Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2015USD ($)shares | |
Entity Registrant Name | DPL INC |
Entity Central Index Key | 787,250 |
Document Type | 10-K |
Document Period End Date | Dec. 31, 2015 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Entity Current Reporting Status | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | shares | 1 |
Document Fiscal Year Focus | 2,015 |
Document Fiscal Period Focus | FY |
Entity Voluntary Filers | No |
Entity Well-known Seasoned Issuer | No |
Entity Public Float | $ | $ 0 |
THE DAYTON POWER AND LIGHT COMPANY [Member] | |
Entity Registrant Name | DAYTON POWER & LIGHT CO |
Entity Central Index Key | 27,430 |
Document Type | 10-K |
Document Period End Date | Dec. 31, 2015 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Entity Current Reporting Status | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | shares | 41,172,173 |
Document Fiscal Year Focus | 2,015 |
Document Fiscal Period Focus | FY |
Entity Voluntary Filers | No |
Entity Well-known Seasoned Issuer | No |
Entity Public Float | $ | $ 0 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues | $ 1,612.8 | $ 1,716.5 | $ 1,579 |
Cost of revenues: | |||
Fuel | 259.8 | 304.5 | 366.7 |
Purchased power | 562.6 | 587.9 | 383 |
Total cost of revenues | 822.4 | 892.4 | 749.7 |
Gross margin | 790.4 | 824.1 | 829.3 |
Operating expenses: | |||
Operation and maintenance | 361.3 | 362.4 | 365.7 |
Depreciation and amortization | 134.6 | 135.6 | 129.2 |
General taxes | 87 | 87.8 | 76.8 |
Goodwill impairment | 317 | 0 | 306.3 |
Fixed-asset impairment | 0 | 11.5 | 26.2 |
Other | 0.4 | (3.9) | 2.5 |
Total operating expenses | 900.3 | 593.4 | 906.7 |
Operating income / (loss) | (109.9) | 230.7 | (77.4) |
Other income / (expense), net | |||
Investment income | 0.2 | 0.9 | 1.4 |
Interest expense | (118.3) | (126.6) | (124) |
Charge for early redemption of debt | (2.1) | (30.9) | (2.8) |
Other deductions | (1.3) | (1.5) | (3) |
Other expense, net | (121.5) | (158.1) | (128.4) |
Earnings (loss) from continuing operations before income tax | (231.4) | 72.6 | (205.8) |
Income tax expense from continuing operations | 20 | 15.4 | 19.8 |
Net income / (loss) from continuing operations | (251.4) | 57.2 | (225.6) |
Income / (loss) from discontinued operations | 11.4 | (129.2) | 6 |
Income tax expense / (benefit) | (1) | 2.6 | 2.4 |
Discontinued operations | 12.4 | (131.8) | 3.6 |
Net loss | (239) | (74.6) | (222) |
THE DAYTON POWER AND LIGHT COMPANY [Member] | |||
Revenues | 1,552.3 | 1,668.3 | 1,551.5 |
Cost of revenues: | |||
Fuel | 244.7 | 314.9 | 362.5 |
Purchased power | 555.7 | 582.4 | 381.9 |
Total cost of revenues | 800.4 | 897.3 | 744.4 |
Gross margin | 751.9 | 771 | 807.1 |
Operating expenses: | |||
Operation and maintenance | 350.5 | 355.2 | 364.2 |
Depreciation and amortization | 138.2 | 144.8 | 140.2 |
General taxes | 85 | 85.7 | 74.3 |
Fixed-asset impairment | 0 | 0 | 86 |
Other | 0.4 | (3.5) | 2.5 |
Total operating expenses | 574.1 | 582.2 | 667.2 |
Operating income / (loss) | 177.8 | 188.8 | 139.9 |
Other income / (expense), net | |||
Investment income | 0.3 | 0.9 | 2 |
Interest expense | (30.9) | (33.9) | (37.2) |
Charge for early redemption of debt | (5) | 0 | 0 |
Other deductions | (0.7) | (1.1) | (2.5) |
Other expense, net | (36.3) | (34.1) | (37.7) |
Earnings (loss) from continuing operations before income tax | 141.5 | 154.7 | 102.2 |
Income tax expense from continuing operations | 35.1 | 39.7 | 18.6 |
Dividends on preferred stock | 0.9 | 0.9 | 0.9 |
Earnings attributable to common stock | 105.5 | 114.1 | 82.7 |
Net loss | $ 106.4 | $ 115 | $ 83.6 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income/(Loss) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net loss | $ (239) | $ (74.6) | $ (222) |
Available-for-sale securities activity: | |||
Change in fair value of available-for-sale securities, net of income tax benefit/(expense) | (0.1) | (0.3) | (1.2) |
Reclassification to earnings of available-for-sale securities, net of income tax expense/(benefit) | 0 | 0.2 | 1.4 |
Total change in fair value of available-for-sale securities | (0.1) | (0.1) | 0.2 |
Derivative activity: | |||
Change in derivative fair value, net of income tax benefit/(expense) | 18.2 | (19) | 19.7 |
Reclassification of earnings, net of income tax benefit/(expense) | (10) | 16.9 | 3.4 |
Total change in fair value of derivatives | 8.2 | (2.1) | 23.1 |
Pension and postretirement activity: | |||
Prior service cost for the period, net of income tax benefit/(expense) | 0 | (2.2) | 0 |
Net loss for the period, net of income tax benefit/(expense) | 1.6 | (12.7) | 4.9 |
Reclassification to earnings, net of income tax benefit/(expense) | 0.2 | 0 | 0.3 |
Total change in unfunded pension obligation | 1.8 | (14.9) | 5.2 |
Other comprehensive income / (loss) | 9.9 | (17.1) | 28.5 |
Net comprehensive income / (loss) | (229.1) | (91.7) | (193.5) |
THE DAYTON POWER AND LIGHT COMPANY [Member] | |||
Net loss | 106.4 | 115 | 83.6 |
Available-for-sale securities activity: | |||
Change in fair value of available-for-sale securities, net of income tax benefit/(expense) | (0.2) | (0.3) | (1.6) |
Reclassification to earnings of available-for-sale securities, net of income tax expense/(benefit) | 0 | 0.2 | 1.4 |
Total change in fair value of available-for-sale securities | (0.2) | (0.1) | (0.2) |
Derivative activity: | |||
Change in derivative fair value, net of income tax benefit/(expense) | 18.2 | (18.8) | 1 |
Reclassification of earnings, net of income tax benefit/(expense) | (9.8) | 15.4 | 2.6 |
Total change in fair value of derivatives | 8.4 | (3.4) | 3.6 |
Pension and postretirement activity: | |||
Prior service cost for the period, net of income tax benefit/(expense) | 0 | (2.3) | 0.5 |
Net loss for the period, net of income tax benefit/(expense) | 1.7 | (12.5) | 4.3 |
Reclassification to earnings, net of income tax benefit/(expense) | 3.7 | 2.7 | 3.8 |
Total change in unfunded pension obligation | 5.4 | (12.1) | 8.6 |
Other comprehensive income / (loss) | 13.6 | (15.6) | 12 |
Net comprehensive income / (loss) | $ 120 | $ 99.4 | $ 95.6 |
Consolidated Statements of Com4
Consolidated Statements of Comprehensive Income/(Loss) (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income tax (expense)/benefit on unrealized gains (losses) related to available-for-sale securities | $ 0.1 | $ 0.2 | $ 0.6 |
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Tax | 0 | (0.2) | (0.7) |
Income tax (expense)/benefit on unrealized gains (losses) related to derivative activity | (10.3) | 10.3 | (10.6) |
Income tax (expense)/benefit on reclassification of earnings related to derivative activity | 5.4 | (9.5) | (2.3) |
Income tax (expense)/benefit on prior service cost related to pension and postretirement activity | 0 | 1.3 | 0 |
Income tax (expense)/benefit on net loss related to pension and postretirement activity | (1.2) | 7.1 | (2.7) |
Income tax (expense)/benefit on reclassification of earnings related to pension and postretirement activity | (0.2) | 0 | 0.3 |
THE DAYTON POWER AND LIGHT COMPANY [Member] | |||
Income tax (expense)/benefit on unrealized gains (losses) related to available-for-sale securities | 0.1 | 0.2 | 0.9 |
Other Comprehensive Income (Loss), Reclassification Adjustment for Sale of Securities Included in Net Income, Tax | 0 | (0.2) | (0.7) |
Income tax (expense)/benefit on unrealized gains (losses) related to derivative activity | (10.3) | 10.5 | (0.6) |
Income tax (expense)/benefit on reclassification of earnings related to derivative activity | 5.6 | (11.5) | (2.5) |
Income tax (expense)/benefit on prior service cost related to pension and postretirement activity | 0 | 1.3 | (0.2) |
Income tax (expense)/benefit on net loss related to pension and postretirement activity | (1) | 7.2 | (1.9) |
Income tax (expense)/benefit on reclassification of earnings related to pension and postretirement activity | $ (1.9) | $ (1.5) | $ (1.9) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 32.4 | $ 17 |
Restricted cash | 92.7 | 16.8 |
Accounts receivable, net | 120.9 | 136.5 |
Inventories | 109.1 | 100.2 |
Taxes applicable to subsequent years | 81.2 | 77.8 |
Regulatory assets, current | 14.4 | 44.2 |
Other prepayments and current assets | 46.6 | 38.9 |
Assets held for sale - current | 62.2 | 67.3 |
Total current assets | 559.5 | 498.7 |
Property, plant and equipment: | ||
Property, plant and equipment | 2,909 | 2,754.1 |
Less: Accumulated depreciation and amortization | (432.3) | (317.9) |
Property, plant and equipment, net of depreciation | 2,476.7 | 2,436.2 |
Construction work in process | 85 | 76.4 |
Total net property, plant and equipment | 2,561.7 | 2,512.6 |
Other non-current assets: | ||
Regulatory assets, non-current | 179.9 | 167.5 |
Goodwill | 0 | 317 |
Intangible assets, net of amortization | 5 | 7.8 |
Other deferred assets | 34.7 | 39.7 |
Assets held for sale - non-current | 0 | 34.5 |
Total other non-current assets | 219.6 | 566.5 |
Total Assets | 3,340.8 | 3,577.8 |
LIABILITIES AND SHAREHOLDER'S EQUITY | ||
Current portion - long-term debt | 574.9 | 20.1 |
Accounts payable | 97.5 | 94.4 |
Accrued taxes | 142.4 | 102.6 |
Accrued interest | 21.4 | 27.2 |
Customer security deposits | 15.2 | 14.4 |
Regulatory liabilities, current | 24.4 | 4.4 |
Insurance and claims costs | 5.9 | 6.4 |
Other current liabilities | 54.5 | 46.3 |
Deposit received on sale of DPLER | 75.5 | 0 |
Liabilities held for sale - current | 1.6 | 17.1 |
Total current liabilities | 1,013.3 | 332.9 |
Non-current liabilities: | ||
Long-term debt | 1,434.5 | 2,139.6 |
Deferred taxes | 568.7 | 587.3 |
Taxes payable | 84.1 | 80.7 |
Regulatory liabilities, non-current | 127 | 124.1 |
Pension, retiree and other benefits | 87.1 | 95.9 |
Other deferred credits | 88.3 | 50.5 |
Liabilities held for sale - non-current | 0 | 0.2 |
Total non-current liabilities | 2,389.7 | 3,078.3 |
Redeemable preferred stock of subsidiary | $ 18.4 | $ 18.4 |
Commitments and contingencies | ||
Common shareholder's equity: | ||
Common stock | $ 0 | $ 0 |
Other paid-in capital | 2,237.7 | 2,237.4 |
Accumulated other comprehensive income/(loss) | 17.4 | 7.5 |
Retained earnings / (deficit) | (2,335.7) | (2,096.7) |
Total common shareholder's equity | (80.6) | 148.2 |
Total Liabilities and Shareholder's Equity | 3,340.8 | 3,577.8 |
THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Current assets: | ||
Cash and cash equivalents | 5.4 | 5.4 |
Restricted cash | 44.8 | 16.7 |
Accounts receivable, net | 119.5 | 152.7 |
Inventories | 108 | 99 |
Taxes applicable to subsequent years | 79.2 | 75.4 |
Regulatory assets, current | 14.4 | 44.2 |
Other prepayments and current assets | 48.1 | 41.1 |
Total current assets | 419.4 | 434.5 |
Property, plant and equipment: | ||
Property, plant and equipment | 5,244.7 | 5,120.7 |
Less: Accumulated depreciation and amortization | (2,584) | (2,495.7) |
Property, plant and equipment, net of depreciation | 2,660.7 | 2,625 |
Construction work in process | 78 | 75.4 |
Total net property, plant and equipment | 2,738.7 | 2,700.4 |
Other non-current assets: | ||
Regulatory assets, non-current | 179.9 | 167.5 |
Goodwill | 0 | 317 |
Intangible assets, net of amortization | 5 | 7.8 |
Other deferred assets | 22.8 | 28.5 |
Total other non-current assets | 207.7 | 203.8 |
Total Assets | 3,365.8 | 3,338.7 |
LIABILITIES AND SHAREHOLDER'S EQUITY | ||
Current portion - long-term debt | 444.9 | 0.1 |
Short-term debt | 35 | 0 |
Accounts payable | 94.1 | 104.8 |
Accrued taxes | 86.2 | 82.6 |
Accrued interest | 4.1 | 9.8 |
Customer security deposits | 15.1 | 34.5 |
Regulatory liabilities, current | 24.4 | 4.4 |
Other current liabilities | 51 | 44.8 |
Advance on contract termination | 27.7 | 0 |
Total current liabilities | 782.5 | 281 |
Non-current liabilities: | ||
Long-term debt | 318 | 877 |
Deferred taxes | 631.2 | 650 |
Taxes payable | 82.1 | 78.4 |
Regulatory liabilities, non-current | 127 | 124.1 |
Pension, retiree and other benefits | 87.1 | 95.9 |
Unamortized investment tax credit | 20 | 22.4 |
Other deferred credits | 82.3 | 43.6 |
Total non-current liabilities | 1,347.7 | 1,891.4 |
Redeemable preferred stock of subsidiary | $ 22.9 | $ 22.9 |
Commitments and contingencies | ||
Common shareholder's equity: | ||
Common stock | $ 0.4 | $ 0.4 |
Other paid-in capital | 803.7 | 803.5 |
Accumulated other comprehensive income/(loss) | (28.7) | (42.3) |
Retained earnings / (deficit) | 437.3 | 381.8 |
Total common shareholder's equity | 1,212.7 | 1,143.4 |
Total Liabilities and Shareholder's Equity | $ 3,365.8 | $ 3,338.7 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Common stock, shares authorized | 1,500 | 1,500 |
Common stock, shares outstanding | 1 | 1 |
THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares outstanding | 41,172,173 | 41,172,173 |
Common stock, par value (in USD per share) | $ 0.01 | $ 0.01 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Cash flows from operating activities: | ||||
Net income (loss) | $ (239) | $ (74.6) | $ (222) | |
Adjustments to reconcile Net loss to Net cash from operating activities | ||||
Depreciation and amortization | 138.8 | 139.8 | 132.9 | |
Amortization of intangibles | 0 | 1.2 | 7.1 | |
Amortization of debt market value adjustments | (1.1) | 0.3 | (14.4) | |
Amortization of deferred financing costs | 5.9 | 6.3 | 5 | |
Unrealized loss (gain) on derivatives | 5.8 | 3 | 5.9 | |
Deferred income taxes | (17.1) | 17.7 | 24 | |
Charge for early redemption of debt | 2.1 | 30.9 | 2.8 | |
Goodwill impairment | [1] | 317 | 135.8 | 306.3 |
Fixed-asset impairment | 0 | 11.5 | 26.2 | |
Loss / (Gain) on asset disposal | 0.4 | (3.9) | 2.5 | |
Changes in certain assets and liabilities: | ||||
Accounts receivable | 43.4 | 0.5 | 7.4 | |
Inventories | (9) | (24.9) | 27.4 | |
Prepaid taxes | (1.3) | (0.9) | 0.7 | |
Taxes applicable to subsequent years | (3.4) | (7.1) | (1.4) | |
Deferred regulatory costs, net | 21.8 | 5.4 | 7.6 | |
Accounts payable | (5.1) | 32.1 | (5.8) | |
Accrued taxes payable | 43.8 | 20.7 | (5.5) | |
Accrued interest payable | (5.7) | (1.3) | (3.3) | |
Other current and deferred liabilities | (10.4) | (40.6) | 1.5 | |
Pension, retiree and other benefits | (0.7) | 19.1 | 1.8 | |
Unamortized investment tax credit | (0.5) | (0.5) | (0.5) | |
Insurance and claims costs | (0.5) | (0.2) | (4.8) | |
Other | 23.3 | (26.2) | 1.4 | |
Net cash from operating activities | 308.5 | 244.1 | 302.8 | |
Cash flows from investing activities: | ||||
Capital expenditures | (137.2) | (118.1) | (124.4) | |
Proceeds from sale of property | 1.3 | 10.7 | 0.8 | |
Insurance proceeds | 0 | 0.3 | 7.6 | |
Purchase of renewable energy credits | (0.8) | (3.5) | (3.9) | |
Decrease / (increase) in restricted cash | (0.4) | (3.3) | (2.8) | |
Other investing activities, net | 0.4 | 1.3 | (1.2) | |
Net cash from investing activities | (136.7) | (112.6) | (123.9) | |
Cash flows from financing activities: | ||||
Deferred financing costs | (6.9) | (3.6) | (15.3) | |
Retirement of debt | (474.5) | (335) | (945.1) | |
Premium paid for early redemption of debt | 0 | (29.1) | (2.4) | |
Issuance of long-term debt | 325 | 200 | 645 | |
Borrowings from revolving credit facilities | 80 | 190 | 50 | |
Repayment of borrowings from revolving credit facilities | (80) | (190) | (50) | |
Net cash from financing activities | (156.4) | (167.7) | (317.8) | |
Cash and cash equivalents: | ||||
Net increase / (decrease) in cash | 15.4 | (36.2) | (138.9) | |
Balance at beginning of period | 17 | 53.2 | 192.1 | |
Cash and cash equivalents at end of period | 32.4 | 17 | 53.2 | |
Supplemental cash flow information: | ||||
Interest paid, net of amounts capitalized | 111.6 | 117.3 | 137.5 | |
Income taxes paid / (refunded), net | 0.8 | 0.7 | (5.2) | |
Non-cash financing and investing activities: | ||||
Accruals for capital expenditures | 18.6 | 16.3 | 14.7 | |
THE DAYTON POWER AND LIGHT COMPANY [Member] | ||||
Cash flows from operating activities: | ||||
Net income (loss) | 106.4 | 115 | 83.6 | |
Adjustments to reconcile Net loss to Net cash from operating activities | ||||
Depreciation and amortization | 138.2 | 144.8 | 140.2 | |
Amortization of deferred financing costs | 2.9 | 3.1 | 1.5 | |
Unrealized loss (gain) on derivatives | 5.7 | 2.1 | 1.3 | |
Deferred income taxes | (19.2) | 7.5 | (16.8) | |
Charge for early redemption of debt | 5 | 0 | 0 | |
Goodwill impairment | 317 | 0 | 306.3 | |
Fixed-asset impairment | 0 | 0 | 86 | |
Loss / (Gain) on asset disposal | 0.4 | (3.5) | 2.5 | |
Changes in certain assets and liabilities: | ||||
Accounts receivable | 28.7 | (7.1) | 15 | |
Inventories | (9.1) | (24.6) | 27.2 | |
Prepaid taxes | (1.3) | (1.1) | 0.4 | |
Taxes applicable to subsequent years | (3.7) | (6.9) | (1.8) | |
Deferred regulatory costs, net | 21.8 | 5.4 | 7.8 | |
Accounts payable | (5.8) | 32.4 | (5.9) | |
Accrued taxes payable | 7.3 | 9 | (9.1) | |
Accrued interest payable | (5.7) | 0.1 | (3.4) | |
Other current and deferred liabilities | (9.3) | (18.1) | 5.9 | |
Pension, retiree and other benefits | (0.7) | 19.1 | 1.8 | |
Unamortized investment tax credit | (2.4) | (2.5) | (2.5) | |
Other | 2.5 | (23) | 1.6 | |
Net cash from operating activities | 256.7 | 251.7 | 335.3 | |
Cash flows from investing activities: | ||||
Capital expenditures | (127) | (114.2) | (122.1) | |
Proceeds from sale of property | 0 | 10.7 | 0.8 | |
Insurance proceeds | 5.2 | 0.9 | 14.2 | |
Purchase of renewable energy credits | (0.8) | (3.5) | (3.9) | |
Decrease / (increase) in restricted cash | (0.3) | (3.7) | (2.3) | |
Other investing activities, net | 0.4 | 1.3 | (1.2) | |
Net cash from investing activities | (122.5) | (108.5) | (114.5) | |
Cash flows from financing activities: | ||||
Dividends paid on preferred stock | (0.9) | (0.9) | (0.9) | |
Deferred financing costs | (3.9) | (0.7) | (10.4) | |
Retirement of debt | (314.4) | (0.1) | (470.1) | |
Issuance of long-term debt | 200 | 0 | 445 | |
Borrowings from revolving credit facilities | 50 | 0 | 0 | |
Repayment of borrowings from revolving credit facilities | (50) | 0 | 0 | |
Dividends paid on common stock to parent | (50) | (159) | (190) | |
Borrowings from related party | 35 | 15 | 0 | |
Repayment of borrowings from related party | 0 | (15) | 0 | |
Net cash from financing activities | (134.2) | (160.7) | (226.4) | |
Cash and cash equivalents: | ||||
Net increase / (decrease) in cash | 0 | (17.5) | (5.6) | |
Balance at beginning of period | 5.4 | 22.9 | 28.5 | |
Cash and cash equivalents at end of period | 5.4 | 5.4 | 22.9 | |
Supplemental cash flow information: | ||||
Interest paid, net of amounts capitalized | 27.5 | 26.6 | 41.5 | |
Income taxes paid / (refunded), net | 0.8 | 0.7 | (20.3) | |
Non-cash financing and investing activities: | ||||
Accruals for capital expenditures | $ 16.9 | $ 16.3 | $ 14.7 | |
[1] | Goodwill impairment of $135.8 million in 2014 has been reclassified to Discontinued operations in the Consolidated Statement of Operations. |
Consolidated Statements of Cas8
Consolidated Statements of Cash Flows (Parenthetical) $ in Millions | 12 Months Ended | |
Dec. 31, 2014USD ($) | ||
Goodwill impairment reclassified | $ 135.8 | [1] |
Discontinued Operations [Member] | ||
Goodwill impairment reclassified | $ 135.8 | |
[1] | Goodwill impairment of $135.8 million in 2014 has been reclassified to Discontinued operations in the Consolidated Statement of Operations. |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - USD ($) $ in Millions | Total | Common Stock [Member] | Other Paid-In Capital [Member] | Accumulated Other Comprehensive Income/(Loss) [Member] | Retained Earnings [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member]Common Stock [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member]Other Paid-In Capital [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member]Accumulated Other Comprehensive Income/(Loss) [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member]Retained Earnings [Member] |
Balance at Dec. 31, 2012 | $ 426.8 | $ 0 | $ 2,236.7 | $ (3.9) | $ (1,806) | $ 1,299.1 | $ 0.4 | $ 803.3 | $ (38.7) | $ 534.1 |
Balance (in shares) at Dec. 31, 2012 | 1 | 41,172,173 | ||||||||
Net comprehensive income/ (loss) | (193.5) | 28.5 | (222) | 95.6 | 12 | 83.6 | ||||
Common stock dividends | 0 | 0 | (190) | (190) | ||||||
Preferred stock dividends | (0.9) | (0.9) | ||||||||
Other | 6.2 | 0.3 | 5.9 | 0.2 | 0.2 | 0 | ||||
Balance at Dec. 31, 2013 | 239.5 | $ 0 | 2,237 | 24.6 | (2,022.1) | 1,204 | $ 0.4 | $ 803.5 | (26.7) | 426.8 |
Balance (in shares) at Dec. 31, 2013 | 1 | 41,172,173 | ||||||||
Net comprehensive income/ (loss) | (91.7) | (17.1) | (74.6) | 99.4 | (15.6) | 115 | ||||
Common stock dividends | (159) | (159) | ||||||||
Preferred stock dividends | (0.9) | (0.9) | ||||||||
Other | 0.4 | 0.4 | 0 | (0.1) | (0.1) | |||||
Balance at Dec. 31, 2014 | 148.2 | $ 0 | 2,237.4 | 7.5 | (2,096.7) | 1,143.4 | $ 0.4 | $ 803.5 | (42.3) | 381.8 |
Balance (in shares) at Dec. 31, 2014 | 1 | 41,172,173 | ||||||||
Net comprehensive income/ (loss) | (229.1) | 9.9 | $ (239) | 120 | 13.6 | 106.4 | ||||
Common stock dividends | (50) | (50) | ||||||||
Preferred stock dividends | (0.9) | $ (0.9) | ||||||||
Other | 0.3 | 0.3 | 0.2 | 0.2 | ||||||
Balance at Dec. 31, 2015 | $ (80.6) | $ 0 | $ 2,237.7 | $ 17.4 | $ (2,335.7) | $ 1,212.7 | $ 0.4 | $ 803.7 | $ (28.7) | $ 437.3 |
Balance (in shares) at Dec. 31, 2015 | 1 | 41,172,173 |
Consolidated Statements of Sh10
Consolidated Statements of Shareholders' Equity (Parenthetical) $ in Millions | 12 Months Ended |
Dec. 31, 2012USD ($) | |
Dividends declard in 2012 and reversed in 2013 | $ 5.9 |
Overview and Summary of Signifi
Overview and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Significant Accounting Policies [Line Items] | |
Overview and Summary of Significant Accounting Policies | ption of Business DPL is a diversified regional energy company organized in 1985 under the laws of Ohio. DPL’s one reportable segment is the Utility segment, comprised of its DP&L subsidiary. See Note 14 – Business Segments for more information relating to reportable segments. The terms “we”, “us”, “our” and “ours” are used to refer to DPL and its subsidiaries. On November 28, 2011, DPL was acquired by AES in the Merger and DPL became a wholly-owned subsidiary of AES. Following the merger of DPL and Dolphin Subsidiary II, Inc., DPL became an indirectly wholly-owned subsidiary of AES. DP&L is a public utility incorporated in 1911 under the laws of Ohio. Beginning in 2001, Ohio law gave Ohio consumers the right to choose the electric generation supplier from whom they purchase retail generation service, however distribu tion and transmission services are still regulated. DP&L has the exclusive right to provide such service to its approximately 517,000 customers located in West Central Ohio. Additionally, DP&L procures and provides retail SSO electric service to residential, commercial, industrial and governmental customers in a 6,000 square mile area of West Central Ohio and generates electricity at five coal-fired power stations. Beginning in 2014, DP&L no longer supplied 100% of the generation for SSO customers and starting January 2016, SSO is now 100% competitively bid. Principal industries located in DP&L’s service territory include automotive, food processing, paper, plastic, manufacturing and defense. DP&L's sales reflect the general economic conditions, seasonal weather patterns of the area and the market price of electricity. DP&L sells any excess energy and capacity into the wholesale market. DP&L also sold electricity to DPLER, an affiliate, to satisfy the electric requirements of its retail customers. In accordance with the ESP Order, on December 30, 2013, DP&L filed an application with the PUCO stating its plan to transfer or sell its generation assets. On July 14, 2014, DP&L announced its decision to retain DP&L’s generation assets. On September 17, 2014 the PUCO ordered that DP&L’s application as amended and updated was approved. DP&L is required to sell or transfer its generation assets by January 1, 2017 and continues to look at multiple options to effectuate the separation, including transfer into an unregulated affiliate of DPL or through a sale. DPLER was sold by DPL on January 1, 2016. DPLER sold competitive retail electric service, under contract, to residential, commercial and industrial customers. DPLER had approximately 125,000 customers located throughout Ohio. DPLER’s operations included those of its wholly-owned subsidiary MC Squared through April 1, 2015, when DPLER sold MC Squared. Approximately 110,000 of DPLER’s customers were also electric distribution customers of DP&L . DPLER did not own any transmission or generation assets, and it purchased all of its electric energy from DP&L to meet its sales obligations. DPLER’s sales reflect the general economic conditions and seasonal weather patterns of the area. See Note 16 – Discontinued Operations for more information. DPL’s other significant subsidiaries include DPLE, which owns and operates peaking generating facilities from which it makes wholesale sales of electricity, and MVIC, our captive insurance company that provides insurance services to us and our other subsidiaries. Effective February 1, 2016, DPLE was renamed AES Ohio Generation, LLC. DPL owns all of the common stock of its subsidiaries. DPL also has a wholly-owned business trust, DPL Capital Trust II, formed for the purpose of issuing trust capital securities to investors. DP&L’s electric transmission and distribution businesses are subject to rate regulation by federal and state regulators, while its generation business is deemed competitive under Ohio law. Accordingly, DP&L applies the accounting standards for regulated operations to its electric transmission and distribution businesses and records regulatory assets when incurred costs are expected to be recovered in future customer rates, and regulatory liabilities when current cost recoveries in customer rates relate to expected future costs. DPL and its subsidiaries employed 1,219 people at January 31, 2016 , of which 1,189 were employed by DP&L . Approximately 60% of all DPL employees are under a collective bargaining agreement which expires on October 31, 2017 . Financial Statement Presentation We prepare Consolidated Financial Statements for DPL . DPL’s Consolidated Financial Statements include the accounts of DPL and its wholly-owned subsidiaries except for DPL Capital Trust II which is not consolidated, consistent with the provisions of GAAP. DP&L’s undivided ownership interests in certain coal-fired generating stations are included in the financial statements at amortized cost, which was adjusted to fair value at the Merger date. Operating revenues and expenses are included on a pro rata basis in the corresponding lines in the Consolidated Statement of Operations. See Note 4 – Property, Plant and Equipment for more information. All material intercompany accounts and transactions are eliminated in consolidation. Certain immaterial amounts from prior periods have been reclassified to conform to the current period presentation. The preparation of financial statements in conformity with GAAP requires us to make estimates and judgments that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the revenues and expenses of the periods reported. Actual results could differ from these estimates. Significant items subject to such estimates and judgments include: the carrying value of Property, plant and equipment; unbilled revenues; the valuation of derivative instruments; the valuation of insurance and claims liabilities; the valuation of allowances for receivables and deferred income taxes; regulatory assets and liabilities; reserves recorded for income tax exposures; litigation; contingencies; the valuation of AROs; assets and liabilities related to employee benefits; goodwill; and intangibles. Valuation of Goodwill FASC 350, “Intangibles – Goodwill and Other”, requires that goodwill be tested for impairment at the reporting unit level at least annually or more frequently if impairment indicators are present. In evaluating the potential impairment of goodwill, we make estimates and assumptions about revenue, operating cash flows, capital expenditures, growth rates and discount rates based on our budgets and long term forecasts, macroeconomic projections, and current market expectations of returns on similar assets. There are inherent uncertainties related to these factors and management’s judgment in applying these factors. Generally, the fair value of a reporting unit is determined using a discounted cash flow valuation model. See Note 7 – Goodwill and Other Intangible Assets for information regarding the impairments of goodwill in 2015 , 2014 and 2013 . Revenue Recognition Revenues are recognized from retail and wholesale electricity sales and electricity transmission and distribution delivery services. We consider revenue realized, or realizable, and earned when persuasive evidence of an arrangement exists, the products or services have been provided to the customer, the sales price is fixed or determinable, and collection is reasonably assured. Energy sales to customers are based on the reading of their meters that occurs on a systematic basis throughout the month. We recognize the revenues on our statements of operations using an accrual method for retail and other energy sales that have not yet been billed, but where electricity has been consumed. This is termed “unbilled revenues” and is a widely recognized and accepted practice for utilities. At the end of each month, unbilled revenues are determined by the estimation of unbilled energy provided to customers since the date of the last meter reading, estimated line losses, the assignment of unbilled energy provided to customer classes and the average rate per customer class. All of the power produced at the generation stations is sold to an RTO and we in turn purchase it back from the RTO to supply our customers. The power sales and purchases within DP&L’s service territory are reported on a net hourly basis as revenues or purchased power on our Consolidated Statements of Operations. We record expenses when purchased electricity is received and when expenses are incurred, with the exception of the ineffective portion of certain power purchase contracts that are derivatives and qualify for hedge accounting. We also have certain derivative contracts that do not qualify for hedge accounting, and their unrealized gains or losses are recorded prior to the receipt of electricity. Allowance for Uncollectible Accounts We establish provisions for uncollectible accounts by using both historical average loss percentages to project future losses and by establishing specific provisions for known credit issues. Amounts are written off when reasonable collections efforts have been exhausted. Property, Plant and Equipment We record our ownership share of our undivided interest in jointly-held stations as an asset in property, plant and equipment. New property, plant and equipment additions are stated at cost. For regulated transmission and distribution property, cost includes direct labor and material, allocable overhead expenses and an allowance for funds used during construction (AFUDC). AFUDC represents the cost of borrowed funds and equity used to finance regulated construction projects. For non-regulated property, cost also includes capitalized interest. Capitalization of AFUDC and interest ceases at either project completion or at the date specified by regulators. AFUDC and capitalized interest was $2.0 million , $1.5 million and $1.5 million in the years ended December 31, 2015 , 2014 and 2013 , respectively. For unregulated generation property, cost includes direct labor and material, allocable overhead expenses and interest capitalized during construction using the provisions of GAAP relating to the accounting for capitalized interest. For substantially all depreciable property, when a unit of property is retired, the original cost of that property less any salvage value is charged to Accumulated depreciation and amortization. Property is evaluated for impairment when events or changes in circumstances indicate that its carrying amount may not be recoverable. See Note 15 – Fixed-asset Impairment for more information. Repairs and Maintenance Costs associated with maintenance activities, primarily power station outages, are recognized at the time the work is performed. These costs, which include labor, materials and supplies, and outside services required to maintain equipment and facilities, are capitalized or expensed based on defined units of property. Depreciation Depreciation expense is calculated using the straight-line method, which allocates the cost of property over its estimated useful life. For DPL’s generation, transmission and distribution assets, straight-line depreciation is applied monthly on an average composite basis using group rates that approximated 4.6% in 2015 , 5.3% in 2014 and 5.8% in 2013 . Depreciation expense was $125.9 million , $128.1 million and $120.9 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. Regulatory Accounting As a regulated utility, we apply the provisions of FASC 980 “Regulated Operations”, which gives recognition to the ratemaking and accounting practices of the PUCO and the FERC. Regulatory assets generally represent incurred costs that have been deferred because such costs are probable of future recovery in customer rates. Regulatory assets can also represent performance incentives permitted by the regulator. Regulatory assets have been included as allowable costs for ratemaking purposes, as authorized by the PUCO or established regulatory practices. Regulatory liabilities generally represent obligations to make refunds or future rate reductions to customers for previous over collections or the deferral of revenues collected for costs that DP&L expects to incur in the future. The deferral of costs (as regulatory assets) is appropriate only when the future recovery of such costs is probable. In assessing probability, we consider such factors as specific orders from the PUCO or FERC, regulatory precedent and the current regulatory environment. To the extent recovery of costs is no longer deemed probable, related regulatory assets would be required to be expensed in current period earnings. Our regulatory assets and liabilities have been created pursuant to a specific order of the PUCO or FERC or established regulatory practices, such as other utilities under the jurisdiction of the PUCO or FERC being granted recovery of similar costs. It is probable, but not certain, that these regulatory assets will be recoverable, subject to PUCO or FERC approval. Regulatory assets and liabilities are classified as current or non-current based on the term in which recovery is expected. See Note 3 – Regulatory Assets and Liabilities for more information. Inventories Inventories are carried at average cost and include coal, limestone, oil and gas used for electric generation, and materials and supplies used for utility operations. Intangibles Intangibles include emission allowances and renewable energy credits. Emission allowances are carried on a first-in, first-out (FIFO) basis for purchased emission allowances. Net gains or losses on the sale of excess emission allowances, representing the difference between the sales proceeds and the cost of emission allowances, are recorded as a component of our fuel costs and are reflected in Operating income when realized. Emission allowances are amortized as they are used in our operations on a FIFO basis. Renewable energy credits are carried on a weighted average cost basis and amortized as they are used or retired. See Note 7 – Goodwill and Other Intangible Assets for additional information. Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of the existing assets and liabilities, and their respective income tax bases. We establish an allowance when it is more likely than not that all or a portion of a deferred tax asset will not be realized. Our tax positions are evaluated under a more likely than not recognition threshold and measurement analysis before they are recognized for financial statement reporting. Uncertain tax positions have been classified as noncurrent income tax liabilities unless expected to be paid within one year. Our policy for interest and penalties is to recognize interest and penalties as a component of the provision for income taxes in the Consolidated Statement of Operations. Income taxes payable, which are includable in allowable costs for ratemaking purposes in future years, are recorded as regulatory assets with a corresponding deferred tax liability. Investment tax credits that reduced federal income taxes in the years they arose have been deferred and are being amortized to income over the useful lives of the properties in accordance with regulatory treatment. See Note 3 – Regulatory Assets and Liabilities for additional information. DPL and its subsidiaries file U.S. federal income tax returns as part of the consolidated U.S. income tax return filed by AES. The consolidated tax liability is allocated to each subsidiary based on the separate return method which is specified in our tax allocation agreement and which provides a consistent, systematic and rational approach. See Note 9 – Income Taxes for additional information. Financial Instruments We classify our investments in debt and equity financial instruments of publicly traded entities into different categories: held-to-maturity and available-for-sale. Available-for-sale securities are carried at fair value and unrealized gains and losses on those securities, net of deferred income taxes, are presented as a separate component of shareholders’ equity. Other-than-temporary declines in value are recognized currently in earnings. Financial instruments classified as held-to-maturity are carried at amortized cost. The cost bases for public equity security and fixed maturity investments are average cost and amortized cost, respectively. Accounting for Taxes Collected from Customers and Remitted to Governmental Authorities DP&L collects certain excise taxes levied by state or local governments from its customers. DP&L’s excise taxes and certain other taxes are accounted for on a net basis and recorded as a reduction in revenues in the accompanying Statements of Operations. The amounts for the years ended December 31, 2015 , 2014 and 2013 , were $49.9 million , $50.8 million and $50.5 million , respectively. Cash and Cash Equivalents Cash and cash equivalents are stated at cost, which approximates fair value. All highly liquid short-term investments with original maturities of three months or less are considered cash equivalents. Restricted Cash Restricted cash includes cash which is restricted as to withdrawal or usage. The nature of the restrictions includes restrictions imposed by agreements related to deposits held as collateral. At December 31, 2015, restricted cash also includes cash received in connection with the sale of DPLER on January 1, 2016. See Note 16 – Discontinued Operations for additional information regarding the sale of DPLER. Financial Derivatives All derivatives are recognized as either assets or liabilities in the balance sheets and are measured at fair value. Changes in the fair value are recorded in earnings unless the derivative is designated as a cash flow hedge of a forecasted transaction or it qualifies for the normal purchases and sales exception. We use forward contracts to reduce our exposure to changes in energy and commodity prices and as a hedge against the risk of changes in cash flows associated with expected electricity purchases. These purchases are used to hedge our full load requirements. We also hold forward sales contracts that hedge against the risk of changes in cash flows associated with power sales during periods of projected generation facility availability. We use cash flow hedge accounting when the hedge or a portion of the hedge is deemed to be highly effective, which results in changes in fair value being recorded within accumulated other comprehensive income, a component of shareholder’s equity. We have elected not to offset net derivative positions in the financial statements. Accordingly, we do not offset such derivative positions against the fair value of amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral under master netting agreements. See Note 6 – Derivative Instruments and Hedging Activities for additional information. Insurance and Claims Costs In addition to insurance obtained from third-party providers, MVIC, a wholly-owned captive subsidiary of DPL, provides insurance coverage solely to us, our subsidiaries and, in some cases, our partners in commonly-owned facilities we operate, for workers’ compensation, general liability, and property damage on an ongoing basis. MVIC maintains an active run-off policy for directors’ and officers’ liability and fiduciary through their expiration in 2017, which may or may not be renewed at that time. Insurance and Claims Costs on DPL’s Consolidated Balance Sheets associated with MVIC include estimated liabilities of approximately $5.9 million and $6.4 million at December 31, 2015 and 2014 , respectively. In addition, DP&L is responsible for claim costs below certain coverage thresholds of MVIC for the insurance coverage noted above. DP&L has estimated liabilities for medical, life, and disability reserves for claims costs below certain coverage thresholds of third-party providers of approximately $13.7 million and $15.6 million at December 31, 2015 and 2014 , respectively, within Other current liabilities and Other deferred credits on the balance sheets. The estimated liabilities for workers’ compensation, medical, life and disability costs at DP&L are actuarially determined using certain assumptions. There is uncertainty associated with these loss estimates and actual results may differ from the estimates. Modification of these loss estimates based on experience and changed circumstances is reflected in the period in which the estimate is re-evaluated. Pension and Postretirement Benefits We recognize, in our Consolidated Balance Sheets, an asset or liability reflecting the funded status of pension and other postretirement plans with current-year changes in the funded status recognized in AOCI, except for those portions of our pension and postretirement obligations that can be recovered through future rates. All plan assets are recorded at fair value. We follow the measurement date provisions of the accounting guidance, which require a year-end measurement date of plan assets and obligations for all defined benefit plans. We account for and disclose pension and postemployment benefits in accordance with the provisions of GAAP relating to the accounting for pension and other postemployment plans. These GAAP provisions require the use of assumptions, such as the discount rate for liabilities and long-term rate of return on assets, in determining the obligations, annual cost, and funding requirements of the plans. Effective January 1, 2016, we will apply a disaggregated discount rate approach for determining service cost and interest cost for its defined benefit pension plans and post-retirement plans. This approach is consistent with the requirements of ASC 715 and is considered to be preferential to the aggregated single rate discount approach, which has historically been used in the U.S., because it is more consistent with the philosophy of a full yield curve valuation. The change in discount rate approach did not have an impact on the measurement of the benefit obligations at December 31, 2015, nor will it impact future remeasurements. This change in approach will impact the service cost and interest cost recorded in 2016 and future years. It will also impact the actuarial gains and losses recorded in future years, as well as the amortization thereof. The expected 2016 service costs and interest costs included in Note 10 – Benefit Plans reflect the change in methodology described above. The impact of the change in approach on expected service costs in 2016 is shown below: $ in millions Expected 2016 Service Cost Expected 2016 Interest Cost Disaggregated rate approach Aggregate rate approach Impact of change Disaggregated rate approach Aggregate rate approach Impact of change Total Pension $ 5.7 $ 6.1 $ (0.4 ) $ 14.8 $ 17.9 $ (3.1 ) Total Postretirement Benefits $ 0.2 $ 0.2 $ — $ 0.6 $ 0.7 $ (0.1 ) Total $ 5.9 $ 6.3 $ (0.4 ) $ 15.4 $ 18.6 $ (3.2 ) See Note 10 – Benefit Plans for more information. Related Party Transactions In the normal course of business, DPL enters into transactions with related parties. All material intercompany accounts and transactions are eliminated in DPL’s Consolidated Financial Statements. See Note 13 – Related Party Transactions for more information on Related Party Transactions. DPL Capital Trust II DPL has a wholly-owned business trust, DPL Capital Trust II (the Trust), formed for the purpose of issuing trust capital securities to third-party investors. Effective in 2003, DPL deconsolidated the Trust upon adoption of the accounting standards related to variable interest entities and currently treats the Trust as a nonconsolidated subsidiary. The Trust holds mandatorily redeemable trust capital securities. The investment in the Trust, which amounts to $0.3 million and $0.3 million at December 31, 2015 and 2014 , respectively, is included in Other deferred assets within Other noncurrent assets. DPL also has a note payable to the Trust amounting to $15.6 million and $15.6 million at December 31, 2015 and December 31, 2014 , respectively, that was established upon the Trust’s deconsolidation in 2003. See Note 8 – Debt for additional information. In addition to the obligations under the note payable mentioned above, DPL also agreed to a security obligation which represents a full and unconditional guarantee of payments to the capital security holders of the Trust. New accounting pronouncements adopted ASU No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes Effective December 31, 2015, we prospectively adopted ASU No. 2015-17, which requires that all deferred tax assets and liabilities, along with any related valuation allowance, be classified as noncurrent on the balance sheet. As a result, each jurisdiction will now only have one net noncurrent deferred tax asset or liability. The guidance does not change the existing requirement that only permits offsetting within a jurisdiction; that is, companies will remain prohibited from offsetting deferred tax liabilities from one jurisdiction against deferred tax assets of another jurisdiction. Additionally, the current requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount is not affected by the update. As we elected to apply this ASU prospectively, prior periods were not adjusted. ASU No. 2015-13, Derivatives and Hedging (Topic 815):Derivatives and Hedging: Application of the Normal Purchases and Normal Sales Scope Exception to Certain Electricity Contracts within Nodal Energy Market In August 2015, the FASB issued ASU No. 2015-13, which resolves the diversity in practice resulting from determining whether certain contracts qualify for the normal purchases and normal sales scope exception under ASC Topic 815, Derivatives and Hedging. This standard clarifies that entities would not be precluded from applying the normal purchases and normal sales exception to certain fo rward contracts that necessitate the transmission of electricity through, or delivery to a location within, a nodal energy market. The standard is effective upon issuance and should be applied prospectively. As we had designated qualifying contracts as normal purchase or normal sales, there was no impact on our financial statements upon adoption of this standard. Accounting pronouncements issued but not yet effective ASU No. 2016-01, Financial Instruments — Overall (Topic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, the FASB issued ASU 2016-01, which was designed to improve the recognition and measurement of financial instruments through targeted changes to existing GAAP. The guidance requires equity investments (except those that are accounted for under the equity method of accounting or result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income; that entities use the exit price notion when measuring financial instrument fair values; that an entity separate presentation of financial assets and liabilities by measurement category and form of financial asset on the Balance Sheets or Notes to the financial statements; that an entity present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk (or "own credit") when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. Also, the standard eliminates the requirement for public entities to disclose the methods and significant assumptions used to estimate the fair value required to be disclosed for financial instruments measured at amortized cost on the Balance Sheets. The standard is effective beginning with interim periods starting after December 31, 2017 and cannot be applied early. We are currently evaluating the applicability and materiality of the standard, but we do not anticipate a material impact on our consolidated financial statements. ASU No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments In September 2015, the FASB issued ASU 2015-16, which simplifies the measurement-period adjustments in business combinations. It eliminates the requirement that an acquirer in a business combination account for measurement-period adjustments retrospectively. An acquirer will recognize a measurement-period adjustment during the period in which it determines the amount of the adjustment. The standard is effective for public entities for annual reporting periods beginning after December 15, 2015, and interim periods therein. Early adoption is permitted for financial statements that have not been issued. The new guidance should be applied prospectively to adjustments to provisional amounts that occur after the effective date of this standard. We will adopt this standard on January 1, 2016, which is not expected to have a material impact on our consolidated financial statements. ASU No. 2015-03, Interest – Imputation of Interest (Subtopic 835-30) In April 2015, the FASB issued ASU No. 2015-03, which simplifies the presentation of debt issuance costs by requiring that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this update. The standard is effective for annual reporting periods beginning after December 15, 2015 and interim periods therein, and requires the use of the full retrospective approach. Early adoption is permitted for financial statements that have not been previously issued. As of December 31, 2015 , DPL had approximately $16.1 million in deferred financing costs classified in other current and other non-current assets that would be reclassified to reduce the related debt liabilities upon adoption of ASU No. 2015-03. ASU No. 2015-15, Interest - Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements In August 2015, the FASB issued ASU No. 2015-15, which clarifies that the SEC Staff would not object to an entity presenting debt issuance costs related to line-of-credit arrangements as an asset that is subsequently amortized ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. This standard should be adopted concurrent with adoption of ASU 2015-03 (which is described above). As of December 31, 2015, we had deferred financing costs related to lines of credit of approximately $3.1 million recorded within Other noncurrent assets that would not be reclassified upon adoption of this standard. ASU No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory In July 2015, the FASB issued ASU No. 2015-11, which simplifies the subsequent measurement of inventory. It replaces the current lower of cost or market test with a lower of cost or net realizable value test. The standard is effective for public entities for annual reporting periods beginning after December 15, 2016, and interim periods therein. Early adoption is permitted. The new guidance must be applied prospectively. As we already used the net realizable value to make lower of cost or market determinations, there will be no impact on our financial statements upon adoption of this standard. ASU No. 2015-05, Intangibles – Goodwill and Other: Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement In April 2015, the FASB issued ASU No. 2015-05, which clarifies how customers in cloud computing arrangements should determine whether the arrangement includes a software license and eliminates the existing requirement for customers to account for software licenses they acquired by analogizing to the accounting guidance on leases. The standard is effective for annual reporting periods beginning after December 15, 2015 and interim periods therein. Early adoption is permitted. The standard permits the use of a prospective or retrospective approach. As all of our cloud computing arrangements will continue to be accounted for as service agreements, there will be no impact on our financial statemen |
THE DAYTON POWER AND LIGHT COMPANY [Member] | |
Significant Accounting Policies [Line Items] | |
Overview and Summary of Significant Accounting Policies | tion of Business DP&L is a public utility incorporated in 1911 under the laws of Ohio. Beginning in 2001, Ohio law gave Ohio consumers the right to choose the electric generation supplier from whom they purchase retail generation service, however distribu tion and transmission services are still regulated. DP&L has the exclusive right to provide such service to its approximately 517,000 customers located in West Central Ohio. Additionally, DP&L procures and provides retail SSO electric service to residential, commercial, industrial and governmental customers in a 6,000 square mile area of West Central Ohio and generates electricity at five coal-fired power stations. Beginning in 2014, DP&L no longer supplied 100% of the generation for SSO customers and starting January 2016, SSO is now 100% competitively bid. Principal industries located in DP&L’s service territory include automotive, food processing, paper, plastic, manufacturing and defense. DP&L's sales reflect the general economic conditions, seasonal weather patterns of the area and the market price of electricity. DP&L sells any excess energy and capacity into the wholesale market. DP&L also sold electricity to DPLER, an affiliate, to satisfy the electric requirements of its retail customers. In accordance with the ESP Order, on December 30, 2013, DP&L filed an application with the PUCO stating its plan to transfer or sell its generation assets. On July 14, 2014, DP&L announced its decision to retain DP&L’s generation assets. On September 17, 2014 the PUCO ordered that DP&L’s application as amended and updated was approved. DP&L is required to sell or transfer its generation assets by January 1, 2017 and continues to look at multiple options to effectuate the separation, including transfer into an unregulated affiliate of DPL or through a sale. DP&L’s electric transmission and distribution businesses are subject to rate regulation by federal and state regulators, while its generation business is deemed competitive under Ohio law. Accordingly, DP&L applies the accounting standards for regulated operations to its electric transmission and distribution businesses and records regulatory assets when incurred costs are expected to be recovered in future customer rates, and regulatory liabilities when current cost recoveries in customer rates relate to expected future costs. DP&L employed 1,189 people at January 31, 2016 . Approximately 61% of all employees are under a collective bargaining agreement which expires on October 31, 2017 . Financial Statement Presentation DP&L does not have any subsidiaries. DP&L has undivided ownership interests in five electric generating facilities and numerous transmission facilities. These undivided interests in jointly-owned facilities are accounted for on a pro rata basis in DP&L’s Financial Statements. Certain immaterial amounts from prior periods have been reclassified to conform to the current period presentation. The preparation of financial statements in conformity with GAAP requires us to make estimates and judgments that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the revenues and expenses of the periods reported. Actual results could differ from these estimates. Significant items subject to such estimates and judgments include: the carrying value of Property, plant and equipment; unbilled revenues; the valuation of derivative instruments; the valuation of insurance and claims liabilities; the valuation of allowances for receivables and deferred income taxes; regulatory assets and liabilities; reserves recorded for income tax exposures; litigation; contingencies; the valuation of AROs; and assets and liabilities related to employee benefits. Revenue Recognition Revenues are recognized from retail and wholesale electricity sales and electricity transmission and distribution delivery services. We consider revenue realized, or realizable, and earned when persuasive evidence of an arrangement exists, the products or services have been provided to the customer, the sales price is fixed or determinable, and collection is reasonably assured. Energy sales to customers are based on the reading of their meters that occurs on a systematic basis throughout the month. We recognize the revenues on our statements of operations using an accrual method for retail and other energy sales that have not yet been billed, but where electricity has been consumed. This is termed “unbilled revenues” and is a widely recognized and accepted practice for utilities. At the end of each month, unbilled revenues are determined by the estimation of unbilled energy provided to customers since the date of the last meter reading, estimated line losses, the assignment of unbilled energy provided to customer classes and the average rate per customer class. All of the power produced at the generation stations is sold to an RTO and we in turn purchase it back from the RTO to supply our customers. The power sales and purchases within DP&L’s service territory are reported on a net hourly basis as revenues or purchased power on our Statements of Operations. We record expenses when purchased electricity is received and when expenses are incurred, with the exception of the ineffective portion of certain power purchase contracts that are derivatives and qualify for hedge accounting. We also have certain derivative contracts that do not qualify for hedge accounting, and their unrealized gains or losses are recorded prior to the receipt of electricity. Allowance for Uncollectible Accounts We establish provisions for uncollectible accounts by using both historical average loss percentages to project future losses and by establishing specific provisions for known credit issues. Amounts are written off when reasonable collections efforts have been exhausted. Property, Plant and Equipment We record our ownership share of our undivided interest in jointly-held stations as an asset in property, plant and equipment. New property, plant and equipment additions are stated at cost. For regulated transmission and distribution property, cost includes direct labor and material, allocable overhead expenses and an allowance for funds used during construction (AFUDC). AFUDC represents the cost of borrowed funds and equity used to finance regulated construction projects. For non-regulated property, cost also includes capitalized interest. Capitalization of AFUDC and interest ceases at either project completion or at the date specified by regulators. AFUDC and capitalized interest was $2.0 million , $1.5 million , and $1.5 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. For unregulated generation property, cost includes direct labor and material, allocable overhead expenses and interest capitalized during construction using the provisions of GAAP relating to the accounting for capitalized interest. For substantially all depreciable property, when a unit of property is retired, the original cost of that property less any salvage value is charged to Accumulated depreciation and amortization. Property is evaluated for impairment when events or changes in circumstances indicate that its carrying amount may not be recoverable. Repairs and Maintenance Costs associated with maintenance activities, primarily power station outages, are recognized at the time the work is performed. These costs, which include labor, materials and supplies, and outside services required to maintain equipment and facilities, are capitalized or expensed based on defined units of property. Depreciation Depreciation expense is calculated using the straight-line method, which allocates the cost of property over its estimated useful life. For DP&L’s generation, transmission and distribution assets, straight-line depreciation is applied monthly on an average composite basis using group rates. For DP&L’s generation, transmission, and distribution assets, straight-line depreciation is applied on an average annual composite basis using group rates that approximated 2.6% in 2015 , 2.8% in 2014 and 4.4% in 2013 . Depreciation was $132.7 million , $141.6 million and $136.5 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. During the fourth quarter of 2015, DP&L tested the recoverability of long-lived assets at certain generating stations. See Note 13 – Fixed-asset Impairment for more information. Gradual decreases in power prices as well as lower estimates of future capacity prices in conjunction with the DP&L reporting unit of DPL failing step 1 of the annual goodwill impairment test were collectively determined to be an impairment indicator. Regulatory Accounting As a regulated utility, we apply the provisions of FASC 980 “Regulated Operations”, which gives recognition to the ratemaking and accounting practices of the PUCO and the FERC. Regulatory assets generally represent incurred costs that have been deferred because such costs are probable of future recovery in customer rates. Regulatory assets can also represent performance incentives permitted by the regulator. Regulatory assets have been included as allowable costs for ratemaking purposes, as authorized by the PUCO or established regulatory practices. Regulatory liabilities generally represent obligations to make refunds or future rate reductions to customers for previous over collections or the deferral of revenues collected for costs that DP&L expects to incur in the future. The deferral of costs (as regulatory assets) is appropriate only when the future recovery of such costs is probable. In assessing probability, we consider such factors as specific orders from the PUCO or FERC, regulatory precedent and the current regulatory environment. To the extent recovery of costs is no longer deemed probable, related regulatory assets would be required to be expensed in current period earnings. Our regulatory assets and liabilities have been created pursuant to a specific order of the PUCO or FERC or established regulatory practices, such as other utilities under the jurisdiction of the PUCO or FERC being granted recovery of similar costs. It is probable, but not certain, that these regulatory assets will be recoverable, subject to PUCO or FERC approval. Regulatory assets and liabilities are classified as current or non-current based on the term in which recovery is expected. See Note 3 – Regulatory Assets and Liabilities for more information. Inventories Inventories are carried at average cost and include coal, limestone, oil and gas used for electric generation, and materials and supplies used for utility operations. Intangibles Intangibles include emission allowances and renewable energy credits. Emission allowances are carried on a first-in, first-out (FIFO) basis for purchased emission allowances. Net gains or losses on the sale of excess emission allowances, representing the difference between the sales proceeds and the cost of emission allowances, are recorded as a component of our fuel costs and are reflected in Operating income when realized. Emission allowances are amortized as they are used in our operations on a FIFO basis. Renewable energy credits are carried on a weighted average cost basis and amortized as they are used or retired. Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of the existing assets and liabilities, and their respective income tax bases. We establish an allowance when it is more likely than not that all or a portion of a deferred tax asset will not be realized. Our tax positions are evaluated under a more likely than not recognition threshold and measurement analysis before they are recognized for financial statement reporting. Uncertain tax positions have been classified as noncurrent income tax liabilities unless expected to be paid within one year. Our policy for interest and penalties is to recognize interest and penalties as a component of the provision for income taxes in the Statement of Operations. Income taxes payable, which are includable in allowable costs for ratemaking purposes in future years, are recorded as regulatory assets with a corresponding deferred tax liability. Investment tax credits that reduced federal income taxes in the years they arose have been deferred and are being amortized to income over the useful lives of the properties in accordance with regulatory treatment. See Note 3 – Regulatory Assets and Liabilities for additional information. DPL and its subsidiaries file U.S. federal income tax returns as part of the consolidated U.S. income tax return filed by AES. The consolidated tax liability is allocated to each subsidiary based on the separate return method which is specified in our tax allocation agreement and which provides a consistent, systematic and rational approach. See Note 8 – Income Taxes for additional information. Financial Instruments We classify our investments in debt and equity financial instruments of publicly traded entities into different categories: held-to-maturity and available-for-sale. Available-for-sale securities are carried at fair value and unrealized gains and losses on those securities, net of deferred income taxes, are presented as a separate component of shareholders’ equity. Other-than-temporary declines in value are recognized currently in earnings. Financial instruments classified as held-to-maturity are carried at amortized cost. The cost bases for public equity security and fixed maturity investments are average cost and amortized cost, respectively. Accounting for Taxes Collected from Customers and Remitted to Governmental Authorities DP&L collects certain excise taxes levied by state or local governments from its customers. DP&L’s excise taxes and certain other taxes are accounted for on a net basis and recorded as a reduction in revenues in the accompanying Statements of Operations. The amounts for the years ended December 31, 2015 , 2014 and 2013 were $49.9 million , $50.8 million and $50.5 million , respectively. Cash and Cash Equivalents Cash and cash equivalents are stated at cost, which approximates fair value. All highly liquid short-term investments with original maturities of three months or less are considered cash equivalents. Restricted Cash Restricted cash includes cash which is restricted as to withdrawal or usage. The nature of the restrictions includes restrictions imposed by agreements related to deposits held as collateral. At December 31, 2015, restricted cash also includes cash received in connection with the January 1, 2016 contract termination canceling DP&L's power sales contracts with DPLER. See Note 14 – Subsequent Event for additional information regarding this contract termination. Financial Derivatives All derivatives are recognized as either assets or liabilities in the balance sheets and are measured at fair value. Changes in the fair value are recorded in earnings unless the derivative is designated as a cash flow hedge of a forecasted transaction or it qualifies for the normal purchases and sales exception. We use forward contracts to reduce our exposure to changes in energy and commodity prices and as a hedge against the risk of changes in cash flows associated with expected electricity purchases. These purchases are used to hedge our full load requirements. We also hold forward sales contracts that hedge against the risk of changes in cash flows associated with power sales during periods of projected generation facility availability. We use cash flow hedge accounting when the hedge or a portion of the hedge is deemed to be highly effective, which results in changes in fair value being recorded within accumulated other comprehensive income, a component of shareholder’s equity. We have elected not to offset net derivative positions in the financial statements. Accordingly, we do not offset such derivative positions against the fair value of amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral under master netting agreements. See Note 6 – Derivative Instruments and Hedging Activities for additional information. Insurance and Claims Costs In addition to insurance obtained from third-party providers, MVIC, a wholly-owned captive subsidiary of DPL, provides insurance coverage solely to us, other DPL subsidiaries and, in some cases, our partners in commonly-owned facilities we operate, for workers’ compensation, general liability, and property damage on an ongoing basis. MVIC maintains an active run-off policy for directors’ and officers’ liability and fiduciary through their expiration in 2017, which may or may not be renewed at that time. DP&L is responsible for claim costs below certain coverage thresholds of MVIC and third party insurers for the insurance coverage noted above. DP&L has estimated liabilities for medical, life, and disability reserves for claims costs below certain coverage thresholds of MVIC and third-party providers. We recorded these additional insurance and claims costs of approximately $13.7 million and $15.6 million at December 31, 2015 and 2014 , respectively, within Other current liabilities and Other deferred credits on the balance sheets. The estimated liabilities for workers’ compensation, medical, life and disability costs at DP&L are actuarially determined using certain assumptions. There is uncertainty associated with these loss estimates and actual results may differ from the estimates. Modification of these loss estimates based on experience and changed circumstances is reflected in the period in which the estimate is re-evaluated. Pension and Postretirement Benefits We recognize, in our Balance Sheets, an asset or liability reflecting the funded status of pension and other postretirement plans with current-year changes in the funded status recognized in AOCI, except for those portions of our pension and postretirement obligations that can be recovered through future rates. All plan assets are recorded at fair value. We follow the measurement date provisions of the accounting guidance, which require a year-end measurement date of plan assets and obligations for all defined benefit plans. We account for and disclose pension and postemployment benefits in accordance with the provisions of GAAP relating to the accounting for pension and other postemployment plans. These GAAP provisions require the use of assumptions, such as the discount rate for liabilities and long-term rate of return on assets, in determining the obligations, annual cost, and funding requirements of the plans. Effective January 1, 2016, we will apply a disaggregated discount rate approach for determining service cost and interest cost for its defined benefit pension plans and post-retirement plans. This approach is consistent with the requirements of ASC 715 and is considered to be preferential to the aggregated single rate discount approach, which has historically been used in the U.S., because it is more consistent with the philosophy of a full yield curve valuation. The change in discount rate approach did not have an impact on the measurement of the benefit obligations at December 31, 2015, nor will it impact future remeasurements. This change in approach will impact the service cost and interest cost recorded in 2016 and future years. It will also impact the actuarial gains and losses recorded in future years, as well as the amortization thereof. The expected 2016 service costs and interest costs included in Note 9 – Benefit Plans reflect the change in methodology described above. The impact of the change in approach on expected service costs in 2016 is shown below: $ in millions Expected 2016 Service Cost Expected 2016 Interest Cost Disaggregated rate approach Aggregate rate approach Impact of change Disaggregated rate approach Aggregate rate approach Impact of change Total Pension $ 5.7 $ 6.1 $ (0.4 ) $ 14.8 $ 17.9 $ (3.1 ) Total Postretirement Benefits $ 0.2 $ 0.2 $ — $ 0.6 $ 0.7 $ (0.1 ) Total $ 5.9 $ 6.3 $ (0.4 ) $ 15.4 $ 18.6 $ (3.2 ) See Note 9 – Benefit Plans for more information. Related Party Transactions In the normal course of business, DP&L enters into transactions with other subsidiaries of DPL or AES. See Note 12 – Related Party Transactions for additional information on Related Party Transactions. New accounting pronouncements adopted ASU No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes Effective December 31, 2015, we prospectively adopted ASU No. 2015-17, which requires that all deferred tax assets and liabilities, along with any related valuation allowance, be classified as noncurrent on the balance sheet. As a result, each jurisdiction will now only have one net noncurrent deferred tax asset or liability. The guidance does not change the existing requirement that only permits offsetting within a jurisdiction; that is, companies will remain prohibited from offsetting deferred tax liabilities from one jurisdiction against deferred tax assets of another jurisdiction. Additionally, the current requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount is not affected by the update. As we elected to apply this ASU prospectively, prior periods were not adjusted. ASU No. 2015-13, Derivatives and Hedging (Topic 815):Derivatives and Hedging: Application of the Normal Purchases and Normal Sales Scope Exception to Certain Electricity Contracts within Nodal Energy Market In August 2015, the FASB issued ASU No. 2015-13, which resolves the diversity in practice resulting from determining whether certain contracts qualify for the normal purchases and normal sales scope exception under ASC Topic 815, Derivatives and Hedging. This standard clarifies that entities would not be precluded from applying the normal purchases and normal sales exception to certain fo rward contracts that necessitate the transmission of electricity through, or delivery to a location within, a nodal energy market. The standard is effective upon issuance and should be applied prospectively. As we had designated qualifying contracts as normal purchase or normal sales, there was no impact on our financial statements upon adoption of this standard. Accounting pronouncements issued but not yet effective ASU No. 2016-01, Financial Instruments — Overall (Topic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, the FASB issued ASU 2016-01, which was designed to improve the recognition and measurement of financial instruments through targeted changes to existing GAAP. The guidance requires equity investments (except those that are accounted for under the equity method of accounting or result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income; that entities use the exit price notion when measuring financial instrument fair values; that an entity separate presentation of financial assets and liabilities by measurement category and form of financial asset on the Balance Sheets or Notes to the financial statements; that an entity present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk (or "own credit") when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. Also, the standard eliminates the requirement for public entities to disclose the methods and significant assumptions used to estimate the fair value required to be disclosed for financial instruments measured at amortized cost on the Balance Sheets. The standard is effective beginning with interim periods starting after December 31, 2017 and cannot be applied early. We are currently evaluating the applicability and materiality of the standard, but we do not anticipate a material impact on our financial statements. ASU No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments In September 2015, the FASB issued ASU 2015-16, which simplifies the measurement-period adjustments in business combinations. It eliminates the requirement that an acquirer in a business combination account for measurement-period adjustments retrospectively. An acquirer will recognize a measurement-period adjustment during the period in which it determines the amount of the adjustment. The standard is effective for public entities for annual reporting periods beginning after December 15, 2015, and interim periods therein. Early adoption is permitted for financial statements that have not been issued. The new guidance should be applied prospectively to adjustments to provisional amounts that occur after the effective date of this standard. We will adopt this standard on January 1, 2016, which is not expected to have a material impact on our ASU No. 2015-03, Interest – Imputation of Interest (Subtopic 835-30) In April 2015, the FASB issued ASU No. 2015-03, which simplifies the presentation of debt issuance costs by requiring that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this update. The standard is effective for annual reporting periods beginning after December 15, 2015 and interim periods therein, and requires the use of the full retrospective approach. Early adoption is permitted for financial statements that have not been previously issued. As of December 31, 2015 DP&L had approximately $6.3 million in deferred financing costs classified in other current and other non-current assets that would be reclassified to reduce the related debt liabilities upon adoption of ASU No. 2015-03. ASU No. 2015-15, Interest - Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements In August 2015, the FASB issued ASU No. 2015-15, which clarifies that the SEC Staff would not object to an entity presenting debt issuance costs related to line-of-credit arrangements as an asset that is subsequently amortized ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. This standard should be adopted concurrent with adoption of ASU 2015-03 (which is described above). As of December 31, 2015, we had deferred financing costs related to lines of credit of approximately $0.7 million recorded within Other noncurrent assets that would not be reclassified upon adoption of this standard. ASU No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory In July 2015, the FASB issued ASU No. 2015-11, which simplifies the subsequent measurement of inventory. It replaces the current lower of cost or market test with a lower of cost or net realizable value test. The standard is effective for public entities for annual reporting periods beginning after December 15, 2016, and interim periods therein. Early adoption is permitted. The new guidance must be applied prospectively. As we already used the net realizable value to make lower of cost or market determinations, there will be no impact on our financial statements upon adoption of this standard. ASU No. 2015-05, Intangibles – Goodwill and Other: Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement In April 2015, the FASB issued ASU No. 2015-05, which clarifies how customers in cloud computing arrangements should determine whether the arrangement includes a software license and eliminates the existing requirement for customers to account for software licenses they acquired by analogizing to the accounting guidance on leases. The standard is effective for annual reporting periods beginning after December 15, 2015 and interim periods therein. Early adoption is permitted. The standard permits the use of a prospective or retrospective approach. As all of our cloud computing arrangements will continue to be accounted for as service agreements, there will be no impact on our financial statements upon the adoption of this standard. ASU No. 2014-05, Presentation of Financial Statements: Going Concern The FASB recently issued ASU 2014-15 “Presentation of Financial Statements - Going Concern (Subtopic 205-40: Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern)” effective for annual and interim periods ending after December 15, 2016. ASU 2014-15 requires management to evaluate whether there are conditions or events, considered in aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued. There are required disclosures if substantial doubt is identified including documentation of: principal conditions or events that raised substantial doubt about the entity’s ability to continue as a going concern (before consideration of management’s plans), management’s evaluation of the significance of those conditions or events in relation to the entity’s ability to meet its obligations, and management’s plans that alleviated substantial doubt about the entity’s ability to continue as a going concern. This ASU is not expected to have any impact on our overall results of operations, financial position or cash flows. ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) In May 2014, the FASB issued ASU No. 2014-09, which clarifies principles for recognizing revenue and will result in a common revenue standard for U.S. GAAP and International Financial Reporting Standards. The objective of the new standard is to provide a single and comprehensive revenue recognition model for all contracts with customers to improve comparability. The revenue standard contains principles that an entity will apply to determine the measurement of revenue and timing of when it is recognized. The standard requires an entity to recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contract with Customers (Topic 606): Deferral of the Effective Date, which deferred the effective date of ASU 2014-09 by one year, resulting in the new revenue standard being effective for annual reporting periods beginning after December 15, 2017 and interim periods therein. Early adoption is now permitted only as of the original effective date for public entities (that is, no earlier than 2017 for calendar year-end entities). The standard permits the use of either a full retrospective or modified retrospective approach. We have not yet selected a transition method and are currently evaluating the impact of adopting the standard on our financial statements. ASU No. 2015-02, Consolidation – Amendments to the Consolidation Analysis (Topic 810) In February 2015, the FASB issued ASU 2015-02, which makes targeted amendments to the current consolidation guidance and ends the deferral granted to investment companies from applying the Variable Interest Entity (VIE) guidance. The standard amends the evaluation of whether (1) fees paid to a decision-maker or service providers represent a variable interest, (2) a limited partnership or similar entity has the characteristics of a VIE and (3) a reporting entity is the primary beneficiary of a VIE. The standard is effective for annual periods beginning after December 15, 2015 and interim periods therein. Early adoption is permitted. We do not expect this standard to have an impact on our financial statements upon adoption. |
