 5.0 | |||||||||||
Other miscellaneous | 0.5 | 0.2 | |||||||||||
Total regulatory liabilities, non-current | $ | 121.1 | $ | 117.3 | |||||||||
(a) | B – Balance has an offsetting liability resulting in no effect on rate base. | ||||||||||||
C – Recovery of incurred costs without a rate of return. | |||||||||||||
D – Recovery not yet determined, but is probable of occurring in future rate proceedings. | |||||||||||||
F – Recovery of incurred costs plus rate of return. | |||||||||||||
Regulatory Assets | |||||||||||||
Transmission costs represent the costs related to transmission, ancillary service and other PJM-related charges that have been incurred as a member of PJM. On an annual basis, retail rates are adjusted to true-up costs with recovery in rates. | |||||||||||||
Fuel and purchased power recovery costs represent prudently incurred fuel, purchased power, derivative, emission and other related costs which will be recovered from or returned to customers in the future through the operation of the fuel and purchased power recovery rider. The fuel and purchased power recovery rider fluctuates based on actual costs and recoveries and is modified at the start of each seasonal quarter. As part of the PUCO approval process, an outside auditor reviews fuel costs and the fuel procurement process. An audit of 2012 fuel costs occurred in 2013. On June 12, 2013, we received a report from that external auditor recommending a pre-tax disallowance of $5.3 million of costs; a portion of which was recorded as a reserve against the regulatory asset. A hearing in this case was held on December 9, 2013 and we expect an order in the case in the second quarter of 2014. | |||||||||||||
Deferred recoverable income taxes represent deferred income tax assets recognized from the normalization of flow-through items as the result of tax benefits previously provided to customers. This is the cumulative flow-through benefit given to regulated customers that will be collected from them in future years. Since currently existing temporary differences between the financial statements and the related tax basis of assets will reverse in subsequent periods, these deferred recoverable income taxes will decrease over time. | |||||||||||||
Pension benefits represent the qualifying FASC 715 “Compensation – Retirement Benefits” costs of our regulated operations that for ratemaking purposes are deferred for future recovery. We recognize an asset for a plan’s overfunded status or a liability for a plan’s underfunded status, and recognize, as a component of Other Comprehensive Income (OCI), the changes in the funded status of the plan that arise during the year that are not recognized as a component of net periodic benefit cost. This regulatory asset represents the regulated portion that would otherwise be charged as a loss to OCI. | |||||||||||||
Unamortized loss on reacquired debt represents losses on long-term debt reacquired or redeemed in prior periods. These costs are being amortized over the lives of the original issues in accordance with FERC and PUCO rules. | |||||||||||||
Regional transmission organization costs represent costs incurred to join an RTO. The recovery of these costs will be requested in a future FERC rate case. In accordance with FERC precedence, we are amortizing these costs over a 10-year period that began in 2004 when we joined the PJM RTO. Due to the short-term nature of the remaining amortization period, the balance was reclassified to current regulatory assets in 2013 and is included in Other miscellaneous in the table above. | |||||||||||||
Deferred storm costs relate to costs incurred to repair the damage caused to DP&L’s transmission and distribution equipment by major storms in 2008, 2011 and 2012. DP&L filed an application with the PUCO in 2012 to recover these costs. There has been disagreement among DP&L, the PUCO staff and other intervenors in the case as to what portion of these storm costs should be recoverable. We continue to believe the costs we have deferred are probable for recovery based on established regulatory practices in the state of Ohio. A hearing is scheduled for this matter in March 2014. The outcome of this case is uncertain at this time. | |||||||||||||
CCEM smart grid and AMI costs represent costs incurred as a result of studying and developing distribution system upgrades and implementation of AMI. On October 19, 2010, DP&L elected to withdraw its case pertaining to the Smart Grid and AMI programs. The PUCO accepted the withdrawal in an order issued on January 5, 2011. The PUCO also indicated that it expects DP&L to continue to monitor other utilities’ Smart Grid and AMI programs and to explore the potential benefits of investing in Smart Grid and AMI programs and that DP&L will, when appropriate, file new Smart Grid and/or AMI business cases in the future. We plan to file to recover these deferred costs in a future regulatory rate proceeding. Based on past PUCO precedent, we believe these costs are probable of future recovery in rates. | |||||||||||||
Energy efficiency program costs represent costs incurred to develop and implement various customer programs addressing energy efficiency. These costs are being recovered through an Energy Efficiency Rider (EER) that began July 1, 2009 and that is subject to an annual true-up for any over/under recovery of costs. | |||||||||||||
Consumer education campaign represents costs for consumer education advertising regarding electric deregulation. DP&L will be seeking recovery of these costs as part of our next distribution rate case filing at the PUCO. The timing of such a filing has not yet been determined. | |||||||||||||
Retail settlement system costs represent costs to implement a retail settlement system that reconciles the energy a CRES supplier delivers to its customers with what its customers actually use. Based on case precedent in other utilities’ cases, the costs are recoverable through a future DP&L rate proceeding. | |||||||||||||
Other costs primarily include RPM capacity, other PJM and rate case costs and alternative energy costs that are or will be recovered over various periods. | |||||||||||||
Regulatory Liabilities | |||||||||||||
Fuel and purchased power recovery costs Please see “Regulatory Assets – Fuel and purchased power recovery costs” above. | |||||||||||||
Estimated costs of removal – regulated property reflect an estimate of amounts collected in customer rates for costs that are expected to be incurred in the future to remove existing transmission and distribution property from service when the property is retired. | |||||||||||||
Postretirement benefits represent the qualifying FASC 715 “Compensation – Retirement Benefits” gains related to our regulated operations that, for ratemaking purposes, are probable of being reflected in future rates. We recognize an asset for a plan’s overfunded status or a liability for a plan’s underfunded status, and recognize, as a component of OCI, the changes in the funded status of the plan that arise during the year that are not recognized as a component of net periodic benefit cost. This regulatory liability represents the regulated portion that would otherwise be reflected as a gain to OCI. | |||||||||||||
Ownership_of_Coalfired_Facilit
Ownership of Coal-fired Facilities | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Ownership of Coal-fired Facilities | ' | |||||||||||||||||
Note 5 – Ownership of Coal-fired Facilities | ||||||||||||||||||
DP&L and certain other Ohio utilities have undivided ownership interests in seven coal-fired electric generating facilities and numerous transmission facilities. 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. As of December 31, 2013, DP&L had $24.0 million of construction work in process at such facilities. DP&L’s share of the operating cost of such facilities is included within the corresponding line in the Statements of Results of Operations, and DP&L’s share of the investment in the facilities is included within Total net property, plant and equipment in the Balance Sheets. Each joint owner provides their own financing for their share of the operations and capital expenditures of the jointly-owned station. | ||||||||||||||||||
DP&L’s undivided ownership interest in such facilities, as well as the coal portion of our wholly-owned coal fired Hutchings Station at December 31, 2013, is as follows: | ||||||||||||||||||
DP&L Share | DP&L Investment | |||||||||||||||||
(adjusted to fair value as of Merger date) | ||||||||||||||||||
Ownership | Summer Production Capacity | Gross Plant | Accumulated | Construction | SCR and FGD | |||||||||||||
(%) | (MW) | In Service | Depreciation | Work in | Equipment | |||||||||||||
($ in millions) | ($ in millions) | Process | Installed | |||||||||||||||
($ in millions) | and in | |||||||||||||||||
Service | ||||||||||||||||||
(Yes/No) | ||||||||||||||||||
Jointly-owned production units | ||||||||||||||||||
Beckjord Unit 6 | 50.0 | 207 | $ | 2 | $ | 1 | $ | - | No | |||||||||
Conesville Unit 4 | 16.5 | 129 | 24 | - | - | Yes | ||||||||||||
East Bend Station | 31.0 | 186 | 12 | 5 | - | Yes | ||||||||||||
Killen Station | 67.0 | 402 | 306 | 9 | 4 | Yes | ||||||||||||
Miami Fort Units 7 and 8 | 36.0 | 368 | 212 | 13 | 1 | Yes | ||||||||||||
Stuart Station | 35.0 | 808 | 205 | 12 | 16 | Yes | ||||||||||||
Zimmer Station | 28.1 | 365 | 177 | 25 | 3 | Yes | ||||||||||||
Transmission (at varying percentages) | 41 | 4 | - | |||||||||||||||
Total | 2,465 | $ | 979 | $ | 69 | $ | 24 | |||||||||||
Wholly-owned production unit | ||||||||||||||||||
Hutchings Station | 100.0 | - | $ | - | $ | - | $ | - | No | |||||||||
Currently, our coal-fired generation units at Hutchings and Beckjord do not have the SCR and FGD emission-control equipment installed. DP&L owns 100% of the Hutchings Station and has a 50% interest in Beckjord Unit 6. On July 15, 2011, Duke Energy, a co-owner at the Beckjord Unit 6 facility, filed their Long-term Forecast Report with the PUCO. The plan indicated that Duke Energy plans to cease production at the Beckjord Station, including our commonly-owned Unit 6, in December 2014. This was followed by a notification by the joint owners of Beckjord Unit 6 to PJM, dated April 12, 2012, of a planned June 1, 2015 deactivation of this unit. Beckjord Unit 6 was valued at zero at the Merger date. | ||||||||||||||||||
As part of a settlement with the USEPA regarding Hutchings Station, DP&L signed an Administrative Consent Order and a Consent Agreement and Final Order (CAFO) that was filed on September 26, 2013. Together, these two agreements resolved the opacity and particulate emissions NOV at the Hutchings Station and required that all six coal-fired units at Hutchings cease operating on coal by September 30, 2013, and included an immaterial penalty and the completion of a Supplemental Environmental Project of $0.2 million within one year. The units were disabled for coal operations prior to September 30, 2013. We do not believe that any additional accruals are needed related to the Hutchings Station. A related agreement in the form of Administrative Findings and Order, also involving an immaterial penalty, was executed October 4, 2013, with Ohio’s Regional Air Pollution Control Agency, which resolves a separate but related NOV relating to a failed stack test in 2006. These agreements do not affect Hutchings unit 7, a small combustion turbine. | ||||||||||||||||||
DP&L [Member] | ' | |||||||||||||||||
Ownership of Coal-fired Facilities | ' | |||||||||||||||||
Note 5 – Ownership of Coal-fired Facilities | ||||||||||||||||||
DP&L and certain other Ohio utilities have undivided ownership interests in seven coal-fired electric generating facilities and numerous transmission facilities. 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. As of December 31, 2013, DP&L had $24.0 million of construction work in process at such facilities. DP&L’s share of the operating cost of such facilities is included within the corresponding line in the Statements of Results of Operations and DP&L’s share of the investment in the facilities is included within Total net property, plant and equipment in the Balance Sheets. Each joint owner provides their own financing for their share of the operations and capital expenditures of the jointly-owned station. | ||||||||||||||||||
DP&L’s undivided ownership interest in such facilities, as well as the coal portion of our wholly-owned coal fired Hutchings Station at December 31, 2013, is as follows: | ||||||||||||||||||
DP&L Share | DP&L Investment | |||||||||||||||||
Ownership | Summer Production Capacity | Gross Plant | Accumulated | Construction | SCR and FGD | |||||||||||||
% | (MW) | In Service | Depreciation | Work in | Equipment | |||||||||||||
($ in millions) | ($ in millions) | Process | Installed | |||||||||||||||
($ in millions) | and in | |||||||||||||||||
Service | ||||||||||||||||||
(Yes/No) | ||||||||||||||||||
Jointly-owned production units | ||||||||||||||||||
Beckjord Unit 6 | 50.0 | 207 | $ | 76 | $ | 69 | $ | - | No | |||||||||
Conesville Unit 4 | 16.5 | 129 | 20 | - | - | Yes | ||||||||||||
East Bend Station | 31.0 | 186 | - | - | - | Yes | ||||||||||||
Killen Station | 67.0 | 402 | 622 | 303 | 4 | Yes | ||||||||||||
Miami Fort Units 7 and 8 | 36.0 | 368 | 361 | 152 | 1 | Yes | ||||||||||||
Stuart Station | 35.0 | 808 | 744 | 307 | 16 | Yes | ||||||||||||
Zimmer Station | 28.1 | 365 | 1,098 | 657 | 3 | Yes | ||||||||||||
Transmission (at varying percentages) | 98 | 60 | - | |||||||||||||||
Total | 2,465 | $ | 3,019 | $ | 1,548 | $ | 24 | |||||||||||
Wholly-owned production unit | ||||||||||||||||||
Hutchings Station | 100.0 | - | $ | - | $ | - | $ | - | No | |||||||||
Currently, our coal-fired electric generation units at Hutchings and Beckjord do not have the SCR and FGD emission-control equipment installed. DP&L owns 100% of the Hutchings Station and has a 50% interest in Beckjord Unit 6. On July 15, 2011, Duke Energy, a co-owner at the Beckjord Unit 6 facility, filed their Long-term Forecast Report with the PUCO. The plan indicated that Duke Energy plans to cease production at the Beckjord Station, including our commonly-owned Unit 6, in December 2014. This was followed by a notification by the joint owners of Beckjord Unit 6 to PJM, dated April 12, 2012, of a planned June 1, 2015 deactivation of this unit. We are depreciating Unit 6 through December 2014 and do not believe that any additional accruals or impairment charges are needed as a result of this decision. | ||||||||||||||||||
As part of a settlement with the USEPA regarding Hutchings Station, DP&L signed an Administrative Consent Order and a Consent Agreement and Final Order (CAFO) that was filed on September 26, 2013. Together, these two agreements resolved the opacity and particulate emissions NOV at the Hutchings Station and required that all six coal-fired units at Hutchings cease operating on coal by September 30, 2013, and included an immaterial penalty and the completion of a Supplemental Environmental Project of $0.2 million within one year. The units were disabled for coal operations prior to September 30, 2013. We do not believe that any additional accruals are needed related to the Hutchings Station. These agreements do not affect Hutchings unit 7, a small combustion turbine. | ||||||||||||||||||
As part of the provisional DPL purchase accounting adjustments related to the Merger, four stations (Beckjord, Conesville, East Bend and Hutchings) had future expected cash flows that, when discounted, produced a fair market value different than DP&L’s carrying value. Since DP&L did not apply push down accounting, this valuation did not affect the carrying value of these stations’ valuation at DP&L. In the fourth quarter of 2013, DP&L performed an impairment review of its stations and recorded an impairment of $86.0 million related to two of its stations, Conesville and East Bend. In the third quarter of 2012, DP&L performed an impairment review of its stations, and recorded an impairment of $80.8 million related to two of the stations, Conesville and Hutchings. See Note 15 for more information on these impairments. | ||||||||||||||||||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||
Goodwill and Intangible Assets | ' | ||||||||||||||||||
Note 6 – Goodwill and Other Intangible Assets | |||||||||||||||||||
Goodwill represents the value assigned at the Merger date, as adjusted for subsequent changes in the purchase price allocation, less recognized impairments. In the fourth quarter of 2013, DPL recognized an impairment of goodwill in the amount of $306.3 million. In the third quarter of 2012, DPL recognized an estimated impairment of goodwill of $1,850.0 million; the valuation of the goodwill impairment was finalized and adjusted to $1,817.2 million in the fourth quarter of 2012. See Note 18 for more information about these impairments. | |||||||||||||||||||
The following table summarizes the changes in Goodwill: | |||||||||||||||||||
$ in millions | DP&L Reporting Unit | DPLER Reporting Unit | Total | ||||||||||||||||
Balance at December 31, 2011 | |||||||||||||||||||
Goodwill | $ | 2,440.5 | $ | 135.8 | $ | 2,576.3 | |||||||||||||
Accumulated impairment losses | - | - | - | ||||||||||||||||
Net balance at December 31, 2011 | $ | 2,440.5 | $ | 135.8 | $ | 2,576.3 | |||||||||||||
Goodwill impairments during 2012 | $ | -1,817.20 | $ | - | $ | -1,817.20 | |||||||||||||
Balance at December 31, 2012 | |||||||||||||||||||
Goodwill | $ | 2,440.5 | $ | 135.8 | $ | 2,576.3 | |||||||||||||
Accumulated impairment losses | -1,817.20 | - | -1,817.20 | ||||||||||||||||
Net balance at December 31, 2012 | $ | 623.3 | $ | 135.8 | $ | 759.1 | |||||||||||||
Goodwill impairments during 2013 | $ | -306.3 | $ | - | $ | -306.3 | |||||||||||||
Balance at December 31, 2013 | |||||||||||||||||||
Goodwill | $ | 2,440.5 | $ | 135.8 | $ | 2,576.3 | |||||||||||||
Accumulated impairment losses | -2,123.50 | - | -2,123.50 | ||||||||||||||||
Net balance at December 31, 2013 | $ | 317.0 | $ | 135.8 | $ | 452.8 | |||||||||||||
The following tables summarize the balances comprising intangible assets as of December 31, 2013: | |||||||||||||||||||
$ in millions | 31-Dec-13 | 31-Dec-12 | |||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||
Balance | Amortization | Balance | Balance | Amortization | Balance | ||||||||||||||
Subject to Amortization | |||||||||||||||||||
Electric Security Plan (a) | $ | - | $ | - | $ | - | $ | 87.0 | $ | -87 | $ | - | |||||||
Customer Contracts (b) | 27.0 | -25.8 | 1.2 | 28.0 | -19.7 | 8.3 | |||||||||||||
Customer Relationships (c) | 31.8 | -4.6 | 27.2 | 31.8 | -1.1 | 30.7 | |||||||||||||
Other (d) | 8.4 | -0.1 | 8.3 | 5.3 | -0.3 | 5.0 | |||||||||||||
67.2 | -30.5 | 36.7 | 152.1 | -108.1 | 44.0 | ||||||||||||||
Not subject to Amortization | |||||||||||||||||||
Trademark/Trade name (e) | 6.1 | - | 6.1 | 6.1 | - | 6.1 | |||||||||||||
Total intangibles | $ | 73.3 | $ | -30.5 | $ | 42.8 | $ | 158.2 | $ | -108.1 | $ | 50.1 | |||||||
During 2012, $1.1 million of intangibles related to the MC Squared Trademark/Trade name was reclassified from Subject to Amortization to Not subject to Amortization. | |||||||||||||||||||
(a)Represents the value of DP&L’s Electric Security Plan which is a rate plan for the supply and pricing of electric generation services. It provides a level of price stability to consumers of electricity compared to market-based electricity prices. | |||||||||||||||||||
(b)Represents above market contracts that DPLER has with third party customers existing as of the Merger date. | |||||||||||||||||||
(c)Represents relationships DPLER has with third party customers as of the Merger date, where DPLER has regular contact with the customer, and the customer has the ability to make direct contact with DPLER. | |||||||||||||||||||
(d)Consists of various intangible assets including renewable energy credits, emission allowances, and other intangibles, none of which are individually significant. | |||||||||||||||||||
(e)Trademark/Trade name represents the value assigned to the trade names of DPLER and MC Squared. | |||||||||||||||||||
The following table summarizes, by category, intangible assets acquired during the period ended December 31, 2013: | |||||||||||||||||||
$ in millions | Amount | Subject to | Weighted | Amortization | |||||||||||||||
Amortization/ | Average | Method | |||||||||||||||||
Indefinite-lived | Amortization | ||||||||||||||||||
Period | |||||||||||||||||||
(years) | |||||||||||||||||||
Renewable Energy Certificates | $ | 3.9 | Subject to amortization | Various | As Utilized | ||||||||||||||
The following table summarizes the amortization expense, broken down by intangible asset category for 2014 through 2018: | |||||||||||||||||||
Estimated amortization expense | |||||||||||||||||||
Years ending December 31, | |||||||||||||||||||
$ in millions | 2014 | 2015 | 2016 | 2017 | 2018 | ||||||||||||||
Customer contracts | $ | 1.2 | $ | - | $ | - | $ | - | $ | - | |||||||||
Customer relationships | 3.8 | 3.8 | 3.1 | 2.7 | 2.3 | ||||||||||||||
Renewable Energy Certificates | 3.8 | 0.3 | - | - | - | ||||||||||||||
$ | 8.8 | $ | 4.1 | $ | 3.1 | $ | 2.7 | $ | 2.3 | ||||||||||
Debt_Obligations
Debt Obligations | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Debt Obligations | ' | ||||||
Note 7 – Debt Obligations | |||||||
Long-term debt | |||||||
$ in millions | 31-Dec-13 | 31-Dec-12 | |||||
First mortgage bonds due in September 2016 - 1.875% | $ | 444.3 | $ | - | |||
Pollution control series due in January 2028 - 4.7% | 36.0 | 36.1 | |||||
Pollution control series due in January 2034 - 4.8% | 179.6 | 179.6 | |||||
Pollution control series due in September 2036 - 4.8% | 96.4 | 96.3 | |||||
Pollution control series due in November 2040 - variable rates: 0.05% - 0.24% and 0.04% - 0.26% (a) | 100.0 | - | |||||
U.S. Government note due in February 2061 - 4.2% | 18.3 | 18.3 | |||||
Capital lease obligations | - | 0.1 | |||||
Total long-term debt at subsidiary | 874.6 | 330.4 | |||||
Bank term loan due in August 2014 (repaid in May 2013) - variable rates: 2.46% and 1.48% - 4.25% (a) | - | 425.0 | |||||
Bank term loan due in May 2018 - variable rates: 2.42% - 2.45% (a) | 180.0 | - | |||||
Senior unsecured bonds due in October 2016 - 6.50% | 430.0 | 450.0 | |||||
Senior unsecured bonds due in October 2021 - 7.25% | 780.0 | 800.0 | |||||
Note to DPL Capital Trust II due in September 2031 - 8.125% | 19.6 | 19.6 | |||||
Total long-term debt | $ | 2,284.2 | $ | 2,025.0 | |||
(a) - range of interest rates for the twelve months ended December 31, 2013 and December 31, 2012, respectively | |||||||
Current portion - long-term debt | |||||||
$ in millions | 31-Dec-13 | 31-Dec-12 | |||||
First mortgage bonds due in October 2013 - 5.125% | $ | - | $ | 484.5 | |||
Pollution control series due in November 2040 - variable rates: 0.05% - 0.24% and 0.04% - 0.26% (a) | - | 100.0 | |||||
Bank term loan due in May 2018 - variable rates: 2.42% - 2.45% (a) | 10.0 | - | |||||
U.S. Government note due in February 2061 - 4.2% | 0.1 | 0.1 | |||||
Capital lease obligations | 0.1 | 0.3 | |||||
Total current portion - long-term debt | $ | 10.2 | $ | 584.9 | |||
(a) - range of interest rates for the twelve months ended December 31, 2013 and December 31, 2012, respectively | |||||||
The presentation above for the Successor is based on the revaluation of the debt at the Merger date. At December 31, 2013, maturities of long-term debt, including capital lease obligations, are summarized as follows: | |||||||
Due within the twelve months ending December 31, | |||||||
$ in millions | |||||||
2014 | $ | 10.2 | |||||
2015 | 40.1 | ||||||
2016 | 915.1 | ||||||
2017 | 40.1 | ||||||
2018 | 60.1 | ||||||
Thereafter | 1,232.8 | ||||||
2,298.4 | |||||||
Unamortized discounts and premiums, net | -4 | ||||||
Total long-term debt | $ | 2,294.4 | |||||
Premiums or discounts recognized at the Merger date are amortized over the life of the debt using the effective interest method. | |||||||
On December 4, 2008, the OAQDA issued $100.0 million of collateralized, variable rate Revenue Refunding Bonds Series A and B due November 1, 2040. In turn, DP&L borrowed these funds from the OAQDA and issued corresponding first mortgage bonds to support repayment of the funds. The payment of principal and interest on each series of the bonds when due is backed by a standby letter of credit issued by JPMorgan Chase Bank, N.A. This letter of credit facility, which expires in December 2013, is irrevocable and has no subjective acceleration clauses. DP&L amended these standby letters of credit on May 31, 2013 and extended the stated maturities to June 2018. These amended facilities are irrevocable, have no subjective acceleration clauses and remain subject to terms and conditions that are substantially similar to those of the pre-existing facilities. Fees associated with this letter of credit facility were not material during the years ended December 31, 2013 and 2012, the period November 28, 2011 through December 31, 2011 and the period January 1, 2011 through November 27, 2011. | |||||||
On April 20, 2010, DP&L entered into a $200.0 million unsecured revolving credit agreement with a syndicated bank group. This agreement was for a three year term expiring on April 20, 2013, was extended through May 31, 2013 pursuant to an amendment dated April 11, 2013 and provided DP&L with the ability to increase the size of the facility by an additional $50.0 million. DP&L had no outstanding borrowings under this credit facility at December 31, 2012 or at the termination of the agreement in May 2013. Fees associated with this revolving credit facility were not material during the years ended December 31, 2013 and 2012, the period November 28, 2011 through December 31, 2011, the period January 1, 2011 through November 27, 2011. This facility also contained a $50.0 million letter of credit sublimit. DP&L had no outstanding letters of credit against the facility at December 31, 2012 or at the termination of the agreement in May 2013. | |||||||
On August 24, 2011, DP&L entered into a $200.0 million unsecured revolving credit agreement with a syndicated bank group. This agreement, originally for a three year term expiring on April 20, 2013, was extended through May 31, 2013 pursuant to an amendment dated April 11, 2013 and provided DP&L with the ability to increase the size of the facility by an additional $50.0 million. DP&L had no outstanding borrowings under this credit facility at December 31, 2012 or at the termination of the agreement in May 2013. Fees associated with this revolving credit facility were not material during the years ended December 31, 2013 and 2012 or the five months ended December 31, 2011. This facility also contained a $50.0 million letter of credit sublimit. DP&L had no outstanding letters of credit against the facility at December 31, 2012 or at the termination of the agreement in May 2013. | |||||||
On May 10, 2013, DP&L terminated both of the unsecured revolving credit agreements mentioned above and concurrently closed a new $300.0 million unsecured revolving credit agreement with a syndicated bank group. This new $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 which provides DP&L the ability to increase the size of the facility by an additional $100.0 million. The other terms and conditions of this new revolving credit facility are substantially similar to those of the pre-existing DP&L revolving credit facilities. DP&L had no outstanding borrowings under this facility at December 31, 2013. At December 31, 2013, there was a letter of credit in the amount of $0.4 million outstanding, with the remaining $299.6 million available to DP&L. Fees associated with this revolving credit facility were not material during the twelve months ended December 31, 2013. | |||||||
DP&L’s prior unsecured revolving credit agreements and DP&L’s standby letters of credit had one financial covenant which measured 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. DP&L’s new unsecured revolving credit agreement and DP&L’s amended standby letters of credit maintain the Total Debt to Total Capitalization financial covenant and add the EBITDA to Interest Expense ratio as a second financial covenant. 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 1, 2011, DP&L completed the purchase of $18.7 million of electric transmission and distribution assets from the federal government that are located at the Wright-Patterson Air Force Base (WPAFB). DP&L financed the acquisition of these assets with a note payable to the federal government that is payable monthly over 50 years and bears interest at 4.2% per annum. | |||||||
On September 19, 2013, DP&L closed a $445.0 million issuance of senior secured first mortgage bonds. These new bonds mature on September 15, 2016, and are secured by DP&L’s First & Refunding Mortgage. Substantially all property, plant and equipment of DP&L is subject to the lien of the First and Refunding Mortgage. On October 1, 2013, DP&L used the net proceeds of these new bonds, along with cash on hand, to redeem, at par value, the $470.0 million of first mortgage bonds that matured on October 1, 2013. | |||||||
On August 24, 2011, DPL entered into a $125.0 million unsecured revolving credit agreement with a syndicated bank group. This agreement was for a three year term expiring on August 24, 2014. The size of the facility was reduced from $125.0 million to $75.0 million as part of an amendment dated October 19, 2012 that was negotiated between DPL and the syndicated bank group. DPL had no outstanding borrowings under this credit facility at December 31, 2013 or at the termination of the agreement in May 2013. Fees associated with this revolving credit facility were not material during the years ended December 31, 2013 and 2012. This facility also could have been used to issue letters of credit up to the $75.0 million limit. DPL had no outstanding letters of credit against the facility at December 31, 2012 or at the termination of the agreement in May 2013. | |||||||
On August 24, 2011, DPL entered into a $425.0 million unsecured term loan agreement with a syndicated bank group. This agreement was for a three year term expiring on August 24, 2014. Concurrent with the inception of the new term loan discussed below, this term loan was terminated on May 10, 2013. DPL had borrowed the entire $425.0 million available under the facility at December 31, 2013. Fees associated with this term loan were not material during the years ended December 31, 2013, 2012 and 2011. | |||||||
On May 10, 2013, DPL entered into a new $200.0 million unsecured term loan agreement. This new term loan has a five year term expiring on May 10, 2018; however, if DPL has not either: (a) prepaid the full $200.0 million term loan balance; or (b) refinanced its senior unsecured bonds due October 2016 before July 15, 2016, then the maturity of this new DPL term loan shall be July 15, 2016. This term loan amortizes at 5% of the original balance per quarter from September 2014 to maturity. The other terms and conditions of this new revolving credit facility are substantially similar to those of the pre-existing DPL term loan. Fees associated with this new term loan were not material during the year ended December 31, 2013. | |||||||
On May 10, 2013, DPL entered into a new $100.0 million unsecured revolving credit facility and concurrently terminated the existing $75.0 million facility. This new $100.0 million facility has a $100.0 million letter of credit sublimit and a feature which provides DPL the ability to increase the size of the facility by an additional $50.0 million. This new 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 new DPL credit facility shall be July 15, 2016. The other terms and conditions of this new revolving credit facility are substantially similar to those of the pre-existing DPL revolving credit facility. DPL had no outstanding letters of credit under this credit facility at December 31, 2013. Fees associated with this revolving credit facility were not material during the year ended December 31, 2013. | |||||||
Concurrent with the inception of the new revolving credit facility and term loan, DPL terminated the $425.0 million term loan agreement, and used $175.0 million of cash on hand, $50.0 million from the new DPL credit facility and $200.0 million from a one-time draw on the new term loan, to prepay the outstanding $425.0 million term loan balance. The $50.0 million draw on the DPL revolving credit facility was repaid on July 10, 2013 and DPL prepaid $10 million of the outstanding balance on this new term loan in December 2013 reducing the outstanding balance as of December 31, 2013 to $190.0 million. | |||||||
DPL’s prior unsecured revolving credit agreement and unsecured term loan had and DPL’s new 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 is an EBITDA to Interest Expense ratio that 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 prior and new (executed on May 10, 2013), 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, discussed in Note 2, 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 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 Program and successfully bought back $20 million of the first tranche of five year senior unsecured notes issued with a 6.50% coupon and $20 million of the second tranche of ten year senior unsecured notes issued with a 7.25% coupon. 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. | |||||||
DP&L [Member] | ' | ||||||
Debt Obligations | ' | ||||||
Note 6 – Debt Obligations | |||||||
Long-term debt is as follows: | |||||||
Long-term debt | |||||||
$ in millions | 31-Dec-13 | 31-Dec-12 | |||||
First mortgage bonds due in September 2016 - 1.875% | $ | 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 - variable rates: 0.05% - 0.24% and 0.04% - 0.26% (a) | 100.0 | - | |||||
U.S. Government note due in February 2061 - 4.2% | 18.2 | 18.3 | |||||
Capital lease obligations | - | 0.1 | |||||
Unamortized debt discount | -0.7 | -0.1 | |||||
Total long-term debt | $ | 876.9 | $ | 332.7 | |||
(a) - range of interest rates for the twelve months ended December 31, 2013 and December 31, 2012, respectively | |||||||
Current portion - long-term debt | |||||||
$ in millions | 31-Dec-13 | 31-Dec-12 | |||||
First mortgage bonds due in October 2013 - 1.875% | $ | - | $ | 470.0 | |||
Pollution control series due in November 2040 - variable rates: 0.05% - 0.24% and 0.04% - 0.26% (a) | - | 100.0 | |||||
U.S. Government note due in February 2061 - 4.2% | 0.1 | 0.1 | |||||
Capital lease obligations | 0.1 | 0.3 | |||||
Total current portion - long-term debt | $ | 0.2 | $ | 570.4 | |||
(a) - range of interest rates for the twelve months ended December 31, 2013 and December 31, 2012, respectively | |||||||
At December 31, 2013, maturities of long-term debt, including capital lease obligations, are summarized as follows: | |||||||
Due within the twelve months ending December 31, | |||||||
$ in millions | |||||||
2014 | $ | 0.2 | |||||
2015 | 0.1 | ||||||
2016 | 445.1 | ||||||
2017 | 0.1 | ||||||
2018 | 0.1 | ||||||
Thereafter | 432.2 | ||||||
877.8 | |||||||
Unamortized discount | -0.7 | ||||||
Total long-term debt | $ | 877.1 | |||||
On December 4, 2008, the OAQDA issued $100.0 million of collateralized, variable rate Revenue Refunding Bonds Series A and B due November 1, 2040. In turn, DP&L borrowed these funds from the OAQDA and issued corresponding first mortgage bonds to support repayment of the funds. The payment of principal and interest on each series of the bonds when due is backed by two standby letters of credit issued by JPMorgan Chase Bank, N.A. DP&L amended these standby letters of credit on May 31, 2013 and extended the stated maturities to June 2018. These amended facilities are irrevocable, have no subjective acceleration clauses and remain subject to terms and conditions that are substantially similar to those of the pre-existing facilities. Fees associated with this letter of credit facility were not material during the years ended December 31, 2013, 2012 and 2011. | |||||||
On April 20, 2010, DP&L entered into a $200.0 million unsecured revolving credit agreement with a syndicated bank group. The agreement provided DP&L with the ability to increase the size of the facility by an additional $50.0 million. This agreement, originally for a three year term expiring on April 20, 2013, was extended through May 31, 2013 pursuant to an amendment dated April 11, 2013. DP&L had no outstanding borrowings under this credit facility at December 31, 2012 or at the termination of the agreement in May 2013. Fees associated with this revolving credit facility were not material during the years ended December 31, 2013, 2012 and 2011. This facility also contained a $50.0 million letter of credit sublimit. DP&L had no outstanding letters of credit against the facility at December 31, 2012 or at the termination of the agreement in May 2013. | |||||||
On August 24, 2011, DP&L entered into a $200.0 million unsecured revolving credit agreement with a syndicated bank group. This agreement was for a four year term expiring on August 24, 2015 and provided DP&L with the ability to increase the size of the facility by an additional $50.0 million. DP&L had no outstanding borrowings under this credit facility at December 31, 2012 or at the termination of the agreement in May 2013. Fees associated with this revolving credit facility were not material during the years ended December 31, 2013 and 2012 or the five months ended December 31, 2011. This facility also contains a $50.0 million letter of credit sublimit. DP&L had no outstanding letters of credit against the facility at December 31, 2012 or at the termination of the agreement in May 2013. | |||||||
On May 10, 2013, DP&L terminated both of the unsecured revolving credit agreements mentioned above and concurrently closed a new $300.0 million unsecured revolving credit agreement with a syndicated bank group. This new $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 which provides DP&L the ability to increase the size of the facility by an additional $100.0 million. The other terms and conditions of this new revolving credit facility are substantially similar to those of the pre-existing DP&L revolving credit facilities. DP&L had no outstanding borrowings under this facility at December 31, 2013. At December 31, 2013, there was a letter of credit in the amount of $0.4 million outstanding, with the remaining $299.6 million available to DP&L. Fees associated with this revolving credit facility were not material during the year ended December 31, 2013. | |||||||
DP&L’s prior unsecured revolving credit agreements and DP&L’s standby letters of credit had one financial covenant which measured 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. DP&L’s new unsecured revolving credit agreement and DP&L’s amended standby letters of credit maintain the Total Debt to Total Capitalization financial covenant and add the EBITDA to Interest Expense ratio as a second financial covenant. 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 1, 2011, DP&L completed the purchase of $18.7 million of electric transmission and distribution assets from the federal government that are located at the Wright-Patterson Air Force Base (WPAFB). DP&L financed the acquisition of these assets with a note payable to the federal government that is payable monthly over 50 years and bears interest at 4.2% per annum. | |||||||
On September 19, 2013, DP&L closed a $445.0 million issuance of senior secured first mortgage bonds. These new bonds mature on September 15, 2016, and are secured by DP&L’s First & Refunding Mortgage. On October 1, 2013, DP&L used the net proceeds of these new bonds, along with cash on hand, to redeem, at par value, the $470.0 million of first mortgage bonds that matured on October 1, 2013. | |||||||
Substantially all property, plant and equipment of DP&L is subject to the lien of the First and Refunding Mortgage. | |||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Income Taxes | ' | ||||||||||||
Note 8 – Income Taxes | |||||||||||||
DPL’s components of income tax expense were as follows: | |||||||||||||
Successor | Predecessor | ||||||||||||
$ in millions | Year ended December 31, 2013 | Year ended December 31, 2012 | November 28, 2011 through December 31, 2011 | January 1, 2011 through November 27, 2011 | |||||||||
Computation of tax expense | |||||||||||||
Federal income tax expense / (benefit)(a) | $ | -69.9 | $ | -588.7 | $ | -2 | $ | 88.4 | |||||
Increases (decreases) in tax resulting from: | |||||||||||||
State income taxes, net of federal effect | 1.7 | 3.5 | 0.1 | 3.8 | |||||||||
Depreciation of AFUDC - Equity | -3.2 | -2.4 | -0.3 | -2.9 | |||||||||
Investment tax credit amortized | -0.5 | -0.3 | -0.2 | -2.3 | |||||||||
Section 199 - domestic production deduction | -4.1 | -2.1 | - | -3.6 | |||||||||
Non-deductible merger costs | - | - | 0.1 | 6.0 | |||||||||
Non-deductible merger-related compensation | - | 0.6 | 3.5 | - | |||||||||
Non-deductible goodwill impairment | 107.2 | 636.0 | - | - | |||||||||
Accrual (settlement) for open tax years | -8.8 | -0.1 | 0.1 | 0.1 | |||||||||
Compensation and benefits | - | - | - | 13.8 | |||||||||
Income not subject to tax | - | - | -0.6 | - | |||||||||
Other, net (b) | -0.1 | 1.2 | -0.1 | -1.3 | |||||||||
Total tax expense | $ | 22.3 | $ | 47.7 | $ | 0.6 | $ | 102.0 | |||||
Components of tax expense | |||||||||||||
Federal - current | $ | 1.8 | $ | 48.6 | $ | 0.4 | $ | 53.2 | |||||
State and Local - current | 0.7 | 1.2 | 0.4 | 0.9 | |||||||||
Total current | 2.5 | 49.8 | 0.8 | 54.1 | |||||||||
Federal - deferred | 18.1 | -4.9 | -0.2 | 43.2 | |||||||||
State and local - deferred | 1.7 | 2.8 | - | 4.7 | |||||||||
Total deferred | 19.8 | -2.1 | -0.2 | 47.9 | |||||||||
Total tax expense | $ | 22.3 | $ | 47.7 | $ | 0.6 | $ | 102.0 | |||||
Components of Deferred Tax Assets and Liabilities (Successor) | |||||||||||||
Years ended December 31, | |||||||||||||
$ in millions | 2013 | 2012 | |||||||||||
Net non-current Assets / (Liabilities) | |||||||||||||
Depreciation / property basis | $ | -531.5 | $ | -517 | |||||||||
Income taxes recoverable | -11.4 | -12.3 | |||||||||||
Regulatory assets | -15.6 | -20.6 | |||||||||||
Investment tax credit | 1.0 | 1.2 | |||||||||||
Intangibles | -3.9 | -2.4 | |||||||||||
Compensation and employee benefits | -2 | 2.2 | |||||||||||
Long-term debt | -1.7 | -2 | |||||||||||
Other (c) | 0.8 | 16.0 | |||||||||||
Net non-current liabilities | $ | -564.3 | $ | -534.9 | |||||||||
Net current Assets / (Liabilities) (d) | |||||||||||||
Other | $ | -2.6 | $ | 4.7 | |||||||||
Net current assets / (liabilities) | $ | -2.6 | $ | 4.7 | |||||||||
(a)The statutory tax rate of 35% was applied to pre-tax earnings. | |||||||||||||
(b)Includes expense of $0.0 million, $1.2 million and benefits of $0.0 million and $2.3 million in the years ended December 31, 2013 and 2012, the period November 28, 2011 through December 31, 2011 and the period January 1, 2011 through November 27, 2011, respectively, of income tax related to adjustments from prior years. | |||||||||||||
(c)The Other non-current liabilities caption includes deferred tax assets of $20.7 million in 2013 and $20.4 million in 2012 related to state and local tax net operating loss carryforwards, net of related valuation allowances of $16.6 million in 2013 and $16.2 million in 2012. These net operating loss carryforwards expire from 2014 to 2027. | |||||||||||||
(d)Amounts are included within Other prepayments and current assets on the Consolidated Balance Sheets of DPL. | |||||||||||||
The following table presents the tax expense / (benefit) related to pensions, postemployment benefits, cash flow hedges and financial instruments that were credited to Accumulated other comprehensive loss. | |||||||||||||
Successor | Predecessor | ||||||||||||
$ in millions | Year ended December 31, 2013 | Year ended December 31, 2012 | November 28, 2011 through December 31, 2011 | January 1, 2011 through November 27, 2011 | |||||||||
Tax expense / (benefit) | $ | 15.4 | $ | -2.5 | $ | -1.2 | $ | -33.2 | |||||
Accounting for Uncertainty in Income Taxes | |||||||||||||
We apply the provisions of GAAP relating to the accounting for uncertainty in income taxes. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | |||||||||||||
$ in millions | |||||||||||||
Balance at January 1, 2011 | $ | 19.4 | |||||||||||
January 1, 2011 through November 27, 2011 (Predecessor) | |||||||||||||
Tax positions taken during prior period | 2.0 | ||||||||||||
Settlement with taxing authorities | 3.5 | ||||||||||||
Balance at November 27, 2011 | $ | 24.9 | |||||||||||
November 28, 2011 through December 31, 2011 (Successor) | |||||||||||||
Balance at November 28, 2011 | $ | 24.9 | |||||||||||
Tax positions taken during current period | 0.1 | ||||||||||||
Balance at December 31, 2011 | 25.0 | ||||||||||||
Calendar 2012 (Successor) | |||||||||||||
Tax positions taken during prior period | -6.3 | ||||||||||||
Tax positions taken during current period | -0.4 | ||||||||||||
Balance at December 31, 2012 | 18.3 | ||||||||||||
Calendar 2013 (Successor) | |||||||||||||
Tax positions taken during prior period | -0.1 | ||||||||||||
Lapse of Statute of Limitations | -6.9 | ||||||||||||
Settlement with taxing authorities | -2.5 | ||||||||||||
Balance at December 31, 2013 | $ | 8.8 | |||||||||||
None of the unrecognized tax benefits are expected to significantly increase or decrease within the next twelve months other than those subject to expiring statutes of limitations. | |||||||||||||
We recognize interest and penalties related to unrecognized tax benefits in Income tax expense. The following table represents the amounts accrued as well as the expense / (benefit) recorded as of and for the periods noted below: | |||||||||||||
Amounts in Balance Sheet | Successor | ||||||||||||
$ in millions | 31-Dec-13 | 31-Dec-12 | |||||||||||
Liability | $ | 0.2 | $ | 0.8 | |||||||||
Amounts in Statement of Operations | Successor | Predecessor | |||||||||||
$ in millions | Year ended December 31, 2013 | Year ended December 31, 2012 | November 28, 2011 through December 31, 2011 | January 1, 2011 through November 27, 2011 | |||||||||
Expense / (benefit) | $ | -0.6 | $ | -0.1 | $ | - | $ | 0.6 | |||||
Following is a summary of the tax years open to examination by major tax jurisdiction: | |||||||||||||
U.S. Federal – 2010 and forward | |||||||||||||
State and Local – 2010 and forward | |||||||||||||
None of the unrecognized tax benefits are expected to significantly increase or decrease within the next twelve months other than those subject to expiring statutes of limitations. | |||||||||||||
The Internal Revenue Service began an examination of our 2008 Federal income tax return during the second quarter of 2010. The results of the examination were approved by the Joint Committee on Taxation on January 18, 2013. As a result of the examination, DPL received a refund of $19.9 million and recorded a $1.2 million reduction to income tax expense. | |||||||||||||
DP&L [Member] | ' | ||||||||||||
Income Taxes | ' | ||||||||||||
Note 7 – Income Taxes | |||||||||||||
DP&L’s components of income tax expense were as follows: | |||||||||||||
$ in millions | Year ended December 31, 2013 | Year ended December 31, 2012 | Year ended December 31, 2011 | ||||||||||
Computation of tax expense | |||||||||||||
Federal income tax expense / (benefit)(a) | $ | 35.5 | $ | 50.9 | $ | 103.8 | |||||||
Increases (decreases) in tax resulting from: | |||||||||||||
State income taxes, net of federal effect | 0.3 | -2 | 1.4 | ||||||||||
Depreciation of AFUDC - Equity | -2.5 | 3.0 | -3.2 | ||||||||||
Investment tax credit amortized | -2.5 | -2.5 | -2.5 | ||||||||||
Section 199 - domestic production deduction | -4.1 | -2.5 | -4.9 | ||||||||||
Non-deductible merger-related compensation | - | 0.6 | 3.6 | ||||||||||
Accrual (settlement) for open tax years | -8.8 | - | - | ||||||||||
ESOP | - | - | 13.6 | ||||||||||
Compensation and benefits | - | - | -5.3 | ||||||||||
Other, net (b) | 0.7 | 7.6 | -2.3 | ||||||||||
Total tax expense | $ | 18.6 | $ | 55.1 | $ | 104.2 | |||||||
Components of Tax Expense | |||||||||||||
Federal - current | $ | 38.6 | $ | 52.1 | $ | 54.9 | |||||||
State and Local - current | -0.1 | 1.0 | 0.9 | ||||||||||
Total current | 38.5 | 53.1 | 55.8 | ||||||||||
Federal - deferred | -20.4 | 4.7 | 47.1 | ||||||||||
State and local - deferred | 0.5 | -2.7 | 1.3 | ||||||||||
Total deferred | -19.9 | 2.0 | 48.4 | ||||||||||
Total tax expense | $ | 18.6 | $ | 55.1 | $ | 104.2 | |||||||
December 31, | |||||||||||||
$ in millions | 2013 | 2012 | |||||||||||
Net non-current Assets / (Liabilities) | |||||||||||||
Depreciation / property basis | $ | -607.1 | $ | -622.1 | |||||||||
Income taxes recoverable | -11.4 | -12.3 | |||||||||||
Regulatory assets | -15.6 | -20.6 | |||||||||||
Investment tax credit | 8.8 | 9.6 | |||||||||||
Compensation and employee benefits | -0.2 | 0.3 | |||||||||||
Other | -6.8 | -6.9 | |||||||||||
Net non-current liabilities | $ | -632.3 | $ | -652 | |||||||||
Net current Assets / (Liabilities) (c) | |||||||||||||
Other | $ | -5 | $ | 2.0 | |||||||||
Net current assets / (liabilities) | $ | -5 | $ | 2.0 | |||||||||
(a)The statutory tax rate of 35% was applied to pre-tax earnings. | |||||||||||||
(b)Includes expense of $1.1 million, $7.6 million and benefit of $2.4 million in the years ended December 31, 2013, 2012 and 2011, respectively, of income tax related to adjustments from prior years. | |||||||||||||
(c)Amounts are included within Other prepayments and current assets on the Balance Sheets of DP&L. | |||||||||||||
The following table presents the tax (benefit) / expense related to pensions, postemployment benefits, cash flow hedges and financial instruments that were credited to Accumulated other comprehensive loss. | |||||||||||||
$ in millions | Year ended December 31, 2013 | Year ended December 31, 2012 | Year ended December 31, 2011 | ||||||||||
Tax expense / (benefit) | $ | 7.0 | $ | -0.8 | $ | -7.2 | |||||||
Accounting for Uncertainty in Income Taxes | |||||||||||||
We apply the provisions of GAAP relating to the accounting for uncertainty in income taxes. A reconciliation of the beginning and ending amount of unrecognized tax benefits for DP&L is as follows: | |||||||||||||
$ in millions | |||||||||||||
Balance at December 31, 2011 | $ | 25.0 | |||||||||||
Calendar 2012 | |||||||||||||
Tax positions taken during prior period | -6.3 | ||||||||||||
Tax positions taken during current period | -0.4 | ||||||||||||
Balance at December 31, 2012 | 18.3 | ||||||||||||
Calendar 2013 | |||||||||||||
Tax positions taken during prior period | -0.1 | ||||||||||||
Lapse of Statute of Limitations | -6.9 | ||||||||||||
Settlement with taxing authorities | -2.5 | ||||||||||||
Balance at December 31, 2013 | $ | 8.8 | |||||||||||
Of the December 31, 2013 balance of unrecognized tax benefits, $8.8 million is due to uncertainty in the timing of deductibility. | |||||||||||||
We recognize interest and penalties related to unrecognized tax benefits in Income tax expense. The following table represents the amounts accrued as well as the expense / (benefit) recorded as of and for the periods noted below: | |||||||||||||
Amounts in Balance Sheet | |||||||||||||
$ in millions | Year ended December 31, 2013 | Year ended December 31, 2012 | Year ended December 31, 2011 | ||||||||||
Liability | $ | 0.2 | $ | 0.8 | $ | 0.9 | |||||||
Amounts in Statement of Operations | |||||||||||||
$ in millions | Year ended December 31, 2013 | Year ended December 31, 2012 | Year ended December 31, 2011 | ||||||||||
Expense / (benefit) | $ | -0.6 | $ | -0.1 | $ | 0.6 | |||||||
Following is a summary of the tax years open to examination by major tax jurisdiction: | |||||||||||||
U.S. Federal – 2010 and forward | |||||||||||||
State and Local – 2010 and forward | |||||||||||||
None of the unrecognized tax benefits are expected to significantly increase or decrease within the next twelve months other than those subject to expiring statutes of limitations. | |||||||||||||
The Internal Revenue Service began an examination of our 2008 Federal income tax return during the second quarter of 2010. The results of the examination were approved by the Joint Committee on Taxation on January 18, 2013. As a result of the examination, DPL received a refund of $19.9 million and recorded a $1.2 million reduction to income tax expense. | |||||||||||||
Pension_and_Postretirement_Ben
Pension and Postretirement Benefits | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Pension and Postretirement Benefits | ' | ||||||||||||||||||
Note 9 – Pension and Postretirement Benefits | |||||||||||||||||||
DP&L sponsors a traditional defined benefit pension plan for most of the employees of DPL and its subsidiaries. For collective bargaining employees, the defined benefits are based on a specific dollar amount per year of service. For all other employees (management employees), the traditional defined benefit pension plan is based primarily on compensation and years of service. As of December 31, 2010, this traditional pension plan was closed to new management employees. A participant is 100% vested in all amounts credited to his or her account upon the completion of five vesting years, as defined in The Dayton Power and Light Company Retirement Income Plan, or the participant’s death or disability. If a participant’s employment is terminated, other than by death or disability, prior to such participant becoming 100% vested in his or her account, the account shall be forfeited as of the date of termination. Effective December 22, 2013, certain employees of DP&L became employees of the Service Company of the US SBU. Employees that transferred from DP&L to the Service Company maintain their previous eligibility to participate in the DP&L pension plan. | |||||||||||||||||||
Almost all management employees beginning employment on or after January 1, 2011 participate in a cash balance pension plan. Similar to the traditional pension plan for management employees, the cash balance benefits are based on compensation and years of service. A participant shall become 100% vested in all amounts credited to his or her account upon the completion of three vesting years, as defined in The Dayton Power and Light Company Retirement Income Plan, or the participant’s death or disability. If a participant’s employment is terminated, other than by death or disability, prior to such participant becoming 100% vested in his or her account, the account shall be forfeited as of the date of termination. Vested benefits in the cash balance plan are fully portable upon termination of employment. | |||||||||||||||||||
In addition, we have a Supplemental Executive Retirement Plan (SERP) for certain retired key executives. The SERP was replaced by the DPL Inc. Supplemental Executive Defined Contribution Retirement Plan (SEDCRP) effective January 1, 2006, which is for certain active and former key executives. Pursuant to the SEDCRP, we provided a supplemental retirement benefit to participants by crediting an account established for each participant in accordance with the Plan requirements. We designated as hypothetical investment funds under the SEDCRP one or more of the investment funds provided under The Dayton Power and Light Company Employee Savings Plan. Each participant could change his or her hypothetical investment fund selection at specified times. If a participant did not elect a hypothetical investment fund(s), then we selected the hypothetical investment fund(s) for such participant. Per the SEDCRP plan document, the balances in the SEDCRP, including earnings on contributions, were paid out to participants in December 2011, following the merger with AES on November 28, 2011. However, the SEDCRP continued and 2012 and 2011 contributions were calculated and paid in March 2013 and 2012, respectively. The SEDCRP was terminated by the Board of Directors as of December 31, 2012. We also have an immaterial unfunded liability related to agreements for retirement benefits of certain terminated and retired key executives. | |||||||||||||||||||
We generally fund pension plan benefits as accrued in accordance with the minimum funding requirements of the Employee Retirement Income Security Act of 1974 (ERISA) and, in addition, make voluntary contributions from time to time. There were no contributions during the years ended December 31, 2013 and 2012 during the period November 28, 2011 through December 31, 2011. DP&L made a discretionary contribution of $40.0 million to the defined benefit plan during the period January 1, 2011 through November 27, 2011. | |||||||||||||||||||
Qualified employees who retired prior to 1987 and their dependents are eligible for health care and life insurance benefits until their death, while qualified employees who retired after 1987 are eligible for life insurance benefits and partially subsidized health care. The partially subsidized health care is at the election of the employee, who pays the majority of the cost, and is available only from their retirement until they are covered by Medicare. We have funded a portion of the union-eligible benefits using a Voluntary Employee Beneficiary Association Trust. | |||||||||||||||||||
We recognize an asset for a plan’s overfunded status and a liability for a plan’s underfunded status and recognize, as a component of OCI, the changes in the funded status of the plan that arise during the year that are not recognized as a component of net periodic benefit cost. For the transmission and distribution areas of our electric business, these amounts are recorded as regulatory assets and liabilities which represent the regulated portion that would otherwise be charged or credited to AOCI. We have historically recorded these costs on the accrual basis and this is how these costs have been historically recovered through customer rates. This factor, combined with the historical precedents from the PUCO and FERC, make these costs probable of future rate recovery. | |||||||||||||||||||
The following tables set forth the changes in our pension and postemployment benefit plans’ obligations and assets recorded on the balance sheets as of December 31, 2013 and 2012. The amounts presented in the following tables for pension include the collective bargaining plan formula, traditional management plan formula and cash balance plan formula and the SERP in the aggregate. The amounts presented for postemployment include both health and life insurance benefits. | |||||||||||||||||||
$ in millions | Pension | ||||||||||||||||||
Year ended December 31, 2013 | Year ended December 31, 2012 | ||||||||||||||||||
Change in benefit obligation | |||||||||||||||||||
Benefit obligation at beginning of period | $ | 395.6 | $ | 365.2 | |||||||||||||||
Service cost | 7.2 | 6.2 | |||||||||||||||||
Interest cost | 15.6 | 17.3 | |||||||||||||||||
Plan amendments | - | - | |||||||||||||||||
Actuarial (gain) / loss | -26.5 | 29.1 | |||||||||||||||||
Benefits paid | -21.4 | -22.2 | |||||||||||||||||
Benefit obligation at end of period | 370.5 | 395.6 | |||||||||||||||||
Change in plan assets | |||||||||||||||||||
Fair value of plan assets at beginning of period | 361.4 | 335.9 | |||||||||||||||||
Actual return on plan assets | 8.7 | 46.2 | |||||||||||||||||
Contributions to plan assets | 0.4 | 1.5 | |||||||||||||||||
Benefits paid | -21.4 | -22.2 | |||||||||||||||||
Fair value of plan assets at end of period | 349.1 | 361.4 | |||||||||||||||||
Funded status of plan | $ | -21.4 | $ | -34.2 | |||||||||||||||
$ in millions | Postretirement | ||||||||||||||||||
Year ended December 31, 2013 | Year ended December 31, 2012 | ||||||||||||||||||
Change in benefit obligation | |||||||||||||||||||
Benefit obligation at beginning of period | $ | 22.4 | $ | 21.7 | |||||||||||||||
Service cost | 0.2 | 0.1 | |||||||||||||||||
Interest cost | 0.8 | 0.9 | |||||||||||||||||
Actuarial (gain) / loss | -2.2 | 1.2 | |||||||||||||||||
Benefits paid | -1.5 | -1.7 | |||||||||||||||||
Medicare Part D reimbursement | - | 0.2 | |||||||||||||||||
Benefit obligation at end of period | 19.7 | 22.4 | |||||||||||||||||
Change in plan assets | |||||||||||||||||||
Fair value of plan assets at beginning of period | 4.2 | 4.5 | |||||||||||||||||
Actual return on plan assets | - | 0.2 | |||||||||||||||||
Contributions to plan assets | 1.0 | 1.2 | |||||||||||||||||
Benefits paid | -1.5 | -1.7 | |||||||||||||||||
Fair value of plan assets at end of period | 3.7 | 4.2 | |||||||||||||||||
Funded status of plan | $ | -16 | $ | -18.2 | |||||||||||||||
$ in millions | Pension | Postretirement | |||||||||||||||||
December 31, | December 31, | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Amounts recognized in the Balance sheets | |||||||||||||||||||
Current liabilities | $ | -0.4 | $ | -0.4 | $ | -0.5 | $ | -0.6 | |||||||||||
Non-current liabilities | -21 | -33.8 | -15.5 | -17.6 | |||||||||||||||
Net liability at Year ended December 31, | $ | -21.4 | $ | -34.2 | $ | -16 | $ | -18.2 | |||||||||||
Amounts recognized in Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities, pre-tax | |||||||||||||||||||
Components: | |||||||||||||||||||
Prior service cost | $ | 8.8 | $ | 10.3 | $ | 0.5 | $ | 0.5 | |||||||||||
Net actuarial loss / (gain) | 63.0 | 79.9 | -6 | -4.5 | |||||||||||||||
Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities, pre-tax | $ | 71.8 | $ | 90.2 | $ | -5.5 | $ | -4 | |||||||||||
Recorded as: | |||||||||||||||||||
Regulatory asset | $ | 76.3 | $ | 88.0 | $ | - | $ | 0.5 | |||||||||||
Regulatory liability | - | - | -5.2 | -5 | |||||||||||||||
Accumulated other comprehensive income | -4.5 | 2.2 | -0.3 | 0.5 | |||||||||||||||
Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities, pre-tax | $ | 71.8 | $ | 90.2 | $ | -5.5 | $ | -4 | |||||||||||
The accumulated benefit obligation for our defined benefit pension plans was $359.8 million and $382.5 million at December 31, 2013 and 2012, respectively. | |||||||||||||||||||
The net periodic benefit cost (income) of the pension and postemployment benefit plans were: | |||||||||||||||||||
Net Periodic Benefit Cost - Pension | Successor | Predecessor | |||||||||||||||||
$ in millions | Year ended December 31, 2013 | Year ended December 31, 2012 | November 28, 2011 through December 31, 2011 | January 1, 2011 through November 27, 2011 | |||||||||||||||
Service cost | $ | 7.2 | $ | 6.2 | $ | 0.5 | $ | 4.5 | |||||||||||
Interest cost | 15.6 | 17.3 | 1.5 | 15.5 | |||||||||||||||
Expected return on assets (a) | -23.3 | -22.7 | -2 | -22.5 | |||||||||||||||
Amortization of unrecognized: | |||||||||||||||||||
Actuarial gain | 4.9 | 5.0 | 0.4 | 7.6 | |||||||||||||||
Prior service cost | 1.5 | 1.5 | 0.1 | 2.0 | |||||||||||||||
Net periodic benefit cost before adjustments | $ | 5.9 | $ | 7.3 | $ | 0.5 | $ | 7.1 | |||||||||||
Net Periodic Benefit Cost / (Income) - Postretirement | Successor | Predecessor | |||||||||||||||||
$ in millions | Year ended December 31, 2013 | Year ended December 31, 2012 | November 28, 2011 through December 31, 2011 | January 1, 2011 through November 27, 2011 | |||||||||||||||
Service cost | $ | 0.2 | $ | 0.1 | $ | - | $ | 0.1 | |||||||||||
Interest cost | 0.8 | 0.9 | 0.1 | 0.9 | |||||||||||||||
Expected return on assets (a) | -0.1 | -0.3 | - | -0.3 | |||||||||||||||
Amortization of unrecognized: | |||||||||||||||||||
Actuarial loss | -0.5 | -0.6 | - | -1 | |||||||||||||||
Prior service cost | - | - | -0.1 | 0.1 | |||||||||||||||
Net periodic benefit cost / (income) before adjustments | $ | 0.4 | $ | 0.1 | $ | - | $ | -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 amortized into 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 was approximately $359.8 million in 2013, $346.0 million in 2012, and $335.0 million in 2011. | |||||||||||||||||||
Other Changes in Plan Assets and Benefit Obligation Recognized in Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities | |||||||||||||||||||
Pension | Successor | Predecessor | |||||||||||||||||
$ in millions | Year ended December 31, 2013 | Year ended December 31, 2012 | November 28, 2011 through December 31, 2011 | January 1, 2011 through November 27, 2011 | |||||||||||||||
Net actuarial loss / (gain) | $ | -12 | $ | 5.5 | $ | - | $ | -38.7 | |||||||||||
Prior service credit | - | - | - | -2.2 | |||||||||||||||
Reversal of amortization item: | |||||||||||||||||||
Net actuarial loss | -4.9 | -5 | -0.4 | -7.6 | |||||||||||||||
Prior service cost | -1.5 | -1.5 | -0.1 | -2 | |||||||||||||||
Total recognized in Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities | $ | -18.4 | $ | -1 | $ | -0.5 | $ | -50.5 | |||||||||||
Total recognized in net periodic benefit cost Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities | $ | -12.5 | $ | 6.3 | $ | -0.5 | $ | -43.4 | |||||||||||
Other Changes in Plan Assets and Benefit Obligation Recognized in Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities (cont.) | |||||||||||||||||||
Postretirement | Successor | Predecessor | |||||||||||||||||
$ in millions | Year ended December 31, 2013 | Year ended December 31, 2012 | November 28, 2011 through December 31, 2011 | January 1, 2011 through November 27, 2011 | |||||||||||||||
Net actuarial loss / (gain) | $ | -2 | $ | 1.0 | $ | - | $ | 0.2 | |||||||||||
Prior service cost / (credit) | - | - | 0.1 | -0.1 | |||||||||||||||
Reversal of amortization item: | |||||||||||||||||||
Net actuarial gain | 0.5 | 0.7 | - | 1.0 | |||||||||||||||
Prior service cost | - | - | - | -0.1 | |||||||||||||||
Transition asset | - | - | -0.1 | - | |||||||||||||||
Total recognized in Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities | $ | -1.5 | $ | 1.7 | $ | - | $ | 1.0 | |||||||||||
Total recognized in net periodic benefit cost and Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities | $ | -1.1 | $ | 1.8 | $ | - | $ | 0.8 | |||||||||||
Estimated amounts that will be amortized from AOCI, Regulatory assets and Regulatory liabilities into net periodic benefit costs during 2014 are: | |||||||||||||||||||
$ in millions | Pension | Postretirement | |||||||||||||||||
Net actuarial gain / (loss) | $ | 3.4 | $ | -0.5 | |||||||||||||||
Prior service cost | $ | 1.5 | $ | - | |||||||||||||||
Our expected return on plan asset assumptions, used to determine benefit obligations, are based on historical long-term rates of return on investments, which use the widely accepted capital market principle that assets with higher volatility generate a greater return over the long run. Current market factors, such as inflation and interest rates, as well as asset diversification and portfolio rebalancing, are evaluated when long-term capital market assumptions are determined. Peer data and historical returns are reviewed to verify reasonableness and appropriateness. | |||||||||||||||||||
For 2014, we have decreased our expected long-term rate of return assumption from 7.00% to 6.75% for pension plan assets and we have maintained our expected long-term rate of return on assets assumption of 6.00% for postemployment benefit plan assets. These rates of return represent our long-term assumptions based on our current portfolio mixes. Also, for 2014, we have increased our assumed discount rate to 4.86% from 4.04% for pension and to 4.58% from 3.75% for postemployment benefits expense to reflect current duration-based yield curve discount rates. A one percent change in the rate of return assumption for pension would result in an increase or decrease to the 2014 pension expense of approximately $3.4 million. A 25 basis point change in the discount rate for pension would result in an increase or decrease of approximately $0.3 million to 2014 pension expense. | |||||||||||||||||||
Our overall discount rate was evaluated in relation to the Aon Hewitt AA Above Median Yield Curve which represents a portfolio of above median AA-rated bonds used to settle pension obligations. Peer data and historical returns were also reviewed to verify the reasonableness and appropriateness of our discount rate used in the calculation of benefit obligations and expense. | |||||||||||||||||||
The weighted average assumptions used to determine benefit obligations at December 31, 2013, 2012 and 2011 were: | |||||||||||||||||||
Benefit Obligation Assumptions | Pension | Postretirement | |||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||
Discount rate for obligations | 4.86% | 4.04% | 4.88% | 4.58% | 3.75% | 4.62% | |||||||||||||
Rate of compensation increases | 3.94% | 3.94% | 3.94% | N/A | N/A | N/A | |||||||||||||
The weighted-average assumptions used to determine net periodic benefit cost (income) for the years ended December 31, 2013, 2012 and 2011 were: | |||||||||||||||||||
Net Periodic Benefit | Pension | Postretirement | |||||||||||||||||
Cost / (Income) Assumptions | |||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||
Discount rate - Successor | 4.04% | 4.88% | 5.31% | 4.58% | 4.62% | 4.96% | |||||||||||||
Discount rate - Predecessor | 4.88% | 4.62% | |||||||||||||||||
Expected rate of return | 6.75% | 7.00% | 8.00% | 6.00% | 6.00% | 6.00% | |||||||||||||
on plan assets - Successor | |||||||||||||||||||
Expected rate of return | 7.00% | 6.00% | |||||||||||||||||
on plan assets - Predecessor | |||||||||||||||||||
Rate of compensation increases | 3.94% | 3.94% | 3.94% | N/A | N/A | N/A | |||||||||||||
The assumed health care cost trend rates at December 31, 2013, 2012 and 2011 are as follows: | |||||||||||||||||||
Health Care Cost Assumptions | Expense | Benefit Obligation | |||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||
Pre - age 65 | |||||||||||||||||||
Current health care cost trend rate | 8.00% | 8.50% | 8.50% | 7.75% | 8.00% | 8.50% | |||||||||||||
Year trend reaches ultimate - Successor | 2019 | 2019 | 2018 | 2023 | 2019 | 2019 | |||||||||||||
Year trend reaches ultimate - Predecessor | 2019 | 2019 | |||||||||||||||||
Post - age 65 | |||||||||||||||||||
Current health care cost trend rate | 7.50% | 8.00% | 8.00% | 6.75% | 7.50% | 8.00% | |||||||||||||
Year trend reaches ultimate - Successor | 2018 | 2018 | 2017 | 2021 | 2018 | 2018 | |||||||||||||
Year trend reaches ultimate - Predecessor | 2018 | 2018 | |||||||||||||||||
Ultimate health care cost trend rate | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% | |||||||||||||
The assumed health care cost trend rates have an effect on the amounts reported for the health care plans. A one-percentage point change in assumed health care cost trend rates would have the following effects on the net periodic postemployment benefit cost and the accumulated postemployment benefit obligation: | |||||||||||||||||||
Effect of change in health care cost trend rate | |||||||||||||||||||
$ in millions | One-percent | One-percent | |||||||||||||||||
increase | decrease | ||||||||||||||||||
Service cost plus interest cost | $ | 0.1 | $ | -0.1 | |||||||||||||||
Benefit obligation | $ | 0.9 | $ | -0.8 | |||||||||||||||
Benefit payments, which reflect future service, are expected to be paid as follows: | |||||||||||||||||||
Estimated future benefit payments and Medicare Part D reimbursements | |||||||||||||||||||
$ in millions due within the following years: | Pension | Postretirement | |||||||||||||||||
2014 | $ | 25.0 | $ | 2.2 | |||||||||||||||
2015 | $ | 23.9 | $ | 2.1 | |||||||||||||||
2016 | $ | 23.9 | $ | 2.0 | |||||||||||||||
2017 | $ | 24.3 | $ | 1.8 | |||||||||||||||
2018 | $ | 24.6 | $ | 1.6 | |||||||||||||||
2019 - 2023 | $ | 126.5 | $ | 6.4 | |||||||||||||||
We expect to make contributions of $0.4 million to our SERP in 2014 to cover benefit payments. We also expect to contribute $1.9 million to our other postemployment benefit plans in 2014 to cover benefit payments. | |||||||||||||||||||
The Pension Protection Act of 2006 (the Act) contained new requirements for our single employer defined benefit pension plan. In addition to establishing a 100% funding target for plan years beginning after December 31, 2008, the Act also limits some benefits if the funded status of pension plans drops below certain thresholds. Among other restrictions under the Act, if the funded status of a plan falls below a predetermined ratio of 80%, lump-sum payments to new retirees are limited to 50% of amounts that otherwise would have been paid and new benefit improvements may not go into effect. For the 2013 plan year, the funded status of our defined benefit pension plan as calculated under the requirements of the Act was 113.96% and is estimated to be 113.96% until the 2014 status is certified in September 2014 for the 2014 plan year. The Worker, Retiree, and Employer Recovery Act of 2008 (WRERA), which was signed into law on December 23, 2008, grants plan sponsors certain relief from funding requirements and benefit restrictions of the Act. | |||||||||||||||||||
Plan Assets | |||||||||||||||||||
Plan assets are invested using a total return investment approach whereby a mix of equity securities, debt securities and other investments are used to preserve asset values, diversify risk and achieve our target investment return benchmark. Investment strategies and asset allocations are based on careful consideration of plan liabilities, the plan's funded status and our financial condition. Investment performance and asset allocation are measured and monitored on an ongoing basis. | |||||||||||||||||||
Plan assets are managed in a balanced portfolio comprised of two major components: an equity portion and a fixed income portion. The expected role of plan equity investments is to maximize the long-term real growth of plan assets, while the role of fixed income investments is to generate current income, provide for more stable periodic returns and provide some protection against a prolonged decline in the market value of plan equity investments. | |||||||||||||||||||
Long-term strategic asset allocation guidelines are determined by management and take into account the Plan’s long-term objectives as well as its short-term constraints. The target allocations for plan assets are 30 – 80% for equity securities, 30 – 65% for fixed income securities, 0 – 10% for cash, and 0 – 25% for alternative investments. Equity securities include U.S. and international equity, while fixed income securities include long-duration and high-yield bond funds and emerging market debt funds. Other types of investments include hedge funds that follow several different strategies. | |||||||||||||||||||
The fair values of our pension plan assets at December 31, 2013 by asset category are as follows: | |||||||||||||||||||
Fair Value Measurements for Pension Plan Assets at December 31, 2013 | |||||||||||||||||||
Asset Category | Market Value | Quoted prices | Significant | Significant | |||||||||||||||
$ in millions | at December 31, 2013 | in active | observable | unobservable | |||||||||||||||
markets for | inputs | inputs | |||||||||||||||||
identical assets | |||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
Equity securities (a) | |||||||||||||||||||
Small/Mid cap equity | $ | 10.5 | $ | 10.5 | $ | - | $ | - | |||||||||||
Large cap equity | 20.8 | 20.8 | - | - | |||||||||||||||
International equity | 20.3 | 20.3 | - | - | |||||||||||||||
Emerging markets equity | 3.2 | 3.2 | - | - | |||||||||||||||
SIIT dynamic equity | 10.5 | 10.5 | - | - | |||||||||||||||
Total equity securities | 65.3 | 65.3 | - | - | |||||||||||||||
Debt securities (b) | |||||||||||||||||||
Emerging markets debt | 6.6 | 6.6 | - | - | |||||||||||||||
High yield bond | 6.9 | 6.9 | - | - | |||||||||||||||
Long duration fund | 223.3 | 223.3 | - | - | |||||||||||||||
Total debt securities | 236.8 | 236.8 | - | - | |||||||||||||||
Cash and cash equivalents (c) | |||||||||||||||||||
Cash | 0.9 | 0.9 | - | - | |||||||||||||||
Other investments (d) | |||||||||||||||||||
Core property collective fund | 23.5 | - | 23.5 | - | |||||||||||||||
Common collective fund | 22.6 | - | 22.6 | - | |||||||||||||||
Total other investments | 46.1 | - | 46.1 | - | |||||||||||||||
Total pension plan assets | $ | 349.1 | $ | 303.0 | $ | 46.1 | $ | - | |||||||||||
(a)This category includes investments in equity securities of large, small and medium sized companies and equity securities of foreign companies including those in developing countries. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. | |||||||||||||||||||
(b)This category includes investments in investment-grade fixed-income instruments that are designed to mirror the term of the pension assets and generally have a tenor between 10 and 30 years. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. | |||||||||||||||||||
(c)This category comprises cash held to pay beneficiaries. The fair value of cash equals its book value. | |||||||||||||||||||
(d)This category represents a hedge fund of funds made up of 30+ different hedge fund managers diversified over eight different hedge strategies. The fair value of the hedge fund is valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. | |||||||||||||||||||
The fair values of our pension plan assets at December 31, 2012 by asset category are as follows: | |||||||||||||||||||
Fair Value Measurements for Pension Plan Assets at December 31, 2012 | |||||||||||||||||||
Asset Category | Market Value | Quoted prices | Significant | Significant | |||||||||||||||
$ in millions | at December 31, 2012 | in active | observable | unobservable | |||||||||||||||
markets for | inputs | inputs | |||||||||||||||||
identical assets | |||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
Equity securities (a) | |||||||||||||||||||
Small/Mid cap equity | $ | 14.3 | $ | 14.3 | $ | - | $ | - | |||||||||||
Large cap equity | 50.5 | 50.5 | - | - | |||||||||||||||
International equity | 37.0 | 37.0 | - | - | |||||||||||||||
Total equity securities | 101.8 | 101.8 | - | - | |||||||||||||||
Debt securities (b) | |||||||||||||||||||
Emerging markets debt | 7.4 | 7.4 | - | - | |||||||||||||||
High yield bond | 12.7 | 12.7 | - | - | |||||||||||||||
Long duration fund | 188.6 | 188.6 | - | - | |||||||||||||||
Total debt securities | 208.7 | 208.7 | - | - | |||||||||||||||
Cash and cash equivalents (c) | |||||||||||||||||||
Cash | 13.9 | 13.9 | - | - | |||||||||||||||
Other investments (d) | |||||||||||||||||||
Limited partnership interest | - | - | - | - | |||||||||||||||
Common collective fund | 37.0 | - | 37.0 | - | |||||||||||||||
Total other investments | 37.0 | - | 37.0 | - | |||||||||||||||
Total pension plan assets | $ | 361.4 | $ | 324.4 | $ | 37.0 | $ | - | |||||||||||
(a)This category includes investments in equity securities of large, small and medium sized companies and equity securities of foreign companies including those in developing countries. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the funds. | |||||||||||||||||||
(b)This category includes investments in investment-grade fixed-income instruments, U.S. dollar-denominated debt securities of emerging market issuers and high yield fixed-income securities that are rated below investment grade. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. | |||||||||||||||||||
(c)This category comprises cash held to pay beneficiaries. The fair value of cash equals its book value. | |||||||||||||||||||
(d)This category represents a hedge fund of funds made up of 30+ different hedge fund managers diversified over eight different hedge strategies. The fair value of the hedge fund is valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. | |||||||||||||||||||
The fair values of our other postemployment benefit plan assets at December 31, 2013 by asset category are as follows: | |||||||||||||||||||
Fair Value Measurements for Pension Plan Assets at December 31, 2013 | |||||||||||||||||||
