XML 52 R35.htm IDEA: XBRL DOCUMENT v3.10.0.1
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2018
Entity Information [Line Items]  
Fair Value and Cost of Non-Derivative Instruments
The table below presents the fair value and cost of our non-derivative instruments at December 31, 2018 and 2017. See Note 6 – Derivative Instruments and Hedging Activities for the fair values of our derivative instruments.
 
 
December 31, 2018
 
December 31, 2017
$ in millions
 
Cost
 
Fair Value
 
Cost
 
Fair Value
Assets
 
 
 
 
 
 
 
 
Money market funds
 
$
0.4

 
$
0.4

 
$
0.3

 
$
0.3

Equity securities
 
2.4

 
3.5

 
2.5

 
4.2

Debt securities
 
4.1

 
4.0

 
4.3

 
4.3

Hedge funds
 
0.1

 
0.1

 
0.1

 
0.2

Tangible assets
 
0.1

 
0.1

 
0.1

 
0.1

Total assets
 
$
7.1

 
$
8.1

 
$
7.3

 
$
9.1

 
 
 
 
 
 
 
 
 
 
 
Carrying Value
 
Fair Value
 
Carrying Value
 
Fair Value
Liabilities
 
 
 
 
 
 
 
 
Long-term debt
 
$
1,475.9

 
$
1,519.6

 
$
1,704.8

 
$
1,819.3
Fair Value of Assets and Liabilities Measured on Recurring Basis
The fair value of assets and liabilities at December 31, 2018 and 2017 and the respective category within the fair value hierarchy for DPL was determined as follows:
$ in millions
 
Fair Value at December 31, 2018 (a)
 
Fair Value at December 31, 2017 (a)
 
 
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

 
$
0.3

 
$
—

 
$
—

 
$
0.3

Equity securities
 
—

 
3.5

 
—

 
3.5

 
—

 
4.2

 
—

 
4.2

Debt securities
 
—

 
4.0

 
—

 
4.0

 
—

 
4.3

 
—

 
4.3

Hedge funds
 
—

 
0.1

 
—

 
0.1

 
—

 
0.2

 
—

 
0.2

Tangible assets
 
—

 
0.1

 
—

 
0.1

 
—

 
0.1

 
—

 
0.1

Total Master trust assets
 
0.4

 
7.7

 
—

 
8.1

 
0.3

 
8.8

 
—

 
9.1

Derivative assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate hedge
 
—

 
1.5

 
—

 
1.5

 
—

 
1.5

 
—

 
1.5

Total Derivative assets
 
—

 
1.5

 
—

 
1.5

 
—

 
1.5

 
—

 
1.5

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total assets
 
$
0.4

 
$
9.2

 
$
—

 
$
9.6

 
$
0.3

 
$
10.3

 
$
—

 
$
10.6

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Long-term debt
 
$
—

 
$
1,501.9

 
$
17.7

 
$
1,519.6

 
$
—

 
$
1,801.5

 
$
17.8

 
$
1,819.3

 
 
 
 
 
 
 
 


 
 
 
 
 
 
 


Total liabilities
 
$
—

 
$
1,501.9

 
$
17.7

 
$
1,519.6

 
$
—

 
$
1,801.5

 
$
17.8

 
$
1,819.3



(a)
Includes credit valuation adjustment
Fair Value Measurements, Nonrecurring
The following table summarizes major categories of assets measured at fair value on a nonrecurring basis during the period and their level within the fair value hierarchy:
 
 
Measurement
 
Carrying
 
Fair Value
 
Gross
$ in millions
 
Date
 
Amount (b)
 
Level 1
 
Level 2
 
Level 3
 
Loss
Long-lived assets (a)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year ended December 31, 2016
Conesville
 
December 31, 2016
 
$
25.0

 
$
—

 
$
—

 
$
1.1

 
23.9


(a)
See Note 17 – Fixed-asset Impairments for further information
(b)
Carrying amount at date of valuation
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]
The following summarizes the significant unobservable inputs used in the Level 3 measurement on a non-recurring basis during the year ended December 31, 2016:
$ in millions
 
