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Debt
 12 Months Ended
Dec. 31, 2024
Debt Instrument [Line Items]  
Debt Disclosure DEBT
Long-term debt is as follows:
$ in millionsInterest RateMaturityDecember 31, 2024December 31, 2023
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%206116.6 16.8 
Unamortized deferred financing costs(6.6)(7.1)
Unamortized debt discounts
(2.1)(2.2)
Total long-term debt at AES Ohio1,012.9 1,012.5 
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(2.9)(4.9)
Unamortized debt discounts
(0.6)(0.6)
Total long-term debt1,840.0 1,837.6 
Less: current portion(414.4)(0.2)
Long-term debt, net of current portion$1,425.6 $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. See Note 11. Related Party Transactions for more information.

Revolving Credit Agreements
The DPL Credit Agreement was a committed line of credit secured by a pledge of common stock that DPL owns in AES Ohio and was used: (i) to finance capital expenditures; (ii) to refinance certain existing indebtedness, (iii) to support working capital; and (iv) for general corporate purposes. This agreement was retired on June 14, 2023.

AES Ohio entered into a second amendment and restatement of the AES Ohio Credit Agreement on December 22, 2022 with a syndication of bank lenders. The AES Ohio Credit Agreement is an unsecured committed line of credit to be used: (i) to finance capital expenditures; (ii) to refinance certain existing indebtedness, (iii) to support working capital; and (iv) for general corporate purposes. This agreement matures on December 22, 2027, and bears interest at variable rates as described in the agreement. It includes an uncommitted $100.0 million accordion feature to provide AES Ohio with an option to request an increase in the size of the facility, subject to approval by the lenders.
The AES Ohio Credit Agreement also includes two one-year extension options, allowing AES Ohio to extend the maturity date subject to approval by the lenders. At December 31, 2024 and 2023, the AES Ohio Credit Agreement had outstanding borrowings of $140.0 million and $15.0 million, respectively.
Debt Maturities
At December 31, 2024, maturities of long-term debt are summarized as follows:
Due during the years ending December 31,
$ in millions
2025$415.2 
20260.2 
2027140.2 
202892.7 
2029400.2 
Thereafter803.7 
1,852.2 
Unamortized debt discounts
(2.7)
Deferred financing costs, net(9.5)
Total long-term debt$1,840.0 

Significant Transactions
In August 2024, AES Ohio entered into an unsecured $150.0 million 364-day term loan agreement ("$150 million Term Loan Agreement"). The $150 million Term Loan Agreement 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 $150 million Term Loan Agreement 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 this $150 million Term Loan Agreement as short-term indebtedness as it matures in August 2025. Management plans to repay this Term Loan Agreement through a combination of cash from operations, new debt, and equity capital contributions.

On December 28, 2023, AES Ohio completed the offering of (i) $92.5 million in aggregate principal amount of First Mortgage Bonds, 5.49% Series due 2028 and (ii) $107.5 million aggregate principal amount of its First Mortgage Bonds, 5.70% Series due 2033 in a private placement. The proceeds from the offerings were used to repay existing indebtedness, including amounts outstanding under the AES Ohio Credit Agreement, and for general corporate purposes.

On April 13, 2023, AES Ohio issued $100.0 million in aggregate principal amount of First Mortgage Bonds, 5.19% Series due 2033 in a private placement. The proceeds from the offering were used to repay amounts outstanding under the AES Ohio Credit Agreement and for general corporate purposes.

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).

Debt Covenants and Restrictions
The AES Ohio Credit Agreement and Fifty-Third, Fifty-Fourth and Fifty-Fifth Supplemental Indentures, 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, each contain one financial covenant, respectively. The covenant measures Total Debt to Total Capitalization and is calculated, at the end of each fiscal quarter, by dividing total debt by total capitalization. AES Ohio’s Total Debt to Total Capitalization ratio shall not be greater than 0.67 to 1.00. As of December 31, 2024, AES Ohio was in compliance with this financial covenant.

