Company Quick10K Filing
Quick10K
DPL
10-Q 2019-09-30 Quarter: 2019-09-30
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-06-26 Other Events
8-K 2019-06-19 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-06-06 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-05-16 Other Events, Exhibits
8-K 2019-04-17 Enter Agreement, Off-BS Arrangement, Exhibits
8-K 2019-02-15 Other Events
8-K 2019-01-23 Regulation FD, Exhibits
8-K 2018-12-06 Other Events
8-K 2018-09-26 Regulation FD
8-K 2018-06-18 Regulation FD
8-K 2018-05-31 Regulation FD, Exhibits
8-K 2018-03-27 M&A, Exhibits
8-K 2018-02-05 Other Events
8-K 2018-01-03 Enter Agreement, Exhibits
SMLR Semler Scientific 320
REIS Reis 253
EDRG Rokk3R 203
WLMS Williams Industrial Services Group 58
PRHR Petroshare 38
AGGX Angiogenex 8
CVLB Conversion Labs 6
WAYS Wave Sync 1
CCOH CCO Holdings 0
SOAN Angiosoma 0
DPL 2019-09-30
Part I - Financial Information
Item 1 - Financial Statements
Note 1 - Overview and Summary of Significant Accounting Policies
Note 2 - Supplemental Financial Information
Note 3 - Regulatory Matters
Note 4 - Fair Value
Note 5 - Derivative Instruments and Hedging Activities
Note 6 - Long-Term Debt
Note 7 - Income Taxes
Note 8 - Benefit Plans
Note 9 - Shareholder's Deficit
Note 10 - Contractual Obligations, Commercial Commitments and Contingencies
Note 11 - Business Segments
Note 12 - Revenue
Note 13 - Dispositions
Note 1 - Overview and Summary of Significant Accounting Policies
Note 2 - Supplemental Financial Information
Note 3 - Regulatory Matters
Note 4 - Fair Value
Note 5 - Derivative Instruments and Hedging Activities
Note 6 - Long-Term Debt
Note 7 - Income Taxes
Note 8 - Benefit Plans
Note 9 - Shareholder's Equity
Note 10 - Contractual Obligations, Commercial Commitments and Contingencies
Note 11 - Revenue
Note 12 - Dispositions
Item 2 - Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3 - Quantitative and Qualitative Disclosures About Market Risk
Item 4 - Controls and Procedures
Part II - Other Information
Item 1 - Legal Proceedings
Item 1A - Risk Factors
Item 2 - Unregistered Sale of Equity Securities and Use of Proceeds
Item 3 - Defaults Upon Senior Securities
Item 4 - Mine Safety Disclosures
Item 5 - Other Information
Item 6 - Exhibits
EX-31.A dpl20190930ex31a.htm
EX-31.B dpl20190930ex31b.htm
EX-31.C dpl20190930ex31c.htm
EX-31.D dpl20190930ex31d.htm
EX-32.A dpl20190930ex32a.htm
EX-32.B dpl20190930ex32b.htm
EX-32.C dpl20190930ex32c.htm
EX-32.D dpl20190930ex32d.htm

DPL Earnings 2019-09-30

DPL 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q

(x) QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2019

OR

( ) TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934

dplinclogoa13.jpg
 
dpandllogoa18.jpg
DPL INC.
(an Ohio corporation)
 
THE DAYTON POWER AND LIGHT COMPANY
(an Ohio corporation)
Commission file number 1-9052
 
Commission file number 1-2385
1065 Woodman Drive
Dayton, Ohio 45432
 
1065 Woodman Drive
Dayton, Ohio 45432
937-259-7215
 
937-259-7215
I.R.S. Employer Identification No. 31-1163136
 
I.R.S. Employer Identification No. 31-0258470

Securities registered pursuant to Section 12(b) of the Act:
Title of Each Class
Trading Symbol(s)
Name of Each Exchange on Which Registered
N/A
N/A
N/A

Indicate by check mark whether each registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
DPL Inc.
Yes o
No x
The Dayton Power and Light Company
Yes o
No x

Each of DPL Inc. and The Dayton Power and Light Company is a voluntary filer that has filed all applicable reports under Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months.

