Cover Statement
Cover Statement | 9 Months Ended |
Sep. 30, 2023 shares | |
Entity Information [Line Items] | |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | Q3 |
Entity Central Index Key | 0000787250 |
Current Fiscal Year End Date | --12-31 |
Amendment Flag | false |
Entity Current Reporting Status | No |
Document Type | 10-Q |
Document Quarterly Report | true |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Shell Company | false |
Document Period End Date | Sep. 30, 2023 |
Document Transition Report | false |
Entity Registrant Name | DPL Inc. |
Entity Incorporation, State or Country Code | OH |
Entity File Number | 1-9052 |
Entity Address, Address Line One | 1065 Woodman Drive |
Entity Address, Postal Zip Code | 45432 |
Local Phone Number | 259-7215 |
Entity Tax Identification Number | 31-1163136 |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Common Stock, Shares Outstanding | 1 |
Entity Address, City or Town | Dayton |
Entity Address, City or Town | OH |
City Area Code | 937 |
Subsidiaries [Member] | |
Entity Information [Line Items] | |
Entity Central Index Key | 0000027430 |
Amendment Flag | false |
Entity Current Reporting Status | No |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Shell Company | false |
Entity Registrant Name | THE DAYTON POWER AND LIGHT COMPANY |
Entity Incorporation, State or Country Code | OH |
Entity File Number | 1-2385 |
Entity Address, Address Line One | 1065 Woodman Drive |
Entity Address, Postal Zip Code | 45432 |
Local Phone Number | 259-7215 |
Entity Tax Identification Number | 31-0258470 |
Entity Small Business | false |
Entity Emerging Growth Company | false |
Entity Common Stock, Shares Outstanding | 41,172,173 |
Entity Address, City or Town | Dayton |
Entity Address, City or Town | OH |
City Area Code | 937 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Revenues | $ 224.2 | $ 262.1 | $ 666.3 | $ 652.3 |
OPERATING COSTS AND EXPENSES: | ||||
Utilities Operating Expense, Purchased Power | 67.2 | 180.2 | 276.9 | 361.6 |
Operating expenses: | ||||
Operation and maintenance | 56.6 | 48.8 | 170.7 | 132.7 |
Depreciation and amortization | 20.6 | 20 | 60.9 | 59.6 |
Taxes other than income taxes | 25.2 | 20.4 | 77.4 | 63.6 |
Gain (Loss) on Sale of Assets and Asset Impairment Charges, excluding Discontinued Operations | 0 | 0 | 0 | (0.6) |
Costs and Expenses | 169.6 | 269.4 | 585.9 | 616.9 |
OPERATING INCOME / (LOSS) | 54.6 | (7.3) | 80.4 | 35.4 |
OTHER INCOME / (EXPENSE), NET: | ||||
Interest expense, net | (7.8) | (18.1) | (45.2) | (50.1) |
Other Nonoperating Income (Expense) | 1.4 | 1.6 | 4.7 | 2 |
Total other expense, net | (6.4) | (16.5) | (40.5) | (48.1) |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 48.2 | (23.8) | 39.9 | (12.7) |
Income tax expense / (benefit) | 9.6 | (4.1) | 5.3 | (8.6) |
NET INCOME / (LOSS) | 38.6 | (19.7) | 34.6 | (4.1) |
Subsidiaries [Member] | ||||
Revenues | 222 | 259.9 | 659.5 | 645.6 |
OPERATING COSTS AND EXPENSES: | ||||
Utilities Operating Expense, Purchased Power | 67.2 | 179.8 | 276.4 | 360.6 |
Operating expenses: | ||||
Operation and maintenance | 56.7 | 48.2 | 169.1 | 131.3 |
Depreciation and amortization | 20.3 | 19.8 | 59.9 | 58.7 |
Taxes other than income taxes | 25.2 | 20.4 | 77.3 | 63.4 |
Gain (Loss) on Sale of Assets and Asset Impairment Charges, excluding Discontinued Operations | 0 | 0 | 0 | (0.6) |
Costs and Expenses | 169.4 | 268.2 | 582.7 | 613.4 |
OPERATING INCOME / (LOSS) | 52.6 | (8.3) | 76.8 | 32.2 |
OTHER INCOME / (EXPENSE), NET: | ||||
Interest expense, net | 1.3 | (8.4) | (16.7) | (21.1) |
Other Nonoperating Income (Expense) | 1.2 | 1.1 | 4 | 0.2 |
Total other expense, net | 2.5 | (7.3) | (12.7) | (20.9) |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 55.1 | (15.6) | 64.1 | 11.3 |
Income tax expense / (benefit) | 11.5 | (5.5) | 11.3 | (2.8) |
NET INCOME / (LOSS) | $ 43.6 | $ (10.1) | $ 52.8 | $ 14.1 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Jun. 30, 2023 | Mar. 31, 2023 | Sep. 30, 2022 | Jun. 30, 2022 | Mar. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Net income | $ 38.6 | $ (5.2) | $ 1.2 | $ (19.7) | $ 0.2 | $ 15.4 | $ 34.6 | $ (4.1) |
Derivative activity: | ||||||||
Reclassification of earnings, net of income tax | (0.2) | (0.1) | (0.6) | (0.5) | ||||
Pension and postretirement activity: | ||||||||
Reclassification to earnings, net of income tax | 0 | 0.2 | 0.1 | 0.7 | ||||
Other comprehensive income / (loss) | (0.2) | (0.1) | (0.2) | 0.1 | 0 | 0.1 | (0.5) | 0.2 |
NET COMPREHENSIVE INCOME / (LOSS) | 38.4 | (19.6) | 34.1 | (3.9) | ||||
Subsidiaries [Member] | ||||||||
Net income | 43.6 | (10.1) | 7.3 | 16.9 | 52.8 | 14.1 | ||
Pension and postretirement activity: | ||||||||
Reclassification to earnings, net of income tax | 0.1 | 0.6 | 0.3 | 2 | ||||
Other comprehensive income / (loss) | 0.1 | 0.1 | 0.1 | 0.6 | $ 0.7 | $ 0.7 | 0.3 | 2 |
NET COMPREHENSIVE INCOME / (LOSS) | 43.7 | (9.5) | 53.1 | 16.1 | ||||
Retained Earnings [Member] | Subsidiaries [Member] | ||||||||
Net income | $ (0.4) | $ 9.6 | ||||||
Change in unfunded pension obligation [Member] | Subsidiaries [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||||||||
Net income | $ (0.1) | $ (0.6) | $ (0.3) | $ (2) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, Tax | $ 0 | $ (0.1) | $ 0 | $ (0.2) |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax | 0 | 0.1 | 0.1 | 0.2 |
Other Comprehensive Income (Loss), Defined Benefit Plan, Transition Asset (Obligation), Reclassification Adjustment from AOCI, after Tax | 0 | 0.2 | 0.1 | 0.7 |
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | (0.2) | (0.1) | (0.6) | (0.5) |
Subsidiaries [Member] | ||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, Tax | (0.1) | (0.2) | (0.2) | (0.6) |
Other Comprehensive Income (Loss), Defined Benefit Plan, Transition Asset (Obligation), Reclassification Adjustment from AOCI, after Tax | $ 0.1 | $ 0.6 | $ 0.3 | $ 2 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 49.3 | $ 30.5 |
Accounts Receivable, after Allowance for Credit Loss, Current | 85.1 | 91.9 |
Inventories | 38 | 26.8 |
Taxes applicable to subsequent years | 24.1 | 94 |
Regulatory assets, current | 49 | 39.2 |
Income Taxes Receivable, Current | 4.9 | 10.9 |
Prepayments and other current assets | 9.4 | 3.9 |
Total current assets | 259.8 | 297.2 |
Property, plant & equipment: | ||
Property, plant & equipment | 2,428.6 | 2,193.6 |
Less: Accumulated depreciation and amortization | (520) | (505.7) |
Property, plant and equipment, net of depreciation | 1,908.6 | 1,687.9 |
Construction work in process | 175.8 | 197.1 |
Net property, plant & equipment | 2,084.4 | 1,885 |
Other non-current assets: | ||
Regulatory assets, non-current | 160.2 | 129.8 |
Intangible assets, net of amortization | 100.3 | 70.1 |
Other non-current assets | 51 | 40.3 |
Total other non-current assets | 311.5 | 240.2 |
Total assets | 2,655.7 | 2,422.4 |
Current liabilities: | ||
Current portion of long-term debt | 120.2 | 155.2 |
Accounts payable | 91.8 | 129.5 |
Accrued taxes | 104.6 | 88.4 |
Accrued interest | 22.9 | 16.1 |
Contract with Customer, Liability, Current | 26 | 16.7 |
Regulatory liabilities, current | 22.2 | 40.4 |
Other current liabilities | 27.1 | 20.9 |
Total current liabilities | 414.8 | 467.2 |
Non-current liabilities: | ||
Long-term debt | 1,637.3 | 1,535.7 |
Deferred Tax Liabilities, Net | 223.8 | 199 |
Taxes payable | 0.4 | 94.5 |
Regulatory liabilities, non-current | 186.8 | 198.7 |
Pension, retiree and other benefits | 34.7 | 41.8 |
Other deferred credits | 8.4 | 9.2 |
Total non-current liabilities | 2,091.4 | 2,078.9 |
Commitments and contingencies | ||
Common shareholder's equity: | ||
Common stock | 0 | 0 |
Other paid-in capital | 2,840.4 | 2,601.3 |
Accumulated other comprehensive income | (2.9) | (2.4) |
Retained Earnings (Accumulated Deficit) | (2,688) | (2,722.6) |
Total common shareholder's equity | 149.5 | (123.7) |
Total liabilities and shareholder's equity | $ 2,655.7 | $ 2,422.4 |
Common Stock, Shares Authorized | 1,500 | 1,500 |
Common stock, shares issued | 1 | 1 |
Subsidiaries [Member] | ||
CURRENT ASSETS: | ||
Cash and cash equivalents | $ 33 | $ 19.7 |
Accounts Receivable, after Allowance for Credit Loss, Current | 84.5 | 92.3 |
Inventories | 38 | 26.8 |
Taxes applicable to subsequent years | 24.1 | 93.9 |
Regulatory assets, current | 49 | 39.2 |
Income Taxes Receivable, Current | 28.9 | 29.6 |
Prepayments and other current assets | 11.3 | 4.2 |
Total current assets | 268.8 | 305.7 |
Property, plant & equipment: | ||
Property, plant & equipment | 2,972.9 | 2,752.7 |
Less: Accumulated depreciation and amortization | (1,086.1) | (1,086.5) |
Property, plant and equipment, net of depreciation | 1,886.8 | 1,666.2 |
Construction work in process | 172.6 | 195.3 |
Net property, plant & equipment | 2,059.4 | 1,861.5 |
Other non-current assets: | ||
Regulatory assets, non-current | 160.2 | 129.8 |
Intangible assets, net of amortization | 98.4 | 68.5 |
Other non-current assets | 51.2 | 40.4 |
Total other non-current assets | 309.8 | 238.7 |
Total assets | 2,638 | 2,405.9 |
Current liabilities: | ||
Current portion of long-term debt | 120.2 | 120.2 |
Accounts payable | 91.1 | 129.5 |
Accrued taxes | 104.4 | 88.3 |
Accrued interest | 10.5 | 3.4 |
Contract with Customer, Liability, Current | 25.9 | 16.3 |
Regulatory liabilities, current | 22.2 | 40.4 |
Other current liabilities | 24.4 | 18.7 |
Total current liabilities | 398.7 | 416.8 |
Non-current liabilities: | ||
Long-term debt | 812.7 | 712.5 |
Deferred Tax Liabilities, Net | 210.3 | 194.9 |
Taxes payable | 0.4 | 94.3 |
Regulatory liabilities, non-current | 186.8 | 198.7 |
Pension, retiree and other benefits | 34.7 | 41.8 |
Other deferred credits | 4.4 | 5.1 |
Total non-current liabilities | 1,249.3 | 1,247.3 |
Commitments and contingencies | ||
Par value common shares (in USD per share) | $ 0.01 | $ 0.01 |
Common shareholder's equity: | ||
Common stock | $ 0.4 | $ 0.4 |
Other paid-in capital | 977.4 | 773.6 |
Accumulated other comprehensive income | (26.5) | (26.8) |
Retained Earnings (Accumulated Deficit) | 38.7 | (5.4) |
Total common shareholder's equity | 990 | 741.8 |
Total liabilities and shareholder's equity | $ 2,638 | $ 2,405.9 |
Common Stock, Shares, Outstanding | 41,172,173 | 41,172,173 |
Common Stock, Shares Authorized | 50,000,000 | 50,000,000 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 | Sep. 30, 2022 | Dec. 31, 2021 |
Common Stock, Shares Authorized | 1,500 | 1,500 | ||
Common stock, shares issued | 1 | 1 | ||
Accounts Receivable, Allowance for Credit Loss, Current | $ 1 | $ 0.5 | $ 0.4 | $ 0.3 |
Subsidiaries [Member] | ||||
Common Stock, Shares Authorized | 50,000,000 | 50,000,000 | ||
Common Stock, Shares, Outstanding | 41,172,173 | 41,172,173 | ||
Common stock, par value (in USD per share) | $ 0.01 | $ 0.01 | ||
Accounts Receivable, Allowance for Credit Loss, Current | $ 1 | $ 0.5 | $ 0.4 | $ 0.3 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Cash flows from operating activities: | ||
Net income | $ 34.6 | $ (4.1) |
Adjustments to reconcile net income / (loss) to Net cash provided by operating activities: | ||
Depreciation and amortization | 60.9 | 59.6 |
Deferred income taxes | 20.9 | (10.7) |
Gain (Loss) on Disposition of Business, Including Discontinued Operation | 0 | (0.6) |
Changes in certain assets and liabilities: | ||
Accounts receivable, net | 6.8 | (18) |
Inventories | (11.2) | (6.5) |
Taxes applicable to subsequent years | 69.9 | 62.9 |
Current and non-current regulatory assets and liabilities | (67.8) | 55.4 |
Prepayments and other current assets | (5.5) | (3.9) |
Increase (Decrease) in Other Noncurrent Assets | 3.7 | 5.9 |
Accounts payable | (36.4) | (5.7) |
Accrued taxes payable / receivable | (71.9) | (77.8) |
Accrued interest | 6.8 | 5.1 |
Increase (Decrease) in Other Accrued Liabilities | 15.5 | 0.6 |
Increase (Decrease) in Obligation, Pension and Other Postretirement Benefits | (7.1) | (9.2) |
Other | (2.3) | (1) |
Net Cash Provided by (Used in) Operating Activities | 16.9 | 52 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Capital expenditures | (286) | (193) |
Payments for (Proceeds from) Removal Costs | (16) | (14.7) |
Other investing activities, net | 0.2 | (0.1) |
Net cash used in investing activities | (301.8) | (207.8) |
Cash flows from financing activities: | ||
Payments of Deferred Finance Costs | (0.3) | (1.5) |
Proceeds from Lines of Credit | 205 | 185 |
Repayments of Lines of Credit | (240) | (150) |
Proceeds from Issuance of Long-term Debt | 100 | 140 |
Net cash provided by financing activities | 303.7 | 173.5 |
Cash, cash equivalents, and restricted cash: | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 18.8 | 17.7 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 49.4 | 44.4 |
Non-cash financing and investing activities: | ||
Accruals for capital expenditures | 46.2 | 31.4 |
Supplemental cash flow information: | ||
Interest paid, net of amounts capitalized | 47.2 | 41.3 |
Proceeds from Contributions from Parent | 239 | 0 |
Subsidiaries [Member] | ||
Cash flows from operating activities: | ||
Net income | 52.8 | 14.1 |
Adjustments to reconcile net income / (loss) to Net cash provided by operating activities: | ||
Depreciation and amortization | 59.9 | 58.7 |
Deferred income taxes | 11.3 | (6.9) |
Gain (Loss) on Disposition of Business, Including Discontinued Operation | 0 | (0.6) |
Changes in certain assets and liabilities: | ||
Accounts receivable, net | 7.9 | (17.7) |
Inventories | (11.2) | (6.5) |
Taxes applicable to subsequent years | 69.8 | 62.8 |
Current and non-current regulatory assets and liabilities | (67.8) | 55.4 |
Prepayments and other current assets | (7.1) | (4.5) |
Increase (Decrease) in Other Noncurrent Assets | 4.1 | 5.7 |
Accounts payable | (37.3) | (6.8) |
Accrued taxes payable / receivable | (77.1) | (75.9) |
Accrued interest | 7.1 | 5.3 |
Increase (Decrease) in Other Accrued Liabilities | 15.3 | 0.2 |
Increase (Decrease) in Obligation, Pension and Other Postretirement Benefits | (7.1) | (9.2) |
Other | (2.8) | (0.8) |
Net Cash Provided by (Used in) Operating Activities | 17.8 | 73.3 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Capital expenditures | (283.4) | (191) |
Payments for (Proceeds from) Removal Costs | (16) | (14.5) |
Other investing activities, net | 0.2 | 0.4 |
Net cash used in investing activities | (299.2) | (205.1) |
Cash flows from financing activities: | ||
Payments of Dividends | (65) | (49) |
Payments of Deferred Finance Costs | (0.3) | (1) |
Proceeds from Lines of Credit | 205 | 185 |
Repayments of Lines of Credit | (205) | (130) |
Proceeds from Issuance of Long-term Debt | 100 | 140 |
Net cash provided by financing activities | 294.7 | 145 |
Cash, cash equivalents, and restricted cash: | ||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 13.3 | 13.2 |
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 33.1 | 27.7 |
Non-cash financing and investing activities: | ||
Accruals for capital expenditures | 46.2 | 31.2 |
Supplemental cash flow information: | ||
Interest paid, net of amounts capitalized | 19.2 | 12.9 |
Proceeds from Contributions from Parent | $ 260 | $ 0 |
Statement of Shareholders' Equi
Statement of Shareholders' Equity (Statement) - USD ($) $ in Millions | Total | Subsidiaries [Member] | Common Stock [Member] | Common Stock [Member] Subsidiaries [Member] | Other Additional Capital [Member] | Other Additional Capital [Member] Subsidiaries [Member] | AOCI Attributable to Parent [Member] | AOCI Attributable to Parent [Member] Subsidiaries [Member] | Retained Earnings [Member] | Retained Earnings [Member] Subsidiaries [Member] |
Shares, Issued | 1 | 41,172,173 | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ (121.4) | $ 782.2 | $ 0 | $ 0.4 | $ 2,601.3 | $ 822.5 | $ (4.8) | $ (31.8) | $ (2,717.9) | $ (8.9) |
Other Comprehensive Income (Loss), Net of Tax | 0.1 | 0.7 | ||||||||
Net income | 15.4 | 16.9 | ||||||||
Stockholders' Equity, Other | (0.3) | 0 | 0 | 0.3 | ||||||
Payments of Dividends | 9 | 9 | 0 | |||||||
Net Income (Loss) Attributable to Parent | 15.4 | 16.9 | ||||||||
Other Comprehensive Income (Loss), Net of Tax | 0.2 | 2 | ||||||||
Net income | (4.1) | 14.1 | ||||||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | (3.9) | 16.1 | ||||||||
Payments of Dividends | 49 | 15 | 34 | |||||||
Proceeds from Contributions from Parent | 0 | 0 | ||||||||
Shares, Issued | 1 | 41,172,173 | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (105.9) | 790.5 | $ 0 | $ 0.4 | 2,601.3 | 813.5 | (4.7) | (31.1) | (2,702.5) | 7.7 |
Other Comprehensive Income (Loss), Net of Tax | 0 | 0.7 | ||||||||
Net income | 0.2 | 7.3 | ||||||||
Payments of Dividends | 25 | 10 | 15 | |||||||
Net Income (Loss) Attributable to Parent | 0.2 | 7.3 | ||||||||
Shares, Issued | 1 | 41,172,173 | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (105.7) | 773.5 | $ 0 | $ 0.4 | 2,601.3 | 803.5 | (4.7) | (30.4) | (2,702.3) | 0 |
Other Comprehensive Income (Loss), Net of Tax | 0.1 | 0.6 | ||||||||
Net income | (19.7) | (10.1) | ||||||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | (19.6) | (9.5) | ||||||||
Stockholders' Equity, Other | 0 | (0.1) | 0.1 | |||||||
Payments of Dividends | 15 | 15 | ||||||||
Net Income (Loss) Attributable to Parent | (19.7) | (10.1) | ||||||||
Shares, Issued | 1 | 41,172,173 | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (125.3) | 749 | $ 0 | $ 0.4 | 2,601.3 | 788.6 | (4.6) | (29.8) | (2,722) | (10.2) |
Shares, Issued | 1 | 41,172,173 | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ (123.7) | $ 741.8 | $ 0 | 2,601.3 | (2.4) | (2,722.6) | ||||
Common Stock, Shares Authorized | 1,500 | 50,000,000 | ||||||||
Common Stock, Value, Issued | $ 0 | $ 0.4 | ||||||||
Other paid-in capital | 2,601.3 | 773.6 | ||||||||
Accumulated other comprehensive income | (2.4) | (26.8) | ||||||||
Retained Earnings (Accumulated Deficit) | (2,722.6) | $ (5.4) | ||||||||
Par value common shares (in USD per share) | $ 0.01 | |||||||||
Other Comprehensive Income (Loss), Net of Tax | (0.2) | $ 0.1 | 0.1 | |||||||
Net income | 1.2 | 9.6 | ||||||||
Stockholders' Equity, Other | 0.1 | 0.1 | ||||||||
Payments of Dividends | 15 | 13.1 | 1.9 | |||||||
Net Income (Loss) Attributable to Parent | 1.2 | 9.6 | ||||||||
Other Comprehensive Income (Loss), Net of Tax | (0.5) | 0.3 | ||||||||
Net income | 34.6 | 52.8 | ||||||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 34.1 | 53.1 | ||||||||
Payments of Dividends | 65 | 8.7 | 56.3 | |||||||
Proceeds from Contributions from Parent | 239 | 260 | ||||||||
Shares, Issued | 1 | 41,172,173 | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (122.7) | 736.6 | $ 0 | $ 0.4 | 2,601.3 | 760.5 | (2.6) | (26.7) | (2,721.4) | 2.4 |
Other Comprehensive Income (Loss), Net of Tax | (0.1) | 0.1 | 0.1 | |||||||
Net income | (5.2) | (0.4) | ||||||||
Stockholders' Equity, Other | 0.1 | 0.1 | 0.1 | 0.1 | 0 | |||||
Payments of Dividends | 40 | 37.8 | 2.2 | |||||||
Net Income (Loss) Attributable to Parent | (5.2) | (0.4) | ||||||||
Proceeds from Contributions from Parent | 112 | 125 | 112 | |||||||
Shares, Issued | 1 | 41,172,173 | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | (15.9) | 821.4 | $ 0 | $ 0.4 | 2,713.4 | 847.8 | (2.7) | (26.6) | (2,726.6) | (0.2) |
Other Comprehensive Income (Loss), Net of Tax | (0.2) | 0.1 | 0.1 | |||||||
Net income | 38.6 | 43.6 | ||||||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 38.4 | 43.7 | ||||||||
Stockholders' Equity, Other | (0.1) | 0 | (0.1) | |||||||
Payments of Dividends | 10 | 5.4 | 4.6 | |||||||
Net Income (Loss) Attributable to Parent | 38.6 | 43.6 | ||||||||
Proceeds from Contributions from Parent | 127 | 135 | 127 | |||||||
Shares, Issued | 1 | 41,172,173 | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest | $ 149.5 | $ 990 | $ 0 | $ 0.4 | $ 2,840.4 | $ 977.4 | $ (2.9) | $ (26.5) | $ (2,688) | $ 38.7 |
Common Stock, Shares Authorized | 1,500 | 50,000,000 | ||||||||
Common Stock, Value, Issued | $ 0 | $ 0.4 | ||||||||
Other paid-in capital | 2,840.4 | 977.4 | ||||||||
Accumulated other comprehensive income | (2.9) | (26.5) | ||||||||
Retained Earnings (Accumulated Deficit) | $ (2,688) | $ 38.7 | ||||||||
Par value common shares (in USD per share) | $ 0.01 |
Overview and Summary of Signifi
Overview and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2023 | |
Significant Accounting Policies [Line Items] | |
