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Fair Value
 3 Months Ended
Mar. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value FAIR VALUE
The fair value of our financial assets and liabilities approximates their reported carrying amounts. The estimated fair values of our assets and liabilities have been determined using available market information. Because these amounts are estimates and based on hypothetical transactions to sell assets or transfer liabilities, the use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. For further information on our valuation techniques and policies, see Note 4 – FAIR VALUE in Item 8.—Financial Statements and Supplementary Data of our Form 10-K.

Financial Assets
AES Ohio established a Master Trust to hold assets that could be used for the benefit of employees participating in employee benefit plans. These assets are not used for general operating purposes. These assets are primarily comprised of open-ended mutual funds, which are valued using the net asset value per unit. These assets are recorded at fair value within Other non-current assets on the Condensed Consolidated Balance Sheets and are classified as equity investments. We recorded net unrealized gains / (losses) related to equity investments still held as of March 31, 2023 and 2022 of $0.3 million and $(0.5) million during the three months ended March 31, 2023 and 2022, respectively. These amounts are included in Other income, net in our Condensed Consolidated Statements of Operations.

We did not have any transfers of the fair values of our financial instruments between Level 1, Level 2 or Level 3 of the fair value hierarchy during the three months ended March 31, 2023 or 2022.

Recurring Fair Value Measurements
The fair value of assets and liabilities as of March 31, 2023 and December 31, 2022 measured on a recurring basis and the respective category within the fair value hierarchy for DPL is as follows:
Fair value as of March 31, 2023Fair value as of December 31, 2022
$ in millionsLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets
Master Trust assets
Money market funds$0.3 $— $— $0.3 $0.5 $— $— $0.5 
Mutual funds7.1 — — 7.1 7.0 — — 7.0 
Total assets$7.4 $— $— $7.4 $7.5 $— $— $7.5 

Financial Instruments not Measured at Fair Value in the Condensed Consolidated Balance Sheets
The fair value of long-term debt is based on current public market prices for disclosure purposes only. These fair value inputs are considered Level 2 in the fair value hierarchy. As the Wright-Patterson Air Force Base note is not publicly traded, the fair value inputs are considered Level 3 in the fair value hierarchy as there are no observable inputs. Unrealized gains or losses are not recognized in the financial statements as long-term debt is presented at carrying value, net of unamortized premium or discount and unamortized deferred financing costs in the financial statements. The long-term debt amounts include the current portion payable in the next twelve months and have maturities that range from 2025 to 2061.

The following table presents the carrying amount, fair value, and fair value hierarchy of our financial liabilities that are not measured at fair value in the Condensed Consolidated Balance Sheets as of the periods indicated, but for which fair value is disclosed:
Carrying AmountFair value as of March 31, 2023Carrying AmountFair value as of December 31, 2022
$ in millionsLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Liabilities
Long-term debt$1,536.7 $— $1,392.0 $17.0 $1,409.0 $1,535.9 $— $1,376.4 $17.0 $1,393.4 
Subsidiaries [Member]  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value FAIR VALUE
The fair value of our financial assets and liabilities approximates their reported carrying amounts. The estimated fair values of our assets and liabilities have been determined using available market information. Because these amounts are estimates and based on hypothetical transactions to sell assets or transfer liabilities, the use of different market assumptions and/or estimation methodologies may have a material effect on the estimated fair value amounts. For further information on our valuation techniques and policies, see Note 4 – FAIR VALUE in Item 8. – Financial Statements and Supplementary Data of our Form 10-K.

Financial Assets
AES Ohio established a Master Trust to hold assets that could be used for the benefit of employees participating in employee benefit plans. These assets are not used for general operating purposes. These assets are primarily comprised of open-ended mutual funds, which are valued using the net asset value per unit. These assets are recorded at fair value within Other non-current assets on the Condensed Balance Sheets and are classified as
equity investments. We recorded net unrealized gains / (losses) related to equity investments still held as of March 31, 2023 and 2022 of $0.3 million and $(0.5) million during the three months ended March 31, 2023 and 2022, respectively. These amounts are included in Other income / (expense) in our Condensed Statements of Operations.

We did not have any transfers of the fair values of our financial instruments between Level 1, Level 2 or Level 3 of the fair value hierarchy during the three months ended March 31, 2023 or 2022.

Recurring Fair Value Measurements
The fair value of assets and liabilities as of March 31, 2023 and December 31, 2022 measured on a recurring basis and the respective category within the fair value hierarchy for AES Ohio is as follows:
Fair value as of March 31, 2023Fair value as of December 31, 2022
$ in millionsLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets
Master Trust assets
Money market funds$0.3 $— $— $0.3 $0.5 $— $— $0.5 
Mutual funds7.1 — — 7.1 7.0 — — 7.0 
Total assets$7.4 $— $— $7.4 $7.5 $— $— $7.5 

Financial Instruments not Measured at Fair Value in the Condensed Balance Sheets
The fair value of long-term debt is based on current public market prices for disclosure purposes only. These fair value inputs are considered Level 2 in the fair value hierarchy. As the Wright-Patterson Air Force Base note is not publicly traded, the fair value inputs are considered Level 3 in the fair value hierarchy as there are no observable inputs. Unrealized gains or losses are not recognized in the financial statements as long-term debt is presented at carrying value, net of unamortized premium or discount and unamortized deferred financing costs in the financial statements. The long-term debt amounts include the current portion payable in the next twelve months and have maturities that range from 2025 to 2061.

The following table presents the carrying amount, fair value, and fair value hierarchy of our financial liabilities that are not measured at fair value in the Condensed Balance Sheets as of the periods indicated, but for which fair value is disclosed:
Carrying AmountFair value as of March 31, 2023Carrying AmountFair value as of December 31, 2022
$ in millionsLevel 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Liabilities
Long-term debt$713.0 $— $623.3 17.0 $640.3 $712.7 $— $610.9 $17.0 $627.9