Cover Statement
Cover Statement | 3 Months Ended |
Mar. 31, 2021shares | |
Entity Information [Line Items] | |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | Q1 |
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 | Mar. 31, 2021 |
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, City or Town | Dayton |
Entity Address, State or Province | OH |
Entity Address, Postal Zip Code | 45432 |
City Area Code | 937 |
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 |
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, City or Town | Dayton |
Entity Address, State or Province | OH |
Entity Address, Postal Zip Code | 45432 |
City Area Code | 937 |
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 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenues | $ 175.2 | $ 171.2 |
Operating costs and expenses | ||
Net fuel cost | 0.4 | 0.6 |
Utilities Operating Expense, Purchased Power | 71.5 | 62.8 |
Operating expenses: | ||
Operation and maintenance | 34.9 | 47.1 |
Depreciation and amortization | 19.1 | 17.7 |
Taxes other than income taxes | 20.4 | 20.9 |
Other Operating Income (Expense), Net | (0.1) | (0.1) |
Costs and Expenses | 146.2 | 149 |
Operating income | 29 | 22.2 |
Other income / (expense), net: | ||
Interest expense | (15.6) | (18.9) |
Other income / (expense) | 0.5 | (0.9) |
Total other expense, net | (15.1) | (19.8) |
Income from continuing operations before income tax | 13.9 | 2.4 |
Income tax benefit from continuing operations | (0.3) | (0.1) |
Net income from continuing operations | 14.2 | 2.5 |
Loss from discontinued operations before income tax | (0.8) | (0.7) |
Income tax benefit from discontinued operations | (0.2) | (0.1) |
Net loss from discontinued operations | (0.6) | (0.6) |
Net income | 13.6 | 1.9 |
Subsidiaries [Member] | ||
Revenues | 172.8 | 169 |
Operating costs and expenses | ||
Net fuel cost | 0.4 | 0.6 |
Utilities Operating Expense, Purchased Power | 71.2 | 62.4 |
Operating expenses: | ||
Operation and maintenance | 34.7 | 47.1 |
Depreciation and amortization | 18.7 | 17.3 |
Taxes other than income taxes | 20.3 | 20.8 |
Gain (Loss) on Sale of Assets and Asset Impairment Charges, excluding Discontinued Operations | (0.1) | (0.1) |
Costs and Expenses | 145.2 | 148.1 |
Operating income | 27.6 | 20.9 |
Other income / (expense), net: | ||
Interest expense | (6) | (6.2) |
Other income / (expense) | (0.1) | (1.8) |
Total other expense, net | (6.1) | (8) |
Income from continuing operations before income tax | 21.5 | 12.9 |
Income tax benefit from continuing operations | 3.2 | 1.2 |
Net income | $ 18.3 | $ 11.7 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net income | $ 13.6 | $ 1.9 |
Derivative activity: | ||
Change in derivative fair value, net of income tax | 0 | (0.3) |
Reclassification of earnings, net of income tax | (0.2) | (0.3) |
Total change in fair value of derivatives | (0.2) | (0.6) |
Pension and postretirement activity: | ||
Reclassification to earnings, net of income tax | 0.5 | 0.3 |
Total change in unfunded pension obligation | 0.5 | 0.3 |
Other comprehensive income / (loss) | 0.3 | (0.3) |
Net comprehensive income | 13.9 | 1.6 |
Subsidiaries [Member] | ||
Net income | 18.3 | 11.7 |
Derivative activity: | ||
Change in derivative fair value, net of income tax | 0 | (0.3) |
Reclassification of earnings, net of income tax | 0 | (0.1) |
Total change in fair value of derivatives | 0 | (0.4) |
Pension and postretirement activity: | ||
Reclassification to earnings, net of income tax | 1 | 0.8 |
Total change in unfunded pension obligation | 1 | 0.8 |
Other comprehensive income / (loss) | 1 | 0.4 |
Net comprehensive income | $ 19.3 | $ 12.1 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income tax (expense)/benefit on unrealized gains (losses) related to derivative activity | $ 0 | $ 0 |
Income tax (expense)/benefit on reclassification of earnings related to derivative activity | 0 | 0.1 |
Income tax (expense)/benefit on reclassification of earnings related to pension and postretirement activity | (0.1) | 0 |
Subsidiaries [Member] | ||
Income tax (expense)/benefit on unrealized gains (losses) related to derivative activity | 0 | 0 |
Income tax (expense)/benefit on reclassification of earnings related to derivative activity | 0 | 0 |
Income tax (expense)/benefit on reclassification of earnings related to pension and postretirement activity | $ (0.3) | $ (0.2) |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 34.1 | $ 25.4 |
Restricted cash | 0.1 | 0.1 |
Accounts receivable, net | 63.7 | 69.7 |
Accounts Receivable, Allowance for Credit Loss, Current | 2.3 | 2.8 |
Inventories | 9.1 | 8.8 |
Taxes applicable to subsequent years | 58 | 78 |
Regulatory assets, current | 35.1 | 27.5 |
Income Taxes Receivable, Current | 20.1 | 17.9 |
Prepayments and other current assets | 7.3 | 5.8 |
Total current assets | 227.5 | 233.2 |
Property, plant & equipment: | ||
Property, plant & equipment | 1,873.8 | 1,839.3 |
Less: Accumulated depreciation and amortization | (429.5) | (415.7) |
Property, plant and equipment, net of depreciation | 1,444.3 | 1,423.6 |
Construction work in process | 145.5 | 141.7 |
Total net property, plant & equipment | 1,589.8 | 1,565.3 |
Other non-current assets: | ||
Regulatory assets, non-current | 191.9 | 193.6 |
Intangible assets, net of amortization | 17.4 | 19.3 |
Other non-current assets | 26.9 | 24.6 |
Total other non-current assets | 236.2 | 237.5 |
Total assets | 2,053.5 | 2,036 |
Current liabilities: | ||
Current portion of long-term debt | 160.2 | 100.2 |
Accounts payable | 67.5 | 84.5 |
Accrued taxes | 84.2 | 83 |
Accrued interest | 18.4 | 16 |
Security deposits | 24.4 | 19.4 |
Regulatory liabilities, current | 21.6 | 18 |
Other current liabilities | 18.3 | 21 |
Total current liabilities | 394.6 | 342.1 |
Non-current liabilities: | ||
Long-term debt | 1,393.8 | 1,393.4 |
Deferred taxes | 182.8 | 177.2 |
Taxes payable | 41.1 | 80.4 |
Regulatory liabilities, non-current | 214.4 | 218.3 |
Pension, retiree and other benefits | 83.4 | 93.9 |
Other deferred credits | 13 | 14.2 |
Total non-current liabilities | 1,928.5 | 1,977.4 |
Commitments and contingencies | ||
Common shareholder's equity: | ||
Common stock | 0 | 0 |
Other paid-in capital | 2,468.8 | 2,468.8 |
Accumulated other comprehensive income | (12) | (12.3) |
Retained Earnings (Accumulated Deficit) | (2,726.4) | (2,740) |
Total common shareholder's equity | (269.6) | (283.5) |
Total liabilities and shareholder's equity | $ 2,053.5 | $ 2,036 |
Common Stock, Shares Authorized | 1,500 | 1,500 |
Common stock, shares issued | 1 | 1 |
Par value common shares (in USD per share) | $ 0.01 | |
Subsidiaries [Member] | ||
Current assets: | ||
Cash and cash equivalents | $ 16.8 | $ 11.7 |
Restricted cash | 0.1 | 0.1 |
Accounts receivable, net | 64.2 | 70.2 |
Accounts Receivable, Allowance for Credit Loss, Current | 2.3 | 2.8 |
Inventories | 9.1 | 8.8 |
Taxes applicable to subsequent years | 57.9 | 77.6 |
Regulatory assets, current | 35.1 | 27.5 |
Income Taxes Receivable, Current | 30.7 | 32.5 |
Prepayments and other current assets | 9.6 | 6.4 |
Total current assets | 223.5 | 234.8 |
Property, plant & equipment: | ||
Property, plant & equipment | 2,468 | 2,437.3 |
Less: Accumulated depreciation and amortization | (1,041.7) | (1,032.1) |
Property, plant and equipment, net of depreciation | 1,426.3 | 1,405.2 |
Construction work in process | 142.2 | 138.8 |
Total net property, plant & equipment | 1,568.5 | 1,544 |
Other non-current assets: | ||
Regulatory assets, non-current | 191.9 | 193.6 |
Intangible assets, net of amortization | 16.4 | 18.3 |
Other non-current assets | 26.5 | 24 |
Total other non-current assets | 234.8 | 235.9 |
Total assets | 2,026.8 | 2,014.7 |
Current liabilities: | ||
Current portion of long-term debt | 80.2 | 20.2 |
Accounts payable | 65.5 | 85.5 |
Accrued taxes | 84.6 | 82.7 |
Accrued interest | 5.9 | 2.6 |
Security deposits | 24.2 | 19.1 |
Regulatory liabilities, current | 21.6 | 18 |
Other current liabilities | 12.2 | 25 |
Total current liabilities | 294.2 | 253.1 |
Non-current liabilities: | ||
Long-term debt | 574 | 573.9 |
Deferred taxes | 177.7 | 172.1 |
Taxes payable | 41 | 80.3 |
Regulatory liabilities, non-current | 214.4 | 218.3 |
Pension, retiree and other benefits | 83.4 | 93.9 |
Other deferred credits | 6.1 | 6.4 |
Total non-current liabilities | 1,096.6 | 1,144.9 |
Commitments and contingencies | ||
Common shareholder's equity: | ||
Common stock | 0.4 | |
Other paid-in capital | 714.4 | |
Accumulated other comprehensive income | (41.1) | |
Retained Earnings (Accumulated Deficit) | (37.7) | |
Total common shareholder's equity | 636 | 616.7 |
Total liabilities and shareholder's equity | $ 2,026.8 | $ 2,014.7 |
Common Stock, Shares, Outstanding | 41,172,173 | 41,172,173 |
Common Stock, Shares Authorized | 50,000,000 | 50,000,000 |
Par value common shares (in USD per share) | $ 0.01 | $ 0.01 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 |
Common Stock, Shares Authorized | 1,500 | 1,500 | 1,500 |
Common stock, shares issued | 1 | 1 | |
Common stock, par value (in USD per share) | $ 0.01 | ||
Subsidiaries [Member] | |||
Common Stock, Shares Authorized | 50,000,000 | 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 | $ 0.01 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Cash flows from operating activities: | |||
Net income | $ 13.6 | $ 1.9 | |
Adjustments to reconcile net income to net cash from operating activities: | |||
Depreciation and amortization | 19.1 | 17.8 | |
Deferred income taxes | 3.5 | 3.4 | |
Changes in certain assets and liabilities: | |||
Accounts receivable, net | (6) | (14.2) | |
Inventories | 0.3 | (3.4) | |
Taxes applicable to subsequent years | (20) | (17) | |
Deferred regulatory costs, net | 4.8 | 5 | |
Accounts payable | (1.6) | (7.6) | |
Accrued taxes payable / receivable | (40.2) | (39.2) | |
Accrued interest | 2.4 | 15.1 | |
Increase (Decrease) in Obligation, Pension and Other Postretirement Benefits | (10.5) | (8.2) | |
Other | 1.7 | 0.4 | |
Net Cash Provided by (Used in) Operating Activities | 5.5 | 12.4 | |
Cash flows from investing activities: | |||
Capital expenditures | (51.9) | (40.2) | |
Payments for (Proceeds from) Removal Costs | (4.5) | (4.4) | |
Payments for Removal Costs | (0.4) | 0 | |
Proceeds from Sale of Productive Assets | 0 | [1] | 5.1 |
Other investing activities, net | 0 | (0.7) | |
Net cash used in investing activities | (56.8) | (40.2) | |
Cash flows from financing activities: | |||
Repayments of Lines of Credit | 0 | (10) | |
Proceeds from Lines of Credit | 60 | 45 | |
Net cash provided by financing activities | 60 | 35 | |
Cash, cash equivalents, and restricted cash: | |||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | 8.7 | 7.2 | |
Restricted Cash and Cash Equivalents | 34.2 | 54.2 | |
Supplemental cash flow information: | |||
Interest paid, net of amounts capitalized | 12.9 | 2.3 | |
Non-cash financing and investing activities: | |||
Accruals for capital expenditures | 16.3 | 5 | |
Subsidiaries [Member] | |||
Cash flows from operating activities: | |||
Net income | 18.3 | 11.7 | |
Adjustments to reconcile net income to net cash from operating activities: | |||
Depreciation and amortization | 18.7 | 17.3 | |
Deferred income taxes | 3.2 | 3 | |
Changes in certain assets and liabilities: | |||
Accounts receivable, net | 5.9 | 2.8 | |
Inventories | (0.3) | 1.3 | |
Taxes applicable to subsequent years | 19.7 | 17 | |
Deferred regulatory costs, net | (4.8) | (5) | |
Accounts payable | (4.3) | (8.6) | |
Accrued taxes payable / receivable | (38.8) | (36.7) | |
Accrued interest | 3.2 | 4.1 | |
Increase (Decrease) in Obligation, Pension and Other Postretirement Benefits | (10.5) | (8.2) | |
Other | 1 | 1.3 | |
Net Cash Provided by (Used in) Operating Activities | 11.3 | 0 | |
Cash flows from investing activities: | |||
Capital expenditures | (51.6) | (39.3) | |
Payments for (Proceeds from) Removal Costs | (4.5) | (4.4) | |
Other investing activities, net | (0.1) | (0.7) | |
Net cash used in investing activities | (56.2) | (44.4) | |
Cash flows from financing activities: | |||
Proceeds from Lines of Credit | 60 | 45 | |
Net cash provided by financing activities | 50 | 45 | |
Cash, cash equivalents, and restricted cash: | |||
Cash, Cash Equivalents, Restricted Cash and Restricted Cash Equivalents, Period Increase (Decrease), Excluding Exchange Rate Effect | 5.1 | 0.6 | |
Restricted Cash and Cash Equivalents | 16.9 | 21.9 | |
Supplemental cash flow information: | |||
Interest paid, net of amounts capitalized | 2.7 | 0.7 | |
Non-cash financing and investing activities: | |||
Accruals for capital expenditures | 16 | 4.8 | |
Payments of Ordinary Dividends, Common Stock | $ (10) | $ 0 | |
[1] | Proceeds from sale of property include $5.1 million of proceeds received from AES during the three months ended March 31, 2020 related to the 2019 sale of software previously recorded on AES Ohio Generation. There was no gain or loss recorded on the transaction. |
Statement of Equity Statement
Statement of Equity Statement - USD ($) $ in Millions | Total | Common Stock [Member] | Other Additional Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Subsidiaries [Member] | Subsidiaries [Member]Common Stock [Member] | Subsidiaries [Member]Other Additional Capital [Member] | Subsidiaries [Member]AOCI Attributable to Parent [Member] | Subsidiaries [Member]Retained Earnings [Member] |
Shares, Issued | 1 | 41,172,173 | |||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Dec. 31, 2019 | $ (371.9) | $ 0 | $ 2,370.7 | $ (3.6) | $ (2,739) | $ 473.4 | $ 0.4 | $ 617 | $ (36.9) | $ (107.1) | |
Other Comprehensive Income (Loss), Net of Tax | (0.3) | 0.4 | |||||||||
Net income/ (loss) | 1.9 | 11.7 | |||||||||
Net Income (Loss) Attributable to Parent | 11.7 | ||||||||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 1.6 | 12.1 | |||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Mar. 31, 2020 | $ (370.3) | $ 0 | 2,370.7 | (3.9) | (2,737.1) | $ 485.5 | $ 0.4 | 617 | (36.5) | (95.4) | |
Common stock, par value (in USD per share) | $ 0.01 | ||||||||||
Common Stock, Shares Authorized | 1,500 | 50,000,000 | |||||||||
Shares, Issued | 1 | 41,172,173 | |||||||||
Common stock, par value (in USD per share) | $ 0.01 | ||||||||||
Common Stock, Shares Authorized | 1,500 | 50,000,000 | |||||||||
Shares, Issued | 1 | 41,172,173 | |||||||||
Common Stock, Value, Issued | $ 0 | ||||||||||
Additional Paid in Capital, Common Stock | 2,468.8 | ||||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (12.3) | $ 13.6 | |||||||||
Retained Earnings (Accumulated Deficit) | (2,740) | ||||||||||
Dividends, Common Stock, Cash | (10) | ||||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Beginning Balance at Dec. 31, 2020 | (283.5) | $ 0 | 2,468.8 | (12.3) | (2,740) | $ 616.7 | $ 0.4 | 714.4 | (42.1) | (56) | |
Other Comprehensive Income (Loss), Net of Tax | 0.3 | (0.2) | 1 | 1 | |||||||
Net income/ (loss) | 13.6 | 18.3 | |||||||||
Net Income (Loss) Attributable to Parent | 18.3 | ||||||||||
Comprehensive Income (Loss), Net of Tax, Including Portion Attributable to Noncontrolling Interest | 13.9 | 19.3 | |||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling Interest, Ending Balance at Mar. 31, 2021 | $ (269.6) | $ 0 | $ 2,468.8 | $ (12) | $ (2,726.4) | $ 636 | $ 0.4 | $ 714.4 | $ (41.1) | $ (37.7) | |
Common stock, par value (in USD per share) | $ 0.01 | $ 0.01 | |||||||||
Common Stock, Shares Authorized | 1,500 | 50,000,000 | |||||||||
Shares, Issued | 1 | 41,172,173 | |||||||||
Common Stock, Value, Issued | $ 0 | $ 0.4 | |||||||||
Additional Paid in Capital, Common Stock | 2,468.8 | 714.4 | |||||||||
Accumulated Other Comprehensive Income (Loss), Net of Tax | (12) | $ 13.4 | (41.1) | ||||||||
Retained Earnings (Accumulated Deficit) | $ (2,726.4) | $ (37.7) |
Overview and Summary of Signifi
Overview and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Significant Accounting Policies [Line Items] | |
Overview and Summary of Significant Accounting Policies | Overview and Summary of Significant Accounting Policies Description of Business DPL is a regional energy company organized in 1985 under the laws of Ohio. DPL has one reportable segment: the Utility segment. See Note 10 – Business Segments for more information relating to this reportable segment. The terms “we,” “us,” “our” and “ours” are used to refer to DPL and its subsidiaries. DPL is an indirectly wholly-owned subsidiary of AES. DP&L , a wholly-owned subsidiary of DPL that 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 532,000 customers located in West Central Ohio. Additionally, AES Ohio 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. Principal industries located in AES Ohio’s service territory include automotive, food processing, paper, plastic, manufacturing and defense. AES Ohio's sales reflect the general economic conditions, seasonal weather patterns of the area and the market price of electricity. AES Ohio owned interests in the retired Hutchings Coal Station until its transfer in 2020, and currently owns numerous transmission facilities. AES Ohio sells its proportional share of energy and capacity from its investment in OVEC into the wholesale market. 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. In prior periods, AES Ohio Generation was also a primary subsidiary and sold all of its energy and capacity into the wholesale market. In 2020, AES Ohio Generation's only operating asset was an undivided interest in Conesville, which closed in May 2020 and was sold in June 2020. See Note 12 – Discontinued Operations for more information. 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. Certain immaterial amounts from prior periods have been reclassified to conform to the current period presentation. All material intercompany accounts and transactions are eliminated in consolidation. We have evaluated subsequent events through the date this report is issued. These financial statements have been prepared in accordance with GAAP, as contained in the FASB ASC, for interim financial statements 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. Therefore, our interim financial statements in this report should be read along with the annual financial statements included in our Form 10-K for the fiscal year ended December 31, 2020. In the opinion of our management, the Condensed Consolidated Financial Statements presented in this report contain all adjustments necessary to fairly state our financial position as of March 31, 2021; our results of operations for the three months ended March 31, 2021 and 2020, our cash flows for the three months ended March 31, 2021 and 2020 and the changes in our equity for the three months ended March 31, 2021 and 2020. Unless otherwise noted, all adjustments are normal and recurring in nature. Due to various factors, interim results for the three months ended March 31, 2021 may not be indicative of our results that will be realized for the full year ending December 31, 2021. The preparation of financial statements in conformity with GAAP requires us to make estimates and judgments that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the revenues and expenses of the periods reported. Actual results could differ from these estimates. Significant items subject to such estimates and judgments include: recognition of revenue including unbilled revenues, the carrying value of property, plant and equipment; the valuation of insurance and claims liabilities; the valuation of allowances for credit losses and deferred income taxes; regulatory assets and liabilities; liabilities recorded for income tax exposures; litigation; contingencies; and assets and liabilities related to employee benefits. Cash, Cash Equivalents and Restricted Cash The following table provides a summary of 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 March 31, 2021 December 31, 2020 Cash and cash equivalents $ 34.1 $ 25.4 Restricted cash 0.1 0.1 Cash, Cash Equivalents, and Restricted Cash, End of Period $ 34.2 $ 25.5 Inventories Inventories consist of materials and supplies at March 31, 2021 and December 31, 2020. 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 months ended March 31, 2021 and 2020 were $12.9 million and $12.4 million, respectively. 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 2020-04, Reference Rate Form (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting The standard provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions that reference to LIBOR or another reference rate expected to be discontinued by reference rate reform. This standard is effective for a limited period of time (March 12, 2020 - December 21, 2022). Effective for all entities March 12, 2020 - December 31, 2022 We are currently evaluating the impact of adopting the standard on our condensed consolidated financial statements. |
