Equity

12 Months Ended

Dec. 31, 2023

Entity Information [Line Items]

Stockholders' Equity Note Disclosure [Text Block]

SHAREHOLDER'S EQUITY / (DEFICIT)

Common Stock

Effective on the Merger date, DPL's Amended Articles of Incorporation provided for 1,500 authorized common shares, of which one share is outstanding at December 31, 2023.

AES Ohio has 50,000,000 authorized common shares, of which 41,172,173 are outstanding at December 31, 2023. All common shares are held by AES Ohio’s parent, DPL.

Capital Contributions from AES

DPL received $260.0 million and $150.0 million in cash contributions from AES during the years ended December 31, 2023 and 2021, respectively; which DPL then used to make equity contributions of $260.0 million and $150.0 million, respectively, to AES Ohio. The cash contributions at DPL represented equity contributions of $239.0 million in 2023 and $132.5 million in 2021; and payments of $21.0 million and $17.5 million against its tax receivable in 2023 and 2021, respectively. The proceeds from the equity contributions at AES Ohio have enabled AES Ohio to seek to improve its infrastructure and modernize its grid while maintaining liquidity. DPL did not receive any contributions from AES in 2022.

Dividend Restrictions

DPL’s Amended Articles of Incorporation (the Articles) contain provisions which state that DPL may not make a distribution to its shareholder or make a loan to any of its affiliates (other than its subsidiaries), unless: (a) there exists no Event of Default (as defined in the Articles) and no such Event of Default would result from the making of the distribution or loan; and either (b)(i) at the time of, and/or as a result of, the distribution or loan, DPL’s leverage ratio does not exceed 0.67 to 1.00 and DPL’s interest coverage ratio is not less than 2.50 to 1.00 or, (b)(ii) if such ratios are not within the parameters, DPL’s senior long-term debt rating from one of the three major credit rating agencies is at least investment grade. Further, the restrictions on the payment of distributions to a shareholder and the making of loans to its affiliates (other than subsidiaries) cease to be in effect if the three major credit rating agencies confirm that a lowering of DPL’s senior long-term debt rating below investment grade by the credit rating agencies would not occur without these restrictions.

As described above, DPL’s Amended Articles of Incorporation contains restrictions on DPL’s ability to make dividends, distributions and affiliate loans (other than to its subsidiaries), including restrictions on making such dividends, distributions and loans if certain financial ratios exceed specified levels and DPL’s senior long-term debt rating from a rating agency is below investment grade. As of December 31, 2023, DPL did not meet these requirements and was prohibited under its Articles of Incorporation from making a distribution to its shareholder or making a loan to any of its affiliates (other than its subsidiaries).

THE DAYTON POWER AND LIGHT COMPANY [Member]

Entity Information [Line Items]

Stockholders' Equity Note Disclosure [Text Block]

SHAREHOLDER'S EQUITY

Common Stock

AES Ohio has 50,000,000 authorized common shares, of which 41,172,173 are outstanding at December 31, 2023. All common shares are held by AES Ohio’s parent, DPL.

Capital Contributions and Returns of Capital

AES Ohio received $260.0 million and $150.0 million in capital contributions from DPL in the years ended December 31, 2023 and 2021, respectively. The proceeds from these equity contributions allow AES Ohio to seek to improve its infrastructure and modernize its grid while maintaining liquidity. AES Ohio did not receive any contributions from DPL in 2022.

During the years ended December 31, 2023 and 2022, AES Ohio declared and paid distributions totaling $83.0 million and $64.0 million, respectively. During the year ended December 31, 2021, AES Ohio declared distributions of $42.0 million and paid distributions of $52.0 million.