Measurement date
 
Fair value
 
Valuation technique
 
Unobservable input
 
Range (weighted average)
Long-lived assets held and used:
 
 
 
 
Year ended December 31, 2016
Conesville
 
December 31, 2016
 
$
1.1

 
Discounted cash flow
 
Annual revenue growth
 
-19.3% to 10.9% (0.6%)
 
 
 
 
 
 
 
 
Annual pre-tax operating margin
 
-54.3% to 99.4% (20.2%)
 
 
 
 
 
 
 
 
Weighted-average cost of capital
 
N/A
THE DAYTON POWER AND LIGHT COMPANY [Member]  
Entity Information [Line Items]  
Fair Value and Cost of Non-Derivative Instruments
The table below presents the fair value and cost of our non-derivative instruments at December 31, 2018 and 2017. See also Note 6 – Derivative Instruments and Hedging Activities for the fair values of our derivative instruments.
 
 
December 31, 2018
 
December 31, 2017
$ in millions
 
Cost
 
Fair Value
 
Cost
 
Fair Value
Assets
 
 
 
 
 
 
 
 
Money market funds
 
$
0.4

 
$
0.4

 
$
0.3

 
$
0.3

Equity securities
 
2.4

 
3.5

 
2.5

 
4.2

Debt securities
 
4.1

 
4.0

 
4.3

 
4.3

Hedge funds
 
0.1

 
0.1

 
0.1

 
0.2

Tangible assets
 
0.1

 
0.1

 
0.1

 
0.1

Total assets
 
$
7.1

 
$
8.1

 
$
7.3

 
$
9.1

 
 
 
 
 
 
 
 
 
 
 
Carrying Value
 
Fair Value
 
Carrying Value
 
Fair Value
Liabilities
 
 
 
 
 
 
 
 
Long-term debt
 
$
586.1

 
$
593.8

 
$
646.6

 
$
658.4
Fair Value of Assets and Liabilities Measured on Recurring Basis
The fair value of assets and liabilities at December 31, 2018 and 2017 and the respective category within the fair value hierarchy for DP&L was determined as follows:
$ in millions
 
Fair Value at December 31, 2018 (a)
 
Fair Value at December 31, 2017 (a)
 
 
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

 
$
0.3

 
$
—

 
$
—

 
$
0.3

Equity securities
 
—

 
3.5

 
—

 
3.5

 
—

 
4.2

 
—

 
4.2

Debt securities
 
—

 
4.0

 
—

 
4.0

 
—

 
4.3

 
—

 
4.3

Hedge funds
 
—

 
0.1

 
—

 
0.1

 
—

 
0.2

 
—

 
0.2

Tangible assets
 
—

 
0.1

 
—

 
0.1

 
—

 
0.1

 
—

 
0.1

Total Master trust assets
 
0.4

 
7.7

 
—

 
8.1

 
0.3

 
8.8

 
—

 
9.1

Derivative assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Interest rate hedges
 
—

 
1.5

 
—

 
1.5

 
—

 
1.5

 
—

 
1.5

Total derivative assets
 
—

 
1.5

 
—

 
1.5

 
—

 
1.5

 
—

 
1.5

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total assets
 
$
0.4

 
$
9.2

 
$
—

 
$
9.6

 
$
0.3

 
$
10.3

 
$
—

 
$
10.6

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Long-term debt
 
$
—

 
$
576.1

 
$
17.7

 
$
593.8

 
$
—

 
$
640.6

 
$
17.8

 
658.4

 
 


 


 


 


 
 
 
 
 
 
 


Total liabilities
 
$
—

 
$
576.1

 
$
17.7

 
$
593.8

 
$
—

 
$
640.6

 
$
17.8

 
$
658.4



(a)
Includes credit valuation adjustment