Subsidiaries [Member] | |
Significant Accounting Policies [Line Items] | |
Overview and Summary of Significant Accounting Policies | Overview and Summary of Significant Accounting Policies 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 532,000 customers located in West Central Ohio. Additionally, AES Ohio 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. Principal industries located in AES Ohio’s service territory include automotive, food processing, paper, plastic, manufacturing and defense. AES Ohio's sales reflect the general economic conditions, seasonal weather patterns of the area and the market price of electricity. AES Ohio owned interests in the retired Hutchings Coal Station until its transfer in 2020, and currently owns numerous transmission facilities. AES Ohio sells its proportional share of energy and capacity from its investment in OVEC into the wholesale market. AES Ohio has one reportable segment, the Utility segment. In addition to AES Ohio's electric transmission and distribution businesses, the Utility segment includes revenues and costs associated with AES Ohio's investment in OVEC and the historical results of AES Ohio’s Hutchings Coal Station. 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. Certain immaterial amounts from prior periods have been reclassified to conform to the current period presentation. These financial statements have been prepared in accordance with GAAP, as contained in the FASB ASC, for interim financial statements 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. Therefore, our interim financial statements in this report should be read along with the annual financial statements included in our Form 10-K for the fiscal year ended December 31, 2020. In the opinion of our management, the Condensed Financial Statements presented in this report contain all adjustments necessary to fairly state our financial position as of March 31, 2021; our results of operations for the three months ended March 31, 2021 and 2020, our cash flows for the three months ended March 31, 2021 and 2020 and the changes in our equity for the three months ended March 31, 2021 and 2020. Unless otherwise noted, all adjustments are normal and recurring in nature. Due to various factors, interim results for the three months ended March 31, 2021 may not be indicative of our results that will be realized for the full year ending December 31, 2021. The preparation of financial statements in conformity with GAAP requires us to make estimates and judgments that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the revenues and expenses of the periods reported. Actual results could differ from these estimates. Significant items subject to such estimates and judgments include: recognition of revenue including unbilled revenues, the carrying value of property, plant and equipment; the valuation of insurance and claims liabilities; the valuation of allowances for credit losses and deferred income taxes; regulatory assets and liabilities; liabilities recorded for income tax exposures; litigation; contingencies; and assets and liabilities related to employee benefits. Cash, Cash Equivalents and Restricted Cash The following table provides a summary of 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 March 31, 2021 December 31, 2020 Cash and cash equivalents $ 16.8 $ 11.7 Restricted cash 0.1 0.1 Cash, Cash Equivalents, and Restricted Cash, End of Period $ 16.9 $ 11.8 Inventories Inventories consist of materials and supplies at March 31, 2021 and December 31, 2020. 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 months ended March 31, 2021 and 2020 were $12.9 million and $12.4 million, respectively. 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 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 financial statements. ASU Number and Name Description Date of Adoption Effect on the financial statements upon adoption 2020-04, Reference Rate Form (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting The standard provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions that reference to LIBOR or another reference rate expected to be discontinued by reference rate reform. This standard is effective for a limited period of time (March 12, 2020 - December 21, 2022). Effective for all entities March 12, 2020 - December 31, 2022 We are currently evaluating the impact of adopting the standard on our condensed financial statements. |
Supplemental Financial Informat
Supplemental Financial Information | 3 Months Ended |
Mar. 31, 2021 | |
Supplemental Financial Information [Line Items] | |
Allowance for Credit Losses | The following table is a rollforward of our allowance for credit losses related to the accounts receivable balances for the three months ended March 31, 2021 and 2020 : $ in millions Beginning Allowance Balance Current Period Provision Write-offs Charged Against Allowances Recoveries Collected Ending Allowance Balance 2021 $ 2.8 $ — $ (0.7) $ 0.2 $ 2.3 2020 $ 0.4 $ 0.4 $ (0.4) $ 0.3 $ 0.7 |
Supplemental Financial Information | Supplemental Financial Information Accounts receivable are as follows at March 31, 2021 and December 31, 2020: March 31, December 31, $ in millions 2021 2020 Accounts receivable, net: Customer receivables $ 45.7 $ 48.5 Unbilled revenue 15.5 21.6 Amounts due from affiliates 0.5 0.2 Due from PJM transmission enhancement settlement 1.7 1.7 Other 2.6 0.5 Allowance for credit losses (2.3) (2.8) Total accounts receivable, net $ 63.7 $ 69.7 The following table is a rollforward of our allowance for credit losses related to the accounts receivable balances for the three months ended March 31, 2021 and 2020 : $ in millions Beginning Allowance Balance Current Period Provision Write-offs Charged Against Allowances Recoveries Collected Ending Allowance Balance 2021 $ 2.8 $ — $ (0.7) $ 0.2 $ 2.3 2020 $ 0.4 $ 0.4 $ (0.4) $ 0.3 $ 0.7 The allowance for credit losses primarily relates to utility customer receivables, including unbilled amounts. Expected credit loss estimates are developed by disaggregating customers into those with similar credit risk characteristics and using historical credit loss experience. In addition, we also consider how current and future economic conditions are expected to impact collectability, as applicable, including the economic impacts of the COVID-19 pandemic on our receivable balance as of March 31, 2021. Amounts are written off when reasonable collections efforts have been exhausted. During 2021, the current period provision and allowance for credit losses have decreased due to lower past due customer receivable balances. See Note 13 – Risks and Uncertainties for additional discussion of the COVID-19 pandemic. Accumulated other comprehensive loss The amounts reclassified out of Accumulated other comprehensive loss by component during the three months ended March 31, 2021 and 2020 are as follows: Details about Accumulated Other Comprehensive Loss components Affected line item in the Condensed Consolidated Statements of Operations Three months ended March 31, $ in millions 2021 2020 Gains and losses on cash flow hedges (Note 5): Interest expense $ (0.2) $ (0.4) Income tax expense — 0.1 Net of income taxes (0.2) (0.3) Amortization of defined benefit pension items (Note 8): Other expense 0.6 0.3 Income tax benefit (0.1) — Net of income taxes 0.5 0.3 Total reclassifications for the period, net of income taxes $ 0.3 $ — The changes in the components of Accumulated other comprehensive loss during the three months ended March 31, 2021 are as follows: $ in millions Gains / (losses) on cash flow hedges Change in unfunded pension and postretirement benefit obligations Total Balance at January 1, 2021 $ 13.6 $ (25.9) $ (12.3) Amounts reclassified from AOCL to earnings (0.2) 0.5 0.3 Net current period other comprehensive income / (loss) (0.2) 0.5 0.3 Balance at March 31, 2021 $ 13.4 $ (25.4) $ (12.0) |
Subsidiaries [Member] | |
Supplemental Financial Information [Line Items] | |
Allowance for Credit Losses | The following table is a rollforward of our allowance for credit losses related to the accounts receivable balances for the three months ended March 31, 2021 and 2020: $ in millions Beginning Allowance Balance Current Period Provision Write-offs Charged Against Allowances Recoveries Collected Ending Allowance Balance 2021 $ 2.8 $ — $ (0.7) $ 0.2 $ 2.3 2020 $ 0.4 $ 0.4 $ (0.4) $ 0.3 $ 0.7 The allowance for credit losses primarily relates to utility customer receivables, including unbilled amounts. Expected credit loss estimates are developed by disaggregating customers into those with similar credit risk characteristics and using historical credit loss experience. In addition, we also consider how current and future economic conditions are expected to impact collectability, as applicable, including the economic impacts of the COVID-19 pandemic on our receivable balance as of March 31, 2021. Amounts are written off when reasonable collections efforts have been exhausted. During 2021, the current period provision and allowance for credit losses |
Supplemental Financial Information | Supplemental Financial Information Accounts receivable are as follows at March 31, 2021 and December 31, 2020: March 31, December 31, $ in millions 2021 2020 Accounts receivable, net: Customer receivables $ 44.6 $ 47.6 Unbilled revenue 15.5 21.6 Amounts due from affiliates 2.1 1.9 Due from PJM transmission enhancement settlement 1.7 1.7 Other 2.6 0.2 Allowance for credit losses (2.3) (2.8) Total accounts receivable, net $ 64.2 $ 70.2 The following table is a rollforward of our allowance for credit losses related to the accounts receivable balances for the three months ended March 31, 2021 and 2020: $ in millions Beginning Allowance Balance Current Period Provision Write-offs Charged Against Allowances Recoveries Collected Ending Allowance Balance 2021 $ 2.8 $ — $ (0.7) $ 0.2 $ 2.3 2020 $ 0.4 $ 0.4 $ (0.4) $ 0.3 $ 0.7 The allowance for credit losses primarily relates to utility customer receivables, including unbilled amounts. Expected credit loss estimates are developed by disaggregating customers into those with similar credit risk characteristics and using historical credit loss experience. In addition, we also consider how current and future economic conditions are expected to impact collectability, as applicable, including the economic impacts of the COVID-19 pandemic on our receivable balance as of March 31, 2021. Amounts are written off when reasonable collections efforts have been exhausted. During 2021, the current period provision and allowance for credit losses have decreased due to lower past due customer receivable balances. See Note 12 – Risks and Uncertainties for additional discussion of the COVID-19 pandemic. Accumulated Other Comprehensive Loss The amounts reclassified out of Accumulated Other Comprehensive Loss by component during the three months ended March 31, 2021 and 2020 are as follows: Details about Accumulated Other Comprehensive Loss components Affected line item in the Condensed Statements of Operations Three months ended March 31, $ in millions 2021 2020 Gains and losses on cash flow hedges (Note 5): Interest expense $ — $ (0.1) Income tax benefit — — Net of income taxes — (0.1) Amortization of defined benefit pension items (Note 8): Other expense 1.3 1.0 Income tax benefit (0.3) (0.2) Net of income taxes 1.0 0.8 Total reclassifications for the period, net of income taxes $ 1.0 $ 0.7 The changes in the components of Accumulated other comprehensive loss during the three months ended March 31, 2021 are as follows: $ in millions Change in Accumulated other comprehensive loss Balance at January 1, 2021 $ (42.1) Amounts reclassified from AOCL to earnings 1.0 Net current period other comprehensive income 1.0 Balance at March 31, 2021 $ (41.1) |
Regulatory Matters (Notes)
Regulatory Matters (Notes) | 3 Months Ended |
Mar. 31, 2021 | |
Schedule of Regulatory Assets and Liabilities [Text Block] | Regulatory Matters ESP and SEET Proceedings On October 23, 2020, AES Ohio entered into a Stipulation and Recommendation (settlement) with the staff of the PUCO and 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 current ESP 1 satisfies the SEET and the more favorable in the aggregate (MFA) regulatory test. The settlement is subject to, and conditioned upon, approval by the PUCO. A hearing was held in January 2021 for consideration of this settlement; a commission order is pending. Decoupling On January 23, 2020 AES Ohio filed with the PUCO requesting approval to defer its decoupling costs consistent with the methodology approved in its Distribution Rate Case. If approved, deferral would be effective December 18, 2019 and going forward would reduce impacts of weather, energy efficiency programs and economic changes in customer demand. An evidentiary hearing was held on this matter on May 4, 2021. Distribution Rate Case On November 30, 2020, AES Ohio filed a new Distribution Rate Case with the PUCO. This rate case proposes a revenue increase of $120.8 million per year and incorporates the DIR investments that were planned and approved in the last rate case but not yet included in distribution rates, other distribution investments since September 2015 and investments necessitated by the tornados that occurred on Memorial Day in 2019. The rate case also includes a proposal for increased tree-trimming expenses and certain customer demand-side management programs and recovery of prior-approved regulatory assets for tree trimming, uncollectible expenses and rate case expense. This case is pending a commission order. FERC Proceedings On November 15, 2018 the FERC issued a Notice of Proposed Rulemaking (NOPR) to address amortization of excess accumulated deferred income taxes resulting from the TCJA and their impact on transmission rates. Such notice requires all public utility transmission providers with stated transmission rates under an Open Access Transmission Tariff (OATT) to determine the amount of excess deferred income taxes caused by the TCJA. On March 3, 2020, AES Ohio filed an application before the FERC to change its transmission rate from a stated rate to a formula rate, which was accepted by the FERC and made effective as of May 3, 2020, subject to further proceeding and potential refunds. An uncontested settlement was filed December 10, 2020, which would increase the rates that were in effect prior to the filing but are a reduction from the rate that became effective subject to refund on May 3, 2020. Among other things, the settlement establishes new depreciation rates for our transmission assets and an authorized return on equity (ROE) of 9.85%, which would rise to 9.99% if the FERC were to approve in a separate ongoing proceeding a return on equity “adder” to recognize our continued membership in PJM. The 9.85% ROE (base) and 9.99% ROE (base + incentive) levels are subject to a four-year moratorium on other proposed ROE changes. Proposals to raise or lower the ROE could be filed with an effective date after the moratorium expires on April 14, 2025. The required flowback of excess deferred taxes under the NOPR was also addressed and resolved as part of this formula transmission rate settlement. On April 15, 2021, the FERC approved the transmission rate settlement. |
Subsidiaries [Member] | |
Schedule of Regulatory Assets and Liabilities [Text Block] | Regulatory Matters ESP and SEET Proceedings On October 23, 2020, AES Ohio entered into a Stipulation and Recommendation (settlement) with the staff of the PUCO and 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 current ESP 1 satisfies the SEET and the more favorable in the aggregate (MFA) regulatory test. The settlement is subject to, and conditioned upon, approval by the PUCO. A hearing was held in January 2021 for consideration of this settlement; a commission order is pending. Decoupling On January 23, 2020 AES Ohio filed with the PUCO requesting approval to defer its decoupling costs consistent with the methodology approved in its Distribution Rate Case. If approved, deferral would be effective December 18, 2019 and going forward would reduce impacts of weather, energy efficiency programs and economic changes in customer demand. An evidentiary hearing was held on this matter on May 4, 2021. Distribution Rate Case On November 30, 2020, AES Ohio filed a new Distribution Rate Case with the PUCO. This rate case proposes a revenue increase of $120.8 million per year and incorporates the DIR investments that were planned and approved in the last rate case but not yet included in distribution rates, other distribution investments since September 2015 and investments necessitated by the tornados that occurred on Memorial Day in 2019. The rate case also includes a proposal for increased tree-trimming expenses and certain customer demand-side management programs and recovery of prior-approved regulatory assets for tree trimming, uncollectible expenses and rate case expense. This case is pending a commission order. FERC Proceedings On November 15, 2018 the FERC issued a Notice of Proposed Rulemaking (NOPR) to address amortization of excess accumulated deferred income taxes resulting from the TCJA and their impact on transmission rates. Such notice requires all public utility transmission providers with stated transmission rates under an Open Access Transmission Tariff (OATT) to determine the amount of excess deferred income taxes caused by the TCJA. On March 3, 2020, AES Ohio filed an application before the FERC to change its transmission rate from a stated rate to a formula rate, which was accepted by the FERC and made effective as of May 3, 2020, subject to further proceeding and potential refunds. An uncontested settlement was filed December 10, 2020, which would increase the rates that were in effect prior to the filing but are a reduction from the rate that became effective subject to refund on May 3, 2020. Among other things, the settlement establishes new depreciation rates for our transmission assets and an authorized return on equity (ROE) of 9.85%, which would rise to 9.99% if the FERC were to approve in a separate ongoing proceeding a return on equity “adder” to recognize our continued membership in PJM. The 9.85% ROE (base) and 9.99% ROE (base + incentive) levels are subject to a four-year moratorium on other proposed ROE changes. Proposals to raise or lower the ROE could be filed with an effective date after the moratorium expires on April 14, 2025. The required flowback of excess deferred taxes under the NOPR was also addressed and resolved as part of this formula transmission rate settlement. On April 15, 2021, the FERC approved the transmission rate settlement. |
Fair Value