Indicate by check mark whether each registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
DPL Inc.
Yes x
No o
The Dayton Power and Light Company
Yes x
No o


1


Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
 
Large
accelerated
filer
Accelerated
filer
Non-
accelerated
filer
(Do not check if a smaller reporting company)
Smaller
reporting
company
Emerging growth company
DPL Inc.
o
o
x
o
o
The Dayton Power and Light Company
o
o
x
o
o

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
DPL Inc.
o
The Dayton Power and Light Company
o

Indicate by check mark whether each registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
DPL Inc.
Yes o
No x
The Dayton Power and Light Company
Yes o
No x

All of the outstanding common stock of DPL Inc. is indirectly owned by The AES Corporation. All of the outstanding common stock of The Dayton Power and Light Company is owned by DPL Inc.

As of November 5, 2019, each registrant had the following shares of common stock outstanding:
Registrant
 
Description
 
Shares Outstanding
 
 
 
 
 
DPL Inc.
 
Common Stock, no par value
 
1
 
 
 
 
 
The Dayton Power and Light Company
 
Common Stock, $0.01 par value
 
41,172,173

This combined Form 10-Q is separately filed by DPL Inc. and The Dayton Power and Light Company. Information contained herein relating to any individual registrant is filed by such registrant on its own behalf. Each registrant makes no representation as to information relating to a registrant other than itself.


2


DPL Inc. and The Dayton Power and Light Company
Quarter Ended September 30, 2019
 
Table of Contents
Page No.
Glossary of Terms
Forward-Looking Statements
Part I Financial Information
 
Item 1
Financial Statements – DPL Inc. and The Dayton Power and Light Company (Unaudited)
 
 
DPL Inc.
 
 
Condensed Consolidated Statements of Operations
 
Condensed Consolidated Statements of Comprehensive Income
 
Condensed Consolidated Balance Sheets
 
Condensed Consolidated Statements of Cash Flows
 
Condensed Consolidated Statements of Shareholder's Deficit
 
Notes to Condensed Consolidated Financial Statements
 
Note 1 – Overview and Summary of Significant Accounting Policies
 
Note 2 – Supplemental Financial Information
 
Note 3 – Regulatory Matters
 
Note 4 – Fair Value
 
Note 5 – Derivative Instruments and Hedging Activities
 
Note 6 – Long-term Debt
 
Note 7 – Income Taxes
 
Note 8 – Benefit Plans
 
Note 9 – Shareholder's Deficit
 
Note 10 – Contractual Obligations, Commercial Commitments and Contingencies
 
Note 11 – Business Segments
 
Note 12 – Revenue
 
Note 13 – Dispositions
 
Note 14 – Discontinued Operations
 
 
 
 
The Dayton Power and Light Company
 
 
Condensed Statements of Operations
 
Condensed Statements of Comprehensive Income
 
Condensed Balance Sheets
 
Condensed Statements of Cash Flows
 
Condensed Statements of Shareholder's Equity
 
Notes to Condensed Financial Statements
 
Note 1 – Overview and Summary of Significant Accounting Policies
 
Note 2 – Supplemental Financial Information
 
Note 3 – Regulatory Matters
 
Note 4 – Fair Value
 
Note 5 – Derivative Instruments and Hedging Activities
 
Note 6 – Long-term Debt
 
Note 7 – Income Taxes
 
Note 8 – Benefit Plans
 
Note 9 – Shareholder's Equity
 
Note 10 – Contractual Obligations, Commercial Commitments and Contingencies
 
Note 11 – Revenue
 
Note 12 – Dispositions
 
 
 
