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Debt
 12 Months Ended
Dec. 31, 2023
Debt Instrument [Line Items]  
Debt Disclosure DEBT
Long-term debt is as follows:
$ in millionsInterest RateMaturityDecember 31, 2023December 31, 2022
AES Ohio debt
First Mortgage Bonds3.95%2049$425.0 $425.0 
First Mortgage Bonds3.20%2040140.0 140.0 
First Mortgage Bonds5.70%2033107.5 — 
First Mortgage Bonds5.19%2033100.0 — 
First Mortgage Bonds5.49%202892.5 — 
Tax-exempt First Mortgage Bonds (a)
4.25%2027100.0 100.0 
Tax-exempt First Mortgage Bonds (b)
4.00%202740.0 40.0 
U.S. Government note4.20%206116.8 17.0 
Unamortized deferred financing costs(7.1)(6.9)
Unamortized debt discounts
(2.2)(2.4)
Total long-term debt at AES Ohio1,012.5 712.7 
Senior unsecured bonds4.125%2025415.0 415.0 
Senior unsecured bonds4.35%2029400.0 400.0 
Note to DPL Capital Trust II (c)
8.125%203115.6 15.6 
Unamortized deferred financing costs(4.9)(6.7)
Unamortized debt discounts
(0.6)(0.7)
Total long-term debt1,837.6 1,535.9 
Less: current portion(0.2)(0.2)
Long-term debt, net of current portion$1,837.4 $1,535.7 

(a)First mortgage bonds issued to the OAQDA, to secure the loan of proceeds from tax-exempt bonds issued by the OAQDA. The bonds have a final maturity date of November 1, 2040 but are subject to a mandatory put in June 2027.
(b)First mortgage bonds issued to the OAQDA, to secure the loan of proceeds from tax-exempt bonds issued by the OAQDA. The bonds have a final maturity date of January 1, 2034 but are subject to a mandatory put in June 2027.
(c)    Note payable to related party. See Note 11. Related Party Transactions for more information.

Revolving Credit Agreements
The DPL Credit Agreement was a committed line of credit secured by a pledge of common stock that DPL owns in AES Ohio and was used: (i) to finance capital expenditures; (ii) to refinance certain existing indebtedness, (iii) to support working capital; and (iv) for general corporate purposes. This agreement was retired on June 14, 2023. At December 31, 2022 the DPL Credit Agreement had outstanding borrowings of $35.0 million.

AES Ohio entered into a second amendment and restatement of the AES Ohio Credit Agreement on December 22, 2022 with a syndication of bank lenders. The AES Ohio Credit Agreement is an unsecured committed line of credit to be used: (i) to finance capital expenditures; (ii) to refinance certain existing indebtedness, (iii) to support working capital; and (iv) for general corporate purposes. This agreement matures on December 22, 2027, and bears interest at variable rates as described in the agreement. It includes an uncommitted $100.0 million accordion feature to provide AES Ohio with an option to request an increase in the size of the facility, subject to approval by the lenders.
The AES Ohio Credit Agreement also includes two one-year extension options, allowing AES Ohio to extend the maturity date subject to approval by the lenders. At December 31, 2023 and 2022, the AES Ohio Credit Agreement had outstanding borrowings of $15.0 million and $120.0 million, respectively.

Debt Maturities
At December 31, 2023, maturities of long-term debt are summarized as follows:
Due during the years ending December 31,
$ in millions
2024$0.2 
2025415.2 
20260.2 
2027140.2 
202892.7 
Thereafter1,203.9 
1,852.4 
Unamortized debt discounts
(2.8)
Deferred financing costs, net(12.0)
Total long-term debt$1,837.6 

Significant Transactions
On December 28, 2023, AES Ohio completed the offering of (i) $92.5 million in aggregate principal amount of First Mortgage Bonds, 5.49% Series due 2028 and (ii) $107.5 million aggregate principal amount of its First Mortgage Bonds, 5.70% Series due 2033 in a private placement. The proceeds from the offerings were used to repay existing indebtedness, including amounts outstanding under the AES Ohio Credit Agreement, and for general corporate purposes.

On April 13, 2023, AES Ohio issued $100.0 million in aggregate principal amount of First Mortgage Bonds, 5.19% Series due 2033 in a private placement. The proceeds from the offering were used to repay amounts outstanding under the AES Ohio Credit Agreement and for general corporate purposes.

On June 1, 2022, AES Ohio re-issued $140.0 million of tax-exempt OAQDA Collateralized Pollution Revenue Refunding Bonds that had been held in trust, Series 2015A&B. AES Ohio re-issued $140.0 million aggregate principal amount of first mortgage bonds to the OAQDA in two series: $100.0 million Series 2015A bonds at an interest rate of 4.25% and $40.0 million Series 2015B at an interest rate of 4.00% to secure the loan of proceeds from these bonds issued by the OAQDA. These bonds are subject to a mandatory put date of June 1, 2027.

Debt Covenants and Restrictions
The AES Ohio Credit Agreement and Fifty-Third, Fifty-Fourth and Fifty-Fifth Supplemental Indentures, pursuant to which the 3.20% Bonds due 2040, the 5.19% Bonds due 2033, the 5.49% Bonds due 2028 and the 5.70% Bonds due 2033 were issued, each contain one financial covenant, respectively. The covenant measures Total Debt to Total Capitalization and is calculated, at the end of each fiscal quarter, by dividing total debt by total capitalization. AES Ohio’s Total Debt to Total Capitalization ratio shall not be greater than 0.67 to 1.00. As of December 31, 2023, AES Ohio was in compliance with this financial covenant.