Fair Value | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value | Fair Value The fair value of current financial assets and liabilities, debt service reserves and other deposits approximate their reported carrying amounts. The estimated fair values of our assets and liabilities have been determined using available market information. By virtue of these amounts being 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 5— Fair Value in Item 8. — Financial Statements and Supplementary Data of our Form 10-K. The following table presents the fair value, carrying value and cost of our non-derivative instruments at March 31, 2021 and December 31, 2020. Further information about the fair value of our derivative instruments can be found in Note 5 – Derivative Instruments and Hedging Activities. March 31, 2021 December 31, 2020 $ in millions Cost Fair Value Cost Fair Value Assets Money market funds $ 0.2 $ 0.2 $ 0.3 $ 0.3 Equity securities 2.0 4.7 2.1 4.5 Debt securities 3.8 3.8 4.0 4.1 Total Assets $ 6.0 $ 8.7 $ 6.4 $ 8.9 Carrying Value Fair Value Carrying Value Fair Value Liabilities Long-term debt $ 1,394.0 $ 1,487.0 $ 1,393.6 $ 1,571.6 These financial instruments are not subject to master netting agreements or collateral requirements and as such are presented in the Condensed Consolidated Balance Sheet at their gross fair value, except for Long-term debt, which is presented at amortized carrying value. 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 three months ended March 31, 2021 or 2020. Master Trust Assets AES Ohio established a Master Trust to hold assets that could be used for the benefit of employees participating in employee benefit plans and these assets are not used for general operating purposes. These assets are primarily comprised of open-ended mutual funds, which are valued using the net asset value per unit. These investments are recorded at fair value within Other non-current assets on the Condensed Consolidated Balance Sheets and classified as equity investments. We recorded net unrealized gains / (losses) of $0.2 million and $(1.1) million during the during the three months ended March 31, 2021 and 2020, respectively. These amounts are included in "Other income / (expense)" in our Condensed Consolidated Statements of Operations. Long-term debt The fair value of debt is based on current public market prices for disclosure purposes only. Unrealized gains or losses are not recognized in the financial statements as long-term debt is presented at carrying value, net of unamortized premium or discount and unamortized deferred financing costs in the financial statements. 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 fair value of assets and liabilities at March 31, 2021 and December 31, 2020 and the respective category within the fair value hierarchy for DPL is as follows: $ in millions Fair value at March 31, 2021 (a) Fair value at December 31, 2020 (a) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Master Trust assets Money market funds $ 0.2 $ — $ — $ 0.2 $ 0.3 $ — $ — $ 0.3 Equity securities — 4.7 — 4.7 — 4.5 — 4.5 Debt securities — 3.8 — 3.8 — 4.1 — 4.1 Total Master Trust assets 0.2 8.5 — 8.7 0.3 8.6 — 8.9 Total Assets $ 0.2 $ 8.5 $ — $ 8.7 $ 0.3 $ 8.6 $ — $ 8.9 Liabilities Long-term debt $ — $ 1,469.7 $ 17.3 $ 1,487.0 $ — $ 1,554.2 $ 17.4 $ 1,571.6 Total Liabilities $ — $ 1,469.7 $ 17.3 $ 1,487.0 $ — $ 1,554.2 $ 17.4 $ 1,571.6 (a) Includes credit valuation adjustment All of the inputs to the fair value of our derivative instruments are from quoted market prices. Our long-term debt is fair valued for disclosure purposes only and most of the fair values are determined using quoted market prices in inactive markets. These fair value inputs are considered Level 2 in the fair value hierarchy. 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. |
Subsidiaries [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value | Fair Value The fair value of current financial assets and liabilities, debt service reserves and other deposits approximate their reported carrying amounts. The estimated fair values of our assets and liabilities have been determined using available market information. By virtue of these amounts being 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 5— Fair Value in Item 8. — Financial Statements and Supplementary Data of our Form 10-K. The following table presents the fair value, carrying value and cost of our non-derivative instruments at March 31, 2021 and December 31, 2020. Further information about the fair value of our derivative instruments can be found in Note 5 – Derivative Instruments and Hedging Activities. March 31, 2021 December 31, 2020 $ in millions Cost Fair Value Cost Fair Value Assets Money market funds $ 0.2 $ 0.2 $ 0.3 $ 0.3 Equity securities 2.0 4.7 2.1 4.5 Debt securities 3.8 3.8 4.0 4.1 Total assets $ 6.0 $ 8.7 $ 6.4 $ 8.9 Carrying Value Fair Value Carrying Value Fair Value Liabilities Long-term debt $ 574.2 $ 599.7 $ 574.1 $ 656.0 These financial instruments are not subject to master netting agreements or collateral requirements and as such are presented in the Condensed Balance Sheet at their gross fair value, except for Long-term debt, which is presented at amortized carrying value. 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 three months ended March 31, 2021 or 2020. Master Trust Assets AES Ohio established a Master Trust to hold assets that could be used for the benefit of employees participating in employee benefit plans and these assets are not used for general operating purposes. These assets are primarily comprised of open-ended mutual funds, which are valued using the net asset value per unit. These investments are recorded at fair value within Other non-current assets on the Condensed Balance Sheets and classified as equity investments. We recorded net unrealized gains / (losses) of $0.2 million and $(1.1) million during the during the three months ended March 31, 2021 and 2020, respectively. These amounts are included in "Other expense, net" in our Condensed Statements of Operations. Long-term debt The fair value of debt is based on current public market prices for disclosure purposes only. Unrealized gains or losses are not recognized in the financial statements as long-term debt is presented at carrying value, net of unamortized premium or discount and unamortized deferred financing costs in the financial statements. The long-term debt amounts include the current portion payable in the next twelve months and have maturities that range from 2040 to 2061. The fair value of assets and liabilities at March 31, 2021 and December 31, 2020 and the respective category within the fair value hierarchy for AES Ohio is as follows: $ in millions Fair value at March 31, 2021 (a) Fair value at December 31, 2020 (a) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Master Trust assets Money market funds $ 0.2 $ — $ — $ 0.2 $ 0.3 $ — $ — $ 0.3 Equity securities — 4.7 — 4.7 — 4.5 — 4.5 Debt securities — 3.8 — 3.8 — 4.1 — 4.1 Total assets $ 0.2 $ 8.5 $ — $ 8.7 $ 0.3 $ 8.6 $ — $ 8.9 Liabilities Long-term debt $ — $ 582.4 $ 17.3 $ 599.7 $ — $ 638.6 $ 17.4 $ 656.0 Total liabilities $ — $ 582.4 $ 17.3 $ 599.7 $ — $ 638.6 $ 17.4 $ 656.0 (a) Includes credit valuation adjustment All of the inputs to the fair value of our derivative instruments are from quoted market prices. Our long-term debt is fair valued for disclosure purposes only and most of the fair values are determined using quoted market prices in inactive markets. These fair value inputs are considered Level 2 in the fair value hierarchy. 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. |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 3 Months Ended |
Mar. 31, 2021 | |
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 6 - Derivative Instruments and Hedging Activities of Item 8 – Financial Statements and Supplementary Data in our Form 10-K. Cash Flow Hedges In August 2020, the two interest rate swaps to hedge the variable interest on the $140.0 million variable interest rate tax-exempt First Mortgage Bonds expired, as the associated debt reached maturity. The interest rate swaps had a combined notional amount of $140.0 million and settled monthly based on a one-month LIBOR. The AOCL associated with the swaps was amortized out of AOCL into interest expense over the life of the underlying debt. We also had previously entered into interest rate derivative contracts to manage interest rate exposure related to anticipated borrowings of fixed-rate debt. These interest rate derivative contracts were settled in 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 months ended March 31, 2021 and 2020: Three months ended March 31, 2021 March 31, 2020 Interest Interest $ in millions (net of tax) Rate Hedge Rate Hedge Beginning accumulated derivative gains in AOCL $ 13.6 $ 14.5 Net losses associated with current period hedging transactions — (0.3) Net gains reclassified to earnings Interest expense (0.2) (0.3) Ending accumulated derivative gains in AOCL $ 13.4 $ 13.9 Portion expected to be reclassified to earnings in the next twelve months $ (0.8) |
Subsidiaries [Member] | |
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 6 - Derivative Instruments and Hedging Activities of Item 8 – Financial Statements and Supplementary Data in our Form 10-K. Cash Flow Hedges In August 2020, the two interest rate swaps to hedge the variable interest on the $140.0 million variable interest rate tax-exempt First Mortgage Bonds expired, as the associated debt reached maturity. The interest rate swaps had a combined notional amount of $140.0 million and settled monthly based on a one-month LIBOR. The AOCL associated with the swaps was amortized out of AOCL into interest expense over the life of the underlying debt. The following tables provide information concerning gains or losses recognized in AOCL for the cash flow hedges for the three months ended March 31, 2020: Three months ended March 31, 2020 Interest $ in millions (net of tax) Rate Hedge Beginning accumulated derivative losses in AOCL $ (0.4) Net losses associated with current period hedging transactions (0.3) Net gains reclassified to earnings Interest expense (0.1) Ending accumulated derivative losses in AOCL $ (0.8) |
Debt Obligations
Debt Obligations | 3 Months Ended |
Mar. 31, 2021 | |
Debt Instrument [Line Items] | |
Long-term Debt | Long-term Debt The following table summarizes DPL's long-term debt. Interest March 31, December 31, $ in millions Rate Maturity 2021 2020 First Mortgage Bonds 3.95% 2049 $ 425.0 $ 425.0 First Mortgage Bonds 3.20% 2040 140.0 140.0 U.S. Government note 4.20% 2061 17.3 17.4 Unamortized deferred financing costs (5.5) (5.7) Unamortized debt discounts, net (2.6) (2.6) Total long-term debt at AES Ohio 574.2 574.1 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 (a) 8.125% 2031 15.6 15.6 Unamortized deferred financing costs (9.9) (10.2) Unamortized debt discounts, net (0.9) (0.9) Total long-term debt 1,394.0 1,393.6 Less: current portion (0.2) (0.2) Long-term debt, net of current portion $ 1,393.8 $ 1,393.4 (a) Note payable to related party. Lines of credit At March 31, 2021 and December 31, 2020, the DPL revolving credit facility had outstanding borrowings of $80.0 million and $80.0 million, respectively. At March 31, 2021 and December 31, 2020, the AES Ohio revolving credit facility had outstanding borrowings of $80.0 million and $20.0 million, respectively. DPL’s Senior Unsecured Bonds DPL agreed to register the 2025 DPL Senior Unsecured Bonds under the Securities Act by filing an exchange offer registration statement or, under specified circumstances, a shelf registration statement with the SEC pursuant to a Registration Rights Agreement dated June 19, 2020. DPL filed a registration statement on Form S-4 with respect to the 2025 DPL Senior Unsecured Bonds with the SEC on March 15, 2021, and this registration statement was declared effective on March 31, 2021. The exchange offer was closed on May 5, 2021. Long-term debt covenants and restrictions DPL’s revolving credit agreement has two financial covenants. The first financial covenant, a minimum EBITDA, calculated at the end of each fiscal quarter for the four prior fiscal quarters, of $125.0 million is required, stepping up to $130.0 million on September 30, 2022 and $150.0 million on December 31, 2022. As of March 31, 2021, DPL was in compliance with this financial covenant. The second financial covenant is an EBITDA to Interest Expense ratio that is calculated, at the end of each fiscal quarter, by dividing EBITDA for the four prior fiscal quarters by the consolidated interest charges for the same period. The ratio, per the agreement, is to be not less than 1.70 to 1.00, and steps up to 1.75 to 1.00 on September 30, 2022 and 2.00 to 1.00 as of December 31, 2022. As of March 31, 2021, DPL was in compliance with this financial covenant. DPL’s secured revolving credit agreement also restricts dividend payments from DPL to AES, such that DPL cannot make dividend payments unless at the time of, and/or as a result of the distribution, (i) DPL’s leverage ratio does not exceed 0.67 to 1.00 and DPL’s interest coverage ratio is not less than 2.50 to 1.00 or, if such ratios are not within the parameters, (ii) DPL’s senior long-term debt rating from two of the three major credit rating agencies is at least investment grade. As a result, as of March 31, 2021, DPL was prohibited from making a distribution to its shareholder or making a loan to any of its affiliates (other than its subsidiaries). AES Ohio's unsecured revolving credit facility and Bond Purchase Agreement (financing document entered into in connection with the issuance of AES Ohio's First Mortgage Bonds, on July 31, 2020) has 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 March 31, 2021, AES Ohio was in compliance with this financial covenant. As of March 31, 2021, DPL and AES Ohio were in compliance with all debt covenants, including the financial covenants described above. AES Ohio does not have any meaningful restrictions in its debt financing documents prohibiting dividends 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. |
Subsidiaries [Member] | |
Debt Instrument [Line Items] | |
Long-term Debt | Long-term Debt The following table summarizes AES Ohio's long-term debt. Interest March 31, December 31, $ in millions Rate Maturity 2021 2020 First Mortgage Bonds 3.95 % 2049 $ 425.0 $ 425.0 First Mortgage Bonds 3.20 % 2040 140.0 140.0 U.S. Government note 4.20 % 2061 17.3 17.4 Unamortized deferred financing costs (5.5) (5.7) Unamortized debt discounts, net (2.6) (2.6) Total long-term debt 574.2 574.1 Less: current portion (0.2) (0.2) Long-term debt, net of current portion $ 574.0 $ 573.9 Line of credit At March 31, 2021 and December 31, 2020, AES Ohio had outstanding borrowings on its line of credit of $80.0 million and $20.0 million, respectively. Long-term debt covenants and restrictions AES Ohio's unsecured revolving credit facility and Bond Purchase Agreement (financing document entered into in connection with the issuance of AES Ohio's First Mortgage Bonds, on July 31, 2020) has 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 March 31, 2021, AES Ohio was in compliance with this financial covenant. As of March 31, 2021, AES Ohio was in compliance with all debt covenants, including the financial covenants described above. AES Ohio does not have any meaningful restrictions in its debt financing documents prohibiting dividends 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 | 3 Months Ended |
Mar. 31, 2021 | |
Entity Information [Line Items] | |
Income Taxes | Income Taxes The following table details the effective tax rates for the three months ended March 31, 2021 and 2020. Three months ended March 31, 2021 2020 DPL (3.8)% (11.8)% DPL’s effective combined state and federal income tax rate for all operations was (3.8)% for the three months ended March 31, 2021. This rate is different from the combined federal and state statutory rate of 22.5% 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. DPL's income tax expense for the three months ended March 31, 2021 was calculated using the estimated annual effective income tax rates for 2021 of (3.8)%. 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 The following table details the effective tax rates for the three months ended March 31, 2021 and 2020. Three months ended March 31, 2021 2020 AES Ohio 14.9% 9.3% AES Ohio’s effective combined state and federal income tax rate was 14.9% for the three months ended March 31, 2021. This is different from the combined federal and state statutory rate of 22.5% primarily due to the net tax benefit related to the reversal of excess deferred taxes. |
Benefit Plans
Benefit Plans | 3 Months Ended |
Mar. 31, 2021 | |
Pension [Member] | |
Entity Information [Line Items] | |
Pension and Postretirement Benefits | Benefit Plans AES Ohio sponsors a defined benefit pension plan for the majority of its employees. We generally fund pension plan benefits as accrued in accordance with the minimum funding requirements of ERISA and, in addition, make voluntary contributions from time to time. There were $9.8 million and $7.5 million in employer contributions during the three months ended March 31, 2021 and 2020, respectively. The amounts presented in the following tables for pension include the collective bargaining plan formula, the traditional management plan formula, the cash balance plan formula and the SERP, in the aggregate. The 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 that are still participants in the AES Ohio plan. The net periodic benefit cost of the pension benefit plans for the three months ended March 31, 2021 and 2020 was: Three months ended March 31, $ in millions 2021 2020 Service cost $ 1.1 $ 0.9 Interest cost 2.0 3.0 Expected return on plan assets (3.7) (4.7) Amortization of unrecognized: Prior service cost 0.2 0.3 Actuarial loss 2.3 1.5 Net periodic benefit cost $ 1.9 $ 1.0 In addition, AES Ohio provides postretirement health care and life insurance benefits to certain retired employees, their spouses and eligible dependents. We have funded a portion of the union-eligible benefits using a Voluntary Employee Beneficiary Association Trust. These postretirement health care benefits and the related unfunded obligation of $8.8 million at March 31, 2021 and $9.0 million at December 31, 2020 were not material to the financial statements in the periods covered by this report. |
Subsidiaries [Member] | |
Entity Information [Line Items] | |
Pension and Postretirement Benefits | Benefit Plans AES Ohio sponsors a defined benefit pension plan for the majority of its employees. We generally fund pension plan benefits as accrued in accordance with the minimum funding requirements of ERISA and, in addition, make voluntary contributions from time to time. There were $9.8 million and $7.5 million in employer contributions during the three months ended March 31, 2021 and 2020, respectively. The amounts presented in the following tables for pension include the collective bargaining plan formula, the traditional management plan formula, the cash balance plan formula and the SERP, in the aggregate. The 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 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 plan. The net periodic benefit cost of the pension benefit plans for the three months ended March 31, 2021 and 2020 was: Three months ended March 31, $ in millions 2021 2020 Service cost $ 1.1 $ 0.9 Interest cost 2.0 3.0 Expected return on plan assets (3.7) (4.7) Amortization of unrecognized: Prior service cost 0.3 0.3 Actuarial loss 2.8 2.2 Net periodic benefit cost $ 2.5 $ 1.7 In addition, AES Ohio provides postretirement health care and life insurance benefits to certain retired employees, their spouses and eligible dependents. We have funded a portion of the union-eligible benefits using a Voluntary Employee Beneficiary Association Trust. These postretirement health care benefits and the related unfunded obligation of $8.8 million at March 31, 2021 and $9.0 million at December 31, 2020 were not material to the financial statements in the periods covered by this report. |
Contractual Obligations, Commer
Contractual Obligations, Commercial Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Entity Information [Line Items] | |
