þ | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | |||
FOR THE FISCAL YEAR ENDED DECEMBER 31, | ||||
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
Michigan | 38-3217752 | |||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification No.) | |||
One Energy Plaza, Detroit, Michigan | 48226-1279 | |||
(Address of principal executive offices) | (Zip Code) |
Title of Each Class | Name of Each Exchange on Which Registered | |
Common Stock, without par value | New York Stock Exchange | |
New York Stock Exchange |
Large accelerated filer þ | Accelerated filer o | Non-accelerated filer o (Do not check if a smaller reporting company) | Smaller Reporting company o |
Page | ||||||||
EX-101 INSTANCE DOCUMENT | ||||||||
EX-101 SCHEMA DOCUMENT | ||||||||
EX-101 CALCULATION LINKBASE DOCUMENT | ||||||||
EX-101 LABELS LINKBASE DOCUMENT | ||||||||
EX-101 PRESENTATION LINKBASE DOCUMENT | ||||||||
EX-101 DEFINITION LINKBASE DOCUMENT |
ASC | Accounting Standards Codification | ||
ASU | Accounting Standards Update | ||
CIM | A Choice Incentive Mechanism authorized by the MPSC that allows Detroit Edison to recover or refund non-fuel revenues lost or gained as a result of fluctuations in electric Customer Choice sales. | ||
Citizens | Citizens Fuel Gas Company, which distributes natural gas in Adrian, Michigan | ||
Company | DTE Energy Company and any subsidiary companies | ||
CTA | Costs to achieve, consisting of project management, consultant support and employee severance, related to the Performance Excellence Process | ||
Customer Choice | Michigan legislation giving customers the option to choose alternative suppliers for electricity and gas. | ||
Detroit Edison | The Detroit Edison Company (a direct wholly owned subsidiary of DTE Energy Company) and subsidiary companies | ||
DTE Energy | DTE Energy Company, directly or indirectly the parent of Detroit Edison, MichCon and numerous non-utility subsidiaries | ||
EPA | United States Environmental Protection Agency | ||
FASB | Financial Accounting Standards Board | ||
FERC | Federal Energy Regulatory Commission | ||
FTRs | Financial transmission rights are financial instruments that entitle the holder to receive payments related to costs incurred for congestion on the transmission grid. | ||
GCR | A Gas Cost Recovery mechanism authorized by the MPSC that allows MichCon to recover through rates its natural gas costs. | ||
MCIT | Michigan Corporate Income Tax | ||
MDEQ | Michigan Department of Environmental Quality | ||
MichCon | Michigan Consolidated Gas Company (an indirect wholly owned subsidiary of DTE Energy) and subsidiary companies | ||
MISO | Midwest Independent System Operator is an Independent System Operator and the Regional Transmission Organization serving the Midwest United States and Manitoba, Canada. | ||
MPSC | Michigan Public Service Commission | ||
Non-utility | An entity that is not a public utility. Its conditions of service, prices of goods and services and other operating related matters are not directly regulated by the MPSC. | ||
NRC | United States Nuclear Regulatory Commission | ||
Production tax credits | Tax credits as authorized under Sections 45K and 45 of the Internal Revenue Code that are designed to stimulate investment in and development of alternate fuel sources. The amount of a production tax credit can vary each year as determined by the Internal Revenue Service. |
Proved reserves | Estimated quantities of natural gas, natural gas liquids and crude oil which geological and engineering data demonstrate with reasonable certainty to be recoverable in future years from known reserves under existing economic and operating conditions. | ||
PSCR | A Power Supply Cost Recovery mechanism authorized by the MPSC that allows Detroit Edison to recover through rates its fuel, fuel-related and purchased power costs. | ||
RDM | A Revenue Decoupling Mechanism authorized by the MPSC that is designed to minimize the impact on revenues of changes in average customer usage of electricity and natural gas. | ||
Securitization | Detroit Edison financed specific stranded costs at lower interest rates through the sale of rate reduction bonds by a wholly-owned special purpose entity, The Detroit Edison Securitization Funding LLC. | ||
Subsidiaries | The direct and indirect subsidiaries of DTE Energy Company | ||
Unconventional Gas | Includes those gas and oil deposits that originated and are stored in coal bed, tight sandstone and shale formations. | ||
VIE | Variable Interest Entity | ||
Units of Measurement | |||
Bcf | Billion cubic feet of gas | ||
Bcfe | Conversion metric using a standard ratio of one barrel of oil and/or natural gas liquids to 6 Mcf of natural gas | ||
BTU | Heat value (energy content) of fuel | ||
dth/d | Decatherms per day | ||
kWh | Kilowatthour of electricity | ||
Mcf | Thousand cubic feet of gas | ||
MMcf | Million cubic feet of gas | ||
MW | Megawatt of electricity | ||
MWh | Megawatthour of electricity |
The |
The Gas Utility segment consists of MichCon and Citizens. MichCon is engaged in the purchase, storage, transportation, |
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Gas Storage and Pipelines consists of natural gas pipelines, gathering and storage | ||
2010 | 2009 | 2008 | ||||||||||
(In millions) | ||||||||||||
Residential | $ | 2,052 | $ | 1,820 | $ | 1,726 | ||||||
Commercial | 1,629 | 1,702 | 1,753 | |||||||||
Industrial | 688 | 730 | 894 | |||||||||
Other | 479 | 299 | 289 | |||||||||
Subtotal | 4,848 | 4,551 | 4,662 | |||||||||
Interconnection sales(1) | 145 | 163 | 212 | |||||||||
Total Revenue | $ | 4,993 | $ | 4,714 | $ | 4,874 | ||||||
2011 | 2010 | 2009 | |||||||||
(In millions) | |||||||||||
Residential | $ | 2,182 | $ | 2,052 | $ | 1,820 | |||||
Commercial | 1,704 | 1,629 | 1,702 | ||||||||
Industrial | 692 | 688 | 730 | ||||||||
Other | 458 | 479 | 299 | ||||||||
Subtotal | 5,036 | 4,848 | 4,551 | ||||||||
Interconnection sales (1) | 118 | 145 | 163 | ||||||||
Total Revenue | $ | 5,154 | $ | 4,993 | $ | 4,714 |
(1) | Represents power that is not distributed by Detroit Edison. |
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Summer Net | ||||||||||||||
Location by | Rated | |||||||||||||
Michigan | Capability(1) | |||||||||||||
Plant Name | County | (MW) | (%) | Year in Service | ||||||||||
Fossil-fueled Steam-Electric | ||||||||||||||
Belle River(2) | St. Clair | 1,044 | 9.5 | 1984 and 1985 | ||||||||||
Conners Creek | Wayne | 239 | 2.1 | 1951 | ||||||||||
Greenwood | St. Clair | 785 | 7.1 | 1979 | ||||||||||
Harbor Beach | Huron | 94 | 0.9 | 1968 | ||||||||||
Marysville | St. Clair | 84 | 0.8 | 1943 and 1947 | ||||||||||
Monroe(3) | Monroe | 3,027 | 27.6 | 1971, 1973 and 1974 | ||||||||||
River Rouge | Wayne | 523 | 4.8 | 1957 and 1958 | ||||||||||
St. Clair(4) | St. Clair | 1,368 | 12.5 | 1953, 1954, 1959, 1961 and 1969 | ||||||||||
Trenton Channel | Wayne | 698 | 6.4 | 1949 and 1968 | ||||||||||
7,862 | 71.7 | |||||||||||||
Oil or Gas-fueled Peaking Units | Various | 1,101 | 10.0 | 1966-1971, 1981 and 1999 | ||||||||||
Nuclear-fueled Steam-Electric Fermi 2(5) | Monroe | 1,087 | 9.9 | 1988 | ||||||||||
Hydroelectric Pumped Storage Ludington(6) | Mason | 917 | 8.4 | 1973 | ||||||||||
10,967 | 100.0 | |||||||||||||
Location by Michigan | Summer Net Rated Capability (1) | ||||||||
Plant Name | County | (MW) | (%) | Year in Service | |||||
Fossil-fueled Steam-Electric | |||||||||
Belle River (2) | St. Clair | 1,047 | 10.0 | 1984 and 1985 | |||||
Greenwood | St. Clair | 782 | 7.5 | 1979 | |||||
Harbor Beach | Huron | 93 | 0.9 | 1968 | |||||
Monroe (3) | Monroe | 2,893 | 27.7 | 1971, 1973 and 1974 | |||||
River Rouge | Wayne | 525 | 5.0 | 1957 and 1958 | |||||
St. Clair | St. Clair | 1,382 | 13.3 | 1953, 1954, 1959, 1961 and 1969 | |||||
Trenton Channel | Wayne | 674 | 6.5 | 1949 and 1968 | |||||
7,396 | 70.9 | ||||||||
Oil or Gas-fueled Peaking Units | Various | 1,026 | 9.8 | 1966-1971, 1981 and 1999 | |||||
Nuclear-fueled Steam-Electric Fermi 2 (4) | Monroe | 1,086 | 10.4 | 1988 | |||||
Hydroelectric Pumped Storage Ludington (5) | Mason | 917 | 8.9 | 1973 | |||||
10,425 | 100.0 |
(1) | Summer net rated capabilities of generating plants in service are based on periodic load tests and are changed depending on operating experience, the physical condition of units, environmental control limitations and customer requirements for steam, which otherwise would be used for electric generation. |
(2) | The Belle River capability represents Detroit Edison’s entitlement to 81% of the capacity and energy of the plant. See Note |
(3) | The Monroe |
(4) | ||
Fermi 2 has a design electrical rating (net) of 1,150 MW. |
(5) | Represents Detroit Edison’s 49% interest in Ludington with a total capability of 1,872 MW. See Note |
Circuit Miles | ||||||||
Operating Voltage-Kilovolts (kV) | Overhead | Underground | ||||||
4.8 kV to 13.2 kV | 28,345 | 13,916 | ||||||
24 kV | 181 | 696 | ||||||
40 kV | 2,278 | 381 | ||||||
120 kV | 54 | 13 | ||||||
30,858 | 15,006 | |||||||
Circuit Miles | ||||||
Operating Voltage-Kilovolts (kV) | Overhead | Underground | ||||
4.8 kV to 13.2 kV | 28,544 | 14,105 | ||||
24 kV | 182 | 696 | ||||
40 kV | 2,277 | 382 | ||||
120 kV | 54 | 8 | ||||
31,057 | 15,191 |
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2010 | 2009 | 2008 | ||||||||||
(In millions) | ||||||||||||
Gas sales | $ | 1,281 | $ | 1,443 | $ | 1,824 | ||||||
End user transportation | 185 | 144 | 143 | |||||||||
Intermediate transportation | 69 | 69 | 73 | |||||||||
Storage and other | 113 | 132 | 112 | |||||||||
Total Revenue | $ | 1,648 | $ | 1,788 | $ | 2,152 | ||||||
2011 | 2010 | 2009 | |||||||||
(In millions) | |||||||||||
Gas sales | $ | 1,150 | $ | 1,281 | $ | 1,443 | |||||
End user transportation | 194 | 185 | 144 | ||||||||
Intermediate transportation | 58 | 69 | 69 | ||||||||
Storage and other | 103 | 113 | 132 | ||||||||
Total Revenue | $ | 1,505 | $ | 1,648 | $ | 1,788 |
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Availability | Contract | |||||||
(MMcf/d) | Expiration | |||||||
Vector Pipeline L.P. | 50 | 2012 | ||||||
Great Lakes Gas Transmission L.P. | 80 | 2013 | ||||||
Viking Gas Transmission Company | 51 | 2013 | ||||||
ANR Pipeline Company | 195 | 2017 | ||||||
Panhandle Eastern Pipeline Company | 75 | 2029 |
Availability (MMcf/d) | Contract Expiration | ||
Great Lakes Gas Transmission L.P. | 80 | 2013 | |
Viking Gas Transmission Company | 51 | 2013 | |
Vector Pipeline L.P. | 50 | 2015 | |
ANR Pipeline Company | 195 | 2017 | |
Panhandle Eastern Pipeline Company | 75 | 2029 |
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Property | |||||||||||||||
Classification | % Owned | Description | Location | ||||||||||||
Pipelines | |||||||||||||||
Vector Pipeline | 40 | % | 348-mile pipeline with 1,300 MMcf per day capacity | IL, IN, MI & Ontario | |||||||||||
Millennium Pipeline | 26 | % | 182-mile pipeline with 525 MMcf per day capacity | ||||||||||||
100 | % | 543-mile pipeline | MI | ||||||||||||
Storage | |||||||||||||||
Washington 10 | 100 | ||||||||||||||
% | 74 Bcf of storage capacity | MI | |||||||||||||
Washington 28 | 50 | % | 16 Bcf of storage capacity | MI |
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2010 | 2009 | 2008 | ||||||||||
Producing Wells(1)(2)(3) | 194 | 174 | 162 | |||||||||
Developed Lease Acreage(1)(3)(4) | 15,928 | 14,968 | 14,248 | |||||||||
Undeveloped Lease Acreage(1)(3)(5) | 54,318 | 48,399 | 46,187 | |||||||||
Production Volume (Bcfe) | 4.8 | 5.0 | 5.0 | |||||||||
Proved Reserves (Bcfe)(6) | 201 | 234 | 167 | |||||||||
Capital Expenditures (in millions)(3) | $ | 26 | $ | 26 | $ | 100 | ||||||
Future Undiscounted Cash Flows (in millions)(7) | $ | 478 | $ | 392 | $ | 324 | ||||||
Average Gas Price, excluding hedge contracts (per Mcf) | $ | 5.99 | $ | 4.34 | $ | 8.69 | ||||||
Average Oil Price, excluding hedge contracts (per Barrel) | $ | 76.41 | $ | 58.47 | $ | 90.27 |
2011 | 2010 | 2009 | |||||||||
Producing Wells (1)(2)(3) | 214 | 194 | 174 | ||||||||
Developed Lease Acreage (1)(3)(4) | 16,768 | 15,928 | 14,968 | ||||||||
Undeveloped Lease Acreage (1)(3)(5) | 70,609 | 54,318 | 48,399 | ||||||||
Production Volume (Bcfe)(6) | 5.1 | 4.8 | 5.0 | ||||||||
Proved Reserves (Bcfe)(7) | 186 | 201 | 234 | ||||||||
Capital Expenditures (in millions) | $ | 28 | $ | 26 | $ | 26 | |||||
Future Undiscounted Cash Flows (in millions)(8) | $ | 448 | $ | 478 | $ | 392 | |||||
Average Gas Price (per Mcf) | $ | 7.03 | $ | 5.99 | $ | 4.34 | |||||
Average Oil Price (per Barrel) | $ | 92.79 | $ | 76.41 | $ | 58.47 |
(1) | Excludes the interest of others. |
(2) | Producing wells are the number of wells that are found to be capable of producing hydrocarbons in sufficient quantities such that proceeds from the sale of the production exceed production expenses and taxes. |
(3) | Excludes |
(4) | Developed lease acreage is the number of acres that are allocated or assignable to productive wells or wells capable of production. |
(5) | Undeveloped lease acreage is the number of acres on which wells have not been drilled or completed to a point that would permit the production of commercial quantities of natural gas and oil regardless of whether such acreage contains proved reserves. |
(6) | Production volume is reported on a Bcf equivalent basis using a standard ratio of one barrel of oil and/or natural gas liquids to 6 Mcf of natural gas equivalents. |
Production Volume By Product | ||||||||
2011 | 2010 | 2009 | ||||||
Natural Gas | 46 | % | 51 | % | 57 | % | ||
Natural Gas Liquids | 35 | 36 | 34 | |||||
Crude Oil | 19 | 13 | 9 | |||||
100 | % | 100 | % | 100 | % |
(7) | The |
Proved Reserves By Product | ||||||||
2011 | 2010 | 2009 | ||||||
Natural Gas | 50 | % | 54 | % | 57 | % | ||
Natural Gas Liquids | 39 | 41 | 40 | |||||
Crude Oil | 11 | 5 | 3 | |||||
100 | % | 100 | % | 100 | % |
(8) | Represents the standardized measure of undiscounted future net cash flows utilizing extensive estimates. The estimated future net cash flow computations should not be considered to represent our estimate of the expected revenues or the current value of existing proved reserves and do not include the impact of hedge |
14
2011 | ||||
Oil Volume (in MBbl) | 72 | |||
Price (in Bbl) | $ | 93.28 |
2012 | |||
Oil Volume (in MBbl) | 72 | ||
Price (in Bbl) | $ | 101.73 |
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Facility | Location | Service Type | ||
Steel, Steel Industry Fuel, and Petroleum Coke | ||||
Pulverized Coal Operations | MI & MD | Pulverized Coal | ||
Coke Production | MI, PA & IN | Metallurgical Coke Supply/Steel Industry Fuels | ||
Other Investment in Coke Production and Petroleum Coke | IN & MS | Metallurgical Coke Supply/Steel Industry Fuels, and Pulverized Petroleum Coke | ||
On-Site Energy | ||||
Automotive | Various sites in | Electric Distribution, Chilled Water, | ||
MI, IN, OH & NY | ||||
Steam and Chilled Water | ||||
Airports | MI & PA | Electricity, Hot and Chilled Water | ||
Chemical Manufacturing | KY | Electricity, Steam and Natural Gas | ||
Wholesale Power | ||||
Pulp and Paper | AL | Electric Generation and Steam | ||
Renewables | CA & WI | Electric Generation | ||
Landfill Gas Recovery | Various U.S. | Electric | ||
Other Industries | ||||
Reduced | MI, OK, IL | Reduced Emission Fuel Supply | ||
Coal | IL | Coal Terminal and Blending |
2010 | 2009 | 2008 | ||||||||||
(In millions) | ||||||||||||
Production Tax Credits Generated (Allocated to DTE Energy) | ||||||||||||
Coke Battery(1) | $ | — | $ | 5 | $ | 5 | ||||||
Steel Industry Fuels(2) | 29 | 4 | — | |||||||||
Power Generation | 2 | 2 | 2 | |||||||||
Landfill Gas Recovery | 1 | 1 | — | |||||||||
Reduced Emission Fuel | 1 | — | — |
2011 | 2010 | 2009 | |||
(In millions) | |||||
Production Tax Credits Generated (Allocated to DTE Energy) | |||||
Coke Battery (1) | $— | $— | $5 | ||
Steel Industry Fuels (2) | — | 29 | 4 | ||
Power Generation | 4 | 2 | 2 | ||
Landfill Gas Recovery | 1 | 1 | 1 | ||
Reduced Emission Fuel | 1 | 1 | — |
(1) | Tax laws enabling production tax credits related to two coke battery facilities expired on December 31, |
(2) | Tax laws enabling the steel industry fuel tax credits expired on December 31, |
16
Monetizing and relocating our reduced emission fuel facilities; | ||
17
Electric | Gas | Non-Utility | Total | |||||||||||||
(In millions) | ||||||||||||||||
Air | $ | 2,100 | $ | — | $ | — | $ | 2,100 | ||||||||
Water | 55 | — | 13 | 68 | ||||||||||||
MGP sites | 4 | 36 | — | 40 | ||||||||||||
Other sites | 21 | 1 | — | 22 | ||||||||||||
Estimated total future expenditures through 2020 | $ | 2,180 | $ | 37 | $ | 13 | $ | 2,230 | ||||||||
Estimated 2011 expenditures | $ | 239 | $ | 11 | $ | 3 | $ | 253 | ||||||||
Estimated 2012 expenditures | $ | 276 | $ | 7 | $ | 7 | $ | 290 | ||||||||
Electric | Gas | Non-Utility | Total | ||||||||||||
(In millions) | |||||||||||||||
Air | $ | 1,921 | $ | — | $ | — | $ | 1,921 | |||||||
Water | 80 | — | 13 | 93 | |||||||||||
Contaminated and other sites | 17 | 37 | — | 54 | |||||||||||
Estimated total future expenditures through 2021 | $ | 2,018 | $ | 37 | $ | 13 | $ | 2,068 | |||||||
Estimated 2012 expenditures | $ | 255 | $ | 17 | $ | 10 | $ | 282 | |||||||
Estimated 2013 expenditures | $ | 311 | $ | 5 | $ | 2 | $ | 318 |
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Item 1A.Risk Factors |
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Item 3. | Legal Proceedings |
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Item 5. | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities |
Dividends | ||||||||||||||||
Paid | ||||||||||||||||
Year | Quarter | High | Low | per Share | ||||||||||||
2010 | ||||||||||||||||
First | $ | 45.93 | $ | 41.25 | $ | 0.530 | ||||||||||
Second | $ | 49.05 | $ | 43.00 | $ | 0.530 | ||||||||||
Third | $ | 49.06 | $ | 44.93 | $ | 0.560 | ||||||||||
Fourth | $ | 47.66 | $ | 44.27 | $ | 0.560 | ||||||||||
2009 | ||||||||||||||||
First | $ | 37.11 | $ | 23.32 | $ | 0.530 | ||||||||||
Second | $ | 32.43 | $ | 27.32 | $ | 0.530 | ||||||||||
Third | $ | 36.46 | $ | 30.59 | $ | 0.530 | ||||||||||
Fourth | $ | 44.96 | $ | 33.75 | $ | 0.530 |
Dividends Paid per Share | ||||||||||||||
Year | Quarter | High | Low | |||||||||||
2011 | ||||||||||||||
First | $ | 49.36 | $ | 45.17 | $ | 0.5600 | ||||||||
Second | $ | 52.78 | $ | 48.06 | $ | 0.5875 | ||||||||
Third | $ | 52.00 | $ | 43.22 | $ | 0.5875 | ||||||||
Fourth | $ | 55.28 | $ | 47.03 | $ | 0.5875 | ||||||||
2010 | ||||||||||||||
First | $ | 45.93 | $ | 41.25 | $ | 0.5300 | ||||||||
Second | $ | 49.05 | $ | 43.00 | $ | 0.5300 | ||||||||
Third | $ | 49.06 | $ | 44.93 | $ | 0.5600 | ||||||||
Fourth | $ | 47.66 | $ | 44.27 | $ | 0.5600 |
27
Number of Securities | Number of Securities | |||||||||||
to be Issued Upon | Weighted-Average | Remaining Available for | ||||||||||
Exercise of | Exercise Price of | Future Issuance Under Equity | ||||||||||
Outstanding Options | Outstanding Options | Compensation Plans | ||||||||||
Plans approved by shareholders | 4,827,457 | $ | 41.09 | 2,806,555 |
Number of Securities to be Issued Upon Exercise of Outstanding Options | Weighted-Average Exercise Price of Outstanding Options | Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans | |||
Plans approved by shareholders | 2,764,670 | $41.25 | 1,945,035 |
Number | ||||||||||||||||||||
of Shares | Maximum Dollar | |||||||||||||||||||
Purchased as | Value that May | |||||||||||||||||||
Average | Part of Publicly | Yet Be | ||||||||||||||||||
Number of | Price | Announced | Average | Purchased Under | ||||||||||||||||
Shares | Paid per | Plans or | Price Paid | the Plans or | ||||||||||||||||
Purchased(1) | Share(1) | Programs | per Share | Programs | ||||||||||||||||
01/01/10 — 01/31/10 | — | — | — | — | — | |||||||||||||||
02/01/10 — 02/28/10 | — | — | — | — | — | |||||||||||||||
03/01/10 — 03/31/10 | 55,000 | $ | 45.07 | — | — | — | ||||||||||||||
04/01/10 — 04/30/10 | — | — | — | — | — | |||||||||||||||
05/01/10 — 05/31/10 | 85,000 | 48.33 | — | — | — | |||||||||||||||
06/01/10 — 06/30/10 | — | — | — | — | — | |||||||||||||||
07/01/10 — 07/31/10 | — | — | — | — | — | |||||||||||||||
08/01/10 — 08/31/10 | 35,000 | 46.40 | — | — | — | |||||||||||||||
09/01/10 — 09/30/10 | 44,000 | 47.89 | — | — | — | |||||||||||||||
10/01/10 — 10/31/10 | — | — | — | — | — | |||||||||||||||
11/01/10 — 11/30/10 | 15,000 | 45.34 | — | — | — | |||||||||||||||
12/01/10 — 12/31/10 | — | — | — | — | — | |||||||||||||||
Total | 234,000 | — | ||||||||||||||||||
Number of Shares Purchased (1) | Average Price Paid per Share (1) | Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Average Price Paid per Share | Maximum Dollar Value that May Yet Be Purchased Under the Plans or Programs | |||||||||||
01/01/2011 — 01/31/2011 | 13,893 | $ | 45.30 | — | — | — | |||||||||
02/01/2011 — 02/28/2011 | 631,248 | 46.81 | — | — | — | ||||||||||
03/01/2011 — 03/31/2011 | 25,302 | 42.28 | — | — | — | ||||||||||
04/01/2011 — 04/30/2011 | 3,839 | 49.13 | — | — | — | ||||||||||
05/01/2011 — 05/31/2011 | 139,340 | 51.28 | — | — | — | ||||||||||
06/01/2011 — 06/30/2011 | 181,721 | 48.85 | — | — | — | ||||||||||
07/01/2011 — 07/31/2011 | 6,990 | 46.20 | — | — | — | ||||||||||
08/01/2011 — 08/31/2011 | 60,000 | 49.95 | — | — | — | ||||||||||
09/01/2011 — 09/30/2011 | 71,965 | 44.90 | — | — | — | ||||||||||
10/01/2011 — 10/31/2011 | 2,241 | 49.02 | — | — | — | ||||||||||
11/01/2011 — 11/30/2011 | 155,000 | 51.10 | — | — | — | ||||||||||
12/01/2011 — 12/31/2011 | 102,411 | 54.11 | — | — | — | ||||||||||
Total | 1,393,950 | — |
(1) | Represents shares of common stock purchased on the open market to provide shares to participants under various employee compensation and incentive programs. These purchases were not made pursuant to a publicly announced plan or program. Also includes shares of common stock withheld to satisfy income tax obligations upon the vesting of restricted stock. |
28
Annual Return Percentage | ||||||||||||||||||||
Year Ended December 31 | ||||||||||||||||||||
Company/Index | 2006 | 2007 | 2008 | 2009 | 2010 | |||||||||||||||
DTE Energy Company | 17.66 | (5.03 | ) | (14.37 | ) | 30.08 | 9.06 | |||||||||||||
S&P 500 Index | 15.79 | 5.49 | (37.00 | ) | 26.46 | 15.06 | ||||||||||||||
S&P 500 Multi-Utilities Index | 16.74 | 10.86 | (24.34 | ) | 20.93 | 11.08 | ||||||||||||||
Annual Return Percentage Year Ended December 31 | ||||||||||||||
Company/Index | 2007 | 2008 | 2009 | 2010 | 2011 | |||||||||
DTE Energy Company | (5.03 | ) | (14.37 | ) | 30.08 | 9.06 | 25.76 | |||||||
S&P 500 Index | 5.49 | (37.00 | ) | 26.46 | 15.06 | 2.11 | ||||||||
S&P 500 Multi-Utilities Index | 10.86 | (24.34 | ) | 20.93 | 11.08 | 18.41 |
Indexed Returns | ||||||||||||||||||||||||
Year Ended December 31 | ||||||||||||||||||||||||
Base | ||||||||||||||||||||||||
Period | ||||||||||||||||||||||||
Company/Index | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | ||||||||||||||||||
DTE Energy Company | 100 | 117.66 | 111.74 | 95.68 | 124.46 | 135.73 | ||||||||||||||||||
S&P 500 Index | 100 | 115.79 | 122.16 | 76.96 | 97.33 | 111.99 | ||||||||||||||||||
S&P 500 Multi-Utilities Index | 100 | 116.74 | 129.42 | 97.92 | 118.41 | 131.53 | ||||||||||||||||||
Indexed Returns Year Ended December 31 | |||||||||||||||||
Base Period | |||||||||||||||||
Company/Index | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | |||||||||||
DTE Energy Company | 100 | 94.97 | 81.32 | 105.78 | 115.36 | 145.08 | |||||||||||
S&P 500 Index | 100 | 105.49 | 66.46 | 84.05 | 96.71 | 98.76 | |||||||||||
S&P 500 Multi-Utilities Index | 100 | 110.86 | 83.88 | 101.43 | 112.67 | 133.40 |
Selected Financial Data |
2010 | 2009 | 2008 | 2007 | 2006 | ||||||||||||||||
(In millions, except per share amounts) | ||||||||||||||||||||
Operating Revenues | $ | 8,557 | $ | 8,014 | $ | 9,329 | $ | 8,475 | $ | 8,157 | ||||||||||
Net Income Attributable to DTE Energy Company | ||||||||||||||||||||
Income from continuing operations(1) | $ | 630 | $ | 532 | $ | 526 | $ | 787 | $ | 389 | ||||||||||
Discontinued operations | — | — | 20 | 184 | 43 | |||||||||||||||
Cumulative effect of accounting changes | — | — | — | — | 1 | |||||||||||||||
Net Income Attributable to DTE Energy Company | $ | 630 | $ | 532 | $ | 546 | $ | 971 | $ | 433 | ||||||||||
Diluted Earnings Per Common Share | ||||||||||||||||||||
Income from continuing operations | $ | 3.74 | $ | 3.24 | $ | 3.22 | $ | 4.61 | $ | 2.18 | ||||||||||
Discontinued operations | — | — | .12 | 1.08 | .24 | |||||||||||||||
Cumulative effect of accounting changes | — | — | — | — | .01 | |||||||||||||||
Diluted Earnings Per Common Share | $ | 3.74 | $ | 3.24 | $ | 3.34 | $ | 5.69 | $ | 2.43 | ||||||||||
Financial Information | ||||||||||||||||||||
Dividends declared per share of common stock | $ | 2.18 | $ | 2.12 | $ | 2.12 | $ | 2.12 | $ | 2.075 | ||||||||||
Total assets | $ | 24,896 | $ | 24,195 | $ | 24,590 | $ | 23,742 | $ | 23,785 | ||||||||||
Long-term debt, including capital leases | $ | 7,089 | $ | 7,370 | $ | 7,741 | $ | 6,971 | $ | 7,474 | ||||||||||
Shareholders’ equity | $ | 6,722 | $ | 6,278 | $ | 5,995 | $ | 5,853 | $ | 5,849 |
2011 | 2010 | 2009 | 2008 | 2007 | |||||||||||||||
(In millions, except per share amounts) | |||||||||||||||||||
Operating Revenues | $ | 8,897 | $ | 8,557 | $ | 8,014 | $ | 9,329 | $ | 8,475 | |||||||||
Net Income Attributable to DTE Energy Company | |||||||||||||||||||
Income from continuing operations (1) | $ | 711 | $ | 630 | $ | 532 | $ | 526 | $ | 787 | |||||||||
Discontinued operations | — | — | — | 20 | 184 | ||||||||||||||
Net Income Attributable to DTE Energy Company | $ | 711 | $ | 630 | $ | 532 | $ | 546 | $ | 971 | |||||||||
Diluted Earnings Per Common Share | |||||||||||||||||||
Income from continuing operations | $ | 4.18 | $ | 3.74 | $ | 3.24 | $ | 3.22 | $ | 4.61 | |||||||||
Discontinued operations | — | — | — | 0.12 | 1.08 | ||||||||||||||
Diluted Earnings Per Common Share | $ | 4.18 | $ | 3.74 | $ | 3.24 | $ | 3.34 | $ | 5.69 | |||||||||
Financial Information | |||||||||||||||||||
Dividends declared per share of common stock | $ | 2.32 | $ | 2.18 | $ | 2.12 | $ | 2.12 | $ | 2.12 | |||||||||
Total assets | $ | 26,009 | $ | 24,896 | $ | 24,195 | $ | 24,590 | $ | 23,742 | |||||||||
Long-term debt, including capital leases | $ | 7,187 | $ | 7,089 | $ | 7,370 | $ | 7,741 | $ | 6,971 | |||||||||
Shareholders’ equity | $ | 7,009 | $ | 6,722 | $ | 6,278 | $ | 5,995 | $ | 5,853 |
(1) |
30
2010 | 2009 | 2008 | ||||||||||
(In millions, except per share amounts) | ||||||||||||
Net income attributable to DTE Energy Company | $ | 630 | $ | 532 | $ | 546 | ||||||
Diluted earnings per common share | $ | 3.74 | $ | 3.24 | $ | 3.34 |
2011 | 2010 | 2009 | |||||||||
(In millions, except per share amounts) | |||||||||||
Net income attributable to DTE Energy Company | $ | 711 | $ | 630 | $ | 532 | |||||
Diluted earnings per common share | $ | 4.18 | $ | 3.74 | $ | 3.24 |
31
2010 | 2009 | 2008 | ||||||||||
(In millions) | ||||||||||||
Uncollectible Expense | ||||||||||||
Detroit Edison | $ | 58 | $ | 78 | $ | 87 | ||||||
MichCon | 58 | 93 | 126 | |||||||||
$ | 116 | $ | 171 | $ | 213 | |||||||
32
33
34
35
continuing to improve employee engagement; continuing to pursue regulatory stability and investment recovery for our utilities; managing the growth of our utility asset base; optimizing our cost structure across all business segments; managing cash, capital and liquidity to maintain or improve our financial strength; and investing in businesses that integrate our assets and leverage our skills and expertise. |
36
