XML 153 R38.htm IDEA: XBRL DOCUMENT v2.4.0.8
Pension and Postretirement Benefits (Tables)
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Schedule of Amounts Recognized in Balance Sheet [Table Text Block]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$ in millions

 

Pension

 

Postretirement

 

 

December 31,

 

December 31,

 

 

2013

 

2012

 

2013

 

2012

Amounts recognized in the Balance sheets

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities

 

$

(0.4)

 

$

(0.4)

 

$

(0.5)

 

$

(0.6)

Non-current liabilities

 

 

(21.0)

 

 

(33.8)

 

 

(15.5)

 

 

(17.6)

Net liability at Year ended December 31,

 

$

(21.4)

 

$

(34.2)

 

$

(16.0)

 

$

(18.2)

 

 

 

 

 

 

 

 

 

 

 

 

 

Amounts recognized in Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities, pre-tax

 

 

 

 

 

 

 

 

 

 

 

 

Components:

 

 

 

 

 

 

 

 

 

 

 

 

Prior service cost

 

$

8.8 

 

$

10.3 

 

$

0.5 

 

$

0.5 

Net actuarial loss / (gain)

 

 

63.0 

 

 

79.9 

 

 

(6.0)

 

 

(4.5)

Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities, pre-tax

 

$

71.8 

 

$

90.2 

 

$

(5.5)

 

$

(4.0)

 

 

 

 

 

 

 

 

 

 

 

 

 

Recorded as:

 

 

 

 

 

 

 

 

 

 

 

 

Regulatory asset

 

$

76.3 

 

$

88.0 

 

$

 -

 

$

0.5 

Regulatory liability

 

 

 -

 

 

 -

 

 

(5.2)

 

 

(5.0)

Accumulated other comprehensive income

 

 

(4.5)

 

 

2.2 

 

 

(0.3)

 

 

0.5 

Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities, pre-tax

 

$

71.8 

 

$

90.2 

 

$

(5.5)

 

$

(4.0)

 

 
Estimated Amounts that will be Amortized from Accumulated Other Comprehensive Income, Regulatory Assets And Regulatory Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$ in millions

 

Pension

 

Postretirement

Net actuarial gain / (loss)

 

$

3.4 

 

$

(0.5)

Prior service cost

 

$

1.5 

 

$

 -

 

 
Weighted Average Assumptions Used to Determine Benefit Obligations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefit Obligation Assumptions

 

 

Pension

 

 

Postretirement

 

 

 

2013

 

 

2012

 

 

2011

 

 

2013

 

 

2012

 

 

2011

Discount rate for obligations

 

 

4.86%

 

 

4.04%

 

 

4.88%

 

 

4.58%

 

 

3.75%

 

 

4.62%

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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Periodic Benefit
Cost / (Income) Assumptions

 

 

Pension

 

 

Postretirement

 

 

 

2013

 

 

2012

 

 

2011

 

 

2013

 

 

2012

 

 

2011

Discount rate - Successor

 

 

4.04%

 

 

4.88%

 

 

5.31%

 

 

4.58%

 

 

4.62%

 

 

4.96%

Discount rate - Predecessor

 

 

 

 

 

 

 

 

4.88%

 

 

 

 

 

 

 

 

4.62%

Expected rate of return
on plan assets - Successor

 

 

6.75%

 

 

7.00%

 

 

8.00%

 

 

6.00%

 

 

6.00%

 

 

6.00%

Expected rate of return
on plan assets - Predecessor

 

 

 

 

 

 

 

 

7.00%

 

 

 

 

 

 

 

 

6.00%

Rate of compensation increases

 

 

3.94%

 

 

3.94%

 

 

3.94%

 

 

N/A

 

 

N/A

 

 

N/A

 

 
Assumed Health Care Cost Trend Rates

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Health Care Cost Assumptions

 

 

Expense

 

 

Benefit Obligation

 

 

 

2013

 

 

2012

 

 

2011

 

 

2013

 

 

2012

 

 

2011

Pre - age 65

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current health care cost trend rate

 

 