Contractual Obligations, Commercial Commitments and Contingencies | Contractual Obligations, Commercial Commitments and Contingencies Guarantees Previously, DPL entered into various agreements with its wholly-owned subsidiary, AES Ohio Generation, providing financial or performance assurance to third parties. These agreements were entered into primarily to support or enhance the creditworthiness otherwise attributed to the subsidiary on a stand-alone basis, thereby facilitating the extension of sufficient credit to accomplish this subsidiary's intended commercial purposes. With the completion of our plan to exit generation, AES Ohio Generation currently does not require such assurances to third parties, and existing guarantees will expire in June 2021. During the three months ended March 31, 2021, DPL did not incur any losses related to the guarantees of these obligations, and we believe it is unlikely that DPL would be required to perform or incur any losses in the future associated with any of the above guarantees. At March 31, 2021, DPL had $1.9 million of such guarantees on behalf of AES Ohio Generation. There were no outstanding balances for commercial transactions covered by these guarantees at March 31, 2021 or December 31, 2020. 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. At March 31, 2021, AES Ohio could be responsible for the repayment of 4.9%, or $62.0 million, of $1,264.5 million OVEC debt obligations if they came due, comprised of both fixed and variable rate securities with maturities from 2022 to 2040. OVEC could also seek additional contributions from AES Ohio to avoid a default in the event that other OVEC members defaulted on their respective OVEC obligations. Contingencies In the normal course of business, we are subject to various lawsuits, actions, proceedings, claims and other matters asserted under various laws and regulations. We believe the amounts provided in our Condensed Consolidated Financial Statements, as prescribed by GAAP, are adequate 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 March 31, 2021, cannot be reasonably determined. Environmental Matters DPL’s and AES Ohio’s current and previously-owned facilities and operations are subject to a wide range of federal, state and local environmental regulations and laws. The environmental issues that may affect us include: • The federal CAA and state laws and regulations (including State Implementation Plans) which require compliance, obtaining permits and reporting as to air emissions; • Litigation with federal and certain state governments and certain special interest groups regarding whether modifications to or maintenance of certain coal-fired generating stations require additional permitting or pollution control technology, or whether emissions from coal-fired generating stations cause or contribute to global climate changes; • Rules and future rules issued by the USEPA, the Ohio EPA or other authorities that require or will require substantial reductions in SO2, particulates, mercury, acid gases, NOx and other air emissions; • Rules and future rules issued by the USEPA, the Ohio EPA or other authorities that require or will require reporting and reductions of GHGs; • Rules and future rules issued by the USEPA, the Ohio EPA or other authorities associated with the federal Clean Water Act, which prohibits the discharge of pollutants into waters of the United States except pursuant to appropriate permits; and • Solid and hazardous waste laws and regulations, which govern the management and disposal of certain waste. The majority of solid waste created from the combustion of coal and fossil fuels consists of fly ash and other coal combustion by-products. In addition to imposing continuing compliance obligations, these laws and regulations authorize the imposition of substantial penalties for noncompliance, including fines, injunctive relief and other sanctions. In the normal course of business, we have investigatory and remedial activities underway at our facilities to comply, or to determine compliance, with such regulations. We record liabilities for loss contingencies related to environmental matters when a loss is probable of occurring and can be reasonably estimated in accordance with the provisions of GAAP. Accordingly, we have immaterial accruals for loss contingencies for environmental matters. We also have several environmental matters for which we have not accrued loss contingencies because the risk of loss is not probable, or a loss cannot be reasonably estimated. We evaluate the potential liability related to environmental matters quarterly and may revise our estimates. Such revisions in the estimates of the potential liabilities could have a material adverse effect on our results of operations, financial condition and cash flows. We have several pending environmental matters associated with our previously-owned and operated coal-fired generation units. Some of these matters could have a material adverse effect on our results of operations, financial condition and cash flows. |
Subsidiaries [Member] | |
Entity Information [Line Items] | |
Contractual Obligations, Commercial Commitments and Contingencies | Contractual Obligations, Commercial Commitments and Contingencies 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. At March 31, 2021, AES Ohio could be responsible for the repayment of 4.9%, or $62.0 million, of $1,264.5 million OVEC debt obligations if they came due, comprised of both fixed and variable rate securities with maturities from 2022 to 2040. OVEC could also seek additional contributions from AES Ohio to avoid a default in the event that other OVEC members defaulted on their respective OVEC obligations. Contingencies In the normal course of business, we are subject to various lawsuits, actions, proceedings, claims and other matters asserted under various laws and regulations. We believe the amounts provided in our Condensed 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 March 31, 2021, cannot be reasonably determined. Environmental Matters AES Ohio’s current and previously-owned facilities and operations are subject to a wide range of federal, state and local environmental regulations and laws. The environmental issues that may affect us include: • The federal CAA and state laws and regulations (including State Implementation Plans) which require compliance, obtaining permits and reporting as to air emissions; • Litigation with federal and certain state governments and certain special interest groups regarding whether modifications to or maintenance of certain coal-fired generating stations require additional permitting or pollution control technology, or whether emissions from coal-fired generating stations cause or contribute to global climate changes; • Rules and future rules issued by the USEPA, the Ohio EPA or other authorities that require or will require substantial reductions in SO2, particulates, mercury, acid gases, NOx and other air emissions; • Rules and future rules issued by the USEPA, the Ohio EPA or other authorities that require or will require reporting and reductions of GHGs; • Rules and future rules issued by the USEPA, the Ohio EPA or other authorities associated with the federal Clean Water Act, which prohibits the discharge of pollutants into waters of the United States except pursuant to appropriate permits; and • Solid and hazardous waste laws and regulations, which govern the management and disposal of certain waste. In addition to imposing continuing compliance obligations, these laws and regulations authorize the imposition of substantial penalties for noncompliance, including fines, injunctive relief and other sanctions. In the normal course of business, we have investigatory and remedial activities underway at our facilities to comply, or to determine compliance, with such regulations. We record liabilities for loss contingencies related to environmental matters when a loss is probable of occurring and can be reasonably estimated in accordance with the provisions of GAAP. Accordingly, we have immaterial accruals for loss contingencies for environmental matters. We also have several environmental matters for which we have not accrued loss contingencies because the risk of loss is not probable, or a loss cannot be reasonably estimated. We evaluate the potential liability related to environmental matters quarterly and may revise our estimates. Such revisions in the estimates of the potential liabilities could have a material adverse effect on our results of operations, financial condition and cash flows. |
Business Segments
Business Segments | 3 Months Ended |
Mar. 31, 2021 | |
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) from continuing operations 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 discussed further below. Utility Segment The Utility segment is comprised of AES Ohio’s electric transmission and distribution businesses, which distribute electricity to residential, commercial, industrial and governmental customers. AES Ohio distributes electricity to approximately 532,000 retail customers located in a 6,000-square mile area of West Central 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 recording 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. The Utility segment includes revenues and costs associated with our investment in OVEC and the historical results of AES Ohio’s Hutchings Coal Station, which was closed in 2013 and transferred to a third party in the fourth quarter of 2020. Included within the “Other” column are other businesses that do not meet the GAAP requirements for disclosure as reportable segments as well as certain corporate costs, which include interest expense on DPL's long-term debt as well as adjustments related to purchase accounting from the Merger. The accounting policies of the reportable segment are the same as those described in Note 1 – Overview and Summary of Significant Accounting Policies of our 10-K. Intersegment sales, costs of sales and expenses are eliminated in consolidation. Certain shared and corporate costs are allocated between "Other" and the Utility reporting segment. The following tables present financial information for DPL’s Utility reportable business segment: $ in millions Utility Other Adjustments and Eliminations DPL Consolidated Three months ended March 31, 2021 Revenues from external customers $ 172.6 $ 2.6 $ — $ 175.2 Intersegment revenues 0.2 0.9 (1.1) — Total revenues $ 172.8 $ 3.5 $ (1.1) $ 175.2 Depreciation and amortization $ 18.7 $ 0.4 $ — $ 19.1 Interest expense $ 6.0 $ 9.6 $ — $ 15.6 Income / (loss) from continuing operations before income tax $ 21.5 $ (7.6) $ — $ 13.9 Capital expenditures $ 51.6 $ 0.3 $ — $ 51.9 $ in millions Utility Other Adjustments and Eliminations DPL Consolidated Three months ended March 31, 2020 Revenues from external customers $ 168.7 $ 2.5 $ — $ 171.2 Intersegment revenues 0.3 0.8 (1.1) — Total revenues $ 169.0 $ 3.3 $ (1.1) $ 171.2 Depreciation and amortization $ 17.3 $ 0.4 $ — $ 17.7 Interest expense $ 6.2 $ 12.7 $ — $ 18.9 Income / (loss) from continuing operations before income tax $ 12.9 $ (10.5) $ — $ 2.4 Capital expenditures $ 39.3 $ 0.9 $ — $ 40.2 Total Assets March 31, 2021 December 31, 2020 Utility $ 2,026.8 $ 2,014.7 All Other (a) 26.7 21.3 DPL Consolidated $ 2,053.5 $ 2,036.0 |
Revenue (Notes)
Revenue (Notes) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
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 revenues, see Note 14 — Revenue in Item 8.— Financial Statements and Supplementary Data of our Form 10-K. DPL's revenue from contracts with customers was $172.1 million and $167.0 million for the three months ended March 31, 2021 and 2020, respectively. The following table presents our revenue from contracts with customers and other revenue by segment for the three months ended March 31, 2021 and 2020: $ in millions Utility Other Adjustments and Eliminations Total Three months ended March 31, 2021 Retail revenue Retail revenue from contracts with customers Residential revenue $ 98.3 $ — $ — $ 98.3 Commercial revenue 27.3 — — 27.3 Industrial revenue 12.3 — — 12.3 Governmental revenue 7.4 — — 7.4 Other (a) 3.7 — — 3.7 Total retail revenue from contracts with customers 149.0 — — 149.0 Other retail revenue (b) — — — — Wholesale revenue Wholesale revenue from contracts with customers 5.0 — (0.2) 4.8 RTO ancillary revenue 14.8 0.1 — 14.9 Capacity revenue 0.9 — — 0.9 Miscellaneous revenue Miscellaneous revenue from contracts with customers (c) — 2.5 — 2.5 Other miscellaneous revenue 3.1 0.9 (0.9) 3.1 Total revenues $ 172.8 $ 3.5 $ (1.1) $ 175.2 Three months ended March 31, 2020 Retail revenue Retail revenue from contracts with customers Residential revenue $ 96.9 $ — $ — $ 96.9 Commercial revenue 28.9 — — 28.9 Industrial revenue 11.8 — — 11.8 Governmental revenue 9.3 — — 9.3 Other (a) 3.3 — — 3.3 Total retail revenue from contracts with customers 150.2 — — 150.2 Other retail revenue (b) 3.3 — — 3.3 Wholesale revenue Wholesale revenue from contracts with customers 2.7 — (0.2) 2.5 RTO ancillary revenue 10.7 — — 10.7 Capacity revenue 1.2 — — 1.2 Miscellaneous revenue Miscellaneous revenue from contracts with customers (c) — 2.4 — 2.4 Other miscellaneous revenue 0.9 0.9 (0.9) 0.9 Total revenues $ 169.0 $ 3.3 $ (1.1) $ 171.2 (a) "Other" primarily includes Wright-Patterson Air Force Base revenues, billing service fees from CRES providers and other miscellaneous retail revenues from contracts with customers. (b) Other retail revenue primarily includes alternative revenue programs not accounted for under FASC 606. (c) Miscellaneous revenue from contracts with customers primarily includes revenues for various services provided by Miami Valley Lighting. The balances of receivables from contracts with customers were $61.2 million and $70.1 million as of March 31, 2021 and December 31, 2020, respectively. Payment terms for all receivables from contracts with customers are typically within 30 days. | |
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 revenues, see Note 13 — Revenue in Item 8.— Financial Statements and Supplementary Data of our Form 10-K. AES Ohio's revenue from contracts with customers was $169.7 million and $164.8 million for the three months ended March 31, 2021 and 2020, respectively. The following table presents our revenue from contracts with customers and other revenue for the three months ended March 31, 2021 and 2020: Three months ended March 31, $ in millions 2021 2020 Retail revenue Retail revenue from contracts with customers Residential revenue $ 98.3 $ 96.9 Commercial revenue 27.3 28.9 Industrial revenue 12.3 11.8 Governmental revenue 7.4 9.3 Other (a) 3.7 3.3 Total retail revenue from contracts with customers 149.0 150.2 Other retail revenue (b) — 3.3 Wholesale revenue Wholesale revenue from contracts with customers 5.0 2.7 RTO ancillary revenue 14.8 10.7 Capacity revenue 0.9 1.2 Miscellaneous revenue 3.1 0.9 Total revenues $ 172.8 $ 169.0 (a) "Other" primarily includes Wright-Patterson Air Force Base revenues, billing service fees from CRES providers and other miscellaneous retail revenues from contracts with customers. (b) Other retail revenue primarily includes alternative revenue programs not accounted for under FASC 606. The balances of receivables from contracts with customers were $60.1 million and $69.2 million as of March 31, 2021 and December 31, 2020, respectively. Payment terms for all receivables from contracts with customers are typically within 30 days. |
Discontinued Operations
Discontinued Operations | 3 Months Ended |
Mar. 31, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Discontinued Operations | Discontinued Operations Conesville - In May 2020, AEP, the operator of the formerly co-owned Conesville EGU, retired Conesville Unit 4 as planned. On June 5, 2020, DPL and AES Ohio Generation, together with AEP, completed the transfer of their interests in the retired Unit 4, including the associated environmental liabilities, to an unaffiliated third-party purchaser. For the transaction, DPL will make quarterly cash expenditures, totaling $4.0 million, through July 2022, of which $2.2 million has been paid through March 31, 2021. The transfer of Conesville Unit 4 was the last step in DPL's plan to exit its AES Ohio Generation business operations. DPL determined that the transfer of Conesville along with the transfers of Stuart and Killen in 2019 and the sales of the Peaker Assets in 2018 and Miami Fort and Zimmer in 2017 constitute the disposal of a group of components, which, as a whole, represent a strategic shift to exit its AES Ohio Generation business. As such, the disposal of this group of components qualifies to be presented as discontinued operations. Therefore, the results of operations of this group of components were reported as such in the Condensed Consolidated Statements of Operations for all periods presented. The following table summarizes the revenues, operating costs, other expenses and income tax of discontinued operations for the periods indicated: Three months ended March 31, $ in millions 2021 2020 Revenues $ 0.9 $ 13.6 Operating costs and other expenses (1.7) (14.3) Loss from discontinued operations before income tax (0.8) (0.7) Income tax benefit from discontinued operations (0.2) (0.1) Net loss from discontinued operations $ (0.6) $ (0.6) Cash flows related to discontinued operations are included in our Condensed Consolidated Statements of Cash Flows. Cash flows from operating activities for discontinued operations were $(0.2) million and $6.2 million for the three months ended March 31, 2021 and 2020, respectively. Cash flows from investing activities for discontinued operations were $(0.4) million and $5.1 million for the three months ended March 31, 2021 and 2020, respectively. |
Risk & Uncertainties (Notes)
Risk & Uncertainties (Notes) | 3 Months Ended |
Mar. 31, 2021 | |
Unusual Risk or Uncertainty [Line Items] | |
Risks and Uncertainties [Text Block] | Risks and Uncertainties COVID-19 Pandemic The COVID-19 pandemic has impacted global economic activity, including electricity and energy consumption, and caused significant volatility and negative pressure in financial markets. The global impact of the outbreak has been rapidly evolving and many countries, including the U.S., have reacted by instituting quarantines, mandating business and school closures and social distancing measures as well as restricting travel. Responses to the COVID-19 pandemic by the State of Ohio and its residents and businesses, in particular, continue to evolve, including with respect to business and school closures and limitations and other social distancing measures and the effectiveness and timing of vaccine availability and distribution efforts. Social distancing measures designed to slow the spread of the virus, such as business closures and operations limitations, impact energy demand within our service territory. We are taking a variety of measures in response to the spread of COVID-19 to ensure our ability to transmit, distribute and sell electric energy, ensure the health and safety of our employees, contractors, customers and communities and provide essential services to the communities in which we operate. In addition to the impacts to demand within our service territory, we also have incurred and expect to continue to incur expenses relating to COVID-19, including those that relate to events outside of our control. The magnitude and duration of the COVID-19 pandemic is unknown at this time and may have material and adverse effects on our results of operations, financial condition and cash flows in future periods. |
Subsidiaries [Member] | |
Unusual Risk or Uncertainty [Line Items] | |
Risks and Uncertainties [Text Block] | Risks and Uncertainties COVID-19 Pandemic The COVID-19 pandemic has impacted global economic activity, including electricity and energy consumption, and caused significant volatility and negative pressure in financial markets. The global impact of the outbreak has been rapidly evolving and many countries, including the U.S., have reacted by instituting quarantines, mandating business and school closures and social distancing measures as well as restricting travel. Responses to the COVID-19 pandemic by the State of Ohio and its residents and businesses, in particular, continue to evolve, including with respect to business and school closures and limitations and other social distancing measures and the effectiveness and timing of vaccine availability and distribution efforts. Social distancing measures designed to slow the spread of the virus, such as business closures and operations limitations, impact energy demand within our service territory. We are taking a variety of measures in response to the spread of COVID-19 to ensure our ability to transmit, distribute and sell electric energy, ensure the health and safety of our employees, contractors, customers and communities and provide essential services to the communities in which we operate. In addition to the impacts to demand within our service territory, we also have incurred and expect to continue to incur expenses relating to COVID-19, including those that relate to events outside of our control. The magnitude and duration of the COVID-19 pandemic is unknown at this time and may have material and adverse effects on our results of operations, financial condition and cash flows in future periods. |
