Benefit Plans (Tables)

12 Months Ended

Dec. 31, 2024

Defined Benefit Plan, Plan Assets, Category

The fair values of our Pension Plans' assets at December 31, 2024 by asset category are as follows:

$ in millions	Market Value at December 31, 2024		Quoted prices in active markets for identical assets		Significant observable inputs		Significant unobservable inputs
Asset category			(Level 1)		(Level 2)		(Level 3)
Common collective trusts
Equities (a)	$	81.3	$	—	$	81.3	$	—
Debt securities (b)	118.9		—		118.9		—
Government debt securities (c)	58.2		—		58.2		—
Total common collective trusts	258.4		—		258.4		—
Cash and cash equivalents (d)	1.7		1.7		—		—
Total pension plan assets	$	260.1	$	1.7	$	258.4	$	—

(a)    This category represents investments that invest in equity securities of U.S. companies of any market capitalization and other investments (i.e.: futures, swaps, currency forwards) of foreign, emerging markets and seeks to provide long-term total return, which includes capital appreciation and income. The funds are valued using the net asset value method.

(b)    This category represents investments that invest in high quality issues within the U.S. corporate bond markets and global high yield bonds and emerging markets debt denominated in local currency. The funds seek to provide current income and long-term capital preservation along with access to higher yielding, relatively liquid fixed income securities. The funds are valued using the net asset value method.

(c)    This category represents investments that invest in U.S. treasury strips, U.S. government agency obligations, and U.S. treasury obligations. The funds seek investment returns over the long term and are valued using the net asset value method.

(d)    This category represents an investment that seeks to maximize current income on cash reserves to the extent consistent with principal preservation and maintenance of liquidity from a portfolio of obligations of the U.S. Government, its agencies or municipalities, and related money market instruments. Principal preservation is a primary objective. The fund is valued at cost.

The fair values of our pension plan assets at December 31, 2023 by asset category are as follows:

$ in millions	Market Value at December 31, 2023		Quoted prices in active markets for identical assets		Significant observable inputs		Significant unobservable inputs
Asset category			(Level 1)		(Level 2)		(Level 3)
Common collective trusts
Equities (a)	$	84.5	$	—	$	84.5	$	—
Debt securities (b)	121.1		—		121.1		—
Government debt securities (c)	61.0		—		61.0		—
Total common collective trusts	266.6		—		266.6		—
Cash and cash equivalents (d)	1.8		1.8		—		—
Total pension plan assets	$	268.4	$	1.8	$	266.6	$	—

(a)    This category represents investments that invest in equity securities of U.S. companies of any market capitalization and other investments (i.e.: futures, swaps, currency forwards) of foreign, emerging markets and seeks to provide long-term total return, which includes capital appreciation and income. The funds are valued using the net asset value method.

(b)    This category represents investments that invest in high quality issues within the U.S. corporate bond markets and global high yield bonds and emerging markets debt denominated in local currency. The funds seek to provide current income and long-term capital preservation along with access to higher yielding, relatively liquid fixed income securities. The funds are valued using the net asset value method.

(c)    This category represents investments that invest in U.S. treasury strips, U.S. government agency obligations, and U.S. treasury obligations. The funds seek investment returns over the long term and are valued using the net asset value method.

(d)    This category represents an investment that seeks to maximize current income on cash reserves to the extent consistent with principal preservation and maintenance of liquidity from a portfolio of obligations of the U.S. Government, its agencies or municipalities, and related money market instruments. Principal preservation is a primary objective. The fund is valued at cost.

Pension And Postretirement Benefit Plans' Obligations And Assets

The following tables set forth the changes in the Pension Plans' obligations and assets recorded on the Consolidated Balance Sheets at December 31, 2024 and 2023. 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 and have not been adjusted for $1.1 million, $0.9 million and $1.7 million of costs billed to the Service Company for the years ended December 31, 2024, 2023 and 2022, respectively.