Supplemental Financial Informat
Supplemental Financial Information | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Financial Information [Line Items] | |
Supplemental Financial Information | Note 2 – Supplemental Financial Information December 31, $ in millions 2015 2014 Accounts receivable, net Unbilled revenue $ 43.3 $ 49.1 Customer receivables 56.4 70.1 Amounts due from partners in jointly-owned stations 16.0 15.2 Other 6.0 3.0 Provisions for uncollectible accounts (0.8 ) (0.9 ) Total accounts receivable, net $ 120.9 $ 136.5 Inventories Fuel and limestone $ 72.2 $ 65.3 Plant materials and supplies 34.9 33.5 Other 2.0 1.4 Total inventories, at average cost $ 109.1 $ 100.2 Accounts receivable of $31.0 million and $64.4 million as of December 31, 2015 and 2014 have been excluded from the above table as they have been reclassified as "Assets held for sale". See Note 16 – Discontinued Operations . Accumulated Other Comprehensive Income / (Loss) The amounts reclassified out of Accumulated Other Comprehensive Income / (Loss) by component during the years ended December 31, 2015 , 2014 and 2013 are as follows: Details about Accumulated Other Comprehensive Income / (Loss) Components Affected line item in the Consolidated Statements of Operations Years ended December 31, $ in millions 2015 2014 2013 Gains and losses on Available-for-sale securities activity (Note 5): Other income / (deductions) $ — $ 0.4 $ 2.1 Tax expense — (0.2 ) (0.7 ) Net of income taxes — 0.2 1.4 Gains and losses on cash flow hedges (Note 6): Interest Expense (1.1 ) (1.3 ) — Revenue (18.7 ) 28.4 2.2 Purchased power 4.4 (0.7 ) 3.5 Total before income taxes (15.4 ) 26.4 5.7 Tax benefit / (expense) 5.4 (9.5 ) (2.3 ) Net of income taxes (10.0 ) 16.9 3.4 Amortization of defined benefit pension items (Note 10): Operations and maintenance 0.4 — — Tax expense (0.2 ) — 0.3 Net of income taxes 0.2 — 0.3 Total reclassifications for the period, net of income taxes $ (9.8 ) $ 17.1 $ 5.1 The changes in the components of Accumulated Other Comprehensive Income / (Loss) during the years ended December 31, 2015 and 2014 are as follows: $ in millions Gains / (losses) on available-for-sale securities Gains / (losses) on cash flow hedges Change in unfunded pension obligation Total Balance at December 31, 2013 $ 0.6 $ 20.6 $ 3.4 $ 24.6 Other comprehensive loss before reclassifications (0.3 ) (19.0 ) (14.9 ) (34.2 ) Amounts reclassified from accumulated other comprehensive income / (loss) 0.2 16.9 — 17.1 Net current period other comprehensive loss (0.1 ) (2.1 ) (14.9 ) (17.1 ) Balance at December 31, 2014 0.5 18.5 (11.5 ) 7.5 Other comprehensive income / (loss) before reclassifications (0.1 ) 18.2 1.6 19.7 Amounts reclassified from accumulated other comprehensive income / (loss) — (10.0 ) 0.2 (9.8 ) Net current period other comprehensive income / (loss) (0.1 ) 8.2 1.8 9.9 Balance at December 31, 2015 $ 0.4 $ 26.7 $ (9.7 ) $ 17.4 |
THE DAYTON POWER AND LIGHT COMPANY [Member] | |
Supplemental Financial Information [Line Items] | |
Supplemental Financial Information | Note 2 – Supplemental Financial Information December 31, $ in millions 2015 2014 Accounts receivable, net Unbilled revenue $ 43.3 $ 49.0 Customer receivables 54.1 68.7 Amounts due from partners in jointly-owned stations 16.0 15.2 Other 6.9 20.7 Provisions for uncollectible accounts (0.8 ) (0.9 ) Total accounts receivable, net $ 119.5 $ 152.7 Inventories Fuel and limestone $ 72.2 $ 65.3 Plant materials and supplies 33.7 32.3 Other 2.1 1.4 Total inventories, at average cost $ 108.0 $ 99.0 Accumulated Other Comprehensive Income (Loss) The amounts reclassified out of Accumulated Other Comprehensive Income / (Loss) by component during the years ended December 31, 2015 , 2014 and 2013 are as follows: Details about Accumulated Other Comprehensive Income / (Loss) Components Affected line item in the Statements of Operations Years ended December 31, $ in millions 2015 2014 2013 Gains and losses on Available-for-sale securities activity (Note 5): Other income / (deductions) $ — $ 0.4 $ 2.1 Tax expense — (0.2 ) (0.7 ) Net of income taxes — 0.2 1.4 Gains and losses on cash flow hedges (Note 6): Interest expense (1.1 ) (1.1 ) (2.1 ) Revenue (18.7 ) 28.4 2.2 Purchased power 4.4 (0.4 ) 5.0 Total before income taxes (15.4 ) 26.9 5.1 Tax expense 5.6 (11.5 ) (2.5 ) Net of income taxes (9.8 ) 15.4 2.6 Amortization of defined benefit pension items (Note 9): Reclassification to Other income / (deductions) 5.6 4.1 5.7 Tax benefit (1.9 ) (1.4 ) (1.9 ) Net of income taxes 3.7 2.7 3.8 Total reclassifications for the period, net of income taxes $ (6.1 ) $ 18.3 $ 7.8 The changes in the components of Accumulated Other Comprehensive Income / (Loss) during the years ended December 31, 2015 and 2014 are as follows: $ in millions Gains / (losses) on available-for-sale securities Gains / (losses) on cash flow hedges Change in unfunded pension obligation Total Balance at December 31, 2013 $ 0.8 $ 6.2 $ (33.7 ) $ (26.7 ) Other comprehensive loss before reclassifications (0.3 ) (18.8 ) (14.8 ) (33.9 ) Amounts reclassified from accumulated other comprehensive income 0.2 15.4 2.7 18.3 Net current period other comprehensive loss (0.1 ) (3.4 ) (12.1 ) (15.6 ) Balance at December 31, 2014 0.7 2.8 (45.8 ) (42.3 ) Other comprehensive income / (loss) before reclassifications (0.2 ) 18.2 1.7 19.7 Amounts reclassified from accumulated other comprehensive income / (loss) — (9.8 ) 3.7 (6.1 ) Net current period other comprehensive income / (loss) (0.2 ) 8.4 5.4 13.6 Balance at December 31, 2015 $ 0.5 $ 11.2 $ (40.4 ) $ (28.7 ) |
Regulatory Assets and Liabiliti
Regulatory Assets and Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Regulatory Assets [Line Items] | |
Regulatory Assets and Liabilities | Note 3 – Regulatory Assets and Liabilities In accordance with FASC 980, we have recognized total regulatory assets of $194.3 million and $211.7 million at December 31, 2015 and 2014 , respectively, and total regulatory liabilities of $151.4 million and $128.5 million at December 31, 2015 and 2014 , respectively. Regulatory assets and liabilities are classified as current or non-current based on the term in which recovery is expected. See Note 1 – Overview and Summary of Significant Accounting Policies for accounting policies regarding Regulatory Assets and Liabilities. The following table presents DPL’s Regulatory assets and liabilities: December 31, $ in millions Type of Recovery Amortization Through 2015 2014 Regulatory assets, current: Fuel and purchased power recovery costs A 2016 $ 13.9 $ 16.3 Economic development costs A 2016 0.5 2.1 Deferred storm costs B 2015 — 22.3 Energy efficiency program A 2016 — 1.8 Other miscellaneous A 2016 — 1.7 Total regulatory assets, current 14.4 44.2 Regulatory assets, non-current: Pension benefits B Ongoing $ 91.6 $ 99.6 Deferred recoverable income taxes B/C Ongoing 36.4 43.1 Fuel costs B Undetermined 12.7 — Unrecovered OVEC charges D Undetermined 10.5 — Unamortized loss on reacquired debt B Various 9.0 9.9 Smart grid and advanced metering infrastructure costs D Undetermined 7.3 6.6 Generation separation costs D Undetermined 3.9 1.6 Retail settlement system costs D Undetermined 3.1 3.1 Consumer education campaign D Undetermined 3.0 3.0 Rate case costs D Undetermined 1.9 — Other miscellaneous D Undetermined 0.5 0.6 Total regulatory assets, non-current 179.9 167.5 Total regulatory assets $ 194.3 $ 211.7 Regulatory liabilities, current: Energy efficiency program $ 9.2 $ — Competitive bidding 9.1 — Transmission costs 3.7 2.9 Reconciliation rider 2.1 — Other miscellaneous 0.3 1.5 Total regulatory liabilities, current 24.4 4.4 Regulatory liabilities, non-current: Estimated costs of removal - regulated property $ 121.8 $ 119.3 Postretirement benefits 5.2 4.8 Total regulatory liabilities, non-current 127.0 124.1 Total regulatory liabilities $ 151.4 $ 128.5 A – Recovery of incurred costs without a rate of return. B – Recovery of incurred costs plus rate of return. C – Balance has an offsetting liability resulting in no effect on rate base. D – Recovery not yet determined, but is probable of occurring in future rate proceedings. Regulatory assets Fuel and purchased power recovery costs represent prudently incurred fuel, purchased power, derivative, emission and other related costs which will be recovered from or returned to customers in the future through the operation of the fuel and purchased power recovery rider. The fuel and purchased power recovery rider fluctuates based on actual costs and recoveries and is modified at the start of each seasonal quarter. As part of the PUCO approval process, an outside auditor reviews fuel costs and the fuel procurement process. The audit for 2014 is in process. The costs recovered through the fuel rider have decreased significantly over the past three years as more SSO supply is provided through the competitive bid. While no further fuel or purchased power costs will be recoverable through the rider, it will continue for up to six months to allow for recovery of the ending deferral amount. Fuel costs - long-term represent unrecovered fuel costs related to DP&L’s fuel rider from 2010 through 2015 resulting from a declining SSO customer base. DP&L has requested recovery of these costs as part of its pending Distribution Rate Case filing. Economic development costs represent costs incurred to promote economic development within the State of Ohio. These costs are being recovered through an Economic Development Rider that is subject to a bi-annual true-up process for any over/under recovery of costs. Deferred storm costs represent costs incurred to repair the damage to DP&L’s distribution equipment by major storms in 2008, 2011 and 2012. All such costs have now been recovered. Energy efficiency program costs represent costs incurred to develop and implement various customer programs addressing energy efficiency. These costs are being recovered through an Energy Efficiency Rider (EER) that began July 1, 2009 and that is subject to an annual true-up for any over/under recovery of costs. In addition to recovery of program costs, this rider has allowed for DP&L to recover lost margin associated with decreases in sales as a result of the programs implemented. The authority to recover lost margin included a maximum amount, which DP&L reached in the fourth quarter of 2015. Consequently, we discontinued accruing an asset for lost revenues after the maximum was reached. In addition, this rider provides that DP&L can earn a “shared savings” incentive that is tiered depending upon the level of success the programs reach. In 2014 and 2015, the maximum shared savings was accrued based upon performance, which is equal to $4.5 million per year, after income taxes. Pension benefits represent the qualifying FASC 715 “Compensation - Retirement Benefits” costs of our regulated operations that for ratemaking purposes are deferred for future recovery. We recognize an asset for a plan’s overfunded status or a liability for a plan’s underfunded status, and recognize, as a component of OCI, the changes in the funded status of the plan that arise during the year that are not recognized as a component of net periodic benefit cost. This regulatory asset represents the regulated portion that would otherwise be charged as a loss to OCI. Deferred recoverable income taxes represent deferred income tax assets recognized from the normalization of flow-through items as the result of tax benefits previously provided to customers. This is the cumulative flow-through benefit given to regulated customers that will be collected from them in future years. Since currently existing temporary differences between the financial statements and the related tax basis of assets will reverse in subsequent periods, these deferred recoverable income taxes will decrease over time. Unrecovered OVEC charges represent the portion of capacity charges from OVEC that were not recoverable through DP&L’s fuel rider beginning in October 2014. DP&L expects to recover these costs through a future rate proceeding. Unamortized loss on reacquired debt represents losses on long-term debt reacquired or redeemed in prior periods that have been deferred. These deferred losses are being amortized over the lives of the original issues in accordance with FERC and PUCO rules. Smart Grid and AMI costs represent costs incurred as a result of studying and developing distribution system upgrades and the implementation of AMI. On October 19, 2010, DP&L elected to withdraw its case pertaining to the Smart Grid and AMI programs. The PUCO accepted the withdrawal in an order issued on January 5, 2011. The PUCO also indicated that it expects DP&L to continue to monitor other utilities' Smart Grid and AMI programs and to explore the potential benefits of investing in Smart Grid and AMI programs and that DP&L will, when appropriate, file new Smart Grid and/or AMI business cases in the future. This plan is currently under development and we plan to seek recover of these deferred costs in a regulatory rate proceeding in the near future. Based on past PUCO precedent, we believe these costs are probable of future recovery in rates. Generation separation costs represent financing, redemption and other costs related to the divestiture of DP&L’s generation assets. The PUCO directed DP&L to divest its generation assets by January 1, 2017. DP&L requested and was granted permission by the PUCO to defer all financing, redemption and related costs it incurs to transfer its generation assets. DP&L has requested recovery of these costs as part of its pending Distribution Rate Case filing. Retail settlement system costs represent costs to implement a retail settlement system that reconciles the energy a CRES supplier delivers to its customers with what its customers actually use. DP&L has requested recovery of these costs as part of its pending Distribution Rate Case filing. Consumer education campaign represents costs for consumer education advertising regarding electric deregulation. DP&L has requested recovery of these costs as part of its pending distribution rate case filing. Rate case costs represent costs associated with preparing a distribution rate case. DP&L has requested recovery of these costs as part of its pending Distribution Rate Case filing. Regulatory liabilities Energy efficiency program costs see “ Regulatory Assets - Energy efficiency program costs ” above. Competitive bidding represents costs associated with the development and implementation of a Competitive Bidding Process, establishing contracts to supply power for a portion of DP&L’s Standard Service Offer load, as well as the net over/under recovery of the cost of the power purchased from the bid winners. Transmission costs represent the costs related to transmission, ancillary service and other PJM-related charges that have been incurred as a member of PJM. On an annual basis, retail rates are adjusted to true-up costs with recovery in rates. Reconciliation rider represents the costs that exceed 10 percent of the base amount of the following riders: Fuel, RPM, Alternative Energy and Competitive Bidding. This rider is in an overcollection position and will be discontinued after this overcollection has been refunded to customers. Estimated costs of removal – regulated property reflect an estimate of amounts collected in customer rates for costs that are expected to be incurred in the future to remove existing transmission and distribution property from service when the property is retired. Postretirement benefits represent the qualifying FASC 715 “Compensation – Retirement Benefits” gains related to our regulated operations that, for ratemaking purposes, are probable of being reflected in future rates. We recognize an asset for a plan’s overfunded status or a liability for a plan’s underfunded status, and recognize, as a component of OCI, the changes in the funded status of the plan that arise during the year that are not recognized as a component of net periodic benefit cost. This regulatory liability represents the regulated portion that would otherwise be reflected as a gain to OCI. |
THE DAYTON POWER AND LIGHT COMPANY [Member] | |
Regulatory Assets [Line Items] | |
Regulatory Assets and Liabilities | Note 3 – Regulatory Assets and Liabilities In accordance with FASC 980, we have recognized total regulatory assets of $194.3 million and $211.7 million at December 31, 2015 and 2014 , respectively, and total regulatory liabilities of $151.4 million and $128.5 million at December 31, 2015 and 2014 , respectively. Regulatory assets and liabilities are classified as current or non-current based on the term in which recovery is expected. See Note 1 – Overview and Summary of Significant Accounting Policies for accounting policies regarding Regulatory Assets and Liabilities. The following table presents DP&L’s Regulatory assets and liabilities: December 31, $ in millions Type of Recovery Amortization Through 2015 2014 Regulatory assets, current: Fuel and purchased power recovery costs A 2016 $ 13.9 $ 16.3 Economic development costs A 2016 0.5 2.1 Deferred storm costs B 2015 — 22.3 Energy efficiency program A 2016 — 1.8 Other miscellaneous A 2016 — 1.7 Total regulatory assets, current $ 14.4 $ 44.2 Regulatory assets, non-current: Pension benefits B Ongoing $ 91.6 $ 99.6 Deferred recoverable income taxes B/C Ongoing 36.4 43.1 Fuel costs B Undetermined 12.7 — Unrecovered OVEC charges D Undetermined 10.5 — Unamortized loss on reacquired debt B Various 9.0 9.9 Smart grid and advanced metering infrastructure costs D Undetermined 7.3 6.6 Generation separation costs Undetermined 3.9 1.6 Retail settlement system costs D Undetermined 3.1 3.1 Consumer education campaign D Undetermined 3.0 3.0 Rate case costs D Undetermined 1.9 — Other miscellaneous D Undetermined 0.5 0.6 Total regulatory assets, non-current $ 179.9 $ 167.5 Total regulatory assets $ 194.3 $ 211.7 Regulatory liabilities, current: Energy efficiency program $ 9.2 $ — Competitive bidding 9.1 — Transmission costs 3.7 2.9 Reconciliation rider 2.1 — Other miscellaneous 0.3 1.5 Total regulatory liabilities, current $ 24.4 $ 4.4 Regulatory liabilities, non-current: Estimated costs of removal - regulated property $ 121.8 $ 119.3 Postretirement benefits 5.2 4.8 Total regulatory liabilities, non-current $ 127.0 $ 124.1 Total regulatory liabilities $ 151.4 $ 128.5 A – Recovery of incurred costs without a rate of return. B – Recovery of incurred costs plus rate of return. C – Balance has an offsetting liability resulting in no effect on rate base. D – Recovery not yet determined, but is probable of occurring in future rate proceedings. Regulatory assets Fuel and purchased power recovery costs represent prudently incurred fuel, purchased power, derivative, emission and other related costs which will be recovered from or returned to customers in the future through the operation of the fuel and purchased power recovery rider. The fuel and purchased power recovery rider fluctuates based on actual costs and recoveries and is modified at the start of each seasonal quarter. As part of the PUCO approval process, an outside auditor reviews fuel costs and the fuel procurement process. The audit for 2014 is in process. The costs recovered through the fuel rider have decreased significantly over the past three years as more SSO supply is provided through the competitive bid. While no further fuel or purchased power costs will be recoverable through the rider, it will continue for up to six months to allow for recovery of the ending deferral amount. Fuel costs - long-term represent unrecovered fuel costs related to DP&L’s fuel rider from 2010 through 2015 resulting from a declining SSO customer base. DP&L has requested recovery of these costs as part of its pending Distribution Rate Case filing. Economic development costs represent costs incurred to promote economic development within the State of Ohio. These costs are being recovered through an Economic Development Rider that is subject to a bi-annual true-up process for any over/under recovery of costs. Deferred storm costs represent costs incurred to repair the damage to DP&L’s distribution equipment by major storms in 2008, 2011 and 2012. All such costs have now been recovered. Energy efficiency program costs represent costs incurred to develop and implement various customer programs addressing energy efficiency. These costs are being recovered through an Energy Efficiency Rider (EER) that began July 1, 2009 and that is subject to an annual true-up for any over/under recovery of costs. In addition to recovery of program costs, this rider has allowed for DP&L to recover lost margin associated with decreases in sales as a result of the programs implemented. The authority to recover lost margin included a maximum amount, which DP&L reached in the fourth quarter of 2015. Consequently, we discontinued accruing an asset for lost revenues after the maximum was reached. In addition, this rider provides that DP&L can earn a “shared savings” incentive that is tiered depending upon the level of success the programs reach. In 2014 and 2015, the maximum shared savings was accrued based upon performance, which is equal to $4.5 million per year, after income taxes. Pension benefits represent the qualifying FASC 715 “Compensation - Retirement Benefits” costs of our regulated operations that for ratemaking purposes are deferred for future recovery. We recognize an asset for a plan’s overfunded status or a liability for a plan’s underfunded status, and recognize, as a component of OCI, the changes in the funded status of the plan that arise during the year that are not recognized as a component of net periodic benefit cost. This regulatory asset represents the regulated portion that would otherwise be charged as a loss to OCI. Deferred recoverable income taxes represent deferred income tax assets recognized from the normalization of flow-through items as the result of tax benefits previously provided to customers. This is the cumulative flow-through benefit given to regulated customers that will be collected from them in future years. Since currently existing temporary differences between the financial statements and the related tax basis of assets will reverse in subsequent periods, these deferred recoverable income taxes will decrease over time. Unrecovered OVEC charges represent the portion of capacity charges from OVEC that were not recoverable through DP&L’s fuel rider beginning in October 2014. DP&L expects to recover these costs through a future rate proceeding. Unamortized loss on reacquired debt represents losses on long-term debt reacquired or redeemed in prior periods that have been deferred. These deferred losses are being amortized over the lives of the original issues in accordance with FERC and PUCO rules. Smart Grid and AMI costs represent costs incurred as a result of studying and developing distribution system upgrades and the implementation of AMI. On October 19, 2010, DP&L elected to withdraw its case pertaining to the Smart Grid and AMI programs. The PUCO accepted the withdrawal in an order issued on January 5, 2011. The PUCO also indicated that it expects DP&L to continue to monitor other utilities' Smart Grid and AMI programs and to explore the potential benefits of investing in Smart Grid and AMI programs and that DP&L will, when appropriate, file new Smart Grid and/or AMI business cases in the future. This plan is currently under development and we plan to seek recover of these deferred costs in a regulatory rate proceeding in the near future. Based on past PUCO precedent, we believe these costs are probable of future recovery in rates. Generation separation costs represent financing, redemption and other costs related to the divestiture of DP&L’s generation assets. The PUCO directed DP&L to divest its generation assets by January 1, 2017. DP&L requested and was granted permission by the PUCO to defer all financing, redemption and related costs it incurs to transfer its generation assets. DP&L has requested recovery of these costs as part of its pending Distribution Rate Case filing. Retail settlement system costs represent costs to implement a retail settlement system that reconciles the energy a CRES supplier delivers to its customers with what its customers actually use. DP&L has requested recovery of these costs as part of its pending Distribution Rate Case filing. Consumer education campaign represents costs for consumer education advertising regarding electric deregulation. DP&L has requested recovery of these costs as part of its pending distribution rate case filing. Rate case costs represent costs associated with preparing a distribution rate case. DP&L has requested recovery of these costs as part of its pending Distribution Rate Case filing. Regulatory liabilities Energy efficiency program costs see “ Regulatory Assets - Energy efficiency program costs ” above. Competitive bidding represents costs associated with the development and implementation of a Competitive Bidding Process, establishing contracts to supply power for a portion of DP&L’s Standard Service Offer load, as well as the net over/under recovery of the cost of the power purchased from the bid winners. Transmission costs represent the costs related to transmission, ancillary service and other PJM-related charges that have been incurred as a member of PJM. On an annual basis, retail rates are adjusted to true-up costs with recovery in rates. Reconciliation rider represents the costs that exceed 10 percent of the base amount of the following riders: Fuel, RPM, Alternative Energy and Competitive Bidding. This rider is in an overcollection position and will be discontinued after this overcollection has been refunded to customers. Estimated costs of removal – regulated property reflect an estimate of amounts collected in customer rates for costs that are expected to be incurred in the future to remove existing transmission and distribution property from service when the property is retired. Postretirement benefits represent the qualifying FASC 715 “Compensation – Retirement Benefits” gains related to our regulated operations that, for ratemaking purposes, are probable of being reflected in future rates. We recognize an asset for a plan’s overfunded status or a liability for a plan’s underfunded status, and recognize, as a component of OCI, the changes in the funded status of the plan that arise during the year that are not recognized as a component of net periodic benefit cost. This regulatory liability represents the regulated portion that would otherwise be reflected as a gain to OCI. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment | Note 4 – Property, Plant and Equipment The following is a summary of DPL’s Property, plant and equipment with corresponding composite depreciation rates at December 31, 2015 and 2014 : December 31, $ in millions 2015 Composite Rate 2014 Composite Rate Regulated: Transmission $ 239.4 3.9% $ 227.5 4.1% Distribution 1,085.7 5.0% 1,011.7 5.4% General 65.9 12.4% 62.5 12.4% Non-depreciable 62.5 N/A 61.6 N/A Total regulated 1,453.5 1,363.3 Unregulated: Production / Generation 1,418.7 4.2% 1,354.9 5.4% Other 17.0 8.1% 16.1 5.5% Non-depreciable 19.8 N/A 19.8 N/A Total unregulated 1,455.5 1,390.8 Total property, plant and equipment in service $ 2,909.0 4.6% $ 2,754.1 5.3% DP&L and certain other Ohio utilities have undivided ownership interests in five coal-fired electric generating facilities and numerous transmission facilities. Certain expenses, primarily fuel costs for the generating units, are allocated to the owners based on their energy usage. The remaining expenses, investments in fuel inventory, plant materials and operating supplies, and capital additions are allocated to the owners in accordance with their respective ownership interests. At December 31, 2015 , DP&L had $39.0 million of construction work in process at such facilities. DP&L’s share of the operations of such facilities is included within the corresponding line in the Statements of Operations, and DP&L’s share of the investment in the facilities is included within Total net property, plant and equipment in the Balance Sheets. Each joint owner provides their own financing for their share of the operations and capital expenditures of the jointly-owned station. Coal-fired facilities DP&L’s undivided ownership interest in such facilities at December 31, 2015 , is as follows: DP&L Share DPL Carrying Value Ownership (%) Summer Production Capacity (MW) Gross Plant In Service ($ in millions) Accumulated Depreciation ($ in millions) Construction Work in Process ($ in millions) Jointly-owned production units Conesville - Unit 4 16.5 129 $ 26 $ 4 $ 1 Killen - Unit 2 67.0 402 342 29 2 Miami Fort - Units 7 and 8 36.0 368 219 32 6 Stuart - Units 1 through 4 35.0 808 236 19 18 Zimmer - Unit 1 28.1 371 188 44 12 Transmission (at varying percentages) 43 8 — Total 2,078 $ 1,054 $ 136 $ 39 Each of the above generating units has SCR and FGD equipment installed. Beckjord Unit 6 was retired effective October 1, 2014, and DP&L’s sale of its interest in East Bend closed on December 30, 2014. AROs We recognize AROs in accordance with GAAP which requires legal obligations associated with the retirement of long-lived assets to be recognized at their fair value at the time those obligations are incurred. Upon initial recognition of a legal liability, costs are capitalized as part of the related long-lived asset and depreciated over the useful life of the related asset. Our legal obligations are associated with the retirement of our long-lived assets, consisting primarily of river intake and discharge structures, coal unloading facilities, loading docks, ice breakers and ash disposal facilities. Our generation AROs are recorded within Other deferred credits on the consolidated balance sheets. Estimating the amount and timing of future expenditures of this type requires significant judgment. Management routinely updates these estimates as additional information becomes available. Changes in the Liability for Generation AROs $ in millions Balance at December 31, 2013 $ 24.4 Calendar 2014 Additions 3.6 Accretion expense 0.9 Settlements (2.0 ) Balance at December 31, 2014 26.9 Calendar 2015 Additions 40.3 Accretion expense 1.9 Settlements (3.2 ) Balance at December 31, 2015 $ 65.9 Asset Removal Costs We continue to record costs of removal for our regulated transmission and distribution assets through our depreciation rates and recover those amounts in rates charged to our customers. There are no known legal AROs associated with these assets. We have recorded $121.8 million and $119.3 million in estimated costs of removal at December 31, 2015 and 2014 , respectively, as regulatory liabilities for our transmission and distribution property. These amounts represent the excess of the cumulative removal costs recorded through depreciation rates versus the cumulative removal costs actually incurred. See Note 3 – Regulatory Assets and Liabilities for additional information. Changes in the Liability for Transmission and Distribution Asset Removal Costs $ in millions Balance at December 31, 2013 $ 115.0 Calendar 2014 Additions 19.6 Settlements (15.3 ) Balance at December 31, 2014 119.3 Calendar 2015 Additions 24.3 Settlements (21.8 ) Balance at December 31, 2015 $ 121.8 |
THE DAYTON POWER AND LIGHT COMPANY [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment | Note 4 – Property, Plant and Equipment The following is a summary of DP&L’s Property, plant and equipment with corresponding composite depreciation rates at December 31, 2015 and 2014 : December 31, $ in millions 2015 Composite Rate 2014 Composite Rate Regulated: Transmission $ 413.7 2.3% $ 402.4 2.3% Distribution 1,639.7 3.3% 1,568.0 3.5% General 96.9 8.4% 116.1 6.7% Non-depreciable 62.5 N/A 61.6 N/A Total regulated 2,212.8 2,148.1 Unregulated: Production / Generation 3,016.8 2.1% 2,957.7 2.4% Non-depreciable 15.1 N/A 14.9 N/A Total unregulated 3,031.9 2,972.6 Total property, plant and equipment in service $ 5,244.7 2.6% $ 5,120.7 2.8% DP&L and certain other Ohio utilities have undivided ownership interests in five coal-fired electric generating facilities and numerous transmission facilities. Certain expenses, primarily fuel costs for the generating units, are allocated to the owners based on their energy usage. The remaining expenses, investments in fuel inventory, plant materials and operating supplies, and capital additions are allocated to the owners in accordance with their respective ownership interests. At December 31, 2015 , DP&L had $39.0 million of construction work in process at such facilities. DP&L’s share of the operations of such facilities is included within the corresponding line in the Statements of Operations and DP&L’s share of the investment in the facilities is included within Total net property, plant and equipment in the Balance Sheets. Each joint owner provides their own financing for their share of the operations and capital expenditures of the jointly-owned station. Coal-fired facilities DP&L’s undivided ownership interest in such facilities at December 31, 2015 , is as follows: DP&L Share DP&L Carrying Value Ownership % Summer Production Capacity (MW) Gross Plant In Service ($ in millions) Accumulated Depreciation ($ in millions) Construction Work in Process ($ in millions) Jointly-owned production units Conesville - Unit 4 16.5 129 $ 27 $ 8 $ 1 Killen - Unit 2 67.0 402 655 326 2 Miami Fort - Units 7 and 8 36.0 368 366 171 6 Stuart - Units 1 through 4 35.0 808 772 338 18 Zimmer - Unit 1 28.1 371 1,104 690 12 Transmission (at varying percentages) 99 64 — Total 2,078 $ 3,023 $ 1,597 $ 39 Each of the above generating units has SCR and FGD equipment installed. Beckjord Unit 6 was retired effective October 1, 2014 and DP&L sold its interest in East Bend on December 30, 2014. As part of the provisional DPL purchase accounting adjustments related to the Merger, four stations (Beckjord, Conesville, East Bend and Hutchings) had future expected cash flows that, when discounted, produced a fair market value different than DP&L’s carrying value. Since DP&L did not apply push down accounting, this valuation did not affect the carrying value of these stations’ valuation at DP&L . In the fourth quarter of 2013, DP&L performed an impairment review of its stations and recorded impairment expense of $86.0 million related to two of its stations, Conesville and East Bend. See Note 13 – Fixed-asset Impairment for more information on these impairments. AROs We recognize AROs in accordance with GAAP which requires legal obligations associated with the retirement of long-lived assets to be recognized at their fair value at the time those obligations are incurred. Upon initial recognition of a legal liability, costs are capitalized as part of the related long-lived asset and depreciated over the useful life of the related asset. Our legal obligations are associated with the retirement of our long-lived assets, consisting primarily of river intake and discharge structures, coal unloading facilities, loading docks, ice breakers and ash disposal facilities. Our generation AROs are recorded within Other deferred credits on the consolidated balance sheets. Estimating the amount and timing of future expenditures of this type requires significant judgment. Management routinely updates these estimates as additional information becomes available. Changes in the Liability for Generation AROs $ in millions Balance at December 31, 2013 $ 19.9 Calendar 2014 Additions 3.6 Accretion expense 1.1 Settlements (1.7 ) Balance at December 31, 2014 22.9 Calendar 2015 Additions 40.3 Accretion expense 2.1 Settlements (3.2 ) Balance at December 31, 2015 $ 62.1 Asset Removal Costs We continue to record cost of removal for our regulated transmission and distribution assets through our depreciation rates and recover those amounts in rates charged to our customers. There are no known legal AROs associated with these assets. We have recorded $121.8 million and $119.3 million in estimated costs of removal at December 31, 2015 and 2014 , respectively, as regulatory liabilities for our transmission and distribution property. These amounts represent the excess of the cumulative removal costs recorded through depreciation rates versus the cumulative removal costs actually incurred. See Note 3 – Regulatory Assets and Liabilities for additional information. Changes in the Liability for Transmission and Distribution Asset Removal Costs $ in millions Balance at December 31, 2013 $ 115.0 Calendar 2014 Additions 19.6 Settlements (15.3 ) Balance at December 31, 2014 119.3 Calendar 2015 Additions 24.3 Settlements (21.8 ) Balance at December 31, 2015 $ 121.8 |
Fair Value Measurements
Fair Value Measurements | 12 Months Ended |
Dec. 31, 2015 | |
Entity Information [Line Items] | |
Fair Value Measurements | Note 5 – Fair Value The fair values of our financial instruments are based on published sources for pricing when possible. We rely on valuation models only when no other method is available to us. The fair value of our financial instruments represents estimates of possible value that may or may not be realized in the future. The table below presents the fair value and cost of our non-derivative instruments at December 31, 2015 and 2014 . See Note 6 – Derivative Instruments and Hedging Activities for the fair values of our derivative instruments. December 31, 2015 December 31, 2014 $ in millions Carrying Value Fair Value Carrying Value Fair Value Assets Money market funds $ 0.2 $ 0.2 $ 0.1 $ 0.1 Equity securities 3.0 3.8 2.7 3.7 Debt securities 4.4 4.3 4.7 4.7 Hedge Funds 0.4 0.4 0.8 0.8 Real Estate 0.3 0.3 0.4 0.4 Total assets $ 8.3 $ 9.0 $ 8.7 $ 9.7 Liabilities Debt $ 2,009.4 $ 1,975.3 $ 2,159.7 $ 2,204.8 Fair value hierarchy Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. These inputs are then categorized as: • Level 1 (quoted prices in active markets for identical assets or liabilities); • Level 2 (observable inputs such as quoted prices for similar assets or liabilities or quoted prices in markets that are not active); and • Level 3 (unobservable inputs). Valuations of assets and liabilities reflect the value of the instrument including the values associated with counterparty risk. We include our own credit risk and our counterparty’s credit risk in our calculation of fair value using global average default rates based on an annual study conducted by a large rating agency. We did not have any transfers of the fair values of our financial instruments between Level 1 and Level 2 of the fair value hierarchy during the twelve months ended December 31, 2015 and 2014 . 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 debt is presented at the carrying value, net of unamortized premium or discount, in the financial statements. The debt amounts include the current portion payable in the next twelve months and have maturities that range from 2016 to 2061 . Master trust assets DP&L established a Master Trust to hold assets that could be used for the benefit of employees participating in employee benefit plans. These assets are primarily comprised of open-ended mutual funds, which are valued using the net asset value per unit. These investments are recorded at fair value within Other deferred assets on the balance sheets and classified as available for sale. Any unrealized gains or losses are recorded in AOCI until the securities are sold. DPL had $0.7 million ( $0.5 million after tax) in unrealized gains and $0.1 million ( $0.1 million after tax) in unrealized losses on the Master Trust assets in AOCI at December 31, 2015 , and $0.8 million ( $0.5 million after tax) in unrealized gains and immaterial unrealized losses in AOCI at December 31, 2014 . Various investments were sold during the past twelve months to facilitate the distribution of benefits. During the past twelve months, an immaterial amount of unrealized gains were reversed into earnings. Over the next twelve months, an immaterial amount of unrealized gains is expected to be reversed to earnings. The fair value of assets and liabilities at December 31, 2015 and the respective category within the fair value hierarchy for DPL was determined as follows: Assets and Liabilities at Fair Value Level 1 Level 2 Level 3 $ in millions Fair Value at December 31, 2015 (a) Based on Quoted Prices in Active Markets Other observable inputs Unobservable inputs Assets Master trust assets Money market funds $ 0.2 $ 0.2 $ — $ — Equity securities 3.8 — 3.8 — Debt securities 4.3 — 4.3 — Hedge Funds 0.4 — 0.4 — Real Estate 0.3 — 0.3 — Total Master trust assets 9.0 0.2 8.8 — Derivative assets Forward power contracts 30.5 — 30.5 — FTRs 0.2 — — 0.2 Total Derivative assets $ 30.7 $ — $ 30.5 $ 0.2 Total assets $ 39.7 $ 0.2 $ 39.3 $ 0.2 Liabilities FTRs 0.5 $ — $ — $ 0.5 Forward power contracts 27.0 — 23.9 3.1 Total derivative liabilities 27.5 — 23.9 3.6 Long-term debt 1,975.3 — 1,957.2 18.1 Total liabilities $ 2,002.8 $ — $ 1,981.1 $ 21.7 (a) Includes credit valuation adjustment. The fair value of assets and liabilities at December 31, 2014 and the respective category within the fair value hierarchy for DPL was determined as follows: Assets and Liabilities at Fair Value Level 1 Level 2 Level 3 $ in millions Fair Value at December 31, 2014 (a) Based on Quoted Prices in Active Markets Other observable inputs Unobservable inputs Assets Master trust assets Money market funds $ 0.1 $ 0.1 $ — $ — Equity securities 3.7 3.7 — — Debt securities 4.7 4.7 — — Hedge Funds 0.8 — 0.8 — Real Estate 0.4 0.4 — — Total Master trust assets 9.7 8.9 0.8 — Derivative assets Forward power contracts 14.9 — 13.7 1.2 Total derivative assets 14.9 — 13.7 1.2 Total assets $ 24.6 $ 8.9 $ 14.5 $ 1.2 Liabilities FTRs $ 0.6 $ — $ — $ 0.6 Heating oil futures 0.4 0.4 — — Natural gas futures 0.1 0.1 — — Forward power contracts 11.1 — 11.1 — Total derivative liabilities 12.2 0.5 11.1 0.6 Long-term debt 2,204.8 — 2,186.6 18.2 Total liabilities $ 2,217.0 $ 0.5 $ 2,197.7 $ 18.8 (a) Includes credit valuation adjustment. Our financial instruments are valued using the market approach in the following categories: • Level 1 inputs are used for derivative contracts, such as heating oil futures, and for money market accounts that are considered cash equivalents. The fair value is determined by reference to quoted market prices and other relevant information generated by market transactions. • Level 2 inputs are used to value derivatives such as forward power contracts (which are traded on the OTC market but which are valued using prices on the NYMEX for similar contracts on the OTC market). Other Level 2 assets include: open-ended mutual funds that are in the Master Trust, which are valued using the end of day NAV per unit. • Level 3 inputs, such as financial transmission rights, are considered a Level 3 input because the monthly auctions are considered inactive. Our Level 3 inputs are immaterial to our derivative balances as a whole and as such no further disclosures are presented. Our debt is fair valued for disclosure purposes only and most of the fair values are determined using quoted market prices in inactive markets. These fair value inputs are considered Level 2 in the fair value hierarchy. The WPAFB note is not publicly traded. Fair value is assumed to equal carrying value. These fair value inputs are considered Level 3 in the fair value hierarchy as there are no observable inputs. Additional Level 3 disclosures were not presented since debt is not recorded at fair value. Approximately 99% of the inputs to the fair value of our derivative instruments are from quoted market prices. Non-recurring Fair Value Measurements We use the cost approach to determine the fair value of our AROs, which are estimated by discounting expected cash outflows to their present value at the initial recording of the liability. Cash outflows are based on the approximate future disposal cost as determined by market information, historical information or other management estimates. These inputs to the fair value of the AROs would be considered Level 3 inputs under the fair value hierarchy. AROs for asbestos, ash ponds, underground storage tanks, and river structures increased by a net amount of $39.0 million ( $25.4 million after tax) and $2.5 million ( $1.6 million after tax) during the 12 months ended December 31, 2015 and 2014 , respectively. The majority of the increase for 2015 is due to a net increase in the ARO for ash ponds of $40.3 million ( $26.2 million after tax) as a result of new rules promulgated by the USEPA that were published in the Federal Register in April 2015 and became effective in October 2015. See Note 4 – Property, Plant and Equipment for more information about AROs. When evaluating impairment of goodwill and long-lived assets, we measure fair value using the applicable fair value measurement guidance. Impairment expense is measured by comparing the fair value at the evaluation date to the carrying amount. The following table summarizes major categories of assets and liabilities measured at fair value on a nonrecurring basis during the period and their level within the fair value hierarchy: $ in millions Year ended December 31, 2015 Carrying Fair Value Gross Amount Level 1 Level 2 Level 3 Loss Goodwill (b) DP&L reporting unit $ 317.0 $ — $ — $ — $ 317.0 $ in millions Year ended December 31, 2014 Carrying Fair Value Gross Amount Level 1 Level 2 Level 3 Loss Assets Long-lived assets held and used (a) DP&L (East Bend) $ 14.2 $ — $ — $ 2.7 $ 11.5 Goodwill (b) DPLER Reporting unit $ 135.8 $ — $ — $ — $ 135.8 $ in millions Year ended December 31, 2013 Carrying Fair Value Gross Amount Level 1 Level 2 Level 3 Loss Assets Long-lived assets held and used (a) DP&L (Conesville) $ 26.2 $ — $ — $ — $ 26.2 Goodwill (b) DP&L Reporting unit $ 623.3 $ — $ — $ 317.0 $ 306.3 (a) See Note 15 – Fixed-asset Impairment for further information (b) See Note 7 – Goodwill and Other Intangible Assets for further information |
THE DAYTON POWER AND LIGHT COMPANY [Member] | |
Entity Information [Line Items] | |
Fair Value Measurements | Note 5 – Fair Value The fair values of our financial instruments are based on published sources for pricing when possible. We rely on valuation models only when no other method is available to us. The fair value of our financial instruments represents estimates of possible value that may or may not be realized in the future. The table below presents the fair value and cost of our non-derivative instruments at December 31, 2015 and 2014 . See also Note 6 – Derivative Instruments and Hedging Activities for the fair values of our derivative instruments. December 31, 2015 December 31, 2014 $ in millions Carrying Value Fair Value Carrying Value Fair Value Assets Money market funds $ 0.2 $ 0.2 $ 0.1 $ 0.1 Equity securities 3.0 3.8 2.7 3.7 Debt securities 4.4 4.3 4.7 4.7 Hedge Funds 0.4 0.4 0.8 0.8 Real Estate 0.3 0.3 0.4 0.4 Total assets $ 8.3 $ 9.0 $ 8.7 $ 9.7 Liabilities Debt $ 762.9 $ 764.2 $ 877.1 $ 882.5 Fair value hierarchy Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value hierarchy requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. These inputs are then categorized as: • Level 1 (quoted prices in active markets for identical assets or liabilities); • Level 2 (observable inputs such as quoted prices for similar assets or liabilities or quoted prices in markets that are not active); and • Level 3 (unobservable inputs). Valuations of assets and liabilities reflect the value of the instrument including the values associated with counterparty risk. We include our own credit risk and our counterparty’s credit risk in our calculation of fair value using global average default rates based on an annual study conducted by a large rating agency. We did not have any transfers of the fair values of our financial instruments between Level 1 and Level 2 of the fair value hierarchy during the twelve months ended December 31, 2015 and 2014 . 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 debt is presented at the carrying value, net of unamortized premium or discount, in the financial statements. The debt amounts include the current portion payable in the next twelve months and have maturities that range from 2016 to 2061 . Master trust assets DP&L established a Master Trust to hold assets that could be used for the benefit of employees participating in employee benefit plans. These assets are primarily comprised of open-ended mutual funds, which are valued using the net asset value per unit. These investments are recorded at fair value within Other deferred assets on the balance sheets and classified as available for sale. Any unrealized gains or losses are recorded in AOCI until the securities are sold. DP&L had $0.8 million ( $0.5 million after tax) in unrealized gains and $0.1 million ( $0.1 million after tax) in unrealized losses on the Master Trust assets in AOCI at December 31, 2015 and $1.1 million ( $0.7 million after tax) in unrealized gains and immaterial unrealized losses in AOCI at December 31, 2014 . Various investments were sold during the past twelve months to facilitate the distribution of benefits. During the past twelve months, an immaterial amount of unrealized gains were reversed into earnings. Over the next twelve months, an immaterial amount of unrealized gains is expected to be reversed to earnings. The fair value of assets and liabilities at December 31, 2015 and the respective category within the fair value hierarchy for DP&L was determined as follows: Assets and Liabilities at Fair Value Level 1 Level 2 Level 3 $ in millions Fair Value at December 31, 2015 (a) Based on Quoted Prices in Active Markets Other observable inputs Unobservable inputs Assets Master trust assets Money market funds $ 0.2 $ 0.2 $ — $ — Equity securities 3.8 — 3.8 — Debt securities 4.3 — 4.3 — Hedge Funds 0.4 — 0.4 — Real Estate 0.3 — 0.3 — Total Master trust assets 9.0 0.2 8.8 — Derivative assets FTRs 0.2 — — 0.2 Forward power contracts 30.6 — 30.6 — Total derivative assets 30.8 — 30.6 0.2 Total assets $ 39.8 $ 0.2 $ 39.4 $ 0.2 Liabilities FTRs $ 0.5 $ — $ — $ 0.5 Forward power contracts 27.0 — 23.9 3.1 Total derivative liabilities 27.5 — 23.9 3.6 Long-term debt 764.2 — 746.1 18.1 Total liabilities $ 791.7 $ — $ 770.0 $ 21.7 (a) Includes credit valuation adjustment. The fair value of assets and liabilities at December 31, 2014 and the respective category within the fair value hierarchy for DP&L was determined as follows: Assets and Liabilities at Fair Value Level 1 Level 2 Level 3 $ in millions Fair Value at December 31, 2014 (a) Based on Quoted Prices in Active Markets Other observable inputs Unobservable inputs Assets Master trust assets Money market funds $ 0.1 $ 0.1 $ — $ — Equity securities 3.7 3.7 — — Debt securities 4.7 4.7 — — Hedge Funds 0.8 — 0.8 — Real Estate 0.4 0.4 — — Total Master trust assets 9.7 8.9 0.8 — Derivative assets Forward power contracts 15.1 — 13.9 1.2 Total derivative assets 15.1 — 13.9 1.2 Total assets $ 24.8 $ 8.9 $ 14.7 $ 1.2 Liabilities Forward power contracts $ 11.2 $ — $ 11.2 $ — FTRS 0.6 — — 0.6 Heating Oil Futures 0.4 0.4 — — Natural Gas Futures 0.1 0.1 — — Total derivative liabilities 12.3 0.5 11.2 0.6 Long-term debt 882.5 — 864.3 18.2 Total liabilities $ 894.8 $ 0.5 $ 875.5 $ 18.8 (a) Includes credit valuation adjustment. Our financial instruments are valued using the market approach in the following categories: • Level 1 inputs are used for derivative contracts, such as heating oil futures, and for money market accounts that are considered cash equivalents. The fair value is determined by reference to quoted market prices and other relevant information generated by market transactions. • Level 2 inputs are used to value derivatives such as forward power contracts (which are traded on the OTC market but which are valued using prices on the NYMEX for similar contracts on the OTC market). Other Level 2 assets include: open-ended mutual funds that are in the Master Trust, which are valued using the end of day NAV per unit. • Level 3 inputs, such as financial transmission rights, are considered a Level 3 input because the monthly auctions are considered inactive. Our Level 3 inputs are immaterial to our derivative balances as a whole and as such no further disclosures are presented. Our debt is fair valued for disclosure purposes only and most of the fair values are determined using quoted market prices in inactive markets. These fair value inputs are considered Level 2 in the fair value hierarchy. The WPAFB note is not publicly traded. Fair value is assumed to equal carrying value. These fair value inputs are considered Level 3 in the fair value hierarchy as there are no observable inputs. Additional Level 3 disclosures were not presented since debt is not recorded at fair value. Approximately 99% of the inputs to the fair value of our derivative instruments are from quoted market prices. Non-recurring Fair Value Measurements We use the cost approach to determine the fair value of our AROs, which are estimated by discounting expected cash outflows to their present value at the initial recording of the liability. Cash outflows are based on the approximate future disposal cost as determined by market information, historical information or other management estimates. These inputs to the fair value of the AROs would be considered Level 3 inputs under the fair value hierarchy. AROs for asbestos, ash ponds, underground storage tanks, and river structures increased by a net amount of $39.2 million ( $25.5 million after tax) and $3.0 million ( $2.0 million after tax) during the 12 months ended December 31, 2015 and 2014 , respectively. The majority of the increase for 2015 is due to a net increase in the ARO for ash ponds of $40.3 million ( $26.2 million after tax) as a result of new rules promulgated by the USEPA that were published in the Federal Register in April 2015 and became effective in October 2015. See Note 4 – Property, Plant and Equipment for more information about AROs. When evaluating impairment of long-lived assets, we measure fair value using the applicable fair value measurement guidance. Impairment expense is measured by comparing the fair value at the evaluation date to the carrying amount. The following table summarizes major categories of assets and liabilities measured at fair value on a nonrecurring basis during the period and their level within the fair value hierarchy: $ in millions Year ended December 31, 2013 Carrying Fair Value Gross Amount Level 1 Level 2 Level 3 Loss Assets Long-lived assets held and used (a) Conesville $ 30.0 $ — $ — $ 20.0 $ 10.0 East Bend $ 76.0 $ — $ — $ — $ 76.0 (a) See Note 13 – Fixed-asset Impairment for further information. The following table summarizes the significant unobservable inputs used in the Level 3 measurement of long-lived assets during the year ended December 31, 2013 : $ in millions Fair Value Valuation Technique Unobservable input Range (Weighted Average) Long-lived assets held and used: DP&L (Conesville) $ — Discounted cash flows Annual revenue growth -31% to 18% (0) |
Derivative Instruments and Hedg
Derivative Instruments and Hedging Activities | 12 Months Ended |
Dec. 31, 2015 | |
Derivative Instruments and Hedging Activities | Note 6 – Derivative Instruments and Hedging Activities In the normal course of business, DPL enters into various financial instruments, including derivative financial instruments. We use derivatives principally to manage the risk of changes in market prices for commodities and interest rate risk associated with our long-term debt. The derivatives that we use to economically hedge these risks are governed by our risk management policies for forward and futures contracts. Our net positions are continually assessed within our structured hedging programs to determine whether new or offsetting transactions are required. The objective of the hedging program is to mitigate financial risks while ensuring that we have adequate resources to meet our requirements. We monitor and value derivative positions monthly as part of our risk management processes. We use published sources for pricing, when possible, to mark positions to market. All of our derivative instruments are used for risk management purposes and are designated as cash flow hedges if they qualify under FASC 815 for accounting purposes. At December 31, 2015 , DPL had the following outstanding derivative instruments: Commodity Accounting Treatment Unit Purchases (in thousands) Sales (in thousands) Net Purchases/ (Sales) (in thousands) FTRs Not designated MWh 10.2 — 10.2 Forward Power Contracts Designated MWh 1,676.7 (7,795.8 ) (6,119.1 ) Forward Power Contracts Not designated MWh 5,049.9 (1,663.0 ) 3,386.9 At December 31, 2014 , DPL had the following outstanding derivative instruments: Commodity Accounting Treatment Unit Purchases (in thousands) Sales (in thousands) Net Purchases/ (Sales) (in thousands) FTRs Not designated MWh 10.5 — 10.5 Heating Oil Futures Not designated Gallons 378.0 — 378.0 Natural Gas Futures Not designated Dths 200.0 — 200.0 Forward Power Contracts Designated MWh 175.0 (2,991.0 ) (2,816.0 ) Forward Power Contracts Not designated MWh 1,725.2 (2,707.8 ) (982.6 ) Cash flow hedges As part of our risk management processes, we identify the relationships between hedging instruments and hedged items, as well as the risk management objective and strategy for undertaking various hedge transactions. The fair values of cash flow hedges determined by current public market prices will continue to fluctuate with changes in market prices up to contract expiration. The effective portion of the hedging transaction is recognized in AOCI and transferred to earnings using specific identification of each contract when the forecasted hedged transaction takes place or when the forecasted hedged transaction is probable of not occurring. The ineffective portion of the cash flow hedge is recognized in earnings in the current period. All risk components were taken into account to determine the hedge effectiveness of the cash flow hedges. We enter into forward power contracts to manage commodity price risk exposure related to our generation of electricity. We do not hedge all commodity price risk. We reclassify gains and losses on forward power contracts from AOCI into earnings in those periods in which the contracts settle. We also entered into interest rate derivative contracts to manage interest rate exposure related to anticipated borrowings of fixed-rate debt. These interest rate derivative contracts were settled in the third quarter of 2013. We do not hedge all interest rate exposure. We reclassify gains and losses on interest rate derivative hedges out of AOCI and into earnings in those periods in which hedged interest payments occur. The following tables set forth the gains / (losses) recognized in AOCI and earnings related to the effective portion of derivative instruments and the gains / (losses) recognized in earnings related to the ineffective portion of derivative instruments in qualifying cash flow hedging relationships, as defined in the accounting standards for derivatives and hedging, for the periods indicated: Years ended December 31, 2015 2014 2013 $ in millions (net of tax) Power Interest Rate Hedges Power Interest Rate Hedges Power Interest Rate Hedges Beginning accumulated derivative gain / (loss) in AOCI $ 0.2 $ 18.3 $ 1.4 $ 19.2 $ (3.0 ) $ 0.5 Net gains / (losses) associated with current period hedging transactions 18.2 — (19.0 ) — 1.0 18.7 Net gains / (losses) reclassified to earnings: Interest Expense — (0.8 ) — (0.9 ) — — Revenues (12.0 ) — 18.3 — 2.1 — Purchased Power 2.8 — (0.5 ) — 1.3 — Ending accumulated derivative gain in AOCI $ 9.2 $ 17.5 $ 0.2 $ 18.3 $ 1.4 $ 19.2 Net gains / (losses) associated with the ineffective portion of the hedging transaction Interest Expense $ — $ — $ — $ — $ — $ 0.8 Portion expected to be reclassified to earnings in the next twelve months (a) $ 5.9 $ (0.8 ) Maximum length of time that we are hedging our exposure to variability in future cash flows related to forecasted transactions (in months) 36 — (a) The actual amounts that we reclassify from AOCI to earnings related to power can differ from the estimate above due to market price changes. Derivatives not designated as hedges Certain derivative contracts are entered into on a regular basis as part of our risk management program but do not qualify for hedge accounting or the normal purchases and sales exceptions under FASC 815. Accordingly, such contracts are recorded at fair value with changes in the fair value charged or credited to the consolidated statements of results of operations in the period in which the change occurred. This is commonly referred to as “MTM accounting”. Contracts we enter into as part of our risk management program may be settled financially, by physical delivery or net settled with the counterparty. We mark to market FTRs, heating oil futures and certain forward power contracts. Certain qualifying derivative instruments have been designated as normal purchases or normal sales contracts, as provided under GAAP. Derivative contracts that have been designated as normal purchases or normal sales under GAAP are not subject to MTM accounting treatment and are recognized in the consolidated statements of results of operations on an accrual basis. Regulatory assets and liabilities In accordance with regulatory accounting under GAAP, a cost that is probable of recovery in future rates should be deferred as a regulatory asset and a gain that is probable of being returned to customers should be deferred as a regulatory liability. Portions of the derivative contracts that are marked to market each reporting period and are related to the retail portion of DP&L’s load requirements are included as part of the fuel and purchased power recovery rider approved by the PUCO which began January 1, 2010. Therefore, the Ohio retail customers’ portion of the heating oil futures are deferred as a regulatory asset or liability until the contracts settle. If these unrealized gains and losses are no longer deemed to be probable of recovery through our rates, they will be reclassified into earnings in the period such determination is made. The following tables show the amount and classification within the consolidated statements of results of operations or balance sheets of the gains and losses on DPL’s derivatives not designated as hedging instruments for the years ended December 31, 2015 , 2014 and 2013 : Year ended December 31, 2015 $ in millions Heating Oil FTRs Power Natural Gas Total Derivatives not designated as hedging instruments Change in unrealized loss $ 0.4 $ 0.3 $ (6.4 ) $ 0.1 $ (5.6 ) Realized gain / (loss) (0.3 ) (0.2 ) (9.8 ) (0.1 ) (10.4 ) Total $ 0.1 $ 0.1 $ (16.2 ) $ — $ (16.0 ) Recorded on Balance Sheet: Regulatory asset $ 0.1 $ — $ — $ — $ 0.1 Recorded in Income Statement: gain / (loss) Purchased Power — 0.1 (43.6 ) — (43.5 ) Revenue — — 27.4 — 27.4 Total $ 0.1 $ 0.1 $ (16.2 ) $ — $ (16.0 ) Year ended December 31, 2014 $ in millions Heating Oil FTRs Power Natural Gas Total Derivatives not designated as hedging instruments Change in unrealized gain $ (0.6 ) $ (0.8 ) $ (1.5 ) $ (0.1 ) $ (3.0 ) Realized gain (0.1 ) 0.7 (3.6 ) (0.1 ) (3.1 ) Total $ (0.7 ) $ (0.1 ) $ (5.1 ) $ (0.2 ) $ (6.1 ) Recorded on Balance Sheet: Regulatory asset $ (0.1 ) $ — $ — $ — $ (0.1 ) Recorded in Income Statement: gain / (loss) Purchased Power — (0.1 ) (5.1 ) (0.2 ) (5.4 ) Fuel (0.6 ) — — — (0.6 ) Total $ (0.7 ) $ (0.1 ) $ (5.1 ) $ (0.2 ) $ (6.1 ) Year ended December 31, 2013 $ in millions Heating Oil FTRs Power Total Derivatives not designated as hedging instruments Change in unrealized gain / (loss) $ — $ 0.3 $ 0.6 $ 0.9 Realized gain / (loss) 0.1 1.2 1.1 2.4 Total $ 0.1 $ 1.5 $ 1.7 $ 3.3 Recorded in Income Statement: gain / (loss) Revenue — — — — Purchased Power — 1.5 1.7 3.2 Fuel 0.1 — — 0.1 O&M — — — — Total $ 0.1 $ 1.5 $ 1.7 $ 3.3 The following tables show the fair value, balance sheet classification and hedging designation of DPL’s derivative instruments at December 31, 2015 and 2014 . Fair Values of Derivative Instruments December 31, 2015 Gross Amounts Not Offset in the Consolidated Balance Sheets $ in millions Hedging Designation Gross Fair Value as presented in the Consolidated Balance Sheets (a) Financial Instruments with Same Counterparty in Offsetting Position Cash Collateral Net Amount Assets Short-term derivative positions (presented in Other current assets) Forward power contracts Designated $ 16.2 $ (7.1 ) $ — $ 9.1 Forward power contracts Not designated 7.3 (5.5 ) — 1.8 FTRs Not designated 0.2 (0.2 ) — — Long-term derivative positions (presented in Other deferred assets) Forward power contracts Designated 3.0 (2.4 ) — 0.6 Forward power contracts Not designated 4.0 (2.7 ) — 1.3 Total assets $ 30.7 $ (17.9 ) $ — $ 12.8 Liabilities Short-term derivative positions (presented in Other current liabilities) Forward power contracts Designated $ 7.1 $ (7.1 ) $ — $ — Forward power contracts Not designated 14.5 (5.5 ) (8.0 ) 1.0 FTRs Not designated 0.5 (0.2 ) — 0.3 Long-term derivative positions (presented in Other deferred liabilities) Forward power contracts Designated 2.7 (2.4 ) — 0.3 Forward power contracts Not designated 2.7 (2.7 ) — — Total liabilities $ 27.5 $ (17.9 ) $ (8.0 ) $ 1.6 (a) Includes credit valuation adjustment. Fair Values of Derivative Instruments December 31, 2014 Gross Amounts Not Offset in the Consolidated Balance Sheets $ in millions Hedging Designation Gross Fair Value as presented in the Consolidated Balance Sheets (a) Financial Instruments with Same Counterparty in Offsetting Position Cash Collateral Net Amount Assets Short-term derivative positions (presented in Other current assets) Forward power contracts Designated $ 5.6 $ (2.0 ) $ — $ 3.6 Forward power contracts Not designated 5.5 (3.4 ) — 2.1 Long-term derivative positions (presented in Other deferred assets) Forward power contracts Designated 0.3 (0.3 ) — — Forward power contracts Not designated 3.5 (0.9 ) — 2.6 Total assets $ 14.9 $ (6.6 ) $ — $ 8.3 Liabilities Short-term derivative positions (presented in Other current liabilities) Forward power contracts Designated $ 2.1 $ (2.0 ) $ — $ 0.1 Forward power contracts Not designated 7.5 (3.4 ) (4.1 ) — FTRs Not designated 0.6 — — 0.6 Heating Oil Futures Not designated 0.4 — (0.4 ) — Natural Gas Not designated 0.1 — (0.1 ) — Long-term derivative positions (presented in Other deferred liabilities) Forward power contracts Designated 0.6 (0.3 ) (0.3 ) — Forward power contracts Not designated 0.9 (0.9 ) — — Total liabilities $ 12.2 $ (6.6 ) $ (4.9 ) $ 0.7 (a) Includes credit valuation adjustment. As of December 31, 2014, the above table includes Forward power contracts in a short-term asset position of $11.1 million . This table does not include a short-term asset position of $0.1 million of Forward power contracts that had been, but no longer need to be, accounted for as derivatives at fair value that are to be amortized to earnings over the remaining term of the associated forward contract. Credit risk-related contingent features Certain of our OTC commodity derivative contracts are under master netting agreements that contain provisions that require our debt to maintain an investment grade credit rating from credit rating agencies. Since our debt has fallen below investment grade, we are in violation of these provisions, and the counterparties to the derivative instruments could request immediate payment or demand immediate and ongoing full overnight collateralization of the MTM loss. Some of our counterparties to the derivative instruments have requested collateralization of the MTM loss. The aggregate fair value of DPL’s derivative instruments that are in a MTM loss position at December 31, 2015 is $27.5 million . This amount is offset by $8.0 million of collateral posted directly with third parties and in a broker margin account which offsets our loss positions on the forward contracts. This liability position is further offset by the asset position of counterparties with master netting agreements of $17.9 million . Since our debt is below investment grade, we could have to post collateral for the remaining $1.6 million . |