Summary of Significant Accounti
Summary of Significant Accounting Policies (Policy) | 3 Months Ended |
Mar. 31, 2021 | |
Significant Accounting Policies [Line Items] | |
Description of Business | Description of Business DPL is a regional energy company organized in 1985 under the laws of Ohio. DPL has one reportable segment: the Utility segment. See Note 10 – Business Segments for more information relating to this reportable segment. The terms “we,” “us,” “our” and “ours” are used to refer to DPL and its subsidiaries. DPL is an indirectly wholly-owned subsidiary of AES. DP&L , a wholly-owned subsidiary of DPL that 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 532,000 customers located in West Central Ohio. Additionally, AES Ohio 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. Principal industries located in AES Ohio’s service territory include automotive, food processing, paper, plastic, manufacturing and defense. AES Ohio's sales reflect the general economic conditions, seasonal weather patterns of the area and the market price of electricity. AES Ohio owned interests in the retired Hutchings Coal Station until its transfer in 2020, and currently owns numerous transmission facilities. AES Ohio sells its proportional share of energy and capacity from its investment in OVEC into the wholesale market. 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. In prior periods, AES Ohio Generation was also a primary subsidiary and sold all of its energy and capacity into the wholesale market. In 2020, AES Ohio Generation's only operating asset was an undivided interest in Conesville, which closed in May 2020 and was sold in June 2020. See Note 12 – Discontinued Operations for more information. 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 | 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. Certain immaterial amounts from prior periods have been reclassified to conform to the current period presentation. All material intercompany accounts and transactions are eliminated in consolidation. We have evaluated subsequent events through the date this report is issued. These financial statements have been prepared in accordance with GAAP, as contained in the FASB ASC, for interim financial statements 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. Therefore, our interim financial statements in this report should be read along with the annual financial statements included in our Form 10-K for the fiscal year ended December 31, 2020. In the opinion of our management, the Condensed Consolidated Financial Statements presented in this report contain all adjustments necessary to fairly state our financial position as of March 31, 2021; our results of operations for the three months ended March 31, 2021 and 2020, our cash flows for the three months ended March 31, 2021 and 2020 and the changes in our equity for the three months ended March 31, 2021 and 2020. Unless otherwise noted, all adjustments are normal and recurring in nature. Due to various factors, interim results for the three months ended March 31, 2021 may not be indicative of our results that will be realized for the full year ending December 31, 2021. The preparation of financial statements in conformity with GAAP requires us to make estimates and judgments that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the revenues and expenses of the periods reported. Actual results could differ from these estimates. Significant items subject to such estimates and judgments include: recognition of revenue including unbilled revenues, the carrying value of property, plant and equipment; the valuation of insurance and claims liabilities; the valuation of allowances for credit losses and deferred income taxes; regulatory assets and liabilities; liabilities 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 | collects certain excise taxes levied by state or local governments from its customers. These taxes are accounted for on a net basis and not included in revenue. The amounts of such taxes collected for the three months ended March 31, 2021 and 2020 were $12.9 million and $12.4 million, respectively. |
Recently Issued Accounting Standards | 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 2020-04, Reference Rate Form (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting The standard provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions that reference to LIBOR or another reference rate expected to be discontinued by reference rate reform. This standard is effective for a limited period of time (March 12, 2020 - December 21, 2022). Effective for all entities March 12, 2020 - December 31, 2022 We are currently evaluating the impact of adopting the standard on our condensed consolidated financial statements. |
Subsidiaries [Member] | |
Significant Accounting Policies [Line Items] | |
Description of Business | 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 532,000 customers located in West Central Ohio. Additionally, AES Ohio 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. Principal industries located in AES Ohio’s service territory include automotive, food processing, paper, plastic, manufacturing and defense. AES Ohio's sales reflect the general economic conditions, seasonal weather patterns of the area and the market price of electricity. AES Ohio owned interests in the retired Hutchings Coal Station until its transfer in 2020, and currently owns numerous transmission facilities. AES Ohio sells its proportional share of energy and capacity from its investment in OVEC into the wholesale market. AES Ohio has one reportable segment, the Utility segment. In addition to AES Ohio's electric transmission and distribution businesses, the Utility segment includes revenues and costs associated with AES Ohio's investment in OVEC and the historical results of AES Ohio’s Hutchings Coal Station. 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. Certain immaterial amounts from prior periods have been reclassified to conform to the current period presentation. These financial statements have been prepared in accordance with GAAP, as contained in the FASB ASC, for interim financial statements 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. Therefore, our interim financial statements in this report should be read along with the annual financial statements included in our Form 10-K for the fiscal year ended December 31, 2020. In the opinion of our management, the Condensed Financial Statements presented in this report contain all adjustments necessary to fairly state our financial position as of March 31, 2021; our results of operations for the three months ended March 31, 2021 and 2020, our cash flows for the three months ended March 31, 2021 and 2020 and the changes in our equity for the three months ended March 31, 2021 and 2020. Unless otherwise noted, all adjustments are normal and recurring in nature. Due to various factors, interim results for the three months ended March 31, 2021 may not be indicative of our results that will be realized for the full year ending December 31, 2021. The preparation of financial statements in conformity with GAAP requires us to make estimates and judgments that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the revenues and expenses of the periods reported. Actual results could differ from these estimates. Significant items subject to such estimates and judgments include: recognition of revenue including unbilled revenues, the carrying value of property, plant and equipment; the valuation of insurance and claims liabilities; the valuation of allowances for credit losses and deferred income taxes; regulatory assets and liabilities; liabilities 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 months ended March 31, 2021 and 2020 were $12.9 million and $12.4 million, respectively. |
Recently Issued Accounting Standards | 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 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 financial statements. ASU Number and Name Description Date of Adoption Effect on the financial statements upon adoption 2020-04, Reference Rate Form (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting The standard provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions that reference to LIBOR or another reference rate expected to be discontinued by reference rate reform. This standard is effective for a limited period of time (March 12, 2020 - December 21, 2022). Effective for all entities March 12, 2020 - December 31, 2022 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) | 3 Months Ended |
Mar. 31, 2021 | |
Related Party Transaction [Line Items] | |
New Accounting Pronouncements, Policy [Policy Text Block] | 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 2020-04, Reference Rate Form (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting The standard provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions that reference to LIBOR or another reference rate expected to be discontinued by reference rate reform. This standard is effective for a limited period of time (March 12, 2020 - December 21, 2022). Effective for all entities March 12, 2020 - December 31, 2022 We are currently evaluating the impact of adopting the standard on our condensed consolidated financial statements. |
Schedule of Cash and Cash Equivalents [Table Text Block] | The following table provides a summary of 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 March 31, 2021 December 31, 2020 Cash and cash equivalents $ 34.1 $ 25.4 Restricted cash 0.1 0.1 Cash, Cash Equivalents, and Restricted Cash, End of Period $ 34.2 $ 25.5 |
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. ASU Number and Name Description Date of Adoption Effect on the financial statements upon adoption 2020-04, Reference Rate Form (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting The standard provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions that reference to LIBOR or another reference rate expected to be discontinued by reference rate reform. This standard is effective for a limited period of time (March 12, 2020 - December 21, 2022). Effective for all entities March 12, 2020 - December 31, 2022 We are currently evaluating the impact of adopting the standard on our condensed consolidated financial statements. |
Subsidiaries [Member] | |
Related Party Transaction [Line Items] | |
New Accounting Pronouncements, Policy [Policy Text Block] | 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 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 financial statements. ASU Number and Name Description Date of Adoption Effect on the financial statements upon adoption 2020-04, Reference Rate Form (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting The standard provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships and other transactions that reference to LIBOR or another reference rate expected to be discontinued by reference rate reform. This standard is effective for a limited period of time (March 12, 2020 - December 21, 2022). Effective for all entities March 12, 2020 - December 31, 2022 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 provides a summary of 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 March 31, 2021 December 31, 2020 Cash and cash equivalents $ 16.8 $ 11.7 Restricted cash 0.1 0.1 Cash, Cash Equivalents, and Restricted Cash, End of Period $ 16.9 $ 11.8 |
Supplemental Financial Inform_2
Supplemental Financial Information (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Supplemental Financial Information [Line Items] | |
Schedule of Supplemental Financial Information | Accounts receivable are as follows at March 31, 2021 and December 31, 2020: March 31, December 31, $ in millions 2021 2020 Accounts receivable, net: Customer receivables $ 45.7 $ 48.5 Unbilled revenue 15.5 21.6 Amounts due from affiliates 0.5 0.2 Due from PJM transmission enhancement settlement 1.7 1.7 Other 2.6 0.5 Allowance for credit losses (2.3) (2.8) Total accounts receivable, net $ 63.7 $ 69.7 |
Reclassification out of Accumulated Other Comprehensive Income | The amounts reclassified out of Accumulated other comprehensive loss by component during the three months ended March 31, 2021 and 2020 are as follows: Details about Accumulated Other Comprehensive Loss components Affected line item in the Condensed Consolidated Statements of Operations Three months ended March 31, $ in millions 2021 2020 Gains and losses on cash flow hedges (Note 5): Interest expense $ (0.2) $ (0.4) Income tax expense — 0.1 Net of income taxes (0.2) (0.3) Amortization of defined benefit pension items (Note 8): Other expense 0.6 0.3 Income tax benefit (0.1) — Net of income taxes 0.5 0.3 Total reclassifications for the period, net of income taxes $ 0.3 $ — |
Schedule of Accumulated Other Comprehensive Income (Loss) | The changes in the components of Accumulated other comprehensive loss during the three months ended March 31, 2021 are as follows: $ in millions Gains / (losses) on cash flow hedges Change in unfunded pension and postretirement benefit obligations Total Balance at January 1, 2021 $ 13.6 $ (25.9) $ (12.3) Amounts reclassified from AOCL to earnings (0.2) 0.5 0.3 Net current period other comprehensive income / (loss) (0.2) 0.5 0.3 Balance at March 31, 2021 $ 13.4 $ (25.4) $ (12.0) |
Accounts Receivable, Allowance for Credit Loss | The following table is a rollforward of our allowance for credit losses related to the accounts receivable balances for the three months ended March 31, 2021 and 2020 : $ in millions Beginning Allowance Balance Current Period Provision Write-offs Charged Against Allowances Recoveries Collected Ending Allowance Balance 2021 $ 2.8 $ — $ (0.7) $ 0.2 $ 2.3 2020 $ 0.4 $ 0.4 $ (0.4) $ 0.3 $ 0.7 |
Subsidiaries [Member] | |
Supplemental Financial Information [Line Items] | |
Schedule of Supplemental Financial Information | Accounts receivable are as follows at March 31, 2021 and December 31, 2020: March 31, December 31, $ in millions 2021 2020 Accounts receivable, net: Customer receivables $ 44.6 $ 47.6 Unbilled revenue 15.5 21.6 Amounts due from affiliates 2.1 1.9 Due from PJM transmission enhancement settlement 1.7 1.7 Other 2.6 0.2 Allowance for credit losses (2.3) (2.8) Total accounts receivable, net $ 64.2 $ 70.2 |
Reclassification out of Accumulated Other Comprehensive Income | The amounts reclassified out of Accumulated Other Comprehensive Loss by component during the three months ended March 31, 2021 and 2020 are as follows: Details about Accumulated Other Comprehensive Loss components Affected line item in the Condensed Statements of Operations Three months ended March 31, $ in millions 2021 2020 Gains and losses on cash flow hedges (Note 5): Interest expense $ — $ (0.1) Income tax benefit — — Net of income taxes — (0.1) Amortization of defined benefit pension items (Note 8): Other expense 1.3 1.0 Income tax benefit (0.3) (0.2) Net of income taxes 1.0 0.8 Total reclassifications for the period, net of income taxes $ 1.0 $ 0.7 |
Schedule of Accumulated Other Comprehensive Income (Loss) | The changes in the components of Accumulated other comprehensive loss during the three months ended March 31, 2021 are as follows: $ in millions Change in Accumulated other comprehensive loss Balance at January 1, 2021 $ (42.1) Amounts reclassified from AOCL to earnings 1.0 Net current period other comprehensive income 1.0 Balance at March 31, 2021 $ (41.1) |
Accounts Receivable, Allowance for Credit Loss | The following table is a rollforward of our allowance for credit losses related to the accounts receivable balances for the three months ended March 31, 2021 and 2020: $ in millions Beginning Allowance Balance Current Period Provision Write-offs Charged Against Allowances Recoveries Collected Ending Allowance Balance 2021 $ 2.8 $ — $ (0.7) $ 0.2 $ 2.3 2020 $ 0.4 $ 0.4 $ (0.4) $ 0.3 $ 0.7 |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value and Cost Of Non-Derivative Instruments | The following table presents the fair value, carrying value and cost of our non-derivative instruments at March 31, 2021 and December 31, 2020. Further information about the fair value of our derivative instruments can be found in Note 5 – Derivative Instruments and Hedging Activities. March 31, 2021 December 31, 2020 $ in millions Cost Fair Value Cost Fair Value Assets Money market funds $ 0.2 $ 0.2 $ 0.3 $ 0.3 Equity securities 2.0 4.7 2.1 4.5 Debt securities 3.8 3.8 4.0 4.1 Total Assets $ 6.0 $ 8.7 $ 6.4 $ 8.9 Carrying Value Fair Value Carrying Value Fair Value Liabilities Long-term debt $ 1,394.0 $ 1,487.0 $ 1,393.6 $ 1,571.6 |
Fair Value of Assets and Liabilities Measured on Recurring Basis | The fair value of assets and liabilities at March 31, 2021 and December 31, 2020 and the respective category within the fair value hierarchy for DPL is as follows: $ in millions Fair value at March 31, 2021 (a) Fair value at December 31, 2020 (a) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Master Trust assets Money market funds $ 0.2 $ — $ — $ 0.2 $ 0.3 $ — $ — $ 0.3 Equity securities — 4.7 — 4.7 — 4.5 — 4.5 Debt securities — 3.8 — 3.8 — 4.1 — 4.1 Total Master Trust assets 0.2 8.5 — 8.7 0.3 8.6 — 8.9 Total Assets $ 0.2 $ 8.5 $ — $ 8.7 $ 0.3 $ 8.6 $ — $ 8.9 Liabilities Long-term debt $ — $ 1,469.7 $ 17.3 $ 1,487.0 $ — $ 1,554.2 $ 17.4 $ 1,571.6 Total Liabilities $ — $ 1,469.7 $ 17.3 $ 1,487.0 $ — $ 1,554.2 $ 17.4 $ 1,571.6 (a) Includes credit valuation adjustment |
Subsidiaries [Member] | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair Value and Cost Of Non-Derivative Instruments | The following table presents the fair value, carrying value and cost of our non-derivative instruments at March 31, 2021 and December 31, 2020. Further information about the fair value of our derivative instruments can be found in Note 5 – Derivative Instruments and Hedging Activities. March 31, 2021 December 31, 2020 $ in millions Cost Fair Value Cost Fair Value Assets Money market funds $ 0.2 $ 0.2 $ 0.3 $ 0.3 Equity securities 2.0 4.7 2.1 4.5 Debt securities 3.8 3.8 4.0 4.1 Total assets $ 6.0 $ 8.7 $ 6.4 $ 8.9 Carrying Value Fair Value Carrying Value Fair Value Liabilities Long-term debt $ 574.2 $ 599.7 $ 574.1 $ 656.0 |
Fair Value of Assets and Liabilities Measured on Recurring Basis | The fair value of assets and liabilities at March 31, 2021 and December 31, 2020 and the respective category within the fair value hierarchy for AES Ohio is as follows: $ in millions Fair value at March 31, 2021 (a) Fair value at December 31, 2020 (a) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets Master Trust assets Money market funds $ 0.2 $ — $ — $ 0.2 $ 0.3 $ — $ — $ 0.3 Equity securities — 4.7 — 4.7 — 4.5 — 4.5 Debt securities — 3.8 — 3.8 — 4.1 — 4.1 Total assets $ 0.2 $ 8.5 $ — $ 8.7 $ 0.3 $ 8.6 $ — $ 8.9 Liabilities Long-term debt $ — $ 582.4 $ 17.3 $ 599.7 $ — $ 638.6 $ 17.4 $ 656.0 Total liabilities $ — $ 582.4 $ 17.3 $ 599.7 $ — $ 638.6 $ 17.4 $ 656.0 (a) Includes credit valuation adjustment |
Derivative Instruments and He_2
Derivative Instruments and Hedging Activities (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
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 months ended March 31, 2021 and 2020: Three months ended March 31, 2021 March 31, 2020 Interest Interest $ in millions (net of tax) Rate Hedge Rate Hedge Beginning accumulated derivative gains in AOCL $ 13.6 $ 14.5 Net losses associated with current period hedging transactions — (0.3) Net gains reclassified to earnings Interest expense (0.2) (0.3) Ending accumulated derivative gains in AOCL $ 13.4 $ 13.9 Portion expected to be reclassified to earnings in the next twelve months $ (0.8) |