Asset Category | Market Value | Quoted prices | Significant | Significant | |||||||||||||||
$ in millions | at December 31, 2013 | in active | observable | unobservable | |||||||||||||||
markets for | inputs | inputs | |||||||||||||||||
identical assets | |||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
JP Morgan Core Bond Fund (a) | $ | 3.7 | $ | 3.7 | $ | - | $ | - | |||||||||||
(a)This category includes investments in U.S. government obligations and mortgage-backed and asset-backed securities. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. | |||||||||||||||||||
The fair values of our other postemployment benefit plan assets at December 31, 2012 by asset category are as follows: | |||||||||||||||||||
Fair Value Measurements for Pension Plan Assets at December 31, 2012 | |||||||||||||||||||
Asset Category | Market Value | Quoted prices | Significant | Significant | |||||||||||||||
$ in millions | at December 31, 2012 | in active | observable | unobservable | |||||||||||||||
markets for | inputs | inputs | |||||||||||||||||
identical assets | |||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
JP Morgan Core Bond Fund (a) | $ | 4.2 | $ | 4.2 | $ | - | $ | - | |||||||||||
(a)This category includes investments in U.S. government obligations and mortgage-backed and asset-backed securities. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. | |||||||||||||||||||
This disclosure reflects changes in the 2012 presentation for $4.2 million of debt mutual funds that were previously presented as Level 2 fair value measurements which have been reclassified as Level 1 fair value measurements. This change in presentation does not impact the fair value of the securities or the financial statements for the year ended December 31, 2012. | |||||||||||||||||||
DP&L [Member] | ' | ||||||||||||||||||
Pension and Postretirement Benefits | ' | ||||||||||||||||||
Note 8 – Pension and Postretirement Benefits | |||||||||||||||||||
DP&L sponsors a traditional defined benefit pension plan for most of the employees of DPL and its subsidiaries. For collective bargaining employees, the defined benefits are based on a specific dollar amount per year of service. For all other employees (management employees), the traditional defined benefit pension plan is based primarily on compensation and years of service. As of December 31, 2010, this traditional pension plan was closed to new management employees. A participant is 100% vested in all amounts credited to his or her account upon the completion of five vesting years, as defined in The Dayton Power and Light Company Retirement Income Plan, or the participant’s death or disability. If a participant’s employment is terminated, other than by death or disability, prior to such participant becoming 100% vested in his or her account, the account shall be forfeited as of the date of termination. Effective December 22, 2013, certain employees of DP&L became employees of the Service Company of the US SBU. Employees that transferred from DP&L to the Service Company maintain their previous eligibility to participate in the DP&L pension plan. | |||||||||||||||||||
Almost all management employees beginning employment on or after January 1, 2011 participate in a cash balance pension plan. Similar to the traditional pension plan for management employees, the cash balance benefits are based on compensation and years of service. A participant shall become 100% vested in all amounts credited to his or her account upon the completion of three vesting years, as defined in The Dayton Power and Light Company Retirement Income Plan, or the participant’s death or disability. If a participant’s employment is terminated, other than by death or disability, prior to such participant becoming 100% vested in his or her account, the account shall be forfeited as of the date of termination. Vested benefits in the cash balance plan are fully portable upon termination of employment. | |||||||||||||||||||
In addition, we have a Supplemental Executive Retirement Plan (SERP) for certain retired key executives. The SERP was replaced by the DPL Inc. Supplemental Executive Defined Contribution Retirement Plan (SEDCRP) effective January 1, 2006, which is for certain active and former key executives. Pursuant to the SEDCRP, we provided a supplemental retirement benefit to participants by crediting an account established for each participant in accordance with the Plan requirements. We designated as hypothetical investment funds under the SEDCRP one or more of the investment funds provided under The Dayton Power and Light Company Employee Savings Plan. Each participant could change his or her hypothetical investment fund selection at specified times. If a participant did not elect a hypothetical investment fund(s), then we selected the hypothetical investment fund(s) for such participant. Per the SEDCRP plan document, the balances in the SEDCRP, including earnings on contributions, were paid out to participants in December 2011, following the merger with AES on November 28, 2011. However, the SEDCRP continued and 2012 and 2011 contributions were calculated and paid in March 2013 and 2012, respectively. The SEDCRP was terminated by the Board of Directors as of December 31, 2012. We also have an immaterial unfunded liability related to agreements for retirement benefits of certain terminated and retired key executives. | |||||||||||||||||||
We generally fund pension plan benefits as accrued in accordance with the minimum funding requirements of the Employee Retirement Income Security Act of 1974 (ERISA) and, in addition, make voluntary contributions from time to time. There were no contributions during the years ended December 31, 2013 and 2012. DP&L made a discretionary contribution of $40.0 million during the year ended December 31, 2011. | |||||||||||||||||||
Qualified employees who retired prior to 1987 and their dependents are eligible for health care and life insurance benefits until their death, while qualified employees who retired after 1987 are eligible for life insurance benefits and partially subsidized health care. The partially subsidized health care is at the election of the employee, who pays the majority of the cost, and is available only from their retirement until they are covered by Medicare. We have funded a portion of the union-eligible benefits using a Voluntary Employee Beneficiary Association Trust. | |||||||||||||||||||
We recognize an asset for a plan’s overfunded status and a liability for a plan’s underfunded status and recognize, as a component of OCI, the changes in the funded status of the plan that arise during the year that are not recognized as a component of net periodic benefit cost. For the transmission and distribution areas of our electric business, these amounts are recorded as regulatory assets and liabilities which represent the regulated portion that would otherwise be charged or credited to AOCI. We have historically recorded these costs on the accrual basis and this is how these costs have been historically recovered through customer rates. This factor, combined with the historical precedents from the PUCO and FERC, make these costs probable of future rate recovery. | |||||||||||||||||||
The following tables set forth the changes in our pension and postemployment benefit plans’ obligations and assets recorded on the balance sheets as of December 31, 2013 and 2012. The amounts presented in the following tables for pension include the collective bargaining plan formula, traditional management plan formula and cash balance plan formula and the SERP in the aggregate. The amounts presented for postemployment include both health and life insurance benefits. | |||||||||||||||||||
$ in millions | Pension | ||||||||||||||||||
Years ended December 31, | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Change in benefit obligation | |||||||||||||||||||
Benefit obligation at beginning of period | $ | 395.6 | $ | 365.2 | |||||||||||||||
Service cost | 7.2 | 6.2 | |||||||||||||||||
Interest cost | 15.6 | 17.3 | |||||||||||||||||
Plan amendments | - | - | |||||||||||||||||
Actuarial (gain) / loss | -26.5 | 29.1 | |||||||||||||||||
Benefits paid | -21.4 | -22.2 | |||||||||||||||||
Benefit obligation at end of period | 370.5 | 395.6 | |||||||||||||||||
Change in plan assets | |||||||||||||||||||
Fair value of plan assets at beginning of period | 361.4 | 335.9 | |||||||||||||||||
Actual return on plan assets | 8.7 | 46.2 | |||||||||||||||||
Contributions to plan assets | 0.4 | 1.5 | |||||||||||||||||
Benefits paid | -21.4 | -22.2 | |||||||||||||||||
Fair value of plan assets at end of period | 349.1 | 361.4 | |||||||||||||||||
Funded status of plan | $ | -21.4 | $ | -34.2 | |||||||||||||||
$ in millions | Postretirement | ||||||||||||||||||
Years ended December 31, | |||||||||||||||||||
2013 | 2012 | ||||||||||||||||||
Change in benefit obligation | |||||||||||||||||||
Benefit obligation at beginning of period | $ | 22.4 | $ | 21.7 | |||||||||||||||
Service cost | 0.2 | 0.1 | |||||||||||||||||
Interest cost | 0.8 | 0.9 | |||||||||||||||||
Actuarial (gain) / loss | -2.2 | 1.2 | |||||||||||||||||
Benefits paid | -1.5 | -1.7 | |||||||||||||||||
Medicare Part D reimbursement | - | 0.2 | |||||||||||||||||
Benefit obligation at end of period | 19.7 | 22.4 | |||||||||||||||||
Change in plan assets | |||||||||||||||||||
Fair value of plan assets at beginning of period | 4.2 | 4.5 | |||||||||||||||||
Actual return on plan assets | - | 0.2 | |||||||||||||||||
Contributions to plan assets | 1.0 | 1.2 | |||||||||||||||||
Benefits paid | -1.5 | -1.7 | |||||||||||||||||
Fair value of plan assets at end of period | 3.7 | 4.2 | |||||||||||||||||
Funded status of plan | $ | -16 | $ | -18.2 | |||||||||||||||
$ in millions | Pension | Postretirement | |||||||||||||||||
December 31, | December 31, | ||||||||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||||||||
Amounts recognized in the Balance sheets | |||||||||||||||||||
Current liabilities | $ | -0.4 | $ | -0.4 | $ | -0.5 | $ | -0.6 | |||||||||||
Non-current liabilities | -21 | -33.8 | -15.5 | -17.6 | |||||||||||||||
Net liability at Year ended December 31, | $ | -21.4 | $ | -34.2 | $ | -16 | $ | -18.2 | |||||||||||
Amounts recognized in Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities, pre-tax | |||||||||||||||||||
Components: | |||||||||||||||||||
Prior service cost | $ | 16.3 | $ | 19.0 | $ | 0.7 | $ | 0.8 | |||||||||||
Net actuarial loss / (gain) | 115.1 | 136.1 | -6.9 | -5.7 | |||||||||||||||
Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities, pre-tax | $ | 131.4 | $ | 155.1 | $ | -6.2 | $ | -4.9 | |||||||||||
Recorded as: | |||||||||||||||||||
Regulatory asset | $ | 76.3 | $ | 88.0 | $ | - | $ | 0.5 | |||||||||||
Regulatory liability | - | - | -5.2 | -5 | |||||||||||||||
Accumulated other comprehensive income | 55.1 | 67.1 | -1 | -0.4 | |||||||||||||||
Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities, pre-tax | $ | 131.4 | $ | 155.1 | $ | -6.2 | $ | -4.9 | |||||||||||
The accumulated benefit obligation for our defined benefit pension plans was $359.8 million and $382.5 million at December 31, 2013 and 2012, respectively. | |||||||||||||||||||
The net periodic benefit cost (income) of the pension and postemployment benefit plans were: | |||||||||||||||||||
Net Periodic Benefit Cost - Pension | |||||||||||||||||||
Years ended December 31, | |||||||||||||||||||
$ in millions | 2013 | 2012 | 2011 | ||||||||||||||||
Service cost | $ | 7.2 | $ | 6.2 | $ | 5.0 | |||||||||||||
Interest cost | 15.6 | 17.3 | 17.0 | ||||||||||||||||
Expected return on assets (a) | -23.6 | -22.7 | -24.5 | ||||||||||||||||
Amortization of unrecognized: | |||||||||||||||||||
Actuarial gain | 9.3 | 8.8 | 8.0 | ||||||||||||||||
Prior service cost | 2.8 | 2.8 | 2.1 | ||||||||||||||||
Net periodic benefit cost before adjustments | 11.3 | 12.4 | 7.6 | ||||||||||||||||
Settlement Expense | - | 0.6 | - | ||||||||||||||||
Net periodic benefit cost after adjustments | $ | 11.3 | $ | 13.0 | $ | 7.6 | |||||||||||||
(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 amortized into 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 was approximately $351.2 million in 2013, $346.0 million in 2012, and $335.0 million in 2011. | |||||||||||||||||||
Net Periodic Benefit Cost / (Income) - Postretirement | |||||||||||||||||||
Years ended December 31, | |||||||||||||||||||
$ in millions | 2013 | 2012 | 2011 | ||||||||||||||||
Service cost | $ | 0.2 | $ | 0.1 | $ | 0.1 | |||||||||||||
Interest cost | 0.8 | 0.9 | 1.0 | ||||||||||||||||
Expected return on assets | -0.2 | -0.3 | -0.3 | ||||||||||||||||
Amortization of unrecognized: | |||||||||||||||||||
Actuarial loss | -0.7 | -0.9 | -1.1 | ||||||||||||||||
Prior service credit | 0.1 | 0.1 | 0.1 | ||||||||||||||||
Net periodic benefit cost / (income) before adjustments | $ | 0.2 | $ | -0.1 | $ | -0.2 | |||||||||||||
Other Changes in Plan Assets and Benefit Obligation Recognized in Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities | |||||||||||||||||||
Pension | |||||||||||||||||||
Years ended December 31, | |||||||||||||||||||
$ in millions | 2013 | 2012 | 2011 | ||||||||||||||||
Net actuarial loss / (gain) | $ | -11.7 | $ | 5.2 | $ | 22.8 | |||||||||||||
Prior service cost | - | - | 7.1 | ||||||||||||||||
Reversal of amortization item: | |||||||||||||||||||
Net actuarial loss | -9.3 | -9.4 | -8 | ||||||||||||||||
Prior service cost | -2.8 | -2.8 | -2 | ||||||||||||||||
Transition asset | - | - | - | ||||||||||||||||
Total recognized in Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities | $ | -23.8 | $ | -7 | $ | 19.9 | |||||||||||||
Total recognized in net periodic benefit cost Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities | $ | -12.5 | $ | 6.0 | $ | 27.5 | |||||||||||||
Postretirement | |||||||||||||||||||
Years ended December 31, | |||||||||||||||||||
$ in millions | 2013 | 2012 | 2011 | ||||||||||||||||
Net actuarial loss / (gain) | $ | -1.9 | $ | 1.1 | $ | -1.3 | |||||||||||||
Prior service credit | - | - | - | ||||||||||||||||
Reversal of amortization item: | |||||||||||||||||||
Net actuarial gain | 0.7 | 0.9 | 1.2 | ||||||||||||||||
Prior service credit | -0.1 | -0.1 | -0.1 | ||||||||||||||||
Transition asset | - | - | - | ||||||||||||||||
Total recognized in Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities | $ | -1.3 | $ | 1.9 | $ | -0.2 | |||||||||||||
Total recognized in net periodic benefit cost and Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities | $ | -1.1 | $ | 1.8 | $ | -0.4 | |||||||||||||
Estimated amounts that will be amortized from AOCI, Regulatory assets and Regulatory liabilities into net periodic benefit costs during 2014 are: | |||||||||||||||||||
$ in millions | Pension | Postretirement | |||||||||||||||||
Net actuarial gain / (loss) | $ | 6.4 | $ | -0.8 | |||||||||||||||
Prior service cost | $ | 2.8 | $ | 0.1 | |||||||||||||||
Our expected return on plan asset assumptions, used to determine benefit obligations, are based on historical long-term rates of return on investments, which use the widely accepted capital market principle that assets with higher volatility generate a greater return over the long run. Current market factors, such as inflation and interest rates, as well as asset diversification and portfolio rebalancing, are evaluated when long-term capital market assumptions are determined. Peer data and historical returns are reviewed to verify reasonableness and appropriateness. | |||||||||||||||||||
For 2014, we are decreasing our expected long-term rate of return assumption from 7.00% to 6.75% for pension plan assets and we are maintaining 6.00% for postemployment benefit plan assets. These rates of return represent our long-term assumptions based on our current portfolio mixes. Also, for 2014, we have increased our assumed discount rate to 4.86% from 4.04% for pension and to 4.58% from 3.75% for postemployment benefits expense to reflect current duration-based yield curve discount rates. A one percent change in the rate of return assumption for pension would result in an increase or decrease to the 2014 pension expense of approximately $3.4 million. A 25 basis point change in the discount rate for pension would result in an increase or decrease of approximately $0.3 million to 2014 pension expense. | |||||||||||||||||||
Our overall discount rate was evaluated in relation to the Aon AA Above Median Yield Curve which represents a portfolio of Above Median AA-rated bonds used to settle pension obligations. Peer data and historical returns were also reviewed to verify the reasonableness and appropriateness of our discount rate used in the calculation of benefit obligations and expense. | |||||||||||||||||||
The weighted average assumptions used to determine benefit obligations during the years ended December 31, 2013, 2012 and 2011 were: | |||||||||||||||||||
Benefit Obligation Assumptions | Pension | Postretirement | |||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||
Discount rate for obligations | 4.86% | 4.04% | 4.88% | 4.58% | 3.75% | 4.62% | |||||||||||||
Rate of compensation increases | 3.94% | 3.94% | 3.94% | N/A | N/A | N/A | |||||||||||||
The weighted-average assumptions used to determine net periodic benefit cost (income) for the years ended December 31, 2013, 2012 and 2011 were: | |||||||||||||||||||
Net Periodic Benefit | Pension | Postretirement | |||||||||||||||||
Cost / (Income) Assumptions | |||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||
Discount rate | 4.04% | 4.88% | 5.31% | 4.58% | 4.62% | 4.96% | |||||||||||||
Expected rate of return | 6.75% | 7.00% | 8.00% | 6.00% | 6.00% | 6.00% | |||||||||||||
on plan assets | |||||||||||||||||||
Rate of compensation increases | 3.94% | 3.94% | 3.94% | N/A | N/A | N/A | |||||||||||||
The assumed health care cost trend rates at December 31, 2013, 2012 and 2011 are as follows: | |||||||||||||||||||
Health Care Cost Assumptions | Expense | Benefit Obligation | |||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | ||||||||||||||
Pre - age 65 | |||||||||||||||||||
Current health care cost trend rate | 8.00% | 8.50% | 8.50% | 7.75% | 8.00% | 8.50% | |||||||||||||
Year trend reaches ultimate | 2019 | 2019 | 2018 | 2023 | 2019 | 2019 | |||||||||||||
Post - age 65 | |||||||||||||||||||
Current health care cost trend rate | 7.50% | 8.00% | 8.00% | 6.75% | 7.50% | 8.00% | |||||||||||||
Year trend reaches ultimate | 2018 | 2018 | 2017 | 2021 | 2018 | 2018 | |||||||||||||
Ultimate health care cost trend rate | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% | |||||||||||||
The assumed health care cost trend rates have an effect on the amounts reported for the health care plans. A one-percentage point change in assumed health care cost trend rates would have the following effects on the net periodic postemployment benefit cost and the accumulated postemployment benefit obligation: | |||||||||||||||||||
Effect of change in health care cost trend rate | |||||||||||||||||||
$ in millions | One-percent | One-percent | |||||||||||||||||
increase | decrease | ||||||||||||||||||
Service cost plus interest cost | $ | 0.1 | $ | -0.1 | |||||||||||||||
Benefit obligation | $ | 0.9 | $ | -0.8 | |||||||||||||||
Benefit payments, which reflect future service, are expected to be paid as follows: | |||||||||||||||||||
Estimated future benefit payments and Medicare Part D reimbursements | |||||||||||||||||||
$ in millions due within the following years: | Pension | Postretirement | |||||||||||||||||
2014 | $ | 25.0 | $ | 2.2 | |||||||||||||||
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 | |||||||||||||||
We expect to make contributions of $0.4 million to our SERP in 2014 to cover benefit payments. We also expect to contribute $1.9 million to our other postemployment benefit plans in 2014 to cover benefit payments. | |||||||||||||||||||
The Pension Protection Act of 2006 (the Act) contained new requirements for our single employer defined benefit pension plan. In addition to establishing a 100% funding target for plan years beginning after December 31, 2008, the Act also limits some benefits if the funded status of pension plans drops below certain thresholds. Among other restrictions under the Act, if the funded status of a plan falls below a predetermined ratio of 80%, lump-sum payments to new retirees are limited to 50% of amounts that otherwise would have been paid and new benefit improvements may not go into effect. For the 2013 plan year, the funded status of our defined benefit pension plan as calculated under the requirements of the Act was 113.96% and is estimated to be 113.96% until the 2014 status is certified in September 2014 for the 2014 plan year. The Worker, Retiree, and Employer Recovery Act of 2008 (WRERA), which was signed into law on December 23, 2008, grants plan sponsors certain relief from funding requirements and benefit restrictions of the Act. | |||||||||||||||||||
Plan Assets | |||||||||||||||||||
Plan assets are invested using a total return investment approach whereby a mix of equity securities, debt securities and other investments are used to preserve asset values, diversify risk and achieve our target investment return benchmark. Investment strategies and asset allocations are based on careful consideration of plan liabilities, the plan's funded status and our financial condition. Investment performance and asset allocation are measured and monitored on an ongoing basis. | |||||||||||||||||||
Plan assets are managed in a balanced portfolio comprised of two major components: an equity portion and a fixed income portion. The expected role of Plan equity investments is to maximize the long-term real growth of Plan assets, while the role of fixed income investments is to generate current income, provide for more stable periodic returns and provide some protection against a prolonged decline in the market value of Plan equity investments. | |||||||||||||||||||
Long-term strategic asset allocation guidelines are determined by management and take into account the Plan’s long-term objectives as well as its short-term constraints. The target allocations for plan assets are 30 - 80% for equity securities, 30 - 65% for fixed income securities, 0 – 10% for cash, and 0 - 25% for alternative investments. Equity securities include U.S. and international equity, while fixed income securities include long-duration and high-yield bond funds and emerging market debt funds. Other types of investments include hedge funds that follow several different strategies. | |||||||||||||||||||
The fair values of our pension plan assets at December 31, 2013 by asset category are as follows: | |||||||||||||||||||
Fair Value Measurements for Pension Plan Assets at December 31, 2013 | |||||||||||||||||||
Asset Category | Market Value | Quoted prices | Significant | Significant | |||||||||||||||
$ in millions | at December 31, 2013 | in active | observable | unobservable | |||||||||||||||
markets for | inputs | inputs | |||||||||||||||||
identical assets | |||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
Equity securities (a) | |||||||||||||||||||
Small/Mid cap equity | $ | 10.5 | $ | 10.5 | $ | - | $ | - | |||||||||||
Large cap equity | 20.8 | 20.8 | - | - | |||||||||||||||
International equity | 20.3 | 20.3 | - | - | |||||||||||||||
Emerging markets equity | 3.2 | 3.2 | - | - | |||||||||||||||
SIIT dynamic equity | 10.5 | 10.5 | - | - | |||||||||||||||
Total equity securities | 65.3 | 65.3 | - | - | |||||||||||||||
Debt Securities (b) | |||||||||||||||||||
Emerging markets debt | 6.6 | 6.6 | - | - | |||||||||||||||
High yield bond | 6.9 | 6.9 | - | - | |||||||||||||||
Long duration fund | 223.3 | 223.3 | - | - | |||||||||||||||
Total debt securities | 236.8 | 236.8 | - | - | |||||||||||||||
Cash and cash equivalents (c) | |||||||||||||||||||
Cash | 0.9 | 0.9 | - | - | |||||||||||||||
Other investments (d) | |||||||||||||||||||
Core property collective fund | 23.5 | - | 23.5 | - | |||||||||||||||
Common collective fund | 22.6 | - | 22.6 | - | |||||||||||||||
Total other investments | 46.1 | - | 46.1 | - | |||||||||||||||
Total pension plan assets | $ | 349.1 | $ | 303.0 | $ | 46.1 | $ | - | |||||||||||
(a)This category includes investments in equity securities of large, small and medium sized companies and equity securities of foreign companies including those in developing countries. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the funds. | |||||||||||||||||||
(b)This category includes investments in investment-grade fixed-income instruments that are designed to mirror the term of the pension assets and generally have a tenor between 10 and 30 years. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. | |||||||||||||||||||
(c)This category comprises cash held to pay beneficiaries. The fair value of cash equals its book value. | |||||||||||||||||||
(d)This category represents a property fund that invests in commercial real estate and a hedge fund of funds made up of 30+ different hedge fund managers diversified over eight different hedge strategies. The fair value of the funds is valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. | |||||||||||||||||||
The fair values of our pension plan assets at December 31, 2012 by asset category are as follows: | |||||||||||||||||||
Fair Value Measurements for Pension Plan Assets at December 31, 2012 | |||||||||||||||||||
Asset Category | Market Value | Quoted prices | Significant | Significant | |||||||||||||||
$ in millions | at December 31, 2012 | in active | observable | unobservable | |||||||||||||||
markets for | inputs | inputs | |||||||||||||||||
identical assets | |||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
Equity securities (a) | |||||||||||||||||||
Small/Mid cap equity | $ | 14.3 | $ | 14.3 | $ | - | $ | - | |||||||||||
Large cap equity | 50.5 | 50.5 | - | - | |||||||||||||||
International equity | 37.0 | 37.0 | - | - | |||||||||||||||
Total equity securities | 101.8 | 101.8 | - | - | |||||||||||||||
Debt Securities (b) | |||||||||||||||||||
Emerging markets debt | 7.4 | 7.4 | - | - | |||||||||||||||
High yield bond | 12.7 | 12.7 | - | - | |||||||||||||||
Long duration fund | 188.6 | 188.6 | - | - | |||||||||||||||
Total debt securities | 208.7 | 208.7 | - | - | |||||||||||||||
Cash and cash equivalents (c) | |||||||||||||||||||
Cash | 13.9 | 13.9 | - | - | |||||||||||||||
Other investments (d) | |||||||||||||||||||
Limited partnership interest | - | - | - | - | |||||||||||||||
Common collective fund | 37.0 | - | 37.0 | - | |||||||||||||||
Total other investments | 37.0 | - | 37.0 | - | |||||||||||||||
Total pension plan assets | $ | 361.4 | $ | 324.4 | $ | 37.0 | $ | - | |||||||||||
(a)This category includes investments in equity securities of large, small and medium sized companies and equity securities of foreign companies including those in developing countries. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund except for the DPL common stock which is valued using the closing price on the New York Stock Exchange. | |||||||||||||||||||
(b)This category includes investments in investment-grade fixed-income instruments, U.S. dollar-denominated debt securities of emerging market issuers and high yield fixed-income securities that are rated below investment grade. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. | |||||||||||||||||||
(c)This category comprises cash held to pay beneficiaries. The fair value of cash equals its book value. | |||||||||||||||||||
(d)This category represents a hedge fund of funds made up of 30+ different hedge fund managers diversified over eight different hedge strategies. The fair value of the hedge fund is valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. | |||||||||||||||||||
This disclosure reflects changes in the 2012 presentation for $310.5 million of equity and debt mutual funds that were previously presented as Level 2 fair value measurements which have been reclassified as Level 1 fair value measurements. In addition, this disclosure reflects changes in the 2012 presentation for $37.0 million of alternative investment funds that were previously presented as Level 3 fair value measurements which have been reclassified as Level 2 fair value measurements. This change in presentation does not impact the fair value of the securities or the financial statements for the year ended December 31, 2012. | |||||||||||||||||||
The fair values of our other postemployment benefit plan assets at December 31, 2013 by asset category are as follows: | |||||||||||||||||||
Fair Value Measurements for Pension Plan Assets at December 31, 2013 | |||||||||||||||||||
Asset Category | Market Value | Quoted prices | Significant | Significant | |||||||||||||||
$ in millions | at December 31, 2013 | in active | observable | unobservable | |||||||||||||||
markets for | inputs | inputs | |||||||||||||||||
identical assets | |||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
JP Morgan Core Bond Fund (a) | $ | 3.7 | $ | 3.7 | $ | - | $ | - | |||||||||||
(a)This category includes investments in U.S. government obligations and mortgage-backed and asset-backed securities. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. | |||||||||||||||||||
The fair values of our other postemployment benefit plan assets at December 31, 2012 by asset category are as follows: | |||||||||||||||||||
Fair Value Measurements for Pension Plan Assets at December 31, 2012 | |||||||||||||||||||
Asset Category | Market Value | Quoted prices | Significant | Significant | |||||||||||||||
$ in millions | at December 31, 2012 | in active | observable | unobservable | |||||||||||||||
markets for | inputs | inputs | |||||||||||||||||
identical assets | |||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | |||||||||||||||||
JP Morgan Core Bond Fund (a) | $ | 4.2 | $ | 4.2 | $ | - | $ | - | |||||||||||
(a)This category includes investments in U.S. government obligations and mortgage-backed and asset-backed securities. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. | |||||||||||||||||||
This disclosure reflects changes in the 2012 presentation for $4.2 million of debt mutual funds that were previously presented as Level 2 fair value measurements which have been reclassified as Level 1 fair value measurements. This change in presentation does not impact the fair value of the securities or the financial statements for the year ended December 31, 2012. | |||||||||||||||||||
During October 1992, our Board of Directors approved the formation of a Company-sponsored ESOP to fund matching contributions to DP&L’s 401(k) retirement savings plan and certain other payments to eligible full-time employees. ESOP shares that were used to fund matching contributions to DP&L’s 401(k) vested after either two or three years of service in accordance with the match formula effective for the respective plan match year; other compensation shares awarded vested immediately. In 1992, the ESOP Plan entered into a $90 million loan agreement with DPL in order to purchase shares of DPL common stock in the open market. The leveraged ESOP was funded by an exempt loan, which was secured by the ESOP shares. As debt service payments were made on the loan, shares were released on a pro rata basis. The term loan agreement provided for principal and interest on the loan to be paid prior to October 9, 2007, with the right to extend the loan for an additional ten years. In 2007, the maturity date was extended to October 7, 2017. Effective January 1, 2009, the interest on the loan was amended to a fixed rate of 2.06%, payable annually. Dividends received by the ESOP were used to repay the principal and interest on the ESOP loan to DPL. Dividends on the allocated shares were charged to retained earnings and the share value of these dividends was allocated to participants. | |||||||||||||||||||
During December 2011, the ESOP Plan was terminated and participant balances were transferred to one of the two DP&L sponsored defined contribution 401(k) plans. On December 5, 2011, the ESOP Trust paid the total outstanding principal and interest of $68 million on the loan with DPL, using the merger proceeds from DPL common stock held within the ESOP suspense account. | |||||||||||||||||||
Compensation expense recorded, based on the fair value of the shares committed to be released, amounted to $4.8 million in the year ended December 31, 2011. | |||||||||||||||||||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Fair Value Measurements [Abstract] | ' | ||||||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||||||
Note 10 – 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 fair value of our financial instruments represents estimates of possible value that may or may not be realized in the future. The table below presents the fair value and cost of our non-derivative instruments at December 31, 2013 and 2012. See Note 11 for the fair values of our derivative instruments. | |||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | ||||||||||||||||||||
$ in millions | Cost | Fair Value | Cost | Fair Value | |||||||||||||||||
Assets | |||||||||||||||||||||
Money market funds | $ | 0.3 | $ | 0.3 | $ | 0.2 | $ | 0.2 | |||||||||||||
Equity securities | 3.3 | 4.4 | 4.0 | 5.1 | |||||||||||||||||
Debt securities | 5.4 | 5.5 | 4.6 | 5.0 | |||||||||||||||||
Hedge Funds | 0.9 | 0.9 | - | - | |||||||||||||||||
Real Estate | 0.4 | 0.4 | 0.3 | 0.3 | |||||||||||||||||
Total assets | $ | 10.3 | $ | 11.5 | $ | 9.1 | $ | 10.6 | |||||||||||||
Liabilities | |||||||||||||||||||||
Debt | $ | 2,294.4 | $ | 2,334.6 | $ | 2,609.9 | $ | 2,707.1 | |||||||||||||
Debt | |||||||||||||||||||||
The carrying value of DPL’s debt was adjusted to fair value at the Merger date. The fair value of the debt at December 31, 2013 did not change substantially from the value at the Merger date. Unrealized gains or losses are not recognized in the financial statements as debt is presented at the carrying value established at the Merger date, net of unamortized premium or discount 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 a Master Trust to hold assets that could be used for the benefit of employees participating in employee benefit plans. 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 $0.9 million ($0.6 million after tax) in unrealized gains and immaterial unrealized losses on the Master Trust assets in AOCI at December 31, 2013 and $0.7 million ($0.5 million after tax) in unrealized gains and immaterial unrealized losses in AOCI at December 31, 2012. | |||||||||||||||||||||
Various investments were sold during the past twelve months to facilitate the distribution of benefits. During the past twelve months, $2.1 million ($1.4 million after tax) of unrealized gains were reversed into earnings. Over the next twelve months, $0.1 million ($0.1 million after tax) of unrealized gains are expected to be reversed to earnings. | |||||||||||||||||||||
Net Asset Value (NAV) per Unit | |||||||||||||||||||||
The following table discloses the fair value and redemption frequency for those assets whose fair value is estimated using the NAV per unit as of December 31, 2013 and 2012. These assets are part of the Master Trust. Fair values estimated using the NAV per unit are considered Level 2 inputs within the fair value hierarchy, unless they cannot be redeemed at the NAV per unit on the reporting date. Investments that have restrictions on the redemption of the investments are Level 3 inputs. As of December 31, 2013, DPL did not have any investments for sale at a price different from the NAV per unit. | |||||||||||||||||||||
Fair Value Estimated Using Net Asset Value per Unit | |||||||||||||||||||||
$ in millions | Fair Value at December 31, 2013 | Unfunded | Redemption | ||||||||||||||||||
Commitments | Frequency | ||||||||||||||||||||
Money market fund (a) | $ | 0.3 | $ | - | Immediate | ||||||||||||||||
Equity securities (b) | 4.4 | - | Immediate | ||||||||||||||||||
Debt Securities (c) | 5.5 | - | Immediate | ||||||||||||||||||
Hedge Funds (d) | 0.9 | - | Quarterly | ||||||||||||||||||
Real Estate (e) | 0.4 | - | Quarterly | ||||||||||||||||||
Total | $ | 11.5 | $ | - | |||||||||||||||||
(a) This category includes investments in high-quality, short-term securities. Investments in this category can be redeemed immediately at the current NAV. | |||||||||||||||||||||
(b) This category includes investments in hedge funds representing an S&P 500 Index and the Morgan Stanley Capital International U.S. Small Cap 1750 Index. Investments in this category can be redeemed immediately at the current NAV per unit. | |||||||||||||||||||||
(c) This category includes investments in U.S. Treasury obligations and U.S. investment grade bonds. Investments in this category can be redeemed immediately at the current NAV per unit. | |||||||||||||||||||||
(d)This category includes hedge funds investing in fixed income securities and currencies, short and long-term equity investments, and a diversified fund with investments in bonds, stocks, real estate and commodities. | |||||||||||||||||||||
(e)This category includes EFT real estate funds that invest in U.S. and International properties. | |||||||||||||||||||||
Fair Value Estimated Using Net Asset Value per Unit | |||||||||||||||||||||
$ in millions | Fair Value at December 31, 2012 | Unfunded | Redemption | ||||||||||||||||||
Commitments | Frequency | ||||||||||||||||||||
Money market fund (a) | $ | 0.2 | $ | - | Immediate | ||||||||||||||||
Equity securities (b) | 5.1 | - | Immediate | ||||||||||||||||||
Debt Securities (c) | 5.0 | - | Immediate | ||||||||||||||||||
Multi-strategy fund (d) | 0.3 | - | Immediate | ||||||||||||||||||
Total | $ | 10.6 | $ | - | |||||||||||||||||
(a)This category includes investments in high-quality, short-term securities. Investments in this category can be redeemed immediately at the current net asset value per unit. | |||||||||||||||||||||
(b)This category includes investments in hedge funds representing an S&P 500 index and the Morgan Stanley Capital International (MSCI) U.S. Small Cap 1750 Index. Investments in this category can be redeemed immediately at the current net asset value per unit. | |||||||||||||||||||||
(c)This category includes investments in U.S. Treasury obligations and U.S. investment grade bonds. Investments in this category can be redeemed immediately at the current net asset value per unit. | |||||||||||||||||||||
(d)This category includes a mix of actively managed funds holding investments in stocks, bonds and short-term investments in a mix of actively managed funds. Investments in this category can be redeemed immediately at the current net asset value per unit. | |||||||||||||||||||||
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); | ||||||||||||||||||||
· | 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. | |||||||||||||||||||||
We did not have any transfers of the fair values of our financial instruments between Level 1 and Level 2 of the fair value hierarchy during the twelve months ended December 31, 2013 and 2012. | |||||||||||||||||||||
The fair value of assets and liabilities at December 31, 2013 measured on a recurring basis and the respective category within the fair value hierarchy for DPL was determined as follows: | |||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||||||
$ in millions | Fair Value at December 31, 2013 (a) | Based on | Other | Unobservable inputs | |||||||||||||||||
Quoted Prices | observable | ||||||||||||||||||||
in | inputs | ||||||||||||||||||||
Active Markets | |||||||||||||||||||||
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 | 0.3 | 11.2 | - | |||||||||||||||||
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 | $ | 0.5 | $ | 24.6 | $ | 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 | |||||||||||||
(a) | Includes credit valuation adjustment. | ||||||||||||||||||||
The fair value of assets and liabilities at December 31, 2012 measured on a recurring basis and the respective category within the fair value hierarchy for DPL was determined as follows: | |||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | |||||||||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||||||||
$ in millions | Fair Value at December 31, 2012 (a) | Based on | Other | Unobservable inputs | |||||||||||||||||
Quoted Prices | observable | ||||||||||||||||||||
in | inputs | ||||||||||||||||||||
Active Markets | |||||||||||||||||||||
Assets | |||||||||||||||||||||
Master trust assets | |||||||||||||||||||||
Money market funds | $ | 0.2 | $ | 0.2 | $ | - | $ | - | |||||||||||||
Equity securities | 5.1 | - | 5.1 | - | |||||||||||||||||
Debt securities | 5.0 | - | 5.0 | - | |||||||||||||||||
Multi-strategy fund | 0.3 | - | 0.3 | - | |||||||||||||||||
Total Master trust assets | 10.6 | 0.2 | 10.4 | - | |||||||||||||||||
Derivative assets | |||||||||||||||||||||
Heating oil futures | 0.2 | 0.2 | - | - | |||||||||||||||||
Forward power contracts | 6.3 | - | 6.3 | - | |||||||||||||||||
Total derivative assets | 6.5 | 0.2 | 6.3 | - | |||||||||||||||||
Total assets | $ | 17.1 | $ | 0.4 | $ | 16.7 | $ | - | |||||||||||||
Liabilities | |||||||||||||||||||||
Derivative liabilities | |||||||||||||||||||||
FTRs | $ | 0.1 | $ | - | $ | - | $ | 0.1 | |||||||||||||
Interest rate hedges | 29.5 | - | 29.5 | - | |||||||||||||||||
Forward power contracts | 13.1 | - | 13.1 | - | |||||||||||||||||
Total derivative liabilities | 42.7 | - | 42.6 | 0.1 | |||||||||||||||||
Long Term Debt | 2,707.1 | - | 2,688.2 | 18.9 | |||||||||||||||||
Total liabilities | $ | 2,749.8 | $ | - | $ | 2,730.8 | $ | 19.0 | |||||||||||||
(a)Includes credit valuation adjustment. | |||||||||||||||||||||
Our financial instruments are valued using the market approach in the following categories: | |||||||||||||||||||||
· | 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). Other Level 2 assets include: open-ended mutual funds that are in the Master Trust, which are valued using the end of day NAV per unit; and interest rate hedges, which use observable inputs to populate a pricing model. | ||||||||||||||||||||
· | Level 3 inputs such as financial transmission rights 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 WPAFB note 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 were not presented since debt is not recorded at fair value. | |||||||||||||||||||||
Approximately 95% of the inputs to the fair value of our derivative instruments are from quoted market prices. | |||||||||||||||||||||
Non-recurring Fair Value Measurements | |||||||||||||||||||||
We use the cost approach to determine the fair value of our AROs which are 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. An ARO liability in the amount of $0.1 million was established in 2012 associated with a gypsum landfill disposal site that is presently under construction. This increase in 2012 was offset by a $0.1 million reduction in ARO for asbestos as a result of an acceleration of removal and remediation activities. There were no additions to our AROs during the year ended December 31, 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 major categories of assets and liabilities measured at fair value on a nonrecurring basis during the period and their level within the fair value hierarchy: | |||||||||||||||||||||
$ in millions | Year ended December 31, 2013 | ||||||||||||||||||||
Carrying | Fair Value | Gross | |||||||||||||||||||
Amount | Level 1 | Level 2 | Level 3 | Loss | |||||||||||||||||
Assets | |||||||||||||||||||||
Long-lived assets held and used (a) | |||||||||||||||||||||
DP&L (Conesville) | $ | 26.2 | $ | - | $ | - | $ | - | $ | 26.2 | |||||||||||
Goodwill (b) | |||||||||||||||||||||
DP&L Reporting unit | $ | 623.3 | $ | - | $ | - | $ | 317.0 | $ | 306.3 | |||||||||||
$ in millions | Year ended December 31, 2012 | ||||||||||||||||||||
Carrying | Fair Value | Gross | |||||||||||||||||||
Amount | Level 1 | Level 2 | Level 3 | Loss | |||||||||||||||||
Assets | |||||||||||||||||||||
Goodwill (b) | |||||||||||||||||||||
DP&L Reporting unit | $ | 2,440.5 | $ | - | $ | - | $ | 623.3 | $ | 1,817.2 | |||||||||||
(a)See Note 19 for further information | |||||||||||||||||||||
(b)See Note 18 for further information | |||||||||||||||||||||
The following table summarizes the significant unobservable inputs used in the Level 3 measurement of long-lived assets during the year ended December 31, 2013: | |||||||||||||||||||||
$ in millions | Fair Value | Valuation Technique | Unobservable input | Range (Weighted Average) | |||||||||||||||||
Long-lived assets held and used: | |||||||||||||||||||||
DP&L (Conesville) | $ | - | Discounted cash flows | Annual revenue growth | -31% to 18% (0%) | ||||||||||||||||
Cash Equivalents | |||||||||||||||||||||
DPL had $0.0 million and $130.0 million in money market funds classified as cash and cash equivalents in its Consolidated Balance Sheets at December 31, 2013 and 2012, respectively. The money market funds have quoted prices that are generally equivalent to par. | |||||||||||||||||||||
Derivative_Instruments_and_Hed
Derivative Instruments and Hedging Activities | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | ' | ||||||||||||||||||||||||
Note 11 – 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 cash flow hedges or marked to market each reporting period. | |||||||||||||||||||||||||
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 | ||||||||||||||||||||
At December 31, 2012, 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 | 6.9 | - | 6.9 | ||||||||||||||||||||
Heating Oil Futures | Mark to Market | Gallons | 1,764.0 | - | 1,764.0 | ||||||||||||||||||||
Forward Power Contracts | Cash Flow Hedge | MWh | 1,021.0 | -2,197.90 | -1,176.90 | ||||||||||||||||||||
Forward Power Contracts | Mark to Market | MWh | 2,510.7 | -4,760.40 | -2,249.70 | ||||||||||||||||||||
Interest Rate Swaps | Cash Flow Hedge | USD | $ | 160,000.0 | $ | - | $ | 160,000.0 | |||||||||||||||||
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 values of cash flow hedges determined by current public market prices 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 and our sale of retail power to third parties through our subsidiary DPLER. 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 anticipated 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 table provides information for DPL concerning gains or losses recognized in AOCI for the cash flow hedges: | |||||||||||||||||||||||||
Successor | Predecessor | ||||||||||||||||||||||||
Year ended December 31, 2013 | Year ended December 31, 2012 | November 28, 2011 through December 31, 2011 | January 1, 2011 through November 27, 2011 | ||||||||||||||||||||||
$ in millions (net of tax) | Power | Interest Rate | Power | Interest Rate | Power | Interest Rate | Power | Interest Rate | |||||||||||||||||
Hedges | Hedges | Hedges | Hedges | ||||||||||||||||||||||
Beginning accumulated derivative gain / (loss) in AOCI (a) | $ | -3 | $ | 0.5 | $ | 0.3 | $ | -0.8 | $ | - | $ | - | $ | -1.8 | $ | 21.4 | |||||||||
Net gains / (losses) associated with current period hedging transactions | 1.0 | 18.7 | -2.6 | 1.1 | 0.1 | -0.6 | -1.2 | -57 | |||||||||||||||||
Net gains reclassified to earnings: | |||||||||||||||||||||||||
Interest Expense | - | - | - | 0.2 | - | -0.2 | - | -2.3 | |||||||||||||||||
Revenues | 2.1 | - | -0.7 | - | 0.1 | - | 1.1 | - | |||||||||||||||||
Purchased Power | 1.3 | - | - | - | 0.1 | - | 0.9 | - | |||||||||||||||||
Ending accumulated derivative gain / (loss) in AOCI | $ | 1.4 | $ | 19.2 | $ | -3 | $ | 0.5 | $ | 0.3 | $ | -0.8 | $ | -1 | $ | -37.9 | |||||||||
Net gains / (losses) associated with the ineffective portion of the hedging transaction | |||||||||||||||||||||||||
Interest Expense | $ | - | $ | 0.8 | $ | - | $ | 0.2 | $ | - | $ | 0.4 | $ | - | $ | 5.1 | |||||||||
Portion expected to be reclassified to earnings in the next twelve months (b) | $ | -2.5 | $ | -1 | |||||||||||||||||||||
Maximum length of time that we are hedging our exposure to variability in future cash flows related to forecasted transactions (in months) | 36 | 0 | |||||||||||||||||||||||
(a)Approximately $38.9 million of unrealized losses previously deferred into AOCI were removed as a result of purchase accounting. See Note 2 for further details of the purchase price allocation. | |||||||||||||||||||||||||
(b)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 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. We mark to market FTRs, heating oil futures and certain forward power contracts. | |||||||||||||||||||||||||
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 treatment and are recognized in the consolidated statements of results of operations on an accrual basis. | |||||||||||||||||||||||||
Regulatory Assets and Liabilities | |||||||||||||||||||||||||
In accordance with regulatory accounting under GAAP, a cost that is probable of recovery in future rates should be deferred as a regulatory asset and 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 are 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 show the amount and classification within the consolidated statements of results of operations or balance sheets of the gains and losses on DPL’s derivatives not designated as hedging instruments for the years ended December 31, 2013 and 2012, the period November 28, 2011 through December 31, 2011, and the period January 1, 2011 through November 27, 2011. | |||||||||||||||||||||||||
Successor | |||||||||||||||||||||||||
Year ended December 31, 2013 | |||||||||||||||||||||||||
$ in millions | NYMEX | Heating Oil | FTRs | Power | Total | ||||||||||||||||||||
Coal | |||||||||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||
Change in unrealized gain | $ | - | $ | - | $ | 0.3 | $ | 0.6 | $ | 0.9 | |||||||||||||||
Realized gain | - | 0.1 | 1.2 | 1.1 | 2.4 | ||||||||||||||||||||
Total | $ | - | $ | 0.1 | $ | 1.5 | $ | 1.7 | $ | 3.3 | |||||||||||||||
Recorded on Balance Sheet: | |||||||||||||||||||||||||
Partners' share of loss | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||
Regulatory asset | - | - | - | - | - | ||||||||||||||||||||
Recorded in Income Statement: gain / (loss) | |||||||||||||||||||||||||
Revenue | - | - | - | - | - | ||||||||||||||||||||
Purchased Power | - | - | 1.5 | 1.7 | 3.2 | ||||||||||||||||||||
Fuel | - | 0.1 | - | - | 0.1 | ||||||||||||||||||||
O&M | - | - | - | - | - | ||||||||||||||||||||
Total | $ | - | $ | 0.1 | $ | 1.5 | $ | 1.7 | $ | 3.3 | |||||||||||||||
Year ended December 31, 2012 | |||||||||||||||||||||||||
$ in millions | NYMEX | Heating Oil | FTRs | Power | Total | ||||||||||||||||||||
Coal | |||||||||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||
Change in unrealized gain / (loss) | $ | 14.5 | $ | -1.6 | $ | -0.2 | $ | 4.3 | $ | 17.0 | |||||||||||||||
Realized gain / (loss) | -29.5 | 1.9 | 0.5 | -5 | -32.1 | ||||||||||||||||||||
Total | $ | -15 | $ | 0.3 | $ | 0.3 | $ | -0.7 | $ | -15.1 | |||||||||||||||
Recorded on Balance Sheet: | |||||||||||||||||||||||||
Partners' share of gain | $ | 4.2 | $ | - | $ | - | $ | - | $ | 4.2 | |||||||||||||||
Regulatory (asset) / liability | 1.0 | -0.6 | - | - | 0.4 | ||||||||||||||||||||
Recorded in Income Statement: gain / (loss) | |||||||||||||||||||||||||
Revenue | - | - | - | -5.1 | -5.1 | ||||||||||||||||||||
Purchased Power | - | - | 0.3 | 4.4 | 4.7 | ||||||||||||||||||||
Fuel | -20.2 | 0.7 | - | - | -19.5 | ||||||||||||||||||||
O&M | - | 0.2 | - | - | 0.2 | ||||||||||||||||||||
Total | $ | -15 | $ | 0.3 | $ | 0.3 | $ | -0.7 | $ | -15.1 | |||||||||||||||
November 28, 2011 through December 31, 2011 | |||||||||||||||||||||||||
$ in millions | NYMEX | Heating Oil | FTRs | Power | Total | ||||||||||||||||||||
Coal | |||||||||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||
Change in unrealized loss | $ | -1.4 | $ | -0.5 | $ | - | $ | -0.8 | $ | -2.7 | |||||||||||||||
Realized gain / (loss) | -1.2 | 0.1 | 0.1 | -0.9 | -1.9 | ||||||||||||||||||||
Total | $ | -2.6 | $ | -0.4 | $ | 0.1 | $ | -1.7 | $ | -4.6 | |||||||||||||||
Recorded on Balance Sheet: | |||||||||||||||||||||||||
Partners' share of loss | $ | -0.3 | $ | - | $ | - | $ | - | $ | -0.3 | |||||||||||||||
Regulatory asset | -0.1 | -0.1 | - | - | -0.2 | ||||||||||||||||||||
Recorded in Income Statement: gain / (loss) | |||||||||||||||||||||||||
Revenue | - | - | - | 0.6 | 0.6 | ||||||||||||||||||||
Purchased Power | - | - | 0.1 | -2.3 | -2.2 | ||||||||||||||||||||
Fuel | -2.2 | -0.3 | - | - | -2.5 | ||||||||||||||||||||
O&M | - | - | - | - | - | ||||||||||||||||||||
Total | $ | -2.6 | $ | -0.4 | $ | 0.1 | $ | -1.7 | $ | -4.6 | |||||||||||||||
Predecessor | |||||||||||||||||||||||||
January 1, 2011 through November 27, 2011 | |||||||||||||||||||||||||
$ in millions | NYMEX | Heating Oil | FTRs | Power | Total | ||||||||||||||||||||
Coal | |||||||||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||
Change in unrealized gain / (loss) | $ | -50.7 | $ | 0.6 | $ | -0.2 | $ | 0.8 | $ | -49.5 | |||||||||||||||
Realized gain / (loss) | 8.7 | 2.2 | -0.6 | -2.7 | 7.6 | ||||||||||||||||||||
Total | $ | -42 | $ | 2.8 | $ | -0.8 | $ | -1.9 | $ | -41.9 | |||||||||||||||
Recorded on Balance Sheet: | |||||||||||||||||||||||||
Partners' share of loss | $ | -25.9 | $ | - | $ | - | $ | - | $ | -25.9 | |||||||||||||||
Regulatory (asset) / liability | -7 | 0.1 | - | - | -6.9 | ||||||||||||||||||||
Recorded in Income Statement: gain / (loss) | |||||||||||||||||||||||||
Revenue | - | - | - | -3.8 | -3.8 | ||||||||||||||||||||
Purchased Power | - | - | -0.8 | 1.9 | 1.1 | ||||||||||||||||||||
Fuel | -9.1 | 2.5 | - | - | -6.6 | ||||||||||||||||||||
O&M | - | 0.2 | - | - | 0.2 | ||||||||||||||||||||
Total | $ | -42 | $ | 2.8 | $ | -0.8 | $ | -1.9 | $ | -41.9 | |||||||||||||||
The following tables show the fair value and balance sheet classification of DPL’s derivative instruments at December 31, 2013 and 2012. | |||||||||||||||||||||||||
Fair Values of Derivative Instruments | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Gross Amounts Not Offset in the Consolidated Balance Sheets | |||||||||||||||||||||||||
$ in millions | Hedging Designation | Gross Fair Value as presented in the Consolidated Balance Sheets (a) | 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 | |||||||||||||||||
(a)Includes credit valuation adjustment. | |||||||||||||||||||||||||
As of December 31, 2013, the above table includes Forward power contracts in a short-term asset position of $5.4 million and a long-term asset position of $8.0 million. This table does not include a short-term asset position of $0.9 million or a long-term asset position of $0.1 million of Forward power contracts that had been, but no longer need to be, accounted for as derivatives at fair value that are to be amortized to earnings over the remaining term of the associated forward contract. | |||||||||||||||||||||||||
Fair Values of Derivative Instruments | |||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Gross Amounts Not Offset in the Consolidated Balance Sheets | |||||||||||||||||||||||||
$ in millions | Hedging Designation | Gross Fair Value as presented in the Consolidated Balance Sheets (a) | 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 | $ | -0.5 | $ | - | $ | - | ||||||||||||||||
Forward power contracts | MTM | 2.7 | -1.5 | - | 1.2 | ||||||||||||||||||||
Heating oil futures | MTM | 0.2 | - | -0.2 | - | ||||||||||||||||||||
Long-term derivative positions (presented in Other deferred assets) | |||||||||||||||||||||||||
Forward power contracts | Cash Flow | 0.5 | -0.5 | - | - | ||||||||||||||||||||
Forward power contracts | MTM | 3.6 | -0.6 | - | 3.0 | ||||||||||||||||||||
Total assets | $ | 7.5 | $ | -3.1 | $ | -0.2 | $ | 4.2 | |||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Short-term derivative positions (presented in Other current liabilities) | |||||||||||||||||||||||||
Forward power contracts | Cash Flow | $ | 6.7 | $ | -0.5 | $ | -2.1 | $ | 4.1 | ||||||||||||||||
Interest rate hedge | Cash Flow | 29.5 | - | - | 29.5 | ||||||||||||||||||||
FTRs | MTM | 0.1 | - | - | 0.1 | ||||||||||||||||||||
Forward power contracts | MTM | 4.1 | -1.5 | -2 | 0.6 | ||||||||||||||||||||
Long-term derivative positions (presented in Other deferred liabilities) | |||||||||||||||||||||||||
Forward power contracts | Cash Flow | 1.5 | -0.5 | -0.9 | 0.1 | ||||||||||||||||||||
Forward power contracts | MTM | 0.8 | -0.6 | -0.1 | 0.1 | ||||||||||||||||||||
Total liabilities | $ | 42.7 | $ | -3.1 | $ | -5.1 | $ | 34.5 | |||||||||||||||||
(a)Includes credit valuation adjustment. | |||||||||||||||||||||||||
As of December 31, 2012, this table includes Forward power contracts in a short-term asset position of $2.7 million and a long-term asset position of $3.6 million. This table does not include a short-term asset position of $7.2 million or a long-term asset position of $1.0 million of Forward power contracts that had been, but no longer need to be, accounted for as derivatives at fair value that are to be amortized to earnings over the remaining term of the associated forward contract. | |||||||||||||||||||||||||
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. Since our debt has fallen below investment grade, we are in violation of these provisions, and the counterparties to the derivative instruments could request immediate payment or demand immediate and ongoing full overnight collateralization of the MTM loss. Since our debt has fallen below investment grade, some of our counterparties to the derivative instruments have requested collateralization of the MTM loss. | |||||||||||||||||||||||||
The aggregate fair value of DPL’s derivative instruments that are in a MTM loss position at December 31, 2013 is $10.6 million. This amount is offset by $5.6 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 $4.7 million. Since our debt is below investment grade, we could have to post collateral for the remaining $0.3 million. | |||||||||||||||||||||||||
DP&L [Member] | ' | ||||||||||||||||||||||||
Derivative Instruments and Hedging Activities | ' | ||||||||||||||||||||||||
Note 10 – 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 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 | ||||||||||||||||||||
At December 31, 2012, 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 | 6.9 | - | 6.9 | ||||||||||||||||||||
Heating Oil Futures | Mark to Market | Gallons | 1,764.0 | - | 1,764.0 | ||||||||||||||||||||
Forward Power Contracts | Cash Flow Hedge | MWh | 1,021.0 | -2,197.90 | -1,176.90 | ||||||||||||||||||||
Forward Power Contracts | Mark to Market | MWh | 2,296.6 | -4,760.40 | -2,463.80 | ||||||||||||||||||||
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 values of cash flow hedges determined by current public market prices 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 table provides information for DP&L concerning gains or losses recognized in AOCI for the cash flow hedges: | |||||||||||||||||||||||||
Year ended December 31, 2013 | Year ended December 31, 2012 | Year ended December 31, 2011 | |||||||||||||||||||||||
$ in millions (net of tax) | Power | Interest Rate | Power | Interest Rate | Power | Interest Rate | |||||||||||||||||||
Hedge | Hedge | Hedge | |||||||||||||||||||||||
Beginning accumulated derivative gain / (loss) in AOCI (a) | $ | -4.7 | $ | 7.3 | $ | -0.8 | $ | 9.8 | $ | -1.8 | $ | 12.2 | |||||||||||||
Net gains / (losses) associated with current period hedging transactions | 1.0 | - | -3 | - | -1.2 | - | |||||||||||||||||||
Net gains reclassified to earnings: | |||||||||||||||||||||||||
Interest Expense | - | -2.1 | - | -2.5 | - | -2.4 | |||||||||||||||||||
Revenues | 1.4 | - | -1.1 | - | 1.2 | - | |||||||||||||||||||
Purchased Power | 3.3 | - | 0.2 | - | 1.0 | - | |||||||||||||||||||
Ending accumulated derivative gain / (loss) in AOCI | $ | 1.0 | $ | 5.2 | $ | -4.7 | $ | 7.3 | $ | -0.8 | $ | 9.8 | |||||||||||||
Net gains or losses associated with the ineffective portion of the hedging transactions were immaterial in the years ended December 31, 2013, 2012 and 2011. | |||||||||||||||||||||||||
Portion expected to be reclassified to earnings in the next twelve months (a) | $ | -2.2 | $ | -1.1 | |||||||||||||||||||||
Maximum length of time that we are hedging our exposure to variability in future cash flows related to forecasted transactions (in months) | 36 | 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 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. We mark to market FTRs, heating oil futures, forward NYMEX-quality coal contracts and certain forward power contracts. | |||||||||||||||||||||||||
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 treatment and are recognized in the statements of results of operations on an accrual basis. | |||||||||||||||||||||||||
Regulatory Assets and Liabilities | |||||||||||||||||||||||||
In accordance with regulatory accounting under GAAP, a cost that is probable of recovery in future rates should be deferred as a regulatory asset and 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 are 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 show the amount and classification within the statements of results of operations or balance sheets of the gains and losses on DP&L’s derivatives not designated as hedging instruments for the years ended December 31, 2013, 2012 and 2011. | |||||||||||||||||||||||||
Year ended December 31, 2013 | |||||||||||||||||||||||||
$ in millions | NYMEX | Heating Oil | FTRs | Power | Total | ||||||||||||||||||||
Coal | |||||||||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||
Change in unrealized gain / (loss) | $ | - | $ | - | $ | 0.3 | $ | -1.2 | $ | -0.9 | |||||||||||||||
Realized gain | - | 0.1 | 1.2 | 1.6 | 2.9 | ||||||||||||||||||||
Total | $ | - | $ | 0.1 | $ | 1.5 | $ | 0.4 | $ | 2.0 | |||||||||||||||
Recorded on Balance Sheet: | |||||||||||||||||||||||||
Partners' share of loss | $ | - | $ | - | $ | - | $ | - | $ | - | |||||||||||||||
Regulatory asset | - | - | - | - | - | ||||||||||||||||||||
Recorded in Income Statement: gain / (loss) | |||||||||||||||||||||||||
Revenue | - | - | - | 0.2 | 0.2 | ||||||||||||||||||||
Purchased Power | - | - | 1.5 | 0.2 | 1.7 | ||||||||||||||||||||
Fuel | - | 0.1 | - | - | 0.1 | ||||||||||||||||||||
O&M | - | - | - | - | - | ||||||||||||||||||||
Total | $ | - | $ | 0.1 | $ | 1.5 | $ | 0.4 | $ | 2.0 | |||||||||||||||
Year ended December 31, 2012 | |||||||||||||||||||||||||
$ in millions | NYMEX | Heating Oil | FTRs | Power | Total | ||||||||||||||||||||
Coal | |||||||||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||
Change in unrealized gain / (loss) | $ | 14.5 | $ | -1.6 | $ | -0.2 | $ | 3.0 | $ | 15.7 | |||||||||||||||
Realized gain / (loss) | -29.5 | 1.9 | 0.5 | 4.9 | -22.2 | ||||||||||||||||||||
Total | $ | -15 | $ | 0.3 | $ | 0.3 | $ | 7.9 | $ | -6.5 | |||||||||||||||
Recorded on Balance Sheet: | |||||||||||||||||||||||||
Partners' share of gain | $ | 4.2 | $ | - | $ | - | $ | - | $ | 4.2 | |||||||||||||||
Regulatory (asset) / liability | 1.0 | -0.6 | - | - | 0.4 | ||||||||||||||||||||
Recorded in Income Statement: gain / (loss) | |||||||||||||||||||||||||
Revenue | - | - | - | 2.7 | 2.7 | ||||||||||||||||||||
Purchased Power | - | - | 0.3 | 5.2 | 5.5 | ||||||||||||||||||||
Fuel | -20.2 | 0.7 | - | - | -19.5 | ||||||||||||||||||||
O&M | - | 0.2 | - | - | 0.2 | ||||||||||||||||||||
Total | $ | -15 | $ | 0.3 | $ | 0.3 | $ | 7.9 | $ | -6.5 | |||||||||||||||
Year ended December 31, 2011 | |||||||||||||||||||||||||
$ in millions | NYMEX | Heating Oil | FTRs | Power | Total | ||||||||||||||||||||
Coal | |||||||||||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||||
Change in unrealized gain / (loss) | $ | -52.1 | $ | 0.1 | $ | -0.1 | $ | 0.3 | $ | -51.8 | |||||||||||||||
Realized gain / (loss) | 7.5 | 2.3 | -0.6 | -1.4 | 7.8 | ||||||||||||||||||||
Total | $ | -44.6 | $ | 2.4 | $ | -0.7 | $ | -1.1 | $ | -44 | |||||||||||||||
Recorded on Balance Sheet: | |||||||||||||||||||||||||
Partners' share of loss | $ | -26.1 | $ | - | $ | - | $ | - | $ | -26.1 | |||||||||||||||
Regulatory asset | -7.1 | - | - | - | -7.1 | ||||||||||||||||||||
Recorded in Income Statement: gain / (loss) | |||||||||||||||||||||||||
Revenue | - | - | - | 2.5 | 2.5 | ||||||||||||||||||||
Purchased Power | - | - | -0.7 | -3.6 | -4.3 | ||||||||||||||||||||
Fuel | -11.4 | 2.2 | - | - | -9.2 | ||||||||||||||||||||
O&M | - | 0.2 | - | - | 0.2 | ||||||||||||||||||||
Total | $ | -44.6 | $ | 2.4 | $ | -0.7 | $ | -1.1 | $ | -44 | |||||||||||||||
The following tables show the fair value and balance sheet classification of DP&L’s derivative instruments at December 31, 2013 and 2012. | |||||||||||||||||||||||||
Fair Values of Derivative Instruments | |||||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||
Gross Amounts Not Offset in the Balance Sheets | |||||||||||||||||||||||||
$ in millions | Hedging Designation | Gross Fair Value as presented in the 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 | |||||||||||||||||
Fair Values of Derivative Instruments | |||||||||||||||||||||||||
31-Dec-12 | |||||||||||||||||||||||||
Gross Amounts Not Offset in the Balance Sheets | |||||||||||||||||||||||||
$ in millions | Hedging Designation | Gross Fair Value as presented in the 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 | $ | -0.5 | $ | - | $ | - | ||||||||||||||||
Forward power contracts | MTM | 2.8 | -1.5 | - | 1.3 | ||||||||||||||||||||
Heating oil futures | MTM | 0.2 | - | -0.2 | - | ||||||||||||||||||||
Long-term derivative positions (presented in Other deferred assets) | |||||||||||||||||||||||||
Forward power contracts | Cash Flow | 0.5 | -0.5 | - | - | ||||||||||||||||||||
Forward power contracts | MTM | 3.6 | -0.6 | - | 3.0 | ||||||||||||||||||||
Total assets | $ | 7.6 | $ | -3.1 | $ | -0.2 | $ | 4.3 | |||||||||||||||||
Liabilities | |||||||||||||||||||||||||
Short-term derivative positions (presented in Other current liabilities) | |||||||||||||||||||||||||
Forward power contracts | Cash Flow | $ | 6.7 | $ | -0.5 | $ | -2.1 | $ | 4.1 | ||||||||||||||||
FTRs | MTM | 0.1 | - | - | 0.1 | ||||||||||||||||||||
Forward power contracts | MTM | 2.7 | -1.5 | -0.5 | 0.7 | ||||||||||||||||||||
Long-term derivative positions (presented in Other deferred liabilities) | |||||||||||||||||||||||||
Forward power contracts | Cash Flow | 1.5 | -0.5 | -0.9 | 0.1 | ||||||||||||||||||||
Forward power contracts | MTM | 0.7 | -0.6 | - | 0.1 | ||||||||||||||||||||
Total liabilities | $ | 11.7 | $ | -3.1 | $ | -3.5 | $ | 5.1 | |||||||||||||||||
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. Since our debt has fallen below investment grade, we are in violation of these provisions, and the counterparties to the derivative instruments could request immediate payment or demand immediate and ongoing full overnight collateralization of the MTM loss. Since our debt has fallen below investment grade, some of our counterparties to the derivative instruments have requested collateralization of the MTM loss. | |||||||||||||||||||||||||
The aggregate fair value of DP&L’s derivative instruments that are in a MTM loss position at December 31, 2013 is $10.6 million. This amount is offset by $5.6 million in a broker margin account and with other counterparties 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 $4.7 million. If DP&L debt were to fall below investment grade, DP&L could be required to post collateral for the remaining $0.3 million. | |||||||||||||||||||||||||
ShareBased_Compensation
Share-Based Compensation | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Share-Based Compensation | ' | |||
Note 12 – Share-based Compensation | ||||
In April 2006, DPL’s shareholders approved The DPL Inc. Equity and Performance Incentive Plan (the EPIP) which became immediately effective for a term of ten years. The Compensation Committee of the Board of Directors designated the employees and directors eligible to participate in the EPIP and the times and types of awards to be granted. A total of 4,500,000 shares of DPL common stock had been reserved for issuance under the EPIP. | ||||
As a result of the Merger, discussed in Note 2, vesting of all share-based awards was accelerated as of the Merger date. The remaining compensation expense of $5.5 million ($3.6 million after tax) was expensed as of the Merger date. | ||||
The following table summarizes share-based compensation expense (note that there is no share-based compensation activity after November 27, 2011 as a result of the Merger): | ||||
Predecessor | ||||
$ in millions | January 1, 2011 through November 27, 2011 | |||
Performance shares | $ | 2.4 | ||
Restricted shares | 5.3 | |||
Non-employee directors' RSUs | 0.6 | |||
Management performance shares | 1.8 | |||
Share-based compensation included in Operation and maintenance expense | 10.1 | |||
Income tax benefit | -3.5 | |||
Total share-based compensation, net of tax | $ | 6.6 | ||
Share-based awards issued in DPL’s common stock were distributed from treasury stock prior to the Merger; as of the Merger date, remaining share-based awards were distributed in cash in accordance with the Merger agreement. | ||||
Determining Fair Value | ||||
Valuation and Amortization Method – We estimated the fair value of performance shares using a Monte Carlo simulation; restricted shares were valued at the closing market price on the day of grant and the Directors’ RSUs were valued at the closing market price on the day prior to the grant date. We amortized the fair value of all awards on a straight-line basis over the requisite service periods, which were generally the vesting periods. | ||||
Expected Volatility – Our expected volatility assumptions were based on the historical volatility of DPL common stock. The volatility range captured the high and low volatility values for each award granted based on its specific terms. | ||||
Expected Life – The expected life assumption represented the estimated period of time from the grant date until the exercise date and reflected historical employee exercise patterns. | ||||
Risk-Free Interest Rate – The risk-free interest rate for the expected term of the award was based on the corresponding yield curve in effect at the time of the valuation for U.S. Treasury bonds having the same term as the expected life of the award, i.e., a five-year bond rate was used for valuing an award with a five year expected life. | ||||
Expected Dividend Yield – The expected dividend yield was based on DPL’s current dividend rate, adjusted as necessary to capture anticipated dividend changes and the 12 month average DPL common stock price. | ||||
Expected Forfeitures – The forfeiture rate used to calculate compensation expense was based on DPL’s historical experience, adjusted as necessary to reflect special circumstances. | ||||
Stock Options | ||||
In 2000, DPL’s Board of Directors adopted and DPL’s shareholders approved The DPL Inc. Stock Option Plan. With the approval of the EPIP in April 2006, no new awards were granted under The DPL Inc. Stock Option Plan. Prior to the Merger, all outstanding stock options had been exercised or had expired. | ||||
Summarized stock option activity was as follows (note that there is no stock option activity after November 27, 2011 as a result of the Merger): | ||||
Predecessor | ||||
January 1, 2011 through November 27, 2011 | ||||
Options: | ||||
Outstanding at beginning of period | 351,500 | |||
Granted | - | |||
Exercised | -75,500 | |||
Expired | -276,000 | |||
Forfeited | - | |||
Outstanding at end of period | - | |||
Exercisable at end of period | - | |||
Weighted average option prices per share: | ||||
Outstanding at beginning of period | $ | 28.04 | ||
Granted | $ | - | ||
Exercised | $ | 21.02 | ||
Expired | $ | 29.42 | ||
Forfeited | $ | - | ||
Outstanding at end of period | $ | - | ||
Exercisable at end of period | $ | - | ||
The following table reflects information about stock option activity during the period (note that there is no stock option activity after November 27, 2011 as a result of the Merger): | ||||
Predecessor | ||||
$ in millions | January 1, 2011 through November 27, 2011 | |||
Weighted-average grant date fair value of options granted during the period | $ | - | ||
Intrinsic value of options exercised during the period | $ | 0.7 | ||
Proceeds from options exercised during the period | $ | 1.6 | ||
Excess tax benefit from proceeds of options exercised | $ | 0.2 | ||
Fair value of options that vested during the period | $ | - | ||
Unrecognized compensation expense | $ | - | ||
Weighted-average period to recognize compensation expense (in years) | - | |||
Performance Shares | ||||
Under the EPIP, the Board of Directors adopted a Long-Term Incentive Plan (LTIP) under which DPL granted a targeted number of performance shares of common stock to executives. Grants under the LTIP were awarded based on a Total Shareholder Return Relative to Peers performance. The Total Shareholder Return Relative to Peers is considered a market condition in accordance with the accounting guidance for share-based compensation. | ||||
At the Merger date, vesting for all non-vested LTIP performance shares was accelerated on a pro rata basis and such shares were cashed out at the $30.00 per share merger consideration price in accordance with the Merger agreement. | ||||
Summarized performance share activity was as follows (note that there is no performance share activity after November 27, 2011 as a result of the Merger): | ||||
Predecessor | ||||
January 1, 2011 through November 27, 2011 | ||||
Performance shares: | ||||
Outstanding at beginning of period | 278,334 | |||
Granted | 85,093 | |||
Dividends | -198,699 | |||
Exercised | -66,836 | |||
Forfeited | -97,892 | |||
Outstanding at end of period | - | |||
Exercisable at end of period | - | |||
The following table reflects information about performance share activity during the period (note that there is no performance share activity after November 27, 2011 as a result of the Merger): | ||||
Predecessor | ||||
$ in millions | January 1, 2011 through November 27, 2011 | |||
Weighted-average grant date fair value of performance shares granted during the period | $ | 2.2 | ||
Intrinsic value of performance shares exercised during the period | $ | 6.0 | ||
Proceeds from performance shares exercised during the period | $ | - | ||
Excess tax benefit from proceeds of performance shares exercised | $ | 0.7 | ||
Fair value of performance shares that vested during the period | $ | 4.7 | ||
Unrecognized compensation expense | $ | - | ||
Weighted-average period to recognize compensation expense (in years) | - | |||
The following table shows the assumptions used in the Monte Carlo simulation to calculate the fair value of the performance shares granted during the period: | ||||
Predecessor | ||||
January 1, 2011 through November 27, 2011 | ||||
Expected volatility | 24.00% | |||
Weighted-average expected volatility | 24.00% | |||
Expected life (years) | 3 | |||
Expected dividends | 5.00% | |||
Weighted-average expected dividends | 5.00% | |||
Risk-free interest rate | 1.20% | |||
Restricted Shares | ||||
Under the EPIP, the Board of Directors granted shares of DPL Restricted Shares to various executives and other key employees. These Restricted Shares were registered in the recipient’s name, carried full voting privileges, received dividends as declared and paid on all DPL common stock and vested after a specified service period. | ||||
In July 2008, the Board of Directors granted Restricted Share awards under the EPIP to a select group of management employees. The management Restricted Share awards had a three-year requisite service period, carried full voting privileges and received dividends as declared and paid on all DPL common stock. | ||||
On September 17, 2009, the Board of Directors approved a two-part equity compensation award under the EPIP for certain of DPL’s executive officers. The first part was a Restricted Share grant and the second part was a matching Restricted Share grant. These Restricted Share grants generally vested after five years if the participant remained continuously employed with DPL or a DPL subsidiary and if the year-over-year average EPS had increased by at least 1% from 2009 to 2013. Under the matching Restricted Share grant, participants had a three-year period from the date of plan implementation during which they could purchase DPL common stock equal in value to up to two times their 2009 base salary. DPL matched the shares purchased with another grant of Restricted Shares (matching Restricted Share grant). The percentage match by DPL is detailed in the table below. The matching Restricted Share grant would have generally vested over a three-year period if the participant continued to hold the originally purchased shares and remained continuously employed with DPL or a DPL subsidiary. The Restricted Shares were registered in the recipient’s name, carried full voting privileges and received dividends as declared and paid on all DPL common stock. | ||||
The matching criteria were: | ||||
Value (Cost Basis) of Shared Purchased | Company % Match of | |||
as a % of 2009 Base Salary | Value of Shares Purchased | |||
1% to 25% | 25% | |||
>25% to 50% | 50% | |||
>50% to 100% | 75% | |||
>100% to 200% | 125% | |||
The matching percentage was applied on a cumulative basis and the resulting Restricted Share grant was adjusted at the end of each calendar quarter. As a result of the Merger, the matching Restricted Share grants were suspended in March 2011. | ||||
In February 2011, the Board of Directors granted a targeted number of time-vested Restricted Shares to executives under the LTIP. These Restricted Shares did not carry voting privileges nor did they receive dividend rights during the vesting period. In addition, a one-year holding period was implemented after the three-year vesting period was completed. | ||||
Restricted Shares could only be awarded in DPL common stock. | ||||
At the Merger date, vesting for all non-vested Restricted Shares was accelerated and all outstanding shares were cashed out at the $30.00 per share merger consideration price in accordance with the Merger agreement. | ||||
Summarized Restricted Share activity was as follows (note that there is no Restricted Share activity after November 27, 2011 as a result of the Merger): | ||||
Predecessor | ||||
January 1, 2011 through November 27, 2011 | ||||
Restricted shares: | ||||
Outstanding at beginning of period | 219,391 | |||
Granted | 67,346 | |||
Exercised | -286,737 | |||
Forfeited | - | |||
Outstanding at end of period | - | |||
Exercisable at end of period | - | |||
The following table reflects information about Restricted Share activity during the period (note that there is no Restricted Share activity after November 27, 2011 as a result of the Merger): | ||||
Predecessor | ||||
$ in millions | January 1, 2011 through November 27, 2011 | |||
Weighted-average grant date fair value of restricted shares granted during the period | $ | 1.8 | ||
Intrinsic value of restricted shares exercised during the period | $ | 8.6 | ||
Proceeds from restricted shares exercised during the period | $ | - | ||
Excess tax benefit from proceeds of restricted shares exercised | $ | 0.5 | ||
Fair value of restricted shares that vested during the period | $ | 7.5 | ||
Unrecognized compensation expense | $ | - | ||
Weighted-average period to recognize compensation expense (in years) | - | |||
Non-Employee Director RSUs | ||||
Under the EPIP, as part of their annual compensation for service to DPL and DP&L, each non-employee Director received a retainer in RSUs on the date of the shareholders’ annual meeting. The RSUs became non-forfeitable on April 15 of the following year. The RSUs accrued quarterly dividends in the form of additional RSUs. Upon vesting, the RSUs became exercisable and were distributed in DPL common stock, unless the Director chose to defer receipt of the shares until a later date. The RSUs were valued at the closing stock price on the day prior to the grant and the compensation expense was recognized evenly over the vesting period. | ||||