2010 | 2009 | 2008 | ||||||||||
(In millions) | ||||||||||||
Net Income Attributable to DTE Energy by Segment: | ||||||||||||
Electric Utility | $ | 441 | $ | 376 | $ | 331 | ||||||
Gas Utility | 127 | 80 | 85 | |||||||||
Gas Storage and Pipelines | 51 | 49 | 38 | |||||||||
Unconventional Gas Production(1) | (11 | ) | (9 | ) | 84 | |||||||
Power and Industrial Projects | 85 | 31 | 40 | |||||||||
Energy Trading | 6 | 75 | 42 | |||||||||
Corporate & Other | (69 | ) | (70 | ) | (94 | ) | ||||||
Discontinued Operations | — | — | 20 | |||||||||
Net Income Attributable to DTE Energy Company | $ | 630 | $ | 532 | $ | 546 | ||||||
2011 | 2010 | 2009 | |||||||||
(In millions) | |||||||||||
Net Income Attributable to DTE Energy by Segment: | |||||||||||
Electric Utility | $ | 434 | $ | 441 | $ | 376 | |||||
Gas Utility | 110 | 127 | 80 | ||||||||
Gas Storage and Pipelines | 57 | 51 | 49 | ||||||||
Unconventional Gas Production | (6 | ) | (11 | ) | (9 | ) | |||||
Power and Industrial Projects | 38 | 85 | 31 | ||||||||
Energy Trading | 52 | 6 | 75 | ||||||||
Corporate and Other | 26 | (69 | ) | (70 | ) | ||||||
Net Income Attributable to DTE Energy Company | $ | 711 | $ | 630 | $ | 532 |
2010 | 2009 | 2008 | ||||||||||
(In millions) | ||||||||||||
Operating Revenues | $ | 4,993 | $ | 4,714 | $ | 4,874 | ||||||
Fuel and Purchased Power | 1,580 | 1,491 | 1,778 | |||||||||
Gross Margin | 3,413 | 3,223 | 3,096 | |||||||||
Operation and Maintenance | 1,305 | 1,277 | 1,322 | |||||||||
Depreciation and Amortization | 849 | 844 | 743 | |||||||||
Taxes Other Than Income | 237 | 205 | 232 | |||||||||
Asset (Gains) Losses, Reserves and Impairments, Net | (6 | ) | (2 | ) | (1 | ) | ||||||
Operating Income | 1,028 | 899 | 800 | |||||||||
Other (Income) and Deductions | 317 | 295 | 283 | |||||||||
Income Tax Provision | 270 | 228 | 186 | |||||||||
Net Income Attributable to DTE Energy Company | $ | 441 | $ | 376 | $ | 331 | ||||||
Operating Income as a Percent of Operating Revenues | 21 | % | 19 | % | 16 | % |
2011 | 2010 | 2009 | |||||||||
(In millions) | |||||||||||
Operating Revenues | $ | 5,154 | $ | 4,993 | $ | 4,714 | |||||
Fuel and Purchased Power | 1,716 | 1,580 | 1,491 | ||||||||
Gross Margin | 3,438 | 3,413 | 3,223 | ||||||||
Operation and Maintenance | 1,370 | 1,305 | 1,277 | ||||||||
Depreciation and Amortization | 818 | 849 | 844 | ||||||||
Taxes Other Than Income | 240 | 237 | 205 | ||||||||
Asset (Gains) Losses, Reserves and Impairments, Net | 13 | (6 | ) | (2 | ) | ||||||
Operating Income | 997 | 1,028 | 899 | ||||||||
Other (Income) and Deductions | 298 | 317 | 295 | ||||||||
Income Tax Expense | 265 | 270 | 228 | ||||||||
Net Income Attributable to DTE Energy Company | $ | 434 | $ | 441 | $ | 376 | |||||
Operating Income as a Percent of Operating Revenues | 19 | % | 21 | % | 19 | % |
2011 | 2010 | ||||||
(In millions) | |||||||
Rate case and Choice Incentive mechanism, net of Revenue Decoupling mechanism and sales volume | $ | 29 | $ | 84 | |||
Restoration tracker | 27 | 35 | |||||
Securitization bond and tax surcharge | (39 | ) | 40 | ||||
Low Income Energy Efficiency Fund revenue deferral | (23 | ) | — | ||||
Energy optimization performance incentive | 17 | — | |||||
Regulatory mechanisms and other | 14 | 31 | |||||
Increase in gross margin | $ | 25 | $ | 190 |
2010 | 2009 | |||||||
(In millions) | ||||||||
Weather, net of RDM | $ | 84 | $ | (66 | ) | |||
Energy optimization and renewable surcharge/regulatory offset | (10 | ) | 54 | |||||
Securitization bond and tax surcharge rate increase | 40 | 62 | ||||||
2010 rate order, surcharges and other | 76 | 77 | ||||||
Increase in gross margin | $ | 190 | $ | 127 | ||||
2011 | 2010 | 2009 | ||||||
(In thousands of MWh) | ||||||||
Electric Sales | ||||||||
Residential | 15,907 | 15,726 | 14,625 | |||||
Commercial | 16,779 | 16,570 | 18,200 | |||||
Industrial | 9,739 | 10,195 | 9,922 | |||||
Other | 3,136 | 3,210 | 3,229 | |||||
45,561 | 45,701 | 45,976 | ||||||
Interconnection sales (1) | 3,512 | 4,876 | 5,156 | |||||
Total Electric Sales | 49,073 | 50,577 | 51,132 | |||||
Electric Deliveries | ||||||||
Retail and Wholesale | 45,561 | 45,701 | 45,976 | |||||
Electric Customer Choice, including self generators | 5,445 | 5,005 | 1,477 | |||||
Total Electric Sales and Deliveries | 51,006 | 50,706 | 47,453 |
37
2010 | 2009 | 2008 | ||||||||||
(In thousands of MWh) | ||||||||||||
Electric Sales | ||||||||||||
Residential | 15,726 | 14,625 | 15,492 | |||||||||
Commercial | 16,570 | 18,200 | 18,920 | |||||||||
Industrial | 10,195 | 9,922 | 13,086 | |||||||||
Other | 3,210 | 3,229 | 3,218 | |||||||||
45,701 | 45,976 | 50,716 | ||||||||||
Interconnection sales(1) | 4,876 | 5,156 | 3,583 | |||||||||
Total Electric Sales | 50,577 | 51,132 | 54,299 | |||||||||
Electric Deliveries | ||||||||||||
Retail and Wholesale | 45,701 | 45,976 | 50,716 | |||||||||
Electric Customer Choice, including self generators(2) | 5,005 | 1,477 | 1,457 | |||||||||
Total Electric Sales and Deliveries | 50,706 | 47,453 | 52,173 | |||||||||
(1) | Represents power that is not distributed by Detroit Edison. | |
2010 | 2009 | 2008 | ||||||||||||||||||||||
(In thousands of MWh) | ||||||||||||||||||||||||
Power Generated and Purchased | ||||||||||||||||||||||||
Power Plant Generation | ||||||||||||||||||||||||
Fossil | 39,433 | 73 | % | 40,595 | 74 | % | 41,254 | 71 | % | |||||||||||||||
Nuclear | 7,738 | 14 | 7,406 | 14 | 9,613 | 17 | ||||||||||||||||||
47,171 | 87 | 48,001 | 88 | 50,867 | 88 | |||||||||||||||||||
Purchased Power | 6,638 | 13 | 6,495 | 12 | 6,877 | 12 | ||||||||||||||||||
System Output | 53,809 | 100 | % | 54,496 | 100 | % | 57,744 | 100 | % | |||||||||||||||
Less Line Loss and Internal Use | (3,232 | ) | (3,364 | ) | (3,445 | ) | ||||||||||||||||||
Net System Output | 50,577 | 51,132 | 54,299 | |||||||||||||||||||||
Average Unit Cost ($/MWh) | ||||||||||||||||||||||||
Generation(1) | $ | 18.94 | $ | 18.20 | $ | 17.93 | ||||||||||||||||||
Purchased Power | $ | 42.38 | $ | 37.74 | $ | 69.50 | ||||||||||||||||||
Overall Average Unit Cost | $ | 21.83 | $ | 20.53 | $ | 24.07 | ||||||||||||||||||
2011 | 2010 | 2009 | ||||||||||||||||||
(In thousands of MWh) | ||||||||||||||||||||
Power Generated and Purchased | ||||||||||||||||||||
Power Plant Generation | ||||||||||||||||||||
Fossil | 35,502 | 68 | % | 39,433 | 73 | % | 40,595 | 74 | % | |||||||||||
Nuclear | 8,910 | 17 | 7,738 | 14 | 7,406 | 14 | ||||||||||||||
44,412 | 85 | 47,171 | 87 | 48,001 | 88 | |||||||||||||||
Purchased Power | 8,028 | 15 | 6,638 | 13 | 6,495 | 12 | ||||||||||||||
System Output | 52,440 | 100 | % | 53,809 | 100 | % | 54,496 | 100 | % | |||||||||||
Less Line Loss and Internal Use | (3,367 | ) | (3,232 | ) | (3,364 | ) | ||||||||||||||
Net System Output | 49,073 | 50,577 | 51,132 | |||||||||||||||||
Average Unit Cost ($/MWh) | ||||||||||||||||||||
Generation (1) | $ | 22.67 | $ | 18.94 | $ | 18.20 | ||||||||||||||
Purchased Power | $ | 42.78 | $ | 42.38 | $ | 37.74 | ||||||||||||||
Overall Average Unit Cost | $ | 25.75 | $ | 21.83 | $ | 20.53 |
(1) | Represents fuel costs associated with power plants. |
38
2010 | 2009 | 2008 | ||||||||||
(In millions) | ||||||||||||
Operating Revenues | $ | 1,648 | $ | 1,788 | $ | 2,152 | ||||||
Cost of Gas | 870 | 1,057 | 1,378 | |||||||||
Gross Margin | 778 | 731 | 774 | |||||||||
Operation and Maintenance | 378 | 415 | 464 | |||||||||
Depreciation and Amortization | 92 | 107 | 102 | |||||||||
Taxes Other Than Income | 55 | 49 | 48 | |||||||||
Asset (Gains) and Losses, Net | — | (18 | ) | (26 | ) | |||||||
Operating Income | 253 | 178 | 186 | |||||||||
Other (Income) and Deductions | 59 | 59 | 60 | |||||||||
Income Tax Provision | 67 | 39 | 41 | |||||||||
Net Income Attributable to DTE Energy Company | $ | 127 | $ | 80 | $ | 85 | ||||||
Operating Income as a Percent of Operating Revenues | 15 | % | 10 | % | 9 | % |
2011 | 2010 | 2009 | |||||||||
(In millions) | |||||||||||
Operating Revenues | $ | 1,505 | $ | 1,648 | $ | 1,788 | |||||
Cost of Gas | 744 | 870 | 1,057 | ||||||||
Gross Margin | 761 | 778 | 731 | ||||||||
Operation and Maintenance | 394 | 378 | 415 | ||||||||
Depreciation and Amortization | 89 | 92 | 107 | ||||||||
Taxes Other Than Income | 54 | 55 | 49 | ||||||||
Asset (Gains) and Losses, Net | — | — | (18 | ) | |||||||
Operating Income | 224 | 253 | 178 | ||||||||
Other (Income) and Deductions | 54 | 59 | 59 | ||||||||
Income Tax Expense | 60 | 67 | 39 | ||||||||
Net Income Attributable to DTE Energy Company | $ | 110 | $ | 127 | $ | 80 | |||||
Operating Income as a Percent of Operating Revenues | 15 | % | 15 | % | 10 | % |
39
2010 | 2009 | |||||||
(In millions) | ||||||||
2010 self-implementation and rate order | $ | 125 | $ | — | ||||
Lost and stolen gas | 13 | (15 | ) | |||||
Midstream transportation and storage revenues | (20 | ) | 22 | |||||
Uncollectible tracking mechanism | (43 | ) | (28 | ) | ||||
Lower sales volumes | — | (13 | ) | |||||
Weather | (23 | ) | (4 | ) | ||||
Other | (5 | ) | (5 | ) | ||||
Increase (decrease) in gross margin | $ | 47 | $ | (43 | ) | |||
2011 | 2010 | ||||||
(In millions) | |||||||
Uncollectible tracking mechanism | $ | (27 | ) | $ | (43 | ) | |
2010 self-implementation and rate order | (4 | ) | 125 | ||||
Revenue decoupling mechanism | 5 | — | |||||
Energy optimization performance incentive | 7 | — | |||||
Midstream storage and transportation revenues | (12 | ) | (20 | ) | |||
Subsidiaries transferred to Gas Storage and Pipelines segment | (17 | ) | — | ||||
Weather | 25 | (23 | ) | ||||
Lost and stolen gas | — | 13 | |||||
Other | 6 | (5 | ) | ||||
Increase (decrease) in gross margin | $ | (17 | ) | $ | 47 |
Gas Markets (in Bcf) | ||||||||||||
Gas sales | 118 | 137 | 148 | |||||||||
End user transportation | 140 | 124 | 123 | |||||||||
258 | 261 | 271 | ||||||||||
Intermediate transportation | 391 | 463 | 438 | |||||||||
649 | 724 | 709 | ||||||||||
2011 | 2010 | 2009 | ||||||
Gas Markets (in Bcf) | ||||||||
Gas sales | 123 | 118 | 137 | |||||
End user transportation | 141 | 140 | 124 | |||||
264 | 258 | 261 | ||||||
Intermediate transportation | 273 | 391 | 463 | |||||
537 | 649 | 724 |
40
2010 | 2009 | 2008 | |||||||||||||||||||||
(In millions) | 2011 | 2010 | 2009 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Operating Revenues | $ | 83 | $ | 82 | $ | 71 | $ | 91 | $ | 83 | $ | 82 | |||||||||||
Operation and Maintenance | 14 | 15 | 12 | 16 | 14 | 15 | |||||||||||||||||
Depreciation and Amortization | 5 | 5 | 5 | 6 | 5 | 5 | |||||||||||||||||
Taxes Other Than Income | 2 | 2 | 3 | 3 | 2 | 2 | |||||||||||||||||
Asset (Gains) and Losses, Net | — | — | 1 | ||||||||||||||||||||
Operating Income | 62 | 60 | 50 | 66 | 62 | 60 | |||||||||||||||||
Other (Income) and Deductions | (25 | ) | (23 | ) | (12 | ) | (28 | ) | (25 | ) | (23 | ) | |||||||||||
Income Tax Provision | 32 | 33 | 24 | ||||||||||||||||||||
Income Tax Expense | 35 | 32 | 33 | ||||||||||||||||||||
Net Income | 55 | 50 | 38 | 59 | 55 | 50 | |||||||||||||||||
Noncontrolling interest | 4 | 1 | — | 2 | 4 | 1 | |||||||||||||||||
Net Income Attributable to DTE Energy | $ | 51 | $ | 49 | $ | 38 | $ | 57 | $ | 51 | $ | 49 | |||||||||||
2010 | 2009 | 2008 | ||||||||||
(In millions) | ||||||||||||
Operating Revenues | $ | 32 | $ | 31 | $ | 48 | ||||||
Operation and Maintenance | 16 | 15 | 22 | |||||||||
Depreciation, Depletion and Amortization | 15 | 16 | 12 | |||||||||
Taxes Other Than Income | 2 | 1 | 1 | |||||||||
Asset (Gains) and Losses, Net | 10 | 6 | (120 | ) | ||||||||
Operating Income (Loss) | (11 | ) | (7 | ) | 133 | |||||||
Other (Income) and Deductions | 6 | 6 | 2 | |||||||||
Income Tax Provision (Benefit) | (6 | ) | (4 | ) | 47 | |||||||
Net Income (Loss) Attributable to DTE Energy Company | $ | (11 | ) | $ | (9 | ) | $ | 84 | ||||
41
2011 | 2010 | 2009 | |||||||||
(In millions) | |||||||||||
Operating Revenues | $ | 39 | $ | 32 | $ | 31 | |||||
Operation and Maintenance | 21 | 16 | 15 | ||||||||
Depreciation, Depletion and Amortization | 18 | 15 | 16 | ||||||||
Taxes Other Than Income | 3 | 2 | 1 | ||||||||
Asset (Gains) and Losses, Net | — | 10 | 6 | ||||||||
Operating Income (Loss) | (3 | ) | (11 | ) | (7 | ) | |||||
Other (Income) and Deductions | 6 | 6 | 6 | ||||||||
Income Tax Benefit | (3 | ) | (6 | ) | (4 | ) | |||||
Net Income (Loss) Attributable to DTE Energy Company | $ | (6 | ) | $ | (11 | ) | $ | (9 | ) |
2010 | 2009 | 2008 | ||||||||||
(In millions) | ||||||||||||
Operating Revenues | $ | 1,144 | $ | 661 | $ | 987 | ||||||
Operation and Maintenance | 978 | 593 | 899 | |||||||||
Depreciation and Amortization | 60 | 40 | 34 | |||||||||
Taxes other than Income | 14 | 9 | 12 | |||||||||
Other Asset (Gains) and Losses, Reserves and Impairments, Net | (14 | ) | (6 | ) | 6 | |||||||
Operating Income | 106 | 25 | 36 | |||||||||
Other (Income) and Deductions | 13 | (1 | ) | (20 | ) | |||||||
Income Taxes | ||||||||||||
Provision | 36 | 5 | 18 | |||||||||
Production Tax Credits | (33 | ) | (12 | ) | (7 | ) | ||||||
3 | (7 | ) | 11 | |||||||||
Net Income | 90 | 33 | 45 | |||||||||
Noncontrolling interest | 5 | 2 | 5 | |||||||||
Net Income Attributable to DTE Energy Company | $ | 85 | $ | 31 | $ | 40 | ||||||
2011 | 2010 | 2009 | |||||||||
(In millions) | |||||||||||
Operating Revenues | $ | 1,129 | $ | 1,144 | $ | 661 | |||||
Operation and Maintenance | 1,025 | 978 | 593 | ||||||||
Depreciation and Amortization | 60 | 60 | 40 | ||||||||
Taxes other than Income | 10 | 14 | 9 | ||||||||
Asset (Gains) and Losses, Reserves and Impairments, Net | (12 | ) | (14 | ) | (6 | ) | |||||
Operating Income | 46 | 106 | 25 | ||||||||
Other (Income) and Deductions | (10 | ) | 13 | (1 | ) | ||||||
Income Taxes | |||||||||||
Expense | 17 | 36 | 5 | ||||||||
Production Tax Credits | (6 | ) | (33 | ) | (12 | ) | |||||
11 | 3 | (7 | ) | ||||||||
Net Income | 45 | 90 | 33 | ||||||||
Noncontrolling interest | 7 | 5 | 2 | ||||||||
Net Income Attributable to DTE Energy Company | $ | 38 | $ | 85 | $ | 31 |
42
43
2010 | 2009 | 2008 | ||||||||||
(In millions) | ||||||||||||
Operating Revenues | $ | 875 | $ | 804 | $ | 1,388 | ||||||
Fuel, Purchased Power and Gas | 786 | 603 | 1,235 | |||||||||
Gross Margin | 89 | 201 | 153 | |||||||||
Operation and Maintenance | 59 | 71 | 68 | |||||||||
Depreciation and Amortization | 5 | 5 | 5 | |||||||||
Taxes Other Than Income | 2 | 3 | 2 | |||||||||
Operating Income | 23 | 122 | 78 | |||||||||
Other (Income) and Deductions | 12 | 10 | 5 | |||||||||
Income Tax Provision (Benefit) | 5 | 37 | 31 | |||||||||
Net Income Attributable to DTE Energy Company | $ | 6 | $ | 75 | $ | 42 | ||||||
2011 | 2010 | 2009 | |||||||||
(In millions) | |||||||||||
Operating Revenues | $ | 1,276 | $ | 875 | $ | 804 | |||||
Fuel, Purchased Power and Gas | 1,112 | 786 | 603 | ||||||||
Gross Margin | 164 | 89 | 201 | ||||||||
Operation and Maintenance | 63 | 59 | 71 | ||||||||
Depreciation and Amortization | 3 | 5 | 5 | ||||||||
Taxes Other Than Income | 3 | 2 | 3 | ||||||||
Operating Income | 95 | 23 | 122 | ||||||||
Other (Income) and Deductions | 9 | 12 | 10 | ||||||||
Income Tax Expense | 34 | 5 | 37 | ||||||||
Net Income Attributable to DTE Energy Company | $ | 52 | $ | 6 | $ | 75 |
44
45
2010 | 2009 | 2008 | ||||||||||
(In millions) | ||||||||||||
Cash and Cash Equivalents | ||||||||||||
Cash Flow From (Used For) | ||||||||||||
Operating activities: | ||||||||||||
Net income | $ | 639 | $ | 535 | $ | 553 | ||||||
Depreciation, depletion and amortization | 1,027 | 1,020 | 899 | |||||||||
Deferred income taxes | 457 | 205 | 348 | |||||||||
Gain on sale of non-utility business | — | — | (128 | ) | ||||||||
Gain on sale of synfuel and other assets, net and synfuel impairment | (5 | ) | (10 | ) | (35 | ) | ||||||
Working capital and other | (293 | ) | 69 | (78 | ) | |||||||
1,825 | 1,819 | 1,559 | ||||||||||
Investing activities: | ||||||||||||
Plant and equipment expenditures — utility | (1,011 | ) | (960 | ) | (1,183 | ) | ||||||
Plant and equipment expenditures — non-utility | (88 | ) | (75 | ) | (190 | ) | ||||||
Proceeds from sale of non-utility business | — | — | 253 | |||||||||
Proceeds (refunds) from sale of synfuels and other assets | 56 | 83 | (278 | ) | ||||||||
Restricted cash and other investments | (183 | ) | (112 | ) | (125 | ) | ||||||
(1,226 | ) | (1,064 | ) | (1,523 | ) | |||||||
Financing activities: | ||||||||||||
Issuance of long-term debt | 614 | 427 | 1,310 | |||||||||
Redemption of long-term debt | (663 | ) | (486 | ) | (446 | ) | ||||||
Repurchase of long-term debt | — | — | (238 | ) | ||||||||
Short-term borrowings, net | (177 | ) | (417 | ) | (340 | ) | ||||||
Issuance of common stock | 36 | 35 | — | |||||||||
Repurchase of common stock | — | — | (16 | ) | ||||||||
Dividends on common stock and other | (396 | ) | (348 | ) | (354 | ) | ||||||
(586 | ) | (789 | ) | (84 | ) | |||||||
Net Increase (Decrease) in Cash and Cash Equivalents | $ | 13 | $ | (34 | ) | $ | (48 | ) | ||||
2011 | 2010 | 2009 | |||||||||
(In millions) | |||||||||||
Cash and Cash Equivalents | |||||||||||
Cash Flow From (Used For) | |||||||||||
Operating activities: | |||||||||||
Net income | $ | 720 | $ | 639 | $ | 535 | |||||
Depreciation, depletion and amortization | 995 | 1,027 | 1,020 | ||||||||
Deferred income taxes | 220 | 457 | 205 | ||||||||
Asset (gains) and losses, reserves and impairments, net | (21 | ) | (5 | ) | (10 | ) | |||||
Working capital and other | 94 | (293 | ) | 69 | |||||||
2,008 | 1,825 | 1,819 | |||||||||
Investing activities: | |||||||||||
Plant and equipment expenditures — utility | (1,382 | ) | (1,011 | ) | (960 | ) | |||||
Plant and equipment expenditures — non-utility | (102 | ) | (88 | ) | (75 | ) | |||||
Proceeds from sale of assets | 18 | 56 | 83 | ||||||||
Restricted cash and other investments | (94 | ) | (183 | ) | (112 | ) | |||||
(1,560 | ) | (1,226 | ) | (1,064 | ) | ||||||
Financing activities: | |||||||||||
Issuance of long-term debt | 1,179 | 614 | 427 | ||||||||
Redemption of long-term debt | (1,455 | ) | (663 | ) | (486 | ) | |||||
Short-term borrowings, net | 269 | (177 | ) | (417 | ) | ||||||
Issuance of common stock | — | 36 | 35 | ||||||||
Repurchase of common stock | (18 | ) | — | — | |||||||
Dividends on common stock and other | (420 | ) | (396 | ) | (348 | ) | |||||
(445 | ) | (586 | ) | (789 | ) | ||||||
Net Increase (Decrease) in Cash and Cash Equivalents | $ | 3 | $ | 13 | $ | (34 | ) |
46
47
48
2016 | ||||||||||||||||||||
Total | 2011 | 2012-2013 | 2014-2015 | and Beyond | ||||||||||||||||
(In millions) | ||||||||||||||||||||
Long-term debt: | ||||||||||||||||||||
Mortgage bonds, notes and other | $ | 6,888 | $ | 765 | $ | 691 | $ | 1,036 | $ | 4,396 | ||||||||||
Securitization bonds | 793 | 150 | 341 | 302 | — | |||||||||||||||
Trust preferred-linked securities | 289 | — | — | — | 289 | |||||||||||||||
Capital lease obligations | 62 | 12 | 18 | 18 | 14 | |||||||||||||||
Interest | 5,547 | 457 | 814 | 649 | 3,627 | |||||||||||||||
Operating leases | 211 | 39 | 58 | 40 | 74 | |||||||||||||||
Electric, gas, fuel, transportation and storage purchase obligations(1) | 5,921 | 2,175 | 1,670 | 744 | 1,332 | |||||||||||||||
Other long-term obligations(2)(3)(4) | 243 | 49 | 44 | 31 | 119 | |||||||||||||||
Total obligations | $ | 19,954 | $ | 3,647 | $ | 3,636 | $ | 2,820 | $ | 9,851 | ||||||||||
Total | 2012 | 2013-2014 | 2015-2016 | 2017 and Beyond | |||||||||||||||
(In millions) | |||||||||||||||||||
Long-term debt: | |||||||||||||||||||
Mortgage bonds, notes and other | $ | 6,770 | $ | 355 | $ | 1,329 | $ | 836 | $ | 4,250 | |||||||||
Securitization bonds | 643 | 164 | 374 | 105 | — | ||||||||||||||
Junior subordinated debentures | 280 | — | — | — | 280 | ||||||||||||||
Capital lease obligations | 35 | 9 | 16 | 10 | — | ||||||||||||||
Interest | 5,507 | 423 | 740 | 574 | 3,770 | ||||||||||||||
Operating leases | 195 | 37 | 53 | 38 | 67 | ||||||||||||||
Electric, gas, fuel, transportation and storage purchase obligations (1) | 5,080 | 2,112 | 1,920 | 333 | 715 | ||||||||||||||
Other long-term obligations (2)(3)(4) | 235 | 164 | 33 | 13 | 25 | ||||||||||||||
Total obligations | $ | 18,745 | $ | 3,264 | $ | 4,465 | $ | 1,909 | $ | 9,107 |
(1) | Excludes amounts associated with full requirements contracts where no stated minimum purchase volume is required. |
(2) | Includes liabilities for unrecognized tax benefits of |
(3) | Excludes other long-term liabilities of $184 million not directly derived from contracts or other agreements. |
(4) | At December 31, |
49
50
51
Fair Value | Discount | Terminal | ||||||||||||||||
Reporting Unit | Goodwill | Reduction %(a) | Rate | Multiple(b) | Valuation Methodology(c) | |||||||||||||
($ in millions) | ||||||||||||||||||
Electric Utility | $ | 1,206 | 26 | % | 7 | % | 8.0 | x | DCF, assuming stock sale | |||||||||
Gas Utility | 759 | 7 | % | 7 | % | 9.5 | x | DCF, assuming stock sale | ||||||||||
Energy Services | 28 | 66 | % | 13 | % | 9.0 | x | DCF, assuming asset sale(d) | ||||||||||
Coal Services | 4 | (e) | n/a | 12 | % | 8.5 | x | DCF, assuming asset sale | ||||||||||
Gas Storage and Pipelines | 8 | 66 | % | 10 | % | 8.0 | x | DCF, assuming asset sale | ||||||||||
Energy Trading | 17 | 74 | % | 15 | % | n/a | Blended DCF, economic value of trading portfolio | |||||||||||
Unconventional Gas Production | 2 | 62 | % | 13 | % | n/a | Blended DCF, transaction multiples | |||||||||||
$ | 2,024 | |||||||||||||||||
Reporting Unit | Goodwill | Fair Value Reduction % (a) | Discount Rate | Terminal Multiple (b) | Valuation Methodology (c) | ||||||||
($ in millions) | |||||||||||||
Electric Utility | $ | 1,208 | 23 | % | 7 | % | 8.0x | DCF, assuming stock sale | |||||
Gas Utility | 745 | 16 | % | 7 | % | 10.0x | DCF, assuming stock sale | ||||||
Power and Industrial Projects | 26 | 71 | % | 10 | % | 8.0x | DCF, assuming asset sale (d) | ||||||
Gas Storage and Pipelines | 22 | 75 | % | 9 | % | 10.0x | DCF, assuming asset sale | ||||||
Energy Trading | 17 | 50 | % | 15 | % | n/a | Blended DCF, economic value of trading portfolio | ||||||
Unconventional Gas Production | 2 | 55 | % | 11 | % | n/a | Blended DCF, transaction multiples | ||||||
$ | 2,020 |
(a) | Percentage by which the fair value of the reporting unit would need to decline to equal its carrying value, including goodwill. | |
(b) | Multiple of enterprise value (sum of debt plus equity value) to earnings before interest, taxes, depreciation and amortization | |
(EBITDA). | ||
(c) | Discounted cash flows (DCF) incorporated | |
(d) | Asset sales were assumed except for | |
53
54
55
Total | ||||
(In millions) | ||||
MTM at December 31, 2009 | $ | (93 | ) | |
Reclassify to realized upon settlement | (3 | ) | ||
Changes in fair value recorded to income | 123 | |||
Amounts recorded to unrealized income | 120 | |||
Changes in fair value recorded in regulatory liabilities | 6 | |||
Amounts recorded in other comprehensive income pre-tax | 1 | |||
Change in collateral held for others | (42 | ) | ||
Option premiums paid (received) and other | (36 | ) | ||
MTM at December 31, 2010 | $ | (44 | ) | |
Total | |||
(In millions) | |||
MTM at December 31, 2010 | $ | (44 | ) |
Reclassify to realized upon settlement | (37 | ) | |
Changes in fair value recorded to income | 159 | ||
Amounts recorded to unrealized income | 122 | ||
Changes in fair value recorded in regulatory liabilities | 2 | ||
Change in collateral held by others | 10 | ||
Option premiums paid (received) and other | (41 | ) | |
MTM at December 31, 2011 | $ | 49 |
2014 | ||||||||||||||||||||
and | Total Fair | |||||||||||||||||||
Source of Fair Value | 2011 | 2012 | 2013 | Beyond | Value | |||||||||||||||
(In millions) | ||||||||||||||||||||
Level 1 | $ | 9 | $ | (23 | ) | $ | 11 | $ | 10 | $ | 7 | |||||||||
Level 2 | (68 | ) | (54 | ) | (32 | ) | — | (154 | ) | |||||||||||
Level 3 | 29 | 33 | (2 | ) | (1 | ) | 59 | |||||||||||||
Total MTM before netting adjustments | $ | (30 | ) | $ | (44 | ) | $ | (23 | ) | $ | 9 | $ | (88 | ) | ||||||
Collateral adjustments | $ | 44 | ||||||||||||||||||
Total MTM at December 31, 2010 | $ | (44 | ) | |||||||||||||||||
Source of Fair Value | 2012 | 2013 | 2014 | 2015 and Beyond | Total Fair Value | |||||||||||||||
(In millions) | ||||||||||||||||||||
Level 1 | $ | (32 | ) | $ | 17 | $ | 10 | $ | (5 | ) | $ | (10 | ) | |||||||
Level 2 | (7 | ) | (34 | ) | 1 | — | (40 | ) | ||||||||||||
Level 3 | 29 | 9 | 5 | 1 | 44 | |||||||||||||||
Total MTM before collateral adjustments | $ | (10 | ) | $ | (8 | ) | $ | 16 | $ | (4 | ) | $ | (6 | ) | ||||||
Collateral adjustments | $ | 55 | ||||||||||||||||||
Total MTM at December 31, 2011 | $ | 49 |
56
Credit Exposure Before Cash Collateral | Cash Collateral | Net Credit Exposure | |||||||||
(In millions) | |||||||||||
Investment Grade (1) | |||||||||||
A− and Greater | $ | 171 | $ | — | $ | 171 | |||||
BBB+ and BBB | 332 | — | 332 | ||||||||
BBB− | 98 | — | 98 | ||||||||
Total Investment Grade | 601 | — | 601 | ||||||||
Non-investment grade (2) | 7 | — | 7 | ||||||||
Internally Rated — investment grade (3) | 147 | — | 147 | ||||||||
Internally Rated — non-investment grade (4) | 8 | — | 8 | ||||||||
Total | $ | 763 | $ | — | $ | 763 |
Credit Exposure | ||||||||||||
Before Cash | Cash | Net Credit | ||||||||||
Collateral | Collateral | Exposure | ||||||||||
(In millions) | ||||||||||||
Investment Grade(1) | ||||||||||||
A− and Greater | $ | 163 | $ | (10 | ) | $ | 153 | |||||
BBB+ and BBB | 199 | — | 199 | |||||||||
BBB− | 54 | — | 54 | |||||||||
Total Investment Grade | 416 | (10 | ) | 406 | ||||||||
Non-investment grade(2) | 2 | — | 2 | |||||||||
Internally Rated — investment grade(3) | 147 | — | 147 | |||||||||
Internally Rated — non-investment grade(4) | 12 | — | 12 | |||||||||
Total | $ | 577 | $ | (10 | ) | $ | 567 | |||||
(1) | This category includes counterparties with minimum credit ratings of Baa3 assigned by Moody’s Investor Service (Moody’s) and BBB- assigned by Standard & Poor’s Rating Group (Standard & Poor’s). The five |
57
largest counterparty exposures combined for this category represented approximately |
(2) | This category includes counterparties with credit ratings that are below investment grade. The five largest counterparty exposures combined for this category represented |
(3) | This category includes counterparties that have not been rated by Moody’s or Standard & Poor’s, but are considered investment grade based on DTE Energy’s evaluation of the counterparty’s creditworthiness. The five largest counterparty exposures combined for this category represented approximately |
(4) | This category includes counterparties that have not been rated by Moody’s or Standard & Poor’s, and are considered non-investment grade based on DTE Energy’s evaluation of the counterparty’s creditworthiness. The five largest counterparty exposures combined for this category represented approximately |
Assuming a | Assuming a | |||||||||||||||||
10% Increase in Rates | 10% Decrease in Rates | |||||||||||||||||
As of December 31, | As of December 31, | |||||||||||||||||
Activity | 2010 | 2009 | 2010 | 2009 | Change in the Fair Value of | |||||||||||||
(In millions) | ||||||||||||||||||
Coal Contracts | $ | 1 | $ | — | $ | (1 | ) | $ | — | Commodity contracts | ||||||||
Gas Contracts | $ | (11 | ) | $ | (2 | ) | $ | 10 | $ | 1 | Commodity contracts | |||||||
Oil Contracts | $ | — | $ | 1 | $ | — | $ | (1 | ) | Commodity contracts | ||||||||
Power Contracts | $ | (5 | ) | $ | (3 | ) | $ | 5 | $ | 2 | Commodity contracts | |||||||
Interest Rate Risk | $ | (291 | ) | $ | (290 | ) | $ | 313 | $ | 313 | Long-term debt | |||||||