Item 2
Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3
Quantitative and Qualitative Disclosures about Market Risk
Item 4
Controls and Procedures
 
 
 
Part II Other Information
 
Item 1
Legal Proceedings
Item 1A
Risk Factors
Item 2
Unregistered Sales of Equity Securities and Use of Proceeds
Item 3
Defaults Upon Senior Securities 
Item 4
Mine Safety Disclosures
Item 5
Other Information
Item 6
Exhibits
 
Signatures


3

Table of Contents

GLOSSARY OF TERMS 

The following terms are used in this Form 10-Q:
Term
Definition
2017 ESP
DP&L's ESP - approved October 20, 2017, effective November 1, 2017
AES
The AES Corporation - a global power company and the ultimate parent company of DPL
AES Ohio Generation
AES Ohio Generation, LLC - a wholly-owned subsidiary of DPL that owns an interest in a coal-fired EGU from which it makes wholesale sales and previously operated other EGUs
AOCI
Accumulated Other Comprehensive Income
ARO
Asset Retirement Obligation
ASU
Accounting Standards Update
CAA
U.S. Clean Air Act - the congressional act that directs the USEPA’s regulation of stationary and mobile sources of air pollution to protect air quality and stratospheric ozone
CCR
Coal Combustion Residuals
Conesville
AES Ohio Generation's interest in Unit 4 at the Conesville EGU
CSAPR
Cross-State Air Pollution Rule - the USEPA's rule to address interstate air pollution transport to decrease emissions to downwind states
D.C. Circuit Court
United States Court of Appeals for the District of Columbia Circuit
DIR
Distribution Investment Rider - established in the ESP and authorized in the DRO to recover certain distribution capital investments placed in service beginning October 1, 2015
DMP
Distribution Modernization Plan - on December 21, 2018, DP&L filed a comprehensive grid modernization plan pursuant to the PUCO Order in the ESP
DMR
Distribution Modernization Rider - established in the ESP as a non-bypassable rider to collect $105.0 million in revenue per year for the first three years of the ESP term
DPL
DPL Inc.
DP&L
The Dayton Power and Light Company - the principal subsidiary of DPL and a public utility that delivers electricity to residential, commercial, industrial and governmental customers in a 6,000-square mile area of West Central Ohio
DRO
Distribution Rate Order - the order issued by the PUCO on September 26, 2018 establishing new base distribution rates for DP&L, which became effective October 1, 2018
EBITDA
Earnings before interest, taxes, depreciation and amortization. EBITDA also excludes the Fixed-asset impairment
EGU
Electric Generating Unit
ERAC
Environmental Review Appeals Commission - a commission appointed by the Governor of Ohio to resolve appeals related various Ohio agencies including Ohio EPA, Ohio Department of Agriculture and others
ERISA
The Employee Retirement Income Security Act of 1974
ESP
The Electric Security Plan - a plan that a utility must file with the PUCO to establish SSO rates pursuant to Ohio law
FASB
Financial Accounting Standards Board
FASC
FASB Accounting Standards Codification
Form 10-K
DPL’s and DP&L’s combined Annual Report on Form 10-K for the fiscal year ended December 31, 2018, which was filed on February 26, 2019
First and Refunding Mortgage
DP&L’s First and Refunding Mortgage, dated October 1, 1935, as amended, with the Bank of New York Mellon as Trustee
GAAP
Generally Accepted Accounting Principles in the United States of America
Generation Separation
The transfer on October 1, 2017 to AES Ohio Generation of the DP&L-owned generating facilities and related liabilities pursuant to an asset contribution agreement with a subsidiary that was then merged into AES Ohio Generation
kV
Kilovolt, 1,000 volts
kWh
Kilowatt-hours - a measure of electrical energy equivalent to a power consumption of 1,000 watts for 1 hour
LIBOR
London Inter-Bank Offering Rate
Master Trust
DP&L established a Master Trust to hold assets that could be used for the benefit of employees participating in employee benefit plans
MATS
Mercury and Air Toxics Standards - the USEPA’s rules for existing and new power plants under Section 112 of the CAA
Merger
The merger of DPL and Dolphin Sub, Inc., a wholly-owned subsidiary of AES. On November 28, 2011, DPL became a wholly-owned subsidiary of AES.
Miami Valley Lighting
Miami Valley Lighting, LLC is a wholly-owned subsidiary of DPL established in 1985 to provide street and outdoor lighting services to customers in the Dayton region. Miami Valley Lighting serves businesses, communities and neighborhoods in West Central Ohio with over 70,000 lighting solutions for more than 190 businesses and 180 local governments.
MVIC
Miami Valley Insurance Company is a wholly-owned insurance subsidiary of DPL that provides insurance services to DPL and its subsidiaries and, in some cases, insurance services to partner companies related to the jointly-owned facility operated by AES Ohio Generation
MW
Megawatt, a unit of power equal to one million watts