Overview and Summary of Significant Accounting Policies | OVERVIEW AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES DPL, an indirectly wholly-owned subsidiary of AES, is a holding company organized in 1985 under the laws of Ohio. DPL owns all of the outstanding common stock of DP&L, which does business as AES Ohio. Substantially all of DPL’s business consists of transmitting, distributing and selling of electric energy conducted through its principal subsidiary, AES Ohio. The terms “we,” “us,” “our” and “ours” are used to refer to DPL and its subsidiaries. AES Ohio 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, retail transmission and distribution services are still regulated. AES Ohio has the exclusive right to provide such transmission and distribution services to approximately 538,000 customers located in West Central Ohio. Principal industries located in AES Ohio’s service territory include automotive, food processing, paper, plastic, manufacturing and defense. AES Ohio also provides retail SSO electric service to residential, commercial, industrial and governmental customers in a 6,000-square mile area of West Central Ohio. AES Ohio sources all of the generation for its SSO customers through a competitive bid process. AES Ohio's sales reflect the general economic conditions, seasonal weather patterns of the area, the market price of electricity and customer energy efficiency initiatives. AES Ohio owns numerous transmission facilities. AES Ohio records revenue and expenses for its proportional share of energy and capacity from its investment in OVEC. DPL’s other primary subsidiaries are MVIC and Miami Valley Lighting. MVIC is our captive insurance company that provides insurance services to AES Ohio and our other subsidiaries, and Miami Valley Lighting provides street and outdoor lighting services to customers in the Dayton region. DPL's subsidiaries are all 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. AES Ohio’s electric transmission and distribution businesses are subject to rate regulation by federal and state regulators. Accordingly, AES Ohio 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 or overcollections of riders. Consolidation DPL’s Condensed Consolidated Financial Statements include the accounts of DPL and its wholly-owned subsidiaries except for DPL Capital Trust II, which is not consolidated consistent with the provisions of GAAP. We have evaluated subsequent events through the date this report is issued. All material intercompany accounts and transactions are eliminated in consolidation. Interim Financial Presentation The accompanying unaudited condensed consolidated financial statements and footnotes have been prepared in accordance with GAAP, as contained in the FASB FASC, for interim financial information and Article 10 of Regulation S-X issued by the SEC. Accordingly, they do not include all the information and footnotes required by GAAP for annual fiscal reporting periods. In the opinion of management, the interim financial information includes all adjustments of a normal recurring nature necessary for a fair presentation of the results of operations, financial position, comprehensive income or loss, changes in shareholder's equity / (deficit), and cash flows. The results of operations for the three and nine months ended September 30, 2023 are not necessarily indicative of expected results for the year ending December 31, 2023. The accompanying condensed consolidated financial statements are unaudited and should be read in conjunction with the 2022 audited consolidated financial statements and footnotes thereto, which are included in our Form 10-K. Use of Management Estimates The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the revenue and expenses of the periods reported. Actual results could differ from these estimates and assumptions. Significant items subject to such estimates and assumptions include: the carrying value of property, plant and equipment; unbilled revenue; the valuation of allowances for credit losses and deferred income taxes; regulatory assets and liabilities; reserves recorded for income tax exposures; litigation; contingencies; and assets and liabilities related to employee benefits. Cash, Cash Equivalents and Restricted Cash The following table summarizes cash, cash equivalents, and restricted cash amounts reported on the Condensed Consolidated Balance Sheets that reconcile to the total of such amounts as shown on the Condensed Consolidated Statements of Cash Flows: $ in millions September 30, 2023 December 31, 2022 Cash and cash equivalents $ 49.3 $ 30.5 Restricted cash (included in Prepayments and other current assets ) 0.1 0.1 Cash, Cash Equivalents, and Restricted Cash, End of Period $ 49.4 $ 30.6 Accounts Receivable and Allowance for Credit Losses The following table summarizes accounts receivable as of September 30, 2023 and December 31, 2022: September 30, December 31, $ in millions 2023 2022 Accounts receivable, net: Customer receivables $ 60.4 $ 61.3 Unbilled revenue 15.8 24.0 Amounts due from affiliates 1.0 3.2 Other 8.9 3.9 Allowance for credit losses (1.0) (0.5) Total accounts receivable, net $ 85.1 $ 91.9 The following table is a roll forward of our allowance for credit losses related to the accounts receivable balances for the nine months ended September 30, 2023 and 2022: September 30, September 30, $ in millions 2023 2022 Allowance for credit losses: Beginning balance $ 0.5 $ 0.3 Current period provision 4.1 1.4 Write-offs charged against allowances (4.4) (2.1) Recoveries collected 0.8 0.8 Ending balance $ 1.0 $ 0.4 Inventories Inventories consist of materials and supplies as of September 30, 2023 and December 31, 2022. Regulatory Accounting As a regulated utility, AES Ohio applies the provisions of ASC 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. 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 revenue collected for costs that AES Ohio 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 the 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 the FERC or established regulatory practices, such as other utilities under the jurisdiction of the PUCO or the FERC being granted recovery of similar costs. It is probable, but not certain, that these regulatory assets will be recoverable, subject to approval by the PUCO or the FERC. Regulatory assets and liabilities are classified as current or non-current based on the term in which recovery is expected. See Note 2. Regulatory Matters in Item 8. Financial Statements and Supplementary Data of our Form 10-K for more information. AFUDC AES Ohio capitalizes an allowance for the net cost of funds (interest on borrowed funds and a reasonable rate of return on equity funds) used for construction purposes during the period of construction with a corresponding credit to income. During the three and nine months ended September 30, 2023 and 2022, AFUDC equity and AFUDC debt were as follows: Three months ended Nine months ended September 30, September 30, $ in millions 2023 2022 2023 2022 AFUDC equity $ 1.3 $ 2.0 $ 3.8 $ 4.0 AFUDC debt $ 1.6 $ (0.4) $ 4.5 $ 0.8 AOCL The amounts reclassified out of AOCL by component during the three and nine months ended September 30, 2023 and 2022 are as follows: Details about AOCL components Affected line item in the Condensed Consolidated Statements of Operations Three months ended Nine months ended September 30, September 30, $ in millions 2023 2022 2023 2022 Net gains on cash flow hedges (Note 4): Interest expense $ (0.2) $ (0.2) $ (0.7) $ (0.7) Income tax effect — 0.1 0.1 0.2 Net of income taxes (0.2) (0.1) (0.6) (0.5) Amortization of unfunded pension and other postretirement obligations (Note 7): Other expense — 0.3 0.1 0.9 Income tax effect — (0.1) — (0.2) Net of income taxes — 0.2 0.1 0.7 Total reclassifications for the period, net of income taxes $ (0.2) $ 0.1 $ (0.5) $ 0.2 The changes in the components of AOCL during the nine months ended September 30, 2023 are as follows: $ in millions Change in cash flow hedges Change in unfunded pension and other postretirement obligations Total Balance as of January 1, 2023 $ 12.0 $ (14.4) $ (2.4) Amounts reclassified from AOCL to earnings (0.6) 0.1 (0.5) Balance as of September 30, 2023 $ 11.4 $ (14.3) $ (2.9) Accounting for Taxes Collected from Customers and Remitted to Governmental Authorities AES Ohio collects certain excise taxes levied by state or local governments from its customers. These taxes are accounted for on a net basis and not included in revenue. The amounts of such taxes collected for the three and nine months ended September 30, 2023 and 2022 were as follows: Three months ended Nine months ended September 30, September 30, $ in millions 2023 2022 2023 2022 Excise taxes collected $ 12.8 $ 13.0 $ 35.4 $ 37.6 New Accounting Pronouncements Adopted in 2023 We have assessed and determined that the new accounting pronouncements adopted did not have a material impact on our consolidated financial statements. New Accounting Pronouncements Issued But Not Yet Effective The following table provides a brief description of recent accounting pronouncements that could have a material impact on our consolidated financial statements. Accounting pronouncements not listed below were assessed and determined to be either not applicable or are expected to have no material impact on our consolidated financial statements. |
Subsidiaries [Member] | |
Significant Accounting Policies [Line Items] | |
Overview and Summary of Significant Accounting Policies | OVERVIEW AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES DP&L, which does business as AES Ohio, 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, retail transmission and distribution services are still regulated. AES Ohio has the exclusive right to provide such transmission and distribution services to approximately 538,000 customers located in West Central Ohio. Principal industries located in AES Ohio’s service territory include automotive, food processing, paper, plastic, manufacturing and defense. AES Ohio also provides retail SSO electric service to residential, commercial, industrial and governmental customers in a 6,000-square mile area of West Central Ohio. AES Ohio sources all of the generation for its SSO customers through a competitive bid process. AES Ohio's sales reflect the general economic conditions, seasonal weather patterns of the area, the market price of electricity and customer energy efficiency initiatives. AES Ohio owns numerous transmission facilities. AES Ohio records revenue and expenses for its proportional share of energy and capacity from its investment in OVEC. AES Ohio has one reportable segment, the Utility segment. In addition to AES Ohio's electric transmission and distribution businesses, the Utility segment includes revenue and expenses associated with AES Ohio's investment in OVEC. AES Ohio is a subsidiary of DPL. The terms “we,” “us,” “our” and “ours” are used to refer to AES Ohio. AES Ohio’s electric transmission and distribution businesses are subject to rate regulation by federal and state regulators. Accordingly, AES Ohio 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 or overcollections of riders. Financial Statement Presentation AES Ohio does not have any subsidiaries. We have evaluated subsequent events through the date this report is issued. Interim Financial Presentation The accompanying unaudited condensed financial statements and footnotes have been prepared in accordance with GAAP, as contained in the FASB FASC, for interim financial information and Article 10 of Regulation S-X issued by the SEC. Accordingly, they do not include all the information and footnotes required by GAAP for annual fiscal reporting periods. In the opinion of management, the interim financial information includes all adjustments of a normal recurring nature necessary for a fair presentation of the results of operations, financial position, comprehensive income or loss, changes in shareholder's equity, and cash flows. The results of operations for the three and nine months ended September 30, 2023 are not necessarily indicative of expected results for the year ending December 31, 2023. The accompanying condensed financial statements are unaudited and should be read in conjunction with the 2022 audited consolidated financial statements and footnotes thereto, which are included in our Form 10-K. Use of Management Estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the revenue and expenses of the periods reported. Actual results could differ from these estimates and assumptions. Significant items subject to such estimates and assumptions include: the carrying value of property, plant and equipment; unbilled revenue; the valuation of allowances for credit losses and deferred income taxes; regulatory assets and liabilities; reserves recorded for income tax exposures; litigation; contingencies; and assets and liabilities related to employee benefits. Cash, Cash Equivalents and Restricted Cash The following table summarizes cash, cash equivalents, and restricted cash amounts reported on the Condensed Balance Sheets that reconcile to the total of such amounts as shown on the Condensed Statements of Cash Flows: $ in millions September 30, 2023 December 31, 2022 Cash and cash equivalents $ 33.0 $ 19.7 Restricted cash (included in Prepayments and other current assets ) 0.1 0.1 Cash, Cash Equivalents, and Restricted Cash, End of Period $ 33.1 $ 19.8 Accounts Receivable and Allowance for Credit Losses The following table summarizes accounts receivable as of September 30, 2023 and December 31, 2022: September 30, December 31, $ in millions 2023 2022 Accounts receivable, net: Customer receivables $ 59.2 $ 60.6 Unbilled revenue 15.8 24.0 Amounts due from affiliates 1.5 4.4 Other 9.0 3.8 Allowance for credit losses (1.0) (0.5) Total accounts receivable, net $ 84.5 $ 92.3 The following table is a roll forward of our allowance for credit losses related to the accounts receivable balances for the nine months ended September 30, 2023 and 2022: September 30, September 30, $ in millions 2023 2022 Allowance for credit losses: Beginning balance $ 0.5 $ 0.3 Current period provision 4.1 1.4 Write-offs charged against allowances (4.4) (2.1) Recoveries collected 0.8 0.8 Ending balance $ 1.0 $ 0.4 Inventories Inventories consist of materials and supplies as of September 30, 2023 and December 31, 2022. Regulatory Accounting As a regulated utility, AES Ohio applies the provisions of ASC 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. 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 revenue collected for costs that AES Ohio 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 the 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 the FERC or established regulatory practices, such as other utilities under the jurisdiction of the PUCO or the FERC being granted recovery of similar costs. It is probable, but not certain, that these regulatory assets will be recoverable, subject to approval by the PUCO or the FERC. Regulatory assets and liabilities are classified as current or non-current based on the term in which recovery is expected. See Note 2. Regulatory Matters in Item 8. Financial Statements and Supplementary Data of our Form 10-K for more information. AFUDC AES Ohio capitalizes an allowance for the net cost of funds (interest on borrowed funds and a reasonable rate of return on equity funds) used for construction purposes during the period of construction with a corresponding credit to income. During the three and nine months ended September 30, 2023 and 2022, AFUDC equity and AFUDC debt were as follows: Three months ended Nine months ended September 30, September 30, $ in millions 2023 2022 2023 2022 AFUDC equity $ 1.3 $ 2.0 $ 3.8 $ 4.0 AFUDC debt $ 1.6 $ (0.4) $ 4.5 $ 0.8 AOCL The amounts reclassified out of AOCL by component during the three and nine months ended September 30, 2023 and 2022 are as follows: Details about AOCL components Affected line item in the Condensed Statements of Operations Three months ended Nine months ended September 30, September 30, $ in millions 2023 2022 2023 2022 Amortization of unfunded pension and other postretirement obligations (Note 6): Other expense $ 0.2 $ 0.8 $ 0.5 $ 2.6 Income tax effect (0.1) (0.2) (0.2) (0.6) Net of income taxes 0.1 0.6 0.3 2.0 Total reclassifications for the period, net of income taxes $ 0.1 $ 0.6 $ 0.3 $ 2.0 The changes in the components of AOCL during the nine months ended September 30, 2023 are as follows: $ in millions Change in Accumulated other comprehensive loss Balance as of January 1, 2023 $ (26.8) Amounts reclassified from AOCL to earnings 0.3 Balance as of September 30, 2023 $ (26.5) Accounting for Taxes Collected from Customers and Remitted to Governmental Authorities AES Ohio collects certain excise taxes levied by state or local governments from its customers. These taxes are accounted for on a net basis and not included in revenue. The amounts of such taxes collected for the three and nine months ended September 30, 2023 and 2022 were as follows: Three months ended Nine months ended September 30, September 30, $ in millions 2023 2022 2023 2022 Excise taxes collected $ 12.8 $ 13.0 $ 35.4 $ 37.6 New Accounting Pronouncements Adopted in 2023 We have assessed and determined that the new accounting pronouncements adopted did not have a material impact on our financial statements. New Accounting Pronouncements Issued But Not Yet Effective The following table provides a brief description of recent accounting pronouncements that could have a material impact on our consolidated financial statements. Accounting pronouncements not listed below were assessed and determined to be either not applicable or are expected to have no material impact on our consolidated financial statements. ASU Number and Name Description Date of Adoption Effect on the financial statements upon adoption 2023-06 Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative In U.S. Securities and Exchange Commission (SEC) Release No. 33-10532, Disclosure Update and Simplification, issued August 17, 2018, the SEC referred certain of its disclosure requirements that overlap with, but require incremental information to, generally accepted accounting principles (GAAP) to the FASB for potential incorporation into the Codification. The amendments in this Update are the result of the Board’s decision to incorporate into the Codification 14 of the 27 disclosures referred by the SEC. The amendments in this Update represent changes to clarify or improve disclosure and presentation requirements of a variety of Topics. Many of the amendments allow users to more easily compare entities subject to the SEC’s existing disclosures with those entities that were not previously subject to the SEC’s requirements. Also, the amendments align the requirements in the Codification with the SEC’s regulations. The effective date for each amendment will be the date on which the SEC's removal of that related disclosure becomes effective, with early adoption prohibited. We are currently evaluating the impact of adopting the standard on our condensed financial statements. |
Regulatory Matters (Notes)
Regulatory Matters (Notes) | 9 Months Ended |
Sep. 30, 2023 | |
Schedule of Regulatory Assets and Liabilities [Text Block] | REGULATORY MATTERS AES Ohio ESPs and Smart Grid Comprehensive Settlement AES Ohio ESP – Ohio law requires utilities to file either an ESP or MRO plan to establish SSO rates. AES Ohio is currently operating pursuant to ESP 4, described in the paragraph below. From November 1, 2017 through December 18, 2019, AES Ohio operated pursuant to an approved ESP, which was initially approved on October 20, 2017 (ESP 3). On December 18, 2019, the PUCO approved AES Ohio's Notice of Withdrawal and reversion to its prior rate plan (ESP 1). Among other items, the PUCO Order approving the ESP 1 rate plan included reinstating the non-bypassable RSC Rider, which provided annual revenue of approximately $79.0 million. The OCC has appealed to the Ohio Supreme Court the PUCO's decision approving the reversion to ESP 1 as well as argued for a refund of the RSC revenue dating back to August 2021. Oral argument regarding this appeal, which has been consolidated with the appeal regarding the Smart Grid Comprehensive Settlement described in the paragraph below, is expected but not yet scheduled. We are unable to predict the outcome of this appeal, but if this results in terms that are more adverse than AES Ohio's current ESP rate plan, it could have a material adverse effect on our results of operations, financial condition and cash flows. Smart Grid Comprehensive Settlement - On October 23, 2020, AES Ohio entered into a Stipulation and Recommendation with the staff of the PUCO, various customers and organizations representing customers of AES Ohio and certain other parties with respect to, among other matters, AES Ohio's applications pending at the PUCO for (i) approval of AES Ohio's plan to modernize its distribution grid (the Smart Grid Plan), (ii) findings that AES Ohio passed the SEET for 2018 and 2019, and (iii) findings that AES Ohio's ESP 1 satisfies the SEET prospectively and the more favorable in the aggregate (MFA) regulatory test. On June 16, 2021, the PUCO issued their opinion and order accepting the stipulation as filed. The OCC appealed the final PUCO order to the Ohio Supreme Court on December 6, 2021. Oral arguments regarding this appeal, which have been consolidated with the appeal regarding the reversion to ESP 1 described in the paragraph above, are expected but not yet scheduled. ESP 4 – On September 26, 2022, AES Ohio filed its latest ESP (ESP 4) with the PUCO. ESP 4 is a comprehensive plan to enhance and upgrade its network and improve service reliability, provide greater safeguards for price stability and continue investments in local economic development. On April 10, 2023, AES Ohio entered into a Stipulation and Recommendation with the PUCO Staff and seventeen parties (the “Settlement”) with respect to AES Ohio’s ESP 4 application, and, on August 9, 2023, the PUCO approved the Settlement without modification. The Settlement provides for a three-year ESP without a rate stability charge, and, in addition to other items, provides for the following: • A Distribution Investment Rider for the term of the ESP allowing for the timely recovery of distribution investments by AES Ohio based on a 9.999% return on equity, subject to revenue caps; • The recovery of approximately $66.0 million related to past expenditures by AES Ohio plus future carrying costs and the recovery of incremental vegetation management expenses up to certain annual limits during the term of ESP 4. During the third quarter of 2023, AES Ohio deferred $28.3 million of previously recognized purchased power costs and an additional $10.7 million of carrying costs related to this recovery; and • Funding of programs for assistance to low-income customers and for economic development. Additionally, with approval of this Settlement, the distribution rates that were approved by the PUCO on December 14, 2022, and are described in the paragraph below, became effective on September 1, 2023. Distribution Rate Case On November 30, 2020, AES Ohio filed a distribution rate case application with the PUCO to increase AES Ohio’s base rates for electric distribution service to address, in part, increased costs of materials and labor and substantial investments to improve distribution structures. On December 14, 2022, the PUCO issued an order on the application. Among other matters, the order: • Establishes a revenue increase of $75.6 million for AES Ohio’s base rates for electric distribution service; and • Provides for a return on equity of 9.999% and a cost of long-term debt of 4.4% on a distribution rate base of $783.5 million and based on a capital structure of 53.87% equity and 46.13% long-term debt. These rates went into effect on September 1, 2023 with the approval of AES Ohio's ESP 4. |
Subsidiaries [Member] | |
Schedule of Regulatory Assets and Liabilities [Text Block] | REGULATORY MATTERS AES Ohio ESPs and Smart Grid Comprehensive Settlement AES Ohio ESP – Ohio law requires utilities to file either an ESP or MRO plan to establish SSO rates. AES Ohio is currently operating pursuant to ESP 4, described in the paragraph below. From November 1, 2017 through December 18, 2019, AES Ohio operated pursuant to an approved ESP, which was initially approved on October 20, 2017 (ESP 3). On December 18, 2019, the PUCO approved AES Ohio's Notice of Withdrawal and reversion to its prior rate plan (ESP 1). Among other items, the PUCO Order approving the ESP 1 rate plan included reinstating the non-bypassable RSC Rider, which provided annual revenue of approximately $79.0 million. The OCC has appealed to the Ohio Supreme Court the PUCO's decision approving the reversion to ESP 1 as well as argued for a refund of the RSC revenue dating back to August 2021. Oral argument regarding this appeal, which has been consolidated with the appeal regarding the Smart Grid Comprehensive Settlement described in the paragraph below, is expected but not yet scheduled. We are unable to predict the outcome of this appeal, but if this results in terms that are more adverse than AES Ohio's current ESP rate plan, it could have a material adverse effect on our results of operations, financial condition and cash flows. Smart Grid Comprehensive Settlement - On October 23, 2020, AES Ohio entered into a Stipulation and Recommendation with the staff of the PUCO, various customers and organizations representing customers of AES Ohio and certain other parties with respect to, among other matters, AES Ohio's applications pending at the PUCO for (i) approval of AES Ohio's plan to modernize its distribution grid (the Smart Grid Plan), (ii) findings that AES Ohio passed the SEET for 2018 and 2019, and (iii) findings that AES Ohio's ESP 1 satisfies the SEET prospectively and the more favorable in the aggregate (MFA) regulatory test. On June 16, 2021, the PUCO issued their opinion and order accepting the stipulation as filed. The OCC appealed the final PUCO order to the Ohio Supreme Court on December 6, 2021. Oral arguments regarding this appeal, which have been consolidated with the appeal regarding the reversion to ESP 1 described in the paragraph above, are expected but not yet scheduled. ESP 4 – On September 26, 2022, AES Ohio filed its latest ESP (ESP 4) with the PUCO. ESP 4 is a comprehensive plan to enhance and upgrade its network and improve service reliability, provide greater safeguards for price stability and continue investments in local economic development. On April 10, 2023, AES Ohio entered into a Stipulation and Recommendation with the PUCO Staff and seventeen parties (the “Settlement”) with respect to AES Ohio’s ESP 4 application, and, on August 9, 2023, the PUCO approved the Settlement without modification. The Settlement provides for a three-year ESP without a rate stability charge, and, in addition to other items, provides for the following: • A Distribution Investment Rider for the term of the ESP allowing for the timely recovery of distribution investments by AES Ohio based on a 9.999% return on equity, subject to revenue caps; • The recovery of approximately $66.0 million related to past expenditures by AES Ohio plus future carrying costs and the recovery of incremental vegetation management expenses up to certain annual limits during the term of ESP 4. During the third quarter of 2023, AES Ohio deferred $28.3 million of previously recognized purchased power costs and an additional $10.7 million of carrying costs related to this recovery; and • Funding of programs for assistance to low-income customers and for economic development. Additionally, with approval of this Settlement, the distribution rates that were approved by the PUCO on December 14, 2022, and are described in the paragraph below, became effective on September 1, 2023. Distribution Rate Case On November 30, 2020, AES Ohio filed a distribution rate case application with the PUCO to increase AES Ohio’s base rates for electric distribution service to address, in part, increased costs of materials and labor and substantial investments to improve distribution structures. On December 14, 2022, the PUCO issued an order on the application. Among other matters, the order: • Establishes a revenue increase of $75.6 million for AES Ohio’s base rates for electric distribution service; and • Provides for a return on equity of 9.999% and a cost of long-term debt of 4.4% on a distribution rate base of $783.5 million and based on a capital structure of 53.87% equity and 46.13% long-term debt. These rates went into effect on September 1, 2023 with the approval of AES Ohio's ESP 4. |
