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Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2025
Income Taxes [Line Items]  
Schedule of Unrecognized Tax Benefits Roll Forward
$ in millions
2025
2024
2023
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 
Components of Income Tax Expense :
Years ended December 31,
$ in millions
2025
2024
2023
Components of tax expense / (benefit)
Federal - current
$
(2.6)
$
(17.7)
$
(20.0)
State and local - current
— 
(0.1)
0.4 
Total current
(2.6)
(17.8)
(19.6)
Federal - deferred
21.2 
10.2 
24.5 
State and local - deferred
4.3 
4.6 
1.7 
Total deferred
25.5 
14.8 
26.2 
Tax expense / (benefit)
$
22.9 
$
(3.0)
$
6.6 
Schedule of Effective Income Tax Rate Reconciliation
Effective and Statutory Rate Reconciliation

The provision for income taxes is different than the amount computed by applying the statutory tax rate to pretax income. The reasons for the difference for 2025, stated in amount and as a percentage of pretax income following the prospective adoption of ASU 2023-09, are as follows:

2025
$ in millions
Amount
Percentage
U.S. Federal statutory tax rate
$
11.7 
21.0 
%
State and local income taxes, net of federal income tax effects (a)
4.1 
7.3 
%
Nontaxable or nondeductible items
AFUDC
1.0 
1.7 
%
Disregarded single-member LLCs not allocated income tax expense
2.8 
5.0 
%
Other adjustments
Reversal of Excess Deferred Taxes
3.3 
6.0 
%
Total income tax expense / Effective tax rate
$
22.9 
41.0 
%

(a)     State taxes in Ohio make up the majority (greater than 50 percent) of the tax effect in this category.

The reasons for the difference for 2024 and 2023, stated as a percentage of pretax income, prior to the adoption of ASU 2023-09, are as follows:
2024
2023
Statutory Federal tax rate
21.0 
%
21.0 
%
State taxes, net of Federal tax benefit
5.2 
%
2.5 
%
AFUDC - equity
(4.5)
%
(0.2)
%
Depreciation of flow-through differences
(50.4)
%
(7.6)
%
Amortization of investment tax credits
(0.1)
%
— 
%
Other, net
1.0 
%
(0.1)
%
Effective tax rate
(27.8)
%
15.6 
%
Components of Deferred Tax Assets and Liabilities
December 31,
$ in millions
2025
2024
Deferred tax liabilities
Relating to utility property, net
$
255.5 
$
218.2 
Regulatory assets recoverable through future rates
8.7 
34.4 
Employee benefit plans
3.7 
4.5 
Other
3.1 
— 
Total deferred tax liabilities
271.0 
257.1 
Deferred tax assets:
Operating loss carryforwards
33.2 
— 
Long-term debt
— 
4.7 
Other (a)
4.8 
2.8 
Total deferred tax assets
38.0 
7.5 
Deferred income tax liability - net
$
233.0 
$
249.6 

(a)    The Other caption includes deferred tax assets of $0.0 million in 2025 and $32.0 million in 2024 related to state and local tax net operating loss carryforwards, with related valuation allowances of $0.0 million in 2025 and $31.8 million in 2024.
Tax expense / (benefit) credited to Accumulated other comprehensive loss
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 income / (loss):
Years ended December 31,
$ in millions
2025
2024
2023
Tax expense / (benefit)
$
0.9 
$
(0.1)
$
(0.6)