4

Table of Contents

GLOSSARY OF TERMS (cont.)
 
 
Term
Definition
NAAQS
National Ambient Air Quality Standards - the USEPA’s health and environmental based standards for six specified pollutants, as found in the ambient air
NERC
North American Electric Reliability Corporation - a not-for-profit international regulatory authority whose mission is to assure the effective and efficient reduction of risks to the reliability and security of the electric grid
Ohio EPA
Ohio Environmental Protection Agency
OVEC
Ohio Valley Electric Corporation - an electric generating company in which DP&L holds a 4.9% equity interest
Peaker assets
The generation and related assets for the 586.0 MW Tait combustion turbine and diesel generation facility, the 236.0 MW Montpelier combustion turbine generation facility, the 101.5 MW Yankee combustion turbine generation and solar facility, the 25.0 MW Hutchings combustion turbine generation facility, the 12.0 MW Monument diesel generation facility, and the 12.0 MW Sidney diesel generation facility that were sold on March 27, 2018
PJM
PJM Interconnection, LLC, an RTO
PRP
Potentially Responsible Party
PUCO
Public Utilities Commission of Ohio
RTO
Regional Transmission Organization - an entity that is independent from all generation and power marketing interests and has exclusive responsibility for grid operations, short-term reliability, and transmission service within a region
SEC
U.S. Securities and Exchange Commission
SERP
Supplemental Executive Retirement Plan
Service Company
AES US Services, LLC - the shared services affiliate providing accounting, finance, and other support services to AES’ U.S. SBU businesses
SSO
Standard Service Offer represents the regulated rates, authorized by the PUCO, charged to DP&L retail customers that take retail generation service from DP&L within DP&L’s service territory
TCJA
The Tax Cuts and Jobs Act of 2017, signed on December 22, 2017
TCRR
The Transmission Cost Recovery Rider is a rider designed to recover transmission-related costs imposed on or charged to DP&L by FERC or PJM
U.S.
United States of America
USEPA
U.S. Environmental Protection Agency
USF
The Universal Service Fund is a statewide program which provides qualified low-income customers in Ohio with income-based bills and energy efficiency education programs
U.S. SBU
U.S. and Utilities Strategic Business Unit, AES’ reporting unit covering the businesses in the United States, including DPL
Utility segment
DPL's Utility segment is made up of DP&L’s electric transmission and distribution businesses, which distribute electricity to residential, commercial, industrial and governmental customers