8.00%

 

 

8.50%

 

 

8.50%

 

 

7.75%

 

 

8.00%

 

 

8.50%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year trend reaches ultimate - Successor

 

 

2019

 

 

2019

 

 

2018

 

 

2023

 

 

2019

 

 

2019

Year trend reaches ultimate - Predecessor

 

 

 

 

 

 

 

 

2019

 

 

 

 

 

 

 

 

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Post - age 65

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current health care cost trend rate

 

 

7.50%

 

 

8.00%

 

 

8.00%

 

 

6.75%

 

 

7.50%

 

 

8.00%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year trend reaches ultimate - Successor

 

 

2018

 

 

2018

 

 

2017

 

 

2021

 

 

2018

 

 

2018

Year trend reaches ultimate - Predecessor

 

 

 

 

 

 

 

 

2018

 

 

 

 

 

 

 

 

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ultimate health care cost trend rate

 

 

5.00%

 

 

5.00%

 

 

5.00%

 

 

5.00%

 

 

5.00%

 

 

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 

 

$

(0.1)

Benefit obligation

 

$

0.9 

 

$

(0.8)

 

 
Estimated Future Benefit Payments and Medicare Part D Reimbursements

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Estimated future benefit payments and Medicare Part D reimbursements

$ in millions due within the following years:

 

Pension

 

Postretirement

2014

 

$

25.0 

 

$

2.2 

2015

 

$

23.9 

 

$

2.1 

2016

 

$

23.9 

 

$

2.0 

2017

 

$

24.3 

 

$

1.8 

2018

 

$

24.6 

 

$

1.6 

2019 - 2023

 

$

126.5 

 

$

6.4 

 

 
DP&L [Member]
   
Schedule of Amounts Recognized in Balance Sheet [Table Text Block]

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$ in millions

 

Pension

 

Postretirement

 

 

December 31,

 

December 31,

 

 

2013

 

2012

 

2013

 

2012

Amounts recognized in the Balance sheets

 

 

 

 

 

 

 

 

 

 

 

 

Current liabilities

 

$

(0.4)

 

$

(0.4)

 

$

(0.5)

 

$

(0.6)

Non-current liabilities

 

 

(21.0)

 

 

(33.8)

 

 

(15.5)

 

 

(17.6)

Net liability at Year ended December 31,

 

$

(21.4)

 

$

(34.2)

 

$

(16.0)

 

$

(18.2)

 

 

 

 

 

 

 

 

 

 

 

 

 

Amounts recognized in Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities, pre-tax

 

 

 

 

 

 

 

 

 

 

 

 

Components:

 

 

 

 

 

 

 

 

 

 

 

 

Prior service cost

 

$

16.3 

 

$

19.0 

 

$

0.7 

 

$

0.8 

Net actuarial loss / (gain)

 

 

115.1 

 

 

136.1 

 

 

(6.9)

 

 

(5.7)

Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities, pre-tax

 

$

131.4 

 

$

155.1 

 

$

(6.2)

 

$

(4.9)

 

 

 

 

 

 

 

 

 

 

 

 

 

Recorded as:

 

 

 

 

 

 

 

 

 

 

 

 

Regulatory asset

 

$

76.3 

 

$

88.0 

 

$

 -

 

$

0.5 

Regulatory liability

 

 

 -

 

 

 -

 

 

(5.2)

 

 

(5.0)

Accumulated other comprehensive income

 

 

55.1 

 

 

67.1 

 

 

(1.0)

 

 

(0.4)

Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities, pre-tax

 

$

131.4 

 

$

155.1 

 

$

(6.2)

 

$

(4.9)

 

 
Estimated Amounts that will be Amortized from Accumulated Other Comprehensive Income, Regulatory Assets And Regulatory Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$ in millions

 

Pension

 

Postretirement

Net actuarial gain / (loss)

 

$

6.4 

 

$

(0.8)

Prior service cost

 

$

2.8 

 

$

0.1 

 

 
Weighted Average Assumptions Used to Determine Benefit Obligations

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Benefit Obligation Assumptions