$ in millions	Years ended December 31,
Change in benefit obligation	2024		2023
Benefit obligation at January 1	$	298.6	$	309.0
Service cost	2.5		3.0
Interest cost	14.6		15.8
Plan amendments	—		1.4
Actuarial loss / (gain)	(12.4)		9.6
Benefits paid	(20.9)		(40.2)
Benefit obligation at December 31	282.4		298.6
Change in plan assets
Fair value of plan assets at January 1	268.4		274.4
Actual return on plan assets	5.0		26.5
Employer contributions	7.6		7.7
Benefits paid	(20.9)		(40.2)
Fair value of plan assets at December 31	260.1		268.4
Unfunded status of plan	$	(22.3)	$	(30.2)
	December 31,
Amounts recognized in the Consolidated Balance Sheets	2024		2023
Current liabilities	$	(0.2)	$	(0.2)
Non-current liabilities	(22.1)		(30.0)
Net liability at end of year	$	(22.3)	$	(30.2)
Amounts recognized in Accumulated other comprehensive loss, Regulatory assets, non-current, pre-tax
Components:
Prior service cost	$	6.7	$	7.7
Net actuarial loss	74.0		78.7
Accumulated other comprehensive loss, Regulatory assets, pre-tax	$	80.7	$	86.4
Recorded in:
Regulatory asset, non-current	$	56.0	$	60.7
Accumulated other comprehensive loss	24.7		25.7
Accumulated other comprehensive loss, Regulatory assets, pre-tax	$	80.7	$	86.4

Schedule of Net Periodic Benefit Cost / (Income)

The net periodic benefit cost of the Pension Plans was:

	Years ended December 31,
$ in millions	2024			2023			2022
Service cost	$	2.5		$	3.0		$	4.9
Interest cost	14.6			15.8			9.6
Expected return on assets	(14.8)			(17.6)			(15.8)
Amortization of unrecognized:
Actuarial loss	2.1			0.6			5.5
Prior service cost	1.0			1.0			1.1
Net periodic benefit cost	$	5.4		$	2.8		$	5.3
Rates relevant to each year's expense calculations
Discount rate	5.14		%	5.41		%	2.83		%
Expected return on plan assets	5.15		%	5.40		%	4.60		%

Schedule of Allocation of Plan Assets

The following table summarizes our target pension plan allocation:

	Long-Term Mid-Point Target Allocation	Percentage of plan assets as of December 31,
Asset category		2024	2023
Equity Securities	32%	31%	32%
Debt Securities	68%	68%	67%
Cash and Cash Equivalents	—%	1%	1%

Other Changes in Plan Assets and Benefit Obligation Recognized in Accumulated Other Comprehensive Income, Regulatory Assets And Regulatory Liabilities

The following table presents other changes in Pension Plan assets and benefit obligations recognized in Accumulated other comprehensive loss, Regulatory assets, non-current and Regulatory liabilities, non-current:

	Years ended December 31,
$ in millions	2024		2023		2022
Net actuarial loss / (gain)	$	(2.6)	$	0.7	$	(9.1)
Plan amendments	—		1.4		—
Reversal of amortization item:
Net actuarial loss	(2.1)		(0.6)		(5.5)
Prior service cost	(1.0)		(1.0)		(1.1)
Total recognized in Accumulated other comprehensive loss, Regulatory assets and Regulatory liabilities	$	(5.7)	$	0.5	$	(15.7)
Total recognized in net periodic benefit cost and Accumulated other comprehensive loss, Regulatory assets and Regulatory liabilities	$	(0.3)	$	3.3	$	(10.4)

Weighted Average Assumptions Used to Determine Benefit Obligations

The weighted average assumptions used to determine benefit obligations were:

Benefit Obligation Assumptions	Pension
	2024	2023	2022
Discount rate for obligations	5.66%	5.14%	5.41%
Rate of compensation increases	3.21%	3.21%	3.21%

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
$ in millions due within the following years:	Pension
2025	$	22.0
2026	22.0
2027	21.9
2028	21.8
2029	21.8
2030 - 2034	106.1

