Fair Value (Tables)

3 Months Ended

Mar. 31, 2018

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value and Cost Of Non-Derivative Instruments

The following table presents the fair value, carrying value and cost of our non-derivative instruments at March 31, 2018 and December 31, 2017. Information about the fair value of our derivative instruments can be found in Note 6 – Derivative Instruments and Hedging Activities.

	March 31, 2018				December 31, 2017
$ in millions	Cost		Fair Value		Cost		Fair Value
Assets
Money market funds	$	0.3	$	0.3	$	0.3	$	0.3
Equity securities	2.4		3.8		2.5		4.2
Debt securities	4.3		4.2		4.3		4.3
Hedge funds	0.1		0.2		0.1		0.2
Tangible assets	0.1		0.1		0.1		0.1
Total Assets	$	7.2	$	8.6	$	7.3	$	9.1
	Carrying Value		Fair Value		Carrying Value		Fair Value
Liabilities
Long-term debt (a)	$	1,576.6	$	1,661.4	$	1,704.8	$	1,819.3

(a) Amounts exclude immaterial capital lease obligations at December 31, 2017

Fair Value of Assets and Liabilities Measured on Recurring Basis

The fair value of assets and liabilities at March 31, 2018 and December 31, 2017 and the respective category within the fair value hierarchy for DPL is as follows:

Assets and Liabilities at Fair Value
			Level 1		Level 2		Level 3
$ in millions	Fair value at March 31, 2018 (a)		Based on Quoted Prices in Active Markets		Other Observable Inputs		Unobservable Inputs
Assets
Master Trust assets
Money market funds	$	0.3	$	0.3	$	—	$	—
Equity securities	3.8		—		3.8		—
Debt securities	4.2		—		4.2		—
Hedge funds	0.2		—		0.2		—
Tangible assets	0.1		—		0.1		—
Total Master Trust assets	8.6		0.3		8.3		—
Derivative assets
Interest rate hedges	1.9		—		1.9		—
Total Derivative assets	1.9		—		1.9		—
Total Assets	$	10.5	$	0.3	$	10.2	$	—
Liabilities
Derivative Liabilities
FTRs	$	0.1	$	—	$	—	$	0.1
Forward power contracts	0.1		—		0.1		—
Total Derivative liabilities	0.2		—		0.1		0.1
Long-term debt	1,661.4		—		1,643.6		17.8
Total Liabilities	$	1,661.6	$	—	$	1,643.7	$	17.9

(a) Includes credit valuation adjustment

Assets and Liabilities at Fair Value
			Level 1		Level 2		Level 3
$ in millions	Fair value at December 31, 2017 (a)		Based on Quoted Prices in Active Markets		Other Observable Inputs		Unobservable Inputs
Assets
Master Trust assets
Money market funds	$	0.3	$	0.3	$	—	$	—
Equity securities	4.2		—		4.2		—
Debt securities	4.3		—		4.3		—
Hedge funds	0.2		—		0.2		—
Tangible assets	0.1		—		0.1		—
Total Master Trust assets	9.1		0.3		8.8		—
Derivative assets
Forward power contracts	10.8		—		10.8		—
Interest rate hedges	1.8		—		1.8		—
Natural gas	0.2		0.2		—		—
Total Derivative assets	12.8		0.2		12.6		—
Total Assets	$	21.9	$	0.5	$	21.4	$	—
Liabilities
Derivative liabilities
FTRs	$	0.3	$	—	$	—	$	0.3
Natural gas	0.1		0.1		—		—
Forward power contracts	14.9		—		14.9		—
Total Derivative liabilities	15.3		0.1		14.9		0.3
Long-term debt (b)	1,819.3		—		1,801.5		17.8
Total Liabilities	$	1,834.6	$	0.1	$	1,816.4	$	18.1

(a) Includes credit valuation adjustment

(b) Amounts exclude immaterial capital lease obligations

Fair Value Measurements, Nonrecurring [Table Text Block]

When evaluating impairment of long-lived assets, we measure fair value using the applicable fair value measurement guidance. Impairment expense is measured by comparing the fair value at the evaluation date to the carrying amount. The following table summarizes Long-lived assets measured at fair value on a non-recurring basis during the periods and their level within the fair value hierarchy:

	Carrying		Fair Value						Gross
	Amount (a)		Level 1		Level 2		Level 3		Loss
$ in millions	Three months ended March 31, 2017
Assets
Long-lived assets (b)
Stuart	$	42.4	$	—	$	—	$	3.3	$	39.1
Killen	$	35.2	$	—	$	—	$	7.9	$	27.3
Total									$	66.4

(a) Carrying amount at date of valuation

(b) See Note 15 – Fixed-asset Impairments for further information

T

Fair Value Inputs, Assets, Quantitative Information [Table Text Block]

e following summarizes the significant unobservable inputs used in the Level 3 measurement on a non-recurring basis during the three months ended March 31, 2017:

$ in millions	Fair value		Valuation technique	Unobservable input	Weighted average
Long-lived assets held and used:
Stuart	$	3.3	Discounted cash flow	Pre-tax operating margin (through remaining life)	10.0	%
				Weighted-average cost of capital	7.0	%
Killen	$	7.9	Discounted cash flow	Pre-tax operating margin (through remaining life)	22.0	%
				Weighted-average cost of capital	7.0	%

THE DAYTON POWER AND LIGHT COMPANY [Member]

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Fair Value and Cost Of Non-Derivative Instruments

The following table presents the fair value, carrying value and cost of our non-derivative instruments at March 31, 2018 and December 31, 2017. Information about the fair value of our derivative instruments can be found in Note 6 – Derivative Instruments and Hedging Activities.

	March 31, 2018				December 31, 2017
$ in millions	Cost		Fair Value		Cost		Fair Value
Assets
Money market funds	$	0.3	$	0.3	$	0.3	$	0.3
Equity securities	2.4		3.8		2.5		4.2
Debt securities	4.3		4.2		4.3		4.3
Hedge funds	0.1		0.2		0.1		0.2
Real estate	—		—		—		—
Tangible assets	0.1		0.1		0.1		0.1
Total assets	$	7.2	$	8.6	$	7.3	$	9.1
	Carrying Value		Fair Value		Carrying Value		Fair Value
Liabilities
Long-term debt	$	587.7	$	597.2	$	646.6	$	658.4

Fair Value of Assets and Liabilities Measured on Recurring Basis

The fair value of assets and liabilities at March 31, 2018 and December 31, 2017 and the respective category within the fair value hierarchy for DP&L is as follows:

Assets and Liabilities at Fair Value
			Level 1		Level 2		Level 3
$ in millions	Fair value at March 31, 2018 (a)		Based on Quoted Prices in Active Markets		Other Observable Inputs		Unobservable Inputs
Assets
Master Trust assets
Money market funds	$	0.3	$	0.3	$	—	$	—
Equity securities	3.8		—		3.8		—
Debt securities	4.2		—		4.2		—
Hedge funds	0.2		—		0.2		—
Tangible assets	0.1		—		0.1		—
Total Master Trust assets	8.6		0.3		8.3		—
Derivative assets
Interest rate hedges	1.9		—		1.9		—
Total derivative assets	1.9		—		1.9		—
Total assets	$	10.5	$	0.3	$	10.2	$	—
Liabilities
Long-term debt	$	597.2	$	—	$	579.4	$	17.8
Total liabilities	$	597.2	$	—	$	579.4	$	17.8

(a) Includes credit valuation adjustment

Assets and Liabilities at Fair Value
			Level 1		Level 2		Level 3
$ in millions	Fair value at December 31, 2017 (a)		Based on Quoted Prices in Active Markets		Other Observable Inputs		Unobservable Inputs
Assets
Master Trust assets
Money market funds	$	0.3	$	0.3	$	—	$	—
Equity securities	4.2		—		4.2		—
Debt securities	4.3		—		4.3		—
Hedge funds	0.2		—		0.2		—
Tangible assets	0.1		—		0.1		—
Total Master Trust assets	9.1		0.3		8.8		—
Derivative assets
Interest rate hedges	1.8		—		1.8		—
Total Derivative assets	1.8		—		1.8		—
Total assets	$	10.9	$	0.3	$	10.6	$	—
Liabilities
Long-term debt	$	658.4	$	—	$	640.6	$	17.8
Total liabilities	$	658.4	$	—	$	640.6	$	17.8

(a) Includes credit valuation adjustment