v3.26.1
Fair Value
 3 Months Ended
Mar. 31, 2026
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value FAIR VALUE
The fair value of our current 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. Net unrealized losses related to equity investments still held as of March 31, 2026 and 2025 are as follows:
Three months ended
March 31,
$ in millions
2026
2025
Net unrealized losses (a)
$
(0.2)
$
(0.1)

(a)    These amounts are included in Other income / (expense), 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, 2026 or 2025.

Recurring Fair Value Measurements
The fair value of assets and liabilities as of March 31, 2026 and December 31, 2025 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, 2026
Fair value as of December 31, 2025
$ in millions
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
Assets
Master Trust assets
Money market funds
$
0.3 
$
— 
$
— 
$
0.3 
$
0.8 
$
— 
$
— 
$
0.8 
Mutual funds
7.3 
— 
— 
7.3 
7.5 
— 
— 
7.5 
Total assets
$
7.6 
$
— 
$
— 
$
7.6 
$
8.3 
$
— 
$
— 
$
8.3 

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. The long-term debt amounts include the current portion payable in the next twelve months and have maturities that range from 2027 to 2061. Additional Level 3 disclosures are not presented since our long-term debt is not recorded at fair value.

The following table presents the carrying amount, fair value, and fair value hierarchy of fixed-rate and variable-rate indebtedness 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:
March 31, 2026
December 31, 2025
Carrying Amount
Fair Value
Carrying Amount
Fair Value
$ in millions
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Total
Liabilities
Fixed-rate
$
1,798.8 
$
— 
$
1,838.0 
$
17.8 
$
1,855.8 
$
1,798.3 
$
— 
$
1,684.3 
$
16.4 
$
1,700.7 
Variable-rate
$
30.0 
$
— 
$
31.8 
$
— 
$
31.8 
$
— 
$
— 
$
— 
$
— 
$
—