THE DAYTON POWER AND LIGHT COMPANY [Member] | |
Derivative Instruments and Hedging Activities | In the normal course of business, DP&L enters into various financial instruments, including derivative financial instruments. We use derivatives principally to manage the risk of changes in market prices for commodities and interest rate risk associated with our long-term debt. The derivatives that we use to economically hedge these risks are governed by our risk management policies for forward and futures contracts. Our net positions are continually assessed within our structured hedging programs to determine whether new or offsetting transactions are required. The objective of the hedging program is to mitigate financial risks while ensuring that we have adequate resources to meet our requirements. We monitor and value derivative positions monthly as part of our risk management processes. We use published sources for pricing, when possible, to mark positions to market. All of our derivative instruments are used for risk management purposes and are designated as cash flow hedges if they qualify under FASC 815 for accounting purposes. At December 31, 2015 , DP&L had the following outstanding derivative instruments: Commodity Accounting Treatment Unit Purchases (in thousands) Sales (in thousands) Net Purchases/ (Sales) (in thousands) FTRs Not designated MWh 10.2 — 10.2 Forward Power Contracts Designated MWh 1,676.7 (7,795.8 ) (6,119.1 ) Forward Power Contracts Not designated MWh 5,049.9 (1,665.7 ) 3,384.2 At December 31, 2014 , DP&L had the following outstanding derivative instruments: Commodity Accounting Treatment Unit Purchases (in thousands) Sales (in thousands) Net Purchases/ (Sales) (in thousands) FTRs Not designated MWh 10.5 — 10.5 Heating Oil Futures Not designated Gallons 378.0 — 378.0 Natural Gas Not designated Dths 200.0 200.0 Forward Power Contracts Designated MWh 175.0 (2,991.0 ) (2,816.0 ) Forward Power Contracts Not designated MWh 1,725.2 (2,804.0 ) (1,078.8 ) Cash flow hedges As part of our risk management processes, we identify the relationships between hedging instruments and hedged items, as well as the risk management objective and strategy for undertaking various hedge transactions. The fair values of cash flow hedges determined by current public market prices will continue to fluctuate with changes in market prices up to contract expiration. The effective portion of the hedging transaction is recognized in AOCI and transferred to earnings using specific identification of each contract when the forecasted hedged transaction takes place or when the forecasted hedged transaction is probable of not occurring. The ineffective portion of the cash flow hedge is recognized in earnings in the current period. All risk components were taken into account to determine the hedge effectiveness of the cash flow hedges. We enter into forward power contracts to manage commodity price risk exposure related to our generation of electricity. We do not hedge all commodity price risk. We reclassify gains and losses on forward power contracts from AOCI into earnings in those periods in which the contracts settle. The following tables set forth the gains / (losses) recognized in AOCI and earnings related to the effective portion of derivative instruments and the gains / (losses) recognized in earnings related to the ineffective portion of derivative instruments in qualifying cash flow hedging relationships, as defined in the accounting standards for derivatives and hedging, for the periods indicated: Years ended December 31, 2015 2015 2014 2014 2013 2013 $ in millions (net of tax) Power Interest Rate Hedge Power Interest Rate Hedge Power Interest Rate Hedge Beginning accumulated derivative gain / (loss) in AOCI $ 0.2 $ 2.6 $ 1.0 $ 5.2 $ (4.7 ) $ 7.3 Net gains / (losses) associated with current period hedging transactions 18.2 — (18.8 ) — 1.0 — Net gains / (losses) reclassified to earnings: Interest Expense — (0.6 ) — (2.6 ) — (2.1 ) Revenues (12.0 ) — 18.2 — 1.4 — Purchased Power 2.8 — (0.2 ) — 3.3 — Ending accumulated derivative gain in AOCI $ 9.2 $ 2.0 $ 0.2 $ 2.6 $ 1.0 $ 5.2 Net gains or losses associated with the ineffective portion of the hedging transactions were immaterial in the periods presented. Portion expected to be reclassified to earnings in the next twelve months (a) $ 5.9 $ (0.6 ) Maximum length of time that we are hedging our exposure to variability in future cash flows related to forecasted transactions (in months) 36 — (a) The actual amounts that we reclassify from AOCI to earnings related to power can differ from the estimate above due to market price changes. Derivatives not designated as hedges Certain derivative contracts are entered into on a regular basis as part of our risk management program but do not qualify for hedge accounting or the normal purchases and sales exceptions under FASC 815. Accordingly, such contracts are recorded at fair value with changes in the fair value charged or credited to the consolidated statements of results of operations in the period in which the change occurred. This is commonly referred to as “MTM accounting”. Contracts we enter into as part of our risk management program may be settled financially, by physical delivery or net settled with the counterparty. We mark to market FTRs, heating oil futures and certain forward power contracts. Certain qualifying derivative instruments have been designated as normal purchases or normal sales contracts, as provided under GAAP. Derivative contracts that have been designated as normal purchases or normal sales under GAAP are not subject to MTM accounting treatment and are recognized in the consolidated statements of results of operations on an accrual basis. Regulatory assets and liabilities In accordance with regulatory accounting under GAAP, a cost that is probable of recovery in future rates should be deferred as a regulatory asset and a gain that is probable of being returned to customers should be deferred as a regulatory liability. Portions of the derivative contracts that are marked to market each reporting period and are related to the retail portion of DP&L’s load requirements are included as part of the fuel and purchased power recovery rider approved by the PUCO which began January 1, 2010. Therefore, the Ohio retail customers’ portion of the heating oil futures are deferred as a regulatory asset or liability until the contracts settle. If these unrealized gains and losses are no longer deemed to be probable of recovery through our rates, they will be reclassified into earnings in the period such determination is made. The following tables show the amount and classification within the statements of results of operations or balance sheets of the gains and losses on DP&L’s derivatives not designated as hedging instruments for the years ended December 31, 2015 , 2014 and 2013 . Year ended December 31, 2015 $ in millions Heating Oil FTRs Power Natural Gas Total Derivatives not designated as hedging instruments Change in unrealized loss $ 0.4 $ 0.3 $ (6.3 ) $ 0.1 $ (5.5 ) Realized gain / (loss) (0.3 ) (0.2 ) (9.9 ) (0.1 ) (10.5 ) Total $ 0.1 $ 0.1 $ (16.2 ) $ — $ (16.0 ) Recorded on Balance Sheet: Regulatory asset $ 0.1 $ — $ — $ — $ 0.1 Recorded in Income Statement: gain / (loss) Revenue — — 27.4 — 27.4 Purchased Power — 0.1 (43.6 ) — (43.5 ) Fuel — — — — — Total $ 0.1 $ 0.1 $ (16.2 ) $ — $ (16.0 ) Year ended December 31, 2014 $ in millions Heating Oil FTRs Power Natural Gas Total Derivatives not designated as hedging instruments Change in unrealized gain / (loss) $ (0.6 ) $ (0.8 ) $ (1.5 ) $ (0.1 ) $ (3.0 ) Realized gain / (loss) (0.1 ) 0.7 (3.0 ) (0.1 ) (2.5 ) Total $ (0.7 ) $ (0.1 ) $ (4.5 ) $ (0.2 ) $ (5.5 ) Recorded on Balance Sheet: Regulatory asset $ (0.1 ) $ — $ — $ — $ (0.1 ) Recorded in Income Statement: gain / (loss) Revenue $ — $ — $ 0.7 $ — $ 0.7 Purchased Power — (0.1 ) (5.2 ) (0.2 ) (5.5 ) Fuel (0.6 ) — — — (0.6 ) Total $ (0.7 ) $ (0.1 ) $ (4.5 ) $ (0.2 ) $ (5.5 ) Year ended December 31, 2013 $ in millions NYMEX Coal Heating Oil FTRs Power Total Derivatives not designated as hedging instruments Change in unrealized gain / (loss) $ — $ — $ 0.3 $ (1.2 ) $ (0.9 ) Realized gain / (loss) — 0.1 1.2 1.6 2.9 Total $ — $ 0.1 $ 1.5 $ 0.4 $ 2.0 Recorded on Balance Sheet: Partners' share of gain $ — $ — $ — $ — $ — Regulatory (asset) / liability — — — — — Recorded in Income Statement: gain / (loss) Revenue — — — 0.2 0.2 Purchased Power — — 1.5 0.2 1.7 Fuel — 0.1 — — 0.1 O&M — — — — — Total $ — $ 0.1 $ 1.5 $ 0.4 $ 2.0 The following tables show the fair value, balance sheet classification and hedging designation of DP&L’s derivative instruments at December 31, 2015 and 2014 . Fair Values of Derivative Instruments December 31, 2015 Gross Amounts Not Offset in the Balance Sheets $ in millions Hedging Designation Gross Fair Value as presented in the Balance Sheets Financial Instruments with Same Counterparty in Offsetting Position Cash Collateral Net Amount Assets Short-term derivative positions (presented in Other current assets) Forward power contracts Designated $ 16.2 $ (7.1 ) $ — $ 9.1 Forward power contracts Not designated 7.4 (5.5 ) — 1.9 FTRs 0.2 (0.2 ) — — Long-term derivative positions (presented in Other deferred assets) Forward power contracts Designated 3.0 (2.4 ) — 0.6 Forward power contracts Not designated 4.0 (2.7 ) — 1.3 Total assets $ 30.8 $ (17.9 ) $ — $ 12.9 Liabilities Short-term derivative positions (presented in Other current liabilities) Forward power contracts Designated $ 7.1 $ (7.1 ) $ — $ — Forward power contracts Not designated 14.5 (5.5 ) (8.0 ) 1.0 FTRs Not designated 0.5 (0.2 ) — 0.3 Long-term derivative positions (presented in Other deferred liabilities) Forward power contracts Designated 2.7 (2.4 ) — 0.3 Forward power contracts Not designated 2.7 (2.7 ) — — Total liabilities $ 27.5 $ (17.9 ) $ (8.0 ) $ 1.6 Fair Values of Derivative Instruments December 31, 2014 Gross Amounts Not Offset in the Balance Sheets $ in millions Hedging Designation Gross Fair Value as presented in the Balance Sheets Financial Instruments with Same Counterparty in Offsetting Position Cash Collateral Net Amount Assets Short-term derivative positions (presented in Other current assets) Forward power contracts Designated $ 5.6 $ (2.0 ) $ — $ 3.6 Forward power contracts Not designated 5.6 (3.4 ) — 2.2 FTRs Not designated — — — — Heating oil futures Not designated — — — — Long-term derivative positions (presented in Other deferred assets) Forward power contracts Designated 0.3 (0.3 ) — — Forward power contracts Not designated 3.6 (0.9 ) — 2.7 Total assets $ 15.1 $ (6.6 ) $ — $ 8.5 Liabilities Short-term derivative positions (presented in Other current liabilities) Forward power contracts Designated $ 2.1 $ (2.0 ) $ — 0.1 Forward power contracts Not designated 7.5 (3.4 ) (4.1 ) — FTRs Not designated 0.6 — — 0.6 Heating oil futures Not designated 0.4 — (0.4 ) — Natural gas futures Not designated 0.1 — (0.1 ) — Long-term derivative positions (presented in Other deferred liabilities) Forward power contracts Designated 0.6 (0.3 ) (0.3 ) — Forward power contracts Not designated 1.0 (0.9 ) — 0.1 Total liabilities $ 12.3 $ (6.6 ) $ (4.9 ) $ 0.8 Credit risk-related contingent features Certain of our OTC commodity derivative contracts are under master netting agreements that contain provisions that require our debt to maintain an investment grade credit rating from credit rating agencies. Since our debt has fallen below investment grade, we are in violation of these provisions, and the counterparties to the derivative instruments could request immediate payment or demand immediate and ongoing full overnight collateralization of the MTM loss. Some of our counterparties to the derivative instruments have requested collateralization of the MTM loss. The aggregate fair value of DP&L’s derivative instruments that are in a MTM loss position at December 31, 2015 is $27.5 million . This amount is offset by $8.0 million of collateral posted directly with third parties and in a broker margin account which offsets our loss positions on the forward contracts. This liability position is further offset by the asset position of counterparties with master netting agreements of $17.9 million . If DP&L debt were to fall below investment grade, DP&L could be required to post collateral for the remaining $1.6 million . |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | Note 7 – Goodwill and Other Intangible Assets Goodwill The following table summarizes the changes in Goodwill by reportable segment for the years ended December 31, 2015 , 2014 and 2013 : $ in millions DP&L Reporting Unit DPLER Reporting Unit Total Balance at December 31, 2013 Goodwill $ 2,440.5 $ 135.8 $ 2,576.3 Accumulated impairment losses (2,123.5 ) — (2,123.5 ) Net balance at December 31, 2013 $ 317.0 $ 135.8 $ 452.8 Goodwill impairments during 2014 $ — $ (135.8 ) $ (135.8 ) Balance at December 31, 2014 Goodwill $ 2,440.5 $ 135.8 $ 2,576.3 Accumulated impairment losses (2,123.5 ) (135.8 ) (2,259.3 ) Net balance at December 31, 2014 $ 317.0 $ — $ 317.0 Goodwill impairments during 2015 $ (317.0 ) $ — $ (317.0 ) Balance at December 31, 2015 Goodwill $ 2,440.5 $ 135.8 $ 2,576.3 Accumulated impairment losses (2,440.5 ) (135.8 ) (2,576.3 ) Net balance at December 31, 2015 $ — $ — $ — In connection with the acquisition of DPL by AES, DPL allocated the purchase price to goodwill for two reporting units, the DP&L reporting unit, which included DP&L and other entities, and DPLER. Of the total goodwill, approximately $2.4 billion was allocated to the DP&L reporting unit and the remainder was allocated to DPLER. Goodwill represented the value assigned at the Merger date, as adjusted for subsequent changes in the purchase price allocation, less recognized impairments. DPLER Reporting Unit During the first quarter of 2014, we performed an interim impairment test on the $135.8 million in goodwill at our DPLER reporting unit. During the second quarter of 2014, we finalized the work to determine the implied fair value for the DPLER reporting unit. There were no further adjustments to the full impairment of $135.8 million recognized in the first quarter. DPLER was sold on January 1, 2016 and is presented in discontinued operations on the Consolidated Statement of Operations. See Note 16 – Discontinued Operations for additional information. DP&L Reporting Unit During the fourth quarter of 2015, DPL performed its annual goodwill impairment test and recognized a goodwill impairment at its DP&L reporting unit of $317.0 million . The reporting unit failed Step 1 as its fair value was less than its carrying amount, which was primarily due to a decrease forecasted in dark spreads that were driven by decreases in projected forward power prices, and lower than expected revenues from the CP product. The fair value of the reporting unit was determined under the income approach using a discounted cash flow valuation model. The significant assumptions included within the discounted cash flow valuation model were forward commodity price curves, expected revenues from the new CP product, and planned environmental expenditures. In Step 2, goodwill was determined to have no implied fair value after the hypothetical purchase price allocation under the accounting guidance for business combinations; therefore, a full impairment of the remaining goodwill balance of $317.0 million was recognized. The goodwill associated with the Merger is not deductible for tax purposes. Accordingly, there is no financial statement tax benefit related to the impairment. During the fourth quarter of 2013, DPL performed its annual goodwill impairment test and recognized a goodwill impairment at its DP&L reporting unit of $306.3 million . In performing the annual goodwill impairment test as of October 1, 2013, Step 1 of the test failed as the fair value of the reporting unit no longer exceeded its carrying amount due primarily to lower estimates of capacity prices in future years as well as lower dark spreads contributing to lower overall operating margins for the business. The fair value of the reporting unit was determined under the income approach using a discounted cash flow valuation model. The significant assumptions included within the discounted cash flow valuation model were capacity price curves, amount of the non-bypassable charge, commodity price curves, dispatching, valuation of regulatory assets and liabilities, discount rates and deferred income taxes. In Step 2, goodwill was determined to have an implied fair value of $317.0 million after the hypothetical purchase price allocation under the accounting guidance for business combinations. The goodwill associated with the Merger is not deductible for tax purposes. Accordingly, there is no cash or financial statement tax benefit related to the impairment. |
Debt
Debt | 12 Months Ended |
Dec. 31, 2015 | |
Debt Instrument [Line Items] | |
Debt | Note 8 – Debt Long-term debt $ in millions Interest Rate Maturity December 31, 2015 December 31, 2014 First mortgage bonds 1.875% 2016 $ 445.0 $ 445.0 Pollution control series 4.7% 2028 — 35.3 Pollution control series 4.8% 2034 — 179.1 Pollution control series 4.8% 2036 100.0 100.0 Pollution control series - rates from: 0.02% - 0.12% and 0.04% - 0.15% (a) 2040 — 100.0 Pollution control series - rates from: 1.13% - 1.17% 2020 200.0 — U.S. Government note 4.2% 2061 18.1 18.2 Unamortized debt discounts and premiums, net (3.6 ) (2.8 ) Total long-term debt at subsidiary 759.5 874.8 Bank term loan - rates from: 2.44% - 2.67% and 2.41% - 2.44% (a) 2020 125.0 160.0 Senior unsecured bonds 6.5% 2016 130.0 130.0 Senior unsecured bonds 6.75% 2019 200.0 200.0 Senior unsecured bonds 7.25% 2021 780.0 780.0 Note to DPL Capital Trust II (b) 8.125% 2031 15.6 15.6 Unamortized debt discounts and premiums, net (0.7 ) (0.7 ) Subtotal $ 2,009.4 $ 2,159.7 Less: current portion (574.9 ) (20.1 ) Total 1,434.5 2,139.6 (a) Range of interest rates for the years ended December 31, 2015 and 2014 , respectively. (b) Note payable to related party. See Note 13 – Related Party Transactions for additional information. At December 31, 2015 , maturities of long-term debt are summarized as follows: Due within the years ending December 31, $ in millions 2016 $ 575.1 2017 25.1 2018 25.1 2019 225.2 2020 250.2 Thereafter 913.0 2,013.7 Unamortized discounts and premiums, net (4.3 ) Total long-term debt $ 2,009.4 Premiums or discounts recognized at the Merger date are amortized over the life of the debt using the effective interest method. Significant transactions On July 1, 2015, the $35.3 million of DP&L's 4.7% pollution control bonds due January 2028 and $41.3 million of DP&L's 4.8% pollution control bonds due January of 2034 were called at par and were redeemed with cash. On July 31, 2015, DP&L refinanced its revolving credit facility. The new facility has a $175.0 million borrowing limit, with a $50.0 million letter of credit sublimit, a feature that provides DP&L the ability to increase the size of the facility by an additional $100.0 million and maturity date of July 2020. At December 31, 2015, there were two letters of credit in the amount of $1.4 million outstanding, with the remaining $173.6 million available to DP&L . Fees associated with this revolving credit facility were not material during the years ended December 31, 2015 or 2014. Prior to refinancing the facility on July 31, 2015, this facility had a $300.0 million borrowing limit, a five -year term expiring on May 10, 2018, a $100.0 million letter of credit sublimit and a feature that provided DP&L the ability to increase the size of the facility by an additional $100.0 million . On August 3, 2015, DP&L called $100.0 million of variable rate pollution control bonds due November 2040, terminated the amended standby letter of credit facilities that supported these pollution control bonds, and called $137.8 million of 4.8% pollution control bonds due January of 2034. DP&L also used cash to redeem $37.8 million of these bonds and refinanced the $200.0 million balance, with new variable interest rate pollution control bonds secured by first mortgage bonds in an equivalent amount. In connection with the sale of the new pollution control bonds, DP&L entered into a certain Bond Purchase and Covenants Agreement, dated as of August 1, 2015, containing representations, warranties, covenants and defaults consistent with those contained in the revolving credit facilities loan documents of DP&L . On September 19, 2013, DP&L closed a $445.0 million issuance of senior secured first mortgage bonds. These new bonds mature on September 15, 2016, and are secured by DP&L’s First & Refunding Mortgage. Substantially all property, plant and equipment of DP&L is subject to the lien of the First and Refunding Mortgage. Substantially concurrent with this transaction, DP&L redeemed $470.0 million of previously outstanding first mortgage bonds. On July 31, 2015, DPL refinanced its revolving credit facility. The new facility has a total size of $205.0 million , a $200.0 million letter of credit sublimit, a feature that provides DPL the ability, under certain circumstances, to increase the size of the facility by an additional $95.0 million and a maturity date of July 2020. DPL's new credit facility also has a springing maturity feature providing that if, before July 1, 2019, DPL has not refinanced its senior unsecured bonds due October 2019 to have a maturity date that is at least six months later than July 31, 2020, then the maturity of this facility shall be July 1, 2019. This facility is secured by a pledge of common stock that DPL owns in DP&L , limited to the amount permitted to be pledged under certain Indentures dated October 3, 2011 and October 6, 2014 between DPL and Wells Fargo Bank, NA and U.S. Bank National Association, respectively, as Trustee and a limited recourse guarantee by DPLE secured by mortgages on assets of DPLE. At December 31, 2015, there were two letters of credit in the amount of $3.0 million outstanding under this facility, with the remaining $202.0 million of the revolving credit facility remaining available to DPL . Fees associated with this facility were not material during the years ended December 31, 2015 or 2014. Prior to refinancing the facility on July 31, 2015, this facility was unsecured and had a borrowing limit of $100.0 million with a $100.0 million letter of credit sublimit, was able to be increased in size by DPL by an additional $50.0 million and had a five -year term expiring on May 10, 2018; with a springing maturity, meaning that if DPL had not refinanced its senior unsecured bonds due October 2016 before July 15, 2016, then the maturity of this facility would have been July 15, 2016. Also on July 31, 2015, DPL refinanced its term loan, paying down the outstanding amount of $160.0 million using proceeds from the new term loan of $125.0 million and a combination of cash on hand and draws on short term credit facilities. The new term loan extends the term to July of 2020, pushing back required principal payments to 2017, and providing a mechanism for DPL to request additional term loans to refinance existing indebtedness. The new term loan has a springing maturity feature providing that if, before July 1, 2019, DPL has not refinanced its senior unsecured bonds due October 2019 to have a maturity date that is at least six months later than July 31, 2020, then the maturity of this facility shall be July 1, 2019 . This facility is secured by a pledge of common stock that DPL owns in DP&L , limited to the amount permitted to be pledged under certain Indentures dated October 3, 2011 and October 6, 2014 between DPL and Wells Fargo Bank, NA and U.S. Bank National Association, respectively, as Trustee and a limited recourse guarantee by DPLE secured by mortgages on assets of DPLE. The new term loan has a springing maturity feature providing that if, before July 1, 2019, DPL has not refinanced its senior unsecured bonds due October 2019 to have a maturity date that is at least six months later than July 31, 2020, then the maturity of this facility shall be July 1, 2019. In October 2014, DPL repaid $5.0 million of the note due to Capital Trust II, which used the funds to repurchase securities in the open market at a slight premium. Subsequent to repurchasing these securities, Capital Trust II immediately retired them. In connection with the closing of the Merger, DPL assumed $1,250.0 million of debt that Dolphin Subsidiary II, Inc., a subsidiary of AES, issued on October 3, 2011 to partially finance the Merger. The $1,250.0 million was issued in two tranches. The first tranche was $450.0 million of five year senior unsecured notes issued with a 6.50% coupon maturing on October 15, 2016. The second tranche was $800.0 million of ten year senior unsecured notes issued with a 7.25% coupon maturing on October 15, 2021. In December 2013, DPL executed an Open Market Repurchase Program and successfully bought back $20.0 million of both the first and second tranche of senior unsecured notes and immediately retired them. In October 2014, DPL closed a $200.0 million issuance of senior unsecured bonds. These new bonds were priced at 6.75% and mature on October 1, 2019. Proceeds from the issuance, in addition to a draw on the DPL revolving line of credit and cash on hand, were used to settle a tender offer for $300.0 million of the 6.50% senior unsecured notes maturing October 15, 2016. After this transaction, the DPL Inc. 6.5% Senior Notes due 2016 had an outstanding principle balance of $130.0 million On January 6, 2016, DPL issued a Notice of Partial Redemption to the Trustee (Wells Fargo Bank N.A.) on the DPL Inc. 6.5% Senior Notes due 2016 (a component of the Dolphin Subsidiary II, Inc. debt). DPL notified the trustee that it was calling $73.0 million of the $130.0 million outstanding principal amount of these notes. The record date of this redemption was January 21, 2016, and the redemption date was February 5, 2016. These bonds were redeemed at par plus accrued interest and a make-whole premium of $2.4 million . Debt covenants and restrictions DP&L’s unsecured revolving credit agreement and Bond Purchase and Covenants Agreement (financing document entered into in connection with the sale of the new $200.0 million of variable rate pollution control bonds, dated as of August 1, 2015, containing representations, warranties, covenants and defaults consistent with those contained in the revolving credit facilities loan documents of DP&L ) have two financial covenants. The first 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. The second financial covenant measures EBITDA to Interest Expense. The EBITDA to Interest Expense ratio is calculated, at the end of each fiscal quarter, by dividing EBITDA for the four prior fiscal quarters by the consolidated interest charges for the same period. DPL’s revolving credit agreement and term loan have two financial covenants. The first financial covenant, a Total Debt to EBITDA ratio, is calculated at the end of each fiscal quarter by dividing total debt at the end of the current quarter by consolidated EBITDA for the four prior fiscal quarters. The second financial covenant is an EBITDA to Interest Expense ratio that is calculated, at the end of each fiscal quarter, by dividing EBITDA for the four prior fiscal quarters by the consolidated interest charges for the same period. As of December 31, 2015, DP&L and DPL were in compliance with all debt covenants, including the financial covenants described above. DP&L does not have any meaningful restrictions in its debt financing documents prohibiting dividends to its parent, DPL . DPL’s secured revolving credit agreement, secured term loan, and senior unsecured notes due 2019 restrict 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, 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, DPL’s senior long-term debt rating from one of the three major credit rating agencies is at least investment grade. Further, the restrictions on the payment of distributions to a shareholder cease to be in effect if the three major credit rating agencies confirm that a lowering of DPL’s senior long-term debt rating below investment grade by the credit rating agencies would not occur without these restrictions. As of December 31, 2015, DPL’s leverage ratio was at 1.03 to 1.00 and DPL’s senior long-term debt rating from all three major credit rating agencies was below investment grade. As a result, as of December 31, 2015, DPL was prohibited under each of these agreements from making a distribution to its shareholder or making a loan to any of its affiliates (other than its subsidiaries). |
THE DAYTON POWER AND LIGHT COMPANY [Member] | |
Debt Instrument [Line Items] | |
Debt | Note 7 – Debt Long-term debt is as follows: Long-term debt $ in millions Interest Rate Maturity December 31, 2015 December 31, 2014 First mortgage bonds 1.875% 2016 $ 445.0 $ 445.0 Pollution control series 4.7% 2028 — 35.3 Pollution control series 4.8% 2034 — 179.1 Pollution control series 4.8% 2036 100.0 100.0 Pollution control series - rates from: 0.02% - 0.12% and 0.04% - 0.15% (a) 2040 — 100.0 Pollution control series - rates from: 1.13% - 1.17% 2020 200.0 — U.S. Government note 4.2% 2061 18.1 18.2 Unamortized debt discount (0.2 ) (0.5 ) Subtotal 762.9 877.1 Less: current portion (444.9 ) (0.1 ) Total $ 318.0 $ 877.0 At December 31, 2015 , maturities of long-term debt are summarized as follows: Due within the twelve months ending December 31, $ in millions 2016 $ 445.1 2017 0.1 2018 0.1 2019 0.2 2020 200.2 Thereafter 117.4 763.1 Unamortized discount (0.2 ) Total long-term debt $ 762.9 Significant transactions On December 31, 2015, DP&L borrowed $35.0 million from DPL at an interest rate of 2.67% . The notes were due on or before December 31, 2016 and were repaid on January 29, 2016. On July 1, 2015, the $35.3 million of DP&L's 4.7% pollution control bonds due January 2028 and $41.3 million of DP&L's 4.8% pollution control bonds due January of 2034 were called at par and were redeemed with cash. On July 31, 2015, DP&L refinanced its revolving credit facility. The new facility has a $175.0 million borrowing limit, a $50.0 million letter of credit sublimit, a feature that provides DP&L the ability to increase the size of the facility by an additional $100.0 million and a maturity date of July 2020. At December 31, 2015, there were two letters of credit in the amount of $1.4 million outstanding, with the remaining $173.6 million available to DP&L . Fees associated with this revolving credit facility were not material during the years ended December 31, 2015 or 2014. Prior to refinancing the facility on July 31, 2015, this facility had a $300.0 million borrowing limit, a five -year term expiring on May 10, 2018, a $100.0 million letter of credit sublimit and a feature that provided DP&L the ability to increase the size of the facility by an additional $100.0 million . On August 3, 2015, DP&L called $100.0 million of variable rate pollution control bonds due November 2040, terminated the amended standby letter of credit facilities that supported these pollution control bonds, and called $137.8 million of 4.8% pollution control bonds due January of 2034. DP&L also used cash to redeem $37.8 million of these bonds and refinanced the $200.0 million balance, with new variable interest rate pollution control bonds secured by first mortgage bonds in an equivalent amount. In connection with the sale of the new pollution control bonds, DP&L entered into a certain Bond Purchase and Covenants Agreement, dated as of August 1, 2015, containing representations, warranties, covenants and defaults consistent with those contained in the revolving credit facilities loan documents of DP&L . On March 31, 2014, DP&L borrowed $15.0 million from DPL at an interest rate of LIBOR plus 2.0% . This note was due on or before April 30, 2014 and was repaid on April 30, 2014. On September 19, 2013, DP&L closed a $445.0 million issuance of senior secured first mortgage bonds. These new bonds mature on September 15, 2016, and are secured by DP&L’s First & Refunding Mortgage. Substantially all property, plant and equipment of DP&L is subject to the lien of the First and Refunding Mortgage. Substantially concurrent with this transaction, DP&L redeemed $470.0 million of previously outstanding first mortgage bonds. Debt covenants and restrictions In connection with DP&L’s sale of $200.0 million of variable rate pollution control bonds dated August 1, 2015, DP&L entered into an unsecured revolving credit agreement and a Bond Purchase and Covenants Agreement. These agreements contain representations, warranties, covenants and defaults consistent with those contained in the revolving credit facilities loan documents of DP&L and have two financial covenants. The first 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. The second financial covenant measures EBITDA to Interest Expense. The EBITDA to Interest Expense ratio is calculated, at the end of each fiscal quarter, by dividing EBITDA for the four prior fiscal quarters by the consolidated interest charges for the same period. As of December 31, 2015, DP&L was in compliance with all debt covenants , including the financial covenants described above and did not have any meaningful restrictions in its debt financing documents prohibiting dividends to its parent, DPL . |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes [Line Items] | |
Income Taxes | Note 9 – Income Taxes DPL’s components of income tax expense on continuing operations were as follows: Years ended December 31, $ in millions 2015 2014 2013 Computation of tax expense Federal income tax expense / (benefit) (a) $ (81.0 ) $ 25.4 $ (71.7 ) Increases (decreases) in tax resulting from: State income taxes, net of federal effect (0.1 ) 0.8 1.1 Depreciation of AFUDC - Equity (3.5 ) (3.4 ) (3.2 ) Investment tax credit amortized (0.5 ) (0.5 ) (0.5 ) Section 199 - domestic production deduction (4.1 ) (1.1 ) (4.1 ) Non-deductible goodwill impairment 111.0 — 107.2 Accrual (settlement) for open tax years — (6.6 ) (8.8 ) Other, net (b) (1.8 ) 0.8 (0.2 ) Total tax expense $ 20.0 $ 15.4 $ 19.8 Components of tax expense Federal - current $ 30.1 $ (5.2 ) $ (2.5 ) State and Local - current 0.8 0.4 — Total current 30.9 (4.8 ) (2.5 ) Federal - deferred (9.9 ) 19.6 20.6 State and local - deferred (1.0 ) 0.6 1.7 Total deferred (10.9 ) 20.2 22.3 Total tax expense $ 20.0 $ 15.4 $ 19.8 Effective and Statutory Rate Reconciliation The following table summarizes a reconciliation of the U.S. statutory federal income tax rate to DPL's effective tax rate, as a percentage of income from continuing operations before taxes for the years ended December 31, 2015 , 2014 and 2013 : Years ended December 31, 2015 2014 2013 Statutory Federal tax rate 35.0 % 35.0 % 35.0 % State taxes, net of Federal tax benefit 0.1 % 1.1 % (0.6 )% AFUDC - Equity 1.5 % (4.7 )% 1.5 % Amortization of investment tax credits 0.2 % (0.7 )% 0.2 % Section 199 - domestic production deduction 1.8 % (1.6 )% 2.0 % Non-deductible goodwill impairment (48.0 )% — % (52.1 )% Other, net 0.8 % (7.9 )% 4.3 % Effective tax rate (8.6 )% 21.2 % (9.7 )% Deferred Income Taxes Deferred income taxes reflect the net tax effects of (a) temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes and (b) operating loss carryforwards. These items are stated at the enacted tax rates that are expected to be in effect when taxes are actually paid or recovered. Investment tax credits related to utility property have been deferred and are being amortized over the estimated useful lives of the related property. Components of Deferred Tax Assets and Liabilities December 31, $ in millions 2015 2014 Net non-current Assets / (Liabilities) Depreciation / property basis $ (539.8 ) $ (548.2 ) Income taxes recoverable (12.0 ) (14.8 ) Regulatory assets (10.6 ) (18.0 ) Investment tax credit 0.7 1.5 Compensation and employee benefits 3.1 3.2 Intangibles (8.4 ) (7.0 ) Long-term debt (1.1 ) (1.5 ) Other (c) (0.6 ) (2.5 ) Net non-current liabilities $ (568.7 ) $ (587.3 ) Net current Assets / (Liabilities) (d) Other $ — $ 1.1 Net current assets / (liabilities) $ — $ 1.1 (a) The statutory tax rate of 35% was applied to pre-tax earnings. (b) Includes expense of $0.2 million , $0.4 million and $0.0 million in the years ended December 31, 2015 , 2014 , and 2013 , respectively, of income tax related to adjustments from prior years. (c) The Other non-current liabilities caption includes deferred tax assets of $26.0 million in 2015 and $27.1 million in 2014 related to state and local tax net operating loss carryforwards, net of related valuation allowances of $17.2 million in 2015 and $18.9 million in 2014 . These net operating loss carryforwards expire from 2016 to 2030. (d) Amounts are included within Other prepayments and current assets and Other current liabilities on the Consolidated Balance Sheet of DPL at December 31, 2014. The following table presents the tax expense / (benefit) related to pensions, postemployment benefits, cash flow hedges and financial instruments that were credited to Accumulated other comprehensive loss. Years ended December 31, $ in millions 2015 2014 2013 Tax expense / (benefit) $ 6.3 $ (9.1 ) $ 15.4 Uncertain Tax Positions We apply the provisions of GAAP relating to the accounting for uncertainty in income taxes. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: $ in millions Balance at December 31, 2013 $ 8.8 Calendar 2014 Tax positions taken during prior period 2.8 Lapse of Statute of Limitations (8.6 ) Balance at December 31, 2014 3.0 Calendar 2015 Tax positions taken during prior period — Lapse of Statute of Limitations — Balance at December 31, 2015 $ 3.0 Of the December 31, 2015 balance of unrecognized tax benefits, $0.9 million is due to uncertainty in the timing of deductibility. We recognize interest and penalties related to unrecognized tax benefits in Income tax expense. The amounts accrued as well as the expense / (benefit) recorded were not material for the years ended December 31, 2015 , 2014 and 2013 . Following is a summary of the tax years open to examination by major tax jurisdiction: U.S. Federal – 2010 and forward State and Local – 2010 and forward None of the unrecognized tax benefits are expected to significantly increase or decrease within the next twelve months other than those subject to expiring statute of limitations. The Internal Revenue Service began an examination of our 2008 Federal income tax return during the second quarter of 2010. The results of the examination were approved by the Joint Committee on Taxation on January 18, 2013. As a result of the examination, DPL received a refund of $19.9 million and recorded a $1.2 million reduction to income tax expense in 2013. |
THE DAYTON POWER AND LIGHT COMPANY [Member] | |
Income Taxes [Line Items] | |
Income Taxes | Note 8 – Income Taxes DP&L’s components of income tax expense were as follows: Years ended December 31, $ in millions 2015 2014 2013 Computation of tax expense Federal income tax expense (a) $ 49.3 $ 53.8 $ 35.5 Increases (decreases) in tax resulting from: State income taxes, net of federal effect 0.4 1.2 0.3 Depreciation of AFUDC - Equity (2.8 ) (2.7 ) (2.5 ) Investment tax credit amortized (2.4 ) (2.5 ) (2.5 ) Section 199 - domestic production deduction (6.1 ) (4.6 ) (4.1 ) Accrual (settlement) for open tax years — (6.6 ) (8.8 ) Other, net (b) (3.3 ) 1.1 0.7 Total tax expense $ 35.1 $ 39.7 $ 18.6 Components of Tax Expense Federal - current $ 55.8 $ 34.1 $ 38.6 State and Local - current 0.8 0.5 (0.1 ) Total current 56.6 34.6 38.5 Federal - deferred (21.0 ) 4.1 (20.4 ) State and local - deferred (0.5 ) 1.0 0.5 Total deferred (21.5 ) 5.1 (19.9 ) Total tax expense $ 35.1 $ 39.7 $ 18.6 Effective and Statutory Rate Reconciliation The following table summarizes a reconciliation of the U.S. statutory federal income tax rate to DP&L's effective tax rate, as a percentage of income from continuing operations before taxes for the years ended December 31, 2015 , 2014 and 2013 : Years ended December 31, 2015 2014 2013 Statutory Federal tax rate 35.0 % 35.0 % 35.0 % State taxes, net of Federal tax benefit 0.3 % 0.8 % 0.3 % AFUDC - Equity (2.0 )% (1.7 )% (2.4 )% Amortization of investment tax credits (1.7 )% (1.6 )% (2.4 )% Section 199 - domestic production deduction (4.3 )% (3.0 )% (4.0 )% Other - net (2.5 )% (3.8 )% (8.3 )% Effective tax rate 24.8 % 25.7 % 18.2 % Deferred Income Taxes Deferred income taxes reflect the net tax effects of (a) temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes and (b) operating loss carryforwards. These items are stated at the enacted tax rates that are expected to be in effect when taxes are actually paid or recovered. Investment tax credits related to utility property have been deferred and are being amortized over the estimated useful lives of the related property. Components of Deferred Tax Assets and Liabilities December 31, $ in millions 2015 2014 Net non-current Assets / (Liabilities) Depreciation / property basis $ (608.8 ) $ (618.8 ) Income taxes recoverable (12.0 ) (14.8 ) Regulatory assets (11.5 ) (18.0 ) Investment tax credit 7.0 8.6 Compensation and employee benefits 3.6 5.2 Other (9.5 ) (12.2 ) Net non-current liabilities $ (631.2 ) $ (650.0 ) Net current Assets / (Liabilities) (c) Other $ — $ 0.5 Net current assets / (liabilities) $ — $ 0.5 (a) The statutory tax rate of 35% was applied to pre-tax earnings. (b) Includes benefit of $0.4 million , expense of $0.7 million and benefit of $1.1 million in the years ended December 31, 2015 , 2014 and 2013 , respectively, of income tax related to adjustments from prior years. (c) Amounts are included within Other prepayments and current assets and Other current liabilities on the Balance Sheets of DP&L . The following table presents the tax (benefit) / expense related to pensions, postemployment benefits, cash flow hedges and financial instruments that were credited to Accumulated other comprehensive loss. Years ended December 31, $ in millions 2015 2014 2013 Tax expense / (benefit) $ 7.5 $ (6.0 ) $ 7.0 Uncertain Tax Positions We apply the provisions of GAAP relating to the accounting for uncertainty in income taxes. A reconciliation of the beginning and ending amount of unrecognized tax benefits for DP&L is as follows: $ in millions Balance at December 31, 2013 $ 8.8 Calendar 2014 Tax positions taken during prior period 2.8 Lapse of Statute of Limitations (8.6 ) Settlement with taxing authorities — Balance at December 31, 2014 3.0 Calendar 2015 Tax positions taken during prior period — Lapse of Statute of Limitations — Balance at December 31, 2015 $ 3.0 Of the December 31, 2015 balance of unrecognized tax benefits, $0.9 million is due to uncertainty in the timing of deductibility. We recognize interest and penalties related to unrecognized tax benefits in Income tax expense. The amounts accrued and expense (benefit) recorded were not material for each period presented. Following is a summary of the tax years open to examination by major tax jurisdiction: U.S. Federal – 2010 and forward State and Local – 2010 and forward None of the unrecognized tax benefits are expected to significantly increase or decrease within the next twelve months other than those subject to expiring statute of limitations. The Internal Revenue Service began an examination of our 2008 Federal income tax return during the second quarter of 2010. The results of the examination were approved by the Joint Committee on Taxation on January 18, 2013. As a result of the examination, DPL received a refund of $19.9 million and recorded a $1.2 million reduction to income tax expense in 2013. |
Benefit Plans
Benefit Plans | 12 Months Ended |
Dec. 31, 2015 | |
Benefit Plans | Note 10 – Benefit Plans Defined contribution plans DP&L sponsors two defined contribution plans. One is for non-union employees (the management plan) and one is for collective bargaining employees (the union plan). Both plans are qualified under Section 401 of the Internal Revenue Code. Certain non-union employees become eligible to participate in the management plan on the first day of the month following the first full calendar month of employment; provided the employee worked at least 160 hours in that calendar month. Union employees become eligible to participate in the union plan on the first day of the first month following 30 days of employment. Effective January 1, 2016 , employees in both plans are eligible to participate upon date of hire. Participants may elect to contribute up to 85% of eligible compensation to their plan. Non-union participant contributions are matched 100% on the first 1% of eligible compensation and 50% on the next 5% of eligible compensation and they are fully vested in their employer contributions after 2 years of service. Union participant contributions are matched 150% but are capped at $2,100 for 2015 and they are fully vested in their employer contributions after 3 years of service. All participants are fully vested in their own contributions. For the years ended December 31, 2015 , 2014 and 2013 , DP&L's contributions to all defined contribution plans were $4.8 million , $4.7 million and $4.8 million per year, respectively. Defined benefit plans DP&L sponsors a traditional defined benefit pension plan for most of the employees of DPL and its subsidiaries. For collective bargaining employees, the defined benefits are based on a specific dollar amount per year of service. For all other employees (management employees), the traditional defined benefit pension plan is based primarily on compensation and years of service. As of December 31, 2010, this traditional pension plan was closed to new management employees. A participant is 100% vested in all amounts credited to his or her account upon the completion of five vesting years, as defined in The Dayton Power and Light Company Retirement Income Plan, or the participant’s death or disability. If a participant’s employment is terminated, other than by death or disability, prior to such participant becoming 100% vested in his or her account, the account shall be forfeited as of the date of termination. Effective January 1, 2014, the Service Company began providing services including accounting, legal, human resources, information technology and other corporate services on behalf of companies that are part of the U.S. SBU, including among other companies, DPL and DP&L . Employees that transferred from DP&L to the Service Company maintain their previous eligibility to participate in the DP&L pension plan. Almost all management employees beginning employment on or after January 1, 2011 participate in a cash balance pension plan. Similar to the traditional pension plan for management employees, the cash balance benefits are based on compensation and years of service. A participant shall become 100% vested in all amounts credited to his or her account upon the completion of three vesting years, as defined in The Dayton Power and Light Company Retirement Income Plan, or the participant’s death or disability. If a participant’s employment is terminated, other than by death or disability, prior to such participant becoming 100% vested in his or her account, the account shall be forfeited as of the date of termination. Vested benefits in the cash balance plan are fully portable upon termination of employment. In addition, we have a Supplemental Executive Retirement Plan (SERP) for certain retired key executives. The SERP has an immaterial unfunded liability related to agreements for retirement benefits of certain terminated and retired key executives. We also include our net liability to our partners related to our share of their pension costs within Pension, retiree and other benefits on our Consolidated Balance Sheets. We recognize an asset for a plan’s overfunded status and a liability for a plan’s underfunded status and recognize, as a component of OCI, the changes in the funded status of the plan that arise during the year that are not recognized as a component of net periodic benefit cost. For the transmission and distribution areas of our electric business, these amounts are recorded as regulatory assets and liabilities which represent the regulated portion that would otherwise be charged or credited to AOCI. We have historically recorded these costs on the accrual basis and this is how these costs have been historically recovered through customer rates. This factor, combined with the historical precedents from the PUCO and FERC, make these costs probable of future rate recovery. Postretirement benefits Qualified employees who retired prior to 1987 and their dependents are eligible for health care and life insurance benefits until their death, while qualified employees who retired after 1987 are eligible for life insurance benefits and partially subsidized health care. The partially subsidized health care is at the election of the employee, who pays the majority of the cost, and is available only from their retirement until they are covered by Medicare. We have funded a portion of the union-eligible benefits using a Voluntary Employee Beneficiary Association Trust. The following tables set forth the changes in our pension and postemployment benefit plans’ obligations and assets recorded on the balance sheets at December 31, 2015 and 2014 . The amounts presented in the following tables for pension obligations include the collective bargaining plan formula, traditional management plan formula and cash balance plan formula and the SERP in the aggregate. The amounts presented for postemployment obligations include both health and life insurance benefits. $ in millions Pension Years ended December 31, 2015 2014 Change in benefit obligation Benefit obligation at January 1 $ 443.8 $ 370.5 Service cost 7.1 5.9 Interest cost 17.3 17.5 Plan amendments — 6.8 Actuarial (gain) / loss (34.5 ) 67.3 Benefits paid (22.9 ) (24.2 ) Benefit obligation at December 31 410.8 443.8 Change in plan assets Fair value of plan assets at January 1 371.7 349.1 Actual return on plan assets (8.8 ) 46.4 Contributions to plan assets 5.4 0.4 Benefits paid (22.9 ) (24.2 ) Fair value of plan assets at December 31 345.4 371.7 Funded status of plan $ (65.4 ) $ (72.1 ) December 31, Amounts recognized in the Balance sheets 2015 2014 Current liabilities $ (0.4 ) $ (0.4 ) Non-current liabilities (65.0 ) (71.7 ) Net liability at December 31, $ (65.4 ) $ (72.1 ) Amounts recognized in Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities, pre-tax Components: Prior service cost $ 12.0 $ 14.1 Net actuarial loss 94.7 103.4 Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities, pre-tax $ 106.7 $ 117.5 Recorded as: Regulatory asset $ 91.1 $ 99.0 Regulatory liability — — Accumulated other comprehensive income 15.6 18.5 Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities, pre-tax $ 106.7 $ 117.5 $ in millions Postretirement Years ended December 31, 2015 2014 Change in benefit obligation Benefit obligation at beginning of period $ 19.6 $ 19.7 Service cost 0.2 0.2 Interest cost 0.6 0.8 Actuarial (gain) / loss (1.1 ) 0.2 Benefits paid (1.5 ) (1.3 ) Benefit obligation at end of period 17.8 19.6 Change in plan assets Fair value of plan assets at beginning of period 3.3 3.7 Contributions to plan assets 1.0 0.9 Benefits paid (1.5 ) (1.3 ) Fair value of plan assets at end of period 2.8 3.3 Funded status of plan $ (15.0 ) $ (16.3 ) December 31, 2015 2014 Amounts recognized in the Balance sheets Current liabilities $ (0.4 ) $ (0.5 ) Non-current liabilities (14.6 ) (15.8 ) Net liability at December 31, $ (15.0 ) $ (16.3 ) Amounts recognized in Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities, pre-tax Components: Prior service cost $ 0.3 $ 0.4 Net actuarial gain (5.5 ) (5.0 ) Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities, pre-tax $ (5.2 ) $ (4.6 ) Recorded as: Regulatory asset $ 0.3 $ 0.4 Regulatory liability (5.1 ) (4.8 ) Accumulated other comprehensive income (0.4 ) (0.2 ) Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities, pre-tax $ (5.2 ) $ (4.6 ) The accumulated benefit obligation for our defined benefit pension plans was $401.2 million and $431.0 million at December 31, 2015 and 2014 , respectively. The net periodic benefit cost of the pension and postretirement plans were: Net Periodic Benefit Cost - Pension Years ended December 31, $ in millions 2015 2014 2013 Service cost $ 7.1 $ 5.9 $ 7.2 Interest cost 17.3 17.5 15.6 Expected return on assets (a) (22.6 ) (22.9 ) (23.3 ) Amortization of unrecognized: Actuarial gain 5.8 3.4 4.9 Prior service cost 2.0 1.5 1.5 Net periodic benefit cost $ 9.6 $ 5.4 $ 5.9 Net Periodic Benefit Cost - Postretirement Years ended December 31, $ in millions 2015 2014 2013 Service cost $ 0.2 $ 0.2 $ 0.2 Interest cost 0.6 0.8 0.8 Expected return on assets (a) (0.1 ) (0.2 ) (0.1 ) Amortization of unrecognized: Actuarial loss (0.6 ) (0.6 ) (0.5 ) Prior service cost 0.1 — — Net periodic benefit cost $ 0.2 $ 0.2 $ 0.4 Other Changes in Plan Assets and Benefit Obligation Recognized in Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities Pension Years ended December 31, $ in millions 2015 2014 2013 Net actuarial loss / (gain) $ (3.0 ) $ 43.8 $ (12.0 ) Prior service cost — 6.8 — Reversal of amortization item: Net actuarial loss (5.8 ) (3.4 ) (4.9 ) Prior service cost (2.0 ) (1.5 ) (1.5 ) Total recognized in Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities $ (10.8 ) $ 45.7 $ (18.4 ) Total recognized in net periodic benefit cost and Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities $ (1.2 ) $ 51.1 $ (12.5 ) Postretirement Years ended December 31, $ in millions 2015 2014 2013 Net actuarial loss / (gain) $ (1.1 ) $ 0.4 $ (2.0 ) Reversal of amortization item: Net actuarial gain 0.6 0.6 0.5 Prior service cost $ (0.1 ) $ — $ — Total recognized in Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities $ (0.6 ) $ 1.0 $ (1.5 ) Total recognized in net periodic benefit cost and Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities $ (0.4 ) $ 1.2 $ (1.1 ) Estimated amounts that will be amortized from AOCI, Regulatory assets and Regulatory liabilities into net periodic benefit costs during 2016 are: $ in millions Pension Postretirement Actuarial gain / (loss) $ 4.3 $ (0.6 ) Prior service cost $ 1.9 $ 0.1 Assumptions Our expected return on plan asset assumptions, used to determine benefit obligations, are based on historical long-term rates of return on investments, which use the widely accepted capital market principle that assets with higher volatility generate a greater return over the long run. Current market factors, such as inflation and interest rates, as well as asset diversification and portfolio rebalancing, are evaluated when long-term capital market assumptions are determined. Peer data and historical returns are reviewed to verify reasonableness and appropriateness. At December 31, 2015 , we are maintaining our long term rate of return assumption of 6.50% for pension plan assets. In addition, we are decreasing our long-term rate of return assumption to 3.90% from 4.50% for other postemployment benefit plan assets. These rates of return represent our long-term assumptions based on our long-term portfolio mixes. Also, at December 31, 2015 , we have increased our assumed discount rate to 4.49% from 4.02% for pension and to 4.10% from 3.71% for postemployment benefits expense to reflect current duration-based yield curve discount rates. A one percent increase in the rate of return assumption for pension would result in a decrease in pension expense of approximately $3.5 million . A one percent decrease in the rate of return assumption for pension would result in an increase in pension expense of approximately $3.5 million . A 25 basis point increase in the discount rate for pension would result in a decrease of approximately $0.2 million to 2016 pension expense. A 25 basis point decrease in the discount rate for pension would result in an increase of approximately $0.3 million to 2016 pension expense. A one percent change in the assumed health care cost trend rate would affect postemployment benefit costs by less than $1.0 million . In determining the discount rate to use for valuing liabilities, we used a market yield curve on high-quality fixed income investments as of December 31, 2015 . We project the expected benefit payments under the plan based on participant data and based on certain assumptions concerning mortality, retirement rates, termination rates, etc. The expected benefit payments for each year are then discounted back to the measurement date using the appropriate spot rate for each half-year from the yield curve, thereby obtaining a present value of all expected future benefit payments using the yield curve. Finally, an equivalent single discount rate is determined which produces a present value equal to the present value determined using the full yield curve. Effective January 1, 2016, we will apply a disaggregated discount rate approach for determining service cost and interest cost for our defined benefit pension plans and postretirement plans. See Note 1 – Overview and Summary of Significant Accounting Policies for more information. In future periods, differences in the actual return on pension and other post-employment benefit plan assets and assumed return, or changes in the discount rate, will affect the timing of contributions, if any to the plans. The weighted average assumptions used to determine benefit obligations at December 31, 2015 , 2014 and 2013 were: Benefit Obligation Assumptions Pension Postretirement 2015 2014 2013 2015 2014 2013 Discount rate for obligations 4.49% 4.02% 4.86% 4.10% 3.71% 4.58% Rate of compensation increases 3.94% 3.94% 3.94% N/A N/A N/A The weighted-average assumptions used to determine net periodic benefit cost (income) for the years ended December 31, 2015 , 2014 and 2013 were: Net Periodic Benefit Cost / (Income) Assumptions Pension Postretirement 2015 2014 2013 2015 2014 2013 Discount rate 4.02% 4.86% 4.04% 3.81% 4.51% 4.58% Expected rate of return on plan assets 6.50% 6.75% 6.75% 4.50% 6.00% 6.00% Rate of compensation increases 3.94% 3.94% 3.94% N/A N/A N/A The assumed health care cost trend rates at December 31, 2015 , 2014 and 2013 are as follows: Health Care Cost Assumptions Expense Benefit Obligation 2015 2014 2013 2015 2014 2013 Pre - age 65 Current health care cost trend rate 6.97% 7.75% 8.00% 6.85% 6.97% 7.75% Year trend reaches ultimate 2029 2023 2019 2036 2029 2023 Post - age 65 Current health care cost trend rate 6.97% 6.75% 7.50% 6.85% 6.97% 6.75% Year trend reaches ultimate 2029 2021 2018 2036 2029 2021 Ultimate health care cost trend rate 4.50% 5.00% 5.00% 4.50% 4.50% 5.00% The assumed health care cost trend rates have an effect on the amounts reported for the health care plans. A one-percentage point change in assumed health care cost trend rates would have the following effects on the net periodic postemployment benefit cost and the accumulated postemployment benefit obligation: Effect of change in health care cost trend rate $ in millions One-percent increase One-percent decrease Service cost plus interest cost $ 0.1 $ — Benefit obligation $ 0.8 $ (0.7 ) Pension plan assets Plan assets are invested using a total return investment approach whereby a mix of equity securities, debt securities and other investments are used to preserve asset values, diversify risk and achieve our target investment return benchmark. Investment strategies and asset allocations are based on careful consideration of plan liabilities, the plan's funded status and our financial condition. Investment performance and asset allocation are measured and monitored on an ongoing basis. Plan assets are managed in a balanced portfolio comprised of two major components: an equity portion and a fixed income portion. The expected role of plan equity investments is to maximize the long-term real growth of plan assets, while the role of fixed income investments is to generate current income, provide for more stable periodic returns and provide some protection against a prolonged decline in the market value of plan equity investments. Long-term strategic asset allocation guidelines, as well as short-term tactical asset allocation guidelines, are determined by a Risk/Advisory Committee and approved by a Fiduciary Committee. These allocations take into account the Plan’s long-term objectives. The long-term target allocations for plan assets are 18% – 38% for equity securities and 58% – 86% for fixed income securities. Equity securities include U.S. and international equity, while fixed income securities include long-duration and high-yield bond funds and emerging market debt funds. Tactically, the committees, on a short-term basis, will make asset allocations that are outside the long-term allocation guidelines. The short-term allocation positions are likely to not exceed one-year in duration. In addition to the equity and fixed income investments, the short-term allocation may also include a relatively small allocation to alternative investments. The plan currently has a small allocation to a core property fund, as well as a small allocation to a hedge fund. Most of our Plan assets are measured using quoted, observable prices which are considered Level One inputs in the Fair Value Hierarchy. The Core property collective fund and the Common collective fund are measured using Level Two inputs that are quoted prices for identical assets in markets that are less active. The following table summarizes our target pension plan allocation for 2015 : Percentage of plan assets as of December 31, Asset category Long-Term Target Allocation 2015 2014 Equity Securities 28% 17% 18% Debt Securities 72% 67% 69% Real Estate —% 9% 7% Other —% 7% 6% The fair values of our pension plan assets at December 31, 2015 by asset category are as follows: Fair Value Measurements for Pension Plan Assets at December 31, 2015 Asset Category $ in millions Market Value at December 31, 2015 Quoted prices in active markets for identical assets Significant observable inputs Significant unobservable inputs (Level 1) (Level 2) (Level 3) Equity securities (a) Small/Mid cap equity $ 9.2 $ 9.2 $ — $ — Large cap equity 20.2 20.2 — — International equity 18.2 18.2 — — Emerging markets equity 2.7 2.7 — — SIIT dynamic equity 10.0 10.0 — — Total equity securities 60.3 60.3 — — Debt securities (b) Emerging markets debt 6.3 6.3 — — High yield bond 6.3 6.3 — — Long duration fund 219.5 219.5 — — Total debt securities 232.1 232.1 — — Other investments (c) Core property collective fund 30.2 — 30.2 — Common collective fund 22.8 — 22.8 — Total other investments 53.0 — 53.0 — Total pension plan assets $ 345.4 $ 292.4 $ 53.0 $ — (a) This category includes investments in equity securities of large, small and medium sized companies and equity securities of foreign companies including those in developing countries. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. (b) This category includes investments in investment-grade fixed-income instruments, U.S. dollar-denominated debt securities of emerging market issuers and high yield fixed-income securities that are rated below investment grade. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. (c) This category represents a property fund that invests in commercial real estate and a hedge fund of funds made up of 30+ different hedge fund managers diversified over eight different hedge strategies. The fair value of the hedge fund is valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. The fair values of our pension plan assets at December 31, 2014 by asset category are as follows: Fair Value Measurements for Pension Plan Assets at December 31, 2014 Asset Category $ in millions Market Value at December 31, 2014 Quoted prices in active markets for identical assets Significant observable inputs Significant unobservable inputs (Level 1) (Level 2) (Level 3) Equity securities (a) Small/Mid cap equity $ 10.6 $ 10.6 $ — $ — Large cap equity 22.2 22.2 — — International equity 18.2 18.2 — — Emerging markets equity 2.8 2.8 — — SIIT dynamic equity 11.6 11.6 — — Total equity securities 65.4 65.4 — — Debt securities (b) Emerging markets debt 6.0 6.0 — — High yield bond 6.5 6.5 — — Long duration fund 242.7 242.7 — — Total debt securities 255.2 255.2 — — Cash and cash equivalents (c) Cash 1.6 1.6 — — Other investments (d) Core property collective fund 26.3 — 26.3 — Common collective fund 23.2 — 23.2 — Total other investments 49.5 — 49.5 — Total pension plan assets $ 371.7 $ 322.2 $ 49.5 $ — (a) This category includes investments in equity securities of large, small and medium sized companies and equity securities of foreign companies including those in developing countries. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. (b) This category includes investments in investment-grade fixed-income instruments, U.S. dollar-denominated debt securities of emerging market issuers and high yield fixed-income securities that are rated below investment grade. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. (c) This category comprises cash held to pay beneficiaries. The fair value of cash equals its book value. (d) This category represents a property fund that invests in commercial real estate and a hedge fund of funds made up of 30+ different hedge fund managers diversified over eight different hedge strategies. The fair value of the hedge fund is valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. The fair values of our other postemployment benefit plan assets at December 31, 2015 by asset category are as follows: Fair Value Measurements for Other Postemployment Benefit Plan Assets at December 31, 2015 Asset Category $ in millions Market Value at December 31, 2015 Quoted prices in active markets for identical assets Significant observable inputs Significant unobservable inputs (Level 1) (Level 2) (Level 3) JP Morgan Core Bond Fund (a) $ 2.8 $ 2.8 $ — $ — (a) This category includes investments in U.S. government obligations and mortgage-backed and asset-backed securities. The fair values of our other postemployment benefit plan assets at December 31, 2014 by asset category are as follows: Fair Value Measurements for Other Postemployment Benefit Plan Assets at December 31, 2014 Asset Category $ in millions Market Value at December 31, 2014 Quoted prices in active markets for identical assets Significant observable inputs Significant unobservable inputs (Level 1) (Level 2) (Level 3) JP Morgan Core Bond Fund (a) $ 3.3 $ 3.3 $ — $ — (a) This category includes investments in U.S. government obligations and mortgage-backed and asset-backed securities. Pension funding We generally fund pension plan benefits as accrued in accordance with the minimum funding requirements of the Employee Retirement Income Security Act of 1974 (ERISA) and, in addition, make voluntary contributions from time to time. We contributed $5.0 million , $0.0 million , and $0.0 million to the pension plan during the years ended December 31, 2015 , 2014 and 2013 , respectively. We expect to make contributions of $0.4 million to our SERP in 2016 to cover benefit payments. We also expect to contribute $1.1 million to our other postemployment benefit plans in 2016 to cover benefit payments. We made contributions of $5.0 million to our pension plan during January 2016 . The Pension Protection Act of 2006 (the Act) contained new requirements for our single employer defined benefit pension plan. In addition to establishing a 100% funding target for plan years beginning after December 31, 2008, the Act also limits some benefits if the funded status of pension plans drops below certain thresholds. Among other restrictions under the Act, if the funded status of a plan falls below a predetermined ratio of 80% , lump-sum payments to new retirees are limited to 50% of amounts that otherwise would have been paid and new benefit improvements may not go into effect. For the 2015 plan year, the funded status of our defined benefit pension plan as calculated under the requirements of the Act was 112.54% and is estimated to be 112.54% until the 2016 status is certified in September 2016 for the 2016 plan year. The Worker, Retiree, and Employer Recovery Act of 2008 (WRERA), which was signed into law on December 23, 2008, grants plan sponsors certain relief from funding requirements and benefit restrictions of the Act. Benefit payments, which reflect future service, are expected to be paid as follows: Estimated future benefit payments and Medicare Part D reimbursements $ in millions due within the following years: Pension Postretirement 2016 $ 24.6 $ 1.7 2017 $ 25.2 $ 1.6 2018 $ 25.8 $ 1.5 2019 $ 26.3 $ 1.4 2020 $ 26.7 $ 1.4 2021 - 2025 $ 134.8 $ 5.7 |
THE DAYTON POWER AND LIGHT COMPANY [Member] | |