Fair Value
Fair Value | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value | FAIR VALUE The fair value of our financial assets and liabilities approximates their reported carrying amounts. The estimated fair values of our assets and liabilities have been determined using available market information. Because these amounts are estimates and based on hypothetical transactions to sell assets or transfer liabilities, the use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. For further information on our valuation techniques and policies, see Note 4. Fair Value in Item 8. Financial Statements and Supplementary Data of our Form 10-K. Financial Assets AES Ohio established a Master Trust to hold assets that could be used for the benefit of employees participating in employee benefit plans. These assets are not used for general operating purposes. These assets are primarily comprised of open-ended mutual funds, which are valued using the net asset value per unit. These assets are recorded at fair value within Other non-current assets on the Condensed Consolidated Balance Sheets and are classified as equity investments. Net unrealized gains / (losses) related to equity investments still held as of September 30, 2023 and 2022 are as follows: Three months ended Nine months ended September 30, September 30, $ in millions 2023 2022 2023 2022 Net unrealized gains / (losses) (a) $ (0.2) $ (0.4) $ 0.2 $ (1.8) (a) These amounts are included in Other income, net in our Condensed Consolidated Statements of Operations. We did not have any transfers of the fair values of our financial instruments between Level 1, Level 2 or Level 3 of the fair value hierarchy during the nine months ended September 30, 2023 or 2022. Recurring Fair Value Measurements The fair value of assets and liabilities as of September 30, 2023 and December 31, 2022 measured on a recurring basis and the respective category within the fair value hierarchy for DPL is as follows: Fair value as of September 30, 2023 Fair value as of December 31, 2022 $ in millions Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Master Trust assets Money market funds $ 0.6 $ — $ — $ 0.6 $ 0.5 $ — $ — $ 0.5 Mutual funds 6.7 — — 6.7 7.0 — — 7.0 Total assets $ 7.3 $ — $ — $ 7.3 $ 7.5 $ — $ — $ 7.5 Financial Instruments not Measured at Fair Value in the Condensed Consolidated Balance Sheets The fair value of long-term debt is based on current public market prices for disclosure purposes only. These fair value inputs are considered Level 2 in the fair value hierarchy. As the Wright-Patterson Air Force Base note is not publicly traded, the fair value inputs are considered Level 3 in the fair value hierarchy as there are no observable inputs. Unrealized gains or losses are not recognized in the financial statements as long-term debt is presented at carrying value, net of unamortized premium or discount and unamortized deferred financing costs. The long-term debt amounts include the current portion payable in the next twelve months and have maturities that range from 2025 to 2061. The following table presents the carrying amount, fair value, and fair value hierarchy of our financial liabilities that are not measured at fair value in the Condensed Consolidated Balance Sheets as of the periods indicated, but for which fair value is disclosed: September 30, 2023 December 31, 2022 Carrying Amount Fair Value Carrying Amount Fair Value $ in millions Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Liabilities Long-term debt $ 1,637.5 $ — $ 1,414.5 $ 16.9 $ 1,431.4 $ 1,535.9 $ — $ 1,376.4 $ 17.0 $ 1,393.4 |
Subsidiaries [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value | FAIR VALUE The fair value of our financial assets and liabilities approximates their reported carrying amounts. The estimated fair values of our assets and liabilities have been determined using available market information. Because these amounts are estimates and based on hypothetical transactions to sell assets or transfer liabilities, the use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. For further information on our valuation techniques and policies, see Note 4. Fair Value in Item 8. – Financial Statements and Supplementary Data of our Form 10-K. Financial Assets AES Ohio established a Master Trust to hold assets that could be used for the benefit of employees participating in employee benefit plans. These assets are not used for general operating purposes. These assets are primarily comprised of open-ended mutual funds, which are valued using the net asset value per unit. These assets are recorded at fair value within Other non-current assets on the Condensed Balance Sheets and are classified as equity investments. Net unrealized gains / (losses) related to equity investments still held as of September 30, 2023 and 2022 are as follows: Three months ended Nine months ended September 30, September 30, $ in millions 2023 2022 2023 2022 Net unrealized gains / (losses) (a) $ (0.2) $ (0.4) $ 0.2 $ (1.8) (a) These amounts are included in Other income, net in our Condensed Statements of Operations. We did not have any transfers of the fair values of our financial instruments between Level 1, Level 2 or Level 3 of the fair value hierarchy during the nine months ended September 30, 2023 or 2022. Recurring Fair Value Measurements The fair value of assets and liabilities as of September 30, 2023 and December 31, 2022 measured on a recurring basis and the respective category within the fair value hierarchy for AES Ohio is as follows: Fair value as of September 30, 2023 Fair value as of December 31, 2022 $ in millions Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Master Trust assets Money market funds $ 0.6 $ — $ — $ 0.6 $ 0.5 $ — $ — $ 0.5 Mutual funds 6.7 — — 6.7 7.0 — — 7.0 Total assets $ 7.3 $ — $ — $ 7.3 $ 7.5 $ — $ — $ 7.5 Financial Instruments not Measured at Fair Value in the Condensed Balance Sheets The fair value of long-term debt is based on current public market prices for disclosure purposes only. These fair value inputs are considered Level 2 in the fair value hierarchy. As the Wright-Patterson Air Force Base note is not publicly traded, the fair value inputs are considered Level 3 in the fair value hierarchy as there are no observable inputs. Unrealized gains or losses are not recognized in the financial statements as long-term debt is presented at carrying value, net of unamortized premium or discount and unamortized deferred financing costs. The long-term debt amounts include the current portion payable in the next twelve months and have maturities that range from 2027 to 2061. The following table presents the carrying amount, fair value, and fair value hierarchy of our financial liabilities that are not measured at fair value in the Condensed Balance Sheets as of the periods indicated, but for which fair value is disclosed: September 30, 2023 December 31, 2022 Carrying Amount Fair Value Carrying Amount Fair Value $ in millions Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Liabilities Long-term debt $ 812.9 $ — $ 676.5 16.9 $ 693.4 $ 712.7 $ — $ 610.9 $ 17.0 $ 627.9 |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 9 Months Ended |
Sep. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Derivative Instruments and Hedging Activities | DERIVATIVE INSTRUMENTS AND HEDGING ACTIVITIES For further information on our derivative and hedge accounting policies, see Note 1. Overview and Summary of Significant Accounting Policies – Financial Derivatives and Note 5. Derivative Instruments and Hedging Activities of Item 8. Financial Statements and Supplementary Data in our Form 10-K. Cash Flow Hedges DPL previously used derivative financial instruments primarily to manage the interest rate risk associated with our long-term debt. These interest rate derivative contracts were settled in 2013, and we continue to amortize amounts out of AOCL into interest expense. The following tables provide information concerning gains or losses recognized in AOCL for the cash flow hedges for the three and nine months ended September 30, 2023 and 2022: Three months ended Nine months ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Interest Interest Interest Interest $ in millions (net of tax) Rate Hedge Rate Hedge Rate Hedge Rate Hedge Beginning accumulated derivative gains in AOCL $ 11.6 $ 12.4 $ 12.0 $ 12.8 Net gains reclassified to earnings Interest expense (0.2) (0.1) (0.6) (0.5) Ending accumulated derivative gains in AOCL $ 11.4 $ 12.3 $ 11.4 $ 12.3 Portion expected to be reclassified to earnings in the next twelve months $ (0.8) |
Debt Obligations
Debt Obligations | 9 Months Ended |
Sep. 30, 2023 | |
Debt Instrument [Line Items] | |
Long-term Debt | DEBT Long-term debt is as follows: Interest September 30, December 31, $ in millions Rate Due 2023 2022 AES Ohio debt First Mortgage Bonds 3.95 % 2049 $ 425.0 $ 425.0 First Mortgage Bonds 3.20 % 2040 140.0 140.0 First Mortgage Bonds 5.19 % 2033 100.0 — Tax-exempt First Mortgage Bonds (a) 4.25 % 2027 100.0 100.0 Tax-exempt First Mortgage Bonds (b) 4.00 % 2027 40.0 40.0 U.S. Government note 4.20 % 2061 16.9 17.0 Unamortized deferred financing costs (6.7) (6.9) Unamortized debt discounts, net (2.3) (2.4) Total long-term debt at AES Ohio 812.9 712.7 DPL Inc. debt Senior unsecured bonds 4.125 % 2025 415.0 415.0 Senior unsecured bonds 4.35 % 2029 400.0 400.0 Note to DPL Capital Trust II (c) 8.125 % 2031 15.6 15.6 Unamortized deferred financing costs (5.3) (6.7) Unamortized debt discounts, net (0.7) (0.7) Total DPL consolidated long-term debt 1,637.5 1,535.9 Less: current portion (0.2) (0.2) DPL consolidated long-term debt, net of current portion $ 1,637.3 $ 1,535.7 (a) First mortgage bonds issued to the OAQDA, to secure the loan of proceeds from tax-exempt bonds issued by the OAQDA. The bonds have a final maturity date of November 1, 2040 but are subject to a mandatory put in June 2027. (b) First mortgage bonds issued to the OAQDA, to secure the loan of proceeds from tax-exempt bonds issued by the OAQDA. The bonds have a final maturity date of January 1, 2034 but are subject to a mandatory put in June 2027. (c) Note payable to related party. Revolving credit agreements The DPL Credit Agreement was paid off and retired on June 14, 2023. The balance outstanding on this credit facility as of December 31, 2022 was $35.0 million. As of September 30, 2023 and December 31, 2022, the AES Ohio Credit Agreement had outstanding borrowings of $120.0 million and $120.0 million, respectively. Significant transactions On April 13, 2023, AES Ohio issued $100.0 million of First Mortgage Bonds and used the proceeds from the offering to repay amounts outstanding under the AES Ohio Credit Agreement and for general corporate purposes. The new First Mortgage Bonds carry an interest rate of 5.19% and mature on April 13, 2033. Long-term debt covenants and restrictions The AES Ohio Credit Agreement and Fifty-Third and Fifty-Fourth Supplemental Indentures to the First Mortgage, pursuant to which the 3.20% Bonds due 2040 and the 5.19% Bonds due 2033 were issued, respectively, each contain one financial covenant. The covenant measures Total Debt to Total Capitalization and 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. AES Ohio’s Total Debt to Total Capitalization ratio shall not be greater than 0.67 to 1.00. As of September 30, 2023, AES Ohio was in compliance with this financial covenant. AES Ohio does not have any meaningful restrictions in its debt financing documents prohibiting dividends and return of capital payments to its parent, DPL. As of September 30, 2023, AES Ohio was in compliance with all debt covenants, including the financial covenant described above. Substantially all property, plant & equipment of AES Ohio is subject to the lien of the mortgage securing AES Ohio’s First and Refunding Mortgage. |
Subsidiaries [Member] | |
Debt Instrument [Line Items] | |
Long-term Debt | DEBT Long-term debt is as follows: Interest September 30, December 31, $ in millions Rate Due 2023 2022 First Mortgage Bonds 3.95 % 2049 $ 425.0 $ 425.0 First Mortgage Bonds 3.20 % 2040 140.0 140.0 First Mortgage Bonds 5.19 % 2033 100.0 — Tax-exempt First Mortgage Bonds (a) 4.25 % 2027 100.0 100.0 Tax-exempt First Mortgage Bonds (b) 4.00 % 2027 40.0 40.0 U.S. Government note 4.20 % 2061 16.9 17.0 Unamortized deferred financing costs (6.7) (6.9) Unamortized debt discounts, net (2.3) (2.4) Total long-term debt 812.9 712.7 Less: current portion (0.2) (0.2) Long-term debt, net of current portion $ 812.7 $ 712.5 (a) First mortgage bonds issued to the OAQDA, to secure the loan of proceeds from tax-exempt bonds issued by the OAQDA. The bonds have a final maturity date of November 1, 2040 but are subject to a mandatory put in June 2027. (b) First mortgage bonds issued to the OAQDA, to secure the loan of proceeds from tax-exempt bonds issued by the OAQDA. The bonds have a final maturity date of January 1, 2034 but are subject to a mandatory put in June 2027. Revolving credit agreements As of September 30, 2023 and December 31, 2022, the AES Ohio Credit Agreement had outstanding borrowings of $120.0 million and $120.0 million, respectively. Significant transactions On April 13, 2023, AES Ohio issued $100.0 million of First Mortgage Bonds and used the proceeds from the offering to repay amounts outstanding under the AES Ohio Credit Agreement and for general corporate purposes. The new First Mortgage Bonds carry an interest rate of 5.19% and mature on April 13, 2033. Long-term debt covenants and restrictions The AES Ohio Credit Agreement and Fifty-Third and Fifty-Fourth Supplemental Indentures to the First Mortgage, pursuant to which the 3.20% Bonds due 2040 and the 5.19% Bonds due 2033 were issued, respectively, each contain one financial covenant. The covenant measures Total Debt to Total Capitalization and 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. AES Ohio’s Total Debt to Total Capitalization ratio shall not be greater than 0.67 to 1.00. As of September 30, 2023, AES Ohio was in compliance with this financial covenant. As of September 30, 2023, AES Ohio was in compliance with all debt covenants, including the financial covenant described above. AES Ohio does not have any meaningful restrictions in its debt financing documents prohibiting dividends and return of capital payments to its parent, DPL. Substantially all property, plant & equipment of AES Ohio is subject to the lien of the mortgage securing AES Ohio’s First and Refunding Mortgage. |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2023 | |
Entity Information [Line Items] | |
Income Taxes | INCOME TAXES DPL’s provision for income taxes is based on the estimated annual effective tax rate, plus discrete items. The effective combined state and federal income tax rates were 19.9% and 13.3% for the three and nine months ended September 30, 2023, respectively, compared to 17.2% and 67.7% for the three and nine months ended September 30, 2022, respectively. The year-to-date rate is different from the combined federal and state statutory rate of 22.4% primarily due to the flowthrough of the net tax benefit related to the reversal of excess deferred taxes of AES Ohio as a percentage of pre-tax book income or loss. As a result of the PUCO decision in AES Ohio's most recent distribution rate case in December of 2022, AES Ohio began to amortize a deferred tax shortage arising from net municipal apportioned tax rate increase. This new amortization, when combined with the ongoing amortization of the Tax Cut and Jobs Act (TCJA), results in a net tax benefit lowering the Company’s effective tax rate. DPL's income tax expense for the nine months ended September 30, 2023 was calculated using the estimated annual effective income tax rate for 2023 of 13.2% on ordinary income. Management estimates the annual effective tax rate based on its forecast of annual pre-tax income or loss. AES files federal and state income tax returns, which consolidate DPL and its subsidiaries. Under a tax sharing agreement with AES, DPL is responsible for the income taxes associated with its own taxable income and records the provision for income taxes using a separate return method. |
Subsidiaries [Member] | |
Entity Information [Line Items] | |
Income Taxes | INCOME TAXES AES Ohio's provision for income taxes is based on the estimated annual effective tax rate, plus discrete items. The effective combined state and federal income tax rates were 20.9% and 17.6% for the three and nine months ended September 30, 2023, compared to 35.3% and (24.8)% for the three and nine months ended September 30, 2022, respectively. The year-to-date rate is different from the combined federal and state statutory rate of 22.4% primarily due to the flowthrough of the net tax benefit related to the reversal of excess deferred taxes of AES Ohio as a percentage of pre-tax book income or loss. As a result of the PUCO decision in AES Ohio's most recent distribution rate case in December of 2022, AES Ohio began to amortize a deferred tax shortage arising from net municipal apportioned tax rate increase. This new amortization, when combined with the ongoing amortization of the Tax Cut and Jobs Act (TCJA), results in a net tax benefit lowering the Company’s effective tax rate. AES files federal and state income tax returns, which consolidate AES Ohio. Under a tax sharing agreement with DPL, AES Ohio is responsible for the income taxes associated with its own taxable income and records the provision for income taxes using a separate return method. |
Benefit Plans
Benefit Plans | 9 Months Ended |
Sep. 30, 2023 | |
Pension [Member] | |
Entity Information [Line Items] | |
Pension and Postretirement Benefits | BENEFIT PLANS The amounts presented in the following tables for pension include both of the Pension Plans. The pension costs below have not been adjusted for amounts billed to the Service Company for former AES Ohio employees who are now employed by the Service Company or other AES affiliates that are still participants in the AES Ohio plans. The following table presents the net periodic benefit cost of the Pension Plans for the three and nine months ended September 30, 2023 and 2022: Three months ended Nine months ended September 30, September 30, $ in millions 2023 2022 2023 2022 Service cost $ 0.8 $ 1.2 $ 2.2 $ 3.7 Interest cost 3.9 2.4 11.9 7.2 Expected return on plan assets (4.4) (4.0) (13.2) (11.9) Amortization of unrecognized: Prior service cost 0.3 0.3 0.8 0.8 Actuarial loss 0.2 1.4 0.5 4.1 Net periodic benefit cost $ 0.8 $ 1.3 $ 2.2 $ 3.9 The components of net periodic benefit cost other than service cost are included in Other income, net in the Condensed Consolidated Statements of Operations. There were $7.5 million in employer contributions during each of the nine months ended September 30, 2023 and 2022. |
Subsidiaries [Member] | |
Entity Information [Line Items] | |
Pension and Postretirement Benefits | BENEFIT PLANS The amounts presented in the following tables for pension include both of the Pension Plans. The pension costs below have not been adjusted for amounts billed to the Service Company for former AES Ohio employees who are now employed by the Service Company or other AES affiliates or for amounts billed to AES Ohio Generation for former employees that were employed by AES Ohio Generation that are still participants in the AES Ohio plans. The following table presents the net periodic benefit cost of the Pension Plans for the three and nine months ended September 30, 2023 and 2022: Three months ended Nine months ended September 30, September 30, $ in millions 2023 2022 2023 2022 Service cost $ 0.8 $ 1.2 $ 2.2 $ 3.7 Interest cost 3.9 2.4 11.9 7.2 Expected return on plan assets (4.4) (4.0) (13.2) (11.9) Amortization of unrecognized: Prior service cost 0.2 0.3 0.8 0.9 Actuarial loss 0.3 2.0 0.9 5.8 Net periodic benefit cost $ 0.8 $ 1.9 $ 2.6 $ 5.7 The components of net periodic benefit cost other than service cost are included in Other income, net in the Condensed Statements of Operations. There were $7.5 million in employer contributions during each of the nine months ended September 30, 2023 and 2022. |
Contractual Obligations, Commer
Contractual Obligations, Commercial Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2023 | |
Entity Information [Line Items] | |