At the Merger date, vesting for the remaining non-vested RSUs was accelerated and all vested RSUs (current and prior years) were cashed out at the $30.00 per share merger consideration price in accordance with the Merger agreement. | ||||
The following table reflects information about RSU activity (note that there is no non-employee Director RSU activity after November 27, 2011 as a result of the Merger): | ||||
Predecessor | ||||
January 1, 2011 through November 27, 2011 | ||||
Restricted stock units: | ||||
Outstanding at beginning of period | 16,320 | |||
Granted | 14,392 | |||
Dividends accrued | 3,307 | |||
Vested and exercised | -34,019 | |||
Vested, exercised and deferred | - | |||
Forfeited | - | |||
Outstanding at end of period | - | |||
Exercisable at end of period | - | |||
The following table reflects information about non-employee Director RSU activity during the period (note that there is no non-employee Director RSU activity after November 27, 2011 as a result of the Merger): | ||||
Predecessor | ||||
$ in millions | January 1, 2011 through November 27, 2011 | |||
Weighted-average grant date fair value of non-employee Director RSUs granted during the period | $ | 0.5 | ||
Intrinsic value of non-employee Director RSUs exercised during the period | $ | 1.0 | ||
Proceeds from non-employee Director RSUs exercised during the period | $ | - | ||
Excess tax benefit from proceeds of non-employee Director RSUs exercised | $ | - | ||
Fair value of non-employee Director RSUs that vested during the period | $ | 1.0 | ||
Unrecognized compensation expense | $ | - | ||
Weighted-average period to recognize compensation expense (in years) | - | |||
Management Performance Shares | ||||
Under the EPIP, the Board of Directors granted compensation awards for select management employees. The grants had a three year requisite service period and certain performance conditions during the performance period. The management performance shares could only be awarded in DPL common stock. | ||||
At the Merger date, vesting for all non-vested management performance shares was accelerated; some of the awards vested at target shares and other awards vested at a pro rata share of target. All vested shares were cashed out at the $30.00 per share merger consideration price in accordance with the Merger agreement. | ||||
Summarized management performance share activity was as follows (note that there is no management performance share activity after November 27, 2011 as a result of the Merger): | ||||
Predecessor | ||||
January 1, 2011 through November 27, 2011 | ||||
Management performance shares: | ||||
Outstanding at beginning of period | 104,124 | |||
Granted | 49,510 | |||
Expired | -31,081 | |||
Exercised | -111,289 | |||
Forfeited | -11,264 | |||
Outstanding at end of period | - | |||
Exercisable at end of period | - | |||
The following table shows the assumptions used in the Monte Carlo simulation to calculate the fair value of the management performance shares granted during the period: | ||||
Predecessor | ||||
January 1, 2011 through November 27, 2011 | ||||
Expected volatility | 24.00% | |||
Weighted-average expected volatility | 24.00% | |||
Expected life (years) | 3 | |||
Expected dividends | 5.00% | |||
Weighted-average expected dividends | 5.00% | |||
Risk-free interest rate | 1.20% | |||
The following table reflects information about management performance share activity during the period (note that there is no management performance share activity after November 27, 2011 as a result of the Merger): | ||||
Predecessor | ||||
$ in millions | January 1, 2011 through November 27, 2011 | |||
Weighted-average grant date fair value of management performance shares granted during the period | $ | 1.3 | ||
Intrinsic value of management performance shares exercised during the period | $ | 3.3 | ||
Proceeds from management performance shares exercised during the period | $ | - | ||
Excess tax benefit from proceeds of management performance shares exercised | $ | - | ||
Fair value of management performance shares that vested during the period | $ | 2.7 | ||
Unrecognized compensation expense | $ | - | ||
Weighted-average period to recognize compensation expense (in years) | - | |||
DP&L [Member] | ' | |||
Share-Based Compensation | ' | |||
Note 11 – Share-based Compensation | ||||
In April 2006, DPL’s shareholders approved The DPL Inc. Equity and Performance Incentive Plan (the EPIP) which became immediately effective for a term of ten years. The Compensation Committee of the Board of Directors designated the employees and directors eligible to participate in the EPIP and the times and types of awards to be granted. A total of 4,500,000 shares of DPL common stock had been reserved for issuance under the EPIP. The EPIP also covered certain employees of DP&L. | ||||
As a result of the Merger, discussed in Note 2, vesting of all share-based awards was accelerated as of the Merger date. The remaining compensation expense of $5.5 million ($3.6 million after tax) was expensed as of the Merger date. | ||||
The following table summarizes share-based compensation expense (note that there is no share-based compensation activity after November 27, 2011 as a result of the Merger): | ||||
$ in millions | Year ended December 31, 2011 | |||
Restricted stock units | $ | - | ||
Performance shares | 2.4 | |||
Restricted shares | 5.3 | |||
Non-employee directors' RSUs (a) | 0.6 | |||
Management performance shares | 1.8 | |||
Share-based compensation included in Operation and maintenance expense | 10.1 | |||
Income tax benefit | -3.5 | |||
Total share-based compensation, net of tax | $ | 6.6 | ||
(a)Includes an amount associated with compensation awarded to DPL’s Board of Directors which is immaterial in total. | ||||
Share-based awards issued in DPL’s common stock were distributed from treasury stock prior to the Merger; as of the Merger date, remaining share-based awards were distributed in cash in accordance with the Merger agreement. | ||||
Determining Fair Value | ||||
Valuation and Amortization Method – We estimated the fair value of performance shares using a Monte Carlo simulation; restricted shares were valued at the closing market price on the day of grant and the Directors’ RSUs were valued at the closing market price on the day prior to the grant date. We amortized the fair value of all awards on a straight-line basis over the requisite service periods, which are generally the vesting periods. | ||||
Expected Volatility – Our expected volatility assumptions were based on the historical volatility of DPL common stock. The volatility range captured the high and low volatility values for each award granted based on its specific terms. | ||||
Expected Life – The expected life assumption represented the estimated period of time from the grant date until the exercise date and reflected historical employee exercise patterns. | ||||
Risk-Free Interest Rate – The risk-free interest rate for the expected term of the award was based on the corresponding yield curve in effect at the time of the valuation for U.S. Treasury bonds having the same term as the expected life of the award, i.e., a five-year bond rate was used for valuing an award with a five year expected life. | ||||
Expected Dividend Yield – The expected dividend yield was based on DPL’s current dividend rate, adjusted as necessary to capture anticipated dividend changes and the 12 month average DPL common stock price. | ||||
Expected Forfeitures – The forfeiture rate used to calculate compensation expense was based on DPL’s historical experience, adjusted as necessary to reflect special circumstances. | ||||
Stock Options | ||||
In 2000, DPL’s Board of Directors adopted and DPL’s shareholders approved The DPL Inc. Stock Option Plan. With the approval of the EPIP in April 2006, no new awards were granted under The DPL Inc. Stock Option Plan. Prior to the Merger, all outstanding stock options had been exercised or had expired. | ||||
Summarized stock option activity was as follows (note that there is no stock option activity after November 27, 2011 as a result of the Merger): | ||||
Year ended December 31, 2011 | ||||
Options: | ||||
Outstanding at beginning of period | 351,500 | |||
Granted | - | |||
Exercised | -75,500 | |||
Expired | -276,000 | |||
Forfeited | - | |||
Outstanding at end of period | - | |||
Exercisable at end of period | - | |||
Weighted average option prices per share: | ||||
Outstanding at beginning of period | $ | 28.04 | ||
Granted | $ | - | ||
Exercised | $ | 21.02 | ||
Expired | $ | 29.42 | ||
Forfeited | $ | - | ||
Outstanding at end of period | $ | - | ||
Exercisable at end of period | $ | - | ||
The following table reflects information about stock option activity during the period (note that there is no stock option activity after November 27, 2011 as a result of the Merger): | ||||
$ in millions | Year ended December 31, 2011 | |||
Weighted-average grant date fair value of options granted during the period | $ | - | ||
Intrinsic value of options exercised during the period | $ | 0.7 | ||
Proceeds from options exercised during the period | $ | 1.6 | ||
Excess tax benefit from proceeds of options exercised | $ | 0.2 | ||
Fair value of options that vested during the period | $ | - | ||
Unrecognized compensation expense | $ | - | ||
Weighted-average period to recognize compensation expense (in years) | - | |||
Performance Shares | ||||
Under the EPIP, the Board of Directors adopted a Long-Term Incentive Plan (LTIP) under which DPL granted a targeted number of performance shares of common stock to executives. Grants under the LTIP were awarded based on a Total Shareholder Return Relative to Peers performance. The Total Shareholder Return Relative to Peers is considered a market condition in accordance with the accounting guidance for share-based compensation. | ||||
At the Merger date, vesting for all non-vested LTIP performance shares was accelerated on a pro rata basis and such shares were cashed out at the $30.00 per share merger consideration price in accordance with the Merger agreement. | ||||
Summarized performance share activity was as follows (note that there is no performance share activity after November 27, 2011 as a result of the Merger): | ||||
Year ended December 31, 2011 | ||||
Performance shares: | ||||
Outstanding at beginning of period | 278,334 | |||
Granted | 85,093 | |||
Dividends | -198,699 | |||
Exercised | -66,836 | |||
Forfeited | -97,892 | |||
Outstanding at end of period | - | |||
Exercisable at end of period | - | |||
The following table reflects information about performance share activity during the period (note that there is no performance share activity after November 27, 2011 as a result of the Merger): | ||||
$ in millions | Year ended December 31, 2011 | |||
Weighted-average grant date fair value of performance shares granted during the period | $ | 2.2 | ||
Intrinsic value of performance shares exercised during the period | $ | 6.0 | ||
Proceeds from performance shares exercised during the period | $ | - | ||
Excess tax benefit from proceeds of performance shares exercised | $ | 0.7 | ||
Fair value of performance shares that vested during the period | $ | 4.7 | ||
Unrecognized compensation expense | $ | - | ||
Weighted-average period to recognize compensation expense (in years) | - | |||
The following table shows the assumptions used in the Monte Carlo simulation to calculate the fair value of the performance shares granted during the period: | ||||
$ in millions | Year ended December 31, 2011 | |||
Expected volatility | 24.00% | |||
Weighted-average expected volatility | 24.00% | |||
Expected life (years) | 3 | |||
Expected dividends | 5.00% | |||
Weighted-average expected dividends | 5.00% | |||
Risk-free interest rate | 1.20% | |||
Restricted Shares | ||||
Under the EPIP, the Board of Directors granted shares of DPL Restricted Shares to various executives and other key employees. These Restricted Shares were registered in the recipient’s name, carried full voting privileges, received dividends as declared and paid on all DPL common stock and vested after a specified service period. | ||||
In July 2008, the Board of Directors granted Restricted Share awards under the EPIP to a select group of management employees. The management Restricted Share awards had a three-year requisite service period, carried full voting privileges and received dividends as declared and paid on all DPL common stock. | ||||
On September 17, 2009, the Board of Directors approved a two-part equity compensation award under the EPIP for certain of DPL’s executive officers. The first part was a Restricted Share grant and the second part was a matching Restricted Share grant. These Restricted Share grants generally vested after five years if the participant remained continuously employed with DPL or a DPL subsidiary and if the year-over-year average EPS had increased by at least 1% from 2009 to 2013. Under the matching Restricted Share grant, participants had a three-year period from the date of plan implementation during which they could purchase DPL common stock equal in value to up to two times their 2009 base salary. DPL matched the shares purchased with another grant of Restricted Shares (matching Restricted Share grant). The percentage match by DPL is detailed in the table below. The matching Restricted Share grant would have generally vested over a three-year period if the participant continued to hold the originally purchased shares and remained continuously employed with DPL or a DPL subsidiary. The Restricted Shares were registered in the recipient’s name, carried full voting privileges and received dividends as declared and paid on all DPL common stock. | ||||
The matching criteria were: | ||||
Value (Cost Basis) of Shared Purchased | Company % Match of | |||
as a % of 2009 Base Salary | Value of Shares Purchased | |||
1% to 25% | 25% | |||
>25% to 50% | 50% | |||
>50% to 100% | 75% | |||
>100% to 200% | 125% | |||
The matching percentage was applied on a cumulative basis and the resulting Restricted Share grant was adjusted at the end of each calendar quarter. As a result of the Merger, the matching Restricted Share grants were suspended in March 2011. | ||||
In February 2011, the Board of Directors granted a targeted number of time-vested Restricted Shares to executives under the LTIP. These Restricted Shares did not carry voting privileges nor did they receive dividend rights during the vesting period. In addition, a one-year holding period was implemented after the three-year vesting period was completed. | ||||
Restricted Shares could only be awarded in DPL common stock. | ||||
At the Merger date, vesting for all non-vested Restricted Shares was accelerated and all outstanding shares were cashed out at the $30.00 per share merger consideration price in accordance with the Merger agreement. | ||||
Summarized Restricted Share activity was as follows (note that there is no Restricted Share activity after November 27, 2011 as a result of the Merger): | ||||
Year ended December 31, 2011 | ||||
Restricted shares: | ||||
Outstanding at beginning of period | 219,391 | |||
Granted | 67,346 | |||
Exercised | -286,737 | |||
Forfeited | - | |||
Outstanding at end of period | - | |||
Exercisable at end of period | - | |||
The following table reflects information about Restricted Share activity during the period (note that there is no Restricted Share activity after November 27, 2011 as a result of the Merger): | ||||
$ in millions | Year ended December 31, 2011 | |||
Weighted-average grant date fair value of restricted shares granted during the period | $ | 1.8 | ||
Intrinsic value of restricted shares exercised during the period | $ | 8.6 | ||
Proceeds from restricted shares exercised during the period | $ | - | ||
Excess tax benefit from proceeds of restricted shares exercised | $ | 0.5 | ||
Fair value of restricted shares that vested during the period | $ | 7.5 | ||
Unrecognized compensation expense | $ | - | ||
Weighted-average period to recognize compensation expense (in years) | - | |||
Non-Employee Director RSUs | ||||
Under the EPIP, as part of their annual compensation for service to DPL and DP&L, each non-employee Director received a retainer in RSUs on the date of the shareholders’ annual meeting. The RSUs became non-forfeitable on April 15 of the following year. The RSUs accrued quarterly dividends in the form of additional RSUs. Upon vesting, the RSUs became exercisable and were distributed in DPL common stock, unless the Director chose to defer receipt of the shares until a later date. The RSUs were valued at the closing stock price on the day prior to the grant and the compensation expense was recognized evenly over the vesting period. | ||||
At the Merger date, vesting for the remaining non-vested RSUs was accelerated and all vested RSUs (current and prior years) were cashed out at the $30.00 per share merger consideration price in accordance with the Merger agreement. | ||||
The following table reflects information about RSU activity (note that there is no non-employee Director RSU activity after November 27, 2011 as a result of the Merger): | ||||
Year ended December 31, 2011 | ||||
Restricted stock units: | ||||
Outstanding at beginning of period | 16,320 | |||
Granted | 14,392 | |||
Dividends accrued | 3,307 | |||
Vested and exercised | -34,019 | |||
Vested, exercised and deferred | - | |||
Forfeited | - | |||
Outstanding at end of period | - | |||
Exercisable at end of period | - | |||
The following table reflects information about non-employee Director RSU activity during the period (note that there is no non-employee Director RSU activity after November 27, 2011 as a result of the Merger): | ||||
$ in millions | Year ended December 31, 2011 | |||
Weighted-average grant date fair value of non-employee Director RSUs granted during the period | $ | 0.5 | ||
Intrinsic value of non-employee Director RSUs exercised during the period | $ | 1.0 | ||
Proceeds from non-employee Director RSUs exercised during the period | $ | - | ||
Excess tax benefit from proceeds of non-employee Director RSUs exercised | $ | - | ||
Fair value of non-employee Director RSUs that vested during the period | $ | 1.0 | ||
Unrecognized compensation expense | $ | - | ||
Weighted-average period to recognize compensation expense (in years) | - | |||
Management Performance Shares | ||||
Under the EPIP, the Board of Directors granted compensation awards for select management employees. The grants had a three year requisite service period and certain performance conditions during the performance period. The management performance shares could only be awarded in DPL common stock. | ||||
At the Merger date, vesting for all non-vested management performance shares was accelerated; some of the awards vested at target shares and other awards vested at a pro rata share of target. All vested shares were cashed out at the $30.00 per share merger consideration price in accordance with the Merger agreement. | ||||
Summarized management performance share activity was as follows (note that there is no management performance share activity after November 27, 2011 as a result of the Merger): | ||||
Year ended December 31, 2011 | ||||
Management performance shares: | ||||
Outstanding at beginning of period | 104,124 | |||
Granted | 49,510 | |||
Expired | -31,081 | |||
Exercised | -111,289 | |||
Forfeited | -11,264 | |||
Outstanding at end of period | - | |||
Exercisable at end of period | - | |||
The following table shows the assumptions used in the Monte Carlo simulation to calculate the fair value of the management performance shares granted during the period: | ||||
$ in millions | Year ended December 31, 2011 | |||
Expected volatility | 24.00% | |||
Weighted-average expected volatility | 24.00% | |||
Expected life (years) | 3 | |||
Expected dividends | 5.00% | |||
Weighted-average expected dividends | 5.00% | |||
Risk-free interest rate | 1.20% | |||
The following table reflects information about management performance share activity during the period (note that there is no management performance share activity after November 27, 2011 as a result of the Merger): | ||||
$ in millions | Year ended December 31, 2011 | |||
Weighted-average grant date fair value of management performance shares granted during the period | $ | 1.3 | ||
Intrinsic value of management performance shares exercised during the period | $ | 3.3 | ||
Proceeds from management performance shares exercised during the period | $ | - | ||
Excess tax benefit from proceeds of management performance shares exercised | $ | - | ||
Fair value of management performance shares that vested during the period | $ | 2.7 | ||
Unrecognized compensation expense | $ | - | ||
Weighted-average period to recognize compensation expense (in years) | - | |||
Redeemable_Preferred_Stock
Redeemable Preferred Stock | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Redeemable Preferred Stock | ' | |||||||||||||||
Note 13 – Redeemable Preferred Stock | ||||||||||||||||
DP&L has $100 par value preferred stock, 4,000,000 shares authorized, of which 228,508 were outstanding as of December 31, 2013. DP&L also has $25 par value preferred stock, 4,000,000 shares authorized, none of which was outstanding as of December 31, 2013. The table below details the preferred shares outstanding at December 31, 2013: | ||||||||||||||||
December 31, 2013 and 2012 | Carrying Value (a) | |||||||||||||||
($ in millions) | ||||||||||||||||
Preferred | Redemption price | Shares | 31-Dec-13 | 31-Dec-12 | ||||||||||||
Stock | ($ per share) | Outstanding | ||||||||||||||
Rate | ||||||||||||||||
DP&L Series A | 3.75% | $ | 102.50 | 93,280 | $ | 7.4 | $ | 7.4 | ||||||||
DP&L Series B | 3.75% | $ | 103.00 | 69,398 | 5.6 | 5.6 | ||||||||||
DP&L Series C | 3.90% | $ | 101.00 | 65,830 | 5.4 | 5.4 | ||||||||||
Total | 228,508 | $ | 18.4 | $ | 18.4 | |||||||||||
(a)Carrying value is fair value at Merger date. | ||||||||||||||||
The DP&L preferred stock may be redeemed at DP&L’s option as determined by its Board of Directors at the per-share redemption prices indicated above, plus cumulative accrued dividends. In addition, DP&L’s Amended Articles of Incorporation contain provisions that permit preferred stockholders to elect members of the Board of Directors in the event that cumulative dividends on the preferred stock are in arrears in an aggregate amount equivalent to at least four full quarterly dividends. Since this potential redemption-triggering event is not solely within the control of DP&L, the preferred stock is presented on the Concolidated Balance Sheets as “Redeemable Preferred Stock” in a manner consistent with temporary equity. | ||||||||||||||||
As long as any DP&L preferred stock is outstanding, DP&L’s Amended Articles of Incorporation also contain provisions restricting the payment of cash dividends on any of its common stock if, after giving effect to such dividend, the aggregate of all such dividends distributed subsequent to December 31, 1946 exceeds the net income of DP&L available for dividends on its common stock subsequent to December 31, 1946, plus $1.2 million. This dividend restriction has historically not affected DP&L’s ability to pay cash dividends and, as of December 31, 2013, DP&L’s retained earnings of $426.8 million were all available for common stock dividends payable to DPL. We do not expect this restriction to have an effect on the payment of cash dividends in the future. DPL records dividends on preferred stock of DP&L within Interest expense on the Statements of Results of Operations. | ||||||||||||||||
DP&L [Member] | ' | |||||||||||||||
Redeemable Preferred Stock | ' | |||||||||||||||
Note 12 – Redeemable Preferred Stock | ||||||||||||||||
DP&L has $100 par value preferred stock, 4,000,000 shares authorized, of which 228,508 were outstanding as of December 31, 2013. DP&L also has $25 par value preferred stock, 4,000,000 shares authorized, none of which was outstanding as of December 31, 2013. The table below details the preferred shares outstanding at December 31, 2013 and 2012: | ||||||||||||||||
December 31, 2013 and 2012 | Par Value | |||||||||||||||
($ in millions) | ||||||||||||||||
$ in millions except per share amounts | Preferred | Redemption price | Shares | 31-Dec-13 | 31-Dec-12 | |||||||||||
Stock | ($ per share) | Outstanding | ||||||||||||||
Rate | ||||||||||||||||
DP&L Series A | 3.75% | $ | 102.50 | 93,280 | $ | 9.3 | $ | 9.3 | ||||||||
DP&L Series B | 3.75% | $ | 103.00 | 69,398 | 7.0 | 7.0 | ||||||||||
DP&L Series C | 3.90% | $ | 101.00 | 65,830 | 6.6 | 6.6 | ||||||||||
Total | 228,508 | $ | 22.9 | $ | 22.9 | |||||||||||
The DP&L preferred stock may be redeemed at DP&L’s option as determined by its Board of Directors at the per-share redemption prices indicated above, plus cumulative accrued dividends. In addition, DP&L’s Amended Articles of Incorporation contain provisions that permit preferred stockholders to elect members of the Board of Directors in the event that cumulative dividends on the preferred stock are in arrears in an aggregate amount equivalent to at least four full quarterly dividends. Since this potential redemption-triggering event is not solely within the control of DP&L, the preferred stock is presented on the Balance Sheets as “Redeemable Preferred Stock” in a manner consistent with temporary equity. | ||||||||||||||||
As long as any DP&L preferred stock is outstanding, DP&L’s Amended Articles of Incorporation also contain provisions restricting the payment of cash dividends on any of its common stock if, after giving effect to such dividend, the aggregate of all such dividends distributed subsequent to December 31, 1946 exceeds the net income of DP&L available for dividends on its common stock subsequent to December 31, 1946, plus $1.2 million. This dividend restriction has historically not impacted DP&L’s ability to pay cash dividends and, as of December 31, 2013, DP&L’s retained earnings of $426.8 million were all available for common stock dividends payable to DPL. We do not expect this restriction to have an effect on the payment of cash dividends in the future. | ||||||||||||||||
Common_Shareholders_Equity
Common Shareholders' Equity | 12 Months Ended |
Dec. 31, 2013 | |
Common Shareholders' Equity | ' |
Note 14 – Common Shareholders’ Equity | |
Effective on the Merger date, DPL adopted Amended Articles of Incorporation providing for 1,500 authorized common shares, of which one share is outstanding at December 31, 2013. | |
On October 27, 2010, the DPL Board of Directors approved a new Stock Repurchase Program that permitted DPL to repurchase up to $200 million of its common stock from time to time in the open market, through private transactions or otherwise. This 2010 Stock Repurchase Program was scheduled to run through December 31, 2013, but was suspended in connection with the Merger. See Note 2 for further discussion. | |
On October 28, 2009, the DPL Board of Directors approved a Stock Repurchase Program that permitted DPL to use proceeds from the exercise of DPL warrants by warrant holders to repurchase other outstanding DPL warrants or its common stock from time to time in the open market, through private transactions or otherwise. This 2009 Stock Repurchase Program was scheduled to run through June 30, 2012, but was suspended in connection with the Merger. See Note 2 for further discussion. In June 2011, 0.7 million warrants were exercised with proceeds of $14.7 million. Since the Stock Repurchase Program was suspended, the proceeds from the June 2011 exercise of warrants were not used to repurchase stock. | |
As a result of the Merger involving DPL and AES, the outstanding shares of DPL common stock were converted into the right to receive merger consideration of $30.00 per share. When the remaining warrants were exercised in March 2012, DPL paid the warrant holders an amount equal to $9.00 per warrant, which is the difference between the merger consideration of $30.00 per share of DPL common stock and the exercise price of $21.00 per share. This amount was previously recorded as a $9.0 million liability at the Merger date. At December 31, 2011, DPL had 1.0 million outstanding warrants which were exercised in March 2012. | |
Rights Agreement | |
DPL’s Rights Agreement, dated as of September 25, 2001, with Computershare Trust Company, N.A. (the “Rights Agreement”) expired in December 2011. The Rights Agreement attached one right to each common share outstanding at the close of business on December 31, 2001. The rights were separate from the common shares and had been exercisable at the exercise price of $130 per right in the event of certain attempted business combinations. | |
The Rights Agreement was amended as of April 19, 2011, to provide that neither the execution of the Merger agreement nor the consummation of the transactions contemplated by the Merger agreement would trigger the provisions of the Rights Agreement. | |
ESOP | |
During October 1992, our Board of Directors approved the formation of a Company-sponsored ESOP to fund matching contributions to DP&L’s 401(k) retirement savings plan and certain other payments to eligible full-time employees. ESOP shares used to fund matching contributions to DP&L’s 401(k) vested after either two or three years of service in accordance with the match formula effective for the respective plan match year; other compensation shares awarded vested immediately. In 1992, the ESOP Plan entered into a $90 million loan agreement with DPL in order to purchase shares of DPL common stock in the open market. The leveraged ESOP was funded by an exempt loan, which was secured by the ESOP shares. As debt service payments were made on the loan, shares were released on a pro rata basis. The term loan agreement provided for principal and interest on the loan to be paid prior to October 9, 2007, with the right to extend the loan for an additional ten years. In 2007, the maturity date was extended to October 7, 2017. Effective January 1, 2009, the interest on the loan was amended to a fixed rate of 2.06%, payable annually. Dividends received by the ESOP were used to repay the principal and interest on the ESOP loan to DPL. Dividends on the allocated shares were charged to retained earnings and the share value of these dividends was allocated to participants. | |
During December 2011, the ESOP Plan was terminated and participant balances were transferred to one of the two DP&L sponsored defined contribution 401(k) plans. On December 5, 2011, the ESOP Trust paid the total outstanding principal and interest of $68 million on the loan with DPL using the merger proceeds from DPL common stock held within the ESOP suspense account. | |
Compensation expense recorded, based on the fair value of the shares committed to be released, amounted to zero from November 28, 2011 through December 31, 2011 and forward (successor), and $4.8 million from January 1, 2011 through November 27, 2011 (predecessor). | |
DP&L [Member] | ' |
Common Shareholders' Equity | ' |
Note 13 – Common Shareholders’ Equity | |
DP&L has 250,000,000 authorized common shares, of which 41,172,173 are outstanding at December 31, 2013. 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. | |
Earnings_Per_Share
Earnings Per Share | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
EPS [Abstract] | ' | |||||||||
EPS | ' | |||||||||
Note 15 – Earnings Per Share | ||||||||||
Basic EPS is based on the weighted-average number of DPL common shares outstanding during the year. Diluted EPS is based on the weighted-average number of DPL common and common-equivalent shares outstanding during the year, except in periods where the inclusion of such common-equivalent shares is anti-dilutive. Excluded from outstanding shares for these weighted-average computations are shares held by DP&L’s Master Trust Plan for deferred compensation and unreleased shares held by DPL’s ESOP. | ||||||||||
The common-equivalent shares excluded from the calculation of diluted EPS, because they were anti-dilutive, were not material for the period January 1, 2011, through November 27, 2011. Effective at the Merger date, DPL is an indirectly wholly-owned subsidiary of AES and earnings per share information is no longer required. | ||||||||||
The following shows the reconciliation of the numerators and denominators of the basic and diluted EPS computations: | ||||||||||
January 1, 2011 through November 27, 2011 | ||||||||||
$ and shares in millions except per share amounts | Income | Shares | Per Share | |||||||
Basic EPS | $ | 150.5 | 114.5 | $ | ||||||
1.31 | ||||||||||
Effect of Dilutive Securities: | ||||||||||
Warrants | 0.4 | |||||||||
Stock options, performance and restricted shares | 0.2 | |||||||||
Diluted EPS | $ | 150.5 | 115.1 | $ | ||||||
1.31 | ||||||||||
Contractual_Obligations_Commer
Contractual Obligations, Commercial Commitments and Contingencies | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Contractual Obligations, Commercial Commitments And Contingencies | ' | |||||||||||||||
Note16 – Contractual Obligations, Commercial Commitments and Contingencies | ||||||||||||||||
DPL – Guarantees | ||||||||||||||||
In the normal course of business, DPL enters into various agreements with its wholly-owned subsidiaries, DPLE and DPLER and its 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 December 31, 2013, DPL had $25.9 million of guarantees to third parties for future financial or performance assurance under such agreements, including $25.6 million of guarantees on behalf of DPLE and DPLER and $0.3 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 within a certain time to the beneficiaries. The carrying amount of obligations for commercial transactions covered by these guarantees and recorded in our Consolidated Balance Sheets was $0.2 million and $0.0 million at December 31, 2013 and 2012, respectively. | ||||||||||||||||
To date, DPL has not incurred any losses related to the guarantees of DPLE’s, DPLER’s and 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 of DPLE’s, DPLER’s and MC Squared’s obligations. | ||||||||||||||||
Equity Ownership Interest | ||||||||||||||||
DP&L has a 4.9% equity ownership interest in an electric generation company which is recorded using the cost method of accounting under GAAP. As of December 31, 2013, DP&L could be responsible for the repayment of 4.9%, or $76.4 million, of a $1,558.4 million debt obligation comprised of both fixed and variable rate securities with maturities between 2014 and 2040. This would only happen if this electric generation company defaulted on its debt payments. At December 31, 2013, we have no knowledge of such a default. | ||||||||||||||||
Contractual Obligations and Commercial Commitments | ||||||||||||||||
We enter into various contractual obligations and other commercial commitments that may affect the liquidity of our operations. At December 31, 2013, these include: | ||||||||||||||||
Payments due in: | ||||||||||||||||
$ in millions | Total | Less than | 3-Feb | 5-Apr | More than | |||||||||||
1 year | years | years | 5 years | |||||||||||||
DPL: | ||||||||||||||||
Long-term debt | $ | 2,298.4 | $ | 10.2 | $ | 955.2 | $ | 100.2 | $ | 1,232.8 | ||||||
Interest payments | 944.0 | 114.9 | 229.5 | 151.5 | 448.1 | |||||||||||
Pension and postretirement payments | 264.2 | 27.2 | 51.9 | 52.3 | 132.8 | |||||||||||
Operating leases | 0.6 | 0.4 | 0.2 | - | - | |||||||||||
Coal contracts (a) | 625.6 | 216.5 | 270.3 | 138.8 | - | |||||||||||
Limestone contracts (a) | 24.4 | 6.1 | 12.2 | 6.1 | - | |||||||||||
Purchase orders and other contractual obligations | 85.6 | 48.8 | 18.7 | 18.1 | - | |||||||||||
Total contractual obligations | $ | 4,242.8 | $ | 424.1 | $ | 1,538.0 | $ | 467.0 | $ | 1,813.7 | ||||||
(a)Total at DP&L operated units. | ||||||||||||||||
Long-term debt: | ||||||||||||||||
DPL’s long-term debt as of December 31, 2013, consists of DPL’s unsecured notes and unsecured term loan, along with DP&L’s first mortgage bonds, tax-exempt pollution control bonds, capital leases, and the WPAFB note. These long-term debt amounts include current maturities but exclude unamortized debt discounts, premiums and fair value adjustments. | ||||||||||||||||
See Note 7 for additional information. | ||||||||||||||||
Interest payments: | ||||||||||||||||
Interest payments are associated with the long-term debt described above. The interest payments relating to variable-rate debt are projected using the interest rate prevailing at December 31, 2013. | ||||||||||||||||
Pension and postemployment payments: | ||||||||||||||||
As of December 31, 2013, DPL, through its principal subsidiary DP&L, had estimated future benefit payments as outlined in Note 9. These estimated future benefit payments are projected through 2023. | ||||||||||||||||
Capital leases: | ||||||||||||||||
As of December 31, 2013, DPL, through its principal subsidiary DP&L, has one immaterial capital lease that expires in 2014. | ||||||||||||||||
Operating leases: | ||||||||||||||||
As of December 31, 2013, DPL, through its principal subsidiary DP&L, had several immaterial operating leases with various terms and expiration dates. | ||||||||||||||||
Coal contracts: | ||||||||||||||||
DPL, through its principal subsidiary DP&L, has entered into various long-term coal contracts to supply the coal requirements for the generating stations it operates. Some contract prices are subject to periodic adjustment and have features that limit price escalation in any given year. | ||||||||||||||||
Limestone contracts: | ||||||||||||||||
DPL, through its principal subsidiary DP&L, has entered into various limestone contracts to supply limestone used in the operation of FGD equipment at its generating facilities. | ||||||||||||||||
Purchase orders and other contractual obligations: | ||||||||||||||||
As of December 31, 2013, DPL had various other contractual obligations including non-cancelable contracts to purchase goods and services with various terms and expiration dates. | ||||||||||||||||
Reserve for uncertain tax positions: | ||||||||||||||||
Due to the uncertainty regarding the timing of future cash outflows associated with our unrecognized tax benefits of $8.8 million at December 31, 2013, we are unable to make a reliable estimate of the periods of cash settlement with the respective tax authorities and have not included such amounts in the contractual obligations table above. | ||||||||||||||||
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 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, including the matters discussed below, and to comply with applicable laws and regulations, will not exceed the amounts reflected in our Consolidated Financial Statements. As such, costs, if any, that may be incurred in excess of those amounts provided as of December 31, 2013, 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 State Implementation Plans) 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 Clean Water Act, which prohibits 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 to comply, or to determine compliance, with such regulations. We record liabilities for loss contingencies related to environmental matters when a loss is probable of occurring and can be reasonably estimated in accordance with the provisions of GAAP. Accordingly, we have accruals for loss contingencies of approximately $1.1 million for environmental matters. We also have a number of environmental matters for which we have not accrued loss contingencies because the risk of loss is not probable of 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 coal-fired generation units. Some of these matters could have material adverse impacts on the operation of the power stations; especially the stations that do not have SCR and FGD equipment installed to further control certain emissions. Currently, the coal-fired generation unit Beckjord Unit 6, in which DP&L has a 50% ownership interest, does not have such emission-control equipment installed. This unit is scheduled to be deactivated on June 1, 2015. DPL valued Beckjord Unit 6 at zero at the Merger date. DP&L is depreciating Unit 6 through December 2014 and does not believe that any additional accruals or impairment charges are needed as a result of this decision. | ||||||||||||||||
DP&L deactivated the coal units at Hutchings Station in September 2013 as part of a settlement with the USEPA discussed in more detail below. | ||||||||||||||||
Environmental Matters Related to Air Quality | ||||||||||||||||
Clean Air Act Compliance | ||||||||||||||||
In 1990, the federal government amended the CAA to further regulate air pollution. Under the CAA, the USEPA sets limits on how much of a pollutant can be in the ambient air anywhere in the United States. The CAA allows individual states to have stronger pollution controls than those set under the CAA, but states are not allowed to have weaker pollution controls than those set for the whole country. The CAA has a material effect on our operations and such effects are detailed below with respect to certain programs under the CAA. | ||||||||||||||||
Clean Air Interstate Rule/Cross-State Air Pollution Rule | ||||||||||||||||
The USEPA promulgated the “Clean Air Interstate Rule” (CAIR) on March 10, 2005, which required allowance surrender for SO2 and NOx emissions from existing power stations located in 27 eastern states and the District of Columbia. CAIR contemplated two implementation phases. The first phase began in 2009 and 2010 for NOx and SO2, respectively. A second phase with additional allowance surrender obligations for both air emissions is scheduled to begin in 2015. To implement the required emission reductions for this rule, the states were to establish emission-allowance-based “cap-and-trade” programs. CAIR was subsequently challenged in federal court, and on July 11, 2008, the United States Court of Appeals for the D.C. Circuit issued an opinion striking down much of CAIR and remanding it to the USEPA. | ||||||||||||||||
In response to the D.C. Circuit's opinion, on July 7, 2011, the USEPA the Cross-State Air Pollution Rule (CSAPR). Starting in 2012, CSAPR would have required significant reductions in SO2 and NOx emissions from covered sources, such as power stations in 28 eastern states. Once fully implemented in 2014, the rule would have required additional SO2 emission reductions of 73% and additional NOx reductions of 54% from 2005 levels. Many states, utilities and other affected parties filed petitions for review, challenging the CSAPR before the U.S. Court of Appeals for the District of Columbia. On August 21, 2012, a three-judge panel of the D.C. Circuit Court vacated CSAPR, ruling that the USEPA overstepped its regulatory authority by requiring states to make reductions beyond the levels required in the CAA and failed to provide states an initial opportunity to adopt their own measures for achieving federal compliance. As a result of this ruling, the surviving provisions of CAIR are to continue to serve as the governing program until the USEPA takes further action or the U.S. Congress intervenes. On October 5, 2012, the USEPA, several states and cities, as well as environmental and health organizations, filed petitions with the D.C. Circuit Court requesting a rehearing by all of the judges of the D.C. Circuit Court of the case pursuant to which the three-judge panel ruled that CSAPR be vacated, which were denied. On June 24, 2013, the U.S. Supreme Court agreed to review the D.C. Circuit Court’s decision to vacate CSAPR and heard oral arguments in the matter on December 10, 2013. Currently, CAIR remains in effect. If CSAPR were to be reinstated in its current form, we do not expect any material capital costs for DP&L’s stations, assuming Beckjord unit 6 will not operate on coal in 2015 due to implementation of the Mercury and Air Toxics Standards (MATS). If the USEPA issues a replacement interstate transport rule addressing the D.C. Circuit Court’s ruling, we believe companies will have three years or more before they would be required to comply with a replacement rule. At this time, it is not possible to predict the details of such a replacement transport rule or what impacts it may have on our consolidated financial condition, results of operations or cash flows. | ||||||||||||||||
Mercury and Other Hazardous Air Pollutants | ||||||||||||||||
On May 3, 2011, the USEPA published proposed Maximum Achievable Control Technology (MACT) standards for coal- and oil-fired electric generating units. The standards include new requirements for emissions of mercury and a number of other heavy metals. The USEPA Administrator signed the final rule, now called MATS, on December 16, 2011, and the rule was published in the Federal Register on February 16, 2012. Our affected EGUs must come into compliance with the new requirements by April 16, 2015, but may be granted an additional year to become compliant contingent on Ohio EPA approval. DP&L is evaluating the costs that may be incurred to comply with the new requirement; however, MATS could have a material adverse effect on our results of operations and result in material compliance costs. | ||||||||||||||||
On January 31, 2013, the USEPA finalized a rule regulating emissions of toxic air pollutants from new and existing industrial, commercial and institutional boilers and process heaters at major and area source facilities. This regulation affects seven auxiliary boilers used for start-up purposes at DP&L’s generation facilities. The regulation contains emissions limitations, operating limitations and other requirements. DP&L expects to be in compliance with this rule and the costs are not currently expected to be material to DP&L’s operations. | ||||||||||||||||
National Ambient Air Quality Standards | ||||||||||||||||
On January 5, 2005, the USEPA published its final non-attainment designations for the National Ambient Air Quality Standard (NAAQS) for Fine Particulate Matter 2.5 (PM 2.5). These designations included counties and partial counties in which DP&L operates and/or owns generating facilities. On December 31, 2012, the USEPA redesignated Adams County, where Stuart and Killen are located, to attainment status. On December 14, 2012, the USEPA tightened the PM 2.5 standard to 12.0 micrograms per cubic meter. This will begin a process of redesignations during 2014, including in counties where we have generating stations. We cannot predict the effect the revisions to the PM 2.5 standard will have on DP&L’s financial condition or results of operations. | ||||||||||||||||
The USEPA published the national ground level ozone standard on March 12, 2008, lowering the 8-hour level from 0.08 ppm to 0.075 ppm, which was upheld by the U.S. Circuit Court of Appeals in July 2013. No DP&L operations are currently located in non-attainment areas. The USEPA was expected to review the ozone NAAQS in 2013 but delayed such a review. Certain environmental groups have sued the USEPA in federal district court to force the USEPA to set a September 30, 2014 deadline for such review. It is generally expected that any revised standard resulting from such review would be more stringent than the current 0.075 ppm standard. In addition, in December 2013, eight northeastern states petitioned the USEPA to add nine upwind states, including Ohio, to the Ozone Transport Region, a group of states required to impose enhanced restrictions on ozone emissions. If the petition is granted, our facilities could be subject to such enhanced requirements. | ||||||||||||||||
Effective April 12, 2010, the USEPA implemented revisions to its primary NAAQS for nitrogen dioxide. This change may affect certain emission sources in heavy traffic areas like the I-75 corridor between Cincinnati and Dayton after 2016. Several of our facilities or co-owned facilities are within this area. DP&L cannot determine the effect of this potential change, if any, on its operations. | ||||||||||||||||
Effective August 23, 2010, the USEPA implemented revisions to its primary NAAQS for SO2 replacing the current 24-hour standard and annual standard with a one-hour standard. DP&L cannot determine the effect of this potential change, if any, on its operations. Initial non-attainment designations were made July 25, 2013. Non-attainment areas will be required to meet the new standard by October 2018. | ||||||||||||||||
On May 5, 2004, the USEPA issued its proposed regional haze rule, which addresses how states should determine the Best Available Retrofit Technology (BART) for sources covered under the regional haze rule. Final rules were published July 6, 2005, providing states with several options for determining whether sources in the state should be subject to BART. Numerous units owned and operated by us will be affected by BART. We cannot determine the extent of the impact until Ohio determines how BART will be implemented. | ||||||||||||||||
Carbon Dioxide and Other Greenhouse Gas Emissions | ||||||||||||||||
In response to a U.S. Supreme Court decision that the USEPA has the authority to regulate GHG emissions from motor vehicles, the USEPA made a finding that CO2 and certain other GHGs are pollutants under the CAA. Subsequently, under the CAA, the USEPA determined that CO2 and other GHGs from motor vehicles threaten the health and welfare of future generations by contributing to climate change. This finding became effective in January 2010. Numerous affected parties have petitioned the USEPA Administrator to reconsider this decision. On April 1, 2010, the USEPA signed the “Light-Duty Vehicle Greenhouse Gas Emission Standards and Corporate Average Fuel Economy Standards” rule. Under the USEPA’s view, this is the final action that renders CO2 and certain other GHGs “regulated air pollutants” under the CAA. | ||||||||||||||||
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 sets forth criteria for determining which facilities are required to obtain permits for their GHG emissions pursuant to the CAA Prevention of Significant Deterioration and Title V operating permit programs. Under the Tailoring Rule, permitting requirements are being phased in through successive steps that may expand the scope of covered sources over time. The USEPA has issued guidance on what the best available control technology entails for the control of GHGs; and individual states are required to determine what controls are required for facilities on a case-by-case basis. Various industry groups and states petitioned the U.S. Supreme Court to review the D.C. Circuit Court’s recent decision to uphold the USEPA’s endangerment finding, its April 2010 GHG rule and the Tailoring Rule. On October 15, 2013, the U.S. Supreme Court agreed to review several related cases addressing the USEPA’s authority to issue GHG Prevention of Significant Deterioration permits under Section 165 of the CAA. We cannot predict the outcome of this review. The ultimate impact of the Tailoring Rule to DP&L cannot be determined at this time, but the cost of compliance could be material. | ||||||||||||||||
On September 20, 2013, the USEPA proposed revised GHG New Source Performance Standards for new electric generating units (EGUs) under CAA subsection 111(b), which would require new EGUs to limit the amount of CO2 emitted per megawatt-hour. The proposal anticipates that affected coal-fired units would need to rely upon partial implementation of carbon capture and storage or other expensive CO2 emission control technology to meet the standard. Furthermore, President Obama directed the USEPA to propose new standards, regulations, or guidelines, as appropriate, to address GHG emissions from existing EGUs under CAA subsection 111(d) by June 1, 2014, and finalize them by June 1, 2015. These latter rules may focus on energy efficiency improvements at power stations. We cannot predict the effect of these proposed or forthcoming standards 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. | ||||||||||||||||
Litigation, Notices of Violation and Other Matters Related to Air Quality | ||||||||||||||||
Litigation Involving Co-Owned Stations | ||||||||||||||||
On June 20, 2011, the U.S. Supreme Court ruled that the USEPA’s regulation of GHGs under the CAA displaced any right that plaintiffs may have had to seek similar regulation through federal common law litigation in the court system. Although we are not named as a party to these lawsuits, DP&L is a co-owner of coal-fired stations with Duke Energy and AEP (or their subsidiaries) that could have been affected by the outcome of these lawsuits or similar suits that may have been filed against other electric power companies, including DP&L. Because the issue was not squarely before it, the U.S. Supreme Court did not rule against the portion of plaintiffs’ original suits that sought relief under state law. | ||||||||||||||||
As a result of a 2008 consent decree entered into with the Sierra Club and approved by the U.S. District Court for the Southern District of Ohio, DP&L and the other owners of the Stuart generating station are subject to certain specified emission targets related to NOx, SO2 and particulate matter. The consent decree also includes commitments for energy efficiency and renewable energy activities. An amendment to the consent decree was entered into and approved in 2010 to clarify how emissions would be computed during malfunctions. Continued compliance with the consent decree, as amended, is not expected to have a material effect on DP&L’s results of operations, financial condition or cash flows in the future. | ||||||||||||||||
Notices of Violation Involving Co-Owned Units | ||||||||||||||||
In November 1999, the USEPA filed civil complaints and NOVs against operators and owners of certain generation facilities for alleged violations of the CAA. Generation units operated by Duke Energy (Beckjord Unit 6) and AEP Generation (Conesville Unit 4) and co-owned by DP&L were referenced in these actions. The Conesville complaint was resolved in 2007 as part of a larger settlement with the USEPA. Conesville was required to install FGD and SCR at the unit by the end of 2010, and those retrofits have been completed. The Beckjord complaint was also resolved through litigation. There were no penalties or settlement agreements that affected Beckjord 6. | ||||||||||||||||
In June 2000, the USEPA issued an NOV to the DP&L-operated Stuart generating station (co-owned by DP&L, Duke Energy and AEP Generation) for alleged violations of the CAA. The NOV contained allegations consistent with NOVs and complaints that the USEPA had brought against numerous other coal-fired utilities in the Midwest. The NOV indicated the USEPA may: (1) issue an order requiring compliance with the requirements of the Ohio SIP; or (2) bring a civil action seeking injunctive relief and civil penalties of up to $27,500 per day for each violation. To date, neither action has been taken. DP&L cannot predict the outcome of this matter. | ||||||||||||||||
In December 2007, the Ohio EPA issued an NOV to the DP&L-operated Killen generating station (co-owned by DP&L and Duke Energy) for alleged violations of the CAA. The NOV alleged deficiencies in the continuous monitoring of opacity. We submitted a compliance plan to the Ohio EPA on December 19, 2007. To date, no further actions have been taken by the Ohio EPA. | ||||||||||||||||
On March 13, 2008, Duke Energy, the operator of the Zimmer generating station, received an NOV and a Finding of Violation (FOV) from the USEPA alleging violations of the CAA, the Ohio State Implementation Program (SIP) and permits for the Station in areas including SO2, opacity and increased heat input. A second NOV and FOV with similar allegations was issued on November 4, 2010. Also in 2010, the USEPA issued an NOV to Zimmer for excess emissions. DP&L is a co-owner of the Zimmer generating station and could be affected by the eventual resolution of these matters. Duke Energy is expected to act on behalf of itself and the co-owners with respect to these matters. DP&L is unable to predict the outcome of these matters. | ||||||||||||||||
Notices of Violation Involving Wholly-Owned Stations | ||||||||||||||||
In 2007, the Ohio EPA and the USEPA issued NOVs to DP&L for alleged violations of the CAA at the Hutchings Station. The NOVs’ alleged deficiencies relate to stack opacity and particulate emissions. On November 18, 2009, the USEPA issued an NOV to DP&L for alleged NSR violations of the CAA at the Hutchings Station relating to capital projects performed in 2001 involving Unit 3 and Unit 6. DP&L does not believe that the two projects described in the NOV were modifications subject to NSR. As a result of the cessation of operations at the Hutchings Station discussed in the next paragraph, DP&L believes that the USEPA is unlikely to pursue the NSR complaint. | ||||||||||||||||
As part of a settlement with the USEPA, DP&L signed a Consent Agreement and Final Order (CAFO) that was filed on September 26, 2013 and an Administrative Consent Agreement. Together, these two agreements resolved the opacity and particulate emissions NOV at the Hutchings Station and required that all six coal-fired units at Hutchings cease operating on coal by September 30, 2013, and included an immaterial penalty and the completion of a Supplemental Environmental Project of $0.2 million within one year. The units were disabled for coal operations prior to September 30, 2013. | ||||||||||||||||
DP&L also resolved all issues associated with the Ohio EPA NOV through a settlement signed October 4, 2013. The settlement included the payment of an immaterial penalty. | ||||||||||||||||
Environmental Matters Related to Water Quality, Waste Disposal and Ash Ponds | ||||||||||||||||
Clean Water Act – Regulation of Water Intake | ||||||||||||||||
On July 9, 2004, the USEPA issued final rules pursuant to the Clean Water Act governing existing facilities that have cooling water intake structures. The rules required an assessment of impingement and/or entrainment of organisms as a result of cooling water withdrawal. A number of parties appealed the rules. In April 2009, the U.S. Supreme Court ruled that the USEPA did have the authority to compare costs with benefits in determining best technology available. The USEPA released new proposed regulations on March 28, 2011, which were published in the Federal Register on April 20, 2011. We submitted comments to the proposed regulations on August 17, 2011. The USEPA is required pursuant to a settlement agreement to issue a final rule by April 17, 2014. We do not yet know the impact the final rules will have on our operations. | ||||||||||||||||
Clean Water Act – Regulation of Water Discharge | ||||||||||||||||
In December 2006, DP&L submitted a renewal application for the Stuart Station NPDES permit that was due to expire on June 30, 2007. The Ohio EPA issued a revised draft permit that was received on November 12, 2008. In September 2010, the USEPA formally objected to the November 12, 2008 revised permit due to questions regarding the basis for the alternate thermal limitation. At DP&L’s request, a public hearing was held on March 23, 2011, where DP&L presented its position on the issue and provided written comments. In a letter to the Ohio EPA dated September 28, 2011, the USEPA reaffirmed its objection to the revised permit as previously drafted by the Ohio EPA. This reaffirmation stipulated that if the Ohio EPA did not re-draft the permit to address the USEPA’s objection, then the authority for issuing the permit would pass to the USEPA. The Ohio EPA issued another draft permit in December 2011 and a public hearing was held on February 2, 2012. | ||||||||||||||||
The draft permit required DP&L, over the 54 months following issuance of a final permit, to take undefined actions to lower the temperature of its discharged water to a level unachievable by the station under its current design or alternatively make other significant modifications to the cooling water system. DP&L submitted comments to the draft permit. In November 2012, the Ohio EPA issued another draft which included a compliance schedule for performing a study to justify an alternate thermal limitation and to which DP&L submitted comments. In December 2012, the USEPA formally withdrew their objection to the permit. On January 7, 2013, the Ohio EPA issued a final permit. On February 1, 2013, DP&L appealed various aspects of the final permit to the Environmental Review Appeals Commission. Depending on the outcome of the appeal process, the effects could be material on DP&L’s operations. | ||||||||||||||||
In September 2009, the USEPA announced that it would be revising technology-based regulations governing water discharges from steam electric generating facilities. The rulemaking included the collection of information via an industry-wide questionnaire as well as targeted water sampling efforts at selected facilities. Subsequent to the information collection effort, it was anticipated that the USEPA would release a proposed rule by mid-2012 with a final regulation in place by early 2014. The proposed rule was released on June 7, 2013, with a deadline for a final rule on May 22, 2014, though such final rule’s issuance is expected to be delayed. At present, DP&L is unable to predict the impact this rulemaking will have on its operations. | ||||||||||||||||
In August 2012, DP&L submitted an application for the renewal of the Killen Station NPDES permit which expired in January 2013. At present, the outcome of this proceeding is not known. | ||||||||||||||||
In January 2014, DP&L submitted an application for the renewal of the Hutchings Station NPDES permit which expires in July 2014. At present, the outcome of this proceeding is not known. | ||||||||||||||||
In April 2012, DP&L received an NOV related to the construction of the Carter Hollow landfill at the Stuart Station. The NOV indicated that construction activities caused sediment to flow into downstream creeks. In addition, the U.S. Army Corps of Engineers issued a Cease and Desist order followed by a notice suspending the previously issued Corps permit authorizing work associated with the landfill. DP&L installed sedimentation ponds as part of the runoff control measures to address this issue and worked with the various agencies to resolve their concerns. DP&L signed an Administrative Order from the USEPA on May 30, 2013. A final Consent Agreement and Final Order was executed on July 8, 2013, and the previously issued permit was reinstated by the Corps on October 29, 2013. | ||||||||||||||||
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. However, 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. That summary judgment ruling was appealed on March 4, 2013 and the appeal is pending. DP&L is unable to predict the outcome of the appeal. Additionally, the Court’s 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. | ||||||||||||||||
Beginning in mid-2012, the USEPA began investigating whether explosive or other dangerous conditions exist under structures located at or near the South Dayton Dump landfill site. In October 2012, DP&L received a request from the PRP group’s consultant to conduct additional soil and groundwater sampling on DP&L’s service center property. After informal discussions with the USEPA, DP&L complied with this sampling request and the sampling was conducted in February 2013. On February 28, 2013, the plaintiffs group referenced above entered into an Administrative Settlement Agreement Consent Order (ASACO) that establishes procedures for further sub-slab testing under structures at the South Dayton Dump landfill site and remediation of vapor intrusion issues relating to trichloroethylene (TCE), percholorethylene (PCE), and methane. On April 16, 2013, the plaintiffs group filed a new complaint in the United States District Court for the Southern District of Ohio against DP&L and 34 other defendants alleging that they share liability for these costs. DP&L has opposed the allegations that it bears any responsibility under the February 2013 ASACO and will actively oppose any attempt that the plaintiffs group may have to expand the scope of the new complaint to resurrect issues dismissed by the Court in February 2013 under the first complaint. A motion to dismiss portions of this second complaint relating to alleged migration of chemicals from DP&L property to the landfill was denied February 18, 2014, as were motions filed by DP&L and others to dismiss other portions of the complaint that were viewed by defendants as identical to the allegations dismissed in the first complaint proceeding. The Judge found that there were differences in the allegations and is permitting those allegations to proceed.. Limited discovery has been permitted pending resolution of the motion including some depositions of former DP&L employees during 2013 and into 2014. DP&L cannot predict the outcome of this proceeding. | ||||||||||||||||
In December 2003, 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 Tremont City landfill site. Information available to DP&L does not demonstrate that it contributed hazardous substances to the site. While DP&L is unable to predict the outcome of this matter, if DP&L were required to contribute to the clean-up of the site, it could have a material adverse effect on its operations. | ||||||||||||||||
On April 7, 2010, the USEPA published an Advance Notice of Proposed Rulemaking announcing that it is reassessing existing regulations governing the use and distribution in commerce of polychlorinated biphenyls (PCBs). While this reassessment is in the early stages and the USEPA is seeking information from potentially affected parties on how it should proceed, the outcome may have a material effect on DP&L. While the USEPA previously indicated that the official release date for a proposed rule was in April 2013, it has been delayed, likely until late 2014. At present, DP&L is unable to predict the impact this initiative will have on its operations. | ||||||||||||||||
Regulation of Ash Ponds | ||||||||||||||||
In March 2009, the USEPA, through a formal Information Collection Request, collected information on ash pond facilities across the country, including those at Killen and Stuart Stations. Subsequently, the USEPA collected similar information for the Hutchings Station. | ||||||||||||||||
In August 2010, the USEPA conducted an inspection of the Hutchings Station ash ponds. In June 2011, the USEPA issued a final report from the inspection including recommendations relative to the Hutchings Station ash ponds. DP&L is unable to predict whether there will be additional USEPA action relative to DP&L’s proposed plan or the effect on operations that might arise under a different plan. | ||||||||||||||||
In June 2011, the USEPA conducted an inspection of the Killen Station ash ponds. In May 2012, we received a draft report on the inspection. DP&L submitted comments on the draft report in June 2012. On March 14, 2013, DP&L received the final report on the inspection of the Killen Station ash pond inspection from the USEPA which included recommended actions. DP&L has submitted a response with its actions to the USEPA. DP&L is unable to predict the outcome this inspection will have on its operations. | ||||||||||||||||
There has been increasing advocacy to regulate coal combustion byproducts under the Resource Conservation Recovery Act (RCRA). On June 21, 2010, the USEPA published a proposed rule seeking comments on two options under consideration for the regulation of coal combustion byproducts including regulating the material as a hazardous waste under RCRA Subtitle C or as a solid waste under RCRA Subtitle D. Litigation has been filed by several groups seeking a court-ordered deadline for the issuance of a final rule which the USEPA has opposed. On January 29, 2014, the parties to the litigation entered into a consent decree setting forth the USEPA’s obligation to sign, by December 19, 2014, a notice for publication in the Federal Register taking action on the Agency’s proposed Subtitle D option. The decree does not require Subtitle D regulation of coal combustion byproducts – it only requires the Agency to decide by that date whether or not to adopt the Subtitle D option. At present, the timing for a final rule regulating coal combustion byproducts cannot be determined. DP&L is unable to predict the financial effect of this regulation, but if coal combustion byproducts are regulated as hazardous waste, it is expected to have a material adverse effect on its operations. | ||||||||||||||||
Notice of Violation Involving Co-Owned Units | ||||||||||||||||
On September 9, 2011, DP&L received an NOV from the USEPA with respect to its co-owned Stuart generating station based on a compliance evaluation inspection conducted by the USEPA and Ohio EPA in 2009. The notice alleged non-compliance by DP&L with certain provisions of the RCRA, the Clean Water Act NPDES permit program and the station’s storm water pollution prevention plan. The notice requested that DP&L respond with the actions it has subsequently taken or plans to take to remedy the USEPA’s findings and ensure that further violations will not occur. Based on its review of the findings, although there can be no assurance, we believe that the notice will not result in any material effect on DP&L’s results of operations, financial condition or cash flows. | ||||||||||||||||
Legal and Other Matters | ||||||||||||||||
In February 2007, DP&L filed a lawsuit in the United States District Court for Southern District of Ohio against Appalachian Fuels, LLC (“Appalachian”) seeking damages incurred due to Appalachian’s failure to supply approximately 1.5 million tons of coal to two commonly-owned stations under a coal supply agreement, of which approximately 570 thousand tons was DP&L’s share. DP&L obtained replacement coal to meet its needs. Appalachian has denied liability, and is currently in federal bankruptcy proceedings in which DP&L is participating as an unsecured creditor. DP&L is unable to determine the ultimate resolution of this matter. DP&L has not recorded any assets relating to possible recovery of costs in this lawsuit. | ||||||||||||||||
In connection with DP&L and other utilities joining PJM, in 2006, the FERC ordered utilities to eliminate certain charges to implement transitional payments, known as SECA, effective December 1, 2004 through March 31, 2006, subject to refund. Through this proceeding, DP&L was obligated to pay SECA charges to other utilities, but received a net benefit from these transitional payments. A hearing was held and an initial decision was issued in August 2006. A final FERC order on this issue was issued on May 21, 2010 that substantially supports DP&L’s and other utilities’ position that SECA obligations should be paid by parties that used the transmission system during the timeframe stated above. Prior to this final order being issued, DP&L entered into a significant number of bilateral settlement agreements with certain parties to resolve the matter, which by design will be unaffected by the final decision. On July 5, 2012, a Stipulation was executed and filed with the FERC that resolved SECA claims against BP Energy Company (“BP”) and DP&L, AEP (and its subsidiaries) and Exelon Corporation (and its subsidiaries). On October 1, 2012, DP&L received the $14.6 million (including interest income of $1.8 million) from BP and recorded the settlement in the third quarter; at December 31, 2012, there is no remaining balance in other deferred credits related to SECA. | ||||||||||||||||
DP&L [Member] | ' | |||||||||||||||
Contractual Obligations, Commercial Commitments And Contingencies | ' | |||||||||||||||
Note 14 – Contractual Obligations, Commercial Commitments and Contingencies | ||||||||||||||||
DP&L – Equity Ownership Interest | ||||||||||||||||
DP&L has a 4.9% equity ownership interest in an electric generation company which is recorded using the cost method of accounting under GAAP. As of December 31, 2013, DP&L could be responsible for the repayment of 4.9%, or $76.4 million, of a $1,558.4 million debt obligation comprised of both fixed and variable rate securities with maturities between 2014 and 2040. This would only happen if this electric generation company defaulted on its debt payments. As of December 31, 2013, we have no knowledge of such a default. | ||||||||||||||||
Contractual Obligations and Commercial Commitments | ||||||||||||||||
We enter into various contractual obligations and other commercial commitments that may affect the liquidity of our operations. At December 31, 2013, these include: | ||||||||||||||||
Payments due in: | ||||||||||||||||
$ in millions | Total | Less than | 3-Feb | 5-Apr | More than | |||||||||||
1 year | years | years | 5 years | |||||||||||||
DP&L: | ||||||||||||||||
Long-term debt | $ | 877.8 | $ | 0.2 | $ | 445.2 | $ | 0.2 | $ | 432.2 | ||||||
Interest payments | 361.0 | 24.1 | 48.4 | 31.7 | 256.8 | |||||||||||
Pension and postretirement payments | 264.5 | 27.2 | 51.9 | 52.3 | 133.1 | |||||||||||
Operating leases | 0.6 | 0.4 | 0.2 | - | - | |||||||||||
Coal contracts (a) | 625.6 | 216.5 | 270.3 | 138.8 | - | |||||||||||
Limestone contracts (a) | 24.4 | 6.1 | 12.2 | 6.1 | - | |||||||||||
Purchase orders and other contractual obligations | 85.6 | 48.8 | 18.7 | 18.1 | - | |||||||||||
Total contractual obligations | $ | 2,239.5 | $ | 323.3 | $ | 846.9 | $ | 247.2 | $ | 822.1 | ||||||
(a)Total at DP&L operated units. | ||||||||||||||||
Long-term debt: | ||||||||||||||||
DP&L’s long-term debt as of December 31, 2013, consists of first mortgage bonds and tax-exempt pollution control bonds. These long-term debt amounts include current maturities but exclude unamortized debt discounts. | ||||||||||||||||
See Note 6 for additional information. | ||||||||||||||||
Interest payments: | ||||||||||||||||
Interest payments are associated with the long-term debt described above. The interest payments relating to variable-rate debt are projected using the interest rate prevailing at December 31, 2013. | ||||||||||||||||
Pension and postemployment payments: | ||||||||||||||||
As of December 31, 2013, DP&L had estimated future benefit payments as outlined in Note 8. These estimated future benefit payments are projected through 2023. | ||||||||||||||||
Capital leases: | ||||||||||||||||
As of December 31, 2013, DP&L had one immaterial capital lease that expires in 2014. | ||||||||||||||||
Operating leases: | ||||||||||||||||
As of December 31, 2013, DP&L had several immaterial operating leases with various terms and expiration dates. | ||||||||||||||||
Coal contracts: | ||||||||||||||||
DP&L has entered into various long-term coal contracts to supply the coal requirements for the generating stations it operates. Some contract prices are subject to periodic adjustment and have features that limit price escalation in any given year. | ||||||||||||||||
Limestone contracts: | ||||||||||||||||
DP&L has entered into various limestone contracts to supply limestone used in the operation of FGD equipment at its generating facilities. | ||||||||||||||||
Purchase orders and other contractual obligations: | ||||||||||||||||
As of December 31, 2013, DP&L had various other contractual obligations including non-cancelable contracts to purchase goods and services with various terms and expiration dates. | ||||||||||||||||
Reserve for uncertain tax positions: | ||||||||||||||||
Due to the uncertainty regarding the timing of future cash outflows associated with our unrecognized tax benefits of $8.8 million at December 31, 2013, we are unable to make a reliable estimate of the periods of cash settlement with the respective tax authorities and have not included such amounts in the contractual obligations table above. | ||||||||||||||||
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 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, including the matters discussed below, and to comply with applicable laws and regulations, will not exceed the amounts reflected in our Financial Statements. As such, costs, if any, that may be incurred in excess of those amounts provided as of December 31, 2013, 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 State Implementation Plans) 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 Clean Water Act, which prohibits 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 to comply, or to determine compliance, with such regulations. We record liabilities for loss contingencies related to environmental matters when a loss is probable of occurring and can be reasonably estimated in accordance with the provisions of GAAP. Accordingly, we have accruals for loss contingencies of approximately $1.1 million for environmental matters. We also have a number of environmental matters for which we have not accrued loss contingencies because the risk of loss is not probable of 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 coal-fired generation units. Some of these matters could have material adverse impacts on the operation of the power stations; especially the stations that do not have SCR and FGD equipment installed to further control certain emissions. Currently, the coal-fired generation unit Beckjord Unit 6, in which DP&L has a 50% ownership interest, does not have such emission-control equipment installed. This unit is scheduled to be deactivated on June 1, 2015. DPL valued Beckjord Unit 6 at zero at the Merger date. DP&L is depreciating Unit 6 through December 2014 and does not believe that any additional accruals or impairment charges are needed as a result of this decision. | ||||||||||||||||
DP&L deactivated the coal units at Hutchings Station in September 2013 as part of a settlement with the USEPA discussed in more detail below. | ||||||||||||||||
Environmental Matters Related to Air Quality | ||||||||||||||||
Clean Air Act Compliance | ||||||||||||||||
In 1990, the federal government amended the CAA to further regulate air pollution. Under the CAA, the USEPA sets limits on how much of a pollutant can be in the ambient air anywhere in the United States. The CAA allows individual states to have stronger pollution controls than those set under the CAA, but states are not allowed to have weaker pollution controls than those set for the whole country. The CAA has a material effect on our operations and such effects are detailed below with respect to certain programs under the CAA. | ||||||||||||||||
Clean Air Interstate Rule/Cross-State Air Pollution Rule | ||||||||||||||||
The USEPA promulgated the “Clean Air Interstate Rule” (CAIR) on March 10, 2005, which required allowance surrender for SO2 and NOx emissions from existing power stations located in 27 eastern states and the District of Columbia. CAIR contemplated two implementation phases. The first phase began in 2009 and 2010 for NOx and SO2, respectively. A second phase with additional allowance surrender obligations for both air emissions is scheduled to begin in 2015. To implement the required emission reductions for this rule, the states were to establish emission-allowance-based “cap-and-trade” programs. CAIR was subsequently challenged in federal court, and on July 11, 2008, the United States Court of Appeals for the D.C. Circuit issued an opinion striking down much of CAIR and remanding it to the USEPA. | ||||||||||||||||