FORWARD-LOOKING STATEMENTS

Certain statements contained in this report are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Matters discussed in this report that relate to events or developments that are expected to occur in the future, including management’s expectations, strategic objectives, business prospects, anticipated economic performance and financial condition and other similar matters constitute forward-looking statements. Forward-looking statements are based on management’s beliefs, assumptions and expectations of future economic performance, considering the information currently available to management. These statements are not statements of historical fact and are typically identified by terms and phrases such as “anticipate,” “believe,” “intend,” “estimate,” “expect,” “continue,” “should,” “could,” “may,” “plan,” “project,” “predict,” “will” and similar expressions. Such forward-looking statements are subject to risks and uncertainties and investors are cautioned that outcomes and results may vary materially from those projected due to various factors beyond our control, including but not limited to:

growth in our service territory and changes in demand and demographic patterns;
weather-related damage to our electrical system;
performance of our suppliers;
transmission and distribution system reliability and capacity;
regulatory actions and outcomes, including, but not limited to, the review and approval of our rates and charges by the PUCO;
federal and state legislation and regulations;
changes in our credit ratings or the credit ratings of AES;
fluctuations in the value of pension plan assets, fluctuations in pension plan expenses and our ability to fund defined benefit pension plans;
changes in financial or regulatory accounting policies;
environmental matters, including costs of compliance with, and liabilities related to, current and future environmental laws and requirements;

5

Table of Contents

interest rates and the use of interest rate hedges, inflation rates and other costs of capital;
the availability of capital;
the ability of subsidiaries to pay dividends or distributions to DPL;
level of creditworthiness of counterparties to contracts and transactions;
labor strikes or other workforce factors, including the ability to attract and retain key personnel;
facility or equipment maintenance, repairs and capital expenditures;
significant delays or unanticipated cost increases associated with construction projects;
the availability and cost of funds to finance working capital and capital needs, particularly during periods when the time lag between incurring costs and recovery is long and the costs are material;
local economic conditions;
costs and effects of legal and administrative proceedings, audits, settlements, investigations and claims and the ultimate disposition of litigation;
industry restructuring, deregulation and competition;
issues related to our participation in PJM, including the cost associated with membership, allocation of costs, costs associated with transmission expansion, the recovery of costs incurred and the risk of default of other PJM participants;
changes in tax laws and the effects of our tax strategies;
product development, technology changes and changes in prices of products and technologies;
cyberattacks and information security breaches;
the use of derivative contracts;
catastrophic events such as fires, explosions, terrorist acts, acts of war, pandemic events, or natural disasters such as floods, earthquakes, tornadoes, severe winds, ice or snowstorms, droughts or other similar occurrences; and
the risks and other factors discussed in this report and other DPL and DP&L filings with the SEC.

Forward-looking statements speak only as of the date of the document in which they are made. We disclaim any obligation or undertaking to provide any updates or revisions to any forward-looking statement to reflect any change in our expectations or any change in events, conditions or circumstances on which the forward-looking statement is based. If we do update one or more forward-looking statements, no inference should be made that we will make additional updates with respect to those or other forward-looking statements.

All such factors are difficult to predict, contain uncertainties that may materially affect actual results, and many are beyond our control. See Item 1A - Risk Factors to Part I in our Annual Report on Form 10-K for the fiscal year ended December 31, 2018 and the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” section in such report and in our Quarterly Reports on Form 10-Q for the quarters ended March 31, and June 30, 2019 and this Quarterly Report on Form 10-Q for a more detailed discussion of the foregoing and certain other factors that could cause actual results to differ materially from those reflected in such forward-looking statements and that should be considered in evaluating our outlook.

Our SEC filings are available to the public from the SEC’s website at www.sec.gov.

COMPANY WEBSITES

DP&L’s public internet site is www.dpandl.com. The information on this website is not incorporated by reference into this report.

Part I – Financial Information
This report includes the combined filing of DPL and DP&L. Throughout this report, the terms “we,” “us,” “our” and “ours” are used to refer to both DPL and DP&L, respectively and altogether, unless the context indicates otherwise. Discussions or areas of this report that apply only to DPL or DP&L will be clearly noted in the applicable section.

Item 1 – Financial Statements

6

Table of Contents













FINANCIAL STATEMENTS

DPL INC.