Benefit Plans | Note 9 – Benefit Plans Defined contribution plans DP&L sponsors two defined contribution plans. One is for non-union employees (the management plan) and one is for collective bargaining employees (the union plan). Both plans are qualified under Section 401 of the Internal Revenue Code. Certain non-union employees become eligible to participate in the management plan on the first day of the month following the first full calendar month of employment; provided the employee worked at least 160 hours in that calendar month. Union employees become eligible to participate in the union plan on the first day of the first month following 30 days of employment. Effective January 1, 2016 , employees in both plans are eligible to participate upon date of hire. Participants may elect to contribute up to 85% of eligible compensation to their plan. Non-union participant contributions are matched 100% on the first 1% of eligible compensation and 50% on the next 5% of eligible compensation and they are fully vested in their employer contributions after 2 years of service. Union participant contributions are matched 150% but are capped at $2,100 for 2015 and they are fully vested in their employer contributions after 3 years of service. All participants are fully vested in their own contributions. For the years ended December 31, 2015 , 2014 and 2013 DP&L's contributions to all defined contribution plans were $4.8 million , $4.7 million and $4.8 million per year, respectively. Defined benefit plans DP&L sponsors a traditional defined benefit pension plan for most of the employees of DPL and its subsidiaries. For collective bargaining employees, the defined benefits are based on a specific dollar amount per year of service. For all other employees (management employees), the traditional defined benefit pension plan is based primarily on compensation and years of service. As of December 31, 2010, this traditional pension plan was closed to new management employees. A participant is 100% vested in all amounts credited to his or her account upon the completion of five vesting years, as defined in The Dayton Power and Light Company Retirement Income Plan, or the participant’s death or disability. If a participant’s employment is terminated, other than by death or disability, prior to such participant becoming 100% vested in his or her account, the account shall be forfeited as of the date of termination. Effective January 1, 2014, the Service Company began providing services including accounting, legal, human resources, information technology and other corporate services on behalf of companies that are part of the U.S. SBU, including among other companies, DPL and DP&L . Employees that transferred from DP&L to the Service Company maintain their previous eligibility to participate in the DP&L pension plan. Almost all management employees beginning employment on or after January 1, 2011 participate in a cash balance pension plan. Similar to the traditional pension plan for management employees, the cash balance benefits are based on compensation and years of service. A participant shall become 100% vested in all amounts credited to his or her account upon the completion of three vesting years, as defined in The Dayton Power and Light Company Retirement Income Plan, or the participant’s death or disability. If a participant’s employment is terminated, other than by death or disability, prior to such participant becoming 100% vested in his or her account, the account shall be forfeited as of the date of termination. Vested benefits in the cash balance plan are fully portable upon termination of employment. In addition, we have a Supplemental Executive Retirement Plan (SERP) for certain retired key executives. The SERP has an immaterial unfunded liability related to agreements for retirement benefits of certain terminated and retired key executives. We also include our net liability to our partners related to our share of their pension costs within Pension, retiree and other benefits on our Balance Sheets. We recognize an asset for a plan’s overfunded status and a liability for a plan’s underfunded status and recognize, as a component of OCI, the changes in the funded status of the plan that arise during the year that are not recognized as a component of net periodic benefit cost. For the transmission and distribution areas of our electric business, these amounts are recorded as regulatory assets and liabilities which represent the regulated portion that would otherwise be charged or credited to AOCI. We have historically recorded these costs on the accrual basis and this is how these costs have been historically recovered through customer rates. This factor, combined with the historical precedents from the PUCO and FERC, make these costs probable of future rate recovery. Postretirement benefits Qualified employees who retired prior to 1987 and their dependents are eligible for health care and life insurance benefits until their death, while qualified employees who retired after 1987 are eligible for life insurance benefits and partially subsidized health care. The partially subsidized health care is at the election of the employee, who pays the majority of the cost, and is available only from their retirement until they are covered by Medicare. We have funded a portion of the union-eligible benefits using a Voluntary Employee Beneficiary Association Trust. The following tables set forth the changes in our pension and postemployment benefit plans’ obligations and assets recorded on the balance sheets at December 31, 2015 and 2014 . The amounts presented in the following tables for pension obligations include the collective bargaining plan formula, traditional management plan formula and cash balance plan formula and the SERP in the aggregate. The amounts presented for postemployment obligations include both health and life insurance benefits. $ in millions Pension Years ended December 31, 2015 2014 Change in benefit obligation Benefit obligation at beginning of period $ 443.8 $ 370.5 Service cost 7.1 5.9 Interest cost 17.3 17.5 Plan amendments — 6.8 Actuarial (gain) / loss (34.5 ) 67.3 Benefits paid (22.9 ) (24.2 ) Benefit obligation at end of period 410.8 443.8 Change in plan assets Fair value of plan assets at beginning of period 371.7 349.1 Actual return on plan assets (8.8 ) 46.4 Contributions to plan assets 5.4 0.4 Benefits paid (22.9 ) (24.2 ) Fair value of plan assets at end of period 345.4 371.7 Funded status of plan $ (65.4 ) $ (72.1 ) December 31, 2015 2014 Amounts recognized in the Balance sheets Current liabilities $ (0.4 ) $ (0.4 ) Non-current liabilities (65.0 ) (71.7 ) Net liability at Year ended December 31, $ (65.4 ) $ (72.1 ) Amounts recognized in Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities, pre-tax Components: Prior service cost $ 17.0 $ 20.3 Net actuarial loss / (gain) 139.7 152.5 Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities, pre-tax $ 156.7 $ 172.8 Recorded as: Regulatory asset $ 91.1 $ 99.0 Regulatory liability — — Accumulated other comprehensive income 65.6 73.8 Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities, pre-tax $ 156.7 $ 172.8 $ in millions Postretirement Years ended December 31, 2015 2014 Change in benefit obligation Benefit obligation at beginning of period $ 19.6 $ 19.7 Service cost 0.2 0.2 Interest cost 0.6 0.8 Actuarial (gain) / loss (1.1 ) 0.2 Benefits paid (1.5 ) (1.3 ) Benefit obligation at end of period 17.8 19.6 Change in plan assets Fair value of plan assets at beginning of period 3.3 3.7 Contributions to plan assets 1.0 0.9 Benefits paid (1.5 ) (1.3 ) Fair value of plan assets at end of period 2.8 3.3 Funded status of plan $ (15.0 ) $ (16.3 ) December 31, 2015 2014 Amounts recognized in the Balance sheets Current liabilities $ (0.4 ) $ (0.5 ) Non-current liabilities (14.6 ) (15.8 ) Net liability at Year ended December 31, $ (15.0 ) $ (16.3 ) Amounts recognized in Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities, pre-tax Components: Prior service cost $ 0.5 $ 0.6 Net actuarial loss / (gain) (6.2 ) (5.8 ) Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities, pre-tax $ (5.7 ) $ (5.2 ) Recorded as: Regulatory asset $ 0.3 $ — Regulatory liability (5.1 ) (4.5 ) Accumulated other comprehensive income (0.9 ) (0.7 ) Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities, pre-tax $ (5.7 ) $ (5.2 ) The accumulated benefit obligation for our defined benefit pension plans was $401.2 million and $431.0 million at December 31, 2015 and 2014 , respectively. The net periodic benefit cost of the pension and postretirement plans were: Net Periodic Benefit Cost - Pension Years ended December 31, $ in millions 2015 2014 2013 Service cost $ 7.1 $ 5.9 $ 7.2 Interest cost 17.3 17.5 15.6 Expected return on assets (a) (22.6 ) (22.9 ) (23.6 ) Amortization of unrecognized: Actuarial gain 9.8 6.4 9.3 Prior service cost 3.3 2.8 2.8 Net periodic benefit cost $ 14.9 $ 9.7 $ 11.3 Net Periodic Benefit Cost - Postretirement Years ended December 31, $ in millions 2015 2014 2013 Service cost $ 0.2 $ 0.2 $ 0.2 Interest cost 0.6 0.8 0.8 Expected return on assets (a) (0.1 ) (0.2 ) (0.2 ) Amortization of unrecognized: Actuarial loss (0.6 ) (0.8 ) (0.7 ) Prior service cost 0.1 0.1 0.1 Net periodic benefit cost $ 0.2 $ 0.1 $ 0.2 Other Changes in Plan Assets and Benefit Obligation Recognized in Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities Pension Years ended December 31, $ in millions 2015 2014 2013 Net actuarial loss / (gain) $ (3.0 ) $ 43.8 $ (11.7 ) Prior service cost — 6.8 — Reversal of amortization item: Net actuarial loss (9.8 ) (6.4 ) (9.3 ) Prior service cost (3.3 ) (2.8 ) (2.8 ) Total recognized in Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities $ (16.1 ) $ 41.4 $ (23.8 ) Total recognized in net periodic benefit cost and Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities $ (1.2 ) $ 51.1 $ (12.5 ) Postretirement Years ended December 31, $ in millions 2015 2014 2013 Net actuarial loss / (gain) $ (1.1 ) $ 0.4 $ (1.9 ) Reversal of amortization item: Net actuarial gain 0.6 0.8 0.7 Prior service credit (0.1 ) (0.1 ) (0.1 ) Total recognized in Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities $ (0.6 ) $ 1.1 $ (1.3 ) Total recognized in net periodic benefit cost and Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities $ (0.4 ) $ 1.2 $ (1.1 ) Estimated amounts that will be amortized from AOCI, Regulatory assets and Regulatory liabilities into net periodic benefit costs during 2016 are: $ in millions Pension Postretirement Actuarial gain / (loss) $ 7.2 $ (0.8 ) Prior service cost $ 3.1 $ 0.1 Assumptions Our expected return on plan asset assumptions, used to determine benefit obligations, are based on historical long-term rates of return on investments, which use the widely accepted capital market principle that assets with higher volatility generate a greater return over the long run. Current market factors, such as inflation and interest rates, as well as asset diversification and portfolio rebalancing, are evaluated when long-term capital market assumptions are determined. Peer data and historical returns are reviewed to verify reasonableness and appropriateness. At December 31, 2015 , we are maintaining our long term rate of return assumption of 6.50% for pension plan assets. In addition, we are decreasing our long-term rate of return assumption to 3.90% from 4.50% for other postemployment benefit plan assets. These rates of return represent our long-term assumptions based on our long-term portfolio mixes. Also, at December 31, 2015 , we have increased our assumed discount rate to 4.49% from 4.02% for pension and to 4.10% from 3.71% for postemployment benefits expense to reflect current duration-based yield curve discount rates. A one percent increase in the rate of return assumption for pension would result in a decrease in pension expense of approximately $3.5 million . A 1% decrease in the rate of return assumption for pension would result in an increase in pension expense of approximately $3.5 million . A 25 basis point increase in the discount rate for pension would result in a decrease of approximately $0.2 million to 2016 pension expense. A 25 basis point decrease in the discount rate for pension would result in an increase of approximately $0.3 million to 2016 pension expense. A one percent change in the assumed health care cost trend rate would affect postemployment benefit costs by less than $1.0 million . In determining the discount rate to use for valuing liabilities, we used a market yield curve on high-quality fixed income investments as of December 31, 2015 . We project the expected benefit payments under the plan based on participant data and based on certain assumptions concerning mortality, retirement rates, termination rates, etc. The expected benefit payments for each year are then discounted back to the measurement date using the appropriate spot rate for each half-year from the yield curve, thereby obtaining a present value of all expected future benefit payments using the yield curve. Finally, an equivalent single discount rate is determined which produces a present value equal to the present value determined using the full yield curve. Effective January 1, 2016 we will apply the spot rate approach for determining service cost and interest cost for its defined benefit pension plans and other post-retirement plan. The expected 2016 service costs and interest costs included above reflect the change in methodology. The impact of the change in approach is a reduction in: (1) expected service costs of $0.4 million for pension plans in 2016 ( $0.4 million Defined Benefit Pension Plan and $0.0 million Supplemental Retirement Plan), and (2) expected interest costs of $3.2 million for pension plans in 2016 ( $3.1 million Defined Benefit Pension Plan and $0.1 million Supplemental Retirement Plan). The weighted average assumptions used to determine benefit obligations during the years ended December 31, 2015 , 2014 and 2013 were: Benefit Obligation Assumptions Pension Postretirement 2015 2014 2013 2015 2014 2013 Discount rate for obligations 4.49% 4.02% 4.86% 4.10% 3.71% 4.58% Rate of compensation increases 3.94% 3.94% 3.94% N/A N/A N/A The weighted-average assumptions used to determine net periodic benefit cost (income) for the years ended December 31, 2015 , 2014 and 2013 were: Net Periodic Benefit Cost / (Income) Assumptions Pension Postretirement 2015 2014 2013 2015 2014 2013 Discount rate 4.02% 4.86% 4.04% 3.81% 4.51% 4.58% Expected rate of return on plan assets 6.50% 6.75% 6.75% 4.50% 6.00% 6.00% Rate of compensation increases 3.94% 3.94% 3.94% N/A N/A N/A The assumed health care cost trend rates at December 31, 2015 , 2014 and 2013 are as follows: Health Care Cost Assumptions Expense Benefit Obligation 2015 2014 2013 2015 2014 2013 Pre - age 65 Current health care cost trend rate 6.97% 7.75% 8.00% 6.85% 6.97% 7.75% Year trend reaches ultimate 2029 2023 2019 2036 2029 2023 Post - age 65 Current health care cost trend rate 6.97% 6.75% 7.50% 6.85% 6.97% 6.75% Year trend reaches ultimate 2029 2021 2018 2036 2029 2021 Ultimate health care cost trend rate 4.50% 5.00% 5.00% 4.50% 4.50% 5.00% The assumed health care cost trend rates have an effect on the amounts reported for the health care plans. A one-percentage point change in assumed health care cost trend rates would have the following effects on the net periodic postemployment benefit cost and the accumulated postemployment benefit obligation: Effect of change in health care cost trend rate $ in millions One-percent increase One-percent decrease Service cost plus interest cost $ 0.1 $ — Benefit obligation $ 1.1 $ (0.7 ) Pension plan assets Plan assets are invested using a total return investment approach whereby a mix of equity securities, debt securities and other investments are used to preserve asset values, diversify risk and achieve our target investment return benchmark. Investment strategies and asset allocations are based on careful consideration of plan liabilities, the plan's funded status and our financial condition. Investment performance and asset allocation are measured and monitored on an ongoing basis. Plan assets are managed in a balanced portfolio comprised of two major components: an equity portion and a fixed income portion. The expected role of plan equity investments is to maximize the long-term real growth of plan assets, while the role of fixed income investments is to generate current income, provide for more stable periodic returns and provide some protection against a prolonged decline in the market value of plan equity investments. Long-term strategic asset allocation guidelines, as well as short-term tactical asset allocation guidelines, are determined by a Risk/Advisory Committee and approved by a Fiduciary Committee. These allocations take into account the Plan’s long-term objectives. The long-term target allocations for plan assets are 18% – 38% for equity securities and 58% – 86% for fixed income securities. Equity securities include U.S. and international equity, while fixed income securities include long-duration and high-yield bond funds and emerging market debt funds. Tactically, the committees, on a short-term basis, will make asset allocations that are outside the long-term allocation guidelines. The short-term allocation positions are likely to not exceed one-year in duration. In addition to the equity and fixed income investments, the short-term allocation may also include a relatively small allocation to alternative investments. The plan currently has a small allocation to a core property fund, as well as a small allocation to a hedge fund. Most of our Plan assets are measured using quoted, observable prices which are considered Level One inputs in the Fair Value Hierarchy. The Core property collective fund and the Common collective fund are measured using Level Two inputs that are quoted prices for identical assets in markets that are less active. The following table summarizes our target pension plan allocation for 2015 : Percentage of plan assets as of December 31, Asset Category Long-Term Target Allocation 2015 2014 Equity Securities 28% 17% 18% Debt Securities 72% 67% 69% Real Estate —% 9% 7% Other —% 7% 6% The fair values of our pension plan assets at December 31, 2015 by asset category are as follows: Fair Value Measurements for Pension Plan Assets at December 31, 2015 Asset Category $ in millions Market Value at December 31, 2015 Quoted prices in active markets for identical assets Significant observable inputs Significant unobservable inputs (Level 1) (Level 2) (Level 3) Equity securities (a) Small/Mid cap equity $ 9.2 $ 9.2 $ — $ — Large cap equity 20.2 20.2 — — International equity 18.2 18.2 — — Emerging markets equity 2.7 2.7 — — SIIT dynamic equity 10.0 10.0 — — Total equity securities 60.3 60.3 — — Debt Securities (b) Emerging markets debt 6.3 6.3 — — High yield bond 6.3 6.3 — — Long duration fund 219.5 219.5 — — Total debt securities 232.1 232.1 — — Other investments (c) Core property collective fund 30.2 — 30.2 — Common collective fund 22.8 — 22.8 — Total other investments 53.0 — 53.0 — Total pension plan assets $ 345.4 $ 292.4 $ 53.0 $ — (a) This category includes investments in equity securities of large, small and medium sized companies and equity securities of foreign companies including those in developing countries. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. (b) This category includes investments in investment-grade fixed-income instruments, U.S. dollar-denominated debt securities of emerging market issuers and high yield fixed-income securities that are rated below investment grade. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. (c) This category represents a property fund that invests in commercial real estate and a hedge fund of funds made up of 30+ different hedge fund managers diversified over eight different hedge strategies. The fair value of the hedge fund is valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. The fair values of our pension plan assets at December 31, 2014 by asset category are as follows: Fair Value Measurements for Pension Plan Assets at December 31, 2014 Asset Category $ in millions Market Value at December 31, 2014 Quoted prices in active markets for identical assets Significant observable inputs Significant unobservable inputs (Level 1) (Level 2) (Level 3) Equity securities (a) Small/Mid cap equity $ 10.6 $ 10.6 $ — $ — Large cap equity 22.2 22.2 — — International equity 18.2 18.2 — — Emerging markets equity 2.8 2.8 — — SIIT dynamic equity 11.6 11.6 — — Total equity securities 65.4 65.4 — — Debt Securities (b) Emerging markets debt 6.0 6.0 — — High yield bond 6.5 6.5 — — Long duration fund 242.7 242.7 — — Total debt securities 255.2 255.2 — — Cash and cash equivalents (c) Cash 1.6 1.6 — — Other investments (d) Core property collective fund 26.3 — 26.3 — Common collective fund 23.2 — 23.2 — Total other investments 49.5 — 49.5 — Total pension plan assets $ 371.7 $ 322.2 $ 49.5 $ — (a) This category includes investments in equity securities of large, small and medium sized companies and equity securities of foreign companies including those in developing countries. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. (b) This category includes investments in investment-grade fixed-income instruments, U.S. dollar-denominated debt securities of emerging market issuers and high yield fixed-income securities that are rated below investment grade. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. (c) This category comprises cash held to pay beneficiaries. The fair value of cash equals its book value. (d) This category represents a property fund that invests in commercial real estate and a hedge fund of funds made up of 30+ different hedge fund managers diversified over eight different hedge strategies. The fair value of the hedge fund is valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. The fair values of our other postemployment benefit plan assets at December 31, 2015 by asset category are as follows: Fair Value Measurements for Other Postemployment Benefit Plan Assets at December 31, 2015 Asset Category $ in millions Fair Value at December 31, 2015 (a) Quoted prices in active markets for identical assets Significant observable inputs Significant unobservable inputs (Level 1) (Level 2) (Level 3) JP Morgan Core Bond Fund (a) $ 2.8 $ 2.8 $ — $ — (a) This category includes investments in U.S. government obligations and mortgage-backed and asset-backed securities. The fair values of our other postemployment benefit plan assets at December 31, 2014 by asset category are as follows: Fair Value Measurements for Other Postemployment Benefit Plan Assets at December 31, 2014 Asset Category $ in millions Fair Value at December 31, 2014 (a) Quoted prices in active markets for identical assets Significant observable inputs Significant unobservable inputs (Level 1) (Level 2) (Level 3) JP Morgan Core Bond Fund (a) $ 3.2 $ 3.2 $ — $ — (a) This category includes investments in U.S. government obligations and mortgage-backed and asset-backed securities. Pension funding We generally fund pension plan benefits as accrued in accordance with the minimum funding requirements of the Employee Retirement Income Security Act of 1974 (ERISA) and, in addition, make voluntary contributions from time to time. We contributed $5.0 million , $0.0 million , and $0.0 million during the years ended December 31, 2015 , 2014 and 2013 , respectively. We expect to make contributions of $0.4 million to our SERP in 2016 to cover benefit payments. We also expect to contribute $1.1 million to our other postemployment benefit plans in 2016 to cover benefit payments. We made contributions of $5.0 million to our pension plan during January, 2016 . The Pension Protection Act of 2006 (the Act) contained new requirements for our single employer defined benefit pension plan. In addition to establishing a 100% funding target for plan years beginning after December 31, 2008, the Act also limits some benefits if the funded status of pension plans drops below certain thresholds. Among other restrictions under the Act, if the funded status of a plan falls below a predetermined ratio of 80% , lump-sum payments to new retirees are limited to 50% of amounts that otherwise would have been paid and new benefit improvements may not go into effect. For the 2015 plan year, the funded status of our defined benefit pension plan as calculated under the requirements of the Act was 112.54% and is estimated to be 112.54% until the 2016 status is certified in September 2016 for the 2016 plan year. The Worker, Retiree, and Employer Recovery Act of 2008 (WRERA), which was signed into law on December 23, 2008, grants plan sponsors certain relief from funding requirements and benefit restrictions of the Act. Benefit payments, which reflect future service, are expected to be paid as follows: Estimated future benefit payments and Medicare Part D reimbursements $ in millions due within the following years: Pension Postretirement 2016 $ 24.6 $ 1.7 2017 $ 25.2 $ 1.6 2018 $ 25.8 $ 1.5 2019 $ 26.3 $ 1.4 2020 $ 26.7 $ 1.4 2021 - 2025 $ 134.8 $ 5.7 |
Equity
Equity | 12 Months Ended |
Dec. 31, 2015 | |
Entity Information [Line Items] | |
Equity | Note 11 – Equity Redeemable Preferred Stock of Subsidiary DP&L has $100 par value preferred stock, 4,000,000 shares authorized, of which 228,508 were outstanding at December 31, 2015 and 2014 . DP&L also has $25 par value preferred stock, 4,000,000 shares authorized, none of which was outstanding at December 31, 2015 or 2014 . The table below details the preferred shares outstanding at December 31, 2015 : December 31, 2015 and 2014 Carrying Value (a) ($ in millions) Preferred Stock Rate Redemption price ($ per share) Shares Outstanding December 31, 2015 December 31, 2014 DP&L Series A 3.75% $ 102.50 93,280 $ 7.4 $ 7.4 DP&L Series B 3.75% $ 103.00 69,398 5.6 5.6 DP&L Series C 3.90% $ 101.00 65,830 5.4 5.4 Total 228,508 $ 18.4 $ 18.4 (a) Carrying value is fair value at the Merger date plus cumulative accrued dividends, of which there were none at December 31, 2015 and 2014 . The DP&L preferred stock may be redeemed at DP&L’s option as determined by its Board of Directors at the per-share redemption prices indicated above, plus cumulative accrued dividends, of which there were none at December 31, 2015 . In addition, DP&L’s Amended Articles of Incorporation contain provisions that permit preferred stockholders to elect members of the Board of Directors in the event that cumulative dividends on the preferred stock are in arrears in an aggregate amount equivalent to at least four full quarterly dividends. Since this potential redemption-triggering event is not solely within the control of DP&L , the preferred stock is presented on the Consolidated Balance Sheets as “Redeemable Preferred Stock” in a manner consistent with temporary equity. Dividend Restrictions DPL’s Amended Articles of Incorporation (the Articles) contain provisions which state that DPL may not make a distribution to its shareholder or make a loan to any of its affiliates (other than its subsidiaries), unless: (a) there exists no Event of Default (as defined in the Articles) and no such Event of Default would result from the making of the distribution or loan; and either (b)(i) at the time of, and/or as a result of, the distribution or loan, 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, (b)(ii) if such ratios are not within the parameters, DPL’s senior long-term debt rating from one of the three major credit rating agencies is at least investment grade. Further, the restrictions on the payment of distributions to a shareholder and the making of loans to its affiliates (other than subsidiaries) cease to be in effect if the three major credit rating agencies confirm that a lowering of DPL’s senior long-term debt rating below investment grade by the credit rating agencies would not occur without these restrictions. As long as any DP&L preferred stock is outstanding, DP&L’s Amended Articles of Incorporation also contain provisions restricting the payment of cash dividends on any of its common stock if, after giving effect to such dividend, the aggregate of all such dividends distributed subsequent to December 31, 1946 exceeds the net income of DP&L available for dividends on its common stock subsequent to December 31, 1946, plus $1.2 million . This dividend restriction has historically not affected DP&L’s ability to pay cash dividends and, at December 31, 2015 , DP&L’s retained earnings of $437.3 million were all available for common stock dividends payable to DPL . We do not expect this restriction to have an effect on the payment of cash dividends in the future. DPL records dividends on preferred stock of DP&L within Interest expense on the Statements of Operations. Common Stock Effective on the Merger date, DPL adopted Amended Articles of Incorporation providing for 1,500 authorized common shares, of which one share is outstanding at December 31, 2015 . As described above, DPL’s Amended Articles of Incorporation contain restrictions on DPL’s ability to make dividends, distributions and affiliate loans (other than to its subsidiaries), including restrictions of making such dividends, distributions and loans if certain financial ratios exceed specified levels and DPL’s senior long-term debt rating from a rating agency is below investment grade. As of December 31, 2015 , DPL’s leverage ratio was at 1.03 to 1.00 and DPL’s senior long-term debt rating from all three major credit rating agencies was below investment grade. As a result, as of December 31, 2015 , DPL was prohibited under its Articles of Incorporation from making a distribution to its shareholder or making a loan to any of its affiliates (other than its subsidiaries). DP&L has 250,000,000 authorized common shares, of which 41,172,173 are outstanding at December 31, 2015. All common shares are held by DP&L’s parent, DPL . As part of the PUCO’s approval of the Merger, DP&L agreed to maintain a capital structure that includes an equity ratio of at least 50 percent and not to have a negative retained earnings balance. |
THE DAYTON POWER AND LIGHT COMPANY [Member] | |
Entity Information [Line Items] | |
Equity | Note 10 – Equity Redeemable Preferred Stock DP&L has $100 par value preferred stock, 4,000,000 shares authorized, of which 228,508 were outstanding at December 31, 2015 . DP&L also has $25 par value preferred stock, 4,000,000 shares authorized, none of which was outstanding at December 31, 2015 . The table below details the preferred shares outstanding at December 31, 2015 and 2014 : December 31, 2015 and 2014 Par Value ($ in millions) Preferred Stock Rate Redemption price ($ per share) Shares Outstanding December 31, 2015 December 31, 2014 DP&L Series A 3.75% $ 102.50 93,280 $ 9.3 $ 9.3 DP&L Series B 3.75% $ 103.00 69,398 7.0 7.0 DP&L Series C 3.90% $ 101.00 65,830 6.6 6.6 Total 228,508 $ 22.9 $ 22.9 The DP&L preferred stock may be redeemed at DP&L’s option as determined by its Board of Directors at the per-share redemption prices indicated above, plus cumulative accrued dividends, of which there were none at December 31, 2015 . In addition, DP&L’s Amended Articles of Incorporation contain provisions that permit preferred stockholders to elect members of the Board of Directors in the event that cumulative dividends on the preferred stock are in arrears in an aggregate amount equivalent to at least four full quarterly dividends. Since this potential redemption-triggering event is not solely within the control of DP&L , the preferred stock is presented on the Balance Sheets as “Redeemable Preferred Stock” in a manner consistent with temporary equity. Dividend Restrictions As long as any DP&L preferred stock is outstanding, DP&L’s Amended Articles of Incorporation also contain provisions restricting the payment of cash dividends on any of its common stock if, after giving effect to such dividend, the aggregate of all such dividends distributed subsequent to December 31, 1946 exceeds the net income of DP&L available for dividends on its common stock subsequent to December 31, 1946, plus $1.2 million . This dividend restriction has historically not impacted DP&L’s ability to pay cash dividends and, as of December 31, 2015 , DP&L’s retained earnings of 437.3 million were all available for common stock dividends payable to DPL . We do not expect this restriction to have an effect on the payment of cash dividends in the future. Common Stock DP&L has 250,000,000 authorized common shares, of which 41,172,173 are outstanding at December 31, 2015 . All common shares are held by DP&L’s parent, DPL . As part of the PUCO’s approval of the Merger, DP&L agreed to maintain a capital structure that includes an equity ratio of at least 50 percent and not to have a negative retained earnings balance. |
Contractual Obligations, Commer
Contractual Obligations, Commercial Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Contractual Obligations, Commercial Commitments and Contingencies | Note 12 – Contractual Obligations, Commercial Commitments and Contingencies DPL – Guarantees In the normal course of business, DPL enters into various agreements with its wholly-owned subsidiaries, DPLE and DPLER, providing financial or performance assurance to third parties. These agreements are entered into primarily to support or enhance the creditworthiness otherwise attributed to these subsidiaries on a stand-alone basis, thereby facilitating the extension of sufficient credit to accomplish these subsidiaries’ intended commercial purposes. At December 31, 2015 , DPL had $17.3 million of guarantees on behalf of DPLE to third parties for future financial or performance assurance under such agreements. In addition, DPL had $1.9 million of guarantees on behalf of DPLER which were released in January 2016 as a result of the sale of DPLER. The guarantee arrangements entered into by DPL with these third parties cover present and future obligations of DPLE and present obligations of DPLER to such beneficiaries and are terminable at any time by DPL upon written notice to the beneficiaries. All guarantees on behalf of DPLER were terminated in January 2016. The carrying amount of obligations for commercial transactions covered by these guarantees and recorded in our Consolidated Balance Sheets was $0.5 million and $1.6 million at December 31, 2015 and 2014 , respectively. To date, DPL has not incurred any losses related to these guarantees and we believe it is remote that DPL would be required to perform or incur any losses in the future associated with any of the above guarantees. Equity Ownership Interest DP&L has a 4.9% equity ownership interest in an electric generation company which is recorded using the cost method of accounting under GAAP. At December 31, 2015 , DP&L could be responsible for the repayment of 4.9% , or $74.5 million , of a $1,519.9 million debt obligation comprised of both fixed and variable rate securities with maturities between 2016 and 2040 . This would only happen if this electric generation company defaulted on its debt payments. At December 31, 2015 , we have no knowledge of such a default. Contractual Obligations and Commercial Commitments We enter into various contractual obligations and other commercial commitments that may affect the liquidity of our operations. At December 31, 2015 , these include: Payments due in: $ in millions Total Less than 1 year 2 - 3 years 4 - 5 years More than 5 years DPL: Coal contracts (a) 374.2 186.9 187.3 — — Purchase orders and other contractual obligations 83.8 24.4 30.0 29.4 — (a) Total at DP&L operated units. Coal contracts: DPL , through its principal subsidiary DP&L , has entered into various long-term coal contracts to supply the coal requirements for the generating stations it operates. At December 31, 2015 , 73% of our future committed coal obligations are with a single supplier. Some contract prices are subject to periodic adjustment and have features that limit price escalation in any given year. Purchase orders and other contractual obligations: At December 31, 2015 , DPL had various other contractual obligations, including non-cancelable contracts, to purchase goods and services with various terms and expiration dates. Contingencies In the normal course of business, we are subject to various lawsuits, actions, proceedings, claims and other matters asserted under laws and regulations. We believe the amounts provided in our Consolidated Financial Statements, as prescribed by GAAP, are adequate in light of the probable and estimable contingencies. However, there can be no assurances that the actual amounts required to satisfy alleged liabilities from various legal proceedings, claims, tax examinations, and other matters, including the matters discussed below, and to comply with applicable laws and regulations, will not exceed the amounts reflected in our Consolidated Financial Statements. As such, costs, if any, that may be incurred in excess of those amounts provided as of December 31, 2015 , cannot be reasonably determined. Environmental Matters DPL’s and DP&L’s facilities and operations are subject to a wide range of federal, state and local environmental regulations and laws. The environmental issues that may affect us include: • The federal CAA and state laws and regulations (including SIPs) which require compliance, obtaining permits and reporting as to air emissions, • Litigation with federal and certain state governments and certain special interest groups regarding whether modifications to or maintenance of certain coal-fired generating stations require additional permitting or pollution control technology, or whether emissions from coal-fired generating stations cause or contribute to global climate changes, • Rules and future rules issued by the USEPA and the Ohio EPA that require substantial reductions in SO 2 , particulates, mercury, acid gases, NO X , and other air emissions. DP&L has installed emission control technology and is taking other measures to comply with required and anticipated reductions, • Rules and future rules issued by the USEPA and the Ohio EPA that require reporting and reductions of GHGs, • Rules and future rules issued by the USEPA associated with the federal Clean Water Act, which prohibits the discharge of pollutants into waters of the United States except pursuant to appropriate permits, and • Solid and hazardous waste laws and regulations, which govern the management and disposal of certain waste. The majority of solid waste created from the combustion of coal and fossil fuels is fly ash and other coal combustion by-products. In addition to imposing continuing compliance obligations, these laws and regulations authorize the imposition of substantial penalties for noncompliance, including fines, injunctive relief and other sanctions. In the normal course of business, we have investigatory and remedial activities underway at our facilities to comply, or to determine compliance, with such regulations. We record liabilities for loss contingencies related to environmental matters when a loss is probable of occurring and can be reasonably estimated in accordance with the provisions of GAAP. Accordingly, we have accruals for loss contingencies of approximately $0.9 million for environmental matters. We also have a number of environmental matters for which we have not accrued loss contingencies because the risk of loss is not probable 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 or cash flows. We have several pending environmental matters associated with our coal-fired generation units. Some of these matters could have material adverse impacts on the operation of the power stations. |
THE DAYTON POWER AND LIGHT COMPANY [Member] | |
Contractual Obligations, Commercial Commitments and Contingencies | Note 11 – Contractual Obligations, Commercial Commitments and Contingencies DP&L – Equity Ownership Interest DP&L has a 4.9% equity ownership interest in an electric generation company which is recorded using the cost method of accounting under GAAP. At December 31, 2015 , DP&L could be responsible for the repayment of 4.9% , or $74.5 million , of a $1,519.9 million debt obligation comprised of both fixed and variable rate securities with maturities between 2016 and 2040 . This would only happen if this electric generation company defaulted on its debt payments. At December 31, 2015 , we have no knowledge of such a default. Contractual Obligations and Commercial Commitments We enter into various contractual obligations and other commercial commitments that may affect the liquidity of our operations. At December 31, 2015 , these include: Payments due in: $ in millions Total Less than 1 year 2 - 3 years 4 - 5 years More than 5 years DP&L: Coal contracts (a) 374.2 186.9 187.3 — — Purchase orders and other contractual obligations 83.8 24.4 30.0 29.4 — (a) Total at DP&L operated units. Coal contracts: DP&L has entered into various long-term coal contracts to supply the coal requirements for the generating stations it operates. At December 31, 2015 , 73% of our future committed coal obligations are with a single supplier. Some contract prices are subject to periodic adjustment and have features that limit price escalation in any given year. Purchase orders and other contractual obligations: At December 31, 2015 , DP&L had various other contractual obligations, including non-cancelable contracts, to purchase goods and services with various terms and expiration dates. Contingencies In the normal course of business, we are subject to various lawsuits, actions, proceedings, claims and other matters asserted under laws and regulations. We believe the amounts provided in our Financial Statements, as prescribed by GAAP, are adequate in light of the probable and estimable contingencies. However, there can be no assurances that the actual amounts required to satisfy alleged liabilities from various legal proceedings, claims, tax examinations, and other matters, including the matters discussed below, and to comply with applicable laws and regulations, will not exceed the amounts reflected in our Financial Statements. As such, costs, if any, that may be incurred in excess of those amounts provided as of December 31, 2015 , cannot be reasonably determined. Environmental Matters DP&L’s facilities and operations are subject to a wide range of federal, state and local environmental regulations and laws. The environmental issues that may affect us include: • The federal CAA and state laws and regulations (including SIPs) which require compliance, obtaining permits and reporting as to air emissions, • Litigation with federal and certain state governments and certain special interest groups regarding whether modifications to or maintenance of certain coal-fired generating stations require additional permitting or pollution control technology, or whether emissions from coal-fired generating stations cause or contribute to global climate changes, • Rules and future rules issued by the USEPA and the Ohio EPA that require substantial reductions in SO 2 , particulates, mercury, acid gases, NO X , and other air emissions. DP&L has installed emission control technology and is taking other measures to comply with required and anticipated reductions, • Rules and future rules issued by the USEPA and the Ohio EPA that require reporting and reductions of GHGs, • Rules and future rules issued by the USEPA associated with the federal Clean Water Act, which prohibits the discharge of pollutants into waters of the United States except pursuant to appropriate permits, and • Solid and hazardous waste laws and regulations, which govern the management and disposal of certain waste. The majority of solid waste created from the combustion of coal and fossil fuels is fly ash and other coal combustion by-products. In addition to imposing continuing compliance obligations, these laws and regulations authorize the imposition of substantial penalties for noncompliance, including fines, injunctive relief and other sanctions. In the normal course of business, we have investigatory and remedial activities underway at our facilities to comply, or to determine compliance, with such regulations. We record liabilities for loss contingencies related to environmental matters when a loss is probable of occurring and can be reasonably estimated in accordance with the provisions of GAAP. Accordingly, we have accruals for loss contingencies of approximately $0.9 million for environmental matters. We also have a number of environmental matters for which we have not accrued loss contingencies because the risk of loss is not probable 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 or cash flows. We have several pending environmental matters associated with our coal-fired generation units. Some of these matters could have material adverse impacts on the operation of the power stations. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Entity Information [Line Items] | |
Related Party Transactions | Note 13 – Related Party Transactions Service Company In December 2013, an agreement was signed, effective January 1, 2014, whereby the Service Company began providing services including operations, accounting, legal, human resources, information technology and other corporate services on behalf of companies that are part of the U.S. SBU, including, among other companies, DPL and DP&L . The Service Company allocates the costs for these services based on cost drivers designed to result in fair and equitable allocations. This includes ensuring that the regulated utilities served, including DP&L , are not subsidizing costs incurred for the benefit of other businesses. The following table provides a summary of these transactions: For the years ended December 31, $ in millions 2015 2014 Transactions with the Service Company Charges for services provided $ 36.0 $ 35.8 Charges to the Service Company $ 6.2 $ 2.4 Transactions with the Service Company: At December 31, 2015 At December 31, 2014 Net payable to the Service Company $ (0.5 ) $ (4.7 ) DPL Capital Trust II DPL has a wholly-owned business trust, DPL Capital Trust II (the Trust), formed for the purpose of issuing trust capital securities to third-party investors. Effective in 2003, DPL deconsolidated the Trust upon adoption of the accounting standards related to variable interest entities and currently treats the Trust as a nonconsolidated subsidiary. The Trust holds mandatorily redeemable trust capital securities. The investment in the Trust, which amounts to $0.3 million and $0.3 million at December 31, 2015 and 2014 , respectively, is included in Other deferred assets within Other noncurrent assets. DPL also has a note payable to the Trust amounting to $15.6 million and $15.6 million at December 31, 2015 and 2014 , respectively, that was established upon the Trust’s deconsolidation in 2003. See Note 8 – Debt for additional information. In addition to the obligations under the note payable mentioned above, DPL also agreed to a security obligation which represents a full and unconditional guarantee of payments to the capital security holders of the Trust. Income taxes 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. DPL had a net payable balance under this agreement of $50.5 million and $16.1 million as of December 31, 2015 and 2014 , respectively, which is recorded in Accrued taxes on the accompanying Consolidated Balance Sheets. |
THE DAYTON POWER AND LIGHT COMPANY [Member] | |
Entity Information [Line Items] | |
Related Party Transactions | Note 12 – Related Party Transactions In December 2013, an agreement was signed, effective January 1, 2014, whereby the Service Company began providing services including operations, accounting, legal, human resources, information technology and other corporate services on behalf of companies that are part of the U.S. SBU, including, among other companies, DPL and DP&L . The Service Company allocates the costs for these services based on cost drivers designed to result in fair and equitable allocations. This includes ensuring that the regulated utilities served, including DP&L , are not subsidizing costs incurred for the benefit of other businesses. The following table provides a summary of these transactions: Years ended December 31, $ in millions 2015 2014 2013 DP&L revenues: Sales to DPLER (including MC Squared) (a) $ 303.3 $ 487.1 $ 453.9 DP&L Operation & Maintenance Expenses: Premiums paid for insurance services provided by MVIC (b) $ (3.2 ) $ (2.9 ) $ (2.9 ) Expense recoveries for services provided to DPLER (c) $ 2.4 $ 2.2 $ 5.2 Transactions with the Service Company: Charges for services provided $ 30.9 $ 30.5 $ — Charges to the Service Company $ 6.1 $ 2.3 $ — Balances with related parties: At December 31, 2015 At December 31, 2014 Net payable to the Service Company $ (0.5 ) $ (4.7 ) Short-term loan with DPL Inc. $ 35.0 $ — Deposits received from DPLER (d) $ — $ 20.1 (a) DP&L sold power to DPLER and MC Squared to satisfy the electric requirements of their retail customers. The revenue dollars associated with sales to DPLER and MC Squared are recorded as wholesale revenues in DP&L’s Financial Statements. These agreements were terminated on the sale of DPLER on January 1, 2016. (b) MVIC, a wholly-owned captive insurance subsidiary of DPL , provides insurance coverage to DP&L and other DPL subsidiaries for workers’ compensation, general liability, property damages and directors’ and officers’ liability. These amounts represent insurance premiums paid by DP&L to MVIC. (c) In the normal course of business DP&L incurs and records expenses on behalf of DPLER. Such expenses include but are not limited to employee-related expenses, accounting, information technology, payroll, legal and other administration expenses. DP&L subsequently charges these expenses to DPLER at DP&L’s cost and credits the expense in which they were initially recorded. (d) DP&L requires credit assurance from the CRES providers serving customers in its service territory because DP&L is the default energy provider should the CRES provider fail to fulfill its obligations to provide electricity. Due to DPL’s credit downgrade, DP&L required cash collateral from DPLER. Income taxes AES files federal and state income tax returns which consolidate DPL and its subsidiaries, including DP&L . Under a tax sharing agreement with DPL , DP&L is responsible for the income taxes associated with its own taxable income and records the provision for income taxes using a separate return method. DP&L had a net receivable balance under this agreement of $1.5 million and $1.0 million as of December 31, 2015 and 2014 , respectively, which is recorded in Other current assets on the accompanying Balance Sheets. |
Business Segments
Business Segments | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Business Segments | Note 14 – Business Segments DPL had two reportable segments consisting of the operations of two of its wholly-owned subsidiaries, DP&L (Utility segment) and DPLER (Competitive Retail segment which included DPLER's wholly-owned subsidiary, MC Squared). This is how we viewed our business and made decisions on how to allocate resources and evaluate performance. The Competitive Retail segment, DPLER’s competitive retail electric service business, was sold on January 1, 2016 (see Note 16 – Discontinued Operations ). DPL now operates through one segment, the Utility segment. Segment disclosures for 2014 and 2013 have not been restated to show the competitive retail segment as a discontinued operation and therefore do not tie to the Statements of Operations. The Utility segment is comprised of DP&L’s electric generation, transmission and distribution businesses which generate and deliver electricity to residential, commercial, industrial and governmental customers. DP&L generates electricity at five coal-fired electric generating stations and distributes electricity to approximately 517,000 retail customers who are located in a 6,000 square mile area of West Central Ohio. DP&L also sold electricity to DPLER and any excess energy and capacity is sold into the wholesale market. DP&L’s transmission and distribution businesses are subject to rate regulation by federal and state regulators, while its generation business is deemed competitive under Ohio law. The Competitive Retail segment’s electric energy used to meet its sales obligations was purchased from DP&L . Intercompany sales from DP&L to DPLER were based on fixed-price contracts for each customer; the price approximated market prices for wholesale power at the inception of each customer’s contract. These agreements were terminated in connection with the sale of DPLER on January 1, 2016. Included within the “Other” column are other businesses that do not meet the GAAP requirements for disclosure as reportable segments as well as certain corporate costs, which include interest expense on DPL’s debt. Management evaluates segment performance based on gross margin. The accounting policies of the reportable segments are the same as those described in Note 1 – Overview and Summary of Significant Accounting Policies . Intersegment sales and profits are eliminated in consolidation. Certain shared and corporate costs are allocated among reporting segments. The following tables present financial information for each of DPL’s reportable business segments: $ in millions Utility Other Adjustments and Eliminations DPL Consolidated Year ended December 31, 2015 Revenues from external customers $ 1,550.8 $ 62.0 $ — $ 1,612.8 Intersegment revenues 1.5 4.2 (5.7 ) — Total revenues 1,552.3 66.2 (5.7 ) 1,612.8 Fuel 244.7 15.1 — 259.8 Purchased power 555.7 8.9 (2.0 ) 562.6 Gross margin (a) $ 751.9 $ 42.2 $ (3.7 ) $ 790.4 Depreciation and amortization $ 138.2 $ (3.6 ) $ — $ 134.6 Goodwill impairment (Note 7) $ — $ 317.0 $ — $ 317.0 Fixed asset impairment $ — $ — $ — $ — Interest expense $ 30.9 $ 87.6 $ (0.2 ) $ 118.3 Income tax expense / (benefit) $ 35.1 $ (15.1 ) $ — $ 20.0 Net income / (loss) from continuing operations $ 106.4 $ (357.8 ) $ — $ (251.4 ) Discontinued operations, net of tax $ — $ 12.4 $ — $ 12.4 Net income / (loss) $ 106.4 $ (345.4 ) $ — $ (239.0 ) Cash capital expenditures $ 127.0 $ 10.2 $ — $ 137.2 Total assets (end of year) (b) $ 3,365.8 $ 1,314.4 $ (1,339.4 ) $ 3,340.8 (a) For purposes of discussing operating results, we present and discuss gross margins. This format is useful to investors because it allows analysis and comparability of operating trends and includes the same information that is used by management to make decisions regarding our financial performance. (b) Includes assets held for sale related to the sale of DPLER. $ in millions Utility Competitive Retail Other Adjustments and Eliminations DPL Consolidated Year ended December 31, 2014 Revenues from external customers $ 1,181.2 $ 533.6 $ 48.2 $ — $ 1,763.0 Intersegment revenues 487.1 — 5.5 (492.6 ) — Total revenues 1,668.3 533.6 53.7 (492.6 ) 1,763.0 Fuel 314.9 — (10.4 ) — 304.5 Purchased power 582.4 491.8 7.5 (489.1 ) 592.6 Amortization of intangibles — — 1.2 — 1.2 Gross margin (a) $ 771.0 $ 41.8 $ 55.4 $ (3.5 ) $ 864.7 Depreciation and amortization $ 144.8 $ 0.8 $ (5.8 ) $ — $ 139.8 Goodwill impairment (Note 7) $ — $ — $ 135.8 $ — $ 135.8 Fixed asset impairment $ — $ — $ 11.5 $ — $ 11.5 Interest expense $ 33.9 $ 0.5 $ 92.9 $ (0.7 ) $ 126.6 Income tax expense / (benefit) $ 39.7 $ 2.0 $ (23.5 ) $ — $ 18.2 Net income / (loss) $ 115.0 $ 3.2 $ (192.8 ) $ — $ (74.6 ) Cash capital expenditures $ 114.2 $ 2.5 $ 1.4 $ — $ 118.1 Total assets (end of year) $ 3,338.7 $ 94.9 $ 1,440.1 $ (1,295.9 ) $ 3,577.8 (a) For purposes of discussing operating results, we present and discuss gross margins. This format is useful to investors because it allows analysis and comparability of operating trends and includes the same information that is used by management to make decisions regarding our financial performance. $ in millions Utility Competitive Retail Other Adjustments and Eliminations DPL Consolidated Year ended December 31, 2013 Revenues from external customers $ 1,098.2 $ 511.6 $ 27.1 $ — $ 1,636.9 Intersegment revenues 453.3 — 4.0 (457.3 ) — Total revenues 1,551.5 511.6 31.1 (457.3 ) 1,636.9 Fuel 362.5 — 4.2 — 366.7 Purchased power 381.9 459.7 1.1 (453.7 ) 389.0 Amortization of intangibles — — 7.1 — 7.1 Gross margin (a) $ 807.1 $ 51.9 $ 18.7 $ (3.6 ) $ 874.1 Depreciation and amortization $ 140.2 $ 0.6 $ (7.9 ) $ — $ 132.9 Goodwill impairment (Note 7) $ — $ — $ 306.3 $ — $ 306.3 Fixed asset impairment $ 86.0 $ — $ (59.8 ) $ — $ 26.2 Interest expense $ 37.2 $ 0.5 $ 86.9 $ (0.6 ) $ 124.0 Income tax expense / (benefit) $ 18.6 $ 4.2 $ (0.5 ) $ — $ 22.3 Net income / (loss) $ 83.6 $ 6.6 $ (312.2 ) $ — $ (222.0 ) $ — Cash capital expenditures $ 122.1 $ — $ 2.3 $ — $ 124.4 Total assets (end of year) $ 3,313.1 $ 105.0 $ 1,675.8 $ (1,372.4 ) $ 3,721.5 (a) For purposes of discussing operating results, we present and discuss gross margins. This format is useful to investors because it allows analysis and comparability of operating trends and includes the same information that is used by management to make decisions regarding our financial performance. |
Fixed Asset Impairment
Fixed Asset Impairment | 12 Months Ended |
Dec. 31, 2015 | |
Entity Information [Line Items] | |
Fixed-asset Impairment | Note 15 – Fixed-asset Impairment Years ended December 31, 2015 2014 2013 East Bend ( DP&L ) $ — $ 11.5 $ — Conesville ( DP&L ) — — 26.2 Total fixed-asset impairment expense $ — $ 11.5 $ 26.2 East Bend (DP&L) - During the first quarter of 2014, DPL tested the recoverability of long-lived assets at East Bend, a 186 MW coal-fired plant in Kentucky jointly-owned by DP&L . Indications during that quarter that the fair value of the asset group was less than its carrying amount were determined to be impairment indicators given how narrowly these long-lived assets had passed the recoverability test during the fourth quarter of 2013. DPL performed a long-lived asset impairment test and determined that the carrying amount of the asset group was not recoverable. The East Bend asset group was determined to have a fair value of $2.7 million using the market approach. As a result, we recognized an asset impairment expense of $11.5 million . East Bend is reported in the Utility segment, however, this impairment is shown within Other in Note 14 – Business Segments due to acquisition adjustments at DPL which were not pushed down to the utility segment. In May 2014, an agreement was signed for the sale of DP&L’s interest in the generating assets at East Bend. This transaction closed on December 30, 2014. Conesville (DP&L) - During the fourth quarter of 2013, DPL tested the recoverability of the long-lived assets at Conesville, a 129 MW coal-fired station in Ohio jointly-owned by DP&L . Gradual decreases in power prices as well as lower estimates of future capacity prices in conjunction with the DP&L reporting unit failing step 1 of the annual goodwill impairment test were determined to be an impairment indicator for long-lived assets. DPL performed a long-lived asset impairment test and determined that the carrying amount of the asset group was not recoverable. The long-lived asset group subject to the impairment evaluation was determined to be each individual station of DP&L . This determination was based on the assessment of the stations’ ability to generate independent cash flows. The Conesville asset group was determined to have zero fair value using discounted cash flows under the income approach. As a result, DPL recognized an asset impairment expense of $26.2 million . Conesville is reported in the Utility segment. |
THE DAYTON POWER AND LIGHT COMPANY [Member] | |
Entity Information [Line Items] | |
Fixed-asset Impairment | Note 13 – Fixed-asset Impairment Years ended December 31, 2015 2014 2013 East Bend $ — $ — $ 76.0 Conesville — — 10.0 Total fixed-asset impairment expense $ — $ — $ 86.0 East Bend and Conesville - During the fourth quarter of 2013, DP&L tested the recoverability of long-lived assets at Conesville, a 129 MW coal-fired station in Ohio, and East Bend, a 186 MW coal-fired station in Kentucky jointly-owned by DP&L . Gradual decreases in power prices, as well as lower estimates of future capacity prices in conjunction with the DP&L reporting unit of DPL failing step 1 of the annual goodwill impairment test were collectively determined to be an impairment indicator for the DP&L long-lived assets. DP&L performed a long-lived asset impairment test and determined that the carrying amounts of the asset groups were not recoverable. The long-lived asset group subject to the impairment evaluation was determined to be each individual station of DP&L . This determination was based on the assessment of the stations’ ability to generate independent cash flows. The Conesville and East Bend asset groups were each determined to have a zero fair value using discounted cash flows under the income approach. As a result, DP&L recognized an asset impairment expense of $10.0 million and $76.0 million for Conesville and East Bend, respectively. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | Note 16 – Discontinued Operations On January 1, 2016, DPL closed on the sale of DPLER, its competitive retail business. The sale agreement was signed on December 28, 2015 and DPL received $75.5 million of restricted cash on December 31, 2015 for the sale. This amount is shown as Restricted cash with the associated liability shown as "Deposit received on sale of DPLER" on the Balance Sheet as of December 31, 2015. As the cash received was restricted upon receipt, it is not included within the Statement of Cash Flows. Assets and liabilities related to DPLER have been reclassified to "Assets held for sale" and "Liabilities held for sale" in the December 31, 2015 and 2014 Balance Sheets. We expect to record a gain on this transaction of approximately $56.0 million , net of tax, in the first quarter of 2016. The gain includes the impact of deferred taxes and DPLER’s liability to DP&L that transferred with the sale on January 1, 2016 but was eliminated in consolidation at December 31, 2015 and 2014. Deferred taxes and intercompany balances were not reclassified to held for sale. Operating activities related to DPLER have been reclassified to "Discontinued operations" in the Statements of Operations for the years ended December 31, 2015, 2014 and 2013. The following table summarizes the major categories of assets, liabilities at the dates indicated, and the revenues, cost of revenues, operating expenses and income tax of discontinued operations for the periods indicated: $ in millions December 31, 2015 2014 Accounts receivable, net $ 31.0 $ 64.4 Property, plant & equipment, net 4.6 4.9 Intangible assets, net 24.6 29.6 Other assets 2.0 2.9 Total assets of the disposal group classified as held for sale in the balance sheets $ 62.2 $ 101.8 Accounts payable $ 0.8 $ 14.8 Other liabilities 0.8 2.5 Total liabilities of the disposal group classified as held for sale in the balance sheets $ 1.6 $ 17.3 Years ended December 31, 2015 2014 2013 Revenues $ 340.9 $ 533.6 $ 511.6 Cost of revenues (307.0 ) (493.0 ) (466.8 ) Operating expenses (22.5 ) (34.0 ) (38.8 ) Goodwill impairment — (135.8 ) — Profit / (loss) of discontinued operations before income taxes 11.4 (129.2 ) 6.0 Income tax benefit / (expense) (1.0 ) 2.6 2.4 Income / (loss) on discontinued operations $ 12.4 $ (131.8 ) $ 3.6 DPLER purchased its power from DP&L during the periods presented. Prior to DPLER being presented as a discontinued operation, this purchased power and DP&L's corresponding wholesale revenue would have been eliminated in consolidation. Cash flows related to discontinued operations are included in our Consolidated Statements of Cash Flows. Cash flows from operating activities for discontinued operations were $35.8 million , $29.6 million and $(7.7) million for the years ended December 31, 2015, 2014 and 2013, respectively. Cash flows from investing activities for discontinued operations were $0.5 million , $(2.2) million and $(2.0) million for the years ended December 31, 2015, 2014, and 2013, respectively. All cash generated from discontinued operations was paid to DPL through dividends for all years presented. |
Subsequent Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2015 | |
THE DAYTON POWER AND LIGHT COMPANY [Member] | |
Entity Information [Line Items] | |
Subsequent Event | Note 14 – Subsequent Event On January 1, 2016, DPL closed on the sale of DPLER to IGS. Also on January 1, 2016, DP&L terminated the contract it had with DPLER for the supply of electricity. The agreement terminating the contract was signed on December 28, 2015 and DP&L received $27.7 million of restricted cash on December 31, 2015 for the early termination of the contract, which we expect to record as a gain in the first quarter of 2016. This amount is shown as Restricted cash with the associated liability shown as Advance on contract termination on the Balance Sheet as of December 31, 2015. As the cash we received was restricted upon receipt it is not shown on the Statement of Cash Flows. |
Schedule II Valuation And Quali
Schedule II Valuation And Qualifying Accounts | 12 Months Ended |
Dec. 31, 2015 | |
Schedule II Valuation And Qualifying Accounts | Schedule II DPL Inc. VALUATION AND QUALIFYING ACCOUNTS For each of the three years ended December 31, 2013 - 2015 $ in thousands Description Balance at Beginning of Period Additions Deductions (a) Balance at End of Period Year ended December 31, 2015 Deducted from accounts receivable - Provision for uncollectible accounts (b) $ 898 $ 3,766 $ 3,829 $ 835 Deducted from deferred tax assets - Valuation allowance for deferred tax assets $ 18,900 $ 1,626 $ 3,280 $ 17,246 Year ended December 31, 2014 Deducted from accounts receivable - Provision for uncollectible accounts (b) $ 909 $ 4,011 $ 4,022 $ 898 Deducted from deferred tax assets - Valuation allowance for deferred tax assets $ 13,721 $ 5,179 $ — $ 18,900 Year ended December 31, 2013 Deducted from accounts receivable - Provision for uncollectible accounts (b) $ 923 $ 4,924 $ 4,938 $ 909 Deducted from deferred tax assets - Valuation allowance for deferred tax assets $ 12,349 $ 2,159 $ 787 $ 13,721 (a) Amounts written off, net of recoveries of accounts previously written off (b) Provision for uncollectible accounts related to Company's held-for-sale business as detailed below were excluded from the table above and were included in "Assets held for sale - current" in the consolidated balance sheets. For the years ended, December 31 2015 2014 2013 Beginning balance 369 251 161 Additions 2,035 3,633 1,232 Deductions 2,291 3,515 1,142 Ending balance 113 369 251 |
THE DAYTON POWER AND LIGHT COMPANY [Member] | |
Schedule II Valuation And Qualifying Accounts | THE DAYTON POWER AND LIGHT COMPANY VALUATION AND QUALIFYING ACCOUNTS For each of the three years ended December 31, 2013 - 2015 $ in thousands Description Balance at Beginning of Period Additions Deductions (a) Balance at End of Period Year ended December 31, 2015 Deducted from accounts receivable - Provision for uncollectible accounts $ 897 $ 3,766 $ 3,828 $ 835 Year ended December 31, 2014 Deducted from accounts receivable - Provision for uncollectible accounts $ 909 $ 4,011 $ 4,023 $ 897 Year ended December 31, 2013 Deducted from accounts receivable - Provision for uncollectible accounts $ 923 $ 4,924 $ 4,938 $ 909 (a) Amounts written off, net of recoveries of accounts previously written off. |
Overview and Summary of Signi29
Overview and Summary of Significant Accounting Policies (Policy) | 12 Months Ended |
Dec. 31, 2015 | |
Significant Accounting Policies [Line Items] | |
Description of Business | Description of Business DPL is a diversified regional energy company organized in 1985 under the laws of Ohio. DPL’s one reportable segment is the Utility segment, comprised of its DP&L subsidiary. See Note 14 – Business Segments for more information relating to reportable segments. The terms “we”, “us”, “our” and “ours” are used to refer to DPL and its subsidiaries. On November 28, 2011, DPL was acquired by AES in the Merger and DPL became a wholly-owned subsidiary of AES. Following the merger of DPL and Dolphin Subsidiary II, Inc., DPL became an indirectly wholly-owned subsidiary of AES. DP&L is a public utility incorporated in 1911 under the laws of Ohio. Beginning in 2001, Ohio law gave Ohio consumers the right to choose the electric generation supplier from whom they purchase retail generation service, however distribu tion and transmission services are still regulated. DP&L has the exclusive right to provide such service to its approximately 517,000 customers located in West Central Ohio. Additionally, DP&L procures and provides retail SSO electric service to residential, commercial, industrial and governmental customers in a 6,000 square mile area of West Central Ohio and generates electricity at five coal-fired power stations. Beginning in 2014, DP&L no longer supplied 100% of the generation for SSO customers and starting January 2016, SSO is now 100% competitively bid. Principal industries located in DP&L’s service territory include automotive, food processing, paper, plastic, manufacturing and defense. DP&L's sales reflect the general economic conditions, seasonal weather patterns of the area and the market price of electricity. DP&L sells any excess energy and capacity into the wholesale market. DP&L also sold electricity to DPLER, an affiliate, to satisfy the electric requirements of its retail customers. In accordance with the ESP Order, on December 30, 2013, DP&L filed an application with the PUCO stating its plan to transfer or sell its generation assets. On July 14, 2014, DP&L announced its decision to retain DP&L’s generation assets. On September 17, 2014 the PUCO ordered that DP&L’s application as amended and updated was approved. DP&L is required to sell or transfer its generation assets by January 1, 2017 and continues to look at multiple options to effectuate the separation, including transfer into an unregulated affiliate of DPL or through a sale. DPLER was sold by DPL on January 1, 2016. DPLER sold competitive retail electric service, under contract, to residential, commercial and industrial customers. DPLER had approximately 125,000 customers located throughout Ohio. DPLER’s operations included those of its wholly-owned subsidiary MC Squared through April 1, 2015, when DPLER sold MC Squared. Approximately 110,000 of DPLER’s customers were also electric distribution customers of DP&L . DPLER did not own any transmission or generation assets, and it purchased all of its electric energy from DP&L to meet its sales obligations. DPLER’s sales reflect the general economic conditions and seasonal weather patterns of the area. See Note 16 – Discontinued Operations for more information. DPL’s other significant subsidiaries include DPLE, which owns and operates peaking generating facilities from which it makes wholesale sales of electricity, and MVIC, our captive insurance company that provides insurance services to us and our other subsidiaries. Effective February 1, 2016, DPLE was renamed AES Ohio Generation, LLC. DPL owns all of the common stock of its subsidiaries. DPL also has a wholly-owned business trust, DPL Capital Trust II, formed for the purpose of issuing trust capital securities to investors. DP&L’s electric transmission and distribution businesses are subject to rate regulation by federal and state regulators, while its generation business is deemed competitive under Ohio law. Accordingly, DP&L applies the accounting standards for regulated operations to its electric transmission and distribution businesses and records regulatory assets when incurred costs are expected to be recovered in future customer rates, and regulatory liabilities when current cost recoveries in customer rates relate to expected future costs. DPL and its subsidiaries employed 1,219 people at January 31, 2016 , of which 1,189 were employed by DP&L . Approximately 60% of all DPL employees are under a collective bargaining agreement which expires on October 31, 2017 . |
Financial Statement Presentation | Financial Statement Presentation We prepare Consolidated Financial Statements for DPL . DPL’s Consolidated Financial Statements include the accounts of DPL and its wholly-owned subsidiaries except for DPL Capital Trust II which is not consolidated, consistent with the provisions of GAAP. DP&L’s undivided ownership interests in certain coal-fired generating stations are included in the financial statements at amortized cost, which was adjusted to fair value at the Merger date. Operating revenues and expenses are included on a pro rata basis in the corresponding lines in the Consolidated Statement of Operations. See Note 4 – Property, Plant and Equipment for more information. All material intercompany accounts and transactions are eliminated in consolidation. |
Reclassifications | Certain immaterial amounts from prior periods have been reclassified to conform to the current period presentation. |
Use of Estimates | The preparation of financial statements in conformity with GAAP requires us to make estimates and judgments that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the revenues and expenses of the periods reported. Actual results could differ from these estimates. Significant items subject to such estimates and judgments include: the carrying value of Property, plant and equipment; unbilled revenues; the valuation of derivative instruments; the valuation of insurance and claims liabilities; the valuation of allowances for receivables and deferred income taxes; regulatory assets and liabilities; reserves recorded for income tax exposures; litigation; contingencies; the valuation of AROs; assets and liabilities related to employee benefits; goodwill; and intangibles. |
Valuation of Goodwill | Valuation of Goodwill FASC 350, “Intangibles – Goodwill and Other”, requires that goodwill be tested for impairment at the reporting unit level at least annually or more frequently if impairment indicators are present. In evaluating the potential impairment of goodwill, we make estimates and assumptions about revenue, operating cash flows, capital expenditures, growth rates and discount rates based on our budgets and long term forecasts, macroeconomic projections, and current market expectations of returns on similar assets. There are inherent uncertainties related to these factors and management’s judgment in applying these factors. Generally, the fair value of a reporting unit is determined using a discounted cash flow valuation model. |
Revenue Recognition | Revenue Recognition Revenues are recognized from retail and wholesale electricity sales and electricity transmission and distribution delivery services. We consider revenue realized, or realizable, and earned when persuasive evidence of an arrangement exists, the products or services have been provided to the customer, the sales price is fixed or determinable, and collection is reasonably assured. Energy sales to customers are based on the reading of their meters that occurs on a systematic basis throughout the month. We recognize the revenues on our statements of operations using an accrual method for retail and other energy sales that have not yet been billed, but where electricity has been consumed. This is termed “unbilled revenues” and is a widely recognized and accepted practice for utilities. At the end of each month, unbilled revenues are determined by the estimation of unbilled energy provided to customers since the date of the last meter reading, estimated line losses, the assignment of unbilled energy provided to customer classes and the average rate per customer class. All of the power produced at the generation stations is sold to an RTO and we in turn purchase it back from the RTO to supply our customers. The power sales and purchases within DP&L’s service territory are reported on a net hourly basis as revenues or purchased power on our Consolidated Statements of Operations. We record expenses when purchased electricity is received and when expenses are incurred, with the exception of the ineffective portion of certain power purchase contracts that are derivatives and qualify for hedge accounting. We also have certain derivative contracts that do not qualify for hedge accounting, and their unrealized gains or losses are recorded prior to the receipt of electricity. |
Receivables | Allowance for Uncollectible Accounts We establish provisions for uncollectible accounts by using both historical average loss percentages to project future losses and by establishing specific provisions for known credit issues. Amounts are written off when reasonable collections efforts have been exhausted. |
Property, Plant and Equipment | Property, Plant and Equipment We record our ownership share of our undivided interest in jointly-held stations as an asset in property, plant and equipment. New property, plant and equipment additions are stated at cost. For regulated transmission and distribution property, cost includes direct labor and material, allocable overhead expenses and an allowance for funds used during construction (AFUDC). AFUDC represents the cost of borrowed funds and equity used to finance regulated construction projects. For non-regulated property, cost also includes capitalized interest. Capitalization of AFUDC and interest ceases at either project completion or at the date specified by regulators. AFUDC and capitalized interest was $2.0 million , $1.5 million and $1.5 million in the years ended December 31, 2015 , 2014 and 2013 , respectively. For unregulated generation property, cost includes direct labor and material, allocable overhead expenses and interest capitalized during construction using the provisions of GAAP relating to the accounting for capitalized interest. For substantially all depreciable property, when a unit of property is retired, the original cost of that property less any salvage value is charged to Accumulated depreciation and amortization. Property is evaluated for impairment when events or changes in circumstances indicate that its carrying amount may not be recoverable. |
Repairs and Maintenance | Repairs and Maintenance Costs associated with maintenance activities, primarily power station outages, are recognized at the time the work is performed. These costs, which include labor, materials and supplies, and outside services required to maintain equipment and facilities, are capitalized or expensed based on defined units of property. |
Depreciation - Change in Estimate | Depreciation Depreciation expense is calculated using the straight-line method, which allocates the cost of property over its estimated useful life. For DPL’s generation, transmission and distribution assets, straight-line depreciation is applied monthly on an average composite basis using group rates that approximated 4.6% in 2015 , 5.3% in 2014 and 5.8% in 2013 . |
Regulatory Accounting | Regulatory Accounting As a regulated utility, we apply the provisions of FASC 980 “Regulated Operations”, which gives recognition to the ratemaking and accounting practices of the PUCO and the FERC. Regulatory assets generally represent incurred costs that have been deferred because such costs are probable of future recovery in customer rates. Regulatory assets can also represent performance incentives permitted by the regulator. Regulatory assets have been included as allowable costs for ratemaking purposes, as authorized by the PUCO or established regulatory practices. Regulatory liabilities generally represent obligations to make refunds or future rate reductions to customers for previous over collections or the deferral of revenues collected for costs that DP&L expects to incur in the future. The deferral of costs (as regulatory assets) is appropriate only when the future recovery of such costs is probable. In assessing probability, we consider such factors as specific orders from the PUCO or FERC, regulatory precedent and the current regulatory environment. To the extent recovery of costs is no longer deemed probable, related regulatory assets would be required to be expensed in current period earnings. Our regulatory assets and liabilities have been created pursuant to a specific order of the PUCO or FERC or established regulatory practices, such as other utilities under the jurisdiction of the PUCO or FERC being granted recovery of similar costs. It is probable, but not certain, that these regulatory assets will be recoverable, subject to PUCO or FERC approval. Regulatory assets and liabilities are classified as current or non-current based on the term in which recovery is expected. |
Inventories | Inventories Inventories are carried at average cost and include coal, limestone, oil and gas used for electric generation, and materials and supplies used for utility operations. |