Subsidiaries [Member] | |
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 months ended March 31, 2020: Three months ended March 31, 2020 Interest $ in millions (net of tax) Rate Hedge Beginning accumulated derivative losses in AOCL $ (0.4) Net losses associated with current period hedging transactions (0.3) Net gains reclassified to earnings Interest expense (0.1) Ending accumulated derivative losses in AOCL $ (0.8) |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Debt Instrument [Line Items] | |
Long-term Debt | Long-term Debt The following table summarizes DPL's long-term debt. Interest March 31, December 31, $ in millions Rate Maturity 2021 2020 First Mortgage Bonds 3.95% 2049 $ 425.0 $ 425.0 First Mortgage Bonds 3.20% 2040 140.0 140.0 U.S. Government note 4.20% 2061 17.3 17.4 Unamortized deferred financing costs (5.5) (5.7) Unamortized debt discounts, net (2.6) (2.6) Total long-term debt at AES Ohio 574.2 574.1 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 (a) 8.125% 2031 15.6 15.6 Unamortized deferred financing costs (9.9) (10.2) Unamortized debt discounts, net (0.9) (0.9) Total long-term debt 1,394.0 1,393.6 Less: current portion (0.2) (0.2) Long-term debt, net of current portion $ 1,393.8 $ 1,393.4 (a) Note payable to related party. Lines of credit At March 31, 2021 and December 31, 2020, the DPL revolving credit facility had outstanding borrowings of $80.0 million and $80.0 million, respectively. At March 31, 2021 and December 31, 2020, the AES Ohio revolving credit facility had outstanding borrowings of $80.0 million and $20.0 million, respectively. DPL’s Senior Unsecured Bonds DPL agreed to register the 2025 DPL Senior Unsecured Bonds under the Securities Act by filing an exchange offer registration statement or, under specified circumstances, a shelf registration statement with the SEC pursuant to a Registration Rights Agreement dated June 19, 2020. DPL filed a registration statement on Form S-4 with respect to the 2025 DPL Senior Unsecured Bonds with the SEC on March 15, 2021, and this registration statement was declared effective on March 31, 2021. The exchange offer was closed on May 5, 2021. Long-term debt covenants and restrictions DPL’s revolving credit agreement has two financial covenants. The first financial covenant, a minimum EBITDA, calculated at the end of each fiscal quarter for the four prior fiscal quarters, of $125.0 million is required, stepping up to $130.0 million on September 30, 2022 and $150.0 million on December 31, 2022. As of March 31, 2021, DPL was in compliance with this financial covenant. The second financial covenant is an EBITDA to Interest Expense ratio that is calculated, at the end of each fiscal quarter, by dividing EBITDA for the four prior fiscal quarters by the consolidated interest charges for the same period. The ratio, per the agreement, is to be not less than 1.70 to 1.00, and steps up to 1.75 to 1.00 on September 30, 2022 and 2.00 to 1.00 as of December 31, 2022. As of March 31, 2021, DPL was in compliance with this financial covenant. DPL’s secured revolving credit agreement also restricts dividend payments from DPL to AES, such that DPL cannot make dividend payments unless at the time of, and/or as a result of the distribution, (i) DPL’s leverage ratio does not exceed 0.67 to 1.00 and DPL’s interest coverage ratio is not less than 2.50 to 1.00 or, if such ratios are not within the parameters, (ii) DPL’s senior long-term debt rating from two of the three major credit rating agencies is at least investment grade. As a result, as of March 31, 2021, DPL was prohibited from making a distribution to its shareholder or making a loan to any of its affiliates (other than its subsidiaries). AES Ohio's unsecured revolving credit facility and Bond Purchase Agreement (financing document entered into in connection with the issuance of AES Ohio's First Mortgage Bonds, on July 31, 2020) has 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 March 31, 2021, AES Ohio was in compliance with this financial covenant. As of March 31, 2021, DPL and AES Ohio were in compliance with all debt covenants, including the financial covenants described above. AES Ohio does not have any meaningful restrictions in its debt financing documents prohibiting dividends 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 | The following table summarizes DPL's long-term debt. Interest March 31, December 31, $ in millions Rate Maturity 2021 2020 First Mortgage Bonds 3.95% 2049 $ 425.0 $ 425.0 First Mortgage Bonds 3.20% 2040 140.0 140.0 U.S. Government note 4.20% 2061 17.3 17.4 Unamortized deferred financing costs (5.5) (5.7) Unamortized debt discounts, net (2.6) (2.6) Total long-term debt at AES Ohio 574.2 574.1 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 (a) 8.125% 2031 15.6 15.6 Unamortized deferred financing costs (9.9) (10.2) Unamortized debt discounts, net (0.9) (0.9) Total long-term debt 1,394.0 1,393.6 Less: current portion (0.2) (0.2) Long-term debt, net of current portion $ 1,393.8 $ 1,393.4 (a) Note payable to related party. |
Subsidiaries [Member] | |
Debt Instrument [Line Items] | |
Long-term Debt | Long-term Debt The following table summarizes AES Ohio's long-term debt. Interest March 31, December 31, $ in millions Rate Maturity 2021 2020 First Mortgage Bonds 3.95 % 2049 $ 425.0 $ 425.0 First Mortgage Bonds 3.20 % 2040 140.0 140.0 U.S. Government note 4.20 % 2061 17.3 17.4 Unamortized deferred financing costs (5.5) (5.7) Unamortized debt discounts, net (2.6) (2.6) Total long-term debt 574.2 574.1 Less: current portion (0.2) (0.2) Long-term debt, net of current portion $ 574.0 $ 573.9 Line of credit At March 31, 2021 and December 31, 2020, AES Ohio had outstanding borrowings on its line of credit of $80.0 million and $20.0 million, respectively. Long-term debt covenants and restrictions AES Ohio's unsecured revolving credit facility and Bond Purchase Agreement (financing document entered into in connection with the issuance of AES Ohio's First Mortgage Bonds, on July 31, 2020) has 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 March 31, 2021, AES Ohio was in compliance with this financial covenant. As of March 31, 2021, AES Ohio was in compliance with all debt covenants, including the financial covenants described above. AES Ohio does not have any meaningful restrictions in its debt financing documents prohibiting dividends 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 | The following table summarizes AES Ohio's long-term debt. Interest March 31, December 31, $ in millions Rate Maturity 2021 2020 First Mortgage Bonds 3.95 % 2049 $ 425.0 $ 425.0 First Mortgage Bonds 3.20 % 2040 140.0 140.0 U.S. Government note 4.20 % 2061 17.3 17.4 Unamortized deferred financing costs (5.5) (5.7) Unamortized debt discounts, net (2.6) (2.6) Total long-term debt 574.2 574.1 Less: current portion (0.2) (0.2) Long-term debt, net of current portion $ 574.0 $ 573.9 |
Income Taxes (Tables)
Income Taxes (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Entity Information [Line Items] | |
Schedule of Effective Income Tax Rates | The following table details the effective tax rates for the three months ended March 31, 2021 and 2020. Three months ended March 31, 2021 2020 DPL (3.8)% (11.8)% |
Subsidiaries [Member] | |
Entity Information [Line Items] | |
Schedule of Effective Income Tax Rates | The following table details the effective tax rates for the three months ended March 31, 2021 and 2020. Three months ended March 31, 2021 2020 AES Ohio 14.9% 9.3% |
Benefit Plans (Tables)
Benefit Plans (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Entity Information [Line Items] | |
Schedule of Net Periodic Benefit Cost / (Income) | The net periodic benefit cost of the pension benefit plans for the three months ended March 31, 2021 and 2020 was: Three months ended March 31, $ in millions 2021 2020 Service cost $ 1.1 $ 0.9 Interest cost 2.0 3.0 Expected return on plan assets (3.7) (4.7) Amortization of unrecognized: Prior service cost 0.2 0.3 Actuarial loss 2.3 1.5 Net periodic benefit cost $ 1.9 $ 1.0 |
Subsidiaries [Member] | |
Entity Information [Line Items] | |
Schedule of Net Periodic Benefit Cost / (Income) | The net periodic benefit cost of the pension benefit plans for the three months ended March 31, 2021 and 2020 was: Three months ended March 31, $ in millions 2021 2020 Service cost $ 1.1 $ 0.9 Interest cost 2.0 3.0 Expected return on plan assets (3.7) (4.7) Amortization of unrecognized: Prior service cost 0.3 0.3 Actuarial loss 2.8 2.2 Net periodic benefit cost $ 2.5 $ 1.7 |
Business Segments (Tables)
Business Segments (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Segment Reporting Information [Line Items] | |
Financial Reporting for Reportable Business Segments | The following tables present financial information for DPL’s Utility reportable business segment: $ in millions Utility Other Adjustments and Eliminations DPL Consolidated Three months ended March 31, 2021 Revenues from external customers $ 172.6 $ 2.6 $ — $ 175.2 Intersegment revenues 0.2 0.9 (1.1) — Total revenues $ 172.8 $ 3.5 $ (1.1) $ 175.2 Depreciation and amortization $ 18.7 $ 0.4 $ — $ 19.1 Interest expense $ 6.0 $ 9.6 $ — $ 15.6 Income / (loss) from continuing operations before income tax $ 21.5 $ (7.6) $ — $ 13.9 Capital expenditures $ 51.6 $ 0.3 $ — $ 51.9 $ in millions Utility Other Adjustments and Eliminations DPL Consolidated Three months ended March 31, 2020 Revenues from external customers $ 168.7 $ 2.5 $ — $ 171.2 Intersegment revenues 0.3 0.8 (1.1) — Total revenues $ 169.0 $ 3.3 $ (1.1) $ 171.2 Depreciation and amortization $ 17.3 $ 0.4 $ — $ 17.7 Interest expense $ 6.2 $ 12.7 $ — $ 18.9 Income / (loss) from continuing operations before income tax $ 12.9 $ (10.5) $ — $ 2.4 Capital expenditures $ 39.3 $ 0.9 $ — $ 40.2 Total Assets March 31, 2021 December 31, 2020 Utility $ 2,026.8 $ 2,014.7 All Other (a) 26.7 21.3 DPL Consolidated $ 2,053.5 $ 2,036.0 |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation of Revenue [Table Text Block] | The following table presents our revenue from contracts with customers and other revenue by segment for the three months ended March 31, 2021 and 2020: $ in millions Utility Other Adjustments and Eliminations Total Three months ended March 31, 2021 Retail revenue Retail revenue from contracts with customers Residential revenue $ 98.3 $ — $ — $ 98.3 Commercial revenue 27.3 — — 27.3 Industrial revenue 12.3 — — 12.3 Governmental revenue 7.4 — — 7.4 Other (a) 3.7 — — 3.7 Total retail revenue from contracts with customers 149.0 — — 149.0 Other retail revenue (b) — — — — Wholesale revenue Wholesale revenue from contracts with customers 5.0 — (0.2) 4.8 RTO ancillary revenue 14.8 0.1 — 14.9 Capacity revenue 0.9 — — 0.9 Miscellaneous revenue Miscellaneous revenue from contracts with customers (c) — 2.5 — 2.5 Other miscellaneous revenue 3.1 0.9 (0.9) 3.1 Total revenues $ 172.8 $ 3.5 $ (1.1) $ 175.2 Three months ended March 31, 2020 Retail revenue Retail revenue from contracts with customers Residential revenue $ 96.9 $ — $ — $ 96.9 Commercial revenue 28.9 — — 28.9 Industrial revenue 11.8 — — 11.8 Governmental revenue 9.3 — — 9.3 Other (a) 3.3 — — 3.3 Total retail revenue from contracts with customers 150.2 — — 150.2 Other retail revenue (b) 3.3 — — 3.3 Wholesale revenue Wholesale revenue from contracts with customers 2.7 — (0.2) 2.5 RTO ancillary revenue 10.7 — — 10.7 Capacity revenue 1.2 — — 1.2 Miscellaneous revenue Miscellaneous revenue from contracts with customers (c) — 2.4 — 2.4 Other miscellaneous revenue 0.9 0.9 (0.9) 0.9 Total revenues $ 169.0 $ 3.3 $ (1.1) $ 171.2 (a) "Other" primarily includes Wright-Patterson Air Force Base revenues, billing service fees from CRES providers and other miscellaneous retail revenues from contracts with customers. (b) Other retail revenue primarily includes alternative revenue programs not accounted for under FASC 606. (c) Miscellaneous revenue from contracts with customers primarily includes revenues 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 months ended March 31, 2021 and 2020: Three months ended March 31, $ in millions 2021 2020 Retail revenue Retail revenue from contracts with customers Residential revenue $ 98.3 $ 96.9 Commercial revenue 27.3 28.9 Industrial revenue 12.3 11.8 Governmental revenue 7.4 9.3 Other (a) 3.7 3.3 Total retail revenue from contracts with customers 149.0 150.2 Other retail revenue (b) — 3.3 Wholesale revenue Wholesale revenue from contracts with customers 5.0 2.7 RTO ancillary revenue 14.8 10.7 Capacity revenue 0.9 1.2 Miscellaneous revenue 3.1 0.9 Total revenues $ 172.8 $ 169.0 (a) "Other" primarily includes Wright-Patterson Air Force Base revenues, billing service fees from CRES providers and other miscellaneous retail revenues from contracts with customers. (b) Other retail revenue primarily includes alternative revenue programs not accounted for under FASC 606. |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |
Disposal Groups, Including Discontinued Operations [Table Text Block] | The following table summarizes the revenues, operating costs, other expenses and income tax of discontinued operations for the periods indicated: Three months ended March 31, $ in millions 2021 2020 Revenues $ 0.9 $ 13.6 Operating costs and other expenses (1.7) (14.3) Loss from discontinued operations before income tax (0.8) (0.7) Income tax benefit from discontinued operations (0.2) (0.1) Net loss from discontinued operations $ (0.6) $ (0.6) |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Narrative) (Details) $ in Millions | 3 Months Ended | |||
Mar. 31, 2021USD ($)mi²segmentcustomer | Mar. 31, 2020USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Significant Accounting Policies [Line Items] | ||||
Number of reportable segments | segment | 1 | |||
Cash and Cash Equivalents, at Carrying Value | $ 34.1 | $ 25.4 | ||
Excise taxes collected | 12.9 | $ 12.4 | ||
Restricted Cash and Cash Equivalents, Current | 0.1 | 0.1 | ||
Restricted Cash and Cash Equivalents | $ 34.2 | 54.2 | 25.5 | $ 47 |
Subsidiaries [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Number of reportable segments | segment | 1 | |||
Cash and Cash Equivalents, at Carrying Value | $ 16.8 | 11.7 | ||
Approximate number of retail customers | customer | 532,000 | |||
Service area, square miles | mi² | 6,000 | |||
Number of Operating Segments | segment | 1 | |||
Excise taxes collected | $ 12.9 | 12.4 | ||
Restricted Cash and Cash Equivalents, Current | 0.1 | 0.1 | ||
Restricted Cash and Cash Equivalents | $ 16.9 | $ 21.9 | $ 11.8 | $ 21.3 |
Supplemental Financial Inform_3
Supplemental Financial Information (Supplemental Financial Information) (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Supplemental Financial Information [Line Items] | ||||
Accounts Receivable, Allowance for Credit Loss, Current | $ 2.3 | $ 0.7 | $ 2.8 | $ 0.4 |
Customer receivables | 45.7 | 48.5 | ||
Unbilled Revenue | 15.5 | 21.6 | ||
Amounts due from partners in jointly owned stations | 0.5 | 0.2 | ||
Due from PJM transmission settlement | 1.7 | 1.7 | ||
Other | 2.6 | 0.5 | ||
Provision for uncollectible accounts | (2.3) | (2.8) | ||
Total accounts receivable, net | 63.7 | 69.7 | ||
Total inventories, at average cost | 9.1 | 8.8 | ||
Other Operating Income (Expense), Net | 0.1 | 0.1 | ||
Accounts Receivable, Credit Loss Expense (Reversal) | 0 | 0.4 | ||
Accounts Receivable, Allowance for Credit Loss, Writeoff | (0.7) | (0.4) | ||
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | (0.3) | |||
Other Comprehensive Income (Loss), Net of Tax | 0.3 | (0.3) | ||
Accounts Receivable, Allowance for Credit Loss, Recovery | 0.2 | 0.3 | ||
Subsidiaries [Member] | ||||
Supplemental Financial Information [Line Items] | ||||
Accounts Receivable, Allowance for Credit Loss, Current | 2.3 | 0.7 | 2.8 | $ 0.4 |
Customer receivables | 44.6 | 47.6 | ||
Unbilled Revenue | 15.5 | 21.6 | ||
Amounts due from partners in jointly owned stations | 2.1 | 1.9 | ||
Due from PJM transmission settlement | 1.7 | 1.7 | ||
Other | 2.6 | 0.2 | ||
Provision for uncollectible accounts | (2.3) | (2.8) | ||
Total accounts receivable, net | 64.2 | 70.2 | ||
Total inventories, at average cost | 9.1 | $ 8.8 | ||
Accounts Receivable, Credit Loss Expense (Reversal) | 0 | 0.4 | ||
Accounts Receivable, Allowance for Credit Loss, Writeoff | 0.7 | 0.4 | ||
Other Comprehensive Income (Loss), Net of Tax | 1 | $ 0.4 | ||
Amortization of defined benefit pension items [Member] | ||||
Supplemental Financial Information [Line Items] | ||||
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | (0.5) | |||
Other Comprehensive Income (Loss), Net of Tax | 0.5 | |||
Amortization of defined benefit pension items [Member] | Subsidiaries [Member] | ||||
Supplemental Financial Information [Line Items] | ||||
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | (1) | |||
Other Comprehensive Income (Loss), Net of Tax | 1 | |||
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||||
Supplemental Financial Information [Line Items] | ||||
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | 0.2 | |||
Other Comprehensive Income (Loss), Net of Tax | $ (0.2) |
Supplemental Financial Inform_4
Supplemental Financial Information (Reclassification out of ACOI) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Interest expense | $ (15.6) | $ (18.9) |
Tax expense | 0.3 | 0.1 |
Discontinued Operation, Income (Loss) from Discontinued Operation, before Income Tax | (0.8) | (0.7) |
Discontinued Operation, Tax Effect of Discontinued Operation | 0.2 | 0.1 |
Nonoperating Income (Expense) | (15.1) | (19.8) |
Net income | 13.6 | 1.9 |
Subsidiaries [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Interest expense | (6) | (6.2) |
Tax expense | (3.2) | (1.2) |
Nonoperating Income (Expense) | (6.1) | (8) |
Net income | 18.3 | 11.7 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Net income | 0.3 | 0 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Subsidiaries [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Net income | 1 | 0.7 |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Interest expense | (0.2) | (0.4) |
Tax expense | 0 | 0.1 |
Net income | (0.2) | (0.3) |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Subsidiaries [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Interest expense | 0 | (0.1) |
Tax expense | 0 | 0 |
Net income | 0 | (0.1) |
Amortization of defined benefit pension items [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Tax expense | (0.1) | 0 |
Nonoperating Income (Expense) | 0.6 | 0.3 |
Net income | 0.5 | 0.3 |
Amortization of defined benefit pension items [Member] | Reclassification out of Accumulated Other Comprehensive Income [Member] | Subsidiaries [Member] | ||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | ||
Tax expense | (0.3) | (0.2) |
Nonoperating Income (Expense) | 1.3 | 1 |
Net income | $ 1 | $ 0.8 |
Supplemental Financial Inform_5
Supplemental Financial Information (Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance, beginning of period | $ (12.3) | |
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | (0.3) | |
Other comprehensive income / (loss) | 0.3 | $ (0.3) |
Balance, end of period | (12) | |
Interest and Debt Expense | (15.6) | (18.9) |
Income Tax Expense (Benefit) | 0.3 | 0.1 |
Net income | 13.6 | 1.9 |
Income tax benefit from discontinued operations | (0.2) | (0.1) |
Nonoperating Income (Expense) | (15.1) | (19.8) |
Subsidiaries [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Other comprehensive income / (loss) | 1 | 0.4 |
Balance, end of period | (41.1) | |
Interest and Debt Expense | (6) | (6.2) |
Income Tax Expense (Benefit) | (3.2) | (1.2) |
Net income | 18.3 | 11.7 |
Nonoperating Income (Expense) | (6.1) | (8) |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance, beginning of period | 13.6 | |
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | 0.2 | |
Other comprehensive income / (loss) | (0.2) | |
Balance, end of period | 13.4 | |
Change in unfunded pension obligation [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance, beginning of period | (25.9) | |
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | (0.5) | |