7

Table of Contents

DPL INC.
Condensed Consolidated Statements of Operations
(Unaudited)
 
 
Three months ended
 
Nine months ended
 
 
September 30,
 
September 30,
$ in millions
 
2019
 
2018
 
2019
 
2018
Revenues
 
$
199.0

 
$
207.7

 
$
592.2

 
$
591.5

 
 
 
 
 
 
 
 
 
Operating costs and expenses
 
 
 
 
 
 
 
 
Net fuel cost
 
5.2

 
4.6

 
13.0

 
12.7

Net purchased power cost
 
66.5

 
83.6

 
195.0

 
238.9

Operation and maintenance
 
44.2

 
37.3

 
142.3

 
118.3

Depreciation and amortization
 
17.7

 
19.7

 
54.1

 
58.8

Taxes other than income taxes
 
20.9

 
19.0

 
58.5

 
54.5

Other, net (Note 2)
 

 
1.6

 
0.9

 
14.6

Total operating costs and expenses
 
154.5

 
165.8

 
463.8

 
497.8

 
 
 
 
 
 
 
 
 
Operating income
 
44.5

 
41.9

 
128.4

 
93.7

 
 
 
 
 
 
 
 
 
Other income / (expense), net:
 
 
 
 
 
 
 
 
Interest expense
 
(18.3
)
 
(22.6
)
 
(63.7
)
 
(74.4
)
Loss on early extinguishment of debt
 

 

 
(44.9
)
 
(6.4
)
Other income
 
0.3

 
0.5

 
3.2

 
0.8

Total other expense, net
 
(18.0
)
 
(22.1
)
 
(105.4
)
 
(80.0
)
 
 
 
 
 
 
 
 
 
Income from continuing operations before income tax
 
26.5

 
19.8

 
23.0

 
13.7

 
 
 
 
 
 
 
 
 
Income tax expense / (benefit) from continuing operations
 
(9.4
)
 
3.1

 
(12.6
)
 
1.5

 
 
 
 
 
 
 
 
 
Net income from continuing operations
 
35.9

 
16.7

 
35.6

 
12.2

 
 
 
 
 
 
 
 
 
Discontinued operations (Note 14):
 
 
 
 
 
 
 
 
Income / (loss) from discontinued operations before income tax
 
(0.4
)
 
5.0

 
32.8

 
36.7

Gain / (loss) from disposal of discontinued operations
 

 
0.3

 
0.1

 
(1.6
)
Income tax expense from discontinued operations
 
0.1

 
1.0

 
7.1

 
5.9

Net income / (loss) from discontinued operations
 
(0.5
)
 
4.3

 
25.8

 
29.2

 
 
 
 
 
 
 
 
 
Net income
 
$
35.4

 
$
21.0

 
$
61.4

 
$
41.4

See Notes to Condensed Consolidated Financial Statements.

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Table of Contents

DPL INC.
Condensed Consolidated Statements of Comprehensive Income
(Unaudited)
 
 
Three months ended
 
Nine months ended
 
 
September 30,
 
September 30,
$ in millions
 
2019
 
2018
 
2019
 
2018
Net income
 
$
35.4

 
$
21.0

 
$
61.4

 
$
41.4

Derivative activity:
 
 
 
 
 
 
 
 
Change in derivative fair value, net of income tax (expense) / benefit of $(0.1), $0.0, $0.1 and $(0.2) for each respective period
 
(0.2
)
 
0.1

 
(1.0
)
 
0.4

Reclassification to earnings, net of income tax (benefit) / expense of $(0.1), $0.1, $0.0 and $0.3 for each respective period
 
(0.4
)
 
(0.2
)
 
(0.9
)
 
(0.6
)
Reclassification of earnings related to discontinued operations, net of income tax benefit of $(0.4), $0.0, $(0.4) and $(1.5) for each respective period
 
(0.4
)
 

 
(0.4
)
 