Intangibles | Intangibles Intangibles include emission allowances and renewable energy credits. Emission allowances are carried on a first-in, first-out (FIFO) basis for purchased emission allowances. Net gains or losses on the sale of excess emission allowances, representing the difference between the sales proceeds and the cost of emission allowances, are recorded as a component of our fuel costs and are reflected in Operating income when realized. Emission allowances are amortized as they are used in our operations on a FIFO basis. Renewable energy credits are carried on a weighted average cost basis and amortized as they are used or retired. |
Income Taxes | Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of the existing assets and liabilities, and their respective income tax bases. We establish an allowance when it is more likely than not that all or a portion of a deferred tax asset will not be realized. Our tax positions are evaluated under a more likely than not recognition threshold and measurement analysis before they are recognized for financial statement reporting. Uncertain tax positions have been classified as noncurrent income tax liabilities unless expected to be paid within one year. Our policy for interest and penalties is to recognize interest and penalties as a component of the provision for income taxes in the Consolidated Statement of Operations. Income taxes payable, which are includable in allowable costs for ratemaking purposes in future years, are recorded as regulatory assets with a corresponding deferred tax liability. Investment tax credits that reduced federal income taxes in the years they arose have been deferred and are being amortized to income over the useful lives of the properties in accordance with regulatory treatment. See Note 3 – Regulatory Assets and Liabilities for additional information. DPL and its subsidiaries file U.S. federal income tax returns as part of the consolidated U.S. income tax return filed by AES. The consolidated tax liability is allocated to each subsidiary based on the separate return method which is specified in our tax allocation agreement and which provides a consistent, systematic and rational approach. |
Financial Instruments | Financial Instruments We classify our investments in debt and equity financial instruments of publicly traded entities into different categories: held-to-maturity and available-for-sale. Available-for-sale securities are carried at fair value and unrealized gains and losses on those securities, net of deferred income taxes, are presented as a separate component of shareholders’ equity. Other-than-temporary declines in value are recognized currently in earnings. Financial instruments classified as held-to-maturity are carried at amortized cost. The cost bases for public equity security and fixed maturity investments are average cost and amortized cost, respectively. |
Accounting for Taxes Collected from Customers and Remitted to Governmental Authorities | Accounting for Taxes Collected from Customers and Remitted to Governmental Authorities DP&L collects certain excise taxes levied by state or local governments from its customers. DP&L’s excise taxes and certain other taxes are accounted for on a net basis and recorded as a reduction in revenues in the accompanying Statements of Operations. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents are stated at cost, which approximates fair value. All highly liquid short-term investments with original maturities of three months or less are considered cash equivalents. Restricted Cash Restricted cash includes cash which is restricted as to withdrawal or usage. The nature of the restrictions includes restrictions imposed by agreements related to deposits held as collateral. |
Financial Derivatives | Financial Derivatives All derivatives are recognized as either assets or liabilities in the balance sheets and are measured at fair value. Changes in the fair value are recorded in earnings unless the derivative is designated as a cash flow hedge of a forecasted transaction or it qualifies for the normal purchases and sales exception. We use forward contracts to reduce our exposure to changes in energy and commodity prices and as a hedge against the risk of changes in cash flows associated with expected electricity purchases. These purchases are used to hedge our full load requirements. We also hold forward sales contracts that hedge against the risk of changes in cash flows associated with power sales during periods of projected generation facility availability. We use cash flow hedge accounting when the hedge or a portion of the hedge is deemed to be highly effective, which results in changes in fair value being recorded within accumulated other comprehensive income, a component of shareholder’s equity. We have elected not to offset net derivative positions in the financial statements. Accordingly, we do not offset such derivative positions against the fair value of amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral under master netting agreements. |
Insurance and Claims Costs | Insurance and Claims Costs In addition to insurance obtained from third-party providers, MVIC, a wholly-owned captive subsidiary of DPL, provides insurance coverage solely to us, our subsidiaries and, in some cases, our partners in commonly-owned facilities we operate, for workers’ compensation, general liability, and property damage on an ongoing basis. MVIC maintains an active run-off policy for directors’ and officers’ liability and fiduciary through their expiration in 2017, which may or may not be renewed at that time. Insurance and Claims Costs on DPL’s Consolidated Balance Sheets associated with MVIC include estimated liabilities of approximately $5.9 million and $6.4 million at December 31, 2015 and 2014 , respectively. In addition, DP&L is responsible for claim costs below certain coverage thresholds of MVIC for the insurance coverage noted above. DP&L has estimated liabilities for medical, life, and disability reserves for claims costs below certain coverage thresholds of third-party providers of approximately $13.7 million and $15.6 million at December 31, 2015 and 2014 , respectively, within Other current liabilities and Other deferred credits on the balance sheets. The estimated liabilities for workers’ compensation, medical, life and disability costs at DP&L are actuarially determined using certain assumptions. There is uncertainty associated with these loss estimates and actual results may differ from the estimates. Modification of these loss estimates based on experience and changed circumstances is reflected in the period in which the estimate is re-evaluated. |
Pension and Postretirement Benefits | Pension and Postretirement Benefits We recognize, in our Consolidated Balance Sheets, an asset or liability reflecting the funded status of pension and other postretirement plans with current-year changes in the funded status recognized in AOCI, except for those portions of our pension and postretirement obligations that can be recovered through future rates. All plan assets are recorded at fair value. We follow the measurement date provisions of the accounting guidance, which require a year-end measurement date of plan assets and obligations for all defined benefit plans. We account for and disclose pension and postemployment benefits in accordance with the provisions of GAAP relating to the accounting for pension and other postemployment plans. These GAAP provisions require the use of assumptions, such as the discount rate for liabilities and long-term rate of return on assets, in determining the obligations, annual cost, and funding requirements of the plans. Effective January 1, 2016, we will apply a disaggregated discount rate approach for determining service cost and interest cost for its defined benefit pension plans and post-retirement plans. This approach is consistent with the requirements of ASC 715 and is considered to be preferential to the aggregated single rate discount approach, which has historically been used in the U.S., because it is more consistent with the philosophy of a full yield curve valuation. The change in discount rate approach did not have an impact on the measurement of the benefit obligations at December 31, 2015, nor will it impact future remeasurements. This change in approach will impact the service cost and interest cost recorded in 2016 and future years. It will also impact the actuarial gains and losses recorded in future years, as well as the amortization thereof. |
Related Party Transactions | Related Party Transactions In the normal course of business, DPL enters into transactions with related parties. All material intercompany accounts and transactions are eliminated in DPL’s Consolidated Financial Statements. |
Recently Issued Accounting Standards | New accounting pronouncements adopted ASU No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes Effective December 31, 2015, we prospectively adopted ASU No. 2015-17, which requires that all deferred tax assets and liabilities, along with any related valuation allowance, be classified as noncurrent on the balance sheet. As a result, each jurisdiction will now only have one net noncurrent deferred tax asset or liability. The guidance does not change the existing requirement that only permits offsetting within a jurisdiction; that is, companies will remain prohibited from offsetting deferred tax liabilities from one jurisdiction against deferred tax assets of another jurisdiction. Additionally, the current requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount is not affected by the update. As we elected to apply this ASU prospectively, prior periods were not adjusted. ASU No. 2015-13, Derivatives and Hedging (Topic 815):Derivatives and Hedging: Application of the Normal Purchases and Normal Sales Scope Exception to Certain Electricity Contracts within Nodal Energy Market In August 2015, the FASB issued ASU No. 2015-13, which resolves the diversity in practice resulting from determining whether certain contracts qualify for the normal purchases and normal sales scope exception under ASC Topic 815, Derivatives and Hedging. This standard clarifies that entities would not be precluded from applying the normal purchases and normal sales exception to certain fo rward contracts that necessitate the transmission of electricity through, or delivery to a location within, a nodal energy market. The standard is effective upon issuance and should be applied prospectively. As we had designated qualifying contracts as normal purchase or normal sales, there was no impact on our financial statements upon adoption of this standard. Accounting pronouncements issued but not yet effective ASU No. 2016-01, Financial Instruments — Overall (Topic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, the FASB issued ASU 2016-01, which was designed to improve the recognition and measurement of financial instruments through targeted changes to existing GAAP. The guidance requires equity investments (except those that are accounted for under the equity method of accounting or result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income; that entities use the exit price notion when measuring financial instrument fair values; that an entity separate presentation of financial assets and liabilities by measurement category and form of financial asset on the Balance Sheets or Notes to the financial statements; that an entity present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk (or "own credit") when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. Also, the standard eliminates the requirement for public entities to disclose the methods and significant assumptions used to estimate the fair value required to be disclosed for financial instruments measured at amortized cost on the Balance Sheets. The standard is effective beginning with interim periods starting after December 31, 2017 and cannot be applied early. We are currently evaluating the applicability and materiality of the standard, but we do not anticipate a material impact on our consolidated financial statements. ASU No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments In September 2015, the FASB issued ASU 2015-16, which simplifies the measurement-period adjustments in business combinations. It eliminates the requirement that an acquirer in a business combination account for measurement-period adjustments retrospectively. An acquirer will recognize a measurement-period adjustment during the period in which it determines the amount of the adjustment. The standard is effective for public entities for annual reporting periods beginning after December 15, 2015, and interim periods therein. Early adoption is permitted for financial statements that have not been issued. The new guidance should be applied prospectively to adjustments to provisional amounts that occur after the effective date of this standard. We will adopt this standard on January 1, 2016, which is not expected to have a material impact on our consolidated financial statements. ASU No. 2015-03, Interest – Imputation of Interest (Subtopic 835-30) In April 2015, the FASB issued ASU No. 2015-03, which simplifies the presentation of debt issuance costs by requiring that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this update. The standard is effective for annual reporting periods beginning after December 15, 2015 and interim periods therein, and requires the use of the full retrospective approach. Early adoption is permitted for financial statements that have not been previously issued. As of December 31, 2015 , DPL had approximately $16.1 million in deferred financing costs classified in other current and other non-current assets that would be reclassified to reduce the related debt liabilities upon adoption of ASU No. 2015-03. ASU No. 2015-15, Interest - Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements In August 2015, the FASB issued ASU No. 2015-15, which clarifies that the SEC Staff would not object to an entity presenting debt issuance costs related to line-of-credit arrangements as an asset that is subsequently amortized ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. This standard should be adopted concurrent with adoption of ASU 2015-03 (which is described above). As of December 31, 2015, we had deferred financing costs related to lines of credit of approximately $3.1 million recorded within Other noncurrent assets that would not be reclassified upon adoption of this standard. ASU No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory In July 2015, the FASB issued ASU No. 2015-11, which simplifies the subsequent measurement of inventory. It replaces the current lower of cost or market test with a lower of cost or net realizable value test. The standard is effective for public entities for annual reporting periods beginning after December 15, 2016, and interim periods therein. Early adoption is permitted. The new guidance must be applied prospectively. As we already used the net realizable value to make lower of cost or market determinations, there will be no impact on our financial statements upon adoption of this standard. ASU No. 2015-05, Intangibles – Goodwill and Other: Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement In April 2015, the FASB issued ASU No. 2015-05, which clarifies how customers in cloud computing arrangements should determine whether the arrangement includes a software license and eliminates the existing requirement for customers to account for software licenses they acquired by analogizing to the accounting guidance on leases. The standard is effective for annual reporting periods beginning after December 15, 2015 and interim periods therein. Early adoption is permitted. The standard permits the use of a prospective or retrospective approach. As all of our cloud computing arrangements will continue to be accounted for as service agreements, there will be no impact on our financial statements upon the adoption of this standard. ASU No. 2014-05, Presentation of Financial Statements: Going Concern The FASB recently issued ASU 2014-15 “Presentation of Financial Statements - Going Concern (Subtopic 205-40: Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern)” effective for annual and interim periods ending after December 15, 2016. ASU 2014-15 requires management to evaluate whether there are conditions or events, considered in aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued. There are required disclosures if substantial doubt is identified including documentation of: principal conditions or events that raised substantial doubt about the entity’s ability to continue as a going concern (before consideration of management’s plans), management’s evaluation of the significance of those conditions or events in relation to the entity’s ability to meet its obligations, and management’s plans that alleviated substantial doubt about the entity’s ability to continue as a going concern. This ASU is not expected to have any impact on our overall results of operations, financial position or cash flows. ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) In May 2014, the FASB issued ASU No. 2014-09, which clarifies principles for recognizing revenue and will result in a common revenue standard for U.S. GAAP and International Financial Reporting Standards. The objective of the new standard is to provide a single and comprehensive revenue recognition model for all contracts with customers to improve comparability. The revenue standard contains principles that an entity will apply to determine the measurement of revenue and timing of when it is recognized. The standard requires an entity to recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contract with Customers (Topic 606): Deferral of the Effective Date, which deferred the effective date of ASU 2014-09 by one year, resulting in the new revenue standard being effective for annual reporting periods beginning after December 15, 2017 and interim periods therein. Early adoption is now permitted only as of the original effective date for public entities (that is, no earlier than 2017 for calendar year-end entities). The standard permits the use of either a full retrospective or modified retrospective approach. We have not yet selected a transition method and are currently evaluating the impact of adopting the standard on our financial statements. ASU No. 2015-02, Consolidation – Amendments to the Consolidation Analysis (Topic 810) In February 2015, the FASB issued ASU 2015-02, which makes targeted amendments to the current consolidation guidance and ends the deferral granted to investment companies from applying the Variable Interest Entity (VIE) guidance. The standard amends the evaluation of whether (1) fees paid to a decision-maker or service providers represent a variable interest, (2) a limited partnership or similar entity has the characteristics of a VIE and (3) a reporting entity is the primary beneficiary of a VIE. The standard is effective for annual periods beginning after December 15, 2015 and interim periods therein. Early adoption is permitted. We do not expect this standard to have an impact on our financial statements upon adoption. |
Master Trust [Member] | |
Significant Accounting Policies [Line Items] | |
Financial Instruments | DPL Capital Trust II DPL has a wholly-owned business trust, DPL Capital Trust II (the Trust), formed for the purpose of issuing trust capital securities to third-party investors. Effective in 2003, DPL deconsolidated the Trust upon adoption of the accounting standards related to variable interest entities and currently treats the Trust as a nonconsolidated subsidiary. The Trust holds mandatorily redeemable trust capital securities. The investment in the Trust, which amounts to $0.3 million and $0.3 million at December 31, 2015 and 2014 , respectively, is included in Other deferred assets within Other noncurrent assets. DPL also has a note payable to the Trust amounting to $15.6 million and $15.6 million at December 31, 2015 and December 31, 2014 , respectively, that was established upon the Trust’s deconsolidation in 2003. See Note 8 – Debt for additional information. In addition to the obligations under the note payable mentioned above, DPL also agreed to a security obligation which represents a full and unconditional guarantee of payments to the capital security holders of the Trust. |
THE DAYTON POWER AND LIGHT COMPANY [Member] | |
Significant Accounting Policies [Line Items] | |
Description of Business | Description of Business DP&L is a public utility incorporated in 1911 under the laws of Ohio. Beginning in 2001, Ohio law gave Ohio consumers the right to choose the electric generation supplier from whom they purchase retail generation service, however distribu tion and transmission services are still regulated. DP&L has the exclusive right to provide such service to its approximately 517,000 customers located in West Central Ohio. Additionally, DP&L procures and provides retail SSO electric service to residential, commercial, industrial and governmental customers in a 6,000 square mile area of West Central Ohio and generates electricity at five coal-fired power stations. Beginning in 2014, DP&L no longer supplied 100% of the generation for SSO customers and starting January 2016, SSO is now 100% competitively bid. Principal industries located in DP&L’s service territory include automotive, food processing, paper, plastic, manufacturing and defense. DP&L's sales reflect the general economic conditions, seasonal weather patterns of the area and the market price of electricity. DP&L sells any excess energy and capacity into the wholesale market. DP&L also sold electricity to DPLER, an affiliate, to satisfy the electric requirements of its retail customers. In accordance with the ESP Order, on December 30, 2013, DP&L filed an application with the PUCO stating its plan to transfer or sell its generation assets. On July 14, 2014, DP&L announced its decision to retain DP&L’s generation assets. On September 17, 2014 the PUCO ordered that DP&L’s application as amended and updated was approved. DP&L is required to sell or transfer its generation assets by January 1, 2017 and continues to look at multiple options to effectuate the separation, including transfer into an unregulated affiliate of DPL or through a sale. DP&L’s electric transmission and distribution businesses are subject to rate regulation by federal and state regulators, while its generation business is deemed competitive under Ohio law. Accordingly, DP&L applies the accounting standards for regulated operations to its electric transmission and distribution businesses and records regulatory assets when incurred costs are expected to be recovered in future customer rates, and regulatory liabilities when current cost recoveries in customer rates relate to expected future costs. DP&L employed 1,189 people at January 31, 2016 . Approximately 61% of all employees are under a collective bargaining agreement which expires on October 31, 2017 . |
Financial Statement Presentation | Financial Statement Presentation DP&L does not have any subsidiaries. DP&L has undivided ownership interests in five electric generating facilities and numerous transmission facilities. These undivided interests in jointly-owned facilities are accounted for on a pro rata basis in DP&L’s Financial Statements. |
Reclassifications | Certain immaterial amounts from prior periods have been reclassified to conform to the current period presentation. |
Use of Estimates | The preparation of financial statements in conformity with GAAP requires us to make estimates and judgments that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities, and the revenues and expenses of the periods reported. Actual results could differ from these estimates. Significant items subject to such estimates and judgments include: the carrying value of Property, plant and equipment; unbilled revenues; the valuation of derivative instruments; the valuation of insurance and claims liabilities; the valuation of allowances for receivables and deferred income taxes; regulatory assets and liabilities; reserves recorded for income tax exposures; litigation; contingencies; the valuation of AROs; and assets and liabilities related to employee benefits. |
Revenue Recognition | Revenue Recognition Revenues are recognized from retail and wholesale electricity sales and electricity transmission and distribution delivery services. We consider revenue realized, or realizable, and earned when persuasive evidence of an arrangement exists, the products or services have been provided to the customer, the sales price is fixed or determinable, and collection is reasonably assured. Energy sales to customers are based on the reading of their meters that occurs on a systematic basis throughout the month. We recognize the revenues on our statements of operations using an accrual method for retail and other energy sales that have not yet been billed, but where electricity has been consumed. This is termed “unbilled revenues” and is a widely recognized and accepted practice for utilities. At the end of each month, unbilled revenues are determined by the estimation of unbilled energy provided to customers since the date of the last meter reading, estimated line losses, the assignment of unbilled energy provided to customer classes and the average rate per customer class. All of the power produced at the generation stations is sold to an RTO and we in turn purchase it back from the RTO to supply our customers. The power sales and purchases within DP&L’s service territory are reported on a net hourly basis as revenues or purchased power on our Statements of Operations. We record expenses when purchased electricity is received and when expenses are incurred, with the exception of the ineffective portion of certain power purchase contracts that are derivatives and qualify for hedge accounting. We also have certain derivative contracts that do not qualify for hedge accounting, and their unrealized gains or losses are recorded prior to the receipt of electricity. |
Receivables | Allowance for Uncollectible Accounts We establish provisions for uncollectible accounts by using both historical average loss percentages to project future losses and by establishing specific provisions for known credit issues. Amounts are written off when reasonable collections efforts have been exhausted. |
Property, Plant and Equipment | Property, Plant and Equipment We record our ownership share of our undivided interest in jointly-held stations as an asset in property, plant and equipment. New property, plant and equipment additions are stated at cost. For regulated transmission and distribution property, cost includes direct labor and material, allocable overhead expenses and an allowance for funds used during construction (AFUDC). AFUDC represents the cost of borrowed funds and equity used to finance regulated construction projects. For non-regulated property, cost also includes capitalized interest. Capitalization of AFUDC and interest ceases at either project completion or at the date specified by regulators. AFUDC and capitalized interest was $2.0 million , $1.5 million , and $1.5 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. For unregulated generation property, cost includes direct labor and material, allocable overhead expenses and interest capitalized during construction using the provisions of GAAP relating to the accounting for capitalized interest. For substantially all depreciable property, when a unit of property is retired, the original cost of that property less any salvage value is charged to Accumulated depreciation and amortization. Property is evaluated for impairment when events or changes in circumstances indicate that its carrying amount may not be recoverable. |
Repairs and Maintenance | Repairs and Maintenance Costs associated with maintenance activities, primarily power station outages, are recognized at the time the work is performed. These costs, which include labor, materials and supplies, and outside services required to maintain equipment and facilities, are capitalized or expensed based on defined units of property. |
Depreciation - Change in Estimate | Depreciation Depreciation expense is calculated using the straight-line method, which allocates the cost of property over its estimated useful life. For DP&L’s generation, transmission and distribution assets, straight-line depreciation is applied monthly on an average composite basis using group rates. For DP&L’s generation, transmission, and distribution assets, straight-line depreciation is applied on an average annual composite basis using group rates that approximated 2.6% in 2015 , 2.8% in 2014 and 4.4% in 2013 . Depreciation was $132.7 million , $141.6 million and $136.5 million for the years ended December 31, 2015 , 2014 and 2013 , respectively. During the fourth quarter of 2015, DP&L tested the recoverability of long-lived assets at certain generating stations. See Note 13 – Fixed-asset Impairment for more information. Gradual decreases in power prices as well as lower estimates of future capacity prices in conjunction with the DP&L reporting unit of DPL failing step 1 of the annual goodwill impairment test were collectively determined to be an impairment indicator. |
Regulatory Accounting | Regulatory Accounting As a regulated utility, we apply the provisions of FASC 980 “Regulated Operations”, which gives recognition to the ratemaking and accounting practices of the PUCO and the FERC. Regulatory assets generally represent incurred costs that have been deferred because such costs are probable of future recovery in customer rates. Regulatory assets can also represent performance incentives permitted by the regulator. Regulatory assets have been included as allowable costs for ratemaking purposes, as authorized by the PUCO or established regulatory practices. Regulatory liabilities generally represent obligations to make refunds or future rate reductions to customers for previous over collections or the deferral of revenues collected for costs that DP&L expects to incur in the future. The deferral of costs (as regulatory assets) is appropriate only when the future recovery of such costs is probable. In assessing probability, we consider such factors as specific orders from the PUCO or FERC, regulatory precedent and the current regulatory environment. To the extent recovery of costs is no longer deemed probable, related regulatory assets would be required to be expensed in current period earnings. Our regulatory assets and liabilities have been created pursuant to a specific order of the PUCO or FERC or established regulatory practices, such as other utilities under the jurisdiction of the PUCO or FERC being granted recovery of similar costs. It is probable, but not certain, that these regulatory assets will be recoverable, subject to PUCO or FERC approval. Regulatory assets and liabilities are classified as current or non-current based on the term in which recovery is expected. |
Inventories | Inventories Inventories are carried at average cost and include coal, limestone, oil and gas used for electric generation, and materials and supplies used for utility operations. |
Intangibles | Intangibles Intangibles include emission allowances and renewable energy credits. Emission allowances are carried on a first-in, first-out (FIFO) basis for purchased emission allowances. Net gains or losses on the sale of excess emission allowances, representing the difference between the sales proceeds and the cost of emission allowances, are recorded as a component of our fuel costs and are reflected in Operating income when realized. Emission allowances are amortized as they are used in our operations on a FIFO basis. Renewable energy credits are carried on a weighted average cost basis and amortized as they are used or retired. |
Income Taxes | Income Taxes Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of the existing assets and liabilities, and their respective income tax bases. We establish an allowance when it is more likely than not that all or a portion of a deferred tax asset will not be realized. Our tax positions are evaluated under a more likely than not recognition threshold and measurement analysis before they are recognized for financial statement reporting. Uncertain tax positions have been classified as noncurrent income tax liabilities unless expected to be paid within one year. Our policy for interest and penalties is to recognize interest and penalties as a component of the provision for income taxes in the Statement of Operations. Income taxes payable, which are includable in allowable costs for ratemaking purposes in future years, are recorded as regulatory assets with a corresponding deferred tax liability. Investment tax credits that reduced federal income taxes in the years they arose have been deferred and are being amortized to income over the useful lives of the properties in accordance with regulatory treatment. See Note 3 – Regulatory Assets and Liabilities for additional information. DPL and its subsidiaries file U.S. federal income tax returns as part of the consolidated U.S. income tax return filed by AES. The consolidated tax liability is allocated to each subsidiary based on the separate return method which is specified in our tax allocation agreement and which provides a consistent, systematic and rational approach. |
Financial Instruments | Financial Instruments We classify our investments in debt and equity financial instruments of publicly traded entities into different categories: held-to-maturity and available-for-sale. Available-for-sale securities are carried at fair value and unrealized gains and losses on those securities, net of deferred income taxes, are presented as a separate component of shareholders’ equity. Other-than-temporary declines in value are recognized currently in earnings. Financial instruments classified as held-to-maturity are carried at amortized cost. The cost bases for public equity security and fixed maturity investments are average cost and amortized cost, respectively. |
Accounting for Taxes Collected from Customers and Remitted to Governmental Authorities | Accounting for Taxes Collected from Customers and Remitted to Governmental Authorities DP&L collects certain excise taxes levied by state or local governments from its customers. DP&L’s excise taxes and certain other taxes are accounted for on a net basis and recorded as a reduction in revenues in the accompanying Statements of Operations. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents are stated at cost, which approximates fair value. All highly liquid short-term investments with original maturities of three months or less are considered cash equivalents. Restricted Cash Restricted cash includes cash which is restricted as to withdrawal or usage. The nature of the restrictions includes restrictions imposed by agreements related to deposits held as collateral. |
Financial Derivatives | Financial Derivatives All derivatives are recognized as either assets or liabilities in the balance sheets and are measured at fair value. Changes in the fair value are recorded in earnings unless the derivative is designated as a cash flow hedge of a forecasted transaction or it qualifies for the normal purchases and sales exception. We use forward contracts to reduce our exposure to changes in energy and commodity prices and as a hedge against the risk of changes in cash flows associated with expected electricity purchases. These purchases are used to hedge our full load requirements. We also hold forward sales contracts that hedge against the risk of changes in cash flows associated with power sales during periods of projected generation facility availability. We use cash flow hedge accounting when the hedge or a portion of the hedge is deemed to be highly effective, which results in changes in fair value being recorded within accumulated other comprehensive income, a component of shareholder’s equity. We have elected not to offset net derivative positions in the financial statements. Accordingly, we do not offset such derivative positions against the fair value of amounts recognized for the right to reclaim cash collateral or the obligation to return cash collateral under master netting agreements. |
Insurance and Claims Costs | Insurance and Claims Costs In addition to insurance obtained from third-party providers, MVIC, a wholly-owned captive subsidiary of DPL, provides insurance coverage solely to us, other DPL subsidiaries and, in some cases, our partners in commonly-owned facilities we operate, for workers’ compensation, general liability, and property damage on an ongoing basis. MVIC maintains an active run-off policy for directors’ and officers’ liability and fiduciary through their expiration in 2017, which may or may not be renewed at that time. DP&L is responsible for claim costs below certain coverage thresholds of MVIC and third party insurers for the insurance coverage noted above. DP&L has estimated liabilities for medical, life, and disability reserves for claims costs below certain coverage thresholds of MVIC and third-party providers. We recorded these additional insurance and claims costs of approximately $13.7 million and $15.6 million at December 31, 2015 and 2014 , respectively, within Other current liabilities and Other deferred credits on the balance sheets. The estimated liabilities for workers’ compensation, medical, life and disability costs at DP&L are actuarially determined using certain assumptions. There is uncertainty associated with these loss estimates and actual results may differ from the estimates. Modification of these loss estimates based on experience and changed circumstances is reflected in the period in which the estimate is re-evaluated. |
Pension and Postretirement Benefits | Pension and Postretirement Benefits We recognize, in our Balance Sheets, an asset or liability reflecting the funded status of pension and other postretirement plans with current-year changes in the funded status recognized in AOCI, except for those portions of our pension and postretirement obligations that can be recovered through future rates. All plan assets are recorded at fair value. We follow the measurement date provisions of the accounting guidance, which require a year-end measurement date of plan assets and obligations for all defined benefit plans. We account for and disclose pension and postemployment benefits in accordance with the provisions of GAAP relating to the accounting for pension and other postemployment plans. These GAAP provisions require the use of assumptions, such as the discount rate for liabilities and long-term rate of return on assets, in determining the obligations, annual cost, and funding requirements of the plans. Effective January 1, 2016, we will apply a disaggregated discount rate approach for determining service cost and interest cost for its defined benefit pension plans and post-retirement plans. This approach is consistent with the requirements of ASC 715 and is considered to be preferential to the aggregated single rate discount approach, which has historically been used in the U.S., because it is more consistent with the philosophy of a full yield curve valuation. The change in discount rate approach did not have an impact on the measurement of the benefit obligations at December 31, 2015, nor will it impact future remeasurements. This change in approach will impact the service cost and interest cost recorded in 2016 and future years. It will also impact the actuarial gains and losses recorded in future years, as well as the amortization thereof. |
Related Party Transactions | Related Party Transactions In the normal course of business, DP&L enters into transactions with other subsidiaries of DPL or AES. |
Recently Issued Accounting Standards | New accounting pronouncements adopted ASU No. 2015-17, Income Taxes (Topic 740): Balance Sheet Classification of Deferred Taxes Effective December 31, 2015, we prospectively adopted ASU No. 2015-17, which requires that all deferred tax assets and liabilities, along with any related valuation allowance, be classified as noncurrent on the balance sheet. As a result, each jurisdiction will now only have one net noncurrent deferred tax asset or liability. The guidance does not change the existing requirement that only permits offsetting within a jurisdiction; that is, companies will remain prohibited from offsetting deferred tax liabilities from one jurisdiction against deferred tax assets of another jurisdiction. Additionally, the current requirement that deferred tax liabilities and assets of a tax-paying component of an entity be offset and presented as a single amount is not affected by the update. As we elected to apply this ASU prospectively, prior periods were not adjusted. ASU No. 2015-13, Derivatives and Hedging (Topic 815):Derivatives and Hedging: Application of the Normal Purchases and Normal Sales Scope Exception to Certain Electricity Contracts within Nodal Energy Market In August 2015, the FASB issued ASU No. 2015-13, which resolves the diversity in practice resulting from determining whether certain contracts qualify for the normal purchases and normal sales scope exception under ASC Topic 815, Derivatives and Hedging. This standard clarifies that entities would not be precluded from applying the normal purchases and normal sales exception to certain fo rward contracts that necessitate the transmission of electricity through, or delivery to a location within, a nodal energy market. The standard is effective upon issuance and should be applied prospectively. As we had designated qualifying contracts as normal purchase or normal sales, there was no impact on our financial statements upon adoption of this standard. Accounting pronouncements issued but not yet effective ASU No. 2016-01, Financial Instruments — Overall (Topic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities In January 2016, the FASB issued ASU 2016-01, which was designed to improve the recognition and measurement of financial instruments through targeted changes to existing GAAP. The guidance requires equity investments (except those that are accounted for under the equity method of accounting or result in consolidation of the investee) to be measured at fair value with changes in fair value recognized in net income; that entities use the exit price notion when measuring financial instrument fair values; that an entity separate presentation of financial assets and liabilities by measurement category and form of financial asset on the Balance Sheets or Notes to the financial statements; that an entity present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk (or "own credit") when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. Also, the standard eliminates the requirement for public entities to disclose the methods and significant assumptions used to estimate the fair value required to be disclosed for financial instruments measured at amortized cost on the Balance Sheets. The standard is effective beginning with interim periods starting after December 31, 2017 and cannot be applied early. We are currently evaluating the applicability and materiality of the standard, but we do not anticipate a material impact on our financial statements. ASU No. 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments In September 2015, the FASB issued ASU 2015-16, which simplifies the measurement-period adjustments in business combinations. It eliminates the requirement that an acquirer in a business combination account for measurement-period adjustments retrospectively. An acquirer will recognize a measurement-period adjustment during the period in which it determines the amount of the adjustment. The standard is effective for public entities for annual reporting periods beginning after December 15, 2015, and interim periods therein. Early adoption is permitted for financial statements that have not been issued. The new guidance should be applied prospectively to adjustments to provisional amounts that occur after the effective date of this standard. We will adopt this standard on January 1, 2016, which is not expected to have a material impact on our ASU No. 2015-03, Interest – Imputation of Interest (Subtopic 835-30) In April 2015, the FASB issued ASU No. 2015-03, which simplifies the presentation of debt issuance costs by requiring that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this update. The standard is effective for annual reporting periods beginning after December 15, 2015 and interim periods therein, and requires the use of the full retrospective approach. Early adoption is permitted for financial statements that have not been previously issued. As of December 31, 2015 DP&L had approximately $6.3 million in deferred financing costs classified in other current and other non-current assets that would be reclassified to reduce the related debt liabilities upon adoption of ASU No. 2015-03. ASU No. 2015-15, Interest - Imputation of Interest (Subtopic 835-30): Presentation and Subsequent Measurement of Debt Issuance Costs Associated with Line-of-Credit Arrangements In August 2015, the FASB issued ASU No. 2015-15, which clarifies that the SEC Staff would not object to an entity presenting debt issuance costs related to line-of-credit arrangements as an asset that is subsequently amortized ratably over the term of the line-of-credit arrangement, regardless of whether there are any outstanding borrowings on the line-of-credit arrangement. This standard should be adopted concurrent with adoption of ASU 2015-03 (which is described above). As of December 31, 2015, we had deferred financing costs related to lines of credit of approximately $0.7 million recorded within Other noncurrent assets that would not be reclassified upon adoption of this standard. ASU No. 2015-11, Inventory (Topic 330): Simplifying the Measurement of Inventory In July 2015, the FASB issued ASU No. 2015-11, which simplifies the subsequent measurement of inventory. It replaces the current lower of cost or market test with a lower of cost or net realizable value test. The standard is effective for public entities for annual reporting periods beginning after December 15, 2016, and interim periods therein. Early adoption is permitted. The new guidance must be applied prospectively. As we already used the net realizable value to make lower of cost or market determinations, there will be no impact on our financial statements upon adoption of this standard. ASU No. 2015-05, Intangibles – Goodwill and Other: Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement In April 2015, the FASB issued ASU No. 2015-05, which clarifies how customers in cloud computing arrangements should determine whether the arrangement includes a software license and eliminates the existing requirement for customers to account for software licenses they acquired by analogizing to the accounting guidance on leases. The standard is effective for annual reporting periods beginning after December 15, 2015 and interim periods therein. Early adoption is permitted. The standard permits the use of a prospective or retrospective approach. As all of our cloud computing arrangements will continue to be accounted for as service agreements, there will be no impact on our financial statements upon the adoption of this standard. ASU No. 2014-05, Presentation of Financial Statements: Going Concern The FASB recently issued ASU 2014-15 “Presentation of Financial Statements - Going Concern (Subtopic 205-40: Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern)” effective for annual and interim periods ending after December 15, 2016. ASU 2014-15 requires management to evaluate whether there are conditions or events, considered in aggregate, that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued. There are required disclosures if substantial doubt is identified including documentation of: principal conditions or events that raised substantial doubt about the entity’s ability to continue as a going concern (before consideration of management’s plans), management’s evaluation of the significance of those conditions or events in relation to the entity’s ability to meet its obligations, and management’s plans that alleviated substantial doubt about the entity’s ability to continue as a going concern. This ASU is not expected to have any impact on our overall results of operations, financial position or cash flows. ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606) In May 2014, the FASB issued ASU No. 2014-09, which clarifies principles for recognizing revenue and will result in a common revenue standard for U.S. GAAP and International Financial Reporting Standards. The objective of the new standard is to provide a single and comprehensive revenue recognition model for all contracts with customers to improve comparability. The revenue standard contains principles that an entity will apply to determine the measurement of revenue and timing of when it is recognized. The standard requires an entity to recognize revenue to depict the transfer of goods or services to customers at an amount that the entity expects to be entitled to in exchange for those goods or services. In August 2015, the FASB issued ASU No. 2015-14, Revenue from Contract with Customers (Topic 606): Deferral of the Effective Date, which deferred the effective date of ASU 2014-09 by one year, resulting in the new revenue standard being effective for annual reporting periods beginning after December 15, 2017 and interim periods therein. Early adoption is now permitted only as of the original effective date for public entities (that is, no earlier than 2017 for calendar year-end entities). The standard permits the use of either a full retrospective or modified retrospective approach. We have not yet selected a transition method and are currently evaluating the impact of adopting the standard on our financial statements. ASU No. 2015-02, Consolidation – Amendments to the Consolidation Analysis (Topic 810) In February 2015, the FASB issued ASU 2015-02, which makes targeted amendments to the current consolidation guidance and ends the deferral granted to investment companies from applying the Variable Interest Entity (VIE) guidance. The standard amends the evaluation of whether (1) fees paid to a decision-maker or service providers represent a variable interest, (2) a limited partnership or similar entity has the characteristics of a VIE and (3) a reporting entity is the primary beneficiary of a VIE. The standard is effective for annual periods beginning after December 15, 2015 and interim periods therein. Early adoption is permitted. We do not expect this standard to have an impact on our financial statements upon adoption. |
Overview and Summary of Signi30
Overview and Summary of Significant Accounting Policies Overview and Summary of Significant Accounting Polices (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule of Expected Service and Interest Costs | reflect the change in methodology described above. The impact of the change in approach on expected service costs in 2016 is shown below: $ in millions Expected 2016 Service Cost Expected 2016 Interest Cost Disaggregated rate approach Aggregate rate approach Impact of change Disaggregated rate approach Aggregate rate approach Impact of change Total Pension $ 5.7 $ 6.1 $ (0.4 ) $ 14.8 $ 17.9 $ (3.1 ) Total Postretirement Benefits $ 0.2 $ 0.2 $ — $ 0.6 $ 0.7 $ (0.1 ) Total $ 5.9 $ 6.3 $ (0.4 ) $ 15.4 $ 18.6 $ (3.2 ) |
THE DAYTON POWER AND LIGHT COMPANY [Member] | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule of Expected Service and Interest Costs | reflect the change in methodology described above. The impact of the change in approach on expected service costs in 2016 is shown below: $ in millions Expected 2016 Service Cost Expected 2016 Interest Cost Disaggregated rate approach Aggregate rate approach Impact of change Disaggregated rate approach Aggregate rate approach Impact of change Total Pension $ 5.7 $ 6.1 $ (0.4 ) $ 14.8 $ 17.9 $ (3.1 ) Total Postretirement Benefits $ 0.2 $ 0.2 $ — $ 0.6 $ 0.7 $ (0.1 ) Total $ 5.9 $ 6.3 $ (0.4 ) $ 15.4 $ 18.6 $ (3.2 ) |
Supplemental Financial Inform31
Supplemental Financial Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Financial Information [Line Items] | |
Schedule of Supplemental Financial Information | December 31, $ in millions 2015 2014 Accounts receivable, net Unbilled revenue $ 43.3 $ 49.1 Customer receivables 56.4 70.1 Amounts due from partners in jointly-owned stations 16.0 15.2 Other 6.0 3.0 Provisions for uncollectible accounts (0.8 ) (0.9 ) Total accounts receivable, net $ 120.9 $ 136.5 Inventories Fuel and limestone $ 72.2 $ 65.3 Plant materials and supplies 34.9 33.5 Other 2.0 1.4 Total inventories, at average cost $ 109.1 $ 100.2 |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | The amounts reclassified out of Accumulated Other Comprehensive Income / (Loss) by component during the years ended December 31, 2015 , 2014 and 2013 are as follows: Details about Accumulated Other Comprehensive Income / (Loss) Components Affected line item in the Consolidated Statements of Operations Years ended December 31, $ in millions 2015 2014 2013 Gains and losses on Available-for-sale securities activity (Note 5): Other income / (deductions) $ — $ 0.4 $ 2.1 Tax expense — (0.2 ) (0.7 ) Net of income taxes — 0.2 1.4 Gains and losses on cash flow hedges (Note 6): Interest Expense (1.1 ) (1.3 ) — Revenue (18.7 ) 28.4 2.2 Purchased power 4.4 (0.7 ) 3.5 Total before income taxes (15.4 ) 26.4 5.7 Tax benefit / (expense) 5.4 (9.5 ) (2.3 ) Net of income taxes (10.0 ) 16.9 3.4 Amortization of defined benefit pension items (Note 10): Operations and maintenance 0.4 — — Tax expense (0.2 ) — 0.3 Net of income taxes 0.2 — 0.3 Total reclassifications for the period, net of income taxes $ (9.8 ) $ 17.1 $ 5.1 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The changes in the components of Accumulated Other Comprehensive Income / (Loss) during the years ended December 31, 2015 and 2014 are as follows: $ in millions Gains / (losses) on available-for-sale securities Gains / (losses) on cash flow hedges Change in unfunded pension obligation Total Balance at December 31, 2013 $ 0.6 $ 20.6 $ 3.4 $ 24.6 Other comprehensive loss before reclassifications (0.3 ) (19.0 ) (14.9 ) (34.2 ) Amounts reclassified from accumulated other comprehensive income / (loss) 0.2 16.9 — 17.1 Net current period other comprehensive loss (0.1 ) (2.1 ) (14.9 ) (17.1 ) Balance at December 31, 2014 0.5 18.5 (11.5 ) 7.5 Other comprehensive income / (loss) before reclassifications (0.1 ) 18.2 1.6 19.7 Amounts reclassified from accumulated other comprehensive income / (loss) — (10.0 ) 0.2 (9.8 ) Net current period other comprehensive income / (loss) (0.1 ) 8.2 1.8 9.9 Balance at December 31, 2015 $ 0.4 $ 26.7 $ (9.7 ) $ 17.4 |
THE DAYTON POWER AND LIGHT COMPANY [Member] | |
Supplemental Financial Information [Line Items] | |
Schedule of Supplemental Financial Information | December 31, $ in millions 2015 2014 Accounts receivable, net Unbilled revenue $ 43.3 $ 49.0 Customer receivables 54.1 68.7 Amounts due from partners in jointly-owned stations 16.0 15.2 Other 6.9 20.7 Provisions for uncollectible accounts (0.8 ) (0.9 ) Total accounts receivable, net $ 119.5 $ 152.7 Inventories Fuel and limestone $ 72.2 $ 65.3 Plant materials and supplies 33.7 32.3 Other 2.1 1.4 Total inventories, at average cost $ 108.0 $ 99.0 |
Reclassification out of Accumulated Other Comprehensive Income [Table Text Block] | The amounts reclassified out of Accumulated Other Comprehensive Income / (Loss) by component during the years ended December 31, 2015 , 2014 and 2013 are as follows: Details about Accumulated Other Comprehensive Income / (Loss) Components Affected line item in the Statements of Operations Years ended December 31, $ in millions 2015 2014 2013 Gains and losses on Available-for-sale securities activity (Note 5): Other income / (deductions) $ — $ 0.4 $ 2.1 Tax expense — (0.2 ) (0.7 ) Net of income taxes — 0.2 1.4 Gains and losses on cash flow hedges (Note 6): Interest expense (1.1 ) (1.1 ) (2.1 ) Revenue (18.7 ) 28.4 2.2 Purchased power 4.4 (0.4 ) 5.0 Total before income taxes (15.4 ) 26.9 5.1 Tax expense 5.6 (11.5 ) (2.5 ) Net of income taxes (9.8 ) 15.4 2.6 Amortization of defined benefit pension items (Note 9): Reclassification to Other income / (deductions) 5.6 4.1 5.7 Tax benefit (1.9 ) (1.4 ) (1.9 ) Net of income taxes 3.7 2.7 3.8 Total reclassifications for the period, net of income taxes $ (6.1 ) $ 18.3 $ 7.8 |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | The changes in the components of Accumulated Other Comprehensive Income / (Loss) during the years ended December 31, 2015 and 2014 are as follows: $ in millions Gains / (losses) on available-for-sale securities Gains / (losses) on cash flow hedges Change in unfunded pension obligation Total Balance at December 31, 2013 $ 0.8 $ 6.2 $ (33.7 ) $ (26.7 ) Other comprehensive loss before reclassifications (0.3 ) (18.8 ) (14.8 ) (33.9 ) Amounts reclassified from accumulated other comprehensive income 0.2 15.4 2.7 18.3 Net current period other comprehensive loss (0.1 ) (3.4 ) (12.1 ) (15.6 ) Balance at December 31, 2014 0.7 2.8 (45.8 ) (42.3 ) Other comprehensive income / (loss) before reclassifications (0.2 ) 18.2 1.7 19.7 Amounts reclassified from accumulated other comprehensive income / (loss) — (9.8 ) 3.7 (6.1 ) Net current period other comprehensive income / (loss) (0.2 ) 8.4 5.4 13.6 Balance at December 31, 2015 $ 0.5 $ 11.2 $ (40.4 ) $ (28.7 ) |
Regulatory Assets and Liabili32
Regulatory Assets and Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Regulatory Assets and Liabilities | The following table presents DPL’s Regulatory assets and liabilities: December 31, $ in millions Type of Recovery Amortization Through 2015 2014 Regulatory assets, current: Fuel and purchased power recovery costs A 2016 $ 13.9 $ 16.3 Economic development costs A 2016 0.5 2.1 Deferred storm costs B 2015 — 22.3 Energy efficiency program A 2016 — 1.8 Other miscellaneous A 2016 — 1.7 Total regulatory assets, current 14.4 44.2 Regulatory assets, non-current: Pension benefits B Ongoing $ 91.6 $ 99.6 Deferred recoverable income taxes B/C Ongoing 36.4 43.1 Fuel costs B Undetermined 12.7 — Unrecovered OVEC charges D Undetermined 10.5 — Unamortized loss on reacquired debt B Various 9.0 9.9 Smart grid and advanced metering infrastructure costs D Undetermined 7.3 6.6 Generation separation costs D Undetermined 3.9 1.6 Retail settlement system costs D Undetermined 3.1 3.1 Consumer education campaign D Undetermined 3.0 3.0 Rate case costs D Undetermined 1.9 — Other miscellaneous D Undetermined 0.5 0.6 Total regulatory assets, non-current 179.9 167.5 Total regulatory assets $ 194.3 $ 211.7 Regulatory liabilities, current: Energy efficiency program $ 9.2 $ — Competitive bidding 9.1 — Transmission costs 3.7 2.9 Reconciliation rider 2.1 — Other miscellaneous 0.3 1.5 Total regulatory liabilities, current 24.4 4.4 Regulatory liabilities, non-current: Estimated costs of removal - regulated property $ 121.8 $ 119.3 Postretirement benefits 5.2 4.8 Total regulatory liabilities, non-current 127.0 124.1 Total regulatory liabilities $ 151.4 $ 128.5 A – Recovery of incurred costs without a rate of return. B – Recovery of incurred costs plus rate of return. C – Balance has an offsetting liability resulting in no effect on rate base. D – Recovery not yet determined, but is probable of occurring in future rate proceedings. |
THE DAYTON POWER AND LIGHT COMPANY [Member] | |
Schedule of Regulatory Assets and Liabilities | The following table presents DP&L’s Regulatory assets and liabilities: December 31, $ in millions Type of Recovery Amortization Through 2015 2014 Regulatory assets, current: Fuel and purchased power recovery costs A 2016 $ 13.9 $ 16.3 Economic development costs A 2016 0.5 2.1 Deferred storm costs B 2015 — 22.3 Energy efficiency program A 2016 — 1.8 Other miscellaneous A 2016 — 1.7 Total regulatory assets, current $ 14.4 $ 44.2 Regulatory assets, non-current: Pension benefits B Ongoing $ 91.6 $ 99.6 Deferred recoverable income taxes B/C Ongoing 36.4 43.1 Fuel costs B Undetermined 12.7 — Unrecovered OVEC charges D Undetermined 10.5 — Unamortized loss on reacquired debt B Various 9.0 9.9 Smart grid and advanced metering infrastructure costs D Undetermined 7.3 6.6 Generation separation costs Undetermined 3.9 1.6 Retail settlement system costs D Undetermined 3.1 3.1 Consumer education campaign D Undetermined 3.0 3.0 Rate case costs D Undetermined 1.9 — Other miscellaneous D Undetermined 0.5 0.6 Total regulatory assets, non-current $ 179.9 $ 167.5 Total regulatory assets $ 194.3 $ 211.7 Regulatory liabilities, current: Energy efficiency program $ 9.2 $ — Competitive bidding 9.1 — Transmission costs 3.7 2.9 Reconciliation rider 2.1 — Other miscellaneous 0.3 1.5 Total regulatory liabilities, current $ 24.4 $ 4.4 Regulatory liabilities, non-current: Estimated costs of removal - regulated property $ 121.8 $ 119.3 Postretirement benefits 5.2 4.8 Total regulatory liabilities, non-current $ 127.0 $ 124.1 Total regulatory liabilities $ 151.4 $ 128.5 A – Recovery of incurred costs without a rate of return. B – Recovery of incurred costs plus rate of return. C – Balance has an offsetting liability resulting in no effect on rate base. D – Recovery not yet determined, but is probable of occurring in future rate proceedings. |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |
Summary of Property, Plant, and Equipment | The following is a summary of DPL’s Property, plant and equipment with corresponding composite depreciation rates at December 31, 2015 and 2014 : December 31, $ in millions 2015 Composite Rate 2014 Composite Rate Regulated: Transmission $ 239.4 3.9% $ 227.5 4.1% Distribution 1,085.7 5.0% 1,011.7 5.4% General 65.9 12.4% 62.5 12.4% Non-depreciable 62.5 N/A 61.6 N/A Total regulated 1,453.5 1,363.3 Unregulated: Production / Generation 1,418.7 4.2% 1,354.9 5.4% Other 17.0 8.1% 16.1 5.5% Non-depreciable 19.8 N/A 19.8 N/A Total unregulated 1,455.5 1,390.8 Total property, plant and equipment in service $ 2,909.0 4.6% $ 2,754.1 5.3% |
Ownership Interests | DP&L’s undivided ownership interest in such facilities at December 31, 2015 , is as follows: DP&L Share DPL Carrying Value Ownership (%) Summer Production Capacity (MW) Gross Plant In Service ($ in millions) Accumulated Depreciation ($ in millions) Construction Work in Process ($ in millions) Jointly-owned production units Conesville - Unit 4 16.5 129 $ 26 $ 4 $ 1 Killen - Unit 2 67.0 402 342 29 2 Miami Fort - Units 7 and 8 36.0 368 219 32 6 Stuart - Units 1 through 4 35.0 808 236 19 18 Zimmer - Unit 1 28.1 371 188 44 12 Transmission (at varying percentages) 43 8 — Total 2,078 $ 1,054 $ 136 $ 39 |
Changes in the Liability for Generation AROs | Changes in the Liability for Generation AROs $ in millions Balance at December 31, 2013 $ 24.4 Calendar 2014 Additions 3.6 Accretion expense 0.9 Settlements (2.0 ) Balance at December 31, 2014 26.9 Calendar 2015 Additions 40.3 Accretion expense 1.9 Settlements (3.2 ) Balance at December 31, 2015 $ 65.9 |
Changes in the Liability for Transmission and Distribution Asset Removal Costs | Changes in the Liability for Transmission and Distribution Asset Removal Costs $ in millions Balance at December 31, 2013 $ 115.0 Calendar 2014 Additions 19.6 Settlements (15.3 ) Balance at December 31, 2014 119.3 Calendar 2015 Additions 24.3 Settlements (21.8 ) Balance at December 31, 2015 $ 121.8 |
THE DAYTON POWER AND LIGHT COMPANY [Member] | |
Property, Plant and Equipment [Line Items] | |
Summary of Property, Plant, and Equipment | The following is a summary of DP&L’s Property, plant and equipment with corresponding composite depreciation rates at December 31, 2015 and 2014 : December 31, $ in millions 2015 Composite Rate 2014 Composite Rate Regulated: Transmission $ 413.7 2.3% $ 402.4 2.3% Distribution 1,639.7 3.3% 1,568.0 3.5% General 96.9 8.4% 116.1 6.7% Non-depreciable 62.5 N/A 61.6 N/A Total regulated 2,212.8 2,148.1 Unregulated: Production / Generation 3,016.8 2.1% 2,957.7 2.4% Non-depreciable 15.1 N/A 14.9 N/A Total unregulated 3,031.9 2,972.6 Total property, plant and equipment in service $ 5,244.7 2.6% $ 5,120.7 2.8% |
Ownership Interests | DP&L’s undivided ownership interest in such facilities at December 31, 2015 , is as follows: DP&L Share DP&L Carrying Value Ownership % Summer Production Capacity (MW) Gross Plant In Service ($ in millions) Accumulated Depreciation ($ in millions) Construction Work in Process ($ in millions) Jointly-owned production units Conesville - Unit 4 16.5 129 $ 27 $ 8 $ 1 Killen - Unit 2 67.0 402 655 326 2 Miami Fort - Units 7 and 8 36.0 368 366 171 6 Stuart - Units 1 through 4 35.0 808 772 338 18 Zimmer - Unit 1 28.1 371 1,104 690 12 Transmission (at varying percentages) 99 64 — Total 2,078 $ 3,023 $ 1,597 $ 39 |
Changes in the Liability for Generation AROs | Changes in the Liability for Generation AROs $ in millions Balance at December 31, 2013 $ 19.9 Calendar 2014 Additions 3.6 Accretion expense 1.1 Settlements (1.7 ) Balance at December 31, 2014 22.9 Calendar 2015 Additions 40.3 Accretion expense 2.1 Settlements (3.2 ) Balance at December 31, 2015 $ 62.1 |
Changes in the Liability for Transmission and Distribution Asset Removal Costs | Changes in the Liability for Transmission and Distribution Asset Removal Costs $ in millions Balance at December 31, 2013 $ 115.0 Calendar 2014 Additions 19.6 Settlements (15.3 ) Balance at December 31, 2014 119.3 Calendar 2015 Additions 24.3 Settlements (21.8 ) Balance at December 31, 2015 $ 121.8 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Entity Information [Line Items] | |
Fair Value and Cost of Non-Derivative Instruments | The table below presents the fair value and cost of our non-derivative instruments at December 31, 2015 and 2014 . See Note 6 – Derivative Instruments and Hedging Activities for the fair values of our derivative instruments. December 31, 2015 December 31, 2014 $ in millions Carrying Value Fair Value Carrying Value Fair Value Assets Money market funds $ 0.2 $ 0.2 $ 0.1 $ 0.1 Equity securities 3.0 3.8 2.7 3.7 Debt securities 4.4 4.3 4.7 4.7 Hedge Funds 0.4 0.4 0.8 0.8 Real Estate 0.3 0.3 0.4 0.4 Total assets $ 8.3 $ 9.0 $ 8.7 $ 9.7 Liabilities Debt $ 2,009.4 $ 1,975.3 $ 2,159.7 $ 2,204.8 |
Fair Value of Assets and Liabilities Measured on Recurring Basis | The fair value of assets and liabilities at December 31, 2015 and the respective category within the fair value hierarchy for DPL was determined as follows: Assets and Liabilities at Fair Value Level 1 Level 2 Level 3 $ in millions Fair Value at December 31, 2015 (a) Based on Quoted Prices in Active Markets Other observable inputs Unobservable inputs Assets Master trust assets Money market funds $ 0.2 $ 0.2 $ — $ — Equity securities 3.8 — 3.8 — Debt securities 4.3 — 4.3 — Hedge Funds 0.4 — 0.4 — Real Estate 0.3 — 0.3 — Total Master trust assets 9.0 0.2 8.8 — Derivative assets Forward power contracts 30.5 — 30.5 — FTRs 0.2 — — 0.2 Total Derivative assets $ 30.7 $ — $ 30.5 $ 0.2 Total assets $ 39.7 $ 0.2 $ 39.3 $ 0.2 Liabilities FTRs 0.5 $ — $ — $ 0.5 Forward power contracts 27.0 — 23.9 3.1 Total derivative liabilities 27.5 — 23.9 3.6 Long-term debt 1,975.3 — 1,957.2 18.1 Total liabilities $ 2,002.8 $ — $ 1,981.1 $ 21.7 (a) Includes credit valuation adjustment. The fair value of assets and liabilities at December 31, 2014 and the respective category within the fair value hierarchy for DPL was determined as follows: Assets and Liabilities at Fair Value Level 1 Level 2 Level 3 $ in millions Fair Value at December 31, 2014 (a) Based on Quoted Prices in Active Markets Other observable inputs Unobservable inputs Assets Master trust assets Money market funds $ 0.1 $ 0.1 $ — $ — Equity securities 3.7 3.7 — — Debt securities 4.7 4.7 — — Hedge Funds 0.8 — 0.8 — Real Estate 0.4 0.4 — — Total Master trust assets 9.7 8.9 0.8 — Derivative assets Forward power contracts 14.9 — 13.7 1.2 Total derivative assets 14.9 — 13.7 1.2 Total assets $ 24.6 $ 8.9 $ 14.5 $ 1.2 Liabilities FTRs $ 0.6 $ — $ — $ 0.6 Heating oil futures 0.4 0.4 — — Natural gas futures 0.1 0.1 — — Forward power contracts 11.1 — 11.1 — Total derivative liabilities 12.2 0.5 11.1 0.6 Long-term debt 2,204.8 — 2,186.6 18.2 Total liabilities $ 2,217.0 $ 0.5 $ 2,197.7 $ 18.8 (a) Includes credit valuation adjustment. |
Fair Value Measurements, Nonrecurring | $ in millions Year ended December 31, 2015 Carrying Fair Value Gross Amount Level 1 Level 2 Level 3 Loss Goodwill (b) DP&L reporting unit $ 317.0 $ — $ — $ — $ 317.0 $ in millions Year ended December 31, 2014 Carrying Fair Value Gross Amount Level 1 Level 2 Level 3 Loss Assets Long-lived assets held and used (a) DP&L (East Bend) $ 14.2 $ — $ — $ 2.7 $ 11.5 Goodwill (b) DPLER Reporting unit $ 135.8 $ — $ — $ — $ 135.8 $ in millions Year ended December 31, 2013 Carrying Fair Value Gross Amount Level 1 Level 2 Level 3 Loss Assets Long-lived assets held and used (a) DP&L (Conesville) $ 26.2 $ — $ — $ — $ 26.2 Goodwill (b) DP&L Reporting unit $ 623.3 $ — $ — $ 317.0 $ 306.3 (a) See Note 15 – Fixed-asset Impairment for further information (b) See Note 7 – Goodwill and Other Intangible Assets for further information |
THE DAYTON POWER AND LIGHT COMPANY [Member] | |
Entity Information [Line Items] | |
Fair Value and Cost of Non-Derivative Instruments | The table below presents the fair value and cost of our non-derivative instruments at December 31, 2015 and 2014 . See also Note 6 – Derivative Instruments and Hedging Activities for the fair values of our derivative instruments. December 31, 2015 December 31, 2014 $ in millions Carrying Value Fair Value Carrying Value Fair Value Assets Money market funds $ 0.2 $ 0.2 $ 0.1 $ 0.1 Equity securities 3.0 3.8 2.7 3.7 Debt securities 4.4 4.3 4.7 4.7 Hedge Funds 0.4 0.4 0.8 0.8 Real Estate 0.3 0.3 0.4 0.4 Total assets $ 8.3 $ 9.0 $ 8.7 $ 9.7 Liabilities Debt $ 762.9 $ 764.2 $ 877.1 $ 882.5 |
Fair Value of Assets and Liabilities Measured on Recurring Basis | The fair value of assets and liabilities at December 31, 2015 and the respective category within the fair value hierarchy for DP&L was determined as follows: Assets and Liabilities at Fair Value Level 1 Level 2 Level 3 $ in millions Fair Value at December 31, 2015 (a) Based on Quoted Prices in Active Markets Other observable inputs Unobservable inputs Assets Master trust assets Money market funds $ 0.2 $ 0.2 $ — $ — Equity securities 3.8 — 3.8 — Debt securities 4.3 — 4.3 — Hedge Funds 0.4 — 0.4 — Real Estate 0.3 — 0.3 — Total Master trust assets 9.0 0.2 8.8 — Derivative assets FTRs 0.2 — — 0.2 Forward power contracts 30.6 — 30.6 — Total derivative assets 30.8 — 30.6 0.2 Total assets $ 39.8 $ 0.2 $ 39.4 $ 0.2 Liabilities FTRs $ 0.5 $ — $ — $ 0.5 Forward power contracts 27.0 — 23.9 3.1 Total derivative liabilities 27.5 — 23.9 3.6 Long-term debt 764.2 — 746.1 18.1 Total liabilities $ 791.7 $ — $ 770.0 $ 21.7 (a) Includes credit valuation adjustment. The fair value of assets and liabilities at December 31, 2014 and the respective category within the fair value hierarchy for DP&L was determined as follows: Assets and Liabilities at Fair Value Level 1 Level 2 Level 3 $ in millions Fair Value at December 31, 2014 (a) Based on Quoted Prices in Active Markets Other observable inputs Unobservable inputs Assets Master trust assets Money market funds $ 0.1 $ 0.1 $ — $ — Equity securities 3.7 3.7 — — Debt securities 4.7 4.7 — — Hedge Funds 0.8 — 0.8 — Real Estate 0.4 0.4 — — Total Master trust assets 9.7 8.9 0.8 — Derivative assets Forward power contracts 15.1 — 13.9 1.2 Total derivative assets 15.1 — 13.9 1.2 Total assets $ 24.8 $ 8.9 $ 14.7 $ 1.2 Liabilities Forward power contracts $ 11.2 $ — $ 11.2 $ — FTRS 0.6 — — 0.6 Heating Oil Futures 0.4 0.4 — — Natural Gas Futures 0.1 0.1 — — Total derivative liabilities 12.3 0.5 11.2 0.6 Long-term debt 882.5 — 864.3 18.2 Total liabilities $ 894.8 $ 0.5 $ 875.5 $ 18.8 (a) Includes credit valuation adjustment. |
Fair Value Measurements, Nonrecurring | $ in millions Year ended December 31, 2013 Carrying Fair Value Gross Amount Level 1 Level 2 Level 3 Loss Assets Long-lived assets held and used (a) Conesville $ 30.0 $ — $ — $ 20.0 $ 10.0 East Bend $ 76.0 $ — $ — $ — $ 76.0 (a) See Note 13 – Fixed-asset Impairment for further information. |
Fair Value Measurements of Plan Assets Using Significant Unobservable Inputs | The following table summarizes the significant unobservable inputs used in the Level 3 measurement of long-lived assets during the year ended December 31, 2013 : $ in millions Fair Value Valuation Technique Unobservable input Range (Weighted Average) Long-lived assets held and used: DP&L (Conesville) $ — Discounted cash flows Annual revenue growth -31% to 18% (0) |
Derivative Instruments and He35
Derivative Instruments and Hedging Activities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Notional Amounts of Outstanding Derivative Positions | At December 31, 2015 , DPL had the following outstanding derivative instruments: Commodity Accounting Treatment Unit Purchases (in thousands) Sales (in thousands) Net Purchases/ (Sales) (in thousands) FTRs Not designated MWh 10.2 — 10.2 Forward Power Contracts Designated MWh 1,676.7 (7,795.8 ) (6,119.1 ) Forward Power Contracts Not designated MWh 5,049.9 (1,663.0 ) 3,386.9 At December 31, 2014 , DPL had the following outstanding derivative instruments: Commodity Accounting Treatment Unit Purchases (in thousands) Sales (in thousands) Net Purchases/ (Sales) (in thousands) FTRs Not designated MWh 10.5 — 10.5 Heating Oil Futures Not designated Gallons 378.0 — 378.0 Natural Gas Futures Not designated Dths 200.0 — 200.0 Forward Power Contracts Designated MWh 175.0 (2,991.0 ) (2,816.0 ) Forward Power Contracts Not designated MWh 1,725.2 (2,707.8 ) (982.6 ) |
Gains or Losses Recognized in AOCI for the Cash Flow Hedges | The following tables set forth the gains / (losses) recognized in AOCI and earnings related to the effective portion of derivative instruments and the gains / (losses) recognized in earnings related to the ineffective portion of derivative instruments in qualifying cash flow hedging relationships, as defined in the accounting standards for derivatives and hedging, for the periods indicated: Years ended December 31, 2015 2014 2013 $ in millions (net of tax) Power Interest Rate Hedges Power Interest Rate Hedges Power Interest Rate Hedges Beginning accumulated derivative gain / (loss) in AOCI $ 0.2 $ 18.3 $ 1.4 $ 19.2 $ (3.0 ) $ 0.5 Net gains / (losses) associated with current period hedging transactions 18.2 — (19.0 ) — 1.0 18.7 Net gains / (losses) reclassified to earnings: Interest Expense — (0.8 ) — (0.9 ) — — Revenues (12.0 ) — 18.3 — 2.1 — Purchased Power 2.8 — (0.5 ) — 1.3 — Ending accumulated derivative gain in AOCI $ 9.2 $ 17.5 $ 0.2 $ 18.3 $ 1.4 $ 19.2 Net gains / (losses) associated with the ineffective portion of the hedging transaction Interest Expense $ — $ — $ — $ — $ — $ 0.8 Portion expected to be reclassified to earnings in the next twelve months (a) $ 5.9 $ (0.8 ) Maximum length of time that we are hedging our exposure to variability in future cash flows related to forecasted transactions (in months) 36 — (a) The actual amounts that we reclassify from AOCI to earnings related to power can differ from the estimate above due to market price changes. |