Contractual Obligations, Commercial Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Contingencies Legal Matters In the normal course of business, we are subject to various lawsuits, actions, proceedings, claims and other matters asserted under various laws and regulations. We believe the amounts provided in our Condensed Consolidated Financial Statements, as prescribed by GAAP, are adequate considering the probable and estimable contingencies. However, there can be no assurances that the actual amounts required to satisfy alleged liabilities from various legal proceedings, claims, tax examinations and other matters discussed below, and to comply with applicable laws and regulations, will not exceed the amounts reflected in our Condensed Consolidated Financial Statements. As such, costs, if any, that may be incurred in excess of those amounts provided as of September 30, 2023, cannot be reasonably determined. Environmental Matters We are subject to various federal, state, regional and local environmental protection and health and safety laws and regulations governing, among other things, the generation, storage, handling, use, disposal and transportation of regulated materials, including ash and CCR; the use and discharge of water used in generation boilers and for cooling purposes; the emission and discharge of hazardous and other materials, including GHGs, into the environment; climate change; and the health and safety of our employees. These laws and regulations often require a lengthy and complex process of obtaining and renewing permits and other governmental authorizations from federal, state and local agencies. Violation of these laws, regulations or permits can result in substantial fines, other sanctions, permit revocation and/or facility shutdowns. We cannot assure that we have been or will be at all times in full compliance with such laws, regulations and permits. Where no accrued liability has been recognized, it is reasonably possible that some matters could be decided unfavorably to us and could require us to pay damages or make expenditures in amounts that could be material but could not be estimated as of September 30, 2023. We have taken steps to limit our exposure to environmental claims that could be raised with respect to our previously-owned and operated coal-fired generation units, but we cannot predict whether any such claims will be raised and, if they are, the extent to which they may have a material adverse effect on our results of operations, financial condition and cash flows. Accruals for legal loss and environmental contingencies were not material as of September 30, 2023 and December 31, 2022. Equity Ownership Interest AES Ohio has a 4.9% equity ownership interest in OVEC, which is recorded using the cost method of accounting under GAAP. AES Ohio, along with several non-affiliated energy companies party to an OVEC arrangement, receive and pay for OVEC capacity and energy and are responsible for OVEC debt obligations and other fixed costs in proportion to their power participation ratios under the arrangement, which, for AES Ohio, is the same as its equity ownership interest. As of September 30, 2023, AES Ohio could be responsible for the repayment of 4.9%, or |
Subsidiaries [Member] | |
Entity Information [Line Items] | |
Contractual Obligations, Commercial Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Contingencies Legal Matters In the normal course of business, we are subject to various lawsuits, actions, proceedings, claims and other matters asserted under various laws and regulations. We believe the amounts provided in our Condensed Financial Statements, as prescribed by GAAP, are adequate considering the probable and estimable contingencies. However, there can be no assurances that the actual amounts required to satisfy alleged liabilities from various legal proceedings, claims, tax examinations and other matters discussed below, and to comply with applicable laws and regulations, will not exceed the amounts reflected in our Condensed Financial Statements. As such, costs, if any, that may be incurred in excess of those amounts provided as of September 30, 2023, cannot be reasonably determined. Environmental Matters We are subject to various federal, state, regional and local environmental protection and health and safety laws and regulations governing, among other things, the generation, storage, handling, use, disposal and transportation of regulated materials, including ash and CCR; the use and discharge of water used in generation boilers and for cooling purposes; the emission and discharge of hazardous and other materials, including GHGs, into the environment; climate change; and the health and safety of our employees. These laws and regulations often require a lengthy and complex process of obtaining and renewing permits and other governmental authorizations from federal, state and local agencies. Violation of these laws, regulations or permits can result in substantial fines, other sanctions, permit revocation and/or facility shutdowns. We cannot assure that we have been or will be at all times in full compliance with such laws, regulations and permits. Where no accrued liability has been recognized, it is reasonably possible that some matters could be decided unfavorably to us and could require us to pay damages or make expenditures in amounts that could be material but could not be estimated as of September 30, 2023. We have taken steps to limit our exposure to environmental claims that could be raised with respect to our previously-owned and operated coal-fired generation units, but we cannot predict whether any such claims will be raised and, if they are, the extent to which they may have a material adverse effect on our results of operations, financial condition and cash flows. Accruals for legal loss and environmental contingencies were not material as of September 30, 2023 and December 31, 2022. Equity Ownership Interest AES Ohio has a 4.9% equity ownership interest in OVEC, which is recorded using the cost method of accounting under GAAP. AES Ohio, along with several non-affiliated energy companies party to an OVEC arrangement, receive and pay for OVEC capacity and energy and are responsible for OVEC debt obligations and other fixed costs in proportion to their power participation ratios under the arrangement, which, for AES Ohio, is the same as its equity ownership interest. As of September 30, 2023, AES Ohio could be responsible for the repayment of 4.9%, or $53.0 million, of $1.1 billion OVEC debt obligations if they came due, comprised of both fixed and variable rate |
Business Segments
Business Segments | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting Information [Line Items] | |
Business Segments | BUSINESS SEGMENTS DPL manages its business through one reportable operating segment, the Utility segment. The primary segment performance measure is income / (loss) before income tax as management has concluded that this measure best reflects the underlying business performance of DPL and is the most relevant measure considered in DPL’s internal evaluation of the financial performance of its segment. The Utility segment is comprised of AES Ohio, a public electric transmission and distribution utility, with all other nonutility business activities aggregated separately. See Note 1. Overview and Summary of Significant Accounting Policies for further information on AES Ohio. The “Other” nonutility category primarily includes interest expense, net, cash and other immaterial balances. The accounting policies of the identified segment are consistent with those policies and procedures described in the summary of significant accounting policies. The following tables present financial information for DPL’s reportable business segment: $ in millions Utility Other Adjustments and Eliminations DPL Consolidated Three months ended September 30, 2023 Revenue from external customers $ 221.8 $ 2.4 $ — $ 224.2 Intersegment revenue 0.2 1.5 (1.7) — Total revenue $ 222.0 $ 3.9 $ (1.7) $ 224.2 Depreciation and amortization $ 20.3 $ 0.3 $ — $ 20.6 Interest expense, net $ (1.3) $ 9.1 $ — $ 7.8 Income / (loss) before income tax $ 55.1 $ (6.9) $ — $ 48.2 $ in millions Utility Other Adjustments and Eliminations DPL Consolidated Three Months Ended September 30, 2022 Revenue from external customers $ 259.7 $ 2.4 $ — $ 262.1 Intersegment revenue 0.2 0.8 (1.0) — Total revenue $ 259.9 $ 3.2 $ (1.0) $ 262.1 Depreciation and amortization $ 19.8 $ 0.2 $ — $ 20.0 Interest expense, net $ 8.4 $ 9.7 $ — $ 18.1 Loss before income tax $ (15.6) $ (8.2) $ — $ (23.8) $ in millions Utility Other Adjustments and Eliminations DPL Consolidated Nine months ended September 30, 2023 Revenue from external customers $ 659.0 $ 7.3 $ — $ 666.3 Intersegment revenue 0.5 3.2 (3.7) — Total revenue $ 659.5 $ 10.5 $ (3.7) $ 666.3 Depreciation and amortization $ 59.9 $ 1.0 $ — $ 60.9 Interest expense, net $ 16.7 $ 28.5 $ — $ 45.2 Income / (loss) before income tax $ 64.1 $ (24.2) $ — $ 39.9 $ in millions Utility Other Adjustments and Eliminations DPL Consolidated Nine months ended September 30, 2022 Revenue from external customers $ 645.0 $ 7.3 $ — $ 652.3 Intersegment revenue 0.6 2.6 (3.2) — Total revenue $ 645.6 $ 9.9 $ (3.2) $ 652.3 Depreciation and amortization $ 58.7 $ 0.9 $ — $ 59.6 Interest expense, net $ 21.1 $ 29.0 $ — $ 50.1 Income / (loss) before income tax $ 11.3 $ (24.0) $ — $ (12.7) Total Assets September 30, 2023 December 31, 2022 Utility $ 2,638.0 $ 2,405.9 All Other (a) 17.7 16.5 DPL Consolidated $ 2,655.7 $ 2,422.4 |
Revenue (Notes)
Revenue (Notes) | 9 Months Ended |
Sep. 30, 2023 | |
Revenue from Contract with Customer [Text Block] | REVENUERevenue is primarily earned from retail and wholesale electricity sales and electricity transmission and distribution delivery services. Revenue is recognized upon transfer of control to customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services. Revenue is recorded net of any taxes assessed on and collected from customers, which are remitted to the governmental authorities. For further discussion of our Retail, Wholesale, RTO ancillary, and Capacity revenue, see Note 13. Revenue in Item 8. Financial Statements and Supplementary Data of our Form 10-K. DPL's revenue from contracts with customers was $225.8 million and $259.6 million for the three months ended September 30, 2023 and 2022, respectively, and $668.7 million and $645.6 million for the nine months ended September 30, 2023 and 2022, respectively. The following table presents our revenue from contracts with customers and other revenue by segment for the three and nine months ended September 30, 2023 and 2022: $ in millions Utility Other Adjustments and Eliminations Total Three Months Ended September 30, 2023 Retail revenue Retail revenue from contracts with customers Residential revenue $ 127.8 $ — $ — $ 127.8 Commercial revenue 42.7 — — 42.7 Industrial revenue 16.5 — — 16.5 Governmental revenue 6.8 — — 6.8 Other (a) 3.5 — — 3.5 Total retail revenue from contracts with customers 197.3 — — 197.3 Other retail revenue (b) (0.2) — — (0.2) Wholesale revenue Wholesale revenue from contracts with customers 4.2 — (0.2) 4.0 RTO ancillary revenue 21.4 0.1 — 21.5 Capacity revenue 0.7 — — 0.7 Miscellaneous revenue Miscellaneous revenue from contracts with customers (c) — 2.3 — 2.3 Other miscellaneous revenue (1.4) 1.5 (1.5) (1.4) Total revenue $ 222.0 $ 3.9 $ (1.7) $ 224.2 Three Months Ended September 30, 2022 Retail revenue Retail revenue from contracts with customers Residential revenue $ 147.0 $ — $ — $ 147.0 Commercial revenue 50.5 — — 50.5 Industrial revenue 20.6 — — 20.6 Governmental revenue 6.2 — — 6.2 Other (a) 3.0 — — 3.0 Total retail revenue from contracts with customers 227.3 — — 227.3 Wholesale revenue Wholesale revenue from contracts with customers 13.4 — (0.2) 13.2 RTO ancillary revenue 16.2 — — 16.2 Capacity revenue 0.5 — — 0.5 Miscellaneous revenue Miscellaneous revenue from contracts with customers (c) — 2.4 — 2.4 Other miscellaneous revenue 2.5 0.8 (0.8) 2.5 Total revenue $ 259.9 $ 3.2 $ (1.0) $ 262.1 $ in millions Utility Other Adjustments and Eliminations Total Nine months ended September 30, 2023 Retail revenue Retail revenue from contracts with customers Residential revenue $ 377.9 $ — $ — $ 377.9 Commercial revenue 124.8 — — 124.8 Industrial revenue 50.4 — — 50.4 Governmental revenue 18.7 — — 18.7 Other (a) 9.9 — — 9.9 Total retail revenue from contracts with customers 581.7 — — 581.7 Other retail revenue (b) (0.2) — — (0.2) Wholesale revenue Wholesale revenue from contracts with customers 11.3 — (0.5) 10.8 RTO ancillary revenue 65.7 0.1 — 65.8 Capacity revenue 3.2 — — 3.2 Miscellaneous revenue Miscellaneous revenue from contracts with customers (c) — 7.2 — 7.2 Other miscellaneous revenue (2.2) 3.2 (3.2) (2.2) Total revenue $ 659.5 $ 10.5 $ (3.7) $ 666.3 Nine months ended September 30, 2022 Retail revenue Retail revenue from contracts with customers Residential revenue $ 350.6 $ — $ — $ 350.6 Commercial revenue 123.5 — — 123.5 Industrial revenue 55.4 — — 55.4 Governmental revenue 18.2 — — 18.2 Other (a) 9.1 — — 9.1 Total retail revenue from contracts with customers 556.8 — — 556.8 Wholesale revenue Wholesale revenue from contracts with customers 32.1 — (0.6) 31.5 RTO ancillary revenue 46.2 0.1 — 46.3 Capacity revenue 3.8 — — 3.8 Miscellaneous revenue Miscellaneous revenue from contracts with customers (c) — 7.2 — 7.2 Other miscellaneous revenue 6.7 2.6 (2.6) 6.7 Total revenue $ 645.6 $ 9.9 $ (3.2) $ 652.3 (a ) "Other" primarily includes operation and maintenance service revenue, billing service fees from CRES providers and other miscellaneous retail revenue from contracts with customers. (b) Other retail revenue primarily includes alternative revenue programs not accounted for under ASC 606 - Revenue Recognition ("ASC 606"). (c) Miscellaneous revenue from contracts with customers primarily includes revenue for various services provided by Miami Valley Lighting. The balances of receivables from contracts with customers were $76.2 million and $85.3 million as of September 30, 2023 and December 31, 2022, respectively. Payment terms for all receivables from contracts with customers are typically within 30 days, unless a customer qualifies for payment extension. |
Subsidiaries [Member] | |
Revenue from Contract with Customer [Text Block] | REVENUE Revenue is primarily earned from retail and wholesale electricity sales and electricity transmission and distribution delivery services. Revenue is recognized upon transfer of control to customers in an amount that reflects the consideration to which we expect to be entitled in exchange for those goods or services. Revenue is recorded net of any taxes assessed on and collected from customers, which are remitted to the governmental authorities. For further discussion of our Retail, Wholesale, RTO ancillary, and Capacity revenue, see Note 11. Revenue in Item 8. Financial Statements and Supplementary Data of our Form 10-K. AES Ohio's revenue from contracts with customers was $223.6 million and $257.4 million for the three months ended September 30, 2023 and 2022, respectively, and $661.9 million and $638.9 million for the nine months ended September 30, 2023 and 2022, respectively. The following table presents our revenue from contracts with customers and other revenue for the three and nine months ended September 30, 2023 and 2022: Three months ended Nine months ended September 30, September 30, $ in millions 2023 2022 2023 2022 Retail revenue Retail revenue from contracts with customers Residential revenue $ 127.8 $ 147.0 $ 377.9 $ 350.6 Commercial revenue 42.7 50.5 124.8 123.5 Industrial revenue 16.5 20.6 50.4 55.4 Governmental revenue 6.8 6.2 18.7 18.2 Other (a) 3.5 3.0 9.9 9.1 Total retail revenue from contracts with customers 197.3 227.3 581.7 556.8 Other retail revenue (b) (0.2) — (0.2) — Wholesale revenue Wholesale revenue from contracts with customers 4.2 13.4 11.3 32.1 RTO ancillary revenue 21.4 16.2 65.7 46.2 Capacity revenue 0.7 0.5 3.2 3.8 Miscellaneous revenue (1.4) 2.5 (2.2) 6.7 Total revenue $ 222.0 $ 259.9 $ 659.5 $ 645.6 (a ) "Other" primarily includes operation and maintenance service revenue, billing service fees from CRES providers and other miscellaneous retail revenue from contracts with customers. (b) Other retail revenue primarily includes alternative revenue programs not accounted for under ASC 606 - Revenue Recognition ("ASC 606"). The balances of receivables from contracts with customers were $75.0 million and $84.6 million as of September 30, 2023 and December 31, 2022, respectively. Payment terms for all receivables from contracts with customers are typically within 30 days, unless a customer qualifies for payment extension. |
Summary of Significant Accounti
Summary of Significant Accounting Policies (Policy) | 9 Months Ended |
Sep. 30, 2023 | |
Significant Accounting Policies [Line Items] | |
Inventory, Policy | Inventories Inventories consist of materials and supplies as of September 30, 2023 and December 31, 2022. |
Description of Business | DPL, an indirectly wholly-owned subsidiary of AES, is a holding company organized in 1985 under the laws of Ohio. DPL owns all of the outstanding common stock of DP&L, which does business as AES Ohio. Substantially all of DPL’s business consists of transmitting, distributing and selling of electric energy conducted through its principal subsidiary, AES Ohio. The terms “we,” “us,” “our” and “ours” are used to refer to DPL and its subsidiaries. AES Ohio 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, retail transmission and distribution services are still regulated. AES Ohio has the exclusive right to provide such transmission and distribution services to approximately 538,000 customers located in West Central Ohio. Principal industries located in AES Ohio’s service territory include automotive, food processing, paper, plastic, manufacturing and defense. AES Ohio also provides retail SSO electric service to residential, commercial, industrial and governmental customers in a 6,000-square mile area of West Central Ohio. AES Ohio sources all of the generation for its SSO customers through a competitive bid process. AES Ohio's sales reflect the general economic conditions, seasonal weather patterns of the area, the market price of electricity and customer energy efficiency initiatives. AES Ohio owns numerous transmission facilities. AES Ohio records revenue and expenses for its proportional share of energy and capacity from its investment in OVEC. DPL’s other primary subsidiaries are MVIC and Miami Valley Lighting. MVIC is our captive insurance company that provides insurance services to AES Ohio and our other subsidiaries, and Miami Valley Lighting provides street and outdoor lighting services to customers in the Dayton region. DPL's subsidiaries are all 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. AES Ohio’s electric transmission and distribution businesses are subject to rate regulation by federal and state regulators. Accordingly, AES Ohio 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 or overcollections of riders. |
Financial Statement Presentation | DPL’s Condensed Consolidated Financial Statements include the accounts of DPL and its wholly-owned subsidiaries except for DPL Capital Trust II, which is not consolidated consistent with the provisions of GAAP. We have evaluated subsequent events through the date this report is issued. All material intercompany accounts and transactions are eliminated in consolidation. Interim Financial Presentation The accompanying unaudited condensed consolidated financial statements and footnotes have been prepared in accordance with GAAP, as contained in the FASB FASC, for interim financial information and Article 10 of Regulation S-X issued by the SEC. Accordingly, they do not include all the information and footnotes required by GAAP for annual fiscal reporting periods. In the opinion of management, the interim financial information includes all adjustments of a normal recurring nature necessary for a fair presentation of the results of operations, financial position, comprehensive income or loss, changes in shareholder's equity / (deficit), and cash flows. The results of operations for the three and nine months ended September 30, 2023 are not necessarily indicative of expected results for the year ending December 31, 2023. The accompanying condensed consolidated financial statements are unaudited and should be read in conjunction with the 2022 audited consolidated financial statements and footnotes thereto, which are included in our Form 10-K. Use of Management Estimates The preparation of consolidated financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the revenue and expenses of the periods reported. Actual results could differ from these estimates and assumptions. Significant items subject to such estimates and assumptions include: the carrying value of property, plant and equipment; unbilled revenue; the valuation of allowances for credit losses and deferred income taxes; |
Accounting for Taxes Collected from Customers and Remitted to Governmental Authorities | AES Ohio collects certain excise taxes levied by state or local governments from its customers. These taxes are accounted for on a net basis and not included in revenue. The amounts of such taxes collected for the three and nine months ended September 30, 2023 and 2022 were as follows: Three months ended Nine months ended September 30, September 30, $ in millions 2023 2022 2023 2022 Excise taxes collected $ 12.8 $ 13.0 $ 35.4 $ 37.6 |
Recently Issued Accounting Standards | New Accounting Pronouncements Adopted in 2023 We have assessed and determined that the new accounting pronouncements adopted did not have a material impact on our consolidated financial statements. New Accounting Pronouncements Issued But Not Yet Effective The following table provides a brief description of recent accounting pronouncements that could have a material impact on our consolidated financial statements. Accounting pronouncements not listed below were assessed and determined to be either not applicable or are expected to have no material impact on our consolidated financial statements. |
Subsidiaries [Member] | |
Significant Accounting Policies [Line Items] | |
Inventory, Policy | Inventories Inventories consist of materials and supplies as of September 30, 2023 and December 31, 2022. |
Description of Business | DP&L, which does business as AES Ohio, 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, retail transmission and distribution services are still regulated. AES Ohio has the exclusive right to provide such transmission and distribution services to approximately 538,000 customers located in West Central Ohio. Principal industries located in AES Ohio’s service territory include automotive, food processing, paper, plastic, manufacturing and defense. AES Ohio also provides retail SSO electric service to residential, commercial, industrial and governmental customers in a 6,000-square mile area of West Central Ohio. AES Ohio sources all of the generation for its SSO customers through a competitive bid process. AES Ohio's sales reflect the general economic conditions, seasonal weather patterns of the area, the market price of electricity and customer energy efficiency initiatives. AES Ohio owns numerous transmission facilities. AES Ohio records revenue and expenses for its proportional share of energy and capacity from its investment in OVEC. AES Ohio has one reportable segment, the Utility segment. In addition to AES Ohio's electric transmission and distribution businesses, the Utility segment includes revenue and expenses associated with AES Ohio's investment in OVEC. AES Ohio is a subsidiary of DPL. The terms “we,” “us,” “our” and “ours” are used to refer to AES Ohio. AES Ohio’s electric transmission and distribution businesses are subject to rate regulation by federal and state regulators. Accordingly, AES Ohio 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 or overcollections of riders. |