2.8

Total change in fair value of derivatives
 
(1.0
)
 
(0.1
)
 
(2.3
)
 
2.6

Pension and postretirement activity:
 
 
 
 
 
 
 
 
Reclassification to earnings, net of income tax benefit of $(0.1), $(0.1), $(0.1) and $(0.1) for each respective period
 

 
0.1

 
0.1

 
0.4

Total change in unfunded pension and postretirement obligations
 

 
0.1

 
0.1

 
0.4

 
 
 
 
 
 
 
 
 
Other comprehensive income / (loss)
 
(1.0
)
 

 
(2.2
)
 
3.0

 
 
 
 
 
 
 
 
 
Net comprehensive income
 
$
34.4

 
$
21.0

 
$
59.2

 
$
44.4

See Notes to Condensed Consolidated Financial Statements.


9

Table of Contents

DPL INC.
Condensed Consolidated Balance Sheets
(Unaudited)
$ in millions
 
September 30, 2019
 
December 31, 2018
ASSETS
 
 
 
 
Current assets:
 
 
 
 
Cash and cash equivalents
 
$
36.8

 
$
90.5

Restricted cash
 
17.6

 
21.2

Accounts receivable, net (Note 2)
 
69.8

 
90.5

Inventories (Note 2)
 
13.0

 
10.7

Taxes applicable to subsequent years
 
18.2

 
72.6

Regulatory assets, current
 
40.2

 
41.1

Prepayments and other current assets
 
9.3

 
12.9

Current assets of discontinued operations and held-for-sale businesses
 
8.3

 
8.7

Total current assets
 
213.2

 
348.2

 
 
 
 
 
Property, plant & equipment:
 
 
 
 
Property, plant & equipment
 
1,664.2

 
1,615.6

Less: Accumulated depreciation and amortization
 
(350.3
)
 
(310.8
)
 
 
1,313.9

 
1,304.8

Construction work in process
 
94.5

 
32.2

Total net property, plant & equipment
 
1,408.4

 
1,337.0

 
 
 
 
 
Other non-current assets:
 
 
 
 
Regulatory assets, non-current
 
154.7

 
152.6

Intangible assets, net of amortization
 
19.3

 
18.4

Other non-current assets
 
20.5

 
21.6

Non-current assets of discontinued operations and held-for-sale businesses
 
0.2

 
5.3

Total other non-current assets
 
194.7

 
197.9

 
 
 
 
 
Total assets
 
$
1,816.3

 
$
1,883.1

 
 
 
 
 
LIABILITIES AND SHAREHOLDER'S DEFICIT
 
 
 
 
Current liabilities:
 
 
 
 
Short-term and current portion of long-term debt (Note 6)
 
$
237.6

 
$
103.6

Accounts payable
 
52.9

 
58.1

Accrued taxes
 
78.5

 
76.7

Accrued interest
 
27.2

 
14.3

Customer deposits
 
20.3

 
21.3

Regulatory liabilities, current
 
36.5

 
34.9

Accrued and other current liabilities
 
21.4

 
22.0

Current liabilities of discontinued operations and held-for-sale businesses
 
9.9

 
12.2

Total current liabilities
 
484.3

 
343.1

 
 
 
 
 
Non-current liabilities:
 
 
 
 
Long-term debt (Note 6)
 
1,223.3

 
1,372.3

Deferred income taxes
 
119.0

 
116.1

Taxes payable
 
3.7

 
76.1

Regulatory liabilities, non-current
 
252.3

 
278.3

Accrued pension and other post-retirement benefits
 
73.9

 
82.3

Asset retirement obligations
 
9.5

 
9.4

Other non-current liabilities
 
7.5

 
8.0

Non-current liabilities of discontinued operations and held-for-sale businesses
 
52.4

 
69.2

Total non-current liabilities
 
1,741.6

 
2,011.7

 
 
 
 
 
Commitments and contingencies (Note 10)
 