Schedule of Unrecognized Tax Benefits Roll Forward

$ in millions	2024		2023		2022
Unrecognized tax benefits at January 1	$	0.4	$	0.4	$	0.4
Gross increases - current period tax positions	—		—		—
Gross decreases - prior period tax positions	—		—		—
Unrecognized tax benefits at December 31	$	0.4	$	0.4	$	0.4

Fair Value, Assets Measured on Recurring Basis

The fair value of assets at December 31, 2024 and 2023 and the respective category within the fair value hierarchy for DPL was determined as follows:

$ in millions	Fair Value at December 31, 2024								Fair Value at December 31, 2023
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Master trust assets
Money market funds	$	0.4	$	—	$	—	$	0.4	$	0.6	$	—	$	—	$	0.6
Mutual funds	7.6		—		—		7.6		7.2		—		—		7.2
Total assets	$	8.0	$	—	$	—	$	8.0	$	7.8	$	—	$	—	$	7.8

THE DAYTON POWER AND LIGHT COMPANY [Member]

Schedule of Net Periodic Benefit Cost / (Income)

	Years ended December 31,
$ in millions	2024			2023			2022
Service cost	$	2.5		$	3.0		$	4.9
Interest cost	14.6			15.8			9.6
Expected return on assets	(14.8)			(17.6)			(15.8)
Amortization of unrecognized:
Actuarial loss	3.9			1.1			7.7
Prior service cost	1.0			1.1			1.2
Net periodic benefit cost	$	7.2		$	3.4		$	7.6
Rates relevant to each year's expense calculations
Discount rate	5.14		%	5.41		%	2.83		%
Expected return on plan assets	5.15		%	5.40		%	4.60		%

Schedule of Allocation of Plan Assets

The following table summarizes our target pension plan allocation:

	Long-Term Mid-Point Target Allocation	Percentage of plan assets as of December 31,
Asset category		2024	2023
Equity Securities	32%	31%	32%
Debt Securities	68%	68%	67%
Cash and Cash Equivalents	—%	1%	1%

Weighted Average Assumptions Used to Determine Benefit Obligations

The weighted average assumptions used to determine benefit obligations were:

Benefit Obligation Assumptions	Pension
	2024	2023	2022
Discount rate for obligations	5.66%	5.14%	5.41%
Rate of compensation increases	3.21%	3.21%	3.21%

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
$ in millions due within the following years:	Pension
2025	$	22.0
2026	22.0
2027	21.9
2028	21.8
2029	21.8
2030 - 2034	106.1

Schedule of Unrecognized Tax Benefits Roll Forward

$ in millions	2024		2023		2022
Unrecognized tax benefits at January 1	$	0.4	$	0.4	$	0.4
Gross increases - current period tax positions	—		—		—
Gross decreases - prior period tax positions	—		—		—
Unrecognized tax benefits at December 31	$	0.4	$	0.4	$	0.4

Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis [Table Text Block]

The following table presents the carrying amount, fair value, and fair value hierarchy of our financial liabilities that are not measured at fair value in the Balance Sheets as of the periods indicated, but for which fair value is disclosed:

	Carrying Amount		Fair Value at December 31, 2024								Carrying Amount		Fair Value at December 31, 2023
$ in millions			Level 1		Level 2		Level 3		Total				Level 1		Level 2		Level 3		Total
Liabilities
Long-term debt	$	1,012.9	$	—	$	894.8	$	16.6	$	911.4	$	1,012.5	$	—	$	909.9	$	16.8	$	926.7

Fair Value, Assets Measured on Recurring Basis

The fair value of assets at December 31, 2024 and 2023 and the respective category within the fair value hierarchy for AES Ohio was determined as follows:

$ in millions	Fair Value at December 31, 2024								Fair Value at December 31, 2023
	Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Assets
Money market funds	$	0.4	$	—	$	—	$	0.4	$	0.6	$	—	$	—	$	0.6
Mutual funds	7.6		—		—		7.6		7.2		—		—		7.2
Total assets	$	8.0	$	—	$	—	$	8.0	$	7.8	$	—	$	—	$	7.8

Pension [Member]

Pension And Postretirement Benefit Plans' Obligations And Assets

The following tables set forth the changes in the Pension Plans' obligations and assets recorded on the Consolidated Balance Sheets at December 31, 2024 and 2023. 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 and have not been adjusted for $1.1 million, $0.9 million and $1.7 million of costs billed to the Service Company for the years ended December 31, 2024, 2023 and 2022, respectively.

