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Debt (Tables)
 9 Months Ended
Sep. 30, 2024
Debt Instrument [Line Items]  
Long-term Debt DEBT
Long-term debt is as follows:
InterestSeptember 30,December 31,
$ in millionsRateDue20242023
AES Ohio debt
First Mortgage Bonds3.95 %2049$425.0 $425.0 
First Mortgage Bonds3.20 %2040140.0 140.0 
First Mortgage Bonds5.70 %2033107.5 107.5 
First Mortgage Bonds5.19 %2033100.0 100.0 
First Mortgage Bonds5.49 %202892.5 92.5 
Tax-exempt First Mortgage Bonds (a)
4.25 %2027100.0 100.0 
Tax-exempt First Mortgage Bonds (b)
4.00 %202740.0 40.0 
U.S. Government note4.20 %206116.7 16.8 
Unamortized deferred financing costs(6.6)(7.1)
Unamortized debt discounts(2.3)(2.2)
Total long-term debt at AES Ohio1,012.8 1,012.5 
DPL Inc. debt
Senior unsecured notes4.125 %2025415.0 415.0 
Senior unsecured notes4.35 %2029400.0 400.0 
Note to DPL Capital Trust II (c)
8.125 %203115.6 15.6 
Unamortized deferred financing costs(3.5)(4.9)
Unamortized debt discounts(0.6)(0.6)
Total DPL consolidated long-term debt1,839.3 1,837.6 
Less: current portion(414.0)(0.2)
DPL consolidated long-term debt, net of current portion$1,425.3 $1,837.4 

(a)First mortgage bonds issued to the OAQDA, to secure the loan of proceeds from tax-exempt bonds issued by the OAQDA. The bonds have a final maturity date of November 1, 2040 but are subject to a mandatory put in June 2027.
(b)First mortgage bonds issued to the OAQDA, to secure the loan of proceeds from tax-exempt bonds issued by the OAQDA. The bonds have a final maturity date of January 1, 2034 but are subject to a mandatory put in June 2027.
(c)Note payable to related party.

Revolving credit agreements
As of September 30, 2024 and December 31, 2023, the AES Ohio Credit Agreement had outstanding borrowings of $45.0 million and $15.0 million, respectively.

Significant Transactions
In August 2024, AES Ohio entered into an unsecured $150.0 million 364-day term loan agreement ("AES Ohio Term Loan"). The AES Ohio Term Loan was fully drawn at closing with the proceeds being used for general corporate purposes. This agreement matures on August 13, 2025, and bears interest at variable rates as described in the $150 million Term Loan Agreement. The AES Ohio Term Loan contains customary representations, warranties and
covenants, including a leverage covenant consistent with the leverage covenant contained in AES Ohio's Credit Agreement. AES Ohio has classified the AES Ohio Term Loan as short-term indebtedness as it matures in August 2025. Management plans to repay the AES Ohio Term Loan Agreement through a combination of funds from debt financings and parent equity capital contributions.

DPL's Senior unsecured notes
DPL has $415.0 million of 4.125% Senior unsecured notes due July 1, 2025 ("2025 DPL Notes"). Although current liquid funds are not sufficient to repay the amounts due under the 2025 DPL Notes at maturity, we will use a portion of the proceeds from the Closings to repay the notes in full (see Note 1. Overview and Summary of Significant Accounting Policies - Agreement to Sell Minority Interest in AES Ohio for more information).

Long-term debt covenants and restrictions
The AES Ohio Credit Agreement, AES Ohio Term Loan, and Fifty-Third, Fifty-Fourth and Fifty-Fifth Supplemental Indentures to the First Mortgage, pursuant to which the 3.20% Bonds due 2040, the 5.19% Bonds due 2033, the 5.49% Bonds due 2028 and the 5.70% Bonds due 2033 were issued, respectively, each contain one financial covenant. The covenant measures Total Debt to Total Capitalization and is calculated, at the end of each fiscal quarter, by dividing total debt at the end of the quarter by total capitalization at the end of the quarter. AES Ohio’s Total Debt to Total Capitalization ratio shall not be greater than 0.67 to 1.00. As of September 30, 2024, AES Ohio was in compliance with this financial covenant.

AES Ohio does not have any meaningful restrictions in its debt financing documents prohibiting dividends and return of capital payments to its parent, DPL. As of September 30, 2024, AES Ohio was in compliance with all debt covenants, including the financial covenant described above.

Substantially all property, plant & equipment of AES Ohio is subject to the lien of the mortgage securing AES Ohio’s First and Refunding Mortgage.
Schedule of Long-term Debt Instruments :
InterestSeptember 30,December 31,
$ in millionsRateDue20242023
AES Ohio debt
First Mortgage Bonds3.95 %2049$425.0 $425.0 
First Mortgage Bonds3.20 %2040140.0 140.0 
First Mortgage Bonds5.70 %2033107.5 107.5 
First Mortgage Bonds5.19 %2033100.0 100.0 
First Mortgage Bonds5.49 %202892.5 92.5 
Tax-exempt First Mortgage Bonds (a)
4.25 %2027100.0 100.0 
Tax-exempt First Mortgage Bonds (b)
4.00 %202740.0 40.0 
U.S. Government note4.20 %206116.7 16.8 
Unamortized deferred financing costs(6.6)(7.1)
Unamortized debt discounts(2.3)(2.2)
Total long-term debt at AES Ohio1,012.8 1,012.5 
DPL Inc. debt
Senior unsecured notes4.125 %2025415.0 415.0 
Senior unsecured notes4.35 %2029400.0 400.0 
Note to DPL Capital Trust II (c)
8.125 %203115.6 15.6 
Unamortized deferred financing costs(3.5)(4.9)
Unamortized debt discounts(0.6)(0.6)
Total DPL consolidated long-term debt1,839.3 1,837.6 
Less: current portion(414.0)(0.2)
DPL consolidated long-term debt, net of current portion$1,425.3 $1,837.4 

(a)First mortgage bonds issued to the OAQDA, to secure the loan of proceeds from tax-exempt bonds issued by the OAQDA. The bonds have a final maturity date of November 1, 2040 but are subject to a mandatory put in June 2027.
(b)First mortgage bonds issued to the OAQDA, to secure the loan of proceeds from tax-exempt bonds issued by the OAQDA. The bonds have a final maturity date of January 1, 2034 but are subject to a mandatory put in June 2027.
(c)Note payable to related party.
Subsidiaries [Member]  
Debt Instrument [Line Items]  
Long-term Debt DEBT
Long-term debt is as follows:
InterestSeptember 30,December 31,
$ in millionsRateDue20242023
First Mortgage Bonds3.95 %2049$425.0 $425.0 
First Mortgage Bonds3.20 %2040140.0 140.0 
First Mortgage Bonds5.70 %2033107.5 107.5 
First Mortgage Bonds5.19 %2033100.0 100.0 
First Mortgage Bonds5.49 %202892.5 92.5 
Tax-exempt First Mortgage Bonds (a)
4.25 %2027100.0 100.0 
Tax-exempt First Mortgage Bonds (b)
4.00 %202740.0 40.0 
U.S. Government note4.20 %206116.7 16.8 
Unamortized deferred financing costs(6.6)(7.1)
Unamortized debt discounts(2.3)(2.2)
Total long-term debt1,012.8 1,012.5 
Less: current portion(0.2)(0.2)
Long-term debt, net of current portion$1,012.6 $1,012.3 

(a)First mortgage bonds issued to the OAQDA, to secure the loan of proceeds from tax-exempt bonds issued by the OAQDA. The bonds have a final maturity date of November 1, 2040 but are subject to a mandatory put in June 2027.
(b)First mortgage bonds issued to the OAQDA, to secure the loan of proceeds from tax-exempt bonds issued by the OAQDA. The bonds have a final maturity date of January 1, 2034 but are subject to a mandatory put in June 2027.

Revolving credit agreements
As of September 30, 2024 and December 31, 2023, the AES Ohio Credit Agreement had outstanding borrowings of $45.0 million and $15.0 million, respectively.

Significant Transactions
In August 2024, AES Ohio entered into an unsecured $150.0 million 364-day term loan agreement ("AES Ohio Term Loan"). The AES Ohio Term Loan was fully drawn at closing with the proceeds being used for general corporate purposes. This agreement matures on August 13, 2025, and bears interest at variable rates as described in the $150 million Term Loan Agreement. The AES Ohio Term Loan contains customary representations, warranties and covenants, including a leverage covenant consistent with the leverage covenant contained in AES Ohio's Credit Agreement. AES Ohio has classified the AES Ohio Term Loan as short-term indebtedness as it matures in August 2025. Management plans to repay the AES Ohio Term Loan Agreement through a combination of funds from debt financings and parent equity capital contributions.

Long-term debt covenants and restrictions
The AES Ohio Credit Agreement, AES Ohio Term Loan, and Fifty-Third, Fifty-Fourth and Fifty-Fifth Supplemental Indentures to the First Mortgage, pursuant to which the 3.20% Bonds due 2040, the 5.19% Bonds due 2033, the 5.49% Bonds due 2028 and the 5.70% Bonds due 2033 were issued, respectively, each contain one financial covenant. The covenant measures Total Debt to Total Capitalization and is calculated, at the end of each fiscal quarter, by dividing total debt at the end of the quarter by total capitalization at the end of the quarter. AES Ohio’s Total Debt to Total Capitalization ratio shall not be greater than 0.67 to 1.00. As of September 30, 2024, AES Ohio was in compliance with this financial covenant.

As of September 30, 2024, AES Ohio was in compliance with all debt covenants, including the financial covenant described above.

AES Ohio does not have any meaningful restrictions in its debt financing documents prohibiting dividends and return of capital payments to its parent, DPL.

Substantially all property, plant & equipment of AES Ohio is subject to the lien of the mortgage securing AES Ohio’s First and Refunding Mortgage.
Schedule of Long-term Debt Instruments
InterestSeptember 30,December 31,
$ in millionsRateDue20242023
First Mortgage Bonds3.95 %2049$425.0 $425.0 
First Mortgage Bonds3.20 %2040140.0 140.0 
First Mortgage Bonds5.70 %2033107.5 107.5 
First Mortgage Bonds5.19 %2033100.0 100.0 
First Mortgage Bonds5.49 %202892.5 92.5 
Tax-exempt First Mortgage Bonds (a)
4.25 %2027100.0 100.0 
Tax-exempt First Mortgage Bonds (b)
4.00 %202740.0 40.0 
U.S. Government note4.20 %206116.7 16.8 
Unamortized deferred financing costs(6.6)(7.1)
Unamortized debt discounts(2.3)(2.2)
Total long-term debt1,012.8 1,012.5 
Less: current portion(0.2)(0.2)
Long-term debt, net of current portion$1,012.6 $1,012.3 

(a)First mortgage bonds issued to the OAQDA, to secure the loan of proceeds from tax-exempt bonds issued by the OAQDA. The bonds have a final maturity date of November 1, 2040 but are subject to a mandatory put in June 2027.
(b)First mortgage bonds issued to the OAQDA, to secure the loan of proceeds from tax-exempt bonds issued by the OAQDA. The bonds have a final maturity date of January 1, 2034 but are subject to a mandatory put in June 2027.

Revolving credit agreements