Financial Statement Presentation | Financial Statement Presentation AES Ohio does not have any subsidiaries. We have evaluated subsequent events through the date this report is issued. Interim Financial Presentation The accompanying unaudited condensed financial statements and footnotes have been prepared in accordance with GAAP, as contained in the FASB FASC, for interim financial information and Article 10 of Regulation S-X issued by the SEC. Accordingly, they do not include all the information and footnotes required by GAAP for annual fiscal reporting periods. In the opinion of management, the interim financial information includes all adjustments of a normal recurring nature necessary for a fair presentation of the results of operations, financial position, comprehensive income or loss, changes in shareholder's equity, and cash flows. The results of operations for the three and nine months ended September 30, 2023 are not necessarily indicative of expected results for the year ending December 31, 2023. The accompanying condensed financial statements are unaudited and should be read in conjunction with the 2022 audited consolidated financial statements and footnotes thereto, which are included in our Form 10-K. Use of Management Estimates The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities and the revenue and expenses of the periods reported. Actual results could differ from these estimates and assumptions. Significant items subject to such estimates and assumptions include: the carrying value of property, plant and equipment; unbilled revenue; the valuation of allowances for credit losses and deferred income taxes; regulatory assets and liabilities; reserves recorded for income tax exposures; litigation; contingencies; and assets and liabilities related to employee benefits. |
Accounting for Taxes Collected from Customers and Remitted to Governmental Authorities | AES Ohio collects certain excise taxes levied by state or local governments from its customers. These taxes are accounted for on a net basis and not included in revenue. The amounts of such taxes collected for the three and nine months ended September 30, 2023 and 2022 were as follows: Three months ended Nine months ended September 30, September 30, $ in millions 2023 2022 2023 2022 Excise taxes collected $ 12.8 $ 13.0 $ 35.4 $ 37.6 |
Recently Issued Accounting Standards | New Accounting Pronouncements Adopted in 2023 We have assessed and determined that the new accounting pronouncements adopted did not have a material impact on our financial statements. New Accounting Pronouncements Issued But Not Yet Effective The following table provides a brief description of recent accounting pronouncements that could have a material impact on our consolidated financial statements. Accounting pronouncements not listed below were assessed and determined to be either not applicable or are expected to have no material impact on our consolidated financial statements. ASU Number and Name Description Date of Adoption Effect on the financial statements upon adoption 2023-06 Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative In U.S. Securities and Exchange Commission (SEC) Release No. 33-10532, Disclosure Update and Simplification, issued August 17, 2018, the SEC referred certain of its disclosure requirements that overlap with, but require incremental information to, generally accepted accounting principles (GAAP) to the FASB for potential incorporation into the Codification. The amendments in this Update are the result of the Board’s decision to incorporate into the Codification 14 of the 27 disclosures referred by the SEC. The amendments in this Update represent changes to clarify or improve disclosure and presentation requirements of a variety of Topics. Many of the amendments allow users to more easily compare entities subject to the SEC’s existing disclosures with those entities that were not previously subject to the SEC’s requirements. Also, the amendments align the requirements in the Codification with the SEC’s regulations. The effective date for each amendment will be the date on which the SEC's removal of that related disclosure becomes effective, with early adoption prohibited. We are currently evaluating the impact of adopting the standard on our condensed financial statements. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Related Party Transaction [Line Items] | |
Allowance For Funds Used During Construction / Capitalized Interest | AES Ohio capitalizes an allowance for the net cost of funds (interest on borrowed funds and a reasonable rate of return on equity funds) used for construction purposes during the period of construction with a corresponding credit to income. During the three and nine months ended September 30, 2023 and 2022, AFUDC equity and AFUDC debt were as follows: Three months ended Nine months ended September 30, September 30, $ in millions 2023 2022 2023 2022 AFUDC equity $ 1.3 $ 2.0 $ 3.8 $ 4.0 AFUDC debt $ 1.6 $ (0.4) $ 4.5 $ 0.8 |
Schedule of Accumulated Other Comprehensive Income (Loss) | The changes in the components of AOCL during the nine months ended September 30, 2023 are as follows: $ in millions Change in cash flow hedges Change in unfunded pension and other postretirement obligations Total Balance as of January 1, 2023 $ 12.0 $ (14.4) $ (2.4) Amounts reclassified from AOCL to earnings (0.6) 0.1 (0.5) Balance as of September 30, 2023 $ 11.4 $ (14.3) $ (2.9) |
Reclassification out of Accumulated Other Comprehensive Income | The amounts reclassified out of AOCL by component during the three and nine months ended September 30, 2023 and 2022 are as follows: Details about AOCL components Affected line item in the Condensed Consolidated Statements of Operations Three months ended Nine months ended September 30, September 30, $ in millions 2023 2022 2023 2022 Net gains on cash flow hedges (Note 4): Interest expense $ (0.2) $ (0.2) $ (0.7) $ (0.7) Income tax effect — 0.1 0.1 0.2 Net of income taxes (0.2) (0.1) (0.6) (0.5) Amortization of unfunded pension and other postretirement obligations (Note 7): Other expense — 0.3 0.1 0.9 Income tax effect — (0.1) — (0.2) Net of income taxes — 0.2 0.1 0.7 Total reclassifications for the period, net of income taxes $ (0.2) $ 0.1 $ (0.5) $ 0.2 |
Schedule of Supplemental Financial Information | The following table summarizes accounts receivable as of September 30, 2023 and December 31, 2022: September 30, December 31, $ in millions 2023 2022 Accounts receivable, net: Customer receivables $ 60.4 $ 61.3 Unbilled revenue 15.8 24.0 Amounts due from affiliates 1.0 3.2 Other 8.9 3.9 Allowance for credit losses (1.0) (0.5) Total accounts receivable, net $ 85.1 $ 91.9 |
Accounts Receivable, Allowance for Credit Loss | The following table is a roll forward of our allowance for credit losses related to the accounts receivable balances for the nine months ended September 30, 2023 and 2022: September 30, September 30, $ in millions 2023 2022 Allowance for credit losses: Beginning balance $ 0.5 $ 0.3 Current period provision 4.1 1.4 Write-offs charged against allowances (4.4) (2.1) Recoveries collected 0.8 0.8 Ending balance $ 1.0 $ 0.4 |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements Adopted in 2023 We have assessed and determined that the new accounting pronouncements adopted did not have a material impact on our consolidated financial statements. New Accounting Pronouncements Issued But Not Yet Effective The following table provides a brief description of recent accounting pronouncements that could have a material impact on our consolidated financial statements. Accounting pronouncements not listed below were assessed and determined to be either not applicable or are expected to have no material impact on our consolidated financial statements. |
Schedule of Cash and Cash Equivalents [Table Text Block] | The following table summarizes cash, cash equivalents, and restricted cash amounts reported on the Condensed Consolidated Balance Sheets that reconcile to the total of such amounts as shown on the Condensed Consolidated Statements of Cash Flows: $ in millions September 30, 2023 December 31, 2022 Cash and cash equivalents $ 49.3 $ 30.5 Restricted cash (included in Prepayments and other current assets ) 0.1 0.1 Cash, Cash Equivalents, and Restricted Cash, End of Period $ 49.4 $ 30.6 |
Schedule of New Accounting Pronouncements | New Accounting Pronouncements Issued But Not Yet Effective The following table provides a brief description of recent accounting pronouncements that could have a material impact on our consolidated financial statements. Accounting pronouncements not listed below were assessed and determined to be either not applicable or are expected to have no material impact on our consolidated financial statements. |
Subsidiaries [Member] | |
Related Party Transaction [Line Items] | |
Allowance For Funds Used During Construction / Capitalized Interest | AFUDC AES Ohio capitalizes an allowance for the net cost of funds (interest on borrowed funds and a reasonable rate of return on equity funds) used for construction purposes during the period of construction with a corresponding credit to income. During the three and nine months ended September 30, 2023 and 2022, AFUDC equity and AFUDC debt were as follows: Three months ended Nine months ended September 30, September 30, $ in millions 2023 2022 2023 2022 AFUDC equity $ 1.3 $ 2.0 $ 3.8 $ 4.0 AFUDC debt $ 1.6 $ (0.4) $ 4.5 $ 0.8 |
Schedule of Accumulated Other Comprehensive Income (Loss) | The changes in the components of AOCL during the nine months ended September 30, 2023 are as follows: $ in millions Change in Accumulated other comprehensive loss Balance as of January 1, 2023 $ (26.8) Amounts reclassified from AOCL to earnings 0.3 Balance as of September 30, 2023 $ (26.5) |
Reclassification out of Accumulated Other Comprehensive Income | AOCL by component during the three and nine months ended September 30, 2023 and 2022 are as follows: Details about AOCL components Affected line item in the Condensed Statements of Operations Three months ended Nine months ended September 30, September 30, $ in millions 2023 2022 2023 2022 Amortization of unfunded pension and other postretirement obligations (Note 6): Other expense $ 0.2 $ 0.8 $ 0.5 $ 2.6 Income tax effect (0.1) (0.2) (0.2) (0.6) Net of income taxes 0.1 0.6 0.3 2.0 Total reclassifications for the period, net of income taxes $ 0.1 $ 0.6 $ 0.3 $ 2.0 |
Schedule of Supplemental Financial Information | The following table summarizes accounts receivable as of September 30, 2023 and December 31, 2022: September 30, December 31, $ in millions 2023 2022 Accounts receivable, net: Customer receivables $ 59.2 $ 60.6 Unbilled revenue 15.8 24.0 Amounts due from affiliates 1.5 4.4 Other 9.0 3.8 Allowance for credit losses (1.0) (0.5) Total accounts receivable, net $ 84.5 $ 92.3 |
Accounts Receivable, Allowance for Credit Loss | The following table is a roll forward of our allowance for credit losses related to the accounts receivable balances for the nine months ended September 30, 2023 and 2022: September 30, September 30, $ in millions 2023 2022 Allowance for credit losses: Beginning balance $ 0.5 $ 0.3 Current period provision 4.1 1.4 Write-offs charged against allowances (4.4) (2.1) Recoveries collected 0.8 0.8 Ending balance $ 1.0 $ 0.4 |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements Adopted in 2023 We have assessed and determined that the new accounting pronouncements adopted did not have a material impact on our financial statements. New Accounting Pronouncements Issued But Not Yet Effective The following table provides a brief description of recent accounting pronouncements that could have a material impact on our consolidated financial statements. Accounting pronouncements not listed below were assessed and determined to be either not applicable or are expected to have no material impact on our consolidated financial statements. ASU Number and Name Description Date of Adoption Effect on the financial statements upon adoption 2023-06 Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative In U.S. Securities and Exchange Commission (SEC) Release No. 33-10532, Disclosure Update and Simplification, issued August 17, 2018, the SEC referred certain of its disclosure requirements that overlap with, but require incremental information to, generally accepted accounting principles (GAAP) to the FASB for potential incorporation into the Codification. The amendments in this Update are the result of the Board’s decision to incorporate into the Codification 14 of the 27 disclosures referred by the SEC. The amendments in this Update represent changes to clarify or improve disclosure and presentation requirements of a variety of Topics. Many of the amendments allow users to more easily compare entities subject to the SEC’s existing disclosures with those entities that were not previously subject to the SEC’s requirements. Also, the amendments align the requirements in the Codification with the SEC’s regulations. The effective date for each amendment will be the date on which the SEC's removal of that related disclosure becomes effective, with early adoption prohibited. We are currently evaluating the impact of adopting the standard on our condensed financial statements. |
Schedule of Cash and Cash Equivalents [Table Text Block] | The following table summarizes cash, cash equivalents, and restricted cash amounts reported on the Condensed Balance Sheets that reconcile to the total of such amounts as shown on the Condensed Statements of Cash Flows: $ in millions September 30, 2023 December 31, 2022 Cash and cash equivalents $ 33.0 $ 19.7 Restricted cash (included in Prepayments and other current assets ) 0.1 0.1 Cash, Cash Equivalents, and Restricted Cash, End of Period $ 33.1 $ 19.8 |
Fair Value (Tables)
Fair Value (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Unrealized Gain (Loss) on Investments | AES Ohio established a Master Trust to hold assets that could be used for the benefit of employees participating in employee benefit plans. These assets are not used for general operating purposes. These assets are primarily comprised of open-ended mutual funds, which are valued using the net asset value per unit. These assets are recorded at fair value within Other non-current assets on the Condensed Consolidated Balance Sheets and are classified as equity investments. Net unrealized gains / (losses) related to equity investments still held as of September 30, 2023 and 2022 are as follows: Three months ended Nine months ended September 30, September 30, $ in millions 2023 2022 2023 2022 Net unrealized gains / (losses) (a) $ (0.2) $ (0.4) $ 0.2 $ (1.8) (a) These amounts are included in Other income, net in our Condensed Consolidated Statements of Operations. |
Fair Value Measurement Inputs and Valuation Techniques | The following table presents the carrying amount, fair value, and fair value hierarchy of our financial liabilities that are not measured at fair value in the Condensed Consolidated Balance Sheets as of the periods indicated, but for which fair value is disclosed: September 30, 2023 December 31, 2022 Carrying Amount Fair Value Carrying Amount Fair Value $ in millions Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Liabilities Long-term debt $ 1,637.5 $ — $ 1,414.5 $ 16.9 $ 1,431.4 $ 1,535.9 $ — $ 1,376.4 $ 17.0 $ 1,393.4 |
Fair Value of Assets and Liabilities Measured on Recurring Basis | The fair value of assets and liabilities as of September 30, 2023 and December 31, 2022 measured on a recurring basis and the respective category within the fair value hierarchy for DPL is as follows: Fair value as of September 30, 2023 Fair value as of December 31, 2022 $ in millions Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Master Trust assets Money market funds $ 0.6 $ — $ — $ 0.6 $ 0.5 $ — $ — $ 0.5 Mutual funds 6.7 — — 6.7 7.0 — — 7.0 Total assets $ 7.3 $ — $ — $ 7.3 $ 7.5 $ — $ — $ 7.5 |
Subsidiaries [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Unrealized Gain (Loss) on Investments | AES Ohio established a Master Trust to hold assets that could be used for the benefit of employees participating in employee benefit plans. These assets are not used for general operating purposes. These assets are primarily comprised of open-ended mutual funds, which are valued using the net asset value per unit. These assets are recorded at fair value within Other non-current assets on the Condensed Balance Sheets and are classified as equity investments. Net unrealized gains / (losses) related to equity investments still held as of September 30, 2023 and 2022 are as follows: Three months ended Nine months ended September 30, September 30, $ in millions 2023 2022 2023 2022 Net unrealized gains / (losses) (a) $ (0.2) $ (0.4) $ 0.2 $ (1.8) (a) These amounts are included in Other income, net in our Condensed Statements of Operations. |
Fair Value Measurement Inputs and Valuation Techniques | The following table presents the carrying amount, fair value, and fair value hierarchy of our financial liabilities that are not measured at fair value in the Condensed Balance Sheets as of the periods indicated, but for which fair value is disclosed: September 30, 2023 December 31, 2022 Carrying Amount Fair Value Carrying Amount Fair Value $ in millions Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Liabilities Long-term debt $ 812.9 $ — $ 676.5 16.9 $ 693.4 $ 712.7 $ — $ 610.9 $ 17.0 $ 627.9 |
Fair Value of Assets and Liabilities Measured on Recurring Basis | The fair value of assets and liabilities as of September 30, 2023 and December 31, 2022 measured on a recurring basis and the respective category within the fair value hierarchy for AES Ohio is as follows: Fair value as of September 30, 2023 Fair value as of December 31, 2022 $ in millions Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Master Trust assets Money market funds $ 0.6 $ — $ — $ 0.6 $ 0.5 $ — $ — $ 0.5 Mutual funds 6.7 — — 6.7 7.0 — — 7.0 Total assets $ 7.3 $ — $ — $ 7.3 $ 7.5 $ — $ — $ 7.5 |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | |
Gains or Losses Recognized in AOCI for the Cash Flow Hedges | The following tables provide information concerning gains or losses recognized in AOCL for the cash flow hedges for the three and nine months ended September 30, 2023 and 2022: Three months ended Nine months ended September 30, 2023 September 30, 2022 September 30, 2023 September 30, 2022 Interest Interest Interest Interest $ in millions (net of tax) Rate Hedge Rate Hedge Rate Hedge Rate Hedge Beginning accumulated derivative gains in AOCL $ 11.6 $ 12.4 $ 12.0 $ 12.8 Net gains reclassified to earnings Interest expense (0.2) (0.1) (0.6) (0.5) Ending accumulated derivative gains in AOCL $ 11.4 $ 12.3 $ 11.4 $ 12.3 Portion expected to be reclassified to earnings in the next twelve months $ (0.8) |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Debt Instrument [Line Items] | |
Long-term Debt | DEBT Long-term debt is as follows: Interest September 30, December 31, $ in millions Rate Due 2023 2022 AES Ohio debt First Mortgage Bonds 3.95 % 2049 $ 425.0 $ 425.0 First Mortgage Bonds 3.20 % 2040 140.0 140.0 First Mortgage Bonds 5.19 % 2033 100.0 — Tax-exempt First Mortgage Bonds (a) 4.25 % 2027 100.0 100.0 Tax-exempt First Mortgage Bonds (b) 4.00 % 2027 40.0 40.0 U.S. Government note 4.20 % 2061 16.9 17.0 Unamortized deferred financing costs (6.7) (6.9) Unamortized debt discounts, net (2.3) (2.4) Total long-term debt at AES Ohio 812.9 712.7 DPL Inc. debt Senior unsecured bonds 4.125 % 2025 415.0 415.0 Senior unsecured bonds 4.35 % 2029 400.0 400.0 Note to DPL Capital Trust II (c) 8.125 % 2031 15.6 15.6 Unamortized deferred financing costs (5.3) (6.7) Unamortized debt discounts, net (0.7) (0.7) Total DPL consolidated long-term debt 1,637.5 1,535.9 Less: current portion (0.2) (0.2) DPL consolidated long-term debt, net of current portion $ 1,637.3 $ 1,535.7 (a) First mortgage bonds issued to the OAQDA, to secure the loan of proceeds from tax-exempt bonds issued by the OAQDA. The bonds have a final maturity date of November 1, 2040 but are subject to a mandatory put in June 2027. (b) First mortgage bonds issued to the OAQDA, to secure the loan of proceeds from tax-exempt bonds issued by the OAQDA. The bonds have a final maturity date of January 1, 2034 but are subject to a mandatory put in June 2027. (c) Note payable to related party. Revolving credit agreements The DPL Credit Agreement was paid off and retired on June 14, 2023. The balance outstanding on this credit facility as of December 31, 2022 was $35.0 million. As of September 30, 2023 and December 31, 2022, the AES Ohio Credit Agreement had outstanding borrowings of $120.0 million and $120.0 million, respectively. Significant transactions On April 13, 2023, AES Ohio issued $100.0 million of First Mortgage Bonds and used the proceeds from the offering to repay amounts outstanding under the AES Ohio Credit Agreement and for general corporate purposes. The new First Mortgage Bonds carry an interest rate of 5.19% and mature on April 13, 2033. Long-term debt covenants and restrictions The AES Ohio Credit Agreement and Fifty-Third and Fifty-Fourth Supplemental Indentures to the First Mortgage, pursuant to which the 3.20% Bonds due 2040 and the 5.19% Bonds due 2033 were issued, respectively, each contain one financial covenant. The covenant measures Total Debt to Total Capitalization and 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. AES Ohio’s Total Debt to Total Capitalization ratio shall not be greater than 0.67 to 1.00. As of September 30, 2023, AES Ohio was in compliance with this financial covenant. AES Ohio does not have any meaningful restrictions in its debt financing documents prohibiting dividends and return of capital payments to its parent, DPL. As of September 30, 2023, AES Ohio was in compliance with all debt covenants, including the financial covenant described above. Substantially all property, plant & equipment of AES Ohio is subject to the lien of the mortgage securing AES Ohio’s First and Refunding Mortgage. |
Schedule of Long-term Debt Instruments | : Interest September 30, December 31, $ in millions Rate Due 2023 2022 AES Ohio debt First Mortgage Bonds 3.95 % 2049 $ 425.0 $ 425.0 First Mortgage Bonds 3.20 % 2040 140.0 140.0 First Mortgage Bonds 5.19 % 2033 100.0 — Tax-exempt First Mortgage Bonds (a) 4.25 % 2027 100.0 100.0 Tax-exempt First Mortgage Bonds (b) 4.00 % 2027 40.0 40.0 U.S. Government note 4.20 % 2061 16.9 17.0 Unamortized deferred financing costs (6.7) (6.9) Unamortized debt discounts, net (2.3) (2.4) Total long-term debt at AES Ohio 812.9 712.7 DPL Inc. debt Senior unsecured bonds 4.125 % 2025 415.0 415.0 Senior unsecured bonds 4.35 % 2029 400.0 400.0 Note to DPL Capital Trust II (c) 8.125 % 2031 15.6 15.6 Unamortized deferred financing costs (5.3) (6.7) Unamortized debt discounts, net (0.7) (0.7) Total DPL consolidated long-term debt 1,637.5 1,535.9 Less: current portion (0.2) (0.2) DPL consolidated long-term debt, net of current portion $ 1,637.3 $ 1,535.7 (a) First mortgage bonds issued to the OAQDA, to secure the loan of proceeds from tax-exempt bonds issued by the OAQDA. The bonds have a final maturity date of November 1, 2040 but are subject to a mandatory put in June 2027. (b) First mortgage bonds issued to the OAQDA, to secure the loan of proceeds from tax-exempt bonds issued by the OAQDA. The bonds have a final maturity date of January 1, 2034 but are subject to a mandatory put in June 2027. (c) Note payable to related party. |
Subsidiaries [Member] | |
Debt Instrument [Line Items] | |
Long-term Debt | DEBT Long-term debt is as follows: Interest September 30, December 31, $ in millions Rate Due 2023 2022 First Mortgage Bonds 3.95 % 2049 $ 425.0 $ 425.0 First Mortgage Bonds 3.20 % 2040 140.0 140.0 First Mortgage Bonds 5.19 % 2033 100.0 — Tax-exempt First Mortgage Bonds (a) 4.25 % 2027 100.0 100.0 Tax-exempt First Mortgage Bonds (b) 4.00 % 2027 40.0 40.0 U.S. Government note 4.20 % 2061 16.9 17.0 Unamortized deferred financing costs (6.7) (6.9) Unamortized debt discounts, net (2.3) (2.4) Total long-term debt 812.9 712.7 Less: current portion (0.2) (0.2) Long-term debt, net of current portion $ 812.7 $ 712.5 (a) First mortgage bonds issued to the OAQDA, to secure the loan of proceeds from tax-exempt bonds issued by the OAQDA. The bonds have a final maturity date of November 1, 2040 but are subject to a mandatory put in June 2027. (b) First mortgage bonds issued to the OAQDA, to secure the loan of proceeds from tax-exempt bonds issued by the OAQDA. The bonds have a final maturity date of January 1, 2034 but are subject to a mandatory put in June 2027. Revolving credit agreements As of September 30, 2023 and December 31, 2022, the AES Ohio Credit Agreement had outstanding borrowings of $120.0 million and $120.0 million, respectively. Significant transactions On April 13, 2023, AES Ohio issued $100.0 million of First Mortgage Bonds and used the proceeds from the offering to repay amounts outstanding under the AES Ohio Credit Agreement and for general corporate purposes. The new First Mortgage Bonds carry an interest rate of 5.19% and mature on April 13, 2033. Long-term debt covenants and restrictions The AES Ohio Credit Agreement and Fifty-Third and Fifty-Fourth Supplemental Indentures to the First Mortgage, pursuant to which the 3.20% Bonds due 2040 and the 5.19% Bonds due 2033 were issued, respectively, each contain one financial covenant. The covenant measures Total Debt to Total Capitalization and 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. AES Ohio’s Total Debt to Total Capitalization ratio shall not be greater than 0.67 to 1.00. As of September 30, 2023, AES Ohio was in compliance with this financial covenant. As of September 30, 2023, AES Ohio was in compliance with all debt covenants, including the financial covenant described above. AES Ohio does not have any meaningful restrictions in its debt financing documents prohibiting dividends and return of capital payments to its parent, DPL. Substantially all property, plant & equipment of AES Ohio is subject to the lien of the mortgage securing AES Ohio’s First and Refunding Mortgage. |
Schedule of Long-term Debt Instruments | Interest September 30, December 31, $ in millions Rate Due 2023 2022 First Mortgage Bonds 3.95 % 2049 $ 425.0 $ 425.0 First Mortgage Bonds 3.20 % 2040 140.0 140.0 First Mortgage Bonds 5.19 % 2033 100.0 — Tax-exempt First Mortgage Bonds (a) 4.25 % 2027 100.0 100.0 Tax-exempt First Mortgage Bonds (b) 4.00 % 2027 40.0 40.0 U.S. Government note 4.20 % 2061 16.9 17.0 Unamortized deferred financing costs (6.7) (6.9) Unamortized debt discounts, net (2.3) (2.4) Total long-term debt 812.9 712.7 Less: current portion (0.2) (0.2) Long-term debt, net of current portion $ 812.7 $ 712.5 (a) First mortgage bonds issued to the OAQDA, to secure the loan of proceeds from tax-exempt bonds issued by the OAQDA. The bonds have a final maturity date of November 1, 2040 but are subject to a mandatory put in June 2027. (b) First mortgage bonds issued to the OAQDA, to secure the loan of proceeds from tax-exempt bonds issued by the OAQDA. The bonds have a final maturity date of January 1, 2034 but are subject to a mandatory put in June 2027. Revolving credit agreements |
Benefit Plans (Tables)
Benefit Plans (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Entity Information [Line Items] | |
Schedule of Net Periodic Benefit Cost / (Income) | The following table presents the net periodic benefit cost of the Pension Plans for the three and nine months ended September 30, 2023 and 2022: Three months ended Nine months ended September 30, September 30, $ in millions 2023 2022 2023 2022 Service cost $ 0.8 $ 1.2 $ 2.2 $ 3.7 Interest cost 3.9 2.4 11.9 7.2 Expected return on plan assets (4.4) (4.0) (13.2) (11.9) Amortization of unrecognized: Prior service cost 0.3 0.3 0.8 0.8 Actuarial loss 0.2 1.4 0.5 4.1 Net periodic benefit cost $ 0.8 $ 1.3 $ 2.2 $ 3.9 |
Subsidiaries [Member] | |
Entity Information [Line Items] | |
Schedule of Net Periodic Benefit Cost / (Income) | The following table presents the net periodic benefit cost of the Pension Plans for the three and nine months ended September 30, 2023 and 2022: Three months ended Nine months ended September 30, September 30, $ in millions 2023 2022 2023 2022 Service cost $ 0.8 $ 1.2 $ 2.2 $ 3.7 Interest cost 3.9 2.4 11.9 7.2 Expected return on plan assets (4.4) (4.0) (13.2) (11.9) Amortization of unrecognized: Prior service cost 0.2 0.3 0.8 0.9 Actuarial loss 0.3 2.0 0.9 5.8 Net periodic benefit cost $ 0.8 $ 1.9 $ 2.6 $ 5.7 |
Business Segments (Tables)
Business Segments (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Segment Reporting Information [Line Items] | |
Financial Reporting for Reportable Business Segments | The following tables present financial information for DPL’s reportable business segment: $ in millions Utility Other Adjustments and Eliminations DPL Consolidated Three months ended September 30, 2023 Revenue from external customers $ 221.8 $ 2.4 $ — $ 224.2 Intersegment revenue 0.2 1.5 (1.7) — Total revenue $ 222.0 $ 3.9 $ (1.7) $ 224.2 Depreciation and amortization $ 20.3 $ 0.3 $ — $ 20.6 Interest expense, net $ (1.3) $ 9.1 $ — $ 7.8 Income / (loss) before income tax $ 55.1 $ (6.9) $ — $ 48.2 $ in millions Utility Other Adjustments and Eliminations DPL Consolidated Three Months Ended September 30, 2022 Revenue from external customers $ 259.7 $ 2.4 $ — $ 262.1 Intersegment revenue 0.2 0.8 (1.0) — Total revenue $ 259.9 $ 3.2 $ (1.0) $ 262.1 Depreciation and amortization $ 19.8 $ 0.2 $ — $ 20.0 Interest expense, net $ 8.4 $ 9.7 $ — $ 18.1 Loss before income tax $ (15.6) $ (8.2) $ — $ (23.8) $ in millions Utility Other Adjustments and Eliminations DPL Consolidated Nine months ended September 30, 2023 Revenue from external customers $ 659.0 $ 7.3 $ — $ 666.3 Intersegment revenue 0.5 3.2 (3.7) — Total revenue $ 659.5 $ 10.5 $ (3.7) $ 666.3 Depreciation and amortization $ 59.9 $ 1.0 $ — $ 60.9 Interest expense, net $ 16.7 $ 28.5 $ — $ 45.2 Income / (loss) before income tax $ 64.1 $ (24.2) $ — $ 39.9 $ in millions Utility Other Adjustments and Eliminations DPL Consolidated Nine months ended September 30, 2022 Revenue from external customers $ 645.0 $ 7.3 $ — $ 652.3 Intersegment revenue 0.6 2.6 (3.2) — Total revenue $ 645.6 $ 9.9 $ (3.2) $ 652.3 Depreciation and amortization $ 58.7 $ 0.9 $ — $ 59.6 Interest expense, net $ 21.1 $ 29.0 $ — $ 50.1 Income / (loss) before income tax $ 11.3 $ (24.0) $ — $ (12.7) Total Assets September 30, 2023 December 31, 2022 Utility $ 2,638.0 $ 2,405.9 All Other (a) 17.7 16.5 DPL Consolidated $ 2,655.7 $ 2,422.4 |
Revenue (Tables)
Revenue (Tables) | 9 Months Ended |
Sep. 30, 2023 | |
Disaggregation of Revenue [Table Text Block] | The following table presents our revenue from contracts with customers and other revenue by segment for the three and nine months ended September 30, 2023 and 2022: $ in millions Utility Other Adjustments and Eliminations Total Three Months Ended September 30, 2023 Retail revenue Retail revenue from contracts with customers Residential revenue $ 127.8 $ — $ — $ 127.8 Commercial revenue 42.7 — — 42.7 Industrial revenue 16.5 — — 16.5 Governmental revenue 6.8 — — 6.8 Other (a) 3.5 — — 3.5 Total retail revenue from contracts with customers 197.3 — — 197.3 Other retail revenue (b) (0.2) — — (0.2) Wholesale revenue Wholesale revenue from contracts with customers 4.2 — (0.2) 4.0 RTO ancillary revenue 21.4 0.1 — 21.5 Capacity revenue 0.7 — — 0.7 Miscellaneous revenue Miscellaneous revenue from contracts with customers (c) — 2.3 — 2.3 Other miscellaneous revenue (1.4) 1.5 (1.5) (1.4) Total revenue $ 222.0 $ 3.9 $ (1.7) $ 224.2 Three Months Ended September 30, 2022 Retail revenue Retail revenue from contracts with customers Residential revenue $ 147.0 $ — $ — $ 147.0 Commercial revenue 50.5 — — 50.5 Industrial revenue 20.6 — — 20.6 Governmental revenue 6.2 — — 6.2 Other (a) 3.0 — — 3.0 Total retail revenue from contracts with customers 227.3 — — 227.3 Wholesale revenue Wholesale revenue from contracts with customers 13.4 — (0.2) 13.2 RTO ancillary revenue 16.2 — — 16.2 Capacity revenue 0.5 — — 0.5 Miscellaneous revenue Miscellaneous revenue from contracts with customers (c) — 2.4 — 2.4 Other miscellaneous revenue 2.5 0.8 (0.8) 2.5 Total revenue $ 259.9 $ 3.2 $ (1.0) $ 262.1 $ in millions Utility Other Adjustments and Eliminations Total Nine months ended September 30, 2023 Retail revenue Retail revenue from contracts with customers Residential revenue $ 377.9 $ — $ — $ 377.9 Commercial revenue 124.8 — — 124.8 Industrial revenue 50.4 — — 50.4 Governmental revenue 18.7 — — 18.7 Other (a) 9.9 — — 9.9 Total retail revenue from contracts with customers 581.7 — — 581.7 Other retail revenue (b) (0.2) — — (0.2) Wholesale revenue Wholesale revenue from contracts with customers 11.3 — (0.5) 10.8 RTO ancillary revenue 65.7 0.1 — 65.8 Capacity revenue 3.2 — — 3.2 Miscellaneous revenue Miscellaneous revenue from contracts with customers (c) — 7.2 — 7.2 Other miscellaneous revenue (2.2) 3.2 (3.2) (2.2) Total revenue $ 659.5 $ 10.5 $ (3.7) $ 666.3 Nine months ended September 30, 2022 Retail revenue Retail revenue from contracts with customers Residential revenue $ 350.6 $ — $ — $ 350.6 Commercial revenue 123.5 — — 123.5 Industrial revenue 55.4 — — 55.4 Governmental revenue 18.2 — — 18.2 Other (a) 9.1 — — 9.1 Total retail revenue from contracts with customers 556.8 — — 556.8 Wholesale revenue Wholesale revenue from contracts with customers 32.1 — (0.6) 31.5 RTO ancillary revenue 46.2 0.1 — 46.3 Capacity revenue 3.8 — — 3.8 Miscellaneous revenue Miscellaneous revenue from contracts with customers (c) — 7.2 — 7.2 Other miscellaneous revenue 6.7 2.6 (2.6) 6.7 Total revenue $ 645.6 $ 9.9 $ (3.2) $ 652.3 (a ) "Other" primarily includes operation and maintenance service revenue, billing service fees from CRES providers and other miscellaneous retail revenue from contracts with customers. (b) Other retail revenue primarily includes alternative revenue programs not accounted for under ASC 606 - Revenue Recognition ("ASC 606"). (c) Miscellaneous revenue from contracts with customers primarily includes revenue for various services provided by Miami Valley Lighting. |
Subsidiaries [Member] | |
Disaggregation of Revenue [Table Text Block] | The following table presents our revenue from contracts with customers and other revenue for the three and nine months ended September 30, 2023 and 2022: Three months ended Nine months ended September 30, September 30, $ in millions 2023 2022 2023 2022 Retail revenue Retail revenue from contracts with customers Residential revenue $ 127.8 $ 147.0 $ 377.9 $ 350.6 Commercial revenue 42.7 50.5 124.8 123.5 Industrial revenue 16.5 20.6 50.4 55.4 Governmental revenue 6.8 6.2 18.7 18.2 Other (a) 3.5 3.0 9.9 9.1 Total retail revenue from contracts with customers 197.3 227.3 581.7 556.8 Other retail revenue (b) (0.2) — (0.2) — Wholesale revenue Wholesale revenue from contracts with customers 4.2 13.4 11.3 32.1 RTO ancillary revenue 21.4 16.2 65.7 46.2 Capacity revenue 0.7 0.5 3.2 3.8 Miscellaneous revenue (1.4) 2.5 (2.2) 6.7 Total revenue $ 222.0 $ 259.9 $ 659.5 $ 645.6 (a ) "Other" primarily includes operation and maintenance service revenue, billing service fees from CRES providers and other miscellaneous retail revenue from contracts with customers. (b) Other retail revenue primarily includes alternative revenue programs not accounted for under ASC 606 - Revenue Recognition ("ASC 606"). |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Narrative) (Details) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||||
Sep. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) | Mar. 31, 2023 USD ($) | Sep. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 USD ($) | Sep. 30, 2023 USD ($) mi² segment customer | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | |
Significant Accounting Policies [Line Items] | ||||||||||
Cash and Cash Equivalents, at Carrying Value | $ 49.3 | $ 49.3 | $ 30.5 | |||||||
Restricted Cash | 0.1 | 0.1 | 0.1 | |||||||
Excise taxes collected | 12.8 | $ 13 | 35.4 | $ 37.6 | ||||||
Customer receivables | 60.4 | 60.4 | 61.3 | |||||||
Unbilled Revenue | 15.8 | 15.8 | 24 | |||||||
Accounts Receivable, Allowance for Credit Loss | (1) | (1) | (0.5) | |||||||
Accounts Receivable, Allowance for Credit Loss, Current | 1 | 0.4 | 1 | 0.4 | 0.5 | $ 0.3 | ||||
Accounts Receivable, Credit Loss Expense (Reversal) | 4.1 | 1.4 | ||||||||
Accounts Receivable, Allowance for Credit Loss, Writeoff | (4.4) | (2.1) | ||||||||
Accounts Receivable, Allowance for Credit Loss, Recovery | 0.8 | 0.8 | ||||||||
Interest expense | (7.8) | (18.1) | (45.2) | (50.1) | ||||||
Income Tax Expense (Benefit) | (9.6) | 4.1 | (5.3) | 8.6 | ||||||
Net income | (38.6) | $ 5.2 | $ (1.2) | 19.7 | $ (0.2) | $ (15.4) | (34.6) | 4.1 | ||
Nonoperating Income (Expense) | 6.4 | 16.5 | 40.5 | 48.1 | ||||||
Accumulated other comprehensive income | (2.9) | (2.9) | (2.4) | |||||||
Other Comprehensive Income (Loss), Net of Tax | (0.2) | (0.1) | (0.2) | 0.1 | 0 | 0.1 | (0.5) | 0.2 | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Transition Asset (Obligation), Reclassification Adjustment from AOCI, after Tax | 0 | 0.2 | 0.1 | 0.7 | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | (0.2) | 0.1 | (0.5) | 0.2 | ||||||
Contract with Customer, Asset, before Allowance for Credit Loss | 76.2 | 76.2 | 85.3 | |||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 49.4 | 44.4 | 49.4 | 44.4 | 30.6 | 26.7 | ||||
Accounts Receivable, after Allowance for Credit Loss, Current | 85.1 | 85.1 | 91.9 | |||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | (0.2) | (0.1) | (0.6) | (0.5) | ||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, Tax | 0 | (0.1) | 0 | (0.2) | ||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, Tax | 0 | 0.1 | 0.1 | 0.2 | ||||||
Allowance for Funds Used During Construction, Equity Portion | 1.3 | 2 | 3.8 | 4 | ||||||
Allowance for Funds Used During Construction, Capitalized Interest | (1.6) | 0.4 | (4.5) | (0.8) | ||||||
Nonrelated Party | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Other | 8.9 | 8.9 | 3.9 | |||||||
Related Party | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Other | 1 | 1 | 3.2 | |||||||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Accumulated other comprehensive income | 11.4 | 11.4 | 12 | |||||||
Change in unfunded pension obligation [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Accumulated other comprehensive income | (14.3) | (14.3) | (14.4) | |||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Interest expense | (0.2) | (0.2) | (0.7) | (0.7) | ||||||
Reclassification out of Accumulated Other Comprehensive Income [Member] | Change in unfunded pension obligation [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Nonoperating Income (Expense) | 0 | 0.3 | $ 0.1 | 0.9 | ||||||
Subsidiaries [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Number of reportable segments | segment | 1 | |||||||||
Cash and Cash Equivalents, at Carrying Value | 33 | $ 33 | 19.7 | |||||||
Restricted Cash | 0.1 | $ 0.1 | 0.1 | |||||||
Approximate number of retail customers | customer | 538,000 | |||||||||
Service area, square miles | mi² | 6,000 | |||||||||
Number of Operating Segments | segment | 1 | |||||||||
Excise taxes collected | 12.8 | 13 | $ 35.4 | 37.6 | ||||||
Customer receivables | 59.2 | 59.2 | 60.6 | |||||||
Unbilled Revenue | 15.8 | 15.8 | 24 | |||||||
Accounts Receivable, Allowance for Credit Loss | (1) | (1) | (0.5) | |||||||
Accounts Receivable, Allowance for Credit Loss, Current | 1 | 0.4 | 1 | 0.4 | 0.5 | 0.3 | ||||
Accounts Receivable, Credit Loss Expense (Reversal) | 4.1 | 1.4 | ||||||||
Accounts Receivable, Allowance for Credit Loss, Writeoff | 4.4 | 2.1 | ||||||||
Interest expense | 1.3 | (8.4) | (16.7) | (21.1) | ||||||
Income Tax Expense (Benefit) | (11.5) | 5.5 | (11.3) | 2.8 | ||||||
Net income | (43.6) | 10.1 | (7.3) | (16.9) | (52.8) | (14.1) | ||||
Nonoperating Income (Expense) | (2.5) | 7.3 | 12.7 | 20.9 | ||||||
Accumulated other comprehensive income | (26.5) | (26.5) | (26.8) | |||||||
Other Comprehensive Income (Loss), Net of Tax | 0.1 | $ 0.1 | $ 0.1 | 0.6 | $ 0.7 | $ 0.7 | 0.3 | 2 | ||
Other Comprehensive Income (Loss), Defined Benefit Plan, Transition Asset (Obligation), Reclassification Adjustment from AOCI, after Tax | 0.1 | 0.6 | 0.3 | 2 | ||||||
Reclassification from Accumulated Other Comprehensive Income, Current Period, Net of Tax | 0.1 | 0.6 | 0.3 | 2 | ||||||
Contract with Customer, Asset, before Allowance for Credit Loss | 75 | 75 | 84.6 | |||||||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents | 33.1 | 27.7 | 33.1 | 27.7 | 19.8 | $ 14.5 | ||||
Accounts Receivable, after Allowance for Credit Loss, Current | 84.5 | 84.5 | 92.3 | |||||||
Other Comprehensive (Income) Loss, Defined Benefit Plan, Reclassification Adjustment from AOCI, Tax | (0.1) | (0.2) | (0.2) | (0.6) | ||||||
Allowance for Funds Used During Construction, Equity Portion | 1.3 | 2 | 3.8 | 4 | ||||||
Allowance for Funds Used During Construction, Capitalized Interest | (1.6) | 0.4 | (4.5) | (0.8) | ||||||
Subsidiaries [Member] | Nonrelated Party | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Other | 9 | 9 | 3.8 | |||||||
Subsidiaries [Member] | Related Party | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Other | 1.5 | 1.5 | $ 4.4 | |||||||
Subsidiaries [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Change in unfunded pension obligation [Member] | ||||||||||
Significant Accounting Policies [Line Items] | ||||||||||
Net income | 0.1 | 0.6 | 0.3 | 2 | ||||||
Nonoperating Income (Expense) | $ 0.2 | $ 0.8 | $ 0.5 | $ 2.6 |
Regulatory Matters (Details)
Regulatory Matters (Details) - USD ($) $ in Millions | 9 Months Ended | |||
Apr. 10, 2023 | Dec. 14, 2022 | Sep. 30, 2023 | Dec. 31, 2022 | |
Regulatory assets, non-current | $ 160.2 | $ 129.8 | ||
Schedule of Regulatory Assets and Liabilities [Text Block] | REGULATORY MATTERS AES Ohio ESPs and Smart Grid Comprehensive Settlement AES Ohio ESP – Ohio law requires utilities to file either an ESP or MRO plan to establish SSO rates. AES Ohio is currently operating pursuant to ESP 4, described in the paragraph below. From November 1, 2017 through December 18, 2019, AES Ohio operated pursuant to an approved ESP, which was initially approved on October 20, 2017 (ESP 3). On December 18, 2019, the PUCO approved AES Ohio's Notice of Withdrawal and reversion to its prior rate plan (ESP 1). Among other items, the PUCO Order approving the ESP 1 rate plan included reinstating the non-bypassable RSC Rider, which provided annual revenue of approximately $79.0 million. The OCC has appealed to the Ohio Supreme Court the PUCO's decision approving the reversion to ESP 1 as well as argued for a refund of the RSC revenue dating back to August 2021. Oral argument regarding this appeal, which has been consolidated with the appeal regarding the Smart Grid Comprehensive Settlement described in the paragraph below, is expected but not yet scheduled. We are unable to predict the outcome of this appeal, but if this results in terms that are more adverse than AES Ohio's current ESP rate plan, it could have a material adverse effect on our results of operations, financial condition and cash flows. Smart Grid Comprehensive Settlement - On October 23, 2020, AES Ohio entered into a Stipulation and Recommendation with the staff of the PUCO, various customers and organizations representing customers of AES Ohio and certain other parties with respect to, among other matters, AES Ohio's applications pending at the PUCO for (i) approval of AES Ohio's plan to modernize its distribution grid (the Smart Grid Plan), (ii) findings that AES Ohio passed the SEET for 2018 and 2019, and (iii) findings that AES Ohio's ESP 1 satisfies the SEET prospectively and the more favorable in the aggregate (MFA) regulatory test. On June 16, 2021, the PUCO issued their opinion and order accepting the stipulation as filed. The OCC appealed the final PUCO order to the Ohio Supreme Court on December 6, 2021. Oral arguments regarding this appeal, which have been consolidated with the appeal regarding the reversion to ESP 1 described in the paragraph above, are expected but not yet scheduled. ESP 4 – On September 26, 2022, AES Ohio filed its latest ESP (ESP 4) with the PUCO. ESP 4 is a comprehensive plan to enhance and upgrade its network and improve service reliability, provide greater safeguards for price stability and continue investments in local economic development. On April 10, 2023, AES Ohio entered into a Stipulation and Recommendation with the PUCO Staff and seventeen parties (the “Settlement”) with respect to AES Ohio’s ESP 4 application, and, on August 9, 2023, the PUCO approved the Settlement without modification. The Settlement provides for a three-year ESP without a rate stability charge, and, in addition to other items, provides for the following: • A Distribution Investment Rider for the term of the ESP allowing for the timely recovery of distribution investments by AES Ohio based on a 9.999% return on equity, subject to revenue caps; • The recovery of approximately $66.0 million related to past expenditures by AES Ohio plus future carrying costs and the recovery of incremental vegetation management expenses up to certain annual limits during the term of ESP 4. During the third quarter of 2023, AES Ohio deferred $28.3 million of previously recognized purchased power costs and an additional $10.7 million of carrying costs related to this recovery; and • Funding of programs for assistance to low-income customers and for economic development. Additionally, with approval of this Settlement, the distribution rates that were approved by the PUCO on December 14, 2022, and are described in the paragraph below, became effective on September 1, 2023. Distribution Rate Case On November 30, 2020, AES Ohio filed a distribution rate case application with the PUCO to increase AES Ohio’s base rates for electric distribution service to address, in part, increased costs of materials and labor and substantial investments to improve distribution structures. On December 14, 2022, the PUCO issued an order on the application. Among other matters, the order: • Establishes a revenue increase of $75.6 million for AES Ohio’s base rates for electric distribution service; and • Provides for a return on equity of 9.999% and a cost of long-term debt of 4.4% on a distribution rate base of $783.5 million and based on a capital structure of 53.87% equity and 46.13% long-term debt. These rates went into effect on September 1, 2023 with the approval of AES Ohio's ESP 4. | |||
Cost of Long-term Debt - Distribution Rate Case | 4.40% | |||
Revenue Increase - Distribution Rate Case | $ 75.6 | |||
Return on Equity - Distribution Rate Case | 9.999% | |||
Rate Base - Distribution Rate Case | $ 783.5 | |||
Capital Structure - Equity - Distribution Rate Case | 53.87% | |||
Capital Structure - Long-term Debt - Distribution Rate Case | 46.13% | |||
Schedule of Regulatory Assets and Liabilities [Text Block] | REGULATORY MATTERS AES Ohio ESPs and Smart Grid Comprehensive Settlement AES Ohio ESP – Ohio law requires utilities to file either an ESP or MRO plan to establish SSO rates. AES Ohio is currently operating pursuant to ESP 4, described in the paragraph below. From November 1, 2017 through December 18, 2019, AES Ohio operated pursuant to an approved ESP, which was initially approved on October 20, 2017 (ESP 3). On December 18, 2019, the PUCO approved AES Ohio's Notice of Withdrawal and reversion to its prior rate plan (ESP 1). Among other items, the PUCO Order approving the ESP 1 rate plan included reinstating the non-bypassable RSC Rider, which provided annual revenue of approximately $79.0 million. The OCC has appealed to the Ohio Supreme Court the PUCO's decision approving the reversion to ESP 1 as well as argued for a refund of the RSC revenue dating back to August 2021. Oral argument regarding this appeal, which has been consolidated with the appeal regarding the Smart Grid Comprehensive Settlement described in the paragraph below, is expected but not yet scheduled. We are unable to predict the outcome of this appeal, but if this results in terms that are more adverse than AES Ohio's current ESP rate plan, it could have a material adverse effect on our results of operations, financial condition and cash flows. Smart Grid Comprehensive Settlement - On October 23, 2020, AES Ohio entered into a Stipulation and Recommendation with the staff of the PUCO, various customers and organizations representing customers of AES Ohio and certain other parties with respect to, among other matters, AES Ohio's applications pending at the PUCO for (i) approval of AES Ohio's plan to modernize its distribution grid (the Smart Grid Plan), (ii) findings that AES Ohio passed the SEET for 2018 and 2019, and (iii) findings that AES Ohio's ESP 1 satisfies the SEET prospectively and the more favorable in the aggregate (MFA) regulatory test. On June 16, 2021, the PUCO issued their opinion and order accepting the stipulation as filed. The OCC appealed the final PUCO order to the Ohio Supreme Court on December 6, 2021. Oral arguments regarding this appeal, which have been consolidated with the appeal regarding the reversion to ESP 1 described in the paragraph above, are expected but not yet scheduled. ESP 4 – On September 26, 2022, AES Ohio filed its latest ESP (ESP 4) with the PUCO. ESP 4 is a comprehensive plan to enhance and upgrade its network and improve service reliability, provide greater safeguards for price stability and continue investments in local economic development. On April 10, 2023, AES Ohio entered into a Stipulation and Recommendation with the PUCO Staff and seventeen parties (the “Settlement”) with respect to AES Ohio’s ESP 4 application, and, on August 9, 2023, the PUCO approved the Settlement without modification. The Settlement provides for a three-year ESP without a rate stability charge, and, in addition to other items, provides for the following: • A Distribution Investment Rider for the term of the ESP allowing for the timely recovery of distribution investments by AES Ohio based on a 9.999% return on equity, subject to revenue caps; • The recovery of approximately $66.0 million related to past expenditures by AES Ohio plus future carrying costs and the recovery of incremental vegetation management expenses up to certain annual limits during the term of ESP 4. During the third quarter of 2023, AES Ohio deferred $28.3 million of previously recognized purchased power costs and an additional $10.7 million of carrying costs related to this recovery; and • Funding of programs for assistance to low-income customers and for economic development. Additionally, with approval of this Settlement, the distribution rates that were approved by the PUCO on December 14, 2022, and are described in the paragraph below, became effective on September 1, 2023. Distribution Rate Case On November 30, 2020, AES Ohio filed a distribution rate case application with the PUCO to increase AES Ohio’s base rates for electric distribution service to address, in part, increased costs of materials and labor and substantial investments to improve distribution structures. On December 14, 2022, the PUCO issued an order on the application. Among other matters, the order: • Establishes a revenue increase of $75.6 million for AES Ohio’s base rates for electric distribution service; and • Provides for a return on equity of 9.999% and a cost of long-term debt of 4.4% on a distribution rate base of $783.5 million and based on a capital structure of 53.87% equity and 46.13% long-term debt. These rates went into effect on September 1, 2023 with the approval of AES Ohio's ESP 4. | |||
Public Utilities, General Disclosures [Line Items] | ||||
Revenue Increase - Distribution Rate Case | $ 75.6 | |||
Return on Equity - Distribution Rate Case | 9.999% | |||
Cost of Long-term Debt - Distribution Rate Case | 4.40% | |||
Rate Base - Distribution Rate Case | $ 783.5 | |||
Capital Structure - Equity - Distribution Rate Case | 53.87% | |||
Capital Structure - Long-term Debt - Distribution Rate Case | 46.13% | |||
RSC Rider | $ 79 | |||
Subsidiaries [Member] | ||||
Regulatory assets, non-current | $ 160.2 | $ 129.8 | ||
Schedule of Regulatory Assets and Liabilities [Text Block] | REGULATORY MATTERS AES Ohio ESPs and Smart Grid Comprehensive Settlement AES Ohio ESP – Ohio law requires utilities to file either an ESP or MRO plan to establish SSO rates. AES Ohio is currently operating pursuant to ESP 4, described in the paragraph below. From November 1, 2017 through December 18, 2019, AES Ohio operated pursuant to an approved ESP, which was initially approved on October 20, 2017 (ESP 3). On December 18, 2019, the PUCO approved AES Ohio's Notice of Withdrawal and reversion to its prior rate plan (ESP 1). Among other items, the PUCO Order approving the ESP 1 rate plan included reinstating the non-bypassable RSC Rider, which provided annual revenue of approximately $79.0 million. The OCC has appealed to the Ohio Supreme Court the PUCO's decision approving the reversion to ESP 1 as well as argued for a refund of the RSC revenue dating back to August 2021. Oral argument regarding this appeal, which has been consolidated with the appeal regarding the Smart Grid Comprehensive Settlement described in the paragraph below, is expected but not yet scheduled. We are unable to predict the outcome of this appeal, but if this results in terms that are more adverse than AES Ohio's current ESP rate plan, it could have a material adverse effect on our results of operations, financial condition and cash flows. Smart Grid Comprehensive Settlement - On October 23, 2020, AES Ohio entered into a Stipulation and Recommendation with the staff of the PUCO, various customers and organizations representing customers of AES Ohio and certain other parties with respect to, among other matters, AES Ohio's applications pending at the PUCO for (i) approval of AES Ohio's plan to modernize its distribution grid (the Smart Grid Plan), (ii) findings that AES Ohio passed the SEET for 2018 and 2019, and (iii) findings that AES Ohio's ESP 1 satisfies the SEET prospectively and the more favorable in the aggregate (MFA) regulatory test. On June 16, 2021, the PUCO issued their opinion and order accepting the stipulation as filed. The OCC appealed the final PUCO order to the Ohio Supreme Court on December 6, 2021. Oral arguments regarding this appeal, which have been consolidated with the appeal regarding the reversion to ESP 1 described in the paragraph above, are expected but not yet scheduled. ESP 4 – On September 26, 2022, AES Ohio filed its latest ESP (ESP 4) with the PUCO. ESP 4 is a comprehensive plan to enhance and upgrade its network and improve service reliability, provide greater safeguards for price stability and continue investments in local economic development. On April 10, 2023, AES Ohio entered into a Stipulation and Recommendation with the PUCO Staff and seventeen parties (the “Settlement”) with respect to AES Ohio’s ESP 4 application, and, on August 9, 2023, the PUCO approved the Settlement without modification. The Settlement provides for a three-year ESP without a rate stability charge, and, in addition to other items, provides for the following: • A Distribution Investment Rider for the term of the ESP allowing for the timely recovery of distribution investments by AES Ohio based on a 9.999% return on equity, subject to revenue caps; • The recovery of approximately $66.0 million related to past expenditures by AES Ohio plus future carrying costs and the recovery of incremental vegetation management expenses up to certain annual limits during the term of ESP 4. During the third quarter of 2023, AES Ohio deferred $28.3 million of previously recognized purchased power costs and an additional $10.7 million of carrying costs related to this recovery; and • Funding of programs for assistance to low-income customers and for economic development. Additionally, with approval of this Settlement, the distribution rates that were approved by the PUCO on December 14, 2022, and are described in the paragraph below, became effective on September 1, 2023. Distribution Rate Case On November 30, 2020, AES Ohio filed a distribution rate case application with the PUCO to increase AES Ohio’s base rates for electric distribution service to address, in part, increased costs of materials and labor and substantial investments to improve distribution structures. On December 14, 2022, the PUCO issued an order on the application. Among other matters, the order: • Establishes a revenue increase of $75.6 million for AES Ohio’s base rates for electric distribution service; and • Provides for a return on equity of 9.999% and a cost of long-term debt of 4.4% on a distribution rate base of $783.5 million and based on a capital structure of 53.87% equity and 46.13% long-term debt. These rates went into effect on September 1, 2023 with the approval of AES Ohio's ESP 4. | |||
Cost of Long-term Debt - Distribution Rate Case | 4.40% | |||
Revenue Increase - Distribution Rate Case | $ 75.6 | |||
Return on Equity - Distribution Rate Case | 9.999% | |||
Rate Base - Distribution Rate Case | $ 783.5 | |||
Capital Structure - Equity - Distribution Rate Case | 53.87% | |||
Capital Structure - Long-term Debt - Distribution Rate Case | 46.13% | |||
Return on Equity - ESP 4 | 9.999% | |||
Recovery - ESP 4 | $ 66 | |||
Deferral of Purchased Power Costs | $ 28.3 | |||
Deferral of Carrying Costs - ESP 4 | $ 10.7 | |||
Schedule of Regulatory Assets and Liabilities [Text Block] | REGULATORY MATTERS AES Ohio ESPs and Smart Grid Comprehensive Settlement AES Ohio ESP – Ohio law requires utilities to file either an ESP or MRO plan to establish SSO rates. AES Ohio is currently operating pursuant to ESP 4, described in the paragraph below. From November 1, 2017 through December 18, 2019, AES Ohio operated pursuant to an approved ESP, which was initially approved on October 20, 2017 (ESP 3). On December 18, 2019, the PUCO approved AES Ohio's Notice of Withdrawal and reversion to its prior rate plan (ESP 1). Among other items, the PUCO Order approving the ESP 1 rate plan included reinstating the non-bypassable RSC Rider, which provided annual revenue of approximately $79.0 million. The OCC has appealed to the Ohio Supreme Court the PUCO's decision approving the reversion to ESP 1 as well as argued for a refund of the RSC revenue dating back to August 2021. Oral argument regarding this appeal, which has been consolidated with the appeal regarding the Smart Grid Comprehensive Settlement described in the paragraph below, is expected but not yet scheduled. We are unable to predict the outcome of this appeal, but if this results in terms that are more adverse than AES Ohio's current ESP rate plan, it could have a material adverse effect on our results of operations, financial condition and cash flows. Smart Grid Comprehensive Settlement - On October 23, 2020, AES Ohio entered into a Stipulation and Recommendation with the staff of the PUCO, various customers and organizations representing customers of AES Ohio and certain other parties with respect to, among other matters, AES Ohio's applications pending at the PUCO for (i) approval of AES Ohio's plan to modernize its distribution grid (the Smart Grid Plan), (ii) findings that AES Ohio passed the SEET for 2018 and 2019, and (iii) findings that AES Ohio's ESP 1 satisfies the SEET prospectively and the more favorable in the aggregate (MFA) regulatory test. On June 16, 2021, the PUCO issued their opinion and order accepting the stipulation as filed. The OCC appealed the final PUCO order to the Ohio Supreme Court on December 6, 2021. Oral arguments regarding this appeal, which have been consolidated with the appeal regarding the reversion to ESP 1 described in the paragraph above, are expected but not yet scheduled. ESP 4 – On September 26, 2022, AES Ohio filed its latest ESP (ESP 4) with the PUCO. ESP 4 is a comprehensive plan to enhance and upgrade its network and improve service reliability, provide greater safeguards for price stability and continue investments in local economic development. On April 10, 2023, AES Ohio entered into a Stipulation and Recommendation with the PUCO Staff and seventeen parties (the “Settlement”) with respect to AES Ohio’s ESP 4 application, and, on August 9, 2023, the PUCO approved the Settlement without modification. The Settlement provides for a three-year ESP without a rate stability charge, and, in addition to other items, provides for the following: • A Distribution Investment Rider for the term of the ESP allowing for the timely recovery of distribution investments by AES Ohio based on a 9.999% return on equity, subject to revenue caps; • The recovery of approximately $66.0 million related to past expenditures by AES Ohio plus future carrying costs and the recovery of incremental vegetation management expenses up to certain annual limits during the term of ESP 4. During the third quarter of 2023, AES Ohio deferred $28.3 million of previously recognized purchased power costs and an additional $10.7 million of carrying costs related to this recovery; and • Funding of programs for assistance to low-income customers and for economic development. Additionally, with approval of this Settlement, the distribution rates that were approved by the PUCO on December 14, 2022, and are described in the paragraph below, became effective on September 1, 2023. Distribution Rate Case On November 30, 2020, AES Ohio filed a distribution rate case application with the PUCO to increase AES Ohio’s base rates for electric distribution service to address, in part, increased costs of materials and labor and substantial investments to improve distribution structures. On December 14, 2022, the PUCO issued an order on the application. Among other matters, the order: • Establishes a revenue increase of $75.6 million for AES Ohio’s base rates for electric distribution service; and • Provides for a return on equity of 9.999% and a cost of long-term debt of 4.4% on a distribution rate base of $783.5 million and based on a capital structure of 53.87% equity and 46.13% long-term debt. These rates went into effect on September 1, 2023 with the approval of AES Ohio's ESP 4. | |||
Public Utilities, General Disclosures [Line Items] | ||||
Revenue Increase - Distribution Rate Case | $ 75.6 | |||
Return on Equity - Distribution Rate Case | 9.999% | |||
Cost of Long-term Debt - Distribution Rate Case | 4.40% | |||
Rate Base - Distribution Rate Case | $ 783.5 | |||
Capital Structure - Equity - Distribution Rate Case | 53.87% | |||
Capital Structure - Long-term Debt - Distribution Rate Case | 46.13% | |||
RSC Rider | $ 79 | |||
Recovery - ESP 4 | $ 66 |
Fair Value (Narrative) (Details
Fair Value (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Unrealized Gain (Loss) on Investments | $ (0.2) | $ (0.4) | $ 0.2 | $ (1.8) | |
Level 1 [Member] | Money Market Funds [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Investments, Fair Value Disclosure | 0.6 | 0.6 | $ 0.5 | ||
Level 2 [Member] | Money Market Funds [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Investments, Fair Value Disclosure | 0 | 0 | 0 | ||
Level 3 [Member] | Money Market Funds [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Investments, Fair Value Disclosure | 0 | 0 | 0 | ||
Subsidiaries [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Unrealized Gain (Loss) on Investments | (0.2) | $ (0.4) | 0.2 | $ (1.8) | |
Subsidiaries [Member] | Level 1 [Member] | Money Market Funds [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Investments, Fair Value Disclosure | 0.6 | 0.6 | 0.5 | ||
Subsidiaries [Member] | Level 2 [Member] | Money Market Funds [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Investments, Fair Value Disclosure | 0 | 0 | 0 | ||
Subsidiaries [Member] | Level 3 [Member] | Money Market Funds [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Investments, Fair Value Disclosure | 0 | 0 | 0 | ||
Estimate of Fair Value Measurement [Member] | Money Market Funds [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Investments, Fair Value Disclosure | 0.6 | 0.6 | 0.5 | ||
Estimate of Fair Value Measurement [Member] | Subsidiaries [Member] | Money Market Funds [Member] | |||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |||||
Investments, Fair Value Disclosure | $ 0.6 | $ 0.6 | $ 0.5 |
Fair Value (Fair Value and Cost
Fair Value (Fair Value and Cost of Non-Derivative Instruments) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Long-term Debt | $ 1,637.5 | $ 1,535.9 |
Subsidiaries [Member] | ||
Long-term Debt | 812.9 | 712.7 |
Money Market Funds [Member] | Fair Value [Member] | ||
Investments, Fair Value Disclosure | 0.6 | 0.5 |
Money Market Funds [Member] | Fair Value [Member] | Subsidiaries [Member] | ||
Investments, Fair Value Disclosure | $ 0.6 | $ 0.5 |
Fair Value (Fair Value of Asset
Fair Value (Fair Value of Assets and Liabilities Measured on Recurring Basis) (Details) - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Level 1 [Member] | ||
Total Assets | $ 7.3 | $ 7.5 |
Level 1 [Member] | Subsidiaries [Member] | ||
Total Assets | 7.3 | 7.5 |
Level 2 [Member] | ||
Total Assets | 0 | 0 |
Level 2 [Member] | Subsidiaries [Member] | ||
Total Assets | 0 | 0 |
Level 3 [Member] | ||
Total Assets | 0 | 0 |
Level 3 [Member] | Subsidiaries [Member] | ||
Total Assets | 0 | 0 |
Fair Value [Member] | ||
Total Assets | 7.3 | 7.5 |
Fair Value [Member] | Subsidiaries [Member] | ||
Total Assets | 7.3 | 7.5 |
Money Market Funds [Member] | Level 1 [Member] | ||
Investments, Fair Value Disclosure | 0.6 | 0.5 |
Money Market Funds [Member] | Level 1 [Member] | Subsidiaries [Member] | ||
Investments, Fair Value Disclosure | 0.6 | 0.5 |
Money Market Funds [Member] | Level 2 [Member] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Money Market Funds [Member] | Level 2 [Member] | Subsidiaries [Member] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Money Market Funds [Member] | Level 3 [Member] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Money Market Funds [Member] | Level 3 [Member] | Subsidiaries [Member] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Money Market Funds [Member] | Fair Value [Member] | ||
Investments, Fair Value Disclosure | 0.6 | 0.5 |
Money Market Funds [Member] | Fair Value [Member] | Subsidiaries [Member] | ||
Investments, Fair Value Disclosure | 0.6 | 0.5 |
Debt [Member] | Level 1 [Member] | ||
Debt | 0 | 0 |
Debt [Member] | Level 1 [Member] | Subsidiaries [Member] | ||
Debt | 0 | 0 |
Debt [Member] | Level 2 [Member] | ||
Debt | 1,414.5 | 1,376.4 |
Debt [Member] | Level 2 [Member] | Subsidiaries [Member] | ||
Debt | 676.5 | 610.9 |
Debt [Member] | Level 3 [Member] | ||
Debt | 16.9 | 17 |
Debt [Member] | Level 3 [Member] | Subsidiaries [Member] | ||
Debt | 16.9 | 17 |
Debt [Member] | Fair Value [Member] | ||
Debt | 1,431.4 | 1,393.4 |
Debt [Member] | Fair Value [Member] | Subsidiaries [Member] | ||
Debt | 693.4 | 627.9 |
Mutual Fund | Level 1 [Member] | ||
Investments, Fair Value Disclosure | 6.7 | 7 |
Mutual Fund | Level 1 [Member] | Subsidiaries [Member] | ||
Investments, Fair Value Disclosure | 6.7 | 7 |
Mutual Fund | Level 2 [Member] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Mutual Fund | Level 2 [Member] | Subsidiaries [Member] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Mutual Fund | Level 3 [Member] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Mutual Fund | Level 3 [Member] | Subsidiaries [Member] | ||
Investments, Fair Value Disclosure | 0 | 0 |
Mutual Fund | Fair Value [Member] | ||
Investments, Fair Value Disclosure | 6.7 | 7 |
Mutual Fund | Fair Value [Member] | Subsidiaries [Member] | ||
Investments, Fair Value Disclosure | $ 6.7 | $ 7 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2023 | Dec. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | |
Derivative [Line Items] | ||||||||
Other Comprehensive Income (Loss), Cash Flow Hedge, Gain (Loss), Reclassification, after Tax | $ (0.2) | $ (0.1) | $ (0.6) | $ (0.5) | ||||
AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax | 11.4 | $ 12.3 | 11.4 | $ 12.3 | $ 11.6 | $ 12.4 | $ 12.8 | |
Interest Rate Contract [Member] | ||||||||
Derivative [Line Items] | ||||||||
Portion expected to be reclassified to earnings in the next twelve months | $ (0.8) | $ (0.8) | ||||||
AOCI, Cash Flow Hedge, Cumulative Gain (Loss), after Tax | $ 12 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities (Gains or Losses Recognized in AOCI for the Cash Flow Hedges) (Details) $ in Millions | Sep. 30, 2023 USD ($) |
Interest Rate Contract [Member] | |
Accumulated Derivative Gain/Loss in AOCI [Roll Forward] | |
Portion expected to be reclassified to earnings in the next twelve months | $ (0.8) |
Debt (Narrative) (Details)
Debt (Narrative) (Details) $ in Millions | 9 Months Ended | |||
Apr. 13, 2023 USD ($) | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Debt Instrument [Line Items] | ||||
Long-term Line of Credit | $ 35 | |||
Proceeds from Issuance of Long-term Debt | $ 100 | $ 140 | ||
Less: current portion | (0.2) | (0.2) | ||
Debt Instrument, Unamortized Discount (Premium), Net | (0.7) | (0.7) | ||
Subsidiaries [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Line of Credit | 120 | 120 | ||
Proceeds from Issuance of Long-term Debt | 100 | $ 140 | ||
Less: current portion | (0.2) | (0.2) | ||
Deferred Finance Costs, Net, Including Acquisition Adjustments | (6.7) | (6.9) | ||
Debt Instrument, Unamortized Discount (Premium), Net | (2.3) | (2.4) | ||
3.95% Senior Notes due 2049 [Member] | Subsidiaries [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | $ 425 | 425 | ||
Debt Instrument, Interest Rate, Effective Percentage | 3.95% | |||
Revolving Credit Facility [Member] | Subsidiaries [Member] | ||||
Debt Instrument [Line Items] | ||||
Debt Covenant, Total Debt to Total Capitalization Ratio, Maximum | 0.67 | |||
3.25% First Mortgage Bonds due 2040 [Member] | Subsidiaries [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | $ 140 | 140 | ||
Debt Instrument, Interest Rate, Effective Percentage | 3.20% | |||