$ in millions	Years ended December 31,
Change in benefit obligation	2024		2023
Benefit obligation at January 1	$	298.6	$	309.0
Service cost	2.5		3.0
Interest cost	14.6		15.8
Plan amendments	—		1.4
Actuarial loss / (gain)	(12.4)		9.6
Benefits paid	(20.9)		(40.2)
Benefit obligation at December 31	282.4		298.6
Change in plan assets
Fair value of plan assets at January 1	268.4		274.4
Actual return on plan assets	5.0		26.5
Employer contributions	7.6		7.7
Benefits paid	(20.9)		(40.2)
Fair value of plan assets at December 31	260.1		268.4
Unfunded status of plan	$	(22.3)	$	(30.2)
	December 31,
Amounts recognized in the Consolidated Balance Sheets	2024		2023
Current liabilities	$	(0.2)	$	(0.2)
Non-current liabilities	(22.1)		(30.0)
Net liability at end of year	$	(22.3)	$	(30.2)
Amounts recognized in Accumulated other comprehensive loss, Regulatory assets, non-current, pre-tax
Components:
Prior service cost	$	6.7	$	7.7
Net actuarial loss	74.0		78.7
Accumulated other comprehensive loss, Regulatory assets, pre-tax	$	80.7	$	86.4
Recorded in:
Regulatory asset, non-current	$	56.0	$	60.7
Accumulated other comprehensive loss	24.7		25.7
Accumulated other comprehensive loss, Regulatory assets, pre-tax	$	80.7	$	86.4

Fair Value Measurements for Plan Assets

The fair values of our Pension Plans' assets at December 31, 2024 by asset category are as follows:

$ in millions	Market Value at December 31, 2024		Quoted prices in active markets for identical assets		Significant observable inputs		Significant unobservable inputs
Asset category			(Level 1)		(Level 2)		(Level 3)
Common collective trusts
Equities (a)	$	81.3	$	—	$	81.3	$	—
Debt securities (b)	118.9		—		118.9		—
Government debt securities (c)	58.2		—		58.2		—
Total common collective trusts	258.4		—		258.4		—
Cash and cash equivalents (d)	1.7		1.7		—		—
Total pension plan assets	$	260.1	$	1.7	$	258.4	$	—

(a)    This category represents investments that invest in equity securities of U.S. companies of any market capitalization and other investments (i.e.: futures, swaps, currency forwards) of foreign, emerging markets and seeks to provide long-term total return, which includes capital appreciation and income. The funds are valued using the net asset value method.

(b)    This category represents investments that invest in high quality issues within the U.S. corporate bond markets and global high yield bonds and emerging markets debt denominated in local currency. The funds seek to provide current income and long-term capital preservation along with access to higher yielding, relatively liquid fixed income securities. The funds are valued using the net asset value method.

(c)    This category represents investments that invest in U.S. treasury strips, U.S. government agency obligations, and U.S. treasury obligations. The funds seek investment returns over the long term and are valued using the net asset value method.

(d)    This category represents an investment that seeks to maximize current income on cash reserves to the extent consistent with principal preservation and maintenance of liquidity from a portfolio of obligations of the U.S. Government, its agencies or municipalities, and related money market instruments. Principal preservation is a primary objective. The fund is valued at cost.

The fair values of our Pension Plans' assets at December 31, 2023 by asset category are as follows:

$ in millions	Market Value at December 31, 2023		Quoted prices in active markets for identical assets		Significant observable inputs		Significant unobservable inputs
Asset category			(Level 1)		(Level 2)		(Level 3)
Common collective trusts
Equities (a)	$	84.5	$	—	$	84.5	$	—
Debt securities (b)	121.1		—		121.1		—
Government debt securities (c)	61.0		—		61.0		—
Total common collective trusts	266.6		—		266.6		—
Cash and cash equivalents (d)	1.8		1.8		—		—
Total pension plan assets	$	268.4	$	1.8	$	266.6	$	—

(a)    This category represents investments that invest in equity securities of U.S. companies of any market capitalization and other investments (i.e.: futures, swaps, currency forwards) of foreign, emerging markets and seeks to provide long-term total return, which includes capital appreciation and income. The funds are valued using the net asset value method.