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following tables show the amount and classification within the consolidated statements of results of operations or balance sheets of the gains and losses on DPL’s derivatives not designated as hedging instruments for the years ended December 31, 2015 , 2014 and 2013 : Year ended December 31, 2015 $ in millions Heating Oil FTRs Power Natural Gas Total Derivatives not designated as hedging instruments Change in unrealized loss $ 0.4 $ 0.3 $ (6.4 ) $ 0.1 $ (5.6 ) Realized gain / (loss) (0.3 ) (0.2 ) (9.8 ) (0.1 ) (10.4 ) Total $ 0.1 $ 0.1 $ (16.2 ) $ — $ (16.0 ) Recorded on Balance Sheet: Regulatory asset $ 0.1 $ — $ — $ — $ 0.1 Recorded in Income Statement: gain / (loss) Purchased Power — 0.1 (43.6 ) — (43.5 ) Revenue — — 27.4 — 27.4 Total $ 0.1 $ 0.1 $ (16.2 ) $ — $ (16.0 ) Year ended December 31, 2014 $ in millions Heating Oil FTRs Power Natural Gas Total Derivatives not designated as hedging instruments Change in unrealized gain $ (0.6 ) $ (0.8 ) $ (1.5 ) $ (0.1 ) $ (3.0 ) Realized gain (0.1 ) 0.7 (3.6 ) (0.1 ) (3.1 ) Total $ (0.7 ) $ (0.1 ) $ (5.1 ) $ (0.2 ) $ (6.1 ) Recorded on Balance Sheet: Regulatory asset $ (0.1 ) $ — $ — $ — $ (0.1 ) Recorded in Income Statement: gain / (loss) Purchased Power — (0.1 ) (5.1 ) (0.2 ) (5.4 ) Fuel (0.6 ) — — — (0.6 ) Total $ (0.7 ) $ (0.1 ) $ (5.1 ) $ (0.2 ) $ (6.1 ) Year ended December 31, 2013 $ in millions Heating Oil FTRs Power Total Derivatives not designated as hedging instruments Change in unrealized gain / (loss) $ — $ 0.3 $ 0.6 $ 0.9 Realized gain / (loss) 0.1 1.2 1.1 2.4 Total $ 0.1 $ 1.5 $ 1.7 $ 3.3 Recorded in Income Statement: gain / (loss) Revenue — — — — Purchased Power — 1.5 1.7 3.2 Fuel 0.1 — — 0.1 O&M — — — — Total $ 0.1 $ 1.5 $ 1.7 $ 3.3 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | The following tables show the fair value, balance sheet classification and hedging designation of DPL’s derivative instruments at December 31, 2015 and 2014 . Fair Values of Derivative Instruments December 31, 2015 Gross Amounts Not Offset in the Consolidated Balance Sheets $ in millions Hedging Designation Gross Fair Value as presented in the Consolidated Balance Sheets (a) Financial Instruments with Same Counterparty in Offsetting Position Cash Collateral Net Amount Assets Short-term derivative positions (presented in Other current assets) Forward power contracts Designated $ 16.2 $ (7.1 ) $ — $ 9.1 Forward power contracts Not designated 7.3 (5.5 ) — 1.8 FTRs Not designated 0.2 (0.2 ) — — Long-term derivative positions (presented in Other deferred assets) Forward power contracts Designated 3.0 (2.4 ) — 0.6 Forward power contracts Not designated 4.0 (2.7 ) — 1.3 Total assets $ 30.7 $ (17.9 ) $ — $ 12.8 Liabilities Short-term derivative positions (presented in Other current liabilities) Forward power contracts Designated $ 7.1 $ (7.1 ) $ — $ — Forward power contracts Not designated 14.5 (5.5 ) (8.0 ) 1.0 FTRs Not designated 0.5 (0.2 ) — 0.3 Long-term derivative positions (presented in Other deferred liabilities) Forward power contracts Designated 2.7 (2.4 ) — 0.3 Forward power contracts Not designated 2.7 (2.7 ) — — Total liabilities $ 27.5 $ (17.9 ) $ (8.0 ) $ 1.6 (a) Includes credit valuation adjustment. Fair Values of Derivative Instruments December 31, 2014 Gross Amounts Not Offset in the Consolidated Balance Sheets $ in millions Hedging Designation Gross Fair Value as presented in the Consolidated Balance Sheets (a) Financial Instruments with Same Counterparty in Offsetting Position Cash Collateral Net Amount Assets Short-term derivative positions (presented in Other current assets) Forward power contracts Designated $ 5.6 $ (2.0 ) $ — $ 3.6 Forward power contracts Not designated 5.5 (3.4 ) — 2.1 Long-term derivative positions (presented in Other deferred assets) Forward power contracts Designated 0.3 (0.3 ) — — Forward power contracts Not designated 3.5 (0.9 ) — 2.6 Total assets $ 14.9 $ (6.6 ) $ — $ 8.3 Liabilities Short-term derivative positions (presented in Other current liabilities) Forward power contracts Designated $ 2.1 $ (2.0 ) $ — $ 0.1 Forward power contracts Not designated 7.5 (3.4 ) (4.1 ) — FTRs Not designated 0.6 — — 0.6 Heating Oil Futures Not designated 0.4 — (0.4 ) — Natural Gas Not designated 0.1 — (0.1 ) — Long-term derivative positions (presented in Other deferred liabilities) Forward power contracts Designated 0.6 (0.3 ) (0.3 ) — Forward power contracts Not designated 0.9 (0.9 ) — — Total liabilities $ 12.2 $ (6.6 ) $ (4.9 ) $ 0.7 (a) Includes credit valuation adjustment. |
THE DAYTON POWER AND LIGHT COMPANY [Member] | |
Schedule of Notional Amounts of Outstanding Derivative Positions | At December 31, 2015 , DP&L had the following outstanding derivative instruments: Commodity Accounting Treatment Unit Purchases (in thousands) Sales (in thousands) Net Purchases/ (Sales) (in thousands) FTRs Not designated MWh 10.2 — 10.2 Forward Power Contracts Designated MWh 1,676.7 (7,795.8 ) (6,119.1 ) Forward Power Contracts Not designated MWh 5,049.9 (1,665.7 ) 3,384.2 At December 31, 2014 , DP&L had the following outstanding derivative instruments: Commodity Accounting Treatment Unit Purchases (in thousands) Sales (in thousands) Net Purchases/ (Sales) (in thousands) FTRs Not designated MWh 10.5 — 10.5 Heating Oil Futures Not designated Gallons 378.0 — 378.0 Natural Gas Not designated Dths 200.0 200.0 Forward Power Contracts Designated MWh 175.0 (2,991.0 ) (2,816.0 ) Forward Power Contracts Not designated MWh 1,725.2 (2,804.0 ) (1,078.8 ) |
Gains or Losses Recognized in AOCI for the Cash Flow Hedges | Years ended December 31, 2015 2015 2014 2014 2013 2013 $ in millions (net of tax) Power Interest Rate Hedge Power Interest Rate Hedge Power Interest Rate Hedge Beginning accumulated derivative gain / (loss) in AOCI $ 0.2 $ 2.6 $ 1.0 $ 5.2 $ (4.7 ) $ 7.3 Net gains / (losses) associated with current period hedging transactions 18.2 — (18.8 ) — 1.0 — Net gains / (losses) reclassified to earnings: Interest Expense — (0.6 ) — (2.6 ) — (2.1 ) Revenues (12.0 ) — 18.2 — 1.4 — Purchased Power 2.8 — (0.2 ) — 3.3 — Ending accumulated derivative gain in AOCI $ 9.2 $ 2.0 $ 0.2 $ 2.6 $ 1.0 $ 5.2 Net gains or losses associated with the ineffective portion of the hedging transactions were immaterial in the periods presented. Portion expected to be reclassified to earnings in the next twelve months (a) $ 5.9 $ (0.6 ) Maximum length of time that we are hedging our exposure to variability in future cash flows related to forecasted transactions (in months) 36 — (a) The actual amounts that we reclassify from AOCI to earnings related to power can differ from the estimate above due to market price changes. |
Schedule of Other Derivatives Not Designated as Hedging Instruments, Statements of Financial Performance and Financial Position, Location | The following tables show the amount and classification within the statements of results of operations or balance sheets of the gains and losses on DP&L’s derivatives not designated as hedging instruments for the years ended December 31, 2015 , 2014 and 2013 . Year ended December 31, 2015 $ in millions Heating Oil FTRs Power Natural Gas Total Derivatives not designated as hedging instruments Change in unrealized loss $ 0.4 $ 0.3 $ (6.3 ) $ 0.1 $ (5.5 ) Realized gain / (loss) (0.3 ) (0.2 ) (9.9 ) (0.1 ) (10.5 ) Total $ 0.1 $ 0.1 $ (16.2 ) $ — $ (16.0 ) Recorded on Balance Sheet: Regulatory asset $ 0.1 $ — $ — $ — $ 0.1 Recorded in Income Statement: gain / (loss) Revenue — — 27.4 — 27.4 Purchased Power — 0.1 (43.6 ) — (43.5 ) Fuel — — — — — Total $ 0.1 $ 0.1 $ (16.2 ) $ — $ (16.0 ) Year ended December 31, 2014 $ in millions Heating Oil FTRs Power Natural Gas Total Derivatives not designated as hedging instruments Change in unrealized gain / (loss) $ (0.6 ) $ (0.8 ) $ (1.5 ) $ (0.1 ) $ (3.0 ) Realized gain / (loss) (0.1 ) 0.7 (3.0 ) (0.1 ) (2.5 ) Total $ (0.7 ) $ (0.1 ) $ (4.5 ) $ (0.2 ) $ (5.5 ) Recorded on Balance Sheet: Regulatory asset $ (0.1 ) $ — $ — $ — $ (0.1 ) Recorded in Income Statement: gain / (loss) Revenue $ — $ — $ 0.7 $ — $ 0.7 Purchased Power — (0.1 ) (5.2 ) (0.2 ) (5.5 ) Fuel (0.6 ) — — — (0.6 ) Total $ (0.7 ) $ (0.1 ) $ (4.5 ) $ (0.2 ) $ (5.5 ) Year ended December 31, 2013 $ in millions NYMEX Coal Heating Oil FTRs Power Total Derivatives not designated as hedging instruments Change in unrealized gain / (loss) $ — $ — $ 0.3 $ (1.2 ) $ (0.9 ) Realized gain / (loss) — 0.1 1.2 1.6 2.9 Total $ — $ 0.1 $ 1.5 $ 0.4 $ 2.0 Recorded on Balance Sheet: Partners' share of gain $ — $ — $ — $ — $ — Regulatory (asset) / liability — — — — — Recorded in Income Statement: gain / (loss) Revenue — — — 0.2 0.2 Purchased Power — — 1.5 0.2 1.7 Fuel — 0.1 — — 0.1 O&M — — — — — Total $ — $ 0.1 $ 1.5 $ 0.4 $ 2.0 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | The following tables show the fair value, balance sheet classification and hedging designation of DP&L’s derivative instruments at December 31, 2015 and 2014 . Fair Values of Derivative Instruments December 31, 2015 Gross Amounts Not Offset in the Balance Sheets $ in millions Hedging Designation Gross Fair Value as presented in the Balance Sheets Financial Instruments with Same Counterparty in Offsetting Position Cash Collateral Net Amount Assets Short-term derivative positions (presented in Other current assets) Forward power contracts Designated $ 16.2 $ (7.1 ) $ — $ 9.1 Forward power contracts Not designated 7.4 (5.5 ) — 1.9 FTRs 0.2 (0.2 ) — — Long-term derivative positions (presented in Other deferred assets) Forward power contracts Designated 3.0 (2.4 ) — 0.6 Forward power contracts Not designated 4.0 (2.7 ) — 1.3 Total assets $ 30.8 $ (17.9 ) $ — $ 12.9 Liabilities Short-term derivative positions (presented in Other current liabilities) Forward power contracts Designated $ 7.1 $ (7.1 ) $ — $ — Forward power contracts Not designated 14.5 (5.5 ) (8.0 ) 1.0 FTRs Not designated 0.5 (0.2 ) — 0.3 Long-term derivative positions (presented in Other deferred liabilities) Forward power contracts Designated 2.7 (2.4 ) — 0.3 Forward power contracts Not designated 2.7 (2.7 ) — — Total liabilities $ 27.5 $ (17.9 ) $ (8.0 ) $ 1.6 Fair Values of Derivative Instruments December 31, 2014 Gross Amounts Not Offset in the Balance Sheets $ in millions Hedging Designation Gross Fair Value as presented in the Balance Sheets Financial Instruments with Same Counterparty in Offsetting Position Cash Collateral Net Amount Assets Short-term derivative positions (presented in Other current assets) Forward power contracts Designated $ 5.6 $ (2.0 ) $ — $ 3.6 Forward power contracts Not designated 5.6 (3.4 ) — 2.2 FTRs Not designated — — — — Heating oil futures Not designated — — — — Long-term derivative positions (presented in Other deferred assets) Forward power contracts Designated 0.3 (0.3 ) — — Forward power contracts Not designated 3.6 (0.9 ) — 2.7 Total assets $ 15.1 $ (6.6 ) $ — $ 8.5 Liabilities Short-term derivative positions (presented in Other current liabilities) Forward power contracts Designated $ 2.1 $ (2.0 ) $ — 0.1 Forward power contracts Not designated 7.5 (3.4 ) (4.1 ) — FTRs Not designated 0.6 — — 0.6 Heating oil futures Not designated 0.4 — (0.4 ) — Natural gas futures Not designated 0.1 — (0.1 ) — Long-term derivative positions (presented in Other deferred liabilities) Forward power contracts Designated 0.6 (0.3 ) (0.3 ) — Forward power contracts Not designated 1.0 (0.9 ) — 0.1 Total liabilities $ 12.3 $ (6.6 ) $ (4.9 ) $ 0.8 |
Goodwill And Other Intangible36
Goodwill And Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Changes in Goodwill | The following table summarizes the changes in Goodwill by reportable segment for the years ended December 31, 2015 , 2014 and 2013 : $ in millions DP&L Reporting Unit DPLER Reporting Unit Total Balance at December 31, 2013 Goodwill $ 2,440.5 $ 135.8 $ 2,576.3 Accumulated impairment losses (2,123.5 ) — (2,123.5 ) Net balance at December 31, 2013 $ 317.0 $ 135.8 $ 452.8 Goodwill impairments during 2014 $ — $ (135.8 ) $ (135.8 ) Balance at December 31, 2014 Goodwill $ 2,440.5 $ 135.8 $ 2,576.3 Accumulated impairment losses (2,123.5 ) (135.8 ) (2,259.3 ) Net balance at December 31, 2014 $ 317.0 $ — $ 317.0 Goodwill impairments during 2015 $ (317.0 ) $ — $ (317.0 ) Balance at December 31, 2015 Goodwill $ 2,440.5 $ 135.8 $ 2,576.3 Accumulated impairment losses (2,440.5 ) (135.8 ) (2,576.3 ) Net balance at December 31, 2015 $ — $ — $ — |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Debt Instrument [Line Items] | |
Long-term Debt | Long-term debt $ in millions Interest Rate Maturity December 31, 2015 December 31, 2014 First mortgage bonds 1.875% 2016 $ 445.0 $ 445.0 Pollution control series 4.7% 2028 — 35.3 Pollution control series 4.8% 2034 — 179.1 Pollution control series 4.8% 2036 100.0 100.0 Pollution control series - rates from: 0.02% - 0.12% and 0.04% - 0.15% (a) 2040 — 100.0 Pollution control series - rates from: 1.13% - 1.17% 2020 200.0 — U.S. Government note 4.2% 2061 18.1 18.2 Unamortized debt discounts and premiums, net (3.6 ) (2.8 ) Total long-term debt at subsidiary 759.5 874.8 Bank term loan - rates from: 2.44% - 2.67% and 2.41% - 2.44% (a) 2020 125.0 160.0 Senior unsecured bonds 6.5% 2016 130.0 130.0 Senior unsecured bonds 6.75% 2019 200.0 200.0 Senior unsecured bonds 7.25% 2021 780.0 780.0 Note to DPL Capital Trust II (b) 8.125% 2031 15.6 15.6 Unamortized debt discounts and premiums, net (0.7 ) (0.7 ) Subtotal $ 2,009.4 $ 2,159.7 Less: current portion (574.9 ) (20.1 ) Total 1,434.5 2,139.6 (a) Range of interest rates for the years ended December 31, 2015 and 2014 , respectively. (b) Note payable to related party. See Note 13 – Related Party Transactions for additional information. |
Long-term Debt Maturities | At December 31, 2015 , maturities of long-term debt are summarized as follows: Due within the years ending December 31, $ in millions 2016 $ 575.1 2017 25.1 2018 25.1 2019 225.2 2020 250.2 Thereafter 913.0 2,013.7 Unamortized discounts and premiums, net (4.3 ) Total long-term debt $ 2,009.4 |
THE DAYTON POWER AND LIGHT COMPANY [Member] | |
Debt Instrument [Line Items] | |
Long-term Debt | Long-term debt is as follows: Long-term debt $ in millions Interest Rate Maturity December 31, 2015 December 31, 2014 First mortgage bonds 1.875% 2016 $ 445.0 $ 445.0 Pollution control series 4.7% 2028 — 35.3 Pollution control series 4.8% 2034 — 179.1 Pollution control series 4.8% 2036 100.0 100.0 Pollution control series - rates from: 0.02% - 0.12% and 0.04% - 0.15% (a) 2040 — 100.0 Pollution control series - rates from: 1.13% - 1.17% 2020 200.0 — U.S. Government note 4.2% 2061 18.1 18.2 Unamortized debt discount (0.2 ) (0.5 ) Subtotal 762.9 877.1 Less: current portion (444.9 ) (0.1 ) Total $ 318.0 $ 877.0 |
Long-term Debt Maturities | At December 31, 2015 , maturities of long-term debt are summarized as follows: Due within the twelve months ending December 31, $ in millions 2016 $ 445.1 2017 0.1 2018 0.1 2019 0.2 2020 200.2 Thereafter 117.4 763.1 Unamortized discount (0.2 ) Total long-term debt $ 762.9 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes [Line Items] | |
Components of Income Tax Expense | DPL’s components of income tax expense on continuing operations were as follows: Years ended December 31, $ in millions 2015 2014 2013 Computation of tax expense Federal income tax expense / (benefit) (a) $ (81.0 ) $ 25.4 $ (71.7 ) Increases (decreases) in tax resulting from: State income taxes, net of federal effect (0.1 ) 0.8 1.1 Depreciation of AFUDC - Equity (3.5 ) (3.4 ) (3.2 ) Investment tax credit amortized (0.5 ) (0.5 ) (0.5 ) Section 199 - domestic production deduction (4.1 ) (1.1 ) (4.1 ) Non-deductible goodwill impairment 111.0 — 107.2 Accrual (settlement) for open tax years — (6.6 ) (8.8 ) Other, net (b) (1.8 ) 0.8 (0.2 ) Total tax expense $ 20.0 $ 15.4 $ 19.8 Components of tax expense Federal - current $ 30.1 $ (5.2 ) $ (2.5 ) State and Local - current 0.8 0.4 — Total current 30.9 (4.8 ) (2.5 ) Federal - deferred (9.9 ) 19.6 20.6 State and local - deferred (1.0 ) 0.6 1.7 Total deferred (10.9 ) 20.2 22.3 Total tax expense $ 20.0 $ 15.4 $ 19.8 |
Schedule of Effective Income Tax Rate Reconciliation | The following table summarizes a reconciliation of the U.S. statutory federal income tax rate to DPL's effective tax rate, as a percentage of income from continuing operations before taxes for the years ended December 31, 2015 , 2014 and 2013 : Years ended December 31, 2015 2014 2013 Statutory Federal tax rate 35.0 % 35.0 % 35.0 % State taxes, net of Federal tax benefit 0.1 % 1.1 % (0.6 )% AFUDC - Equity 1.5 % (4.7 )% 1.5 % Amortization of investment tax credits 0.2 % (0.7 )% 0.2 % Section 199 - domestic production deduction 1.8 % (1.6 )% 2.0 % Non-deductible goodwill impairment (48.0 )% — % (52.1 )% Other, net 0.8 % (7.9 )% 4.3 % Effective tax rate (8.6 )% 21.2 % (9.7 )% |
Components of Deferred Tax Assets and Liabilities | Components of Deferred Tax Assets and Liabilities December 31, $ in millions 2015 2014 Net non-current Assets / (Liabilities) Depreciation / property basis $ (539.8 ) $ (548.2 ) Income taxes recoverable (12.0 ) (14.8 ) Regulatory assets (10.6 ) (18.0 ) Investment tax credit 0.7 1.5 Compensation and employee benefits 3.1 3.2 Intangibles (8.4 ) (7.0 ) Long-term debt (1.1 ) (1.5 ) Other (c) (0.6 ) (2.5 ) Net non-current liabilities $ (568.7 ) $ (587.3 ) Net current Assets / (Liabilities) (d) Other $ — $ 1.1 Net current assets / (liabilities) $ — $ 1.1 (a) The statutory tax rate of 35% was applied to pre-tax earnings. (b) Includes expense of $0.2 million , $0.4 million and $0.0 million in the years ended December 31, 2015 , 2014 , and 2013 , respectively, of income tax related to adjustments from prior years. (c) The Other non-current liabilities caption includes deferred tax assets of $26.0 million in 2015 and $27.1 million in 2014 related to state and local tax net operating loss carryforwards, net of related valuation allowances of $17.2 million in 2015 and $18.9 million in 2014 . These net operating loss carryforwards expire from 2016 to 2030. (d) Amounts are included within Other prepayments and current assets and Other current liabilities on the Consolidated Balance Sheet of DPL at December 31, 2014. |
Schedule of Tax Expense Benefit That Were Credited To Accumulated Other Comprehensive Loss (Text Block) | The following table presents the tax expense / (benefit) related to pensions, postemployment benefits, cash flow hedges and financial instruments that were credited to Accumulated other comprehensive loss. Years ended December 31, $ in millions 2015 2014 2013 Tax expense / (benefit) $ 6.3 $ (9.1 ) $ 15.4 |
Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: $ in millions Balance at December 31, 2013 $ 8.8 Calendar 2014 Tax positions taken during prior period 2.8 Lapse of Statute of Limitations (8.6 ) Balance at December 31, 2014 3.0 Calendar 2015 Tax positions taken during prior period — Lapse of Statute of Limitations — Balance at December 31, 2015 $ 3.0 |
THE DAYTON POWER AND LIGHT COMPANY [Member] | |
Income Taxes [Line Items] | |
Components of Income Tax Expense | DP&L’s components of income tax expense were as follows: Years ended December 31, $ in millions 2015 2014 2013 Computation of tax expense Federal income tax expense (a) $ 49.3 $ 53.8 $ 35.5 Increases (decreases) in tax resulting from: State income taxes, net of federal effect 0.4 1.2 0.3 Depreciation of AFUDC - Equity (2.8 ) (2.7 ) (2.5 ) Investment tax credit amortized (2.4 ) (2.5 ) (2.5 ) Section 199 - domestic production deduction (6.1 ) (4.6 ) (4.1 ) Accrual (settlement) for open tax years — (6.6 ) (8.8 ) Other, net (b) (3.3 ) 1.1 0.7 Total tax expense $ 35.1 $ 39.7 $ 18.6 Components of Tax Expense Federal - current $ 55.8 $ 34.1 $ 38.6 State and Local - current 0.8 0.5 (0.1 ) Total current 56.6 34.6 38.5 Federal - deferred (21.0 ) 4.1 (20.4 ) State and local - deferred (0.5 ) 1.0 0.5 Total deferred (21.5 ) 5.1 (19.9 ) Total tax expense $ 35.1 $ 39.7 $ 18.6 |
Schedule of Effective Income Tax Rate Reconciliation | The following table summarizes a reconciliation of the U.S. statutory federal income tax rate to DP&L's effective tax rate, as a percentage of income from continuing operations before taxes for the years ended December 31, 2015 , 2014 and 2013 : Years ended December 31, 2015 2014 2013 Statutory Federal tax rate 35.0 % 35.0 % 35.0 % State taxes, net of Federal tax benefit 0.3 % 0.8 % 0.3 % AFUDC - Equity (2.0 )% (1.7 )% (2.4 )% Amortization of investment tax credits (1.7 )% (1.6 )% (2.4 )% Section 199 - domestic production deduction (4.3 )% (3.0 )% (4.0 )% Other - net (2.5 )% (3.8 )% (8.3 )% Effective tax rate 24.8 % 25.7 % 18.2 % |
Components of Deferred Tax Assets and Liabilities | Components of Deferred Tax Assets and Liabilities December 31, $ in millions 2015 2014 Net non-current Assets / (Liabilities) Depreciation / property basis $ (608.8 ) $ (618.8 ) Income taxes recoverable (12.0 ) (14.8 ) Regulatory assets (11.5 ) (18.0 ) Investment tax credit 7.0 8.6 Compensation and employee benefits 3.6 5.2 Other (9.5 ) (12.2 ) Net non-current liabilities $ (631.2 ) $ (650.0 ) Net current Assets / (Liabilities) (c) Other $ — $ 0.5 Net current assets / (liabilities) $ — $ 0.5 (a) The statutory tax rate of 35% was applied to pre-tax earnings. (b) Includes benefit of $0.4 million , expense of $0.7 million and benefit of $1.1 million in the years ended December 31, 2015 , 2014 and 2013 , respectively, of income tax related to adjustments from prior years. (c) Amounts are included within Other prepayments and current assets and Other current liabilities on the Balance Sheets of DP&L . |
Schedule of Tax Expense Benefit That Were Credited To Accumulated Other Comprehensive Loss (Text Block) | The following table presents the tax (benefit) / expense related to pensions, postemployment benefits, cash flow hedges and financial instruments that were credited to Accumulated other comprehensive loss. Years ended December 31, $ in millions 2015 2014 2013 Tax expense / (benefit) $ 7.5 $ (6.0 ) $ 7.0 |
Reconciliation of Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits for DP&L is as follows: $ in millions Balance at December 31, 2013 $ 8.8 Calendar 2014 Tax positions taken during prior period 2.8 Lapse of Statute of Limitations (8.6 ) Settlement with taxing authorities — Balance at December 31, 2014 3.0 Calendar 2015 Tax positions taken during prior period — Lapse of Statute of Limitations — Balance at December 31, 2015 $ 3.0 |
Benefit Plans (Tables)
Benefit Plans (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Pension And Postretirement Benefit Plans' Obligations And Assets | The following tables set forth the changes in our pension and postemployment benefit plans’ obligations and assets recorded on the balance sheets at December 31, 2015 and 2014 . The amounts presented in the following tables for pension obligations include the collective bargaining plan formula, traditional management plan formula and cash balance plan formula and the SERP in the aggregate. The amounts presented for postemployment obligations include both health and life insurance benefits. $ in millions Pension Years ended December 31, 2015 2014 Change in benefit obligation Benefit obligation at January 1 $ 443.8 $ 370.5 Service cost 7.1 5.9 Interest cost 17.3 17.5 Plan amendments — 6.8 Actuarial (gain) / loss (34.5 ) 67.3 Benefits paid (22.9 ) (24.2 ) Benefit obligation at December 31 410.8 443.8 Change in plan assets Fair value of plan assets at January 1 371.7 349.1 Actual return on plan assets (8.8 ) 46.4 Contributions to plan assets 5.4 0.4 Benefits paid (22.9 ) (24.2 ) Fair value of plan assets at December 31 345.4 371.7 Funded status of plan $ (65.4 ) $ (72.1 ) December 31, Amounts recognized in the Balance sheets 2015 2014 Current liabilities $ (0.4 ) $ (0.4 ) Non-current liabilities (65.0 ) (71.7 ) Net liability at December 31, $ (65.4 ) $ (72.1 ) Amounts recognized in Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities, pre-tax Components: Prior service cost $ 12.0 $ 14.1 Net actuarial loss 94.7 103.4 Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities, pre-tax $ 106.7 $ 117.5 Recorded as: Regulatory asset $ 91.1 $ 99.0 Regulatory liability — — Accumulated other comprehensive income 15.6 18.5 Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities, pre-tax $ 106.7 $ 117.5 $ in millions Postretirement Years ended December 31, 2015 2014 Change in benefit obligation Benefit obligation at beginning of period $ 19.6 $ 19.7 Service cost 0.2 0.2 Interest cost 0.6 0.8 Actuarial (gain) / loss (1.1 ) 0.2 Benefits paid (1.5 ) (1.3 ) Benefit obligation at end of period 17.8 19.6 Change in plan assets Fair value of plan assets at beginning of period 3.3 3.7 Contributions to plan assets 1.0 0.9 Benefits paid (1.5 ) (1.3 ) Fair value of plan assets at end of period 2.8 3.3 Funded status of plan $ (15.0 ) $ (16.3 ) December 31, 2015 2014 Amounts recognized in the Balance sheets Current liabilities $ (0.4 ) $ (0.5 ) Non-current liabilities (14.6 ) (15.8 ) Net liability at December 31, $ (15.0 ) $ (16.3 ) Amounts recognized in Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities, pre-tax Components: Prior service cost $ 0.3 $ 0.4 Net actuarial gain (5.5 ) (5.0 ) Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities, pre-tax $ (5.2 ) $ (4.6 ) Recorded as: Regulatory asset $ 0.3 $ 0.4 Regulatory liability (5.1 ) (4.8 ) Accumulated other comprehensive income (0.4 ) (0.2 ) Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities, pre-tax $ (5.2 ) $ (4.6 ) |
Schedule of Amounts Recognized in Balance Sheet | The following tables set forth the changes in our pension and postemployment benefit plans’ obligations and assets recorded on the balance sheets at December 31, 2015 and 2014 . The amounts presented in the following tables for pension obligations include the collective bargaining plan formula, traditional management plan formula and cash balance plan formula and the SERP in the aggregate. The amounts presented for postemployment obligations include both health and life insurance benefits. $ in millions Pension Years ended December 31, 2015 2014 Change in benefit obligation Benefit obligation at January 1 $ 443.8 $ 370.5 Service cost 7.1 5.9 Interest cost 17.3 17.5 Plan amendments — 6.8 Actuarial (gain) / loss (34.5 ) 67.3 Benefits paid (22.9 ) (24.2 ) Benefit obligation at December 31 410.8 443.8 Change in plan assets Fair value of plan assets at January 1 371.7 349.1 Actual return on plan assets (8.8 ) 46.4 Contributions to plan assets 5.4 0.4 Benefits paid (22.9 ) (24.2 ) Fair value of plan assets at December 31 345.4 371.7 Funded status of plan $ (65.4 ) $ (72.1 ) December 31, Amounts recognized in the Balance sheets 2015 2014 Current liabilities $ (0.4 ) $ (0.4 ) Non-current liabilities (65.0 ) (71.7 ) Net liability at December 31, $ (65.4 ) $ (72.1 ) Amounts recognized in Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities, pre-tax Components: Prior service cost $ 12.0 $ 14.1 Net actuarial loss 94.7 103.4 Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities, pre-tax $ 106.7 $ 117.5 Recorded as: Regulatory asset $ 91.1 $ 99.0 Regulatory liability — — Accumulated other comprehensive income 15.6 18.5 Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities, pre-tax $ 106.7 $ 117.5 $ in millions Postretirement Years ended December 31, 2015 2014 Change in benefit obligation Benefit obligation at beginning of period $ 19.6 $ 19.7 Service cost 0.2 0.2 Interest cost 0.6 0.8 Actuarial (gain) / loss (1.1 ) 0.2 Benefits paid (1.5 ) (1.3 ) Benefit obligation at end of period 17.8 19.6 Change in plan assets Fair value of plan assets at beginning of period 3.3 3.7 Contributions to plan assets 1.0 0.9 Benefits paid (1.5 ) (1.3 ) Fair value of plan assets at end of period 2.8 3.3 Funded status of plan $ (15.0 ) $ (16.3 ) December 31, 2015 2014 Amounts recognized in the Balance sheets Current liabilities $ (0.4 ) $ (0.5 ) Non-current liabilities (14.6 ) (15.8 ) Net liability at December 31, $ (15.0 ) $ (16.3 ) Amounts recognized in Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities, pre-tax Components: Prior service cost $ 0.3 $ 0.4 Net actuarial gain (5.5 ) (5.0 ) Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities, pre-tax $ (5.2 ) $ (4.6 ) Recorded as: Regulatory asset $ 0.3 $ 0.4 Regulatory liability (5.1 ) (4.8 ) Accumulated other comprehensive income (0.4 ) (0.2 ) Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities, pre-tax $ (5.2 ) $ (4.6 ) |
Schedule of Net Periodic Benefit Cost / (Income) | The net periodic benefit cost of the pension and postretirement plans were: Net Periodic Benefit Cost - Pension Years ended December 31, $ in millions 2015 2014 2013 Service cost $ 7.1 $ 5.9 $ 7.2 Interest cost 17.3 17.5 15.6 Expected return on assets (a) (22.6 ) (22.9 ) (23.3 ) Amortization of unrecognized: Actuarial gain 5.8 3.4 4.9 Prior service cost 2.0 1.5 1.5 Net periodic benefit cost $ 9.6 $ 5.4 $ 5.9 Net Periodic Benefit Cost - Postretirement Years ended December 31, $ in millions 2015 2014 2013 Service cost $ 0.2 $ 0.2 $ 0.2 Interest cost 0.6 0.8 0.8 Expected return on assets (a) (0.1 ) (0.2 ) (0.1 ) Amortization of unrecognized: Actuarial loss (0.6 ) (0.6 ) (0.5 ) Prior service cost 0.1 — — Net periodic benefit cost $ 0.2 $ 0.2 $ 0.4 |
Other Changes in Plan Assets and Benefit Obligation Recognized in Accumulated Other Comprehensive Income, Regulatory Assets And Regulatory Liabilities | Pension Years ended December 31, $ in millions 2015 2014 2013 Net actuarial loss / (gain) $ (3.0 ) $ 43.8 $ (12.0 ) Prior service cost — 6.8 — Reversal of amortization item: Net actuarial loss (5.8 ) (3.4 ) (4.9 ) Prior service cost (2.0 ) (1.5 ) (1.5 ) Total recognized in Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities $ (10.8 ) $ 45.7 $ (18.4 ) Total recognized in net periodic benefit cost and Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities $ (1.2 ) $ 51.1 $ (12.5 ) Postretirement Years ended December 31, $ in millions 2015 2014 2013 Net actuarial loss / (gain) $ (1.1 ) $ 0.4 $ (2.0 ) Reversal of amortization item: Net actuarial gain 0.6 0.6 0.5 Prior service cost $ (0.1 ) $ — $ — Total recognized in Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities $ (0.6 ) $ 1.0 $ (1.5 ) Total recognized in net periodic benefit cost and Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities $ (0.4 ) $ 1.2 $ (1.1 ) |
Estimated Amounts that will be Amortized from Accumulated Other Comprehensive Income, Regulatory Assets And Regulatory Liabilities | Estimated amounts that will be amortized from AOCI, Regulatory assets and Regulatory liabilities into net periodic benefit costs during 2016 are: $ in millions Pension Postretirement Actuarial gain / (loss) $ 4.3 $ (0.6 ) Prior service cost $ 1.9 $ 0.1 |
Weighted Average Assumptions Used to Determine Benefit Obligations | The weighted average assumptions used to determine benefit obligations at December 31, 2015 , 2014 and 2013 were: Benefit Obligation Assumptions Pension Postretirement 2015 2014 2013 2015 2014 2013 Discount rate for obligations 4.49% 4.02% 4.86% 4.10% 3.71% 4.58% Rate of compensation increases 3.94% 3.94% 3.94% N/A N/A N/A |
Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost (Income) | The weighted-average assumptions used to determine net periodic benefit cost (income) for the years ended December 31, 2015 , 2014 and 2013 were: Net Periodic Benefit Cost / (Income) Assumptions Pension Postretirement 2015 2014 2013 2015 2014 2013 Discount rate 4.02% 4.86% 4.04% 3.81% 4.51% 4.58% Expected rate of return on plan assets 6.50% 6.75% 6.75% 4.50% 6.00% 6.00% Rate of compensation increases 3.94% 3.94% 3.94% N/A N/A N/A |
Assumed Health Care Cost Trend Rates | The assumed health care cost trend rates at December 31, 2015 , 2014 and 2013 are as follows: Health Care Cost Assumptions Expense Benefit Obligation 2015 2014 2013 2015 2014 2013 Pre - age 65 Current health care cost trend rate 6.97% 7.75% 8.00% 6.85% 6.97% 7.75% Year trend reaches ultimate 2029 2023 2019 2036 2029 2023 Post - age 65 Current health care cost trend rate 6.97% 6.75% 7.50% 6.85% 6.97% 6.75% Year trend reaches ultimate 2029 2021 2018 2036 2029 2021 Ultimate health care cost trend rate 4.50% 5.00% 5.00% 4.50% 4.50% 5.00% |
Effect of Change in Health Care Cost Trend Rate | A one-percentage point change in assumed health care cost trend rates would have the following effects on the net periodic postemployment benefit cost and the accumulated postemployment benefit obligation: Effect of change in health care cost trend rate $ in millions One-percent increase One-percent decrease Service cost plus interest cost $ 0.1 $ — Benefit obligation $ 0.8 $ (0.7 ) |
Schedule of Allocation of Plan Assets | The following table summarizes our target pension plan allocation for 2015 : Percentage of plan assets as of December 31, Asset category Long-Term Target Allocation 2015 2014 Equity Securities 28% 17% 18% Debt Securities 72% 67% 69% Real Estate —% 9% 7% Other —% 7% 6% |
Estimated Future Benefit Payments and Medicare Part D Reimbursements | Benefit payments, which reflect future service, are expected to be paid as follows: Estimated future benefit payments and Medicare Part D reimbursements $ in millions due within the following years: Pension Postretirement 2016 $ 24.6 $ 1.7 2017 $ 25.2 $ 1.6 2018 $ 25.8 $ 1.5 2019 $ 26.3 $ 1.4 2020 $ 26.7 $ 1.4 2021 - 2025 $ 134.8 $ 5.7 |
THE DAYTON POWER AND LIGHT COMPANY [Member] | |
Schedule of Amounts Recognized in Balance Sheet | December 31, 2015 and 2014 . The amounts presented in the following tables for pension obligations include the collective bargaining plan formula, traditional management plan formula and cash balance plan formula and the SERP in the aggregate. The amounts presented for postemployment obligations include both health and life insurance benefits. $ in millions Pension Years ended December 31, 2015 2014 Change in benefit obligation Benefit obligation at beginning of period $ 443.8 $ 370.5 Service cost 7.1 5.9 Interest cost 17.3 17.5 Plan amendments — 6.8 Actuarial (gain) / loss (34.5 ) 67.3 Benefits paid (22.9 ) (24.2 ) Benefit obligation at end of period 410.8 443.8 Change in plan assets Fair value of plan assets at beginning of period 371.7 349.1 Actual return on plan assets (8.8 ) 46.4 Contributions to plan assets 5.4 0.4 Benefits paid (22.9 ) (24.2 ) Fair value of plan assets at end of period 345.4 371.7 Funded status of plan $ (65.4 ) $ (72.1 ) December 31, 2015 2014 Amounts recognized in the Balance sheets Current liabilities $ (0.4 ) $ (0.4 ) Non-current liabilities (65.0 ) (71.7 ) Net liability at Year ended December 31, $ (65.4 ) $ (72.1 ) Amounts recognized in Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities, pre-tax Components: Prior service cost $ 17.0 $ 20.3 Net actuarial loss / (gain) 139.7 152.5 Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities, pre-tax $ 156.7 $ 172.8 Recorded as: Regulatory asset $ 91.1 $ 99.0 Regulatory liability — — Accumulated other comprehensive income 65.6 73.8 Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities, pre-tax $ 156.7 $ 172.8 $ in millions Postretirement Years ended December 31, 2015 2014 Change in benefit obligation Benefit obligation at beginning of period $ 19.6 $ 19.7 Service cost 0.2 0.2 Interest cost 0.6 0.8 Actuarial (gain) / loss (1.1 ) 0.2 Benefits paid (1.5 ) (1.3 ) Benefit obligation at end of period 17.8 19.6 Change in plan assets Fair value of plan assets at beginning of period 3.3 3.7 Contributions to plan assets 1.0 0.9 Benefits paid (1.5 ) (1.3 ) Fair value of plan assets at end of period 2.8 3.3 Funded status of plan $ (15.0 ) $ (16.3 ) December 31, 2015 2014 Amounts recognized in the Balance sheets Current liabilities $ (0.4 ) $ (0.5 ) Non-current liabilities (14.6 ) (15.8 ) Net liability at Year ended December 31, $ (15.0 ) $ (16.3 ) Amounts recognized in Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities, pre-tax Components: Prior service cost $ 0.5 $ 0.6 Net actuarial loss / (gain) (6.2 ) (5.8 ) Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities, pre-tax $ (5.7 ) $ (5.2 ) Recorded as: Regulatory asset $ 0.3 $ — Regulatory liability (5.1 ) (4.5 ) Accumulated other comprehensive income (0.9 ) (0.7 ) Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities, pre-tax $ (5.7 ) $ (5.2 ) |
Schedule of Net Periodic Benefit Cost / (Income) | The net periodic benefit cost of the pension and postretirement plans were: Net Periodic Benefit Cost - Pension Years ended December 31, $ in millions 2015 2014 2013 Service cost $ 7.1 $ 5.9 $ 7.2 Interest cost 17.3 17.5 15.6 Expected return on assets (a) (22.6 ) (22.9 ) (23.6 ) Amortization of unrecognized: Actuarial gain 9.8 6.4 9.3 Prior service cost 3.3 2.8 2.8 Net periodic benefit cost $ 14.9 $ 9.7 $ 11.3 Net Periodic Benefit Cost - Postretirement Years ended December 31, $ in millions 2015 2014 2013 Service cost $ 0.2 $ 0.2 $ 0.2 Interest cost 0.6 0.8 0.8 Expected return on assets (a) (0.1 ) (0.2 ) (0.2 ) Amortization of unrecognized: Actuarial loss (0.6 ) (0.8 ) (0.7 ) Prior service cost 0.1 0.1 0.1 Net periodic benefit cost $ 0.2 $ 0.1 $ 0.2 |
Estimated Amounts that will be Amortized from Accumulated Other Comprehensive Income, Regulatory Assets And Regulatory Liabilities | Estimated amounts that will be amortized from AOCI, Regulatory assets and Regulatory liabilities into net periodic benefit costs during 2016 are: $ in millions Pension Postretirement Actuarial gain / (loss) $ 7.2 $ (0.8 ) Prior service cost $ 3.1 $ 0.1 |
Weighted Average Assumptions Used to Determine Benefit Obligations | The weighted average assumptions used to determine benefit obligations during the years ended December 31, 2015 , 2014 and 2013 were: Benefit Obligation Assumptions Pension Postretirement 2015 2014 2013 2015 2014 2013 Discount rate for obligations 4.49% 4.02% 4.86% 4.10% 3.71% 4.58% Rate of compensation increases 3.94% 3.94% 3.94% N/A N/A N/A |
Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost (Income) | The weighted-average assumptions used to determine net periodic benefit cost (income) for the years ended December 31, 2015 , 2014 and 2013 were: Net Periodic Benefit Cost / (Income) Assumptions Pension Postretirement 2015 2014 2013 2015 2014 2013 Discount rate 4.02% 4.86% 4.04% 3.81% 4.51% 4.58% Expected rate of return on plan assets 6.50% 6.75% 6.75% 4.50% 6.00% 6.00% Rate of compensation increases 3.94% 3.94% 3.94% N/A N/A N/A |
Assumed Health Care Cost Trend Rates | The assumed health care cost trend rates at December 31, 2015 , 2014 and 2013 are as follows: Health Care Cost Assumptions Expense Benefit Obligation 2015 2014 2013 2015 2014 2013 Pre - age 65 Current health care cost trend rate 6.97% 7.75% 8.00% 6.85% 6.97% 7.75% Year trend reaches ultimate 2029 2023 2019 2036 2029 2023 Post - age 65 Current health care cost trend rate 6.97% 6.75% 7.50% 6.85% 6.97% 6.75% Year trend reaches ultimate 2029 2021 2018 2036 2029 2021 Ultimate health care cost trend rate 4.50% 5.00% 5.00% 4.50% 4.50% 5.00% |
Effect of Change in Health Care Cost Trend Rate | Effect of change in health care cost trend rate $ in millions One-percent increase One-percent decrease Service cost plus interest cost $ 0.1 $ — Benefit obligation $ 1.1 $ (0.7 ) |
Schedule of Allocation of Plan Assets | The following table summarizes our target pension plan allocation for 2015 : Percentage of plan assets as of December 31, Asset Category Long-Term Target Allocation 2015 2014 Equity Securities 28% 17% 18% Debt Securities 72% 67% 69% Real Estate —% 9% 7% Other —% 7% 6% |
Fair Value Measurements for Plan Assets | The fair values of our pension plan assets at December 31, 2015 by asset category are as follows: Fair Value Measurements for Pension Plan Assets at December 31, 2015 Asset Category $ in millions Market Value at December 31, 2015 Quoted prices in active markets for identical assets Significant observable inputs Significant unobservable inputs (Level 1) (Level 2) (Level 3) Equity securities (a) Small/Mid cap equity $ 9.2 $ 9.2 $ — $ — Large cap equity 20.2 20.2 — — International equity 18.2 18.2 — — Emerging markets equity 2.7 2.7 — — SIIT dynamic equity 10.0 10.0 — — Total equity securities 60.3 60.3 — — Debt Securities (b) Emerging markets debt 6.3 6.3 — — High yield bond 6.3 6.3 — — Long duration fund 219.5 219.5 — — Total debt securities 232.1 232.1 — — Other investments (c) Core property collective fund 30.2 — 30.2 — Common collective fund 22.8 — 22.8 — Total other investments 53.0 — 53.0 — Total pension plan assets $ 345.4 $ 292.4 $ 53.0 $ — (a) This category includes investments in equity securities of large, small and medium sized companies and equity securities of foreign companies including those in developing countries. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. (b) This category includes investments in investment-grade fixed-income instruments, U.S. dollar-denominated debt securities of emerging market issuers and high yield fixed-income securities that are rated below investment grade. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. (c) This category represents a property fund that invests in commercial real estate and a hedge fund of funds made up of 30+ different hedge fund managers diversified over eight different hedge strategies. The fair value of the hedge fund is valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. The fair values of our pension plan assets at December 31, 2014 by asset category are as follows: Fair Value Measurements for Pension Plan Assets at December 31, 2014 Asset Category $ in millions Market Value at December 31, 2014 Quoted prices in active markets for identical assets Significant observable inputs Significant unobservable inputs (Level 1) (Level 2) (Level 3) Equity securities (a) Small/Mid cap equity $ 10.6 $ 10.6 $ — $ — Large cap equity 22.2 22.2 — — International equity 18.2 18.2 — — Emerging markets equity 2.8 2.8 — — SIIT dynamic equity 11.6 11.6 — — Total equity securities 65.4 65.4 — — Debt Securities (b) Emerging markets debt 6.0 6.0 — — High yield bond 6.5 6.5 — — Long duration fund 242.7 242.7 — — Total debt securities 255.2 255.2 — — Cash and cash equivalents (c) Cash 1.6 1.6 — — Other investments (d) Core property collective fund 26.3 — 26.3 — Common collective fund 23.2 — 23.2 — Total other investments 49.5 — 49.5 — Total pension plan assets $ 371.7 $ 322.2 $ 49.5 $ — (a) This category includes investments in equity securities of large, small and medium sized companies and equity securities of foreign companies including those in developing countries. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. (b) This category includes investments in investment-grade fixed-income instruments, U.S. dollar-denominated debt securities of emerging market issuers and high yield fixed-income securities that are rated below investment grade. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. (c) This category comprises cash held to pay beneficiaries. The fair value of cash equals its book value. (d) This category represents a property fund that invests in commercial real estate and a hedge fund of funds made up of 30+ different hedge fund managers diversified over eight different hedge strategies. The fair value of the hedge fund is valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. |
Estimated Future Benefit Payments and Medicare Part D Reimbursements | Benefit payments, which reflect future service, are expected to be paid as follows: Estimated future benefit payments and Medicare Part D reimbursements $ in millions due within the following years: Pension Postretirement 2016 $ 24.6 $ 1.7 2017 $ 25.2 $ 1.6 2018 $ 25.8 $ 1.5 2019 $ 26.3 $ 1.4 2020 $ 26.7 $ 1.4 2021 - 2025 $ 134.8 $ 5.7 |
Pension [Member] | |
Fair Value Measurements for Plan Assets | The fair values of our pension plan assets at December 31, 2015 by asset category are as follows: Fair Value Measurements for Pension Plan Assets at December 31, 2015 Asset Category $ in millions Market Value at December 31, 2015 Quoted prices in active markets for identical assets Significant observable inputs Significant unobservable inputs (Level 1) (Level 2) (Level 3) Equity securities (a) Small/Mid cap equity $ 9.2 $ 9.2 $ — $ — Large cap equity 20.2 20.2 — — International equity 18.2 18.2 — — Emerging markets equity 2.7 2.7 — — SIIT dynamic equity 10.0 10.0 — — Total equity securities 60.3 60.3 — — Debt securities (b) Emerging markets debt 6.3 6.3 — — High yield bond 6.3 6.3 — — Long duration fund 219.5 219.5 — — Total debt securities 232.1 232.1 — — Other investments (c) Core property collective fund 30.2 — 30.2 — Common collective fund 22.8 — 22.8 — Total other investments 53.0 — 53.0 — Total pension plan assets $ 345.4 $ 292.4 $ 53.0 $ — (a) This category includes investments in equity securities of large, small and medium sized companies and equity securities of foreign companies including those in developing countries. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. (b) This category includes investments in investment-grade fixed-income instruments, U.S. dollar-denominated debt securities of emerging market issuers and high yield fixed-income securities that are rated below investment grade. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. (c) This category represents a property fund that invests in commercial real estate and a hedge fund of funds made up of 30+ different hedge fund managers diversified over eight different hedge strategies. The fair value of the hedge fund is valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. The fair values of our pension plan assets at December 31, 2014 by asset category are as follows: Fair Value Measurements for Pension Plan Assets at December 31, 2014 Asset Category $ in millions Market Value at December 31, 2014 Quoted prices in active markets for identical assets Significant observable inputs Significant unobservable inputs (Level 1) (Level 2) (Level 3) Equity securities (a) Small/Mid cap equity $ 10.6 $ 10.6 $ — $ — Large cap equity 22.2 22.2 — — International equity 18.2 18.2 — — Emerging markets equity 2.8 2.8 — — SIIT dynamic equity 11.6 11.6 — — Total equity securities 65.4 65.4 — — Debt securities (b) Emerging markets debt 6.0 6.0 — — High yield bond 6.5 6.5 — — Long duration fund 242.7 242.7 — — Total debt securities 255.2 255.2 — — Cash and cash equivalents (c) Cash 1.6 1.6 — — Other investments (d) Core property collective fund 26.3 — 26.3 — Common collective fund 23.2 — 23.2 — Total other investments 49.5 — 49.5 — Total pension plan assets $ 371.7 $ 322.2 $ 49.5 $ — (a) This category includes investments in equity securities of large, small and medium sized companies and equity securities of foreign companies including those in developing countries. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. (b) This category includes investments in investment-grade fixed-income instruments, U.S. dollar-denominated debt securities of emerging market issuers and high yield fixed-income securities that are rated below investment grade. The funds are valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. (c) This category comprises cash held to pay beneficiaries. The fair value of cash equals its book value. (d) This category represents a property fund that invests in commercial real estate and a hedge fund of funds made up of 30+ different hedge fund managers diversified over eight different hedge strategies. The fair value of the hedge fund is valued using the net asset value method in which an average of the market prices for the underlying investments is used to value the fund. |
Pension [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |
Pension And Postretirement Benefit Plans' Obligations And Assets | $ in millions Pension Years ended December 31, 2015 2014 Change in benefit obligation Benefit obligation at beginning of period $ 443.8 $ 370.5 Service cost 7.1 5.9 Interest cost 17.3 17.5 Plan amendments — 6.8 Actuarial (gain) / loss (34.5 ) 67.3 Benefits paid (22.9 ) (24.2 ) Benefit obligation at end of period 410.8 443.8 Change in plan assets Fair value of plan assets at beginning of period 371.7 349.1 Actual return on plan assets (8.8 ) 46.4 Contributions to plan assets 5.4 0.4 Benefits paid (22.9 ) (24.2 ) Fair value of plan assets at end of period 345.4 371.7 Funded status of plan $ (65.4 ) $ (72.1 ) December 31, 2015 2014 Amounts recognized in the Balance sheets Current liabilities $ (0.4 ) $ (0.4 ) Non-current liabilities (65.0 ) (71.7 ) Net liability at Year ended December 31, $ (65.4 ) $ (72.1 ) Amounts recognized in Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities, pre-tax Components: Prior service cost $ 17.0 $ 20.3 Net actuarial loss / (gain) 139.7 152.5 Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities, pre-tax $ 156.7 $ 172.8 Recorded as: Regulatory asset $ 91.1 $ 99.0 Regulatory liability — — Accumulated other comprehensive income 65.6 73.8 Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities, pre-tax $ 156.7 $ 172.8 |
Other Changes in Plan Assets and Benefit Obligation Recognized in Accumulated Other Comprehensive Income, Regulatory Assets And Regulatory Liabilities | Pension Years ended December 31, $ in millions 2015 2014 2013 Net actuarial loss / (gain) $ (3.0 ) $ 43.8 $ (11.7 ) Prior service cost — 6.8 — Reversal of amortization item: Net actuarial loss (9.8 ) (6.4 ) (9.3 ) Prior service cost (3.3 ) (2.8 ) (2.8 ) Total recognized in Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities $ (16.1 ) $ 41.4 $ (23.8 ) Total recognized in net periodic benefit cost and Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities $ (1.2 ) $ 51.1 $ (12.5 ) Postretirement Years ended December 31, $ in millions 2015 2014 2013 Net actuarial loss / (gain) $ (1.1 ) $ 0.4 $ (1.9 ) Reversal of amortization item: Net actuarial gain 0.6 0.8 0.7 Prior service credit (0.1 ) (0.1 ) (0.1 ) Total recognized in Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities $ (0.6 ) $ 1.1 $ (1.3 ) Total recognized in net periodic benefit cost and Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities $ (0.4 ) $ 1.2 $ (1.1 ) |
Postretirement [Member] | |
Fair Value Measurements for Plan Assets | The fair values of our other postemployment benefit plan assets at December 31, 2015 by asset category are as follows: Fair Value Measurements for Other Postemployment Benefit Plan Assets at December 31, 2015 Asset Category $ in millions Market Value at December 31, 2015 Quoted prices in active markets for identical assets Significant observable inputs Significant unobservable inputs (Level 1) (Level 2) (Level 3) JP Morgan Core Bond Fund (a) $ 2.8 $ 2.8 $ — $ — (a) This category includes investments in U.S. government obligations and mortgage-backed and asset-backed securities. The fair values of our other postemployment benefit plan assets at December 31, 2014 by asset category are as follows: Fair Value Measurements for Other Postemployment Benefit Plan Assets at December 31, 2014 Asset Category $ in millions Market Value at December 31, 2014 Quoted prices in active markets for identical assets Significant observable inputs Significant unobservable inputs (Level 1) (Level 2) (Level 3) JP Morgan Core Bond Fund (a) $ 3.3 $ 3.3 $ — $ — (a) This category includes investments in U.S. government obligations and mortgage-backed and asset-backed securities. |
Postretirement [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |
Pension And Postretirement Benefit Plans' Obligations And Assets | $ in millions Postretirement Years ended December 31, 2015 2014 Change in benefit obligation Benefit obligation at beginning of period $ 19.6 $ 19.7 Service cost 0.2 0.2 Interest cost 0.6 0.8 Actuarial (gain) / loss (1.1 ) 0.2 Benefits paid (1.5 ) (1.3 ) Benefit obligation at end of period 17.8 19.6 Change in plan assets Fair value of plan assets at beginning of period 3.3 3.7 Contributions to plan assets 1.0 0.9 Benefits paid (1.5 ) (1.3 ) Fair value of plan assets at end of period 2.8 3.3 Funded status of plan $ (15.0 ) $ (16.3 ) December 31, 2015 2014 Amounts recognized in the Balance sheets Current liabilities $ (0.4 ) $ (0.5 ) Non-current liabilities (14.6 ) (15.8 ) Net liability at Year ended December 31, $ (15.0 ) $ (16.3 ) Amounts recognized in Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities, pre-tax Components: Prior service cost $ 0.5 $ 0.6 Net actuarial loss / (gain) (6.2 ) (5.8 ) Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities, pre-tax $ (5.7 ) $ (5.2 ) Recorded as: Regulatory asset $ 0.3 $ — Regulatory liability (5.1 ) (4.5 ) Accumulated other comprehensive income (0.9 ) (0.7 ) Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities, pre-tax $ (5.7 ) $ (5.2 ) |
Fair Value Measurements for Plan Assets | The fair values of our other postemployment benefit plan assets at December 31, 2015 by asset category are as follows: Fair Value Measurements for Other Postemployment Benefit Plan Assets at December 31, 2015 Asset Category $ in millions Fair Value at December 31, 2015 (a) Quoted prices in active markets for identical assets Significant observable inputs Significant unobservable inputs (Level 1) (Level 2) (Level 3) JP Morgan Core Bond Fund (a) $ 2.8 $ 2.8 $ — $ — (a) This category includes investments in U.S. government obligations and mortgage-backed and asset-backed securities. The fair values of our other postemployment benefit plan assets at December 31, 2014 by asset category are as follows: Fair Value Measurements for Other Postemployment Benefit Plan Assets at December 31, 2014 Asset Category $ in millions Fair Value at December 31, 2014 (a) Quoted prices in active markets for identical assets Significant observable inputs Significant unobservable inputs (Level 1) (Level 2) (Level 3) JP Morgan Core Bond Fund (a) $ 3.2 $ 3.2 $ — $ — (a) This category includes investments in U.S. government obligations and mortgage-backed and asset-backed securities. |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Entity Information [Line Items] | |
Preferred Shares Outstanding | The table below details the preferred shares outstanding at December 31, 2015 : December 31, 2015 and 2014 Carrying Value (a) ($ in millions) Preferred Stock Rate Redemption price ($ per share) Shares Outstanding December 31, 2015 December 31, 2014 DP&L Series A 3.75% $ 102.50 93,280 $ 7.4 $ 7.4 DP&L Series B 3.75% $ 103.00 69,398 5.6 5.6 DP&L Series C 3.90% $ 101.00 65,830 5.4 5.4 Total 228,508 $ 18.4 $ 18.4 (a) Carrying value is fair value at the Merger date plus cumulative accrued dividends, of which there were none at December 31, 2015 and 2014 . |
THE DAYTON POWER AND LIGHT COMPANY [Member] | |
Entity Information [Line Items] | |
Preferred Shares Outstanding | The table below details the preferred shares outstanding at December 31, 2015 and 2014 : December 31, 2015 and 2014 Par Value ($ in millions) Preferred Stock Rate Redemption price ($ per share) Shares Outstanding December 31, 2015 December 31, 2014 DP&L Series A 3.75% $ 102.50 93,280 $ 9.3 $ 9.3 DP&L Series B 3.75% $ 103.00 69,398 7.0 7.0 DP&L Series C 3.90% $ 101.00 65,830 6.6 6.6 Total 228,508 $ 22.9 $ 22.9 |
Contractual Obligations, Comm41
Contractual Obligations, Commercial Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule Of Contractual Obligations And Commercial Commitments | We enter into various contractual obligations and other commercial commitments that may affect the liquidity of our operations. At December 31, 2015 , these include: Payments due in: $ in millions Total Less than 1 year 2 - 3 years 4 - 5 years More than 5 years DPL: Coal contracts (a) 374.2 186.9 187.3 — — Purchase orders and other contractual obligations 83.8 24.4 30.0 29.4 — (a) Total at DP&L operated units. |
THE DAYTON POWER AND LIGHT COMPANY [Member] | |
Schedule Of Contractual Obligations And Commercial Commitments | We enter into various contractual obligations and other commercial commitments that may affect the liquidity of our operations. At December 31, 2015 , these include: Payments due in: $ in millions Total Less than 1 year 2 - 3 years 4 - 5 years More than 5 years DP&L: Coal contracts (a) 374.2 186.9 187.3 — — Purchase orders and other contractual obligations 83.8 24.4 30.0 29.4 — (a) Total at DP&L operated units. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Entity Information [Line Items] | |
Schedule of Related Party Transactions | The following table provides a summary of these transactions: For the years ended December 31, $ in millions 2015 2014 Transactions with the Service Company Charges for services provided $ 36.0 $ 35.8 Charges to the Service Company $ 6.2 $ 2.4 Transactions with the Service Company: At December 31, 2015 At December 31, 2014 Net payable to the Service Company $ (0.5 ) $ (4.7 ) |
THE DAYTON POWER AND LIGHT COMPANY [Member] | |
Entity Information [Line Items] | |
Schedule of Related Party Transactions | The following table provides a summary of these transactions: Years ended December 31, $ in millions 2015 2014 2013 DP&L revenues: Sales to DPLER (including MC Squared) (a) $ 303.3 $ 487.1 $ 453.9 DP&L Operation & Maintenance Expenses: Premiums paid for insurance services provided by MVIC (b) $ (3.2 ) $ (2.9 ) $ (2.9 ) Expense recoveries for services provided to DPLER (c) $ 2.4 $ 2.2 $ 5.2 Transactions with the Service Company: Charges for services provided $ 30.9 $ 30.5 $ — Charges to the Service Company $ 6.1 $ 2.3 $ — Balances with related parties: At December 31, 2015 At December 31, 2014 Net payable to the Service Company $ (0.5 ) $ (4.7 ) Short-term loan with DPL Inc. $ 35.0 $ — Deposits received from DPLER (d) $ — $ 20.1 (a) DP&L sold power to DPLER and MC Squared to satisfy the electric requirements of their retail customers. The revenue dollars associated with sales to DPLER and MC Squared are recorded as wholesale revenues in DP&L’s Financial Statements. These agreements were terminated on the sale of DPLER on January 1, 2016. (b) MVIC, a wholly-owned captive insurance subsidiary of DPL , provides insurance coverage to DP&L and other DPL subsidiaries for workers’ compensation, general liability, property damages and directors’ and officers’ liability. These amounts represent insurance premiums paid by DP&L to MVIC. (c) In the normal course of business DP&L incurs and records expenses on behalf of DPLER. Such expenses include but are not limited to employee-related expenses, accounting, information technology, payroll, legal and other administration expenses. DP&L subsequently charges these expenses to DPLER at DP&L’s cost and credits the expense in which they were initially recorded. (d) DP&L requires credit assurance from the CRES providers serving customers in its service territory because DP&L is the default energy provider should the CRES provider fail to fulfill its obligations to provide electricity. Due to DPL’s credit downgrade, DP&L required cash collateral from DPLER. |
Business Segments (Tables)
Business Segments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Financial Reporting for Reportable Business Segments | The following tables present financial information for each of DPL’s reportable business segments: $ in millions Utility Other Adjustments and Eliminations DPL Consolidated Year ended December 31, 2015 Revenues from external customers $ 1,550.8 $ 62.0 $ — $ 1,612.8 Intersegment revenues 1.5 4.2 (5.7 ) — Total revenues 1,552.3 66.2 (5.7 ) 1,612.8 Fuel 244.7 15.1 — 259.8 Purchased power 555.7 8.9 (2.0 ) 562.6 Gross margin (a) $ 751.9 $ 42.2 $ (3.7 ) $ 790.4 Depreciation and amortization $ 138.2 $ (3.6 ) $ — $ 134.6 Goodwill impairment (Note 7) $ — $ 317.0 $ — $ 317.0 Fixed asset impairment $ — $ — $ — $ — Interest expense $ 30.9 $ 87.6 $ (0.2 ) $ 118.3 Income tax expense / (benefit) $ 35.1 $ (15.1 ) $ — $ 20.0 Net income / (loss) from continuing operations $ 106.4 $ (357.8 ) $ — $ (251.4 ) Discontinued operations, net of tax $ — $ 12.4 $ — $ 12.4 Net income / (loss) $ 106.4 $ (345.4 ) $ — $ (239.0 ) Cash capital expenditures $ 127.0 $ 10.2 $ — $ 137.2 Total assets (end of year) (b) $ 3,365.8 $ 1,314.4 $ (1,339.4 ) $ 3,340.8 (a) For purposes of discussing operating results, we present and discuss gross margins. This format is useful to investors because it allows analysis and comparability of operating trends and includes the same information that is used by management to make decisions regarding our financial performance. (b) Includes assets held for sale related to the sale of DPLER. $ in millions Utility Competitive Retail Other Adjustments and Eliminations DPL Consolidated Year ended December 31, 2014 Revenues from external customers $ 1,181.2 $ 533.6 $ 48.2 $ — $ 1,763.0 Intersegment revenues 487.1 — 5.5 (492.6 ) — Total revenues 1,668.3 533.6 53.7 (492.6 ) 1,763.0 Fuel 314.9 — (10.4 ) — 304.5 Purchased power 582.4 491.8 7.5 (489.1 ) 592.6 Amortization of intangibles — — 1.2 — 1.2 Gross margin (a) $ 771.0 $ 41.8 $ 55.4 $ (3.5 ) $ 864.7 Depreciation and amortization $ 144.8 $ 0.8 $ (5.8 ) $ — $ 139.8 Goodwill impairment (Note 7) $ — $ — $ 135.8 $ — $ 135.8 Fixed asset impairment $ — $ — $ 11.5 $ — $ 11.5 Interest expense $ 33.9 $ 0.5 $ 92.9 $ (0.7 ) $ 126.6 Income tax expense / (benefit) $ 39.7 $ 2.0 $ (23.5 ) $ — $ 18.2 Net income / (loss) $ 115.0 $ 3.2 $ (192.8 ) $ — $ (74.6 ) Cash capital expenditures $ 114.2 $ 2.5 $ 1.4 $ — $ 118.1 Total assets (end of year) $ 3,338.7 $ 94.9 $ 1,440.1 $ (1,295.9 ) $ 3,577.8 (a) For purposes of discussing operating results, we present and discuss gross margins. This format is useful to investors because it allows analysis and comparability of operating trends and includes the same information that is used by management to make decisions regarding our financial performance. $ in millions Utility Competitive Retail Other Adjustments and Eliminations DPL Consolidated Year ended December 31, 2013 Revenues from external customers $ 1,098.2 $ 511.6 $ 27.1 $ — $ 1,636.9 Intersegment revenues 453.3 — 4.0 (457.3 ) — Total revenues 1,551.5 511.6 31.1 (457.3 ) 1,636.9 Fuel 362.5 — 4.2 — 366.7 Purchased power 381.9 459.7 1.1 (453.7 ) 389.0 Amortization of intangibles — — 7.1 — 7.1 Gross margin (a) $ 807.1 $ 51.9 $ 18.7 $ (3.6 ) $ 874.1 Depreciation and amortization $ 140.2 $ 0.6 $ (7.9 ) $ — $ 132.9 Goodwill impairment (Note 7) $ — $ — $ 306.3 $ — $ 306.3 Fixed asset impairment $ 86.0 $ — $ (59.8 ) $ — $ 26.2 Interest expense $ 37.2 $ 0.5 $ 86.9 $ (0.6 ) $ 124.0 Income tax expense / (benefit) $ 18.6 $ 4.2 $ (0.5 ) $ — $ 22.3 Net income / (loss) $ 83.6 $ 6.6 $ (312.2 ) $ — $ (222.0 ) $ — Cash capital expenditures $ 122.1 $ — $ 2.3 $ — $ 124.4 Total assets (end of year) $ 3,313.1 $ 105.0 $ 1,675.8 $ (1,372.4 ) $ 3,721.5 (a) For purposes of discussing operating results, we present and discuss gross margins. This format is useful to investors because it allows analysis and comparability of operating trends and includes the same information that is used by management to make decisions regarding our financial performance. |
Fixed Asset Impairment Fixed As
Fixed Asset Impairment Fixed Asset Impairment (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Property, Plant and Equipment [Line Items] | |
Schedule of Fixed Asset Impairments | Years ended December 31, 2015 2014 2013 East Bend ( DP&L ) $ — $ 11.5 $ — Conesville ( DP&L ) — — 26.2 Total fixed-asset impairment expense $ — $ 11.5 $ 26.2 |
THE DAYTON POWER AND LIGHT COMPANY [Member] | |
Property, Plant and Equipment [Line Items] | |
Schedule of Fixed Asset Impairments | Years ended December 31, 2015 2014 2013 East Bend $ — $ — $ 76.0 Conesville — — 10.0 Total fixed-asset impairment expense $ — $ — $ 86.0 |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Summary of Balance Sheet and Profit and Loss Information for Discontinued Operations | The following table summarizes the major categories of assets, liabilities at the dates indicated, and the revenues, cost of revenues, operating expenses and income tax of discontinued operations for the periods indicated: $ in millions December 31, 2015 2014 Accounts receivable, net $ 31.0 $ 64.4 Property, plant & equipment, net 4.6 4.9 Intangible assets, net 24.6 29.6 Other assets 2.0 2.9 Total assets of the disposal group classified as held for sale in the balance sheets $ 62.2 $ 101.8 Accounts payable $ 0.8 $ 14.8 Other liabilities 0.8 2.5 Total liabilities of the disposal group classified as held for sale in the balance sheets $ 1.6 $ 17.3 Years ended December 31, 2015 2014 2013 Revenues $ 340.9 $ 533.6 $ 511.6 Cost of revenues (307.0 ) (493.0 ) (466.8 ) Operating expenses (22.5 ) (34.0 ) (38.8 ) Goodwill impairment — (135.8 ) — Profit / (loss) of discontinued operations before income taxes 11.4 (129.2 ) 6.0 Income tax benefit / (expense) (1.0 ) 2.6 2.4 Income / (loss) on discontinued operations $ 12.4 $ (131.8 ) $ 3.6 |
Overview and Summary of Signi46
Overview and Summary of Significant Accounting Policies (Narrative) (Details) $ in Millions | Jan. 31, 2016employee | Dec. 31, 2016USD ($) | Dec. 31, 2015USD ($)mi²customergenerating_facilitysegment | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) |
Significant Accounting Policies [Line Items] | |||||
Number of reportable segments | segment | 1 | ||||
Service area, square miles | mi² | 6,000 | ||||
Number of coal fired power plants | generating_facility | 5 | ||||
Electric Generation supplied to customers (percent) | 1 | ||||
Electric Generation through competitive bid (percent) | 100.00% | ||||
Approximate number of DPLER customers | 125,000 | ||||
DPLER Customers That Are DPL Electric Distribution Customers | 110,000 | ||||
Capitalized interest for unregulated generation propety | $ 2 | $ 1.5 | $ 1.5 | ||
Straight-line depreciation average annual composite basis (percent) | 4.60% | 5.30% | 5.80% | ||
Depreciation and amortization | $ 134.6 | $ 135.6 | $ 129.2 | ||
Insurance and claims costs | 5.9 | 6.4 | |||
Insurance costs below coverage thresholds of third-party providers | 13.7 | 15.6 | |||
Investment in trust | 0.3 | 0.3 | |||
Deferred financing costs that will be reclassed and deducted from debt amount | $ 16.1 | ||||
THE DAYTON POWER AND LIGHT COMPANY [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Approximate number of retail customers | customer | 517,000 | ||||
Service area, square miles | mi² | 6,000 | ||||
Number of coal fired power plants | generating_facility | 5 | ||||
Electric Generation supplied to customers (percent) | 1 | ||||
Electric Generation through competitive bid (percent) | 100.00% | ||||
Capitalized interest for unregulated generation propety | $ 2 | $ 1.5 | $ 1.5 | ||
Straight-line depreciation average annual composite basis (percent) | 2.60% | 2.80% | 4.40% | ||
Depreciation and amortization | $ 138.2 | $ 144.8 | $ 140.2 | ||
Insurance costs below coverage thresholds of third-party providers | 13.7 | 15.6 | |||
Deferred financing costs that will be reclassed and deducted from debt amount | 6.3 | ||||
Note to DPL Capital Trust II Maturing in 2031 - 8.125% [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Note payable to trust | 15.6 | 15.6 | |||
Subsequent Event [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Entity number of employees | employee | 1,219 | ||||
Employees under collective bargaining agreement (percent) | 60.00% | ||||
Subsequent Event [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Entity number of employees | employee | 1,189 | ||||
Percentage Of Employees Under Collective Bargaining Agreement | 61.00% | ||||
Electric Generation, Transmission and Distribution Equipment [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Depreciation and amortization | 125.9 | 128.1 | 120.9 | ||
Electric Generation, Transmission and Distribution Equipment [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Depreciation and amortization | 132.7 | 141.6 | 136.5 | ||
Pension [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Service cost | 7.1 | 5.9 | 7.2 | ||
Interest cost | 17.3 | 17.5 | 15.6 | ||
Pension [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Service cost | 7.1 | 5.9 | 7.2 | ||
Interest cost | 17.3 | 17.5 | 15.6 | ||
Pension [Member] | Scenario, Forecast [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Service cost | $ 0.4 | ||||
Interest cost | 3.2 | ||||
Postretirement [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Service cost | 0.2 | 0.2 | 0.2 | ||
Interest cost | 0.6 | 0.8 | 0.8 | ||
Postretirement [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Service cost | 0.2 | 0.2 | 0.2 | ||
Interest cost | 0.6 | $ 0.8 | $ 0.8 | ||
Disaggregated Rate Approach [Member] | Scenario, Forecast [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Service cost | 5.9 | ||||
Interest cost | 15.4 | ||||
Disaggregated Rate Approach [Member] | Scenario, Forecast [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Service cost | 5.9 | ||||
Interest cost | 15.4 | ||||
Disaggregated Rate Approach [Member] | Pension [Member] | Scenario, Forecast [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Service cost | 5.7 | ||||
Interest cost | 14.8 | ||||
Disaggregated Rate Approach [Member] | Pension [Member] | Scenario, Forecast [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Service cost | 5.7 | ||||
Interest cost | 14.8 | ||||
Disaggregated Rate Approach [Member] | Postretirement [Member] | Scenario, Forecast [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Service cost | 0.2 | ||||
Interest cost | 0.6 | ||||
Disaggregated Rate Approach [Member] | Postretirement [Member] | Scenario, Forecast [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Service cost | 0.2 | ||||
Interest cost | 0.6 | ||||
Aggregate Rate Approach [Member] | Scenario, Forecast [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Service cost | 6.3 | ||||
Interest cost | 18.6 | ||||
Aggregate Rate Approach [Member] | Scenario, Forecast [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Service cost | 6.3 | ||||
Interest cost | 18.6 | ||||
Aggregate Rate Approach [Member] | Pension [Member] | Scenario, Forecast [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Service cost | 6.1 | ||||
Interest cost | 17.9 | ||||
Aggregate Rate Approach [Member] | Pension [Member] | Scenario, Forecast [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Service cost | 6.1 | ||||
Interest cost | 17.9 | ||||
Aggregate Rate Approach [Member] | Postretirement [Member] | Scenario, Forecast [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Service cost | 0.2 | ||||
Interest cost | 0.7 | ||||
Aggregate Rate Approach [Member] | Postretirement [Member] | Scenario, Forecast [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Service cost | 0.2 | ||||
Interest cost | 0.7 | ||||
Impact of Change [Member] | Scenario, Forecast [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Service cost | (0.4) | ||||
Interest cost | (3.2) | ||||
Impact of Change [Member] | Scenario, Forecast [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Service cost | (0.4) | ||||
Interest cost | (3.2) | ||||
Impact of Change [Member] | Pension [Member] | Scenario, Forecast [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Service cost | (0.4) | ||||
Interest cost | (3.1) | ||||
Impact of Change [Member] | Pension [Member] | Scenario, Forecast [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Service cost | (0.4) | ||||
Interest cost | (3.1) | ||||
Impact of Change [Member] | Postretirement [Member] | Scenario, Forecast [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Service cost | 0 | ||||
Interest cost | (0.1) | ||||
Impact of Change [Member] | Postretirement [Member] | Scenario, Forecast [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Service cost | 0 | ||||
Interest cost | $ (0.1) | ||||
Line of Credit [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Deferred financing costs that will be reclassed and deducted from debt amount | 3.1 | ||||
Line of Credit [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||||
Significant Accounting Policies [Line Items] | |||||
Deferred financing costs that will be reclassed and deducted from debt amount | $ 0.7 |
Overview and Summary of Signfic
Overview and Summary of Signficant Accounting Policies (Accounting for Taxes Collected from Customers and Remitted to Governmental Authorities) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Excise Taxes Collected | $ 49.9 | $ 50.8 | $ 50.5 |
THE DAYTON POWER AND LIGHT COMPANY [Member] | |||
Excise Taxes Collected | $ 49.9 | $ 50.8 | $ 50.5 |
Supplemental Financial Inform48
Supplemental Financial Information (Supplemental Financial Information) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Supplemental Financial Information [Line Items] | ||
Unbilled revenue | $ 43.3 | $ 49.1 |
Customer receivables | 56.4 | 70.1 |
Amounts due from partners in jointly owned stations | 16 | 15.2 |
Other | 6 | 3 |
Provision for uncollectible accounts | (0.8) | (0.9) |
Total accounts receivable, net | 120.9 | 136.5 |
Fuel and Limestone | 72.2 | 65.3 |
Plant materials and supplies | 34.9 | 33.5 |
Other | 2 | 1.4 |
Total inventories, at average cost | 109.1 | 100.2 |
Assets held for sale - current | 62.2 | 67.3 |
THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Supplemental Financial Information [Line Items] | ||
Unbilled revenue | 43.3 | 49 |
Customer receivables | 54.1 | 68.7 |
Amounts due from partners in jointly owned stations | 16 | 15.2 |
Other | 6.9 | 20.7 |
Provision for uncollectible accounts | (0.8) | (0.9) |
Total accounts receivable, net | 119.5 | 152.7 |
Fuel and Limestone | 72.2 | 65.3 |
Plant materials and supplies | 33.7 | 32.3 |
Other | 2.1 | 1.4 |
Total inventories, at average cost | 108 | 99 |
Accounts Receivable [Member] | ||
Supplemental Financial Information [Line Items] | ||
Assets held for sale - current | $ 31 | $ 64.4 |
Supplemental Financial Inform49
Supplemental Financial Information (Reclassification out of ACOI) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Other income / (deductions) | $ (121.5) | $ (158.1) | $ (128.4) |
Interest Expense | (118.3) | (126.6) | (124) |
Revenue | 1,612.8 | 1,716.5 | 1,579 |
Purchased Power | (562.6) | (587.9) | (383) |
Tax expense (benefit) | (20) | (15.4) | (19.8) |
Net income (loss) | (239) | (74.6) | (222) |
THE DAYTON POWER AND LIGHT COMPANY [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Other income / (deductions) | (36.3) | (34.1) | (37.7) |
Interest Expense | (30.9) | (33.9) | (37.2) |
Revenue | 1,552.3 | 1,668.3 | 1,551.5 |
Purchased Power | (555.7) | (582.4) | (381.9) |
Tax expense (benefit) | (35.1) | (39.7) | (18.6) |
Net income (loss) | 106.4 | 115 | 83.6 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Net income (loss) | (9.8) | 17.1 | 5.1 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Net income (loss) | (6.1) | 18.3 | 7.8 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Other income / (deductions) | 0 | 0.4 | 2.1 |
Tax expense (benefit) | 0 | (0.2) | (0.7) |
Net income (loss) | 0 | 0.2 | 1.4 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Other income / (deductions) | 0 | 0.4 | 2.1 |
Tax expense (benefit) | 0 | (0.2) | (0.7) |
Net income (loss) | 0 | 0.2 | 1.4 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Interest Expense | (1.1) | (1.3) | 0 |
Revenue | (18.7) | 28.4 | 2.2 |
Purchased Power | 4.4 | (0.7) | 3.5 |
Total before income taxes | (15.4) | 26.4 | 5.7 |