 

 

Pension

 

 

Postretirement

 

 

 

2013

 

 

2012

 

 

2011

 

 

2013

 

 

2012

 

 

2011

Discount rate for obligations

 

 

4.86%

 

 

4.04%

 

 

4.88%

 

 

4.58%

 

 

3.75%

 

 

4.62%

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)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Periodic Benefit
Cost / (Income) Assumptions

 

 

Pension

 

 

Postretirement

 

 

 

2013

 

 

2012

 

 

2011

 

 

2013

 

 

2012

 

 

2011

Discount rate

 

 

4.04%

 

 

4.88%

 

 

5.31%

 

 

4.58%

 

 

4.62%

 

 

4.96%

Expected rate of return
on plan assets

 

 

6.75%

 

 

7.00%

 

 

8.00%

 

 

6.00%

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Health Care Cost Assumptions

 

 

Expense

 

 

Benefit Obligation

 

 

 

2013

 

 

2012

 

 

2011

 

 

2013

 

 

2012

 

 

2011

Pre - age 65

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current health care cost trend rate

 

 

8.00%

 

 

8.50%

 

 

8.50%

 

 

7.75%

 

 

8.00%

 

 

8.50%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year trend reaches ultimate

 

 

2019

 

 

2019

 

 

2018

 

 

2023

 

 

2019

 

 

2019

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Post - age 65

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Current health care cost trend rate

 

 

7.50%

 

 

8.00%

 

 

8.00%

 

 

6.75%

 

 

7.50%

 

 

8.00%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Year trend reaches ultimate

 

 

2018

 

 

2018

 

 

2017

 

 

2021

 

 

2018

 

 

2018

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Ultimate health care cost trend rate

 

 

5.00%

 

 

5.00%

 

 

5.00%

 

 

5.00%

 

 

5.00%

 

 

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 

 

$

(0.1)

Benefit obligation

 

$

0.9 

 

$

(0.8)

 

 
Estimated Future Benefit Payments and Medicare Part D Reimbursements

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Estimated future benefit payments and Medicare Part D reimbursements

$ in millions due within the following years:

 

Pension

 

Postretirement

2014

 

$

25.0 

 

$

2.2 

2015

 

$

23.9 

 

$

2.1 

2016

 

$

23.9 

 

$

2.0 

2017

 

$

24.3 

 

$

1.8 

2018

 

$

24.6 

 

$

1.6 

2019 - 2023

 

$

126.5 

 

$

6.7 

 

 
Fair Value Measurements for Plan Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurements for Pension Plan Assets at December 31, 2013

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset Category
$ in millions

 

Market Value
at December 31, 2013

 

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

 

$

10.5 

 

$

10.5 

 

$

 -

 

$

 -

Large cap equity

 

 

20.8 

 

 

20.8 

 

 

 -

 

 

 -

International equity

 

 

20.3 

 

 

20.3 

 

 

 -

 

 

 -

Emerging markets equity

 

 

3.2 

 

 

3.2 

 

 

 -

 

 

 -

SIIT dynamic equity

 

 

10.5 

 

 

10.5 

 

 

 -

 

 

 -

Total equity securities

 

 

65.3 

 

 

65.3 

 

 

 -

 

 

 -

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt Securities (b)

 

 

 

 

 

 

 

 

 

 

 

 

Emerging markets debt

 

 

6.6 

 

 

6.6 

 

 

 -

 

 

 -

High yield bond

 

 

6.9 

 

 

6.9 

 

 

 -

 

 

 -

Long duration fund

 

 

223.3 

 

 

223.3 

 

 

 -

 

 

 -

Total debt securities

 

 

236.8 

 

 

236.8 

 

 

 -

 

 

 -

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents (c)

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

 

0.9 

 

 

0.9 

 

 

 -

 

 

 -

 

 

 

 

 

 

 

 

 

 

 

 

 

Other investments (d)

 

 

 

 

 

 

 

 

 

 

 

 

Core property collective fund

 

 

23.5 

 

 

 -

 

 

23.5 

 

 