AES Ohio does not have any meaningful restrictions in its debt financing documents prohibiting distributions to its parent, DPL. As of December 31, 2023, AES Ohio and DPL were in compliance with all debt covenants, including the financial covenants described above.

Substantially all property, plant & equipment of AES Ohio is subject to the lien of the mortgage securing AES Ohio’s First and Refunding Mortgage.
THE DAYTON POWER AND LIGHT COMPANY [Member]  
Debt Instrument [Line Items]  
Debt DEBT
Long-term debt is as follows:
$ in millionsInterest RateMaturityDecember 31, 2023December 31, 2022
First Mortgage Bonds3.95%2049$425.0 $425.0 
First Mortgage Bonds3.20%2040140.0 140.0 
First Mortgage Bonds5.70%2033107.5 — 
First Mortgage Bonds5.19%2033100.0 — 
First Mortgage Bonds5.49%202892.5 — 
Tax-exempt First Mortgage Bonds (a)
4.25%2027100.0 100.0 
Tax-exempt First Mortgage Bonds (b)
4.00%202740.0 40.0 
U.S. Government note4.20%206116.8 17.0 
Unamortized deferred financing costs(7.1)(6.9)
Unamortized debt discounts
(2.2)(2.4)
Total long-term debt1,012.5 712.7 
Less: current portion(0.2)(0.2)
Long-term debt, net of current portion$1,012.3 $712.5 

(a)First mortgage bonds issued to the OAQDA, to secure the loan of proceeds from tax-exempt bonds issued by the OAQDA. The bonds have a final maturity date of November 1, 2040 but are subject to a mandatory put in June 2027.
(b)First mortgage bonds issued to the OAQDA, to secure the loan of proceeds from tax-exempt bonds issued by the OAQDA. The bonds have a final maturity date of January 1, 2034 but are subject to a mandatory put in June 2027.

Revolving Credit Agreement
AES Ohio entered into a second amendment and restatement of the AES Ohio Credit Agreement on December 22, 2022 with a syndication of bank lenders. The AES Ohio Credit Agreement is an unsecured committed line of credit to be used: (i) to finance capital expenditures; (ii) to refinance certain existing indebtedness, (iii) to support working capital; and (iv) for general corporate purposes. This agreement matures on December 22, 2027, and bears interest
at variable rates as described in the agreement. It includes an uncommitted $100.0 million accordion feature to provide AES Ohio with an option to request an increase in the size of the facility, subject to approval by the lenders. The AES Ohio Credit Agreement also includes two one-year extension options, allowing AES Ohio to extend the maturity date subject to approval by the lenders. At December 31, 2023 and 2022, the AES Ohio Credit Agreement had outstanding borrowings of $15.0 million and $120.0 million, respectively.

Debt Maturities
At December 31, 2023, maturities of long-term debt are summarized as follows:
Due during the years ending December 31,
$ in millions
2024$0.2 
20250.2 
20260.2 
2027140.2 
202892.7 
Thereafter788.3 
1,021.8 
Unamortized debt discounts
(7.1)
Deferred financing costs, net(2.2)
Total long-term debt$1,012.5 

Significant Transactions
On December 28, 2023, AES Ohio completed the offering of (i) $92.5 million in aggregate principal amount of First Mortgage Bonds, 5.49% Series due 2028 and (ii) $107.5 million aggregate principal amount of its First Mortgage Bonds, 5.70% Series due 2033 in a private placement. The proceeds from the offerings were used to repay existing indebtedness, including amounts outstanding under the AES Ohio Credit Agreement, and for general corporate purposes.

On April 13, 2023, AES Ohio issued $100.0 million in aggregate principal amount of First Mortgage Bonds, 5.19% Series due 2033 in a private placement. The proceeds from the offering were used to repay amounts outstanding under the AES Ohio Credit Agreement and for general corporate purposes.

On June 1, 2022, AES Ohio re-issued $140.0 million of tax-exempt OAQDA Collateralized Pollution Revenue Refunding Bonds that had been held in trust, Series 2015A&B. AES Ohio re-issued $140.0 million aggregate principal amount of first mortgage bonds to the OAQDA in two series: $100.0 million Series 2015A bonds at an interest rate of 4.25% and $40.0 million Series 2015B at an interest rate of 4.00% to secure the loan of proceeds from these bonds issued by the OAQDA. These bonds are subject to a mandatory put date of June 1, 2027.

Debt Covenants and Restrictions
The AES Ohio Credit Agreement and Fifty-Third, Fifty-Fourth and Fifty-Fifth Supplemental Indentures, pursuant to which the 3.20% Bonds due 2040, the 5.19% Bonds due 2033, the 5.49% Bonds due 2028 and the 5.70% Bonds due 2033 were issued, each contain one financial covenant, respectively. The covenant measures Total Debt to Total Capitalization and is calculated, at the end of each fiscal quarter, by dividing total debt by total capitalization. AES Ohio’s Total Debt to Total Capitalization ratio shall not be greater than 0.67 to 1.00. As of December 31, 2023 AES Ohio was in compliance with this financial covenant.

AES Ohio does not have any meaningful restrictions in its debt financing documents prohibiting distributions to its parent, DPL. As of December 31, 2023, AES Ohio was in compliance with all debt covenants, including the financial covenants described above.

Substantially all property, plant & equipment of AES Ohio is subject to the lien of the mortgage securing AES Ohio’s First and Refunding Mortgage.