In response to the D.C. Circuit's opinion, on July 7, 2011, the USEPA the Cross-State Air Pollution Rule (CSAPR). Starting in 2012, CSAPR would have required significant reductions in SO2 and NOx emissions from covered sources, such as power stations in 28 eastern states. Once fully implemented in 2014, the rule would have required additional SO2 emission reductions of 73% and additional NOx reductions of 54% from 2005 levels. Many states, utilities and other affected parties filed petitions for review, challenging the CSAPR before the U.S. Court of Appeals for the District of Columbia. On August 21, 2012, a three-judge panel of the D.C. Circuit Court vacated CSAPR, ruling that the USEPA overstepped its regulatory authority by requiring states to make reductions beyond the levels required in the CAA and failed to provide states an initial opportunity to adopt their own measures for achieving federal compliance. As a result of this ruling, the surviving provisions of CAIR are to continue to serve as the governing program until the USEPA takes further action or the U.S. Congress intervenes. On October 5, 2012, the USEPA, several states and cities, as well as environmental and health organizations, filed petitions with the D.C. Circuit Court requesting a rehearing by all of the judges of the D.C. Circuit Court of the case pursuant to which the three-judge panel ruled that CSAPR be vacated, which were denied. On June 24, 2013, the U.S. Supreme Court agreed to review the D.C. Circuit Court’s decision to vacate CSAPR and heard oral arguments in the matter on December 10, 2013. Currently, CAIR remains in effect. If CSAPR were to be reinstated in its current form, we do not expect any material capital costs for DP&L’s stations, assuming Beckjord unit 6 will not operate on coal in 2015 due to implementation of the Mercury and Air Toxics Standards (MATS). If the USEPA issues a replacement interstate transport rule addressing the D.C. Circuit Court’s ruling, we believe companies will have three years or more before they would be required to comply with a replacement rule. At this time, it is not possible to predict the details of such a replacement transport rule or what impacts it may have on our consolidated financial condition, results of operations or cash flows. | ||||||||||||||||
Mercury and Other Hazardous Air Pollutants | ||||||||||||||||
On May 3, 2011, the USEPA published proposed Maximum Achievable Control Technology (MACT) standards for coal- and oil-fired electric generating units. The standards include new requirements for emissions of mercury and a number of other heavy metals. The USEPA Administrator signed the final rule, now called MATS, on December 16, 2011, and the rule was published in the Federal Register on February 16, 2012. Our affected EGUs must come into compliance with the new requirements by April 16, 2015, but may be granted an additional year to become compliant contingent on Ohio EPA approval. DP&L is evaluating the costs that may be incurred to comply with the new requirement; however, MATS could have a material adverse effect on our results of operations and result in material compliance costs. | ||||||||||||||||
On January 31, 2013, the USEPA finalized a rule regulating emissions of toxic air pollutants from new and existing industrial, commercial and institutional boilers and process heaters at major and area source facilities. This regulation affects seven auxiliary boilers used for start-up purposes at DP&L’s generation facilities. The regulation contains emissions limitations, operating limitations and other requirements. DP&L expects to be in compliance with this rule and the costs are not currently expected to be material to DP&L’s operations. | ||||||||||||||||
National Ambient Air Quality Standards | ||||||||||||||||
On January 5, 2005, the USEPA published its final non-attainment designations for the National Ambient Air Quality Standard (NAAQS) for Fine Particulate Matter 2.5 (PM 2.5). These designations included counties and partial counties in which DP&L operates and/or owns generating facilities. On December 31, 2012, the USEPA redesignated Adams County, where Stuart and Killen are located, to attainment status. On December 14, 2012, the USEPA tightened the PM 2.5 standard to 12.0 micrograms per cubic meter. This will begin a process of redesignations during 2014, including in counties where we have generating stations. We cannot predict the effect the revisions to the PM 2.5 standard will have on DP&L’s financial condition or results of operations. | ||||||||||||||||
The USEPA published the national ground level ozone standard on March 12, 2008, lowering the 8-hour level from 0.08 ppm to 0.075 ppm, which was upheld by the U.S. Circuit Court of Appeals in July 2013. No DP&L operations are currently located in non-attainment areas. The USEPA was expected to review the ozone NAAQS in 2013 but delayed such a review. Certain environmental groups have sued the USEPA in federal district court to force the USEPA to set a September 30, 2014 deadline for such review. It is generally expected that any revised standard resulting from such review would be more stringent than the current 0.075 ppm standard. In addition, in December 2013, eight northeastern states petitioned the USEPA to add nine upwind states, including Ohio, to the Ozone Transport Region, a group of states required to impose enhanced restrictions on ozone emissions. If the petition is granted, our facilities could be subject to such enhanced requirements. | ||||||||||||||||
Effective April 12, 2010, the USEPA implemented revisions to its primary NAAQS for nitrogen dioxide. This change may affect certain emission sources in heavy traffic areas like the I-75 corridor between Cincinnati and Dayton after 2016. Several of our facilities or co-owned facilities are within this area. DP&L cannot determine the effect of this potential change, if any, on its operations. | ||||||||||||||||
Effective August 23, 2010, the USEPA implemented revisions to its primary NAAQS for SO2 replacing the current 24-hour standard and annual standard with a one-hour standard. DP&L cannot determine the effect of this potential change, if any, on its operations. Initial non-attainment designations were made July 25, 2013. Non-attainment areas will be required to meet the new standard by October 2018. | ||||||||||||||||
On May 5, 2004, the USEPA issued its proposed regional haze rule, which addresses how states should determine the Best Available Retrofit Technology (BART) for sources covered under the regional haze rule. Final rules were published July 6, 2005, providing states with several options for determining whether sources in the state should be subject to BART. Numerous units owned and operated by us will be affected by BART. We cannot determine the extent of the impact until Ohio determines how BART will be implemented. | ||||||||||||||||
Carbon Dioxide and Other Greenhouse Gas Emissions | ||||||||||||||||
In response to a U.S. Supreme Court decision that the USEPA has the authority to regulate GHG emissions from motor vehicles, the USEPA made a finding that CO2 and certain other GHGs are pollutants under the CAA. Subsequently, under the CAA, the USEPA determined that CO2 and other GHGs from motor vehicles threaten the health and welfare of future generations by contributing to climate change. This finding became effective in January 2010. Numerous affected parties have petitioned the USEPA Administrator to reconsider this decision. On April 1, 2010, the USEPA signed the “Light-Duty Vehicle Greenhouse Gas Emission Standards and Corporate Average Fuel Economy Standards” rule. Under the USEPA’s view, this is the final action that renders CO2 and certain other GHGs “regulated air pollutants” under the CAA. | ||||||||||||||||
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 sets forth criteria for determining which facilities are required to obtain permits for their GHG emissions pursuant to the CAA Prevention of Significant Deterioration and Title V operating permit programs. Under the Tailoring Rule, permitting requirements are being phased in through successive steps that may expand the scope of covered sources over time. The USEPA has issued guidance on what the best available control technology entails for the control of GHGs; and individual states are required to determine what controls are required for facilities on a case-by-case basis. Various industry groups and states petitioned the U.S. Supreme Court to review the D.C. Circuit Court’s recent decision to uphold the USEPA’s endangerment finding, its April 2010 GHG rule and the Tailoring Rule. On October 15, 2013, the U.S. Supreme Court agreed to review several related cases addressing the USEPA’s authority to issue GHG Prevention of Significant Deterioration permits under Section 165 of the CAA. We cannot predict the outcome of this review. The ultimate impact of the Tailoring Rule to DP&L cannot be determined at this time, but the cost of compliance could be material. | ||||||||||||||||
On September 20, 2013, the USEPA proposed revised GHG New Source Performance Standards for new electric generating units (EGUs) under CAA subsection 111(b), which would require new EGUs to limit the amount of CO2 emitted per megawatt-hour. The proposal anticipates that affected coal-fired units would need to rely upon partial implementation of carbon capture and storage or other expensive CO2 emission control technology to meet the standard. Furthermore, President Obama directed the USEPA to propose new standards, regulations, or guidelines, as appropriate, to address GHG emissions from existing EGUs under CAA subsection 111(d) by June 1, 2014, and finalize them by June 1, 2015. These latter rules may focus on energy efficiency improvements at power stations. We cannot predict the effect of these proposed or forthcoming standards 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. | ||||||||||||||||
Litigation, Notices of Violation and Other Matters Related to Air Quality | ||||||||||||||||
Litigation Involving Co-Owned Stations | ||||||||||||||||
On June 20, 2011, the U.S. Supreme Court ruled that the USEPA’s regulation of GHGs under the CAA displaced any right that plaintiffs may have had to seek similar regulation through federal common law litigation in the court system. Although we are not named as a party to these lawsuits, DP&L is a co-owner of coal-fired stations with Duke Energy and AEP (or their subsidiaries) that could have been affected by the outcome of these lawsuits or similar suits that may have been filed against other electric power companies, including DP&L. Because the issue was not squarely before it, the U.S. Supreme Court did not rule against the portion of plaintiffs’ original suits that sought relief under state law. | ||||||||||||||||
As a result of a 2008 consent decree entered into with the Sierra Club and approved by the U.S. District Court for the Southern District of Ohio, DP&L and the other owners of the Stuart generating station are subject to certain specified emission targets related to NOx, SO2 and particulate matter. The consent decree also includes commitments for energy efficiency and renewable energy activities. An amendment to the consent decree was entered into and approved in 2010 to clarify how emissions would be computed during malfunctions. Continued compliance with the consent decree, as amended, is not expected to have a material effect on DP&L’s results of operations, financial condition or cash flows in the future. | ||||||||||||||||
Notices of Violation Involving Co-Owned Units | ||||||||||||||||
In November 1999, the USEPA filed civil complaints and NOVs against operators and owners of certain generation facilities for alleged violations of the CAA. Generation units operated by Duke Energy (Beckjord Unit 6) and AEP Generation (Conesville Unit 4) and co-owned by DP&L were referenced in these actions. The Conesville complaint was resolved in 2007 as part of a larger settlement with the USEPA. Conesville was required to install FGD and SCR at the unit by the end of 2010, and those retrofits have been completed. The Beckjord complaint was also resolved through litigation. There were no penalties or settlement agreements that affected Beckjord 6. | ||||||||||||||||
In June 2000, the USEPA issued an NOV to the DP&L-operated Stuart generating station (co-owned by DP&L, Duke Energy and AEP Generation) for alleged violations of the CAA. The NOV contained allegations consistent with NOVs and complaints that the USEPA had brought against numerous other coal-fired utilities in the Midwest. The NOV indicated the USEPA may: (1) issue an order requiring compliance with the requirements of the Ohio SIP; or (2) bring a civil action seeking injunctive relief and civil penalties of up to $27,500 per day for each violation. To date, neither action has been taken. DP&L cannot predict the outcome of this matter. | ||||||||||||||||
In December 2007, the Ohio EPA issued an NOV to the DP&L-operated Killen generating station (co-owned by DP&L and Duke Energy) for alleged violations of the CAA. The NOV alleged deficiencies in the continuous monitoring of opacity. We submitted a compliance plan to the Ohio EPA on December 19, 2007. To date, no further actions have been taken by the Ohio EPA. | ||||||||||||||||
On March 13, 2008, Duke Energy, the operator of the Zimmer generating station, received an NOV and a Finding of Violation (FOV) from the USEPA alleging violations of the CAA, the Ohio State Implementation Program (SIP) and permits for the Station in areas including SO2, opacity and increased heat input. A second NOV and FOV with similar allegations was issued on November 4, 2010. Also in 2010, the USEPA issued an NOV to Zimmer for excess emissions. DP&L is a co-owner of the Zimmer generating station and could be affected by the eventual resolution of these matters. Duke Energy is expected to act on behalf of itself and the co-owners with respect to these matters. DP&L is unable to predict the outcome of these matters. | ||||||||||||||||
Notices of Violation Involving Wholly-Owned Stations | ||||||||||||||||
In 2007, the Ohio EPA and the USEPA issued NOVs to DP&L for alleged violations of the CAA at the Hutchings Station. The NOVs’ alleged deficiencies relate to stack opacity and particulate emissions. On November 18, 2009, the USEPA issued an NOV to DP&L for alleged NSR violations of the CAA at the Hutchings Station relating to capital projects performed in 2001 involving Unit 3 and Unit 6. DP&L does not believe that the two projects described in the NOV were modifications subject to NSR. As a result of the cessation of operations at the Hutchings Station discussed in the next paragraph, DP&L believes that the USEPA is unlikely to pursue the NSR complaint. | ||||||||||||||||
As part of a settlement with the USEPA, DP&L signed a Consent Agreement and Final Order (CAFO) that was filed on September 26, 2013 and an Administrative Consent Agreement. Together, these two agreements resolved the opacity and particulate emissions NOV at the Hutchings Station and required that all six coal-fired units at Hutchings cease operating on coal by September 30, 2013, and included an immaterial penalty and the completion of a Supplemental Environmental Project of $0.2 million within one year. The units were disabled for coal operations prior to September 30, 2013. | ||||||||||||||||
DP&L also resolved all issues associated with the Ohio EPA NOV through a settlement signed October 4, 2013. The settlement included the payment of an immaterial penalty. | ||||||||||||||||
Environmental Matters Related to Water Quality, Waste Disposal and Ash Ponds | ||||||||||||||||
Clean Water Act – Regulation of Water Intake | ||||||||||||||||
On July 9, 2004, the USEPA issued final rules pursuant to the Clean Water Act governing existing facilities that have cooling water intake structures. The rules required an assessment of impingement and/or entrainment of organisms as a result of cooling water withdrawal. A number of parties appealed the rules. In April 2009, the U.S. Supreme Court ruled that the USEPA did have the authority to compare costs with benefits in determining best technology available. The USEPA released new proposed regulations on March 28, 2011, which were published in the Federal Register on April 20, 2011. We submitted comments to the proposed regulations on August 17, 2011. The USEPA is required pursuant to a settlement agreement to issue a final rule by April 17, 2014. We do not yet know the impact the final rules will have on our operations. | ||||||||||||||||
Clean Water Act – Regulation of Water Discharge | ||||||||||||||||
In December 2006, DP&L submitted a renewal application for the Stuart Station NPDES permit that was due to expire on June 30, 2007. The Ohio EPA issued a revised draft permit that was received on November 12, 2008. In September 2010, the USEPA formally objected to the November 12, 2008 revised permit due to questions regarding the basis for the alternate thermal limitation. At DP&L’s request, a public hearing was held on March 23, 2011, where DP&L presented its position on the issue and provided written comments. In a letter to the Ohio EPA dated September 28, 2011, the USEPA reaffirmed its objection to the revised permit as previously drafted by the Ohio EPA. This reaffirmation stipulated that if the Ohio EPA did not re-draft the permit to address the USEPA’s objection, then the authority for issuing the permit would pass to the USEPA. The Ohio EPA issued another draft permit in December 2011 and a public hearing was held on February 2, 2012. | ||||||||||||||||
The draft permit required DP&L, over the 54 months following issuance of a final permit, to take undefined actions to lower the temperature of its discharged water to a level unachievable by the station under its current design or alternatively make other significant modifications to the cooling water system. DP&L submitted comments to the draft permit. In November 2012, the Ohio EPA issued another draft which included a compliance schedule for performing a study to justify an alternate thermal limitation and to which DP&L submitted comments. In December 2012, the USEPA formally withdrew their objection to the permit. On January 7, 2013, the Ohio EPA issued a final permit. On February 1, 2013, DP&L appealed various aspects of the final permit to the Environmental Review Appeals Commission. Depending on the outcome of the appeal process, the effects could be material on DP&L’s operations. | ||||||||||||||||
In September 2009, the USEPA announced that it would be revising technology-based regulations governing water discharges from steam electric generating facilities. The rulemaking included the collection of information via an industry-wide questionnaire as well as targeted water sampling efforts at selected facilities. Subsequent to the information collection effort, it was anticipated that the USEPA would release a proposed rule by mid-2012 with a final regulation in place by early 2014. The proposed rule was released on June 7, 2013, with a deadline for a final rule on May 22, 2014, though such final rule’s issuance is expected to be delayed. At present, DP&L is unable to predict the impact this rulemaking will have on its operations. | ||||||||||||||||
In August 2012, DP&L submitted an application for the renewal of the Killen Station NPDES permit which expired in January 2013. At present, the outcome of this proceeding is not known. | ||||||||||||||||
In January 2014, DP&L submitted an application for the renewal of the Hutchings Station NPDES permit which expires in July 2014. At present, the outcome of this proceeding is not known. | ||||||||||||||||
In April 2012, DP&L received an NOV related to the construction of the Carter Hollow landfill at the Stuart Station. The NOV indicated that construction activities caused sediment to flow into downstream creeks. In addition, the U.S. Army Corps of Engineers issued a Cease and Desist order followed by a notice suspending the previously issued Corps permit authorizing work associated with the landfill. DP&L installed sedimentation ponds as part of the runoff control measures to address this issue and worked with the various agencies to resolve their concerns. DP&L signed an Administrative Order from the USEPA on May 30, 2013. A final Consent Agreement and Final Order was executed on July 8, 2013, and the previously issued permit was reinstated by the Corps on October 29, 2013. | ||||||||||||||||
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. However, 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. That summary judgment ruling was appealed on March 4, 2013 and the appeal is pending. DP&L is unable to predict the outcome of the appeal. Additionally, the Court’s 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. | ||||||||||||||||
Beginning in mid-2012, the USEPA began investigating whether explosive or other dangerous conditions exist under structures located at or near the South Dayton Dump landfill site. In October 2012, DP&L received a request from the PRP group’s consultant to conduct additional soil and groundwater sampling on DP&L’s service center property. After informal discussions with the USEPA, DP&L complied with this sampling request and the sampling was conducted in February 2013. On February 28, 2013, the plaintiffs group referenced above entered into an Administrative Settlement Agreement Consent Order (ASACO) that establishes procedures for further sub-slab testing under structures at the South Dayton Dump landfill site and remediation of vapor intrusion issues relating to trichloroethylene (TCE), percholorethylene (PCE), and methane. On April 16, 2013, the plaintiffs group filed a new complaint in the United States District Court for the Southern District of Ohio against DP&L and 34 other defendants alleging that they share liability for these costs. DP&L has opposed the allegations that it bears any responsibility under the February 2013 ASACO and will actively oppose any attempt that the plaintiffs group may have to expand the scope of the new complaint to resurrect issues dismissed by the Court in February 2013 under the first complaint. A motion to dismiss portions of this second complaint relating to alleged migration of chemicals from DP&L property to the landfill was denied February 18, 2014, as were motions filed by DP&L and others to dismiss other portions of the complaint that were viewed by defendants as identical to the allegations dismissed in the first complaint proceeding. The Judge found that there were differences in the allegations and is permitting those allegations to proceed.. Limited discovery has been permitted pending resolution of the motion including some depositions of former DP&L employees during 2013 and into 2014. DP&L cannot predict the outcome of this proceeding. | ||||||||||||||||
In December 2003, 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 Tremont City landfill site. Information available to DP&L does not demonstrate that it contributed hazardous substances to the site. While DP&L is unable to predict the outcome of this matter, if DP&L were required to contribute to the clean-up of the site, it could have a material adverse effect on its operations. | ||||||||||||||||
On April 7, 2010, the USEPA published an Advance Notice of Proposed Rulemaking announcing that it is reassessing existing regulations governing the use and distribution in commerce of polychlorinated biphenyls (PCBs). While this reassessment is in the early stages and the USEPA is seeking information from potentially affected parties on how it should proceed, the outcome may have a material effect on DP&L. While the USEPA previously indicated that the official release date for a proposed rule was in April 2013, it has been delayed, likely until late 2014. At present, DP&L is unable to predict the impact this initiative will have on its operations. | ||||||||||||||||
Regulation of Ash Ponds | ||||||||||||||||
In March 2009, the USEPA, through a formal Information Collection Request, collected information on ash pond facilities across the country, including those at Killen and Stuart Stations. Subsequently, the USEPA collected similar information for the Hutchings Station. | ||||||||||||||||
In August 2010, the USEPA conducted an inspection of the Hutchings Station ash ponds. In June 2011, the USEPA issued a final report from the inspection including recommendations relative to the Hutchings Station ash ponds. DP&L is unable to predict whether there will be additional USEPA action relative to DP&L’s proposed plan or the effect on operations that might arise under a different plan. | ||||||||||||||||
In June 2011, the USEPA conducted an inspection of the Killen Station ash ponds. In May 2012, we received a draft report on the inspection. DP&L submitted comments on the draft report in June 2012. On March 14, 2013, DP&L received the final report on the inspection of the Killen Station ash pond inspection from the USEPA which included recommended actions. DP&L has submitted a response with its actions to the USEPA. DP&L is unable to predict the outcome this inspection will have on its operations. | ||||||||||||||||
There has been increasing advocacy to regulate coal combustion byproducts under the Resource Conservation Recovery Act (RCRA). On June 21, 2010, the USEPA published a proposed rule seeking comments on two options under consideration for the regulation of coal combustion byproducts including regulating the material as a hazardous waste under RCRA Subtitle C or as a solid waste under RCRA Subtitle D. Litigation has been filed by several groups seeking a court-ordered deadline for the issuance of a final rule which the USEPA has opposed. On January 29, 2014, the parties to the litigation entered into a consent decree setting forth the USEPA’s obligation to sign, by December 19, 2014, a notice for publication in the Federal Register taking action on the Agency’s proposed Subtitle D option. The decree does not require Subtitle D regulation of coal combustion byproducts – it only requires the Agency to decide by that date whether or not to adopt the Subtitle D option. At present, the timing for a final rule regulating coal combustion byproducts cannot be determined. DP&L is unable to predict the financial effect of this regulation, but if coal combustion byproducts are regulated as hazardous waste, it is expected to have a material adverse effect on its operations. | ||||||||||||||||
Notice of Violation Involving Co-Owned Units | ||||||||||||||||
On September 9, 2011, DP&L received an NOV from the USEPA with respect to its co-owned Stuart generating station based on a compliance evaluation inspection conducted by the USEPA and Ohio EPA in 2009. The notice alleged non-compliance by DP&L with certain provisions of the RCRA, the Clean Water Act NPDES permit program and the station’s storm water pollution prevention plan. The notice requested that DP&L respond with the actions it has subsequently taken or plans to take to remedy the USEPA’s findings and ensure that further violations will not occur. Based on its review of the findings, although there can be no assurance, we believe that the notice will not result in any material effect on DP&L’s results of operations, financial condition or cash flows. | ||||||||||||||||
Legal and Other Matters | ||||||||||||||||
In February 2007, DP&L filed a lawsuit against a coal supplier seeking damages incurred due to the supplier’s failure to supply approximately 1.5 million tons of coal to two commonly-owned stations under a coal supply agreement, of which approximately 570 thousand tons was DP&L’s share. DP&L obtained replacement coal to meet its needs. The supplier has denied liability, and is currently in federal bankruptcy proceedings in which DP&L is participating as an unsecured creditor. DP&L is unable to determine the ultimate resolution of this matter. DP&L has not recorded any assets relating to possible recovery of costs in this lawsuit. | ||||||||||||||||
In connection with DP&L and other utilities joining PJM, in 2006 the FERC ordered utilities to eliminate certain charges to implement transitional payments, known as SECA, effective December 1, 2004 through March 31, 2006, subject to refund. Through this proceeding, DP&L was obligated to pay SECA charges to other utilities, but received a net benefit from these transitional payments. A hearing was held and an initial decision was issued in August 2006. A final FERC order on this issue was issued on May 21, 2010 that substantially supports DP&L’s and other utilities’ position that SECA obligations should be paid by parties that used the transmission system during the timeframe stated above. Prior to this final order being issued, DP&L entered into a significant number of bilateral settlement agreements with certain parties to resolve the matter, which by design will be unaffected by the final decision. On July 5, 2012, a Stipulation was executed and filed with the FERC that resolves SECA claims against BP Energy Company (“BP”) and DP&L, AEP (and its subsidiaries) and Exelon Corporation (and its subsidiaries). On October 1, 2012, DP&L received $14.6 million (including interest income of $1.8 million) from BP and recorded the settlement in the third quarter; at December 31, 2012, there is no remaining balance in other deferred credits related to SECA. | ||||||||||||||||
Business_Segments
Business Segments | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Business Segments [Abstract] | ' | |||||||||||||||
Business Segments | ' | |||||||||||||||
Note 17 – Business Segments | ||||||||||||||||
DPL operates through two segments consisting of the operations of two of its wholly-owned subsidiaries, DP&L (Utility segment) and DPLER (Competitive Retail segment) and DPLER’s wholly-owned subsidiary, MC Squared (Competitive Retail segment). 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 for the segment’s 24 county service area is primarily generated at seven coal-fired electric generating stations and is distributed 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 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 DPLER’s and MC Squared’s 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 308,000 customers currently located throughout Ohio and in Illinois. In February 2011, DPLER purchased MC Squared, a Chicago-based retail electricity supplier, which served approximately 3,157 customers in Northern Illinois. Due to increased competition in Ohio and Illinois, we have increased the number of employees and resources assigned to manage the Competitive Retail segment and increased its marketing to customers. The Competitive Retail segment’s electric energy used to meet its sales obligations was purchased from DP&L and PJM. 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. DP&L started selling physical power to MC Squared during June 2012 and became their sole source of power in September, 2012 under the same terms as above. The operations of the Competitive Retail segment are not subject to cost-of-service rate regulation by federal or state regulators. | ||||||||||||||||
Included within the “Other” column are other businesses that do not meet the GAAP requirements for disclosure as reportable segments as well as certain corporate costs which include 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: | ||||||||||||||||
Successor | ||||||||||||||||
$ in millions | Utility | Competitive Retail | Other | Adjustments and Eliminations | DPL Consolidated | |||||||||||
Year ended December 31, 2013 | ||||||||||||||||
Revenues from external customers | $ | 1,098.2 | $ | 511.6 | $ | 27.1 | $ | - | $ | 1,636.9 | ||||||
Intersegment revenues | 453.3 | - | 4.0 | -457.3 | - | |||||||||||
Total revenues | 1,551.5 | 511.6 | 31.1 | -457.3 | 1,636.9 | |||||||||||
Fuel | 362.5 | - | 4.2 | - | 366.7 | |||||||||||
Purchased power | 381.9 | 459.7 | 1.1 | -453.7 | 389.0 | |||||||||||
Amortization of intangibles | - | - | 7.1 | - | 7.1 | |||||||||||
Gross margin (a) | $ | 807.1 | $ | 51.9 | $ | 18.7 | $ | -3.6 | $ | 874.1 | ||||||
Depreciation and amortization | $ | 140.2 | $ | 0.6 | $ | -7.9 | $ | - | $ | 132.9 | ||||||
Goodwill impairment (Note 18) | $ | - | $ | - | $ | 306.3 | $ | - | $ | 306.3 | ||||||
Fixed asset impairment | $ | 86.0 | $ | - | $ | -59.8 | $ | - | $ | 26.2 | ||||||
Interest expense | $ | 37.2 | $ | 0.5 | $ | 86.9 | $ | -0.6 | $ | 124.0 | ||||||
Income tax expense / (benefit) | $ | 18.6 | $ | 4.2 | $ | -0.5 | $ | - | $ | 22.3 | ||||||
Net income / (loss) | $ | 83.6 | $ | 6.6 | $ | -312.2 | $ | - | $ | -222 | ||||||
Cash capital expenditures | $ | 122.1 | $ | - | $ | 2.3 | $ | - | $ | 124.4 | ||||||
Total assets (end of year) | $ | 3,313.1 | $ | 105.0 | $ | 1,675.8 | $ | -1,372.40 | $ | 3,721.5 | ||||||
(a)For purposes of discussing operating results, we present and discuss gross margins. This format is useful to investors because it allows analysis and comparability of operating trends and includes the same information that is used by management to make decisions regarding our financial performance. | ||||||||||||||||
Successor | ||||||||||||||||
$ in millions | Utility | Competitive Retail | Other | Adjustments and Eliminations | DPL Consolidated | |||||||||||
Year ended December 31, 2012 | ||||||||||||||||
Revenues from external customers | $ | 1,138.4 | $ | 493.1 | $ | 36.9 | $ | - | $ | 1,668.4 | ||||||
Intersegment revenues | 393.4 | - | 3.4 | -396.8 | - | |||||||||||
Total revenues | 1,531.8 | 493.1 | 40.3 | -396.8 | 1,668.4 | |||||||||||
Fuel | 354.9 | - | 7.0 | - | 361.9 | |||||||||||
Purchased power | 309.5 | 424.5 | 1.5 | -393.4 | 342.1 | |||||||||||
Amortization of intangibles | - | - | 95.1 | - | 95.1 | |||||||||||
Gross margin (a) | $ | 867.4 | $ | 68.6 | $ | -63.3 | $ | -3.4 | $ | 869.3 | ||||||
Depreciation and amortization | $ | 141.3 | $ | 0.4 | $ | -16.3 | $ | - | $ | 125.4 | ||||||
Goodwill impairment (Note 18) | $ | - | $ | - | $ | 1,817.2 | $ | - | $ | 1,817.2 | ||||||
Fixed asset impairment | $ | 80.8 | $ | - | $ | -80.8 | $ | - | $ | - | ||||||
Interest expense | $ | 39.1 | $ | 0.6 | $ | 83.9 | $ | -0.7 | $ | 122.9 | ||||||
Income tax expense / (benefit) | $ | 55.1 | $ | 18.1 | $ | -25.5 | $ | - | $ | 47.7 | ||||||
Net income / (loss) | $ | 91.2 | $ | 22.8 | $ | -1,725.40 | $ | -118.4 | $ | -1,729.80 | ||||||
Cash capital expenditures | $ | 195.5 | $ | - | $ | 2.6 | $ | - | $ | 198.1 | ||||||
Total assets (end of year) | $ | 3,464.2 | $ | 99.2 | $ | 683.9 | $ | - | $ | 4,247.3 | ||||||
(a)For purposes of discussing operating results, we present and discuss gross margins. This format is useful to investors because it allows analysis and comparability of operating trends and includes the same information that is used by management to make decisions regarding our financial performance. | ||||||||||||||||
Successor | ||||||||||||||||
$ in millions | Utility | Competitive Retail | Other | Adjustments and Eliminations | DPL Consolidated | |||||||||||
November 28, 2011 through December 31, 2011 | ||||||||||||||||
Revenues from external customers | $ | 116.2 | $ | 38.2 | $ | 2.5 | $ | - | $ | 156.9 | ||||||
Intersegment revenues | 27.8 | - | 0.3 | -28.1 | - | |||||||||||
Total revenues | 144.0 | 38.2 | 2.8 | -28.1 | 156.9 | |||||||||||
Fuel | 34.5 | - | 1.3 | - | 35.8 | |||||||||||
Purchased power | 31.0 | 33.4 | - | -27.7 | 36.7 | |||||||||||
Amortization of intangibles | - | - | 11.6 | - | 11.6 | |||||||||||
Gross margin (a) | $ | 78.5 | $ | 4.8 | $ | -10.1 | $ | -0.4 | $ | 72.8 | ||||||
Depreciation and amortization | $ | 12.7 | $ | - | $ | -1.1 | $ | - | $ | 11.6 | ||||||
Interest expense | $ | 2.8 | $ | 0.1 | $ | 8.8 | $ | -0.2 | $ | 11.5 | ||||||
Income tax expense / (benefit) | $ | 5.8 | $ | 1.1 | $ | -6.3 | $ | - | $ | 0.6 | ||||||
Net income / (loss) | $ | 45.8 | $ | 1.7 | $ | -53.7 | $ | - | $ | -6.2 | ||||||
Cash capital expenditures | $ | 30.5 | $ | - | $ | - | $ | - | $ | 30.5 | ||||||
Total assets (end of year) | $ | 3,538.3 | $ | 69.9 | $ | 2,528.0 | $ | - | $ | 6,136.2 | ||||||
(a) | For purposes of discussing operating results, we present and discuss gross margins. This format is useful to investors because it allows analysis and comparability of operating trends and includes the same information that is used by management to make decisions regarding our financial performance. | |||||||||||||||
Predecessor | ||||||||||||||||
$ in millions | Utility | Competitive Retail | Other | Adjustments and Eliminations | DPL Consolidated | |||||||||||
January 1, 2011 through November 27, 2011 | ||||||||||||||||
Revenues from external customers | $ | 1,234.5 | $ | 387.2 | $ | 49.2 | $ | - | $ | 1,670.9 | ||||||
Intersegment revenues | 299.2 | - | 3.7 | -302.9 | - | |||||||||||
Total revenues | 1,533.7 | 387.2 | 52.9 | -302.9 | 1,670.9 | |||||||||||
Fuel | 346.1 | - | 9.7 | - | 355.8 | |||||||||||
Purchased power | 370.6 | 330.5 | 2.7 | -299.2 | 404.6 | |||||||||||
Gross margin (a) | $ | 817.0 | $ | 56.7 | $ | 40.5 | $ | -3.7 | $ | 910.5 | ||||||
Depreciation and amortization | $ | 122.2 | $ | 0.6 | $ | 6.6 | $ | - | $ | 129.4 | ||||||
Interest expense | $ | 35.4 | $ | 0.2 | $ | 23.4 | $ | -0.3 | $ | 58.7 | ||||||
Income tax expense / (benefit) | $ | 98.4 | $ | 16.7 | $ | -13.1 | $ | - | $ | 102.0 | ||||||
Net income / (loss) | $ | 147.4 | $ | 24.1 | $ | -21 | $ | - | $ | 150.5 | ||||||
Cash capital expenditures | $ | 174.0 | $ | - | $ | 0.2 | $ | - | $ | 174.2 | ||||||
(a)For purposes of discussing operating results, we present and discuss gross margins. This format is useful to investors because it allows analysis and comparability of operating trends and includes the same information that is used by management to make decisions regarding our financial performance. | ||||||||||||||||
Goodwill_Impairment
Goodwill Impairment | 12 Months Ended |
Dec. 31, 2013 | |
Goodwill and Intangible Asset Impairment [Abstract] | ' |
Goodwill Impairment | ' |
Note 18 – Goodwill Impairment | |
In connection with the acquisition of DPL by AES, DPL allocated the purchase price to goodwill for two reporting units, the DP&L reporting unit, which includes DP&L and other entities, and DPLER. Of the total goodwill, approximately $2.4 billion was allocated to the DP&L reporting unit and the remainder was allocated to DPLER. | |
As of October 1, 2013, DPL performed its annual goodwill impairment test at its DP&L reporting unit and recognized a goodwill impairment expense of $306.3 million. In performing the annual goodwill impairment test as of October 1, 2013, Step 1 of the test failed as the fair value of the reporting unit no longer exceeded its carrying amount due primarily to lower estimates of capacity prices in future years as well as lower dark spreads contributing to lower overall operating margins for the business. The fair value of the reporting unit was determined under the income approach using a discounted cash flow valuation model. The significant assumptions included within the discounted cash flow valuation model were capacity price curves, amount of the non-bypassable charge, commodity price curves, dispatching, valuation of regulatory assets and liabilities, discount rates and deferred income taxes. In Step 2, goodwill was determined to have an implied fair value of $317.0 million after the hypothetical purchase price allocation under the accounting guidance for business combinations. | |
DPL recognized a goodwill impairment expense of $1.817.2 million in 2012 at the DP&L reporting unit. During 2012, North American natural gas prices fell significantly compared to the previous year, which exerted downward pressure on wholesale power prices in the Ohio power market. These falling power prices compressed wholesale margins at DP&L and led to increased customer switching from DP&L to other CRES providers, including DPLER, who were offering retail prices lower than DP&L’s standard service offer. In addition, several municipalities in DP&L’s service territory passed ordinances allowing them to become government aggregators and contracted with CRES providers to provide generation service to the customers located within the municipal boundaries, further contributing to the switching trend. CRES providers also became more active in DP&L’s service territory. These developments reduced DP&L’s forecasted profitability, operating cash flows and liquidity. As a result, in September 2012, management lowered its previous forecasts of profitability and operating cash flows. Collectively, these events were considered an interim goodwill impairment indicator at the DP&L reporting unit. There were no interim impairment indicators identified for the goodwill at DPLER. | |
The goodwill associated with the Merger is not deductible for tax purposes. Accordingly, there is no cash tax or financial statement tax benefit related to the impairment. The Company’s effective tax rates were impacted by the pretax impairment, however. The Company’s effective tax rates were (11.2%) and (2.8%) for the years ended December 31, 2013 and 2012, respectively. | |
Fixed_Asset_Impairment
Fixed Asset Impairment | 12 Months Ended |
Dec. 31, 2013 | |
Fixed-asset Impairment | ' |
Note 19 – Fixed-asset Impairment | |
During the fourth quarter of 2013, the Company tested the recoverability of long-lived assets at Conesville, a 129 MW coal-fired station in Ohio jointly-owned by DP&L. Gradual decreases in power prices as well as lower estimates of future capacity prices in conjunction with the DP&L reporting unit failing step 1 of the annual goodwill impairment test were determined to be an impairment indicator for long-lived assets. The Company performed a long-lived asset impairment test and determined that the carrying amount of the asset group was not recoverable. The long-lived asset group subject to the impairment evaluation was determined to be each individual station of DP&L. This determination was based on the assessment of the stations’ ability to generate independent cash flows. The Conesville asset group was determined to have zero fair value using discounted cash flows under the income approach. As a result, the Company recognized an asset impairment expense of $26.2 million. Conesville is reported in the Utility segment. | |
DP&L [Member] | ' |
Fixed-asset Impairment | ' |
Note 15 – Fixed-asset Impairment | |
During the fourth quarter of 2013, the Company tested the recoverability of long-lived assets at Conesville, a 129 MW coal-fired station in Ohio, and East Bend, a 186 MW coal-fired station in Kentucky jointly-owned by DP&L. Gradual decreases in power prices, as well as lower estimates of future capacity prices in conjunction with the DP&L reporting unit of DPL failing step 1 of the annual goodwill impairment test were collectively determined to be an impairment indicator for the DP&L long-lived assets. The Company performed a long-lived asset impairment test and determined that the carrying amounts of the asset groups were not recoverable. The long-lived asset group subject to the impairment evaluation was determined to be each individual station of DP&L. This determination was based on the assessment of the stations’ ability to generate independent cash flows. The Conesville and East Bend asset groups were each determined to have a zero fair value using discounted cash flows under the income approach. As a result, the Company recognized an asset impairment expense of $10.0 million and $76.0 million for Conesville and East Bend, respectively. | |
On October 5, 2012, DP&L filed for approval an ESP with the PUCO which reflects a shift in our outlook for the regulatory environment. Within the ESP filing, DP&L agreed to request a separation of its generation assets from its transmission and distribution assets in recognition that a restructuring of DP&L operations will be necessary, in compliance with Ohio law. Also, during 2012, North American natural gas prices fell significantly from the previous year, exerting downward pressure on wholesale electricity prices in the Ohio power market. Falling power prices have compressed wholesale margins at DP&L’s generating stations. Furthermore, these lower power prices have led to increased customer switching from DP&L to CRES providers, who are offering retail prices lower than DP&L’s standard service offer. Also, several municipalities in DP&L’s service territory have passed ordinances allowing them to become government aggregators with some having already contracted with CRES providers, further contributing to the switching trend. In September 2012, management revised its cash flow forecasts based on these developments as part of its annual budgeting process and forecasted lower operating cash flows than in prior reporting periods. Collectively, in the third quarter of 2012, these events were considered to be an impairment indicator for the long-lived asset group as management believes that these developments represent a significant adverse change in the business climate that could affect the value of the long-lived asset group. | |
The long-lived asset group subject to the impairment evaluation was determined to be each individual station of DP&L. This determination was based on the assessment of the stations’ ability to generate independent cash flows. When the recoverability test of the long-lived asset group was performed, management concluded that, on an undiscounted cash flow basis, the carrying amount of two stations, Conesville and Hutchings, were not recoverable. To measure the amount of impairment loss, management was required to determine the fair value of the two stations. Cash flow forecasts and the underlying assumptions for the valuation were developed by management. While there were numerous assumptions that impact the fair value, forward power prices, dark spreads and the transition to a merchant model were the most significant. | |
In determining the fair value of the Conesville station, the three valuation approaches prescribed by the fair value measurement accounting guidance were considered. The fair value under the income approach was considered the most appropriate and resulted in a $25.0 million fair value. The carrying value of the Conesville station prior to the impairment was $97.5 million. Accordingly, the Conesville station was considered impaired and $72.5 million of impairment expense was recognized in the third quarter of 2012. | |
In determining the fair value of the Hutchings Station, the three valuation approaches prescribed by the fair value measurement accounting guidance were considered. The fair value under the income approach was considered the most appropriate and resulted in a zero fair value. The carrying value of the Hutchings Station prior to the impairment was $8.3 million. Accordingly, the Hutchings Station was considered impaired and $8.3 million of impairment expense was recognized in the third quarter of 2012. | |
Selected_Quarterly_Information
Selected Quarterly Information (Unaudited) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Selected Quarterly Information (Unaudited) | ' | |||||||||||||||
Note 20 – Selected Quarterly Information (Unaudited) | ||||||||||||||||
For the 2011 periods ended (a): | ||||||||||||||||
Predecessor | Successor | |||||||||||||||
$ in millions except per share amounts | 31-Mar | 30-Jun | 30-Sep | 27-Nov | 31-Dec | |||||||||||
Revenues | $ | 480.6 | $ | 433.4 | $ | 497.5 | $ | 259.4 | N/A | |||||||
Operating income | $ | 100.9 | $ | 65.8 | $ | 112.9 | $ | 48.2 | N/A | |||||||
Net income | $ | 43.5 | $ | 31.7 | $ | 67.1 | $ | 8.2 | N/A | |||||||
Earnings per share of common stock: | ||||||||||||||||
Basic | $ | 0.38 | $ | 0.28 | $ | 0.58 | $ | 0.07 | N/A | |||||||
Diluted | $ | 0.38 | $ | 0.28 | $ | 0.58 | $ | 0.07 | N/A | |||||||
Dividends declared per share | $ | 0.3325 | $ | 0.3325 | $ | 0.3325 | $ | 0.5400 | N/A | |||||||
(a)Periods ended March 31, June 30, and September 30 represent three months then ended. Period ended November 27 represents approximately two months then ended and period ended December 31 represents approximately one month then ended. | ||||||||||||||||
As of the Merger date, DPL is indirectly wholly-owned by AES and quarterly information and earnings per share information are no longer required. | ||||||||||||||||
DP&L [Member] | ' | |||||||||||||||
Selected Quarterly Information (Unaudited) | ' | |||||||||||||||
Note 16 – Selected Quarterly Information (Unaudited) | ||||||||||||||||
From 2012 onwards, quarterly information is no longer required. | ||||||||||||||||
For the 2011 quarters ended | ||||||||||||||||
$ in millions except per share amounts | ||||||||||||||||
and common stock market price | 31-Mar | 30-Jun | 30-Sep | 31-Dec | ||||||||||||
Revenues | $ | 449.8 | $ | 397.0 | $ | 452.5 | $ | 378.4 | ||||||||
Operating income | $ | 89.3 | $ | 55.8 | $ | 100.0 | $ | 74.8 | ||||||||
Net income | $ | 52.7 | $ | 30.8 | $ | 63.9 | $ | 45.8 | ||||||||
Earnings on common stock | $ | 52.5 | $ | 30.6 | $ | 63.7 | $ | 45.5 | ||||||||
Dividends paid on common stock to DPL | $ | 70.0 | $ | 45.0 | $ | 65.0 | $ | 40.0 | ||||||||
Summary_of_Significant_Account
Summary of Significant Accounting Policies (Policy) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
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 subsidiary. See Note 17 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. See Note 2. Following the merger of DPL and Dolphin Subsidiary II, Inc., 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 service are still regulated. DP&L has exclusive right to provide such service 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 and generates electricity at seven coal-fired power stations. Beginning in 2014, DP&L no longer provides 100% of the generation for its SSO customers. 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 of the area and the market price of electricity. DP&L sells any excess energy and capacity into the wholesale market. DP&L also sells electricity to DPLER, an affiliate, to satisfy the electric requirements of its retail customers. | |||||||||||||
DP&L filed a generation separation application at the end of December 2013, as required in its ESP order, with the PUCO and on February 25, 2013, filed a supplemental application. In the supplemental application, DP&L reaffirmed its commitment to separate the generation assets on or before May 31, 2017. DP&L continues to look at multiple options to effectuate the separation including transfer into a new unregulated affiliate of DPL or through a sale. | |||||||||||||
DPLER sells competitive retail electric service, under contract, to residential, commercial and industrial customers. DPLER’s operations include those of its wholly-owned subsidiary, MC Squared, which was acquired on February 28, 2011. DPLER has approximately 308,000 customers currently located throughout Ohio and Illinois. Approximately 130,000 of DPLER’s customers are also electric distribution customers of DP&L. DPLER does not own any transmission or generation assets, and all of DPLER’s electric energy was purchased from DP&L or PJM to meet its sales obligations. DPLER’s sales reflect the general economic conditions and seasonal weather patterns of the area. | |||||||||||||
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 us and our other subsidiaries. All of DPL’s subsidiaries are wholly-owned. | |||||||||||||
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 1,266 people as of December 31, 2013, of which 1,218 employees were employed by DP&L. Approximately 59% of all DPL employees are under a collective bargaining agreement which expires on October 31, 2014. | |||||||||||||
Financial Statement Presentation | ' | ||||||||||||
Financial Statement Presentation | |||||||||||||
We prepare Consolidated Financial Statements for DPL. DPL’s 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’s undivided ownership interests in certain coal-fired generating stations are included in the financial statements at amortized cost, which was adjusted to fair value at the Merger date. Operating revenues and expenses are included on a pro rata basis in the corresponding lines in the Consolidated Statement of Operations. See Note 5 for more information. | |||||||||||||
Certain immaterial amounts from prior periods, including derivative assets and liabilities and restricted cash, have been reclassified to conform to the current period presentation. | |||||||||||||
All material intercompany accounts and transactions are eliminated in consolidation. | |||||||||||||
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; reserves recorded for income tax exposures; litigation; contingencies; the valuation of AROs; assets and liabilities related to employee benefits; goodwill; and intangibles. | |||||||||||||
On November 28, 2011, AES completed the Merger with DPL. As a result of the Merger, DPL is an indirect wholly-owned subsidiary of AES. DPL’s basis of accounting incorporates the application of FASC 805, “Business Combinations” (FASC 805) as of the Merger date. FASC 805 required the acquirer to recognize and measure identifiable assets acquired and liabilities assumed at fair value as of the Merger date. DPL’s Consolidated Financial Statements and accompanying footnotes have been segregated to present pre-merger activity as the “Predecessor” Company and post-merger activity as the “Successor” Company. Purchase accounting impacts, including goodwill recognition, have been “pushed down” to DPL, resulting in the assets and liabilities of DPL being recorded at their respective fair values as of November 28, 2011. See Note 2 for additional information. AES finalized its purchase price allocation during the third quarter of 2012. | |||||||||||||
As a result of the push down accounting, DPL’s 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. Therefore, the DPL financial data prior to the Merger will not generally be comparable to its financial data subsequent to the Merger. See Note 2 for additional information. | |||||||||||||
DPL remeasured the carrying amount of all of its assets and liabilities to fair value, which resulted in the recognition of approximately $2,576.3 million of goodwill, after adjustments. 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. 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 situations, including but not limited to: deterioration in general economic conditions; 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. In the fourth quarter of 2013, we recorded an impairment of $306.3 against the goodwill at DPL’s DP&L reporting unit. In the third quarter of 2012, we recorded an estimated impairment charge of $1,850.0 million against the goodwill at DPL’s DP&L reporting unit. This was adjusted to $1,817.2 million in the fourth quarter of 2012. See Note 18 for information regarding the impairments of goodwill in 2013 and 2012. | |||||||||||||
As part of the purchase accounting, values were assigned to various intangible assets, including customer relationships, customer contracts and the value of our electric security plan. See Note 6 for more information. | |||||||||||||
Revenue Recognition | ' | ||||||||||||
Revenue Recognition | |||||||||||||
Revenues are recognized from retail and wholesale electricity sales and electricity transmission and distribution delivery services. We consider revenue realized, or realizable, and earned when persuasive evidence of an arrangement exists, the products or services have been provided to the customer, the sales price is fixed or determinable, and collection is reasonably assured. Energy sales to customers are based on the reading of their meters that occurs on a systematic basis throughout the month. We recognize the revenues on our statements of results of operations using an accrual method for retail and other energy sales that have not yet been billed, but where electricity has been consumed. This is termed “unbilled revenues” and is a widely recognized and accepted practice for utilities. At the end of each month, unbilled revenues are determined by the estimation of unbilled energy provided to customers since the date of the last meter reading, estimated line losses, the assignment of unbilled energy provided to customer classes and the average rate per customer class. | |||||||||||||
All of the power produced at the generation stations is sold to an RTO and we in turn purchase it back from the RTO to supply our customers. These power sales and purchases are reported on a net hourly basis as revenues or purchased power on our Statements of Results of Operations. We record expenses when purchased electricity is received and when expenses are incurred, with the exception of the ineffective portion of certain power purchase contracts that are derivatives and qualify for hedge accounting. We also have certain derivative contracts that do not qualify for hedge accounting, and their unrealized gains or losses are recorded prior to the receipt of electricity. | |||||||||||||
Receivables | ' | ||||||||||||
Allowance for Uncollectible Accounts | |||||||||||||
We establish provisions for uncollectible accounts by using both historical average loss percentages to project future losses and by establishing specific provisions for known credit issues. | |||||||||||||
Sale of Receivables | |||||||||||||
In the first quarter of 2012, DPLER began selling receivables from DPLER customers in Duke Energy’s territory to Duke Energy. These sales are at face value for cash at the billed amounts for DPLER customers’ use of energy. There is no recourse or any other continuing involvement associated with the sold receivables. Total receivables sold to Duke Energy during the years ended December 31, 2013 and 2012 was $20.7 million and $15.7 million, respectively. In addition, MC Squared sells receivables from their customers in ComEd territory to ComEd. Total receivables sold to ComEd during the years ended December 31, 2013 and 2012 was $75.4 million and $27.7 million, respectively. | |||||||||||||
Property, Plant and Equipment | ' | ||||||||||||
Property, Plant and Equipment | |||||||||||||
We record our ownership share of our undivided interest in jointly-held stations as an asset in property, plant and equipment. New property, plant and equipment additions are stated at cost. 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, cost also includes capitalized interest. Capitalization of AFUDC and interest ceases at either project completion or at the date specified by regulators. AFUDC and capitalized interest was $1.5 million, $4.0 million, $0.5 million and $3.9 million in the years ended December 31, 2013, and 2012, the period from November 28, 2011 through December 31, 2011, and the period January 1, 2011 through November 27, 2011, respectively. | |||||||||||||
For unregulated generation property, cost includes direct labor and material, allocable overhead expenses and interest capitalized during construction using the provisions of GAAP relating to the accounting for capitalized interest. | |||||||||||||
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. | |||||||||||||
Repairs and Maintenance | ' | ||||||||||||
Repairs and Maintenance | |||||||||||||
Costs associated with maintenance activities, primarily power station outages, are recognized at the time the work is performed. These costs, which include labor, materials and supplies, and outside services required to maintain equipment and facilities, are capitalized or expensed based on defined units of property. | |||||||||||||
Depreciation Study - Change in Estimate | ' | ||||||||||||
Depreciation – Changes in Estimates | |||||||||||||
Depreciation expense is calculated using the straight-line method, which allocates the cost of property over its estimated useful life. For DPL’s generation, transmission and distribution assets, straight-line depreciation is applied monthly on an average composite basis using group rates. | |||||||||||||
During the fourth quarter of 2013, the Company tested the recoverability of long-lived assets at certain generating stations. See Note 19 for more information. Gradual decreases in power prices as well as lower estimates of future capacity prices in conjunction with the DP&L reporting unit of DPL failing step 1 of the annual goodwill impairment test were collectively determined to be an impairment indicator. The effect of this impairment will be to reduce future depreciation related to these stations by approximately $1.6 million per year. | |||||||||||||
For DPL’s generation, transmission, and distribution assets, straight-line depreciation is applied on an average annual composite basis using group rates that approximated 5.8% in 2013, 4.8% in 2012 and 5.8% in 2011. | |||||||||||||
The following is a summary of DPL’s Property, plant and equipment with corresponding composite depreciation rates at December 31, 2013 and 2012: | |||||||||||||
Asset Retirement Obligations, Policy [Policy Text Block] | ' | ||||||||||||
AROs | |||||||||||||
We recognize AROs in accordance with GAAP which requires legal obligations associated with the retirement of long-lived assets to be recognized at their fair value at the time those obligations are incurred. Upon initial recognition of a legal liability, costs are capitalized as part of the related long-lived asset and depreciated over the useful life of the related asset. Our legal obligations associated with the retirement of our long-lived assets consists primarily of river intake and discharge structures, coal unloading facilities, loading docks, ice breakers and ash disposal facilities. Our generation AROs are recorded within Other deferred credits on the consolidated balance sheets. | |||||||||||||
Estimating the amount and timing of future expenditures of this type requires significant judgment. Management routinely updates these estimates as additional information becomes available. | |||||||||||||
Changes in the Liability for Generation AROs | |||||||||||||
$ in millions | |||||||||||||
Balance at December 31, 2011 | $ | 23.6 | |||||||||||
Calendar 2012 | |||||||||||||
Accretion expense | 0.8 | ||||||||||||
Settlements | -0.4 | ||||||||||||
Estimated cash flow revisions | -0.1 | ||||||||||||
Balance at December 31, 2012 | 23.9 | ||||||||||||
Calendar 2013 | |||||||||||||
Accretion expense | 0.8 | ||||||||||||
Settlements | -0.3 | ||||||||||||
Balance at December 31, 2013 | $ | 24.4 | |||||||||||
Asset Removal Costs | |||||||||||||
We continue to record costs of removal for our regulated transmission and distribution assets through our depreciation rates and recover those amounts in rates charged to our customers. There are no known legal AROs associated with these assets. We have recorded $114.9 million and $112.1 million in estimated costs of removal at December 31, 2013 and 2012, respectively, as regulatory liabilities for our transmission and distribution property. These amounts represent the excess of the cumulative removal costs recorded through depreciation rates versus the cumulative removal costs actually incurred. See Note 4 for additional information. | |||||||||||||
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 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 4 for more information about Regulatory Assets and Liabilities. | |||||||||||||
Inventories | ' | ||||||||||||
Inventories | |||||||||||||
Inventories are carried at average cost and include coal, limestone, oil and gas used for electric generation, and materials and supplies used for utility operations. | |||||||||||||
Intangibles | ' | ||||||||||||
Intangibles | |||||||||||||
Intangibles include emission allowances, renewable energy credits, customer relationships, customer contracts and the value of our ESP. 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 cost of emission allowances, are recorded as a component of our fuel costs and are reflected in Operating income when realized. | |||||||||||||
Customer relationships recognized as part of the purchase accounting are amortized over nine to fifteen years and customer contracts are amortized over the average length of the contracts. The ESP was amortized over one year on a straight-line basis. 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. See Note 6 for additional information. | |||||||||||||
Income Taxes | ' | ||||||||||||
Income Taxes | |||||||||||||
GAAP requires an asset and liability approach for financial accounting and reporting of income taxes with tax effects of differences, based on currently enacted income tax rates, between the financial reporting and tax basis of accounting reported as Deferred tax assets or liabilities in the balance sheets. Deferred tax assets are recognized for deductible temporary differences. Valuation allowances are provided against deferred tax assets unless it is more likely than not that the asset will be realized. | |||||||||||||
Investment tax credits, which have been used to reduce federal income taxes payable, are deferred for financial reporting purposes and are amortized over the useful lives of the property to which they relate. For rate-regulated operations, additional deferred income taxes and offsetting regulatory assets or liabilities are recorded to recognize that income taxes will be recoverable or refundable through future revenues. | |||||||||||||
DPL and its subsidiaries file U.S. federal income tax returns as part of the consolidated U.S. income tax return filed by AES. Prior to the Merger, DPL and its subsidiaries filed a consolidated U.S. federal income tax return. The consolidated tax liability is allocated to each subsidiary based on the separate return method which is specified in our tax allocation agreement and which provides a consistent, systematic and rational approach. See Note 8 for additional information. | |||||||||||||
Financial Instruments | ' | ||||||||||||
Financial Instruments | |||||||||||||
We classify our investments in debt and equity financial instruments of publicly traded entities into different categories: held-to-maturity and available-for-sale. Available-for-sale securities are carried at fair value and unrealized gains and losses on those securities, net of deferred income taxes, are presented as a separate component of shareholders’ equity. Other than temporary declines in value are recognized currently in earnings. Financial instruments classified as held-to-maturity are carried at amortized cost. The cost basis for public equity security and fixed maturity investments is average cost and amortized cost, respectively. | |||||||||||||
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. DP&L’s excise taxes are accounted for on a net basis and recorded as a reduction in revenues in the accompanying Statements of Results of Operations. These and certain other taxes are accounted for on a net basis and recorded as a reduction in revenues. The amounts for the years ended December 31, 2013, and 2012, the period November 28, 2011 through December 31, 2011, and the period January 1, 2011 through November 27, 2011, were $50.5 million, $50.5 million, $4.3 million and $49.4 million, respectively. | |||||||||||||
Share-Based Compensation | ' | ||||||||||||
Share-Based Compensation | |||||||||||||
We measure the cost of employee services received and paid with equity instruments based on the fair value of such equity instrument on the grant date. This cost is recognized in results of operations over the period that employees are required to provide service. Liability awards are initially recorded based on the fair value of equity instruments and are to be re-measured for the change in stock price at each subsequent reporting date until the liability is ultimately settled. The fair value for employee share options and other similar instruments at the grant date are estimated using option-pricing models and any excess tax benefits are recognized as an addition to paid-in capital. The reduction in income taxes payable from the excess tax benefits is presented in the Statements of Cash Flows within Cash flows from financing activities. See Note 12 for additional information. As a result of the Merger, discussed in Note 2, vesting of all share-based awards was accelerated as of the Merger date, and none are in existence at December 31, 2013 or 2012 | |||||||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | ' | ||||||||||||
Cash and Cash Equivalents | |||||||||||||
Cash and cash equivalents are stated at cost, which approximates fair value. All highly liquid short-term investments with original maturities of three months or less are considered cash equivalents. | |||||||||||||
Restricted Cash | |||||||||||||
Restricted cash includes cash which is restricted as to withdrawal or usage. The nature of the restrictions include restrictions imposed by agreements related to deposits held as collateral. | |||||||||||||
Financial Derivatives | ' | ||||||||||||
Financial Derivatives | |||||||||||||
All derivatives are recognized as either assets or liabilities in the balance sheets and are measured at fair value. Changes in the fair value are recorded in earnings unless the derivative is designated as a cash flow hedge of a forecasted transaction or it qualifies for the normal purchases and sales exception. | |||||||||||||
We use forward contracts to reduce our exposure to changes in energy and commodity prices and as a hedge against the risk of changes in cash flows associated with expected electricity purchases. These purchases are used to hedge our full load requirements. We also hold forward sales contracts that hedge against the risk of changes in cash flows associated with power sales during periods of projected generation facility availability. We use cash flow hedge accounting when the hedge or a portion of the hedge is deemed to be highly effective and MTM accounting when the hedge or a portion of the hedge is not effective. We have elected not to offset net derivative positions in the financial statements. Accordingly, we do not offset such derivative positions against the fair value of amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral under master netting agreements. See Note 11 for additional information. | |||||||||||||
Insurance and Claims Costs | ' | ||||||||||||
Insurance and Claims Costs | |||||||||||||
In addition to insurance obtained from third-party providers, MVIC, a wholly-owned captive subsidiary of DPL, provides insurance coverage to us, our subsidiaries and, in some cases, our partners in commonly-owned facilities we operate, for workers’ compensation, general liability, property damage, and directors’ and officers’ liability. DP&L is responsible for claim costs below certain coverage thresholds of MVIC for the insurance coverage noted above. In addition, DP&L has estimated liabilities for medical, life, and disability reserves for claims costs below certain coverage thresholds of third-party providers. We record these additional insurance and claims costs of approximately $18.8 million and $17.7 million at 2013 and 2012, respectively, within Other current liabilities and Other deferred credits on the balance sheets. The estimated liabilities for workers’ compensation, medical, life and disability costs at DP&L are actuarially determined based using certain assumptions. There is uncertainty associated with these loss estimates and actual results may differ from the estimates. Modification of these loss estimates based on experience and changed circumstances is reflected in the period in which the estimate is re-evaluated | |||||||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | ||||||||||||
Recently Adopted Accounting Standards | |||||||||||||
Offsetting Assets and Liabilities | |||||||||||||
In December 2011, the FASB issued ASU 2011-11 “Disclosures about Offsetting Assets and Liabilities” (ASU 2011-11) effective for interim and annual reporting periods beginning on or after January 1, 2013. We adopted ASU 2011-11 on January 1, 2013. This standard was clarified by ASU 2013-01 “Scope Clarification of Disclosures about Offsetting Assets and Liabilities”, which also was effective on January 1, 2013. This standard updates FASC Topic 210 “Balance Sheet.” ASU 2011-11 updates the disclosures for financial instruments and derivatives to provide more transparent information around the offsetting of assets and liabilities. Entities are required to disclose both gross and net information about both instruments and transactions eligible for offset in the statement of financial position and/or subject to an agreement similar to a master netting agreement. In ASU 2013-01, the FASB clarified that the disclosures were not intended to include trade receivables and other contracts for financial instruments that may be subject to a master netting arrangement. We adopted this rule, which resulted in enhanced disclosures, but it did not have an effect on our overall results of operations, financial position or cash flows. | |||||||||||||
Testing Indefinite-Lived Intangible Assets for Impairments | |||||||||||||
In July 2012, the FASB issued ASU 2012-02 “Testing Indefinite-Lived Intangible Assets for Impairment” (ASU 2012-02) effective for interim and annual impairment tests performed for fiscal years beginning after September 15, 2012. We adopted ASU 2012-02 on January 1, 2013. This standard updates FASC Topic 350 “Intangibles-Goodwill and Other.” ASU 2012-02 permits an entity first to assess qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform the quantitative impairment test in accordance with FASC Subtopic 350-30. We adopted this rule but it did not have an effect on our overall results of operations, financial position or cash flows. | |||||||||||||
Comprehensive Income | |||||||||||||
The FASB recently issued ASU 2013-02 “Comprehensive Income (Topic 220): Reporting of Amounts Reclassified out of Accumulated Other Comprehensive Income” effective for annual and interim periods beginning after December 15, 2012. ASU 2013-02 does not change the current requirements for reporting net income or OCI in financial statements. However, this ASU requires an entity to provide information about the amounts reclassified out of AOCI by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the Notes, significant amounts reclassified out of AOCI by the respective line items of net income, but only if the amount reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under GAAP that provide additional detail about those amounts. We adopted this rule, which resulted in enhanced disclosures, but it did not have an effect on our overall results of operations, financial position or cash flows. | |||||||||||||
Related Party Transactions | ' | ||||||||||||
Related Party Transactions | |||||||||||||
Effective December 22, 2013, AES US Services, LLC (the “Service Company”) began providing services including accounting, legal, human resources, information technology and other services of a similar nature on behalf of the AES U.S. Strategic Business Unit (“U.S. SBU”). The Service Company allocates the costs for these services based on cost drivers designed to result in fair and equitable distribution. This includes ensuring that the regulatory utilities served, including DP&L, are not subsidizing costs incurred for the benefit of non-regulated businesses. | |||||||||||||
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 service are still regulated. DP&L has exclusive right to provide such service 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 and generates electricity at seven coal-fired power stations. Beginning in 2014, DP&L no longer provides 100% of the generation for its SSO customers. 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 of the area and the market price of electricity. DP&L sells any excess energy and capacity into the wholesale market. DP&L also sells electricity to DPLER, an affiliate, to satisfy the electric requirements of its retail customers. | |||||||||||||
DP&L filed a generation separation application at the end of December 2013, as required in its ESP order, with the PUCO and on February 25, 2013, filed a supplemental application. In the supplemental application, DP&L reaffirmed its commitment to separate the generation assets on or before May 31, 2017. DP&L continues to look at multiple options to effectuate the separation including transfer into a new unregulated affiliate of DPL or through a sale. | |||||||||||||
On November 28, 2011, DP&L’s parent company DPL was acquired by AES in the Merger and DPL became a wholly-owned subsidiary of AES. See Note 2 for more information. Following the Merger of DPL and Dolphin Subsidiary II, Inc., DPL became an indirectly wholly-owned subsidiary of AES. | |||||||||||||
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 1,218 people as of December 31, 2013. Approximately 62% of all employees are under a collective bargaining agreement which expires on October 31, 2014. | |||||||||||||
Financial Statement Presentation | ' | ||||||||||||
Financial Statement Presentation | |||||||||||||
DP&L does not have any subsidiaries. DP&L has undivided ownership interests in seven electric generating facilities and numerous transmission facilities. These undivided interests in jointly-owned facilities are accounted for on a pro rata basis in DP&L’s Financial Statements. | |||||||||||||
Certain immaterial amounts from prior periods, including derivative assets and liabilities and restricted cash, have been reclassified to conform to the current period presentation. | |||||||||||||
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; reserves recorded for income tax exposures; litigation; contingencies; the valuation of AROs; and assets and liabilities related to employee benefits. | |||||||||||||
Revenue Recognition | ' | ||||||||||||
Revenue Recognition | |||||||||||||
Revenues are recognized from retail and wholesale electricity sales and electricity transmission and distribution delivery services. We consider revenue realized, or realizable, and earned when persuasive evidence of an arrangement exists, the products or services have been provided to the customer, the sales price is fixed or determinable, and collection is reasonably assured. Energy sales to customers are based on the reading of their meters that occurs on a systematic basis throughout the month. We recognize the revenues on our statements of results of operations using an accrual method for retail and other energy sales that have not yet been billed, but where electricity has been consumed. This is termed “unbilled revenues” and is a widely recognized and accepted practice for utilities. At the end of each month, unbilled revenues are determined by the estimation of unbilled energy provided to customers since the date of the last meter reading, estimated line losses, the assignment of unbilled energy provided to customer classes and the average rate per customer class. | |||||||||||||
All of the power produced at the generation stations is sold to an RTO and we in turn purchase it back from the RTO to supply our customers. These power sales and purchases are reported on a net hourly basis as revenues or purchased power on our statements of results of operations. We record expenses when purchased electricity is received and when expenses are incurred, with the exception of the ineffective portion of certain power purchase contracts that are derivatives and qualify for hedge accounting. We also have certain derivative contracts that do not qualify for hedge accounting, and their unrealized gains or losses are recorded prior to the receipt of electricity. | |||||||||||||
Receivables | ' | ||||||||||||
Allowance for Uncollectible Accounts | |||||||||||||
We establish provisions for uncollectible accounts by using both historical average loss percentages to project future losses and by establishing specific provisions for known credit issues. | |||||||||||||
Property, Plant and Equipment | ' | ||||||||||||
Property, Plant and Equipment | |||||||||||||