 -

Common collective fund

 

 

22.6 

 

 

 -

 

 

22.6 

 

 

 -

Total other investments

 

 

46.1 

 

 

 -

 

 

46.1 

 

 

 -

 

 

 

 

 

 

 

 

 

 

 

 

 

Total pension plan assets

 

$

349.1 

 

$

303.0 

 

$

46.1 

 

$

 -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurements for Pension Plan Assets at December 31, 2012

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset Category
$ in millions

 

Market Value
at December 31, 2012

 

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

 

$

14.3 

 

$

14.3 

 

$

 -

 

$

 -

Large cap equity

 

 

50.5 

 

 

50.5 

 

 

 -

 

 

 -

International equity

 

 

37.0 

 

 

37.0 

 

 

 -

 

 

 -

Total equity securities

 

 

101.8 

 

 

101.8 

 

 

 -

 

 

 -

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt Securities (b)

 

 

 

 

 

 

 

 

 

 

 

 

Emerging markets debt

 

 

7.4 

 

 

7.4 

 

 

 -

 

 

 -

High yield bond

 

 

12.7 

 

 

12.7 

 

 

 -

 

 

 -

Long duration fund

 

 

188.6 

 

 

188.6 

 

 

 -

 

 

 -

Total debt securities

 

 

208.7 

 

 

208.7 

 

 

 -

 

 

 -

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents (c)

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

 

13.9 

 

 

13.9 

 

 

 -

 

 

 -

 

 

 

 

 

 

 

 

 

 

 

 

 

Other investments (d)

 

 

 

 

 

 

 

 

 

 

 

 

Limited partnership interest

 

 

 -

 

 

 -

 

 

 -

 

 

 -

Common collective fund

 

 

37.0 

 

 

 -

 

 

37.0 

 

 

 -

Total other investments

 

 

37.0 

 

 

 -

 

 

37.0 

 

 

 -

 

 

 

 

 

 

 

 

 

 

 

 

 

Total pension plan assets

 

$

361.4 

 

$

324.4 

 

$

37.0 

 

$

 -

 

Pension [Member]
   
Pension And Postretirement Benefit Plans' Obligations And Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$ in millions

 

Pension

 

 

Year ended December 31, 2013

 

Year ended December 31, 2012

Change in benefit obligation

 

 

 

 

 

 

Benefit obligation at beginning of period

 

$

395.6 

 

$

365.2 

Service cost

 

 

7.2 

 

 

6.2 

Interest cost

 

 

15.6 

 

 

17.3 

Plan amendments

 

 

 -

 

 

 -

Actuarial (gain) / loss

 

 

(26.5)

 

 

29.1 

Benefits paid

 

 

(21.4)

 

 

(22.2)

Benefit obligation at end of period

 

 

370.5 

 

 

395.6 

 

 

 

 

 

 

 

Change in plan assets

 

 

 

 

 

 

Fair value of plan assets at beginning of period

 

 

361.4 

 

 

335.9 

Actual return on plan assets

 

 

8.7 

 

 

46.2 

Contributions to plan assets

 

 

0.4 

 

 

1.5 

Benefits paid

 

 

(21.4)

 

 

(22.2)

Fair value of plan assets at end of period

 

 

349.1 

 

 

361.4 

 

 

 

 

 

 

 

Funded status of plan

 

$

(21.4)

 

$

(34.2)

 

 
Net Periodic Benefit Cost / (Income)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Periodic Benefit Cost - Pension

 

Successor

 

Predecessor

$ in millions

 

Year ended December 31, 2013

 

Year ended December 31, 2012

 

November 28, 2011 through December 31, 2011

 

January 1, 2011 through November 27, 2011

Service cost

 

$

7.2 

 

$

6.2 

 

$

0.5 

 

$

4.5 

Interest cost

 

 

15.6 

 

 

17.3 

 

 

1.5 

 

 

15.5 

Expected return on assets (a)

 

 

(23.3)

 

 

(22.7)

 

 

(2.0)

 

 

(22.5)

Amortization of unrecognized:

 

 

 