Other comprehensive income / (loss) | 0.5 | |
Balance, end of period | (25.4) | |
Change in unfunded pension obligation [Member] | Subsidiaries [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Balance, beginning of period | (42.1) | |
Reclassification from AOCI, Current Period, Net of Tax, Attributable to Parent | (1) | |
Other comprehensive income / (loss) | 1 | |
Balance, end of period | (41.1) | |
Reclassification out of Accumulated Other Comprehensive Income [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Net income | 0.3 | 0 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Subsidiaries [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Net income | 1 | 0.7 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Interest and Debt Expense | (0.2) | (0.4) |
Income Tax Expense (Benefit) | 0 | 0.1 |
Net income | (0.2) | (0.3) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | Subsidiaries [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Interest and Debt Expense | 0 | (0.1) |
Income Tax Expense (Benefit) | 0 | 0 |
Net income | 0 | (0.1) |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Change in unfunded pension obligation [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Income Tax Expense (Benefit) | (0.1) | 0 |
Net income | 0.5 | 0.3 |
Nonoperating Income (Expense) | 0.6 | 0.3 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Change in unfunded pension obligation [Member] | Subsidiaries [Member] | ||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | ||
Income Tax Expense (Benefit) | (0.3) | (0.2) |
Net income | 1 | 0.8 |
Nonoperating Income (Expense) | $ 1.3 | $ 1 |
Regulatory Matters (Details)
Regulatory Matters (Details) - USD ($) $ in Millions | Nov. 30, 2020 | Mar. 31, 2021 | Dec. 31, 2020 |
Regulatory Assets, Noncurrent | $ 191.9 | $ 193.6 | |
Unbilled Revenue | 15.5 | 21.6 | |
Due from PJM transmission settlement | $ 1.7 | 1.7 | |
Distribution Investment Rider | $ 120.8 | ||
9.85 - FERC Authorized ROE | 9.85% | ||
9.99 - FERC Potential ROE | 9.99% | ||
Schedule of Regulatory Assets and Liabilities [Text Block] | Regulatory Matters ESP and SEET Proceedings On October 23, 2020, AES Ohio entered into a Stipulation and Recommendation (settlement) with the staff of the PUCO and 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 current ESP 1 satisfies the SEET and the more favorable in the aggregate (MFA) regulatory test. The settlement is subject to, and conditioned upon, approval by the PUCO. A hearing was held in January 2021 for consideration of this settlement; a commission order is pending. Decoupling On January 23, 2020 AES Ohio filed with the PUCO requesting approval to defer its decoupling costs consistent with the methodology approved in its Distribution Rate Case. If approved, deferral would be effective December 18, 2019 and going forward would reduce impacts of weather, energy efficiency programs and economic changes in customer demand. An evidentiary hearing was held on this matter on May 4, 2021. Distribution Rate Case On November 30, 2020, AES Ohio filed a new Distribution Rate Case with the PUCO. This rate case proposes a revenue increase of $120.8 million per year and incorporates the DIR investments that were planned and approved in the last rate case but not yet included in distribution rates, other distribution investments since September 2015 and investments necessitated by the tornados that occurred on Memorial Day in 2019. The rate case also includes a proposal for increased tree-trimming expenses and certain customer demand-side management programs and recovery of prior-approved regulatory assets for tree trimming, uncollectible expenses and rate case expense. This case is pending a commission order. FERC Proceedings On November 15, 2018 the FERC issued a Notice of Proposed Rulemaking (NOPR) to address amortization of excess accumulated deferred income taxes resulting from the TCJA and their impact on transmission rates. Such notice requires all public utility transmission providers with stated transmission rates under an Open Access Transmission Tariff (OATT) to determine the amount of excess deferred income taxes caused by the TCJA. On March 3, 2020, AES Ohio filed an application before the FERC to change its transmission rate from a stated rate to a formula rate, which was accepted by the FERC and made effective as of May 3, 2020, subject to further proceeding and potential refunds. An uncontested settlement was filed December 10, 2020, which would increase the rates that were in effect prior to the filing but are a reduction from the rate that became effective subject to refund on May 3, 2020. Among other things, the settlement establishes new depreciation rates for our transmission assets and an authorized return on equity (ROE) of 9.85%, which would rise to 9.99% if the FERC were to approve in a separate ongoing proceeding a return on equity “adder” to recognize our continued membership in PJM. The 9.85% ROE (base) and 9.99% ROE (base + incentive) levels are subject to a four-year moratorium on other proposed ROE changes. Proposals to raise or lower the ROE could be filed with an effective date after the moratorium expires on April 14, 2025. The required flowback of excess deferred taxes under the NOPR was also addressed and resolved as part of this formula transmission rate settlement. On April 15, 2021, the FERC approved the transmission rate settlement. | ||
Subsidiaries [Member] | |||
Regulatory Assets, Noncurrent | $ 191.9 | 193.6 | |
Unbilled Revenue | 15.5 | 21.6 | |
Due from PJM transmission settlement | $ 1.7 | $ 1.7 | |
Distribution Investment Rider | $ 120.8 | ||
Return on Equity SEET Threshold | 9.85% | ||
Proposed Increased Return on Equity SEET Threshold | 9.99% | ||
Schedule of Regulatory Assets and Liabilities [Text Block] | Regulatory Matters ESP and SEET Proceedings On October 23, 2020, AES Ohio entered into a Stipulation and Recommendation (settlement) with the staff of the PUCO and 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 current ESP 1 satisfies the SEET and the more favorable in the aggregate (MFA) regulatory test. The settlement is subject to, and conditioned upon, approval by the PUCO. A hearing was held in January 2021 for consideration of this settlement; a commission order is pending. Decoupling On January 23, 2020 AES Ohio filed with the PUCO requesting approval to defer its decoupling costs consistent with the methodology approved in its Distribution Rate Case. If approved, deferral would be effective December 18, 2019 and going forward would reduce impacts of weather, energy efficiency programs and economic changes in customer demand. An evidentiary hearing was held on this matter on May 4, 2021. Distribution Rate Case On November 30, 2020, AES Ohio filed a new Distribution Rate Case with the PUCO. This rate case proposes a revenue increase of $120.8 million per year and incorporates the DIR investments that were planned and approved in the last rate case but not yet included in distribution rates, other distribution investments since September 2015 and investments necessitated by the tornados that occurred on Memorial Day in 2019. The rate case also includes a proposal for increased tree-trimming expenses and certain customer demand-side management programs and recovery of prior-approved regulatory assets for tree trimming, uncollectible expenses and rate case expense. This case is pending a commission order. FERC Proceedings On November 15, 2018 the FERC issued a Notice of Proposed Rulemaking (NOPR) to address amortization of excess accumulated deferred income taxes resulting from the TCJA and their impact on transmission rates. Such notice requires all public utility transmission providers with stated transmission rates under an Open Access Transmission Tariff (OATT) to determine the amount of excess deferred income taxes caused by the TCJA. On March 3, 2020, AES Ohio filed an application before the FERC to change its transmission rate from a stated rate to a formula rate, which was accepted by the FERC and made effective as of May 3, 2020, subject to further proceeding and potential refunds. An uncontested settlement was filed December 10, 2020, which would increase the rates that were in effect prior to the filing but are a reduction from the rate that became effective subject to refund on May 3, 2020. Among other things, the settlement establishes new depreciation rates for our transmission assets and an authorized return on equity (ROE) of 9.85%, which would rise to 9.99% if the FERC were to approve in a separate ongoing proceeding a return on equity “adder” to recognize our continued membership in PJM. The 9.85% ROE (base) and 9.99% ROE (base + incentive) levels are subject to a four-year moratorium on other proposed ROE changes. Proposals to raise or lower the ROE could be filed with an effective date after the moratorium expires on April 14, 2025. The required flowback of excess deferred taxes under the NOPR was also addressed and resolved as part of this formula transmission rate settlement. On April 15, 2021, the FERC approved the transmission rate settlement. |
Fair Value (Narrative) (Details
Fair Value (Narrative) (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Unrealized Gain (Loss) on Investments | $ 0.2 | $ (1.1) |
Subsidiaries [Member] | ||
Unrealized Gain (Loss) on Investments | $ 0.2 | $ (1.1) |
Fair Value (Fair Value and Cost
Fair Value (Fair Value and Cost of Non-Derivative Instruments) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Long-term Debt | $ 1,394 | $ 1,393.6 |
Subsidiaries [Member] | ||
Long-term Debt | 574.2 | 574.1 |
Cost [Member] | ||
Total Assets | 6 | 6.4 |
Cost [Member] | Subsidiaries [Member] | ||
Total Assets | 6 | 6.4 |
Fair Value [Member] | ||
Total Master Trust Assets, Fair Value | 8.7 | 8.9 |
Total Assets | 8.7 | 8.9 |
Fair Value [Member] | Subsidiaries [Member] | ||
Total Assets | 8.7 | 8.9 |
Money Market Funds [Member] | Cost [Member] | ||
Total Master Trust Assets, Cost | 0.2 | 0.3 |
Money Market Funds [Member] | Cost [Member] | Subsidiaries [Member] | ||
Total Master Trust Assets, Cost | 0.2 | 0.3 |
Money Market Funds [Member] | Fair Value [Member] | ||
Total Master Trust Assets, Fair Value | 0.2 | 0.3 |
Money Market Funds [Member] | Fair Value [Member] | Subsidiaries [Member] | ||
Total Master Trust Assets, Fair Value | 0.2 | 0.3 |
Equity Securities [Member] | Cost [Member] | ||
Total Master Trust Assets, Cost | 2 | 2.1 |
Equity Securities [Member] | Cost [Member] | Subsidiaries [Member] | ||
Total Master Trust Assets, Cost | 2 | 2.1 |
Equity Securities [Member] | Fair Value [Member] | ||
Total Master Trust Assets, Fair Value | 4.7 | 4.5 |
Equity Securities [Member] | Fair Value [Member] | Subsidiaries [Member] | ||
Total Master Trust Assets, Fair Value | 4.7 | 4.5 |
Debt Securities [Member] | Cost [Member] | ||
Total Master Trust Assets, Cost | 3.8 | 4 |
Debt Securities [Member] | Cost [Member] | Subsidiaries [Member] | ||
Total Master Trust Assets, Cost | 3.8 | 4 |
Debt Securities [Member] | Fair Value [Member] | ||
Total Master Trust Assets, Fair Value | 3.8 | 4.1 |
Debt Securities [Member] | Fair Value [Member] | Subsidiaries [Member] | ||
Total Master Trust Assets, Fair Value | 3.8 | 4.1 |
Debt [Member] | Cost [Member] | ||
Long-term Debt | 1,394 | 1,393.6 |
Debt [Member] | Cost [Member] | Subsidiaries [Member] | ||
Long-term Debt | 574.2 | 574.1 |
Debt [Member] | Fair Value [Member] | ||
Debt, Fair Value | 1,487 | 1,571.6 |
Debt [Member] | Fair Value [Member] | Subsidiaries [Member] | ||
Debt, Fair Value | $ 599.7 | $ 656 |
Fair Value (Fair Value of Asset
Fair Value (Fair Value of Assets and Liabilities Measured on Recurring Basis) (Details) - USD ($) $ in Millions | Mar. 31, 2021 | Dec. 31, 2020 |
Level 1 [Member] | ||
Total Master Trust Assets, Fair Value | $ 0.2 | $ 0.3 |
Total Assets | 0.2 | 0.3 |
Total Liabilities | 0 | 0 |
Level 1 [Member] | Subsidiaries [Member] | ||
Total Assets | 0.2 | 0.3 |
Total Liabilities | 0 | 0 |
Level 2 [Member] | ||
Total Master Trust Assets, Fair Value | 8.5 | 8.6 |
Total Assets | 8.5 | 8.6 |
Total Liabilities | 1,469.7 | 1,554.2 |
Level 2 [Member] | Subsidiaries [Member] | ||
Total Assets | 8.5 | 8.6 |
Total Liabilities | 582.4 | 638.6 |
Level 3 [Member] | ||
Total Master Trust Assets, Fair Value | 0 | 0 |
Total Assets | 0 | 0 |
Total Liabilities | 17.3 | 17.4 |
Level 3 [Member] | Subsidiaries [Member] | ||
Total Assets | 0 | 0 |
Total Liabilities | 17.3 | 17.4 |
Fair Value [Member] | ||
Total Master Trust Assets, Fair Value | 8.7 | 8.9 |
Total Assets | 8.7 | 8.9 |
Total Liabilities | 1,487 | 1,571.6 |
Fair Value [Member] | Subsidiaries [Member] | ||
Total Assets | 8.7 | 8.9 |
Total Liabilities | 599.7 | 656 |
Money Market Funds [Member] | Level 1 [Member] | ||
Total Master Trust Assets, Fair Value | 0.2 | 0.3 |
Money Market Funds [Member] | Level 1 [Member] | Subsidiaries [Member] | ||
Total Master Trust Assets, Fair Value | 0.2 | 0.3 |
Money Market Funds [Member] | Level 2 [Member] | ||
Total Master Trust Assets, Fair Value | 0 | 0 |
Money Market Funds [Member] | Level 2 [Member] | Subsidiaries [Member] | ||
Total Master Trust Assets, Fair Value | 0 | 0 |
Money Market Funds [Member] | Level 3 [Member] | ||
Total Master Trust Assets, Fair Value | 0 | 0 |
Money Market Funds [Member] | Level 3 [Member] | Subsidiaries [Member] | ||
Total Master Trust Assets, Fair Value | 0 | 0 |
Money Market Funds [Member] | Fair Value [Member] | ||
Total Master Trust Assets, Fair Value | 0.2 | 0.3 |
Money Market Funds [Member] | Fair Value [Member] | Subsidiaries [Member] | ||
Total Master Trust Assets, Fair Value | 0.2 | 0.3 |
Equity Securities [Member] | Level 1 [Member] | ||
Total Master Trust Assets, Fair Value | 0 | 0 |
Equity Securities [Member] | Level 1 [Member] | Subsidiaries [Member] | ||
Total Master Trust Assets, Fair Value | 0 | 0 |
Equity Securities [Member] | Level 2 [Member] | ||
Total Master Trust Assets, Fair Value | 4.7 | 4.5 |
Equity Securities [Member] | Level 2 [Member] | Subsidiaries [Member] | ||
Total Master Trust Assets, Fair Value | 4.7 | 4.5 |
Equity Securities [Member] | Level 3 [Member] | ||
Total Master Trust Assets, Fair Value | 0 | 0 |
Equity Securities [Member] | Level 3 [Member] | Subsidiaries [Member] | ||
Total Master Trust Assets, Fair Value | 0 | 0 |
Equity Securities [Member] | Fair Value [Member] | ||
Total Master Trust Assets, Fair Value | 4.7 | 4.5 |
Equity Securities [Member] | Fair Value [Member] | Subsidiaries [Member] | ||
Total Master Trust Assets, Fair Value | 4.7 | 4.5 |
Debt Securities [Member] | Level 1 [Member] | ||
Total Master Trust Assets, Fair Value | 0 | 0 |
Debt Securities [Member] | Level 1 [Member] | Subsidiaries [Member] | ||
Total Master Trust Assets, Fair Value | 0 | 0 |
Debt Securities [Member] | Level 2 [Member] | ||
Total Master Trust Assets, Fair Value | 3.8 | 4.1 |
Debt Securities [Member] | Level 2 [Member] | Subsidiaries [Member] | ||
Total Master Trust Assets, Fair Value | 3.8 | 4.1 |
Debt Securities [Member] | Level 3 [Member] | ||
Total Master Trust Assets, Fair Value | 0 | 0 |
Debt Securities [Member] | Level 3 [Member] | Subsidiaries [Member] | ||
Total Master Trust Assets, Fair Value | 0 | 0 |
Debt Securities [Member] | Fair Value [Member] | ||
Total Master Trust Assets, Fair Value | 3.8 | 4.1 |
Debt Securities [Member] | Fair Value [Member] | Subsidiaries [Member] | ||
Total Master Trust Assets, Fair Value | 3.8 | 4.1 |
Debt [Member] | Level 1 [Member] | ||
Debt | 0 | 0 |
Debt [Member] | Level 1 [Member] | Subsidiaries [Member] | ||
Debt | 0 | 0 |
Debt [Member] | Level 2 [Member] | ||
Debt | 1,469.7 | 1,554.2 |
Debt [Member] | Level 2 [Member] | Subsidiaries [Member] | ||
Debt | 582.4 | 638.6 |
Debt [Member] | Level 3 [Member] | ||
Debt | 17.3 | 17.4 |
Debt [Member] | Level 3 [Member] | Subsidiaries [Member] | ||
Debt | 17.3 | 17.4 |
Debt [Member] | Fair Value [Member] | ||
Debt | 1,487 | 1,571.6 |
Debt [Member] | Fair Value [Member] | Subsidiaries [Member] | ||
Debt | $ 599.7 | $ 656 |
Derivative Instruments and He_3
Derivative Instruments and Hedging Activities (Narrative) (Details) $ in Millions | Aug. 03, 2020USD ($)Number_of_interest_rate_swaps |
Subsidiaries [Member] | |
Debt Instrument, Number of Financial Covenants | Number_of_interest_rate_swaps | 2 |
One Point One Three To One Point One Seven Bonds Maturing In August Two Thousand Twenty [Member] | |
Long-term Debt, Gross | $ 140 |
One Point One Three To One Point One Seven Bonds Maturing In August Two Thousand Twenty [Member] | Subsidiaries [Member] | |
Long-term Debt, Gross | 140 |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | |
Derivative, Notional Amount, Purchase (Sales), Net | 140 |
Interest Rate Swap [Member] | Designated as Hedging Instrument [Member] | Subsidiaries [Member] | |
Derivative, Notional Amount, Purchase (Sales), Net | $ 140 |
Derivative Instruments and He_4
Derivative Instruments and Hedging Activities (Outstanding Derivative Instruments) (Details) - Designated as Hedging Instrument [Member] - Interest Rate Swap [Member] $ in Millions | Aug. 03, 2020USD ($) |
Derivative, Notional Amount, Purchase (Sales), Net | $ 140 |
Subsidiaries [Member] | |
Derivative, Notional Amount, Purchase (Sales), Net | $ 140 |
Derivative Instruments and He_5
Derivative Instruments and Hedging Activities (Gains or Losses Recognized in AOCI for the Cash Flow Hedges) (Details) - Interest Rate Contract [Member] - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Accumulated Derivative Gain/Loss in AOCI [Roll Forward] | ||
Beginning accumulated derivative gain / (loss) in AOCI | $ 13.6 | $ 14.5 |
Net gains / (losses) associated with current period hedging transactions | 0 | (0.3) |
Ending accumulated derivative gain / (loss) in AOCI | 13.4 | 13.9 |
Portion expected to be reclassified to earnings in the next twelve months | (0.8) | |
Subsidiaries [Member] | ||
Accumulated Derivative Gain/Loss in AOCI [Roll Forward] | ||
Beginning accumulated derivative gain / (loss) in AOCI | (0.4) | |
Net gains / (losses) associated with current period hedging transactions | (0.3) | |
Ending accumulated derivative gain / (loss) in AOCI | (0.8) | |
Interest Expense [Member] | ||
Accumulated Derivative Gain/Loss in AOCI [Roll Forward] | ||
Net gains losses reclassified to earnings | $ (0.2) | (0.3) |
Interest Expense [Member] | Subsidiaries [Member] | ||
Accumulated Derivative Gain/Loss in AOCI [Roll Forward] | ||
Net gains losses reclassified to earnings | $ (0.1) |
Derivative Instruments and He_6
Derivative Instruments and Hedging Activities (Fair Value and Balance Sheet Location (Details) - Designated as Hedging Instrument [Member] - Interest Rate Swap [Member] $ in Millions | Aug. 03, 2020USD ($) |
Derivative, Notional Amount, Purchase (Sales), Net | $ 140 |
Subsidiaries [Member] | |
Derivative, Notional Amount, Purchase (Sales), Net | $ 140 |
Debt (Narrative) (Details)
Debt (Narrative) (Details) $ in Millions | 3 Months Ended | |||||
Mar. 31, 2021USD ($)debt_covenantfiscal_quarter | Dec. 31, 2023 | Dec. 31, 2022USD ($) | Sep. 30, 2022USD ($) | Dec. 31, 2020USD ($) | Aug. 03, 2020USD ($) | |
Debt Instrument [Line Items] | ||||||
Long-term Line of Credit | $ 80 | $ 80 | ||||
Debt Covenant, Leverage Ratio, Maximum | 0.67 | |||||
Debt Covenant, Interest Coverage Ratio, Minimum | 1.70 | |||||
Debt Instrument, Debt Covenant, EBITDA to Interest Expense, EBITDA Minimum | $ 125 | |||||
Forecast [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Covenant, Interest Coverage Ratio, Minimum | 2 | 1.75 | ||||
Debt Instrument, Debt Covenant, EBITDA to Interest Expense, EBITDA Minimum | $ 150 | $ 130 | ||||
Subsidiaries [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Line of Credit | 80 | 20 | ||||
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% | |||||
DPL Revolving Credit Agreement and Term Loan Maturing July 2020 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Number of financial covenants | debt_covenant | 2 | |||||
Number of prior quarters included in EBITDA to interest calculation | fiscal_quarter | 4 | |||||
Debt Covenant, Interest Coverage Ratio, Minimum | 2.50 | |||||
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% | |||||