We record our ownership share of our undivided interest in jointly-held stations as an asset in property, plant and equipment. Property, plant and equipment are stated at cost. 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, cost also includes capitalized interest. Capitalization of AFUDC and interest ceases at either project completion or at the date specified by regulators. AFUDC and capitalized interest was $1.5 million, $4.0 million, and $4.4 million for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||
For unregulated generation property, cost includes direct labor and material, allocable overhead expenses and interest capitalized during construction using the provisions of GAAP relating to the accounting for capitalized interest. | |||||||||||||
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. | |||||||||||||
At December 31, 2013, DP&L did not have any material plant acquisition adjustments or other plant-related adjustments. | |||||||||||||
Repairs and Maintenance | ' | ||||||||||||
Repairs and Maintenance | |||||||||||||
Costs associated with maintenance activities, primarily station outages, are recognized at the time the work is performed. These costs, which include labor, materials and supplies, and outside services required to maintain equipment and facilities, are capitalized or expensed based on defined units of property. | |||||||||||||
Depreciation Study - Change in Estimate | ' | ||||||||||||
Depreciation – Changes in Estimates | |||||||||||||
Depreciation expense is calculated using the straight-line method, which allocates the cost of property over its estimated useful life. For DP&L’s generation, transmission and distribution assets, straight-line depreciation is applied monthly on an average composite basis using group rates. | |||||||||||||
During the fourth quarter of 2013, the Company tested the recoverability of long-lived assets at certain generating stations. See Note 15 for more information. Gradual decreases in power prices as well as lower estimates of future capacity prices in conjunction with the DP&L reporting unit of DPL failing step 1 of the annual goodwill impairment test were collectively determined to be an impairment indicator. The effect of this impairment will be to reduce future depreciation related to these stations by approximately $3.8 million per year. | |||||||||||||
In the third quarter of 2012, a series of events led DP&L management to conclude that there was an impairment in the value of certain generating stations. See Note 15 for more information. The effect of this impairment will be to reduce future depreciation related to these stations by approximately $7.1 million per year. The effect in the years ended December 31, 2013 and 2012 was a reduction of approximately $5.4 million and $1.8 million, respectively. | |||||||||||||
For DP&L’s generation, transmission, and distribution assets, straight-line depreciation is applied on an average annual composite basis using group rates that approximated 4.4% in 2013, 4.2% in 2012 and 2.6% in 2011. | |||||||||||||
The following is a summary of DP&L’s Property, plant and equipment with corresponding composite depreciation rates at December 31, 2013 and December 31, 2012: | |||||||||||||
December 31, | |||||||||||||
$ in millions | 2013 | Composite Rate | 2012 | Composite Rate | |||||||||
Regulated: | |||||||||||||
Transmission | $ | 388.3 | 2.30% | $ | 380.9 | 2.40% | |||||||
Distribution | 1,528.2 | 3.50% | 1,480.7 | 3.40% | |||||||||
General | 111.1 | 6.20% | 100.0 | 5.40% | |||||||||
Non-depreciable | 60.8 | N/A | 60.1 | N/A | |||||||||
Total regulated | 2,088.4 | 2,021.7 | |||||||||||
Unregulated: | |||||||||||||
Production / Generation | 3,002.1 | 5.20% | 3,210.8 | 4.90% | |||||||||
Non-depreciable | 14.8 | N/A | 16.5 | N/A | |||||||||
Total unregulated | 3,016.9 | 3,227.3 | |||||||||||
Total property, plant and equipment in service | $ | 5,105.3 | 4.40% | $ | 5,249.0 | 4.20% | |||||||
Asset Retirement Obligations, Policy [Policy Text Block] | ' | ||||||||||||
AROs | |||||||||||||
We recognize AROs in accordance with GAAP which requires legal obligations associated with the retirement of long-lived assets to be recognized at their fair value at the time those obligations are incurred. Upon initial recognition of a legal liability, costs are capitalized as part of the related long-lived asset and depreciated over the useful life of the related asset. Our legal obligations associated with the retirement of our long-lived assets consisted primarily of river intake and discharge structures, coal unloading facilities, loading docks, ice breakers and ash disposal facilities. Our generation AROs are recorded within other deferred credits on the balance sheets. | |||||||||||||
Estimating the amount and timing of future expenditures of this type requires significant judgment. Management routinely updates these estimates as additional information becomes available. | |||||||||||||
Changes in the Liability for Generation AROs | |||||||||||||
$ in millions | |||||||||||||
Balance at December 31, 2011 | $ | 18.8 | |||||||||||
Calendar 2012 | |||||||||||||
Accretion expense | 0.9 | ||||||||||||
Settlements | -0.4 | ||||||||||||
Estimated cash flow revisions | -0.1 | ||||||||||||
Balance at December 31, 2012 | 19.2 | ||||||||||||
Calendar 2013 | |||||||||||||
Accretion expense | 1.0 | ||||||||||||
Settlements | -0.3 | ||||||||||||
Balance at December 31, 2013 | $ | 19.9 | |||||||||||
Asset Removal Costs | |||||||||||||
We continue to record cost of removal for our regulated transmission and distribution assets through our depreciation rates and recover those amounts in rates charged to our customers. There are no known legal AROs associated with these assets. We have recorded $114.9 million and $112.1 million in estimated costs of removal at December 31, 2013 and 2012, respectively, as regulatory liabilities for our transmission and distribution property. These amounts represent the excess of the cumulative removal costs recorded through depreciation rates versus the cumulative removal costs actually incurred. See Note 4 for additional information. | |||||||||||||
Changes in the Liability for Transmission and Distribution Asset Removal Costs | |||||||||||||
$ in millions | |||||||||||||
Balance at December 31, 2011 | $ | 112.4 | |||||||||||
Calendar 2012 | |||||||||||||
Additions | 10.1 | ||||||||||||
Settlements | -10.4 | ||||||||||||
Balance at December 31, 2012 | 112.1 | ||||||||||||
Calendar 2013 | |||||||||||||
Additions | 22.0 | ||||||||||||
Settlements | -19.2 | ||||||||||||
Balance at December 31, 2013 | $ | 114.9 | |||||||||||
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 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 4 for more information about Regulatory Assets and Liabilities. | |||||||||||||
Inventories | ' | ||||||||||||
Inventories | |||||||||||||
Inventories are carried at average cost and include coal, limestone, oil and gas used for electric generation, and materials and supplies used for utility operations. | |||||||||||||
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 cost of emission allowances, are recorded as a component of our fuel costs and are reflected in Operating income when realized. Beginning in January 2010, part of the gains on emission allowances were used to reduce the overall fuel rider charged to our SSO retail customers. Emission allowances are amortized as they are used in our operations. Renewable energy credits are amortized as they are used or retired. | |||||||||||||
Prior to the Merger date, emission allowances and renewable energy credits were carried as inventory. Emission allowances and renewable energy credits are now carried as intangibles in accordance with AES’ policy. | |||||||||||||
Income Taxes | ' | ||||||||||||
Income Taxes | |||||||||||||
GAAP requires an asset and liability approach for financial accounting and reporting of income taxes with tax effects of differences, based on currently enacted income tax rates, between the financial reporting and tax basis of accounting reported as deferred tax assets or liabilities in the balance sheets. Deferred tax assets are recognized for deductible temporary differences. Valuation allowances are provided against deferred tax assets unless it is more likely than not that the asset will be realized. | |||||||||||||
Investment tax credits, which have been used to reduce federal income taxes payable, are deferred for financial reporting purposes and are amortized over the useful lives of the property to which they relate. For rate-regulated operations, additional deferred income taxes and offsetting regulatory assets or liabilities are recorded to recognize that income taxes will be recoverable or refundable through future revenues. | |||||||||||||
DPL and its subsidiaries file U.S. federal income tax returns as part of the consolidated U.S. income tax return filed by AES. Prior to the Merger, DPL and its subsidiaries filed a consolidated U.S. federal income tax return. The consolidated tax liability is allocated to each subsidiary based on the separate return method which is specified in our tax allocation agreement and which provides a consistent, systematic and rational approach. See Note 7 for additional information. | |||||||||||||
Financial Instruments | ' | ||||||||||||
Financial Instruments | |||||||||||||
We classify our investments in debt and equity financial instruments of publicly traded entities into different categories: available-for-sale and held-to-maturity. Available-for-sale securities are carried at fair value and unrealized gains and losses on those securities, net of deferred income taxes, are presented as a separate component of shareholders’ equity. Other-than-temporary declines in value are recognized currently in earnings. Financial instruments classified as held-to-maturity are carried at amortized cost. The cost basis for public equity security and fixed maturity investments is average cost and amortized cost, respectively. | |||||||||||||
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. DP&L’s excise taxes are accounted for on a net basis and recorded as a reduction in revenues in the accompanying Statements of Results of Operations in accordance with AES policy. The amounts for the years ended December 31, 2013, 2012 and 2011 were $50.5 million, $50.5 million and $53.7 million, respectively. | |||||||||||||
Share-Based Compensation | ' | ||||||||||||
Share-Based Compensation | |||||||||||||
We measure the cost of employee services received and paid with equity instruments based on the fair value of such equity instrument on the grant date. This cost is recognized in results of operations over the period that employees are required to provide service. Liability awards are initially recorded based on the fair value of equity instruments and are to be re-measured for the change in stock price at each subsequent reporting date until the liability is ultimately settled. The fair value for employee share options and other similar instruments at the grant date are estimated using option-pricing models and any excess tax benefits are recognized as an addition to paid-in capital. The reduction in income taxes payable from the excess tax benefits is presented in the statements of cash flows within Cash flows from financing activities. See Note 11 for additional information. As a result of the Merger, discussed in Note 2, vesting of all share-based awards was accelerated as of the Merger date, and none are in existence at December 31, 2013 or 2012. | |||||||||||||
Cash and Cash Equivalents, Policy [Policy Text Block] | ' | ||||||||||||
Cash and Cash Equivalents | |||||||||||||
Cash and cash equivalents are stated at cost, which approximates fair value. All highly liquid short-term investments with original maturities of three months or less are considered cash equivalents. | |||||||||||||
Restricted Cash | |||||||||||||
Restricted cash includes cash which is restricted as to withdrawal or usage. The nature of the restrictions include restrictions imposed by agreements related to deposits held as collateral. | |||||||||||||
Financial Derivatives | ' | ||||||||||||
Financial Derivatives | |||||||||||||
All derivatives are recognized as either assets or liabilities in the balance sheets and are measured at fair value. Changes in the fair value are recorded in earnings unless they are designated as a cash flow hedge of a forecasted transaction or qualify for the normal purchases and sales exception. | |||||||||||||
We use forward contracts to reduce our exposure to changes in energy and commodity prices and as a hedge against the risk of changes in cash flows associated with expected electricity purchases. These purchases are used to hedge our full load requirements. We also hold forward sales contracts that hedge against the risk of changes in cash flows associated with power sales during periods of projected generation facility availability. We use cash flow hedge accounting when the hedge or a portion of the hedge is deemed to be highly effective and MTM accounting when the hedge or a portion of the hedge is not effective. We have elected not to offset net derivative positions in the financial statements. Accordingly, we do not offset such derivative positions against the fair value of amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral under master netting agreements. See Note 10 for additional information. | |||||||||||||
Insurance and Claims Costs | ' | ||||||||||||
Insurance and Claims Costs | |||||||||||||
In addition to insurance obtained from third-party providers, MVIC, a wholly-owned captive subsidiary of DPL, provides insurance coverage to DP&L and, in some cases, our partners in commonly-owned facilities we operate, for workers’ compensation, general liability, property damage, and directors’ and officers’ liability. Furthermore, DP&L is responsible for claim costs below certain coverage thresholds of MVIC for the insurance coverage noted above. In addition, DP&L has estimated liabilities for medical, life, and disability reserves for claims costs below certain coverage thresholds of third-party providers. We record these additional insurance and claims costs of approximately $18.8 million and $17.7 million at December 31, 2013 and 2012, respectively, within Other current liabilities and Other deferred credits on the balance sheets. The estimated liabilities for MVIC at DPL and the estimated liabilities for workers’ compensation, medical, life and disability costs at DP&L are actuarially determined based on certain assumptions. There is uncertainty associated with these loss estimates and actual results may differ from the estimates. Modification of these loss estimates based on experience and changed circumstances is reflected in the period in which the estimate is re-evaluated. | |||||||||||||
New Accounting Pronouncements, Policy [Policy Text Block] | ' | ||||||||||||
Recently Adopted Accounting Standards | |||||||||||||
Offsetting Assets and Liabilities | |||||||||||||
In December 2011, the FASB issued ASU 2011-11 “Disclosures about Offsetting Assets and Liabilities” (ASU 2011-11) effective for interim and annual reporting periods beginning on or after January 1, 2013. We adopted this ASU on January 1, 2013. This standard was clarified by ASU 2013-01 “Scope Clarification of Disclosures about Offsetting Assets and Liabilities”, which also was effective on January 1, 2013. This standard updates FASC Topic 210 “Balance Sheet.” ASU 2011-11 updates the disclosures for financial instruments and derivatives to provide more transparent information around the offsetting of assets and liabilities. Entities are required to disclose both gross and net information about both instruments and transactions eligible for offset in the statement of financial position and/or subject to an agreement similar to a master netting agreement. In ASU 2013-01, the FASB clarified that the disclosures were not intended to include trade receivables and other contracts for financial instruments that may be subject to a master netting arrangement. We adopted this rule, which resulted in enhanced disclosures, but it did not have an effect on our overall results of operations, financial position or cash flows. | |||||||||||||
Testing Indefinite-Lived Intangible Assets for Impairments | |||||||||||||
In July 2012, the FASB issued ASU 2012-02 “Testing Indefinite-Lived Intangible Assets for Impairment” (ASU 2012-02) effective for interim and annual impairment tests performed for fiscal years beginning after September 15, 2012. We adopted this ASU on January 1, 2013. This standard updates FASC Topic 350 “Intangibles-Goodwill and Other.” ASU 2012-02 permits an entity first to assess qualitative factors to determine whether it is more likely than not that an indefinite-lived intangible asset is impaired as a basis for determining whether it is necessary to perform the quantitative impairment test in accordance with FASC Subtopic 350-30. We adopted this rule but it did not have an effect on our overall results of operations, financial position or cash flows. | |||||||||||||
Comprehensive Income | |||||||||||||
The FASB recently issued ASU 2013-02 “Comprehensive Income (Topic 220): Reporting of Amounts Reclassified out of Accumulated Other Comprehensive Income” effective for annual and interim periods beginning after December 15, 2012. This ASU does not change the current requirements for reporting net income or OCI in financial statements. However, this ASU requires an entity to provide information about the amounts reclassified out of AOCI by component. In addition, an entity is required to present, either on the face of the statement where net income is presented or in the Notes, significant amounts reclassified out of AOCI by the respective line items of net income, but only if the amount reclassified is required under GAAP to be reclassified to net income in its entirety in the same reporting period. For other amounts that are not required under GAAP to be reclassified in their entirety to net income, an entity is required to cross-reference to other disclosures required under GAAP that provide additional detail about those amounts. We adopted this rule, which resulted in enhanced disclosures, but it did not have an effect on our overall results of operations, financial position or cash flows. | |||||||||||||
Related Party Transactions | ' | ||||||||||||
Related Party Transactions | |||||||||||||
In the normal course of business, DP&L enters into transactions with other subsidiaries of DPL. All material intercompany accounts and transactions are eliminated in DPL’s Consolidated Financial Statements. | |||||||||||||
Effective December 22, 2013, AES US Services, LLC (the “Service Company”) began providing services including accounting, legal, human resources, information technology and other services of a similar nature on behalf of the AES U.S. Strategic Business Unit (“U.S. SBU”). The Service Company allocates the costs for these services based on cost drivers designed to result in fair and equitable distribution. This includes ensuring that the regulatory utilities served, including DP&L, are not subsidizing costs incurred for the benefit of non-regulated businesses. | |||||||||||||
The following table provides a summary of these transactions: | |||||||||||||
Years ended December 31, | |||||||||||||
$ in millions | 2013 | 2012 | 2011 | ||||||||||
DP&L revenues: | |||||||||||||
Sales to DPLER (a) | $ | 345.8 | $ | 350.8 | $ | 327.0 | |||||||
Sales to MC Squared (a) | $ | 108.1 | $ | 40.0 | $ | - | |||||||
DP&L Operation & Maintenance Expenses: | |||||||||||||
Premiums paid for insurance services | $ | -2.9 | $ | -2.6 | $ | -3.1 | |||||||
provided by MVIC (b) | |||||||||||||
Expense recoveries for services | $ | 5.2 | $ | 4.0 | $ | 4.6 | |||||||
provided to DPLER (c) | |||||||||||||
DP&L Customer security deposits: | |||||||||||||
Deposits received from DPLER (d) | $ | 19.2 | $ | 20.2 | $ | - | |||||||
(a)DP&L sells power to DPLER and MC Squared to satisfy the electric requirements of their retail customers. The revenue dollars associated with sales to DPLER and MC Squared are recorded as wholesale revenues in DP&L’s Financial Statements. The increase in DP&L’s sales to DPLER during the year ended December 31, 2012, compared to the year ended December 31, 2011 is primarily due to customers electing to switch their generation service from DP&L to DPLER. DP&L started selling physical power to MC Squared during June 2012 and became their sole source of power in September 2012. | |||||||||||||
(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 administration 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. | |||||||||||||
Master Trust [Member] | ' | ||||||||||||
Financial Instruments | ' | ||||||||||||
DPL Capital Trust II | |||||||||||||
DPL has a wholly-owned business trust, DPL Capital Trust II (the Trust), formed for the purpose of issuing trust capital securities to third-party investors. Effective in 2003, DPL deconsolidated the Trust upon adoption of the accounting standards related to variable interest entities and currently treats the Trust as a nonconsolidated subsidiary. The Trust holds mandatorily redeemable trust capital securities. The investment in the Trust, which amounts to $0.4 million and $0.5 million at December 31, 2013 and 2012, respectively, is included in Other deferred assets within Other noncurrent assets. DPL also has a note payable to the Trust amounting to $19.6 million at December 31, 2013 and 2012 , respectively, that was established upon the Trust’s deconsolidation in 2003. See Note 7 for additional information. | |||||||||||||
In addition to the obligations under the note payable mentioned above, DPL also agreed to a security obligation which represents a full and unconditional guarantee of payments to the capital security holders of the Trust. | |||||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Summary of Property, Plant, and Equipment | ' | ||||||||||||
December 31, | |||||||||||||
$ in millions | 2013 | Composite Rate | 2012 | Composite Rate | |||||||||
Regulated: | |||||||||||||
Transmission | $ | 213.1 | 4.10% | $ | 208.9 | 4.40% | |||||||
Distribution | 970.1 | 5.60% | 935.0 | 5.40% | |||||||||
General | 56.8 | 12.10% | 50.6 | 10.80% | |||||||||
Non-depreciable | 60.8 | N/A | 60.0 | N/A | |||||||||
Total regulated | 1,300.8 | 1,254.5 | |||||||||||
Unregulated: | |||||||||||||
Production / Generation | 1,340.8 | 6.20% | 1,299.7 | 4.40% | |||||||||
Other | 15.7 | 8.90% | 16.6 | 11.60% | |||||||||
Non-depreciable | 19.7 | N/A | 19.6 | N/A | |||||||||
Total unregulated | 1,376.2 | 1,335.9 | |||||||||||
Total property, plant and equipment in service | $ | 2,677.0 | 5.80% | $ | 2,590.4 | 4.80% | |||||||
Changes in the Liability for Generation AROs | ' | ||||||||||||
$ in millions | |||||||||||||
Balance at December 31, 2011 | $ | 23.6 | |||||||||||
Calendar 2012 | |||||||||||||
Accretion expense | 0.8 | ||||||||||||
Settlements | -0.4 | ||||||||||||
Estimated cash flow revisions | -0.1 | ||||||||||||
Balance at December 31, 2012 | 23.9 | ||||||||||||
Calendar 2013 | |||||||||||||
Accretion expense | 0.8 | ||||||||||||
Settlements | -0.3 | ||||||||||||
Balance at December 31, 2013 | $ | 24.4 | |||||||||||
Changes in the Liability for Transmission and Distribution Asset Removal Costs | ' | ||||||||||||
$ in millions | |||||||||||||
Balance at December 31, 2011 | $ | 112.4 | |||||||||||
Calendar 2012 | |||||||||||||
Additions | 10.1 | ||||||||||||
Settlements | -10.4 | ||||||||||||
Balance at December 31, 2012 | 112.1 | ||||||||||||
Calendar 2013 | |||||||||||||
Additions | 22.0 | ||||||||||||
Settlements | -19.2 | ||||||||||||
Balance at December 31, 2013 | $ | 114.9 | |||||||||||
DP&L [Member] | ' | ||||||||||||
Summary of Property, Plant, and Equipment | ' | ||||||||||||
December 31, | |||||||||||||
$ in millions | 2013 | Composite Rate | 2012 | Composite Rate | |||||||||
Regulated: | |||||||||||||
Transmission | $ | 388.3 | 2.30% | $ | 380.9 | 2.40% | |||||||
Distribution | 1,528.2 | 3.50% | 1,480.7 | 3.40% | |||||||||
General | 111.1 | 6.20% | 100.0 | 5.40% | |||||||||
Non-depreciable | 60.8 | N/A | 60.1 | N/A | |||||||||
Total regulated | 2,088.4 | 2,021.7 | |||||||||||
Unregulated: | |||||||||||||
Production / Generation | 3,002.1 | 5.20% | 3,210.8 | 4.90% | |||||||||
Non-depreciable | 14.8 | N/A | 16.5 | N/A | |||||||||
Total unregulated | 3,016.9 | 3,227.3 | |||||||||||
Total property, plant and equipment in service | $ | 5,105.3 | 4.40% | $ | 5,249.0 | 4.20% | |||||||
Changes in the Liability for Generation AROs | ' | ||||||||||||
$ in millions | |||||||||||||
Balance at December 31, 2011 | $ | 18.8 | |||||||||||
Calendar 2012 | |||||||||||||
Accretion expense | 0.9 | ||||||||||||
Settlements | -0.4 | ||||||||||||
Estimated cash flow revisions | -0.1 | ||||||||||||
Balance at December 31, 2012 | 19.2 | ||||||||||||
Calendar 2013 | |||||||||||||
Accretion expense | 1.0 | ||||||||||||
Settlements | -0.3 | ||||||||||||
Balance at December 31, 2013 | $ | 19.9 | |||||||||||
Changes in the Liability for Transmission and Distribution Asset Removal Costs | ' | ||||||||||||
$ in millions | |||||||||||||
Balance at December 31, 2011 | $ | 112.4 | |||||||||||
Calendar 2012 | |||||||||||||
Additions | 10.1 | ||||||||||||
Settlements | -10.4 | ||||||||||||
Balance at December 31, 2012 | 112.1 | ||||||||||||
Calendar 2013 | |||||||||||||
Additions | 22.0 | ||||||||||||
Settlements | -19.2 | ||||||||||||
Balance at December 31, 2013 | $ | 114.9 | |||||||||||
Related Party Transactions | ' | ||||||||||||
Years ended December 31, | |||||||||||||
$ in millions | 2013 | 2012 | 2011 | ||||||||||
DP&L revenues: | |||||||||||||
Sales to DPLER (a) | $ | 345.8 | $ | 350.8 | $ | 327.0 | |||||||
Sales to MC Squared (a) | $ | 108.1 | $ | 40.0 | $ | - | |||||||
DP&L Operation & Maintenance Expenses: | |||||||||||||
Premiums paid for insurance services | $ | -2.9 | $ | -2.6 | $ | -3.1 | |||||||
provided by MVIC (b) | |||||||||||||
Expense recoveries for services | $ | 5.2 | $ | 4.0 | $ | 4.6 | |||||||
provided to DPLER (c) | |||||||||||||
DP&L Customer security deposits: | |||||||||||||
Deposits received from DPLER (d) | $ | 19.2 | $ | 20.2 | $ | - | |||||||
Business_Combination_Tables
Business Combination (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Business Combinations [Abstract] | ' | |||||||
Schedule of Purchase Price Allocation [Table Text Block] | ' | |||||||
$ in millions | Final purchase price allocation | Preliminary purchase price allocation | ||||||
Cash | $ | 116.4 | $ | 116.4 | ||||
Restricted cash | 18.5 | 18.5 | ||||||
Accounts receivable | 277.6 | 277.6 | ||||||
Inventory | 123.7 | 123.7 | ||||||
Other current assets | 37.3 | 37.3 | ||||||
Property, plant and equipment | 2,477.8 | 2,548.5 | ||||||
Intangible assets subject to amortization | 147.2 | 166.3 | ||||||
Intangible assets - indefinite-lived | 5.0 | 5.0 | ||||||
Regulatory assets | 217.1 | 201.1 | ||||||
Other non-current assets | 58.3 | 58.3 | ||||||
Current liabilities | -413.1 | -408.2 | ||||||
Debt | -1,255.10 | -1,255.10 | ||||||
Deferred taxes | -551.2 | -558.2 | ||||||
Regulatory liabilities | -117 | -117 | ||||||
Other non-current liabilities | -216.8 | -201.5 | ||||||
Redeemable preferred stock | -18.4 | -18.4 | ||||||
Net identifiable assets acquired | 907.3 | 994.3 | ||||||
Goodwill | 2,576.3 | 2,489.3 | ||||||
Net assets acquired | $ | 3,483.6 | $ | 3,483.6 | ||||
Schedule Of Changes To Preliminary Purchase Price Allocation [Table Text Block] | ' | |||||||
Decrease / (increase) | ||||||||
to preliminary goodwill | ||||||||
$ in millions | Change before deferred income tax effect | Deferred income tax effect | ||||||
Property, plant and equipment (a) | $ | -70.7 | $ | 25.5 | ||||
DPLER intangibles (b) | -19.1 | 6.7 | ||||||
Out of market coal contract (c) | -34.2 | 12.0 | ||||||
Deferred tax liabilities (d) | - | -20.7 | ||||||
Regulatory assets (e) | 15.4 | - | ||||||
Taxes payable (f) | 13.1 | -16 | ||||||
Other | 1.0 | - | ||||||
$ | -94.5 | $ | 7.5 | |||||
Net (increase) in goodwill | $ | -87 | ||||||
Supplemental_Financial_Informa1
Supplemental Financial Information (Tables) | 12 Months Ended | ||||||||||||||
Dec. 31, 2013 | |||||||||||||||
Schedule of Supplemental Financial Information | ' | ||||||||||||||
December 31, | |||||||||||||||
$ in millions | 2013 | 2012 | |||||||||||||
Accounts receivable, net | |||||||||||||||
Unbilled revenue | $ | 77.8 | $ | 75.2 | |||||||||||
Customer receivables | 102.7 | 98.2 | |||||||||||||
Amounts due from partners in jointly-owned stations | 15.8 | 19.7 | |||||||||||||
Coal sales | - | 1.6 | |||||||||||||
Other | 8.2 | 14.6 | |||||||||||||
Provisions for uncollectible accounts | -1.2 | -1.1 | |||||||||||||
Total accounts receivable, net | $ | 203.3 | $ | 208.2 | |||||||||||
Inventories | |||||||||||||||
Fuel and limestone | $ | 42.7 | $ | 67.3 | |||||||||||
Plant materials and supplies | 38.2 | 41.0 | |||||||||||||
Other | 1.8 | 1.8 | |||||||||||||
Total inventories, at average cost | $ | 82.7 | $ | 110.1 | |||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | ' | ||||||||||||||
Details about Accumulated Other Comprehensive Income / (Loss) Components | Affected line item in the Consolidated Statements of Operations | Successor | Predecessor | ||||||||||||
$ in millions | Year ended December 31, 2013 | Year ended December 31, 2012 | November 28, 2011 through December 31, 2011 | January 1, 2011 through November 27, 2011 | |||||||||||
Gains and losses on Available-for-sale securities activity (Note 10): | |||||||||||||||
Other income / (deductions) | $ | 2.1 | $ | -0.1 | $ | - | $ | - | |||||||
Total before income taxes | 2.1 | -0.1 | - | - | |||||||||||
Tax expense | -0.7 | - | - | - | |||||||||||
Net of income taxes | 1.4 | -0.1 | - | - | |||||||||||
Gains and losses on cash flow hedges (Note 11): | |||||||||||||||
Interest Expense | - | 0.2 | - | -2.3 | |||||||||||
Revenue | 2.2 | -0.1 | - | 1.3 | |||||||||||
Purchased power | 3.5 | -1.1 | - | 1.0 | |||||||||||
Total before income taxes | 5.7 | -1 | - | - | |||||||||||
Tax expense | -2.3 | 0.5 | - | -0.3 | |||||||||||
Net of income taxes | 3.4 | -0.5 | - | -0.3 | |||||||||||
Amortization of defined benefit pension items (Note 9): | |||||||||||||||
Reclassification to Other income / (deductions) | - | - | - | 4.3 | |||||||||||
Tax benefit | 0.3 | - | - | -1.5 | |||||||||||
Net of income taxes | 0.3 | - | - | 2.8 | |||||||||||
Total reclassifications for the period, net of income taxes | $ | 5.1 | $ | -0.6 | $ | - | $ | 2.5 | |||||||
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, 2012 | $ | - | $ | -0.5 | $ | 0.1 | $ | -0.4 | |||||||
Other comprehensive income / (loss) before reclassifications | 0.5 | -1.5 | -1.9 | -2.9 | |||||||||||
Amounts reclassified from accumulated other comprehensive income / (loss) | -0.1 | -0.5 | - | -0.6 | |||||||||||
Net current period other comprehensive income / (loss) | 0.4 | -2 | -1.9 | -3.5 | |||||||||||
Balance December 31, 2012 | 0.4 | -2.5 | -1.8 | -3.9 | |||||||||||
Other comprehensive income / (loss) before reclassifications | -1.2 | 19.7 | 4.9 | 23.4 | |||||||||||
Amounts reclassified from accumulated other comprehensive income / (loss) | 1.4 | 3.4 | 0.3 | 5.1 | |||||||||||
Net current period other comprehensive income | 0.2 | 23.1 | 5.2 | 28.5 | |||||||||||
Balance December 31, 2013 | $ | 0.6 | $ | 20.6 | $ | 3.4 | $ | 24.6 | |||||||
DP&L [Member] | ' | ||||||||||||||
Schedule of Supplemental Financial Information | ' | ||||||||||||||
December 31, | |||||||||||||||
$ in millions | 2013 | 2012 | |||||||||||||
Accounts receivable, net | |||||||||||||||
Unbilled revenue | $ | 47.2 | $ | 48.1 | |||||||||||
Customer receivables | 58.2 | 62.0 | |||||||||||||
Amounts due from partners in jointly-owned stations | 15.8 | 19.7 | |||||||||||||
Coal sales | - | 1.6 | |||||||||||||
Other | 27.2 | 29.5 | |||||||||||||
Provisions for uncollectible accounts | -0.9 | -0.9 | |||||||||||||
Total accounts receivable, net | $ | 147.5 | $ | 160.0 | |||||||||||
Inventories | |||||||||||||||
Fuel and limestone | $ | 42.9 | $ | 67.3 | |||||||||||
Plant materials and supplies | 37.0 | 39.8 | |||||||||||||
Other | 1.8 | 1.8 | |||||||||||||
Total inventories, at average cost | $ | 81.7 | $ | 108.9 | |||||||||||
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | ' | ||||||||||||||
Details about Accumulated Other Comprehensive Income / (Loss) Components | Affected line item in the Statements of Operations | Years ended December 31, | |||||||||||||
$ in millions | 2013 | 2012 | 2011 | ||||||||||||
Gains and losses on Available-for-sale securities activity (Note 9): | |||||||||||||||
Other income / (deductions) | $ | 2.1 | $ | -0.1 | $ | - | |||||||||
Total before income taxes | 2.1 | -0.1 | - | ||||||||||||
Tax expense | -0.7 | - | - | ||||||||||||
Net of income taxes | 1.4 | -0.1 | - | ||||||||||||
Gains and losses on cash flow hedges (Note 10): | |||||||||||||||
Interest expense | -2.1 | -2.5 | -2.4 | ||||||||||||
Revenue | 2.2 | 0.3 | 1.1 | ||||||||||||
Purchased power | 5.0 | -1.6 | 1.0 | ||||||||||||
Total before income taxes | 5.1 | -3.8 | -0.3 | ||||||||||||
Tax expense | -2.5 | 0.4 | 0.1 | ||||||||||||
Net of income taxes | 2.6 | -3.4 | -0.2 | ||||||||||||
Amortization of defined benefit pension items (Note 8): | |||||||||||||||
Reclassification to Other income / (deductions) | 5.7 | 4.1 | 2.8 | ||||||||||||
Tax benefit | -1.9 | -1.4 | -0.5 | ||||||||||||
Net of income taxes | 3.8 | 2.7 | 2.3 | ||||||||||||
Total reclassifications for the period, net of income taxes | $ | 7.8 | $ | -0.8 | $ | 2.1 | |||||||||
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, 2012 | $ | 0.6 | $ | 9.0 | $ | -44.3 | $ | -34.7 | |||||||
Other comprehensive income / (loss) before reclassifications | 0.5 | -3 | -0.7 | -3.2 | |||||||||||
Amounts reclassified from accumulated other comprehensive income / (loss) | -0.1 | -3.4 | 2.7 | -0.8 | |||||||||||
Net current period other comprehensive income / (loss) | 0.4 | -6.4 | 2.0 | -4 | |||||||||||
Balance December 31, 2012 | 1.0 | 2.6 | -42.3 | -38.7 | |||||||||||
Other comprehensive income / (loss) before reclassifications | -1.6 | 1.0 | 4.8 | 4.2 | |||||||||||
Amounts reclassified from accumulated other comprehensive income / (loss) | 1.4 | 2.6 | 3.8 | 7.8 | |||||||||||
Net current period other comprehensive income / (loss) | -0.2 | 3.6 | 8.6 | 12.0 | |||||||||||
Balance December 31, 2013 | $ | 0.8 | $ | 6.2 | $ | -33.7 | $ | -26.7 | |||||||
Regulatory_Matters_Tables
Regulatory Matters (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Regulatory Assets and Liabilities | ' | ||||||||||||
December 31, | |||||||||||||
$ in millions | Type of Recovery (a) | Amortization Through | 2013 | 2012 | |||||||||
Regulatory assets, current: | |||||||||||||
Transmission costs | F | 2014 | $ | 2.6 | $ | 7.0 | |||||||
Fuel and purchased power recovery costs | C | 2014 | 6.3 | 14.1 | |||||||||
Energy efficiency program | F | 2014 | 7.7 | - | |||||||||
Other miscellaneous | 2014 | 4.2 | - | ||||||||||
Total regulatory assets, current | $ | 20.8 | $ | 21.1 | |||||||||
Regulatory assets, non-current: | |||||||||||||
Deferred recoverable income taxes | B/C | Ongoing | $ | 32.4 | $ | 35.1 | |||||||
Pension benefits | C | Ongoing | 77.1 | 88.9 | |||||||||
Unamortized loss on reacquired debt | C | Various | 10.9 | 11.9 | |||||||||
Deferred storm costs | D | Undetermined | 25.6 | 24.4 | |||||||||
CCEM smart grid and advanced metering infrastructure costs | D | 6.6 | 6.6 | ||||||||||
Energy efficiency program costs | F | 2014 | - | 5.2 | |||||||||
Consumer education campaign | D | Undetermined | 3.0 | 3.0 | |||||||||
Retail settlement system costs | D | Undetermined | 3.1 | 3.1 | |||||||||
Other miscellaneous | Undetermined | 1.0 | 7.3 | ||||||||||
Total regulatory assets, non-current | $ | 159.7 | $ | 185.5 | |||||||||
Regulatory liabilities, current: | |||||||||||||
Other miscellaneous | $ | - | $ | 0.1 | |||||||||
Total regulatory liabilities, current | $ | - | $ | 0.1 | |||||||||
Regulatory liabilities, non-current: | |||||||||||||
Estimated costs of removal - regulated property | $ | 115.0 | $ | 112.1 | |||||||||
Postretirement benefits | 5.6 | 5.0 | |||||||||||
Other miscellaneous | 0.5 | 0.2 | |||||||||||
Total regulatory liabilities, non-current | $ | 121.1 | $ | 117.3 | |||||||||
DP&L [Member] | ' | ||||||||||||
Regulatory Assets and Liabilities | ' | ||||||||||||
December 31, | |||||||||||||
$ in millions | Type of Recovery (a) | Amortization Through | 2013 | 2012 | |||||||||
Regulatory assets, current: | |||||||||||||
Transmission costs | F | 2014 | $ | 2.6 | $ | 7.0 | |||||||
Fuel and purchased power recovery costs | C | 2014 | 6.3 | 11.3 | |||||||||
Energy efficiency program | F | 2014 | 7.7 | - | |||||||||
Other miscellaneous | 2014 | 4.2 | - | ||||||||||
Total regulatory assets, current | $ | 20.8 | $ | 18.3 | |||||||||
Regulatory assets, non-current: | |||||||||||||
Deferred recoverable income taxes | B/C | Ongoing | $ | 32.4 | $ | 35.1 | |||||||
Pension benefits | C | Ongoing | 77.1 | 88.9 | |||||||||
Unamortized loss on reacquired debt | C | Various | 10.9 | 11.9 | |||||||||
Deferred storm costs | D | Undetermined | 25.6 | 24.4 | |||||||||
CCEM smart grid and advanced metering infrastructure costs | D | 6.6 | 6.6 | ||||||||||
Energy efficiency program costs | F | 2014 | - | 5.2 | |||||||||
Consumer education campaign | D | Undetermined | 3.0 | 3.0 | |||||||||
Retail settlement system costs | D | Undetermined | 3.1 | 3.1 | |||||||||
Other miscellaneous | Undetermined | 1.0 | 7.3 | ||||||||||
Total regulatory assets, non-current | $ | 159.7 | $ | 185.5 | |||||||||
Regulatory liabilities, current: | |||||||||||||
Other miscellaneous | $ | - | $ | 0.1 | |||||||||
Total regulatory liabilities, current | $ | - | $ | 0.1 | |||||||||
Regulatory liabilities, non-current: | |||||||||||||
Estimated costs of removal - regulated property | $ | 115.0 | $ | 112.1 | |||||||||
Postretirement benefits | 5.6 | 5.0 | |||||||||||
Other miscellaneous | 0.5 | 0.2 | |||||||||||
Total regulatory liabilities, non-current | $ | 121.1 | $ | 117.3 | |||||||||
Ownership_of_Coalfired_Facilit1
Ownership of Coal-fired Facilities (Tables) | 12 Months Ended | |||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||
Ownership Interests | ' | |||||||||||||||||
DP&L Share | DP&L Investment | |||||||||||||||||
(adjusted to fair value as of Merger date) | ||||||||||||||||||
Ownership | Summer Production Capacity | Gross Plant | Accumulated | Construction | SCR and FGD | |||||||||||||
(%) | (MW) | In Service | Depreciation | Work in | Equipment | |||||||||||||
($ in millions) | ($ in millions) | Process | Installed | |||||||||||||||
($ in millions) | and in | |||||||||||||||||
Service | ||||||||||||||||||
(Yes/No) | ||||||||||||||||||
Jointly-owned production units | ||||||||||||||||||
Beckjord Unit 6 | 50.0 | 207 | $ | 2 | $ | 1 | $ | - | No | |||||||||
Conesville Unit 4 | 16.5 | 129 | 24 | - | - | Yes | ||||||||||||
East Bend Station | 31.0 | 186 | 12 | 5 | - | Yes | ||||||||||||
Killen Station | 67.0 | 402 | 306 | 9 | 4 | Yes | ||||||||||||
Miami Fort Units 7 and 8 | 36.0 | 368 | 212 | 13 | 1 | Yes | ||||||||||||
Stuart Station | 35.0 | 808 | 205 | 12 | 16 | Yes | ||||||||||||
Zimmer Station | 28.1 | 365 | 177 | 25 | 3 | Yes | ||||||||||||
Transmission (at varying percentages) | 41 | 4 | - | |||||||||||||||
Total | 2,465 | $ | 979 | $ | 69 | $ | 24 | |||||||||||
Wholly-owned production unit | ||||||||||||||||||
Hutchings Station | 100.0 | - | $ | - | $ | - | $ | - | No | |||||||||
DP&L [Member] | ' | |||||||||||||||||
Ownership Interests | ' | |||||||||||||||||
DP&L Share | DP&L Investment | |||||||||||||||||
Ownership | Summer Production Capacity | Gross Plant | Accumulated | Construction | SCR and FGD | |||||||||||||
% | (MW) | In Service | Depreciation | Work in | Equipment | |||||||||||||
($ in millions) | ($ in millions) | Process | Installed | |||||||||||||||
($ in millions) | and in | |||||||||||||||||
Service | ||||||||||||||||||
(Yes/No) | ||||||||||||||||||
Jointly-owned production units | ||||||||||||||||||
Beckjord Unit 6 | 50.0 | 207 | $ | 76 | $ | 69 | $ | - | No | |||||||||
Conesville Unit 4 | 16.5 | 129 | 20 | - | - | Yes | ||||||||||||
East Bend Station | 31.0 | 186 | - | - | - | Yes | ||||||||||||
Killen Station | 67.0 | 402 | 622 | 303 | 4 | Yes | ||||||||||||
Miami Fort Units 7 and 8 | 36.0 | 368 | 361 | 152 | 1 | Yes | ||||||||||||
Stuart Station | 35.0 | 808 | 744 | 307 | 16 | Yes | ||||||||||||
Zimmer Station | 28.1 | 365 | 1,098 | 657 | 3 | Yes | ||||||||||||
Transmission (at varying percentages) | 98 | 60 | - | |||||||||||||||
Total | 2,465 | $ | 3,019 | $ | 1,548 | $ | 24 | |||||||||||
Wholly-owned production unit | ||||||||||||||||||
Hutchings Station | 100.0 | - | $ | - | $ | - | $ | - | No | |||||||||
Recovered_Sheet1
Goodwill And Other Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||
Intangible assets | ' | ||||||||||||||||||
$ in millions | 31-Dec-13 | 31-Dec-12 | |||||||||||||||||
Gross | Accumulated | Net | Gross | Accumulated | Net | ||||||||||||||
Balance | Amortization | Balance | Balance | Amortization | Balance | ||||||||||||||
Subject to Amortization | |||||||||||||||||||
Electric Security Plan (a) | $ | - | $ | - | $ | - | $ | 87.0 | $ | -87 | $ | - | |||||||
Customer Contracts (b) | 27.0 | -25.8 | 1.2 | 28.0 | -19.7 | 8.3 | |||||||||||||
Customer Relationships (c) | 31.8 | -4.6 | 27.2 | 31.8 | -1.1 | 30.7 | |||||||||||||
Other (d) | 8.4 | -0.1 | 8.3 | 5.3 | -0.3 | 5.0 | |||||||||||||
67.2 | -30.5 | 36.7 | 152.1 | -108.1 | 44.0 | ||||||||||||||
Not subject to Amortization | |||||||||||||||||||
Trademark/Trade name (e) | 6.1 | - | 6.1 | 6.1 | - | 6.1 | |||||||||||||
Total intangibles | $ | 73.3 | $ | -30.5 | $ | 42.8 | $ | 158.2 | $ | -108.1 | $ | 50.1 | |||||||
Intangible assets acquired during period | ' | ||||||||||||||||||
$ in millions | Amount | Subject to | Weighted | Amortization | |||||||||||||||
Amortization/ | Average | Method | |||||||||||||||||
Indefinite-lived | Amortization | ||||||||||||||||||
Period | |||||||||||||||||||
(years) | |||||||||||||||||||
Renewable Energy Certificates | $ | 3.9 | Subject to amortization | Various | As Utilized | ||||||||||||||
Estimated Amortization Expense | ' | ||||||||||||||||||
Estimated amortization expense | |||||||||||||||||||
Years ending December 31, | |||||||||||||||||||
$ in millions | 2014 | 2015 | 2016 | 2017 | 2018 | ||||||||||||||
Customer contracts | $ | 1.2 | $ | - | $ | - | $ | - | $ | - | |||||||||
Customer relationships | 3.8 | 3.8 | 3.1 | 2.7 | 2.3 | ||||||||||||||
Renewable Energy Certificates | 3.8 | 0.3 | - | - | - | ||||||||||||||
$ | 8.8 | $ | 4.1 | $ | 3.1 | $ | 2.7 | $ | 2.3 | ||||||||||
Changes in Goodwill | ' | ||||||||||||||||||
$ in millions | DP&L Reporting Unit | DPLER Reporting Unit | Total | ||||||||||||||||
Balance at December 31, 2011 | |||||||||||||||||||
Goodwill | $ | 2,440.5 | $ | 135.8 | $ | 2,576.3 | |||||||||||||
Accumulated impairment losses | - | - | - | ||||||||||||||||
Net balance at December 31, 2011 | $ | 2,440.5 | $ | 135.8 | $ | 2,576.3 | |||||||||||||
Goodwill impairments during 2012 | $ | -1,817.20 | $ | - | $ | -1,817.20 | |||||||||||||
Balance at December 31, 2012 | |||||||||||||||||||
Goodwill | $ | 2,440.5 | $ | 135.8 | $ | 2,576.3 | |||||||||||||
Accumulated impairment losses | -1,817.20 | - | -1,817.20 | ||||||||||||||||
Net balance at December 31, 2012 | $ | 623.3 | $ | 135.8 | $ | 759.1 | |||||||||||||
Goodwill impairments during 2013 | $ | -306.3 | $ | - | $ | -306.3 | |||||||||||||
Balance at December 31, 2013 | |||||||||||||||||||
Goodwill | $ | 2,440.5 | $ | 135.8 | $ | 2,576.3 | |||||||||||||
Accumulated impairment losses | -2,123.50 | - | -2,123.50 | ||||||||||||||||
Net balance at December 31, 2013 | $ | 317.0 | $ | 135.8 | $ | 452.8 | |||||||||||||
Debt_Obligations_Tables
Debt Obligations (Tables) | 12 Months Ended | ||||||
Dec. 31, 2013 | |||||||
Long-term Debt | ' | ||||||
Long-term debt | |||||||
$ in millions | 31-Dec-13 | 31-Dec-12 | |||||
First mortgage bonds due in September 2016 - 1.875% | $ | 444.3 | $ | - | |||
Pollution control series due in January 2028 - 4.7% | 36.0 | 36.1 | |||||
Pollution control series due in January 2034 - 4.8% | 179.6 | 179.6 | |||||
Pollution control series due in September 2036 - 4.8% | 96.4 | 96.3 | |||||
Pollution control series due in November 2040 - variable rates: 0.05% - 0.24% and 0.04% - 0.26% (a) | 100.0 | - | |||||
U.S. Government note due in February 2061 - 4.2% | 18.3 | 18.3 | |||||
Capital lease obligations | - | 0.1 | |||||
Total long-term debt at subsidiary | 874.6 | 330.4 | |||||
Bank term loan due in August 2014 (repaid in May 2013) - variable rates: 2.46% and 1.48% - 4.25% (a) | - | 425.0 | |||||
Bank term loan due in May 2018 - variable rates: 2.42% - 2.45% (a) | 180.0 | - | |||||
Senior unsecured bonds due in October 2016 - 6.50% | 430.0 | 450.0 | |||||
Senior unsecured bonds due in October 2021 - 7.25% | 780.0 | 800.0 | |||||
Note to DPL Capital Trust II due in September 2031 - 8.125% | 19.6 | 19.6 | |||||
Total long-term debt | $ | 2,284.2 | $ | 2,025.0 | |||
(a) - range of interest rates for the twelve months ended December 31, 2013 and December 31, 2012, respectively | |||||||
Current Portion - Long-term Debt | ' | ||||||
Current portion - long-term debt | |||||||
$ in millions | 31-Dec-13 | 31-Dec-12 | |||||
First mortgage bonds due in October 2013 - 5.125% | $ | - | $ | 484.5 | |||
Pollution control series due in November 2040 - variable rates: 0.05% - 0.24% and 0.04% - 0.26% (a) | - | 100.0 | |||||
Bank term loan due in May 2018 - variable rates: 2.42% - 2.45% (a) | 10.0 | - | |||||
U.S. Government note due in February 2061 - 4.2% | 0.1 | 0.1 | |||||
Capital lease obligations | 0.1 | 0.3 | |||||
Total current portion - long-term debt | $ | 10.2 | $ | 584.9 | |||
(a) - range of interest rates for the twelve months ended December 31, 2013 and December 31, 2012, respectively | |||||||
Long-term Debt Maturities | ' | ||||||
Due within the twelve months ending December 31, | |||||||
$ in millions | |||||||
2014 | $ | 10.2 | |||||
2015 | 40.1 | ||||||
2016 | 915.1 | ||||||
2017 | 40.1 | ||||||
2018 | 60.1 | ||||||
Thereafter | 1,232.8 | ||||||
2,298.4 | |||||||
Unamortized discounts and premiums, net | -4 | ||||||
Total long-term debt | $ | 2,294.4 | |||||
DP&L [Member] | ' | ||||||
Long-term Debt | ' | ||||||
Long-term debt | |||||||
$ in millions | 31-Dec-13 | 31-Dec-12 | |||||
First mortgage bonds due in September 2016 - 1.875% | $ | 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 - variable rates: 0.05% - 0.24% and 0.04% - 0.26% (a) | 100.0 | - | |||||
U.S. Government note due in February 2061 - 4.2% | 18.2 | 18.3 | |||||
Capital lease obligations | - | 0.1 | |||||
Unamortized debt discount | -0.7 | -0.1 | |||||
Total long-term debt | $ | 876.9 | $ | 332.7 | |||
(a) - range of interest rates for the twelve months ended December 31, 2013 and December 31, 2012, respectively | |||||||
Current Portion - Long-term Debt | ' | ||||||
Current portion - long-term debt | |||||||
$ in millions | 31-Dec-13 | 31-Dec-12 | |||||
First mortgage bonds due in October 2013 - 1.875% | $ | - | $ | 470.0 | |||
Pollution control series due in November 2040 - variable rates: 0.05% - 0.24% and 0.04% - 0.26% (a) | - | 100.0 | |||||
U.S. Government note due in February 2061 - 4.2% | 0.1 | 0.1 | |||||
Capital lease obligations | 0.1 | 0.3 | |||||
Total current portion - long-term debt | $ | 0.2 | $ | 570.4 | |||
(a) - range of interest rates for the twelve months ended December 31, 2013 and December 31, 2012, respectively | |||||||
Long-term Debt Maturities | ' | ||||||
Due within the twelve months ending December 31, | |||||||
$ in millions | |||||||
2014 | $ | 0.2 | |||||
2015 | 0.1 | ||||||
2016 | 445.1 | ||||||
2017 | 0.1 | ||||||
2018 | 0.1 | ||||||
Thereafter | 432.2 | ||||||
877.8 | |||||||
Unamortized discount | -0.7 | ||||||
Total long-term debt | $ | 877.1 | |||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Components of Income Tax Expense | ' | ||||||||||||
Successor | Predecessor | ||||||||||||
$ in millions | Year ended December 31, 2013 | Year ended December 31, 2012 | November 28, 2011 through December 31, 2011 | January 1, 2011 through November 27, 2011 | |||||||||
Computation of tax expense | |||||||||||||
Federal income tax expense / (benefit)(a) | $ | -69.9 | $ | -588.7 | $ | -2 | $ | 88.4 | |||||
Increases (decreases) in tax resulting from: | |||||||||||||
State income taxes, net of federal effect | 1.7 | 3.5 | 0.1 | 3.8 | |||||||||
Depreciation of AFUDC - Equity | -3.2 | -2.4 | -0.3 | -2.9 | |||||||||
Investment tax credit amortized | -0.5 | -0.3 | -0.2 | -2.3 | |||||||||
Section 199 - domestic production deduction | -4.1 | -2.1 | - | -3.6 | |||||||||
Non-deductible merger costs | - | - | 0.1 | 6.0 | |||||||||
Non-deductible merger-related compensation | - | 0.6 | 3.5 | - | |||||||||
Non-deductible goodwill impairment | 107.2 | 636.0 | - | - | |||||||||
Accrual (settlement) for open tax years | -8.8 | -0.1 | 0.1 | 0.1 | |||||||||
Compensation and benefits | - | - | - | 13.8 | |||||||||
Income not subject to tax | - | - | -0.6 | - | |||||||||
Other, net (b) | -0.1 | 1.2 | -0.1 | -1.3 | |||||||||
Total tax expense | $ | 22.3 | $ | 47.7 | $ | 0.6 | $ | 102.0 | |||||
Components of tax expense | |||||||||||||
Federal - current | $ | 1.8 | $ | 48.6 | $ | 0.4 | $ | 53.2 | |||||
State and Local - current | 0.7 | 1.2 | 0.4 | 0.9 | |||||||||
Total current | 2.5 | 49.8 | 0.8 | 54.1 | |||||||||
Federal - deferred | 18.1 | -4.9 | -0.2 | 43.2 | |||||||||
State and local - deferred | 1.7 | 2.8 | - | 4.7 | |||||||||
Total deferred | 19.8 | -2.1 | -0.2 | 47.9 | |||||||||
Total tax expense | $ | 22.3 | $ | 47.7 | $ | 0.6 | $ | 102.0 | |||||
Components of Deferred Tax Assets and Liabilities | ' | ||||||||||||
Components of Deferred Tax Assets and Liabilities (Successor) | |||||||||||||
Years ended December 31, | |||||||||||||
$ in millions | 2013 | 2012 | |||||||||||
Net non-current Assets / (Liabilities) | |||||||||||||
Depreciation / property basis | $ | -531.5 | $ | -517 | |||||||||
Income taxes recoverable | -11.4 | -12.3 | |||||||||||
Regulatory assets | -15.6 | -20.6 | |||||||||||
Investment tax credit | 1.0 | 1.2 | |||||||||||
Intangibles | -3.9 | -2.4 | |||||||||||
Compensation and employee benefits | -2 | 2.2 | |||||||||||
Long-term debt | -1.7 | -2 | |||||||||||
Other (c) | 0.8 | 16.0 | |||||||||||
Net non-current liabilities | $ | -564.3 | $ | -534.9 | |||||||||
Net current Assets / (Liabilities) (d) | |||||||||||||
Other | $ | -2.6 | $ | 4.7 | |||||||||
Net current assets / (liabilities) | $ | -2.6 | $ | 4.7 | |||||||||
Reconciliation of Unrecognized Tax Benefits | ' | ||||||||||||
$ in millions | |||||||||||||
Balance at January 1, 2011 | $ | 19.4 | |||||||||||
January 1, 2011 through November 27, 2011 (Predecessor) | |||||||||||||
Tax positions taken during prior period | 2.0 | ||||||||||||
Settlement with taxing authorities | 3.5 | ||||||||||||
Balance at November 27, 2011 | $ | 24.9 | |||||||||||
November 28, 2011 through December 31, 2011 (Successor) | |||||||||||||
Balance at November 28, 2011 | $ | 24.9 | |||||||||||
Tax positions taken during current period | 0.1 | ||||||||||||
Balance at December 31, 2011 | 25.0 | ||||||||||||
Calendar 2012 (Successor) | |||||||||||||
Tax positions taken during prior period | -6.3 | ||||||||||||
Tax positions taken during current period | -0.4 | ||||||||||||
Balance at December 31, 2012 | 18.3 | ||||||||||||
Calendar 2013 (Successor) | |||||||||||||
Tax positions taken during prior period | -0.1 | ||||||||||||
Lapse of Statute of Limitations | -6.9 | ||||||||||||
Settlement with taxing authorities | -2.5 | ||||||||||||
Balance at December 31, 2013 | $ | 8.8 | |||||||||||
Schedule of Tax Expense Benefit That Were Credited To Accumulated Other Comprehensive Loss (Text Block) | ' | ||||||||||||
Successor | Predecessor | ||||||||||||
$ in millions | Year ended December 31, 2013 | Year ended December 31, 2012 | November 28, 2011 through December 31, 2011 | January 1, 2011 through November 27, 2011 | |||||||||
Tax expense / (benefit) | $ | 15.4 | $ | -2.5 | $ | -1.2 | $ | -33.2 | |||||
Interest And Penalties Related To Unrecognized Tax Benefits In Income Tax Expense (Text Block) | ' | ||||||||||||
Amounts in Balance Sheet | Successor | ||||||||||||
$ in millions | 31-Dec-13 | 31-Dec-12 | |||||||||||
Liability | $ | 0.2 | $ | 0.8 | |||||||||
Amounts in Statement of Operations | Successor | Predecessor | |||||||||||
$ in millions | Year ended December 31, 2013 | Year ended December 31, 2012 | November 28, 2011 through December 31, 2011 | January 1, 2011 through November 27, 2011 | |||||||||
Expense / (benefit) | $ | -0.6 | $ | -0.1 | $ | - | $ | 0.6 | |||||
DP&L [Member] | ' | ||||||||||||
Components of Income Tax Expense | ' | ||||||||||||
$ in millions | Year ended December 31, 2013 | Year ended December 31, 2012 | Year ended December 31, 2011 | ||||||||||
Computation of tax expense | |||||||||||||
Federal income tax expense / (benefit)(a) | $ | 35.5 | $ | 50.9 | $ | 103.8 | |||||||
Increases (decreases) in tax resulting from: | |||||||||||||
State income taxes, net of federal effect | 0.3 | -2 | 1.4 | ||||||||||
Depreciation of AFUDC - Equity | -2.5 | 3.0 | -3.2 | ||||||||||
Investment tax credit amortized | -2.5 | -2.5 | -2.5 | ||||||||||
Section 199 - domestic production deduction | -4.1 | -2.5 | -4.9 | ||||||||||
Non-deductible merger-related compensation | - | 0.6 | 3.6 | ||||||||||
Accrual (settlement) for open tax years | -8.8 | - | - | ||||||||||
ESOP | - | - | 13.6 | ||||||||||
Compensation and benefits | - | - | -5.3 | ||||||||||
Other, net (b) | 0.7 | 7.6 | -2.3 | ||||||||||
Total tax expense | $ | 18.6 | $ | 55.1 | $ | 104.2 | |||||||
Components of Tax Expense | |||||||||||||
Federal - current | $ | 38.6 | $ | 52.1 | $ | 54.9 | |||||||
State and Local - current | -0.1 | 1.0 | 0.9 | ||||||||||
Total current | 38.5 | 53.1 | 55.8 | ||||||||||
Federal - deferred | -20.4 | 4.7 | 47.1 | ||||||||||
State and local - deferred | 0.5 | -2.7 | 1.3 | ||||||||||
Total deferred | -19.9 | 2.0 | 48.4 | ||||||||||
Total tax expense | $ | 18.6 | $ | 55.1 | $ | 104.2 | |||||||
Components of Deferred Tax Assets and Liabilities | ' | ||||||||||||
December 31, | |||||||||||||
$ in millions | 2013 | 2012 | |||||||||||
Net non-current Assets / (Liabilities) | |||||||||||||
Depreciation / property basis | $ | -607.1 | $ | -622.1 | |||||||||
Income taxes recoverable | -11.4 | -12.3 | |||||||||||
Regulatory assets | -15.6 | -20.6 | |||||||||||
Investment tax credit | 8.8 | 9.6 | |||||||||||
Compensation and employee benefits | -0.2 | 0.3 | |||||||||||
Other | -6.8 | -6.9 | |||||||||||
Net non-current liabilities | $ | -632.3 | $ | -652 | |||||||||
Net current Assets / (Liabilities) (c) | |||||||||||||
Other | $ | -5 | $ | 2.0 | |||||||||
Net current assets / (liabilities) | $ | -5 | $ | 2.0 | |||||||||
Reconciliation of Unrecognized Tax Benefits | ' | ||||||||||||
$ in millions | |||||||||||||
Balance at December 31, 2011 | $ | 25.0 | |||||||||||
Calendar 2012 | |||||||||||||
Tax positions taken during prior period | -6.3 | ||||||||||||
Tax positions taken during current period | -0.4 | ||||||||||||
Balance at December 31, 2012 | 18.3 | ||||||||||||
Calendar 2013 | |||||||||||||
Tax positions taken during prior period | -0.1 | ||||||||||||
Lapse of Statute of Limitations | -6.9 | ||||||||||||
Settlement with taxing authorities | -2.5 | ||||||||||||
Balance at December 31, 2013 | $ | 8.8 | |||||||||||
Schedule of Tax Expense Benefit That Were Credited To Accumulated Other Comprehensive Loss (Text Block) | ' | ||||||||||||
$ in millions | Year ended December 31, 2013 | Year ended December 31, 2012 | Year ended December 31, 2011 | ||||||||||
Tax expense / (benefit) | $ | 7.0 | $ | -0.8 | $ | -7.2 | |||||||
Interest And Penalties Related To Unrecognized Tax Benefits In Income Tax Expense (Text Block) | ' | ||||||||||||
Amounts in Balance Sheet | |||||||||||||
$ in millions | Year ended December 31, 2013 | Year ended December 31, 2012 | Year ended December 31, 2011 | ||||||||||
Liability | $ | 0.2 | $ | 0.8 | $ | 0.9 | |||||||
Amounts in Statement of Operations | |||||||||||||
$ in millions | Year ended December 31, 2013 | Year ended December 31, 2012 | Year ended December 31, 2011 | ||||||||||
Expense / (benefit) | $ | -0.6 | $ | -0.1 | $ | 0.6 | |||||||
Pension_and_Postretirement_Ben1
Pension and Postretirement Benefits (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||||||||||
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | ' | ' | ||||||||||||||||||||||||||||||
$ in millions | Pension | Postretirement | ||||||||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||
Amounts recognized in the Balance sheets | ||||||||||||||||||||||||||||||||
Current liabilities | $ | -0.4 | $ | -0.4 | $ | -0.5 | $ | -0.6 | ||||||||||||||||||||||||
Non-current liabilities | -21 | -33.8 | -15.5 | -17.6 | ||||||||||||||||||||||||||||
Net liability at Year ended December 31, | $ | -21.4 | $ | -34.2 | $ | -16 | $ | -18.2 | ||||||||||||||||||||||||
Amounts recognized in Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities, pre-tax | ||||||||||||||||||||||||||||||||
Components: | ||||||||||||||||||||||||||||||||
Prior service cost | $ | 8.8 | $ | 10.3 | $ | 0.5 | $ | 0.5 | ||||||||||||||||||||||||
Net actuarial loss / (gain) | 63.0 | 79.9 | -6 | -4.5 | ||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities, pre-tax | $ | 71.8 | $ | 90.2 | $ | -5.5 | $ | -4 | ||||||||||||||||||||||||
Recorded as: | ||||||||||||||||||||||||||||||||
Regulatory asset | $ | 76.3 | $ | 88.0 | $ | - | $ | 0.5 | ||||||||||||||||||||||||
Regulatory liability | - | - | -5.2 | -5 | ||||||||||||||||||||||||||||
Accumulated other comprehensive income | -4.5 | 2.2 | -0.3 | 0.5 | ||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities, pre-tax | $ | 71.8 | $ | 90.2 | $ | -5.5 | $ | -4 | ||||||||||||||||||||||||
Estimated Amounts that will be Amortized from Accumulated Other Comprehensive Income, Regulatory Assets And Regulatory Liabilities | ' | ' | ||||||||||||||||||||||||||||||
$ in millions | Pension | Postretirement | ||||||||||||||||||||||||||||||
Net actuarial gain / (loss) | $ | 3.4 | $ | -0.5 | ||||||||||||||||||||||||||||
Prior service cost | $ | 1.5 | $ | - | ||||||||||||||||||||||||||||
Weighted Average Assumptions Used to Determine Benefit Obligations | ' | ' | ||||||||||||||||||||||||||||||
Benefit Obligation Assumptions | Pension | Postretirement | ||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||
Discount rate for obligations | 4.86% | 4.04% | 4.88% | 4.58% | 3.75% | 4.62% | ||||||||||||||||||||||||||
Rate of compensation increases | 3.94% | 3.94% | 3.94% | N/A | N/A | N/A | ||||||||||||||||||||||||||
Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost (Income) | ' | ' | ||||||||||||||||||||||||||||||
Net Periodic Benefit | Pension | Postretirement | ||||||||||||||||||||||||||||||
Cost / (Income) Assumptions | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||
Discount rate - Successor | 4.04% | 4.88% | 5.31% | 4.58% | 4.62% | 4.96% | ||||||||||||||||||||||||||
Discount rate - Predecessor | 4.88% | 4.62% | ||||||||||||||||||||||||||||||
Expected rate of return | 6.75% | 7.00% | 8.00% | 6.00% | 6.00% | 6.00% | ||||||||||||||||||||||||||
on plan assets - Successor | ||||||||||||||||||||||||||||||||
Expected rate of return | 7.00% | 6.00% | ||||||||||||||||||||||||||||||
on plan assets - Predecessor | ||||||||||||||||||||||||||||||||
Rate of compensation increases | 3.94% | 3.94% | 3.94% | N/A | N/A | N/A | ||||||||||||||||||||||||||
Assumed Health Care Cost Trend Rates | ' | ' | ||||||||||||||||||||||||||||||
Health Care Cost Assumptions | Expense | Benefit Obligation | ||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||
Pre - age 65 | ||||||||||||||||||||||||||||||||
Current health care cost trend rate | 8.00% | 8.50% | 8.50% | 7.75% | 8.00% | 8.50% | ||||||||||||||||||||||||||
Year trend reaches ultimate - Successor | 2019 | 2019 | 2018 | 2023 | 2019 | 2019 | ||||||||||||||||||||||||||
Year trend reaches ultimate - Predecessor | 2019 | 2019 | ||||||||||||||||||||||||||||||
Post - age 65 | ||||||||||||||||||||||||||||||||
Current health care cost trend rate | 7.50% | 8.00% | 8.00% | 6.75% | 7.50% | 8.00% | ||||||||||||||||||||||||||
Year trend reaches ultimate - Successor | 2018 | 2018 | 2017 | 2021 | 2018 | 2018 | ||||||||||||||||||||||||||
Year trend reaches ultimate - Predecessor | 2018 | 2018 | ||||||||||||||||||||||||||||||
Ultimate health care cost trend rate | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% | ||||||||||||||||||||||||||
Effect of Change in Health Care Cost Trend Rate | ' | ' | ||||||||||||||||||||||||||||||
Effect of change in health care cost trend rate | ||||||||||||||||||||||||||||||||
$ in millions | One-percent | One-percent | ||||||||||||||||||||||||||||||
increase | decrease | |||||||||||||||||||||||||||||||
Service cost plus interest cost | $ | 0.1 | $ | -0.1 | ||||||||||||||||||||||||||||
Benefit obligation | $ | 0.9 | $ | -0.8 | ||||||||||||||||||||||||||||
Estimated Future Benefit Payments and Medicare Part D Reimbursements | ' | ' | ||||||||||||||||||||||||||||||
Estimated future benefit payments and Medicare Part D reimbursements | ||||||||||||||||||||||||||||||||
$ in millions due within the following years: | Pension | Postretirement | ||||||||||||||||||||||||||||||
2014 | $ | 25.0 | $ | 2.2 | ||||||||||||||||||||||||||||
2015 | $ | 23.9 | $ | 2.1 | ||||||||||||||||||||||||||||
2016 | $ | 23.9 | $ | 2.0 | ||||||||||||||||||||||||||||
2017 | $ | 24.3 | $ | 1.8 | ||||||||||||||||||||||||||||
2018 | $ | 24.6 | $ | 1.6 | ||||||||||||||||||||||||||||
2019 - 2023 | $ | 126.5 | $ | 6.4 | ||||||||||||||||||||||||||||
DP&L [Member] | ' | ' | ||||||||||||||||||||||||||||||
Schedule of Amounts Recognized in Balance Sheet [Table Text Block] | ' | ' | ||||||||||||||||||||||||||||||
$ in millions | Pension | Postretirement | ||||||||||||||||||||||||||||||
December 31, | December 31, | |||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||
Amounts recognized in the Balance sheets | ||||||||||||||||||||||||||||||||
Current liabilities | $ | -0.4 | $ | -0.4 | $ | -0.5 | $ | -0.6 | ||||||||||||||||||||||||
Non-current liabilities | -21 | -33.8 | -15.5 | -17.6 | ||||||||||||||||||||||||||||
Net liability at Year ended December 31, | $ | -21.4 | $ | -34.2 | $ | -16 | $ | -18.2 | ||||||||||||||||||||||||
Amounts recognized in Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities, pre-tax | ||||||||||||||||||||||||||||||||
Components: | ||||||||||||||||||||||||||||||||
Prior service cost | $ | 16.3 | $ | 19.0 | $ | 0.7 | $ | 0.8 | ||||||||||||||||||||||||
Net actuarial loss / (gain) | 115.1 | 136.1 | -6.9 | -5.7 | ||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities, pre-tax | $ | 131.4 | $ | 155.1 | $ | -6.2 | $ | -4.9 | ||||||||||||||||||||||||
Recorded as: | ||||||||||||||||||||||||||||||||
Regulatory asset | $ | 76.3 | $ | 88.0 | $ | - | $ | 0.5 | ||||||||||||||||||||||||
Regulatory liability | - | - | -5.2 | -5 | ||||||||||||||||||||||||||||
Accumulated other comprehensive income | 55.1 | 67.1 | -1 | -0.4 | ||||||||||||||||||||||||||||
Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities, pre-tax | $ | 131.4 | $ | 155.1 | $ | -6.2 | $ | -4.9 | ||||||||||||||||||||||||
Estimated Amounts that will be Amortized from Accumulated Other Comprehensive Income, Regulatory Assets And Regulatory Liabilities | ' | ' | ||||||||||||||||||||||||||||||
$ in millions | Pension | Postretirement | ||||||||||||||||||||||||||||||
Net actuarial gain / (loss) | $ | 6.4 | $ | -0.8 | ||||||||||||||||||||||||||||
Prior service cost | $ | 2.8 | $ | 0.1 | ||||||||||||||||||||||||||||
Weighted Average Assumptions Used to Determine Benefit Obligations | ' | ' | ||||||||||||||||||||||||||||||
Benefit Obligation Assumptions | Pension | Postretirement | ||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||
Discount rate for obligations | 4.86% | 4.04% | 4.88% | 4.58% | 3.75% | 4.62% | ||||||||||||||||||||||||||
Rate of compensation increases | 3.94% | 3.94% | 3.94% | N/A | N/A | N/A | ||||||||||||||||||||||||||
Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost (Income) | ' | ' | ||||||||||||||||||||||||||||||
Net Periodic Benefit | Pension | Postretirement | ||||||||||||||||||||||||||||||
Cost / (Income) Assumptions | ||||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||
Discount rate | 4.04% | 4.88% | 5.31% | 4.58% | 4.62% | 4.96% | ||||||||||||||||||||||||||
Expected rate of return | 6.75% | 7.00% | 8.00% | 6.00% | 6.00% | 6.00% | ||||||||||||||||||||||||||
on plan assets | ||||||||||||||||||||||||||||||||
Rate of compensation increases | 3.94% | 3.94% | 3.94% | N/A | N/A | N/A | ||||||||||||||||||||||||||
Assumed Health Care Cost Trend Rates | ' | ' | ||||||||||||||||||||||||||||||
Health Care Cost Assumptions | Expense | Benefit Obligation | ||||||||||||||||||||||||||||||
2013 | 2012 | 2011 | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||
Pre - age 65 | ||||||||||||||||||||||||||||||||
Current health care cost trend rate | 8.00% | 8.50% | 8.50% | 7.75% | 8.00% | 8.50% | ||||||||||||||||||||||||||
Year trend reaches ultimate | 2019 | 2019 | 2018 | 2023 | 2019 | 2019 | ||||||||||||||||||||||||||
Post - age 65 | ||||||||||||||||||||||||||||||||
Current health care cost trend rate | 7.50% | 8.00% | 8.00% | 6.75% | 7.50% | 8.00% | ||||||||||||||||||||||||||
Year trend reaches ultimate | 2018 | 2018 | 2017 | 2021 | 2018 | 2018 | ||||||||||||||||||||||||||
Ultimate health care cost trend rate | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% | 5.00% | ||||||||||||||||||||||||||
Effect of Change in Health Care Cost Trend Rate | ' | ' | ||||||||||||||||||||||||||||||
Effect of change in health care cost trend rate | ||||||||||||||||||||||||||||||||
$ in millions | One-percent | One-percent | ||||||||||||||||||||||||||||||
increase | decrease | |||||||||||||||||||||||||||||||
Service cost plus interest cost | $ | 0.1 | $ | -0.1 | ||||||||||||||||||||||||||||
Benefit obligation | $ | 0.9 | $ | -0.8 | ||||||||||||||||||||||||||||
Estimated Future Benefit Payments and Medicare Part D Reimbursements | ' | ' | ||||||||||||||||||||||||||||||
Estimated future benefit payments and Medicare Part D reimbursements | ||||||||||||||||||||||||||||||||
$ in millions due within the following years: | Pension | Postretirement | ||||||||||||||||||||||||||||||
2014 | $ | 25.0 | $ | 2.2 | ||||||||||||||||||||||||||||
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 for Plan Assets | ' | ' | ||||||||||||||||||||||||||||||
Fair Value Measurements for Pension Plan Assets at December 31, 2013 | Fair Value Measurements for Pension Plan Assets at December 31, 2012 | |||||||||||||||||||||||||||||||
Asset Category | Market Value | Quoted prices | Significant | Significant | Asset Category | Market Value | Quoted prices | Significant | Significant | |||||||||||||||||||||||
$ in millions | at December 31, 2013 | in active | observable | unobservable | $ in millions | at December 31, 2012 | in active | observable | unobservable | |||||||||||||||||||||||
markets for | inputs | inputs | markets for | inputs | inputs | |||||||||||||||||||||||||||
identical assets | identical assets | |||||||||||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||||||
Equity securities (a) | Equity securities (a) | |||||||||||||||||||||||||||||||
Small/Mid cap equity | $ | 10.5 | $ | 10.5 | $ | - | $ | - | Small/Mid cap equity | $ | 14.3 | $ | 14.3 | $ | - | $ | - | |||||||||||||||
Large cap equity | 20.8 | 20.8 | - | - | Large cap equity | 50.5 | 50.5 | - | - | |||||||||||||||||||||||
International equity | 20.3 | 20.3 | - | - | International equity | 37.0 | 37.0 | - | - | |||||||||||||||||||||||
Emerging markets equity | 3.2 | 3.2 | - | - | Total equity securities | 101.8 | 101.8 | - | - | |||||||||||||||||||||||
SIIT dynamic equity | 10.5 | 10.5 | - | - | ||||||||||||||||||||||||||||
Total equity securities | 65.3 | 65.3 | - | - | Debt Securities (b) | |||||||||||||||||||||||||||
Emerging markets debt | 7.4 | 7.4 | - | - | ||||||||||||||||||||||||||||
Debt Securities (b) | High yield bond | 12.7 | 12.7 | - | - | |||||||||||||||||||||||||||
Emerging markets debt | 6.6 | 6.6 | - | - | Long duration fund | 188.6 | 188.6 | - | - | |||||||||||||||||||||||
High yield bond | 6.9 | 6.9 | - | - | Total debt securities | 208.7 | 208.7 | - | - | |||||||||||||||||||||||
Long duration fund | 223.3 | 223.3 | - | - | ||||||||||||||||||||||||||||
Total debt securities | 236.8 | 236.8 | - | - | Cash and cash equivalents (c) | |||||||||||||||||||||||||||
Cash | 13.9 | 13.9 | - | - | ||||||||||||||||||||||||||||
Cash and cash equivalents (c) | ||||||||||||||||||||||||||||||||
Cash | 0.9 | 0.9 | - | - | Other investments (d) | |||||||||||||||||||||||||||
Limited partnership interest | - | - | - | - | ||||||||||||||||||||||||||||
Other investments (d) | Common collective fund | 37.0 | - | 37.0 | - | |||||||||||||||||||||||||||
Core property collective fund | 23.5 | - | 23.5 | - | Total other investments | 37.0 | - | 37.0 | - | |||||||||||||||||||||||
Common collective fund | 22.6 | - | 22.6 | - | ||||||||||||||||||||||||||||
Total other investments | 46.1 | - | 46.1 | - | Total pension plan assets | $ | 361.4 | $ | 324.4 | $ | 37.0 | $ | - | |||||||||||||||||||
Total pension plan assets | $ | 349.1 | $ | 303.0 | $ | 46.1 | $ | - | ||||||||||||||||||||||||
Pension [Member] | ' | ' | ||||||||||||||||||||||||||||||
Pension And Postretirement Benefit Plans' Obligations And Assets | ' | ' | ||||||||||||||||||||||||||||||
$ in millions | Pension | |||||||||||||||||||||||||||||||
Year ended December 31, 2013 | Year ended December 31, 2012 | |||||||||||||||||||||||||||||||
Change in benefit obligation | ||||||||||||||||||||||||||||||||
Benefit obligation at beginning of period | $ | 395.6 | $ | 365.2 | ||||||||||||||||||||||||||||
Service cost | 7.2 | 6.2 | ||||||||||||||||||||||||||||||
Interest cost | 15.6 | 17.3 | ||||||||||||||||||||||||||||||
Plan amendments | - | - | ||||||||||||||||||||||||||||||
Actuarial (gain) / loss | -26.5 | 29.1 | ||||||||||||||||||||||||||||||
Benefits paid | -21.4 | -22.2 | ||||||||||||||||||||||||||||||
Benefit obligation at end of period | 370.5 | 395.6 | ||||||||||||||||||||||||||||||
Change in plan assets | ||||||||||||||||||||||||||||||||
Fair value of plan assets at beginning of period | 361.4 | 335.9 | ||||||||||||||||||||||||||||||
Actual return on plan assets | 8.7 | 46.2 | ||||||||||||||||||||||||||||||
Contributions to plan assets | 0.4 | 1.5 | ||||||||||||||||||||||||||||||
Benefits paid | -21.4 | -22.2 | ||||||||||||||||||||||||||||||
Fair value of plan assets at end of period | 349.1 | 361.4 | ||||||||||||||||||||||||||||||
Funded status of plan | $ | -21.4 | $ | -34.2 | ||||||||||||||||||||||||||||
Net Periodic Benefit Cost / (Income) | ' | ' | ||||||||||||||||||||||||||||||
Net Periodic Benefit Cost - Pension | Successor | Predecessor | ||||||||||||||||||||||||||||||
$ in millions | Year ended December 31, 2013 | Year ended December 31, 2012 | November 28, 2011 through December 31, 2011 | January 1, 2011 through November 27, 2011 | ||||||||||||||||||||||||||||
Service cost | $ | 7.2 | $ | 6.2 | $ | 0.5 | $ | 4.5 | ||||||||||||||||||||||||
Interest cost | 15.6 | 17.3 | 1.5 | 15.5 | ||||||||||||||||||||||||||||
Expected return on assets (a) | -23.3 | -22.7 | -2 | -22.5 | ||||||||||||||||||||||||||||
Amortization of unrecognized: | ||||||||||||||||||||||||||||||||
Actuarial gain | 4.9 | 5.0 | 0.4 | 7.6 | ||||||||||||||||||||||||||||
Prior service cost | 1.5 | 1.5 | 0.1 | 2.0 | ||||||||||||||||||||||||||||
Net periodic benefit cost before adjustments | $ | 5.9 | $ | 7.3 | $ | 0.5 | $ | 7.1 | ||||||||||||||||||||||||
Other Changes in Plan Assets and Benefit Obligation Recognized in Accumulated Other Comprehensive Income, Regulatory Assets And Regulatory Liabilities | ' | ' | ||||||||||||||||||||||||||||||
Pension | Successor | Predecessor | ||||||||||||||||||||||||||||||
$ in millions | Year ended December 31, 2013 | Year ended December 31, 2012 | November 28, 2011 through December 31, 2011 | January 1, 2011 through November 27, 2011 | ||||||||||||||||||||||||||||
Net actuarial loss / (gain) | $ | -12 | $ | 5.5 | $ | - | $ | -38.7 | ||||||||||||||||||||||||
Prior service credit | - | - | - | -2.2 | ||||||||||||||||||||||||||||
Reversal of amortization item: | ||||||||||||||||||||||||||||||||
Net actuarial loss | -4.9 | -5 | -0.4 | -7.6 | ||||||||||||||||||||||||||||
Prior service cost | -1.5 | -1.5 | -0.1 | -2 | ||||||||||||||||||||||||||||
Total recognized in Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities | $ | -18.4 | $ | -1 | $ | -0.5 | $ | -50.5 | ||||||||||||||||||||||||
Total recognized in net periodic benefit cost Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities | $ | -12.5 | $ | 6.3 | $ | -0.5 | $ | -43.4 | ||||||||||||||||||||||||
Fair Value Measurements for Plan Assets | ' | ' | ||||||||||||||||||||||||||||||
Fair Value Measurements for Pension Plan Assets at December 31, 2013 | Fair Value Measurements for Pension Plan Assets at December 31, 2012 | |||||||||||||||||||||||||||||||
Asset Category | Market Value | Quoted prices | Significant | Significant | Asset Category | Market Value | Quoted prices | Significant | Significant | |||||||||||||||||||||||
$ in millions | at December 31, 2013 | in active | observable | unobservable | $ in millions | at December 31, 2012 | in active | observable | unobservable | |||||||||||||||||||||||
markets for | inputs | inputs | markets for | inputs | inputs | |||||||||||||||||||||||||||
identical assets | identical assets | |||||||||||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||||||
Equity securities (a) | Equity securities (a) | |||||||||||||||||||||||||||||||
Small/Mid cap equity | $ | 10.5 | $ | 10.5 | $ | - | $ | - | Small/Mid cap equity | $ | 14.3 | $ | 14.3 | $ | - | $ | - | |||||||||||||||
Large cap equity | 20.8 | 20.8 | - | - | Large cap equity | 50.5 | 50.5 | - | - | |||||||||||||||||||||||
International equity | 20.3 | 20.3 | - | - | International equity | 37.0 | 37.0 | - | - | |||||||||||||||||||||||
Emerging markets equity | 3.2 | 3.2 | - | - | Total equity securities | 101.8 | 101.8 | - | - | |||||||||||||||||||||||
SIIT dynamic equity | 10.5 | 10.5 | - | - | ||||||||||||||||||||||||||||
Total equity securities | 65.3 | 65.3 | - | - | Debt securities (b) | |||||||||||||||||||||||||||
Emerging markets debt | 7.4 | 7.4 | - | - | ||||||||||||||||||||||||||||
Debt securities (b) | High yield bond | 12.7 | 12.7 | - | - | |||||||||||||||||||||||||||
Emerging markets debt | 6.6 | 6.6 | - | - | Long duration fund | 188.6 | 188.6 | - | - | |||||||||||||||||||||||
High yield bond | 6.9 | 6.9 | - | - | Total debt securities | 208.7 | 208.7 | - | - | |||||||||||||||||||||||
Long duration fund | 223.3 | 223.3 | - | - | ||||||||||||||||||||||||||||
Total debt securities | 236.8 | 236.8 | - | - | Cash and cash equivalents (c) | |||||||||||||||||||||||||||
Cash | 13.9 | 13.9 | - | - | ||||||||||||||||||||||||||||
Cash and cash equivalents (c) | ||||||||||||||||||||||||||||||||
Cash | 0.9 | 0.9 | - | - | Other investments (d) | |||||||||||||||||||||||||||
Limited partnership interest | - | - | - | - | ||||||||||||||||||||||||||||
Other investments (d) | Common collective fund | 37.0 | - | 37.0 | - | |||||||||||||||||||||||||||
Core property collective fund | 23.5 | - | 23.5 | - | Total other investments | 37.0 | - | 37.0 | - | |||||||||||||||||||||||
Common collective fund | 22.6 | - | 22.6 | - | ||||||||||||||||||||||||||||
Total other investments | 46.1 | - | 46.1 | - | Total pension plan assets | $ | 361.4 | $ | 324.4 | $ | 37.0 | $ | - | |||||||||||||||||||
Total pension plan assets | $ | 349.1 | $ | 303.0 | $ | 46.1 | $ | - | ||||||||||||||||||||||||
Pension [Member] | DP&L [Member] | ' | ' | ||||||||||||||||||||||||||||||
Pension And Postretirement Benefit Plans' Obligations And Assets | ' | ' | ||||||||||||||||||||||||||||||
$ in millions | Pension | |||||||||||||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||
Change in benefit obligation | ||||||||||||||||||||||||||||||||
Benefit obligation at beginning of period | $ | 395.6 | $ | 365.2 | ||||||||||||||||||||||||||||
Service cost | 7.2 | 6.2 | ||||||||||||||||||||||||||||||
Interest cost | 15.6 | 17.3 | ||||||||||||||||||||||||||||||
Plan amendments | - | - | ||||||||||||||||||||||||||||||
Actuarial (gain) / loss | -26.5 | 29.1 | ||||||||||||||||||||||||||||||
Benefits paid | -21.4 | -22.2 | ||||||||||||||||||||||||||||||
Benefit obligation at end of period | 370.5 | 395.6 | ||||||||||||||||||||||||||||||
Change in plan assets | ||||||||||||||||||||||||||||||||
Fair value of plan assets at beginning of period | 361.4 | 335.9 | ||||||||||||||||||||||||||||||
Actual return on plan assets | 8.7 | 46.2 | ||||||||||||||||||||||||||||||
Contributions to plan assets | 0.4 | 1.5 | ||||||||||||||||||||||||||||||
Benefits paid | -21.4 | -22.2 | ||||||||||||||||||||||||||||||
Fair value of plan assets at end of period | 349.1 | 361.4 | ||||||||||||||||||||||||||||||
Funded status of plan | $ | -21.4 | $ | -34.2 | ||||||||||||||||||||||||||||
Net Periodic Benefit Cost / (Income) | ' | ' | ||||||||||||||||||||||||||||||
Net Periodic Benefit Cost - Pension | ||||||||||||||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||||||||||||||
$ in millions | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||
Service cost | $ | 7.2 | $ | 6.2 | $ | 5.0 | ||||||||||||||||||||||||||
Interest cost | 15.6 | 17.3 | 17.0 | |||||||||||||||||||||||||||||
Expected return on assets (a) | -23.6 | -22.7 | -24.5 | |||||||||||||||||||||||||||||
Amortization of unrecognized: | ||||||||||||||||||||||||||||||||
Actuarial gain | 9.3 | 8.8 | 8.0 | |||||||||||||||||||||||||||||
Prior service cost | 2.8 | 2.8 | 2.1 | |||||||||||||||||||||||||||||
Net periodic benefit cost before adjustments | 11.3 | 12.4 | 7.6 | |||||||||||||||||||||||||||||
Settlement Expense | - | 0.6 | - | |||||||||||||||||||||||||||||
Net periodic benefit cost after adjustments | $ | 11.3 | $ | 13.0 | $ | 7.6 | ||||||||||||||||||||||||||
Other Changes in Plan Assets and Benefit Obligation Recognized in Accumulated Other Comprehensive Income, Regulatory Assets And Regulatory Liabilities | ' | ' | ||||||||||||||||||||||||||||||
Pension | ||||||||||||||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||||||||||||||
$ in millions | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||
Net actuarial loss / (gain) | $ | -11.7 | $ | 5.2 | $ | 22.8 | ||||||||||||||||||||||||||
Prior service cost | - | - | 7.1 | |||||||||||||||||||||||||||||
Reversal of amortization item: | ||||||||||||||||||||||||||||||||
Net actuarial loss | -9.3 | -9.4 | -8 | |||||||||||||||||||||||||||||
Prior service cost | -2.8 | -2.8 | -2 | |||||||||||||||||||||||||||||
Transition asset | - | - | - | |||||||||||||||||||||||||||||
Total recognized in Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities | $ | -23.8 | $ | -7 | $ | 19.9 | ||||||||||||||||||||||||||
Total recognized in net periodic benefit cost Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities | $ | -12.5 | $ | 6.0 | $ | 27.5 | ||||||||||||||||||||||||||
Postretirement [Member] | ' | ' | ||||||||||||||||||||||||||||||
Pension And Postretirement Benefit Plans' Obligations And Assets | ' | ' | ||||||||||||||||||||||||||||||
$ in millions | Postretirement | |||||||||||||||||||||||||||||||
Year ended December 31, 2013 | Year ended December 31, 2012 | |||||||||||||||||||||||||||||||
Change in benefit obligation | ||||||||||||||||||||||||||||||||
Benefit obligation at beginning of period | $ | 22.4 | $ | 21.7 | ||||||||||||||||||||||||||||