AES Ohio does not have any meaningful restrictions in its debt financing documents prohibiting distributions to its parent, DPL. As of December 31, 2024, AES Ohio and DPL were in compliance with all debt covenants, including the financial covenants 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.
THE DAYTON POWER AND LIGHT COMPANY [Member]  
Debt Instrument [Line Items]  
Debt DEBT
Long-term debt is as follows:
$ in millionsInterest RateMaturityDecember 31, 2024December 31, 2023
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%206116.6 16.8 
Unamortized deferred financing costs(6.6)(7.1)
Unamortized debt discounts
(2.1)(2.2)
Total long-term debt1,012.9 1,012.5 
Less: current portion(0.2)(0.2)
Long-term debt, net of current portion$1,012.7 $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 Agreement
AES Ohio entered into a second amendment and restatement of the AES Ohio Credit Agreement on December 22, 2022 with a syndication of bank lenders. The AES Ohio Credit Agreement is an unsecured committed line of credit to be used: (i) to finance capital expenditures; (ii) to refinance certain existing indebtedness, (iii) to support working capital; and (iv) for general corporate purposes. This agreement matures on December 22, 2027, and bears interest
at variable rates as described in the agreement. It includes an uncommitted $100.0 million accordion feature to provide AES Ohio with an option to request an increase in the size of the facility, subject to approval by the lenders.
The AES Ohio Credit Agreement also includes two one-year extension options, allowing AES Ohio to extend the maturity date subject to approval by the lenders. At December 31, 2024 and 2023, the AES Ohio Credit Agreement had outstanding borrowings of $140.0 million and $15.0 million, respectively.

Debt Maturities
At December 31, 2024, maturities of long-term debt are summarized as follows:
Due during the years ending December 31,
$ in millions
2025$0.2 
20260.2 
2027140.2 
202892.7 
20290.2 
Thereafter788.1 
1,021.6 
Unamortized debt discounts
(6.6)
Deferred financing costs, net(2.1)
Total long-term debt$1,012.9 

Significant Transactions
In August 2024, AES Ohio entered into an unsecured $150.0 million 364-day term loan agreement ("$150 million Term Loan Agreement"). The $150 million Term Loan Agreement 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 $150 million Term Loan Agreement 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 this $150 million Term Loan Agreement as short-term indebtedness as it matures in August 2025. Management plans to repay this Term Loan Agreement through a combination of cash from operations, new debt, and equity capital contributions.

On December 28, 2023, AES Ohio completed the offering of (i) $92.5 million in aggregate principal amount of First Mortgage Bonds, 5.49% Series due 2028 and (ii) $107.5 million aggregate principal amount of its First Mortgage Bonds, 5.70% Series due 2033 in a private placement. The proceeds from the offerings were used to repay existing indebtedness, including amounts outstanding under the AES Ohio Credit Agreement, and for general corporate purposes.

On April 13, 2023, AES Ohio issued $100.0 million in aggregate principal amount of First Mortgage Bonds, 5.19% Series due 2033 in a private placement. The proceeds from the offering were used to repay amounts outstanding under the AES Ohio Credit Agreement and for general corporate purposes.

Debt Covenants and Restrictions
The AES Ohio Credit Agreement and Fifty-Third, Fifty-Fourth and Fifty-Fifth Supplemental Indentures, 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, each contain one financial covenant, respectively. The covenant measures Total Debt to Total Capitalization and is calculated, at the end of each fiscal quarter, by dividing total debt by total capitalization. AES Ohio’s Total Debt to Total Capitalization ratio shall not be greater than 0.67 to 1.00. As of December 31, 2024 AES Ohio was in compliance with this financial covenant.

AES Ohio does not have any meaningful restrictions in its debt financing documents prohibiting distributions to its parent, DPL. As of December 31, 2024, AES Ohio was in compliance with all debt covenants, including the financial covenants 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.