(b)    This category represents investments that invest in high quality issues within the U.S. corporate bond markets and global high yield bonds and emerging markets debt denominated in local currency. The funds seek to provide current income and long-term capital preservation along with access to higher yielding, relatively liquid fixed income securities. The funds are valued using the net asset value method.

(c)    This category represents investments that invest in U.S. treasury strips, U.S. government agency obligations, and U.S. treasury obligations. The funds seek investment returns over the long term and are valued using the net asset value method.

(d)    This category represents an investment that seeks to maximize current income on cash reserves to the extent consistent with principal preservation and maintenance of liquidity from a portfolio of obligations of the U.S. Government, its agencies or municipalities, and related money market instruments. Principal preservation is a primary objective. The fund is valued at cost.

Pension [Member] | THE DAYTON POWER AND LIGHT COMPANY [Member]

Pension And Postretirement Benefit Plans' Obligations And Assets

The following tables set forth the changes in the Pension Plans' obligations and assets recorded on the Balance Sheets at December 31, 2024 and 2023. 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 and have not been adjusted for $1.1 million, $0.9 million and $1.7 million of costs billed to the Service Company for the years ended December 31, 2024, 2023 and 2022, respectively, or $1.2 million, $0.2 million and $0.9 million of costs billed to AES Ohio Generation for the years ended December 31, 2024, 2023 and 2022, respectively.

$ in millions	Years ended December 31,
Change in benefit obligation	2024		2023
Benefit obligation at January 1	$	298.6	$	309.0
Service cost	2.5		3.0
Interest cost	14.6		15.8
Plan amendments	—		1.4
Actuarial loss / (gain)	(12.4)		9.6
Benefits paid	(20.9)		(40.2)
Benefit obligation at December 31	282.4		298.6
Change in plan assets
Fair value of plan assets at January 1	268.4		274.4
Actual return on plan assets	5.0		26.5
Employer contributions	7.6		7.7
Benefits paid	(20.9)		(40.2)
Fair value of plan assets at December 31	260.1		268.4
Unfunded status of plan	$	(22.3)	$	(30.2)
	December 31,
Amounts recognized in the Balance Sheets	2024		2023
Current liabilities	$	(0.2)	$	(0.2)
Non-current liabilities	(22.1)		(30.0)
Net liability at end of year	$	(22.3)	$	(30.2)
Amounts recognized in Accumulated other comprehensive loss, Regulatory assets, non-current, pre-tax
Components:
Prior service cost	$	6.6	$	7.6
Net actuarial loss	95.8		102.3
Accumulated other comprehensive loss, Regulatory assets, pre-tax	$	102.4	$	109.9
Recorded in:
Regulatory assets, non-current	$	56.0	$	60.7
Accumulated other comprehensive loss	46.4		49.2
Accumulated other comprehensive loss, Regulatory assets, pre-tax	$	102.4	$	109.9

Other Changes in Plan Assets and Benefit Obligation Recognized in Accumulated Other Comprehensive Income, Regulatory Assets And Regulatory Liabilities

	Years ended December 31,
$ in millions	2024		2023		2022
Net actuarial loss / (gain)	$	(2.6)	$	0.7	$	(9.1)
Plan amendments	—		1.4		—
Reversal of amortization item:
Net actuarial loss	(3.9)		(1.1)		(7.7)
Prior service cost	(1.0)		(1.1)		(1.2)
Total recognized in Accumulated other comprehensive loss, Regulatory assets and Regulatory liabilities	$	(7.5)	$	(0.1)	$	(18.0)
Total recognized in net periodic benefit cost and Accumulated other comprehensive loss, Regulatory assets and Regulatory liabilities	$	(0.3)	$	3.3	$	(10.4)