Service cost | 0.2 | 0.1 | ||||||||||||||||||||||||||||||
Interest cost | 0.8 | 0.9 | ||||||||||||||||||||||||||||||
Actuarial (gain) / loss | -2.2 | 1.2 | ||||||||||||||||||||||||||||||
Benefits paid | -1.5 | -1.7 | ||||||||||||||||||||||||||||||
Medicare Part D reimbursement | - | 0.2 | ||||||||||||||||||||||||||||||
Benefit obligation at end of period | 19.7 | 22.4 | ||||||||||||||||||||||||||||||
Change in plan assets | ||||||||||||||||||||||||||||||||
Fair value of plan assets at beginning of period | 4.2 | 4.5 | ||||||||||||||||||||||||||||||
Actual return on plan assets | - | 0.2 | ||||||||||||||||||||||||||||||
Contributions to plan assets | 1.0 | 1.2 | ||||||||||||||||||||||||||||||
Benefits paid | -1.5 | -1.7 | ||||||||||||||||||||||||||||||
Fair value of plan assets at end of period | 3.7 | 4.2 | ||||||||||||||||||||||||||||||
Funded status of plan | $ | -16 | $ | -18.2 | ||||||||||||||||||||||||||||
Net Periodic Benefit Cost / (Income) | ' | ' | ||||||||||||||||||||||||||||||
Net Periodic Benefit Cost / (Income) - Postretirement | Successor | Predecessor | ||||||||||||||||||||||||||||||
$ in millions | Year ended December 31, 2013 | Year ended December 31, 2012 | November 28, 2011 through December 31, 2011 | January 1, 2011 through November 27, 2011 | ||||||||||||||||||||||||||||
Service cost | $ | 0.2 | $ | 0.1 | $ | - | $ | 0.1 | ||||||||||||||||||||||||
Interest cost | 0.8 | 0.9 | 0.1 | 0.9 | ||||||||||||||||||||||||||||
Expected return on assets (a) | -0.1 | -0.3 | - | -0.3 | ||||||||||||||||||||||||||||
Amortization of unrecognized: | ||||||||||||||||||||||||||||||||
Actuarial loss | -0.5 | -0.6 | - | -1 | ||||||||||||||||||||||||||||
Prior service cost | - | - | -0.1 | 0.1 | ||||||||||||||||||||||||||||
Net periodic benefit cost / (income) before adjustments | $ | 0.4 | $ | 0.1 | $ | - | $ | -0.2 | ||||||||||||||||||||||||
Other Changes in Plan Assets and Benefit Obligation Recognized in Accumulated Other Comprehensive Income, Regulatory Assets And Regulatory Liabilities | ' | ' | ||||||||||||||||||||||||||||||
Postretirement | Successor | Predecessor | ||||||||||||||||||||||||||||||
$ in millions | Year ended December 31, 2013 | Year ended December 31, 2012 | November 28, 2011 through December 31, 2011 | January 1, 2011 through November 27, 2011 | ||||||||||||||||||||||||||||
Net actuarial loss / (gain) | $ | -2 | $ | 1.0 | $ | - | $ | 0.2 | ||||||||||||||||||||||||
Prior service cost / (credit) | - | - | 0.1 | -0.1 | ||||||||||||||||||||||||||||
Reversal of amortization item: | ||||||||||||||||||||||||||||||||
Net actuarial gain | 0.5 | 0.7 | - | 1.0 | ||||||||||||||||||||||||||||
Prior service cost | - | - | - | -0.1 | ||||||||||||||||||||||||||||
Transition asset | - | - | -0.1 | - | ||||||||||||||||||||||||||||
Total recognized in Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities | $ | -1.5 | $ | 1.7 | $ | - | $ | 1.0 | ||||||||||||||||||||||||
Total recognized in net periodic benefit cost and Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities | $ | -1.1 | $ | 1.8 | $ | - | $ | 0.8 | ||||||||||||||||||||||||
Fair Value Measurements for Plan Assets | ' | ' | ||||||||||||||||||||||||||||||
Fair Value Measurements for Pension Plan Assets at December 31, 2013 | Fair Value Measurements for Pension Plan Assets at December 31, 2012 | |||||||||||||||||||||||||||||||
Asset Category | Market Value | Quoted prices | Significant | Significant | Asset Category | Market Value | Quoted prices | Significant | Significant | |||||||||||||||||||||||
$ in millions | at December 31, 2013 | in active | observable | unobservable | $ in millions | at December 31, 2012 | in active | observable | unobservable | |||||||||||||||||||||||
markets for | inputs | inputs | markets for | inputs | inputs | |||||||||||||||||||||||||||
identical assets | identical assets | |||||||||||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||||||
JP Morgan Core Bond Fund (a) | $ | 3.7 | $ | 3.7 | $ | - | $ | - | JP Morgan Core Bond Fund (a) | $ | 4.2 | $ | 4.2 | $ | - | $ | - | |||||||||||||||
Postretirement [Member] | DP&L [Member] | ' | ' | ||||||||||||||||||||||||||||||
Pension And Postretirement Benefit Plans' Obligations And Assets | ' | ' | ||||||||||||||||||||||||||||||
$ in millions | Postretirement | |||||||||||||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||||||||||||||
2013 | 2012 | |||||||||||||||||||||||||||||||
Change in benefit obligation | ||||||||||||||||||||||||||||||||
Benefit obligation at beginning of period | $ | 22.4 | $ | 21.7 | ||||||||||||||||||||||||||||
Service cost | 0.2 | 0.1 | ||||||||||||||||||||||||||||||
Interest cost | 0.8 | 0.9 | ||||||||||||||||||||||||||||||
Actuarial (gain) / loss | -2.2 | 1.2 | ||||||||||||||||||||||||||||||
Benefits paid | -1.5 | -1.7 | ||||||||||||||||||||||||||||||
Medicare Part D reimbursement | - | 0.2 | ||||||||||||||||||||||||||||||
Benefit obligation at end of period | 19.7 | 22.4 | ||||||||||||||||||||||||||||||
Change in plan assets | ||||||||||||||||||||||||||||||||
Fair value of plan assets at beginning of period | 4.2 | 4.5 | ||||||||||||||||||||||||||||||
Actual return on plan assets | - | 0.2 | ||||||||||||||||||||||||||||||
Contributions to plan assets | 1.0 | 1.2 | ||||||||||||||||||||||||||||||
Benefits paid | -1.5 | -1.7 | ||||||||||||||||||||||||||||||
Fair value of plan assets at end of period | 3.7 | 4.2 | ||||||||||||||||||||||||||||||
Funded status of plan | $ | -16 | $ | -18.2 | ||||||||||||||||||||||||||||
Net Periodic Benefit Cost / (Income) | ' | ' | ||||||||||||||||||||||||||||||
Net Periodic Benefit Cost / (Income) - Postretirement | ||||||||||||||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||||||||||||||
$ in millions | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||
Service cost | $ | 0.2 | $ | 0.1 | $ | 0.1 | ||||||||||||||||||||||||||
Interest cost | 0.8 | 0.9 | 1.0 | |||||||||||||||||||||||||||||
Expected return on assets | -0.2 | -0.3 | -0.3 | |||||||||||||||||||||||||||||
Amortization of unrecognized: | ||||||||||||||||||||||||||||||||
Actuarial loss | -0.7 | -0.9 | -1.1 | |||||||||||||||||||||||||||||
Prior service credit | 0.1 | 0.1 | 0.1 | |||||||||||||||||||||||||||||
Net periodic benefit cost / (income) before adjustments | $ | 0.2 | $ | -0.1 | $ | -0.2 | ||||||||||||||||||||||||||
Other Changes in Plan Assets and Benefit Obligation Recognized in Accumulated Other Comprehensive Income, Regulatory Assets And Regulatory Liabilities | ' | ' | ||||||||||||||||||||||||||||||
Postretirement | ||||||||||||||||||||||||||||||||
Years ended December 31, | ||||||||||||||||||||||||||||||||
$ in millions | 2013 | 2012 | 2011 | |||||||||||||||||||||||||||||
Net actuarial loss / (gain) | $ | -1.9 | $ | 1.1 | $ | -1.3 | ||||||||||||||||||||||||||
Prior service credit | - | - | - | |||||||||||||||||||||||||||||
Reversal of amortization item: | ||||||||||||||||||||||||||||||||
Net actuarial gain | 0.7 | 0.9 | 1.2 | |||||||||||||||||||||||||||||
Prior service credit | -0.1 | -0.1 | -0.1 | |||||||||||||||||||||||||||||
Transition asset | - | - | - | |||||||||||||||||||||||||||||
Total recognized in Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities | $ | -1.3 | $ | 1.9 | $ | -0.2 | ||||||||||||||||||||||||||
Total recognized in net periodic benefit cost and Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities | $ | -1.1 | $ | 1.8 | $ | -0.4 | ||||||||||||||||||||||||||
Fair Value Measurements for Plan Assets | ' | ' | ||||||||||||||||||||||||||||||
Fair Value Measurements for Pension Plan Assets at December 31, 2013 | Fair Value Measurements for Pension Plan Assets at December 31, 2012 | |||||||||||||||||||||||||||||||
Asset Category | Market Value | Quoted prices | Significant | Significant | Asset Category | Market Value | Quoted prices | Significant | Significant | |||||||||||||||||||||||
$ in millions | at December 31, 2013 | in active | observable | unobservable | $ in millions | at December 31, 2012 | in active | observable | unobservable | |||||||||||||||||||||||
markets for | inputs | inputs | markets for | inputs | inputs | |||||||||||||||||||||||||||
identical assets | identical assets | |||||||||||||||||||||||||||||||
(Level 1) | (Level 2) | (Level 3) | (Level 1) | (Level 2) | (Level 3) | |||||||||||||||||||||||||||
JP Morgan Core Bond Fund (a) | $ | 3.7 | $ | 3.7 | $ | - | $ | - | JP Morgan Core Bond Fund (a) | $ | 4.2 | $ | 4.2 | $ | - | $ | - | |||||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||||||||||||||||
Fair Value and Cost of Non-Derivative Instruments | ' | ' | ||||||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||||||||||||||||||||||||||
$ in millions | Cost | Fair Value | Cost | Fair Value | ||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||
Money market funds | $ | 0.3 | $ | 0.3 | $ | 0.2 | $ | 0.2 | ||||||||||||||||||||||||||||||
Equity securities | 3.3 | 4.4 | 4.0 | 5.1 | ||||||||||||||||||||||||||||||||||
Debt securities | 5.4 | 5.5 | 4.6 | 5.0 | ||||||||||||||||||||||||||||||||||
Hedge Funds | 0.9 | 0.9 | - | - | ||||||||||||||||||||||||||||||||||
Real Estate | 0.4 | 0.4 | 0.3 | 0.3 | ||||||||||||||||||||||||||||||||||
Total assets | $ | 10.3 | $ | 11.5 | $ | 9.1 | $ | 10.6 | ||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||
Debt | $ | 2,294.4 | $ | 2,334.6 | $ | 2,609.9 | $ | 2,707.1 | ||||||||||||||||||||||||||||||
Fair Value and Redemption Frequency | ' | ' | [1] | |||||||||||||||||||||||||||||||||||
Fair Value Estimated Using Net Asset Value per Unit | Fair Value Estimated Using Net Asset Value per Unit | |||||||||||||||||||||||||||||||||||||
$ in millions | Fair Value at December 31, 2013 | Unfunded | Redemption | $ in millions | Fair Value at December 31, 2012 | Unfunded | Redemption | |||||||||||||||||||||||||||||||
Commitments | Frequency | Commitments | Frequency | |||||||||||||||||||||||||||||||||||
Money market fund (a) | $ | 0.3 | $ | - | Immediate | Money market fund (a) | $ | 0.2 | $ | - | Immediate | |||||||||||||||||||||||||||
Equity securities (b) | 4.4 | - | Immediate | Equity securities (b) | 5.1 | - | Immediate | |||||||||||||||||||||||||||||||
Debt Securities (c) | 5.5 | - | Immediate | Debt Securities (c) | 5.0 | - | Immediate | |||||||||||||||||||||||||||||||
Hedge Funds (d) | 0.9 | - | Quarterly | Multi-strategy fund (d) | 0.3 | - | Immediate | |||||||||||||||||||||||||||||||
Real Estate (e) | 0.4 | - | Quarterly | Total | $ | 10.6 | $ | - | ||||||||||||||||||||||||||||||
Total | $ | 11.5 | $ | - | ||||||||||||||||||||||||||||||||||
Fair Value of Assets and Liabilities Measured on Recurring Basis | ' | ' | ||||||||||||||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Assets and Liabilities Measured at Fair Value on a Recurring Basis | |||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||
$ in millions | Fair Value at December 31, 2013 (a) | Based on | Other | Unobservable inputs | $ in millions | Fair Value at December 31, 2012 (a) | Based on | Other | Unobservable inputs | |||||||||||||||||||||||||||||
Quoted Prices | observable | Quoted Prices | observable | |||||||||||||||||||||||||||||||||||
in | inputs | in | inputs | |||||||||||||||||||||||||||||||||||
Active Markets | Active Markets | |||||||||||||||||||||||||||||||||||||
Assets | Assets | |||||||||||||||||||||||||||||||||||||
Master trust assets | Master trust assets | |||||||||||||||||||||||||||||||||||||
Money market funds | $ | 0.3 | $ | 0.3 | $ | - | $ | - | Money market funds | $ | 0.2 | $ | 0.2 | $ | - | $ | - | |||||||||||||||||||||
Equity securities | 4.4 | - | 4.4 | - | Equity securities | 5.1 | - | 5.1 | - | |||||||||||||||||||||||||||||
Debt securities | 5.5 | - | 5.5 | - | Debt securities | 5.0 | - | 5.0 | - | |||||||||||||||||||||||||||||
Hedge Funds | 0.9 | - | 0.9 | - | Multi-strategy fund | 0.3 | - | 0.3 | - | |||||||||||||||||||||||||||||
Real Estate | 0.4 | - | 0.4 | - | Total Master trust assets | 10.6 | 0.2 | 10.4 | - | |||||||||||||||||||||||||||||
Total Master trust assets | 11.5 | 0.3 | 11.2 | - | ||||||||||||||||||||||||||||||||||
Derivative assets | ||||||||||||||||||||||||||||||||||||||
Derivative assets | Heating oil futures | 0.2 | 0.2 | - | - | |||||||||||||||||||||||||||||||||
FTRs | 0.2 | - | - | 0.2 | Forward power contracts | 6.3 | - | 6.3 | - | |||||||||||||||||||||||||||||
Heating oil futures | 0.2 | 0.2 | - | - | Total derivative assets | 6.5 | 0.2 | 6.3 | - | |||||||||||||||||||||||||||||
Forward power contracts | 13.4 | - | 13.4 | - | ||||||||||||||||||||||||||||||||||
Total derivative assets | 13.8 | 0.2 | 13.4 | 0.2 | Total assets | $ | 17.1 | $ | 0.4 | $ | 16.7 | $ | - | |||||||||||||||||||||||||
Total assets | $ | 25.3 | $ | 0.5 | $ | 24.6 | $ | 0.2 | Liabilities | |||||||||||||||||||||||||||||
Derivative liabilities | ||||||||||||||||||||||||||||||||||||||
Liabilities | FTRs | $ | 0.1 | $ | - | $ | - | $ | 0.1 | |||||||||||||||||||||||||||||
Derivative liabilities | Interest rate hedges | 29.5 | - | 29.5 | - | |||||||||||||||||||||||||||||||||
Forward power contracts | 10.6 | - | 10.6 | - | Forward power contracts | 13.1 | - | 13.1 | - | |||||||||||||||||||||||||||||
Total derivative liabilities | 10.6 | - | 10.6 | - | Total derivative liabilities | 42.7 | - | 42.6 | 0.1 | |||||||||||||||||||||||||||||
Long Term Debt | 2,334.6 | - | 2,316.1 | 18.5 | Long Term Debt | 2,707.1 | - | 2,688.2 | 18.9 | |||||||||||||||||||||||||||||
Total liabilities | $ | 2,345.2 | $ | - | $ | 2,326.7 | $ | 18.5 | Total liabilities | $ | 2,749.8 | $ | - | $ | 2,730.8 | $ | 19.0 | |||||||||||||||||||||
Fair Value Measurements, Nonrecurring [Table Text Block] | ' | ' | ||||||||||||||||||||||||||||||||||||
$ in millions | Year ended December 31, 2013 | $ in millions | Year ended December 31, 2012 | |||||||||||||||||||||||||||||||||||
Carrying | Fair Value | Gross | Carrying | Fair Value | Gross | |||||||||||||||||||||||||||||||||
Amount | Level 1 | Level 2 | Level 3 | Loss | Amount | Level 1 | Level 2 | Level 3 | Loss | |||||||||||||||||||||||||||||
Assets | Assets | |||||||||||||||||||||||||||||||||||||
Long-lived assets held and used (a) | Goodwill (b) | |||||||||||||||||||||||||||||||||||||
DP&L (Conesville) | $ | 26.2 | $ | - | $ | - | $ | - | $ | 26.2 | DP&L Reporting unit | $ | 2,440.5 | $ | - | $ | - | $ | 623.3 | $ | 1,817.2 | |||||||||||||||||
Goodwill (b) | ||||||||||||||||||||||||||||||||||||||
DP&L Reporting unit | $ | 623.3 | $ | - | $ | - | $ | 317.0 | $ | 306.3 | ||||||||||||||||||||||||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] | ' | ' | ||||||||||||||||||||||||||||||||||||
$ in millions | Fair Value | Valuation Technique | Unobservable input | Range (Weighted Average) | ||||||||||||||||||||||||||||||||||
Long-lived assets held and used: | ||||||||||||||||||||||||||||||||||||||
DP&L (Conesville) | $ | - | Discounted cash flows | Annual revenue growth | -31% to 18% (0%) | |||||||||||||||||||||||||||||||||
DP&L [Member] | ' | ' | ||||||||||||||||||||||||||||||||||||
Fair Value and Cost of Non-Derivative Instruments | ' | ' | ||||||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||||||||||||||||||||||||||
$ in millions | Cost | Fair Value | Cost | Fair Value | ||||||||||||||||||||||||||||||||||
Assets | ||||||||||||||||||||||||||||||||||||||
Money market funds | $ | 0.3 | $ | 0.3 | $ | 0.2 | $ | 0.2 | ||||||||||||||||||||||||||||||
Equity securities | 3.3 | 4.4 | 4.0 | 5.1 | ||||||||||||||||||||||||||||||||||
Debt securities | 5.4 | 5.5 | 4.6 | 5.0 | ||||||||||||||||||||||||||||||||||
Hedge Funds | 0.9 | 0.9 | - | - | ||||||||||||||||||||||||||||||||||
Real Estate | 0.4 | 0.4 | 0.3 | 0.3 | ||||||||||||||||||||||||||||||||||
Total assets | $ | 10.3 | $ | 11.5 | $ | 9.1 | $ | 10.6 | ||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||
Debt | $ | 877.9 | $ | 859.6 | $ | 903.1 | $ | 926.9 | ||||||||||||||||||||||||||||||
Fair Value and Redemption Frequency | ' | ' | ||||||||||||||||||||||||||||||||||||
Fair Value Estimated Using Net Asset Value per Unit | Fair Value Estimated Using Net Asset Value per Unit | |||||||||||||||||||||||||||||||||||||
$ in millions | Fair Value at December 31, 2013 | Unfunded | Redemption | $ in millions | Fair Value at December 31, 2012 | Unfunded | Redemption | |||||||||||||||||||||||||||||||
Commitments | Frequency | Commitments | Frequency | |||||||||||||||||||||||||||||||||||
Money market fund (a) | $ | 0.3 | $ | - | Immediate | Money market fund (a) | $ | 0.2 | $ | - | Immediate | |||||||||||||||||||||||||||
Equity securities (b) | 4.4 | - | Immediate | Equity securities (b) | 5.1 | - | Immediate | |||||||||||||||||||||||||||||||
Debt Securities (c) | 5.5 | - | Immediate | Debt Securities (c) | 5.0 | - | Immediate | |||||||||||||||||||||||||||||||
Hedge Funds (d) | 0.9 | - | Quarterly | Multi-strategy fund (d) | 0.3 | - | Immediate | |||||||||||||||||||||||||||||||
Real Estate (e) | 0.4 | - | Quarterly | Total | $ | 10.6 | $ | - | ||||||||||||||||||||||||||||||
Total | $ | 11.5 | $ | - | ||||||||||||||||||||||||||||||||||
Fair Value of Assets and Liabilities Measured on Recurring Basis | ' | ' | ||||||||||||||||||||||||||||||||||||
Assets and Liabilities Measured at Fair Value on a Recurring Basis | Assets and Liabilities Measured at Fair Value on a Recurring Basis | |||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||
$ in millions | Fair Value at December 31, 2013 (a) | Based on | Other | Unobservable inputs | $ in millions | Fair Value at December 31, 2012 (a) | Based on | Other | Unobservable inputs | |||||||||||||||||||||||||||||
Quoted Prices | observable | Quoted Prices | observable | |||||||||||||||||||||||||||||||||||
in | inputs | in | inputs | |||||||||||||||||||||||||||||||||||
Active Markets | Active Markets | |||||||||||||||||||||||||||||||||||||
Assets | Assets | |||||||||||||||||||||||||||||||||||||
Master trust assets | Master trust assets | |||||||||||||||||||||||||||||||||||||
Money market funds | $ | 0.3 | $ | 0.3 | $ | - | $ | - | Money market funds | $ | 0.2 | $ | 0.2 | $ | - | $ | - | |||||||||||||||||||||
Equity securities | 4.4 | - | 4.4 | - | Equity securities | 5.1 | - | 5.1 | - | |||||||||||||||||||||||||||||
Debt securities | 5.5 | - | 5.5 | - | Debt securities | 5.0 | - | 5.0 | - | |||||||||||||||||||||||||||||
Hedge Funds | 0.9 | - | 0.9 | - | Multi-strategy fund | 0.3 | - | 0.3 | - | |||||||||||||||||||||||||||||
Real Estate | 0.4 | - | 0.4 | - | Total Master trust assets | 10.6 | 0.2 | 10.4 | - | |||||||||||||||||||||||||||||
Total Master trust assets | 11.5 | 0.3 | 11.2 | - | ||||||||||||||||||||||||||||||||||
Derivative assets | ||||||||||||||||||||||||||||||||||||||
Derivative assets | Heating oil futures | 0.2 | 0.2 | - | - | |||||||||||||||||||||||||||||||||
Heating oil futures | 0.2 | 0.2 | - | - | Forward power contracts | 7.3 | - | 7.3 | - | |||||||||||||||||||||||||||||
FTRs | 0.2 | - | - | 0.2 | Total derivative assets | 7.5 | 0.2 | 7.3 | - | |||||||||||||||||||||||||||||
Forward power contracts | 13.4 | - | 13.4 | - | ||||||||||||||||||||||||||||||||||
Total derivative assets | 13.8 | 0.2 | 13.4 | 0.2 | Total assets | $ | 18.1 | $ | 0.4 | $ | 17.7 | $ | - | |||||||||||||||||||||||||
Total assets | $ | 25.3 | $ | 0.5 | $ | 24.6 | $ | 0.2 | Liabilities | |||||||||||||||||||||||||||||
Derivative liabilities | ||||||||||||||||||||||||||||||||||||||
Liabilities | Forward NYMEX coal contracts | $ | 0.1 | $ | - | $ | - | $ | 0.1 | |||||||||||||||||||||||||||||
Derivative liabilities | Forward power contracts | 11.6 | - | 11.6 | - | |||||||||||||||||||||||||||||||||
Forward power contracts | 10.6 | - | 10.6 | - | Total derivative liabilities | 11.7 | - | 11.6 | 0.1 | |||||||||||||||||||||||||||||
Total derivative liabilities | 10.6 | - | 10.6 | - | ||||||||||||||||||||||||||||||||||
Long Term debt | 926.9 | - | 908.0 | 18.9 | ||||||||||||||||||||||||||||||||||
Long Term Debt | 859.6 | - | 841.1 | 18.5 | ||||||||||||||||||||||||||||||||||
Total liabilities | $ | 938.6 | $ | - | $ | 919.6 | $ | 19.0 | ||||||||||||||||||||||||||||||
Total liabilities | $ | 870.2 | $ | - | $ | 851.7 | $ | 18.5 | ||||||||||||||||||||||||||||||
Fair Value Measurements, Nonrecurring [Table Text Block] | ' | ' | ||||||||||||||||||||||||||||||||||||
$ in millions | Year ended December 31, 2013 | $ in millions | Year ended December 31, 2012 | |||||||||||||||||||||||||||||||||||
Carrying | Fair Value | Gross | Carrying | Fair Value | Gross | |||||||||||||||||||||||||||||||||
Amount | Level 1 | Level 2 | Level 3 | Loss | Amount | Level 1 | Level 2 | Level 3 | Loss | |||||||||||||||||||||||||||||
Assets | Assets | |||||||||||||||||||||||||||||||||||||
Long-lived assets held and used (a) | Long-lived assets held and used (a) | |||||||||||||||||||||||||||||||||||||
Conesville | $ | 30.0 | $ | - | $ | - | $ | 20.0 | $ | 10.0 | Conesville | $ | 97.5 | $ | - | $ | - | $ | 25.0 | $ | 72.5 | |||||||||||||||||
East Bend | $ | 76.0 | $ | - | $ | - | $ | - | $ | 76.0 | Hutchings | $ | 8.3 | $ | - | $ | - | $ | - | $ | 8.3 | |||||||||||||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] | ' | ' | ||||||||||||||||||||||||||||||||||||
$ in millions | Fair Value | Valuation Technique | Unobservable input | Range (Weighted Average) | ||||||||||||||||||||||||||||||||||
Long-lived assets held and used: | ||||||||||||||||||||||||||||||||||||||
Conesville | $ | 20.0 | Discounted cash flows | Annual revenue growth | -31% to 18% (0%) | |||||||||||||||||||||||||||||||||
Annual pretax operating margin | -9% to 18% (10%) | |||||||||||||||||||||||||||||||||||||
East Bend | $ | - | Discounted cash flows | Annual revenue growth | -15% to 22% (4%) | |||||||||||||||||||||||||||||||||
Annual pretax operating margin | -3% to 34% (15%) | |||||||||||||||||||||||||||||||||||||
[1] | (c)This category includes investments in U.S. Treasury obligations and U.S. investment grade bonds. Investments in this category can be redeemed immediately at the current net asset value per unit. |
Derivative_Instruments_and_Hed1
Derivative Instruments and Hedging Activities (Tables) | 1 Months Ended | 11 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2011 | Nov. 27, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | 7.1 | - | 7.1 | FTRs | Mark to Market | MWh | 6.9 | - | 6.9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Heating Oil Futures | Mark to Market | Gallons | 1,428.0 | - | 1,428.0 | Heating Oil Futures | Mark to Market | Gallons | 1,764.0 | - | 1,764.0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forward Power Contracts | Cash Flow Hedge | MWh | 140.4 | -4,705.70 | -4,565.30 | Forward Power Contracts | Cash Flow Hedge | MWh | 1,021.0 | -2,197.90 | -1,176.90 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forward Power Contracts | Mark to Market | MWh | 3,177.8 | -2,883.10 | 294.7 | Forward Power Contracts | Mark to Market | MWh | 2,510.7 | -4,760.40 | -2,249.70 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Rate Swaps | Cash Flow Hedge | USD | $ | 160,000.0 | $ | - | $ | 160,000.0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gains or Losses Recognized in AOCI for the Cash Flow Hedges | ' | ' | ' | [1] | ' | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Successor | Predecessor | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended December 31, 2013 | Year ended December 31, 2012 | November 28, 2011 through December 31, 2011 | January 1, 2011 through November 27, 2011 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ in millions (net of tax) | Power | Interest Rate | Power | Interest Rate | Power | Interest Rate | Power | Interest Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hedges | Hedges | Hedges | Hedges | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning accumulated derivative gain / (loss) in AOCI (a) | $ | -3 | $ | 0.5 | $ | 0.3 | $ | -0.8 | $ | - | $ | - | $ | -1.8 | $ | 21.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net gains / (losses) associated with current period hedging transactions | 1.0 | 18.7 | -2.6 | 1.1 | 0.1 | -0.6 | -1.2 | -57 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net gains reclassified to earnings: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Expense | - | - | - | 0.2 | - | -0.2 | - | -2.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | 2.1 | - | -0.7 | - | 0.1 | - | 1.1 | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchased Power | 1.3 | - | - | - | 0.1 | - | 0.9 | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending accumulated derivative gain / (loss) in AOCI | $ | 1.4 | $ | 19.2 | $ | -3 | $ | 0.5 | $ | 0.3 | $ | -0.8 | $ | -1 | $ | -37.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net gains / (losses) associated with the ineffective portion of the hedging transaction | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Expense | $ | - | $ | 0.8 | $ | - | $ | 0.2 | $ | - | $ | 0.4 | $ | - | $ | 5.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portion expected to be reclassified to earnings in the next twelve months (b) | $ | -2.5 | $ | -1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maximum length of time that we are hedging our exposure to variability in future cash flows related to forecasted transactions (in months) | 36 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
November 28, 2011 through December 31, 2011 | Predecessor | Successor | Year ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ in millions | NYMEX | Heating Oil | FTRs | Power | Total | January 1, 2011 through November 27, 2011 | Year ended December 31, 2013 | $ in millions | NYMEX | Heating Oil | FTRs | Power | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Coal | $ in millions | NYMEX | Heating Oil | FTRs | Power | Total | $ in millions | NYMEX | Heating Oil | FTRs | Power | Total | Coal | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | Coal | Coal | Derivatives not designated as hedging instruments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in unrealized loss | $ | -1.4 | $ | -0.5 | $ | - | $ | -0.8 | $ | -2.7 | Derivatives not designated as hedging instruments | Derivatives not designated as hedging instruments | Change in unrealized gain / (loss) | $ | 14.5 | $ | -1.6 | $ | -0.2 | $ | 4.3 | $ | 17.0 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Realized gain / (loss) | -1.2 | 0.1 | 0.1 | -0.9 | -1.9 | Change in unrealized gain / (loss) | $ | -50.7 | $ | 0.6 | $ | -0.2 | $ | 0.8 | $ | -49.5 | Change in unrealized gain | $ | - | $ | - | $ | 0.3 | $ | 0.6 | $ | 0.9 | Realized gain / (loss) | -29.5 | 1.9 | 0.5 | -5 | -32.1 | |||||||||||||||||||||||||||||||||||||||||
Total | $ | -2.6 | $ | -0.4 | $ | 0.1 | $ | -1.7 | $ | -4.6 | Realized gain / (loss) | 8.7 | 2.2 | -0.6 | -2.7 | 7.6 | Realized gain | - | 0.1 | 1.2 | 1.1 | 2.4 | Total | $ | -15 | $ | 0.3 | $ | 0.3 | $ | -0.7 | $ | -15.1 | |||||||||||||||||||||||||||||||||||||||||
Total | $ | -42 | $ | 2.8 | $ | -0.8 | $ | -1.9 | $ | -41.9 | Total | $ | - | $ | 0.1 | $ | 1.5 | $ | 1.7 | $ | 3.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Recorded on Balance Sheet: | Recorded on Balance Sheet: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Partners' share of loss | $ | -0.3 | $ | - | $ | - | $ | - | $ | -0.3 | Recorded on Balance Sheet: | Recorded on Balance Sheet: | Partners' share of gain | $ | 4.2 | $ | - | $ | - | $ | - | $ | 4.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory asset | -0.1 | -0.1 | - | - | -0.2 | Partners' share of loss | $ | -25.9 | $ | - | $ | - | $ | - | $ | -25.9 | Partners' share of loss | $ | - | $ | - | $ | - | $ | - | $ | - | Regulatory (asset) / liability | 1.0 | -0.6 | - | - | 0.4 | |||||||||||||||||||||||||||||||||||||||||
Regulatory (asset) / liability | -7 | 0.1 | - | - | -6.9 | Regulatory asset | - | - | - | - | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recorded in Income Statement: gain / (loss) | Recorded in Income Statement: gain / (loss) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | - | - | - | 0.6 | 0.6 | Recorded in Income Statement: gain / (loss) | Recorded in Income Statement: gain / (loss) | Revenue | - | - | - | -5.1 | -5.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchased Power | - | - | 0.1 | -2.3 | -2.2 | Revenue | - | - | - | -3.8 | -3.8 | Revenue | - | - | - | - | - | Purchased Power | - | - | 0.3 | 4.4 | 4.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Fuel | -2.2 | -0.3 | - | - | -2.5 | Purchased Power | - | - | -0.8 | 1.9 | 1.1 | Purchased Power | - | - | 1.5 | 1.7 | 3.2 | Fuel | -20.2 | 0.7 | - | - | -19.5 | |||||||||||||||||||||||||||||||||||||||||||||||||||
O&M | - | - | - | - | - | Fuel | -9.1 | 2.5 | - | - | -6.6 | Fuel | - | 0.1 | - | - | 0.1 | O&M | - | 0.2 | - | - | 0.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | -2.6 | $ | -0.4 | $ | 0.1 | $ | -1.7 | $ | -4.6 | O&M | - | 0.2 | - | - | 0.2 | O&M | - | - | - | - | - | Total | $ | -15 | $ | 0.3 | $ | 0.3 | $ | -0.7 | $ | -15.1 | |||||||||||||||||||||||||||||||||||||||||
Total | $ | -42 | $ | 2.8 | $ | -0.8 | $ | -1.9 | $ | -41.9 | Total | $ | - | $ | 0.1 | $ | 1.5 | $ | 1.7 | $ | 3.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Values of Derivative Instruments | Fair Values of Derivative Instruments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Amounts Not Offset in the Consolidated Balance Sheets | Gross Amounts Not Offset in the Consolidated Balance Sheets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ in millions | Hedging Designation | Gross Fair Value as presented in the Consolidated Balance Sheets (a) | Financial Instruments with Same Counterparty in Offsetting Position | Cash Collateral | Net Amount | $ in millions | Hedging Designation | Gross Fair Value as presented in the Consolidated Balance Sheets (a) | 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 | $ | 0.5 | $ | -0.2 | $ | - | $ | 0.3 | Forward power contracts | Cash Flow | $ | 0.5 | $ | -0.5 | $ | - | $ | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forward power contracts | MTM | 4.9 | -4.2 | - | 0.7 | Forward power contracts | MTM | 2.7 | -1.5 | - | 1.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FTRs | MTM | 0.2 | - | - | 0.2 | Heating oil futures | MTM | 0.2 | - | -0.2 | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Heating oil futures | MTM | 0.2 | - | -0.2 | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term derivative positions (presented in Other deferred assets) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term derivative positions (presented in Other deferred assets) | Forward power contracts | Cash Flow | 0.5 | -0.5 | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forward power contracts | Cash Flow | 3.0 | - | -3 | - | Forward power contracts | MTM | 3.6 | -0.6 | - | 3.0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forward power contracts | MTM | 5.0 | -0.3 | - | 4.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 7.5 | $ | -3.1 | $ | -0.2 | $ | 4.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 13.8 | $ | -4.7 | $ | -3.2 | $ | 5.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities | Short-term derivative positions (presented in Other current liabilities) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term derivative positions (presented in Other current liabilities) | Forward power contracts | Cash Flow | $ | 6.7 | $ | -0.5 | $ | -2.1 | $ | 4.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forward power contracts | Cash Flow | $ | 2.7 | $ | -0.2 | $ | -2.3 | $ | 0.2 | Interest rate hedge | Cash Flow | 29.5 | - | - | 29.5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forward power contracts | MTM | 6.6 | -4.2 | -2.3 | 0.1 | FTRs | MTM | 0.1 | - | - | 0.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forward power contracts | MTM | 4.1 | -1.5 | -2 | 0.6 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term derivative positions (presented in Other deferred liabilities) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forward power contracts | MTM | 1.3 | -0.3 | -1 | - | Long-term derivative positions (presented in Other deferred liabilities) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forward power contracts | Cash Flow | 1.5 | -0.5 | -0.9 | 0.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | $ | 10.6 | $ | -4.7 | $ | -5.6 | $ | 0.3 | Forward power contracts | MTM | 0.8 | -0.6 | -0.1 | 0.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | $ | 42.7 | $ | -3.1 | $ | -5.1 | $ | 34.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | 7.1 | - | 7.1 | FTRs | Mark to Market | MWh | 6.9 | - | 6.9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Heating Oil Futures | Mark to Market | Gallons | 1,428.0 | - | 1,428.0 | Heating Oil Futures | Mark to Market | Gallons | 1,764.0 | - | 1,764.0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forward Power Contracts | Cash Flow Hedge | MWh | 140.4 | -4,705.70 | -4,565.30 | Forward Power Contracts | Cash Flow Hedge | MWh | 1,021.0 | -2,197.90 | -1,176.90 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forward Power Contracts | Mark to Market | MWh | 3,172.4 | -2,888.50 | 283.9 | Forward Power Contracts | Mark to Market | MWh | 2,296.6 | -4,760.40 | -2,463.80 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gains or Losses Recognized in AOCI for the Cash Flow Hedges | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended December 31, 2013 | Year ended December 31, 2012 | Year ended December 31, 2011 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ in millions (net of tax) | Power | Interest Rate | Power | Interest Rate | Power | Interest Rate | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hedge | Hedge | Hedge | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Beginning accumulated derivative gain / (loss) in AOCI (a) | $ | -4.7 | $ | 7.3 | $ | -0.8 | $ | 9.8 | $ | -1.8 | $ | 12.2 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net gains / (losses) associated with current period hedging transactions | 1.0 | - | -3 | - | -1.2 | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net gains reclassified to earnings: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest Expense | - | -2.1 | - | -2.5 | - | -2.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues | 1.4 | - | -1.1 | - | 1.2 | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchased Power | 3.3 | - | 0.2 | - | 1.0 | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Ending accumulated derivative gain / (loss) in AOCI | $ | 1.0 | $ | 5.2 | $ | -4.7 | $ | 7.3 | $ | -0.8 | $ | 9.8 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net gains or losses associated with the ineffective portion of the hedging transactions were immaterial in the years ended December 31, 2013, 2012 and 2011. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Portion expected to be reclassified to earnings in the next twelve months (a) | $ | -2.2 | $ | -1.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Maximum length of time that we are hedging our exposure to variability in future cash flows related to forecasted transactions (in months) | 36 | 0 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Year ended December 31, 2013 | Year ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ in millions | NYMEX | Heating Oil | FTRs | Power | Total | $ in millions | NYMEX | Heating Oil | FTRs | Power | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Coal | Coal | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives not designated as hedging instruments | Derivatives not designated as hedging instruments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in unrealized gain / (loss) | $ | - | $ | - | $ | 0.3 | $ | -1.2 | $ | -0.9 | Change in unrealized gain / (loss) | $ | 14.5 | $ | -1.6 | $ | -0.2 | $ | 3.0 | $ | 15.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Realized gain | - | 0.1 | 1.2 | 1.6 | 2.9 | Realized gain / (loss) | -29.5 | 1.9 | 0.5 | 4.9 | -22.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | - | $ | 0.1 | $ | 1.5 | $ | 0.4 | $ | 2.0 | Total | $ | -15 | $ | 0.3 | $ | 0.3 | $ | 7.9 | $ | -6.5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Recorded on Balance Sheet: | Recorded on Balance Sheet: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Partners' share of loss | $ | - | $ | - | $ | - | $ | - | $ | - | Partners' share of gain | $ | 4.2 | $ | - | $ | - | $ | - | $ | 4.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Regulatory asset | - | - | - | - | - | Regulatory (asset) / liability | 1.0 | -0.6 | - | - | 0.4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Recorded in Income Statement: gain / (loss) | Recorded in Income Statement: gain / (loss) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | - | - | - | 0.2 | 0.2 | Revenue | - | - | - | 2.7 | 2.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Purchased Power | - | - | 1.5 | 0.2 | 1.7 | Purchased Power | - | - | 0.3 | 5.2 | 5.5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fuel | - | 0.1 | - | - | 0.1 | Fuel | -20.2 | 0.7 | - | - | -19.5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
O&M | - | - | - | - | - | O&M | - | 0.2 | - | - | 0.2 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | - | $ | 0.1 | $ | 1.5 | $ | 0.4 | $ | 2.0 | Total | $ | -15 | $ | 0.3 | $ | 0.3 | $ | 7.9 | $ | -6.5 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Values of Derivative Instruments | Fair Values of Derivative Instruments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
31-Dec-13 | 31-Dec-12 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross Amounts Not Offset in the Balance Sheets | Gross Amounts Not Offset in the Balance Sheets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ in millions | Hedging Designation | Gross Fair Value as presented in the 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 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 | $ | 0.5 | $ | -0.2 | $ | - | $ | 0.3 | Forward power contracts | Cash Flow | $ | 0.5 | $ | -0.5 | $ | - | $ | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forward power contracts | MTM | 4.9 | -4.2 | - | 0.7 | Forward power contracts | MTM | 2.8 | -1.5 | - | 1.3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
FTRs | MTM | 0.2 | - | - | 0.2 | Heating oil futures | MTM | 0.2 | - | -0.2 | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Heating oil futures | MTM | 0.2 | - | -0.2 | - | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term derivative positions (presented in Other deferred assets) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term derivative positions (presented in Other deferred assets) | Forward power contracts | Cash Flow | 0.5 | -0.5 | - | - | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forward power contracts | Cash Flow | 3.0 | - | -3 | - | Forward power contracts | MTM | 3.6 | -0.6 | - | 3.0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forward power contracts | MTM | 5.0 | -0.3 | - | 4.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 7.6 | $ | -3.1 | $ | -0.2 | $ | 4.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total assets | $ | 13.8 | $ | -4.7 | $ | -3.2 | $ | 5.9 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities | Short-term derivative positions (presented in Other current liabilities) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term derivative positions (presented in Other current liabilities) | Forward power contracts | Cash Flow | $ | 6.7 | $ | -0.5 | $ | -2.1 | $ | 4.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forward power contracts | Cash Flow | $ | 2.7 | $ | -0.2 | $ | -2.3 | $ | 0.2 | FTRs | MTM | 0.1 | - | - | 0.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forward power contracts | MTM | 6.6 | -4.2 | -2.3 | 0.1 | Forward power contracts | MTM | 2.7 | -1.5 | -0.5 | 0.7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | 1.5 | -0.5 | -0.9 | 0.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Forward power contracts | MTM | 0.7 | -0.6 | - | 0.1 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | $ | 10.6 | $ | -4.7 | $ | -5.6 | $ | 0.3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total liabilities | $ | 11.7 | $ | -3.1 | $ | -3.5 | $ | 5.1 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
[1] | (b)The actual amounts that we reclassify from AOCI to earnings related to power can differ from the estimate above due to market price changes. |
ShareBased_Compensation_Tables
Share-Based Compensation (Tables) | 11 Months Ended | |||
Nov. 27, 2011 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |||
Summarized Share-Based Compensation Expense | ' | |||
Predecessor | ||||
$ in millions | January 1, 2011 through November 27, 2011 | |||
Performance shares | $ | 2.4 | ||
Restricted shares | 5.3 | |||
Non-employee directors' RSUs | 0.6 | |||
Management performance shares | 1.8 | |||
Share-based compensation included in Operation and maintenance expense | 10.1 | |||
Income tax benefit | -3.5 | |||
Total share-based compensation, net of tax | $ | 6.6 | ||
Summarized Stock Option Activity | ' | |||
Predecessor | ||||
January 1, 2011 through November 27, 2011 | ||||
Options: | ||||
Outstanding at beginning of period | 351,500 | |||
Granted | - | |||
Exercised | -75,500 | |||
Expired | -276,000 | |||
Forfeited | - | |||
Outstanding at end of period | - | |||
Exercisable at end of period | - | |||
Weighted average option prices per share: | ||||
Outstanding at beginning of period | $ | 28.04 | ||
Granted | $ | - | ||
Exercised | $ | 21.02 | ||
Expired | $ | 29.42 | ||
Forfeited | $ | - | ||
Outstanding at end of period | $ | - | ||
Exercisable at end of period | $ | - | ||
Summarized Management Performance Shares Activity | ' | |||
Predecessor | ||||
January 1, 2011 through November 27, 2011 | ||||
Management performance shares: | ||||
Outstanding at beginning of period | 104,124 | |||
Granted | 49,510 | |||
Expired | -31,081 | |||
Exercised | -111,289 | |||
Forfeited | -11,264 | |||
Outstanding at end of period | - | |||
Exercisable at end of period | - | |||
DP&L [Member] | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |||
Summarized Share-Based Compensation Expense | ' | |||
$ in millions | Year ended December 31, 2011 | |||
Restricted stock units | $ | - | ||
Performance shares | 2.4 | |||
Restricted shares | 5.3 | |||
Non-employee directors' RSUs (a) | 0.6 | |||
Management performance shares | 1.8 | |||
Share-based compensation included in Operation and maintenance expense | 10.1 | |||
Income tax benefit | -3.5 | |||
Total share-based compensation, net of tax | $ | 6.6 | ||
Summarized Stock Option Activity | ' | |||
Year ended December 31, 2011 | ||||
Options: | ||||
Outstanding at beginning of period | 351,500 | |||
Granted | - | |||
Exercised | -75,500 | |||
Expired | -276,000 | |||
Forfeited | - | |||
Outstanding at end of period | - | |||
Exercisable at end of period | - | |||
Weighted average option prices per share: | ||||
Outstanding at beginning of period | $ | 28.04 | ||
Granted | $ | - | ||
Exercised | $ | 21.02 | ||
Expired | $ | 29.42 | ||
Forfeited | $ | - | ||
Outstanding at end of period | $ | - | ||
Exercisable at end of period | $ | - | ||
Summarized Performance Shares Activity | ' | |||
Year ended December 31, 2011 | ||||
Performance shares: | ||||
Outstanding at beginning of period | 278,334 | |||
Granted | 85,093 | |||
Dividends | -198,699 | |||
Exercised | -66,836 | |||
Forfeited | -97,892 | |||
Outstanding at end of period | - | |||
Exercisable at end of period | - | |||
Summarized Restricted Shares Activity | ' | |||
Year ended December 31, 2011 | ||||
Restricted shares: | ||||
Outstanding at beginning of period | 219,391 | |||
Granted | 67,346 | |||
Exercised | -286,737 | |||
Forfeited | - | |||
Outstanding at end of period | - | |||
Exercisable at end of period | - | |||
Summarized Non-Employee Director Restricted Stock Units Activity | ' | |||
Year ended December 31, 2011 | ||||
Restricted stock units: | ||||
Outstanding at beginning of period | 16,320 | |||
Granted | 14,392 | |||
Dividends accrued | 3,307 | |||
Vested and exercised | -34,019 | |||
Vested, exercised and deferred | - | |||
Forfeited | - | |||
Outstanding at end of period | - | |||
Exercisable at end of period | - | |||
Summarized Management Performance Shares Activity | ' | |||
Year ended December 31, 2011 | ||||
Management performance shares: | ||||
Outstanding at beginning of period | 104,124 | |||
Granted | 49,510 | |||
Expired | -31,081 | |||
Exercised | -111,289 | |||
Forfeited | -11,264 | |||
Outstanding at end of period | - | |||
Exercisable at end of period | - | |||
Stock Options [Member] | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |||
Summarized Stock Option Activity | ' | |||
Predecessor | ||||
$ in millions | January 1, 2011 through November 27, 2011 | |||
Weighted-average grant date fair value of options granted during the period | $ | - | ||
Intrinsic value of options exercised during the period | $ | 0.7 | ||
Proceeds from options exercised during the period | $ | 1.6 | ||
Excess tax benefit from proceeds of options exercised | $ | 0.2 | ||
Fair value of options that vested during the period | $ | - | ||
Unrecognized compensation expense | $ | - | ||
Weighted-average period to recognize compensation expense (in years) | - | |||
Stock Options [Member] | DP&L [Member] | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |||
Information About Share-based Compensation Activity During the Period | ' | |||
$ in millions | Year ended December 31, 2011 | |||
Weighted-average grant date fair value of options granted during the period | $ | - | ||
Intrinsic value of options exercised during the period | $ | 0.7 | ||
Proceeds from options exercised during the period | $ | 1.6 | ||
Excess tax benefit from proceeds of options exercised | $ | 0.2 | ||
Fair value of options that vested during the period | $ | - | ||
Unrecognized compensation expense | $ | - | ||
Weighted-average period to recognize compensation expense (in years) | - | |||
Restricted Shares [Member] | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |||
Restricted Shares Matching Criteria | ' | |||
Value (Cost Basis) of Shared Purchased | Company % Match of | |||
as a % of 2009 Base Salary | Value of Shares Purchased | |||
1% to 25% | 25% | |||
>25% to 50% | 50% | |||
>50% to 100% | 75% | |||
>100% to 200% | 125% | |||
Summarized Restricted Shares Activity | ' | |||
Predecessor | ||||
January 1, 2011 through November 27, 2011 | ||||
Restricted shares: | ||||
Outstanding at beginning of period | 219,391 | |||
Granted | 67,346 | |||
Exercised | -286,737 | |||
Forfeited | - | |||
Outstanding at end of period | - | |||
Exercisable at end of period | - | |||
Information About Share-based Compensation Activity During the Period | ' | |||
Predecessor | ||||
$ in millions | January 1, 2011 through November 27, 2011 | |||
Weighted-average grant date fair value of restricted shares granted during the period | $ | 1.8 | ||
Intrinsic value of restricted shares exercised during the period | $ | 8.6 | ||
Proceeds from restricted shares exercised during the period | $ | - | ||
Excess tax benefit from proceeds of restricted shares exercised | $ | 0.5 | ||
Fair value of restricted shares that vested during the period | $ | 7.5 | ||
Unrecognized compensation expense | $ | - | ||
Weighted-average period to recognize compensation expense (in years) | - | |||
Restricted Shares [Member] | DP&L [Member] | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |||
Restricted Shares Matching Criteria | ' | |||
Value (Cost Basis) of Shared Purchased | Company % Match of | |||
as a % of 2009 Base Salary | Value of Shares Purchased | |||
1% to 25% | 25% | |||
>25% to 50% | 50% | |||
>50% to 100% | 75% | |||
>100% to 200% | 125% | |||
Summarized Restricted Shares Activity | ' | |||
$ in millions | Year ended December 31, 2011 | |||
Weighted-average grant date fair value of restricted shares granted during the period | $ | 1.8 | ||
Intrinsic value of restricted shares exercised during the period | $ | 8.6 | ||
Proceeds from restricted shares exercised during the period | $ | - | ||
Excess tax benefit from proceeds of restricted shares exercised | $ | 0.5 | ||
Fair value of restricted shares that vested during the period | $ | 7.5 | ||
Unrecognized compensation expense | $ | - | ||
Weighted-average period to recognize compensation expense (in years) | - | |||
Director RSU's [Member] | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |||
Summarized Non-Employee Director Restricted Stock Units Activity | ' | |||
Predecessor | ||||
January 1, 2011 through November 27, 2011 | ||||
Restricted stock units: | ||||
Outstanding at beginning of period | 16,320 | |||
Granted | 14,392 | |||
Dividends accrued | 3,307 | |||
Vested and exercised | -34,019 | |||
Vested, exercised and deferred | - | |||
Forfeited | - | |||
Outstanding at end of period | - | |||
Exercisable at end of period | - | |||
Information About Share-based Compensation Activity During the Period | ' | |||
Predecessor | ||||
$ in millions | January 1, 2011 through November 27, 2011 | |||
Weighted-average grant date fair value of non-employee Director RSUs granted during the period | $ | 0.5 | ||
Intrinsic value of non-employee Director RSUs exercised during the period | $ | 1.0 | ||
Proceeds from non-employee Director RSUs exercised during the period | $ | - | ||
Excess tax benefit from proceeds of non-employee Director RSUs exercised | $ | - | ||
Fair value of non-employee Director RSUs that vested during the period | $ | 1.0 | ||
Unrecognized compensation expense | $ | - | ||
Weighted-average period to recognize compensation expense (in years) | - | |||
Director RSU's [Member] | DP&L [Member] | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |||
Summarized Non-Employee Director Restricted Stock Units Activity | ' | |||
$ in millions | Year ended December 31, 2011 | |||
Weighted-average grant date fair value of non-employee Director RSUs granted during the period | $ | 0.5 | ||
Intrinsic value of non-employee Director RSUs exercised during the period | $ | 1.0 | ||
Proceeds from non-employee Director RSUs exercised during the period | $ | - | ||
Excess tax benefit from proceeds of non-employee Director RSUs exercised | $ | - | ||
Fair value of non-employee Director RSUs that vested during the period | $ | 1.0 | ||
Unrecognized compensation expense | $ | - | ||
Weighted-average period to recognize compensation expense (in years) | - | |||
Management Performance Shares [Member] | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |||
Fair Value of the Management Performance Shares Granted | ' | |||
Predecessor | ||||
January 1, 2011 through November 27, 2011 | ||||
Expected volatility | 24.00% | |||
Weighted-average expected volatility | 24.00% | |||
Expected life (years) | 3 | |||
Expected dividends | 5.00% | |||
Weighted-average expected dividends | 5.00% | |||
Risk-free interest rate | 1.20% | |||
Information About Share-based Compensation Activity During the Period | ' | |||
Predecessor | ||||
$ in millions | January 1, 2011 through November 27, 2011 | |||
Weighted-average grant date fair value of management performance shares granted during the period | $ | 1.3 | ||
Intrinsic value of management performance shares exercised during the period | $ | 3.3 | ||
Proceeds from management performance shares exercised during the period | $ | - | ||
Excess tax benefit from proceeds of management performance shares exercised | $ | - | ||
Fair value of management performance shares that vested during the period | $ | 2.7 | ||
Unrecognized compensation expense | $ | - | ||
Weighted-average period to recognize compensation expense (in years) | - | |||
Management Performance Shares [Member] | DP&L [Member] | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |||
Summarized Management Performance Shares Activity | ' | |||
$ in millions | Year ended December 31, 2011 | |||
Weighted-average grant date fair value of management performance shares granted during the period | $ | 1.3 | ||
Intrinsic value of management performance shares exercised during the period | $ | 3.3 | ||
Proceeds from management performance shares exercised during the period | $ | - | ||
Excess tax benefit from proceeds of management performance shares exercised | $ | - | ||
Fair value of management performance shares that vested during the period | $ | 2.7 | ||
Unrecognized compensation expense | $ | - | ||
Weighted-average period to recognize compensation expense (in years) | - | |||
Fair Value of the Management Performance Shares Granted | ' | |||
$ in millions | Year ended December 31, 2011 | |||
Expected volatility | 24.00% | |||
Weighted-average expected volatility | 24.00% | |||
Expected life (years) | 3 | |||
Expected dividends | 5.00% | |||
Weighted-average expected dividends | 5.00% | |||
Risk-free interest rate | 1.20% | |||
Performance Shares [Member] | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |||
Summarized Performance Shares Activity | ' | |||
Predecessor | ||||
January 1, 2011 through November 27, 2011 | ||||
Performance shares: | ||||
Outstanding at beginning of period | 278,334 | |||
Granted | 85,093 | |||
Dividends | -198,699 | |||
Exercised | -66,836 | |||
Forfeited | -97,892 | |||
Outstanding at end of period | - | |||
Exercisable at end of period | - | |||
Fair Value of the Performance Shares Granted | ' | |||
Predecessor | ||||
January 1, 2011 through November 27, 2011 | ||||
Expected volatility | 24.00% | |||
Weighted-average expected volatility | 24.00% | |||
Expected life (years) | 3 | |||
Expected dividends | 5.00% | |||
Weighted-average expected dividends | 5.00% | |||
Risk-free interest rate | 1.20% | |||
Information About Share-based Compensation Activity During the Period | ' | |||
Predecessor | ||||
$ in millions | January 1, 2011 through November 27, 2011 | |||
Weighted-average grant date fair value of performance shares granted during the period | $ | 2.2 | ||
Intrinsic value of performance shares exercised during the period | $ | 6.0 | ||
Proceeds from performance shares exercised during the period | $ | - | ||
Excess tax benefit from proceeds of performance shares exercised | $ | 0.7 | ||
Fair value of performance shares that vested during the period | $ | 4.7 | ||
Unrecognized compensation expense | $ | - | ||
Weighted-average period to recognize compensation expense (in years) | - | |||
Performance Shares [Member] | DP&L [Member] | ' | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | |||
Fair Value of the Performance Shares Granted | ' | |||
$ in millions | Year ended December 31, 2011 | |||
Expected volatility | 24.00% | |||
Weighted-average expected volatility | 24.00% | |||
Expected life (years) | 3 | |||
Expected dividends | 5.00% | |||
Weighted-average expected dividends | 5.00% | |||
Risk-free interest rate | 1.20% | |||
Information About Share-based Compensation Activity During the Period | ' | |||
$ in millions | Year ended December 31, 2011 | |||
Weighted-average grant date fair value of performance shares granted during the period | $ | 2.2 | ||
Intrinsic value of performance shares exercised during the period | $ | 6.0 | ||
Proceeds from performance shares exercised during the period | $ | - | ||
Excess tax benefit from proceeds of performance shares exercised | $ | 0.7 | ||
Fair value of performance shares that vested during the period | $ | 4.7 | ||
Unrecognized compensation expense | $ | - | ||
Weighted-average period to recognize compensation expense (in years) | - | |||
Redeemable_Preferred_Stock_Tab
Redeemable Preferred Stock (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Preferred Shares Outstanding | ' | |||||||||||||||
December 31, 2013 and 2012 | Carrying Value (a) | |||||||||||||||
($ in millions) | ||||||||||||||||
Preferred | Redemption price | Shares | 31-Dec-13 | 31-Dec-12 | ||||||||||||
Stock | ($ per share) | Outstanding | ||||||||||||||
Rate | ||||||||||||||||
DP&L Series A | 3.75% | $ | 102.50 | 93,280 | $ | 7.4 | $ | 7.4 | ||||||||
DP&L Series B | 3.75% | $ | 103.00 | 69,398 | 5.6 | 5.6 | ||||||||||
DP&L Series C | 3.90% | $ | 101.00 | 65,830 | 5.4 | 5.4 | ||||||||||
Total | 228,508 | $ | 18.4 | $ | 18.4 | |||||||||||
DP&L [Member] | ' | |||||||||||||||
Preferred Shares Outstanding | ' | |||||||||||||||
December 31, 2013 and 2012 | Par Value | |||||||||||||||
($ in millions) | ||||||||||||||||
$ in millions except per share amounts | Preferred | Redemption price | Shares | 31-Dec-13 | 31-Dec-12 | |||||||||||
Stock | ($ per share) | Outstanding | ||||||||||||||
Rate | ||||||||||||||||
DP&L Series A | 3.75% | $ | 102.50 | 93,280 | $ | 9.3 | $ | 9.3 | ||||||||
DP&L Series B | 3.75% | $ | 103.00 | 69,398 | 7.0 | 7.0 | ||||||||||
DP&L Series C | 3.90% | $ | 101.00 | 65,830 | 6.6 | 6.6 | ||||||||||
Total | 228,508 | $ | 22.9 | $ | 22.9 | |||||||||||
EPS_Tables
EPS (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
EPS [Abstract] | ' | |||||||||
Schedule of Earnings Per Share, Basic and Diluted | ' | |||||||||
January 1, 2011 through November 27, 2011 | ||||||||||
$ and shares in millions except per share amounts | Income | Shares | Per Share | |||||||
Basic EPS | $ | 150.5 | 114.5 | $ | ||||||
1.31 | ||||||||||
Effect of Dilutive Securities: | ||||||||||
Warrants | 0.4 | |||||||||
Stock options, performance and restricted shares | 0.2 | |||||||||
Diluted EPS | $ | 150.5 | 115.1 | $ | ||||||
1.31 | ||||||||||
Contractual_Obligations_Commer1
Contractual Obligations, Commercial Commitments and Contingencies (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Schedule Of Contractual Obligations And Commercial Commitments | ' | |||||||||||||||
Payments due in: | ||||||||||||||||
$ in millions | Total | Less than | 3-Feb | 5-Apr | More than | |||||||||||
1 year | years | years | 5 years | |||||||||||||
DPL: | ||||||||||||||||
Long-term debt | $ | 2,298.4 | $ | 10.2 | $ | 955.2 | $ | 100.2 | $ | 1,232.8 | ||||||
Interest payments | 944.0 | 114.9 | 229.5 | 151.5 | 448.1 | |||||||||||
Pension and postretirement payments | 264.2 | 27.2 | 51.9 | 52.3 | 132.8 | |||||||||||
Operating leases | 0.6 | 0.4 | 0.2 | - | - | |||||||||||
Coal contracts (a) | 625.6 | 216.5 | 270.3 | 138.8 | - | |||||||||||
Limestone contracts (a) | 24.4 | 6.1 | 12.2 | 6.1 | - | |||||||||||
Purchase orders and other contractual obligations | 85.6 | 48.8 | 18.7 | 18.1 | - | |||||||||||
Total contractual obligations | $ | 4,242.8 | $ | 424.1 | $ | 1,538.0 | $ | 467.0 | $ | 1,813.7 | ||||||
DP&L [Member] | ' | |||||||||||||||
Schedule Of Contractual Obligations And Commercial Commitments | ' | |||||||||||||||
Payments due in: | ||||||||||||||||
$ in millions | Total | Less than | 3-Feb | 5-Apr | More than | |||||||||||
1 year | years | years | 5 years | |||||||||||||
DP&L: | ||||||||||||||||
Long-term debt | $ | 877.8 | $ | 0.2 | $ | 445.2 | $ | 0.2 | $ | 432.2 | ||||||
Interest payments | 361.0 | 24.1 | 48.4 | 31.7 | 256.8 | |||||||||||
Pension and postretirement payments | 264.5 | 27.2 | 51.9 | 52.3 | 133.1 | |||||||||||
Operating leases | 0.6 | 0.4 | 0.2 | - | - | |||||||||||
Coal contracts (a) | 625.6 | 216.5 | 270.3 | 138.8 | - | |||||||||||
Limestone contracts (a) | 24.4 | 6.1 | 12.2 | 6.1 | - | |||||||||||
Purchase orders and other contractual obligations | 85.6 | 48.8 | 18.7 | 18.1 | - | |||||||||||
Total contractual obligations | $ | 2,239.5 | $ | 323.3 | $ | 846.9 | $ | 247.2 | $ | 822.1 | ||||||
Business_Segments_Tables
Business Segments (Tables) | 1 Months Ended | 11 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2011 | Nov. 27, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Segments [Abstract] | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Reporting for Reportable Business Segments | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Successor | Predecessor | Successor | Successor | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
$ 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 | |||||||||||||||||||||||||||||||||||||||||
November 28, 2011 through December 31, 2011 | January 1, 2011 through November 27, 2011 | Year ended December 31, 2013 | Year ended December 31, 2012 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenues from external customers | $ | 116.2 | $ | 38.2 | $ | 2.5 | $ | - | $ | 156.9 | Revenues from external customers | $ | 1,234.5 | $ | 387.2 | $ | 49.2 | $ | - | $ | 1,670.9 | Revenues from external customers | $ | 1,098.2 | $ | 511.6 | $ | 27.1 | $ | - | $ | 1,636.9 | Revenues from external customers | $ | 1,138.4 | $ | 493.1 | $ | 36.9 | $ | - | $ | 1,668.4 | |||||||||||||||||||||
Intersegment revenues | 27.8 | - | 0.3 | -28.1 | - | Intersegment revenues | 299.2 | - | 3.7 | -302.9 | - | Intersegment revenues | 453.3 | - | 4.0 | -457.3 | - | Intersegment revenues | 393.4 | - | 3.4 | -396.8 | - | |||||||||||||||||||||||||||||||||||||||||
Total revenues | 144.0 | 38.2 | 2.8 | -28.1 | 156.9 | Total revenues | 1,533.7 | 387.2 | 52.9 | -302.9 | 1,670.9 | Total revenues | 1,551.5 | 511.6 | 31.1 | -457.3 | 1,636.9 | Total revenues | 1,531.8 | 493.1 | 40.3 | -396.8 | 1,668.4 | |||||||||||||||||||||||||||||||||||||||||
Fuel | 34.5 | - | 1.3 | - | 35.8 | Fuel | 346.1 | - | 9.7 | - | 355.8 | Fuel | 362.5 | - | 4.2 | - | 366.7 | Fuel | 354.9 | - | 7.0 | - | 361.9 | |||||||||||||||||||||||||||||||||||||||||
Purchased power | 31.0 | 33.4 | - | -27.7 | 36.7 | Purchased power | 370.6 | 330.5 | 2.7 | -299.2 | 404.6 | Purchased power | 381.9 | 459.7 | 1.1 | -453.7 | 389.0 | Purchased power | 309.5 | 424.5 | 1.5 | -393.4 | 342.1 | |||||||||||||||||||||||||||||||||||||||||
Amortization of intangibles | - | - | 11.6 | - | 11.6 | Amortization of intangibles | - | - | 7.1 | - | 7.1 | Amortization of intangibles | - | - | 95.1 | - | 95.1 | |||||||||||||||||||||||||||||||||||||||||||||||
Gross margin (a) | $ | 817.0 | $ | 56.7 | $ | 40.5 | $ | -3.7 | $ | 910.5 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Gross margin (a) | $ | 78.5 | $ | 4.8 | $ | -10.1 | $ | -0.4 | $ | 72.8 | Gross margin (a) | $ | 807.1 | $ | 51.9 | $ | 18.7 | $ | -3.6 | $ | 874.1 | Gross margin (a) | $ | 867.4 | $ | 68.6 | $ | -63.3 | $ | -3.4 | $ | 869.3 | ||||||||||||||||||||||||||||||||
Depreciation and amortization | $ | 122.2 | $ | 0.6 | $ | 6.6 | $ | - | $ | 129.4 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | $ | 12.7 | $ | - | $ | -1.1 | $ | - | $ | 11.6 | Interest expense | $ | 35.4 | $ | 0.2 | $ | 23.4 | $ | -0.3 | $ | 58.7 | Depreciation and amortization | $ | 140.2 | $ | 0.6 | $ | -7.9 | $ | - | $ | 132.9 | Depreciation and amortization | $ | 141.3 | $ | 0.4 | $ | -16.3 | $ | - | $ | 125.4 | |||||||||||||||||||||
Interest expense | $ | 2.8 | $ | 0.1 | $ | 8.8 | $ | -0.2 | $ | 11.5 | Income tax expense / (benefit) | $ | 98.4 | $ | 16.7 | $ | -13.1 | $ | - | $ | 102.0 | Goodwill impairment (Note 18) | $ | - | $ | - | $ | 306.3 | $ | - | $ | 306.3 | Goodwill impairment (Note 18) | $ | - | $ | - | $ | 1,817.2 | $ | - | $ | 1,817.2 | |||||||||||||||||||||
Income tax expense / (benefit) | $ | 5.8 | $ | 1.1 | $ | -6.3 | $ | - | $ | 0.6 | Net income / (loss) | $ | 147.4 | $ | 24.1 | $ | -21 | $ | - | $ | 150.5 | Fixed asset impairment | $ | 86.0 | $ | - | $ | -59.8 | $ | - | $ | 26.2 | Fixed asset impairment | $ | 80.8 | $ | - | $ | -80.8 | $ | - | $ | - | |||||||||||||||||||||
Net income / (loss) | $ | 45.8 | $ | 1.7 | $ | -53.7 | $ | - | $ | -6.2 | Interest expense | $ | 37.2 | $ | 0.5 | $ | 86.9 | $ | -0.6 | $ | 124.0 | Interest expense | $ | 39.1 | $ | 0.6 | $ | 83.9 | $ | -0.7 | $ | 122.9 | ||||||||||||||||||||||||||||||||
Cash capital expenditures | $ | 174.0 | $ | - | $ | 0.2 | $ | - | $ | 174.2 | Income tax expense / (benefit) | $ | 18.6 | $ | 4.2 | $ | -0.5 | $ | - | $ | 22.3 | Income tax expense / (benefit) | $ | 55.1 | $ | 18.1 | $ | -25.5 | $ | - | $ | 47.7 | ||||||||||||||||||||||||||||||||
Cash capital expenditures | $ | 30.5 | $ | - | $ | - | $ | - | $ | 30.5 | Net income / (loss) | $ | 83.6 | $ | 6.6 | $ | -312.2 | $ | - | $ | -222 | Net income / (loss) | $ | 91.2 | $ | 22.8 | $ | -1,725.40 | $ | -118.4 | $ | -1,729.80 | ||||||||||||||||||||||||||||||||
Total assets (end of year) | $ | 3,538.3 | $ | 69.9 | $ | 2,528.0 | $ | - | $ | 6,136.2 | Cash capital expenditures | $ | 122.1 | $ | - | $ | 2.3 | $ | - | $ | 124.4 | Cash capital expenditures | $ | 195.5 | $ | - | $ | 2.6 | $ | - | $ | 198.1 | ||||||||||||||||||||||||||||||||
Total assets (end of year) | $ | 3,313.1 | $ | 105.0 | $ | 1,675.8 | $ | -1,372.40 | $ | 3,721.5 | Total assets (end of year) | $ | 3,464.2 | $ | 99.2 | $ | 683.9 | $ | - | $ | 4,247.3 | |||||||||||||||||||||||||||||||||||||||||||
Selected_Quarterly_Information1
Selected Quarterly Information (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Schedule Of Quarterly Financial Information | ' | |||||||||||||||
For the 2011 periods ended (a): | ||||||||||||||||
Predecessor | Successor | |||||||||||||||
$ in millions except per share amounts | 31-Mar | 30-Jun | 30-Sep | 27-Nov | 31-Dec | |||||||||||
Revenues | $ | 480.6 | $ | 433.4 | $ | 497.5 | $ | 259.4 | N/A | |||||||
Operating income | $ | 100.9 | $ | 65.8 | $ | 112.9 | $ | 48.2 | N/A | |||||||
Net income | $ | 43.5 | $ | 31.7 | $ | 67.1 | $ | 8.2 | N/A | |||||||
Earnings per share of common stock: | ||||||||||||||||
Basic | $ | 0.38 | $ | 0.28 | $ | 0.58 | $ | 0.07 | N/A | |||||||
Diluted | $ | 0.38 | $ | 0.28 | $ | 0.58 | $ | 0.07 | N/A | |||||||
Dividends declared per share | $ | 0.3325 | $ | 0.3325 | $ | 0.3325 | $ | 0.5400 | N/A | |||||||
DP&L [Member] | ' | |||||||||||||||
Schedule Of Quarterly Financial Information | ' | |||||||||||||||
For the 2011 quarters ended | ||||||||||||||||
$ in millions except per share amounts | ||||||||||||||||
and common stock market price | 31-Mar | 30-Jun | 30-Sep | 31-Dec | ||||||||||||
Revenues | $ | 449.8 | $ | 397.0 | $ | 452.5 | $ | 378.4 | ||||||||
Operating income | $ | 89.3 | $ | 55.8 | $ | 100.0 | $ | 74.8 | ||||||||
Net income | $ | 52.7 | $ | 30.8 | $ | 63.9 | $ | 45.8 | ||||||||
Earnings on common stock | $ | 52.5 | $ | 30.6 | $ | 63.7 | $ | 45.5 | ||||||||
Dividends paid on common stock to DPL | $ | 70.0 | $ | 45.0 | $ | 65.0 | $ | 40.0 | ||||||||
Comprehensive_Income_Loss_Tabl
Comprehensive Income (Loss) (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Components That Constitute The Balance Sheet Amounts In AOCI | ' | ||||||||||||
$ in millions | Gains / (losses) on available-for-sale securities | Gains / (losses) on cash flow hedges | Change in unfunded pension obligation | Total | |||||||||
Balance January 1, 2012 | $ | - | $ | -0.5 | $ | 0.1 | $ | -0.4 | |||||
Other comprehensive income / (loss) before reclassifications | 0.5 | -1.5 | -1.9 | -2.9 | |||||||||
Amounts reclassified from accumulated other comprehensive income / (loss) | -0.1 | -0.5 | - | -0.6 | |||||||||
Net current period other comprehensive income / (loss) | 0.4 | -2 | -1.9 | -3.5 | |||||||||
Balance December 31, 2012 | 0.4 | -2.5 | -1.8 | -3.9 | |||||||||
Other comprehensive income / (loss) before reclassifications | -1.2 | 19.7 | 4.9 | 23.4 | |||||||||
Amounts reclassified from accumulated other comprehensive income / (loss) | 1.4 | 3.4 | 0.3 | 5.1 | |||||||||
Net current period other comprehensive income | 0.2 | 23.1 | 5.2 | 28.5 | |||||||||
Balance December 31, 2013 | $ | 0.6 | $ | 20.6 | $ | 3.4 | $ | 24.6 | |||||
DP&L [Member] | ' | ||||||||||||
Components That Constitute The Balance Sheet Amounts In AOCI | ' | ||||||||||||
$ in millions | Gains / (losses) on available-for-sale securities | Gains / (losses) on cash flow hedges | Change in unfunded pension obligation | Total | |||||||||
Balance January 1, 2012 | $ | 0.6 | $ | 9.0 | $ | -44.3 | $ | -34.7 | |||||
Other comprehensive income / (loss) before reclassifications | 0.5 | -3 | -0.7 | -3.2 | |||||||||
Amounts reclassified from accumulated other comprehensive income / (loss) | -0.1 | -3.4 | 2.7 | -0.8 | |||||||||
Net current period other comprehensive income / (loss) | 0.4 | -6.4 | 2.0 | -4 | |||||||||
Balance December 31, 2012 | 1.0 | 2.6 | -42.3 | -38.7 | |||||||||
Other comprehensive income / (loss) before reclassifications | -1.6 | 1.0 | 4.8 | 4.2 | |||||||||
Amounts reclassified from accumulated other comprehensive income / (loss) | 1.4 | 2.6 | 3.8 | 7.8 | |||||||||
Net current period other comprehensive income / (loss) | -0.2 | 3.6 | 8.6 | 12.0 | |||||||||
Balance December 31, 2013 | $ | 0.8 | $ | 6.2 | $ | -33.7 | $ | -26.7 | |||||
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Narrative) (Details) (USD $) | 1 Months Ended | 11 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2011 | Nov. 27, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
sqmi | |||||
employee | |||||
Service Area Square Miles | ' | ' | 6,000 | ' | ' |
Service Area By County | ' | ' | 24 | ' | ' |
Approximate number of retail customers | ' | ' | 515,000 | ' | ' |
DPLER Customers That Are DPL Electric Distribution Customers | ' | ' | 130,000 | ' | ' |
Approximate number of DPLER customers | ' | ' | 308,000 | ' | ' |
Entity number of employees | ' | ' | 1,266 | ' | ' |
Number of coal fired power plants | ' | ' | 7 | ' | ' |
Employees under a collective bargaining agreement which expires in October-2011 | ' | ' | 59.00% | ' | ' |
Capitalized interest for unregulated generation propety | $0.50 | $3.90 | $1.50 | $4 | ' |
Straight-line depreciation average annual composite basis | ' | ' | 5.80% | 4.80% | 5.80% |
Asset Removal Costs | 112.4 | ' | 114.9 | 112.1 | 112.4 |
Additional Insurance Claims Cost | ' | ' | 18.8 | 17.7 | ' |
Investment in trust | ' | ' | 0.4 | 0.5 | ' |
Notes payable to trust | ' | ' | 19.6 | ' | ' |
DP&L [Member] | ' | ' | ' | ' | ' |
Service Area Square Miles | ' | ' | 6,000 | ' | ' |
Approximate number of retail customers | ' | ' | 515,000 | ' | ' |
Entity number of employees | ' | ' | 1,218 | ' | ' |
Number of coal fired power plants | ' | ' | 7 | ' | ' |
Employees under a collective bargaining agreement which expires in October-2011 | ' | ' | 62.00% | ' | ' |
Capitalized interest for unregulated generation propety | ' | ' | 1.5 | 4 | 4.4 |
Reduction of future depreciation due to asset impairment | ' | ' | ' | 7.1 | ' |
Reduction of current depreciation due to asset impairment | ' | ' | 5.4 | 1.8 | ' |
Straight-line depreciation average annual composite basis | ' | ' | 4.40% | 4.20% | 2.60% |
Asset Removal Costs | 112.4 | ' | 114.9 | 112.1 | 112.4 |
Additional Insurance Claims Cost | ' | ' | $18.80 | $17.70 | ' |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies (Summary of Property, Plant, and Equipment) (Details) (USD $) | 1 Months Ended | 11 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2011 | Nov. 27, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Public Utility, Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Total property, plant and equipment in service | ' | ' | $2,677 | $2,590.40 | ' |
Total property, plant and equipment in service, Composite Rate | ' | ' | 5.80% | 4.80% | 5.80% |
Public Utilities, Allowance for Funds Used During Construction, Capitalized Interest | 0.5 | 3.9 | 1.5 | 4 | ' |
DP&L [Member] | ' | ' | ' | ' | ' |
Public Utility, Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Total property, plant and equipment in service | ' | ' | 5,105.30 | 5,249 | ' |
Total property, plant and equipment in service, Composite Rate | ' | ' | 4.40% | 4.20% | 2.60% |
Public Utilities, Allowance for Funds Used During Construction, Capitalized Interest | ' | ' | 1.5 | 4 | 4.4 |
Regulated Operation [Member] | ' | ' | ' | ' | ' |
Public Utility, Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Transmission | ' | ' | 213.1 | 208.9 | ' |
Distribution | ' | ' | 970.1 | 935 | ' |
General | ' | ' | 56.8 | 50.6 | ' |
Non-depreciable | ' | ' | 60.8 | 60 | ' |
Total property, plant and equipment in service | ' | ' | 1,300.80 | 1,254.50 | ' |
Transmission, Composite Rate | ' | ' | 4.10% | 4.40% | ' |
Distribution, Composite Rate | ' | ' | 5.60% | 5.40% | ' |
General, Composite Rate | ' | ' | 12.10% | 10.80% | ' |
Regulated Operation [Member] | DP&L [Member] | ' | ' | ' | ' | ' |
Public Utility, Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Transmission | ' | ' | 388.3 | 380.9 | ' |
Distribution | ' | ' | 1,528.20 | 1,480.70 | ' |
General | ' | ' | 111.1 | 100 | ' |
Non-depreciable | ' | ' | 60.8 | 60.1 | ' |
Total property, plant and equipment in service | ' | ' | 2,088.40 | 2,021.70 | ' |
Transmission, Composite Rate | ' | ' | 2.30% | 2.40% | ' |
Distribution, Composite Rate | ' | ' | 3.50% | 3.40% | ' |
General, Composite Rate | ' | ' | 6.20% | 5.40% | ' |
Unregulated Operation [Member] | ' | ' | ' | ' | ' |
Public Utility, Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Production / Generation | ' | ' | 1,340.80 | 1,299.70 | ' |
Other | ' | ' | 15.7 | 16.6 | ' |
Non-depreciable | ' | ' | 19.7 | 19.6 | ' |
Total property, plant and equipment in service | ' | ' | 1,376.20 | 1,335.90 | ' |
Production/Generation, Composite Rate | ' | ' | 6.20% | 4.40% | ' |
Other, Composite Rate | ' | ' | 8.90% | 11.60% | ' |
Unregulated Operation [Member] | DP&L [Member] | ' | ' | ' | ' | ' |
Public Utility, Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' |
Production / Generation | ' | ' | 3,002.10 | 3,210.80 | ' |
Non-depreciable | ' | ' | 14.8 | 16.5 | ' |
Total property, plant and equipment in service | ' | ' | $3,016.90 | $3,227.30 | ' |
Production/Generation, Composite Rate | ' | ' | 5.20% | 4.90% | ' |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies (Changes in the Liability for Generation AROs) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Balance at January 1 | $23.90 | $23.60 |
Accretion expense | 0.8 | 0.8 |
Settlements | -0.3 | -0.4 |
Estimated cash flow revisions | ' | -0.1 |
Balance at December 31 | 24.4 | 23.9 |
DP&L [Member] | ' | ' |
Balance at January 1 | 19.2 | 18.8 |
Accretion expense | 1 | 0.9 |
Settlements | -0.3 | -0.4 |
Estimated cash flow revisions | ' | -0.1 |
Balance at December 31 | $19.90 | $19.20 |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies (Changes in the Liability for Transmission and Distribution Asset Removal Costs) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Balance at January 1 | $112.10 | $112.40 |
Additions | 22 | 10.1 |
Settlements | -19.2 | -10.4 |
Balance at December 31 | 114.9 | 112.1 |
DP&L [Member] | ' | ' |
Balance at January 1 | 112.1 | 112.4 |
Additions | 22 | 10.1 |
Settlements | -19.2 | -10.4 |
Balance at December 31 | $114.90 | $112.10 |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies (Excise Taxes Levied by State or Local Governments) (Details) (USD $) | 1 Months Ended | 11 Months Ended | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2011 | Nov. 27, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
DP&L [Member] | DP&L [Member] | DP&L [Member] | |||||
State/Local excise taxes | $4.30 | $49.40 | $50.50 | $50.50 | $50.50 | $50.50 | $53.70 |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies (Related Party Transactions) (Details) (USD $) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||
DP&L [Member] | ' | ' | ' | |||
Premiums paid for insurance services provided by MVIC | ($2.90) | ($2.60) | ($3.10) | |||
Expense recoveries for services provided to DPLER | 5.2 | 4 | 4.6 | |||
Deposits received from DPLER | 19.2 | 20.2 | ' | |||
DPLE and DPLER [Member] | ' | ' | ' | |||
Sales to related party | 345.8 | [1] | 350.8 | [1] | 327 | [1] |
MC Squared [Member] | ' | ' | ' | |||
Sales to related party | $108.10 | $40 | ' | |||
[1] | DP&L sells power to DPLER and MC Squared to satisfy the electric requirements of their retail customers. The revenue dollars associated with sales to DPLER and MC Squared are recorded as wholesale revenues in DP&L’s Financial Statements. The increase in DP&L’s sales to DPLER during the year ended December 31, 2012, compared to the year ended December 31, 2011 is primarily due to customers electing to switch their generation service from DP&L to DPLER. DP&L started selling physical power to MC Squared during June 2012 and became their sole source of power in September 2012. |
Summary_of_Significant_Account8
Summary of Significant Accounting Policies (Financial Statement Presentation) (Details) (USD $) | 9 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Goodwill | ' | $452.80 | $759.10 | $2,576.30 |
Goodwill, Impairment Loss | 1,850 | 306.3 | 1,817.20 | ' |
DP&L [Member] | ' | ' | ' | ' |
Goodwill | ' | 317 | 623.3 | 2,440.50 |
Goodwill, Impairment Loss | ' | ($306.30) | ($1,817.20) | ' |
Summary_of_Significant_Account9
Summary of Significant Accounting Policies (Sale of Receivables) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
ComEd [Member] | ' | ' |
Proceeds from Sale of Other Receivables | $75.40 | $27.70 |
Duke Energy [Member] | ' | ' |
Proceeds from Sale of Other Receivables | $20.70 | $15.70 |
Summary_of_Signficant_Accounti
Summary of Signficant Accounting Policies (Accounting for Taxes Collected from Customers and Remitted to Governmental Authorities) (Details) (USD $) | 1 Months Ended | 11 Months Ended | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2011 | Nov. 27, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
DP&L [Member] | DP&L [Member] | DP&L [Member] | |||||
Excise Taxes Collected | $4.30 | $49.40 | $50.50 | $50.50 | $50.50 | $50.50 | $53.70 |
Business_Combination_Details
Business Combination (Details) (USD $) | 1 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2011 |
Business Combinations [Abstract] | ' |
Payments to Acquire Businesses, Gross | $3,483.60 |
Business Acquisition, Purchase Price Allocation, Noncurrent Liabilities, Long-term Debt | 1,250 |
Goodwill Purchase Accounting Adjustment | 87 |
Net Income Purchase Accounting Adjustment | $8.70 |
Business_Combination_Change_to
Business Combination (Change to Preliminary Purchase Price Allocation) (Details) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2012 | |
Deferred Income Tax Effect [Member] | ' | |
Goodwill, Purchase Accounting Adjustments | ($87) | |
Total Adjustment [Member] | Deferred Income Tax Effect [Member] | ' | |
Goodwill, Purchase Accounting Adjustments | 7.5 | |
Total Adjustment [Member] | Change Before Deferred Income Tax Effect [Member] | ' | |
Goodwill, Purchase Accounting Adjustments | -94.5 | |
Other Deferred Liabilities [Member] | Change Before Deferred Income Tax Effect [Member] | ' | |
Goodwill, Purchase Accounting Adjustments | 1 | |
Taxes Payable [Member] | Deferred Income Tax Effect [Member] | ' | |
Goodwill, Purchase Accounting Adjustments | -16 | [1] |
Taxes Payable [Member] | Change Before Deferred Income Tax Effect [Member] | ' | |
Goodwill, Purchase Accounting Adjustments | 13.1 | [1] |
Regulatory Assets [Member] | Change Before Deferred Income Tax Effect [Member] | ' | |
Goodwill, Purchase Accounting Adjustments | 15.4 | [2] |
Deferred Tax Liabilities [Member] | Deferred Income Tax Effect [Member] | ' | |
Goodwill, Purchase Accounting Adjustments | -20.7 | [3] |
Out Of Market Coal Contract [Member] | Deferred Income Tax Effect [Member] | ' | |
Goodwill, Purchase Accounting Adjustments | 12 | [4] |
Out Of Market Coal Contract [Member] | Change Before Deferred Income Tax Effect [Member] | ' | |
Goodwill, Purchase Accounting Adjustments | -34.2 | [4] |
DPLER Intangibles [Member] | Deferred Income Tax Effect [Member] | ' | |
Goodwill, Purchase Accounting Adjustments | 6.7 | [5] |
DPLER Intangibles [Member] | Change Before Deferred Income Tax Effect [Member] | ' | |
Goodwill, Purchase Accounting Adjustments | -19.1 | [5] |
Property, Plant and Equipment [Member] | Deferred Income Tax Effect [Member] | ' | |
Goodwill, Purchase Accounting Adjustments | 25.5 | [6] |
Property, Plant and Equipment [Member] | Change Before Deferred Income Tax Effect [Member] | ' | |
Goodwill, Purchase Accounting Adjustments | ($70.70) | [6] |
[1] | (f)related to the final 2011 DPL Inc. standalone federal tax return. | |
[2] | (e)related to the increase in deferred taxes discussed in (d) above. | |
[3] | (d)related to an assessment of our overall deferred tax liabilities on regulated property, plant and equipment. | |
[4] | (c)related to a change in certain assumptions related to an out of market coal contract. | |
[5] | (b)related to refined market and contractual information. | |
[6] | (a)related to refined information associated with certain contractual arrangements, growth and ancillary revenue assumptions. |
Business_Combination_Purchase_
Business Combination (Purchase Price Allocation) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2012 |
In Millions, unless otherwise specified | Current [Member] | Preliminary [Member] | |||
Cash | ' | ' | ' | $116.40 | $116.40 |
Restricted Cash | ' | ' | ' | 18.5 | 18.5 |
Accounts receivable | ' | ' | ' | 277.6 | 277.6 |
Inventory | ' | ' | ' | 123.7 | 123.7 |
Other current assets | ' | ' | ' | 37.3 | 37.3 |
Property, plant and equipment | ' | ' | ' | 2,477.80 | 2,548.50 |
Intangible assets subject to amortization | ' | ' | ' | 147.2 | 166.3 |
Intangible assets - indefinite-lived | ' | ' | ' | 5 | 5 |
Regulatory assets | ' | ' | ' | 217.1 | 201.1 |
Other non-current assets | ' | ' | ' | 58.3 | 58.3 |
Current liabilities | ' | ' | ' | -413.1 | -408.2 |
Debt | ' | ' | ' | -1,255.10 | -1,255.10 |
Deferred taxes | ' | ' | ' | -551.2 | -558.2 |
Regulatory liabilities | ' | ' | ' | -117 | -117 |
Other non-current liabilities | ' | ' | ' | -216.8 | -201.5 |
Redeemable preferred stock | ' | ' | ' | -18.4 | -18.4 |
Net Identifiable Assets Acquired, Total | ' | ' | ' | 907.3 | 994.3 |
Goodwill | 452.8 | 759.1 | 2,576.30 | 2,576.30 | 2,489.30 |
Net assets acquired | ' | ' | ' | $3,483.60 | $3,483.60 |
Supplemental_Financial_Informa2
Supplemental Financial Information (Supplemental Financial Information) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Unbilled revenue | $77.80 | $75.20 |
Customer receivables | 102.7 | 98.2 |
Amounts due from partners in jointly owned stations | 15.8 | 19.7 |
Coal sales | ' | 1.6 |
Other | 8.2 | 14.6 |
Provision for uncollectible accounts | -1.2 | -1.1 |
Total accounts receivable, net | 203.3 | 208.2 |
Fuel and Limestone | 42.7 | 67.3 |
Plant materials and supplies | 38.2 | 41 |
Other | 1.8 | 1.8 |
Total inventories, at average cost | 82.7 | 110.1 |
DP&L [Member] | ' | ' |
Unbilled revenue | 47.2 | 48.1 |
Customer receivables | 58.2 | 62 |
Amounts due from partners in jointly owned stations | 15.8 | 19.7 |
Coal sales | ' | 1.6 |
Other | 27.2 | 29.5 |
Provision for uncollectible accounts | -0.9 | -0.9 |
Total accounts receivable, net | 147.5 | 160 |
Fuel and Limestone | 42.9 | 67.3 |
Plant materials and supplies | 37 | 39.8 |
Other | 1.8 | 1.8 |
Total inventories, at average cost | $81.70 | $108.90 |
Supplemental_Financial_Informa3
Supplemental Financial Information (Accumulated Other Comprehensive Income) (Details) (USD $) | 11 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||
In Millions, unless otherwise specified | Nov. 27, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
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] | Available-for-sale Securities [Member] | Derivative [Member] | Derivative [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] | 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] | DP&L [Member] | DP&L [Member] | DP&L [Member] | ||||||||||||||||
Total Reclassifications out of AOCI | $2.50 | $5.10 | ($0.60) | ' | $7.80 | ($0.80) | $2.10 | $1.40 | ($0.10) | $1.40 | ($0.10) | ' | $3.40 | ($0.50) | ' | $2.60 | ($3.40) | ' | $0.30 | ' | ' | $3.80 | $2.70 | ' |
Total Adjustments to AOCI | ' | 23.4 | -2.9 | ' | 4.2 | -3.2 | ' | -1.2 | 0.5 | -1.6 | 0.5 | ' | 19.7 | -1.5 | ' | 1 | -3 | ' | 4.9 | -1.9 | ' | 4.8 | -0.7 | ' |
Other Comprehensive Income (Loss), Net of Tax | ' | 28.5 | -3.5 | ' | 12 | -4 | ' | 0.2 | 0.4 | -0.2 | 0.4 | ' | 23.1 | -2 | ' | 3.6 | -6.4 | ' | 5.2 | -1.9 | ' | 8.6 | 2 | ' |
Accumulated Other Comprehensive Income (Loss), Net of Tax | ' | $24.60 | ($3.90) | ($0.40) | ($26.70) | ($38.70) | ($34.70) | $0.60 | $0.40 | $0.80 | $1 | $0.60 | $20.60 | ($2.50) | ($0.50) | $6.20 | $2.60 | $9 | $3.40 | ($1.80) | $0.10 | ($33.70) | ($42.30) | ($44.30) |
Supplemental_Financial_Informa4
Supplemental Financial Information (Reclassification out of ACOI) (Details) (USD $) | 11 Months Ended | 12 Months Ended | 11 Months Ended | 12 Months Ended | 11 Months Ended | 12 Months Ended | 11 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||
In Millions, unless otherwise specified | Nov. 27, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 27, 2011 | Dec. 31, 2012 | Nov. 27, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 27, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Available-for-sale Securities [Member] | Available-for-sale Securities [Member] | Derivative [Member] | Derivative [Member] | Other Pension Plan, Defined Benefit [Member] | Other Income [Member] | Other Income [Member] | Interest Expense [Member] | Interest Expense [Member] | Revenue [Member] | Revenue [Member] | Revenue [Member] | Purchased Power [Member] | Purchased Power [Member] | Purchased Power [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] | DP&L [Member] | DP&L [Member] | DP&L [Member] | DP&L [Member] | ||||
Available-for-sale Securities [Member] | Available-for-sale Securities [Member] | Derivative [Member] | Derivative [Member] | Other Pension Plan, Defined Benefit [Member] | Other Pension Plan, Defined Benefit [Member] | Other Income [Member] | Other Income [Member] | Interest Expense [Member] | Interest Expense [Member] | Interest Expense [Member] | Revenue [Member] | Revenue [Member] | Revenue [Member] | Purchased Power [Member] | Purchased Power [Member] | Purchased Power [Member] | ||||||||||||||||||||||
Other Comprehensive Income (Loss) - Financial Instruments Reclassfication | ' | $2.10 | ($0.10) | ' | ' | ' | ' | ' | $2.10 | ($0.10) | ' | ' | ' | ' | ' | ' | ' | ' | $2.10 | ($0.10) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Tax | ' | -0.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.1 | -0.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification to earnings of available-for-sale securities, net of income tax expense/(benefit) | ' | 1.4 | -0.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -0.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss) - Cash Flow Hedge Reclassfications | ' | 5.7 | -1 | ' | ' | ' | ' | ' | ' | ' | -2.3 | 0.2 | 1.3 | 2.2 | -0.1 | 1 | 3.5 | -1.1 | 5.1 | -3.8 | -0.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income tax (expense)/benefit on reclassification of earnings related to derivative activity | -0.3 | -2.3 | 0.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2.5 | 0.4 | 0.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification of earnings of Cash Flow Hedge | -0.3 | 3.4 | -0.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.6 | -3.4 | -0.2 | ' | ' | ' | ' | ' | ' | ' | ' | -2.1 | -2.5 | -2.4 | 2.2 | 0.3 | 1.1 | 5 | -1.6 | 1 |
Other Comprehensive Income (Loss) - Pension Reclassifications | 2.8 | 0.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.8 | 2.7 | 2.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Other Comprehensive Income (Loss),Net Gain (Loss) Reclassification | 4.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.7 | 4.1 | 2.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income tax (expense)/benefit on reclassification of earnings related to pension and postretirement activity | -1.5 | 0.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1.9 | -1.4 | -0.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Reclassification to earnings of Pension | 4.3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.7 | 4.1 | 2.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total Reclassifications out of AOCI | $2.50 | $5.10 | ($0.60) | $1.40 | ($0.10) | $3.40 | ($0.50) | $0.30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $7.80 | ($0.80) | $2.10 | $1.40 | ($0.10) | $2.60 | ($3.40) | $3.80 | $2.70 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Regulatory_Matters_Narrative_D
Regulatory Matters (Narrative) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Regulatory Assets | $180.50 | $206.60 |
Regulatory Liabilities | 121.1 | 117.4 |
Fuel and purchased power recovery costs [Member] | ' | ' |
Disallowance of regulatory asset | 5.3 | ' |
DP&L [Member] | ' | ' |
Regulatory Assets | 180.5 | 203.8 |
Regulatory Liabilities | 121.1 | 117.4 |
DP&L [Member] | Fuel and purchased power recovery costs [Member] | ' | ' |
Disallowance of regulatory asset | $5.30 | ' |
Regulatory_Matters_Schedule_of
Regulatory Matters (Schedule of Regulatory Assets and Liabilities) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Total current regulatory assets | $20.80 | $21.10 |
Total non-current regulatory assets | 159.7 | 185.5 |
Total current regulatory liabilities | ' | 0.1 |
Total non-current regulatory liabilities | 121.1 | 117.3 |
Estimated Costs of Removal - Regulated Property [Member] | ' | ' |
Total non-current regulatory liabilities | 115 | 112.1 |
Fuel and Purchased Power Recovery Costs [Member] | ' | ' |
Total current regulatory liabilities | ' | 0.1 |
Postretirement Benefit [Member] | ' | ' |
Total non-current regulatory liabilities | 5.6 | 5 |
Other Costs - Liabilities [Member] | ' | ' |
Total non-current regulatory liabilities | 0.5 | 0.2 |
DP&L [Member] | ' | ' |
Total current regulatory assets | 20.8 | 18.3 |
Total non-current regulatory assets | 159.7 | 185.5 |
Total current regulatory liabilities | ' | 0.1 |
Total non-current regulatory liabilities | 121.1 | 117.3 |
DP&L [Member] | Estimated Costs of Removal - Regulated Property [Member] | ' | ' |
Total non-current regulatory liabilities | 115 | 112.1 |
DP&L [Member] | Postretirement Benefit [Member] | ' | ' |
Total non-current regulatory liabilities | 5.6 | 5 |
DP&L [Member] | Other Costs - Liabilities [Member] | ' | ' |
Total current regulatory liabilities | ' | 0.1 |
Total non-current regulatory liabilities | 0.5 | 0.2 |
Deferred Recoverable Income Taxes [Member] | ' | ' |
Type of Recovery | 'B/C | ' |
Amortization Through | 'Ongoing | ' |
Total non-current regulatory assets | 32.4 | 35.1 |
Deferred Recoverable Income Taxes [Member] | DP&L [Member] | ' | ' |
Type of Recovery | 'B/C | ' |
Amortization Through | 'Ongoing | ' |
Total non-current regulatory assets | 32.4 | 35.1 |
Pension Benefits [Member] | ' | ' |
Type of Recovery | 'C | ' |
Amortization Through | 'Ongoing | ' |
Total non-current regulatory assets | 77.1 | 88.9 |
Pension Benefits [Member] | DP&L [Member] | ' | ' |
Type of Recovery | 'C | ' |
Amortization Through | 'Ongoing | ' |
Total non-current regulatory assets | 77.1 | 88.9 |
Fuel and purchased power recovery costs [Member] | ' | ' |
Type of Recovery | 'C | ' |
Amortization Through | '2014 | ' |
Total current regulatory assets | 6.3 | 14.1 |
Unamortized Loss on Reacquired Debt [Member] | ' | ' |
Type of Recovery | 'C | ' |
Amortization Through | 'Various | ' |
Total non-current regulatory assets | 10.9 | 11.9 |
Unamortized Loss on Reacquired Debt [Member] | DP&L [Member] | ' | ' |
Type of Recovery | 'C | ' |
Amortization Through | 'Various | ' |
Total non-current regulatory assets | 10.9 | 11.9 |
Regional Transmission Organization Costs [Member] | ' | ' |
Type of Recovery | 'D | ' |
Amortization Through | 'Undetermined | ' |
Total non-current regulatory assets | 25.6 | 24.4 |
TCRR, Transmission, Ancillary and Other PJM-related Costs [Member] | ' | ' |
Type of Recovery | 'F | ' |
Amortization Through | '2014 | ' |
Total current regulatory assets | 2.6 | 7 |
TCRR, Transmission, Ancillary and Other PJM-related Costs [Member] | DP&L [Member] | ' | ' |
Type of Recovery | 'F | ' |
Amortization Through | '2014 | ' |
Total current regulatory assets | 2.6 | 7 |
Deferred Storm Costs [Member] | ' | ' |
Type of Recovery | 'D | ' |
Total non-current regulatory assets | 6.6 | 6.6 |
Deferred Storm Costs [Member] | DP&L [Member] | ' | ' |
Type of Recovery | 'D | ' |
Amortization Through | 'Undetermined | ' |
Total non-current regulatory assets | 25.6 | 24.4 |
CCEM Smart Grid and Advanced Metering Infrastructure Costs [Member] | ' | ' |
Type of Recovery | 'F | ' |
Amortization Through | '2014 | ' |
Total non-current regulatory assets | ' | 5.2 |
CCEM Smart Grid and Advanced Metering Infrastructure Costs [Member] | DP&L [Member] | ' | ' |
Type of Recovery | 'D | ' |
Total non-current regulatory assets | 6.6 | 6.6 |
CCEM Energy Efficiency Program Costs [Member] | ' | ' |
Type of Recovery | 'D | ' |
Amortization Through | 'Undetermined | ' |
Total non-current regulatory assets | 3 | 3 |
CCEM Energy Efficiency Program Costs [Member] | DP&L [Member] | ' | ' |
Type of Recovery | 'F | ' |
Amortization Through | '2014 | ' |
Total non-current regulatory assets | ' | 5.2 |
CCEM Energy Efficiency Program Costs - current [Member] | ' | ' |
Type of Recovery | 'F | ' |
Amortization Through | '2014 | ' |
Total current regulatory assets | 7.7 | ' |
CCEM Energy Efficiency Program Costs - current [Member] | DP&L [Member] | ' | ' |
Type of Recovery | 'F | ' |
Amortization Through | '2014 | ' |
Total current regulatory assets | 7.7 | ' |
Consumer Education Campaign | DP&L [Member] | ' | ' |
Type of Recovery | 'D | ' |
Amortization Through | 'Undetermined | ' |
Total non-current regulatory assets | 3 | 3 |
Retail Settlement System Costs [Member] | ' | ' |
Type of Recovery | 'D | ' |
Amortization Through | 'Undetermined | ' |
Total non-current regulatory assets | 3.1 | 3.1 |
Retail Settlement System Costs [Member] | DP&L [Member] | ' | ' |
Type of Recovery | 'D | ' |
Amortization Through | 'Undetermined | ' |
Total non-current regulatory assets | 3.1 | 3.1 |
Fuel and Purchased Power Recovery Costs [Member] | DP&L [Member] | ' | ' |
Type of Recovery | 'C | ' |
Amortization Through | '2014 | ' |
Total current regulatory assets | 6.3 | 11.3 |
Other Costs - Assets [Member] | ' | ' |
Amortization Through | 'Undetermined | ' |
Total non-current regulatory assets | 1 | 7.3 |
Other Costs - Assets [Member] | DP&L [Member] | ' | ' |
Amortization Through | 'Undetermined | ' |
Total non-current regulatory assets | 1 | 7.3 |
Other Miscellaneous - current [Member] | ' | ' |
Amortization Through | '2014 | ' |
Total current regulatory assets | 4.2 | ' |
Other Miscellaneous - current [Member] | DP&L [Member] | ' | ' |
Amortization Through | '2014 | ' |
Total current regulatory assets | $4.20 | ' |
Ownership_of_Coalfired_Facilit2
Ownership of Coal-fired Facilities (Narrative) (Details) (USD $) | 9 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2012 | Dec. 31, 2013 |
Construction work in process | ' | $24 |
Number Of Generating Facilities | ' | 7 |
Supplemental Eviromental Project | ' | 0.2 |
DP&L [Member] | ' | ' |
Undivided ownership interests | ' | 7.00% |
Construction work in process | ' | 24 |
Impairment of Long-Lived Assets Held-for-use | 80.8 | ' |
Supplemental Eviromental Project | ' | 0.2 |
Hutchings Plant [Member] | ' | ' |
Number of Coal Fired Units | ' | 6 |
Supplemental Eviromental Project | ' | 0.2 |
Hutchings Plant [Member] | DP&L [Member] | ' | ' |
Undivided ownership interests | ' | 100.00% |
Supplemental Eviromental Project | ' | $0.20 |
Beckjord Unit 6 [Member] | DP&L [Member] | ' | ' |
Undivided ownership interests | ' | 50.00% |
Ownership_of_Coalfired_Facilit3
Ownership of Coal-fired Facilities (Ownership Interests) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
MW | |
Construction Work in Process | 24 |
Beckjord Unit 6 [Member] | ' |
Ownership (%) | 50.00% |
Conesville Unit 4 [Member] | ' |
Production Capacity (MW) | 129 |
Hutchings Station [Member] | ' |
Ownership (%) | 100.00% |
DP&L [Member] | ' |
Construction Work in Process | 24 |
DP&L [Member] | Conesville Unit 4 [Member] | ' |
Production Capacity (MW) | 129 |
DP&L [Member] | East Bend Station [Member] | ' |
Production Capacity (MW) | 186 |
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] | Hutchings Station [Member] | ' |
Ownership (%) | 100.00% |
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 Share [Member] | DP&L [Member] | Hutchings Station [Member] | ' |
Ownership (%) | 100.00% |
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 |
SCR and FGD Equipment Installed and In Service | 'Yes |
DP&L Investment [Member] | East Bend Station [Member] | ' |
Gross Plant In Service | 12 |
Accumulated Depreciation | 5 |
SCR and FGD Equipment Installed and In Service | 'Yes |
DP&L Investment [Member] | Killen Station [Member] | ' |
Gross Plant In Service | 306 |
Accumulated Depreciation | 9 |
Construction Work in Process | 4 |
SCR and FGD Equipment Installed and In Service | 'Yes |
DP&L Investment [Member] | Miami Fort Units 7 and 8 [Member] | ' |
Gross Plant In Service | 212 |
Accumulated Depreciation | 13 |
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 | 205 |
Accumulated Depreciation | 12 |
Construction Work in Process | 16 |
SCR and FGD Equipment Installed and In Service | 'Yes |
DP&L Investment [Member] | Zimmer Station [Member] | ' |
Gross Plant In Service | 177 |
Accumulated Depreciation | 25 |
Construction Work in Process | 3 |
SCR and FGD Equipment Installed and In Service | 'Yes |
DP&L Investment [Member] | Total Jointly-owned Stations [Member] | ' |
Gross Plant In Service | 979 |
Accumulated Depreciation | 69 |
Construction Work in Process | 24 |
DP&L Investment [Member] | Transmission (At Varying Percentages) [Member] | ' |
Gross Plant In Service | 41 |
Accumulated Depreciation | 4 |
DP&L Investment [Member] | Hutchings Station [Member] | ' |
SCR and FGD Equipment Installed and In Service | 'No |
DP&L Investment [Member] | DP&L [Member] | Beckjord Unit 6 [Member] | ' |
Gross Plant In Service | 76 |
Accumulated Depreciation | 69 |
SCR and FGD Equipment Installed and In Service | 'No |
DP&L Investment [Member] | DP&L [Member] | Conesville Unit 4 [Member] | ' |
Gross Plant In Service | 20 |
SCR and FGD Equipment Installed and In Service | 'Yes |
DP&L Investment [Member] | DP&L [Member] | East Bend Station [Member] | ' |
SCR and FGD Equipment Installed and In Service | 'Yes |
DP&L Investment [Member] | DP&L [Member] | Killen Station [Member] | ' |
Gross Plant In Service | 622 |
Accumulated Depreciation | 303 |
Construction Work in Process | 4 |
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 | 152 |
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 | 744 |
Accumulated Depreciation | 307 |
Construction Work in Process | 16 |
SCR and FGD Equipment Installed and In Service | 'Yes |
DP&L Investment [Member] | DP&L [Member] | Zimmer Station [Member] | ' |
Gross Plant In Service | 1,098 |
Accumulated Depreciation | 657 |
Construction Work in Process | 3 |
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 | 3,019 |
Accumulated Depreciation | 1,548 |
Construction Work in Process | 24 |
DP&L Investment [Member] | DP&L [Member] | Transmission (At Varying Percentages) [Member] | ' |
Gross Plant In Service | 98 |
Accumulated Depreciation | 60 |
DP&L Investment [Member] | DP&L [Member] | Hutchings Station [Member] | ' |
SCR and FGD Equipment Installed and In Service | 'No |
Goodwill_And_Other_Intangible_1
Goodwill And Other Intangible Asset (Narrative) (Details) (USD $) | 9 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Goodwill | ' | $452.80 | $759.10 | $2,576.30 |
Goodwill, Impairment Loss | 1,850 | 306.3 | 1,817.20 | ' |
Reclassified From Finite-Lived To Indefinite-Lived Intangible Asset | ' | ' | 1.1 | ' |
DP&L [Member] | ' | ' | ' | ' |
Goodwill | ' | 317 | 623.3 | 2,440.50 |
Goodwill, Impairment Loss | ' | ($306.30) | ($1,817.20) | ' |
Goodwill_And_Other_Intangible_2
Goodwill And Other Intangible Assets (Intangible Assets) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Gross Balance, Subject to Amortization | $67.20 | $152.10 | ||
Amortization of intangibles | -30.5 | -108.1 | ||
Net Balance, Subject to Amortization | 36.7 | 44 | ||
Intangible Assets, Gross (Excluding Goodwill) | 73.3 | 158.2 | ||
Intangible Assets, Net (Excluding Goodwill) | 42.8 | 50.1 | ||
Electric Security Plan [Member] | ' | ' | ||
Gross Balance, Subject to Amortization | ' | 87 | [1] | |
Amortization of intangibles | ' | -87 | [1] | |
Customer Contracts [Member] | ' | ' | ||
Gross Balance, Subject to Amortization | 27 | [2] | 28 | [2] |
Amortization of intangibles | -25.8 | [2] | -19.7 | [2] |
Net Balance, Subject to Amortization | 1.2 | [2] | 8.3 | [2] |
Customer Relationships [Member] | ' | ' | ||
Gross Balance, Subject to Amortization | 31.8 | [3] | 31.8 | [3] |
Amortization of intangibles | -4.6 | [3] | -1.1 | [3] |
Net Balance, Subject to Amortization | 27.2 | [3] | 30.7 | [3] |
Other Intangible Assets [Member] | ' | ' | ||
Gross Balance, Subject to Amortization | 8.4 | [4] | 5.3 | [4] |
Amortization of intangibles | -0.1 | [4] | -0.3 | [4] |
Net Balance, Subject to Amortization | 8.3 | [4] | 5 | [4] |
Trademarks [Member] | ' | ' | ||
Gross Balance, Not Subject to Amortization | 6.1 | [5] | 6.1 | [5] |
Net Balance, Not Subject to Amortization | $6.10 | [5] | $6.10 | [5] |
[1] | Represents the value of DP&L’s Electric Security Plan which is a rate plan for the supply and pricing of electric generation services. It provides a level of price stability to consumers of electricity compared to market-based electricity prices. | |||
[2] | (b)Represents above market contracts that DPLER has with third party customers existing as of the Merger date. | |||
[3] | (c)Represents relationships DPLER has with third party customers as of the Merger date, where DPLER has regular contact with the customer, and the customer has the ability to make direct contact with DPLER. | |||
[4] | (d)Consists of various intangible assets including renewable energy credits, emission allowances, and other intangibles, none of which are individually significant. | |||
[5] | (e)Trademark/Trade name represents the value assigned to the trade names of DPLER and MC Squared. |
Goodwill_And_Other_Intangible_3
Goodwill And Other Intangible Assets (Intangible Assets Acquired) (Details) (Renewable Energy Certificates [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Renewable Energy Certificates [Member] | ' |
Business Acquisition, Purchase Price Allocation, Amortizable Intangible Assets | $3.90 |
Goodwill_And_Other_Intangible_4
Goodwill And Other Intangible Assets (Estimated Amortization) (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ' |
Estimated Amortization Expense, 2014 | $8.80 |
Estimated Amortization Expense, 2015 | 4.1 |
Estimated Amortization Expense, 2016 | 3.1 |
Estimated Amortization Expense, 2017 | 2.7 |
Estimated Amortization Expense, 2018 | 2.3 |
Customer Contracts [Member] | ' |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ' |
Estimated Amortization Expense, 2014 | 1.2 |
Customer Relationships [Member] | ' |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ' |
Estimated Amortization Expense, 2014 | 3.8 |
Estimated Amortization Expense, 2015 | 3.8 |
Estimated Amortization Expense, 2016 | 3.1 |
Estimated Amortization Expense, 2017 | 2.7 |
Estimated Amortization Expense, 2018 | 2.3 |
Other Intangible Assets [Member] | ' |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | ' |
Estimated Amortization Expense, 2014 | 3.8 |
Estimated Amortization Expense, 2015 | $0.30 |
Goodwill_And_Other_Intangible_5
Goodwill And Other Intangible Assets (Change In Goodwill) (Details) (USD $) | 9 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||
In Millions, unless otherwise specified | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
DPL [Member] | DPL [Member] | DPL [Member] | DP&L [Member] | DP&L [Member] | DP&L [Member] | DPLER [Member] | DPLER [Member] | DPLER [Member] | ||||
Goodwill, Beginning Balance | $2,576.30 | $759.10 | $2,576.30 | $759.10 | $2,576.30 | ' | $623.30 | $2,440.50 | ' | $135.80 | $135.80 | $135.80 |
Goodwill, Gross | ' | ' | ' | 2,576.30 | 2,576.30 | 2,576.30 | 2,440.50 | 2,440.50 | 2,440.50 | 135.8 | 135.8 | 135.8 |
Goodwill, Impairment Loss | 1,850 | 306.3 | 1,817.20 | -306.3 | -1,817.20 | ' | -306.3 | -1,817.20 | ' | ' | ' | ' |
Goodwill, Impaired, Accumulated Impairment Loss | ' | ' | ' | -2,123.50 | -1,817.20 | ' | -2,123.50 | -1,817.20 | ' | ' | ' | ' |
Goodwill, Ending Balance | ' | $452.80 | $759.10 | $452.80 | $759.10 | ' | $317 | $623.30 | ' | $135.80 | $135.80 | $135.80 |
Debt_Obligations_Narrative_Det
Debt Obligations (Narrative) (Details) (USD $) | 0 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 1 Months Ended | 0 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||||
In Millions, unless otherwise specified | Oct. 03, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 04, 2008 | 10-May-13 | 10-May-13 | 10-May-13 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 01, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 01, 2011 | Dec. 31, 2012 | Oct. 31, 2012 | Aug. 31, 2011 | Aug. 24, 2011 | Apr. 20, 2010 | Aug. 24, 2011 | Oct. 19, 2012 | Aug. 24, 2011 | 10-May-13 | 10-May-13 | Dec. 31, 2013 | 10-May-13 | Oct. 03, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 03, 2011 | Dec. 31, 2013 | Oct. 03, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Aug. 24, 2011 | Dec. 31, 2013 | Sep. 19, 2013 | Dec. 31, 2013 | Sep. 19, 2013 | 10-May-13 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 04, 2008 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Aug. 24, 2011 | Dec. 31, 2013 | 10-May-13 | Dec. 31, 2013 |
Cash on hand [Member] | Credit Facility [Member] | Other Debt [Member] | DP&L [Member] | DP&L [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] | U.S. Government note maturing in February 2061 - 4.20% [Member] | U.S. Government note maturing in February 2061 - 4.20% [Member] | Revolving Credit Agreement with Bank Group [Member] | Revolving Credit Agreement with Bank Group [Member] | Revolving Credit Agreement with Bank Group [Member] | Revolving Credit Agreement with Bank Group [Member] | Revolving Credit Agreement with Bank Group [Member] | Revolving Credit Agreement with Bank Group [Member] | Revolving Credit Agreement with Bank Group [Member] | Revolving Credit Agreement with Bank Group expiring 2015 [Member] | Revolving Credit Agreement with Bank Group expiring 2015 [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] | Five Year Senior Unsecured Notes at 6.50% maturing on October 15, 2016 [Member] | Five Year Senior Unsecured Notes at 6.50% maturing on October 15, 2016 [Member] | Five Year 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] | 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 October 2013 [Member] | First Mortgage Bonds Maturing October 2013 [Member] | Unsecured Term Loan Agreement [Member] | First Mortgage Bonds Maturing in September 2016 - 1.9% | First Mortgage Bonds Maturing in September 2016 - 1.9% | First Mortgage Bonds Maturing in September 2016 - 1.9% | First Mortgage Bonds Maturing in September 2016 - 1.9% | First Mortgage Bonds Maturing in September 2016 - 1.9% | 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] | Pollution control series maturing in November 2040 - variable rates: 0.04% - 0.26% and 0.06% - 0.32% [Member] | Bank Term Loan - variable rates: 2.22% - 2.30% and 1.48% - 4.25% [Member] | Bank Term Loan - variable rates: 2.22% - 2.30% and 1.48% - 4.25% [Member] | Bank Term Loan - variable rates: 2.22% - 2.30% and 1.48% - 4.25% [Member] | Bank Term Loan - variable rates: 2.22% - 2.30% and 1.48% - 4.25% [Member] | Bank Term Loan maturing in May 2018 [Member] | Bank Term Loan maturing in May 2018 [Member] | Bank Term Loan maturing in May 2018 [Member] | |||||
DP&L [Member] | DP&L [Member] | DP&L [Member] | DP&L [Member] | DPL [Member] | DPL [Member] | DP&L [Member] | DPL [Member] | DP&L [Member] | DP&L [Member] | DPL [Member] | DP&L [Member] | DP&L [Member] | DP&L [Member] | DPL [Member] | DP&L [Member] | DP&L [Member] | DP&L [Member] | DPL [Member] | DPL [Member] | DPL [Member] | DPL [Member] | |||||||||||||||||||||||||||||||||||
Additional principal amount of senior notes to be raised | $1,250 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $450 | ' | ' | $800 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
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-Aug-14 | ' | ' | ' | 1-May-18 | ' | ' |
Unsecured revolving credit agreement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75 | 125 | 125 | 200 | 125 | 75 | 200 | ' | 300 | ' | 100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 425 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100 | ' |
Withdrawals from revolving credit facilities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase/decrease additional facility | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50 | ' | ' | 50 | ' | 100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 50 | ' |
Letter of credit sublimit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 75 | ' | ' | ' | 50 | 75 | ' | 50 | ' | 100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100 | ' |
Letters of credit outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Collateralized debt | ' | ' | ' | 100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100 | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 299.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Gross | ' | 2,284.20 | 2,025 | ' | ' | ' | ' | 876.9 | 332.7 | 18.3 | 18.3 | 18.7 | 18.2 | 18.3 | 18.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 430 | 450 | ' | 780 | ' | 800 | 470 | 470 | ' | 444.3 | 445 | 445 | 445 | ' | 19.6 | 19.6 | 100 | ' | 100 | ' | ' | ' | 425 | 425 | 425 | 180 | 200 | 190 |
Premium Expenses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1.9 | ' | ' | 0.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current portion - long-term debt | ' | 10.2 | 584.9 | ' | ' | ' | ' | 0.2 | 570.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 100 | ' | 100 | ' | ' | ' | ' | ' | 10 | ' | ' |
Term Loan Amortization Year 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of debt | ' | ' | ' | ' | $175 | $50 | $200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $20 | ' | ' | $20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10 |
Debt instrument interest percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.20% | ' | 4.20% | 4.20% | ' | 4.20% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6.50% | 6.50% | ' | 7.25% | 7.25% | 7.25% | ' | ' | ' | ' | 1.88% | ' | 1.88% | ' | ' | 8.13% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.42% | ' | ' |
Debt_Obligations_Longterm_Debt
Debt Obligations (Long-term Debt) (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 19, 2013 | Dec. 31, 2013 | Sep. 19, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 01, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 01, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 03, 2011 | Dec. 31, 2013 | Oct. 03, 2013 | Dec. 31, 2012 | Oct. 03, 2011 |
DP&L [Member] | DP&L [Member] | First Mortgage Bonds Maturing in October 2013 - 5.125% [Member] | First Mortgage Bonds Maturing in October 2013 - 5.125% [Member] | First Mortgage Bonds Maturing in September 2016 - 1.9% | First Mortgage Bonds Maturing in September 2016 - 1.9% | First Mortgage Bonds Maturing in September 2016 - 1.9% | First Mortgage Bonds Maturing in September 2016 - 1.9% | 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 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 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] | Pollution Control Series Maturing in September 2036 - 4.80% [Member] | Pollution Control Series Maturing in September 2036 - 4.80% [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] | 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] | U.S. Government note maturing in February 2061 - 4.20% [Member] | U.S. Government note maturing in February 2061 - 4.20% [Member] | Bank Term Loan - variable rates: 2.22% - 2.30% and 1.48% - 4.25% [Member] | Bank Term Loan - variable rates: 2.22% - 2.30% and 1.48% - 4.25% [Member] | Bank Term Loan maturing in May 2018 [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] | Five Year Senior Unsecured Notes at 6.50% maturing on October 15, 2016 [Member] | Five Year Senior Unsecured Notes at 6.50% maturing on October 15, 2016 [Member] | Five Year 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] | 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] | |||
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] | |||||||||||||||||||||||||||||||
Long-term debt, gross | $2,284.20 | $2,025 | $876.90 | $332.70 | ' | ' | $444.30 | $445 | $445 | $445 | $36 | $36.10 | $35.30 | $35.30 | $179.60 | $179.60 | $179.10 | $179.10 | $96.40 | $96.30 | $100 | $100 | $100 | ' | $100 | ' | $18.30 | $18.30 | $18.70 | $18.20 | $18.30 | $18.70 | ' | $425 | $180 | $19.60 | $19.60 | $430 | $450 | ' | $780 | ' | $800 | ' |
Total long-term debt at subsidary | 874.6 | 330.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Obligation for capital lease | ' | 0.1 | ' | 0.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unamortized debt discount | ' | ' | -0.7 | -0.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total long-term debt | $2,298.40 | ' | $877.80 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument maturity year | ' | ' | ' | ' | 1-Oct-13 | ' | 1-Sep-16 | ' | 1-Sep-16 | ' | 1-Jan-28 | ' | 1-Jan-28 | ' | 1-Jan-34 | ' | 1-Jan-34 | ' | 1-Sep-36 | ' | 1-Sep-36 | ' | 1-Nov-40 | ' | 1-Nov-40 | ' | 1-Feb-61 | ' | ' | 1-Feb-61 | ' | ' | 1-Aug-14 | ' | 1-May-18 | 1-Sep-31 | ' | 1-Oct-16 | ' | ' | 1-Oct-21 | ' | ' | ' |
Debt instrument interest percentage | ' | ' | ' | ' | 5.13% | 1.88% | 1.88% | ' | 1.88% | ' | 4.70% | ' | 4.70% | ' | 4.80% | ' | 4.80% | ' | 4.80% | ' | 4.80% | ' | ' | ' | ' | ' | 4.20% | ' | 4.20% | 4.20% | ' | 4.20% | ' | ' | 2.42% | 8.13% | ' | 6.50% | ' | 6.50% | 7.25% | 7.25% | ' | 7.25% |
Debt instrument interest percentage minimum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.05% | 0.04% | 0.05% | 0.04% | ' | ' | ' | 4.20% | ' | ' | 2.46% | 1.48% | 2.42% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument interest percentage maximum | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.24% | 0.26% | 0.24% | 0.26% | ' | ' | ' | ' | ' | ' | ' | 4.25% | 2.45% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt_Obligations_Current_porti
Debt Obligations (Current portion - Long-term Debt) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 01, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Mar. 01, 2011 | Dec. 31, 2013 |
In Millions, unless otherwise specified | DP&L [Member] | DP&L [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] | First Mortgage Bonds Maturing in October 2013 - 5.125% [Member] | First Mortgage Bonds Maturing in October 2013 - 5.125% [Member] | First Mortgage Bonds Maturing in October 2013 - 5.125% [Member] | First Mortgage Bonds Maturing in October 2013 - 5.125% [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] | U.S. Government note maturing in February 2061 - 4.20% [Member] | U.S. Government note maturing in February 2061 - 4.20% [Member] | Bank Term Loan maturing in May 2018 [Member] | ||
DP&L [Member] | DP&L [Member] | DP&L [Member] | DP&L [Member] | DP&L [Member] | DP&L [Member] | DP&L [Member] | |||||||||||||
Obligation for capital lease | $0.10 | $0.30 | $0.10 | $0.30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current portion - long-term debt | 10.2 | 584.9 | 0.2 | 570.4 | ' | 100 | ' | 100 | ' | 484.5 | ' | 470 | ' | ' | ' | ' | ' | ' | 10 |
Debt instrument maturity year | ' | ' | ' | ' | 1-Nov-40 | ' | 1-Nov-40 | ' | 1-Oct-13 | ' | ' | ' | 1-Feb-61 | ' | ' | 1-Feb-61 | ' | ' | 1-May-18 |
Debt instrument interest percentage | ' | ' | ' | ' | ' | ' | ' | ' | 5.13% | ' | 1.88% | ' | 4.20% | ' | 4.20% | 4.20% | ' | 4.20% | 2.42% |
Debt instrument interest percentage minimum | ' | ' | ' | ' | 0.05% | 0.04% | 0.05% | 0.04% | ' | ' | ' | ' | ' | ' | ' | 4.20% | ' | ' | 2.42% |
Debt instrument interest percentage maximum | ' | ' | ' | ' | 0.24% | 0.26% | 0.24% | 0.26% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.45% |
U.S. Government note maturing in February 2061 - 4.20%, current | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.10 | $0.10 | ' | $0.10 | $0.10 | ' | ' |
Debt_Obligations_Longterm_Debt1
Debt Obligations (Long-term Debt Maturities) (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Due within one year | $10.20 |
Due within two years | 40.1 |
Due within three years | 915.1 |
Due within four years | 40.1 |
Due within five years | 60.1 |
Thereafter | 1,232.80 |
Total Maturities | 2,298.40 |
Unamortized discounts and premiums, net | 4 |
Total | 2,294.40 |
DP&L [Member] | ' |
Due within one year | 0.2 |
Due within two years | 0.1 |
Due within three years | 445.1 |
Due within four years | 0.1 |
Due within five years | 0.1 |
Thereafter | 432.2 |
Total Maturities | 877.8 |
Unamortized discounts and premiums, net | -0.7 |
Total | $877.10 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 1 Months Ended | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
DP&L [Member] | DP&L [Member] | DP&L [Member] | ||||
Estimated annual effective income tax rate | ' | ' | 35.00% | 35.00% | ' | ' |
Tax Refund | ' | $19.90 | ' | $19.90 | ' | ' |
Decrease in income tax expense | ' | 1.2 | ' | 1.2 | ' | ' |
Additional tax increase / decrease | ' | ' | ' | 1.1 | 7.6 | 2.4 |
Effective income tax rates | ' | -11.20% | -2.80% | ' | ' | ' |
Deferred tax assets related to state and local tax net operating loss carryforwards, net of related valuation allowances | ' | ' | 20.4 | ' | ' | ' |
Deferred Tax Assets Operating Loss Carryforwards State And Local Valuation Allowances | ' | 16.6 | 16.2 | ' | ' | ' |
Tax expense (benefit) interest and penalties recorded in the statements of results of operations | $2.30 | $0 | $0 | ' | ' | ' |
Income_Taxes_Components_of_Inc
Income Taxes (Components of Income Tax Expense) (Details) (USD $) | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 11 Months Ended | ||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 27, 2011 | Nov. 27, 2011 | ||||
DP&L [Member] | DP&L [Member] | DP&L [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Predecessor [Member] | Predecessor [Member] | ||||||
Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | |||||||||||||
Federal income tax | ' | $35.50 | $50.90 | $103.80 | ($2) | [1] | ($69.90) | [1] | ($588.70) | [1] | ' | ' | ' | $88.40 | [1] | ' |
State income taxes, net of federal effect | ' | 0.3 | -2 | 1.4 | 0.1 | 1.7 | 3.5 | ' | ' | ' | 3.8 | ' | ||||
Depreciation of AFUDC - Equity | ' | -2.5 | 3 | -3.2 | -0.3 | -3.2 | -2.4 | ' | ' | ' | -2.9 | ' | ||||
Investment tax credit amortized | ' | -2.5 | -2.5 | -2.5 | -0.2 | -0.5 | -0.3 | ' | ' | ' | -2.3 | ' | ||||
Section 199 - domestic production deduction | ' | -4.1 | -2.5 | -4.9 | ' | -4.1 | -2.1 | ' | ' | ' | -3.6 | ' | ||||
Non-deductible merger costs | ' | ' | 0.6 | 3.6 | 0.1 | ' | ' | ' | ' | ' | 6 | ' | ||||
Non-deductible merger-related compensation | ' | ' | ' | ' | 3.5 | ' | 0.6 | ' | ' | ' | ' | ' | ||||
Non-deductible goodwill impairment | ' | ' | ' | ' | ' | 107.2 | 636 | ' | ' | ' | ' | ' | ||||
Accrual (settlement) for open tax years | -8.8 | ' | ' | ' | 0.1 | -8.8 | -0.1 | ' | ' | ' | 0.1 | ' | ||||
ESOP | ' | ' | ' | 13.6 | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Income Tax Rate Reconciliation, Deductions, Employee Stock Ownership Plan Dividends | ' | ' | ' | 13.6 | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Compensation on benefits | ' | ' | ' | -5.3 | ' | ' | ' | ' | ' | ' | 13.8 | ' | ||||
Income not subject to tax | ' | ' | ' | ' | -0.6 | ' | ' | ' | ' | ' | ' | ' | ||||
Other, net | ' | 0.7 | 7.6 | -2.3 | -0.1 | [2] | -0.1 | [2] | 1.2 | [2] | ' | ' | ' | -1.3 | [2] | ' |
Total tax expense | ' | 18.6 | 55.1 | 104.2 | 0.6 | 22.3 | 47.7 | 0.6 | 22.3 | 47.7 | 102 | 102 | ||||
Federal - Current | ' | 38.6 | 52.1 | 54.9 | 0.4 | 1.8 | 48.6 | ' | ' | ' | 53.2 | ' | ||||
State and Local - Current | ' | -0.1 | 1 | 0.9 | 0.4 | 0.7 | 1.2 | ' | ' | ' | 0.9 | ' | ||||
Total Current | ' | 38.5 | 53.1 | 55.8 | 0.8 | 2.5 | 49.8 | ' | ' | ' | 54.1 | ' | ||||
Federal - Deferred | ' | -20.4 | 4.7 | 47.1 | -0.2 | 18.1 | -4.9 | ' | ' | ' | 43.2 | ' | ||||
State and Local - Deferred | ' | 0.5 | -2.7 | 1.3 | ' | 1.7 | 2.8 | ' | ' | ' | 4.7 | ' | ||||
Deferred income taxes | ' | ' | ' | ' | 0.1 | 24 | -4.2 | ' | ' | ' | 65.5 | ' | ||||
Total Deferred | ' | ($19.90) | $2 | $48.40 | ($0.20) | $19.80 | ($2.10) | ' | ' | ' | $47.90 | ' | ||||
[1] | Components of Deferred Tax Assets and Liabilities (Successor)Years ended December 31,$ in millions20132012Net non-current Assets / (Liabilities)Depreciation / property basis$ (531.5)$ (517.0)Income taxes recoverable (11.4) (12.3)Regulatory assets (15.6) (20.6)Investment tax credit 1.0 1.2Intangibles (3.9) (2.4)Compensation and employee benefits (2.0) 2.2Long-term debt (1.7) (2.0)Other (c) 0.8 16.0Net non-current liabilities$ (564.3)$ (534.9)Net current Assets / (Liabilities) (d)Other$ (2.6)$ 4.7Net current assets / (liabilities)$ (2.6)$ 4.7(a)The statutory tax rate of 35% was applied to pre-tax earnings. | |||||||||||||||
[2] | (b)Includes expense of $0.0 million, $1.2 million and benefits of $0.0 million and $2.3 million in the years ended December 31, 2013 and 2012, the period November 28, 2011 through December 31, 2011 and the period January 1, 2011 through November 27, 2011, respectively, of income tax related to adjustments from prior years. |
Income_Taxes_Components_of_Def
Income Taxes (Components of Deferred Tax Assets and Liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Depreciation / property basis | ($531.50) | ($517) | ||
Income taxes recoverable | -11.4 | -12.3 | ||
Regulatory assets | -15.6 | -20.6 | ||
Investment tax credit | 1 | 1.2 | ||
Intangibles | -3.9 | -2.4 | ||
Compensation and employee benefits | -2 | 2.2 | ||
Long-term debt | -1.7 | -2 | ||
Other | 0.8 | [1] | 16 | [1] |
Net noncurrent (liabilities) | -564.3 | -534.9 | ||
Other | -2.6 | 4.7 | ||
Net current assets | -2.6 | 4.7 | ||
Deferred tax assets related to state and local tax net operating loss carryforwards, net of related valuation allowances | ' | 20.4 | ||
DP&L [Member] | ' | ' | ||
Depreciation / property basis | -607.1 | -622.1 | ||
Income taxes recoverable | -11.4 | -12.3 | ||
Regulatory assets | -15.6 | -20.6 | ||
Investment tax credit | 8.8 | 9.6 | ||
Compensation and employee benefits | -0.2 | 0.3 | ||
Other | -6.8 | -6.9 | ||
Net noncurrent (liabilities) | -632.3 | -652 | ||
Other | -5 | 2 | ||
Net current assets | ($5) | $2 | ||
[1] | (c)The Other non-current liabilities caption includes deferred tax assets of $20.7 million in 2013 and $20.4 million in 2012 related to state and local tax net operating loss carryforwards, net of related valuation allowances of $16.6 million in 2013 and $16.2 million in 2012. These net operating loss carryforwards expire from 2014 to 2027. |
Income_Taxes_Tax_or_Benefit_cr
Income Taxes (Tax or Benefit credited to AOCI) (Details) (USD $) | 1 Months Ended | 11 Months Ended | 12 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2011 | Nov. 27, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 |
DP&L [Member] | DP&L [Member] | DP&L [Member] | Successor [Member] | ||||
Other Tax Expense (Benefit) | ($1.20) | ($33.20) | ($2.50) | $7 | ($0.80) | ($7.20) | $15.40 |
Income_Taxes_Reconciliation_of
Income Taxes (Reconciliation of Unrecognized Tax Benefits) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 27, 2011 |
In Millions, unless otherwise specified | DP&L [Member] | DP&L [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Predecessor [Member] | |
Balance at beginning of year | $8.80 | $18.30 | $25 | $24.90 | $18.30 | $25 | $19.40 |
Tax positions taken during prior periods | ' | -0.1 | -6.3 | ' | -0.1 | -6.3 | 2 |
Tax positions taken during current period | ' | -2.5 | -0.4 | 0.1 | -2.5 | -0.4 | ' |
Settlement with taxing authorities, increase | ' | ' | ' | ' | ' | ' | 3.5 |
Lapse of applicable statute of limitations | ' | -6.9 | ' | ' | -6.9 | ' | ' |
Balance at end of year | $8.80 | $8.80 | $18.30 | $25 | $8.80 | $18.30 | $24.90 |
Income_Taxes_Interest_and_Pena
Income Taxes (Interest and Penalties related to unrecognized tax benefits in Income Tax Expense) (Details) (USD $) | 12 Months Ended | 11 Months Ended | ||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 27, 2011 |
DP&L [Member] | DP&L [Member] | DP&L [Member] | Successor [Member] | Successor [Member] | Predecessor [Member] | |
Expense | ($0.60) | ($0.10) | $0.60 | ($0.60) | ($0.10) | $0.60 |
Liability | $0.20 | $0.80 | $0.90 | $0.20 | $0.80 | ' |
Pension_and_Postretirement_Ben2
Pension and Postretirement Benefits (Narrative) (Details) (USD $) | 1 Months Ended | 11 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2011 | Nov. 27, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Accumulated benefit obligation for our defined benefit pension plans | ' | ' | $359.80 | $382.50 | ' |
Change in Discount Rate | ' | ' | 25.00% | ' | ' |
Funded status of defined benefit pension plan | ' | ' | 113.96% | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets, Other Investments | ' | ' | 46.1 | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | ' | ' | 349.1 | ' | ' |
DP&L [Member] | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Accumulated benefit obligation for our defined benefit pension plans | 382.5 | ' | ' | 359.8 | 382.5 |
Funded status of defined benefit pension plan | ' | ' | 113.96% | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets, Other Investments | ' | ' | 46.1 | 37 | ' |
Defined Benefit Plan, Fair Value of Plan Assets | ' | ' | 349.1 | 361.4 | ' |
Cash Balance Plan [Member] | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Defined benefit plan employee vested percentage | ' | ' | 100.00% | ' | ' |
Defined benefit plan employee vested minimum period, years | ' | ' | 'three | ' | ' |
Defined Benefit Plan [Member] | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Defined benefit plan employee vested percentage | ' | ' | 100.00% | ' | ' |
Defined benefit plan employee vested minimum period, years | ' | ' | 'five | ' | ' |
Defined Benefit Plan [Member] | DP&L [Member] | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Defined benefit plan employee vested percentage | ' | ' | 100.00% | ' | ' |
Defined benefit plan employee vested minimum period, years | ' | ' | 'five | ' | ' |
Management Employees [Member] | DP&L [Member] | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Defined benefit plan employee vested percentage | ' | ' | 100.00% | ' | ' |
Defined benefit plan employee vested minimum period, years | ' | ' | 'three | ' | ' |
Pension [Member] | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Contribution to the defined benefit plan | ' | ' | ' | ' | 40 |
Expected rate of return on plan assets | 8.00% | 7.00% | 6.75% | 7.00% | ' |
Change in Expected rate of return on plan assets | ' | ' | 1.00% | ' | ' |
Discount rate | 5.31% | 4.88% | 4.04% | 4.88% | ' |
Discount rate for obligations | 4.88% | ' | 4.86% | 4.04% | 4.88% |
Estimated contribution to the defined benefit plans next year | ' | ' | 0.4 | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets, Other Investments | ' | ' | ' | 37 | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 335.9 | ' | 349.1 | 361.4 | 335.9 |
Pension [Member] | DP&L [Member] | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Contribution to the defined benefit plan | ' | ' | ' | ' | 40 |
Expected rate of return on plan assets | ' | ' | 6.75% | 7.00% | 8.00% |
Change in Expected rate of return on plan assets | ' | ' | 1.00% | ' | ' |
Discount rate | ' | ' | 4.04% | 4.88% | 5.31% |
Change in Discount Rate | ' | ' | 25.00% | ' | ' |
Discount rate for obligations | 4.88% | ' | 4.86% | 4.04% | 4.88% |
Estimated contribution to the defined benefit plans next year | ' | ' | 0.4 | ' | ' |
Equity and debt Mutual funds | ' | ' | ' | 310.5 | ' |
Defined Benefit Plan, Fair Value of Plan Assets, Other Investments | ' | ' | ' | 37 | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 335.9 | ' | 349.1 | 361.4 | 335.9 |
Postretirement [Member] | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Expected rate of return on plan assets | 6.00% | 6.00% | 6.00% | 6.00% | ' |
Discount rate | 4.96% | 4.62% | 4.58% | 4.62% | ' |
Discount rate for obligations | 4.62% | ' | 4.58% | 3.75% | 4.62% |
Estimated contribution to the defined benefit plans next year | ' | ' | 1.9 | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 4.5 | ' | 3.7 | 4.2 | 4.5 |
Postretirement [Member] | DP&L [Member] | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Expected rate of return on plan assets | ' | ' | 6.00% | 6.00% | 6.00% |
Discount rate | ' | ' | 4.58% | 4.62% | 4.96% |
Discount rate for obligations | 4.62% | ' | 4.58% | 3.75% | 4.62% |
Estimated contribution to the defined benefit plans next year | ' | ' | 1.9 | ' | ' |
Defined Benefit Plan, Fair Value of Plan Assets | 4.5 | ' | 3.7 | 4.2 | 4.5 |
Change in Expected Rate of Return [Member] | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Increase decrease In Pension Expense | ' | ' | 3.4 | ' | ' |
Change in Expected Rate of Return [Member] | DP&L [Member] | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Increase decrease In Pension Expense | ' | ' | 3.4 | ' | ' |
Change in Discount Rate [Member] | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Increase decrease In Pension Expense | ' | ' | 0.3 | ' | ' |
Change in Discount Rate [Member] | DP&L [Member] | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Increase decrease In Pension Expense | ' | ' | $0.30 | ' | ' |
Pension_and_Postretirement_Ben3
Pension and Postretirement Benefits (Pension and Postretirement Benefit Plans' Obligations and Assets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Nov. 27, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Nov. 27, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | DP&L [Member] | DP&L [Member] | Pension [Member] | Pension [Member] | Pension [Member] | Pension [Member] | Pension [Member] | Pension [Member] | Pension [Member] | Postretirement [Member] | Postretirement [Member] | Postretirement [Member] | Postretirement [Member] | Postretirement [Member] | Postretirement [Member] | Postretirement [Member] | Regulatory Asset [Member] | Regulatory Asset [Member] | Regulatory Asset [Member] | Regulatory Asset [Member] | Regulatory Asset [Member] | Regulatory Asset [Member] | Regulatory Liability [Member] | Regulatory Liability [Member] | Regulatory Liability [Member] | Regulatory Liability [Member] | Accumulated Other Comprehensive Income/(Loss) [Member] | Accumulated Other Comprehensive Income/(Loss) [Member] | Accumulated Other Comprehensive Income/(Loss) [Member] | Accumulated Other Comprehensive Income/(Loss) [Member] | Accumulated Other Comprehensive Income/(Loss) [Member] | Accumulated Other Comprehensive Income/(Loss) [Member] | Accumulated Other Comprehensive Income/(Loss) [Member] | Accumulated Other Comprehensive Income/(Loss) [Member] | ||
DP&L [Member] | DP&L [Member] | DP&L [Member] | DP&L [Member] | DP&L [Member] | DP&L [Member] | Pension [Member] | Pension [Member] | Pension [Member] | Pension [Member] | Postretirement [Member] | Postretirement [Member] | Postretirement [Member] | Postretirement [Member] | Postretirement [Member] | Postretirement [Member] | Pension [Member] | Pension [Member] | Pension [Member] | Pension [Member] | Postretirement [Member] | Postretirement [Member] | Postretirement [Member] | Postretirement [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] | ||||||||||||||||||||||||||||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Benefit obligation at January 1 | ' | ' | ' | ' | ' | ' | $395.60 | $365.20 | $395.60 | $365.20 | ' | ' | ' | $22.40 | $21.70 | $22.40 | $21.70 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Service cost | ' | ' | ' | ' | 0.5 | 4.5 | 7.2 | 6.2 | 7.2 | 6.2 | 5 | ' | 0.1 | 0.2 | 0.1 | 0.2 | 0.1 | 0.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest cost | ' | ' | ' | ' | 1.5 | 15.5 | 15.6 | 17.3 | 15.6 | 17.3 | 17 | 0.1 | 0.9 | 0.8 | 0.9 | 0.8 | 0.9 | 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Actuarial (gain) / loss | ' | ' | ' | ' | ' | ' | -26.5 | 29.1 | -26.5 | 29.1 | ' | ' | ' | -2.2 | 1.2 | -2.2 | 1.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Benefits paid | ' | ' | ' | ' | ' | ' | -21.4 | -22.2 | -21.4 | -22.2 | ' | ' | ' | -1.5 | -1.7 | -1.5 | -1.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Medicare Part D Reimbursement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.2 | ' | 0.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Benefit obligation at December 31 | ' | ' | ' | ' | 365.2 | ' | 370.5 | 395.6 | 370.5 | 395.6 | 365.2 | 21.7 | ' | 19.7 | 22.4 | 19.7 | 22.4 | 21.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of plan assets at January 1 | 349.1 | ' | 349.1 | 361.4 | ' | ' | 361.4 | 335.9 | 361.4 | 335.9 | ' | ' | ' | 4.2 | 4.5 | 4.2 | 4.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Actual return / (loss) on plan assets | ' | ' | ' | ' | ' | ' | 8.7 | 46.2 | 8.7 | 46.2 | ' | ' | ' | ' | 0.2 | ' | 0.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contributions to plan assets | ' | ' | ' | ' | ' | ' | 0.4 | 1.5 | 0.4 | 1.5 | ' | ' | ' | 1 | 1.2 | 1 | 1.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair value of plan assets at December 31 | 349.1 | ' | 349.1 | 361.4 | 335.9 | ' | 349.1 | 361.4 | 349.1 | 361.4 | 335.9 | 4.5 | ' | 3.7 | 4.2 | 3.7 | 4.2 | 4.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Funded Status of Plan | ' | ' | ' | ' | ' | ' | -21.4 | -34.2 | -21.4 | -34.2 | ' | ' | ' | -16 | -18.2 | -16 | -18.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Current liabilities | ' | ' | ' | ' | ' | ' | -0.4 | -0.4 | -0.4 | -0.4 | ' | ' | ' | -0.5 | -0.6 | -0.5 | -0.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Noncurrent liabilities | -51.6 | -61.6 | ' | ' | ' | ' | -21 | -33.8 | -21 | -33.8 | ' | ' | ' | -15.5 | -17.6 | -15.5 | -17.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net asset / (liability) at December 31 | ' | ' | ' | ' | ' | ' | -21.4 | -34.2 | -21.4 | -34.2 | ' | ' | ' | -16 | -18.2 | -16 | -18.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prior service cost / (credit) | ' | ' | ' | ' | ' | ' | 63 | 79.9 | 16.3 | 19 | ' | ' | ' | -6 | -4.5 | 0.7 | 0.8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net actuarial loss / (gain) | ' | ' | ' | ' | ' | ' | 8.8 | 10.3 | 115.1 | 136.1 | ' | ' | ' | 0.5 | 0.5 | -6.9 | -5.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive income, regulatory assets and regulatory liabilities, pre-tax | ' | ' | ' | ' | ' | ' | $71.80 | $90.20 | $131.40 | $155.10 | ' | ' | ' | ($5.50) | ($4) | ($6.20) | ($4.90) | ' | $76.30 | $88 | $76.30 | $88 | $0.50 | $0.50 | ($5.20) | ($5) | ($5.20) | ($5) | ($4.50) | $2.20 | $55.10 | $67.10 | ($0.30) | $0.50 | ($1) | ($0.40) |
Pension_and_Postretirement_Ben4
Pension and Postretirement Benefits (Net Periodic Benefit Cost (Income)) (Details) (USD $) | 12 Months Ended | 1 Months Ended | 11 Months Ended | 12 Months Ended | 1 Months Ended | 11 Months Ended | 12 Months Ended | |||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Nov. 27, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Nov. 27, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension [Member] | Pension [Member] | Pension [Member] | Pension [Member] | Postretirement [Member] | Postretirement [Member] | Postretirement [Member] | Postretirement [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] | ||||
Pension [Member] | Pension [Member] | Pension [Member] | Postretirement [Member] | Postretirement [Member] | Postretirement [Member] | |||||||||||||||
Service cost | ' | ' | ' | $0.50 | $4.50 | $7.20 | $6.20 | ' | $0.10 | $0.20 | $0.10 | ' | ' | ' | $7.20 | $6.20 | $5 | $0.20 | $0.10 | $0.10 |
Interest cost | ' | ' | ' | 1.5 | 15.5 | 15.6 | 17.3 | 0.1 | 0.9 | 0.8 | 0.9 | ' | ' | ' | 15.6 | 17.3 | 17 | 0.8 | 0.9 | 1 |
Expected return on assets | ' | ' | ' | -2 | -22.5 | -23.3 | -22.7 | ' | -0.3 | -0.1 | -0.3 | ' | ' | ' | -23.6 | -22.7 | -24.5 | -0.2 | -0.3 | -0.3 |
Actuarial (gain) / loss | ' | ' | ' | 0.4 | 7.6 | 4.9 | 5 | ' | -1 | -0.5 | -0.6 | ' | ' | ' | 9.3 | 8.8 | 8 | -0.7 | -0.9 | -1.1 |
Prior service cost | ' | ' | ' | 0.1 | 2 | 1.5 | 1.5 | -0.1 | 0.1 | ' | ' | ' | ' | ' | 2.8 | 2.8 | 2.1 | 0.1 | 0.1 | 0.1 |
Net Periodic benefit cost / (income) before adjustments | ' | ' | ' | 0.5 | 7.1 | 5.9 | 7.3 | ' | -0.2 | 0.4 | 0.1 | ' | ' | ' | 11.3 | 12.4 | 7.6 | 0.2 | -0.1 | -0.2 |
Settlement Cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.6 | ' | ' | ' | ' |
Net periodic benefit cost / (income) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11.3 | 13 | 7.6 | ' | ' | ' |
Period in which the difference between market related value of assets is calculated in years, max | 'five | 'five | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Period in which the difference between actual and estimated asset returns in MRVA is calculated | 'three | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Market related value of assets | $359.80 | $346 | $335 | ' | ' | ' | ' | ' | ' | ' | ' | $351.20 | $346 | $335 | ' | ' | ' | ' | ' | ' |
Pension_and_Postretirement_Ben5
Pension and Postretirement Benefits (Other Changes in Plan Assets and Benefit Obligation Recognized in Accumulated Other Comprehensive Income, Regulatory Assets And Regulatory Liabilities) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Nov. 27, 2011 |
In Millions, unless otherwise specified | ||||
Pension [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Net actuarial (gain) / loss | ($12) | $5.50 | ' | ($38.70) |
Prior service cost / (credit) | ' | ' | ' | -2.2 |
Reversal of amortization item, Net actuarial (gain) / loss | -4.9 | -5 | -0.4 | -7.6 |
Reversal of amortization item, Prior service cost / (credit) | -1.5 | -1.5 | -0.1 | -2 |
Total recognized in Accumulated other comprehensive income, Regulatory assets and Regulatory liabilities | -18.4 | -1 | -0.5 | -50.5 |
Total recognized in net periodic benefit cost and Accumulated other comprehensive income, Regulatory assets and Regulatory liabilities | -12.5 | 6.3 | -0.5 | -43.4 |
Pension [Member] | DP&L [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Net actuarial (gain) / loss | -11.7 | 5.2 | 22.8 | ' |
Prior service cost / (credit) | ' | ' | 7.1 | ' |
Reversal of amortization item, Net actuarial (gain) / loss | -9.3 | -9.4 | -8 | ' |
Reversal of amortization item, Prior service cost / (credit) | -2.8 | -2.8 | -2 | ' |
Total recognized in Accumulated other comprehensive income, Regulatory assets and Regulatory liabilities | -23.8 | -7 | 19.9 | ' |
Total recognized in net periodic benefit cost and Accumulated other comprehensive income, Regulatory assets and Regulatory liabilities | -12.5 | 6 | 27.5 | ' |
Postretirement [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Net actuarial (gain) / loss | -2 | 1 | ' | 0.2 |
Prior service cost / (credit) | ' | ' | 0.1 | -0.1 |
Reversal of amortization item, Net actuarial (gain) / loss | 0.5 | 0.7 | ' | 1 |
Reversal of amortization item, Prior service cost / (credit) | ' | ' | ' | -0.1 |
Transition (asset) / obligation | ' | ' | -0.1 | ' |
Total recognized in Accumulated other comprehensive income, Regulatory assets and Regulatory liabilities | -1.5 | 1.7 | ' | 1 |
Total recognized in net periodic benefit cost and Accumulated other comprehensive income, Regulatory assets and Regulatory liabilities | -1.1 | 1.8 | ' | 0.8 |
Postretirement [Member] | DP&L [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Net actuarial (gain) / loss | -1.9 | 1.1 | -1.3 | ' |
Reversal of amortization item, Net actuarial (gain) / loss | 0.7 | 0.9 | 1.2 | ' |
Reversal of amortization item, Prior service cost / (credit) | -0.1 | -0.1 | -0.1 | ' |
Total recognized in Accumulated other comprehensive income, Regulatory assets and Regulatory liabilities | -1.3 | 1.9 | -0.2 | ' |
Total recognized in net periodic benefit cost and Accumulated other comprehensive income, Regulatory assets and Regulatory liabilities | ($1.10) | $1.80 | ($0.40) | ' |
Pension_and_Postretirement_Ben6
Pension and Postretirement Benefits (Estimated Amounts that will be Amortized from Accumulated Other Comprehensive Income, Regulatory Assets And Regulatory Liabilities) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 |
Pension [Member] | Pension [Member] | Postretirement [Member] | Postretirement [Member] | |
DP&L [Member] | DP&L [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Net actuarial (gain) / loss | $3.40 | $6.40 | ($0.50) | ($0.80) |
Prior service cost | $1.50 | $2.80 | ' | $0.10 |
Pension_and_Postretirement_Ben7
Pension and Postretirement Benefits (Weighted Average Assumptions Used to Determine Benefit Obligations) (Details) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Pension [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount rate for obligations | 4.86% | 4.04% | 4.88% |
Rate of compensation increases | 3.94% | 3.94% | 3.94% |
Pension [Member] | DP&L [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount rate for obligations | 4.86% | 4.04% | 4.88% |
Rate of compensation increases | 3.94% | 3.94% | 3.94% |
Postretirement [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount rate for obligations | 4.58% | 3.75% | 4.62% |
Postretirement [Member] | DP&L [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Discount rate for obligations | 4.58% | 3.75% | 4.62% |
Pension_and_Postretirement_Ben8
Pension and Postretirement Benefits (Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost (Income)) (Details) | 1 Months Ended | 11 Months Ended | 12 Months Ended | ||
Dec. 31, 2011 | Nov. 27, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Pension [Member] | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Discount rate | 5.31% | 4.88% | 4.04% | 4.88% | ' |
Expected rate of return on plan assets | 8.00% | 7.00% | 6.75% | 7.00% | ' |
Rate of compensation increases | ' | ' | 3.94% | 3.94% | 3.94% |
Pension [Member] | DP&L [Member] | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Discount rate | ' | ' | 4.04% | 4.88% | 5.31% |
Expected rate of return on plan assets | ' | ' | 6.75% | 7.00% | 8.00% |
Rate of compensation increases | ' | ' | 3.94% | 3.94% | 3.94% |
Postretirement [Member] | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Discount rate | 4.96% | 4.62% | 4.58% | 4.62% | ' |
Expected rate of return on plan assets | 6.00% | 6.00% | 6.00% | 6.00% | ' |
Postretirement [Member] | DP&L [Member] | ' | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' | ' |
Discount rate | ' | ' | 4.58% | 4.62% | 4.96% |
Expected rate of return on plan assets | ' | ' | 6.00% | 6.00% | 6.00% |
Pension_and_Postretirement_Ben9
Pension and Postretirement Benefits (Assumed Health Care Cost Trend Rates) (Details) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Nov. 27, 2011 | |
Expense [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Ultimate health care cost trend rate | 5.00% | 5.00% | 5.00% | ' |
Expense [Member] | DP&L [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Ultimate health care cost trend rate | 5.00% | 5.00% | 5.00% | ' |
Expense [Member] | Pre-Age 65 [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Current health care cost trend rate | 8.00% | 8.50% | 8.50% | ' |
Year trend reaches ultimate | '2019 | '2019 | '2018 | '2019 |
Expense [Member] | Pre-Age 65 [Member] | DP&L [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Current health care cost trend rate | 8.00% | 8.50% | 8.50% | ' |
Year trend reaches ultimate | '2019 | '2019 | '2018 | ' |
Expense [Member] | Post-Age 65 [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Current health care cost trend rate | 7.50% | 8.00% | 8.00% | ' |
Year trend reaches ultimate | '2018 | '2018 | '2017 | '2018 |
Expense [Member] | Post-Age 65 [Member] | DP&L [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Current health care cost trend rate | 7.50% | 8.00% | 8.00% | ' |
Year trend reaches ultimate | '2018 | '2018 | '2017 | ' |
Benefit Obligations [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Ultimate health care cost trend rate | 5.00% | 5.00% | 5.00% | ' |
Benefit Obligations [Member] | DP&L [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Ultimate health care cost trend rate | 5.00% | 5.00% | 5.00% | ' |
Benefit Obligations [Member] | Pre-Age 65 [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Current health care cost trend rate | 7.75% | 8.00% | 8.50% | ' |
Year trend reaches ultimate | '2023 | '2019 | '2019 | '2019 |
Benefit Obligations [Member] | Pre-Age 65 [Member] | DP&L [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Current health care cost trend rate | 7.75% | 8.00% | 8.50% | ' |
Year trend reaches ultimate | '2023 | '2019 | '2019 | ' |
Benefit Obligations [Member] | Post-Age 65 [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Current health care cost trend rate | 6.75% | 7.50% | 8.00% | ' |
Year trend reaches ultimate | '2021 | '2018 | '2018 | '2018 |
Benefit Obligations [Member] | Post-Age 65 [Member] | DP&L [Member] | ' | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' | ' |
Current health care cost trend rate | 6.75% | 7.50% | 8.00% | ' |
Year trend reaches ultimate | '2021 | '2018 | '2018 | ' |
Recovered_Sheet2
Pension and Postretirement Benefits (Effect of Change in Health Care Cost Trend Rate) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Service cost plus interest cost, One-percent increase | $0.10 |
Service cost plus interest cost, One-percent decrease | -0.1 |
Benefit obligation, One-percent increase | 0.9 |
Benefit obligation, One-percent decrease | -0.8 |
DP&L [Member] | ' |
Service cost plus interest cost, One-percent increase | 0.1 |
Service cost plus interest cost, One-percent decrease | -0.1 |
Benefit obligation, One-percent increase | 0.9 |
Benefit obligation, One-percent decrease | ($0.80) |
Recovered_Sheet3
Pension and Postretirement Benefits (Estimated Future Benefit Payments and Medicare Part D Reimbursements) (Details) (USD $) | Dec. 31, 2013 |
In Millions, unless otherwise specified | |
Pension [Member] | ' |
2014 | $25 |
2015 | 23.9 |
2016 | 23.9 |
2017 | 24.3 |
2018 | 24.6 |
2018 - 2022 | 126.5 |
Postretirement [Member] | ' |
2014 | 2.2 |
2015 | 2.1 |
2016 | 2 |
2017 | 1.8 |
2018 | 1.6 |
2018 - 2022 | 6.4 |
DP&L [Member] | Pension [Member] | ' |
2014 | 25 |
2015 | 23.9 |
2016 | 23.9 |
2017 | 24.3 |
2018 | 24.6 |
2018 - 2022 | 126.5 |
DP&L [Member] | Postretirement [Member] | ' |
2014 | 2.2 |
2015 | 2.1 |
2016 | 2 |
2017 | 1.8 |
2018 | 1.6 |
2018 - 2022 | $6.70 |
Recovered_Sheet4
Pension and Postretirement Benefits (Fair Value Measurements for Pension Plan Assets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total Equity Securities | $65.30 | ' | ' |
Total Debt Securities | 236.8 | ' | ' |
Total Other Investments | 46.1 | ' | ' |
Total Pension Plan Assets | 349.1 | ' | ' |
DP&L [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total Equity Securities | 65.3 | 101.8 | ' |
Total Debt Securities | 236.8 | 208.7 | ' |
Total Other Investments | 46.1 | 37 | ' |
Total Pension Plan Assets | 349.1 | 361.4 | ' |
Pension [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total Equity Securities | ' | 101.8 | ' |
Total Debt Securities | ' | 208.7 | ' |
Total Other Investments | ' | 37 | ' |
Total Pension Plan Assets | 349.1 | 361.4 | 335.9 |
Pension [Member] | DP&L [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total Other Investments | ' | 37 | ' |
Total Pension Plan Assets | 349.1 | 361.4 | 335.9 |
Level 1 [Member] | Pension [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total Equity Securities | 65.3 | 101.8 | ' |
Total Debt Securities | 236.8 | 208.7 | ' |
Total Pension Plan Assets | 303 | 324.4 | ' |
Level 1 [Member] | Pension [Member] | DP&L [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total Equity Securities | 65.3 | 101.8 | ' |
Total Debt Securities | 236.8 | 208.7 | ' |
Total Pension Plan Assets | 303 | 324.4 | ' |
Level 2 [Member] | Pension [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total Other Investments | 46.1 | 37 | ' |
Total Pension Plan Assets | 46.1 | 37 | ' |
Level 2 [Member] | Pension [Member] | DP&L [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total Other Investments | 46.1 | 37 | ' |
Total Pension Plan Assets | 46.1 | 37 | ' |
Small/Mid Cap Equity [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total Equity Securities | 10.5 | ' | ' |
Small/Mid Cap Equity [Member] | DP&L [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total Equity Securities | 10.5 | 14.3 | ' |
Small/Mid Cap Equity [Member] | Pension [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total Equity Securities | ' | 14.3 | ' |
Small/Mid Cap Equity [Member] | Level 1 [Member] | Pension [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total Equity Securities | 10.5 | 14.3 | ' |
Small/Mid Cap Equity [Member] | Level 1 [Member] | Pension [Member] | DP&L [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total Equity Securities | 10.5 | 14.3 | ' |
Large Cap Equity [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total Equity Securities | 20.8 | ' | ' |
Large Cap Equity [Member] | DP&L [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total Equity Securities | 20.8 | 50.5 | ' |
Large Cap Equity [Member] | Pension [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total Equity Securities | ' | 50.5 | ' |
Large Cap Equity [Member] | Level 1 [Member] | Pension [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total Equity Securities | 20.8 | 50.5 | ' |
Large Cap Equity [Member] | Level 1 [Member] | Pension [Member] | DP&L [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total Equity Securities | 20.8 | 50.5 | ' |
International Equity [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total Equity Securities | 20.3 | ' | ' |
International Equity [Member] | DP&L [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total Equity Securities | 20.3 | 37 | ' |
International Equity [Member] | Pension [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total Equity Securities | ' | 37 | ' |
International Equity [Member] | Level 1 [Member] | Pension [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total Equity Securities | 20.3 | 37 | ' |
International Equity [Member] | Level 1 [Member] | Pension [Member] | DP&L [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total Equity Securities | 20.3 | 37 | ' |
Emerging markets equity [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total Equity Securities | 3.2 | ' | ' |
Emerging markets equity [Member] | DP&L [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total Equity Securities | 3.2 | ' | ' |
Emerging markets equity [Member] | Level 1 [Member] | Pension [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total Equity Securities | 3.2 | ' | ' |
Emerging markets equity [Member] | Level 1 [Member] | Pension [Member] | DP&L [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total Equity Securities | 3.2 | ' | ' |
SIIT dynamic equity [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total Equity Securities | 10.5 | ' | ' |
SIIT dynamic equity [Member] | DP&L [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total Equity Securities | 10.5 | ' | ' |
SIIT dynamic equity [Member] | Level 1 [Member] | Pension [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total Equity Securities | 10.5 | ' | ' |
SIIT dynamic equity [Member] | Level 1 [Member] | Pension [Member] | DP&L [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total Equity Securities | 10.5 | ' | ' |
Emerging Markets Debt [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total Debt Securities | 6.6 | ' | ' |
Emerging Markets Debt [Member] | DP&L [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total Debt Securities | 6.6 | 7.4 | ' |
Emerging Markets Debt [Member] | Pension [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total Debt Securities | ' | 7.4 | ' |
Emerging Markets Debt [Member] | Level 1 [Member] | Pension [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total Debt Securities | 6.6 | 7.4 | ' |
Emerging Markets Debt [Member] | Level 1 [Member] | Pension [Member] | DP&L [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total Debt Securities | 6.6 | 7.4 | ' |
High Yield Bond [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total Debt Securities | 6.9 | ' | ' |
High Yield Bond [Member] | DP&L [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total Debt Securities | 6.9 | 12.7 | ' |
High Yield Bond [Member] | Pension [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total Debt Securities | ' | 12.7 | ' |
High Yield Bond [Member] | Level 1 [Member] | Pension [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total Debt Securities | 6.9 | 12.7 | ' |
High Yield Bond [Member] | Level 1 [Member] | Pension [Member] | DP&L [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total Debt Securities | 6.9 | 12.7 | ' |
Long Duration Fund [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total Debt Securities | 223.3 | ' | ' |
Long Duration Fund [Member] | DP&L [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total Debt Securities | 223.3 | 188.6 | ' |
Long Duration Fund [Member] | Pension [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total Debt Securities | ' | 188.6 | ' |
Long Duration Fund [Member] | Level 1 [Member] | Pension [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total Debt Securities | 223.3 | 188.6 | ' |
Long Duration Fund [Member] | Level 1 [Member] | Pension [Member] | DP&L [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total Debt Securities | 223.3 | 188.6 | ' |
Cash [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Cash | 0.9 | ' | ' |
Cash [Member] | DP&L [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Cash | 0.9 | 13.9 | ' |
Cash [Member] | Pension [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Cash | ' | 13.9 | ' |
Cash [Member] | Level 1 [Member] | Pension [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Cash | 0.9 | 13.9 | ' |
Cash [Member] | Level 1 [Member] | Pension [Member] | DP&L [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Cash | 0.9 | 13.9 | ' |
Limited Partnership Interest [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total Other Investments | 23.5 | ' | ' |
Limited Partnership Interest [Member] | Level 2 [Member] | Pension [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total Other Investments | 23.5 | ' | ' |
Core Property Collective Fund [Member] | DP&L [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total Other Investments | 23.5 | ' | ' |
Core Property Collective Fund [Member] | Level 2 [Member] | Pension [Member] | DP&L [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total Other Investments | 23.5 | ' | ' |
Common Collective Fund [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total Other Investments | 22.6 | ' | ' |
Common Collective Fund [Member] | DP&L [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total Other Investments | 22.6 | 37 | ' |
Common Collective Fund [Member] | Pension [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total Other Investments | ' | 37 | ' |
Common Collective Fund [Member] | Level 2 [Member] | Pension [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total Other Investments | 22.6 | 37 | ' |
Common Collective Fund [Member] | Level 2 [Member] | Pension [Member] | DP&L [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Total Other Investments | $22.60 | $37 | ' |
Recovered_Sheet5
Pension and Postretirement Benefits (Fair Value Measurements of Pension Assets Using Significant Unobservable Inputs) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets at January 1 | $349.10 | ' | ' |
Fair value of plan assets at December 31 | 349.1 | ' | ' |
DP&L [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets at January 1 | 349.1 | 361.4 | ' |
Fair value of plan assets at December 31 | 349.1 | 361.4 | ' |
Pension [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets at January 1 | 349.1 | 361.4 | 335.9 |
Fair value of plan assets at December 31 | 349.1 | 361.4 | 335.9 |
Pension [Member] | DP&L [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets at January 1 | 349.1 | 361.4 | 335.9 |
Fair value of plan assets at December 31 | $349.10 | $361.40 | $335.90 |
Recovered_Sheet6
Pension and Postretirement Benefits (Fair Value Measurements for Postretirement Plan Assets) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | |||
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | $349.10 | ' | ' |
DP&L [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 349.1 | 361.4 | ' |
Postretirement [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 3.7 | 4.2 | 4.5 |
Postretirement [Member] | DP&L [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 3.7 | 4.2 | 4.5 |
JP Morgan Core Bond Fund [Member] | Postretirement [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 3.7 | 4.2 | ' |
JP Morgan Core Bond Fund [Member] | Postretirement [Member] | DP&L [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 3.7 | 4.2 | ' |
Level 1 [Member] | JP Morgan Core Bond Fund [Member] | Postretirement [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | 3.7 | 4.2 | ' |
Level 1 [Member] | JP Morgan Core Bond Fund [Member] | Postretirement [Member] | DP&L [Member] | ' | ' | ' |
Defined Benefit Plan Disclosure [Line Items] | ' | ' | ' |
Fair value of plan assets | $3.70 | $4.20 | ' |
Fair_Value_Measurements_Narrat
Fair Value Measurements (Narrative) (Details) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Debt Maturities Maximum Period | '2061 | ' |
Debt Maturities Minimum Period | '2016 | ' |
Unrealized gains and immaterial unrealized losses in AOCI, before tax | $0.90 | $0.70 |
Unrealized gains and immaterial unrealized losses in AOCI, after tax | 0.6 | 0.5 |
Unrealized gains or losses are expected to be transferred to earnings in the next twelve months. | 0.1 | ' |
Unrealized gains or losses expected to be realized over next twelve months, net of tax | 0.1 | ' |
Percent of inputs to the fair value of derivative instruments from quoted market prices | 95.00% | ' |
Gross additions to our existing landfill and asbestos AROs | ' | 0.1 |
Partial reduction to the ARO liability | ' | 0.1 |
Money market funds | 0 | 130 |
Available-for-sale Securities, Gross Realized Gains (Losses), Sale Proceeds | 2.1 | ' |
AvailableForSaleSecuritiesGross Realized Gains Losses Sale Proceeds Net of Tax | 1.4 | ' |
DP&L [Member] | ' | ' |
Unrealized gains and immaterial unrealized losses in AOCI, before tax | 1.2 | 1.6 |
Unrealized gains and immaterial unrealized losses in AOCI, after tax | 0.7 | 1 |
Unrealized gains or losses are expected to be transferred to earnings in the next twelve months. | 0.1 | ' |
Unrealized gains or losses expected to be realized over next twelve months, net of tax | 0.1 | ' |
Percent of inputs to the fair value of derivative instruments from quoted market prices | 95.00% | ' |
Gross additions to our existing landfill and asbestos AROs | ' | 0.1 |
Partial reduction to the ARO liability | ' | 0.1 |
Available-for-sale Securities, Gross Realized Gains (Losses), Sale Proceeds | 2.1 | 2.1 |
AvailableForSaleSecuritiesGross Realized Gains Losses Sale Proceeds Net of Tax | $1.40 | $1.40 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements (Fair Value and Cost of Non-Derivative Instruments) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Total Master Trust Assets, Fair Value | $11.50 | [1] | $10.60 | [1] |
Total Assets | 10.3 | 9.1 | ||
DP&L [Member] | ' | ' | ||
Total Master Trust Assets, Cost | 10.3 | 9.1 | ||
Total Master Trust Assets, Fair Value | 11.5 | 10.6 | ||
Debt, Cost | 877.9 | 903.1 | ||
Debt, Fair Value | 859.6 | 926.9 | ||
Equity Securities [Member] | ' | ' | ||
Total Master Trust Assets, Cost | 3.3 | 4 | ||
Total Master Trust Assets, Fair Value | 4.4 | [1] | 5.1 | [1] |
Equity Securities [Member] | DP&L [Member] | ' | ' | ||
Total Master Trust Assets, Cost | 3.3 | 4 | ||
Total Master Trust Assets, Fair Value | 4.4 | 5.1 | ||
Debt Securities [Member] | ' | ' | ||
Total Master Trust Assets, Cost | 5.4 | 4.6 | ||
Total Master Trust Assets, Fair Value | 5.5 | [1] | 5 | [1] |
Debt Securities [Member] | DP&L [Member] | ' | ' | ||