 

 

 

 

 

 

 

 

 

Actuarial gain

 

 

4.9 

 

 

5.0 

 

 

0.4 

 

 

7.6 

Prior service cost

 

 

1.5 

 

 

1.5 

 

 

0.1 

 

 

2.0 

Net periodic benefit cost before adjustments

 

$

5.9 

 

$

7.3 

 

$

0.5 

 

$

7.1 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Pension

 

Successor

 

Predecessor

$ in millions

 

Year ended December 31, 2013

 

Year ended December 31, 2012

 

November 28, 2011 through December 31, 2011

 

January 1, 2011 through November 27, 2011

Net actuarial loss / (gain)

 

$

(12.0)

 

$

5.5 

 

$

 -

 

$

(38.7)

Prior service credit

 

 

 -

 

 

 -

 

 

 -

 

 

(2.2)

Reversal of amortization item:

 

 

 

 

 

 

 

 

 

 

 

 

Net actuarial loss

 

 

(4.9)

 

 

(5.0)

 

 

(0.4)

 

 

(7.6)

Prior service cost

 

 

(1.5)

 

 

(1.5)

 

 

(0.1)

 

 

(2.0)

Total recognized in Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities

 

$

(18.4)

 

$

(1.0)

 

$

(0.5)

 

$

(50.5)

 

 

 

 

 

 

 

 

 

 

 

 

 

Total recognized in net periodic benefit cost Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities

 

$

(12.5)

 

$

6.3 

 

$

(0.5)

 

$

(43.4)

 

 
Fair Value Measurements for Plan Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurements for Pension Plan Assets at December 31, 2013

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset Category
$ in millions

 

Market Value
at December 31, 2013

 

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

 

$

10.5 

 

$

10.5 

 

$

 -

 

$

 -

Large cap equity

 

 

20.8 

 

 

20.8 

 

 

 -

 

 

 -

International equity

 

 

20.3 

 

 

20.3 

 

 

 -

 

 

 -

Emerging markets equity

 

 

3.2 

 

 

3.2 

 

 

 -

 

 

 -

SIIT dynamic equity

 

 

10.5 

 

 

10.5 

 

 

 -

 

 

 -

Total equity securities

 

 

65.3 

 

 

65.3 

 

 

 -

 

 

 -

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt securities (b)

 

 

 

 

 

 

 

 

 

 

 

 

Emerging markets debt

 

 

6.6 

 

 

6.6 

 

 

 -

 

 

 -

High yield bond

 

 

6.9 

 

 

6.9 

 

 

 -

 

 

 -

Long duration fund

 

 

223.3 

 

 

223.3 

 

 

 -

 

 

 -

Total debt securities

 

 

236.8 

 

 

236.8 

 

 

 -

 

 

 -

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents (c)

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

 

0.9 

 

 

0.9 

 

 

 -

 

 

 -

 

 

 

 

 

 

 

 

 

 

 

 

 

Other investments (d)

 

 

 

 

 

 

 

 

 

 

 

 

Core property collective fund

 

 

23.5 

 

 

 -

 

 

23.5 

 

 

 -

Common collective fund

 

 

22.6 

 

 

 -

 

 

22.6 

 

 

 -

Total other investments

 

 

46.1 

 

 

 -

 

 

46.1 

 

 

 -

 

 

 

 

 

 

 

 

 

 

 

 

 

Total pension plan assets

 

$

349.1 

 

$

303.0 

 

$

46.1 

 

$

 -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurements for Pension Plan Assets at December 31, 2012

 

 

 

 

 

 

 

 

 

 

 

 

 

Asset Category
$ in millions

 

Market Value
at December 31, 2012

 

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

 

$

14.3 

 

$

14.3 

 

$

 -

 

$

 -

Large cap equity

 

 

50.5 

 

 

50.5 

 

 

 -

 

 

 -

International equity

 

 

37.0 

 

 

37.0 

 

 

 -

 

 

 -

Total equity securities

 

 

101.8 

 

 

101.8 

 

 

 -

 

 

 -

 

 

 

 

 

 

 

 

 

 

 

 

 

Debt securities (b)

 

 

 

 

 

 

 

 

 

 

 

 

Emerging markets debt

 

 

7.4 

 

 

7.4 

 

 

 -

 

 

 -

High yield bond

 

 

12.7 

 

 

12.7 

 

 

 -

 

 

 -

Long duration fund

 

 

188.6 

 

 

188.6 

 

 

 -

 

 

 -

Total debt securities

 

 

208.7 

 

 

208.7 

 

 

 -

 

 

 -

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents (c)

 

 

 

 

 

 

 

 

 

 

 

 

Cash

 

 

13.9 

 

 

13.9 

 

 

 -

 

 

 -

 

 

 

 

 

 

 

 

 

 

 

 

 

Other investments (d)

 

 

 

 

 

 

 

 

 

 

 

 

Limited partnership interest

 

 

 -

 

 

 -

 

 

 -

 

 

 -

Common collective fund

 

 

37.0 

 

 

 -

 

 

37.0 

 

 

 -

Total other investments

 

 

37.0 

 

 

 -

 

 

37.0 

 

 

 -

 

 

 

 

 

 

 

 

 

 

 

 

 

Total pension plan assets

 

$

361.4 

 

$

324.4 

 

$

37.0 

 

$

 -

 

Pension [Member] | DP&L [Member]
   
Pension And Postretirement Benefit Plans' Obligations And Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$ in millions

 

Pension

 

 

Years ended December 31,

 

 

2013

 

2012

Change in benefit obligation

 

 

 

 

 

 

Benefit obligation at beginning of period

 

$

395.6 

 

$

365.2 

Service cost

 

 

7.2 

 

 

6.2 

Interest cost

 

 

15.6 

 

 

17.3 

Plan amendments

 

 

 -

 

 

 -

Actuarial (gain) / loss

 

 

(26.5)

 

 

29.1 

Benefits paid

 

 

(21.4)

 

 

(22.2)

Benefit obligation at end of period

 

 

370.5 

 

 

395.6 

 

 

 

 

 

 

 

Change in plan assets

 

 

 

 

 

 

Fair value of plan assets at beginning of period

 

 

361.4 

 

 

335.9 

Actual return on plan assets

 

 

8.7 

 

 

46.2 

Contributions to plan assets

 

 

0.4 

 

 

1.5 

Benefits paid

 

 

(21.4)

 

 

(22.2)

Fair value of plan assets at end of period

 

 

349.1 

 

 

361.4 

 

 

 

 

 

 

 

Funded status of plan

 

$

(21.4)

 

$

(34.2)

 

 
Net Periodic Benefit Cost / (Income)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Periodic Benefit Cost - Pension

 

 

 

 

 

 

 

 

 

 

 

Years ended December 31,

$ in millions

 

2013

 

2012

 

2011

Service cost

 

$

7.2 

 

$

6.2 

 

$

5.0 

Interest cost

 

 

15.6 

 

 

17.3 

 

 

17.0 

Expected return on assets (a)

 

 

(23.6)

 

 

(22.7)

 

 

(24.5)

Amortization of unrecognized:

 

 

 

 

 

 

 

 

 

Actuarial gain

 

 

9.3 

 

 

8.8 

 

 

8.0 

Prior service cost

 

 

2.8 

 

 

2.8 

 

 

2.1 

Net periodic benefit cost before adjustments

 

 

11.3 

 

 

12.4 

 

 

7.6 

Settlement Expense

 

 

 -

 

 

0.6 

 

 

 -

Net periodic benefit cost after adjustments

 

$

11.3 

 

$

13.0 

 

$

7.6 

 

 
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

 

2013

 

2012

 

2011

Net actuarial loss / (gain)

 

$

(11.7)

 

$

5.2 

 

$

22.8 

Prior service cost

 

 

 -

 

 

 -

 

 

7.1 

Reversal of amortization item:

 

 

 

 

 

 

 

 

 

Net actuarial loss

 

 

(9.3)

 

 

(9.4)

 

 

(8.0)

Prior service cost

 

 

(2.8)

 

 

(2.8)

 

 

(2.0)

Transition asset

 

 

 -

 

 

 -

 

 

 -

Total recognized in Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities

 

$

(23.8)

 

$

(7.0)

 

$

19.9 

 

 

 

 

 

 

 

 

 

 

Total recognized in net periodic benefit cost Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities

 

$

(12.5)

 

$

6.0 

 

$

27.5 

 

 
Postretirement [Member]
   
Pension And Postretirement Benefit Plans' Obligations And Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$ in millions

 

Postretirement

 

 

Year ended December 31, 2013

 

Year ended December 31, 2012

Change in benefit obligation

 

 

 

 

 

 

Benefit obligation at beginning of period

 

$

22.4 

 

$

21.7 

Service cost

 

 

0.2 

 

 

0.1 

Interest cost

 

 

0.8 

 

 

0.9 

Actuarial (gain) / loss

 

 

(2.2)

 

 

1.2 

Benefits paid

 

 

(1.5)

 

 

(1.7)

Medicare Part D reimbursement

 

 

 -

 

 

0.2 

Benefit obligation at end of period

 

 

19.7 

 

 

22.4 

 

 

 

 

 

 

 

Change in plan assets

 

 

 

 

 

 

Fair value of plan assets at beginning of period

 

 

4.2 

 

 

4.5 

Actual return on plan assets

 

 

 -

 

 

0.2 

Contributions to plan assets

 

 

1.0 

 

 

1.2 

Benefits paid

 

 

(1.5)

 

 

(1.7)

Fair value of plan assets at end of period

 

 

3.7 

 

 

4.2 

 

 

 

 

 

 

 

Funded status of plan

 

$

(16.0)

 

$

(18.2)

 

 
Net Periodic Benefit Cost / (Income)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Periodic Benefit Cost / (Income) - Postretirement

 

Successor

 

Predecessor

$ in millions

 

Year ended December 31, 2013

 

Year ended December 31, 2012

 

November 28, 2011 through December 31, 2011

 

January 1, 2011 through November 27, 2011

Service cost

 

$

0.2 

 

$

0.1 

 

$

 -

 

$

0.1 

Interest cost

 

 

0.8 

 

 

0.9 

 

 

0.1 

 

 

0.9 

Expected return on assets (a)

 

 

(0.1)

 

 

(0.3)

 

 

 -

 

 

(0.3)

Amortization of unrecognized:

 

 

 

 

 

 

 

 

 

 

 

 

Actuarial loss

 

 

(0.5)

 

 

(0.6)

 

 

 -

 

 

(1.0)

Prior service cost

 

 

 -

 

 

 -

 

 

(0.1)

 

 

0.1 

Net periodic benefit cost / (income) before adjustments

 

$

0.4 

 

$

0.1 

 

$

 -

 

$

(0.2)

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Postretirement

 

Successor

 

Predecessor

$ in millions

 

Year ended December 31, 2013

 

Year ended December 31, 2012

 

November 28, 2011 through December 31, 2011

 

January 1, 2011 through November 27, 2011

Net actuarial loss / (gain)

 

$

(2.0)

 

$

1.0 

 

$

 -

 

$

0.2 

Prior service cost / (credit)

 

 

 -

 

 

 -

 

 

0.1 

 

 

(0.1)

Reversal of amortization item:

 

 

 

 

 

 

 

 

 

 

 

 

Net actuarial gain

 

 

0.5 

 

 

0.7 

 

 

 -

 

 

1.0 

Prior service cost

 

 

 -

 

 

 -

 

 

 -

 

 

(0.1)

Transition asset

 

 

 -

 

 

 -

 

 

(0.1)

 

 

 -

Total recognized in Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities

 

$

(1.5)

 

$

1.7 

 

$

 -

 

$

1.0 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total recognized in net periodic benefit cost and Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities

 

$

(1.1)

 

$

1.8 

 

$

 -

 

$

0.8 

 

 
Fair Value Measurements for Plan Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurements for Pension Plan Assets at December 31, 2013

Asset Category
$ in millions

 

Market Value
at December 31, 2013

 

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)

 

$

3.7 

 

$

3.7 

 

$

 -

 

$

 -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurements for Pension Plan Assets at December 31, 2012

Asset Category
$ in millions

 

Market Value
at December 31, 2012

 

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)

 

$

4.2 

 

$

4.2 

 

$

 -

 

$

 -

 

Postretirement [Member] | DP&L [Member]
   
Pension And Postretirement Benefit Plans' Obligations And Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$ in millions

 

Postretirement

 

 

Years ended December 31,

 

 

2013

 

2012

Change in benefit obligation

 

 

 

 

 

 

Benefit obligation at beginning of period

 

$

22.4 

 

$

21.7 

Service cost

 

 

0.2 

 

 

0.1 

Interest cost

 

 

0.8 

 

 

0.9 

Actuarial (gain) / loss

 

 

(2.2)

 

 

1.2 

Benefits paid

 

 

(1.5)

 

 

(1.7)

Medicare Part D reimbursement

 

 

 -

 

 

0.2 

Benefit obligation at end of period

 

 

19.7 

 

 

22.4 

 

 

 

 

 

 

 

Change in plan assets

 

 

 

 

 

 

Fair value of plan assets at beginning of period

 

 

4.2 

 

 

4.5 

Actual return on plan assets

 

 

 -

 

 

0.2 

Contributions to plan assets

 

 

1.0 

 

 

1.2 

Benefits paid

 

 

(1.5)

 

 

(1.7)

Fair value of plan assets at end of period

 

 

3.7 

 

 

4.2 

 

 

 

 

 

 

 

Funded status of plan

 

$

(16.0)

 

$

(18.2)

 

 
Net Periodic Benefit Cost / (Income)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net Periodic Benefit Cost / (Income) - Postretirement

 

 

 

 

 

 

 

 

 

 

 

Years ended December 31,

$ in millions

 

2013

 

2012

 

2011

Service cost

 

$

0.2 

 

$

0.1 

 

$

0.1 

Interest cost

 

 

0.8 

 

 

0.9 

 

 

1.0 

Expected return on assets

 

 

(0.2)

 

 

(0.3)

 

 

(0.3)

Amortization of unrecognized:

 

 

 

 

 

 

 

 

 

Actuarial loss

 

 

(0.7)

 

 

(0.9)

 

 

(1.1)

Prior service credit

 

 

0.1 

 

 

0.1 

 

 

0.1 

Net periodic benefit cost / (income) before adjustments

 

$

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Postretirement

 

 

 

 

 

 

 

 

 

 

 

Years ended December 31,

$ in millions

 

2013

 

2012

 

2011

Net actuarial loss / (gain)

 

$

(1.9)

 

$

1.1 

 

$

(1.3)

Prior service credit

 

 

 -

 

 

 -

 

 

 -

Reversal of amortization item:

 

 

 

 

 

 

 

 

 

Net actuarial gain

 

 

0.7 

 

 

0.9 

 

 

1.2 

Prior service credit

 

 

(0.1)

 

 

(0.1)

 

 

(0.1)

Transition asset

 

 

 -

 

 

 -

 

 

 -

Total recognized in Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities

 

$

(1.3)

 

$

1.9 

 

$

(0.2)

 

 

 

 

 

 

 

 

 

 

Total recognized in net periodic benefit cost and Accumulated Other Comprehensive Income, Regulatory Assets and Regulatory Liabilities

 

$

(1.1)

 

$

1.8 

 

$

(0.4)

 

 
Fair Value Measurements for Plan Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurements for Pension Plan Assets at December 31, 2013

Asset Category
$ in millions

 

Market Value
at December 31, 2013

 

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)

 

$

3.7 

 

$

3.7 

 

$

 -

 

$

 -

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurements for Pension Plan Assets at December 31, 2012

Asset Category
$ in millions

 

Market Value
at December 31, 2012

 

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)

 

$

4.2 

 

$

4.2 

 

$

 -

 

$

 -