Tax expense (benefit) | 5.4 | (9.5) | (2.3) |
Net income (loss) | (10) | 16.9 | 3.4 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Interest Expense | (1.1) | (1.1) | (2.1) |
Revenue | (18.7) | 28.4 | 2.2 |
Purchased Power | 4.4 | (0.4) | 5 |
Total before income taxes | (15.4) | 26.9 | 5.1 |
Tax expense (benefit) | 5.6 | (11.5) | (2.5) |
Net income (loss) | (9.8) | 15.4 | 2.6 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Other income / (deductions) | 0.4 | 0 | 0 |
Tax expense (benefit) | (0.2) | 0 | 0.3 |
Net income (loss) | 0.2 | 0 | 0.3 |
Reclassification out of Accumulated Other Comprehensive Income [Member] | Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||
Reclassification Adjustment out of Accumulated Other Comprehensive Income on Derivatives [Line Items] | |||
Other income / (deductions) | 5.6 | 4.1 | 5.7 |
Tax expense (benefit) | (1.9) | (1.4) | (1.9) |
Net income (loss) | $ 3.7 | $ 2.7 | $ 3.8 |
Supplemental Financial Inform50
Supplemental Financial Information (Accumulated Other Comprehensive Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance, beginning of period | $ 7.5 | $ 24.6 | |
Other comprehensive loss before reclassifications | 19.7 | (34.2) | |
Amounts reclassified from accumulated other comprehensive income / (loss) | (9.8) | 17.1 | |
Other comprehensive income / (loss) | 9.9 | (17.1) | $ 28.5 |
Balance, end of period | 17.4 | 7.5 | 24.6 |
THE DAYTON POWER AND LIGHT COMPANY [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance, beginning of period | (42.3) | (26.7) | |
Other comprehensive loss before reclassifications | 19.7 | (33.9) | |
Amounts reclassified from accumulated other comprehensive income / (loss) | (6.1) | 18.3 | |
Other comprehensive income / (loss) | 13.6 | (15.6) | 12 |
Balance, end of period | (28.7) | (42.3) | (26.7) |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance, beginning of period | 0.5 | 0.6 | |
Other comprehensive loss before reclassifications | (0.1) | (0.3) | |
Amounts reclassified from accumulated other comprehensive income / (loss) | 0 | 0.2 | |
Other comprehensive income / (loss) | (0.1) | (0.1) | |
Balance, end of period | 0.4 | 0.5 | 0.6 |
Accumulated Net Investment Gain (Loss) Attributable to Parent [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance, beginning of period | 0.7 | 0.8 | |
Other comprehensive loss before reclassifications | (0.2) | (0.3) | |
Amounts reclassified from accumulated other comprehensive income / (loss) | 0 | 0.2 | |
Other comprehensive income / (loss) | (0.2) | (0.1) | |
Balance, end of period | 0.5 | 0.7 | 0.8 |
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 | 18.5 | 20.6 | |
Other comprehensive loss before reclassifications | 18.2 | (19) | |
Amounts reclassified from accumulated other comprehensive income / (loss) | (10) | 16.9 | |
Other comprehensive income / (loss) | 8.2 | (2.1) | |
Balance, end of period | 26.7 | 18.5 | 20.6 |
Accumulated Net Gain (Loss) from Cash Flow Hedges Attributable to Parent [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance, beginning of period | 2.8 | 6.2 | |
Other comprehensive loss before reclassifications | 18.2 | (18.8) | |
Amounts reclassified from accumulated other comprehensive income / (loss) | (9.8) | 15.4 | |
Other comprehensive income / (loss) | 8.4 | (3.4) | |
Balance, end of period | 11.2 | 2.8 | 6.2 |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance, beginning of period | (11.5) | 3.4 | |
Other comprehensive loss before reclassifications | 1.6 | (14.9) | |
Amounts reclassified from accumulated other comprehensive income / (loss) | 0.2 | 0 | |
Other comprehensive income / (loss) | 1.8 | (14.9) | |
Balance, end of period | (9.7) | (11.5) | 3.4 |
Accumulated Defined Benefit Plans Adjustment Attributable to Parent [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||
AOCI Attributable to Parent, Net of Tax [Roll Forward] | |||
Balance, beginning of period | (45.8) | (33.7) | |
Other comprehensive loss before reclassifications | 1.7 | (14.8) | |
Amounts reclassified from accumulated other comprehensive income / (loss) | 3.7 | 2.7 | |
Other comprehensive income / (loss) | 5.4 | (12.1) | |
Balance, end of period | $ (40.4) | $ (45.8) | $ (33.7) |
Regulatory Assets and Liabili51
Regulatory Assets and Liabilities (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Regulatory Assets | $ 194,300,000 | $ 211,700,000 |
Regulatory Liabilities | 151,400,000 | 128,500,000 |
EERider shared savings incentive accrual, after tax | $ 4,500,000 | 4,500,000 |
Reconciliation rider as percent of costs in excess of base amount of Fuel, RPM, Alternative Energy and Competitive Bidding riders (percent) | 10.00% | |
THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Regulatory Assets | $ 194,300,000 | 211,700,000 |
Regulatory Liabilities | 151,400,000 | 128,500,000 |
EERider shared savings incentive accrual, after tax | $ 4,500,000 | $ 4,500,000 |
Reconciliation rider as percent of costs in excess of base amount of Fuel, RPM, Alternative Energy and Competitive Bidding riders (percent) | 10.00% |
Regulatory Assets and Liabili52
Regulatory Assets and Liabilities (Schedule of Regulatory Assets and Liabilities) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Total current regulatory assets | $ 14,400,000 | $ 44,200,000 |
Total non-current regulatory assets | 179,900,000 | 167,500,000 |
Total regulatory assets | 194,300,000 | 211,700,000 |
Total current regulatory liabilities | 24,400,000 | 4,400,000 |
Total non-current regulatory liabilities | 127,000,000 | 124,100,000 |
Total regulatory liabilities | 151,400,000 | 128,500,000 |
Energy efficiency program [Member] | ||
Total current regulatory liabilities | 9,200,000 | 0 |
Competitive bidding [Member] | ||
Total current regulatory liabilities | 9,100,000 | 0 |
Transmission costs [Member] | ||
Total current regulatory liabilities | 3,700,000 | 2,900,000 |
Reconciliation rider [Member] | ||
Total current regulatory liabilities | 2,100,000 | 0 |
Other miscellaneous [Member] | ||
Total current regulatory liabilities | 300,000 | 1,500,000 |
Estimated costs of removal - regulated property [Member] | ||
Total non-current regulatory liabilities | 121,800,000 | 119,300,000 |
Postretirement benefits [Member] | ||
Total non-current regulatory liabilities | 5,200,000 | 4,800,000 |
THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Total current regulatory assets | 14,400,000 | 44,200,000 |
Total non-current regulatory assets | 179,900,000 | 167,500,000 |
Total regulatory assets | 194,300,000 | 211,700,000 |
Total current regulatory liabilities | 24,400,000 | 4,400,000 |
Total non-current regulatory liabilities | 127,000,000 | 124,100,000 |
Total regulatory liabilities | 151,400,000 | 128,500,000 |
THE DAYTON POWER AND LIGHT COMPANY [Member] | Energy efficiency program [Member] | ||
Total current regulatory liabilities | 9,200,000 | 0 |
THE DAYTON POWER AND LIGHT COMPANY [Member] | Competitive bidding [Member] | ||
Total current regulatory liabilities | 9,100,000 | 0 |
THE DAYTON POWER AND LIGHT COMPANY [Member] | Transmission costs [Member] | ||
Total current regulatory liabilities | 3,700,000 | 2,900,000 |
THE DAYTON POWER AND LIGHT COMPANY [Member] | Reconciliation rider [Member] | ||
Total current regulatory liabilities | 2,100,000 | 0 |
THE DAYTON POWER AND LIGHT COMPANY [Member] | Other miscellaneous [Member] | ||
Total current regulatory liabilities | 300,000 | 1,500,000 |
THE DAYTON POWER AND LIGHT COMPANY [Member] | Estimated costs of removal - regulated property [Member] | ||
Total non-current regulatory liabilities | 121,800,000 | 119,300,000 |
THE DAYTON POWER AND LIGHT COMPANY [Member] | Postretirement benefits [Member] | ||
Total non-current regulatory liabilities | $ 5,200,000 | 4,800,000 |
Fuel and purchased power recovery costs [Member] | ||
Type of Recovery | A | |
Amortization Through | 2,016 | |
Total current regulatory assets | $ 13,900,000 | 16,300,000 |
Fuel and purchased power recovery costs [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Type of Recovery | A | |
Amortization Through | 2,016 | |
Total current regulatory assets | $ 13,900,000 | 16,300,000 |
Economic development costs [Member] | ||
Type of Recovery | A | |
Amortization Through | 2,016 | |
Total current regulatory assets | $ 500,000 | 2,100,000 |
Economic development costs [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Type of Recovery | A | |
Amortization Through | 2,016 | |
Total current regulatory assets | $ 500,000 | 2,100,000 |
Deferred storm costs [Member] | ||
Type of Recovery | B | |
Amortization Through | 2,015 | |
Total current regulatory assets | $ 0 | 22,300,000 |
Deferred storm costs [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Type of Recovery | B | |
Amortization Through | 2,015 | |
Total current regulatory assets | $ 0 | 22,300,000 |
Energy efficiency program [Member] | ||
Type of Recovery | A | |
Amortization Through | 2,016 | |
Total current regulatory assets | $ 0 | 1,800,000 |
Energy efficiency program [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Type of Recovery | A | |
Amortization Through | 2,016 | |
Total current regulatory assets | $ 0 | 1,800,000 |
Other miscellaneous [Member] | ||
Type of Recovery | A | |
Amortization Through | 2,016 | |
Total current regulatory assets | $ 0 | 1,700,000 |
Other miscellaneous [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Type of Recovery | A | |
Amortization Through | 2,016 | |
Total current regulatory assets | $ 0 | 1,700,000 |
Pension benefits [Member] | ||
Type of Recovery | B | |
Amortization Through | Ongoing | |
Total non-current regulatory assets | $ 91,600,000 | 99,600,000 |
Pension benefits [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Type of Recovery | B | |
Amortization Through | Ongoing | |
Total non-current regulatory assets | $ 91,600,000 | 99,600,000 |
Deferred recoverable income taxes [Member] | ||
Type of Recovery | B/C | |
Amortization Through | Ongoing | |
Total non-current regulatory assets | $ 36,400,000 | 43,100,000 |
Deferred recoverable income taxes [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Type of Recovery | B/C | |
Amortization Through | Ongoing | |
Total non-current regulatory assets | $ 36,400,000 | 43,100,000 |
Fuel costs [Member] | ||
Type of Recovery | B | |
Amortization Through | Undetermined | |
Total non-current regulatory assets | $ 12,700,000 | 0 |
Fuel costs [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Type of Recovery | B | |
Amortization Through | Undetermined | |
Total non-current regulatory assets | $ 12,700,000 | 0 |
Unrecovered OVEC charges [Member] | ||
Type of Recovery | D | |
Amortization Through | Undetermined | |
Total non-current regulatory assets | $ 10,500,000 | 0 |
Unrecovered OVEC charges [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Type of Recovery | D | |
Amortization Through | Undetermined | |
Total non-current regulatory assets | $ 10,500,000 | 0 |
Unamortized loss on reacquired debt [Member] | ||
Type of Recovery | B | |
Amortization Through | Various | |
Total non-current regulatory assets | $ 9,000,000 | 9,900,000 |
Unamortized loss on reacquired debt [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Type of Recovery | B | |
Amortization Through | Various | |
Total non-current regulatory assets | $ 9,000,000 | 9,900,000 |
Smart grid and advanced metering infrastructure costs [Member] | ||
Type of Recovery | D | |
Amortization Through | Undetermined | |
Total non-current regulatory assets | $ 7,300,000 | 6,600,000 |
Smart grid and advanced metering infrastructure costs [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Type of Recovery | D | |
Amortization Through | Undetermined | |
Total non-current regulatory assets | $ 7,300,000 | 6,600,000 |
Generation separation costs [Member] | ||
Type of Recovery | D | |
Amortization Through | Undetermined | |
Total non-current regulatory assets | $ 3,900,000 | 1,600,000 |
Generation separation costs [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Amortization Through | Undetermined | |
Total non-current regulatory assets | $ 3,900,000 | 1,600,000 |
Retail settlement system costs [Member] | ||
Type of Recovery | D | |
Amortization Through | Undetermined | |
Total non-current regulatory assets | $ 3,100,000 | 3,100,000 |
Retail settlement system costs [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Type of Recovery | D | |
Amortization Through | Undetermined | |
Total non-current regulatory assets | $ 3,100,000 | 3,100,000 |
Consumer education campaign [Member] | ||
Type of Recovery | D | |
Amortization Through | Undetermined | |
Total non-current regulatory assets | $ 3,000,000 | 3,000,000 |
Consumer education campaign [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Type of Recovery | D | |
Amortization Through | Undetermined | |
Total non-current regulatory assets | $ 3,000,000 | 3,000,000 |
Rate case costs [Member] | ||
Type of Recovery | D | |
Amortization Through | Undetermined | |
Total non-current regulatory assets | $ 1,900,000 | 0 |
Rate case costs [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Type of Recovery | D | |
Total non-current regulatory assets | $ 1,900,000 | 0 |
Other miscellaneous [Member] | ||
Type of Recovery | D | |
Amortization Through | Undetermined | |
Total non-current regulatory assets | $ 500,000 | 600,000 |
Other miscellaneous [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Type of Recovery | D | |
Amortization Through | Undetermined | |
Total non-current regulatory assets | $ 500,000 | $ 600,000 |
Property, Plant and Equipment w
Property, Plant and Equipment with Corresponding Depreciation Rates (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Public Utility, Property, Plant and Equipment [Line Items] | |||
Total property, plant and equipment in service | $ 2,909 | $ 2,754.1 | |
Total property, plant and equipment in service, Composite Rate | 4.60% | 5.30% | 5.80% |
Regulated Operation [Member] | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Transmission | $ 239.4 | $ 227.5 | |
Distribution | 1,085.7 | 1,011.7 | |
General | 65.9 | 62.5 | |
Non-depreciable | 62.5 | 61.6 | |
Total property, plant and equipment in service | $ 1,453.5 | $ 1,363.3 | |
Transmission, Composite Rate | 3.90% | 4.10% | |
Distribution, Composite Rate | 5.00% | 5.40% | |
General, Composite Rate | 12.40% | 12.40% | |
Unregulated Operation [Member] | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Non-depreciable | $ 19.8 | $ 19.8 | |
Total property, plant and equipment in service | 1,455.5 | 1,390.8 | |
Production / Generation | $ 1,418.7 | $ 1,354.9 | |
Production/Generation, Composite Rate | 4.20% | 5.40% | |
Other | $ 17 | $ 16.1 | |
Other, Composite Rate | 8.10% | 5.50% | |
THE DAYTON POWER AND LIGHT COMPANY [Member] | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Total property, plant and equipment in service | $ 5,244.7 | $ 5,120.7 | |
Total property, plant and equipment in service, Composite Rate | 2.60% | 2.80% | 4.40% |
THE DAYTON POWER AND LIGHT COMPANY [Member] | Regulated Operation [Member] | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Transmission | $ 413.7 | $ 402.4 | |
Distribution | 1,639.7 | 1,568 | |
General | 96.9 | 116.1 | |
Non-depreciable | 62.5 | 61.6 | |
Total property, plant and equipment in service | $ 2,212.8 | $ 2,148.1 | |
Transmission, Composite Rate | 2.30% | 2.30% | |
Distribution, Composite Rate | 3.30% | 3.50% | |
General, Composite Rate | 8.40% | 6.70% | |
THE DAYTON POWER AND LIGHT COMPANY [Member] | Unregulated Operation [Member] | |||
Public Utility, Property, Plant and Equipment [Line Items] | |||
Non-depreciable | $ 3,031.9 | $ 2,972.6 | |
Production / Generation | $ 3,016.8 | $ 2,957.7 | |
Production/Generation, Composite Rate | 2.10% | 2.40% | |
Other | $ 15.1 | $ 14.9 |
Property, Plant and Equipment54
Property, Plant and Equipment (Narrative) (Details) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($)generating_facility | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Jointly Owned Utility Plant Interests [Line Items] | |||
Number of generating facilities | generating_facility | 5 | ||
Fixed asset impairment | $ 0 | $ 11.5 | $ 26.2 |
Estimated costs of removal | $ 121.8 | 119.3 | 115 |
THE DAYTON POWER AND LIGHT COMPANY [Member] | |||
Jointly Owned Utility Plant Interests [Line Items] | |||
Number of generating facilities | generating_facility | 5 | ||
Fixed asset impairment | $ 0 | 0 | 86 |
Estimated costs of removal | $ 121.8 | 119.3 | $ 115 |
East Bend Station [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||
Jointly Owned Utility Plant Interests [Line Items] | |||
Fixed asset impairment | $ 86 |
Property, Plant and Equipment55
Property, Plant and Equipment (Ownership Interests) (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2014MW | Dec. 31, 2013MW | Dec. 31, 2015USD ($)MW | |
Conesville [Member] | |||
Production Capacity (MW) | MW | 129 | ||
THE DAYTON POWER AND LIGHT COMPANY [Member] | Conesville [Member] | |||
Production Capacity (MW) | MW | 129 | ||
THE DAYTON POWER AND LIGHT COMPANY [Member] | East Bend Station [Member] | |||
Production Capacity (MW) | MW | 186 | 186 | |
DP&L Share [Member] | Conesville [Member] | |||
Ownership (%) | 16.50% | ||
DP&L Share [Member] | Killen Station [Member] | |||
Ownership (%) | 67.00% | ||
DP&L Share [Member] | Miami Fort Units 7 and 8 [Member] | |||
Ownership (%) | 36.00% | ||
DP&L Share [Member] | Stuart Station [Member] | |||
Ownership (%) | 35.00% | ||
DP&L Share [Member] | Zimmer Station [Member] | |||
Ownership (%) | 28.10% | ||
DP&L Share [Member] | Total Jointly-owned Stations [Member] | |||
Production Capacity (MW) | MW | 2,078 | ||
DP&L Share [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | Conesville [Member] | |||
Ownership (%) | 16.50% | ||
Production Capacity (MW) | MW | 129 | ||
DP&L Share [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | Killen Station [Member] | |||
Ownership (%) | 67.00% | ||
Production Capacity (MW) | MW | 402 | ||
DP&L Share [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | Miami Fort Units 7 and 8 [Member] | |||
Ownership (%) | 36.00% | ||
Production Capacity (MW) | MW | 368 | ||
DP&L Share [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | Stuart Station [Member] | |||
Ownership (%) | 35.00% | ||
Production Capacity (MW) | MW | 808 | ||
DP&L Share [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | Zimmer Station [Member] | |||
Ownership (%) | 28.10% | ||
Production Capacity (MW) | MW | 371 | ||
DP&L Share [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | Total Jointly-owned Stations [Member] | |||
Production Capacity (MW) | MW | 2,078 | ||
DP&L Investment [Member] | Conesville [Member] | |||
Gross Plant In Service | $ 26 | ||
Accumulated Depreciation | 4 | ||
Construction Work in Process | 1 | ||
DP&L Investment [Member] | Killen Station [Member] | |||
Gross Plant In Service | 342 | ||
Accumulated Depreciation | 29 | ||
Construction Work in Process | 2 | ||
DP&L Investment [Member] | Miami Fort Units 7 and 8 [Member] | |||
Gross Plant In Service | 219 | ||
Accumulated Depreciation | 32 | ||
Construction Work in Process | 6 | ||
DP&L Investment [Member] | Stuart Station [Member] | |||
Gross Plant In Service | 236 | ||
Accumulated Depreciation | 19 | ||
Construction Work in Process | 18 | ||
DP&L Investment [Member] | Zimmer Station [Member] | |||
Gross Plant In Service | 188 | ||
Accumulated Depreciation | 44 | ||
Construction Work in Process | 12 | ||
DP&L Investment [Member] | Transmission (At Varying Percentages) [Member] | |||
Gross Plant In Service | 43 | ||
Accumulated Depreciation | 8 | ||
DP&L Investment [Member] | Total Jointly-owned Stations [Member] | |||
Gross Plant In Service | 1,054 | ||
Accumulated Depreciation | 136 | ||
Construction Work in Process | 39 | ||
DP&L Investment [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | Conesville [Member] | |||
Gross Plant In Service | 27 | ||
Accumulated Depreciation | 8 | ||
Construction Work in Process | 1 | ||
DP&L Investment [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | Killen Station [Member] | |||
Gross Plant In Service | 655 | ||
Accumulated Depreciation | 326 | ||
Construction Work in Process | 2 | ||
DP&L Investment [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | Miami Fort Units 7 and 8 [Member] | |||
Gross Plant In Service | 366 | ||
Accumulated Depreciation | 171 | ||
Construction Work in Process | 6 | ||
DP&L Investment [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | Stuart Station [Member] | |||
Gross Plant In Service | 772 | ||
Accumulated Depreciation | 338 | ||
Construction Work in Process | 18 | ||
DP&L Investment [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | Zimmer Station [Member] | |||
Gross Plant In Service | 1,104 | ||
Accumulated Depreciation | 690 | ||
Construction Work in Process | 12 | ||
DP&L Investment [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | Transmission (At Varying Percentages) [Member] | |||
Gross Plant In Service | 99 | ||
Accumulated Depreciation | 64 | ||
DP&L Investment [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | Total Jointly-owned Stations [Member] | |||
Gross Plant In Service | 3,023 | ||
Accumulated Depreciation | 1,597 | ||
Construction Work in Process | $ 39 |
Property, Plant and Equipment
Property, Plant and Equipment (Changes in the Liability for Generation of AROs) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Balance at January 1 | $ 26.9 | $ 24.4 |
Additions | 40.3 | 3.6 |
Accretion expense | 1.9 | 0.9 |
Settlements | (3.2) | (2) |
Balance at December 31 | 65.9 | 26.9 |
THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | ||
Balance at January 1 | 22.9 | 19.9 |
Additions | 40.3 | 3.6 |
Accretion expense | 2.1 | 1.1 |
Settlements | (3.2) | (1.7) |
Balance at December 31 | $ 62.1 | $ 22.9 |
Property, Plant and Equipment57
Property, Plant and Equipment (Changes in the Liability for Transmission and Distribution Asset Removal Costs) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Changes in Liability for Transmission and Distribution Asset Removal Costs [Roll Forward] | ||
Balance at January 1 | $ 119.3 | $ 115 |
Additions | 24.3 | 19.6 |
Settlements | (21.8) | (15.3) |
Balance at December 31 | 121.8 | 119.3 |
THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Changes in Liability for Transmission and Distribution Asset Removal Costs [Roll Forward] | ||
Balance at January 1 | 119.3 | 115 |
Additions | 24.3 | 19.6 |
Settlements | (21.8) | (15.3) |
Balance at December 31 | $ 121.8 | $ 119.3 |
Fair Value Measurements (Narrat
Fair Value Measurements (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Debt maturity date, earliest | 2,016 | |
Debt maturity date, latest | 2,061 | |
Unrealized gains and immaterial losses on Master Trust assets in AOCI | $ 0.7 | $ 0.8 |
Unrealized gains and immaterial losses on Master Trust assets in AOCI, after tax | $ 0.5 | 0.5 |
Percent of inputs to the fair value of derivative instruments from quoted market prices | 99.00% | |
Gross additions to our existing landfill and asbestos AROs | $ 39 | 2.5 |
Gross additions to our existing landfill and asbestos AROs, after tax | 25.4 | 1.6 |
Increase (Decrease) in Asset Retirement Obligations | 40.3 | |
Increase (Decrease) in Asset Retirement Obligations after tax | (26.2) | |
Unrealized Losses in AOCI, Before Tax | 0.1 | |
Unrealized Losses in AOCI, Net of Tax | 0.1 | |
THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Unrealized gains and immaterial losses on Master Trust assets in AOCI | 0.8 | 1.1 |
Unrealized gains and immaterial losses on Master Trust assets in AOCI, after tax | $ 0.5 | 0.7 |
Percent of inputs to the fair value of derivative instruments from quoted market prices | 99.00% | |
Gross additions to our existing landfill and asbestos AROs | $ 39.2 | 3 |
Gross additions to our existing landfill and asbestos AROs, after tax | 25.5 | $ 2 |
Increase (Decrease) in Asset Retirement Obligations | 40.3 | |
Increase (Decrease) in Asset Retirement Obligations after tax | (26.2) | |
Unrealized Losses in AOCI, Before Tax | 0.1 | |
Unrealized Losses in AOCI, Net of Tax | $ 0.1 |
Fair Value Measurements (Fair V
Fair Value Measurements (Fair Value and Cost of Non-Derivative Instruments) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Hedge Funds [Member] | ||
Total Master Trust Assets, Fair Value | $ 0 | |
Carrying Value [Member] | ||
Total Assets | $ 8.3 | 8.7 |
Carrying Value [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Total Assets | 8.3 | 8.7 |
Carrying Value [Member] | Money Market Funds [Member] | ||
Total Master Trust Assets, Cost | 0.2 | 0.1 |
Carrying Value [Member] | Money Market Funds [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Total Master Trust Assets, Cost | 0.2 | 0.1 |
Carrying Value [Member] | Equity Securities [Member] | ||
Total Master Trust Assets, Cost | 3 | 2.7 |
Carrying Value [Member] | Equity Securities [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Total Master Trust Assets, Cost | 3 | 2.7 |
Carrying Value [Member] | Debt Securities [Member] | ||
Total Master Trust Assets, Cost | 4.4 | 4.7 |
Carrying Value [Member] | Debt Securities [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Total Master Trust Assets, Cost | 4.4 | 4.7 |
Carrying Value [Member] | Hedge Funds [Member] | ||
Total Master Trust Assets, Cost | 0.4 | 0.8 |
Carrying Value [Member] | Hedge Funds [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Total Master Trust Assets, Cost | 0.4 | 0.8 |
Carrying Value [Member] | Real Estate Funds [Member] | ||
Total Master Trust Assets, Cost | 0.3 | 0.4 |
Carrying Value [Member] | Real Estate Funds [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Total Master Trust Assets, Cost | 0.3 | 0.4 |
Carrying Value [Member] | Debt [Member] | ||
Debt, Cost | 2,009.4 | 2,159.7 |
Carrying Value [Member] | Debt [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Debt, Cost | 762.9 | 877.1 |
Fair Value [Member] | ||
Total Master Trust Assets, Fair Value | 9 | 9.7 |
Total Assets | 9 | 9.7 |
Fair Value [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Total Master Trust Assets, Fair Value | 9 | 9.7 |
Total Assets | 9 | 9.7 |
Fair Value [Member] | Money Market Funds [Member] | ||
Total Master Trust Assets, Fair Value | 0.2 | 0.1 |
Fair Value [Member] | Money Market Funds [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Total Master Trust Assets, Fair Value | 0.2 | 0.1 |
Fair Value [Member] | Equity Securities [Member] | ||
Total Master Trust Assets, Fair Value | 3.8 | 3.7 |
Fair Value [Member] | Equity Securities [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Total Master Trust Assets, Fair Value | 3.8 | 3.7 |
Fair Value [Member] | Debt Securities [Member] | ||
Total Master Trust Assets, Fair Value | 4.3 | 4.7 |
Fair Value [Member] | Debt Securities [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Total Master Trust Assets, Fair Value | 4.3 | 4.7 |
Fair Value [Member] | Hedge Funds [Member] | ||
Total Master Trust Assets, Fair Value | 0.4 | 0.8 |
Fair Value [Member] | Hedge Funds [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Total Master Trust Assets, Fair Value | 0.4 | 0.8 |
Fair Value [Member] | Real Estate Funds [Member] | ||
Total Master Trust Assets, Fair Value | 0.3 | 0.4 |
Fair Value [Member] | Real Estate Funds [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Total Master Trust Assets, Fair Value | 0.3 | 0.4 |
Fair Value [Member] | Debt [Member] | ||
Debt, Fair Value | 1,975.3 | 2,204.8 |
Fair Value [Member] | Debt [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Debt, Fair Value | $ 764.2 | $ 882.5 |
Fair Value Measurements (Fair60
Fair Value Measurements (Fair Value of Assets and Liabilities Measured on Recurring Basis) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Level 1 [Member] | ||
Total Master Trust Assets, Fair Value | $ 0.2 | $ 8.9 |
Total Derivative Assets | 0 | 0 |
Total Assets | 0.2 | 8.9 |
Total Derivative Liabilities | 0 | 0.5 |
Total Liabilities | 0 | 0.5 |
Level 1 [Member] | Forward Contract Power [Member] | ||
Total Derivative Assets | 0 | 0 |
Total Derivative Liabilities | 0 | 0 |
Level 1 [Member] | Commodity Contract - FTR [Member] | ||
Total Derivative Assets | 0 | |
Total Derivative Liabilities | 0 | 0 |
Level 1 [Member] | Commodity Contract - Heating Oil [Member] | ||
Total Derivative Liabilities | 0.4 | |
Level 1 [Member] | Natural Gas [Member] | ||
Total Derivative Liabilities | 0.1 | |
Level 1 [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Total Master Trust Assets, Fair Value | 0.2 | 8.9 |
Total Derivative Assets | 0 | 0 |
Total Assets | 0.2 | 8.9 |
Total Derivative Liabilities | 0 | 0.5 |
Debt Instrument, Fair Value Disclosure | 0 | 0 |
Total Liabilities | 0 | 0.5 |
Level 1 [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | Forward Contract Power [Member] | ||
Total Derivative Assets | 0 | 0 |
Total Derivative Liabilities | 0 | 0 |
Level 1 [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | Commodity Contract - FTR [Member] | ||
Total Derivative Assets | 0 | |
Total Derivative Liabilities | 0 | 0 |
Level 1 [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | Commodity Contract - Heating Oil [Member] | ||
Total Derivative Liabilities | 0.4 | |
Level 1 [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | Natural Gas [Member] | ||
Total Derivative Liabilities | 0.1 | |
Level 2 [Member] | ||
Total Master Trust Assets, Fair Value | 8.8 | 0.8 |
Total Derivative Assets | 30.5 | 13.7 |
Total Assets | 39.3 | 14.5 |
Total Derivative Liabilities | 23.9 | 11.1 |
Total Liabilities | 1,981.1 | 2,197.7 |
Level 2 [Member] | Forward Contract Power [Member] | ||
Total Derivative Assets | 30.5 | 13.7 |
Total Derivative Liabilities | 23.9 | 11.1 |
Level 2 [Member] | Commodity Contract - FTR [Member] | ||
Total Derivative Assets | 0 | |
Total Derivative Liabilities | 0 | 0 |
Level 2 [Member] | Commodity Contract - Heating Oil [Member] | ||
Total Derivative Liabilities | 0 | |
Level 2 [Member] | Natural Gas [Member] | ||
Total Derivative Liabilities | 0 | |
Level 2 [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Total Master Trust Assets, Fair Value | 8.8 | 0.8 |
Total Derivative Assets | 30.6 | 13.9 |
Total Assets | 39.4 | 14.7 |
Total Derivative Liabilities | 23.9 | 11.2 |
Debt Instrument, Fair Value Disclosure | 746.1 | 864.3 |
Total Liabilities | 770 | 875.5 |
Level 2 [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | Forward Contract Power [Member] | ||
Total Derivative Assets | 30.6 | 13.9 |
Total Derivative Liabilities | 23.9 | 11.2 |
Level 2 [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | Commodity Contract - FTR [Member] | ||
Total Derivative Assets | 0 | |
Total Derivative Liabilities | 0 | 0 |
Level 2 [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | Commodity Contract - Heating Oil [Member] | ||
Total Derivative Liabilities | 0 | |
Level 2 [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | Natural Gas [Member] | ||
Total Derivative Liabilities | 0 | |
Level 3 [Member] | ||
Total Derivative Assets | 0.2 | 1.2 |
Total Assets | 0.2 | 1.2 |
Total Derivative Liabilities | 3.6 | 0.6 |
Total Liabilities | 21.7 | 18.8 |
Level 3 [Member] | Forward Contract Power [Member] | ||
Total Derivative Assets | 0 | 1.2 |
Total Derivative Liabilities | 3.1 | 0 |
Level 3 [Member] | Commodity Contract - FTR [Member] | ||
Total Derivative Assets | 0.2 | |
Total Derivative Liabilities | 0.5 | 0.6 |
Level 3 [Member] | Commodity Contract - Heating Oil [Member] | ||
Total Derivative Liabilities | 0 | |
Level 3 [Member] | Natural Gas [Member] | ||
Total Derivative Liabilities | 0 | |
Level 3 [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Total Derivative Assets | 0.2 | 1.2 |
Total Assets | 0.2 | 1.2 |
Total Derivative Liabilities | 3.6 | 0.6 |
Debt Instrument, Fair Value Disclosure | 18.1 | 18.2 |
Total Liabilities | 21.7 | 18.8 |
Level 3 [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | Forward Contract Power [Member] | ||
Total Derivative Assets | 0 | 1.2 |
Total Derivative Liabilities | 3.1 | 0 |
Level 3 [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | Commodity Contract - FTR [Member] | ||
Total Derivative Assets | 0.2 | |
Total Derivative Liabilities | 0.5 | 0.6 |
Level 3 [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | Commodity Contract - Heating Oil [Member] | ||
Total Derivative Liabilities | 0 | |
Level 3 [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | Natural Gas [Member] | ||
Total Derivative Liabilities | 0 | |
Equity Securities [Member] | Level 1 [Member] | ||
Total Master Trust Assets, Fair Value | 0 | 3.7 |
Equity Securities [Member] | Level 1 [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Total Master Trust Assets, Fair Value | 0 | 3.7 |
Equity Securities [Member] | Level 2 [Member] | ||
Total Master Trust Assets, Fair Value | 3.8 | 0 |
Equity Securities [Member] | Level 2 [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Total Master Trust Assets, Fair Value | 3.8 | 0 |
Debt Securities [Member] | Level 1 [Member] | ||
Total Master Trust Assets, Fair Value | 0 | 4.7 |
Debt Securities [Member] | Level 1 [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Total Master Trust Assets, Fair Value | 0 | 4.7 |
Debt Securities [Member] | Level 2 [Member] | ||
Total Master Trust Assets, Fair Value | 4.3 | 0 |
Debt Securities [Member] | Level 2 [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Total Master Trust Assets, Fair Value | 4.3 | 0 |
Money Market Funds [Member] | Level 1 [Member] | ||
Total Master Trust Assets, Fair Value | 0.2 | 0.1 |
Money Market Funds [Member] | Level 1 [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Total Master Trust Assets, Fair Value | 0.2 | 0.1 |
Money Market Funds [Member] | Level 2 [Member] | ||
Total Master Trust Assets, Fair Value | 0 | 0 |
Money Market Funds [Member] | Level 2 [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Total Master Trust Assets, Fair Value | 0 | 0 |
Hedge Funds [Member] | ||
Total Master Trust Assets, Fair Value | 0 | |
Hedge Funds [Member] | Level 1 [Member] | ||
Total Master Trust Assets, Fair Value | 0 | |
Hedge Funds [Member] | Level 1 [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Total Master Trust Assets, Fair Value | 0 | 0 |
Hedge Funds [Member] | Level 2 [Member] | ||
Total Master Trust Assets, Fair Value | 0.4 | 0.8 |
Hedge Funds [Member] | Level 2 [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Total Master Trust Assets, Fair Value | 0.4 | 0.8 |
Real Estate Funds [Member] | Level 1 [Member] | ||
Total Master Trust Assets, Fair Value | 0 | 0.4 |
Real Estate Funds [Member] | Level 1 [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Total Master Trust Assets, Fair Value | 0 | 0.4 |
Real Estate Funds [Member] | Level 2 [Member] | ||
Total Master Trust Assets, Fair Value | 0.3 | 0 |
Real Estate Funds [Member] | Level 2 [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Total Master Trust Assets, Fair Value | 0.3 | 0 |
Debt [Member] | Level 1 [Member] | ||
Debt Instrument, Fair Value Disclosure | 0 | 0 |
Debt [Member] | Level 2 [Member] | ||
Debt Instrument, Fair Value Disclosure | 1,957.2 | 2,186.6 |
Debt [Member] | Level 3 [Member] | ||
Debt Instrument, Fair Value Disclosure | 18.1 | 18.2 |
Fair Value [Member] | ||
Total Master Trust Assets, Fair Value | 9 | 9.7 |
Total Derivative Assets | 30.7 | 14.9 |
Total Assets | 39.7 | 24.6 |
Total Derivative Liabilities | 27.5 | 12.2 |
Total Liabilities | 2,002.8 | 2,217 |
Fair Value [Member] | Forward Contract Power [Member] | ||
Total Derivative Assets | 30.5 | 14.9 |
Total Derivative Liabilities | 27 | 11.1 |
Fair Value [Member] | Commodity Contract - FTR [Member] | ||
Total Derivative Assets | 0.2 | |
Total Derivative Liabilities | 0.5 | 0.6 |
Fair Value [Member] | Commodity Contract - Heating Oil [Member] | ||
Total Derivative Liabilities | 0.4 | |
Fair Value [Member] | Natural Gas [Member] | ||
Total Derivative Liabilities | 0.1 | |
Fair Value [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Total Master Trust Assets, Fair Value | 9 | 9.7 |
Total Derivative Assets | 30.8 | 15.1 |
Total Assets | 39.8 | 24.8 |
Total Derivative Liabilities | 27.5 | 12.3 |
Debt Instrument, Fair Value Disclosure | 764.2 | |
Total Liabilities | 791.7 | 894.8 |
Fair Value [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | Forward Contract Power [Member] | ||
Total Derivative Assets | 30.6 | 15.1 |
Total Derivative Liabilities | 27 | 11.2 |
Fair Value [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | Commodity Contract - FTR [Member] | ||
Total Derivative Assets | 0.2 | |
Total Derivative Liabilities | 0.5 | 0.6 |
Fair Value [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | Commodity Contract - Heating Oil [Member] | ||
Total Derivative Liabilities | 0.4 | |
Fair Value [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | Natural Gas [Member] | ||
Total Derivative Liabilities | 0.1 | |
Fair Value [Member] | Equity Securities [Member] | ||
Total Master Trust Assets, Fair Value | 3.8 | 3.7 |
Fair Value [Member] | Equity Securities [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Total Master Trust Assets, Fair Value | 3.8 | 3.7 |
Fair Value [Member] | Debt Securities [Member] | ||
Total Master Trust Assets, Fair Value | 4.3 | 4.7 |
Fair Value [Member] | Debt Securities [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Total Master Trust Assets, Fair Value | 4.3 | 4.7 |
Fair Value [Member] | Money Market Funds [Member] | ||
Total Master Trust Assets, Fair Value | 0.2 | 0.1 |
Fair Value [Member] | Money Market Funds [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Total Master Trust Assets, Fair Value | 0.2 | 0.1 |
Fair Value [Member] | Hedge Funds [Member] | ||
Total Master Trust Assets, Fair Value | 0.4 | 0.8 |
Fair Value [Member] | Hedge Funds [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Total Master Trust Assets, Fair Value | 0.4 | 0.8 |
Fair Value [Member] | Real Estate Funds [Member] | ||
Total Master Trust Assets, Fair Value | 0.3 | 0.4 |
Fair Value [Member] | Real Estate Funds [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Total Master Trust Assets, Fair Value | 0.3 | 0.4 |
Fair Value [Member] | Debt [Member] | ||
Debt Instrument, Fair Value Disclosure | $ 1,975.3 | 2,204.8 |
Fair Value [Member] | Debt [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Debt Instrument, Fair Value Disclosure | $ 882.5 |
Fair Value Measurements (Fair61
Fair Value Measurements (Fair Value of Assets and Liabilities Measured on a Nonrecurring Basis) (Details) - USD ($) $ in Millions | Oct. 01, 2013 | Dec. 31, 2015 | Jun. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2015 | Sep. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Carrying Value | $ 2,561.7 | $ 2,561.7 | $ 2,512.6 | ||||||||
Fixed asset impairment | 0 | 11.5 | $ 26.2 | ||||||||
Goodwill | 0 | 0 | 317 | 452.8 | |||||||
Goodwill impairment | [1] | 317 | 135.8 | 306.3 | |||||||
THE DAYTON POWER AND LIGHT COMPANY [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Carrying Value | 2,738.7 | 2,738.7 | 2,700.4 | ||||||||
Fixed asset impairment | 0 | 0 | 86 | ||||||||
Goodwill | $ 317 | 0 | 0 | 317 | 317 | $ 317 | $ 623.3 | ||||
Goodwill impairment | $ 306.3 | 317 | 317 | 0 | 306.3 | ||||||
THE DAYTON POWER AND LIGHT COMPANY [Member] | Level 3 [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Goodwill | 317 | ||||||||||
DPLER [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Goodwill | $ 0 | 0 | 0 | 135.8 | $ 135.8 | $ 135.8 | |||||
Goodwill impairment | $ 135.8 | 0 | 135.8 | ||||||||
East Bend Station [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Carrying Value | 14.2 | ||||||||||
Long-lived assets held and used, fair value | 2.7 | ||||||||||
Fixed asset impairment | 0 | 11.5 | 0 | ||||||||
East Bend Station [Member] | Level 3 [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Long-lived assets held and used, fair value | 2.7 | ||||||||||
East Bend Station [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Carrying Value | 76 | ||||||||||
Fixed asset impairment | 0 | 0 | 76 | ||||||||
Conesville [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Carrying Value | 26.2 | ||||||||||
Long-lived assets held and used, fair value | 0 | ||||||||||
Fixed asset impairment | 0 | 0 | 26.2 | ||||||||
Conesville [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Carrying Value | $ 30 | ||||||||||
Long-lived assets held and used, fair value | 0 | ||||||||||
Fixed asset impairment | $ 0 | $ 0 | 10 | ||||||||
Conesville [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | Level 3 [Member] | |||||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |||||||||||
Long-lived assets held and used, fair value | $ 20 | ||||||||||
[1] | Goodwill impairment of $135.8 million in 2014 has been reclassified to Discontinued operations in the Consolidated Statement of Operations. |
Fair Value Measurements (Signif
Fair Value Measurements (Significant unobservalbe inputs, nonrecurring) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Conesville [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Long-lived assets held and used, fair value | $ 0 | |
East Bend Station [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Long-lived assets held and used, fair value | $ 2.7 | |
THE DAYTON POWER AND LIGHT COMPANY [Member] | Conesville [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Long-lived assets held and used, fair value | $ 0 | |
Discounted Cash Flows | Discounted cash flows | |
Level 3 [Member] | East Bend Station [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Long-lived assets held and used, fair value | $ 2.7 | |
Level 3 [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | Conesville [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Long-lived assets held and used, fair value | $ 20 | |
Level 3 [Member] | Minimum [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | Conesville [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Annual revenue growth (percent) | (31.00%) | |
Level 3 [Member] | Maximum [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | Conesville [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Annual revenue growth (percent) | 18.00% | |
Level 3 [Member] | Weighted Average [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | Conesville [Member] | ||
Fair Value Inputs, Assets, Quantitative Information [Line Items] | ||
Annual revenue growth (percent) | 0.00% |
Derivative Instruments and He63
Derivative Instruments and Hedging Activities (Narrative) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Fair value of commodity derivative instruments | $ 27.5 | |
Collateral Already Posted, Aggregate Fair Value | 8 | |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 17.9 | |
Collateral if debt were to fall below investment grade | 1.6 | |
THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Fair value of commodity derivative instruments | 27.5 | |
Collateral Already Posted, Aggregate Fair Value | 8 | |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 17.9 | |
Collateral if debt were to fall below investment grade | $ 1.6 | |
Short-term Derivative Positions [Member] | ||
Derivative Asset, Current | $ 11.1 | |
Amount No Longer Considered Derivative | $ 0.1 |
Derivative Instruments and He64
Derivative Instruments and Hedging Activities (Outstanding Derivative Instruments) (Details) | 12 Months Ended | |
Dec. 31, 2014MWhgal | Dec. 31, 2015MWh | |
Designated as Hedging Instrument [Member] | Forward Contract Power [Member] | ||
Purchase of Units Derivative Instruments Forward Power Contracts Designated as Cash Flow Hedge | 175,000 | 1,676,700 |
Sales of Units Derivative Instruments Forward Power Contracts Designated as Cash Flow Hedge | (2,991,000) | (7,795,800) |
Derivative, Nonmonetary Notional Amount MWh | (2,816,000) | (6,119,100) |
Designated as Hedging Instrument [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | Forward Contract Power [Member] | ||
Purchase of Units Derivative Instruments Forward Power Contracts Designated as Cash Flow Hedge | 175,000 | 1,676,700 |
Sales of Units Derivative Instruments Forward Power Contracts Designated as Cash Flow Hedge | (2,991,000) | (7,795,800) |
Derivative, Nonmonetary Notional Amount MWh | (2,816,000) | (6,119,100) |
Not Designated as Hedging Instrument [Member] | Commodity Contract - FTR [Member] | ||
Purchase of Units Derivative Instruments Financial Transmission Rights | 10,500 | 10,200 |
Sale of Units Derivative Instruments Financial Transmission Rights | 0 | 0 |
Derivative, Nonmonetary Notional Amount MWh | 10,500 | 10,200 |
Not Designated as Hedging Instrument [Member] | Commodity Contract - Heating Oil [Member] | ||
Purchase of Volume Units Derivative Instruments Heating Oil Futures | gal | 378,000 | |
Sale of Volume Units Derivative Instruments Heating Oil Futures | gal | 0 | |
Derivative, Nonmonetary Notional Amount, Volume | gal | 378,000 | |
Not Designated as Hedging Instrument [Member] | Natural Gas [Member] | ||
Purchase of Units Derivative Instruments Natural Gas | 200,000 | |
Sale of Units Derivative Instruments Natural Gas | 0 | |
Derivative, Nonmonetary Notional Amount,Natural Gas | 200,000 | |
Not Designated as Hedging Instrument [Member] | Forward Contract Power [Member] | ||
Purchase of Units Derivative Instruments Forward Power Contracts Not Designated as Hedged | 1,725,200 | 5,049,900 |
Sales of Units Derivative Instruments Forward Power Contracts Not Designated as Hedged | (2,707,800) | (1,663,000) |
Derivative, Nonmonetary Notional Amount MWh | (982,600) | 3,386,900 |
Not Designated as Hedging Instrument [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | Commodity Contract - FTR [Member] | ||
Purchase of Units Derivative Instruments Financial Transmission Rights | 10,500 | 10,200 |
Sale of Units Derivative Instruments Financial Transmission Rights | 0 | 0 |
Derivative, Nonmonetary Notional Amount MWh | 10,500 | 10,200 |
Not Designated as Hedging Instrument [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | Commodity Contract - Heating Oil [Member] | ||
Purchase of Volume Units Derivative Instruments Heating Oil Futures | gal | 378,000 | |
Sale of Volume Units Derivative Instruments Heating Oil Futures | gal | 0 | |
Derivative, Nonmonetary Notional Amount, Volume | gal | 378,000 | |
Not Designated as Hedging Instrument [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | Natural Gas [Member] | ||
Purchase of Units Derivative Instruments Natural Gas | 200,000 | |
Derivative, Nonmonetary Notional Amount,Natural Gas | 200,000 | |
Not Designated as Hedging Instrument [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | Forward Contract Power [Member] | ||
Purchase of Units Derivative Instruments Forward Power Contracts Not Designated as Hedged | 1,725,200 | 5,049,900 |
Sales of Units Derivative Instruments Forward Power Contracts Not Designated as Hedged | (2,804,000) | (1,665,700) |
Derivative, Nonmonetary Notional Amount MWh | (1,078,800) | 3,384,200 |
Derivative Instruments and He65
Derivative Instruments and Hedging Activities (Gains or Losses Recognized in AOCI for the Cash Flow Hedges) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Forward Contract Power [Member] | |||
Beginning accumulated derivative gain / (loss) in AOCI | $ 0.2 | $ 1.4 | $ (3) |
Net gains / (losses) associated with current period hedging transactions | 18.2 | (19) | 1 |
Ending accumulated derivative gain / (loss) in AOCI | 9.2 | 0.2 | 1.4 |
Portion expected to be reclassified to earnings in the next twelve months | $ 5.9 | ||
Maximum length of time that we are hedging our exposure to variability in future cash flows related to forecasted transactions (in months) | 36 months | ||
Interest Rate Contract [Member] | |||
Beginning accumulated derivative gain / (loss) in AOCI | $ 18.3 | 19.2 | 0.5 |
Net gains / (losses) associated with current period hedging transactions | 0 | 0 | 18.7 |
Ending accumulated derivative gain / (loss) in AOCI | 17.5 | 18.3 | 19.2 |
Net gains / (losses) associated with the ineffective portion of the hedging transaction | 0 | 0 | 0.8 |
Portion expected to be reclassified to earnings in the next twelve months | $ (0.8) | ||
Maximum length of time that we are hedging our exposure to variability in future cash flows related to forecasted transactions (in months) | 0 months | ||
THE DAYTON POWER AND LIGHT COMPANY [Member] | Forward Contract Power [Member] | |||
Beginning accumulated derivative gain / (loss) in AOCI | $ 0.2 | 1 | (4.7) |
Net gains / (losses) associated with current period hedging transactions | 18.2 | (18.8) | 1 |
Ending accumulated derivative gain / (loss) in AOCI | 9.2 | 0.2 | 1 |
Portion expected to be reclassified to earnings in the next twelve months | $ 5.9 | ||
Maximum length of time that we are hedging our exposure to variability in future cash flows related to forecasted transactions (in months) | 36 months | ||
THE DAYTON POWER AND LIGHT COMPANY [Member] | Interest Rate Contract [Member] | |||
Beginning accumulated derivative gain / (loss) in AOCI | $ 2.6 | 5.2 | 7.3 |
Net gains / (losses) associated with current period hedging transactions | 0 | 0 | 0 |
Ending accumulated derivative gain / (loss) in AOCI | 2 | 2.6 | 5.2 |
Portion expected to be reclassified to earnings in the next twelve months | $ (0.6) | ||
Maximum length of time that we are hedging our exposure to variability in future cash flows related to forecasted transactions (in months) | 0 months | ||
Interest Expense [Member] | Forward Contract Power [Member] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 0 | 0 | 0 |
Interest Expense [Member] | Interest Rate Contract [Member] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (0.8) | (0.9) | 0 |
Interest Expense [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | Forward Contract Power [Member] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | 0 |
Interest Expense [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | Interest Rate Contract [Member] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (0.6) | (2.6) | (2.1) |
Revenue [Member] | Forward Contract Power [Member] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (12) | 18.3 | 2.1 |
Revenue [Member] | Interest Rate Contract [Member] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | 0 |
Revenue [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | Forward Contract Power [Member] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | (12) | 18.2 | 1.4 |
Revenue [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | Interest Rate Contract [Member] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | 0 |
Purchased Power [Member] | Forward Contract Power [Member] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 2.8 | (0.5) | 1.3 |
Purchased Power [Member] | Interest Rate Contract [Member] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 0 | 0 | 0 |
Purchased Power [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | Forward Contract Power [Member] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | 2.8 | (0.2) | 3.3 |
Purchased Power [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | Interest Rate Contract [Member] | |||
Derivative Instruments, Gain (Loss) Reclassified from Accumulated OCI into Income, Effective Portion, Net | $ 0 | $ 0 | $ 0 |
Derivative Instruments and He66
Derivative Instruments and Hedging Activities (Classification within the Condensed Consolidated Statements of Results of Operations or Balance Sheets of the Gains and Losses) (Details) - Not Designated as Hedging Instrument [Member] - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Change in unrealized gain / (loss) | $ (5.6) | $ (3) | $ 0.9 |
Realized gain / (loss) | (10.4) | (3.1) | 2.4 |
Derivative, Gain (Loss) on Derivative, Net | (16) | (6.1) | 3.3 |
Commodity Contract - Heating Oil [Member] | |||
Change in unrealized gain / (loss) | 0.4 | (0.6) | 0 |
Realized gain / (loss) | (0.3) | (0.1) | 0.1 |
Derivative, Gain (Loss) on Derivative, Net | 0.1 | (0.7) | 0.1 |
Commodity Contract - FTR [Member] | |||
Change in unrealized gain / (loss) | 0.3 | (0.8) | 0.3 |
Realized gain / (loss) | (0.2) | 0.7 | 1.2 |
Derivative, Gain (Loss) on Derivative, Net | 0.1 | (0.1) | 1.5 |
Forward Contract Power [Member] | |||
Change in unrealized gain / (loss) | (6.4) | (1.5) | 0.6 |
Realized gain / (loss) | (9.8) | (3.6) | 1.1 |
Derivative, Gain (Loss) on Derivative, Net | (16.2) | (5.1) | 1.7 |
Natural Gas [Member] | |||
Change in unrealized gain / (loss) | 0.1 | (0.1) | |
Realized gain / (loss) | (0.1) | (0.1) | |
Derivative, Gain (Loss) on Derivative, Net | 0 | (0.2) | |
THE DAYTON POWER AND LIGHT COMPANY [Member] | |||
Change in unrealized gain / (loss) | (5.5) | (3) | (0.9) |
Realized gain / (loss) | (10.5) | (2.5) | 2.9 |
Derivative, Gain (Loss) on Derivative, Net | (16) | (5.5) | 2 |
THE DAYTON POWER AND LIGHT COMPANY [Member] | NYMEX Coal Contract [Member] | |||
Change in unrealized gain / (loss) | 0 | ||
Realized gain / (loss) | 0 | ||
Derivative, Gain (Loss) on Derivative, Net | 0 | ||
THE DAYTON POWER AND LIGHT COMPANY [Member] | Commodity Contract - Heating Oil [Member] | |||
Change in unrealized gain / (loss) | 0.4 | (0.6) | 0 |
Realized gain / (loss) | (0.3) | (0.1) | 0.1 |
Derivative, Gain (Loss) on Derivative, Net | 0.1 | (0.7) | 0.1 |
THE DAYTON POWER AND LIGHT COMPANY [Member] | Commodity Contract - FTR [Member] | |||
Change in unrealized gain / (loss) | 0.3 | (0.8) | 0.3 |
Realized gain / (loss) | (0.2) | 0.7 | 1.2 |
Derivative, Gain (Loss) on Derivative, Net | 0.1 | (0.1) | 1.5 |
THE DAYTON POWER AND LIGHT COMPANY [Member] | Forward Contract Power [Member] | |||
Change in unrealized gain / (loss) | (6.3) | (1.5) | (1.2) |
Realized gain / (loss) | (9.9) | (3) | 1.6 |
Derivative, Gain (Loss) on Derivative, Net | (16.2) | (4.5) | 0.4 |
THE DAYTON POWER AND LIGHT COMPANY [Member] | Natural Gas [Member] | |||
Change in unrealized gain / (loss) | 0.1 | (0.1) | |
Realized gain / (loss) | (0.1) | (0.1) | |
Derivative, Gain (Loss) on Derivative, Net | 0 | (0.2) | |
Revenue [Member] | |||
Derivative, Gain (Loss) on Derivative, Net | 27.4 | 0 | |
Revenue [Member] | Commodity Contract - Heating Oil [Member] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | |
Revenue [Member] | Commodity Contract - FTR [Member] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | |
Revenue [Member] | Forward Contract Power [Member] | |||
Derivative, Gain (Loss) on Derivative, Net | 27.4 | 0 | |
Revenue [Member] | Natural Gas [Member] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | ||
Revenue [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||
Derivative, Gain (Loss) on Derivative, Net | 27.4 | 0.7 | 0.2 |
Revenue [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | NYMEX Coal Contract [Member] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | ||
Revenue [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | Commodity Contract - Heating Oil [Member] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 0 |
Revenue [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | Commodity Contract - FTR [Member] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 0 |
Revenue [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | Forward Contract Power [Member] | |||
Derivative, Gain (Loss) on Derivative, Net | 27.4 | 0.7 | 0.2 |
Revenue [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | Natural Gas [Member] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | |
Cost of Sales [Member] | |||
Derivative, Gain (Loss) on Derivative, Net | (43.5) | (5.4) | 3.2 |
Cost of Sales [Member] | Commodity Contract - Heating Oil [Member] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 0 |
Cost of Sales [Member] | Commodity Contract - FTR [Member] | |||
Derivative, Gain (Loss) on Derivative, Net | 0.1 | (0.1) | 1.5 |
Cost of Sales [Member] | Forward Contract Power [Member] | |||
Derivative, Gain (Loss) on Derivative, Net | (43.6) | (5.1) | 1.7 |
Cost of Sales [Member] | Natural Gas [Member] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | (0.2) | |
Cost of Sales [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||
Derivative, Gain (Loss) on Derivative, Net | (43.5) | (5.5) | 1.7 |
Cost of Sales [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | NYMEX Coal Contract [Member] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | ||
Cost of Sales [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | Commodity Contract - Heating Oil [Member] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 0 |
Cost of Sales [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | Commodity Contract - FTR [Member] | |||
Derivative, Gain (Loss) on Derivative, Net | 0.1 | (0.1) | 1.5 |
Cost of Sales [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | Forward Contract Power [Member] | |||
Derivative, Gain (Loss) on Derivative, Net | (43.6) | (5.2) | 0.2 |
Cost of Sales [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | Natural Gas [Member] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | (0.2) | |
Fuel [Member] | |||
Derivative, Gain (Loss) on Derivative, Net | (0.6) | 0.1 | |
Fuel [Member] | Commodity Contract - Heating Oil [Member] | |||
Derivative, Gain (Loss) on Derivative, Net | (0.6) | 0.1 | |
Fuel [Member] | Commodity Contract - FTR [Member] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | |
Fuel [Member] | Forward Contract Power [Member] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | |
Fuel [Member] | Natural Gas [Member] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | ||
Fuel [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | (0.6) | 0.1 |
Fuel [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | NYMEX Coal Contract [Member] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | ||
Fuel [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | Commodity Contract - Heating Oil [Member] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | (0.6) | 0.1 |
Fuel [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | Commodity Contract - FTR [Member] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 0 |
Fuel [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | Forward Contract Power [Member] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 0 |
Fuel [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | Natural Gas [Member] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | |
O&M [Member] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | ||
O&M [Member] | Commodity Contract - Heating Oil [Member] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | ||
O&M [Member] | Commodity Contract - FTR [Member] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | ||
O&M [Member] | Forward Contract Power [Member] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | ||
O&M [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | ||
O&M [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | NYMEX Coal Contract [Member] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | ||
O&M [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | Commodity Contract - Heating Oil [Member] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | ||
O&M [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | Commodity Contract - FTR [Member] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | ||
O&M [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | Forward Contract Power [Member] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | ||
Partners' Share of Gain [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | ||
Partners' Share of Gain [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | NYMEX Coal Contract [Member] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | ||
Partners' Share of Gain [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | Commodity Contract - Heating Oil [Member] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | ||
Partners' Share of Gain [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | Commodity Contract - FTR [Member] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | ||
Partners' Share of Gain [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | Forward Contract Power [Member] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | ||
Regulatory Asset [Member] | |||
Derivative, Gain (Loss) on Derivative, Net | 0.1 | (0.1) | |
Regulatory Asset [Member] | Commodity Contract - Heating Oil [Member] | |||
Derivative, Gain (Loss) on Derivative, Net | 0.1 | (0.1) | |
Regulatory Asset [Member] | Commodity Contract - FTR [Member] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | |
Regulatory Asset [Member] | Forward Contract Power [Member] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | |
Regulatory Asset [Member] | Natural Gas [Member] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | |
Regulatory Asset [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||
Derivative, Gain (Loss) on Derivative, Net | 0.1 | (0.1) | 0 |
Regulatory Asset [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | NYMEX Coal Contract [Member] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | ||
Regulatory Asset [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | Commodity Contract - Heating Oil [Member] | |||
Derivative, Gain (Loss) on Derivative, Net | 0.1 | (0.1) | 0 |
Regulatory Asset [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | Commodity Contract - FTR [Member] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | 0 |
Regulatory Asset [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | Forward Contract Power [Member] | |||
Derivative, Gain (Loss) on Derivative, Net | 0 | 0 | $ 0 |
Regulatory Asset [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | Natural Gas [Member] | |||
Derivative, Gain (Loss) on Derivative, Net | $ 0 | $ 0 |
Derivative Instruments and He67
Derivative Instruments and Hedging Activities (Fair Value and Balance Sheet Location (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Derivative Liability, Fair Value | $ 27.5 | |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 17.9 | |
THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Derivative Liability, Fair Value | 27.5 | |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 17.9 | |
Total Assets [Member] | ||
Derivative Asset, Fair Value | 30.7 | $ 14.9 |
Derivative, Collateral, Obligation to Return Securities | (17.9) | (6.6) |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 12.8 | 8.3 |
Total Assets [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Derivative Asset, Fair Value | 30.8 | 15.1 |
Derivative, Collateral, Obligation to Return Securities | (17.9) | (6.6) |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 12.9 | 8.5 |
Total Liabilities [Member] | ||
Derivative Liability, Fair Value | 27.5 | 12.2 |
Derivative, Collateral, Right to Reclaim Securities | (17.9) | (6.6) |
Derivative, Collateral, Right to Reclaim Cash | (8) | (4.9) |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 1.6 | 0.7 |
Total Liabilities [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Derivative Liability, Fair Value | 27.5 | 12.3 |
Derivative, Collateral, Right to Reclaim Securities | (17.9) | (6.6) |
Derivative, Collateral, Right to Reclaim Cash | (8) | (4.9) |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 1.6 | 0.8 |
Designated as Hedging Instrument [Member] | Forward Contract Power [Member] | Short-term Derivative Positions [Member] | Other Prepayments and Current Assets [Member] | ||
Derivative Asset, Fair Value | 16.2 | 5.6 |
Derivative, Collateral, Obligation to Return Securities | (7.1) | (2) |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 9.1 | 3.6 |
Designated as Hedging Instrument [Member] | Forward Contract Power [Member] | Short-term Derivative Positions [Member] | Other Prepayments and Current Assets [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Derivative Asset, Fair Value | 16.2 | 5.6 |
Derivative, Collateral, Obligation to Return Securities | (7.1) | (2) |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 9.1 | 3.6 |
Designated as Hedging Instrument [Member] | Forward Contract Power [Member] | Short-term Derivative Positions [Member] | Other Current Liabilities [Member] | ||
Derivative Liability, Fair Value | 7.1 | 2.1 |
Derivative, Collateral, Right to Reclaim Securities | (7.1) | (2) |
Derivative, Collateral, Right to Reclaim Cash | 0 | 0 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 0 | 0.1 |
Designated as Hedging Instrument [Member] | Forward Contract Power [Member] | Short-term Derivative Positions [Member] | Other Current Liabilities [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Derivative Liability, Fair Value | 7.1 | 2.1 |
Derivative, Collateral, Right to Reclaim Securities | (7.1) | (2) |
Derivative, Collateral, Right to Reclaim Cash | 0 | 0 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 0 | 0.1 |
Designated as Hedging Instrument [Member] | Forward Contract Power [Member] | Long-term Derivative Positions [Member] | Other Deferred Asset [Member] | ||
Derivative Asset, Fair Value | 3 | 0.3 |
Derivative, Collateral, Obligation to Return Securities | (2.4) | (0.3) |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 0.6 | 0 |
Designated as Hedging Instrument [Member] | Forward Contract Power [Member] | Long-term Derivative Positions [Member] | Other Deferred Asset [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Derivative Asset, Fair Value | 3 | 0.3 |
Derivative, Collateral, Obligation to Return Securities | (2.4) | (0.3) |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 0.6 | 0 |
Designated as Hedging Instrument [Member] | Forward Contract Power [Member] | Long-term Derivative Positions [Member] | Other Deferred Credit [Member] | ||
Derivative Liability, Fair Value | 2.7 | 0.6 |
Derivative, Collateral, Right to Reclaim Securities | (2.4) | (0.3) |
Derivative, Collateral, Right to Reclaim Cash | 0 | (0.3) |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 0.3 | 0 |
Designated as Hedging Instrument [Member] | Forward Contract Power [Member] | Long-term Derivative Positions [Member] | Other Deferred Credit [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Derivative Liability, Fair Value | 2.7 | 0.6 |
Derivative, Collateral, Right to Reclaim Securities | (2.4) | (0.3) |
Derivative, Collateral, Right to Reclaim Cash | 0 | (0.3) |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 0.3 | 0 |
Not Designated as Hedging Instrument [Member] | Forward Contract Power [Member] | Short-term Derivative Positions [Member] | Other Prepayments and Current Assets [Member] | ||
Derivative Asset, Fair Value | 7.3 | 5.5 |
Derivative, Collateral, Obligation to Return Securities | (5.5) | (3.4) |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 1.8 | 2.1 |
Not Designated as Hedging Instrument [Member] | Forward Contract Power [Member] | Short-term Derivative Positions [Member] | Other Prepayments and Current Assets [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Derivative Asset, Fair Value | 7.4 | 5.6 |
Derivative, Collateral, Obligation to Return Securities | (5.5) | (3.4) |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 1.9 | 2.2 |
Not Designated as Hedging Instrument [Member] | Forward Contract Power [Member] | Short-term Derivative Positions [Member] | Other Current Liabilities [Member] | ||
Derivative Liability, Fair Value | 14.5 | 7.5 |
Derivative, Collateral, Right to Reclaim Securities | (5.5) | (3.4) |
Derivative, Collateral, Right to Reclaim Cash | (8) | (4.1) |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 1 | 0 |
Not Designated as Hedging Instrument [Member] | Forward Contract Power [Member] | Short-term Derivative Positions [Member] | Other Current Liabilities [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Derivative Liability, Fair Value | 14.5 | 7.5 |
Derivative, Collateral, Right to Reclaim Securities | (5.5) | (3.4) |
Derivative, Collateral, Right to Reclaim Cash | (8) | (4.1) |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 1 | 0 |
Not Designated as Hedging Instrument [Member] | Forward Contract Power [Member] | Long-term Derivative Positions [Member] | Other Deferred Asset [Member] | ||
Derivative Asset, Fair Value | 4 | 3.5 |
Derivative, Collateral, Obligation to Return Securities | (2.7) | (0.9) |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 1.3 | 2.6 |
Not Designated as Hedging Instrument [Member] | Forward Contract Power [Member] | Long-term Derivative Positions [Member] | Other Deferred Asset [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Derivative Asset, Fair Value | 4 | 3.6 |
Derivative, Collateral, Obligation to Return Securities | (2.7) | (0.9) |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 1.3 | 2.7 |
Not Designated as Hedging Instrument [Member] | Forward Contract Power [Member] | Long-term Derivative Positions [Member] | Other Deferred Credit [Member] | ||
Derivative Liability, Fair Value | 2.7 | 0.9 |
Derivative, Collateral, Right to Reclaim Securities | (2.7) | (0.9) |
Derivative, Collateral, Right to Reclaim Cash | 0 | 0 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 0 | 0 |
Not Designated as Hedging Instrument [Member] | Forward Contract Power [Member] | Long-term Derivative Positions [Member] | Other Deferred Credit [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Derivative Liability, Fair Value | 2.7 | 1 |
Derivative, Collateral, Right to Reclaim Securities | (2.7) | (0.9) |
Derivative, Collateral, Right to Reclaim Cash | 0 | 0 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 0 | 0.1 |
Not Designated as Hedging Instrument [Member] | Commodity Contract - FTR [Member] | Short-term Derivative Positions [Member] | Other Prepayments and Current Assets [Member] | ||
Derivative Asset, Fair Value | 0.2 | |
Derivative, Collateral, Obligation to Return Securities | (0.2) | |
Derivative, Collateral, Obligation to Return Cash | 0 | |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 0 | |
Not Designated as Hedging Instrument [Member] | Commodity Contract - FTR [Member] | Short-term Derivative Positions [Member] | Other Prepayments and Current Assets [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Derivative Asset, Fair Value | 0.2 | 0 |
Derivative, Collateral, Obligation to Return Securities | (0.2) | 0 |
Derivative, Collateral, Obligation to Return Cash | 0 | 0 |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 0 | 0 |
Not Designated as Hedging Instrument [Member] | Commodity Contract - FTR [Member] | Short-term Derivative Positions [Member] | Other Current Liabilities [Member] | ||
Derivative Liability, Fair Value | 0.5 | 0.6 |
Derivative, Collateral, Right to Reclaim Securities | (0.2) | 0 |
Derivative, Collateral, Right to Reclaim Cash | 0 | 0 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 0.3 | 0.6 |
Not Designated as Hedging Instrument [Member] | Commodity Contract - FTR [Member] | Short-term Derivative Positions [Member] | Other Current Liabilities [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Derivative Liability, Fair Value | 0.5 | 0.6 |
Derivative, Collateral, Right to Reclaim Securities | (0.2) | 0 |
Derivative, Collateral, Right to Reclaim Cash | 0 | 0 |
Derivative Liability, Fair Value, Amount Offset Against Collateral | $ 0.3 | 0.6 |
Not Designated as Hedging Instrument [Member] | Commodity Contract - Heating Oil [Member] | Short-term Derivative Positions [Member] | Other Prepayments and Current Assets [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Derivative Asset, Fair Value | 0 | |
Derivative, Collateral, Obligation to Return Securities | 0 | |
Derivative, Collateral, Obligation to Return Cash | 0 | |
Derivative Asset, Fair Value, Amount Offset Against Collateral | 0 | |
Not Designated as Hedging Instrument [Member] | Commodity Contract - Heating Oil [Member] | Short-term Derivative Positions [Member] | Other Current Liabilities [Member] | ||
Derivative Liability, Fair Value | 0.4 | |
Derivative, Collateral, Right to Reclaim Securities | 0 | |
Derivative, Collateral, Right to Reclaim Cash | (0.4) | |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 0 | |
Not Designated as Hedging Instrument [Member] | Commodity Contract - Heating Oil [Member] | Short-term Derivative Positions [Member] | Other Current Liabilities [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Derivative Liability, Fair Value | 0.4 | |
Derivative, Collateral, Right to Reclaim Securities | 0 | |
Derivative, Collateral, Right to Reclaim Cash | (0.4) | |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 0 | |
Not Designated as Hedging Instrument [Member] | Natural Gas [Member] | Short-term Derivative Positions [Member] | Other Current Liabilities [Member] | ||
Derivative Liability, Fair Value | 0.1 | |
Derivative, Collateral, Right to Reclaim Securities | 0 | |
Derivative, Collateral, Right to Reclaim Cash | (0.1) | |
Derivative Liability, Fair Value, Amount Offset Against Collateral | 0 | |
Not Designated as Hedging Instrument [Member] | Natural Gas [Member] | Short-term Derivative Positions [Member] | Other Current Liabilities [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Derivative Liability, Fair Value | 0.1 | |
Derivative, Collateral, Right to Reclaim Securities | 0 | |
Derivative, Collateral, Right to Reclaim Cash | (0.1) | |
Derivative Liability, Fair Value, Amount Offset Against Collateral | $ 0 |
Goodwill And Other Intangible68
Goodwill And Other Intangible Assets (Change In Goodwill) (Details) - USD ($) $ in Millions | Oct. 01, 2013 | Dec. 31, 2015 | Jun. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2015 | Sep. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | |
Goodwill [Line Items] | |||||||||||
Goodwill | $ 2,576.3 | $ 2,576.3 | $ 2,576.3 | $ 2,576.3 | |||||||
Accumulated impairment losses | (2,576.3) | (2,576.3) | (2,259.3) | (2,123.5) | |||||||
Goodwill, net balance | 0 | 0 | 317 | 452.8 | |||||||
Goodwill impairment | [1] | (317) | (135.8) | (306.3) | |||||||
THE DAYTON POWER AND LIGHT COMPANY [Member] | |||||||||||
Goodwill [Line Items] | |||||||||||
Goodwill | 2,440.5 | 2,440.5 | 2,440.5 | 2,440.5 | |||||||
Accumulated impairment losses | (2,440.5) | (2,440.5) | (2,123.5) | (2,123.5) | |||||||
Goodwill, net balance | $ 317 | 0 | 0 | 317 | 317 | $ 317 | $ 623.3 | ||||
Goodwill impairment | $ (306.3) | (317) | (317) | 0 | (306.3) | ||||||
DPLER [Member] | |||||||||||
Goodwill [Line Items] | |||||||||||
Goodwill | 135.8 | 135.8 | 135.8 | 135.8 | |||||||
Accumulated impairment losses | (135.8) | (135.8) | (135.8) | 0 | |||||||
Goodwill, net balance | $ 0 | 0 | 0 | $ 135.8 | $ 135.8 | $ 135.8 | |||||
Goodwill impairment | $ (135.8) | $ 0 | $ (135.8) | ||||||||
[1] | Goodwill impairment of $135.8 million in 2014 has been reclassified to Discontinued operations in the Consolidated Statement of Operations. |
Goodwill And Other Intangible69
Goodwill And Other Intangible Asset (Narrative) (Details) - USD ($) $ in Millions | Oct. 01, 2013 | Dec. 31, 2015 | Jun. 30, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2015 | Sep. 30, 2014 | Mar. 31, 2014 | Sep. 30, 2013 | |
Goodwill [Line Items] | |||||||||||
Goodwill Allocated to DP&L Reporting Unit | $ 2.4 | $ 2.4 | |||||||||
Goodwill | 0 | 0 | $ 317 | $ 452.8 | |||||||
Goodwill, Impairment Loss | [1] | 317 | 135.8 | 306.3 | |||||||
DPLER [Member] | |||||||||||
Goodwill [Line Items] | |||||||||||
Goodwill | 0 | 0 | 0 | 135.8 | $ 135.8 | $ 135.8 | |||||
Goodwill, Impairment Loss | $ 135.8 | 0 | 135.8 | ||||||||
THE DAYTON POWER AND LIGHT COMPANY [Member] | |||||||||||
Goodwill [Line Items] | |||||||||||
Goodwill | $ 317 | 0 | 0 | 317 | 317 | $ 317 | $ 623.3 | ||||
Goodwill, Impairment Loss | $ 306.3 | $ 317 | $ 317 | $ 0 | $ 306.3 | ||||||
[1] | Goodwill impairment of $135.8 million in 2014 has been reclassified to Discontinued operations in the Consolidated Statement of Operations. |
Debt (Narrative) (Details)
Debt (Narrative) (Details) | Feb. 05, 2016USD ($) | Aug. 03, 2015USD ($) | Jul. 01, 2015USD ($) | Mar. 31, 2014USD ($) | Oct. 03, 2011USD ($) | Oct. 31, 2014USD ($) | Jun. 30, 2015USD ($) | Dec. 31, 2015USD ($)letter_of_creditfiscal_quarterdebt_covenant | Dec. 31, 2014USD ($) | Jan. 06, 2016USD ($) | Sep. 30, 2015fiscal_quarterdebt_covenant | Jul. 31, 2015USD ($) | Sep. 19, 2013USD ($) |
Debt Instrument [Line Items] | |||||||||||||
Additional principal amount of senior notes to be raised | $ 1,250,000,000 | ||||||||||||
Current portion - long-term debt | $ 574,900,000 | $ 20,100,000 | |||||||||||
Debt Covenant, Leverage Ratio, Maximum | 0.67 | ||||||||||||
Debt Covenant, Interest Coverage Ratio, Minimum | 2.50 | ||||||||||||
Leverage Ratio | 1.03 | ||||||||||||
THE DAYTON POWER AND LIGHT COMPANY [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Current portion - long-term debt | $ 444,900,000 | 100,000 | |||||||||||
Notes payable - related party | $ 15,000,000 | ||||||||||||
Revolving Credit Agreeement with Bank Group Expiring 2018 [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Unsecured revolving credit agreement | $ 300,000,000 | ||||||||||||
Debt Instrument, Term | 5 years | ||||||||||||
Letter of credit sublimit | $ 100,000,000 | ||||||||||||
Line of credit facility, additional borrowing capacity | 100,000,000 | ||||||||||||
Letters of credit outstanding | $ 35,300,000 | 1,400,000 | |||||||||||
Line of credit facility, remaining borrowing capacity | $ 173,600,000 | ||||||||||||
Revolving Credit Agreement with Bank Group Expiring 2020 [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Unsecured revolving credit agreement | $ 175,000,000 | ||||||||||||
Letter of credit sublimit | 50,000,000 | ||||||||||||
Line of credit facility, additional borrowing capacity | 100,000,000 | ||||||||||||
Revolving Credit Agreement and Standby Letters of Credit [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of financial covenants | debt_covenant | 2 | 2 | |||||||||||
Number of prior quarters included in debt to EBITDA ratio | fiscal_quarter | 4 | 4 | |||||||||||
U.S. Government note maturing in 2061 - 4.20% [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, gross | $ 18,100,000 | 18,200,000 | |||||||||||
U.S. Government note maturing in 2061 - 4.20% [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Maturity Date Range, End | Feb. 1, 2061 | ||||||||||||
Long-term debt, gross | $ 18,100,000 | 18,200,000 | |||||||||||
Debt instrument interest percentage | 4.20% | ||||||||||||
First Mortgage Bonds Maturing in 2016 - 1.875% | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, gross | $ 445,000,000 | 445,000,000 | $ 445,000,000 | ||||||||||
First Mortgage Bonds Maturing in 2016 - 1.875% | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Maturity Date Range, End | Sep. 1, 2016 | ||||||||||||
Long-term debt, gross | $ 445,000,000 | 445,000,000 | $ 445,000,000 | ||||||||||
Debt instrument interest percentage | 1.875% | ||||||||||||
First Mortgage Bonds [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Repayments of debt | $ 470,000,000 | ||||||||||||
Bank Term Loan maturing in May 2018 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Maturity Date Range, End | Jul. 31, 2020 | ||||||||||||
Long-term debt, gross | $ 125,000,000 | 160,000,000 | 160,000,000 | ||||||||||
Bank Term Loan Maturing July 2020 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, gross | 125,000,000 | ||||||||||||
DPL Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Unsecured revolving credit agreement | $ 100,000,000 | 205,000,000 | |||||||||||
Debt Instrument, Term | 5 years | ||||||||||||
Number of letters of credit outstanding | letter_of_credit | 2 | ||||||||||||
Letter of credit sublimit | $ 100,000,000 | 200,000,000 | |||||||||||
Line of credit facility, additional borrowing capacity | $ 50,000,000 | $ 95,000,000 | |||||||||||
Letters of credit outstanding | $ 3,000,000 | ||||||||||||
Line of credit facility, remaining borrowing capacity | $ 202,000,000 | ||||||||||||
DPL Revolving Credit Agreement and Term Loan Maturing July 2020 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Number of financial covenants | debt_covenant | 2 | ||||||||||||
Debt Instrument, Debt Covenant, Debt to EBITDA Ratio, Number of Quarters | fiscal_quarter | 4 | ||||||||||||
Number of prior quarters included in debt to EBITDA ratio | fiscal_quarter | 4 | ||||||||||||
Senior Unsecured Bonds at 6.50% maturing in 2016 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Additional principal amount of senior notes to be raised | $ 450,000,000 | ||||||||||||
Debt Instrument, Maturity Date Range, End | Oct. 1, 2016 | ||||||||||||
Long-term debt, gross | $ 130,000,000 | $ 130,000,000 | 130,000,000 | ||||||||||
Extinguishment of debt, amount | $ 300,000,000 | ||||||||||||
Repayments of debt | 20,000,000 | ||||||||||||
Debt instrument interest percentage | 6.50% | 6.50% | 6.50% | ||||||||||
Senior Unsecured Bonds at 7.25% maturing in 2021 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Additional principal amount of senior notes to be raised | $ 800,000,000 | ||||||||||||
Debt Instrument, Maturity Date Range, End | Oct. 1, 2021 | ||||||||||||
Long-term debt, gross | $ 780,000,000 | 780,000,000 | |||||||||||
Debt instrument interest percentage | 7.25% | 7.25% | |||||||||||
Senior Unsecured notes maturing October 2019 at 6.75% [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Face Amount | $ 200,000,000 | ||||||||||||
Debt instrument interest percentage | 6.75% | ||||||||||||
Note to DPL Capital Trust II Maturing in 2031 - 8.125% [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Maturity Date Range, End | Sep. 1, 2031 | ||||||||||||
Long-term debt, gross | $ 15,600,000 | 15,600,000 | |||||||||||
Repayments of debt | $ 5,000,000 | ||||||||||||
Debt instrument interest percentage | 8.125% | ||||||||||||
Pollution control series maturing in November 2040 - variable rates: 0.04% - 0.26% and 0.06% - 0.32% [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, gross | $ 0 | 100,000,000 | |||||||||||
Pollution control series maturing in November 2040 - variable rates: 0.04% - 0.26% and 0.06% - 0.32% [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Maturity Date Range, End | Nov. 1, 2040 | ||||||||||||
Long-term debt, gross | $ 0 | 100,000,000 | |||||||||||
Extinguishment of debt, amount | 100,000,000 | ||||||||||||
Pollution Control Series Maturing in 2028 - 4.70% [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, gross | $ 0 | 35,300,000 | |||||||||||
Pollution Control Series Maturing in 2028 - 4.70% [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Maturity Date Range, End | Jan. 1, 2028 | ||||||||||||
Long-term debt, gross | $ 0 | 35,300,000 | |||||||||||
Extinguishment of debt, amount | $ 35,300,000 | ||||||||||||
Debt instrument interest percentage | 4.70% | 4.70% | |||||||||||
Pollution Control Series Maturing in 2034 - 4.80% [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, gross | $ 0 | 179,100,000 | |||||||||||
Pollution Control Series Maturing in 2034 - 4.80% [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Maturity Date Range, End | Jan. 1, 2034 | ||||||||||||
Long-term debt, gross | $ 0 | $ 179,100,000 | |||||||||||
Extinguishment of debt, amount | 137,800,000 | $ 41,300,000 | |||||||||||
Repayments of debt | $ 37,800,000 | ||||||||||||
Debt instrument interest percentage | 4.80% | 4.80% | 4.80% | ||||||||||
Note Payable to DPL Inc. [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt instrument interest percentage | 2.67% | ||||||||||||
Notes payable - related party | $ 35,000,000 | ||||||||||||
Variable Rate Notes Backed by Term Loan and First Mortgage Bonds [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Debt Instrument, Face Amount | $ 200,000,000 | ||||||||||||
Subsequent Event [Member] | Senior Unsecured Bonds at 6.50% maturing in 2016 [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Long-term debt, gross | $ 130,000,000 | ||||||||||||
Make Whole Premium | $ 2,400,000 | ||||||||||||
Extinguishment of debt, amount | $ 73,000,000 | ||||||||||||
Debt instrument interest percentage | 6.50% | ||||||||||||
London Interbank Offered Rate (LIBOR) [Member] | Note Payable to DPL Inc. [Member] | |||||||||||||
Debt Instrument [Line Items] | |||||||||||||
Basis spread on variable interest rate (percent) | 2.00% |
Debt (Long-term Debt) (Details)
Debt (Long-term Debt) (Details) - USD ($) $ in Millions | 12 Months Ended | |||||||
Dec. 31, 2015 | Dec. 31, 2014 | Aug. 03, 2015 | Jul. 31, 2015 | Jul. 01, 2015 | Oct. 31, 2014 | Sep. 19, 2013 | Oct. 03, 2011 | |
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Unamortized Discount (Premium), Net | $ (0.7) | $ (0.7) | ||||||
Total long-term debt at subsidary | 759.5 | 874.8 | ||||||
Subtotal | 2,009.4 | 2,159.7 | ||||||
Less: current portion | (574.9) | (20.1) | ||||||
Total | $ 1,434.5 | 2,139.6 | ||||||
Debt maturity date, earliest | 2,016 | |||||||
Debt maturity date, latest | 2,061 | |||||||
THE DAYTON POWER AND LIGHT COMPANY [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt Instrument, Unamortized Discount | $ (0.2) | (0.5) | ||||||
Debt Instrument, Unamortized Discount (Premium), Net | (3.6) | (2.8) | ||||||
Subtotal | 762.9 | 877.1 | ||||||
Less: current portion | (444.9) | (0.1) | ||||||
Total | 318 | 877 | ||||||
First Mortgage Bonds Maturing in 2016 - 1.875% | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, gross | 445 | 445 | $ 445 | |||||
First Mortgage Bonds Maturing in 2016 - 1.875% | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, gross | $ 445 | 445 | $ 445 | |||||
Debt instrument maturity year | Sep. 1, 2016 | |||||||
Debt instrument interest percentage | 1.875% | |||||||
Pollution Control Series Maturing in 2028 - 4.70% [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, gross | $ 0 | 35.3 | ||||||
Pollution Control Series Maturing in 2028 - 4.70% [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, gross | $ 0 | 35.3 | ||||||
Debt instrument maturity year | Jan. 1, 2028 | |||||||
Debt instrument interest percentage | 4.70% | 4.70% | ||||||
Pollution Control Series Maturing in 2034 - 4.80% [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, gross | $ 0 | 179.1 | ||||||
Pollution Control Series Maturing in 2034 - 4.80% [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, gross | $ 0 | 179.1 | ||||||
Debt instrument maturity year | Jan. 1, 2034 | |||||||
Debt instrument interest percentage | 4.80% | 4.80% | 4.80% | |||||
Pollution Control Series Maturing in 2036 - 4.80% [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, gross | $ 100 | 100 | ||||||
Pollution Control Series Maturing in 2036 - 4.80% [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, gross | $ 100 | 100 | ||||||
Debt instrument maturity year | Sep. 1, 2036 | |||||||
Debt instrument interest percentage | 4.80% | |||||||
Pollution control series Maturing in 2040 - rates from: 0.02% - 0.12% and 0.04% - 0.15% | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, gross | $ 0 | 100 | ||||||
Pollution control series Maturing in 2040 - rates from: 0.02% - 0.12% and 0.04% - 0.15% | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, gross | $ 0 | $ 100 | ||||||
Debt instrument maturity year | Nov. 1, 2040 | |||||||
Debt instrument interest percentage minimum | 0.02% | 0.04% | ||||||
Debt instrument interest percentage maximum | 0.12% | 0.15% | ||||||
Pollution control series - rates from: 1.13% - 1.17% | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, gross | $ 200 | $ 0 | ||||||
Pollution control series - rates from: 1.13% - 1.17% | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, gross | $ 200 | 0 | ||||||
Debt instrument maturity year | Aug. 1, 2040 | |||||||
Debt instrument interest percentage minimum | 1.13% | |||||||
Debt instrument interest percentage maximum | 1.17% | |||||||
U.S. Government note maturing in 2061 - 4.20% [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, gross | $ 18.1 | 18.2 | ||||||
U.S. Government note maturing in 2061 - 4.20% [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, gross | $ 18.1 | 18.2 | ||||||
Debt instrument maturity year | Feb. 1, 2061 | |||||||
Debt instrument interest percentage | 4.20% | |||||||
Bank Term Loan maturing in May 2018 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, gross | $ 125 | $ 160 | $ 160 | |||||
Debt instrument maturity year | Jul. 31, 2020 | |||||||
Debt instrument interest percentage minimum | 2.44% | 2.41% | ||||||
Debt instrument interest percentage maximum | 2.67% | 2.44% | ||||||
Senior Unsecured Bonds at 6.50% maturing in 2016 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, gross | $ 130 | $ 130 | $ 130 | |||||
Debt instrument maturity year | Oct. 1, 2016 | |||||||
Debt instrument interest percentage | 6.50% | 6.50% | 6.50% | |||||
Senior Unsecured Bonds at 6.75% maturing in 2019 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, gross | $ 200 | 200 | ||||||
Debt instrument maturity year | Oct. 1, 2019 | |||||||
Debt instrument interest percentage | 6.75% | |||||||
Senior Unsecured Bonds at 7.25% maturing in 2021 [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, gross | $ 780 | 780 | ||||||
Debt instrument maturity year | Oct. 1, 2021 | |||||||
Debt instrument interest percentage | 7.25% | 7.25% | ||||||
Note to DPL Capital Trust II Maturing in 2031 - 8.125% [Member] | ||||||||
Debt Instrument [Line Items] | ||||||||
Long-term debt, gross | $ 15.6 | $ 15.6 | ||||||
Debt instrument maturity year | Sep. 1, 2031 | |||||||
Debt instrument interest percentage | 8.125% |
Debt (Long-term Debt Maturities
Debt (Long-term Debt Maturities) (Details) $ in Millions | Dec. 31, 2015USD ($) |
Debt Instrument [Line Items] | |
2,016 | $ 575.1 |
2,017 | 25.1 |
2,018 | 25.1 |
2,019 | 225.2 |
2,020 | 250.2 |
Thereafter | 913 |
Total Maturities | 2,013.7 |
Unamortized discounts and premiums, net | (4.3) |
Total long-term debt | 2,009.4 |
THE DAYTON POWER AND LIGHT COMPANY [Member] | |
Debt Instrument [Line Items] | |
2,016 | 445.1 |
2,017 | 0.1 |
2,018 | 0.1 |
2,019 | 0.2 |
2,020 | 200.2 |
Thereafter | 117.4 |
Total Maturities | 763.1 |
Unamortized discounts and premiums, net | (0.2) |
Total long-term debt | $ 762.9 |
Income Taxes (Components of Inc
Income Taxes (Components of Income Tax Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Line Items] | |||
Federal income tax | $ (81) | $ 25.4 | $ (71.7) |
State income taxes, net of federal effect | (0.1) | 0.8 | 1.1 |
Depreciation of AFUDC - Equity | (3.5) | (3.4) | (3.2) |
Investment tax credit amortized | (0.5) | (0.5) | (0.5) |
Section 199 - domestic production deduction | (4.1) | (1.1) | (4.1) |
Non-deductible goodwill impairment | 111 | 0 | 107.2 |
Accrual (settlement) for open tax years | 0 | (6.6) | (8.8) |
Other, net | (1.8) | 0.8 | (0.2) |
Total tax expense | 20 | 15.4 | 19.8 |
Federal - Current | 30.1 | (5.2) | (2.5) |
State and Local - Current | 0.8 | 0.4 | 0 |
Total Current | 30.9 | (4.8) | (2.5) |
Federal - Deferred | (9.9) | 19.6 | 20.6 |
State and Local - Deferred | (1) | 0.6 | 1.7 |
Total Deferred | (10.9) | 20.2 | 22.3 |
THE DAYTON POWER AND LIGHT COMPANY [Member] | |||
Income Taxes [Line Items] | |||
Federal income tax | 49.3 | 53.8 | 35.5 |
State income taxes, net of federal effect | 0.4 | 1.2 | 0.3 |
Depreciation of AFUDC - Equity | (2.8) | (2.7) | (2.5) |
Investment tax credit amortized | (2.4) | (2.5) | (2.5) |
Section 199 - domestic production deduction | (6.1) | (4.6) | (4.1) |
Accrual (settlement) for open tax years | 0 | (6.6) | (8.8) |
Other, net | (3.3) | 1.1 | 0.7 |
Total tax expense | 35.1 | 39.7 | 18.6 |
Federal - Current | 55.8 | 34.1 | 38.6 |
State and Local - Current | 0.8 | 0.5 | (0.1) |
Total Current | 56.6 | 34.6 | 38.5 |
Federal - Deferred | (21) | 4.1 | (20.4) |
State and Local - Deferred | (0.5) | 1 | 0.5 |
Total Deferred | $ (21.5) | $ 5.1 | $ (19.9) |
Income Taxes (Effective and Sta
Income Taxes (Effective and Statutory Rate Reconciliation) (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Entity Information [Line Items] | |||
Statutory Federal tax rate | 35.00% | 35.00% | 35.00% |
State taxes, net of Federal tax benefit | 0.10% | 1.10% | (0.60%) |
AFUDC - Equity | 1.50% | (4.70%) | 1.50% |
Amortization of investment tax credits | 0.20% | (0.70%) | 0.20% |
Section 199 - domestic production deduction | 1.80% | (1.60%) | 2.00% |
Non-deductible goodwill impairment | (48.00%) | 0.00% | (52.10%) |
Other, net | 0.80% | (7.90%) | 4.30% |
Effective tax rate | (8.60%) | 21.20% | (9.70%) |
THE DAYTON POWER AND LIGHT COMPANY [Member] | |||
Entity Information [Line Items] | |||
Statutory Federal tax rate | 35.00% | 35.00% | 35.00% |
State taxes, net of Federal tax benefit | 0.30% | 0.80% | 0.30% |
AFUDC - Equity | (2.00%) | (1.70%) | (2.40%) |
Amortization of investment tax credits | (1.70%) | (1.60%) | (2.40%) |
Section 199 - domestic production deduction | (4.30%) | (3.00%) | (4.00%) |
Other, net | (2.50%) | (3.80%) | (8.30%) |
Effective tax rate | 24.80% | 25.70% | 18.20% |
Income Taxes (Components of Def
Income Taxes (Components of Deferred Tax Assets and Liabilities) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Line Items] | |||
Depreciation / property basis | $ (539.8) | $ (548.2) | |
Income taxes recoverable | (12) | (14.8) | |
Regulatory assets | (10.6) | (18) | |
Investment tax credit | 0.7 | 1.5 | |
Compensation and employee benefits | 3.1 | 3.2 | |
Intangibles | (8.4) | (7) | |
Long-term debt | (1.1) | (1.5) | |
Other | (0.6) | (2.5) | |
Net non-current liabilities | (568.7) | (587.3) | |
Other | 0 | 1.1 | |
Net current assets | $ 0 | 1.1 | |
Estimated Annual Effective Income Tax Rate, Continuing Operations | 35.00% | ||
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | $ 0.2 | 0.4 | $ 0 |
Deferred tax assets related to state and local tax net operating loss carryforwards, net of related valuation allowances | 26 | 27.1 | |
Deferred tax assets related to state and local net operating loss carryforwards, valuation allowances | 17.2 | 18.9 | |
THE DAYTON POWER AND LIGHT COMPANY [Member] | |||
Income Taxes [Line Items] | |||
Depreciation / property basis | (608.8) | (618.8) | |
Income taxes recoverable | (12) | (14.8) | |
Regulatory assets | (11.5) | (18) | |
Investment tax credit | 7 | 8.6 | |
Compensation and employee benefits | 3.6 | 5.2 | |
Other | (9.5) | (12.2) | |
Net non-current liabilities | (631.2) | (650) | |
Other | 0 | 0.5 | |
Net current assets | $ 0 | 0.5 | |
Estimated Annual Effective Income Tax Rate, Continuing Operations | 35.00% | ||
Additional tax increase / decrease | $ (0.4) | $ 0.7 | $ (1.1) |
Income Taxes (Tax or Benefit cr
Income Taxes (Tax or Benefit credited to AOCI) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Taxes [Line Items] | |||
Tax expense/ (benefit) | $ 6.3 | $ (9.1) | $ 15.4 |
THE DAYTON POWER AND LIGHT COMPANY [Member] | |||
Income Taxes [Line Items] | |||
Tax expense/ (benefit) | $ 7.5 | $ (6) | $ 7 |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Balance at beginning of year | $ 3 | $ 8.8 |
Tax positions taken during prior periods | 0 | 2.8 |
Lapse of applicable statute of limitations | 0 | (8.6) |
Balance at end of year | 3 | 3 |
THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Balance at beginning of year | 3 | 8.8 |
Tax positions taken during prior periods | 0 | 2.8 |
Lapse of applicable statute of limitations | 0 | (8.6) |
Tax positions taken during current period | 0 | |
Balance at end of year | $ 3 | $ 3 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Income Taxes [Line Items] | ||
Unrecognized tax benefits due to uncertainty in timing of deductibility | $ 0.9 | |
Tax Refund | $ 19.9 | |
Decrease in income tax expense | $ 1.2 | |
THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Income Taxes [Line Items] | ||
Unrecognized tax benefits due to uncertainty in timing of deductibility | 0.9 | |
Tax Refund | 19.9 | |
Decrease in income tax expense | $ 1.2 |
Benefit Plans (Narrative) (Deta
Benefit Plans (Narrative) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |||
Jan. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined contribution plan, non-union employee eligibility threshold (hours) | 160 hours | ||||
Defined contribution plan, union employee eligibility threshold (days) | 30 days | ||||
Defined contribution plan, maximum annual contributions per employee (percent) | 85.00% | ||||
Employer contributions to defined contribution plan | $ 4,800,000 | $ 4,700,000 | $ 4,800,000 | ||
Accumulated benefit obligation for our defined benefit pension plans | $ 401,200,000 | $ 431,000,000 | |||
Funded status of defined benefit pension plan | 112.54% | ||||
Change in assumed health care cost trend rate (percent) | 1.00% | ||||
THE DAYTON POWER AND LIGHT COMPANY [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined contribution plan, non-union employee eligibility threshold (hours) | 160 hours | ||||
Defined contribution plan, union employee eligibility threshold (days) | 30 years | ||||
Defined contribution plan, maximum annual contributions per employee (percent) | 85.00% | ||||
Employer contributions to defined contribution plan | $ 4,800,000 | $ 4,700,000 | 4,800,000 | ||
Accumulated benefit obligation for our defined benefit pension plans | 401,200,000 | $ 431,000,000 | |||
Funded status of defined benefit pension plan | 112.54% | ||||
Defined Benefit Plan, Fair Value of Plan Assets, Other Investments | 53,000,000 | $ 49,500,000 | |||
Defined Benefit Plan, Fair Value of Plan Assets | $ 345,400,000 | 371,700,000 | |||
Change in assumed health care cost trend rate (percent) | 1.00% | ||||
Defined Benefit Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan employee vested percentage | 100.00% | ||||
Defined benefit plan employee vested minimum period, years | 5 years | ||||
Defined benefit plan, percent forfeited if terminated, other than by death or disability, prior to full vesting (percent) | 100.00% | ||||
Defined Benefit Plan [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan employee vested percentage | 100.00% | ||||
Defined benefit plan employee vested minimum period, years | 5 years | ||||
Defined benefit plan, percent forfeited if terminated, other than by death or disability, prior to full vesting (percent) | 100.00% | ||||
Cash Balance Plan [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan employee vested percentage | 100.00% | ||||
Defined benefit plan employee vested minimum period, years | 3 years | ||||
Defined benefit plan, percent forfeited if terminated, other than by death or disability, prior to full vesting (percent) | 100.00% | ||||
Management Employees [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined benefit plan employee vested percentage | 100.00% | ||||
Defined benefit plan employee vested minimum period, years | 3 years | ||||
Defined benefit plan, percent forfeited if terminated, other than by death or disability, prior to full vesting (percent) | 100.00% | ||||
Pension [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Pension Contributions | $ 5,000,000 | $ 0 | $ 0 | ||
Expected rate of return on plan assets | 6.50% | 6.75% | 6.75% | ||
Discount rate for obligations | 4.49% | 4.02% | 4.86% | ||
Discount rate | 4.02% | 4.86% | 4.04% | ||
Defined Benefit Plan, Fair Value of Plan Assets, Other Investments | $ 53,000,000 | $ 49,500,000 | |||
Defined Benefit Plan, Fair Value of Plan Assets | 345,400,000 | 371,700,000 | $ 349,100,000 | ||
Service cost | 7,100,000 | 5,900,000 | 7,200,000 | ||
Interest cost | 17,300,000 | 17,500,000 | 15,600,000 | ||
Pension [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Pension Contributions | $ 5,000,000 | $ 0 | $ 0 | ||
Expected rate of return on plan assets | 6.50% | 6.75% | 6.75% | ||
Discount rate for obligations | 4.49% | 4.02% | 4.86% | ||
Discount rate | 4.02% | 4.86% | 4.04% | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 345,400,000 | $ 371,700,000 | $ 349,100,000 | ||
Service cost | 7,100,000 | 5,900,000 | 7,200,000 | ||
Interest cost | $ 17,300,000 | $ 17,500,000 | $ 15,600,000 | ||
Postretirement [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Expected rate of return on plan assets | 4.50% | 6.00% | 6.00% | ||
Discount rate for obligations | 4.10% | 3.71% | 4.58% | ||
Estimated contribution to the defined benefit plans next year | $ 1,100,000 | ||||
Discount rate | 3.81% | 4.51% | 4.58% | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 2,800,000 | $ 3,300,000 | $ 3,700,000 | ||
Service cost | 200,000 | 200,000 | 200,000 | ||
Interest cost | $ 600,000 | $ 800,000 | $ 800,000 | ||
Postretirement [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Expected rate of return on plan assets | 4.50% | 6.00% | 6.00% | ||
Discount rate for obligations | 4.10% | 3.71% | 4.58% | ||
Estimated contribution to the defined benefit plans next year | $ 1,100,000 | ||||
Discount rate | 3.81% | 4.51% | 4.58% | ||
Defined Benefit Plan, Fair Value of Plan Assets | $ 2,800,000 | $ 3,300,000 | $ 3,700,000 | ||
Service cost | 200,000 | 200,000 | 200,000 | ||
Interest cost | 600,000 | $ 800,000 | $ 800,000 | ||
SERP [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Estimated contribution to the defined benefit plans next year | 400,000 | ||||
SERP [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Estimated contribution to the defined benefit plans next year | $ 400,000 | ||||
Equity Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Target allocations for plan assets, fixed income securities, minimum | 18.00% | ||||
Target allocations for plan assets, fixed income securities, maximum | 38.00% | ||||
Equity Securities [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Target allocations for plan assets, fixed income securities, minimum | 18.00% | ||||
Target allocations for plan assets, fixed income securities, maximum | 38.00% | ||||
Fixed Income Securities [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Target allocations for plan assets, fixed income securities, minimum | 58.00% | ||||
Target allocations for plan assets, fixed income securities, maximum | 86.00% | ||||
Fixed Income Securities [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Target allocations for plan assets, fixed income securities, minimum | 58.00% | ||||
Target allocations for plan assets, fixed income securities, maximum | 86.00% | ||||
Scenario, Forecast [Member] | Defined Benefit Plan [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost | $ 400,000 | ||||
Interest cost | $ 3,100,000 | ||||
Scenario, Forecast [Member] | Pension [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Expected rate of return on plan assets | 6.50% | ||||
Discount rate for obligations | 4.49% | ||||
Scenario, Forecast [Member] | Pension [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Expected rate of return on plan assets | 6.50% | ||||
Discount rate for obligations | 4.49% | ||||
Service cost | $ 400,000 | ||||
Interest cost | $ 3,200,000 | ||||
Scenario, Forecast [Member] | Postretirement [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Expected rate of return on plan assets | 3.90% | ||||
Discount rate for obligations | 4.10% | ||||
Scenario, Forecast [Member] | Postretirement [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Expected rate of return on plan assets | 3.90% | ||||
Discount rate for obligations | 4.10% | ||||
Scenario, Forecast [Member] | SERP [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Service cost | $ 0 | ||||
Interest cost | $ 100,000 | ||||
Increase in Expected Rate of Return [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Change in Expected rate of return on plan assets | 1.00% | ||||
Change in Pension Expense | $ (3,500,000) | ||||
Increase in Expected Rate of Return [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Change in Expected rate of return on plan assets | 1.00% | ||||
Change in Pension Expense | $ (3,500,000) | ||||
Decrease in Expected Rate of Return [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Change in Expected rate of return on plan assets | 1.00% | ||||
Change in Pension Expense | $ 3,500,000 | ||||
Decrease in Expected Rate of Return [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Change in Expected rate of return on plan assets | 1.00% | ||||
Change in Pension Expense | $ 3,500,000 | ||||
Expected Increase in Discount Rate [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Change in Pension Expense | $ (200,000) | ||||
Change in Discount Rate | 0.25% | ||||
Expected Increase in Discount Rate [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Change in Pension Expense | $ (200,000) | ||||
Change in Discount Rate | 0.25% | ||||
Expected Decrease in Discount Rate [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Change in Pension Expense | $ 300,000 | ||||
Change in Discount Rate | 0.25% | ||||
Expected Decrease in Discount Rate [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Change in Pension Expense | $ 300,000 | ||||
Change in Discount Rate | 0.25% | ||||
Change in Assumed Health Care Cost Trend Rate [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Effect on postemployment benefit costs of change in assumed health care cost trend rate (less than) | $ 1,000,000 | ||||
Change in Assumed Health Care Cost Trend Rate [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Effect on postemployment benefit costs of change in assumed health care cost trend rate (less than) | $ 1,000,000 | ||||
Non-union Participant [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined contribution plan, period after which participant is fully vested in employer contributions | 2 years | ||||
Non-union Participant [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined contribution plan, period after which participant is fully vested in employer contributions | 2 years | ||||
Non-union Participant [Member] | First 1% of Eligible Compensation [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined contribution plan, employer matching contribution (percent) | 100.00% | ||||
Defined contribution plan, employer matching contribution, percent of employees' gross pay (percent) | 1.00% | ||||
Non-union Participant [Member] | First 1% of Eligible Compensation [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined contribution plan, employer matching contribution (percent) | 100.00% | ||||
Defined contribution plan, employer matching contribution, percent of employees' gross pay (percent) | 1.00% | ||||
Non-union Participant [Member] | Next 5% of Eligible Compensation [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined contribution plan, employer matching contribution (percent) | 50.00% | ||||
Defined contribution plan, employer matching contribution, percent of employees' gross pay (percent) | 5.00% | ||||
Non-union Participant [Member] | Next 5% of Eligible Compensation [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined contribution plan, employer matching contribution (percent) | 50.00% | ||||
Defined contribution plan, employer matching contribution, percent of employees' gross pay (percent) | 5.00% | ||||
Union Participant [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined contribution plan, employer matching contribution, percent of employees' gross pay (percent) | 150.00% | ||||
Defined contribution plan, period after which participant is fully vested in employer contributions | 3 years | ||||
Defined contribution plan, employer matching contribution cap | $ 2,100 | ||||
Union Participant [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Defined contribution plan, employer matching contribution, percent of employees' gross pay (percent) | 150.00% | ||||
Defined contribution plan, period after which participant is fully vested in employer contributions | 3 years | ||||
Defined contribution plan, employer matching contribution cap | $ 2,100 | ||||
Subsequent Event [Member] | Pension [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Pension Contributions | $ 5,000,000 | ||||
Subsequent Event [Member] | Pension [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||||
Defined Benefit Plan Disclosure [Line Items] | |||||
Pension Contributions | $ 5,000,000 |
Benefit Plans (Pension and Post
Benefit Plans (Pension and Postretirement Benefit Plans' Obligations and Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Noncurrent liabilities | $ (87.1) | $ (95.9) | |
THE DAYTON POWER AND LIGHT COMPANY [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at January 1 | 371.7 | ||
Fair value of plan assets at December 31 | 345.4 | 371.7 | |
Noncurrent liabilities | (87.1) | (95.9) | |
Postretirement [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at January 1 | 19.6 | 19.7 | |
Service cost | 0.2 | 0.2 | $ 0.2 |
Interest cost | 0.6 | 0.8 | 0.8 |
Actuarial (gain) / loss | (1.1) | 0.2 | |
Benefits paid | (1.5) | (1.3) | |
Benefit obligation at December 31 | 17.8 | 19.6 | 19.7 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at January 1 | 3.3 | 3.7 | |
Contributions to plan assets | 1 | 0.9 | |
Fair value of plan assets at December 31 | 2.8 | 3.3 | 3.7 |
Funded Status of Plan | (15) | (16.3) | |
Current liabilities | (0.4) | (0.5) | |
Noncurrent liabilities | (14.6) | (15.8) | |
Net asset / (liability) at December 31 | (15) | (16.3) | |
Prior service cost | 0.3 | 0.4 | |
Net actuarial loss | (5.5) | (5) | |
Accumulated other comprehensive income, regulatory assets and regulatory liabilities, pre-tax | (5.2) | (4.6) | |
Postretirement [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at January 1 | 19.6 | 19.7 | |
Service cost | 0.2 | 0.2 | 0.2 |
Interest cost | 0.6 | 0.8 | 0.8 |
Actuarial (gain) / loss | (1.1) | 0.2 | |
Benefits paid | (1.5) | (1.3) | |
Benefit obligation at December 31 | 17.8 | 19.6 | 19.7 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at January 1 | 3.3 | 3.7 | |
Contributions to plan assets | 1 | 0.9 | |
Fair value of plan assets at December 31 | 2.8 | 3.3 | 3.7 |
Funded Status of Plan | (15) | (16.3) | |
Current liabilities | (0.4) | (0.5) | |
Noncurrent liabilities | (14.6) | (15.8) | |
Net asset / (liability) at December 31 | (15) | (16.3) | |
Prior service cost | 0.5 | 0.6 | |
Net actuarial loss | (6.2) | (5.8) | |
Accumulated other comprehensive income, regulatory assets and regulatory liabilities, pre-tax | (5.7) | (5.2) | |
Pension [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at January 1 | 443.8 | 370.5 | |
Service cost | 7.1 | 5.9 | 7.2 |
Interest cost | 17.3 | 17.5 | 15.6 |
Plan amendments | 0 | 6.8 | |
Actuarial (gain) / loss | (34.5) | 67.3 | |
Benefits paid | (22.9) | (24.2) | |
Benefit obligation at December 31 | 410.8 | 443.8 | 370.5 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at January 1 | 371.7 | 349.1 | |
Actual return / (loss) on plan assets | (8.8) | 46.4 | |
Contributions to plan assets | 5.4 | 0.4 | |
Fair value of plan assets at December 31 | 345.4 | 371.7 | 349.1 |
Funded Status of Plan | (65.4) | (72.1) | |
Current liabilities | (0.4) | (0.4) | |
Noncurrent liabilities | (65) | (71.7) | |
Net asset / (liability) at December 31 | (65.4) | (72.1) | |
Prior service cost | 12 | 14.1 | |
Net actuarial loss | 94.7 | 103.4 | |
Accumulated other comprehensive income, regulatory assets and regulatory liabilities, pre-tax | 106.7 | 117.5 | |
Pension [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | |||
Benefit obligation at January 1 | 443.8 | 370.5 | |
Service cost | 7.1 | 5.9 | 7.2 |
Interest cost | 17.3 | 17.5 | 15.6 |
Plan amendments | 0 | 6.8 | |
Actuarial (gain) / loss | (34.5) | 67.3 | |
Benefits paid | (22.9) | (24.2) | |
Benefit obligation at December 31 | 410.8 | 443.8 | 370.5 |
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Fair value of plan assets at January 1 | 371.7 | 349.1 | |
Actual return / (loss) on plan assets | (8.8) | 46.4 | |
Contributions to plan assets | 5.4 | 0.4 | |
Fair value of plan assets at December 31 | 345.4 | 371.7 | $ 349.1 |
Funded Status of Plan | (65.4) | (72.1) | |
Current liabilities | (0.4) | (0.4) | |
Noncurrent liabilities | (65) | (71.7) | |
Net asset / (liability) at December 31 | (65.4) | (72.1) | |
Prior service cost | 17 | 20.3 | |
Net actuarial loss | 139.7 | 152.5 | |
Accumulated other comprehensive income, regulatory assets and regulatory liabilities, pre-tax | 156.7 | 172.8 | |
Regulatory Asset [Member] | Postretirement [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Accumulated other comprehensive income, regulatory assets and regulatory liabilities, pre-tax | 0.3 | 0.4 | |
Regulatory Asset [Member] | Postretirement [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Accumulated other comprehensive income, regulatory assets and regulatory liabilities, pre-tax | 0.3 | 0 | |
Regulatory Asset [Member] | Pension [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Accumulated other comprehensive income, regulatory assets and regulatory liabilities, pre-tax | 91.1 | 99 | |
Regulatory Asset [Member] | Pension [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Accumulated other comprehensive income, regulatory assets and regulatory liabilities, pre-tax | 91.1 | 99 | |
Regulatory Liability [Member] | Postretirement [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Accumulated other comprehensive income, regulatory assets and regulatory liabilities, pre-tax | (5.1) | (4.8) | |
Regulatory Liability [Member] | Postretirement [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Accumulated other comprehensive income, regulatory assets and regulatory liabilities, pre-tax | (5.1) | (4.5) | |
Regulatory Liability [Member] | Pension [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Accumulated other comprehensive income, regulatory assets and regulatory liabilities, pre-tax | 0 | 0 | |
Regulatory Liability [Member] | Pension [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Accumulated other comprehensive income, regulatory assets and regulatory liabilities, pre-tax | 0 | 0 | |
Accumulated Other Comprehensive Income/(Loss) [Member] | Postretirement [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Accumulated other comprehensive income, regulatory assets and regulatory liabilities, pre-tax | (0.4) | (0.2) | |
Accumulated Other Comprehensive Income/(Loss) [Member] | Postretirement [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Accumulated other comprehensive income, regulatory assets and regulatory liabilities, pre-tax | (0.9) | (0.7) | |
Accumulated Other Comprehensive Income/(Loss) [Member] | Pension [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Accumulated other comprehensive income, regulatory assets and regulatory liabilities, pre-tax | 15.6 | 18.5 | |
Accumulated Other Comprehensive Income/(Loss) [Member] | Pension [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||
Defined Benefit Plan, Change in Fair Value of Plan Assets [Roll Forward] | |||
Accumulated other comprehensive income, regulatory assets and regulatory liabilities, pre-tax | $ 65.6 | $ 73.8 |
Benefit Plans (Net Periodic Ben
Benefit Plans (Net Periodic Benefit Cost (Income)) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pension [Member] | |||
Service cost | $ 7.1 | $ 5.9 | $ 7.2 |
Interest cost | 17.3 | 17.5 | 15.6 |
Expected return on assets | (22.6) | (22.9) | (23.3) |
Actuarial gain / (loss) | 5.8 | 3.4 | 4.9 |
Prior service cost | 2 | 1.5 | 1.5 |
Net Periodic benefit cost / (income) before adjustments | 9.6 | 5.4 | 5.9 |
Postretirement [Member] | |||
Service cost | 0.2 | 0.2 | 0.2 |
Interest cost | 0.6 | 0.8 | 0.8 |
Expected return on assets | (0.1) | (0.2) | (0.1) |
Actuarial gain / (loss) | (0.6) | (0.6) | (0.5) |
Prior service cost | 0.1 | 0 | 0 |
Net Periodic benefit cost / (income) before adjustments | 0.2 | 0.2 | 0.4 |
THE DAYTON POWER AND LIGHT COMPANY [Member] | Pension [Member] | |||
Service cost | 7.1 | 5.9 | 7.2 |
Interest cost | 17.3 | 17.5 | 15.6 |
Expected return on assets | (22.6) | (22.9) | (23.6) |
Actuarial gain / (loss) | 9.8 | 6.4 | 9.3 |
Prior service cost | 3.3 | 2.8 | 2.8 |
Net Periodic benefit cost / (income) before adjustments | 14.9 | 9.7 | 11.3 |
THE DAYTON POWER AND LIGHT COMPANY [Member] | Postretirement [Member] | |||
Service cost | 0.2 | 0.2 | 0.2 |
Interest cost | 0.6 | 0.8 | 0.8 |
Expected return on assets | (0.1) | (0.2) | (0.2) |
Actuarial gain / (loss) | (0.6) | (0.8) | (0.7) |
Prior service cost | 0.1 | 0.1 | 0.1 |
Net Periodic benefit cost / (income) before adjustments | $ 0.2 | $ 0.1 | $ 0.2 |
Benefit Plans (Other Changes in
Benefit Plans (Other Changes in Plan Assets and Benefit Obligation Recognized in Accumulated Other Comprehensive Income, Regulatory Assets And Regulatory Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Postretirement [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net actuarial (gain) / loss | $ (1.1) | $ 0.4 | $ (2) | |
Reversal of amortization item, Net actuarial (gain) / loss | 0.6 | 0.6 | 0.5 | |
Reversal of amortization item, Prior service cost / (credit) | (0.1) | 0 | 0 | |
Total recognized in Accumulated other comprehensive income, Regulatory assets and Regulatory liabilities | (0.6) | 1 | (1.5) | |
Total recognized in net periodic benefit cost and Accumulated other comprehensive income, Regulatory assets and Regulatory liabilities | (0.4) | 1.2 | (1.1) | |
Postretirement [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net actuarial (gain) / loss | (1.1) | 0.4 | $ (1.9) | |
Reversal of amortization item, Net actuarial (gain) / loss | 0.6 | 0.8 | 0.7 | |
Reversal of amortization item, Prior service cost / (credit) | (0.1) | (0.1) | (0.1) | |
Total recognized in Accumulated other comprehensive income, Regulatory assets and Regulatory liabilities | (0.6) | 1.1 | (1.3) | |
Total recognized in net periodic benefit cost and Accumulated other comprehensive income, Regulatory assets and Regulatory liabilities | (0.4) | 1.2 | $ (1.1) | |
Pension [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net actuarial (gain) / loss | (3) | 43.8 | (12) | |
Prior service cost / (credit) | 0 | 6.8 | 0 | |
Reversal of amortization item, Net actuarial (gain) / loss | (5.8) | (3.4) | (4.9) | |
Reversal of amortization item, Prior service cost / (credit) | (2) | (1.5) | (1.5) | |
Total recognized in Accumulated other comprehensive income, Regulatory assets and Regulatory liabilities | (10.8) | 45.7 | (18.4) | |
Total recognized in net periodic benefit cost and Accumulated other comprehensive income, Regulatory assets and Regulatory liabilities | (1.2) | 51.1 | (12.5) | |
Pension [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Net actuarial (gain) / loss | (3) | 43.8 | (11.7) | |
Prior service cost / (credit) | 0 | 6.8 | 0 | |
Reversal of amortization item, Net actuarial (gain) / loss | (9.8) | (6.4) | (9.3) | |
Reversal of amortization item, Prior service cost / (credit) | (3.3) | (2.8) | (2.8) | |
Total recognized in Accumulated other comprehensive income, Regulatory assets and Regulatory liabilities | (16.1) | 41.4 | (23.8) | |
Total recognized in net periodic benefit cost and Accumulated other comprehensive income, Regulatory assets and Regulatory liabilities | $ (1.2) | $ 51.1 | $ (12.5) |
Benefit Plans (Estimated Amount
Benefit Plans (Estimated Amounts that will be Amortized from Accumulated Other Comprehensive Income, Regulatory Assets And Regulatory Liabilities) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Pension [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Net actuarial (gain) / loss | $ 4.3 |
Prior service cost | 1.9 |
Pension [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Net actuarial (gain) / loss | 7.2 |
Prior service cost | 3.1 |
Postretirement [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Net actuarial (gain) / loss | (0.6) |
Prior service cost | 0.1 |
Postretirement [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |
Defined Benefit Plan Disclosure [Line Items] | |
Net actuarial (gain) / loss | (0.8) |
Prior service cost | $ 0.1 |
Benefit Plans (Weighted Average
Benefit Plans (Weighted Average Assumptions Used to Determine Benefit Obligations) (Details) | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Pension [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate for obligations | 4.49% | 4.02% | 4.86% |
Rate of compensation increases | 3.94% | 3.94% | 3.94% |
Pension [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate for obligations | 4.49% | 4.02% | 4.86% |
Rate of compensation increases | 3.94% | 3.94% | 3.94% |
Postretirement [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate for obligations | 4.10% | 3.71% | 4.58% |
Postretirement [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate for obligations | 4.10% | 3.71% | 4.58% |
Benefit Plans (Weighted Avera85
Benefit Plans (Weighted Average Assumptions Used to Determine Net Periodic Benefit Cost (Income)) (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Pension [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.02% | 4.86% | 4.04% |
Expected rate of return on plan assets | 6.50% | 6.75% | 6.75% |
Rate of compensation increases | 3.94% | 3.94% | 3.94% |
Pension [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 4.02% | 4.86% | 4.04% |
Expected rate of return on plan assets | 6.50% | 6.75% | 6.75% |
Rate of compensation increases | 3.94% | 3.94% | 3.94% |
Postretirement [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.81% | 4.51% | 4.58% |
Expected rate of return on plan assets | 4.50% | 6.00% | 6.00% |
Postretirement [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Discount rate | 3.81% | 4.51% | 4.58% |
Expected rate of return on plan assets | 4.50% | 6.00% | 6.00% |
Benefit Plans (Assumed Health C
Benefit Plans (Assumed Health Care Cost Trend Rates) (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Expense [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Ultimate health care cost trend rate | 4.50% | 5.00% | 5.00% |
Expense [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Ultimate health care cost trend rate | 4.50% | 5.00% | 5.00% |
Expense [Member] | Pre-Age 65 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Current health care cost trend rate | 6.97% | 7.75% | 8.00% |
Year trend reaches ultimate | 2,029 | 2,023 | 2,019 |
Expense [Member] | Pre-Age 65 [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Current health care cost trend rate | 6.97% | 7.75% | 8.00% |
Year trend reaches ultimate | 2,029 | 2,023 | 2,019 |
Expense [Member] | Post-Age 65 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Current health care cost trend rate | 6.97% | 6.75% | 7.50% |
Year trend reaches ultimate | 2,029 | 2,021 | 2,018 |
Expense [Member] | Post-Age 65 [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Current health care cost trend rate | 6.97% | 6.75% | 7.50% |
Year trend reaches ultimate | 2,029 | 2,021 | 2,018 |
Benefit Obligations [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Ultimate health care cost trend rate | 4.50% | 4.50% | 5.00% |
Benefit Obligations [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Ultimate health care cost trend rate | 4.50% | 4.50% | 5.00% |
Benefit Obligations [Member] | Pre-Age 65 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Current health care cost trend rate | 6.85% | 6.97% | 7.75% |
Year trend reaches ultimate | 2,036 | 2,029 | 2,023 |
Benefit Obligations [Member] | Pre-Age 65 [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Current health care cost trend rate | 6.85% | 6.97% | 7.75% |
Year trend reaches ultimate | 2,036 | 2,029 | 2,023 |
Benefit Obligations [Member] | Post-Age 65 [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Current health care cost trend rate | 6.85% | 6.97% | 6.75% |
Year trend reaches ultimate | 2,036 | 2,029 | 2,021 |
Benefit Obligations [Member] | Post-Age 65 [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Current health care cost trend rate | 6.85% | 6.97% | 6.75% |
Year trend reaches ultimate | 2,036 | 2,029 | 2,021 |
Benefit Plans (Effect of Change
Benefit Plans (Effect of Change in Health Care Cost Trend Rate) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Service cost plus interest cost, One-percent increase | $ 0.1 |
Benefit obligation, One-percent increase | 0.8 |
Benefit obligation, One-percent decrease | (0.7) |
THE DAYTON POWER AND LIGHT COMPANY [Member] | |
Service cost plus interest cost, One-percent increase | 0.1 |
Benefit obligation, One-percent increase | 1.1 |
Benefit obligation, One-percent decrease | $ 0.7 |
Benefit Plans (Defined Benefits
Benefit Plans (Defined Benefits Plan Assets, Target Allocations) (Details) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Equity Securities [Member] | ||
Target Allocation | 28.00% | |
Percentage of plan assets | 17.00% | 18.00% |
Debt Securities [Member] | ||
Target Allocation | 72.00% | |
Percentage of plan assets | 67.00% | 69.00% |
Real Estate [Member] | ||
Target Allocation | 0.00% | |
Percentage of plan assets | 9.00% | 7.00% |
Other Investments [Member] | ||
Target Allocation | 0.00% | |
Percentage of plan assets | 7.00% | 6.00% |
THE DAYTON POWER AND LIGHT COMPANY [Member] | Equity Securities [Member] | ||
Target Allocation | 28.00% | |
Percentage of plan assets | 17.00% | 18.00% |
THE DAYTON POWER AND LIGHT COMPANY [Member] | Debt Securities [Member] | ||
Target Allocation | 72.00% | |
Percentage of plan assets | 67.00% | 69.00% |
THE DAYTON POWER AND LIGHT COMPANY [Member] | Real Estate [Member] | ||
Target Allocation | 0.00% | |
Percentage of plan assets | 9.00% | 7.00% |
THE DAYTON POWER AND LIGHT COMPANY [Member] | Other Investments [Member] | ||
Target Allocation | 0.00% | |
Percentage of plan assets | 7.00% | 6.00% |
Benefit Plans (Fair Value Measu
Benefit Plans (Fair Value Measurements for Pension Plan Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
THE DAYTON POWER AND LIGHT COMPANY [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Equity Securities | $ 60.3 | $ 65.4 | |
Total Debt Securities | 232.1 | 255.2 | |
Cash | 1.6 | ||
Total Other Investments | 53 | 49.5 | |
Total Pension Plan Assets | 345.4 | 371.7 | |
Pension [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Equity Securities | 60.3 | 65.4 | |
Total Debt Securities | 232.1 | 255.2 | |
Cash | 1.6 | ||
Total Other Investments | 53 | 49.5 | |
Total Pension Plan Assets | 345.4 | 371.7 | $ 349.1 |
Pension [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Pension Plan Assets | 345.4 | 371.7 | $ 349.1 |
Level 1 [Member] | Pension [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Equity Securities | 60.3 | 65.4 | |
Total Debt Securities | 232.1 | 255.2 | |
Cash | 1.6 | ||
Total Pension Plan Assets | 292.4 | 322.2 | |
Level 1 [Member] | Pension [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Equity Securities | 60.3 | 65.4 | |
Total Debt Securities | 232.1 | 255.2 | |
Cash | 1.6 | ||
Total Pension Plan Assets | 292.4 | 322.2 | |
Level 2 [Member] | Pension [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Other Investments | 53 | 49.5 | |
Total Pension Plan Assets | 53 | 49.5 | |
Level 2 [Member] | Pension [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Other Investments | 53 | 49.5 | |
Total Pension Plan Assets | 53 | 49.5 | |
Small/Mid Cap Equity [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Equity Securities | 9.2 | 10.6 | |
Small/Mid Cap Equity [Member] | Pension [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Equity Securities | 9.2 | 10.6 | |
Small/Mid Cap Equity [Member] | Level 1 [Member] | Pension [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Equity Securities | 9.2 | 10.6 | |
Small/Mid Cap Equity [Member] | Level 1 [Member] | Pension [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Equity Securities | 9.2 | 10.6 | |
Large Cap Equity [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Equity Securities | 20.2 | 22.2 | |
Large Cap Equity [Member] | Pension [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Equity Securities | 20.2 | 22.2 | |
Large Cap Equity [Member] | Level 1 [Member] | Pension [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Equity Securities | 20.2 | 22.2 | |
Large Cap Equity [Member] | Level 1 [Member] | Pension [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Equity Securities | 20.2 | 22.2 | |
International Equity [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Equity Securities | 18.2 | 18.2 | |
International Equity [Member] | Pension [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Equity Securities | 18.2 | 18.2 | |
International Equity [Member] | Level 1 [Member] | Pension [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Equity Securities | 18.2 | 18.2 | |
International Equity [Member] | Level 1 [Member] | Pension [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Equity Securities | 18.2 | 18.2 | |
Emerging markets equity [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Equity Securities | 2.7 | 2.8 | |
Emerging markets equity [Member] | Pension [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Equity Securities | 2.7 | 2.8 | |
Emerging markets equity [Member] | Level 1 [Member] | Pension [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Equity Securities | 2.7 | 2.8 | |
Emerging markets equity [Member] | Level 1 [Member] | Pension [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Equity Securities | 2.7 | 2.8 | |
SIIT dynamic equity [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Equity Securities | 10 | 11.6 | |
SIIT dynamic equity [Member] | Pension [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Equity Securities | 10 | 11.6 | |
SIIT dynamic equity [Member] | Level 1 [Member] | Pension [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Equity Securities | 10 | 11.6 | |
SIIT dynamic equity [Member] | Level 1 [Member] | Pension [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Equity Securities | 10 | 11.6 | |
Emerging Markets Debt [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Debt Securities | 6.3 | 6 | |
Emerging Markets Debt [Member] | Pension [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Debt Securities | 6.3 | 6 | |
Emerging Markets Debt [Member] | Level 1 [Member] | Pension [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Debt Securities | 6.3 | 6 | |
Emerging Markets Debt [Member] | Level 1 [Member] | Pension [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Debt Securities | 6.3 | 6 | |
High Yield Bond [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Debt Securities | 6.3 | 6.5 | |
High Yield Bond [Member] | Pension [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Debt Securities | 6.3 | 6.5 | |
High Yield Bond [Member] | Level 1 [Member] | Pension [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Debt Securities | 6.3 | 6.5 | |
High Yield Bond [Member] | Level 1 [Member] | Pension [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Debt Securities | 6.3 | 6.5 | |
Long Duration Fund [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Debt Securities | 219.5 | 242.7 | |
Long Duration Fund [Member] | Pension [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Debt Securities | 219.5 | 242.7 | |
Long Duration Fund [Member] | Level 1 [Member] | Pension [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Debt Securities | 219.5 | 242.7 | |
Long Duration Fund [Member] | Level 1 [Member] | Pension [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Debt Securities | 219.5 | 242.7 | |
Core Property Collective Fund [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Other Investments | 30.2 | 26.3 | |
Core Property Collective Fund [Member] | Pension [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Other Investments | 30.2 | 26.3 | |
Core Property Collective Fund [Member] | Level 2 [Member] | Pension [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Other Investments | 30.2 | 26.3 | |
Core Property Collective Fund [Member] | Level 2 [Member] | Pension [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Other Investments | 30.2 | 26.3 | |
Common Collective Fund [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Other Investments | 22.8 | 23.2 | |
Common Collective Fund [Member] | Pension [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Other Investments | 22.8 | 23.2 | |
Common Collective Fund [Member] | Level 2 [Member] | Pension [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Other Investments | 22.8 | 23.2 | |
Common Collective Fund [Member] | Level 2 [Member] | Pension [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Total Other Investments | $ 22.8 | $ 23.2 |
Benefit Plans (Fair Value Mea90
Benefit Plans (Fair Value Measurements for Postretirement Plan Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
THE DAYTON POWER AND LIGHT COMPANY [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 345.4 | $ 371.7 | |
Postretirement [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2.8 | 3.3 | $ 3.7 |
Postretirement [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2.8 | 3.3 | $ 3.7 |
JP Morgan Core Bond Fund [Member] | Postretirement [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2.8 | 3.3 | |
JP Morgan Core Bond Fund [Member] | Postretirement [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2.8 | 3.2 | |
Level 1 [Member] | JP Morgan Core Bond Fund [Member] | Postretirement [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | 2.8 | 3.3 | |
Level 1 [Member] | JP Morgan Core Bond Fund [Member] | Postretirement [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Fair value of plan assets | $ 2.8 | $ 3.2 |
Benefit Plans (Estimated Future
Benefit Plans (Estimated Future Benefit Payments and Medicare Part D Reimbursements) (Details) $ in Millions | Dec. 31, 2015USD ($) |
Pension [Member] | |
2,016 | $ 24.6 |
2,017 | 25.2 |
2,018 | 25.8 |
2,019 | 26.3 |
2,020 | 26.7 |
2021 - 2025 | 134.8 |
Postretirement [Member] | |
2,016 | 1.7 |
2,017 | 1.6 |
2,018 | 1.5 |
2,019 | 1.4 |
2,020 | 1.4 |
2021 - 2025 | 5.7 |
THE DAYTON POWER AND LIGHT COMPANY [Member] | Pension [Member] | |
2,016 | 24.6 |
2,017 | 25.2 |
2,018 | 25.8 |
2,019 | 26.3 |
2,020 | 26.7 |
2021 - 2025 | 134.8 |
THE DAYTON POWER AND LIGHT COMPANY [Member] | Postretirement [Member] | |
2,016 | 1.7 |
2,017 | 1.6 |
2,018 | 1.5 |
2,019 | 1.4 |
2,020 | 1.4 |
2021 - 2025 | $ 5.7 |
Equity (Narrative) (Details)
Equity (Narrative) (Details) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2015USD ($)fiscal_quarter$ / sharesshares | Dec. 31, 2014USD ($)shares | |
Class of Stock [Line Items] | ||
Preferred stock dividends, number of quarters in arrears to trigger permission to elect board members | fiscal_quarter | 4 | |
Maximum leverage ratio to allow distribution to shareholder | 0.67 | |
Minimum coverage ratio to allow distribution to shareholder | 2.50 | |
Amount above net income required for dividend issuance | $ | $ 1.2 | |
Retained earnings / (deficit) | $ | $ (2,335.7) | $ (2,096.7) |
Common stock, shares authorized | 1,500 | 1,500 |
Common stock, shares outstanding | 1 | 1 |
Leverage Ratio | 1.03 | |
THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Class of Stock [Line Items] | ||
Preferred stock dividends, number of quarters in arrears to trigger permission to elect board members | fiscal_quarter | 4 | |
Amount above net income required for dividend issuance | $ | $ 1.2 | |
Retained earnings / (deficit) | $ | $ 437.3 | $ 381.8 |
Common stock, shares authorized | 250,000,000 | 250,000,000 |
Common stock, shares outstanding | 41,172,173 | 41,172,173 |
PUCO Meger Equity Ratio Approval | 50.00% | |
$100 Redeemable Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred stock par value | $ / shares | $ 100 | |
Preferred stock shares authorized | 4,000,000 | |
Preferred stock shares outstanding | 228,508 | |
$100 Redeemable Preferred Stock [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Class of Stock [Line Items] | ||
Preferred stock par value | $ / shares | $ 100 | |
Preferred stock shares authorized | 4,000,000 | |
Preferred stock shares outstanding | 228,508 | |
$25 Redeemable Preferred Stock [Member] | ||
Class of Stock [Line Items] | ||
Preferred stock par value | $ / shares | $ 25 | |
Preferred stock shares authorized | 4,000,000 | |
$25 Redeemable Preferred Stock [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Class of Stock [Line Items] | ||
Preferred stock par value | $ / shares | $ 25 | |
Preferred stock shares authorized | 4,000,000 |
Equity (Preferred Shares Outsta
Equity (Preferred Shares Outstanding) (Details) - USD ($) $ / shares in Units, $ in Millions | Dec. 31, 2015 | Dec. 31, 2014 |
Temporary Equity [Line Items] | ||
Shares Outstanding | 228,508 | |
Carrying Value | $ 18.4 | $ 18.4 |
THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Temporary Equity [Line Items] | ||
Shares Outstanding | 228,508 | |
Par Value | $ 22.9 | $ 22.9 |
DP&L Series A [Member] | ||
Temporary Equity [Line Items] | ||
Preferred Stock Rate | 3.75% | |
Redemption Price | $ 102.50 | |
Shares Outstanding | 93,280 | |
Carrying Value | $ 7.4 | $ 7.4 |
DP&L Series A [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Temporary Equity [Line Items] | ||
Preferred Stock Rate | 3.75% | |
Redemption Price | $ 102.50 | |
Shares Outstanding | 93,280 | |
Par Value | $ 9.3 | $ 9.3 |
DP&L Series B [Member] | ||
Temporary Equity [Line Items] | ||
Preferred Stock Rate | 3.75% | |
Redemption Price | $ 103 | |
Shares Outstanding | 69,398 | |
Carrying Value | $ 5.6 | $ 5.6 |
DP&L Series B [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Temporary Equity [Line Items] | ||
Preferred Stock Rate | 3.75% | |
Redemption Price | $ 103 | |
Shares Outstanding | 69,398 | |
Par Value | $ 7 | $ 7 |
DP&L Series C [Member] | ||
Temporary Equity [Line Items] | ||
Preferred Stock Rate | 3.90% | |
Redemption Price | $ 101 | |
Shares Outstanding | 65,830 | |
Carrying Value | $ 5.4 | $ 5.4 |
DP&L Series C [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Temporary Equity [Line Items] | ||
Preferred Stock Rate | 3.90% | |
Redemption Price | $ 101 | |
Shares Outstanding | 65,830 | |
Par Value | $ 6.6 | $ 6.6 |
Contractual Obligations, Comm94
Contractual Obligations, Commercial Commitments and Contingencies (Narative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Public Utility, Property, Plant and Equipment [Line Items] | ||
Due to third parties, current | $ 0.5 | $ 1.6 |
Environmental reserves | $ 0.9 | |
Percentage of future committed coal | 73.00% | |
THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Environmental reserves | $ 0.9 | |
Percentage of future committed coal | 73.00% | |
DPLER [Member] | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Third party guarantees | $ 1.9 | |
DPLE [Member] | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Third party guarantees | $ 17.3 | |
Debt Obligation on 4.9% Equity Ownership [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Equity ownership interest | 4.90% | |
Equity ownership interest aggregate cost | $ 74.5 | |
Long Term Debt Date Range Equity Ownership, Start | 2,016 | |
Long Term Debt Date Range Equity Ownership, End | 2,040 | |
Electric Generation Company [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | ||
Public Utility, Property, Plant and Equipment [Line Items] | ||
Debt obligation | $ 1,519.9 |
Contractual Obligations, Comm95
Contractual Obligations, Commercial Commitments and Contingenciesl (Schedule Of Contractual Obligations And Commercial Commitments) (Details) $ in Millions | Dec. 31, 2015USD ($) |
Coal Contracts [Member] | |
Contractual Obligations, Commercial Commitments And Contingencies [Line Items] | |
Total Coal Contracts | $ 374.2 |
Coal Contracts, Less than 1 year | 186.9 |
Coal Contracts, 2 - 3 years | 187.3 |
Coal Contracts, 4 - 5 years | 0 |
Coal Contracts, More than 5 years | 0 |
Coal Contracts [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |
Contractual Obligations, Commercial Commitments And Contingencies [Line Items] | |
Total Coal Contracts | 374.2 |
Coal Contracts, Less than 1 year | 186.9 |
Coal Contracts, 2 - 3 years | 187.3 |
Coal Contracts, 4 - 5 years | 0 |
Coal Contracts, More than 5 years | 0 |
Other Intangible Assets [Member] | |
Contractual Obligations, Commercial Commitments And Contingencies [Line Items] | |
Total Purchase orders and other contractual obligations | 83.8 |
Purchase orders and other contractual obligations, Less than 1 year | 24.4 |
Purchase orders and other contractual obligations, 2 - 3 years | 30 |
Purchase orders and other contractual obligations, 4 - 5 years | 29.4 |
Purchase orders and other contractual obligations, More than 5 years | 0 |
Other Intangible Assets [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |
Contractual Obligations, Commercial Commitments And Contingencies [Line Items] | |
Total Purchase orders and other contractual obligations | 83.8 |
Purchase orders and other contractual obligations, Less than 1 year | 24.4 |
Purchase orders and other contractual obligations, 2 - 3 years | 30 |
Purchase orders and other contractual obligations, 4 - 5 years | 29.4 |
Purchase orders and other contractual obligations, More than 5 years | $ 0 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Related Party Transaction [Line Items] | |||
Sales to related party | $ 6.2 | $ 2.4 | |
Charges for Services Provided | 36 | 35.8 | |
Net payable to the Service Company | (0.5) | (4.7) | |
Notes Receivable, Related Parties | 35 | 0 | |
Investment in trust | 0.3 | 0.3 | |
THE DAYTON POWER AND LIGHT COMPANY [Member] | |||
Related Party Transaction [Line Items] | |||
Sales to related party | 6.1 | 2.3 | $ 0 |
Charges for Services Provided | 30.9 | 30.5 | 0 |
Net payable to the Service Company | (0.5) | (4.7) | |
Premiums paid for Insurance Services provided by MVIC | (3.2) | (2.9) | (2.9) |
Expense recoveries for services provided to DPLER | 2.4 | 2.2 | 5.2 |
Note to DPL Capital Trust II Maturing in 2031 - 8.125% [Member] | |||
Related Party Transaction [Line Items] | |||
Note payable to trust | 15.6 | 15.6 | |
Prepayments and Other Current Assets [Member] | |||
Related Party Transaction [Line Items] | |||
Income tax receivable | 50.5 | 16.1 | |
Prepayments and Other Current Assets [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||
Related Party Transaction [Line Items] | |||
Income tax receivable | 1.5 | 1 | |
DPLER [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||
Related Party Transaction [Line Items] | |||
Sales to related party | 303.3 | 487.1 | $ 453.9 |
Deposits received from DPLER | $ 0 | $ 20.1 |
Business Segments (Narrative) (
Business Segments (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2015mi²customersegmentpower_plant | |
Segment Reporting Information [Line Items] | |
Number of Operating Segments | segment | 2 |
Service area, square miles | 6,000 |
THE DAYTON POWER AND LIGHT COMPANY [Member] | |
Segment Reporting Information [Line Items] | |
Number of coal fired power plants | power_plant | 5 |
Approximate number of retail customers | customer | 517,000 |
Service area, square miles | 6,000 |
Business Segments (Segment Fina
Business Segments (Segment Financial Information) (Details) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||
Segment Reporting Information [Line Items] | ||||
Revenues from external customers | $ 1,612.8 | $ 1,763 | $ 1,636.9 | |
Total revenues | 1,612.8 | 1,763 | 1,636.9 | |
Fuel Costs | 259.8 | 304.5 | 366.7 | |
Purchased power | 562.6 | 592.6 | 389 | |
Amortization of intangibles | 0 | 1.2 | 7.1 | |
Gross margin | 790.4 | 864.7 | 874.1 | |
Depreciation and amortization | 134.6 | 135.6 | 129.2 | |
Depreciation and amortization | 138.8 | 139.8 | 132.9 | |
Goodwill impairment | [1] | 317 | 135.8 | 306.3 |
Fixed asset impairment | 0 | 11.5 | 26.2 | |
Interest expense | 118.3 | 126.6 | 124 | |
Income tax expense / (benefit) | 20 | 18.2 | 22.3 | |
Net loss from continuing operations | (251.4) | 57.2 | (225.6) | |
Discontinued operations, net of tax | 12.4 | (131.8) | 3.6 | |
Net income (loss) | (239) | (74.6) | (222) | |
Cash capital expenditures | 137.2 | 118.1 | 124.4 | |
Total assets (end of year) | 3,340.8 | 3,577.8 | 3,721.5 | |
Operating Segments [Member] | Utility [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from external customers | 1,550.8 | 1,181.2 | 1,098.2 | |
Intersegment revenues | 1.5 | 487.1 | 453.3 | |
Total revenues | 1,552.3 | 1,668.3 | 1,551.5 | |
Fuel Costs | 244.7 | 314.9 | 362.5 | |
Purchased power | 555.7 | 582.4 | 381.9 | |
Amortization of intangibles | 0 | 0 | ||
Gross margin | 751.9 | 771 | 807.1 | |
Depreciation and amortization | 138.2 | |||
Depreciation and amortization | 144.8 | 140.2 | ||
Goodwill impairment | 0 | 0 | 0 | |
Fixed asset impairment | 0 | 0 | 86 | |
Interest expense | 30.9 | 33.9 | 37.2 | |
Income tax expense / (benefit) | 35.1 | 39.7 | 18.6 | |
Net loss from continuing operations | 106.4 | |||
Discontinued operations, net of tax | 0 | |||
Net income (loss) | 106.4 | 115 | 83.6 | |
Cash capital expenditures | 127 | 114.2 | 122.1 | |
Total assets (end of year) | 3,365.8 | 3,338.7 | 3,313.1 | |
Operating Segments [Member] | Competitive Retail [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from external customers | 533.6 | 511.6 | ||
Intersegment revenues | 0 | 0 | ||
Total revenues | 533.6 | 511.6 | ||
Fuel Costs | 0 | 0 | ||
Purchased power | 491.8 | 459.7 | ||
Amortization of intangibles | 0 | 0 | ||
Gross margin | 41.8 | 51.9 | ||
Depreciation and amortization | 0.8 | 0.6 | ||
Goodwill impairment | 0 | 0 | ||
Fixed asset impairment | 0 | 0 | ||
Interest expense | 0.5 | 0.5 | ||
Income tax expense / (benefit) | 2 | 4.2 | ||
Net income (loss) | 3.2 | 6.6 | ||
Cash capital expenditures | 2.5 | 0 | ||
Total assets (end of year) | 94.9 | 105 | ||
Corporate, Non-Segment [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from external customers | 62 | 48.2 | 27.1 | |
Intersegment revenues | 4.2 | 5.5 | 4 | |
Total revenues | 66.2 | 53.7 | 31.1 | |
Fuel Costs | 15.1 | (10.4) | 4.2 | |
Purchased power | 8.9 | 7.5 | 1.1 | |
Amortization of intangibles | 1.2 | 7.1 | ||
Gross margin | 42.2 | 55.4 | 18.7 | |
Depreciation and amortization | (3.6) | |||
Depreciation and amortization | (5.8) | (7.9) | ||
Goodwill impairment | 317 | 135.8 | 306.3 | |
Fixed asset impairment | 0 | 11.5 | (59.8) | |
Interest expense | 87.6 | 92.9 | 86.9 | |
Income tax expense / (benefit) | (15.1) | (23.5) | (0.5) | |
Net loss from continuing operations | (357.8) | |||
Discontinued operations, net of tax | 12.4 | |||
Net income (loss) | (345.4) | (192.8) | (312.2) | |
Cash capital expenditures | 10.2 | 1.4 | 2.3 | |
Total assets (end of year) | 1,314.4 | 1,440.1 | 1,675.8 | |
Consolidation, Eliminations [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Revenues from external customers | 0 | 0 | 0 | |
Intersegment revenues | (5.7) | (492.6) | (457.3) | |
Total revenues | (5.7) | (492.6) | (457.3) | |
Fuel Costs | 0 | 0 | 0 | |
Purchased power | (2) | (489.1) | (453.7) | |
Amortization of intangibles | 0 | 0 | ||
Gross margin | (3.7) | (3.5) | (3.6) | |
Depreciation and amortization | 0 | |||
Depreciation and amortization | 0 | 0 | ||
Goodwill impairment | 0 | 0 | 0 | |
Fixed asset impairment | 0 | 0 | 0 | |
Interest expense | (0.2) | (0.7) | (0.6) | |
Income tax expense / (benefit) | 0 | 0 | 0 | |
Net loss from continuing operations | 0 | |||
Discontinued operations, net of tax | 0 | |||
Net income (loss) | 0 | 0 | 0 | |
Cash capital expenditures | 0 | 0 | 0 | |
Total assets (end of year) | $ (1,339.4) | $ (1,295.9) | $ (1,372.4) | |
[1] | Goodwill impairment of $135.8 million in 2014 has been reclassified to Discontinued operations in the Consolidated Statement of Operations. |
Fixed-asset Impairment (Narrati
Fixed-asset Impairment (Narrative) (Details) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Mar. 31, 2014MW | Dec. 31, 2013USD ($)MW | Dec. 31, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Public Utility, Property, Plant and Equipment [Line Items] | |||||
Fixed asset impairment | $ 0 | $ 11.5 | $ 26.2 | ||
THE DAYTON POWER AND LIGHT COMPANY [Member] | |||||
Public Utility, Property, Plant and Equipment [Line Items] | |||||
Fixed asset impairment | 0 | 0 | 86 | ||
East Bend Station [Member] | |||||
Public Utility, Property, Plant and Equipment [Line Items] | |||||
Fixed asset impairment | 0 | 11.5 | 0 | ||
Fair Value | 2.7 | ||||
East Bend Station [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||||
Public Utility, Property, Plant and Equipment [Line Items] | |||||
Fixed asset impairment | 0 | 0 | 76 | ||
Production Plan Capacity | MW | 186 | 186 | |||
Conesville [Member] | |||||
Public Utility, Property, Plant and Equipment [Line Items] | |||||
Fixed asset impairment | 0 | 0 | 26.2 | ||
Production Plan Capacity | MW | 129 | ||||
Fair Value | $ 0 | 0 | |||
Conesville [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||||
Public Utility, Property, Plant and Equipment [Line Items] | |||||
Fixed asset impairment | $ 0 | $ 0 | 10 | ||
Production Plan Capacity | MW | 129 | ||||
Fair Value | $ 0 | $ 0 |
Discontinued Operations (Detail
Discontinued Operations (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Deposit received on sale of DPLER | $ 75.5 | $ 0 | ||
Accounts receivable, net | 31 | 64.4 | ||
Property, plant & equipment, net | 4.6 | 4.9 | ||
Intangible assets, net | 24.6 | 29.6 | ||
Other assets | 2 | 2.9 | ||
Total assets of the disposal group classified as held for sale in the balance sheets | 62.2 | 101.8 | ||
Accounts payable | 0.8 | 14.8 | ||
Other liabilities | 0.8 | 2.5 | ||
Total liabilities of the disposal group classified as held for sale in the balance sheets | 1.6 | 17.3 | ||
Revenues | 340.9 | 533.6 | $ 511.6 | |
Cost of revenues | (307) | (493) | (466.8) | |
Operating expenses | (22.5) | (34) | (38.8) | |
Goodwill impairment | 0 | (135.8) | 0 | |
Profit / (loss) of discontinued operations before income taxes | 11.4 | (129.2) | 6 | |
Income tax expense / (benefit) | (1) | 2.6 | 2.4 | |
Discontinued operations | 12.4 | (131.8) | 3.6 | |
Cash provided by (used in) operating activities, discontinued operations | 35.8 | 29.6 | (7.7) | |
Cash provided by (used in) investing activities, discontinued operations | 0.5 | $ (2.2) | $ (2) | |
DPLER [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Deposit received on sale of DPLER | $ 75.5 | |||
Scenario, Forecast [Member] | DPLER [Member] | ||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||||
Gain (loss) on disposal of discontinued operation, net of tax | $ 56 |
Subsequent Event (Details)
Subsequent Event (Details) $ in Millions | Dec. 31, 2015USD ($) |
DPLER [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |
Subsequent Event [Line Items] | |
Restricted Cash | $ 27.7 |
Schedule II Valuation And Qu102
Schedule II Valuation And Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Provision for Uncollectible Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | $ 898 | $ 909 | $ 923 |
Additions | 3,766 | 4,011 | 4,924 |
Deductions | 3,829 | 4,022 | 4,938 |
Balance at End of Period | 835 | 898 | 909 |
Provision for Uncollectible Accounts [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | 897 | 909 | 923 |
Additions | 3,766 | 4,011 | 4,924 |
Deductions | 3,828 | 4,023 | 4,938 |
Balance at End of Period | 835 | 897 | 909 |
Valuation Allowance For Deferred Tax Assets [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | 18,900 | 13,721 | 12,349 |
Additions | 1,626 | 5,179 | 2,159 |
Deductions | 3,280 | 0 | 787 |
Balance at End of Period | 17,246 | 18,900 | 13,721 |
Assets held for sale, current [Member] | Provision for Uncollectible Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Period | 369 | 251 | 161 |
Additions | 2,035 | 3,633 | 1,232 |
Deductions | 2,291 | 3,515 | 1,142 |
Balance at End of Period | $ 113 | $ 369 | $ 251 |