Foreign Currency Exchange Risk | $ | 6 | $ | 2 | $ | 7 | $ | (2 | ) | Forward contracts | ||||||||
Discount Rates | $ | — | $ | — | $ | — | $ | — | Commodity contracts |
Assuming a 10% Increase in Rates | Assuming a 10% Decrease in Rates | ||||||||||||||||
As of December 31, | As of December 31, | ||||||||||||||||
Activity | 2011 | 2010 | 2011 | 2010 | Change in the Fair Value of | ||||||||||||
(In millions) | |||||||||||||||||
Coal Contracts | $ | (2 | ) | $ | 1 | $ | 2 | $ | (1 | ) | Commodity contracts | ||||||
Gas Contracts | $ | (9 | ) | $ | (11 | ) | $ | 13 | $ | 10 | Commodity contracts | ||||||
Power Contracts | $ | 4 | $ | (5 | ) | $ | (6 | ) | $ | 5 | Commodity contracts | ||||||
Interest Rate Risk | $ | (260 | ) | $ | (291 | ) | $ | 276 | $ | 313 | Long-term debt | ||||||
Foreign Currency Exchange Risk | $ | — | $ | 6 | $ | — | $ | 7 | Forward contracts | ||||||||
Discount Rates | $ | — | $ | — | $ | — | $ | — | Commodity contracts |
Item 8. | Financial Statements and Supplementary Data |
Page | ||||
Financial Statement Schedule | ||||
59
(a) | Evaluation of disclosure controls and procedures |
(b) | Management’s report on internal control over financial reporting |
(c) | Changes in internal control over financial reporting |
60
62
Year Ended December 31 | ||||||||||||
2010 | 2009 | 2008 | ||||||||||
(In millions, except per share amounts) | ||||||||||||
Operating Revenues | $ | 8,557 | $ | 8,014 | $ | 9,329 | ||||||
Operating Expenses | ||||||||||||
Fuel, purchased power and gas | 3,190 | 3,118 | 4,306 | |||||||||
Operation and maintenance | 2,578 | 2,372 | 2,694 | |||||||||
Depreciation, depletion and amortization | 1,027 | 1,020 | 901 | |||||||||
Taxes other than income | 308 | 275 | 304 | |||||||||
Gain on sale of non-utility business | — | — | (128 | ) | ||||||||
Other asset (gains) and losses, reserves and impairments, net | (10 | ) | (20 | ) | (11 | ) | ||||||
7,093 | 6,765 | 8,066 | ||||||||||
Operating Income | 1,464 | 1,249 | 1,263 | |||||||||
Other (Income) and Deductions | ||||||||||||
Interest expense | 549 | 545 | 503 | |||||||||
Interest income | (12 | ) | (19 | ) | (19 | ) | ||||||
Other income | (78 | ) | (102 | ) | (104 | ) | ||||||
Other expenses | 55 | 43 | 64 | |||||||||
514 | 467 | 444 | ||||||||||
Income Before Income Taxes | 950 | 782 | 819 | |||||||||
Income Tax Provision | 311 | 247 | 288 | |||||||||
Income from Continuing Operations | 639 | 535 | 531 | |||||||||
Discontinued Operations Income, net of tax | — | — | 22 | |||||||||
Net Income | 639 | 535 | 553 | |||||||||
Less: Net Income Attributable to Noncontrolling Interests From | ||||||||||||
Continuing operations | 9 | 3 | 5 | |||||||||
Discontinued operations | — | — | 2 | |||||||||
9 | 3 | 7 | ||||||||||
Net Income Attributable to DTE Energy Company | $ | 630 | $ | 532 | $ | 546 | ||||||
Basic Earnings per Common Share | ||||||||||||
Income from continuing operations | $ | 3.75 | $ | 3.24 | $ | 3.22 | ||||||
Discontinued operations | — | — | .12 | |||||||||
Total | $ | 3.75 | $ | 3.24 | $ | 3.34 | ||||||
Diluted Earnings per Common Share | ||||||||||||
Income from continuing operations | $ | 3.74 | $ | 3.24 | $ | 3.22 | ||||||
Discontinued operations | — | — | .12 | |||||||||
Total | $ | 3.74 | $ | 3.24 | $ | 3.34 | ||||||
Weighted Average Common Shares Outstanding | ||||||||||||
Basic | 168 | 164 | 163 | |||||||||
Diluted | 169 | 164 | 163 | |||||||||
Dividends Declared per Common Share | $ | 2.18 | $ | 2.12 | $ | 2.12 |
Year Ended December 31 | |||||||||||
2011 | 2010 | 2009 | |||||||||
(In millions, except per share amounts) | |||||||||||
Operating Revenues | $ | 8,897 | $ | 8,557 | $ | 8,014 | |||||
Operating Expenses | |||||||||||
Fuel, purchased power and gas | 3,537 | 3,190 | 3,118 | ||||||||
Operation and maintenance | 2,628 | 2,578 | 2,372 | ||||||||
Depreciation, depletion and amortization | 995 | 1,027 | 1,020 | ||||||||
Taxes other than income | 313 | 308 | 275 | ||||||||
Asset (gains) and losses, reserves and impairments, net | 1 | (10 | ) | (20 | ) | ||||||
7,474 | 7,093 | 6,765 | |||||||||
Operating Income | 1,423 | 1,464 | 1,249 | ||||||||
Other (Income) and Deductions | |||||||||||
Interest expense | 494 | 549 | 545 | ||||||||
Interest income | (10 | ) | (12 | ) | (19 | ) | |||||
Other income | (117 | ) | (78 | ) | (102 | ) | |||||
Other expenses | 69 | 55 | 43 | ||||||||
436 | 514 | 467 | |||||||||
Income Before Income Taxes | 987 | 950 | 782 | ||||||||
Income Tax Expense | 267 | 311 | 247 | ||||||||
Net Income | 720 | 639 | 535 | ||||||||
Less Net Income Attributable to Noncontrolling Interests | 9 | 9 | 3 | ||||||||
Net Income Attributable to DTE Energy Company | $ | 711 | $ | 630 | $ | 532 | |||||
Basic Earnings per Common Share | |||||||||||
Net Income Attributable to DTE Energy Company | $ | 4.19 | $ | 3.75 | $ | 3.24 | |||||
Diluted Earnings per Common Share | |||||||||||
Net Income Attributable to DTE Energy Company | $ | 4.18 | $ | 3.74 | $ | 3.24 | |||||
Weighted Average Common Shares Outstanding | |||||||||||
Basic | 169 | 168 | 164 | ||||||||
Diluted | 170 | 169 | 164 | ||||||||
Dividends Declared per Common Share | $ | 2.32 | $ | 2.18 | $ | 2.12 |
December 31 | ||||||||
2010 | 2009 | |||||||
(In millions) | ||||||||
ASSETS | ||||||||
Current Assets | ||||||||
Cash and cash equivalents | $ | 65 | $ | 52 | ||||
Restricted cash (Note 2) | 120 | 84 | ||||||
Accounts receivable (less allowance for doubtful accounts of $196 and $262, respectively) | ||||||||
Customer | 1,393 | 1,438 | ||||||
Other | 402 | 217 | ||||||
Inventories | ||||||||
Fuel and gas | 460 | 309 | ||||||
Materials and supplies | 202 | 200 | ||||||
Deferred income taxes | 139 | 167 | ||||||
Derivative assets | 131 | 209 | ||||||
Other | 255 | 201 | ||||||
3,167 | 2,877 | |||||||
Investments | ||||||||
Nuclear decommissioning trust funds | 939 | 817 | ||||||
Other | 518 | 598 | ||||||
1,457 | 1,415 | |||||||
Property | ||||||||
Property, plant and equipment | 21,574 | 20,588 | ||||||
Less accumulated depreciation, depletion and amortization | (8,582 | ) | (8,157 | ) | ||||
12,992 | 12,431 | |||||||
Other Assets | ||||||||
Goodwill | 2,020 | 2,024 | ||||||
Regulatory assets | 4,058 | 4,110 | ||||||
Securitized regulatory assets | 729 | 870 | ||||||
Intangible assets | 67 | 54 | ||||||
Notes receivable | 123 | 113 | ||||||
Derivative assets | 77 | 116 | ||||||
Other | 206 | 185 | ||||||
7,280 | 7,472 | |||||||
Total Assets | $ | 24,896 | $ | 24,195 | ||||
December 31 | |||||||
2011 | 2010 | ||||||
(In millions) | |||||||
ASSETS | |||||||
Current Assets | |||||||
Cash and cash equivalents | $ | 68 | $ | 65 | |||
Restricted cash, principally Securitization | 147 | 120 | |||||
Accounts receivable (less allowance for doubtful accounts of $162 and $196, respectively) | |||||||
Customer | 1,317 | 1,351 | |||||
Other | 90 | 402 | |||||
Inventories | |||||||
Fuel and gas | 572 | 460 | |||||
Materials and supplies | 219 | 202 | |||||
Deferred income taxes | 51 | 139 | |||||
Derivative assets | 222 | 131 | |||||
Regulatory assets | 314 | 100 | |||||
Other | 196 | 197 | |||||
3,196 | 3,167 | ||||||
Investments | |||||||
Nuclear decommissioning trust funds | 937 | 939 | |||||
Other | 525 | 518 | |||||
1,462 | 1,457 | ||||||
Property | |||||||
Property, plant and equipment | 22,541 | 21,574 | |||||
Less accumulated depreciation, depletion and amortization | (8,795 | ) | (8,582 | ) | |||
13,746 | 12,992 | ||||||
Other Assets | |||||||
Goodwill | 2,020 | 2,020 | |||||
Regulatory assets | 4,539 | 4,058 | |||||
Securitized regulatory assets | 577 | 729 | |||||
Intangible assets | 73 | 67 | |||||
Notes receivable | 123 | 123 | |||||
Derivative assets | 74 | 77 | |||||
Other | 199 | 206 | |||||
7,605 | 7,280 | ||||||
Total Assets | $ | 26,009 | $ | 24,896 |
64
December 31 | ||||||||
2010 | 2009 | |||||||
(In millions, except shares) | ||||||||
LIABILITIES AND EQUITY | ||||||||
Current Liabilities | ||||||||
Accounts payable | $ | 729 | $ | 723 | ||||
Accrued interest | 111 | 114 | ||||||
Dividends payable | 95 | 88 | ||||||
Short-term borrowings | 150 | 327 | ||||||
Current portion long-term debt, including capital leases | 925 | 671 | ||||||
Derivative liabilities | 142 | 220 | ||||||
Other | 597 | 502 | ||||||
2,749 | 2,645 | |||||||
Long-Term Debt (net of current portion) | ||||||||
Mortgage bonds, notes and other | 6,114 | 6,237 | ||||||
Securitization bonds | 643 | 793 | ||||||
Trust preferred-linked securities | 289 | 289 | ||||||
Capital lease obligations | 43 | 51 | ||||||
7,089 | 7,370 | |||||||
Other Liabilities | ||||||||
Deferred income taxes | 2,632 | 2,096 | ||||||
Regulatory liabilities | 1,328 | 1,337 | ||||||
Asset retirement obligations | 1,498 | 1,420 | ||||||
Unamortized investment tax credit | 75 | 85 | ||||||
Derivative liabilities | 110 | 198 | ||||||
Liabilities from transportation and storage contracts | 83 | 96 | ||||||
Accrued pension liability | 866 | 881 | ||||||
Accrued postretirement liability | 1,275 | 1,287 | ||||||
Nuclear decommissioning | 149 | 136 | ||||||
Other | 275 | 328 | ||||||
8,291 | 7,864 | |||||||
Commitments and Contingencies (Notes 12 and 20) | ||||||||
Equity | ||||||||
Common stock, without par value, 400,000,000 shares authorized, 169,428,406 and 165,400,045 shares issued and outstanding, respectively | 3,440 | 3,257 | ||||||
Retained earnings | 3,431 | 3,168 | ||||||
Accumulated other comprehensive loss | (149 | ) | (147 | ) | ||||
Total DTE Energy Company Shareholders’ Equity | 6,722 | 6,278 | ||||||
Noncontrolling interests | 45 | 38 | ||||||
Total Equity | 6,767 | 6,316 | ||||||
Total Liabilities and Equity | $ | 24,896 | $ | 24,195 | ||||
December 31 | |||||||
2011 | 2010 | ||||||
(In millions, except shares) | |||||||
LIABILITIES AND EQUITY | |||||||
Current Liabilities | |||||||
Accounts payable | $ | 782 | $ | 729 | |||
Accrued interest | 95 | 111 | |||||
Dividends payable | 99 | 95 | |||||
Short-term borrowings | 419 | 150 | |||||
Current portion long-term debt, including capital leases | 526 | 925 | |||||
Derivative liabilities | 158 | 142 | |||||
Other | 549 | 597 | |||||
2,628 | 2,749 | ||||||
Long-Term Debt (net of current portion) | |||||||
Mortgage bonds, notes and other | 6,405 | 6,114 | |||||
Securitization bonds | 479 | 643 | |||||
Junior subordinated debentures | 280 | — | |||||
Trust preferred-linked securities | — | 289 | |||||
Capital lease obligations | 23 | 43 | |||||
7,187 | 7,089 | ||||||
Other Liabilities | |||||||
Deferred income taxes | 3,116 | 2,632 | |||||
Regulatory liabilities | 1,019 | 1,328 | |||||
Asset retirement obligations | 1,591 | 1,498 | |||||
Unamortized investment tax credit | 65 | 75 | |||||
Derivative liabilities | 89 | 110 | |||||
Accrued pension liability | 1,298 | 866 | |||||
Accrued postretirement liability | 1,484 | 1,275 | |||||
Nuclear decommissioning | 148 | 149 | |||||
Other | 331 | 358 | |||||
9,141 | 8,291 | ||||||
Commitments and Contingencies (Notes 11 and 19) | |||||||
Equity | |||||||
Common stock, without par value, 400,000,000 shares authorized, 169,247,282 and 169,428,406 shares issued and outstanding, respectively | 3,417 | 3,440 | |||||
Retained earnings | 3,750 | 3,431 | |||||
Accumulated other comprehensive loss | (158 | ) | (149 | ) | |||
Total DTE Energy Company Equity | 7,009 | 6,722 | |||||
Noncontrolling interests | 44 | 45 | |||||
Total Equity | 7,053 | 6,767 | |||||
Total Liabilities and Equity | $ | 26,009 | $ | 24,896 |
65
Year Ended December 31 | ||||||||||||
2010 | 2009 | 2008 | ||||||||||
(In millions) | ||||||||||||
Operating Activities | ||||||||||||
Net income | $ | 639 | $ | 535 | $ | 553 | ||||||
Adjustments to reconcile net income to net cash from operating activities: | ||||||||||||
Depreciation, depletion and amortization | 1,027 | 1,020 | 899 | |||||||||
Deferred income taxes | 457 | 205 | 348 | |||||||||
Gain on sale of non-utility business | — | — | (128 | ) | ||||||||
Other asset (gains), losses and reserves, net | (5 | ) | (10 | ) | (4 | ) | ||||||
Gain on sale of interests in synfuel projects | — | — | (31 | ) | ||||||||
Contributions from synfuel partners | — | — | 14 | |||||||||
Changes in assets and liabilities, exclusive of changes shown separately (Note 23) | (293 | ) | 69 | (92 | ) | |||||||
Net cash from operating activities | 1,825 | 1,819 | 1,559 | |||||||||
Investing Activities | ||||||||||||
Plant and equipment expenditures — utility | (1,011 | ) | (960 | ) | (1,183 | ) | ||||||
Plant and equipment expenditures — non-utility | (88 | ) | (75 | ) | (190 | ) | ||||||
Proceeds from sale of interests in synfuel projects | — | — | 84 | |||||||||
Refunds to synfuel partners | — | — | (387 | ) | ||||||||
Proceeds from sale of non-utility business | — | — | 253 | |||||||||
Proceeds from sale of other assets, net | 56 | 83 | 25 | |||||||||
Restricted cash for debt redemption | (32 | ) | 2 | 54 | ||||||||
Proceeds from sale of nuclear decommissioning trust fund assets | 377 | 295 | 232 | |||||||||
Investment in nuclear decommissioning trust funds | (410 | ) | (315 | ) | (255 | ) | ||||||
Consolidation of VIEs | 19 | — | — | |||||||||
Investment in Millennium Pipeline Project | (49 | ) | (15 | ) | (31 | ) | ||||||
Other investments | (88 | ) | (79 | ) | (125 | ) | ||||||
Net cash used for investing activities | (1,226 | ) | (1,064 | ) | (1,523 | ) | ||||||
Financing Activities | ||||||||||||
Issuance of long-term debt | 614 | 427 | 1,310 | |||||||||
Redemption of long-term debt | (663 | ) | (486 | ) | (446 | ) | ||||||
Repurchase of long-term debt | — | — | (238 | ) | ||||||||
Short-term borrowings, net | (177 | ) | (417 | ) | (340 | ) | ||||||
Issuance of common stock | 36 | 35 | — | |||||||||
Repurchase of common stock | — | — | (16 | ) | ||||||||
Dividends on common stock | (360 | ) | (348 | ) | (344 | ) | ||||||
Other | (36 | ) | — | (10 | ) | |||||||
Net cash used for financing activities | (586 | ) | (789 | ) | (84 | ) | ||||||
Net Increase (Decrease) in Cash and Cash Equivalents | 13 | (34 | ) | (48 | ) | |||||||
Cash and Cash Equivalents Reclassified from Assets Held for Sale | — | — | 11 | |||||||||
Cash and Cash Equivalents at Beginning of Period | 52 | 86 | 123 | |||||||||
Cash and Cash Equivalents at End of Period | $ | 65 | $ | 52 | $ | 86 | ||||||
Year Ended December 31 | |||||||||||
2011 | 2010 | 2009 | |||||||||
(In millions) | |||||||||||
Operating Activities | |||||||||||
Net income | $ | 720 | $ | 639 | $ | 535 | |||||
Adjustments to reconcile net income to net cash from operating activities: | |||||||||||
Depreciation, depletion and amortization | 995 | 1,027 | 1,020 | ||||||||
Deferred income taxes | 220 | 457 | 205 | ||||||||
Asset (gains) and losses, reserves and impairments, net | (21 | ) | (5 | ) | (10 | ) | |||||
Changes in assets and liabilities, exclusive of changes shown separately (Note 22) | 94 | (293 | ) | 69 | |||||||
Net cash from operating activities | 2,008 | 1,825 | 1,819 | ||||||||
Investing Activities | |||||||||||
Plant and equipment expenditures — utility | (1,382 | ) | (1,011 | ) | (960 | ) | |||||
Plant and equipment expenditures — non-utility | (102 | ) | (88 | ) | (75 | ) | |||||
Proceeds from sale of assets | 18 | 56 | 83 | ||||||||
Restricted cash for debt redemption, principally Securitization | (5 | ) | (32 | ) | 2 | ||||||
Proceeds from sale of nuclear decommissioning trust fund assets | 80 | 377 | 295 | ||||||||
Investment in nuclear decommissioning trust funds | (97 | ) | (410 | ) | (315 | ) | |||||
Consolidation of VIEs | — | 19 | — | ||||||||
Investment in Millennium Pipeline Project | (3 | ) | (49 | ) | (15 | ) | |||||
Other | (69 | ) | (88 | ) | (79 | ) | |||||
Net cash used for investing activities | (1,560 | ) | (1,226 | ) | (1,064 | ) | |||||
Financing Activities | |||||||||||
Issuance of long-term debt | 1,179 | 614 | 427 | ||||||||
Redemption of long-term debt | (1,455 | ) | (663 | ) | (486 | ) | |||||
Short-term borrowings, net | 269 | (177 | ) | (417 | ) | ||||||
Issuance of common stock | — | 36 | 35 | ||||||||
Repurchase of common stock | (18 | ) | — | — | |||||||
Dividends on common stock | (389 | ) | (360 | ) | (348 | ) | |||||
Other | (31 | ) | (36 | ) | — | ||||||
Net cash used for financing activities | (445 | ) | (586 | ) | (789 | ) | |||||
Net Increase (Decrease) in Cash and Cash Equivalents | 3 | 13 | (34 | ) | |||||||
Cash and Cash Equivalents at Beginning of Period | 65 | 52 | 86 | ||||||||
Cash and Cash Equivalents at End of Period | $ | 68 | $ | 65 | $ | 52 |
66
Accumulated | ||||||||||||||||||||||||
Other | Non- | |||||||||||||||||||||||
Common Stock | Retained | Comprehensive | Controlling | |||||||||||||||||||||
Shares | Amount | Earnings | Loss | Interest | Total | |||||||||||||||||||
(Dollars in millions, shares in thousands) | ||||||||||||||||||||||||
Balance, December 31, 2007 | 163,232 | $ | 3,176 | $ | 2,790 | $ | (113 | ) | $ | 48 | $ | 5,901 | ||||||||||||
Net income (loss) | — | — | 546 | — | 7 | 553 | ||||||||||||||||||
Implementation of ASC 820, net of tax | — | — | 4 | — | — | 4 | ||||||||||||||||||
Implementation of ASC 715 measurement date provision, net of tax | — | — | (9 | ) | — | — | (9 | ) | ||||||||||||||||
Dividends declared on common stock | — | — | (346 | ) | — | — | (346 | ) | ||||||||||||||||
Repurchase and retirement of common stock | (479 | ) | (16 | ) | — | — | — | (16 | ) | |||||||||||||||
Benefit obligations, net of tax | — | — | — | (22 | ) | — | (22 | ) | ||||||||||||||||
Foreign currency translation, net of tax | — | — | — | (2 | ) | — | (2 | ) | ||||||||||||||||
Net change in unrealized losses on derivatives, net of tax | — | — | — | 6 | — | 6 | ||||||||||||||||||
Net change in unrealized losses on investments, net of tax | — | — | — | (34 | ) | — | (34 | ) | ||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | 14 | 14 | ||||||||||||||||||
Stock-based compensation, distributions to noncontrolling interests and other | 267 | 15 | — | — | (26 | ) | (11 | ) | ||||||||||||||||
Balance, December 31, 2008 | 163,020 | 3,175 | 2,985 | (165 | ) | 43 | 6,038 | |||||||||||||||||
Net income | — | — | 532 | — | 3 | 535 | ||||||||||||||||||
Dividends declared on common stock | — | — | (349 | ) | — | — | (349 | ) | ||||||||||||||||
Issuance of common stock | 1,109 | 35 | — | — | — | 35 | ||||||||||||||||||
Benefit obligations, net of tax | — | — | — | 7 | — | 7 | ||||||||||||||||||
Foreign currency translation, net of tax | — | — | — | 2 | — | 2 | ||||||||||||||||||
Net change in unrealized losses on derivatives, net of tax | — | — | — | 1 | — | 1 | ||||||||||||||||||
Net change in unrealized losses on investments, net of tax | — | — | — | 8 | — | 8 | ||||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | 4 | 4 | ||||||||||||||||||
Stock-based compensation, distributions to noncontrolling interests and other | 1,271 | 47 | — | — | (12 | ) | 35 | |||||||||||||||||
Balance, December 31, 2009 | 165,400 | 3,257 | 3,168 | (147 | ) | 38 | 6,316 | |||||||||||||||||
Net income | — | — | 630 | — | 9 | 639 | ||||||||||||||||||
Dividends declared on common stock | — | — | (367 | ) | — | — | (367 | ) | ||||||||||||||||
Issuance of common stock | 777 | 36 | — | — | — | 36 | ||||||||||||||||||
Contribution of common stock to pension plan | 2,224 | 100 | — | — | — | 100 | ||||||||||||||||||
Benefit obligations, net of tax | — | — | — | 15 | — | 15 | ||||||||||||||||||
Foreign currency translation, net of tax | — | — | — | 1 | — | 1 | ||||||||||||||||||
Net change in unrealized losses on derivatives, net of tax | — | — | — | 2 | — | 2 | ||||||||||||||||||
Net change in unrealized losses on investments, net of tax | — | — | — | (20 | ) | — | (20 | ) | ||||||||||||||||
Stock-based compensation, distributions to noncontrolling interests and other | 1,027 | 47 | — | — | (2 | ) | 45 | |||||||||||||||||
Balance, December 31, 2010 | 169,428 | $ | 3,440 | $ | 3,431 | $ | (149 | ) | $ | 45 | $ | 6,767 | ||||||||||||
Accumulated Other Comprehensive Loss | Non-Controlling Interest | |||||||||||||||||||||
Common Stock | Retained Earnings | |||||||||||||||||||||
Shares | Amount | Total | ||||||||||||||||||||
(Dollars in millions, shares in thousands) | ||||||||||||||||||||||
Balance, December 31, 2008 | 163,020 | $ | 3,175 | $ | 2,985 | $ | (165 | ) | $ | 43 | $ | 6,038 | ||||||||||
Net income | — | — | 532 | — | 3 | 535 | ||||||||||||||||
Dividends declared on common stock | — | — | (349 | ) | — | — | (349 | ) | ||||||||||||||
Issuance of common stock | 1,109 | 35 | — | — | — | 35 | ||||||||||||||||
Benefit obligations, net of tax | — | — | — | 7 | — | 7 | ||||||||||||||||
Foreign currency translation, net of tax | — | — | — | 2 | — | 2 | ||||||||||||||||
Net change in unrealized losses on derivatives, net of tax | — | — | — | 1 | — | 1 | ||||||||||||||||
Net change in unrealized losses on investments, net of tax | — | — | — | 8 | — | 8 | ||||||||||||||||
Contributions from noncontrolling interests | — | — | — | — | 4 | 4 | ||||||||||||||||
Stock-based compensation, distributions to noncontrolling interests and other | 1,271 | 47 | — | — | (12 | ) | 35 | |||||||||||||||
Balance, December 31, 2009 | 165,400 | $ | 3,257 | $ | 3,168 | $ | (147 | ) | $ | 38 | $ | 6,316 | ||||||||||
Net income | — | — | 630 | — | 9 | 639 | ||||||||||||||||
Dividends declared on common stock | — | — | (367 | ) | — | — | (367 | ) | ||||||||||||||
Issuance of common stock | 777 | 36 | — | — | — | 36 | ||||||||||||||||
Contribution of common stock to pension plan | 2,224 | 100 | — | — | — | 100 | ||||||||||||||||
Benefit obligations, net of tax | — | — | — | 15 | — | 15 | ||||||||||||||||
Foreign currency translation, net of tax | — | — | — | 1 | — | 1 | ||||||||||||||||
Net change in unrealized losses on derivatives, net of tax | — | — | — | 2 | — | 2 | ||||||||||||||||
Net change in unrealized losses on investments, net of tax | — | — | — | (20 | ) | — | (20 | ) | ||||||||||||||
Stock-based compensation, distributions to noncontrolling interests and other | 1,027 | 47 | — | — | (2 | ) | 45 | |||||||||||||||
Balance, December 31, 2010 | 169,428 | $ | 3,440 | $ | 3,431 | $ | (149 | ) | $ | 45 | $ | 6,767 | ||||||||||
Net Income | — | — | 711 | — | 9 | 720 | ||||||||||||||||
Dividends declared on common stock | — | — | (392 | ) | — | — | (392 | ) | ||||||||||||||
Repurchase of common stock | (1,184 | ) | (58 | ) | — | — | — | (58 | ) | |||||||||||||
Benefit obligations, net of tax | — | — | — | (9 | ) | — | (9 | ) | ||||||||||||||
Stock-based compensation, distributions to noncontrolling interests and other | 1,003 | 35 | — | — | (10 | ) | 25 | |||||||||||||||
Balance, December 31, 2011 | 169,247 | $ | 3,417 | $ | 3,750 | $ | (158 | ) | $ | 44 | $ | 7,053 |
2010 | 2009 | 2008 | ||||||||||
(In millions) | ||||||||||||
Net income | $ | 639 | $ | 535 | $ | 553 | ||||||
Other comprehensive income (loss), net of tax: | ||||||||||||
Benefit obligations: | ||||||||||||
Benefit obligations, net of taxes of $3, $4 and $(12) | 5 | 7 | (22 | ) | ||||||||
Amounts reclassified to benefit obligations related to consolidation of VIEs (Note 1), net of taxes of $5, $ — and $ — | 10 | — | — | |||||||||
15 | 7 | (22 | ) | |||||||||
Net unrealized gains on derivatives: | ||||||||||||
Gains arising during the period, net of taxes of $1, $2 and $2 | 1 | 3 | 4 | |||||||||
Amounts reclassified to income, net of taxes of $1, $(1) and $1 | 1 | (2 | ) | 2 | ||||||||
2 | 1 | 6 | ||||||||||
Net unrealized gains (losses) on investments: | ||||||||||||
Gains (losses) arising during the period, net of taxes of $(6), $3 and $(19) | (10 | ) | 5 | (34 | ) | |||||||
Amounts reclassified to income, net of taxes of $ —, $2 and $ — | — | 3 | — | |||||||||
Amounts reclassified to benefit obligations related to consolidation of VIEs (Note 1), net of taxes of $(5), $ — and $ — | (10 | ) | — | — | ||||||||
(20 | ) | 8 | (34 | ) | ||||||||
Foreign currency translation, net of taxes of $ —, $1 and $(1) | 1 | 2 | (2 | ) | ||||||||
Comprehensive income | 637 | 553 | 501 | |||||||||
Less: Comprehensive income attributable to noncontrolling interests | 9 | 3 | 7 | |||||||||
Comprehensive income attributable to DTE Energy Company | $ | 628 | $ | 550 | $ | 494 | ||||||
2011 | 2010 | 2009 | |||||||||
(In millions) | |||||||||||
Net income | $ | 720 | $ | 639 | $ | 535 | |||||
Other comprehensive income (loss), net of tax: | |||||||||||
Benefit obligations: | |||||||||||
Benefit obligations, net of taxes of $(5), $3 and $4 | (9 | ) | 5 | 7 | |||||||
Amounts reclassified to benefit obligations related to consolidation of VIEs (Note 1), net of taxes of $—, $5 and $— | — | 10 | — | ||||||||
(9 | ) | 15 | 7 | ||||||||
Net unrealized gains on derivatives: | |||||||||||
Gains during the period, net of taxes of $—, $1 and $2 | — | 1 | 3 | ||||||||
Amounts reclassified to income, net of taxes of $—, $1 and $(1) | — | 1 | (2 | ) | |||||||
— | 2 | 1 | |||||||||
Net unrealized gains (losses) on investments: | |||||||||||
Gains (losses) during the period, net of taxes of $—, $(6) and $3 | — | (10 | ) | 5 | |||||||
Amounts reclassified to income, net of taxes of $—, $— and $2 | — | — | 3 | ||||||||
Amounts reclassified to benefit obligations related to consolidation of VIEs (Note 1), net of taxes of $—, $(5) and $— | — | (10 | ) | — | |||||||
— | (20 | ) | 8 | ||||||||
Foreign currency translation, net of taxes of $—, $— and $1 | — | 1 | 2 | ||||||||
Comprehensive income | 711 | 637 | 553 | ||||||||
Less comprehensive income attributable to noncontrolling interests | 9 | 9 | 3 | ||||||||
Comprehensive income attributable to DTE Energy Company | $ | 702 | $ | 628 | $ | 550 |
NOTE 1 — ORGANIZATION AND BASIS OF PRESENTATION |
MichCon, a natural gas utility engaged in the purchase, storage, transportation, distribution and sale of natural gas to approximately 1.2 million customers throughout Michigan and the sale of storage and transportation capacity; and Other businesses involved in 1) natural gas pipelines, gathering and storage; 2) unconventional gas and oil project development and production; 3) power and industrial projects; and 4) energy marketing and trading operations. |
69
70
December 31, 2010 | ||||||||||||||||||||
Restricted | December 31, | |||||||||||||||||||
Securitization | Other | Total | Amounts | 2009 | ||||||||||||||||
(In millions) | ||||||||||||||||||||
ASSETS | ||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 4 | $ | 4 | $ | — | $ | 2 | ||||||||||
Restricted cash | 104 | 8 | 112 | 112 | — | |||||||||||||||
Accounts receivable | 42 | 8 | 50 | 44 | 4 | |||||||||||||||
Inventories | — | 99 | 99 | — | 9 | |||||||||||||||
Other current assets | — | 1 | 1 | — | — | |||||||||||||||
Property, plant and equipment | — | 54 | 54 | 38 | 45 | |||||||||||||||
Securitized regulatory assets | 729 | — | 729 | 729 | — | |||||||||||||||
Other assets | 13 | 9 | 22 | 21 | 9 | |||||||||||||||
$ | 888 | $ | 183 | $ | 1,071 | $ | 944 | $ | 69 | |||||||||||
LIABILITIES | ||||||||||||||||||||
Accounts payable and accrued current liabilities | $ | 17 | $ | 27 | $ | 44 | $ | 18 | $ | 3 | ||||||||||
Current portion long-term debt, including capital leases | 150 | 7 | 157 | 157 | 4 | |||||||||||||||
Other current liabilities | 62 | 6 | 68 | 66 | 1 | |||||||||||||||
Mortgage bonds, notes and other | — | 35 | 35 | 35 | 17 | |||||||||||||||
Securitization bonds | 643 | — | 643 | 643 | — | |||||||||||||||
Capital lease obligations | — | 23 | 23 | 23 | 26 | |||||||||||||||
Other long term liabilities | 6 | 7 | 13 | 12 | — | |||||||||||||||
$ | 878 | $ | 105 | $ | 983 | $ | 954 | $ | 51 | |||||||||||
December 31, 2011 | ||||||||||||||||
Securitization | Other | Total | Restricted Amounts | |||||||||||||
(In millions) | ||||||||||||||||
ASSETS | ||||||||||||||||