One Point One Three To One Point One Seven Bonds Maturing In August Two Thousand Twenty [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 140 | |||||
One Point One Three To One Point One Seven Bonds Maturing In August Two Thousand Twenty [Member] | Subsidiaries [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 140 |
Debt (Long-term Debt) (Details)
Debt (Long-term Debt) (Details) $ in Millions | 3 Months Ended | |||||
Mar. 31, 2021USD ($) | Dec. 31, 2023 | Dec. 31, 2022USD ($) | Sep. 30, 2022USD ($) | Dec. 31, 2020USD ($) | Aug. 03, 2020USD ($) | |
Debt Instrument [Line Items] | ||||||
Unamortized deferred finance costs | $ (9.9) | $ (10.2) | ||||
Unamortized debt discounts, net | (0.9) | (0.9) | ||||
Total long-term debt | 1,394 | 1,393.6 | ||||
Less: current portion | (0.2) | (0.2) | ||||
Long-term debt | 1,393.8 | 1,393.4 | ||||
Long-term Line of Credit | $ 80 | 80 | ||||
Debt Covenant, Interest Coverage Ratio, Minimum | 1.70 | |||||
Debt Instrument, Debt Covenant, EBITDA to Interest Expense, EBITDA Minimum | $ 125 | |||||
Long-term Debt | Long-term Debt The following table summarizes DPL's long-term debt. Interest March 31, December 31, $ in millions Rate Maturity 2021 2020 First Mortgage Bonds 3.95% 2049 $ 425.0 $ 425.0 First Mortgage Bonds 3.20% 2040 140.0 140.0 U.S. Government note 4.20% 2061 17.3 17.4 Unamortized deferred financing costs (5.5) (5.7) Unamortized debt discounts, net (2.6) (2.6) Total long-term debt at AES Ohio 574.2 574.1 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 (a) 8.125% 2031 15.6 15.6 Unamortized deferred financing costs (9.9) (10.2) Unamortized debt discounts, net (0.9) (0.9) Total long-term debt 1,394.0 1,393.6 Less: current portion (0.2) (0.2) Long-term debt, net of current portion $ 1,393.8 $ 1,393.4 (a) Note payable to related party. Lines of credit At March 31, 2021 and December 31, 2020, the DPL revolving credit facility had outstanding borrowings of $80.0 million and $80.0 million, respectively. At March 31, 2021 and December 31, 2020, the AES Ohio revolving credit facility had outstanding borrowings of $80.0 million and $20.0 million, respectively. DPL’s Senior Unsecured Bonds DPL agreed to register the 2025 DPL Senior Unsecured Bonds under the Securities Act by filing an exchange offer registration statement or, under specified circumstances, a shelf registration statement with the SEC pursuant to a Registration Rights Agreement dated June 19, 2020. DPL filed a registration statement on Form S-4 with respect to the 2025 DPL Senior Unsecured Bonds with the SEC on March 15, 2021, and this registration statement was declared effective on March 31, 2021. The exchange offer was closed on May 5, 2021. Long-term debt covenants and restrictions DPL’s revolving credit agreement has two financial covenants. The first financial covenant, a minimum EBITDA, calculated at the end of each fiscal quarter for the four prior fiscal quarters, of $125.0 million is required, stepping up to $130.0 million on September 30, 2022 and $150.0 million on December 31, 2022. As of March 31, 2021, DPL was in compliance with this financial covenant. The second financial covenant is an EBITDA to Interest Expense ratio that is calculated, at the end of each fiscal quarter, by dividing EBITDA for the four prior fiscal quarters by the consolidated interest charges for the same period. The ratio, per the agreement, is to be not less than 1.70 to 1.00, and steps up to 1.75 to 1.00 on September 30, 2022 and 2.00 to 1.00 as of December 31, 2022. As of March 31, 2021, DPL was in compliance with this financial covenant. DPL’s secured revolving credit agreement also restricts dividend payments from DPL to AES, such that DPL cannot make dividend payments unless at the time of, and/or as a result of the distribution, (i) DPL’s leverage ratio does not exceed 0.67 to 1.00 and DPL’s interest coverage ratio is not less than 2.50 to 1.00 or, if such ratios are not within the parameters, (ii) DPL’s senior long-term debt rating from two of the three major credit rating agencies is at least investment grade. As a result, as of March 31, 2021, DPL was prohibited from making a distribution to its shareholder or making a loan to any of its affiliates (other than its subsidiaries). AES Ohio's unsecured revolving credit facility and Bond Purchase Agreement (financing document entered into in connection with the issuance of AES Ohio's First Mortgage Bonds, on July 31, 2020) has 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 March 31, 2021, AES Ohio was in compliance with this financial covenant. As of March 31, 2021, DPL and AES Ohio were in compliance with all debt covenants, including the financial covenants described above. AES Ohio does not have any meaningful restrictions in its debt financing documents prohibiting dividends 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. | |||||
Forecast [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Covenant, Interest Coverage Ratio, Minimum | 2 | 1.75 | ||||
Debt Instrument, Debt Covenant, EBITDA to Interest Expense, EBITDA Minimum | $ 150 | $ 130 | ||||
Subsidiaries [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Unamortized deferred finance costs | $ (5.5) | (5.7) | ||||
Unamortized debt discounts, net | (2.6) | (2.6) | ||||
Total long-term debt at subsidiary | 574.2 | 574.1 | ||||
Total long-term debt | 574.2 | 574.1 | ||||
Less: current portion | (0.2) | (0.2) | ||||
Long-term debt | 574 | 573.9 | ||||
Long-term Line of Credit | $ 80 | 20 | ||||
Long-term Debt | Long-term Debt The following table summarizes AES Ohio's long-term debt. Interest March 31, December 31, $ in millions Rate Maturity 2021 2020 First Mortgage Bonds 3.95 % 2049 $ 425.0 $ 425.0 First Mortgage Bonds 3.20 % 2040 140.0 140.0 U.S. Government note 4.20 % 2061 17.3 17.4 Unamortized deferred financing costs (5.5) (5.7) Unamortized debt discounts, net (2.6) (2.6) Total long-term debt 574.2 574.1 Less: current portion (0.2) (0.2) Long-term debt, net of current portion $ 574.0 $ 573.9 Line of credit At March 31, 2021 and December 31, 2020, AES Ohio had outstanding borrowings on its line of credit of $80.0 million and $20.0 million, respectively. Long-term debt covenants and restrictions AES Ohio's unsecured revolving credit facility and Bond Purchase Agreement (financing document entered into in connection with the issuance of AES Ohio's First Mortgage Bonds, on July 31, 2020) has 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 March 31, 2021, AES Ohio was in compliance with this financial covenant. As of March 31, 2021, AES Ohio was in compliance with all debt covenants, including the financial covenants described above. AES Ohio does not have any meaningful restrictions in its debt financing documents prohibiting dividends 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 | ||||
DPL Revolving Credit Agreement and Term Loan Maturing July 2020 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt Covenant, Interest Coverage Ratio, Minimum | 2.50 | |||||
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 | $ 17.3 | 17.4 | ||||
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 | ||||
One Point One Three To One Point One Seven Bonds Maturing In August Two Thousand Twenty [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 140 | |||||
One Point One Three To One Point One Seven Bonds Maturing In August Two Thousand Twenty [Member] | Subsidiaries [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term Debt, Gross | $ 140 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Entity Information [Line Items] | ||
Effective Income Tax Rate Reconciliation, at Combined Federal and State Statutory Income Tax Rate, Percent | 22.50% | |
Estimated annual effective income tax rate | (3.80%) | |
Effective Income Tax Rate Reconciliation, Including Discontinued Operations, Percent | (3.80%) | (11.80%) |
Subsidiaries [Member] | ||
Entity Information [Line Items] | ||
Effective income tax rates | 9.30% | |
Effective Income Tax Rate Reconciliation, at Combined Federal and State Statutory Income Tax Rate, Percent | 22.50% | |
Effective Income Tax Rate Reconciliation, Including Discontinued Operations, Percent | 14.90% |
Benefit Plans (Net Periodic Ben
Benefit Plans (Net Periodic Benefit Cost (Income)) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Pension [Member] | |||
Contributions by employer | $ 9.8 | $ 7.5 | |
Service cost | 1.1 | 0.9 | |
Interest cost | 2 | 3 | |
Expected return on assets | (3.7) | (4.7) | |
Prior service cost | 0.2 | 0.3 | |
Actuarial loss / (gain) | 2.3 | 1.5 | |
Net periodic benefit cost | 1.9 | 1 | |
Postretirement [Member] | |||
Defined Benefit Plan, Funded (Unfunded) Status of Plan | 8.8 | $ 9 | |
Subsidiaries [Member] | Pension [Member] | |||
Contributions by employer | 9.8 | 7.5 | |
Service cost | 1.1 | 0.9 | |
Interest cost | 2 | 3 | |
Expected return on assets | (3.7) | (4.7) | |
Prior service cost | 0.3 | 0.3 | |
Actuarial loss / (gain) | 2.8 | 2.2 | |
Net periodic benefit cost | 2.5 | $ 1.7 | |
Subsidiaries [Member] | Postretirement [Member] | |||
Defined Benefit Plan, Funded (Unfunded) Status of Plan | $ 8.8 | $ 9 |
Shareholder's Equity (Details)
Shareholder's Equity (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Dec. 31, 2020 | Mar. 31, 2020 | |
Class of Stock [Line Items] | |||
Common Stock, Shares Authorized | 1,500 | 1,500 | 1,500 |
Par value common shares (in USD per share) | $ 0.01 | ||
Subsidiaries [Member] | |||
Class of Stock [Line Items] | |||
Stockholders' Equity Note Disclosure | Shareholder's Equity Returns of Capital During the three months ended March 31, 2021, AES Ohio made return of capital payments of $10.0 million to DPL . AES Ohio did not make any return of capital payments to DPL for the three months ended March 31, 2020. | ||
Common Stock, Shares Authorized | 50,000,000 | 50,000,000 | 50,000,000 |
Par value common shares (in USD per share) | $ 0.01 | $ 0.01 | $ 0.01 |
Common Stock, Shares, Outstanding | 41,172,173 | 41,172,173 | |
Subsidiaries [Member] | Other Additional Capital [Member] | |||
Class of Stock [Line Items] | |||
Dividends, Common Stock, Cash | $ (10) |
Contractual Obligations, Comm_2
Contractual Obligations, Commercial Commitments and Contingencies (Narrative) (Details) $ in Millions | Mar. 31, 2021USD ($) |
AES Ohio Generation [Member] | |
Public Utility, Property, Plant and Equipment [Line Items] | |
Third party guarantees | $ 1.9 |
Debt Obligation on 4.9% Equity Ownership [Member] | Subsidiaries [Member] | |
Public Utility, Property, Plant and Equipment [Line Items] | |
Equity ownership interest | 4.90% |
Equity ownership interest aggregate cost | $ 62 |
Electric Generation Company [Member] | Subsidiaries [Member] | |
Public Utility, Property, Plant and Equipment [Line Items] | |
Debt obligation | $ 1,264.5 |
Business Segments (Narrative) (
Business Segments (Narrative) (Details) $ in Millions | 3 Months Ended | |
Mar. 31, 2021USD ($)mi²segmentcustomer | Dec. 31, 2020USD ($) | |
Segment Reporting Information [Line Items] | ||
Total assets | $ 2,053.5 | $ 2,036 |
Subsidiaries [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 2,026.8 | 2,014.7 |
Number of Operating Segments | segment | 1 | |
Approximate number of retail customers | customer | 532,000 | |
Service area, square miles | mi² | 6,000 | |
Operating Segments [Member] | Utility [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 2,026.8 | 2,014.7 |
Corporate, Non-Segment [Member] | ||
Segment Reporting Information [Line Items] | ||
Total assets | $ 26.7 | $ 21.3 |
Business Segments (Segment Fina
Business Segments (Segment Financial Information) (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
External customer revenues | $ 175.2 | $ 171.2 | |
Intersegment revenues | 0 | 0 | |
Total revenues | 175.2 | 171.2 | |
Depreciation and amortization | 19.1 | 17.7 | |
Fuel Costs | 0.4 | 0.6 | |
Depreciation and amortization | 19.1 | 17.8 | |
Interest expense | 15.6 | 18.9 | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 13.9 | 2.4 | |
Net income / (loss) from continuing operations | 14.2 | 2.5 | |
Discontinued operations, net of tax | (0.6) | (0.6) | |
Net income/ (loss) | 13.6 | 1.9 | |
Capital expenditures | 51.9 | 40.2 | |
Total assets | 2,053.5 | $ 2,036 | |
Operating Segments [Member] | Utility [Member] | |||
Segment Reporting Information [Line Items] | |||
External customer revenues | 172.6 | 168.7 | |
Intersegment revenues | 0.2 | 0.3 | |
Total revenues | 172.8 | 169 | |
Depreciation and amortization | 18.7 | 17.3 | |
Interest expense | 6 | 6.2 | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 21.5 | 12.9 | |
Capital expenditures | 51.6 | 39.3 | |
Total assets | 2,026.8 | 2,014.7 | |
Corporate, Non-Segment [Member] | |||
Segment Reporting Information [Line Items] | |||
External customer revenues | 2.6 | 2.5 | |
Intersegment revenues | 0.9 | 0.8 | |
Total revenues | 3.5 | 3.3 | |
Depreciation and amortization | 0.4 | 0.4 | |
Interest expense | 9.6 | 12.7 | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | (7.6) | (10.5) | |
Capital expenditures | 0.3 | 0.9 | |
Total assets | 26.7 | 21.3 | |
Adjustments and Eliminations [Member] | |||
Segment Reporting Information [Line Items] | |||
External customer revenues | 0 | 0 | |
Intersegment revenues | (1.1) | (1.1) | |
Total revenues | (1.1) | (1.1) | |
Depreciation and amortization | 0 | 0 | |
Interest expense | 0 | 0 | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 0 | 0 | |
Capital expenditures | 0 | 0 | |
Subsidiaries [Member] | |||
Segment Reporting Information [Line Items] | |||
Depreciation and amortization | 18.7 | 17.3 | |
Fuel Costs | 0.4 | 0.6 | |
Depreciation and amortization | 18.7 | 17.3 | |
Interest expense | 6 | 6.2 | |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 21.5 | 12.9 | |
Net income/ (loss) | 18.3 | $ 11.7 | |
Total assets | $ 2,026.8 | $ 2,014.7 |
Revenue (Details)
Revenue (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Revenue from Contract with Customer, Excluding Assessed Tax | $ 172.1 | $ 167 | |
RTO Revenue | 14.9 | 10.7 | |
RTO Capacity Revenue | 0.9 | 1.2 | |
Revenues | 175.2 | 171.2 | |
Contract with Customer, Asset, before Allowance for Credit Loss | 61.2 | $ 70.1 | |
Utility [Member] | |||
RTO Revenue | 14.8 | 10.7 | |
RTO Capacity Revenue | 0.9 | 1.2 | |
Revenues | 172.8 | 169 | |
Corporate and Other | |||
RTO Revenue | 0.1 | 0 | |
RTO Capacity Revenue | 0 | 0 | |
Revenues | 3.5 | 3.3 | |
Adjustments and Eliminations | |||
RTO Revenue | 0 | 0 | |
RTO Capacity Revenue | 0 | 0 | |
Revenues | (1.1) | (1.1) | |
Subsidiaries [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 169.7 | 164.8 | |
RTO Revenue | 14.8 | 10.7 | |
RTO Capacity Revenue | 0.9 | 1.2 | |
Revenues | 172.8 | 169 | |
Contract with Customer, Asset, before Allowance for Credit Loss | 60.1 | $ 69.2 | |
Other Revenues [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 2.5 | 2.4 | |
Other non-606 revenue | 3.1 | 0.9 | |
Other Revenues [Member] | Utility [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Other non-606 revenue | 3.1 | 0.9 | |
Other Revenues [Member] | Corporate and Other | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 2.5 | 2.4 | |
Other non-606 revenue | 0.9 | 0.9 | |
Other Revenues [Member] | Adjustments and Eliminations | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Other non-606 revenue | (0.9) | (0.9) | |
Other Revenues [Member] | Subsidiaries [Member] | |||
Other non-606 revenue | 3.1 | 0.9 | |
Wholesale Revenue [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 4.8 | 2.5 | |
Wholesale Revenue [Member] | Utility [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 5 | 2.7 | |
Wholesale Revenue [Member] | Corporate and Other | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Wholesale Revenue [Member] | Adjustments and Eliminations | |||
Revenue from Contract with Customer, Excluding Assessed Tax | (0.2) | (0.2) | |
Wholesale Revenue [Member] | Subsidiaries [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 5 | 2.7 | |
Retail Revenue [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 149 | 150.2 | |
Other non-606 revenue | 0 | 3.3 | |
Retail Revenue [Member] | Residential Revenue | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 98.3 | 96.9 | |
Retail Revenue [Member] | Commercial Revenue | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 27.3 | 28.9 | |
Retail Revenue [Member] | Industrial Revenue | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 12.3 | 11.8 | |
Retail Revenue [Member] | Governmental Revenue | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 7.4 | 9.3 | |
Retail Revenue [Member] | Other Revenues [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 3.7 | 3.3 | |
Retail Revenue [Member] | Utility [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 149 | 150.2 | |
Other non-606 revenue | 0 | 3.3 | |
Retail Revenue [Member] | Utility [Member] | Residential Revenue | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 98.3 | 96.9 | |
Retail Revenue [Member] | Utility [Member] | Commercial Revenue | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 27.3 | 28.9 | |
Retail Revenue [Member] | Utility [Member] | Industrial Revenue | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 12.3 | 11.8 | |
Retail Revenue [Member] | Utility [Member] | Governmental Revenue | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 7.4 | 9.3 | |
Retail Revenue [Member] | Utility [Member] | Other Revenues [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 3.7 | 3.3 | |
Retail Revenue [Member] | Corporate and Other | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 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 | |
Retail Revenue [Member] | Corporate and Other | Commercial Revenue | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Retail Revenue [Member] | Corporate and Other | Industrial Revenue | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Retail Revenue [Member] | Corporate and Other | Governmental Revenue | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Retail Revenue [Member] | Corporate and Other | Other Revenues [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Retail Revenue [Member] | Adjustments and Eliminations | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 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 | |
Retail Revenue [Member] | Adjustments and Eliminations | Commercial Revenue | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Retail Revenue [Member] | Adjustments and Eliminations | Industrial Revenue | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Retail Revenue [Member] | Adjustments and Eliminations | Governmental Revenue | |||
Revenue from Contract with Customer, Excluding Assessed Tax | 0 | 0 | |
Retail Revenue [Member] | Adjustments and Eliminations | Other Revenues [Member] | |||
Revenue from Contract with Customer, Excluding Assessed Tax | $ 0 | $ 0 |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Disposal Group, Including Discontinued Operation, Revenue | $ 0.9 | $ 13.6 |
Disposal Group, Including Discontinued Operation, Operating and Other Expenses | (1.7) | (14.3) |
Cash Provided by (Used in) Operating Activities, Discontinued Operations | (0.2) | 6.2 |
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 13.9 | 2.4 |
Property, Plant and Equipment, Additions | 51.9 | 40.2 |
Payments for Removal Costs | 0.4 | 0 |
Cash Provided by (Used in) Investing Activities, Discontinued Operations | (0.4) | 5.1 |
Loss from discontinued operations before income taxes | (0.8) | (0.7) |
Income tax benefit from discontinued operations | (0.2) | (0.1) |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | (0.6) | (0.6) |
Cash Provided by (Used in) Operating Activities, Discontinued Operations | (0.2) | 6.2 |
Cash flows from investing activities for discontinued operations | (0.4) | 5.1 |
Subsidiaries [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Income (Loss) from Continuing Operations before Equity Method Investments, Income Taxes, Noncontrolling Interest | 21.5 | $ 12.9 |
Conesville [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Payments for Removal Costs | 2.2 | |
Conesville [Member] | Forecast [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Payments for Removal Costs | $ 4 |