U.S. Government note maturing in February 2061 - 4.20% [Member] | Subsidiaries [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | 17 | |||
Debt instrument interest percentage | 4.20% | |||
4.25% Tax-exempt First Mortgage Bonds due 2027 | Subsidiaries [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | $ 100 | 100 | ||
Debt Instrument, Interest Rate, Effective Percentage | 4.25% | |||
4.00% Tax-exempt First Mortgage Bonds due 2027 | Subsidiaries [Member] | ||||
Debt Instrument [Line Items] | ||||
Long-term Debt, Gross | $ 40 | $ 40 | ||
Debt Instrument, Interest Rate, Effective Percentage | 4% | |||
First Mortgage Bonds due 2033 | Subsidiaries [Member] | ||||
Debt Instrument [Line Items] | ||||
Proceeds from Issuance of Long-term Debt | $ 100 | |||
Debt Instrument, Interest Rate, Effective Percentage | 5.19% |
Debt (Long-term Debt) (Details)
Debt (Long-term Debt) (Details) - USD ($) $ in Millions | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Debt Instrument [Line Items] | |||
Unamortized deferred finance costs | $ (5.3) | $ (6.7) | |
Unamortized debt discounts, net | (0.7) | (0.7) | |
Total long-term debt | 1,637.5 | 1,535.9 | |
Less: current portion | (0.2) | (0.2) | |
Long-term debt | 1,637.3 | 1,535.7 | |
Long-term Line of Credit | 35 | ||
Proceeds from Issuance of Long-term Debt | $ 100 | $ 140 | |
Long-term Debt | DEBT Long-term debt is as follows: Interest September 30, December 31, $ in millions Rate Due 2023 2022 AES Ohio debt First Mortgage Bonds 3.95 % 2049 $ 425.0 $ 425.0 First Mortgage Bonds 3.20 % 2040 140.0 140.0 First Mortgage Bonds 5.19 % 2033 100.0 — Tax-exempt First Mortgage Bonds (a) 4.25 % 2027 100.0 100.0 Tax-exempt First Mortgage Bonds (b) 4.00 % 2027 40.0 40.0 U.S. Government note 4.20 % 2061 16.9 17.0 Unamortized deferred financing costs (6.7) (6.9) Unamortized debt discounts, net (2.3) (2.4) Total long-term debt at AES Ohio 812.9 712.7 DPL Inc. debt Senior unsecured bonds 4.125 % 2025 415.0 415.0 Senior unsecured bonds 4.35 % 2029 400.0 400.0 Note to DPL Capital Trust II (c) 8.125 % 2031 15.6 15.6 Unamortized deferred financing costs (5.3) (6.7) Unamortized debt discounts, net (0.7) (0.7) Total DPL consolidated long-term debt 1,637.5 1,535.9 Less: current portion (0.2) (0.2) DPL consolidated long-term debt, net of current portion $ 1,637.3 $ 1,535.7 (a) First mortgage bonds issued to the OAQDA, to secure the loan of proceeds from tax-exempt bonds issued by the OAQDA. The bonds have a final maturity date of November 1, 2040 but are subject to a mandatory put in June 2027. (b) First mortgage bonds issued to the OAQDA, to secure the loan of proceeds from tax-exempt bonds issued by the OAQDA. The bonds have a final maturity date of January 1, 2034 but are subject to a mandatory put in June 2027. (c) Note payable to related party. Revolving credit agreements The DPL Credit Agreement was paid off and retired on June 14, 2023. The balance outstanding on this credit facility as of December 31, 2022 was $35.0 million. As of September 30, 2023 and December 31, 2022, the AES Ohio Credit Agreement had outstanding borrowings of $120.0 million and $120.0 million, respectively. Significant transactions On April 13, 2023, AES Ohio issued $100.0 million of First Mortgage Bonds and used the proceeds from the offering to repay amounts outstanding under the AES Ohio Credit Agreement and for general corporate purposes. The new First Mortgage Bonds carry an interest rate of 5.19% and mature on April 13, 2033. Long-term debt covenants and restrictions The AES Ohio Credit Agreement and Fifty-Third and Fifty-Fourth Supplemental Indentures to the First Mortgage, pursuant to which the 3.20% Bonds due 2040 and the 5.19% Bonds due 2033 were issued, respectively, each contain one financial covenant. The covenant measures Total Debt to Total Capitalization and 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. AES Ohio’s Total Debt to Total Capitalization ratio shall not be greater than 0.67 to 1.00. As of September 30, 2023, AES Ohio was in compliance with this financial covenant. AES Ohio does not have any meaningful restrictions in its debt financing documents prohibiting dividends and return of capital payments to its parent, DPL. As of September 30, 2023, AES Ohio was in compliance with all debt covenants, including the financial covenant described above. Substantially all property, plant & equipment of AES Ohio is subject to the lien of the mortgage securing AES Ohio’s First and Refunding Mortgage. | ||
Subsidiaries [Member] | |||
Debt Instrument [Line Items] | |||
Unamortized deferred finance costs | $ (6.7) | (6.9) | |
Unamortized debt discounts, net | (2.3) | (2.4) | |
Total long-term debt at subsidiary | 812.9 | 712.7 | |
Total long-term debt | 812.9 | 712.7 | |
Less: current portion | (0.2) | (0.2) | |
Long-term debt | 812.7 | 712.5 | |
Long-term Line of Credit | 120 | 120 | |
Proceeds from Issuance of Long-term Debt | $ 100 | $ 140 | |
Long-term Debt | DEBT Long-term debt is as follows: Interest September 30, December 31, $ in millions Rate Due 2023 2022 First Mortgage Bonds 3.95 % 2049 $ 425.0 $ 425.0 First Mortgage Bonds 3.20 % 2040 140.0 140.0 First Mortgage Bonds 5.19 % 2033 100.0 — Tax-exempt First Mortgage Bonds (a) 4.25 % 2027 100.0 100.0 Tax-exempt First Mortgage Bonds (b) 4.00 % 2027 40.0 40.0 U.S. Government note 4.20 % 2061 16.9 17.0 Unamortized deferred financing costs (6.7) (6.9) Unamortized debt discounts, net (2.3) (2.4) Total long-term debt 812.9 712.7 Less: current portion (0.2) (0.2) Long-term debt, net of current portion $ 812.7 $ 712.5 (a) First mortgage bonds issued to the OAQDA, to secure the loan of proceeds from tax-exempt bonds issued by the OAQDA. The bonds have a final maturity date of November 1, 2040 but are subject to a mandatory put in June 2027. (b) First mortgage bonds issued to the OAQDA, to secure the loan of proceeds from tax-exempt bonds issued by the OAQDA. The bonds have a final maturity date of January 1, 2034 but are subject to a mandatory put in June 2027. Revolving credit agreements As of September 30, 2023 and December 31, 2022, the AES Ohio Credit Agreement had outstanding borrowings of $120.0 million and $120.0 million, respectively. Significant transactions On April 13, 2023, AES Ohio issued $100.0 million of First Mortgage Bonds and used the proceeds from the offering to repay amounts outstanding under the AES Ohio Credit Agreement and for general corporate purposes. The new First Mortgage Bonds carry an interest rate of 5.19% and mature on April 13, 2033. Long-term debt covenants and restrictions The AES Ohio Credit Agreement and Fifty-Third and Fifty-Fourth Supplemental Indentures to the First Mortgage, pursuant to which the 3.20% Bonds due 2040 and the 5.19% Bonds due 2033 were issued, respectively, each contain one financial covenant. The covenant measures Total Debt to Total Capitalization and 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. AES Ohio’s Total Debt to Total Capitalization ratio shall not be greater than 0.67 to 1.00. As of September 30, 2023, AES Ohio was in compliance with this financial covenant. As of September 30, 2023, AES Ohio was in compliance with all debt covenants, including the financial covenant described above. AES Ohio does not have any meaningful restrictions in its debt financing documents prohibiting dividends and return of capital payments to its parent, DPL. Substantially all property, plant & equipment of AES Ohio is subject to the lien of the mortgage securing AES Ohio’s First and Refunding Mortgage. | ||
3.95% Senior Notes due 2049 [Member] | Subsidiaries [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | 3.95% | ||
Long-term Debt, Gross | $ 425 | 425 | |
U.S. Government note maturing in February 2061 - 4.20% [Member] | Subsidiaries [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument interest percentage | 4.20% | ||
Long-term Debt, Gross | 17 | ||
4.35% Senior Notes due 2029 [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument interest percentage | 4.35% | ||
Long-term Debt, Gross | $ 400 | 400 | |
Note to DPL Capital Trust II Maturing in September 2031 - 8.125% [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument interest percentage | 8.125% | ||
Long-term Debt, Gross | $ 15.6 | 15.6 | |
4.13% Senior Notes due 2025 | |||
Debt Instrument [Line Items] | |||
Debt instrument interest percentage | 4.125% | ||
Long-term Debt, Gross | $ 415 | 415 | |
3.25% First Mortgage Bonds due 2040 [Member] | Subsidiaries [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | 3.20% | ||
Long-term Debt, Gross | $ 140 | 140 | |
4.25% Tax-exempt First Mortgage Bonds due 2027 | Subsidiaries [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | 4.25% | ||
Long-term Debt, Gross | $ 100 | 100 | |
4.00% Tax-exempt First Mortgage Bonds due 2027 | Subsidiaries [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | 4% | ||
Long-term Debt, Gross | $ 40 | 40 | |
5.19% First Mortgage Bonds due 2033 | Subsidiaries [Member] | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Interest Rate, Effective Percentage | 5.19% | ||
Long-term Debt, Gross | $ 100 | $ 0 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | |
Entity Information [Line Items] | ||||
Estimated annual effective income tax rate | 13.20% | |||
Effective Income Tax Rate Reconciliation, Including Discontinued Operations, Percent | 19.90% | 17.20% | 13.30% | 67.70% |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 22.40% | |||
Subsidiaries [Member] | ||||
Entity Information [Line Items] | ||||
Effective income tax rates | 35.30% | (24.80%) | ||
Effective Income Tax Rate Reconciliation, Including Discontinued Operations, Percent | 20.90% | 17.60% | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 22.40% |
Benefit Plans (Net Periodic Ben
Benefit Plans (Net Periodic Benefit Cost (Income)) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Pension [Member] | |||||
Contributions by employer | $ 7.5 | $ 7.5 | |||
Service cost | $ 0.8 | $ 1.2 | 2.2 | 3.7 | |
Interest cost | 3.9 | 2.4 | 11.9 | 7.2 | |
Expected return on assets | (4.4) | (4) | (13.2) | (11.9) | |
Prior service cost | 0.3 | 0.3 | 0.8 | 0.8 | |
Actuarial loss / (gain) | 0.2 | 1.4 | 0.5 | 4.1 | |
Net periodic benefit cost | 0.8 | 1.3 | 2.2 | 3.9 | |
Postretirement [Member] | |||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan | 6.6 | 6.6 | $ 7 | ||
Subsidiaries [Member] | Pension [Member] | |||||
Contributions by employer | 7.5 | 7.5 | |||
Service cost | 0.8 | 1.2 | 2.2 | 3.7 | |
Interest cost | 3.9 | 2.4 | 11.9 | 7.2 | |
Expected return on assets | (4.4) | (4) | (13.2) | (11.9) | |
Prior service cost | 0.2 | 0.3 | 0.8 | 0.9 | |
Actuarial loss / (gain) | 0.3 | 2 | 0.9 | 5.8 | |
Net periodic benefit cost | 0.8 | $ 1.9 | 2.6 | $ 5.7 | |
Subsidiaries [Member] | Postretirement [Member] | |||||
Defined Benefit Plan, Funded (Unfunded) Status of Plan | $ 6.6 | $ 6.6 | $ 7 |
Benefit Plans (Estimated Future
Benefit Plans (Estimated Future Benefit Payments and Medicare Part D Reimbursements) (Details) - Postretirement [Member] - USD ($) $ in Millions | Sep. 30, 2023 | Dec. 31, 2022 |
Defined Benefit Plan, Funded (Unfunded) Status of Plan | $ 6.6 | $ 7 |
Subsidiaries [Member] | ||
Defined Benefit Plan, Funded (Unfunded) Status of Plan | $ 6.6 | $ 7 |
Equity (Details)
Equity (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2023 | Jun. 30, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | |
Stockholders' Equity Note Disclosure | EQUITY During the nine months ended September 30, 2023, DPL received $260.0 million in cash contributions from AES, and DPL made $260.0 million in equity contributions to AES Ohio. The cash contributions at DPL represented equity contributions of $239.0 million and payments of $21.0 million against the tax receivable. The proceeds from these equity contributions allow AES Ohio to seek to improve its infrastructure and modernize its grid while maintaining liquidity. | |||
Cash Contribution from Parent Company | $ 260 | |||
Proceeds from Contributions from Parent | $ 127 | $ 112 | 239 | $ 0 |
Payment against tax receivable balance from Parent | $ 21 | |||
Subsidiaries [Member] | ||||
Stockholders' Equity Note Disclosure | EQUITYDuring the nine months ended September 30, 2023, DPL made equity contributions of $260.0 million to AES Ohio. | |||
Proceeds from Contributions from Parent | $ 135 | $ 125 | $ 260 | $ 0 |
Contractual Obligations, Comm_2
Contractual Obligations, Commercial Commitments and Contingencies (Narrative) (Details) - Subsidiaries [Member] $ in Millions | Sep. 30, 2023 USD ($) |
Debt Obligation on 4.9% Equity Ownership [Member] | |
Public Utility, Property, Plant and Equipment [Line Items] | |
Equity ownership interest | 4.90% |
Equity ownership interest aggregate cost | $ 53 |
Electric Generation Company [Member] | |
Public Utility, Property, Plant and Equipment [Line Items] | |
Debt obligation | $ 1,100 |
Business Segments (Narrative) (
Business Segments (Narrative) (Details) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 30, 2023 USD ($) mi² segment customer | Sep. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) | |
Segment Reporting Information [Line Items] | |||||
Total assets | $ 2,655.7 | $ 2,655.7 | $ 2,422.4 | ||
Revenues | 224.2 | $ 262.1 | 666.3 | $ 652.3 | |
Revenue from external customers | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 224.2 | 262.1 | 666.3 | 652.3 | |
Intersegment revenue | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 0 | 0 | $ 0 | 0 | |
Subsidiaries [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Number of Operating Segments | segment | 1 | ||||
Approximate number of retail customers | customer | 538,000 | ||||
Service area, square miles | mi² | 6,000 | ||||
Total assets | 2,638 | $ 2,638 | 2,405.9 | ||
Revenues | 222 | 259.9 | 659.5 | 645.6 | |
Utility [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 222 | 259.9 | 659.5 | 645.6 | |
Corporate and Other | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 3.9 | 3.2 | 10.5 | 9.9 | |
Operating Segments [Member] | Utility [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total assets | 2,405.9 | ||||
Revenues | 222 | 259.9 | 659.5 | 645.6 | |
Operating Segments [Member] | Utility [Member] | Revenue from external customers | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 221.8 | 259.7 | 659 | 645 | |
Operating Segments [Member] | Utility [Member] | Intersegment revenue | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 0.2 | 0.2 | 0.5 | 0.6 | |
Corporate, Non-Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Total assets | 17.7 | 17.7 | $ 16.5 | ||
Revenues | 3.9 | 3.2 | 10.5 | 9.9 | |
Corporate, Non-Segment [Member] | Revenue from external customers | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 2.4 | 2.4 | 7.3 | 7.3 | |
Corporate, Non-Segment [Member] | Intersegment revenue | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 1.5 | 0.8 | 3.2 | 2.6 | |
Intersegment Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | (1.7) | (1) | (3.7) | (3.2) | |
Intersegment Eliminations | Revenue from external customers | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Intersegment Eliminations | Intersegment revenue | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | $ (1.7) | $ (1) | $ (3.7) | $ (3.2) |
Business Segments (Segment Fina
Business Segments (Segment Financial Information) (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Segment Reporting Information [Line Items] | |||||
Revenues | $ 224.2 | $ 262.1 | $ 666.3 | $ 652.3 | |
Depreciation and amortization | 20.6 | 20 | 60.9 | 59.6 | |
Interest expense | 7.8 | 18.1 | 45.2 | 50.1 | |
Total assets | 2,655.7 | 2,655.7 | $ 2,422.4 | ||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 48.2 | (23.8) | 39.9 | (12.7) | |
Utility [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 222 | 259.9 | 659.5 | 645.6 | |
Operating Segments [Member] | Utility [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 222 | 259.9 | 659.5 | 645.6 | |
Depreciation and amortization | 20.3 | 19.8 | 59.9 | 58.7 | |
Interest expense | (1.3) | 8.4 | 16.7 | 21.1 | |
Total assets | 2,405.9 | ||||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 55.1 | (15.6) | 64.1 | 11.3 | |
Corporate, Non-Segment [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 3.9 | 3.2 | 10.5 | 9.9 | |
Depreciation and amortization | 0.3 | 0.2 | 1 | 0.9 | |
Interest expense | 9.1 | 9.7 | 28.5 | 29 | |
Total assets | 17.7 | 17.7 | 16.5 | ||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | (6.9) | (8.2) | (24.2) | (24) | |
Intersegment Eliminations | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | (1.7) | (1) | (3.7) | (3.2) | |
Depreciation and amortization | 0 | 0 | 0 | 0 | |
Interest expense | 0 | 0 | 0 | 0 | |
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | 0 | 0 | 0 | 0 | |
Subsidiaries [Member] | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 222 | 259.9 | 659.5 | 645.6 | |
Depreciation and amortization | 20.3 | 19.8 | 59.9 | 58.7 | |
Interest expense | (1.3) | 8.4 | 16.7 | 21.1 | |
Total assets | 2,638 | 2,638 | $ 2,405.9 | ||
Income (Loss) from Continuing Operations before Income Taxes, Noncontrolling Interest | $ 55.1 | $ (15.6) | $ 64.1 | $ 11.3 |
Revenue (Details)
Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Dec. 31, 2022 | |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 225.8 | $ 259.6 | $ 668.7 | $ 645.6 | |
RTO Revenue | 21.5 | 16.2 | 65.8 | 46.3 | |
RTO Capacity Revenue | 0.7 | 0.5 | 3.2 | 3.8 | |
Revenues | 224.2 | 262.1 | 666.3 | 652.3 | |
Contract with Customer, Asset, before Allowance for Credit Loss | 76.2 | 76.2 | $ 85.3 | ||
Subsidiaries [Member] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 223.6 | 257.4 | 661.9 | 638.9 | |
RTO Revenue | 21.4 | 16.2 | 65.7 | 46.2 | |
RTO Capacity Revenue | 0.7 | 0.5 | 3.2 | 3.8 | |
Revenues | 222 | 259.9 | 659.5 | 645.6 | |
Contract with Customer, Asset, before Allowance for Credit Loss | 75 | 75 | $ 84.6 | ||
Utility [Member] | |||||
RTO Revenue | 21.4 | 16.2 | 65.7 | 46.2 | |
RTO Capacity Revenue | 0.7 | 0.5 | 3.2 | 3.8 | |
Revenues | 222 | 259.9 | 659.5 | 645.6 | |
Corporate and Other | |||||
RTO Revenue | 0.1 | 0 | 0.1 | 0.1 | |
RTO Capacity Revenue | 0 | 0 | 0 | 0 | |
Revenues | 3.9 | 3.2 | 10.5 | 9.9 | |
Adjustments and Eliminations | |||||
RTO Revenue | 0 | 0 | 0 | 0 | |
RTO Capacity Revenue | 0 | 0 | 0 | 0 | |
Revenues | (1.7) | (1) | (3.7) | (3.2) | |
Other Revenues [Member] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 2.3 | 2.4 | 7.2 | 7.2 | |
Other non-606 revenue | (1.4) | 2.5 | (2.2) | 6.7 | |
Other Revenues [Member] | Subsidiaries [Member] | |||||
Other non-606 revenue | (1.4) | 2.5 | (2.2) | 6.7 | |
Other Revenues [Member] | Utility [Member] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 | |
Other non-606 revenue | (1.4) | 2.5 | (2.2) | 6.7 | |
Other Revenues [Member] | Corporate and Other | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 2.3 | 2.4 | 7.2 | 7.2 | |
Other non-606 revenue | 1.5 | 0.8 | 3.2 | 2.6 | |
Other Revenues [Member] | Adjustments and Eliminations | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 | |
Other non-606 revenue | (1.5) | (0.8) | (3.2) | (2.6) | |
Wholesale Revenue [Member] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 4 | 13.2 | 10.8 | 31.5 | |
Wholesale Revenue [Member] | Subsidiaries [Member] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 4.2 | 13.4 | 11.3 | 32.1 | |
Wholesale Revenue [Member] | Utility [Member] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 4.2 | 13.4 | 11.3 | 32.1 | |
Wholesale Revenue [Member] | Corporate and Other | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 | |
Wholesale Revenue [Member] | Adjustments and Eliminations | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | (0.2) | (0.2) | (0.5) | (0.6) | |
Retail Revenue [Member] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 197.3 | 227.3 | 581.7 | 556.8 | |
Other non-606 revenue | (0.2) | (0.2) | |||
Retail Revenue [Member] | Residential Revenue | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 127.8 | 147 | 377.9 | 350.6 | |
Retail Revenue [Member] | Commercial Revenue | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 42.7 | 50.5 | 124.8 | 123.5 | |
Retail Revenue [Member] | Industrial Revenue | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 16.5 | 20.6 | 50.4 | 55.4 | |
Retail Revenue [Member] | Governmental Revenue | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 6.8 | 6.2 | 18.7 | 18.2 | |
Retail Revenue [Member] | Other Revenues [Member] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 3.5 | 3 | 9.9 | 9.1 | |
Retail Revenue [Member] | Utility [Member] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 197.3 | 227.3 | 581.7 | 556.8 | |
Other non-606 revenue | (0.2) | 0 | (0.2) | 0 | |
Retail Revenue [Member] | Utility [Member] | Residential Revenue | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 127.8 | 147 | 377.9 | 350.6 | |
Retail Revenue [Member] | Utility [Member] | Commercial Revenue | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 42.7 | 50.5 | 124.8 | 123.5 | |
Retail Revenue [Member] | Utility [Member] | Industrial Revenue | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 16.5 | 20.6 | 50.4 | 55.4 | |
Retail Revenue [Member] | Utility [Member] | Governmental Revenue | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 6.8 | 6.2 | 18.7 | 18.2 | |
Retail Revenue [Member] | Utility [Member] | Other Revenues [Member] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 3.5 | 3 | 9.9 | 9.1 | |
Retail Revenue [Member] | Corporate and Other | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 | |
Other non-606 revenue | 0 | 0 | |||
Retail Revenue [Member] | Corporate and Other | Residential Revenue | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 | |
Retail Revenue [Member] | Corporate and Other | Commercial Revenue | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 | |
Retail Revenue [Member] | Corporate and Other | Industrial Revenue | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 | |
Retail Revenue [Member] | Corporate and Other | Governmental Revenue | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 | |
Retail Revenue [Member] | Corporate and Other | Other Revenues [Member] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | 0 | |
Retail Revenue [Member] | Adjustments and Eliminations | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | ||
Other non-606 revenue | 0 | 0 | |||
Retail Revenue [Member] | Adjustments and Eliminations | Residential Revenue | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | $ 0 | 0 | 0 | |
Retail Revenue [Member] | Adjustments and Eliminations | Commercial Revenue | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | ||
Retail Revenue [Member] | Adjustments and Eliminations | Industrial Revenue | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | ||
Retail Revenue [Member] | Adjustments and Eliminations | Governmental Revenue | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | 0 | ||
Retail Revenue [Member] | Adjustments and Eliminations | Other Revenues [Member] | |||||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 0 | $ 0 | $ 0 |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) $ in Millions | 9 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Payments for (Proceeds from) Removal Costs | $ (16) | $ (14.7) |
Subsidiaries [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Payments for (Proceeds from) Removal Costs | $ (16) | $ (14.5) |