Total Master Trust Assets, Cost | 5.4 | 4.6 | ||
Total Master Trust Assets, Fair Value | 5.5 | 5 | ||
Hedge Funds, Multi-strategy [Member] | ' | ' | ||
Total Master Trust Assets, Fair Value | ' | 0.3 | [1] | |
Money Market Funds [Member] | ' | ' | ||
Total Master Trust Assets, Cost | 0.3 | 0.2 | ||
Total Master Trust Assets, Fair Value | 0.3 | [1] | 0.2 | [1] |
Money Market Funds [Member] | DP&L [Member] | ' | ' | ||
Total Master Trust Assets, Cost | 0.3 | 0.2 | ||
Total Master Trust Assets, Fair Value | 0.3 | 0.2 | ||
Debt [Member] | ' | ' | ||
Debt, Cost | 2,294.40 | 2,609.90 | ||
Debt, Fair Value | 2,334.60 | 2,707.10 | ||
Hedge Funds [Member] | ' | ' | ||
Total Master Trust Assets, Cost | 0.9 | ' | ||
Total Master Trust Assets, Fair Value | 0.9 | [1] | ' | |
Hedge Funds [Member] | DP&L [Member] | ' | ' | ||
Total Master Trust Assets, Cost | 0.9 | ' | ||
Total Master Trust Assets, Fair Value | 0.9 | ' | ||
Real Estate Funds [Member] | ' | ' | ||
Total Master Trust Assets, Cost | 0.4 | 0.3 | ||
Total Master Trust Assets, Fair Value | 0.4 | [1] | 0.3 | |
Real Estate Funds [Member] | DP&L [Member] | ' | ' | ||
Total Master Trust Assets, Cost | 0.4 | 0.3 | ||
Total Master Trust Assets, Fair Value | $0.40 | $0.30 | ||
[1] | (a)Includes credit valuation adjustment |
Fair_Value_Measurements_Fair_V1
Fair Value Measurements (Fair Value and Redemption Frequency) (Details) (USD $) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | ||
Parent Company [Member] | ' | ' | ||
Total Fair Value | $11.50 | $10.60 | ||
DP&L [Member] | ' | ' | ||
Total Fair Value | 11.5 | 10.6 | ||
Equity Securities [Member] | ' | ' | ||
Redemption Frequency | 'Immediate | 'Immediate | ||
Total Fair Value | 4.4 | [1] | 5.1 | [1] |
Equity Securities [Member] | DP&L [Member] | ' | ' | ||
Redemption Frequency | 'Immediate | [1] | 'Immediate | [1] |
Total Fair Value | 4.4 | [1] | 5.1 | [1] |
Debt Securities [Member] | ' | ' | ||
Redemption Frequency | 'Immediate | 'Immediate | ||
Total Fair Value | 5.5 | [2] | 5 | [2] |
Debt Securities [Member] | DP&L [Member] | ' | ' | ||
Redemption Frequency | 'Immediate | [2] | 'Immediate | [2] |
Total Fair Value | 5.5 | [2] | 5 | [2] |
Money Market Funds [Member] | ' | ' | ||
Redemption Frequency | 'Immediate | 'Immediate | ||
Total Fair Value | 0.3 | [3] | 0.2 | [3] |
Money Market Funds [Member] | DP&L [Member] | ' | ' | ||
Redemption Frequency | 'Immediate | [3] | 'Immediate | [3] |
Total Fair Value | 0.3 | [3] | 0.2 | [3] |
Hedge Funds, Multi-strategy [Member] | ' | ' | ||
Redemption Frequency | ' | 'Immediate | ||
Total Fair Value | ' | 0.3 | [4] | |
Hedge Funds, Multi-strategy [Member] | DP&L [Member] | ' | ' | ||
Redemption Frequency | ' | 'Immediate | [4] | |
Total Fair Value | ' | 0.3 | [4] | |
Hedge Funds [Member] | ' | ' | ||
Redemption Frequency | 'Quarterly | ' | ||
Total Fair Value | 0.9 | [5] | ' | |
Hedge Funds [Member] | DP&L [Member] | ' | ' | ||
Redemption Frequency | 'Quarterly | [5] | ' | |
Total Fair Value | 0.9 | [5] | ' | |
Real Estate Funds [Member] | ' | ' | ||
Redemption Frequency | 'Quarterly | ' | ||
Total Fair Value | 0.4 | [6] | ' | |
Real Estate Funds [Member] | DP&L [Member] | ' | ' | ||
Redemption Frequency | 'Quarterly | [6] | ' | |
Total Fair Value | $0.40 | [6] | ' | |
[1] | (b)This category includes investments in hedge funds representing an S&P 500 index and the Morgan Stanley Capital International (MSCI) U.S. Small Cap 1750 Index. Investments in this category can be redeemed immediately at the current net asset value per unit. | |||
[2] | (c)This category includes investments in U.S. Treasury obligations and U.S. investment grade bonds. Investments in this category can be redeemed immediately at the current net asset value per unit. | |||
[3] | (a)This category includes investments in high-quality, short-term securities. Investments in this category can be redeemed immediately at the current net asset value per unit. | |||
[4] | (d)This category includes a mix of actively managed funds holding investments in stocks, bonds and short-term investments in a mix of actively managed funds. Investments in this category can be redeemed immediately at the current net asset value per unit. | |||
[5] | (d)This category includes hedge funds investing in fixed income securities and currencies, short and long-term equity investments, and a diversified fund with investments in bonds, stocks, real estate and commodities | |||
[6] | (e)This category includes EFT real estate funds that invest in U.S. and International properties. |
Fair_Value_Measurements_Fair_V2
Fair Value Measurements (Fair Value of Assets and Liabilities Measured on Recurring Basis) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | ||
In Millions, unless otherwise specified | ||||
Total Master Trust Assets, Fair Value | $11.50 | [1] | $10.60 | [1] |
Total Derivative Assets | 13.8 | [1] | 6.5 | [1] |
Total Assets | 25.3 | [1] | 17.1 | [1] |
Debt Instrument, Fair Value Disclosure | 2,334.60 | [1] | ' | |
Total Derivative Liabilities | 10.6 | [1] | 42.7 | [1] |
Total Liabilities | 2,345.20 | [1] | 2,749.80 | [1] |
Forward Contract Power [Member] | ' | ' | ||
Total Derivative Assets | 13.4 | [1] | 6.3 | [1] |
Total Derivative Liabilities | 10.6 | [1] | 13.1 | [1] |
Commodity Contract - FTR [Member] | ' | ' | ||
Total Derivative Assets | 0.2 | [1] | ' | |
Total Derivative Liabilities | ' | 0.1 | [1] | |
Commodity Contract - Heating Oil [Member] | ' | ' | ||
Total Derivative Assets | 0.2 | [1] | 0.2 | [1] |
Interest Rate Contract [Member] | ' | ' | ||
Total Derivative Liabilities | ' | 29.5 | [1] | |
DP&L [Member] | ' | ' | ||
Total Master Trust Assets, Fair Value | 11.5 | 10.6 | ||
Estimate of Fair Value, Fair Value Disclosure [Member] | DP&L [Member] | ' | ' | ||
Total Master Trust Assets, Fair Value | 11.5 | [1] | 10.6 | [1] |
Total Derivative Assets | 13.8 | [1] | 7.5 | [1] |
Total Assets | 25.3 | [1] | 18.1 | [1] |
Debt Instrument, Fair Value Disclosure | 859.6 | [1] | 926.9 | [1] |
Total Derivative Liabilities | 10.6 | [1] | 11.7 | [1] |
Total Liabilities | 870.2 | [1] | 938.6 | [1] |
Estimate of Fair Value, Fair Value Disclosure [Member] | DP&L [Member] | Forward Contract Power [Member] | ' | ' | ||
Total Derivative Assets | 13.4 | [1] | 7.3 | [1] |
Total Derivative Liabilities | 10.6 | [1] | 11.6 | [1] |
Estimate of Fair Value, Fair Value Disclosure [Member] | DP&L [Member] | Commodity Contract - FTR [Member] | ' | ' | ||
Total Derivative Assets | 0.2 | [1] | ' | |
Estimate of Fair Value, Fair Value Disclosure [Member] | DP&L [Member] | Commodity Contract - Heating Oil [Member] | ' | ' | ||
Total Derivative Assets | 0.2 | [1] | 0.2 | [1] |
Estimate of Fair Value, Fair Value Disclosure [Member] | DP&L [Member] | NYMEX Coal Contract [Member] | ' | ' | ||
Total Derivative Liabilities | ' | 0.1 | [1] | |
Level 1 [Member] | ' | ' | ||
Total Master Trust Assets, Fair Value | 0.3 | 0.2 | ||
Total Derivative Assets | 0.2 | 0.2 | ||
Total Assets | 0.5 | 0.4 | ||
Level 1 [Member] | Commodity Contract - Heating Oil [Member] | ' | ' | ||
Total Derivative Assets | 0.2 | 0.2 | ||
Level 1 [Member] | DP&L [Member] | ' | ' | ||
Total Master Trust Assets, Fair Value | 0.3 | 0.2 | ||
Total Derivative Assets | 0.2 | 0.2 | ||
Total Assets | 0.5 | 0.4 | ||
Level 1 [Member] | DP&L [Member] | Commodity Contract - Heating Oil [Member] | ' | ' | ||
Total Derivative Assets | 0.2 | 0.2 | ||
Level 2 [Member] | ' | ' | ||
Total Master Trust Assets, Fair Value | 11.2 | 10.4 | ||
Total Derivative Assets | 13.4 | 6.3 | ||
Total Assets | 24.6 | 16.7 | ||
Debt Instrument, Fair Value Disclosure | 2,316.10 | ' | ||
Total Derivative Liabilities | 10.6 | 42.6 | ||
Total Liabilities | 2,326.70 | 2,730.80 | ||
Level 2 [Member] | Forward Contract Power [Member] | ' | ' | ||
Total Derivative Assets | 13.4 | 6.3 | ||
Total Derivative Liabilities | 10.6 | 13.1 | ||
Level 2 [Member] | Interest Rate Contract [Member] | ' | ' | ||
Total Derivative Liabilities | ' | 29.5 | ||
Level 2 [Member] | DP&L [Member] | ' | ' | ||
Total Master Trust Assets, Fair Value | 11.2 | 10.4 | ||
Total Derivative Assets | 13.4 | 7.3 | ||
Total Assets | 24.6 | 17.7 | ||
Debt Instrument, Fair Value Disclosure | 841.1 | 908 | ||
Total Derivative Liabilities | 10.6 | 11.6 | ||
Total Liabilities | 851.7 | 919.6 | ||
Level 2 [Member] | DP&L [Member] | Forward Contract Power [Member] | ' | ' | ||
Total Derivative Assets | 13.4 | 7.3 | ||
Total Derivative Liabilities | 10.6 | 11.6 | ||
Level 3 [Member] | ' | ' | ||
Total Derivative Assets | 0.2 | ' | ||
Total Assets | 0.2 | ' | ||
Debt Instrument, Fair Value Disclosure | 18.5 | ' | ||
Total Derivative Liabilities | ' | 0.1 | ||
Total Liabilities | 18.5 | 19 | ||
Level 3 [Member] | Commodity Contract - FTR [Member] | ' | ' | ||
Total Derivative Assets | 0.2 | ' | ||
Total Derivative Liabilities | ' | 0.1 | ||
Level 3 [Member] | DP&L [Member] | ' | ' | ||
Total Derivative Assets | 0.2 | ' | ||
Total Assets | 0.2 | ' | ||
Debt Instrument, Fair Value Disclosure | 18.5 | 18.9 | ||
Total Derivative Liabilities | ' | 0.1 | ||
Total Liabilities | 18.5 | 19 | ||
Level 3 [Member] | DP&L [Member] | Commodity Contract - FTR [Member] | ' | ' | ||
Total Derivative Assets | 0.2 | ' | ||
Level 3 [Member] | DP&L [Member] | NYMEX Coal Contract [Member] | ' | ' | ||
Total Derivative Liabilities | ' | 0.1 | ||
Equity Securities [Member] | ' | ' | ||
Total Master Trust Assets, Fair Value | 4.4 | [1] | 5.1 | [1] |
Equity Securities [Member] | DP&L [Member] | ' | ' | ||
Total Master Trust Assets, Fair Value | 4.4 | 5.1 | ||
Equity Securities [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | DP&L [Member] | ' | ' | ||
Total Master Trust Assets, Fair Value | 4.4 | [1] | 5.1 | [1] |
Equity Securities [Member] | Level 2 [Member] | ' | ' | ||
Total Master Trust Assets, Fair Value | 4.4 | 5.1 | ||
Equity Securities [Member] | Level 2 [Member] | DP&L [Member] | ' | ' | ||
Total Master Trust Assets, Fair Value | 4.4 | 5.1 | ||
Debt Securities [Member] | ' | ' | ||
Total Master Trust Assets, Fair Value | 5.5 | [1] | 5 | [1] |
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] | DP&L [Member] | ' | ' | ||
Total Master Trust Assets, Fair Value | 5.5 | [1] | 5 | [1] |
Debt Securities [Member] | Level 2 [Member] | ' | ' | ||
Total Master Trust Assets, Fair Value | 5.5 | 5 | ||
Debt Securities [Member] | Level 2 [Member] | DP&L [Member] | ' | ' | ||
Total Master Trust Assets, Fair Value | 5.5 | 5 | ||
Money Market Funds [Member] | ' | ' | ||
Total Master Trust Assets, Fair Value | 0.3 | [1] | 0.2 | [1] |
Money Market Funds [Member] | DP&L [Member] | ' | ' | ||
Total Master Trust Assets, Fair Value | 0.3 | 0.2 | ||
Money Market Funds [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | DP&L [Member] | ' | ' | ||
Total Master Trust Assets, Fair Value | 0.3 | [1] | 0.2 | [1] |
Money Market Funds [Member] | Level 1 [Member] | ' | ' | ||
Total Master Trust Assets, Fair Value | 0.3 | 0.2 | ||
Money Market Funds [Member] | Level 1 [Member] | DP&L [Member] | ' | ' | ||
Total Master Trust Assets, Fair Value | 0.3 | 0.2 | ||
Hedge Funds, Multi-strategy [Member] | ' | ' | ||
Total Master Trust Assets, Fair Value | ' | 0.3 | [1] | |
Hedge Funds, Multi-strategy [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | DP&L [Member] | ' | ' | ||
Total Master Trust Assets, Fair Value | ' | 0.3 | [1] | |
Hedge Funds, Multi-strategy [Member] | Level 2 [Member] | ' | ' | ||
Total Master Trust Assets, Fair Value | ' | 0.3 | ||
Hedge Funds, Multi-strategy [Member] | Level 2 [Member] | DP&L [Member] | ' | ' | ||
Total Master Trust Assets, Fair Value | ' | 0.3 | ||
Debt [Member] | ' | ' | ||
Debt Instrument, Fair Value Disclosure | ' | 2,707.10 | [1] | |
Debt [Member] | Level 2 [Member] | ' | ' | ||
Debt Instrument, Fair Value Disclosure | ' | 2,688.20 | ||
Debt [Member] | Level 3 [Member] | ' | ' | ||
Debt Instrument, Fair Value Disclosure | ' | 18.9 | ||
Hedge Funds [Member] | ' | ' | ||
Total Master Trust Assets, Fair Value | 0.9 | [1] | ' | |
Hedge Funds [Member] | DP&L [Member] | ' | ' | ||
Total Master Trust Assets, Fair Value | 0.9 | ' | ||
Hedge Funds [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | DP&L [Member] | ' | ' | ||
Total Master Trust Assets, Fair Value | 0.9 | [1] | ' | |
Hedge Funds [Member] | Level 2 [Member] | ' | ' | ||
Total Master Trust Assets, Fair Value | 0.9 | ' | ||
Hedge Funds [Member] | Level 2 [Member] | DP&L [Member] | ' | ' | ||
Total Master Trust Assets, Fair Value | 0.9 | ' | ||
Real Estate Funds [Member] | ' | ' | ||
Total Master Trust Assets, Fair Value | 0.4 | [1] | 0.3 | |
Real Estate Funds [Member] | DP&L [Member] | ' | ' | ||
Total Master Trust Assets, Fair Value | 0.4 | 0.3 | ||
Real Estate Funds [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | DP&L [Member] | ' | ' | ||
Total Master Trust Assets, Fair Value | 0.4 | [1] | ' | |
Real Estate Funds [Member] | Level 2 [Member] | ' | ' | ||
Total Master Trust Assets, Fair Value | 0.4 | ' | ||
Real Estate Funds [Member] | Level 2 [Member] | DP&L [Member] | ' | ' | ||
Total Master Trust Assets, Fair Value | $0.40 | ' | ||
[1] | (a)Includes credit valuation adjustment |
Fair_Value_Measurements_Fair_V3
Fair Value Measurements (Fair Value of Assets and Liabilities Measured on a Nonrecurring Basis) (Details) (USD $) | 9 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Carrying Value | ' | $2,534.20 | $2,563.80 | ' |
Goodwill | ' | 452.8 | 759.1 | 2,576.30 |
Goodwill Impairment | 1,850 | 306.3 | 1,817.20 | ' |
Goodwill Allocated to DP&L Reporting Unit | ' | 2,400 | ' | ' |
Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ' | ' |
Goodwill Allocated to DP&L Reporting Unit | ' | 306.3 | ' | ' |
Level 3 [Member] | ' | ' | ' | ' |
Goodwill Impairment | ' | 317 | ' | ' |
DP&L [Member] | ' | ' | ' | ' |
Fixed asset impairment | 80.8 | ' | ' | ' |
Goodwill | ' | 317 | 623.3 | 2,440.50 |
Goodwill Impairment | ' | -306.3 | -1,817.20 | ' |
DP&L [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ' | ' |
Goodwill Allocated to DP&L Reporting Unit | ' | ' | 1,817.20 | ' |
DP&L [Member] | Level 1 [Member] | ' | ' | ' | ' |
Goodwill | ' | ' | 2,440.50 | ' |
DP&L [Member] | Level 3 [Member] | ' | ' | ' | ' |
Goodwill Impairment | ' | ' | 623.3 | ' |
Conesville Unit 4 [Member] | ' | ' | ' | ' |
Carrying Value | ' | 26.2 | ' | ' |
Fixed asset impairment | ' | 26.2 | ' | ' |
Fair Value | ' | 0 | ' | ' |
Conesville Unit 4 [Member] | Estimate of Fair Value, Fair Value Disclosure [Member] | ' | ' | ' | ' |
Fair Value | ' | 26.2 | ' | ' |
Conesville Unit 4 [Member] | DP&L [Member] | ' | ' | ' | ' |
Carrying Value | ' | 30 | 97.5 | ' |
Fixed asset impairment | ' | 10 | 72.5 | ' |
Fair Value | ' | 0 | 25 | ' |
Goodwill Impairment | ' | ' | 72.5 | ' |
Conesville Unit 4 [Member] | DP&L [Member] | Level 3 [Member] | ' | ' | ' | ' |
Fair Value | ' | 20 | 25 | ' |
East Bend Station [Member] | DP&L [Member] | ' | ' | ' | ' |
Carrying Value | ' | 76 | ' | ' |
Fixed asset impairment | ' | 76 | ' | ' |
Hutchings Station [Member] | DP&L [Member] | ' | ' | ' | ' |
Carrying Value | ' | ' | 8.3 | ' |
Goodwill Impairment | ' | ' | $8.30 | ' |
Fair_Value_Measurements_Signif
Fair Value Measurements (Significant unobservalbe inputs, nonrecurring) (Details) (DP&L [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Conesville Unit 4 [Member] | ' |
Assets, Fair Value Disclosure, Nonrecurring | $20 |
Fair Value Measurements, Valuation Techniques | 'Discounted cash flows |
East Bend Station [Member] | ' |
Fair Value Measurements, Valuation Techniques | 'Discounted cash flows |
Derivative_Instruments_and_Hed2
Derivative Instruments and Hedging Activities (Narrative) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 27, 2011 |
In Millions, unless otherwise specified | |||
Fair Value Frozen | ' | ' | $38.90 |
Derivative Liability, Fair Value, Gross Asset | 10.6 | ' | ' |
Liability position offset by the asset position of counterparties with master netting agreements | 5.6 | ' | ' |
Collateral Already Posted, Aggregate Fair Value | 4.7 | ' | ' |
Collateral if debt were to fall below investment grade | 0.3 | ' | ' |
Derivative Asset, Current | 5.4 | 2.7 | ' |
Derivative Asset, Noncurrent | 8 | 3.6 | ' |
DP&L [Member] | ' | ' | ' |
Derivative Liability, Fair Value, Gross Asset | 10.6 | ' | ' |
Liability position offset by the asset position of counterparties with master netting agreements | 4.7 | ' | ' |
Collateral Already Posted, Aggregate Fair Value | 5.6 | ' | ' |
Collateral if debt were to fall below investment grade | 0.3 | ' | ' |
Short-term Derivative Positions [Member] | ' | ' | ' |
Amount No Longer Considered Derivative | 0.9 | 7.2 | ' |
Long-term Derivative Positions [Member] | ' | ' | ' |
Amount No Longer Considered Derivative | $0.10 | $1 | ' |
Derivative_Instruments_and_Hed3
Derivative Instruments and Hedging Activities (Outstanding Derivative Instruments) (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
MWh | MWh | |
Commodity Contract - FTR [Member] | ' | ' |
Purchase of Units Derivative Instruments Financial Transmission Rights | 7,100 | ' |
Derivative, Nonmonetary Notional Amount MWh | 7,100 | ' |
Commodity Contract - Heating Oil [Member] | ' | ' |
Purchase of Volume Units Derivative Instruments Heating Oil Futures | 1,428,000 | ' |
Derivative, Nonmonetary Notional Amount, Volume | 1,428,000 | ' |
Designated as Hedging Instrument [Member] | Interest Rate Contract [Member] | ' | ' |
Purchase of Derivative Instruments Interest Rate Swaps | ' | 160,000,000 |
Notional Amount of Derivatives | ' | 160,000,000 |
Designated as Hedging Instrument [Member] | Forward Contract Power [Member] | ' | ' |
Purchase of Units Derivative Instruments Forward Power Contracts Designated as Cash Flow Hedge | 140,400 | 1,021,000 |
Sales of Units Derivative Instruments Forward Power Contracts Designated as Cash Flow Hedge | -4,705,700 | -2,197,900 |
Derivative, Nonmonetary Notional Amount MWh | -4,565,300 | -1,176,900 |
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 | 140,400 | 1,021,000 |
Sales of Units Derivative Instruments Forward Power Contracts Designated as Cash Flow Hedge | -4,705,700 | -2,197,900 |
Derivative, Nonmonetary Notional Amount MWh | -4,565,300 | -1,176,900 |
Not Designated as Hedging Instrument [Member] | Commodity Contract - FTR [Member] | ' | ' |
Purchase of Units Derivative Instruments Financial Transmission Rights | ' | 6,900 |
Derivative, Nonmonetary Notional Amount MWh | ' | 6,900 |
Not Designated as Hedging Instrument [Member] | Commodity Contract - Heating Oil [Member] | ' | ' |
Purchase of Volume Units Derivative Instruments Heating Oil Futures | ' | 1,764,000 |
Derivative, Nonmonetary Notional Amount, Volume | ' | 1,764,000 |
Not Designated as Hedging Instrument [Member] | Forward Contract Power [Member] | ' | ' |
Purchase of Units Derivative Instruments Forward Power Contracts Not Designated as Hedged | 3,177,800 | 2,510,700 |
Sales of Units Derivative Instruments Forward Power Contracts Not Designated as Hedged | -2,883,100 | -4,760,400 |
Derivative, Nonmonetary Notional Amount MWh | 294,700 | -2,249,700 |
Not Designated as Hedging Instrument [Member] | DP&L [Member] | Commodity Contract - FTR [Member] | ' | ' |
Purchase of Units Derivative Instruments Financial Transmission Rights | 7,100 | 6,900 |
Derivative, Nonmonetary Notional Amount MWh | 7,100 | 6,900 |
Not Designated as Hedging Instrument [Member] | DP&L [Member] | Commodity Contract - Heating Oil [Member] | ' | ' |
Purchase of Volume Units Derivative Instruments Heating Oil Futures | 1,428,000 | 1,764,000 |
Derivative, Nonmonetary Notional Amount, Volume | 1,428,000 | 1,764,000 |
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 | 3,172,400 | 2,296,600 |
Sales of Units Derivative Instruments Forward Power Contracts Not Designated as Hedged | -2,888,500 | -4,760,400 |
Derivative, Nonmonetary Notional Amount MWh | 283,900 | -2,463,800 |
Derivative_Instruments_and_Hed4
Derivative Instruments and Hedging Activities (Gains or Losses Recognized in AOCI for the Cash Flow Hedges) (Details) (USD $) | 2 Months Ended | 3 Months Ended | 1 Months Ended | 11 Months Ended | 12 Months Ended | 1 Months Ended | 11 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 1 Months Ended | 11 Months Ended | 12 Months Ended | 1 Months Ended | 11 Months Ended | 12 Months Ended | 1 Months Ended | 11 Months Ended | 12 Months Ended | |||||||||||||||||||||||
In Millions, unless otherwise specified | Nov. 27, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2011 | Nov. 27, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Nov. 27, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2011 | Nov. 27, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Nov. 27, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Nov. 27, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
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] | 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] | 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] | 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] | 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] | Forward Contract Power [Member] | Forward Contract Power [Member] | Forward Contract Power [Member] | DP&L [Member] | DP&L [Member] | DP&L [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] | ||||||||||||||||||||||||||||||||||
Beginning accumulated derivative gain / (loss) in AOCI | ' | ' | ' | ' | ($1) | ($1.80) | ($3) | $0.30 | ($37.90) | $21.40 | $0.50 | ($0.80) | ' | ' | ' | ' | ($4.70) | ($0.80) | ($1.80) | $7.30 | $9.80 | $12.20 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net gains / (losses) associated with current period hedging transactions | ' | ' | ' | ' | 0.1 | -1.2 | 1 | -2.6 | -0.6 | -57 | 18.7 | 1.1 | ' | ' | ' | ' | 1 | -3 | -1.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net income (loss) | 8.2 | 67.1 | 31.7 | 43.5 | ' | ' | ' | ' | ' | ' | ' | ' | 45.8 | 63.9 | 30.8 | 52.7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Ending accumulated derivative gain / (loss) in AOCI | ' | ' | ' | ' | 0.3 | -1 | 1.4 | -3 | -0.8 | -37.9 | 19.2 | 0.5 | ' | ' | ' | ' | 1 | -4.7 | -0.8 | 5.2 | 9.8 | 12.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Net gains / (losses) associated with the ineffective portion of the hedging transaction | ' | ' | ' | ' | ' | ' | ' | ' | 0.4 | 5.1 | 0.8 | 0.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Portion expected to be reclassified to earnings in the next twelve months | ' | ' | ' | ' | ' | ' | -2.5 | ' | ' | ' | -1 | ' | ' | ' | ' | ' | -2.2 | [1] | ' | ' | -1.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum length of time that we are hedging our exposure to variability in future cash flows related to forecasted transactions (in months) | ' | ' | ' | ' | ' | ' | '36 months | ' | ' | ' | '0 months | ' | ' | ' | ' | ' | '36 months | ' | ' | '0 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | |
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($0.20) | ($2.30) | $0.20 | ($2.10) | ($2.50) | ($2.40) | $0.10 | $1.10 | $2.10 | ($0.70) | $1.40 | ($1.10) | $1.20 | $0.10 | $0.90 | $1.30 | $3.30 | $0.20 | $1 | |
[1] | (b)The actual amounts that we reclassify from AOCI to earnings related to power can differ from the estimate above due to market price changes. |
Derivative_Instruments_and_Hed5
Derivative Instruments and Hedging Activities (Fair Values of Derivative Instruments Designated as Hedging Instruments) (Details) (Not Designated as Hedging Instrument [Member], USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Long-term Derivative Positions [Member] | Other Deferred Credit [Member] | DP&L [Member] | ' | ' |
Derivative Liability, Fair Value | ' | ($0.70) |
Derivative, Fair Value, Net | ' | 0.1 |
Derivative, Fair Value, Offset, Net | ' | -0.6 |
Forward Contract Power [Member] | Short-term Derivative Positions [Member] | Other Prepayments and Current Assets [Member] | ' | ' |
Derivative Asset, Fair Value | 4.9 | 2.7 |
Derivative, Fair Value, Net | 0.7 | 1.2 |
Derivative, Fair Value, Offset, Net | -4.2 | -1.5 |
Forward Contract Power [Member] | Short-term Derivative Positions [Member] | Other Prepayments and Current Assets [Member] | DP&L [Member] | ' | ' |
Derivative Asset, Fair Value | 4.9 | 2.8 |
Derivative, Fair Value, Net | 0.7 | 1.3 |
Derivative, Fair Value, Offset, Net | -4.2 | -1.5 |
Forward Contract Power [Member] | Short-term Derivative Positions [Member] | Other Current Liabilities [Member] | ' | ' |
Derivative Liability, Fair Value | -6.6 | -4.1 |
Derivative, Fair Value, Net | 0.1 | 0.6 |
Derivative, Collateral, net | -2.3 | -2 |
Derivative, Fair Value, Offset, Net | -4.2 | -1.5 |
Forward Contract Power [Member] | Short-term Derivative Positions [Member] | Other Current Liabilities [Member] | DP&L [Member] | ' | ' |
Derivative Liability, Fair Value | -6.6 | -2.7 |
Derivative, Fair Value, Net | 0.1 | 0.7 |
Derivative, Collateral, net | -2.3 | -0.5 |
Derivative, Fair Value, Offset, Net | -4.2 | -1.5 |
Forward Contract Power [Member] | Long-term Derivative Positions [Member] | Other Deferred Credit [Member] | ' | ' |
Derivative Liability, Fair Value | -1.3 | -0.8 |
Derivative, Fair Value, Net | ' | 0.1 |
Derivative, Collateral, net | -1 | -0.1 |
Derivative, Fair Value, Offset, Net | -0.3 | -0.6 |
Forward Contract Power [Member] | Long-term Derivative Positions [Member] | Other Deferred Credit [Member] | DP&L [Member] | ' | ' |
Derivative Liability, Fair Value | -1.3 | ' |
Derivative, Collateral, net | -1 | ' |
Derivative, Fair Value, Offset, Net | -0.3 | ' |
Forward Contract Power [Member] | Long-term Derivative Positions [Member] | Other Deferred Asset [Member] | ' | ' |
Derivative Asset, Fair Value | 5 | 3.6 |
Derivative, Fair Value, Net | 4.7 | 3 |
Derivative, Fair Value, Offset, Net | -0.3 | -0.6 |
Forward Contract Power [Member] | Long-term Derivative Positions [Member] | Other Deferred Asset [Member] | DP&L [Member] | ' | ' |
Derivative Asset, Fair Value | 5 | 3.6 |
Derivative, Fair Value, Net | 4.7 | 3 |
Derivative, Fair Value, Offset, Net | ($0.30) | ($0.60) |
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 $) | 1 Months Ended | 11 Months Ended | 12 Months Ended | 1 Months Ended | 11 Months Ended | 12 Months Ended | 1 Months Ended | 11 Months Ended | 12 Months Ended | 1 Months Ended | 11 Months Ended | 12 Months Ended | 1 Months Ended | 11 Months Ended | 12 Months Ended | 1 Months Ended | 11 Months Ended | 12 Months Ended | 1 Months Ended | 11 Months Ended | 12 Months Ended | 1 Months Ended | 11 Months Ended | 12 Months Ended | 1 Months Ended | 11 Months Ended | 12 Months Ended | 1 Months Ended | 11 Months Ended | 12 Months Ended | 11 Months Ended | 12 Months Ended | 11 Months Ended | 12 Months Ended | 1 Months Ended | 11 Months Ended | 12 Months Ended | 1 Months Ended | 11 Months Ended | 12 Months Ended | 1 Months Ended | 11 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2011 | Nov. 27, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Nov. 27, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Nov. 27, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Nov. 27, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Nov. 27, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Nov. 27, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Nov. 27, 2011 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Nov. 27, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Nov. 27, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Nov. 27, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Nov. 27, 2011 | Dec. 31, 2012 | Nov. 27, 2011 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Nov. 27, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Nov. 27, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Nov. 27, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
NYMEX Coal Contract [Member] | NYMEX Coal Contract [Member] | NYMEX Coal Contract [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] | Commodity Contract - Heating Oil [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] | 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] | Revenue [Member] | Revenue [Member] | Revenue [Member] | Revenue [Member] | Revenue [Member] | Revenue [Member] | Revenue [Member] | Revenue [Member] | Revenue [Member] | Revenue [Member] | Revenue [Member] | Revenue [Member] | Fuel [Member] | Fuel [Member] | Fuel [Member] | Fuel [Member] | Fuel [Member] | Fuel [Member] | Fuel [Member] | Fuel [Member] | Fuel [Member] | Fuel [Member] | Fuel [Member] | Fuel [Member] | Fuel [Member] | Fuel [Member] | Fuel [Member] | Fuel [Member] | Fuel [Member] | Fuel [Member] | Fuel [Member] | O&M [Member] | O&M [Member] | O&M [Member] | O&M [Member] | O&M [Member] | O&M [Member] | O&M [Member] | O&M [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] | Purchased Power [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] | Purchased Power [Member] | Purchased Power [Member] | Purchased Power [Member] | Purchased Power [Member] | |||||
NYMEX Coal Contract [Member] | NYMEX Coal Contract [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] | Forward Contract Power [Member] | Forward Contract Power [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] | DP&L [Member] | DP&L [Member] | NYMEX Coal Contract [Member] | NYMEX Coal Contract [Member] | NYMEX Coal Contract [Member] | Commodity Contract - Heating Oil [Member] | Commodity Contract - Heating Oil [Member] | Commodity Contract - Heating Oil [Member] | Commodity Contract - Heating Oil [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] | Commodity Contract - Heating Oil [Member] | Commodity Contract - Heating Oil [Member] | DP&L [Member] | DP&L [Member] | DP&L [Member] | DP&L [Member] | Commodity Contract - FTR [Member] | Commodity Contract - FTR [Member] | Commodity Contract - FTR [Member] | Commodity Contract - FTR [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] | DP&L [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] | NYMEX Coal Contract [Member] | NYMEX Coal Contract [Member] | Commodity Contract - Heating Oil [Member] | Commodity Contract - Heating Oil [Member] | Commodity Contract - Heating Oil [Member] | Commodity Contract - Heating Oil [Member] | Commodity Contract - Heating Oil [Member] | Commodity Contract - FTR [Member] | Commodity Contract - FTR [Member] | Commodity Contract - FTR [Member] | Forward Contract Power [Member] | Forward Contract Power [Member] | Forward Contract Power [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Change in unrealized gain / (loss) | ($2.70) | ($49.50) | $0.90 | $17 | ($1.40) | ($50.70) | $14.50 | ' | ($0.20) | $0.30 | ($0.20) | ($0.50) | $0.60 | ' | ($1.60) | ($0.80) | $0.80 | $0.60 | $4.30 | ($0.90) | $15.70 | ($51.80) | $14.50 | ($52.10) | $0.30 | ($0.20) | ($0.10) | ' | ($1.60) | $0.10 | ($1.20) | $3 | $0.30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Gain (Loss) on Derivative Instruments, Net, Pretax | -1.9 | 7.6 | 2.4 | -32.1 | -1.2 | 8.7 | -29.5 | 0.1 | -0.6 | 1.2 | 0.5 | 0.1 | 2.2 | 0.1 | 1.9 | -0.9 | -2.7 | 1.1 | -5 | 2.9 | -22.2 | 7.8 | -29.5 | 7.5 | 1.2 | 0.5 | -0.6 | 0.1 | 1.9 | 2.3 | 1.6 | 4.9 | -1.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Partner's share of gain (loss) | -0.3 | -25.9 | ' | 4.2 | -0.3 | -25.9 | 4.2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.2 | -26.1 | 4.2 | -26.1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Regulatory (asset)/liability | -0.2 | -6.9 | ' | 0.4 | -0.1 | -7 | 1 | ' | ' | ' | ' | -0.1 | 0.1 | ' | -0.6 | ' | ' | ' | ' | ' | 0.4 | -7.1 | 1 | -7.1 | ' | ' | ' | ' | -0.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Derivative, Gain (Loss) on Derivative, Net | ($4.60) | ($41.90) | $3.30 | ($15.10) | ($2.60) | ($42) | ($15) | $0.10 | ($0.80) | $1.50 | $0.30 | ($0.40) | $2.80 | $0.10 | $0.30 | ($1.70) | ($1.90) | $1.70 | ($0.70) | $2 | ($6.50) | ($44) | ($15) | ($44.60) | $1.50 | $0.30 | ($0.70) | $0.10 | $0.30 | $2.40 | $0.40 | $7.90 | ($1.10) | $0.60 | ($3.80) | ($5.10) | $0.60 | ($3.80) | ($5.10) | $0.20 | $2.70 | $2.50 | $0.20 | $2.70 | $2.50 | ($2.50) | ($6.60) | $0.10 | ($19.50) | ($2.20) | ($9.10) | ($20.20) | ($0.30) | $2.50 | $0.10 | $0.70 | $0.10 | ($19.50) | ($9.20) | ($20.20) | ($11.40) | $0.10 | $0.70 | $2.20 | $0.20 | $0.20 | $0.20 | $0.20 | $0.20 | $0.20 | $0.20 | $0.20 | ($2.20) | $1.10 | $3.20 | $4.70 | $0.10 | ($0.80) | $1.50 | $0.30 | ($2.30) | $1.90 | $1.70 | $4.40 | $1.70 | $5.50 | ($4.30) | $1.50 | $0.30 | ($0.70) | $0.20 | $5.20 | ($3.60) |
Derivative_Instruments_and_Hed7
Derivative Instruments and Hedging Activities (Fair Value and Balance Sheet Location (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Total Assets [Member] | ' | ' |
Derivative Asset, Fair Value | $13.80 | $7.50 |
Derivative, Fair Value, Net | 5.9 | 4.2 |
Derivative, Collateral, net | -3.2 | -0.2 |
Derivative, Fair Value, Offset, Net | -4.7 | -3.1 |
Total Assets [Member] | DP&L [Member] | ' | ' |
Derivative Asset, Fair Value | 13.8 | 7.6 |
Derivative, Fair Value, Net | 5.9 | 4.3 |
Derivative, Collateral, net | -3.2 | -0.2 |
Derivative, Fair Value, Offset, Net | -4.7 | -3.1 |
Total Liabilities [Member] | ' | ' |
Derivative, Fair Value, Net | 0.3 | 34.5 |
Derivative, Collateral, net | -5.6 | -5.1 |
Derivative, Fair Value, Offset, Net | -4.7 | -3.1 |
Derivative Liability, Fair Value | 10.6 | 42.7 |
Total Liabilities [Member] | DP&L [Member] | ' | ' |
Derivative, Fair Value, Net | 0.3 | 5.1 |
Derivative, Collateral, net | -5.6 | -3.5 |
Derivative, Fair Value, Offset, Net | -4.7 | -3.1 |
Derivative Liability, Fair Value | 10.6 | 11.7 |
Not Designated as Hedging Instrument [Member] | Long-term Derivative Positions [Member] | Other Deferred Credit [Member] | DP&L [Member] | ' | ' |
Derivative, Fair Value, Net | ' | 0.1 |
Derivative, Fair Value, Offset, Net | ' | -0.6 |
Derivative Liability, Fair Value | ' | 0.7 |
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 | 4.9 | 2.7 |
Derivative, Fair Value, Net | 0.7 | 1.2 |
Derivative, Fair Value, Offset, Net | -4.2 | -1.5 |
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 | 4.9 | 2.8 |
Derivative, Fair Value, Net | 0.7 | 1.3 |
Derivative, Fair Value, Offset, Net | -4.2 | -1.5 |
Not Designated as Hedging Instrument [Member] | Forward Contract Power [Member] | Short-term Derivative Positions [Member] | Other Current Liabilities [Member] | ' | ' |
Derivative, Fair Value, Net | 0.1 | 0.6 |
Derivative, Collateral, net | -2.3 | -2 |
Derivative, Fair Value, Offset, Net | -4.2 | -1.5 |
Derivative Liability, Fair Value | 6.6 | 4.1 |
Not Designated as Hedging Instrument [Member] | Forward Contract Power [Member] | Short-term Derivative Positions [Member] | Other Current Liabilities [Member] | DP&L [Member] | ' | ' |
Derivative, Fair Value, Net | 0.1 | 0.7 |
Derivative, Collateral, net | -2.3 | -0.5 |
Derivative, Fair Value, Offset, Net | -4.2 | -1.5 |
Derivative Liability, Fair Value | 6.6 | 2.7 |
Not Designated as Hedging Instrument [Member] | Forward Contract Power [Member] | Long-term Derivative Positions [Member] | Other Deferred Credit [Member] | ' | ' |
Derivative, Fair Value, Net | ' | 0.1 |
Derivative, Collateral, net | -1 | -0.1 |
Derivative, Fair Value, Offset, Net | -0.3 | -0.6 |
Derivative Liability, Fair Value | 1.3 | 0.8 |
Not Designated as Hedging Instrument [Member] | Forward Contract Power [Member] | Long-term Derivative Positions [Member] | Other Deferred Credit [Member] | DP&L [Member] | ' | ' |
Derivative, Collateral, net | -1 | ' |
Derivative, Fair Value, Offset, Net | -0.3 | ' |
Derivative Liability, Fair Value | 1.3 | ' |
Not Designated as Hedging Instrument [Member] | Forward Contract Power [Member] | Long-term Derivative Positions [Member] | Other Deferred Asset [Member] | ' | ' |
Derivative Asset, Fair Value | 5 | 3.6 |
Derivative, Fair Value, Net | 4.7 | 3 |
Derivative, Fair Value, Offset, Net | -0.3 | -0.6 |
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 | 5 | 3.6 |
Derivative, Fair Value, Net | 4.7 | 3 |
Derivative, Fair Value, Offset, Net | -0.3 | -0.6 |
Not Designated as Hedging Instrument [Member] | Commodity Contract - FTR [Member] | Short-term Derivative Positions [Member] | Other Prepayments and Current Assets [Member] | ' | ' |
Derivative Asset, Fair Value | 0.2 | ' |
Derivative, Fair Value, Net | 0.2 | ' |
Not Designated as Hedging Instrument [Member] | Commodity Contract - FTR [Member] | Short-term Derivative Positions [Member] | Other Prepayments and Current Assets [Member] | DP&L [Member] | ' | ' |
Derivative Asset, Fair Value | 0.2 | ' |
Derivative, Fair Value, Net | 0.2 | ' |
Not Designated as Hedging Instrument [Member] | Commodity Contract - FTR [Member] | Short-term Derivative Positions [Member] | Other Current Liabilities [Member] | ' | ' |
Derivative, Fair Value, Net | ' | 0.1 |
Derivative Liability, Fair Value | ' | 0.1 |
Not Designated as Hedging Instrument [Member] | Commodity Contract - FTR [Member] | Short-term Derivative Positions [Member] | Other Current Liabilities [Member] | DP&L [Member] | ' | ' |
Derivative, Fair Value, Net | ' | 0.1 |
Derivative Liability, Fair Value | ' | 0.1 |
Not Designated as Hedging Instrument [Member] | Commodity Contract - Heating Oil [Member] | Short-term Derivative Positions [Member] | Other Prepayments and Current Assets [Member] | ' | ' |
Derivative Asset, Fair Value | 0.2 | 0.2 |
Derivative, Collateral, net | -0.2 | -0.2 |
Not Designated as Hedging Instrument [Member] | Commodity Contract - Heating Oil [Member] | Short-term Derivative Positions [Member] | Other Prepayments and Current Assets [Member] | DP&L [Member] | ' | ' |
Derivative Asset, Fair Value | 0.2 | 0.2 |
Derivative, Collateral, net | -0.2 | -0.2 |
Cash Flow Hedging [Member] | Forward Contract Power [Member] | Short-term Derivative Positions [Member] | Other Prepayments and Current Assets [Member] | ' | ' |
Derivative Asset, Fair Value | 0.5 | 0.5 |
Derivative, Fair Value, Net | 0.3 | ' |
Derivative, Fair Value, Offset, Net | -0.2 | -0.5 |
Cash Flow Hedging [Member] | Forward Contract Power [Member] | Short-term Derivative Positions [Member] | Other Prepayments and Current Assets [Member] | DP&L [Member] | ' | ' |
Derivative Asset, Fair Value | 0.5 | 0.5 |
Derivative, Fair Value, Net | 0.3 | ' |
Derivative, Fair Value, Offset, Net | -0.2 | -0.5 |
Cash Flow Hedging [Member] | Forward Contract Power [Member] | Short-term Derivative Positions [Member] | Other Current Liabilities [Member] | ' | ' |
Derivative, Fair Value, Net | 0.2 | 4.1 |
Derivative, Collateral, net | -2.3 | -2.1 |
Derivative, Fair Value, Offset, Net | -0.2 | -0.5 |
Derivative Liability, Fair Value | 2.7 | 6.7 |
Cash Flow Hedging [Member] | Forward Contract Power [Member] | Short-term Derivative Positions [Member] | Other Current Liabilities [Member] | DP&L [Member] | ' | ' |
Derivative, Fair Value, Net | 0.2 | 4.1 |
Derivative, Collateral, net | -2.3 | -2.1 |
Derivative, Fair Value, Offset, Net | -0.2 | -0.5 |
Derivative Liability, Fair Value | 2.7 | 6.7 |
Cash Flow Hedging [Member] | Forward Contract Power [Member] | Long-term Derivative Positions [Member] | Other Deferred Credit [Member] | ' | ' |
Derivative, Fair Value, Net | ' | 0.1 |
Derivative, Collateral, net | ' | -0.9 |
Derivative, Fair Value, Offset, Net | ' | -0.5 |
Derivative Liability, Fair Value | ' | 1.5 |
Cash Flow Hedging [Member] | Forward Contract Power [Member] | Long-term Derivative Positions [Member] | Other Deferred Credit [Member] | DP&L [Member] | ' | ' |
Derivative, Fair Value, Net | ' | 0.1 |
Derivative, Collateral, net | ' | -0.9 |
Derivative, Fair Value, Offset, Net | ' | -0.5 |
Derivative Liability, Fair Value | ' | 1.5 |
Cash Flow Hedging [Member] | Forward Contract Power [Member] | Long-term Derivative Positions [Member] | Other Deferred Asset [Member] | ' | ' |
Derivative Asset, Fair Value | 3 | 0.5 |
Derivative, Collateral, net | -3 | ' |
Derivative, Fair Value, Offset, Net | ' | -0.5 |
Cash Flow Hedging [Member] | Forward Contract Power [Member] | Long-term Derivative Positions [Member] | Other Deferred Asset [Member] | DP&L [Member] | ' | ' |
Derivative Asset, Fair Value | 3 | 0.5 |
Derivative, Collateral, net | -3 | ' |
Derivative, Fair Value, Offset, Net | ' | -0.5 |
Cash Flow Hedging [Member] | Interest Rate Contract [Member] | Short-term Derivative Positions [Member] | Other Current Liabilities [Member] | ' | ' |
Derivative, Fair Value, Net | ' | 29.5 |
Derivative Liability, Fair Value | ' | $29.50 |
ShareBased_Compensation_Narrat
Share-Based Compensation (Narrative) (Details) (USD $) | 11 Months Ended | 12 Months Ended |
Nov. 27, 2011 | Dec. 31, 2011 | |
Acquisition cost per share | ' | $30 |
Total share-based compensation, net of tax | $6,600,000 | ' |
Share-based compensation included in Operation and maintenance expense | 10,100,000 | ' |
Shares issued under equity and performance incentive plan (EPIP) | 4,500,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award Accelerated Compensation Cost | 5,500,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award Accelerated Compensation CostNetofTax | 3,600,000 | ' |
DP&L [Member] | ' | ' |
Total share-based compensation, net of tax | 6,600,000 | ' |
Share-based compensation included in Operation and maintenance expense | 10,100,000 | ' |
Shares issued under equity and performance incentive plan (EPIP) | 4,500,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award Accelerated Compensation Cost | 5,500,000 | ' |
Share-based Compensation Arrangement by Share-based Payment Award Accelerated Compensation CostNetofTax | 3,600,000 | ' |
Restricted Shares [Member] | ' | ' |
Acquisition cost per share | $30 | ' |
Share-based compensation included in Operation and maintenance expense | 5,300,000 | ' |
Restricted Shares [Member] | DP&L [Member] | ' | ' |
Acquisition cost per share | $30 | ' |
Share-based compensation included in Operation and maintenance expense | 5,300,000 | ' |
Director RSU's [Member] | ' | ' |
Acquisition cost per share | $30 | ' |
Share-based compensation included in Operation and maintenance expense | 600,000 | ' |
Director RSU's [Member] | DP&L [Member] | ' | ' |
Acquisition cost per share | $30 | ' |
Share-based compensation included in Operation and maintenance expense | 600,000 | ' |
Management Performance Shares [Member] | ' | ' |
Acquisition cost per share | $30 | ' |
Share-based compensation included in Operation and maintenance expense | 1,800,000 | ' |
Management Performance Shares [Member] | DP&L [Member] | ' | ' |
Acquisition cost per share | $30 | ' |
Share-based compensation included in Operation and maintenance expense | 1,800,000 | ' |
Performance Shares [Member] | ' | ' |
Acquisition cost per share | $30 | ' |
Share-based compensation included in Operation and maintenance expense | 2,400,000 | ' |
Performance Shares [Member] | DP&L [Member] | ' | ' |
Acquisition cost per share | $30 | ' |
Share-based compensation included in Operation and maintenance expense | $2,400,000 | ' |
ShareBased_Compensation_Summar
Share-Based Compensation (Summarized Share-Based Compensation Expense) (Details) (USD $) | 11 Months Ended |
In Millions, unless otherwise specified | Nov. 27, 2011 |
Share-based compensation included in Operation and maintenance expense | $10.10 |
Income tax expense / (benefit) | -3.5 |
Total share-based compensation, net of tax | 6.6 |
DP&L [Member] | ' |
Share-based compensation included in Operation and maintenance expense | 10.1 |
Income tax expense / (benefit) | -3.5 |
Total share-based compensation, net of tax | 6.6 |
Restricted Shares [Member] | ' |
Share-based compensation included in Operation and maintenance expense | 5.3 |
Restricted Shares [Member] | DP&L [Member] | ' |
Share-based compensation included in Operation and maintenance expense | 5.3 |
Director RSU's [Member] | ' |
Share-based compensation included in Operation and maintenance expense | 0.6 |
Director RSU's [Member] | DP&L [Member] | ' |
Share-based compensation included in Operation and maintenance expense | 0.6 |
Management Performance Shares [Member] | ' |
Share-based compensation included in Operation and maintenance expense | 1.8 |
Management Performance Shares [Member] | DP&L [Member] | ' |
Share-based compensation included in Operation and maintenance expense | 1.8 |
Performance Shares [Member] | ' |
Share-based compensation included in Operation and maintenance expense | 2.4 |
Performance Shares [Member] | DP&L [Member] | ' |
Share-based compensation included in Operation and maintenance expense | $2.40 |
ShareBased_Compensation_Summar1
Share-Based Compensation (Summarized Stock Option Activity) (Details) (Stock Options [Member], USD $) | 11 Months Ended |
Nov. 27, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Outstanding at beginning of year | 351,500 |
Exercised | -75,500 |
Expired | -276,000 |
Outstanding at beginning of year | $28.04 |
Exercised | $21.02 |
Weighted Average Price Expired | $29.42 |
DP&L [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Outstanding at beginning of year | 351,500 |
Exercised | -75,500 |
Expired | -276,000 |
Outstanding at beginning of year | $28.04 |
Exercised | $21.02 |
Weighted Average Price Expired | $29.42 |
ShareBased_Compensation_Inform
Share-Based Compensation (Information About Stock Options Outstanding) (Details) (Stock Options [Member], USD $) | 11 Months Ended |
Nov. 27, 2011 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Weighted Average Price Expired | $29.42 |
DP&L [Member] | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Weighted Average Price Expired | $29.42 |
ShareBased_Compensation_Inform1
Share-Based Compensation (Information About Stock Options Activity)(Details) (USD $) | 11 Months Ended |
Nov. 27, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Fair value of shares that vested during the period | $1,000,000 |
Weighted average period to recognize compensation expense (in years) | '0 years |
Stock Options [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Intrinsic value of share-based compensation award exercised during the period | 700,000 |
Proceeds from share-based compensation award exercised during the period | 1,600,000 |
Excess tax benefit from proceeds of share-based compensation award exercised | 200,000 |
Weighted average period to recognize compensation expense (in years) | '0 months |
DP&L [Member] | Stock Options [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Intrinsic value of share-based compensation award exercised during the period | 700,000 |
Proceeds from share-based compensation award exercised during the period | 1,600,000 |
Excess tax benefit from proceeds of share-based compensation award exercised | $200,000 |
Weighted average period to recognize compensation expense (in years) | '0 months |
ShareBased_Compensation_Summar2
Share-Based Compensation (Summarized Restricted Stock Units Activity) (Details) (USD $) | 11 Months Ended |
In Millions, unless otherwise specified | Nov. 27, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Weighted-Average Grant Date Fair Value, Granted | $0.50 |
ShareBased_Compensation_Summar3
Share-Based Compensation (Summarized Performance Shares Activity) (Details) (USD $) | 11 Months Ended | 12 Months Ended |
Nov. 27, 2011 | Dec. 31, 2010 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Weighted-Average Grant Date Fair Value, Granted | 500,000 | ' |
Performance Shares [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Outstanding at beginning of year | 278,334 | ' |
Granted | 85,093 | ' |
Dividends | -198,699 | ' |
Exercised | -66,836 | ' |
Forfeited | -97,892 | ' |
Outstanding at year end | ' | 278,334 |
Weighted-Average Grant Date Fair Value, Granted | ' | 2,200,000 |
DP&L [Member] | Performance Shares [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Outstanding at beginning of year | 278,334 | ' |
Granted | 85,093 | ' |
Dividends | -198,699 | ' |
Exercised | -66,836 | ' |
Forfeited | -97,892 | ' |
Weighted-Average Grant Date Fair Value, Granted | 2,200,000 | ' |
ShareBased_Compensation_Inform2
Share-Based Compensation (Information About Performance Shares Activity) (Details) (USD $) | 11 Months Ended | 12 Months Ended |
Nov. 27, 2011 | Dec. 31, 2010 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Weighted-average grant date fair value of share based compensation award granted during the period | $500,000 | ' |
Intrinsic value of share based compensation award exercised during the period | 1,000,000 | ' |
Fair value of shares that vested during the period | 1,000,000 | ' |
Weighted average period to recognize compensation expense (in years) | '0 years | ' |
Performance Shares [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Weighted-average grant date fair value of share based compensation award granted during the period | ' | 2,200,000 |
Intrinsic value of share based compensation award exercised during the period | 6,000,000 | ' |
Excess tax benefit from proceeds of share-based compensation award exercised | 700,000 | ' |
Fair value of shares that vested during the period | 4,700,000 | ' |
DP&L [Member] | Performance Shares [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Weighted-average grant date fair value of share based compensation award granted during the period | 2,200,000 | ' |
Intrinsic value of share based compensation award exercised during the period | 6,000,000 | ' |
Excess tax benefit from proceeds of share-based compensation award exercised | 700,000 | ' |
Fair value of shares that vested during the period | $4,700,000 | ' |
Weighted average period to recognize compensation expense (in years) | '0 months | ' |
ShareBased_Compensation_Fair_V
Share-Based Compensation (Fair Value of the Performance Shares Granted) (Details) (Performance Shares [Member]) | 11 Months Ended |
Nov. 27, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Expected volatility | 24.00% |
Weighted-average expected volatility | 24.00% |
Expected life (years) | '0 months |
Expected dividends | 5.00% |
Weighted-average expected dividends | 5.00% |
Risk-free interest rate | 1.20% |
DP&L [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Expected volatility | 24.00% |
Weighted-average expected volatility | 24.00% |
Expected life (years) | '0 months |
Expected dividends | 5.00% |
Weighted-average expected dividends | 5.00% |
Risk-free interest rate | 1.20% |
ShareBased_Compensation_Restri
Share-Based Compensation (Restricted Shares Matching Criteria) (Details) | 11 Months Ended |
Nov. 27, 2011 | |
Less than 25% [Member] | ' |
Percentage of additional Shares that will be matched based on percent of income invested | 25.00% |
Less than 25% [Member] | DP&L [Member] | ' |
Percentage of additional Shares that will be matched based on percent of income invested | 25.00% |
25% to Less than 50% [Member] | ' |
Percentage of additional Shares that will be matched based on percent of income invested | 50.00% |
25% to Less than 50% [Member] | DP&L [Member] | ' |
Percentage of additional Shares that will be matched based on percent of income invested | 50.00% |
50% to Less than 100% [Member] | ' |
Percentage of additional Shares that will be matched based on percent of income invested | 75.00% |
50% to Less than 100% [Member] | DP&L [Member] | ' |
Percentage of additional Shares that will be matched based on percent of income invested | 75.00% |
100% to 200% [Member] | ' |
Percentage of additional Shares that will be matched based on percent of income invested | 125.00% |
100% to 200% [Member] | DP&L [Member] | ' |
Percentage of additional Shares that will be matched based on percent of income invested | 125.00% |
ShareBased_Compensation_Summar4
Share-Based Compensation (Summarized Restricted Shares Activity) (Details) (USD $) | 11 Months Ended | 12 Months Ended |
Nov. 27, 2011 | Dec. 31, 2010 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Weighted-Average Grant Date Fair Value, Granted | 500,000 | ' |
Restricted Shares [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Outstanding at beginning of year | 219,391 | ' |
Granted | 67,346 | ' |
Exercised | -286,737 | ' |
Weighted-Average Grant Date Fair Value, Granted | 1,800,000 | ' |
DP&L [Member] | Restricted Shares [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Outstanding at beginning of year | 219,391 | ' |
Granted | 67,346 | ' |
Exercised | -286,737 | ' |
Outstanding at year end | ' | 219,391 |
Weighted-Average Grant Date Fair Value, Granted | ' | $1,800,000 |
ShareBased_Compensation_Inform3
Share-Based Compensation (Information About Restricted Shares Activity) (Details) (USD $) | 11 Months Ended | 12 Months Ended |
Nov. 27, 2011 | Dec. 31, 2010 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Weighted-average grant date fair value of share based compensation award granted during the period | $500,000 | ' |
Intrinsic value of share based compensation award exercised during the period | 1,000,000 | ' |
Fair value of shares that vested during the period | 1,000,000 | ' |
Weighted average period to recognize compensation expense (in years) | '0 years | ' |
Restricted Shares [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Weighted-average grant date fair value of share based compensation award granted during the period | 1,800,000 | ' |
Intrinsic value of share based compensation award exercised during the period | 8,600,000 | ' |
Excess tax benefit from proceeds of share-based compensation award exercised | 500,000 | ' |
Fair value of shares that vested during the period | 7,500,000 | ' |
Weighted average period to recognize compensation expense (in years) | '0 years | ' |
DP&L [Member] | Restricted Shares [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Weighted-average grant date fair value of share based compensation award granted during the period | ' | 1,800,000 |
Intrinsic value of share based compensation award exercised during the period | 8,600,000 | ' |
Excess tax benefit from proceeds of share-based compensation award exercised | 500,000 | ' |
Fair value of shares that vested during the period | $7,500,000 | ' |
Weighted average period to recognize compensation expense (in years) | '0 months | ' |
ShareBased_Compensation_Summar5
Share-Based Compensation (Summarized Non-Employee Director Restricted Stock Units Activity) (Details) (USD $) | 11 Months Ended |
Nov. 27, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Weighted-Average Grant Date Fair Value, Granted | $500,000 |
Director RSU's [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Outstanding at beginning of year | 16,320 |
Granted | 14,392 |
Dividends | 3,307 |
Vested, exercised and issued | -34,019 |
DP&L [Member] | Director RSU's [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Outstanding at beginning of year | 16,320 |
Granted | 14,392 |
Dividends | 3,307 |
Vested, exercised and issued | -34,019 |
Weighted-Average Grant Date Fair Value, Granted | $500,000 |
ShareBased_Compensation_Inform4
Share-Based Compensation (Information About Non-Employee Director Restricted Stock Units Activity) (Details) (USD $) | 11 Months Ended |
Nov. 27, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Weighted-average grant date fair value of share based compensation award granted during the period | $500,000 |
Intrinsic value of share based compensation award exercised during the period | 1,000,000 |
Fair value of shares that vested during the period | 1,000,000 |
Weighted average period to recognize compensation expense (in years) | '0 years |
DP&L [Member] | Director RSU's [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Weighted-average grant date fair value of share based compensation award granted during the period | 500,000 |
Intrinsic value of share based compensation award exercised during the period | 1,000,000 |
Fair value of shares that vested during the period | $1,000,000 |
Weighted average period to recognize compensation expense (in years) | '0 months |
ShareBased_Compensation_Summar6
Share-Based Compensation (Summarized Management Performance Shares Activity) (Details) (USD $) | 11 Months Ended |
Nov. 27, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Weighted-Average Grant Date Fair Value, Granted | $500,000 |
Management Performance Shares [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Outstanding at beginning of year | 104,124 |
Granted | 49,510 |
Exercised | -111,289 |
Expired | -31,081 |
Forfeited | -11,264 |
Weighted-Average Grant Date Fair Value, Granted | 1,300,000 |
DP&L [Member] | Management Performance Shares [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Outstanding at beginning of year | 104,124 |
Granted | 49,510 |
Exercised | -111,289 |
Expired | -31,081 |
Forfeited | -11,264 |
Weighted-Average Grant Date Fair Value, Granted | $1,300,000 |
ShareBased_Compensation_Fair_V1
Share-Based Compensation (Fair Value of the Management Performance Shares Granted) (Details) (Management Performance Shares [Member]) | 11 Months Ended |
Nov. 27, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Expected volatility | 24.00% |
Weighted-average expected volatility | 24.00% |
Expected life (years) | '0 months |
Expected dividends | 5.00% |
Weighted-average expected dividends | 5.00% |
Risk-free interest rate | 1.20% |
DP&L [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Expected volatility | 24.00% |
Weighted-average expected volatility | 24.00% |
Expected life (years) | '0 months |
Expected dividends | 5.00% |
Weighted-average expected dividends | 5.00% |
Risk-free interest rate | 1.20% |
ShareBased_Compensation_Inform5
Share-Based Compensation (Information About Management Performance Shares Activity) (Details) (USD $) | 11 Months Ended |
Nov. 27, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Weighted-average grant date fair value of share based compensation award granted during the period | $500,000 |
Intrinsic value of share based compensation award exercised during the period | 1,000,000 |
Fair value of shares that vested during the period | 1,000,000 |
Weighted average period to recognize compensation expense (in years) | '0 years |
Management Performance Shares [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Weighted-average grant date fair value of share based compensation award granted during the period | 1,300,000 |
Intrinsic value of share based compensation award exercised during the period | 3,300,000 |
Fair value of shares that vested during the period | 2,700,000 |
Weighted average period to recognize compensation expense (in years) | '0 years |
DP&L [Member] | Management Performance Shares [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Weighted-average grant date fair value of share based compensation award granted during the period | 1,300,000 |
Intrinsic value of share based compensation award exercised during the period | 3,300,000 |
Fair value of shares that vested during the period | $2,700,000 |
Weighted average period to recognize compensation expense (in years) | '0 months |
Redeemable_Preferred_Stock_Nar
Redeemable Preferred Stock (Narrative) (Details) (USD $) | 12 Months Ended | |
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Amount above net income required for dividend issuance | $1.20 | ' |
Retained Earnings (Accumulated Deficit) | -2,022.10 | -1,806 |
DP&L [Member] | ' | ' |
Amount above net income required for dividend issuance | 1.2 | ' |
Retained Earnings (Accumulated Deficit) | $426.80 | ' |
$100 Redeemable Preferred Stock Twenty Five Dollar [Member] | ' | ' |
Preferred stock par value | $100 | ' |
Preferred stock shares authorized | 4,000,000 | ' |
Preferred stock shares outstanding | 228,508 | ' |
$100 Redeemable Preferred Stock Twenty Five Dollar [Member] | DP&L [Member] | ' | ' |
Preferred stock par value | $100 | ' |
Preferred stock shares authorized | 4,000,000 | ' |
Preferred stock shares outstanding | 228,508 | ' |
$25 Redeemable Preferred Stock [Member] | ' | ' |
Preferred stock par value | $25 | ' |
Preferred stock shares authorized | 4,000,000 | ' |
$25 Redeemable Preferred Stock [Member] | DP&L [Member] | ' | ' |
Preferred stock par value | $25 | ' |
Preferred stock shares authorized | 4,000,000 | ' |
Redeemable_Preferred_Stock_Pre
Redeemable Preferred Stock (Preferred Shares Outstanding) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, except Share data, unless otherwise specified | ||
Temporary Equity [Line Items] | ' | ' |
Shares Outstanding | 228,508 | ' |
Carrying Value | $18.40 | $18.40 |
DP&L [Member] | ' | ' |
Temporary Equity [Line Items] | ' | ' |
Shares Outstanding | 228,508 | ' |
Par Value | 22.9 | 22.9 |
DP&L Series A [Member] | ' | ' |
Temporary Equity [Line Items] | ' | ' |
Preferred Stock Rate | 3.75% | ' |
Redemption Price | $102 | ' |
Shares Outstanding | 93,280 | ' |
Carrying Value | 7.4 | 7.4 |
DP&L Series A [Member] | DP&L [Member] | ' | ' |
Temporary Equity [Line Items] | ' | ' |
Preferred Stock Rate | 3.75% | ' |
Redemption Price | $102 | ' |
Shares Outstanding | 93,280 | ' |
Par Value | 9.3 | 9.3 |
DP&L Series B [Member] | ' | ' |
Temporary Equity [Line Items] | ' | ' |
Preferred Stock Rate | 3.75% | ' |
Redemption Price | $103 | ' |
Shares Outstanding | 69,398 | ' |
Carrying Value | 5.6 | 5.6 |
DP&L Series B [Member] | DP&L [Member] | ' | ' |
Temporary Equity [Line Items] | ' | ' |
Preferred Stock Rate | 3.75% | ' |
Redemption Price | $103 | ' |
Shares Outstanding | 69,398 | ' |
Par Value | 7 | 7 |
DP&L Series C [Member] | ' | ' |
Temporary Equity [Line Items] | ' | ' |
Preferred Stock Rate | 3.90% | ' |
Redemption Price | $101 | ' |
Shares Outstanding | 65,830 | ' |
Carrying Value | 5.4 | 5.4 |
DP&L Series C [Member] | DP&L [Member] | ' | ' |
Temporary Equity [Line Items] | ' | ' |
Preferred Stock Rate | 3.90% | ' |
Redemption Price | $101 | ' |
Shares Outstanding | 65,830 | ' |
Par Value | $6.60 | $6.60 |
Common_Shareholders_Equity_Det
Common Shareholders' Equity (Details) (USD $) | 1 Months Ended | 3 Months Ended | 11 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2011 | Jun. 30, 2011 | Mar. 31, 2012 | Nov. 27, 2011 | Dec. 31, 2013 | Dec. 31, 2011 | Dec. 31, 2010 | Dec. 31, 2001 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | |
DP&L [Member] | DP&L [Member] | DP&L [Member] | DP&L [Member] | DP&L [Member] | |||||||||
Common stock, shares authorized | ' | ' | ' | ' | 1,500 | ' | ' | ' | ' | ' | ' | ' | 250,000,000 |
Common stock, shares outstanding | ' | ' | ' | ' | 1 | ' | ' | ' | ' | ' | ' | ' | 41,172,173 |
Amount authorized to be repurchased | ' | ' | ' | ' | ' | ' | $200,000,000 | ' | ' | ' | ' | ' | ' |
Shares repurchase average per share price | ' | ' | ' | ' | ' | ' | ' | $130 | ' | ' | ' | ' | ' |
Warrants exercised | ' | 700,000 | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from exercise of warrants | ' | 14,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants aggregate purchase price | ' | ' | 9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrant Exercise Price | ' | ' | $21 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fixed rate | ' | ' | ' | ' | 2.06% | ' | ' | ' | ' | ' | ' | ' | 2.06% |
PUCO Meger Equity Ratio Approval | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' |
ESOP amount of the loan used to purchase shares | ' | ' | ' | ' | 90,000,000 | ' | ' | ' | ' | ' | ' | ' | 90,000,000 |
Compensation expense associated with the ESOP | 0 | ' | ' | 4,800,000 | 4,800,000 | ' | ' | ' | ' | ' | ' | ' | ' |
ESOP Loan Repayment To Employer | 68,000,000 | ' | ' | ' | ' | 68,000,000 | ' | ' | 68,000,000 | ' | ' | ' | ' |
Financial Instruments Subject to Mandatory Redemption, Settlement Terms, Excess of Liabilities over Assets | 9,000,000 | ' | ' | ' | ' | 9,000,000 | ' | ' | ' | ' | ' | ' | ' |
Acquisition cost per share | ' | ' | ' | ' | ' | $30 | ' | ' | ' | ' | ' | ' | ' |
Cash Dividends Paid to Parent Company | ' | ' | ' | ' | ' | ' | ' | ' | $40,000,000 | $65,000,000 | $45,000,000 | $70,000,000 | ' |
EPS_Schedule_of_Earnings_Per_S
EPS (Schedule of Earnings Per Share, Basic and Diluted) (Details) (USD $) | 2 Months Ended | 3 Months Ended | 11 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Nov. 27, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Nov. 27, 2011 |
EPS [Abstract] | ' | ' | ' | ' | ' |
Income - Basic | ' | ' | ' | ' | $150.50 |
Shares - Basic | ' | ' | ' | ' | 114.5 |
Earnings per share - Basic | $0.07 | $0.58 | $0.28 | $0.38 | $1.31 |
Warrants | ' | ' | ' | ' | 0.4 |
Stock options, performance and restricted shares | ' | ' | ' | ' | 0.2 |
Income - Diluted | ' | ' | ' | ' | $150.50 |
Shares - Diluted | ' | ' | ' | ' | 115.1 |
Earnings per share - Diluted | $0.07 | $0.58 | $0.28 | $0.38 | $1.31 |
Contractual_Obligations_Commer2
Contractual Obligations, Commercial Commitments and Contingencies (Narative) (Details) (USD $) | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Mar. 01, 2011 | Dec. 31, 2013 | Mar. 01, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Oct. 03, 2011 | Dec. 31, 2013 | Oct. 03, 2013 | Oct. 03, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
T | DP&L [Member] | DP&L [Member] | DP&L [Member] | DPLE and DPLER [Member] | MC Squared [Member] | Beckjord Unit 6 [Member] | Hutchings Plant [Member] | Hutchings Plant [Member] | Coal Supply Agreements [Member] | Coal Supply Agreements [Member] | Debt Obligation on 4.9% Equity Ownership [Member] | Debt Obligation on 4.9% Equity Ownership [Member] | Debt Obligation on 4.9% Equity Ownership [Member] | Debt Obligation on 4.9% Equity Ownership [Member] | First Mortgage Bonds Maturing in October 2013 - 5.125% [Member] | First Mortgage Bonds Maturing in October 2013 - 5.125% [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] | 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] | Five Year Senior Unsecured Notes at 6.50% maturing on October 15, 2016 [Member] | Five Year 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] | Ten Year Senior Unsecured Notes at 7.25% maturing at October 15, 2021 [Member] | NOx [Member] | NOx [Member] | SO2 [Member] | SO2 [Member] | ||
T | DP&L [Member] | T | 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] | |||||||||||||||||||||||||
T | ||||||||||||||||||||||||||||||||||||||
Public Utility, Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Third party guarantees | $25,900,000 | ' | ' | ' | ' | $25,600,000 | $300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due to third parties, current | 200,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity ownership interest | 4.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4.90% | 4.90% | 4.90% | 4.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Equity ownership interest aggregate cost | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 76,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt obligation | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,558,400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long Term Debt Date Range Equity Ownership, Start | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long Term Debt Date Range Equity Ownership, End | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2040 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt instrument interest percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.13% | 1.88% | 4.70% | 4.70% | 4.80% | 4.80% | 4.80% | 4.80% | 4.20% | 4.20% | 4.20% | 4.20% | 8.13% | 6.50% | 6.50% | 7.25% | 7.25% | 7.25% | ' | ' | ' | ' |
Environmental reserves | 1,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized tax benefit | 8,800,000 | ' | 8,800,000 | 18,300,000 | 25,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of energy generated by coal | 99.00% | ' | 99.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Emission Reductions | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 54.00% | 54.00% | 73.00% | 73.00% |
Annual CO2 emissions generation at stations, in tons | ' | ' | 14,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Supplemental Eviromental Project | 200,000 | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of tons of CO2 emitted per year including electric generating units | 14,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Coal Fired Units | ' | ' | ' | ' | ' | ' | ' | ' | 6 | 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Relief and civil penalties, per day | 27,500 | ' | 27,500 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Coal supply failure by suppliers | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Coal supply agreement, in tons | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 570,000 | 570,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from Legal Settlements | 14,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from insurance settlement, operating activities | ' | ' | 14,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ownership (%) | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Interest and Other Income | $1,800,000 | ' | $1,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contractual_Obligations_Commer3
Contractual Obligations, Commercial Commitments and Contingenciesl (Schedule Of Contractual Obligations And Commercial Commitments) (Details) (USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2013 |
Contractual Obligations, Commercial Commitments And Contingencies [Line Items] | ' |
Total long-term debt | $2,298.40 |
Long-term debt, Less than 1 year | 10.2 |
Long-term debt, 2 - 3 years | 955.2 |
Long-term debt, 4 - 5 years | 100.2 |
Long-term debt, More than 5 years | 1,232.80 |
Total Interest payments | 944 |
Interest payments, Less than 1 year | 114.9 |
Interest payments, 2 - 3 years | 229.5 |
Interest payments, 4 - 5 years | 151.5 |
Interest payments, More than 5 years | 448.1 |
Total Pension and postretirement payments | 264.2 |
Pension and postretirement payments, Less than 1 year | 27.2 |
Pension and postretirement payments, 2 - 3 years | 51.9 |
Pension and postretirement payments, 4 - 5 years | 52.3 |
Pension and postretirement payments, More than 5 years | 132.8 |
Total Operating leases | 0.6 |
Operating leases, Less than 1 year | 0.4 |
Operating leases, 2 - 3 years | 0.2 |
Total Coal Contracts | 625.6 |
Coal Contracts, Less than 1 year | 216.5 |
Coal Contracts, 2 - 3 years | 270.3 |
Coal Contracts, 4 - 5 years | 138.8 |
Total Limestone Contracts | 24.4 |
Limestone Contracts, Less than 1 year | 6.1 |
Limestone Contracts, 2 - 3 years | 12.2 |
Limestion Contracts, 4 - 5 years | 6.1 |
Total Purchase orders and other contractual obligations | 85.6 |
Purchase orders and other contractual obligations, Less than 1 year | 48.8 |
Purchase orders and other contractual obligations, 2 - 3 years | 18.7 |
Purchase orders and other contractual obligations, 4 - 5 years | 18.1 |
Total contractual obligations | 4,242.80 |
Total contractual obligations, Less than 1 year | 424.1 |
Total contractual obligations, 2 - 3 years | 1,538 |
Total contractual obligations, 4 - 5 years | 467 |
Total contractual obligations, More than 5 years | 1,813.70 |
DP&L [Member] | ' |
Contractual Obligations, Commercial Commitments And Contingencies [Line Items] | ' |
Total long-term debt | 877.8 |
Long-term debt, Less than 1 year | 0.2 |
Long-term debt, 2 - 3 years | 445.2 |
Long-term debt, 4 - 5 years | 0.2 |
Long-term debt, More than 5 years | 432.2 |
Total Interest payments | 361 |
Interest payments, Less than 1 year | 24.1 |
Interest payments, 2 - 3 years | 48.4 |
Interest payments, 4 - 5 years | 31.7 |
Interest payments, More than 5 years | 256.8 |
Total Pension and postretirement payments | 264.5 |
Pension and postretirement payments, Less than 1 year | 27.2 |
Pension and postretirement payments, 2 - 3 years | 51.9 |
Pension and postretirement payments, 4 - 5 years | 52.3 |
Pension and postretirement payments, More than 5 years | 133.1 |
Total Operating leases | 0.6 |
Operating leases, Less than 1 year | 0.4 |
Operating leases, 2 - 3 years | 0.2 |
Total Coal Contracts | 625.6 |
Coal Contracts, Less than 1 year | 216.5 |
Coal Contracts, 2 - 3 years | 270.3 |
Coal Contracts, 4 - 5 years | 138.8 |
Total Limestone Contracts | 24.4 |
Limestone Contracts, Less than 1 year | 6.1 |
Limestone Contracts, 2 - 3 years | 12.2 |
Limestion Contracts, 4 - 5 years | 6.1 |
Total Purchase orders and other contractual obligations | 85.6 |
Purchase orders and other contractual obligations, Less than 1 year | 48.8 |
Purchase orders and other contractual obligations, 2 - 3 years | 18.7 |
Purchase orders and other contractual obligations, 4 - 5 years | 18.1 |
Total contractual obligations | 2,239.50 |
Total contractual obligations, Less than 1 year | 323.3 |
Total contractual obligations, 2 - 3 years | 846.9 |
Total contractual obligations, 4 - 5 years | 247.2 |
Total contractual obligations, More than 5 years | $822.10 |
Business_Segments_Narrative_De
Business Segments (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
sqmi | |
Service area, counties | 24 |
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 | 308,000 |
Number of MC Squared Retail Customers | 3,157 |
DP&L [Member] | ' |
Service area, square miles | 6,000 |
Number of coal fired power plants | 7 |
Approximate number of retail customers | 515,000 |
Business_Segments_Segment_Fina
Business Segments (Segment Financial Information) (Details) (USD $) | 2 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | 11 Months Ended | |||||||||||||||||||
In Millions, unless otherwise specified | Nov. 27, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 27, 2011 | Nov. 27, 2011 | Nov. 27, 2011 | Nov. 27, 2011 | Nov. 27, 2011 | Nov. 27, 2011 |
DP&L [Member] | DP&L [Member] | DP&L [Member] | DP&L [Member] | DP&L [Member] | DP&L [Member] | DP&L [Member] | DP&L [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Successor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | Predecessor [Member] | ||||||||
Utility [Member] | Utility [Member] | Utility [Member] | Competitive Retail [Member] | Competitive Retail [Member] | Competitive Retail [Member] | Other Reportable Business Segment [Member] | Other Reportable Business Segment [Member] | Other Reportable Business Segment [Member] | Adjustments and Eliminations [Member] | Adjustments and Eliminations [Member] | Adjustments and Eliminations [Member] | Parent Company [Member] | Parent Company [Member] | Parent Company [Member] | Utility [Member] | Competitive Retail [Member] | Other Reportable Business Segment [Member] | Adjustments and Eliminations [Member] | Parent Company [Member] | ||||||||||||||||||||
External customer revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $116.20 | $1,098.20 | $1,138.40 | $38.20 | $511.60 | $493.10 | $2.50 | $27.10 | $36.90 | ' | ' | ' | $156.90 | $1,636.90 | $1,668.40 | ' | $1,234.50 | $387.20 | $49.20 | ' | $1,670.90 |
Intersegment revenues | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 27.8 | 453.3 | 393.4 | ' | ' | ' | 0.3 | 4 | 3.4 | -28.1 | -457.3 | -396.8 | ' | ' | ' | ' | 299.2 | ' | 3.7 | -302.9 | ' |
Total revenues | 259.4 | 497.5 | 433.4 | 480.6 | ' | ' | ' | 378.4 | 452.5 | 397 | 449.8 | ' | ' | ' | ' | 156.9 | 1,636.90 | 1,668.40 | 144 | 1,551.50 | 1,531.80 | 38.2 | 511.6 | 493.1 | 2.8 | 31.1 | 40.3 | -28.1 | -457.3 | -396.8 | 156.9 | 1,636.90 | 1,668.40 | 1,670.90 | 1,533.70 | 387.2 | 52.9 | -302.9 | 1,670.90 |
Fuel Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 35.8 | 366.7 | 361.9 | 34.5 | 362.5 | 354.9 | ' | ' | ' | 1.3 | 4.2 | 7 | ' | ' | ' | 35.8 | 366.7 | 361.9 | 355.8 | 346.1 | ' | 9.7 | ' | 355.8 |
Purchased power | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 36.7 | 389 | 342.1 | 31 | 381.9 | 309.5 | 33.4 | 459.7 | 424.5 | ' | 1.1 | 1.5 | -27.7 | -453.7 | -393.4 | 36.7 | 389 | 342.1 | 404.6 | 370.6 | 330.5 | 2.7 | -299.2 | 404.6 |
Amortization of intangibles | ' | ' | ' | ' | ' | -30.5 | -108.1 | ' | ' | ' | ' | ' | ' | ' | ' | 11.6 | 7.1 | 95.1 | ' | ' | ' | ' | ' | ' | 11.6 | 7.1 | 95.1 | ' | ' | ' | 11.6 | 7.1 | 95.1 | ' | ' | ' | ' | ' | ' |
Gross margin | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 72.8 | 874.1 | 869.3 | 78.5 | 807.1 | 867.4 | 4.8 | 51.9 | 68.6 | -10.1 | 18.7 | -63.3 | -0.4 | -3.6 | -3.4 | 72.8 | 874.1 | 869.3 | 910.5 | 817 | 56.7 | 40.5 | -3.7 | 910.5 |
Depreciation and amortization | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11.6 | 132.9 | 125.4 | 12.7 | 140.2 | 141.3 | ' | 0.6 | 0.4 | -1.1 | -7.9 | -16.3 | ' | ' | ' | 11.6 | 132.9 | 125.4 | 129.4 | 122.2 | 0.6 | 6.6 | ' | 129.4 |
Goodwill, Impairment Loss | ' | ' | ' | ' | 1,850 | 306.3 | 1,817.20 | ' | ' | ' | ' | ' | -306.3 | -1,817.20 | ' | ' | 306.3 | 1,817.20 | ' | ' | ' | ' | ' | ' | ' | 306.3 | 1,817.20 | ' | ' | ' | ' | 306.3 | 1,817.20 | ' | ' | ' | ' | ' | ' |
Fixed asset impairment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 80.8 | ' | ' | ' | ' | 26.2 | ' | ' | 86 | 80.8 | ' | ' | ' | ' | -59.8 | -80.8 | ' | ' | ' | ' | 26.2 | ' | ' | ' | ' | ' | ' | ' |
Interest expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11.5 | 124 | 122.9 | 2.8 | 37.2 | 39.1 | 0.1 | 0.5 | 0.6 | 8.8 | 86.9 | 83.9 | -0.2 | -0.6 | -0.7 | 11.5 | 124 | 122.9 | 58.7 | 35.4 | 0.2 | 23.4 | -0.3 | 58.7 |
Income tax expense (benefit) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 18.6 | 55.1 | 104.2 | 0.6 | 22.3 | 47.7 | 5.8 | 18.6 | 55.1 | 1.1 | 4.2 | 18.1 | -6.3 | -0.5 | -25.5 | ' | ' | ' | 0.6 | 22.3 | 47.7 | 102 | 98.4 | 16.7 | -13.1 | ' | 102 |
Net income (loss) | 8.2 | 67.1 | 31.7 | 43.5 | ' | ' | ' | 45.8 | 63.9 | 30.8 | 52.7 | ' | ' | ' | ' | -6.2 | -222 | -1,729.80 | 45.8 | 83.6 | 91.2 | 1.7 | 6.6 | 22.8 | -53.7 | -312.2 | -1,725.40 | ' | ' | -118.4 | -6.2 | -222 | -1,729.80 | 150.5 | 147.4 | 24.1 | -21 | ' | 150.5 |
Capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 30.5 | 122.1 | 195.5 | ' | ' | ' | ' | 2.3 | 2.6 | ' | ' | ' | 30.5 | 124.4 | 198.1 | ' | 174 | ' | 0.2 | ' | 174.2 |
Total Assets | ' | ' | ' | ' | ' | $3,721.50 | $4,247.30 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,538.30 | $3,313.10 | $3,464.20 | $69.90 | $105 | $99.20 | $2,528 | $1,675.80 | $683.90 | ' | ($1,372.40) | ' | $6,136.20 | $3,721.50 | $4,247.30 | ' | ' | ' | ' | ' | ' |
Goodwill_Impairment_Narrative_
Goodwill Impairment (Narrative) (Details) (USD $) | 9 Months Ended | 12 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Goodwill Allocated to DP&L Reporting Unit | ' | $2,400 | ' | ' |
Goodwill Impairment | 1,850 | 306.3 | 1,817.20 | ' |
Goodwill | ' | 452.8 | 759.1 | 2,576.30 |
Effective Income Tax Rate, Continuing Operations | ' | -11.20% | -2.80% | ' |
DP&L [Member] | ' | ' | ' | ' |
Goodwill Impairment | ' | -306.3 | -1,817.20 | ' |
Goodwill | ' | $317 | $623.30 | $2,440.50 |
Fixedasset_Impairment_Narrativ
Fixed-asset Impairment (Narrative) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | DP&L [Member] | Conesville Unit 4 [Member] | Conesville Unit 4 [Member] | Conesville Unit 4 [Member] | East Bend Station [Member] | Hutchings Plant [Member] | ||
MW | DP&L [Member] | DP&L [Member] | DP&L [Member] | DP&L [Member] | ||||
MW | MW | |||||||
Fair Value | ' | ' | ' | $0 | $0 | $25 | ' | $0 |
Carrying Value | 2,534.20 | 2,563.80 | ' | 26.2 | 30 | 97.5 | 76 | 8.3 |
Fixed asset impairment | ' | ' | $80.80 | $26.20 | $10 | $72.50 | $76 | $8.30 |
Production Plan Capacity | ' | ' | ' | 129 | 129 | ' | 186 | ' |
Selected_Quarterly_Information2
Selected Quarterly Information (Unaudited) (Details) (USD $) | 2 Months Ended | 3 Months Ended | 11 Months Ended | 3 Months Ended | |||||
In Millions, except Per Share data, unless otherwise specified | Nov. 27, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Nov. 27, 2011 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 |
DP&L [Member] | DP&L [Member] | DP&L [Member] | DP&L [Member] | ||||||
Revenues | $259.40 | $497.50 | $433.40 | $480.60 | ' | $378.40 | $452.50 | $397 | $449.80 |
Operating income | 48.2 | 112.9 | 65.8 | 100.9 | ' | 74.8 | 100 | 55.8 | 89.3 |
Net income | 8.2 | 67.1 | 31.7 | 43.5 | ' | 45.8 | 63.9 | 30.8 | 52.7 |
Basic | $0.07 | $0.58 | $0.28 | $0.38 | $1.31 | ' | ' | ' | ' |
Diluted | $0.07 | $0.58 | $0.28 | $0.38 | $1.31 | ' | ' | ' | ' |
Dividends declared and paid per share | $0.54 | $0.33 | $0.33 | $0.33 | ' | ' | ' | ' | ' |
Earnings on common stock | ' | ' | ' | ' | ' | 45.5 | 63.7 | 30.6 | 52.5 |
Dividends paid on common stock to parent | ' | ' | ' | ' | ' | $40 | $65 | $45 | $70 |