Cash and cash equivalents | $ | — | $ | 25 | $ | 25 | $ | — | ||||||||
Restricted cash | 107 | 7 | 114 | 114 | ||||||||||||
Accounts receivable | 34 | 17 | 51 | 36 | ||||||||||||
Inventories | — | 183 | 183 | — | ||||||||||||
Other current assets | — | 1 | 1 | — | ||||||||||||
Property, plant and equipment | — | 73 | 73 | 23 | ||||||||||||
Securitized regulatory assets | 577 | — | 577 | 577 | ||||||||||||
Other assets | 10 | 6 | 16 | 16 | ||||||||||||
$ | 728 | $ | 312 | $ | 1,040 | $ | 766 | |||||||||
LIABILITIES | ||||||||||||||||
Accounts payable and accrued current liabilities | $ | 14 | $ | 24 | $ | 38 | $ | 14 | ||||||||
Current portion long-term debt, including capital leases | 164 | 7 | 171 | 171 | ||||||||||||
Other current liabilities | 55 | — | 55 | 55 | ||||||||||||
Mortgage bonds, notes and other | — | 30 | 30 | 30 | ||||||||||||
Securitization bonds | 479 | — | 479 | 479 | ||||||||||||
Capital lease obligations | — | 14 | 14 | 14 | ||||||||||||
Other long term liabilities | 7 | 2 | 9 | 8 | ||||||||||||
$ | 719 | $ | 77 | $ | 796 | $ | 771 |
December 31, 2010 | ||||||||||||||||
Securitization | Other | Total | Restricted Amounts | |||||||||||||
(In millions) | ||||||||||||||||
ASSETS | ||||||||||||||||
Cash and cash equivalents | $ | — | $ | 4 | $ | 4 | $ | — | ||||||||
Restricted cash | 104 | 8 | 112 | 112 | ||||||||||||
Accounts receivable | 42 | 8 | 50 | 44 | ||||||||||||
Inventories | — | 99 | 99 | — | ||||||||||||
Other current assets | — | 1 | 1 | — | ||||||||||||
Property, plant and equipment | — | 54 | 54 | 38 | ||||||||||||
Securitized regulatory assets | 729 | — | 729 | 729 | ||||||||||||
Other assets | 13 | 9 | 22 | 21 | ||||||||||||
$ | 888 | $ | 183 | $ | 1,071 | $ | 944 | |||||||||
LIABILITIES | ||||||||||||||||
Accounts payable and accrued current liabilities | $ | 17 | $ | 27 | $ | 44 | $ | 18 | ||||||||
Current portion long-term debt, including capital leases | 150 | 7 | 157 | 157 | ||||||||||||
Other current liabilities | 62 | 6 | 68 | 66 | ||||||||||||
Mortgage bonds, notes and other | — | 35 | 35 | 35 | ||||||||||||
Securitization bonds | 643 | — | 643 | 643 | ||||||||||||
Capital lease obligations | — | 23 | 23 | 23 | ||||||||||||
Other long term liabilities | 6 | 7 | 13 | 12 | ||||||||||||
$ | 878 | $ | 105 | $ | 983 | $ | 954 |
December 31, | December 31, | |||||||
2010 | 2009 | |||||||
(In millions) | ||||||||
Other investments | $ | 98 | $ | 178 | ||||
Note receivable and bank loan guarantee | 6 | 11 | ||||||
Trust preferred — linked securities | 289 | 289 |
71
December 31, 2011 | December 31, 2010 | ||||||
(In millions) | |||||||
Other investments | $ | 117 | $ | 98 | |||
Notes receivable | 7 | 6 | |||||
Trust preferred — linked securities | — | 289 |
72
Net | Net | Accumulated | ||||||||||||||||||
Unrealized | Unrealized | Foreign | Other | |||||||||||||||||
Gain/(Loss) | Gain/(Loss) | Benefit | Currency | Comprehensive | ||||||||||||||||
on Derivatives | on Investments | Obligations | Translation | Loss | ||||||||||||||||
(In millions) | ||||||||||||||||||||
Beginning balances | $ | (6 | ) | $ | (10 | ) | $ | (131 | ) | $ | — | $ | (147 | ) | ||||||
Current period change, net of tax | 2 | (20 | ) | 15 | 1 | (2 | ) | |||||||||||||
Ending balance | $ | (4 | ) | $ | (30 | ) | $ | (116 | ) | $ | 1 | $ | (149 | ) | ||||||
Net Unrealized Gain/(Loss) on Derivatives | Net Unrealized Gain/(Loss) on Investments | Benefit Obligations | Foreign Currency Translation | Accumulated Other Comprehensive Loss | |||||||||||||||
(In millions) | |||||||||||||||||||
Beginning balances | $ | (4 | ) | $ | (30 | ) | $ | (116 | ) | $ | 1 | $ | (149 | ) | |||||
Current period change, net of tax | — | — | (9 | ) | — | (9 | ) | ||||||||||||
Ending balance | $ | (4 | ) | $ | (30 | ) | $ | (125 | ) | $ | 1 | $ | (158 | ) |
73
74
(In millions) | 2011 | 2010 | |||||
Emission allowances | $ | 9 | $ | 9 | |||
Renewable energy credits | 27 | 17 | |||||
Contract intangible assets | 65 | 63 | |||||
101 | 89 | ||||||
Less accumulated amortization | 28 | 22 | |||||
Intangible assets, net | $ | 73 | $ | 67 |
75
Note | Title | |
3 | ||
Fair Value | ||
Financial and Other Derivative Instruments | ||
Goodwill | ||
Asset Retirement | ||
Regulatory Matters | ||
Income Taxes | ||
Retirement Benefits and Trusteed Assets | ||
Stock-based Compensation |
64 Table of Contents |
76
77
Netting | Net Balance at | |||||||||||||||||||
Level 1 | Level 2 | Level 3 | Adjustments(2) | December 31, 2010 | ||||||||||||||||
(In millions) | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Nuclear decommissioning trusts | $ | 599 | $ | 340 | $ | — | $ | — | $ | 939 | ||||||||||
Other investments(1) | 56 | 55 | — | — | 111 | |||||||||||||||
Derivative assets: | ||||||||||||||||||||
Foreign currency exchange contracts | — | 20 | — | (20 | ) | — | ||||||||||||||
Commodity Contracts: | ||||||||||||||||||||
Natural Gas | 1,846 | 128 | 12 | (1,960 | ) | 26 | ||||||||||||||
Electricity | — | 649 | 117 | (589 | ) | 177 | ||||||||||||||
Other | 68 | 4 | 4 | (71 | ) | 5 | ||||||||||||||
Total derivative assets | 1,914 | 801 | 133 | (2,640 | ) | 208 | ||||||||||||||
Total | $ | 2,569 | $ | 1,196 | $ | 133 | $ | (2,640 | ) | $ | 1,258 | |||||||||
Level 1 | Level 2 | Level 3 | Netting Adjustments (2) | Net Balance at December 31, 2011 | |||||||||||||||
(In millions) | |||||||||||||||||||
Assets: | |||||||||||||||||||
Nuclear decommissioning trusts | $ | 577 | $ | 360 | $ | — | $ | — | $ | 937 | |||||||||
Other investments (1) | 57 | 54 | — | — | 111 | ||||||||||||||
Derivative assets: | |||||||||||||||||||
Foreign currency exchange contracts | — | 3 | — | (3 | ) | — | |||||||||||||
Commodity Contracts: | |||||||||||||||||||
Natural Gas | 1,926 | 78 | 20 | (1,991 | ) | 33 | |||||||||||||
Electricity | — | 523 | 224 | (490 | ) | 257 | |||||||||||||
Other | 23 | 2 | 6 | (25 | ) | 6 | |||||||||||||
Total derivative assets | 1,949 | 606 | 250 | (2,509 | ) | 296 | |||||||||||||
Total | $ | 2,583 | $ | 1,020 | $ | 250 | $ | (2,509 | ) | $ | 1,344 | ||||||||
Liabilities: | |||||||||||||||||||
Derivative liabilities: | |||||||||||||||||||
Foreign currency exchange contracts | $ | — | $ | (5 | ) | $ | — | $ | 3 | $ | (2 | ) | |||||||
Interest rate contracts | — | (1 | ) | — | — | (1 | ) | ||||||||||||
Commodity Contracts: | |||||||||||||||||||
Natural Gas | (1,940 | ) | (126 | ) | (14 | ) | 1,976 | (104 | ) | ||||||||||
Electricity | — | (513 | ) | (192 | ) | 565 | (140 | ) | |||||||||||
Other | (19 | ) | (1 | ) | — | 20 | — | ||||||||||||
Total derivative liabilities | (1,959 | ) | (646 | ) | (206 | ) | 2,564 | (247 | ) | ||||||||||
Total | $ | (1,959 | ) | $ | (646 | ) | $ | (206 | ) | $ | 2,564 | $ | (247 | ) | |||||
Net Assets as of December 31, 2011 | $ | 624 | $ | 374 | $ | 44 | $ | 55 | $ | 1,097 | |||||||||
Assets: | |||||||||||||||||||
Current | $ | 1,571 | $ | 520 | $ | 181 | $ | (2,050 | ) | $ | 222 | ||||||||
Noncurrent (3) | 1,012 | 500 | 69 | (459 | ) | 1,122 | |||||||||||||
Total Assets | $ | 2,583 | $ | 1,020 | $ | 250 | $ | (2,509 | ) | $ | 1,344 | ||||||||
Liabilities: | |||||||||||||||||||
Current | $ | (1,603 | ) | $ | (527 | ) | $ | (152 | ) | $ | 2,124 | $ | (158 | ) | |||||
Noncurrent | (356 | ) | (119 | ) | (54 | ) | 440 | (89 | ) | ||||||||||
Total Liabilities | $ | (1,959 | ) | $ | (646 | ) | $ | (206 | ) | $ | 2,564 | $ | (247 | ) | |||||
Net Assets as of December 31, 2011 | $ | 624 | $ | 374 | $ | 44 | $ | 55 | $ | 1,097 |
Netting | Net Balance at | |||||||||||||||||||
Level 1 | Level 2 | Level 3 | Adjustments(2) | December 31, 2010 | ||||||||||||||||
(In millions) | ||||||||||||||||||||
Liabilities: | ||||||||||||||||||||
Derivative liabilities: | ||||||||||||||||||||
Foreign currency exchange contracts | $ | — | $ | (30 | ) | $ | — | $ | 20 | $ | (10 | ) | ||||||||
Interest rate contracts | — | (1 | ) | — | — | (1 | ) | |||||||||||||
Commodity Contracts: | ||||||||||||||||||||
Natural Gas | (1,844 | ) | (263 | ) | (11 | ) | 1,955 | (163 | ) | |||||||||||
Electricity | — | (653 | ) | (63 | ) | 643 | (73 | ) | ||||||||||||
Other | (63 | ) | (8 | ) | — | 66 | (5 | ) | ||||||||||||
Total derivative liabilities | (1,907 | ) | (955 | ) | (74 | ) | 2,684 | (252 | ) | |||||||||||
Total | $ | (1,907 | ) | $ | (955 | ) | $ | (74 | ) | $ | 2,684 | $ | (252 | ) | ||||||
Net Assets as of December 31, 2010 | $ | 662 | $ | 241 | $ | 59 | $ | 44 | $ | 1,006 | ||||||||||
Assets: | ||||||||||||||||||||
Current | $ | 1,299 | $ | 663 | $ | 49 | $ | (1,880 | ) | $ | 131 | |||||||||
Noncurrent(3) | 1,270 | 533 | 84 | (760 | ) | 1,127 | ||||||||||||||
Total Assets | $ | 2,569 | $ | 1,196 | $ | 133 | $ | (2,640 | ) | $ | 1,258 | |||||||||
Liabilities: | ||||||||||||||||||||
Current | $ | (1,290 | ) | $ | (730 | ) | $ | (21 | ) | $ | 1,899 | $ | (142 | ) | ||||||
Noncurrent | (617 | ) | (225 | ) | (53 | ) | 785 | (110 | ) | |||||||||||
Total Liabilities | $ | (1,907 | ) | $ | (955 | ) | $ | (74 | ) | $ | 2,684 | $ | (252 | ) | ||||||
Net Assets as of December 31, 2010 | $ | 662 | $ | 241 | $ | 59 | $ | 44 | $ | 1,006 | ||||||||||
Netting | Net Balance at | |||||||||||||||||||
Level 1 | Level 2 | Level 3 | Adjustments(2) | December 31, 2009 | ||||||||||||||||
(In millions) | ||||||||||||||||||||
Assets: | ||||||||||||||||||||
Cash equivalents | $ | 15 | $ | — | $ | — | $ | — | $ | 15 | ||||||||||
Nuclear decommissioning trusts | 549 | 268 | — | — | 817 | |||||||||||||||
Other Investments(1) | 50 | 57 | — | — | 107 | |||||||||||||||
Derivative assets | 1,080 | 1,207 | 385 | (2,347 | ) | 325 | ||||||||||||||
Total | $ | 1,694 | $ | 1,532 | $ | 385 | $ | (2,347 | ) | $ | 1,264 | |||||||||
Liabilities: | ||||||||||||||||||||
Derivative liabilities | $ | (1,120 | ) | $ | (1,370 | ) | $ | (361 | ) | $ | 2,433 | $ | (418 | ) | ||||||
Total | $ | (1,120 | ) | $ | (1,370 | ) | $ | (361 | ) | $ | 2,433 | $ | (418 | ) | ||||||
Net Assets at December 31, 2009 | $ | 574 | $ | 162 | $ | 24 | $ | 86 | $ | 846 | ||||||||||
79
Level 1 | Level 2 | Level 3 | Netting Adjustments (2) | Net Balance at December 31, 2010 | |||||||||||||||
(In millions) | |||||||||||||||||||
Assets: | |||||||||||||||||||
Nuclear decommissioning trusts | $ | 599 | $ | 340 | $ | — | $ | — | $ | 939 | |||||||||
Other investments (1) | 56 | 55 | — | — | 111 | ||||||||||||||
Derivative assets: | |||||||||||||||||||
Foreign currency exchange contracts | — | 20 | — | (20 | ) | — | |||||||||||||
Commodity Contracts: | |||||||||||||||||||
Natural Gas | 1,846 | 128 | 12 | (1,960 | ) | 26 | |||||||||||||
Electricity | — | 649 | 117 | (589 | ) | 177 | |||||||||||||
Other | 68 | 4 | 4 | (71 | ) | 5 | |||||||||||||
Total derivative assets | 1,914 | 801 | 133 | (2,640 | ) | 208 | |||||||||||||
Total | $ | 2,569 | $ | 1,196 | $ | 133 | $ | (2,640 | ) | $ | 1,258 | ||||||||
Liabilities: | |||||||||||||||||||
Derivative liabilities: | |||||||||||||||||||
Foreign currency exchange contracts | $ | — | $ | (30 | ) | $ | — | $ | 20 | $ | (10 | ) | |||||||
Interest rate contracts | — | (1 | ) | — | — | (1 | ) | ||||||||||||
Commodity Contracts: | |||||||||||||||||||
Natural Gas | (1,844 | ) | (263 | ) | (11 | ) | 1,955 | (163 | ) | ||||||||||
Electricity | — | (653 | ) | (63 | ) | 643 | (73 | ) | |||||||||||
Other | (63 | ) | (8 | ) | — | 66 | (5 | ) | |||||||||||
Total derivative liabilities | (1,907 | ) | (955 | ) | (74 | ) | 2,684 | (252 | ) | ||||||||||
Total | $ | (1,907 | ) | $ | (955 | ) | $ | (74 | ) | $ | 2,684 | $ | (252 | ) | |||||
Net Assets as of December 31, 2010 | $ | 662 | $ | 241 | $ | 59 | $ | 44 | $ | 1,006 | |||||||||
Assets: | |||||||||||||||||||
Current | $ | 1,299 | $ | 663 | $ | 49 | $ | (1,880 | ) | $ | 131 | ||||||||
Noncurrent (3) | 1,270 | 533 | 84 | (760 | ) | 1,127 | |||||||||||||
Total Assets | $ | 2,569 | $ | 1,196 | $ | 133 | $ | (2,640 | ) | $ | 1,258 | ||||||||
Liabilities: | |||||||||||||||||||
Current | $ | (1,290 | ) | $ | (730 | ) | $ | (21 | ) | $ | 1,899 | $ | (142 | ) | |||||
Noncurrent | (617 | ) | (225 | ) | (53 | ) | 785 | (110 | ) | ||||||||||
Total Liabilities | $ | (1,907 | ) | $ | (955 | ) | $ | (74 | ) | $ | 2,684 | $ | (252 | ) | |||||
Net Assets as of December 31, 2010 | $ | 662 | $ | 241 | $ | 59 | $ | 44 | $ | 1,006 |
(1) | Excludes cash surrender value of life insurance investments. |
(2) | Amounts represent the impact of master netting agreements that allow the Company to net gain and loss positions and cash collateral held or placed with the same counterparties. |
(3) | Includes |
Year Ended December 31, 2010 | ||||||||||||||||
Natural Gas | Electricity | Other | Total | |||||||||||||
(In millions) | ||||||||||||||||
Asset balance as of January 1, 2010 | $ | 2 | $ | 19 | $ | 3 | $ | 24 | ||||||||
Changes in fair value recorded in income | 4 | 64 | 1 | 69 | ||||||||||||
Changes in fair value recorded in regulatory assets/liabilities | — | — | 6 | 6 | ||||||||||||
Purchases, issuances and settlements | (8 | ) | (73 | ) | (6 | ) | (87 | ) | ||||||||
Transfers in/out of Level 3 | 3 | 44 | — | 47 | ||||||||||||
Asset balance as of December 31, 2010 | $ | 1 | $ | 54 | $ | 4 | $ | 59 | ||||||||
The amount of total gains (losses) included in net income attributed to the change in unrealized gains (losses) related to assets and liabilities held at December 31, 2010 | $ | (4 | ) | $ | (6 | ) | $ | 1 | $ | (9 | ) | |||||
Year Ended December 31, 2011 | |||||||||||||||
Natural Gas | Electricity | Other | Total | ||||||||||||
(In millions) | |||||||||||||||
Net Assets as of January 1, 2011 | $ | 1 | $ | 54 | $ | 4 | $ | 59 | |||||||
Transfers into Level 3 | — | 4 | — | 4 | |||||||||||
Transfers out of Level 3 | 1 | (25 | ) | — | (24 | ) | |||||||||
Total gains: | |||||||||||||||
Included in earnings | 7 | 77 | 3 | 87 | |||||||||||
Recorded in regulatory assets/liabilities | — | — | 2 | 2 | |||||||||||
Purchases, issuances and settlements: | |||||||||||||||
Purchases | — | 3 | — | 3 | |||||||||||
Settlements | (3 | ) | (81 | ) | (3 | ) | (87 | ) | |||||||
Net Assets as of December 31, 2011 | $ | 6 | $ | 32 | $ | 6 | $ | 44 | |||||||
The amount of total gains included in net income attributed to the change in unrealized gains (losses) related to assets and liabilities held at December 31, 2011 | $ | 8 | $ | 65 | $ | 2 | $ | 75 |
Year Ended December 31, 2009 | ||||||||||||||||
Natural Gas | Electricity | Other | Total | |||||||||||||
(In millions) | ||||||||||||||||
Asset (Liability) balance as of January 1, 2009 | $ | (183 | ) | $ | (5 | ) | $ | 5 | $ | (183 | ) | |||||
Changes in fair value recorded in income | (17 | ) | 59 | (1 | ) | 41 | ||||||||||
Changes in fair value recorded in other comprehensive income | 8 | — | — | 8 | ||||||||||||
Purchases, issuances and settlements | (15 | ) | (30 | ) | 1 | (44 | ) | |||||||||
Transfers in/out of Level 3 | 209 | (5 | ) | (2 | ) | 202 | ||||||||||
Asset (Liability) balance as of December 31, 2009 | $ | 2 | $ | 19 | $ | 3 | $ | 24 | ||||||||
The amount of total gains (losses) included in net income attributed to the change in unrealized gains (losses) related to assets and liabilities held at December 31, 2009 | $ | (60 | ) | $ | 154 | $ | (1 | ) | $ | 93 | ||||||
Year Ended December 31, 2010 | |||||||||||||||
Natural Gas | Electricity | Other | Total | ||||||||||||
(In millions) | |||||||||||||||
Net Assets as of January 1, 2010 | $ | 2 | $ | 19 | $ | 3 | $ | 24 | |||||||
Changes in fair value included in earnings | 4 | 64 | 1 | 69 | |||||||||||
Changes in fair value recorded in regulatory assets/liabilities | — | — | 6 | 6 | |||||||||||
Purchases, issuances and settlements | (8 | ) | (73 | ) | (6 | ) | (87 | ) | |||||||
Transfers in/out of Level 3 | 3 | 44 | — | 47 | |||||||||||
Net Assets as of December 31, 2010 | $ | 1 | $ | 54 | $ | 4 | $ | 59 | |||||||
The amount of total gains (losses) included in net income attributed to the change in unrealized gains (losses) related to assets and liabilities held at December 31, 2010 | $ | (4 | ) | $ | (6 | ) | $ | 1 | $ | (9 | ) |
80
81
December 31, 2011 | December 31, 2010 | ||||||||||||||
Fair Value | Carrying Value | Fair Value | Carrying Value | ||||||||||||
Long-Term Debt | $ | 8.8 | billion | $ | 7.7 | billion | $ | 8.5 | billion | $ | 8.0 | billion |
December 31 | December 31 | |||||||
2010 | 2009 | |||||||
(In millions) | ||||||||
Fermi 2 | $ | 910 | $ | 790 | ||||
Fermi 1 | 3 | 3 | ||||||
Low level radioactive waste | 26 | 24 | ||||||
Total | $ | 939 | $ | 817 | ||||
December 31 2011 | December 31 2010 | ||||||
(In millions) | |||||||
Fermi 2 | $ | 915 | $ | 910 | |||
Fermi 1 | 3 | 3 | |||||
Low level radioactive waste | 19 | 26 | |||||
Total | $ | 937 | $ | 939 |
Year Ended December 31 | ||||||||||||
2010 | 2009 | 2008 | ||||||||||
(In millions) | ||||||||||||
Realized gains | $ | 192 | $ | 37 | $ | 34 | ||||||
Realized losses | $ | (83 | ) | $ | (55 | ) | $ | (49 | ) | |||
Proceeds from sales of securities | $ | 377 | $ | 295 | $ | 232 |
82
Year Ended December 31 | |||||||||||
2011 | 2010 | 2009 | |||||||||
(In millions) | |||||||||||
Realized gains | $ | 46 | $ | 192 | $ | 37 | |||||
Realized losses | $ | (38 | ) | $ | (83 | ) | $ | (55 | ) | ||
Proceeds from sales of securities | $ | 80 | $ | 377 | $ | 295 |
Fair | Unrealized | |||||||
Value | Gains | |||||||
(In millions) | ||||||||
As of December 31, 2010 | ||||||||
Equity securities | $ | 572 | $ | 77 | ||||
Debt securities | 361 | 11 | ||||||
Cash and cash equivalents | 6 | — | ||||||
$ | 939 | $ | 88 | |||||
As of December 31, 2009 | ||||||||
Equity securities | $ | 420 | $ | 135 | ||||
Debt securities | 388 | 17 | ||||||
Cash and cash equivalents | 9 | — | ||||||
$ | 817 | $ | 152 | |||||
Fair Value | Unrealized Gains | ||||||
(In millions) | |||||||
As of December 31, 2011 | |||||||
Equity securities | $ | 533 | $ | 80 | |||
Debt securities | 385 | 22 | |||||
Cash and cash equivalents | 19 | — | |||||
$ | 937 | $ | 102 | ||||
As of December 31, 2010 | |||||||
Equity securities | $ | 572 | $ | 77 | |||
Debt securities | 361 | 11 | |||||
Cash and cash equivalents | 6 | — | |||||
$ | 939 | $ | 88 |
December 31, 2010 | December 31, 2009 | |||||||||||||||
Fair Value | Carrying value | Fair Value | Carrying Value | |||||||||||||
(In millions) | ||||||||||||||||
Cash equivalents | $ | 133 | $ | 133 | $ | 106 | $ | 106 | ||||||||
Equity securities | $ | 6 | $ | 6 | $ | 11 | $ | 11 |
December 31, 2011 | December 31, 2010 | ||||||||||||||
(In millions) | Fair Value | Carrying value | Fair Value | Carrying Value | |||||||||||
Cash equivalents | $ | 140 | $ | 140 | $ | 133 | $ | 133 | |||||||
Equity securities | $ | 5 | $ | 5 | $ | 6 | $ | 6 |
83
FINANCIAL AND OTHER DERIVATIVE INSTRUMENTS |
84
85
Derivative Assets | Derivative Liabilities | |||||||
(In millions) | ||||||||
Derivatives designated as hedging instruments: | ||||||||
Interest rate contracts | $ | — | $ | (1 | ) | |||
Total derivatives designated as hedging instruments: | $ | — | $ | (1 | ) | |||
Derivatives not designated as hedging instruments: | ||||||||
Foreign currency exchange contracts | $ | 20 | $ | (30 | ) | |||
Commodity Contracts: | ||||||||
Natural Gas | 1,986 | (2,118 | ) | |||||
Electricity | 766 | (716 | ) | |||||
Other | 76 | (71 | ) | |||||
Total derivatives not designated as hedging instruments: | $ | 2,848 | $ | (2,935 | ) | |||
Total derivatives: | ||||||||
Current | $ | 2,011 | $ | (2,041 | ) | |||
Noncurrent | 837 | (895 | ) | |||||
Total derivatives | $ | 2,848 | $ | (2,936 | ) | |||
Derivative Assets | Derivative Liabilities | ||||||
(In millions) | |||||||
Derivatives designated as hedging instruments: | |||||||
Interest rate contracts | $ | — | $ | (1 | ) | ||
Derivatives not designated as hedging instruments: | |||||||
Foreign currency exchange contracts | $ | 3 | $ | (5 | ) | ||
Commodity Contracts: | |||||||
Natural Gas | 2,024 | (2,080 | ) | ||||
Electricity | 747 | (705 | ) | ||||
Other | 31 | (20 | ) | ||||
Total derivatives not designated as hedging instruments: | $ | 2,805 | $ | (2,810 | ) | ||
Total derivatives: | |||||||
Current | $ | 2,272 | $ | (2,282 | ) | ||
Noncurrent | 533 | (529 | ) | ||||
Total derivatives | $ | 2,805 | $ | (2,811 | ) |
Derivative Assets | Derivative Liabilities | |||||||||||||||
Current | Noncurrent | Current | Noncurrent | |||||||||||||
Reconciliation of derivative instruments to Consolidated Statements of Financial Position: | ||||||||||||||||
Total fair value of derivatives | $ | 2,011 | $ | 837 | $ | (2,041 | ) | $ | (895 | ) | ||||||
Counterparty netting | (1,871 | ) | (760 | ) | 1,871 | 760 | ||||||||||
Collateral adjustment | (9 | ) | — | 28 | 25 | |||||||||||
Total derivatives as reported | $ | 131 | $ | 77 | $ | (142 | ) | $ | (110 | ) | ||||||
86
Derivative Assets | Derivative Liabilities | ||||||||||||||
Current | Noncurrent | Current | Noncurrent | ||||||||||||
Reconciliation of derivative instruments to Consolidated Statements of Financial Position: | |||||||||||||||
Total fair value of derivatives | $ | 2,272 | $ | 533 | $ | (2,282 | ) | $ | (529 | ) | |||||
Counterparty netting | (2,050 | ) | (440 | ) | 2,050 | 440 | |||||||||
Collateral adjustment | — | (19 | ) | 74 | — | ||||||||||
Total derivatives as reported | $ | 222 | $ | 74 | $ | (158 | ) | $ | (89 | ) |
Derivative Assets | Derivative Liabilities | |||||||
(In millions) | ||||||||
Derivatives designated as hedging instruments: | ||||||||
Commodity Contracts — Natural Gas | $ | 2 | $ | — | ||||
Derivatives not designated as hedging instruments: | ||||||||
Foreign currency exchange contracts | $ | 24 | $ | (31 | ) | |||
Commodity Contracts: | ||||||||
Natural Gas | 1,323 | (1,552 | ) | |||||
Electricity | 1,304 | (1,241 | ) | |||||
Other | 19 | (27 | ) | |||||
Total derivatives not designated as hedging instruments: | $ | 2,670 | $ | (2,851 | ) | |||
Total derivatives: | ||||||||
Current | $ | 1,860 | $ | (1,951 | ) | |||
Noncurrent | 812 | (900 | ) | |||||
Total derivatives | $ | 2,672 | $ | (2,851 | ) | |||
Derivative Assets | Derivative Liabilities | |||||||||||||||
Current | Noncurrent | Current | Noncurrent | |||||||||||||
Reconciliation of derivative instruments to Consolidated Statements of Financial Position: | ||||||||||||||||
Total fair value of derivatives | $ | 1,860 | $ | 812 | $ | (1,951 | ) | $ | (900 | ) | ||||||
Counterparty netting | (1,644 | ) | (669 | ) | 1,644 | 669 | ||||||||||
Collateral adjustment | (7 | ) | (27 | ) | 87 | 33 | ||||||||||
Total derivatives as reported | $ | 209 | $ | 116 | $ | (220 | ) | $ | (198 | ) | ||||||
Derivative Assets | Derivative Liabilities | ||||||
(In millions) | |||||||
Derivatives designated as hedging instruments: | |||||||
Interest rate contracts | $ | — | $ | (1 | ) | ||
Derivatives not designated as hedging instruments: | |||||||
Foreign currency exchange contracts | $ | 20 | $ | (30 | ) | ||
Commodity Contracts: | |||||||
Natural Gas | 1,986 | (2,118 | ) | ||||
Electricity | 766 | (716 | ) | ||||
Other | 76 | (71 | ) | ||||
Total derivatives not designated as hedging instruments: | $ | 2,848 | $ | (2,935 | ) | ||
Total derivatives: | |||||||
Current | $ | 2,011 | $ | (2,041 | ) | ||
Noncurrent | 837 | (895 | ) | ||||
Total derivatives | $ | 2,848 | $ | (2,936 | ) |
Derivative Assets | Derivative Liabilities | ||||||||||||||
Current | Noncurrent | Current | Noncurrent | ||||||||||||
Reconciliation of derivative instruments to Consolidated Statements of Financial Position: | |||||||||||||||
Total fair value of derivatives | $ | 2,011 | $ | 837 | $ | (2,041 | ) | $ | (895 | ) | |||||
Counterparty netting | (1,871 | ) | (760 | ) | 1,871 | 760 | |||||||||
Collateral adjustment | (9 | ) | — | 28 | 25 | ||||||||||
Total derivatives as reported | $ | 131 | $ | 77 | $ | (142 | ) | $ | (110 | ) |
Gain (Loss) | ||||||||||
Recognized in | ||||||||||
Income on | ||||||||||
Location of Gain | Derivatives for | |||||||||
(Loss) Recognized | Years Ended | |||||||||
in Income | December 31 | |||||||||
Derivatives not Designated as Hedging Instruments | On Derivatives | 2010 | 2009 | |||||||
(In millions) | ||||||||||
Foreign currency exchange contracts | Operating Revenue | $ | (14 | ) | $ | (24 | ) | |||
Commodity Contracts: | ||||||||||
Natural Gas | Operating Revenue | 61 | 179 | |||||||
Natural Gas | Fuel, purchased power and gas | (8 | ) | 4 | ||||||
Electricity | Operating Revenue | 80 | 19 | |||||||
Other | Operating Revenue | 9 | (4 | ) | ||||||
Other | Operation and maintenance | (5 | ) | 6 | ||||||
Total | $ | 123 | $ | 180 | ||||||
Location of Gain (Loss) Recognized in Income on Derivatives | Gain (Loss) Recognized in Income on Derivatives for Years Ended December 31 | ||||||||
Derivatives not Designated as Hedging Instruments | 2011 | 2010 | |||||||
(In millions) | |||||||||
Foreign currency exchange contracts | Operating Revenue | $ | (2 | ) | $ | (14 | ) | ||
Commodity Contracts: | |||||||||
Natural Gas | Operating Revenue | 58 | 61 | ||||||
Natural Gas | Fuel, purchased power and gas | (21 | ) | (8 | ) | ||||
Electricity | Operating Revenue | 115 | 80 | ||||||
Other | Operating Revenue | 9 | 9 | ||||||
Other | Operation and maintenance | — | (5 | ) | |||||
Total | $ | 159 | $ | 123 |
Commodity | Number of Units | |||
Natural Gas (MMBtu) | 770,624,682 | |||
Electricity (MWh) | 48,286,149 | |||
Foreign Currency Exchange ($ CAD) | 34,904,696 |
88
GOODWILL |
2010 | 2009 | |||||||
(In millions) | ||||||||
Balance as of January 1 | $ | 2,024 | $ | 2,037 | ||||
Goodwill attributable to sale of subsidiary in Power and Industrial Projects | (4 | ) | — | |||||
Goodwill attributable to sale of subsidiary in Gas Utility | — | (13 | ) | |||||
Balance at December 31 | $ | 2,020 | $ | 2,024 | ||||
2011 | 2010 | ||||||
(In millions) | |||||||
Balance as of January 1 | $ | 2,020 | $ | 2,024 | |||
Goodwill attributable to sale of subsidiary in Power and Industrial Projects segment | — | (4 | ) | ||||
Balance at December 31 | $ | 2,020 | $ | 2,020 |
2010 | 2009 | |||||||
(In millions) | ||||||||
Property, Plant and Equipment | ||||||||
Electric Utility | ||||||||
Generation | $ | 9,268 | $ | 8,833 | ||||
Distribution | 6,800 | 6,618 | ||||||
Total Electric Utility | 16,068 | 15,451 | ||||||
Gas Utility | ||||||||
Distribution | 2,460 | 2,386 | ||||||
Storage | 395 | 383 | ||||||
Other | 991 | 1,013 | ||||||
Total Gas Utility | 3,846 | 3,782 | ||||||
Non-utility and other | 1,660 | 1,355 | ||||||
Total | 21,574 | 20,588 | ||||||
Less Accumulated Depreciation, Depletion and Amortization | ||||||||
Electric Utility | ||||||||
Generation | (3,850 | ) | (3,890 | ) | ||||
Distribution | (2,568 | ) | (2,243 | ) | ||||
Total Electric Utility | (6,418 | ) | (6,133 | ) | ||||
Gas Utility | ||||||||
Distribution | (1,019 | ) | (972 | ) | ||||
Storage | (108 | ) | (113 | ) | ||||
Other | (512 | ) | (543 | ) | ||||
Total Gas Utility | (1,639 | ) | (1,628 | ) | ||||
Non-utility and other | (525 | ) | (396 | ) | ||||
Total | (8,582 | ) | (8,157 | ) | ||||
Net Property, Plant and Equipment | $ | 12,992 | $ | 12,431 | ||||
2011 | 2010 | ||||||
(In millions) | |||||||
Property, Plant and Equipment | |||||||
Electric Utility | |||||||
Generation | $ | 9,785 | $ | 9,268 | |||
Distribution | 7,003 | 6,800 | |||||
Total Electric Utility | 16,788 | 16,068 | |||||
Gas Utility | |||||||
Distribution | 2,561 | 2,460 | |||||
Storage | 406 | 395 | |||||
Other | 902 | 991 | |||||
Total Gas Utility | 3,869 | 3,846 | |||||
Non-utility and other | 1,884 | 1,660 | |||||
Total | 22,541 | 21,574 | |||||
Less Accumulated Depreciation, Depletion and Amortization | |||||||
Electric Utility | |||||||
Generation | (3,946 | ) | (3,850 | ) | |||
Distribution | (2,580 | ) | (2,568 | ) | |||
Total Electric Utility | (6,526 | ) | (6,418 | ) | |||
Gas Utility | |||||||
Distribution | (1,041 | ) | (1,019 | ) | |||
Storage | (127 | ) | (108 | ) | |||
Other | (413 | ) | (512 | ) | |||
Total Gas Utility | (1,581 | ) | (1,639 | ) | |||
Non-utility and other | (688 | ) | (525 | ) | |||
Total | (8,795 | ) | (8,582 | ) | |||
Net Property, Plant and Equipment | $ | 13,746 | $ | 12,992 |
Estimated Useful Lives in Years | ||||||||||||
Utility | Generation | Distribution | Transmission | |||||||||
Electric | 40 | 37 | N/A | |||||||||
Gas | N/A | 62 | 61 |
Estimated Useful Lives in Years | ||||||
Utility | Generation | Distribution | Transmission | |||
Electric | 46 | 43 | N/A | |||
Gas | N/A | 62 | 61 |
NOTE 7 — JOINTLY OWNED UTILITY PLANT |
Ludington | ||||||||
Hydroelectric | ||||||||
Belle River | Pumped Storage | |||||||
In-service date | 1984-1985 | 1973 | ||||||
Total plant capacity | 1,270MW | 1,872MW | ||||||
Ownership interest | * | 49 | % | |||||
Investment (in millions) | $ | 1,635 | $ | 199 | ||||
Accumulated depreciation (in millions) | $ | 923 | $ | 117 |
Belle River | Ludington Hydroelectric Pumped Storage | ||||||
In-service date | 1984-1985 | 1973 | |||||
Total plant capacity | 1,270 | MW | 1,872 | MW | |||
Ownership interest | * | 49 | % | ||||
Investment (in millions) | $ | 1,645 | $ | 199 | |||
Accumulated depreciation (in millions) | $ | 943 | $ | 158 |
90
Notes to Consolidated Financial Statements — (Continued) NOTE 8 — ASSET RETIREMENT OBLIGATIONS |
(In millions) | ||||
Asset retirement obligations at January 1, 2010 | $ | 1,439 | ||
Accretion | 92 | |||
Liabilities incurred | 10 | |||
Liabilities settled | (9 | ) | ||
Revision in estimated cash flows | (22 | ) | ||
Consolidation of VIEs | 4 | |||
Asset retirement obligations at December 31, 2010 | 1,514 | |||
Less amount included in current liabilities | (16 | ) | ||
$ | 1,498 | |||
(In millions) | |||
Asset retirement obligations at January 1, 2011 | $ | 1,514 | |
Accretion | 93 | ||
Liabilities incurred | 10 | ||
Liabilities settled | (23 | ) | |
Revision in estimated cash flows | (1 | ) | |
Asset retirement obligations at December 31, 2011 | 1,593 | ||
Less amount included in current liabilities | (2 | ) | |
$ | 1,591 |
91
92
NOTE 11 — REGULATORY MATTERS |
2010 | 2009 | |||||||
(In millions) | ||||||||
Assets | ||||||||
Recoverable pension and postretirement costs: | ||||||||
Pension | $ | 1,742 | $ | 1,670 | ||||
Postretirement costs | 624 | 665 | ||||||
Asset retirement obligation | 336 | 415 | ||||||
Recoverable income taxes related to securitized regulatory assets | 400 | 476 | ||||||
Deferred income taxes — Michigan Business Tax | 383 | 407 | ||||||
Cost to achieve Performance Excellence Process | 137 | 136 | ||||||
Choice incentive mechanism | 105 | — | ||||||
Recoverable uncollectible expense | 90 | 138 | ||||||
Other recoverable income taxes | 85 | 89 | ||||||
Unamortized loss on reacquired debt | 65 | 70 | ||||||
Accrued PSCR/GCR revenue | 52 | — | ||||||
Deferred environmental costs | 41 | 40 | ||||||
Enterprise Business Systems costs | 21 | 24 | ||||||
Recoverable restoration expense | 19 | — | ||||||
Electric Customer Choice implementation costs | — | 18 | ||||||
Other | 58 | 15 | ||||||
4,158 | 4,163 | |||||||
Less amount included in current assets | (100 | ) | (53 | ) | ||||
$ | 4,058 | $ | 4,110 | |||||
Securitized regulatory assets | $ | 729 | $ | 870 | ||||
2011 | 2010 | ||||||
(In millions) | |||||||
Assets | |||||||
Recoverable pension and postretirement costs: | |||||||
Pension | $ | 2,208 | $ | 1,742 | |||
Postretirement costs | 778 | 624 | |||||
Asset retirement obligation | 420 | 336 | |||||
Recoverable Michigan income taxes | 324 | 383 | |||||
Recoverable income taxes related to securitized regulatory assets | 316 | 400 | |||||
Choice incentive mechanism | 166 | 105 | |||||
Accrued PSCR/GCR revenue | 147 | 52 | |||||
Cost to achieve Performance Excellence Process | 116 | 137 | |||||
Other recoverable income taxes | 81 | 85 | |||||
Unamortized loss on reacquired debt | 64 | 65 | |||||
Recoverable restoration expense | 58 | 19 | |||||
Deferred environmental costs | 49 | 41 | |||||
Recoverable uncollectible expense | 42 | 90 | |||||
Enterprise Business Systems costs | 18 | 21 | |||||
Recoverable revenue decoupling | 18 | 5 | |||||
Other | 48 | 53 | |||||
4,853 | 4,158 | ||||||
Less amount included in current assets | (314 | ) | (100 | ) | |||
$ | 4,539 | $ | 4,058 | ||||
Securitized regulatory assets | $ | 577 | $ | 729 |
2010 | 2009 | |||||||
(In millions) | ||||||||
Liabilities | ||||||||
Asset removal costs | $ | 479 | $ | 506 | ||||
Deferred income taxes — Michigan Business Tax | 418 | 423 | ||||||
Negative pension offset | 129 | 133 | ||||||
Renewable energy | 125 | 32 | ||||||
Refundable income taxes | 77 | 88 | ||||||
Refundable self implemented rates | 52 | 27 | ||||||
Refundable revenue decoupling | 47 | — | ||||||
Refundable costs under PA 141 | 33 | 27 | ||||||
Refundable restoration expense | 15 | 15 | ||||||
Accrued PSCR/GCR refund | 8 | 39 | ||||||
Fermi 2 refueling outage | 3 | 13 | ||||||
Pension equalization mechanism | — | 75 | ||||||
Other | 36 | 11 | ||||||
1,422 | 1,389 | |||||||
Less amount included in current liabilities | (94 | ) | (52 | ) | ||||
$ | 1,328 | $ | 1,337 | |||||
2011 | 2010 | ||||||
(In millions) | |||||||
Liabilities | |||||||
Asset removal costs | $ | 419 | $ | 479 | |||
Refundable Michigan income taxes | — | 418 | |||||
Renewable energy | 192 | 125 | |||||
Refundable revenue decoupling | 127 | 47 | |||||
Negative pension offset | 120 | 129 | |||||
Refundable income taxes | 66 | 77 | |||||
Energy Optimization | 34 | 27 | |||||
Refundable uncollectible expense | 31 | — | |||||
Accrued PSCR/GCR refund | 26 | 8 | |||||
Low Income Energy Efficiency Fund | 26 | — | |||||
Fermi 2 refueling outage | 23 | 3 | |||||
Refundable self implemented rates | 1 | 52 | |||||
Refundable costs under PA 141 | — | 33 | |||||
Refundable restoration expense | — | 15 | |||||
Other | 8 | 9 | |||||
1,073 | 1,422 | ||||||
Less amount included in current liabilities | (54 | ) | (94 | ) | |||
$ | 1,019 | $ | 1,328 |
95
Negative pension offset — MichCon’s negative pension costs are not included as a reduction to its authorized rates; therefore, the Company is accruing a regulatory liability to eliminate the impact on earnings of the negative pension expense accrued. This regulatory liability will reverse to the extent MichCon’s pension expense is positive in future years. Refundable income taxes — Income taxes refundable to MichCon’s customers representing the difference in property-related deferred income taxes payable and amounts recognized pursuant to MPSC authorization. Energy Optimization (EO) - The EO plan application is designed to help each customer class reduce their electric usage by: 1) building customer awareness of energy efficiency options and 2) offering a diverse set of programs and participation options that result in energy savings for each customer class. Refundable uncollectible expense (UETM )— Detroit Edison and MichCon liability for the MPSC approved uncollectible expense tracking mechanism that tracks the difference in the fluctuation in uncollectible accounts and amounts recognized pursuant to the MPSC authorization. The UETM was terminated in the October 20, 2011 MPSC order issued to Detroit Edison. Accrued PSCR refund — Liability for the temporary over-recovery of and a return on power supply costs and transmission costs incurred by Detroit Edison which are recoverable through the PSCR mechanism. Accrued GCR refund — Liability for the temporary over-recovery of and a return on gas costs incurred by MichCon which are recoverable through the GCR mechanism. Low Income Energy Efficiency Fund (LIEEF) — Escrow of LIEEF funds collected by Detroit Edison and MichCon as ordered by the MPSC pursuant to July 2011 Michigan Court of Appeals decision. Fermi 2 refueling outage — Accrued liability for refueling outage at Fermi 2 pursuant to MPSC authorization. Refundable self implemented rates — Amounts refundable to customers for base rates implemented by Detroit Edison and MichCon in excess of amounts authorized in MPSC orders. Refundable costs under PA 141 — Detroit Edison’s 2007 CIM reconciliation and allocation resulted in the elimination of Regulatory Asset Recovery Surcharge (RARS) balances for commercial and industrial customers. RARS revenues received that exceed the regulatory asset balances are required to be refunded to the affected classes. Refundable restoration expense — Amounts refundable for the MPSC approved restoration expense | ||
98
100
Table of Contents |
2010 | 2009 | 2008 | ||||||||||
(In millions) | ||||||||||||
Income before income taxes | $ | 950 | $ | 782 | $ | 819 | ||||||
Income tax expense at 35% statutory rate | $ | 333 | $ | 274 | $ | 287 | ||||||
Production tax credits | (33 | ) | (12 | ) | (7 | ) | ||||||
Investment tax credits | (6 | ) | (7 | ) | (7 | ) | ||||||
Depreciation | (4 | ) | (4 | ) | (4 | ) | ||||||
Employee Stock Ownership Plan dividends | (5 | ) | (5 | ) | (4 | ) | ||||||
Medicare part D subsidy | — | (6 | ) | (5 | ) | |||||||
Domestic production activities deduction | (7 | ) | (5 | ) | (2 | ) | ||||||
Goodwill attributed to the sale of Gas Utility subsidiaries | — | 4 | — | |||||||||
Settlement of Federal tax audit | (12 | ) | (11 | ) | — | |||||||
State and local income taxes, net of federal benefit | 44 | 25 | 23 | |||||||||
Other, net | 1 | (6 | ) | 7 | ||||||||
Income tax expense from continuing operations | $ | 311 | $ | 247 | $ | 288 | ||||||
Effective income tax rate | 32.7 | % | 31.6 | % | 35.2 | % | ||||||
101
2011 | 2010 | 2009 | |||||||||
(In millions) | |||||||||||
Income before income taxes | $ | 987 | $ | 950 | $ | 782 | |||||
Income tax expense at 35% statutory rate | $ | 345 | $ | 333 | $ | 274 | |||||
Production tax credits | (6 | ) | (33 | ) | (12 | ) | |||||
Investment tax credits | (6 | ) | (6 | ) | (7 | ) | |||||
Depreciation | (4 | ) | (4 | ) | (4 | ) | |||||
Employee Stock Ownership Plan dividends | (4 | ) | (5 | ) | (5 | ) | |||||
Medicare part D subsidy | — | — | (6 | ) | |||||||
Domestic production activities deduction | (7 | ) | (7 | ) | (5 | ) | |||||
Goodwill attributed to the sale of Gas Utility subsidiaries | — | — | 4 | ||||||||
Settlement of Federal tax audit | — | (12 | ) | (11 | ) | ||||||
State and local income taxes, net of federal benefit | 37 | 44 | 25 | ||||||||
Enactment of Michigan Corporate Income Tax, net of federal expense | (87 | ) | — | — | |||||||
Other, net | (1 | ) | 1 | (6 | ) | ||||||
Income tax expense | $ | 267 | $ | 311 | $ | 247 | |||||
Effective income tax rate | 27.1 | % | 32.7 | % | 31.6 | % |
2010 | 2009 | 2008 | ||||||||||
(In millions) | ||||||||||||
Continuing operations | ||||||||||||
Current income taxes | ||||||||||||
Federal | $ | (172 | ) | $ | 25 | $ | 130 | |||||
State and other income tax expense | 26 | 17 | 17 | |||||||||
Total current income taxes | (146 | ) | 42 | 147 | ||||||||
Deferred income taxes | ||||||||||||
Federal | 415 | 182 | 121 | |||||||||
State and other income tax expense | 42 | 23 | 20 | |||||||||
Total deferred income taxes | 457 | 205 | 141 | |||||||||
Total income taxes from continuing operations | 311 | 247 | 288 | |||||||||
Discontinued operations | — | — | 12 | |||||||||
Total | $ | 311 | $ | 247 | $ | 300 | ||||||
2011 | 2010 | 2009 | |||||||||
(In millions) | |||||||||||
Current income tax expense (benefit) | |||||||||||
Federal | $ | 25 | $ | (172 | ) | $ | 25 | ||||
State and other income tax | 22 | 26 | 17 | ||||||||
Total current income taxes | 47 | (146 | ) | 42 | |||||||
Deferred income tax expense (benefit) | |||||||||||
Federal | 318 | 415 | 182 | ||||||||
State and other income tax | (98 | ) | 42 | 23 | |||||||
Total deferred income taxes | 220 | 457 | 205 | ||||||||
Total | $ | 267 | $ | 311 | $ | 247 |
2010 | 2009 | |||||||
(In millions) | ||||||||
Property, plant and equipment | $ | (2,558 | ) | $ | (1,932 | ) | ||
Securitized regulatory assets | (396 | ) | (474 | ) | ||||
Alternative minimum tax credit carry-forwards | 337 | 197 | ||||||
Merger basis differences | 49 | 51 | ||||||
Pension and benefits | (36 | ) | 17 | |||||
Other comprehensive income | 83 | 75 | ||||||
Derivative assets and liabilities | 29 | 59 | ||||||
State net operating loss and credit carry-forwards | 33 | 43 | ||||||
Other | (2 | ) | 78 | |||||
(2,461 | ) | (1,886 | ) | |||||
Less valuation allowance | (32 | ) | (43 | ) | ||||
$ | (2,493 | ) | $ | (1,929 | ) | |||
Current deferred income tax assets | $ | 139 | $ | 167 | ||||
Long-term deferred income tax liabilities | (2,632 | ) | (2,096 | ) | ||||
$ | (2,493 | ) | $ | (1,929 | ) | |||
Deferred income tax assets | $ | 1,418 | $ | 1,462 | ||||
Deferred income tax liabilities | (3,911 | ) | (3,391 | ) | ||||
$ | (2,493 | ) | $ | (1,929 | ) | |||
102
2011 | 2010 | ||||||
(In millions) | |||||||
Property, plant and equipment | $ | (3,131 | ) | $ | (2,558 | ) | |
Securitized regulatory assets | (360 | ) | (396 | ) | |||
Alternative minimum tax credit carry-forwards | 294 | 337 | |||||
Merger basis differences | 50 | 49 | |||||
Pension and benefits | (39 | ) | (36 | ) | |||
Other comprehensive income | 99 | 83 | |||||
Derivative assets and liabilities | 64 | 29 | |||||
State net operating loss and credit carry-forwards | 30 | 33 | |||||
Other | (45 | ) | (2 | ) | |||
(3,038 | ) | (2,461 | ) | ||||
Less valuation allowance | (27 | ) | (32 | ) | |||
$ | (3,065 | ) | $ | (2,493 | ) | ||
Current deferred income tax assets | $ | 51 | $ | 139 | |||
Long-term deferred income tax liabilities | (3,116 | ) | (2,632 | ) | |||
$ | (3,065 | ) | $ | (2,493 | ) | ||
Deferred income tax assets | $ | 1,048 | $ | 1,418 | |||
Deferred income tax liabilities | (4,113 | ) | (3,911 | ) | |||
$ | (3,065 | ) | $ | (2,493 | ) |
2010 | 2009 | 2008 | ||||||||||
(In millions) | ||||||||||||
Balance at January 1 | $ | 81 | $ | 72 | $ | 22 | ||||||
Additions for tax positions of prior years | 4 | 15 | 12 | |||||||||
Reductions for tax positions of prior years | (4 | ) | (5 | ) | (5 | ) | ||||||
Additions for tax positions related to the current year | — | 7 | 47 | |||||||||
Settlements | (53 | ) | (5 | ) | (1 | ) | ||||||
Lapse of statute of limitations | — | (3 | ) | (3 | ) | |||||||
Balance at December 31 | $ | 28 | $ | 81 | $ | 72 | ||||||
2011 | 2010 | 2009 | |||||||||
(In millions) | |||||||||||
Balance at January 1 | $ | 28 | $ | 81 | $ | 72 | |||||
Additions for tax positions of prior years | 27 | 4 | 15 | ||||||||
Reductions for tax positions of prior years | (4 | ) | (4 | ) | (5 | ) | |||||
Additions for tax positions related to the current year | 1 | — | 7 | ||||||||
Settlements | (3 | ) | (53 | ) | (5 | ) | |||||
Lapse of statute of limitations | (1 | ) | — | (3 | ) | ||||||
Balance at December 31 | $ | 48 | $ | 28 | $ | 81 |
90 NOTE 14 — EARNINGS PER SHARE |
104
2010 | 2009 | 2008 | ||||||||||
(In millions, expect per share amounts) | ||||||||||||
Basic Earnings per Share | ||||||||||||
Net income attributable to DTE Energy Company | $ | 630 | $ | 532 | $ | 546 | ||||||
Average number of common shares outstanding | 168 | 164 | 163 | |||||||||
Weighted average net restricted shares outstanding | 1 | 1 | 1 | |||||||||
Dividends declared — common shares | $ | 365 | $ | 347 | $ | 344 | ||||||
Dividends declared — net restricted shares | 2 | 2 | 2 | |||||||||
Total distributed earnings | $ | 367 | $ | 349 | $ | 346 | ||||||
Net income less distributed earnings | $ | 263 | $ | 183 | $ | 200 | ||||||
Distributed (dividends per common share) | $ | 2.18 | $ | 2.12 | $ | 2.12 | ||||||
Undistributed | 1.57 | 1.12 | 1.22 | |||||||||
Total Basic Earnings per Common Share | $ | 3.75 | $ | 3.24 | $ | 3.34 | ||||||
Diluted Earnings per Share | ||||||||||||
Net income attributable to DTE Energy Company | $ | 630 | $ | 532 | $ | 546 | ||||||
Average number of common shares outstanding | 168 | 164 | 163 | |||||||||
Average incremental shares from assumed exercise of options | 1 | — | — | |||||||||
Common shares for dilutive calculation | 169 | 164 | 163 | |||||||||
Weighted average net restricted shares outstanding | 1 | 1 | 1 | |||||||||
Dividends declared — common shares | $ | 365 | $ | 347 | $ | 344 | ||||||
Dividends declared — net restricted shares | 2 | 2 | 2 | |||||||||
Total distributed earnings | $ | 367 | $ | 349 | $ | 346 | ||||||
Net income less distributed earnings | $ | 263 | $ | 183 | $ | 200 | ||||||
Distributed (dividends per common share) | $ | 2.18 | $ | 2.12 | $ | 2.12 | ||||||
Undistributed | 1.56 | 1.12 | 1.22 | |||||||||
Total Diluted Earnings per Common Share | $ | 3.74 | $ | 3.24 | $ | 3.34 | ||||||
2011 | 2010 | 2009 | |||||||||
(In millions, expect per share amounts) | |||||||||||
Basic Earnings per Share | |||||||||||
Net income attributable to DTE Energy Company | $ | 711 | $ | 630 | $ | 532 | |||||
Average number of common shares outstanding | 169 | 168 | 164 | ||||||||
Weighted average net restricted shares outstanding | 1 | 1 | 1 | ||||||||
Dividends declared — common shares | $ | 392 | $ | 365 | $ | 347 | |||||
Dividends declared — net restricted shares | 1 | 2 | 2 | ||||||||
Total distributed earnings | $ | 393 | $ | 367 | $ | 349 | |||||
Net income less distributed earnings | $ | 318 | $ | 263 | $ | 183 | |||||
Distributed (dividends per common share) | $ | 2.32 | $ | 2.18 | $ | 2.12 | |||||
Undistributed | 1.87 | 1.57 | 1.12 | ||||||||
Total Basic Earnings per Common Share | $ | 4.19 | $ | 3.75 | $ | 3.24 | |||||
Diluted Earnings per Share | |||||||||||
Net income attributable to DTE Energy Company | $ | 711 | $ | 630 | $ | 532 | |||||
Average number of common shares outstanding | 169 | 168 | 164 | ||||||||
Average incremental shares from assumed exercise of options | 1 | 1 | — | ||||||||
Common shares for dilutive calculation | 170 | 169 | 164 | ||||||||
Weighted average net restricted shares outstanding | 1 | 1 | 1 | ||||||||
Dividends declared — common shares | $ | 392 | $ | 365 | $ | 347 | |||||
Dividends declared — net restricted shares | 1 | 2 | 2 | ||||||||
Total distributed earnings | $ | 393 | $ | 367 | $ | 349 | |||||
Net income less distributed earnings | $ | 318 | $ | 263 | $ | 183 | |||||
Distributed (dividends per common share) | $ | 2.32 | $ | 2.18 | $ | 2.12 | |||||
Undistributed | 1.86 | 1.56 | 1.12 | ||||||||
Total Diluted Earnings per Common Share | $ | 4.18 | $ | 3.74 | $ | 3.24 |
NOTE 15 — LONG-TERM DEBT |
2010 | 2009 | |||||||
(In millions) | ||||||||
Mortgage bonds, notes, and other | ||||||||
DTE Energy Debt, Unsecured | ||||||||
6.9% due 2011 to 2033 | $ | 1,597 | $ | 1,597 | ||||
Detroit Edison Taxable Debt, Principally Secured | ||||||||
5.5% due 2011 to 2038 | 2,915 | 2,829 | ||||||
Detroit Edison Tax-Exempt Revenue Bonds(2) | ||||||||
5.5% due 2011 to 2038 | 1,283 | 1,263 | ||||||
MichCon Taxable Debt, Principally Secured | ||||||||
6.1% due 2012 to 2033 | 889 | 889 | ||||||
Other Long-Term Debt, Including Non-Recourse Debt | 195 | 180 | ||||||
�� | 6,879 | 6,758 | ||||||
Less amount due within one year | (765 | ) | (521 | ) | ||||
$ | 6,114 | $ | 6,237 | |||||
Securitization bonds | ||||||||
6.5% due 2011 to 2015 | $ | 793 | $ | 933 | ||||
Less amount due within one year | (150 | ) | (140 | ) | ||||
$ | 643 | $ | 793 | |||||
Trust preferred-linked securities | ||||||||
7.8% due 2032 | $ | 186 | $ | 186 | ||||
7.5% due 2044 | 103 | 103 | ||||||
$ | 289 | $ | 289 | |||||
2011 | 2010 | ||||||
(In millions) | |||||||
Mortgage bonds, notes, and other | |||||||
DTE Energy Debt, Unsecured | |||||||
5.5% due 2013 to 2033 | $ | 1,298 | $ | 1,597 | |||
Detroit Edison Taxable Debt, Principally Secured | |||||||
5.3% due 2012 to 2041 | 3,515 | 2,915 | |||||
Detroit Edison Tax-Exempt Revenue Bonds (2) | |||||||
5.1% due 2012 to 2038 | 893 | 1,283 | |||||
MichCon Taxable Debt, Principally Secured | |||||||
6.1% due 2012 to 2033 | 889 | 889 | |||||
Other Long-Term Debt, Including Non-Recourse Debt | 165 | 195 | |||||
6,760 | 6,879 | ||||||
Less amount due within one year | (355 | ) | (765 | ) | |||
$ | 6,405 | $ | 6,114 | ||||
Securitization bonds | |||||||
6.5% due 2012 to 2015 | $ | 643 | $ | 793 | |||
Less amount due within one year | (164 | ) | (150 | ) | |||
$ | 479 | $ | 643 | ||||
Junior Subordinated Debentures | |||||||
6.5% due 2061 | $ | 280 | $ | — | |||
Trust preferred-linked securities | |||||||
7.8% due 2032 | $ | — | $ | 186 | |||
7.5% due 2044 | — | 103 | |||||
$ | — | $ | 289 |
(1) | Weighted average interest rates as of December 31, |
(2) | Detroit Edison Tax-Exempt Revenue Bonds are issued by a public body that loans the proceeds to Detroit Edison on terms substantially mirroring the Revenue Bonds. |
106
Company | Month Issued | Type | Interest Rate | Maturity | Amount | |||||||||||
(In millions) | ||||||||||||||||
Detroit Edison | August | Senior Notes(1) | 3.45 | % | 2020 | 300 | ||||||||||
Detroit Edison | September | Senior Notes(1)(2) | 4.89 | % | 2020 | 300 | ||||||||||
Detroit Edison | December | Tax-Exempt Revenue Bonds(3) | 5.00 | % | 2030 | 20 | ||||||||||
$ | 620 | |||||||||||||||
Company | Month Issued | Type | Interest Rate | Maturity | Amount | ||||||||
(In millions) | |||||||||||||
Detroit Edison | April | Tax-Exempt Revenue Bonds (1) | 2.35 | % | 2024 | $ | 31 | ||||||
Detroit Edison | May | Mortgage Bonds (2) | 3.90 | % | 2021 | 250 | |||||||
DTE Energy | May | Senior Notes (3) | Variable (4) | 2013 | 300 | ||||||||
Detroit Edison | September | Mortgage Bonds (5) | 4.31 | % | 2023 | 102 | |||||||
Detroit Edison | September | Mortgage Bonds (5) | 4.46 | % | 2026 | 77 | |||||||
Detroit Edison | September | Mortgage Bonds (5) | 5.67 | % | 2041 | 46 | |||||||
Detroit Edison | September | Tax-Exempt Revenue Bonds (6) | 2.13 | % | 2030 | 82 | |||||||
Detroit Edison | September | Mortgage Bonds (7) | 4.50 | % | 2041 | 140 | |||||||
DTE Energy | December | Junior Subordinated Debentures (8) | 6.50 | % | 2061 | 280 | |||||||
$ | 1,308 |
Company | Month Retired | Type | Interest Rate | Maturity | Amount | |||||||||||||||
(In millions) | ||||||||||||||||||||
Detroit Edison | September | Senior Notes(1 | ) | 6.125 | % | 2010 | $ | 500 | ||||||||||||
Company | Month Retired | Type | Interest Rate | Maturity | Amount | |||||||
(In millions) | ||||||||||||
Detroit Edison | May | Tax-Exempt Revenue Bonds | 6.95% | 2011 | $ | 26 | ||||||
DTE Energy | June | Senior Notes | 7.05% | 2011 | 600 | |||||||
Detroit Edison | September | Tax-Exempt Revenue Bonds | 5.55% | 2029 | 118 | |||||||
Detroit Edison | September | Tax-Exempt Revenue Bonds | 5.65% | 2029 | 67 | |||||||
Detroit Edison | September | Tax-Exempt Revenue Bonds | 5.65% | 2029 | 40 | |||||||
Detroit Edison | September | Tax-Exempt Revenue Bonds | 5.45% | 2029 | 140 | |||||||
DTE Energy | December | Trust Preferred-Linked Securities | 7.80% | 2032 | 186 | |||||||
DTE Energy | December | Trust Preferred-Linked Securities | 7.50% | 2044 | 103 | |||||||
$ | 1,280 |
2016 and | ||||||||||||||||||||||||||||
2011 | 2012 | 2013 | 2014 | 2015 | Thereafter | Total | ||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||
Amount to mature | $ | 915 | $ | 520 | $ | 512 | $ | 861 | $ | 477 | $ | 4,685 | $ | 7,970 |
2012 | 2013 | 2014 | 2015 | 2016 | 2017 and Thereafter | Total | |||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||
Amount to mature | $ | 519 | $ | 811 | $ | 892 | $ | 476 | $ | 465 | $ | 4,530 | $ | 7,693 |
107
Type of | Shares | |||||||||
Company | Stock | Par Value | Authorized | |||||||
DTE Energy | Preferred | None | 5,000,000 | |||||||
Detroit Edison | Preferred | $ | 100 | 6,747,484 | ||||||
Detroit Edison | Preference | $ | 1 | 30,000,000 | ||||||
MichCon | Preferred | $ | 1 | 7,000,000 | ||||||
MichCon | Preference | $ | 1 | 4,000,000 |
Company | Type of Stock | Par Value | Shares Authorized | ||||||
DTE Energy | Preferred | $ | — | 5,000,000 | |||||
Detroit Edison | Preferred | $ | 100 | 6,747,484 | |||||
Detroit Edison | Preference | $ | 1 | 30,000,000 | |||||
MichCon | Preferred | $ | 1 | 7,000,000 | |||||
MichCon | Preference | $ | 1 | 4,000,000 |
DTE Energy | Detroit Edison | MichCon | Total | |||||||||||||
(In millions) | ||||||||||||||||
Unsecured revolving credit facility, expiring August 2012 | $ | 538 | $ | 212 | $ | 250 | $ | 1,000 | ||||||||
Unsecured revolving credit facility, expiring August 2013 | 562 | 63 | 175 | 800 | ||||||||||||
Unsecured letter of credit facility, expiring in May 2013 | 50 | — | — | 50 | ||||||||||||
Unsecured letter of credit facility, expiring in August 2015 | 125 | — | — | 125 | ||||||||||||
Total credit facilities at December 31, 2010 | $ | 1,275 | $ | 275 | $ | 425 | $ | 1,975 | ||||||||
Amounts outstanding at December 31, 2010: | ||||||||||||||||
Commercial paper issuances | — | — | 150 | 150 | ||||||||||||
Letters of credit | 153 | — | — | 153 | ||||||||||||
153 | — | 150 | 303 | |||||||||||||
Net availability at December 31, 2010 | $ | 1,122 | $ | 275 | $ | 275 | $ | 1,672 | ||||||||
108
DTE Energy | Detroit Edison | MichCon | Total | ||||||||||||
(In millions) | |||||||||||||||
Unsecured letter of credit facility, expiring in December 2012 | $ | — | $ | 40 | $ | — | $ | 40 | |||||||
Unsecured letter of credit facility, expiring in May 2013 | 50 | — | — | 50 | |||||||||||
Unsecured letter of credit facility, expiring in August 2015 | 125 | — | — | 125 | |||||||||||
Unsecured revolving credit facility, expiring October 2016 | 1,100 | 300 | 400 | 1,800 | |||||||||||
Total credit facilities at December 31, 2011 | $ | 1,275 | $ | 340 | $ | 400 | $ | 2,015 | |||||||
Amounts outstanding at December 31, 2011: | |||||||||||||||
Commercial paper issuances | 234 | — | 185 | 419 | |||||||||||
Letters of credit | 178 | 40 | — | 218 | |||||||||||
412 | 40 | 185 | 637 | ||||||||||||
Net availability at December 31, 2011 | $ | 863 | $ | 300 | $ | 215 | $ | 1,378 |
NOTE 18 — CAPITAL AND OPERATING LEASES |
Capital | Operating | |||||||
Leases | Leases | |||||||
(In millions) | ||||||||
2011 | $ | 12 | $ | 39 | ||||
2012 | 9 | 32 | ||||||
2013 | 9 | 26 | ||||||
2014 | 9 | 22 | ||||||
2015 | 9 | 18 | ||||||
Thereafter | 14 | 74 | ||||||
Total minimum lease payments | $ | 62 | $ | 211 | ||||
Less imputed interest | 9 | |||||||
Present value of net minimum lease payments | 53 | |||||||
Less current portion | 10 | |||||||
Non-current portion | $ | 43 | ||||||
Capital Leases | Operating Leases | ||||||
(In millions) | |||||||
2012 | $ | 9 | $ | 37 | |||
2013 | 7 | 29 | |||||
2014 | 9 | 24 | |||||
2015 | 7 | 20 | |||||
2016 | 3 | 18 | |||||
Thereafter | — | 67 | |||||
Total minimum lease payments | $ | 35 | $ | 195 | |||
Less imputed interest | 5 | ||||||
Present value of net minimum lease payments | 30 | ||||||
Less current portion | 7 | ||||||
Non-current portion | $ | 23 |
109
(In millions) | ||||
2011 | $ | 12 | ||
2012 | 12 | |||
2013 | 12 | |||
2014 | 12 | |||
2015 | 12 | |||
Thereafter | 56 | |||
Total minimum future lease receipts | 116 | |||
Residual value of leased pipeline | 40 | |||
Less unearned income | (64 | ) | ||
Net investment in capital lease | 92 | |||
Less current portion | (4 | ) | ||
$ | 88 | |||
(In millions) | |||
2012 | $ | 12 | |
2013 | 12 | ||
2014 | 12 | ||
2015 | 12 | ||
2016 | 12 | ||
Thereafter | 43 | ||
Total minimum future lease receipts | 103 | ||
Residual value of leased pipeline | 40 | ||
Less unearned income | (56 | ) | |
Net investment in capital lease | 87 | ||
Less current portion | (4 | ) | |
$ | 83 |
110
111
112
113
114
(In millions) | ||||
2011 | $ | 2,175 | ||
2012 | 1,085 | |||
2013 | 585 | |||
2014 | 471 | |||
2015 | 273 | |||
2016 — 2051 | 1,332 | |||
$ | 5,921 | |||
(In millions) | |||
2012 | $ | 2,276 | |
2013 | 1,221 | ||
2014 | 732 | ||
2015 | 237 | ||
2016 | 109 | ||
2017 — 2051 | 740 | ||
$ | 5,315 |
NOTE 20 — RETIREMENT BENEFITS AND TRUSTEED ASSETS |
115
2010 | 2009 | 2008 | ||||||||||
(In millions) | ||||||||||||
Service cost | $ | 64 | $ | 52 | $ | 55 | ||||||
Interest cost | 202 | 203 | 190 | |||||||||
Expected return on plan assets | (258 | ) | (255 | ) | (259 | ) | ||||||
Amortization of: | ||||||||||||
Net actuarial loss | 100 | 52 | 32 | |||||||||
Prior service cost | 4 | 6 | 6 | |||||||||
Net pension cost | $ | 112 | $ | 58 | $ | 24 | ||||||
2011 | 2010 | 2009 | |||||||||
(In millions) | |||||||||||
Service cost | $ | 69 | $ | 64 | $ | 52 | |||||
Interest cost | 202 | 202 | 203 | ||||||||
Expected return on plan assets | (246 | ) | (258 | ) | (255 | ) | |||||
Amortization of: | |||||||||||
Net actuarial loss | 142 | 100 | 52 | ||||||||
Prior service cost | 3 | 4 | 6 | ||||||||
Special termination benefits | 2 | — | — | ||||||||
Net pension cost | $ | 172 | $ | 112 | $ | 58 |
2010 | 2009 | |||||||
(In millions) | ||||||||
Other changes in plan assets and benefit obligations recognized in other comprehensive income and regulatory assets | ||||||||
Net actuarial loss | $ | 166 | $ | 216 | ||||
Amortization of net actuarial loss | (100 | ) | (52 | ) | ||||
Amortization of prior service cost | (4 | ) | (6 | ) | ||||
Total recognized in other comprehensive income and regulatory assets | $ | 62 | $ | 158 | ||||
Total recognized in net periodic pension cost, Other comprehensive income and regulatory assets | $ | 174 | $ | 216 | ||||
Estimated amounts to be amortized from accumulated other comprehensive income and regulatory assets into net periodic benefit cost during next fiscal year | ||||||||
Net actuarial loss | $ | 133 | $ | 100 | ||||
Prior service cost | 3 | 4 |
2011 | 2010 | ||||||
(In millions) | |||||||
Other changes in plan assets and benefit obligations recognized in Regulatory assets and Other comprehensive income | |||||||
Net actuarial loss | $ | 619 | $ | 166 | |||
Amortization of net actuarial loss | (142 | ) | (100 | ) | |||
Amortization of prior service cost | (3 | ) | (4 | ) | |||
Total recognized Regulatory assets and Other comprehensive income | $ | 474 | $ | 62 | |||
Total recognized in net periodic pension cost, Regulatory assets and Other comprehensive income | $ | 646 | $ | 174 | |||
Estimated amounts to be amortized from Regulatory assets and Accumulated other comprehensive income into net periodic benefit cost during next fiscal year | |||||||
Net actuarial loss | $ | 171 | $ | 133 | |||
Prior service cost | — | 3 |
2010 | 2009 | |||||||
(In millions) | ||||||||
Accumulated benefit obligation, end of year | $ | 3,521 | $ | 3,193 | ||||
Change in projected benefit obligation | ||||||||
Projected benefit obligation, beginning of year | $ | 3,436 | $ | 3,032 | ||||
Consolidation of VIEs | 82 | — | ||||||
Service cost | 64 | 52 | ||||||
Interest cost | 202 | 203 | ||||||
Actuarial loss | 216 | 351 | ||||||
Benefits paid | (215 | ) | (202 | ) | ||||
Projected benefit obligation, end of year | $ | 3,785 | $ | 3,436 | ||||
Change in plan assets | ||||||||
Plan assets at fair value, beginning of year | $ | 2,549 | $ | 2,155 | ||||
Consolidation of VIEs | 64 | — | ||||||
Actual return on plan assets | 309 | 390 | ||||||
Company contributions | 206 | 206 | ||||||
Benefits paid | (215 | ) | (202 | ) | ||||
Plan assets at fair value, end of year | $ | 2,913 | $ | 2,549 | ||||
Funded status of the plans | $ | (872 | ) | $ | (887 | ) | ||
Amount recorded as: | ||||||||
Current liabilities | $ | (6 | ) | $ | (6 | ) | ||
Noncurrent liabilities | (866 | ) | (881 | ) | ||||
$ | (872 | ) | $ | (887 | ) | |||
Amounts recognized in Accumulated other comprehensive loss, pre-tax | ||||||||
Net actuarial loss | $ | 195 | $ | 196 | ||||
Prior service (credit) | (4 | ) | (5 | ) | ||||
$ | 191 | $ | 191 | |||||
Amounts recognized in regulatory assets (see Note 12) | ||||||||
Net actuarial loss | $ | 1,730 | $ | 1,653 | ||||
Prior service cost | 12 | 17 | ||||||
$ | 1,742 | $ | 1,670 | |||||
117
2011 | 2010 | ||||||
(In millions) | |||||||
Accumulated benefit obligation, end of year | $ | 3,881 | $ | 3,521 | |||
Change in projected benefit obligation | |||||||
Projected benefit obligation, beginning of year | $ | 3,785 | $ | 3,436 | |||
Consolidation of VIEs | — | 82 | |||||
Service cost | 69 | 64 | |||||
Interest cost | 202 | 202 | |||||
Actuarial loss | 355 | 216 | |||||
Special termination benefits | 2 | — | |||||
Benefits paid | (218 | ) | (215 | ) | |||
Projected benefit obligation, end of year | $ | 4,195 | $ | 3,785 | |||
Change in plan assets | |||||||
Plan assets at fair value, beginning of year | $ | 2,913 | $ | 2,549 | |||
Consolidation of VIEs | — | 64 | |||||
Actual return on plan assets | (18 | ) | 309 | ||||
Company contributions | 209 | 206 | |||||
Benefits paid | (218 | ) | (215 | ) | |||
Plan assets at fair value, end of year | $ | 2,886 | $ | 2,913 | |||
Funded status of the plans | $ | (1,309 | ) | $ | (872 | ) | |
Amount recorded as: | |||||||
Current liabilities | $ | (11 | ) | $ | (6 | ) | |
Noncurrent liabilities | (1,298 | ) | (866 | ) | |||
$ | (1,309 | ) | $ | (872 | ) | ||
Amounts recognized in Accumulated other comprehensive loss, pre-tax | |||||||
Net actuarial loss | $ | 202 | $ | 195 | |||
Prior service (credit) | (3 | ) | (4 | ) | |||
$ | 199 | $ | 191 | ||||
Amounts recognized in Regulatory assets (see Note 11) | |||||||
Net actuarial loss | $ | 2,201 | $ | 1,730 | |||
Prior service cost | 7 | 12 | |||||
$ | 2,208 | $ | 1,742 |
2010 | 2009 | 2008 | ||||||||||
Projected benefit obligation | ||||||||||||
Discount rate | 5.50 | % | 5.90 | % | 6.90 | % | ||||||
Rate of compensation increase | 4.00 | % | 4.00 | % | 4.00 | % | ||||||
Net pension costs | ||||||||||||
Discount rate | 5.90 | % | 6.90 | % | 6.50 | % | ||||||
Rate of compensation increase | 4.00 | % | 4.00 | % | 4.00 | % | ||||||
Expected long-term rate of return on plan assets | 8.75 | % | 8.75 | % | 8.75 | % |
2011 | 2010 | 2009 | ||||||
Projected benefit obligation | ||||||||
Discount rate | 5.00 | % | 5.50 | % | 5.90 | % | ||
Rate of compensation increase | 4.20 | % | 4.00 | % | 4.00 | % | ||
Net pension costs | ||||||||
Discount rate | 5.50 | % | 5.90 | % | 6.90 | % | ||
Rate of compensation increase | 4.00 | % | 4.00 | % | 4.00 | % | ||
Expected long-term rate of return on plan assets | 8.50 | % | 8.75 | % | 8.75 | % |
(In millions) | ||||
2011 | $ | 217 | ||
2012 | 226 | |||
2013 | 231 | |||
2014 | 235 | |||
2015 | 244 | |||
2016 — 2020 | 1,343 | |||
$ | 2,496 | |||
(In millions) | |||
2012 | $ | 240 | |
2013 | 239 | ||
2014 | 244 | ||
2015 | 253 | ||
2016 | 260 | ||
2017-2021 | 1,439 | ||
$ | 2,675 |
118
U.S. Large Cap Equity Securities | 22 | % | ||
U.S. Small Cap and Mid Cap Equity Securities | 5 | |||
Non U.S. Equity Securities | 20 | |||
Fixed Income Securities | 25 | |||
Hedge Funds and Similar Investments | 20 | |||
Private Equity and Other | 8 | |||
100 | % |
Level 1 | Level 2 | Level 3 | Balance at December 31, 2011 | ||||||||||||
(In millions) | |||||||||||||||
Asset Category: | |||||||||||||||
Short-term investments (b) | $ | — | $ | 33 | $ | — | $ | 33 | |||||||
Equity securities | |||||||||||||||
U.S. Large Cap (c) | 640 | 40 | — | 680 | |||||||||||
U.S. Small/Mid Cap (d) | 159 | 5 | — | 164 | |||||||||||
Non U.S (e) | 392 | 114 | — | 506 | |||||||||||
Fixed income securities (f) | 88 | 703 | — | 791 | |||||||||||
Hedge Funds and Similar Investments (g) | 190 | 58 | 296 | 544 | |||||||||||
Private Equity and Other (h) | — | — | 168 | 168 | |||||||||||
Total | $ | 1,469 | $ | 953 | $ | 464 | $ | 2,886 |
Balance at | ||||||||||||||||
December 31, | ||||||||||||||||
Level 1 | Level 2 | Level 3 | 2010 | |||||||||||||
(In millions) | ||||||||||||||||
Asset Category: | ||||||||||||||||
Short-term investments(b) | $ | — | $ | 34 | $ | — | $ | 34 | ||||||||
Equity securities | ||||||||||||||||
U.S. Large Cap(c) | 686 | 38 | — | 724 | ||||||||||||
U.S. Small/Mid Cap(d) | 181 | 8 | — | 189 | ||||||||||||
Non U.S(e) | 285 | 222 | — | 507 | ||||||||||||
Fixed income securities(f) | 61 | 658 | — | 719 | ||||||||||||
Other types of investments | ||||||||||||||||
Hedge Funds and Similar Investments(g) | 189 | 73 | 304 | 566 | ||||||||||||
Private Equity and Other(h) | — | — | 174 | 174 | ||||||||||||
Total | $ | 1,402 | $ | 1,033 | $ | 478 | $ | 2,913 | ||||||||
119
Level 1 | Level 2 | Level 3 | Balance at December 31, 2010 | ||||||||||||
(In millions) | |||||||||||||||
Asset Category: | |||||||||||||||
Short-term investments (b) | $ | — | $ | 34 | $ | — | $ | 34 | |||||||
Equity securities | |||||||||||||||
U.S. Large Cap (c) | 686 | 38 | — | 724 | |||||||||||
U.S. Small/Mid Cap (d) | 181 | 8 | — | 189 | |||||||||||
Non U.S (e) | 285 | 222 | — | 507 | |||||||||||
Fixed income securities (f) | 61 | 658 | — | 719 | |||||||||||
Hedge Funds and Similar Investments (g) | 189 | 73 | 304 | 566 | |||||||||||
Private Equity and Other (h) | — | — | 174 | 174 | |||||||||||
Total | $ | 1,402 | $ | 1,033 | $ | 478 | $ | 2,913 |
Balance at | ||||||||||||||||
December 31, | ||||||||||||||||
Level 1 | Level 2 | Level 3 | 2009 | |||||||||||||
(In millions) | ||||||||||||||||
Asset Category: | ||||||||||||||||
Short-term investments(b) | $ | — | $ | 63 | $ | — | $ | 63 | ||||||||
Equity securities | ||||||||||||||||
U.S. Large Cap(c) | 659 | 30 | — | 689 | ||||||||||||
U.S. Small/Mid Cap(d) | 153 | 3 | — | 156 | ||||||||||||
Non U.S(e) | 231 | 120 | — | 351 | ||||||||||||
Fixed income securities(f) | 47 | 599 | — | 646 | ||||||||||||
Other types of investments | ||||||||||||||||
Hedge Funds and Similar Investments(g) | — | — | 484 | 484 | ||||||||||||
Private Equity and Other(h) | — | — | 160 | 160 | ||||||||||||
Total | $ | 1,090 | $ | 815 | $ | 644 | $ | 2,549 | ||||||||
(a) | See Note |
(b) | This category predominantly represents certain short-term fixed income securities and money market investments that are managed in separate accounts or commingled funds. Pricing for investments in this category are obtained from quoted prices in actively traded markets or valuations from brokers or pricing services. |
(c) | This category comprises both actively and not actively managed portfolios that track the S&P 500 low cost equity index funds. Investments in this category are exchange-traded securities whereby unadjusted quote prices can be obtained. Exchange-traded securities held in a commingled fund are classified as Level 2 assets. |
(d) | This category represents portfolios of small and medium capitalization domestic equities. Investments in this category are exchange-traded securities whereby unadjusted quote prices can be obtained. Exchange-traded securities held in a commingled fund are classified as Level 2 assets. |
(e) | This category primarily consists of portfolios ofnon-U.S. developed and emerging market equities. Investments in this category are exchange-traded securities whereby unadjusted quote prices can be obtained. Exchange-traded securities held in a commingled fund are classified as Level 2 assets. |
(f) | This category includes corporate bonds from diversified industries, U.S. Treasuries, and |
(g) | This category |
(h) | This category includes a diversified group of funds and strategies that primarily invests in private equity partnerships. This category also includes investments in timber and private mezzanine debt. Pricing for investments in this category is based on limited observable inputs as there is little, if any, publicly available pricing. Valuations for assets in this category may be based on discounted cash flow analyses, |
120
Hedge Funds | ||||||||||||
and Similar | Private Equity | |||||||||||
Investments | and Other | Total | ||||||||||
(In millions) | ||||||||||||
Beginning Balance at January 1, 2010 | $ | 484 | $ | 160 | $ | 644 | ||||||
Total realized/unrealized gains (losses) | 51 | 23 | 74 | |||||||||
Purchases, sales and settlements | (231 | ) | (9 | ) | (240 | ) | ||||||
Ending Balance at December 31, 2010 | $ | 304 | $ | 174 | $ | 478 | ||||||
The amount of total gains (losses) for the period attributable to the change in unrealized gains or losses related to assets still held at the end of the period | $ | 29 | $ | 13 | $ | 42 | ||||||
Hedge Funds and Similar Investments | Private Equity and Other | Total | |||||||||
(In millions) | |||||||||||
Beginning Balance at January 1, 2011 | $ | 304 | $ | 174 | $ | 478 | |||||
Total realized/unrealized gains (losses): | |||||||||||
Realized gains (losses) | (4 | ) | 6 | 2 | |||||||
Unrealized gains (losses) | 1 | (30 | ) | (29 | ) | ||||||
Purchases, sales and settlements: | |||||||||||
Purchases | 64 | 23 | 87 | ||||||||
Sales | (69 | ) | (5 | ) | (74 | ) | |||||
Ending Balance at December 31, 2011 | $ | 296 | $ | 168 | $ | 464 | |||||
The amount of total gains (losses) for the period attributable to the change in unrealized gains or losses related to assets still held at the end of the period | $ | 4 | $ | (28 | ) | $ | (24 | ) |
Hedge Funds | ||||||||||||
and Similar | Private Equity | |||||||||||
Investments | and Other | Total | ||||||||||
(In millions) | ||||||||||||
Beginning Balance at January 1, 2009 | $ | 468 | $ | 159 | $ | 627 | ||||||
Total realized/unrealized gains (losses) | 31 | (11 | ) | 20 | ||||||||
Purchases, sales and settlements | (15 | ) | 12 | (3 | ) | |||||||
Ending Balance at December 31, 2009 | $ | 484 | $ | 160 | $ | 644 | ||||||
The amount of total gains (losses) for the period attributable to the change in unrealized gains or losses related to assets still held at the end of the period | $ | 34 | $ | (10 | ) | $ | 24 | |||||
Hedge Funds and Similar Investments | Private Equity and Other | Total | |||||||||
(In millions) | |||||||||||
Beginning Balance at January 1, 2010 | $ | 484 | $ | 160 | $ | 644 | |||||
Total realized/unrealized gains (losses) | 51 | 23 | 74 | ||||||||
Purchases, sales and settlements | (231 | ) | (9 | ) | (240 | ) | |||||
Ending Balance at December 31, 2010 | $ | 304 | $ | 174 | $ | 478 | |||||
The amount of total gains (losses) for the period attributable to the change in unrealized gains or losses related to assets still held at the end of the period | $ | 29 | $ | 13 | $ | 42 |
121
2010 | 2009 | 2008 | ||||||||||
(In millions) | ||||||||||||
Service cost | $ | 61 | $ | 59 | $ | 62 | ||||||
Interest cost | 125 | 133 | 121 | |||||||||
Expected return on plan assets | (74 | ) | (55 | ) | (75 | ) | ||||||
Amortization of: | ||||||||||||
Net loss | 54 | 72 | 38 | |||||||||
Prior service (credit) | (4 | ) | (6 | ) | (6 | ) | ||||||
Net transition obligation | 2 | 2 | 2 | |||||||||
Net postretirement cost | $ | 164 | $ | 205 | $ | 142 | ||||||
2011 | 2010 | 2009 | |||||||||
(In millions) | |||||||||||
Service cost | $ | 64 | $ | 61 | $ | 59 | |||||
Interest cost | 121 | 125 | 133 | ||||||||
Expected return on plan assets | (94 | ) | (74 | ) | (55 | ) | |||||
Amortization of: | |||||||||||
Net loss | 55 | 54 | 72 | ||||||||
Prior service (credit) | (26 | ) | (4 | ) | (6 | ) | |||||
Net transition obligation | 2 | 2 | 2 | ||||||||
Net postretirement cost | $ | 122 | $ | 164 | $ | 205 |
2010 | 2009 | |||||||
(In millions) | ||||||||
Other changes in plan assets and APBO recognized in other comprehensive income and regulatory assets | ||||||||
Net actuarial loss (gain) | $ | 93 | $ | (59 | ) | |||
Amortization of net actuarial loss | (54 | ) | (72 | ) | ||||
Prior service cost (credit) | (79 | ) | — | |||||
Amortization of prior service credit | 4 | 6 | ||||||
Amortization of transition (asset) | (2 | ) | (2 | ) | ||||
Total recognized in other comprehensive income and regulatory assets | $ | (38 | ) | $ | (127 | ) | ||
Total recognized in net periodic pension cost, other comprehensive income and regulatory assets | $ | 126 | $ | 78 | ||||
2011 | 2010 | ||||||
(In millions) | |||||||
Other changes in plan assets and APBO recognized in Regulatory assets and Other comprehensive income | |||||||
Net actuarial loss | $ | 195 | $ | 93 | |||
Amortization of net actuarial loss | (55 | ) | (54 | ) | |||
Prior service credit | (4 | ) | (79 | ) | |||
Amortization of prior service credit | 26 | 4 | |||||
Amortization of transition asset | (2 | ) | (2 | ) | |||
Total recognized in Regulatory assets and Other comprehensive income | $ | 160 | $ | (38 | ) | ||
Total recognized in net periodic pension cost, Regulatory assets and Other comprehensive income | $ | 282 | $ | 126 | |||
Estimated amounts to be amortized from Regulatory assets and Accumulated other comprehensive income into net periodic benefit cost during next fiscal year | |||||||
Net actuarial loss | $ | 78 | $ | 59 | |||
Prior service credit | $ | (27 | ) | $ | (26 | ) | |
Net transition obligation | $ | 2 | $ | 2 |
2010 | 2009 | |||||||
Estimated amounts to be amortized from accumulated other comprehensive income and regulatory assets into net periodic benefit cost during next fiscal year | ||||||||
Net actuarial loss | $ | 59 | $ | 53 | ||||
Prior service (credit) | $ | (26 | ) | $ | (3 | ) | ||
Net transition obligation | $ | 2 | $ | 2 |
122
2010 | 2009 | |||||||
(In millions) | ||||||||
Change in accumulated postretirement benefit obligation | ||||||||
Accumulated postretirement benefit obligation, beginning of year | $ | 2,151 | $ | 2,032 | ||||
Consolidation of VIEs | 21 | — | ||||||
Service cost | 61 | 59 | ||||||
Interest cost | 125 | 133 | ||||||
Plan amendments | (79 | ) | — | |||||
Actuarial loss | 127 | 22 | ||||||
Medicare Part D subsidy | 7 | 6 | ||||||
Benefits paid | (108 | ) | (101 | ) | ||||
Accumulated postretirement benefit obligation, end of year | $ | 2,305 | $ | 2,151 | ||||
Change in plan assets | ||||||||
Plan assets at fair value, beginning of year | $ | 864 | $ | 598 | ||||
Actual return on plan assets | 108 | 135 | ||||||
Company contributions | 160 | 205 | ||||||
Benefits paid | (103 | ) | (74 | ) | ||||
Plan assets at fair value, end of year | $ | 1,029 | $ | 864 | ||||
Funded status, end of year | $ | (1,276 | ) | $ | (1,287 | ) | ||
Amount recorded as: | ||||||||
Current liabilities | $ | (1 | ) | $ | — | |||
Noncurrent liabilities | $ | (1,275 | ) | $ | (1,287 | ) | ||
$ | (1,276 | ) | $ | (1,287 | ) | |||
Amounts recognized in Accumulated other comprehensive loss, pre-tax | ||||||||
Net actuarial loss | $ | 46 | $ | 51 | ||||
Prior service (credit) | (28 | ) | (27 | ) | ||||
Net transition (asset) | (2 | ) | (12 | ) | ||||
$ | 16 | $ | 12 | |||||
Amounts recognized in regulatory assets (See Note 12) | ||||||||
Net actuarial loss | $ | 692 | $ | 646 | ||||
Prior service cost | (74 | ) | 1 | |||||
Net transition obligation | 6 | 18 | ||||||
$ | 624 | $ | 665 | |||||
2011 | 2010 | ||||||
(In millions) | |||||||
Change in accumulated postretirement benefit obligation | |||||||
Accumulated postretirement benefit obligation, beginning of year | $ | 2,305 | $ | 2,151 | |||
Consolidation of VIEs | — | 21 | |||||
Service cost | 64 | 61 | |||||
Interest cost | 121 | 125 | |||||
Plan amendments | (4 | ) | (79 | ) | |||
Actuarial loss | 80 | 127 | |||||
Medicare Part D subsidy | 6 | 7 | |||||
Benefits paid | (102 | ) | (108 | ) | |||
Accumulated postretirement benefit obligation, end of year | $ | 2,470 | $ | 2,305 | |||
Change in plan assets | |||||||
Plan assets at fair value, beginning of year | $ | 1,029 | $ | 864 | |||
Actual return on plan assets | (22 | ) | 108 | ||||
Company contributions | 111 | 160 | |||||
Benefits paid | (133 | ) | (103 | ) | |||
Plan assets at fair value, end of year | $ | 985 | $ | 1,029 | |||
Funded status, end of year | $ | (1,485 | ) | $ | (1,276 | ) | |
Amount recorded as: | |||||||
Current liabilities | $ | (1 | ) | $ | (1 | ) | |
Noncurrent liabilities | $ | (1,484 | ) | $ | (1,275 | ) | |
$ | (1,485 | ) | $ | (1,276 | ) | ||
Amounts recognized in Accumulated other comprehensive loss, pre-tax | |||||||
Net actuarial loss | $ | 47 | $ | 46 | |||
Prior service credit | (20 | ) | (28 | ) | |||
Net transition asset | (1 | ) | (2 | ) | |||
$ | 26 | $ | 16 | ||||
Amounts recognized in Regulatory assets (See Note 11) | |||||||
Net actuarial loss | $ | 835 | $ | 692 | |||
Prior service cost | (60 | ) | (74 | ) | |||
Net transition obligation | 3 | 6 | |||||
$ | 778 | $ | 624 | ||||
2010 | 2009 | 2008 | ||||||||||
Projected benefit obligation | ||||||||||||
Discount rate | 5.50 | % | 5.90 | % | 6.90 | % | ||||||
Net benefit costs | ||||||||||||
Discount rate | 5.90 | % | 6.90 | % | 6.50 | % | ||||||
Expected long-term rate of return on plan assets | 8.75 | % | 8.75 | % | 8.75 | % | ||||||
Health care trend rate pre-65 | 7.00 | % | 7.00 | % | 7.00 | % | ||||||
Health care trend rate post-65 | 7.00 | % | 7.00 | % | 6.00 | % | ||||||
Ultimate health care trend rate | 5.00 | % | 5.00 | % | 5.00 | % | ||||||
Year in which ultimate reached | 2016 | 2016 | 2011 |
2011 | 2010 | 2009 | ||||||
Projected benefit obligation | ||||||||
Discount rate | 5.00 | % | 5.50 | % | 5.90 | % | ||
Net benefit costs | ||||||||
Discount rate | 5.50 | % | 5.90 | % | 6.90 | % | ||
Expected long-term rate of return on plan assets | 8.75 | % | 8.75 | % | 8.75 | % | ||
Health care trend rate pre- and post- 65 | 7.00 | % | 7.00 | % | 7.00 | % | ||
Ultimate health care trend rate | 5.00 | % | 5.00 | % | 5.00 | % | ||
Year in which ultimate reached | 2019 | 2016 | 2016 |
(In millions) | ||||
2011 | $ | 110 | ||
2012 | 114 | |||
2013 | 137 | |||
2014 | 144 | |||
2015 | 151 | |||
2016 — 2020 | 866 | |||
$ | 1,522 | |||
(In millions) | |||
2012 | $ | 109 | |
2013 | 116 | ||
2014 | 124 | ||
2015 | 132 | ||
2016 | 142 | ||
2017 — 2021 | 839 | ||
$ | 1,462 |
U.S. Large Cap Equity Securities | % | |||
Non U.S. Equity Securities | 20 | |||
Fixed Income Securities | 25 | |||
Hedge Funds and Similar Investments | 20 | |||
Private Equity and Other | 13 | |||
100 | % |
124
Level 1 | Level 2 | Level 3 | Balance at December 31, 2011 | ||||||||||||
(In millions) | |||||||||||||||
Asset Category: | |||||||||||||||
Short-term investments (b) | $ | — | $ | 13 | $ | — | $ | 13 | |||||||
Equity securities: | |||||||||||||||
U.S. Large Cap (c) | 175 | 15 | — | 190 | |||||||||||
U.S. Small/Mid Cap (d) | 70 | 6 | — | 76 | |||||||||||
Non U.S (e) | 176 | 14 | — | 190 | |||||||||||
Fixed income securities (f) | 24 | 236 | — | 260 | |||||||||||
Hedge Funds and Similar Investments (g) | 80 | 21 | 95 | 196 | |||||||||||
Private Equity and Other (h) | — | — | 60 | 60 | |||||||||||
Total | $ | 525 | $ | 305 | $ | 155 | $ | 985 |
Balance at | ||||||||||||||||
December 31, | ||||||||||||||||
Level 1 | Level 2 | Level 3 | 2010 | |||||||||||||
(In millions) | ||||||||||||||||
Asset Category: | ||||||||||||||||
Short-term investments(b) | $ | — | $ | 8 | $ | — | $ | 8 | ||||||||
Equity securities | ||||||||||||||||
U.S. Large Cap(c) | 126 | 62 | — | 188 | ||||||||||||
U.S. Small/Mid Cap(d) | 60 | 58 | — | 118 | ||||||||||||
Non U.S(e) | 79 | 122 | — | 201 | ||||||||||||
Fixed income securities(f) | 4 | 252 | — | 256 | ||||||||||||
Other types of investments | ||||||||||||||||
Hedge Funds and Similar Investments(g) | 76 | 48 | 79 | 203 | ||||||||||||
Private Equity and Other(h) | — | — | 55 | 55 | ||||||||||||
Total | $ | 345 | $ | 550 | $ | 134 | $ | 1,029 | ||||||||
Level 1 | Level 2 | Level 3 | Balance at December 31, 2010 | ||||||||||||
(In millions) | |||||||||||||||
Asset Category: | |||||||||||||||
Short-term investments (b) | $ | — | $ | 8 | $ | — | $ | 8 | |||||||
Equity securities | |||||||||||||||
U.S. Large Cap (c) | 126 | 62 | — | 188 | |||||||||||
U.S. Small/Mid Cap (d) | 60 | 58 | — | 118 | |||||||||||
Non U.S (e) | 79 | 122 | — | 201 | |||||||||||
Fixed income securities (f) | 4 | 252 | — | 256 | |||||||||||
Hedge Funds and Similar Investments (g) | 76 | 48 | 79 | 203 | |||||||||||
Private Equity and Other (h) | — | — | 55 | 55 | |||||||||||
Total | $ | 345 | $ | 550 | $ | 134 | $ | 1,029 |
Balance at | ||||||||||||||||
December 31, | ||||||||||||||||
Level 1 | Level 2 | Level 3 | 2009 | |||||||||||||
(In millions) | ||||||||||||||||
Asset Category: | ||||||||||||||||
Short-term investments(b) | $ | — | $ | 18 | $ | — | $ | 18 | ||||||||
Equity securities | ||||||||||||||||
U.S. Large Cap(c) | 148 | 80 | — | 228 | ||||||||||||
U.S. Small/Mid Cap(d) | 46 | 50 | — | 96 | ||||||||||||
Non U.S(e) | 73 | 69 | — | 142 | ||||||||||||
Fixed income securities(f) | 8 | 234 | — | 242 | ||||||||||||
Other types of investments | ||||||||||||||||
Hedge Funds and Similar Investments(g) | — | — | 92 | 92 | ||||||||||||
Private Equity and Other(h) | — | — | 46 | 46 | ||||||||||||
Total | $ | 275 | $ | 451 | $ | 138 | $ | 864 | ||||||||
(a) | See Note |
(b) | This category predominantly represents certain short-term fixed income securities and money market investments that are managed in separate accounts or commingled funds. Pricing for investments in this category are obtained from quoted prices in actively traded markets or valuations from brokers or pricing services. |
(c) | This category comprises both actively and not actively managed portfolios that track the S&P 500 low cost equity index funds. Investments in this category are exchange-traded securities whereby unadjusted quote prices can be obtained. Exchange-traded securities held in a commingled fund are classified as Level 2 assets. |
(d) | This category represents portfolios of small and medium capitalization domestic equities. Investments in this category are exchange-traded securities whereby unadjusted quote prices can be obtained. Exchange-traded securities held in a commingled fund are classified as Level 2 assets. |
125
(e) | This category primarily consists of portfolios ofnon-U.S. developed and emerging market equities. Investments in this category are exchange-traded securities whereby unadjusted quote prices can be obtained. Exchange-traded securities held in a commingled fund are classified as Level 2 assets. |
(f) | This category includes corporate bonds from diversified industries, U.S. Treasuries, and mortgage backed securities. Pricing for investments in this category is obtained from quoted prices in actively traded markets and quotations from broker or pricing services. Non-exchange traded securities and exchange-traded securities held in commingled funds are classified as Level 2 assets. |
(g) | This category |
(h) | This category includes a diversified group of funds and strategies that primarily invests in private equity partnerships. This category also includes investments in timber and private mezzanine debt. Pricing for investments in this category is based on limited observable inputs as there is little, if any, publicly available pricing. Valuations for assets in this category may be based on discounted cash flow analyses, |
Hedge Funds | ||||||||||||
and Similar | Private Equity | |||||||||||
Investments | and Other | Total | ||||||||||
(In millions) | ||||||||||||
Beginning Balance at January 1, 2010 | $ | 92 | $ | 46 | $ | 138 | ||||||
Total realized/unrealized gains | 10 | 8 | 18 | |||||||||
Purchases, sales and settlements | (23 | ) | 1 | (22 | ) | |||||||
Ending Balance at December 31, 2010 | $ | 79 | $ | 55 | $ | 134 | ||||||
The amount of total gains (losses) for the period attributable to the change in unrealized gains or losses related to assets still held at the end of the period | $ | 6 | $ | 7 | $ | 13 | ||||||
Hedge Funds and Similar Investments | Private Equity and Other | Total | |||||||||
(In millions) | |||||||||||
Beginning Balance at January 1, 2011 | $ | 79 | $ | 55 | $ | 134 | |||||
Total realized/unrealized gains (losses): | |||||||||||
Realized gains (losses) | (1 | ) | 2 | 1 | |||||||
Unrealized gains (losses) | 2 | (22 | ) | (20 | ) | ||||||
Purchases, sales and settlements: | |||||||||||
Purchases | 68 | 48 | 116 | ||||||||
Sales | (53 | ) | (23 | ) | (76 | ) | |||||
Ending Balance at December 31, 2011 | $ | 95 | $ | 60 | $ | 155 | |||||
The amount of total gains (losses) for the period attributable to the change in unrealized gains or losses related to assets still held at the end of the period | $ | 5 | $ | (16 | ) | $ | (11 | ) |
Hedge Funds and Similar Investments | Private Equity and Other | Total | |||||||||
(In millions) | |||||||||||
Beginning Balance at January 1, 2010 | $ | 92 | $ | 46 | $ | 138 | |||||
Total realized/unrealized gains | 10 | 8 | 18 | ||||||||
Purchases, sales and settlements | (23 | ) | 1 | (22 | ) | ||||||
Ending Balance at December 31, 2010 | $ | 79 | $ | 55 | $ | 134 | |||||
The amount of total gains (losses) for the period attributable to the change in unrealized gains or losses related to assets still held at the end of the period | $ | 6 | $ | 7 | $ | 13 |
Hedge Funds | ||||||||||||
and Similar | Private Equity | |||||||||||
Investments | and Other | Total | ||||||||||
(In millions) | ||||||||||||
Beginning Balance at January 1, 2009 | $ | 76 | $ | 38 | $ | 114 | ||||||
Total realized/unrealized gains | 6 | 5 | 11 | |||||||||
Purchases, sales and settlements | 10 | 3 | 13 | |||||||||
Ending Balance at December 31, 2009 | $ | 92 | $ | 46 | $ | 138 | ||||||
The amount of total gains (losses) for the period attributable to the change in unrealized gains or losses related to assets still held at the end of the period | $ | 7 | $ | 2 | $ | 9 | ||||||
127
STOCK-BASED COMPENSATION |
2010 | 2009 | 2008 | ||||||||||
(In millions) | ||||||||||||
Stock-based compensation | $ | 52 | $ | 56 | $ | 38 | ||||||
Tax benefit of compensation | $ | 20 | $ | 22 | $ | 13 |
2011 | 2010 | 2009 | |||||||||
(In millions) | |||||||||||
Stock-based compensation expense | $ | 66 | $ | 52 | $ | 56 | |||||
Tax benefit | 25 | 20 | 22 | ||||||||
Stock-based compensation cost capitalized in property, plant and equipment | 4 | 3 | 3 |
Weighted | Aggregate | |||||||||||
Number of | Average | Intrinsic | ||||||||||
Options | Exercise Price | Value | ||||||||||
(In millions) | ||||||||||||
Options outstanding at January 1, 2010 | 5,593,392 | $ | 40.50 | |||||||||
Granted | 611,500 | $ | 43.95 | |||||||||
Exercised | (1,256,897 | ) | $ | 39.74 | ||||||||
Forfeited or expired | (120,538 | ) | $ | 42.30 | ||||||||
Options outstanding at December 31, 2010 | 4,827,457 | $ | 41.09 | $ | 25 | |||||||
Options exercisable at December 31, 2010 | 3,440,401 | $ | 42.57 | $ | 13 | |||||||
(In millions) | ||||||||||
Number of Options | Weighted Average Exercise Price | Aggregate Intrinsic Value | ||||||||
Options outstanding at January 1, 2011 | 4,827,457 | $ | 41.09 | |||||||
Granted | — | $ | — | |||||||
Exercised | (2,040,229 | ) | $ | 40.83 | ||||||
Forfeited or expired | (22,558 | ) | $ | 43.44 | ||||||
Options outstanding at December 31, 2011 | 2,764,670 | $ | 41.25 | $ | 29 | |||||
Options exercisable at December 31, 2011 | 2,098,184 | $ | 42.42 | $ | 19 |
128
Weighted | ||||||||||||
Average | ||||||||||||
Weighted | Remaining | |||||||||||
Range of | Number of | Average | Contractual Life | |||||||||
Exercise Prices | Options | Exercise Price | (Years) | |||||||||
$27.00 — $38.00 | 626,927 | $ | 27.76 | 8.16 | ||||||||
$38.01 — $42.00 | 1,902,170 | $ | 41.09 | 4.02 | ||||||||
$42.01 — $45.00 | 1,771,567 | $ | 43.96 | 5.87 | ||||||||
$45.01 — $50.00 | 526,793 | $ | 47.26 | 4.97 | ||||||||
4,827,457 | $ | 41.09 | 5.34 | |||||||||
Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (Years) | |||||||||||||||
Number of Options | ||||||||||||||||
Range of Exercise Prices | ||||||||||||||||
$ | 27.00 | — | $ | 38.00 | 417,633 | $ | 27.80 | 7.16 | ||||||||
$ | 38.01 | — | $ | 42.00 | 723,662 | $ | 41.04 | 3.11 | ||||||||
$ | 42.01 | — | $ | 45.00 | 1,272,117 | $ | 44.04 | 5.64 | ||||||||
$ | 45.01 | — | $ | 50.00 | 351,258 | $ | 47.60 | 4.81 | ||||||||
2,764,670 | $ | 41.25 | 5.10 |
December 31 | ||||||||||||
2010 | 2009 | 2008 | ||||||||||
Risk-free interest rate | 2.91 | % | 2.04 | % | 3.05 | % | ||||||
Dividend yield | 5.08 | % | 4.98 | % | 5.20 | % | ||||||
Expected volatility | 22.96 | % | 27.88 | % | 20.45 | % | ||||||
Expected life | 6 years | 6 years | 6 years |
December 31 | ||||||
2010 | 2009 | |||||
Risk-free interest rate | 2.91 | % | 2.04 | % | ||
Dividend yield | 5.08 | % | 4.98 | % | ||
Expected volatility | 22.96 | % | 27.88 | % | ||
Expected life | 6 | years | 6 | years |
2010 | 2009 | 2008 | ||||||||||
Fair value of awards vested (in millions) | $ | 19 | $ | 18 | $ | 18 | ||||||
Restricted common shares awarded | 238,405 | 523,660 | 389,055 | |||||||||
Weighted average market price of shares awarded | $ | 44.08 | $ | 28.73 | $ | 41.96 | ||||||
Compensation cost charged against income (in millions) | $ | 12 | $ | 18 | $ | 20 |
129
2011 | 2010 | 2009 | |||||||||
Fair value of awards vested (in millions) | $ | 13 | $ | 19 | $ | 18 | |||||
Restricted common shares awarded | 381,840 | 238,405 | 523,660 | ||||||||
Weighted average market price of shares awarded | $ | 47.98 | $ | 44.08 | $ | 28.73 | |||||
Compensation cost charged against income (in millions) | $ | 12 | $ | 12 | $ | 18 |
Weighted Average | ||||||||
Restricted | Grant Date | |||||||
Stock | Fair Value | |||||||
Balance at January 1, 2010 | 1,024,765 | $ | 37.11 | |||||
Grants | 238,405 | $ | 44.08 | |||||
Forfeitures | (21,549 | ) | $ | 37.28 | ||||
Vested | (484,207 | ) | $ | 40.21 | ||||
Balance at December 31, 2010 | 757,414 | $ | 37.32 | |||||
Restricted Stock | Weighted Average Grant Date Fair Value | |||||
Balance at January 1, 2011 | 757,414 | $ | 37.32 | |||
Grants | 381,840 | $ | 47.98 | |||
Forfeitures | (66,675 | ) | $ | 40.92 | ||
Vested and issued | (346,355 | ) | $ | 38.25 | ||
Balance at December 31, 2011 | 726,224 | $ | 42.25 |
2010 | 2009 | 2008 | ||||||||||
(In millions) | ||||||||||||
Compensation expense | $ | 36 | $ | 35 | $ | 15 | ||||||
Cash settlements(1) | $ | 3 | $ | 1 | $ | 3 | ||||||
Stock settlements(1) | $ | 23 | $ | 8 | $ | — |
2011 | 2010 | 2009 | |||||||||
(In millions) | |||||||||||
Compensation expense | $ | 53 | $ | 36 | $ | 35 | |||||
Cash settlements (1) | $ | 3 | $ | 3 | $ | 1 | |||||
Stock settlements (1) | $ | 25 | $ | 23 | $ | 8 |
(1) | Sum of cash and stock settlements approximates the intrinsic value of the liability. |
Performance | |||||
Shares | |||||
Balance at January 1, | 1,527,253 | ||||
Grants | 621,114 | ||||
Forfeitures | ( | ) | |||
Payouts | ( | ) | |||
Balance at December 31, | 1,608,733 | ||||
130
Unrecognized | ||||||||
Compensation | Weighted Average | |||||||
Cost | to be Recognized | |||||||
(In millions) | (In years) | |||||||
Options | $ | 2 | 1.40 | |||||
Stock awards | 10 | 1.09 | ||||||
Performance shares | 32 | 1.75 | ||||||
$ | 44 | 1.58 | ||||||
Unrecognized Compensation Cost | Weighted Average to be Recognized | |||||
(In millions) | (In years) | |||||
Options | $ | 1 | 0.76 | |||
Stock awards | 15 | 1.12 | ||||
Performance shares | 34 | 1.48 | ||||
$ | 50 | 1.36 |
NOTE 22 — SUPPLEMENTAL CASH FLOW INFORMATION |
2010 | 2009 | 2008 | ||||||||||
(In millions) | ||||||||||||
Changes in Assets and Liabilities, Exclusive of Changes Shown Separately | ||||||||||||
Accounts receivable, net | $ | 79 | $ | 167 | $ | 328 | ||||||
Inventories | (133 | ) | 28 | 96 | ||||||||
Recoverable pension and postretirement costs | (32 | ) | (19 | ) | (1,324 | ) | ||||||
Accrued/prepaid pensions | 67 | 11 | 944 | |||||||||
Accounts payable | 12 | (162 | ) | (286 | ) | |||||||
Income taxes payable | (245 | ) | 43 | (22 | ) | |||||||
Derivative assets and liabilities | (48 | ) | (81 | ) | (178 | ) | ||||||
Postretirement obligation | (24 | ) | (147 | ) | 340 | |||||||
Other assets | (52 | ) | 58 | 3 | ||||||||
Other liabilities | 83 | 171 | 7 | |||||||||
$ | (293 | ) | $ | 69 | $ | (92 | ) | |||||
2011 | 2010 | 2009 | |||||||||
(In millions) | |||||||||||
Changes in Assets and Liabilities, Exclusive of Changes Shown Separately | |||||||||||
Accounts receivable, net | $ | 71 | $ | 79 | $ | 167 | |||||
Inventories | (129 | ) | (133 | ) | 28 | ||||||
Recoverable pension and postretirement costs | (620 | ) | (32 | ) | (19 | ) | |||||
Accrued/prepaid pensions | 432 | 67 | 11 | ||||||||
Accounts payable | (23 | ) | 12 | (162 | ) | ||||||
Income taxes payable/receivable | 249 | (245 | ) | 43 | |||||||
Derivative assets and liabilities | (94 | ) | (48 | ) | (81 | ) | |||||
Postretirement obligation | 209 | (24 | ) | (147 | ) | ||||||
Other assets | 9 | (52 | ) | 58 | |||||||
Other liabilities | (10 | ) | 83 | 171 | |||||||
$ | 94 | $ | (293 | ) | $ | 69 |
2010 | 2009 | 2008 | ||||||||||
(In millions) | ||||||||||||
Cash paid (received) for: | ||||||||||||
Interest (net of interest capitalized) | $ | 551 | $ | 550 | $ | 496 | ||||||
Income taxes | $ | 93 | $ | 18 | $ | (59 | ) | |||||
Noncash financing activities: Common stock issued for employee benefit plans | $ | 156 | $ | 47 | $ | 15 |
131
2011 | 2010 | 2009 | |||||||||
(In millions) | |||||||||||
Cash paid (received) for: | |||||||||||
Interest (net of interest capitalized) | $ | 485 | $ | 551 | $ | 550 | |||||
Income taxes | $ | (205 | ) | $ | 93 | $ | 18 | ||||
Noncash financing activities: Common stock issued for employee benefit plans | $ | 1 | $ | 156 | $ | 47 |
SEGMENT AND RELATED INFORMATION |
2010 | 2009 | 2008 | ||||||||||
(In millions) | ||||||||||||
Electric Utility | $ | 30 | $ | 28 | $ | 16 | ||||||
Gas Utility | — | 2 | 7 | |||||||||
Gas Storage and Pipelines | 4 | 5 | 10 | |||||||||
Power and Industrial Projects | 161 | 11 | 80 | |||||||||
Energy Trading | 89 | 93 | 145 | |||||||||
Corporate & Other | (65 | ) | (74 | ) | (80 | ) | ||||||
$ | 219 | $ | 65 | $ | 178 | |||||||
2011 | 2010 | 2009 | |||||||||
(In millions) | |||||||||||
Electric Utility | $ | 33 | $ | 30 | $ | 28 | |||||
Gas Utility | 2 | — | 2 | ||||||||
Gas Storage and Pipelines | 8 | 4 | 5 | ||||||||
Power and Industrial Projects | 238 | 161 | 11 | ||||||||
Energy Trading | 70 | 89 | 93 | ||||||||
Corporate and Other | (50 | ) | (65 | ) | (74 | ) | |||||
$ | 301 | $ | 219 | $ | 65 |
Net Income | ||||||||||||||||||||||||||||||||||||
Attributable | ||||||||||||||||||||||||||||||||||||
Depreciation, | to DTE | |||||||||||||||||||||||||||||||||||
Operating | Depletion & | Interest | Interest | Income | Energy | Total | Capital | |||||||||||||||||||||||||||||
Revenue | Amortization | Income | Expense | Taxes | Company | Assets | Goodwill | Expenditures | ||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||
2010 | ||||||||||||||||||||||||||||||||||||
Electric Utility | $ | 4,993 | $ | 849 | $ | (1 | ) | $ | 313 | $ | 270 | $ | 441 | $ | 16,375 | $ | 1,206 | $ | 864 | |||||||||||||||||
Gas Utility | 1,648 | 92 | (9 | ) | 66 | 67 | 127 | 3,854 | 759 | 147 | ||||||||||||||||||||||||||
Gas Storage and Pipelines | 83 | 5 | (1 | ) | 6 | 32 | 51 | 391 | 9 | 5 | ||||||||||||||||||||||||||
Unconventional Gas Production | 32 | 15 | — | 6 | (6 | ) | (11 | ) | 308 | 2 | 27 | |||||||||||||||||||||||||
Power and Industrial Projects | 1,144 | 60 | (3 | ) | 33 | 3 | 85 | 1,236 | 27 | 53 | ||||||||||||||||||||||||||
Energy Trading | 875 | 5 | — | 13 | 5 | 6 | 483 | 17 | 1 | |||||||||||||||||||||||||||
Corporate & Other | 1 | 1 | (47 | ) | 160 | (60 | ) | (69 | ) | 2,249 | — | — | ||||||||||||||||||||||||
Reconciliation and Eliminations | (219 | ) | — | 49 | (48 | ) | — | — | — | — | — | |||||||||||||||||||||||||
Total | $ | 8,557 | $ | 1,027 | $ | (12 | ) | $ | 549 | $ | 311 | $ | 630 | $ | 24,896 | $ | 2,020 | $ | 1,097 | |||||||||||||||||
Operating Revenue | Depreciation, Depletion & Amortization | Interest Income | Interest Expense | Income Taxes | Net Income Attributable to DTE Energy Company | Total Assets | Goodwill | Capital Expenditures | |||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
2011 | |||||||||||||||||||||||||||||||||||
Electric Utility | $ | 5,154 | $ | 818 | $ | (1 | ) | $ | 289 | $ | 265 | $ | 434 | $ | 17,370 | $ | 1,208 | $ | 1,203 | ||||||||||||||||
Gas Utility | 1,505 | 89 | (7 | ) | 64 | 60 | 110 | 3,933 | 745 | 179 | |||||||||||||||||||||||||
Gas Storage and Pipelines | 91 | 6 | (5 | ) | 7 | 35 | 57 | 421 | 22 | 16 | |||||||||||||||||||||||||
Unconventional Gas Production | 39 | 18 | — | 7 | (3 | ) | (6 | ) | 319 | 2 | 29 | ||||||||||||||||||||||||
Power and Industrial Projects | 1,129 | 60 | (8 | ) | 32 | 11 | 38 | 1,210 | 26 | 56 | |||||||||||||||||||||||||
Energy Trading | 1,276 | 3 | — | 9 | 34 | 52 | 552 | 17 | 1 | ||||||||||||||||||||||||||
Corporate and Other | 4 | 1 | (47 | ) | 144 | (134 | ) | 26 | 2,204 | — | — | ||||||||||||||||||||||||
Reconciliation and Eliminations | (301 | ) | — | 58 | (58 | ) | (1 | ) | — | — | — | — | |||||||||||||||||||||||
Total | $ | 8,897 | $ | 995 | $ | (10 | ) | $ | 494 | $ | 267 | $ | 711 | $ | 26,009 | $ | 2,020 | $ | 1,484 |
Net Income | ||||||||||||||||||||||||||||||||||||
Attributable | ||||||||||||||||||||||||||||||||||||
Depreciation, | to DTE | |||||||||||||||||||||||||||||||||||
Operating | Depletion & | Interest | Interest | Income | Energy | Total | Capital | |||||||||||||||||||||||||||||
Revenue | Amortization | Income | Expense | Taxes | Company | Assets | Goodwill | Expenditures | ||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||
2009 | ||||||||||||||||||||||||||||||||||||
Electric Utility | $ | 4,714 | $ | 844 | $ | (1 | ) | $ | 324 | $ | 228 | $ | 376 | $ | 15,879 | $ | 1,206 | $ | 794 | |||||||||||||||||
Gas Utility | 1,788 | 107 | (8 | ) | 68 | 39 | 80 | 3,832 | 759 | 166 | ||||||||||||||||||||||||||
Gas Storage and Pipelines | 82 | 5 | (1 | ) | 10 | 33 | 49 | 367 | 9 | 2 | ||||||||||||||||||||||||||
Unconventional Gas Production | 31 | 16 | — | 6 | (4 | ) | (9 | ) | 309 | 2 | 26 | |||||||||||||||||||||||||
Power and Industrial Projects | 661 | 40 | (3 | ) | 30 | 7 | 31 | 1,118 | 31 | 45 | ||||||||||||||||||||||||||
Energy Trading | 804 | 5 | (1 | ) | 10 | 37 | 75 | 552 | 17 | 2 | ||||||||||||||||||||||||||
Corporate & Other | — | 3 | (55 | ) | 147 | (79 | ) | (70 | ) | 2,138 | — | — | ||||||||||||||||||||||||
Reconciliation and Eliminations | (66 | ) | — | 50 | (50 | ) | — | — | — | — | — | |||||||||||||||||||||||||
Total | $ | 8,014 | $ | 1,020 | $ | (19 | ) | $ | 545 | $ | 247 | $ | 532 | $ | 24,195 | $ | 2,024 | $ | 1,035 | |||||||||||||||||
Operating Revenue | Depreciation, Depletion & Amortization | Interest Income | Interest Expense | Income Taxes | Net Income Attributable to DTE Energy Company | Total Assets | Goodwill | Capital Expenditures | |||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
2010 | |||||||||||||||||||||||||||||||||||
Electric Utility | $ | 4,993 | $ | 849 | $ | (1 | ) | $ | 313 | $ | 270 | $ | 441 | $ | 16,375 | $ | 1,206 | $ | 864 | ||||||||||||||||
Gas Utility | 1,648 | 92 | (9 | ) | 66 | 67 | 127 | 3,854 | 759 | 147 | |||||||||||||||||||||||||
Gas Storage and Pipelines | 83 | 5 | (1 | ) | 6 | 32 | 51 | 391 | 9 | 5 | |||||||||||||||||||||||||
Unconventional Gas Production | 32 | 15 | — | 6 | (6 | ) | (11 | ) | 308 | 2 | 27 | ||||||||||||||||||||||||
Power and Industrial Projects | 1,144 | 60 | (3 | ) | 33 | 3 | 85 | 1,236 | 27 | 53 | |||||||||||||||||||||||||
Energy Trading | 875 | 5 | — | 13 | 5 | 6 | 483 | 17 | 1 | ||||||||||||||||||||||||||
Corporate and Other | 1 | 1 | (47 | ) | 160 | (60 | ) | (69 | ) | 2,249 | — | — | |||||||||||||||||||||||
Reconciliation and Eliminations | (219 | ) | — | 49 | (48 | ) | — | — | — | — | — | ||||||||||||||||||||||||
Total | $ | 8,557 | $ | 1,027 | $ | (12 | ) | $ | 549 | $ | 311 | $ | 630 | $ | 24,896 | $ | 2,020 | $ | 1,097 |
133
Operating Revenue | Depreciation, Depletion & Amortization | Interest Income | Interest Expense | Income Taxes | Net Income Attributable to DTE Energy Company | Total Assets | Goodwill | Capital Expenditures | |||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
2009 | |||||||||||||||||||||||||||||||||||
Electric Utility | $ | 4,714 | $ | 844 | $ | (1 | ) | $ | 324 | $ | 228 | $ | 376 | $ | 15,879 | $ | 1,206 | $ | 794 | ||||||||||||||||
Gas Utility | 1,788 | 107 | (8 | ) | 68 | 39 | 80 | 3,832 | 759 | 166 | |||||||||||||||||||||||||
Gas Storage and Pipelines | 82 | 5 | (1 | ) | 10 | 33 | 49 | 367 | 9 | 2 | |||||||||||||||||||||||||
Unconventional Gas Production | 31 | 16 | — | 6 | (4 | ) | (9 | ) | 309 | 2 | 26 | ||||||||||||||||||||||||
Power and Industrial Projects | 661 | 40 | (3 | ) | 30 | (7 | ) | 31 | 1,118 | 31 | 45 | ||||||||||||||||||||||||
Energy Trading | 804 | 5 | (1 | ) | 10 | 37 | 75 | 552 | 17 | 2 | |||||||||||||||||||||||||
Corporate & Other | — | 3 | (55 | ) | 147 | (79 | ) | (70 | ) | 2,138 | — | — | |||||||||||||||||||||||
Reconciliation and Eliminations | (66 | ) | — | 50 | (50 | ) | — | — | — | — | — | ||||||||||||||||||||||||
Total | $ | 8,014 | $ | 1,020 | $ | (19 | ) | $ | 545 | $ | 247 | $ | 532 | $ | 24,195 | $ | 2,024 | $ | 1,035 |
Net Income | ||||||||||||||||||||||||||||||||||||
Attributable | ||||||||||||||||||||||||||||||||||||
Depreciation, | to DTE | |||||||||||||||||||||||||||||||||||
Operating | Depletion & | Interest | Interest | Income | Energy | Total | Capital | |||||||||||||||||||||||||||||
Revenue | Amortization | Income | Expense | Taxes | Company | Assets | Goodwill | Expenditures | ||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||
2008 | ||||||||||||||||||||||||||||||||||||
Electric Utility | $ | 4,874 | $ | 743 | $ | (6 | ) | $ | 293 | $ | 186 | $ | 331 | $ | 15,798 | $ | 1,206 | $ | 944 | |||||||||||||||||
Gas Utility | 2,152 | 102 | (8 | ) | 66 | 41 | 85 | 3,884 | 772 | 239 | ||||||||||||||||||||||||||
Gas Storage and Pipelines | 71 | 5 | (1 | ) | 7 | 24 | 38 | 316 | 9 | 19 | ||||||||||||||||||||||||||
Unconventional Gas Production(1) | 48 | 12 | — | 2 | 47 | 84 | 314 | 2 | 101 | |||||||||||||||||||||||||||
Power and Industrial Projects | 987 | 34 | (7 | ) | 20 | 11 | 40 | 1,126 | 31 | 65 | ||||||||||||||||||||||||||
Energy Trading | 1,388 | 5 | (5 | ) | 10 | 31 | 42 | 787 | 17 | 5 | ||||||||||||||||||||||||||
Corporate & Other | (13 | ) | — | (41 | ) | 154 | (52 | ) | (94 | ) | 2,365 | — | — | |||||||||||||||||||||||
Reconciliation and Eliminations | (178 | ) | — | 49 | (49 | ) | — | — | — | — | — | |||||||||||||||||||||||||
Total from Continuing Operations | $ | 9,329 | $ | 901 | $ | (19 | ) | $ | 503 | $ | 288 | 526 | 24,590 | 2,037 | 1,373 | |||||||||||||||||||||
Discontinued Operations (Note 10) | 20 | — | — | — | ||||||||||||||||||||||||||||||||
Total | $ | 546 | $ | 24,590 | $ | 2,037 | $ | 1,373 | ||||||||||||||||||||||||||||
NOTE 24 — SUPPLEMENTARY QUARTERLY FINANCIAL INFORMATION (UNAUDITED) |
First | Second | Third | Fourth | |||||||||||||||||
Quarter | Quarter | Quarter | Quarter | Year | ||||||||||||||||
(In millions, except per share amounts) | ||||||||||||||||||||
2010 | ||||||||||||||||||||
Operating Revenues | $ | 2,453 | $ | 1,792 | $ | 2,139 | $ | 2,173 | $ | 8,557 | ||||||||||
Operating Income | $ | 472 | $ | 256 | $ | 386 | $ | 350 | $ | 1,464 | ||||||||||
Net Income Attributable to DTE Energy Company | $ | 229 | $ | 86 | $ | 163 | $ | 152 | $ | 630 | ||||||||||
Basic Earnings per Share | $ | 1.38 | $ | .51 | $ | .97 | $ | .90 | $ | 3.75 | ||||||||||
Diluted Earnings per Share | $ | 1.38 | $ | .51 | $ | .96 | $ | .90 | $ | 3.74 |
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Year | |||||||||||||||
(In millions, except per share amounts) | |||||||||||||||||||
2011 | |||||||||||||||||||
Operating Revenues | $ | 2,431 | $ | 2,028 | $ | 2,265 | $ | 2,173 | $ | 8,897 | |||||||||
Operating Income | $ | 390 | $ | 288 | $ | 399 | $ | 346 | $ | 1,423 | |||||||||
Net Income Attributable to DTE Energy Company (1) | $ | 176 | $ | 202 | $ | 183 | $ | 150 | $ | 711 | |||||||||
Basic Earnings per Share | $ | 1.04 | $ | 1.19 | $ | 1.08 | $ | .88 | $ | 4.19 | |||||||||
Diluted Earnings per Share | $ | 1.04 | $ | 1.19 | $ | 1.07 | $ | .88 | $ | 4.18 |
2009 | ||||||||||||||||||||
Operating Revenues | $ | 2,255 | $ | 1,688 | $ | 1,950 | $ | 2,121 | $ | 8,014 | ||||||||||
Operating Income | $ | 395 | $ | 215 | $ | 332 | $ | 307 | $ | 1,249 | ||||||||||
Net Income Attributable to DTE Energy Company | $ | 178 | $ | 83 | $ | 151 | $ | 120 | $ | 532 | ||||||||||
Basic Earnings per Share | $ | 1.09 | $ | .51 | $ | .92 | $ | .72 | $ | 3.24 | ||||||||||
Diluted Earnings per Share | $ | 1.09 | $ | .51 | $ | .92 | $ | .72 | $ | 3.24 |
134
2010 | |||||||||||||||||||
Operating Revenues | $ | 2,453 | $ | 1,792 | $ | 2,139 | $ | 2,173 | $ | 8,557 | |||||||||
Operating Income | $ | 472 | $ | 256 | $ | 386 | $ | 350 | $ | 1,464 | |||||||||
Net Income Attributable to DTE Energy Company | $ | 229 | $ | 86 | $ | 163 | $ | 152 | $ | 630 | |||||||||
Basic Earnings per Share | $ | 1.38 | $ | .51 | $ | .97 | $ | .90 | $ | 3.75 | |||||||||
Diluted Earnings per Share | $ | 1.38 | $ | .51 | $ | .96 | $ | .90 | $ | 3.74 |
Item 9. | Changes in and Disagreements with Accountants on Accounting and Financial Disclosure |
Item 9A. | Controls and Procedures |
Principal Accountant Fees and Services |
(i) Exhibits filed | ||
Computation of Ratio of Earnings to Fixed Charges. | ||
21-7 | Subsidiaries of the Company. | |
23-25 | Consent of PricewaterhouseCoopers LLP. | |
Chief Executive Officer Section 302Form 10-K | ||
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Chief Financial Officer Section | ||
101.INS | XBRL Instance Document | |
101.SCH | XBRL Taxonomy Extension Schema | |
101.CAL | XBRL Taxonomy Extension Calculation Linkbase | |
101.DEF | XBRL Taxonomy Extension Definition Database | |
101.LAB | XBRL Taxonomy Extension Label Linkbase | |
101.PRE | XBRL Taxonomy Extension Presentation Linkbase |
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(ii) Exhibits incorporated herein by reference: | ||
3(a) | Amended and Restated Articles of Incorporation of DTE Energy Company, dated December 13, 1995 and as amended from time to time (Exhibit 3-1 to Form 8-K dated May 6, 2010). | |
3(b) | Amended Bylaws of DTE Energy Company, as amended through May 5, 2011 (Exhibit 3-11 to Form 10-Q for the quarter ended September 30, 2011). | |
4(a) | Amended and Restated Indenture, dated as of April 9, 2001, between DTE Energy Company and The Bank of New York, as trustee (Exhibit 4.1 to Registration Statement on Form S-3 (File No. 333-58834)). | |
Supplemental Indenture, dated as of April 1, 2003, between DTE Energy Company and The Bank of New York, as trustee, creating 2003 Series A 63/8% Senior Notes due 2033 (Exhibit 4(o) to Form 10-Q for the quarter ended March 31, 2003). (2003 Series A 63/8% Senior Notes due 2033). | ||
Supplemental Indenture, dated as of May 15, 2006, between DTE Energy Company and The Bank of New York, as trustee (Exhibit 4-239 to Form 10-Q for the quarter ended June 30, 2006). (2006 Series B 6.35% Senior Notes due 2016). | ||
Supplemental Indenture, dated as of May 1, 2009, between DTE Energy Company and The Bank of New York Mellon Trust Company, N.A. as successor trustee (Exhibit 4-1 to Form 8-K dated May 13, 2009). (2009 Series A 7.625% Senior Notes due 2014). | ||
Supplemental Indenture dated as of May 15, 2011, between DTE Energy Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4-269 to Form 10-Q for the quarter ended June 30, 2011). (2011 Series C Floating Rate Notes due 2013). | ||
Supplemental Indenture, dated as of December 1, 2011, between DTE Energy Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4-274 to Form 8-K dated December 7, 2011). (2011 Series I 6.50% Junior Subordinated Debentures due 2061). | ||
4(b) | Amended and Restated Trust Agreement of DTE Energy Trust I, dated as of January 15, 2002 (Exhibit 4-229 to Form 10-K for the year ended December 31, 2001). | |
4(c) | Amended and Restated Trust Agreement of DTE Energy Trust II, dated as of June 1, 2004 (Exhibit 4(q) to Form 10-Q for the quarter ended June 30, 2004). | |
4(d) | Trust Agreement of DTE Energy Trust III (Exhibit 4-21 to Registration Statement on Form S-3(File No. 333-99955). | |
4(e) | Mortgage and Deed of Trust, dated as of October 1, 1924, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit B-1 to Detroit Edison's Registration Statement on Form A-2 (File No. 2-1630)) and indentures supplemental thereto, dated as of dates indicated below, and filed as exhibits to the filings set forth below: | |
Supplemental Indenture, dated as of December 1, 1940, to the Mortgage and Deed of Trust, dated as of October 1, 1924, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit B-14 to Detroit Edison's Registration Statement on Form A-2 (File No. 2-4609)). (amendment) | ||
Supplemental Indenture, dated as of September 1, 1947, to the Mortgage and Deed of Trust, dated as of October 1, 1924, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit B-20 to Detroit Edison's Registration Statement on Form S-1 (File No. 2-7136)). (amendment) | ||
Supplemental Indenture, dated as of March 1, 1950, to the Mortgage and Deed of Trust, dated as of October 1, 1924, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit B-22 to Detroit Edison's Registration Statement on Form S-1 (File No. 2-8290)). (amendment) | ||
Supplemental Indenture, dated as of November 15, 1951, to the Mortgage and Deed of Trust, dated as of October 1, 1924, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit B-23 to Detroit Edison's Registration Statement on Form S-1 (File No. 2-9226)). (amendment) | ||
Supplemental Indenture, dated as of August 15, 1957, to the Mortgage and Deed of Trust, dated as of October 1, 1924, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 3-B-30 to Detroit Edison's Form 8-K dated September 11, 1957). (amendment) | ||
Supplemental Indenture, dated as of December 1, 1966, to the Mortgage and Deed of Trust, dated as of October 1, 1924, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 2-B-32 to Detroit Edison's Registration Statement on Form S-9 (File No. 2-25664)). (amendment) | ||
Supplemental Indenture, dated as of February 15, 1990, to the Mortgage and Deed of Trust, dated as of October 1, 1924, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4-212 to Detroit Edison's Form 10-K for the year ended December 31, 2000). (1990 Series B, C, E and F) | ||
Supplemental Indenture, dated as of May 1, 1991, to the Mortgage and Deed of Trust, dated as of October 1, 1924, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4-178 to Detroit Edison's Form 10-K for the year ended December 31, 1996). (1991 Series BP and CP) | ||
Supplemental Indenture, dated as of May 15, 1991, to the Mortgage and Deed of Trust, dated as of October 1, 1924, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4-179 to Detroit Edison's Form 10-K for the year ended December 31, 1996). (1991 Series DP) | ||
Supplemental Indenture, dated as of February 29, 1992, to the Mortgage and Deed of Trust, dated as of October 1, 1924, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4-187 to Detroit Edison's Form 10-Q for the quarter ended March 31, 1998). (1992 Series AP) | ||
Supplemental Indenture, dated as of April 26, 1993, to the Mortgage and Deed of Trust, dated as of October 1, 1924, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4-215 to Detroit Edison's Form 10-K for the year ended December 31, 2000). (amendment) | ||
Supplemental Indenture, dated as of August 1, 2000, to the Mortgage and Deed of Trust, dated as of October 1, 1924, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4-210 to Detroit Edison's Form 10-Q for the quarter ended September 30, 2000). (2000 Series BP) | ||
Supplemental Indenture, dated as of September 17, 2002, to the Mortgage and Deed of Trust, dated as of October 1, 1924, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4.1 to Detroit Edison's Registration Statement on Form S-3 (File No. 333-100000)). (amendment and successor trustee) | ||
Supplemental Indenture, dated as of October 15, 2002, to the Mortgage and Deed of Trust, dated as of October 1, 1924, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4-230 to Detroit Edison's Form 10-Q for the quarter ended September 30, 2002). (2002 Series A and B) | ||
Supplemental Indenture, dated as of December 1, 2002, to the Mortgage and Deed of Trust, dated as of October 1, 1924, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4-232 to Detroit Edison's Form 10-K for the year ended December 31, 2002). (2002 Series C and D) | ||
Supplemental Indenture, dated as of August 1, 2003, to the Mortgage and Deed of Trust, dated as of October 1, 1924, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4-235 to Detroit Edison's Form 10-Q for the quarter ended September 30, 2003). (2003 Series A) | ||
Supplemental Indenture, dated as of March 15, 2004, to the Mortgage and Deed of Trust, dated as of October 1, 1924, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4-238 to Detroit Edison's Form 10-Q for the quarter ended March 31, 2004). (2004 Series A and B) | ||
Supplemental Indenture, dated as of July 1, 2004, to the Mortgage and Deed of Trust, dated as of October 1, 1924, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4-240 to Detroit Edison's Form 10-Q for the quarter ended June 30, 2004). (2004 Series D) | ||
Supplemental Indenture, dated as of April 1, 2005, to the Mortgage and Deed of Trust, dated as of October 1, 1924, between Detroit Edison and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4.3 to Detroit Edison's Registration Statement on Form S-4(File No. 333-123926)). (2005 Series AR and BR) | ||
Supplemental Indenture, dated as of September 15, 2005, to the Mortgage and Deed of Trust, dated as of October 1, 1924, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4.2 to Detroit Edison's Form 8-K dated September 29, 2005). (2005 Series C) | ||
Supplemental Indenture, dated as of September 30, 2005, to the Mortgage and Deed of Trust, dated as of October 1, 1924, between Detroit Edison and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4-248 to Detroit Edison's Form 10-Q for the quarter ended September 30, 2005). (2005 Series E) | ||
Supplemental Indenture, dated as of May 15, 2006, to the Mortgage and Deed of Trust, dated as of October 1, 1924, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4-250 to Detroit Edison's Form 10-Q for the quarter ended June 30, 2006). (2006 Series A) | ||
Supplemental Indenture, dated as of May 1, 2008 to Mortgage and Deed of Trust, dated as of October 1, 1924 between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4-253 to Detroit Edison's Form 10-Q for the quarter ended June 30, 2008). (2008 Series ET). | ||
Supplemental Indenture, dated as of June 1, 2008 to Mortgage and Deed of Trust, dated as of October 1, 1924 between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4-255 to Detroit Edison's Form 10-Q for the quarter ended June 30, 2008). (2008 Series G) | ||
Supplemental Indenture, dated as of July 1, 2008 to Mortgage and Deed of Trust, dated as of October 1, 1924 between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4-257 to Detroit Edison's Form 10-Q for the quarter ended June 30, 2008). (2008 Series KT) | ||
Supplemental Indenture, dated as of October 1, 2008 to Mortgage and Deed of Trust, dated as of October 1, 1924 between The Detroit Edison Company and The Bank of New York Mellon Trust Company N.A. as successor trustee (Exhibit 4-259 to Detroit Edison's Form 10-Q for the quarter ended September 30, 2008). (2008 Series J) | ||
Supplemental Indenture, dated as of December 1, 2008 to Mortgage and Deed of Trust, dated as of October 1, 1924 between The Detroit Edison Company and The Bank of New York Mellon Trust Company N.A., as successor trustee (Exhibit 4-261 to Detroit Edison's Form 10-K for the year ended December 31, 2008). (2008 Series LT) | ||
Supplemental Indenture, dated as of March 15, 2009 to Mortgage and Deed of Trust, dated as of October 1, 1924 between The Detroit Edison Company and The Bank of New York Mellon Trust Company N.A., as successor trustee (Exhibit 4-263 to Detroit Edison's Form 10-Q for the quarter ended March 31, 2009). (2009 Series BT) | ||
Supplemental Indenture, dated as of November 1, 2009 to Mortgage and Deed of Trust, dated as of October 1, 1924, between The Detroit Edison Company and The Bank of New York Mellon Trust Company N.A., as successor trustee (Exhibit 4-267 to Detroit Edison's Form 10-K for the year ended December 31, 2009). (2009 Series CT) | ||
Supplemental Indenture, dated as of August 1, 2010, to the Mortgage and Deed of Trust, dated as of October 1, 1924, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4-269 to Detroit Edison's Form 10-Q for the quarter ended September 30, 2010). (2010 Series B) | ||
Supplemental Indenture, dated as of September 1, 2010, to the Mortgage and Deed of Trust, dated as of October 1, 1924, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4-271 to Detroit Edison's Form 10-Q for the quarter ended September 30, 2010). (2010 Series A) | ||
Supplemental Indenture, dated as of December 1, 2010, to the Mortgage and Deed of Trust, dated as of October 1, 1924, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4-273 to Detroit Edison's Form 10-K for the year ended December 31, 2010). (2010 Series CT) | ||
Supplemental Indenture, dated as of March 1, 2011, to the Mortgage and Deed of Trust, dated as of October 1, 1924, by and between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A. as successor trustee (Exhibit 4-274 to Detroit Edison's Form 10-Q for the quarter ended March 31, 2011). (2011 Series AT) | ||
Supplemental Indenture, dated as of May 15, 2011, to the Mortgage and Deed of Trust, dated as of October 1, 1924, by and between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A. as successor trustee (Exhibit 4-275 to Detroit Edison's Form 10-Q for the quarter ended June 30, 2011). (2011 Series B) | ||
Supplemental Indenture, dated as of August 1, 2011, to the Mortgage and Deed of Trust, dated as of October 1, 1924, by and between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A. as successor trustee (Exhibit 4-276 to Detroit Edison's Form 10-Q for the quarter ended September 30, 2011). (2011 Series GT) | ||
Supplemental Indenture, dated as of August 15, 2011, to the Mortgage and Deed of Trust, dated as of October 1, 1924, by and between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A. as successor trustee (Exhibit 4-277 to Detroit Edison's Form 10-Q for the quarter ended September 30, 2011). (2011 Series D, 2011 Series E, 2011 Series F) | ||
Supplemental Indenture, dated as of September 1, 2011, to the Mortgage and Deed of Trust, dated as of October 1, 1924, by and between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A. as successor trustee (Exhibit 4-278 to Detroit Edison's Form 10-Q for the quarter ended September 30, 2011). (2011 Series H) | ||
4(f) | Collateral Trust Indenture, dated as of June 30, 1993, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4-152 to Detroit Edison's Registration Statement (File No. 33-50325)) and indentures supplemental thereto, dated as of dates indicated below, and filed as exhibits to the filings set forth below: | |
Tenth Supplemental Indenture, dated as of October 23, 2002, to the Collateral Trust Indenture, dated as of June 30, 1993, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4-231 to Detroit Edison's Form 10-Q for the quarter ended September 30, 2002). (5.20% Senior Notes due 2012 and 6.35% Senior Notes due 2032) | ||
Eleventh Supplemental Indenture, dated as of December 1, 2002, to the Collateral Trust Indenture, dated as of June 30, 1993, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4-233 to Detroit Edison's Form 10-Q for the quarter ended March 31, 2003). (5.45% Senior Notes due 2032 and 5.25% Senior Notes due 2032) | ||
Twelfth Supplemental Indenture, dated as of August 1, 2003, to the Collateral Trust Indenture, dated as of June 30, 1993, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4-236 to Detroit Edison's Form 10-Q for the quarter ended September 30, 2003). (51/2% Senior Notes due 2030) | ||
Thirteenth Supplemental Indenture, dated as of April 1, 2004, to the Collateral Trust Indenture, dated as of June 30, 1993, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4-237 to Detroit Edison's Form 10-Q for the quarter ended March 31, 2004). (4.875% Senior Notes Due 2029 and 4.65% Senior Notes due 2028) | ||
Fourteenth Supplemental Indenture, dated as of July 15, 2004, to the Collateral Trust Indenture, dated as of June 30, 1993, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4-239 to Detroit Edison's Form 10-Q for the quarter ended June 30, 2004). (2004 Series D 5.40% Senior Notes due 2014) | ||
Sixteenth Supplemental Indenture, dated as of April 1, 2005, to the Collateral Trust Indenture, dated as of June 30, 1993, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4.1 to Detroit Edison's Registration Statement on Form S-4 (File No. 333-123926)). (2005 Series AR 4.80% Senior Notes due 2015 and 2005 Series BR 5.45% Senior Notes due 2035) | ||
Eighteenth Supplemental Indenture, dated as of September 15, 2005, to the Collateral Trust Indenture, dated as of June 30, 1993, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4.1 to Detroit Edison's Form 8-K dated September 29, 2005). (2005 Series C 5.19% Senior Notes due October 1, 2023) | ||
Nineteenth Supplemental Indenture, dated as of September 30, 2005, to the Collateral Trust Indenture, dated as of June 30, 1993, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4-247 to Detroit Edison's Form 10-Q for the quarter ended September 30, 2005). (2005 Series E 5.70% Senior Notes due 2037) | ||
Twentieth Supplemental Indenture, dated as of May 15, 2006, to the Collateral Trust Indenture dated as of June 30, 1993, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4-249 to Detroit Edison's Form 10-Q for the quarter ended June 30, 2006). (2006 Series A Senior Notes due 2036) | ||
Twenty-second Supplemental Indenture, dated as of December 1, 2007, to the Collateral Trust Indenture, dated as of June 30, 1993, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4.1 to Detroit Edison's Form 8-K dated December 18, 2007). (2007 Series A Senior Notes due 2038) | ||
Twenty-fourth Supplemental Indenture, dated as of May 1, 2008 to the Collateral Trust Indenture, dated as of June 30, 1993 between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A. as successor trustee (Exhibit 4-254 to Detroit Edison's Form 10-Q for the quarter ended June 30, 2008). (2008 Series ET Variable Rate Senior Notes due 2029) | ||
Amendment dated June 1, 2009 to the Twenty-fourth Supplemental Indenture, dated as of May 1, 2008 to the Collateral Trust Indenture, dated as of June 30, 1993 between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A. as successor trustee (2008 Series ET Variable Rate Senior Notes due 2029) (Exhibit 4-265 to Detroit Edison's Form 10-Q for the quarter ended June 30, 2009) | ||
Twenty-fifth Supplemental Indenture, dated as of June 1, 2008 to the Collateral Trust Indenture, dated as of June 30, 1993 between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4-256 to Detroit Edison's Form 10-Q for the quarter ended June 30, 2008). (2008 Series G 5.60% Senior Notes due 2018) | ||
Twenty-sixth Supplemental Indenture, dated as of July 1, 2008 to the Collateral Trust Indenture, dated as of June 30, 1993 between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4-258 to Detroit Edison's Form 10-Q for the quarter ended June 30, 2008). (2008 Series KT Variable Rate Senior Notes due 2020) | ||
Amendment dated June 1, 2009 to the Twenty-sixth Supplemental Indenture, dated as of July 1, 2008 to the Collateral Trust Indenture, dated as of June 30, 1993 between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4-266 to Detroit Edison's Form 10-Q for the quarter ended June 30, 2009) (2008 Series KT Variable Rate Senior Notes due 2020) | ||
Twenty-seventh Supplemental Indenture, dated as of October 1, 2008 to the Collateral Trust Indenture, dated as of June 30, 1993 between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4-260 to Detroit Edison's Form 10-Q for the quarter ended September 30, 2008). (2008 Series J 6.40% Senior Notes due 2013) | ||
Twenty-eighth Supplemental Indenture, dated as of December 1, 2008 to the Collateral Trust Indenture, dated as of June 30, 1993 between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4-262 to Detroit Edison's Form 10-K for the year ended December 31, 2008). (2008 Series LT 6.75% Senior Notes due 2038) | ||
Twenty-ninth Supplemental Indenture, dated as of March 15, 2009, to the Collateral Trust Indenture, dated as of June 30, 1993 between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4-264 to Detroit Edison's Form 10-Q for the quarter ended March 31, 2009). (2009 Series BT 6.00% Senior Notes due 2036) | ||
Thirtieth Supplemental Indenture, dated as of November 1, 2009, to the Collateral Trust Indenture, dated as of June 30, 1993 between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4-268 to Detroit Edison's Form 10-K for the year ended December 31, 2009). (2009 Series CT Variable Rate Notes due 2024) | ||
Thirty-First Supplemental Indenture, dated as of August 1, 2010 to the Collateral Trust Indenture, dated as of June 1, 1993 between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4-270 to Detroit Edison's Form 10-Q for the quarter ended September 30, 2010). (2010 Series B 3.45% Senior Notes due 2020) | ||
Thirty-Second Supplemental Indenture, dated as of September 1, 2010, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4-272 to Detroit Edison's Form 10-Q for the quarter ended September 30, 2010). (2010 Series A 4.89% Senior Notes due 2020) | ||
4(g) | Trust Agreement of Detroit Edison Trust I (Exhibit 4.9 to Registration Statement on Form S-3(File No. 333-100000)). | |
4(h) | Trust Agreement of Detroit Edison Trust II (Exhibit 4.10 to Registration Statement on Form S-3(File No. 333-100000)). | |
4(i) | Indenture dated as of June 1, 1998 between Michigan Consolidated Gas Company and Citibank, N.A., as trustee, related to Senior Debt Securities (Exhibit 4-1 to Michigan Consolidated Gas Company Registration Statement on Form S-3 (File No. 333-63370)) and indentures supplemental thereto, dated as of dates indicated below, and filed as exhibits to the filings set forth below: | |
Fourth Supplemental Indenture dated as of February 15, 2003, to the Indenture dated as of June 1, 1998 between Michigan Consolidated Gas Company and Citibank, N.A., trustee (Exhibit 4-3 to Michigan Consolidated Gas Company Form 10-Q for the quarter ended March 31, 2003). (5.70% Senior Notes, 2003 Series A due 2033) | ||
Fifth Supplemental Indenture dated as of October 1, 2004, to the Indenture dated as of June 1, 1998 between Michigan Consolidated Gas Company and Citibank, N.A., trustee (Exhibit 4-6 to Michigan Consolidated Gas Company Form 10-Q for the quarter ended September 31, 2004). (5.00% Senior Notes, 2004 Series E due 2019) | ||
Sixth Supplemental Indenture dated as of April 1, 2008, to the Indenture dated as of June 1, 1998 between Michigan Consolidated Gas Company and Citibank, N.A., trustee (Exhibit 4-241 to Form 10-Q for the quarter ended March 31, 2008). (5.26% Senior Notes, 2008 Series A due 2013, 6.04% Senior Notes, 2008 Series B due 2018 and 6.44% Senior Notes, 2008 Series C due 2023). | ||
Seventh Supplemental Indenture, dated as of June 1, 2008 to Indenture dated as of June 1, 1998 between Michigan Consolidated Gas Company and Citibank, N.A., trustee (Exhibit 4-243 to Form 10-Q for the quarter ended June 30, 2008). (6.78% Senior Notes, 2008 Series F due 2028) | ||
Eighth Supplemental Indenture, dated as of August 1, 2008 to Indenture dated as of June 1, 1998 between Michigan Consolidated Gas Company and Citibank, N.A., trustee (Exhibit 4-251 to Form 10-Q for the quarter ended September 30, 2008). (5.94% Senior Notes, 2008 Series H due 2015 and 6.36% Senior Notes, 2008 Series I due 2020) | ||
4(j) | Indenture of Mortgage and Deed of Trust dated as of March 1, 1944 (Exhibit 7-D to Michigan Consolidated Gas Company Registration Statement No. 2-5252) and indentures supplemental thereto, dated as of dates indicated below, and filed as exhibits to the filings set forth below: | |
Thirty-second Supplemental Indenture dated as of January 5, 1993 to Indenture of Mortgage and Deed of Trust dated as of March 1, 1944 between Michigan Consolidated Gas Company and Citibank, N.A., trustee (Exhibit 4-1 to Michigan Consolidated Gas Company Form 10-K for the year ended December 31, 1992). (First Mortgage Bonds Designated Secured Term Notes, Series B) | ||
Thirty-third Supplemental Indenture dated as of May 1, 1995 to Indenture of Mortgage and Deed of Trust dated as of March 1, 1944 between Michigan Consolidated Gas Company and Citibank, N.A., trustee (Exhibit 4-2 to Michigan Consolidated Gas Company Registration Statement on Form S-3(File No. 33-59093)). (First Mortgage Bonds Designated Secured Medium Term Notes, Series B) | ||
Thirty-fifth Supplemental Indenture dated as of June 18, 1998 to Indenture of Mortgage and Deed of Trust dated as of March 1, 1944 between Michigan Consolidated Gas Company and Citibank, N.A., trustee, creating an issue of first mortgage bonds designated as collateral bonds (Exhibit 4-2 to Michigan Consolidated Gas Company Form 8-K dated June 18, 1998). | ||
Thirty-seventh Supplemental Indenture dated as of February 15, 2003 to Indenture of Mortgage and Deed of Trust dated as of March 1, 1944 between Michigan Consolidated Gas Company and Citibank, N.A., trustee (Exhibit 4-4 to Michigan Consolidated Gas Company Form 10-Q for the quarter ended March 31, 2003). (5.70% collateral bonds due 2033) | ||
Thirty-eighth Supplemental Indenture dated as of October 1, 2004 to Indenture of Mortgage and Deed of Trust dated as of March 1, 1944 between Michigan Consolidated Gas Company and Citibank, N.A., trustee (Exhibit 4-5 to Michigan Consolidated Gas Company Form 10-Q for the quarter ended September 31, 2004). (2004 Series E collateral bonds) | ||
Thirty-ninth Supplemental Indenture, dated as of April 1, 2008 to Indenture of Mortgage and Deed of Trust dated as of March 1, 1944 between Michigan Consolidated Gas Company and Citibank, N.A., trustee (Exhibit 4-240 to Form 10-Q for the quarter ended March 31, 2008). (2008 Series A, B and C Collateral Bonds) | ||
Fortieth Supplemental Indenture, dated as of June 1, 2008 to Indenture of Mortgage and Deed of Trust dated as of March 1, 1944 between Michigan Consolidated Gas Company and Citibank, N.A., trustee (Exhibit 4-242 to Form 10-Q for the quarter ended June 30, 2008). (2008 Series F Collateral Bonds) | ||
Forty-first Supplemental Indenture, dated as of August 1, 2008 to Indenture of Mortgage and Deed of Trust dated as of March 1, 1944 between Michigan Consolidated Gas Company and Citibank, N.A., trustee (Exhibit 4-250 to Form 10-Q for the quarter ended September 30, 2008). (2008 Series H and I Collateral Bonds) | ||
10(a) | Form of Indemnification Agreement between DTE Energy Company and each of Gerard M. Anderson, Anthony F. Earley, Jr., Steven E. Kurmas, David E. Meador, Gerardo Norcia, Bruce D. Peterson, and non-employee Directors (Exhibit 10-1 to Form 8-K dated December 6, 2007). | |
10(b) | Certain arrangements pertaining to the employment of Anthony F. Earley, Jr. with The Detroit Edison Company, dated April 25, 1994 (Exhibit 10-53 to The Detroit Edison Company's Form 10-Q for the quarter ended March 31, 1994). | |
10(c) | Confidentiality and Non-Competition Agreement between DTE Energy Company and Anthony F. Earley, Jr. dated as of August 8, 2011 (Exhibit 10.1 to Form 8-K for the year ended August 8, 2011). | |
10(d) | Certain arrangements pertaining to the employment of Gerard M. Anderson with The Detroit Edison Company, dated October 6, 1993 (Exhibit 10-48 to The Detroit Edison Company's Form 10-K for the year ended December 31, 1993). | |
10(e) | Certain arrangements pertaining to the employment of David E. Meador with The Detroit Edison Company, dated January 14, 1997 (Exhibit 10-5 to Form 10-K for the year ended December 31, 1996). | |
10(f) | Certain arrangements pertaining to the employment of Bruce D. Peterson, dated May 22, 2002 (Exhibit 10-48 to Form 10-Q for the quarter ended June 30, 2002). | |
10(g) | DTE Energy Company Annual Incentive Plan (Exhibit 10-44 to Form 10-Q for the quarter ended March 31, 2001). | |
10(h) | Amended and Restated DTE Energy Company 2006 Long-Term Incentive Plan (as Amended and Restated effective as of May 6, 2010) (Annex A to DTE Energy's Definitive Proxy Statement dated March 29, 2010). | |
10(i) | DTE Energy Company Retirement Plan for Non-Employee Directors' Fees (as Amended and Restated effective as of December 31, 1998) (Exhibit 10-31 to Form 10-K for the year ended December 31, 1998). | |
10(j) | The Detroit Edison Company Supplemental Long-Term Disability Plan, dated January 27, 1997 (Exhibit 10-4 to Form 10-K for the year ended December 31, 1996). | |
10(k) | Description of Executive Life Insurance Plan (Exhibit 10-47 to Form 10-Q for the quarter ended June 30, 2002). | |
10(l) | DTE Energy Affiliates Nonqualified Plans Master Trust, effective as of May 1, 2003 (Exhibit 10-49 to Form 10-Q for the quarter ended March 31, 2003). | |
10(m) | Form of Director Restricted Stock Agreement (Exhibit 10.1 to Form 8-K dated June 23, 2005). | |
10(n) | Form of Director Restricted Stock Agreement pursuant to the DTE Energy Company Long-Term Incentive Plan (Exhibit 10.1 to Form 8-K dated June 29, 2006). | |
10(o) | DTE Energy Company Executive Supplemental Retirement Plan as Amended and Restated, effective as of January 1, 2005 (Exhibit 10.75 to Form 10-K for the year ended December 31, 2008). | |
First Amendment to the DTE Energy Company Executive Supplemental Retirement Plan (Amended and Restated Effective January 1, 2005) dated as of December 2, 2009 (Exhibit 10.1 to Form 8-K dated December 8, 2009). | ||
10(p) | DTE Energy Company Supplemental Retirement Plan as Amended and Restated, effective as of January 1, 2005 (Exhibit 10.76 to Form 10-K for the year ended December 31, 2008). | |
10(q) | DTE Energy Company Supplemental Savings Plan as Amended and Restated, effective as of January 1, 2005 (Exhibit 10.77 to Form 10-K for the year ended December 31, 2008). | |
10(r) | DTE Energy Company Executive Deferred Compensation Plan as Amended and Restated, effective as of January 1, 2005 (Exhibit 10.78 to Form 10-K for the year ended December 31, 2008). | |
10(s) | DTE Energy Company Plan for Deferring the Payment of Directors' Fees as Amended and Restated, effective as of January 1, 2005 (Exhibit 10.79 to Form 10-K for the year ended December 31, 2008). | |
10(t) | DTE Energy Company Deferred Stock Compensation Plan for Non-Employee Directors as Amended and Restated, effective January 1, 2005 (Exhibit 10.80 to Form 10-K for the year ended December 31, 2008). | |
10(u) | Form of Amended and Restated DTE Energy Five-Year Credit Agreement, dated as of August 20, 2010 and Amended and Restated as of October 21, 2011, by and among DTE Energy Company, the lenders party thereto, Citibank, N.A., as Administrative Agent, and Barclays Capital, The Bank of Nova Scotia and JPMorgan Chase Bank, N.A., as Co-Syndication Agents (Exhibit 10.1 to Form 8-K dated October 21, 2011). | |
10(v) | Form of Amended and Restated MichCon Five-Year Credit Agreement, dated as of August 20, 2010 and Amended and Restated as of October 21, 2011, by and amongMichCon, the lenders party thereto, JPMorgan Chase Bank, N.A., as Administrative Agent, and Barclays Capital, Citibank, N.A. and Bank of America, N.A., as Co-Syndication Agents (Exhibit 10.2 to Form 8-K dated October 21, 2011). | |
10(w) | Form of Amended and Restated Detroit Edison Five-Year Credit Agreement, dated as of August 20, 2010 and Amended and Restated as of October 21, 2011, by and among Detroit Edison, the lenders party thereto, Barclays Bank PLC, as Administrative Agent, and Citibank, N.A., JPMorgan Chase Bank, N.A., and The Royal Bank of Scotland plc, as Co-Syndication Agents (Exhibit 10.1 to DTE Energy Company's and Detroit Edison's Form 8-K dated October 21, 2011). | |
99(a) | Amendment and Restatement of Master Trust Agreement for the DTE Energy Company Master Plan Trust between DTE Energy Corporate Services, LLC and DTE Energy Investment Committee and JP Morgan Chase Bank, N.A., dated as of October 15, 2010. | |
(iii) Exhibits furnished herewith: | ||
32-71 | Chief Executive Officer Section 906 Form 10-K Certification of Periodic Report. | |
32-72 | Chief Financial Officer Section 906 Form 10-K Certification of Periodic Report. |
Year Ending December 31, | ||||||||||||
2010 | 2009 | 2008 | ||||||||||
(In millions) | ||||||||||||
Allowance for Doubtful Accounts (shown as deduction from Accounts Receivable in the Consolidated Statements of Financial Position) | ||||||||||||
Balance at Beginning of Period | $ | 262 | $ | 265 | $ | 182 | ||||||
Additions: | ||||||||||||
Charged to costs and expenses | 113 | 155 | 198 | |||||||||
Charged to other accounts(1) | 20 | 17 | 18 | |||||||||
Deductions(2) | (199 | ) | (175 | ) | (133 | ) | ||||||
Balance at End of Period | $ | 196 | $ | 262 | $ | 265 | ||||||
Year Ending December 31, | |||||||||||
2011 | 2010 | 2009 | |||||||||
(In millions) | |||||||||||
Allowance for Doubtful Accounts (shown as deduction from Accounts Receivable in the Consolidated Statements of Financial Position) | |||||||||||
Balance at Beginning of Period | $ | 196 | $ | 262 | $ | 265 | |||||
Additions: | |||||||||||
Charged to costs and expenses | 94 | 113 | 155 | ||||||||
Charged to other accounts (1) | 18 | 20 | 17 | ||||||||
Deductions (2) | (146 | ) | (199 | ) | (175 | ) | |||||
Balance at End of Period | $ | 162 | $ | 196 | $ | 262 |
(1) | Collection of accounts previously written |
(2) | Uncollectible accounts written off. |
DTE ENERGY COMPANY | ||
(Registrant) | ||
By | /s/ GERARD M. ANDERSON | |
Gerard M. Anderson Chairman of the Board, President and Chief Executive Officer |
By | /s/ GERARD M. ANDERSON | By | /s/ CHARLES G. MCCLURE | |||||
Gerard M. Anderson Chairman of the Board, President and Chief Executive Officer and Director | ||||||||
By | /s/ PETER B. OLEKSIAK | By | /s/ GAIL J. MCGOVERN | |||||
Peter B. Oleksiak Vice President, Controller and Chief Accounting Officer | Gail J. McGovern, Director | |||||||
By | /s/ LILLIAN BAUDER | By | �� | /s/ EUGENE A. MILLER | ||||
Lillian Bauder, Director | Eugene A. Miller, Director | |||||||
By | /s/ DAVID A. BRANDON | By | /s/ MARK A. MURRAY | |||||
David A. Brandon, Director | Mark A. Murray, Director | |||||||
By | /s/ | By | /s/ CHARLES W. PRYOR, JR. | |||||
Charles W. Pryor, Jr., Director | ||||||||
By | /s/ M. HENNESSEY | By | /s/ JOSUE ROBLES, JR. | |||||
Josue Robles, Jr., Director | ||||||||
By | /s/ JOHN E. LOBBIA | By | /s/ RUTH G. SHAW | |||||
Ruth G. Shaw, Director | ||||||||
By | /s/ DAVID E. MEADOR | By | /s/ JAMES H. VANDENBERGHE | |||||
David E. Meador Executive Vice President and Chief Financial Officer | James H. Vandenberghe, Director | |||||||
147