 

 
 
 
 
 
Common shareholder's deficit
 
 
 
 
Common stock:
 
 
 
 
1,500 shares authorized; 1 share issued and outstanding at September 30, 2019 and December 31, 2018
 

 

Other paid-in capital
 
2,373.4

 
2,370.5

Accumulated other comprehensive income
 

 
2.2

Accumulated deficit
 
(2,783.0
)
 
(2,844.4
)
Total common shareholder's deficit
 
(409.6
)
 
(471.7
)
 
 
 
 
 
Total liabilities and shareholder's deficit
 
$
1,816.3

 
$
1,883.1

See Notes to Condensed Consolidated Financial Statements.

10

Table of Contents

DPL INC.
Condensed Consolidated Statements of Cash Flows
(Unaudited)
 
 
Nine months ended September 30,
$ in millions
 
2019
 
2018
Cash flows from operating activities:
 
 
 
 
Net income
 
$
61.4

 
$
41.4

Adjustments to reconcile net income to net cash from operating activities:
 
 
 
 
Depreciation and amortization
 
34.2

 
62.4

Amortization of deferred financing costs
 
4.3

 
4.4

Loss on early extinguishment of debt
 
44.9

 
6.4

Deferred income taxes
 
(8.7
)
 
(17.8
)
Fixed-asset impairment
 

 
2.8

Loss / (gain) on disposal and sale of business, net
 
(0.1
)
 
13.2

Loss / (gain) on asset disposal, net
 
0.9

 
(0.6
)
Changes in certain assets and liabilities:
 
 
 
 
Accounts receivable, net
 
18.0

 
34.4

Inventories
 
(3.2
)
 
14.7

Taxes applicable to subsequent years
 
56.2

 
57.7

Deferred regulatory costs, net
 
2.9

 
(4.1
)
Accounts payable
 
(5.1
)
 
(17.4
)
Accrued taxes
 
(71.0
)
 
(47.1
)
Accrued interest
 
12.9

 
13.4

Accrued pension and other post-retirement benefits
 
(9.3
)
 
(4.0
)
Other
 
(2.0
)
 
(6.9
)
Net cash provided by operating activities
 
136.3

 
152.9

Cash flows from investing activities:
 
 
 
 
Capital expenditures
 
(122.4
)
 
(75.8
)
Proceeds from disposal and sale of business
 

 
234.9

Payments on disposal and sale of business
 

 
(14.5
)
Proceeds from sale of property
 

 
10.6

Insurance proceeds
 

 
2.8

Purchase of renewable energy credits
 
(3.6
)
 

Other investing activities, net
 
0.1

 
(0.5
)
Net cash provided by / (used in) investing activities
 
(125.9
)
 
157.5

Cash flows from financing activities:
 
 
 
 
Payments of deferred financing costs
 
(9.2
)
 

Issuance of long-term debt, net of discount
 
821.7

 

Retirement of long-term debt, including early payment premium
 
(978.0
)
 
(239.4
)
Borrowings from revolving credit facilities
 
133.0

 
30.0

Repayment of borrowings from revolving credit facilities
 
(35.0
)
 
(40.0
)
Other financing activities, net
 
(0.2
)
 

Net cash used in financing activities
 
(67.7
)
 
(249.4
)
Decrease in cash and restricted cash of discontinued operations and held-for-sale businesses
 

 
1.5

Cash, cash equivalents, and restricted cash:
 
 
 
 
Net change
 
(57.3
)
 
62.5

Balance at beginning of period
 
111.7

 
24.9

Cash, cash equivalents, and restricted cash at end of period
 
$
54.4

 
$
87.4

Supplemental cash flow information:
 
 
 
 
Interest paid, net of amounts capitalized
 
$
47.1

 
$
55.2

Income taxes paid / (refunded), net
 
$
1.3

 
$
(2.0
)
Non-cash financing and investing activities: