DTE Energy Company
Consolidated Statements of Financial Position (Unaudited)
|
| | | | | | | |
| | September 30, | | December 31, |
| | 2013 | | 2012 |
| | (In millions) |
| ASSETS | | | |
| Current Assets | | | |
| Cash and cash equivalents | $ | 71 |
| | $ | 65 |
|
| Restricted cash, principally Securitization | 64 |
| | 122 |
|
| Accounts receivable (less allowance for doubtful accounts of $67 and $62, respectively) | | | |
| Customer | 1,239 |
| | 1,336 |
|
| Other | 81 |
| | 126 |
|
| Inventories | | | |
| Fuel and gas | 467 |
| | 527 |
|
| Materials and supplies | 258 |
| | 234 |
|
| Deferred income taxes | — |
| | 21 |
|
| Derivative assets | 72 |
| | 108 |
|
| Regulatory assets | 49 |
| | 182 |
|
| Other | 248 |
| | 194 |
|
| | 2,549 |
| | 2,915 |
|
| Investments | | | |
| Nuclear decommissioning trust funds | 1,139 |
| | 1,037 |
|
| Other | 584 |
| | 554 |
|
| | 1,723 |
| | 1,591 |
|
| Property | | | |
| Property, plant and equipment | 24,795 |
| | 23,631 |
|
| Less accumulated depreciation, depletion and amortization | (9,284 | ) | | (8,947 | ) |
| | 15,511 |
| | 14,684 |
|
| Other Assets | | | |
| Goodwill | 2,018 |
| | 2,018 |
|
| Regulatory assets | 3,700 |
| | 4,235 |
|
| Securitized regulatory assets | 280 |
| | 413 |
|
| Intangible assets | 122 |
| | 135 |
|
| Notes receivable | 104 |
| | 112 |
|
| Derivative assets | 26 |
| | 39 |
|
| Other | 198 |
| | 197 |
|
| | 6,448 |
| | 7,149 |
|
| Total Assets | $ | 26,231 |
| | $ | 26,339 |
|
DTE Energy Company
Consolidated Statements of Financial Position (Unaudited) — (Continued)
|
| | | | | | | |
| | September 30, | | December 31, |
| | 2013 | | 2012 |
| | (In millions, except shares) |
| LIABILITIES AND EQUITY |
| Current Liabilities | | | |
| Accounts payable | $ | 866 |
| | $ | 848 |
|
| Accrued interest | 114 |
| | 93 |
|
| Dividends payable | 116 |
| | 107 |
|
| Short-term borrowings | 271 |
| | 240 |
|
| Current portion long-term debt, including capital leases | 896 |
| | 817 |
|
| Derivative liabilities | 58 |
| | 125 |
|
| Regulatory liabilities | 230 |
| | 89 |
|
| Other | 457 |
| | 449 |
|
| | 3,008 |
| | 2,768 |
|
| Long-Term Debt (net of current portion) | | | |
| Mortgage bonds, notes and other | 6,253 |
| | 6,220 |
|
| Securitization bonds | 105 |
| | 302 |
|
| Junior subordinated debentures | 480 |
| | 480 |
|
| Capital lease obligations | 8 |
| | 12 |
|
| | 6,846 |
| | 7,014 |
|
| Other Liabilities | |
| | |
|
| Deferred income taxes | 3,290 |
| | 3,191 |
|
| Regulatory liabilities | 907 |
| | 1,031 |
|
| Asset retirement obligations | 1,800 |
| | 1,719 |
|
| Unamortized investment tax credit | 49 |
| | 56 |
|
| Derivative liabilities | 21 |
| | 26 |
|
| Accrued pension liability | 1,254 |
| | 1,498 |
|
| Accrued postretirement liability | 684 |
| | 1,160 |
|
| Nuclear decommissioning | 172 |
| | 159 |
|
| Other | 290 |
| | 306 |
|
| | 8,467 |
| | 9,146 |
|
| Commitments and Contingencies | | | |
| Equity | | | |
| Common stock, without par value, 400,000,000 shares authorized, 176,797,248 and 172,351,680 shares issued and outstanding, respectively | 3,885 |
| | 3,587 |
|
| Retained earnings | 4,142 |
| | 3,944 |
|
| Accumulated other comprehensive loss | (151 | ) | | (158 | ) |
| Total DTE Energy Company Equity | 7,876 |
| | 7,373 |
|
| Noncontrolling interests | 34 |
| | 38 |
|
| Total Equity | 7,910 |
| | 7,411 |
|
| Total Liabilities and Equity | $ | 26,231 |
| | $ | 26,339 |
|
DTE Energy Company
Consolidated Statements of Cash Flows (Unaudited)
|
| | | | | | | |
| | Nine Months Ended September 30, |
| | 2013 | | 2012 |
| | (In millions) |
| Operating Activities | | | |
| Net income | $ | 542 |
| | $ | 535 |
|
| Adjustments to reconcile net income to net cash from operating activities: | | | |
| Depreciation, depletion and amortization | 811 |
| | 747 |
|
| Nuclear fuel amortization | 25 |
| | 25 |
|
| Allowance for equity funds used during construction | (10 | ) | | (10 | ) |
| Deferred income taxes | 162 |
| | 96 |
|
| Asset (gains) and losses, reserves and impairments, net | (5 | ) | | (7 | ) |
| Changes in assets and liabilities: | | | |
| Accounts receivable, net | 177 |
| | 237 |
|
| Inventories | 35 |
| | 5 |
|
| Accounts payable | (16 | ) | | (35 | ) |
| Derivative assets and liabilities | (23 | ) | | 38 |
|
| Accrued pension obligation | (44 | ) | | (3 | ) |
| Accrued postretirement obligation | (191 | ) | | (143 | ) |
| Regulatory assets and liabilities | 327 |
| | 286 |
|
| Other assets | (62 | ) | | (2 | ) |
| Other liabilities | (13 | ) | | (40 | ) |
| Net cash from operating activities | 1,715 |
| | 1,729 |
|
| Investing Activities | | | |
| Plant and equipment expenditures — utility | (1,101 | ) | | (1,008 | ) |
| Plant and equipment expenditures — non-utility | (270 | ) | | (214 | ) |
| Proceeds from sale of assets | 20 |
| | 20 |
|
| Restricted cash for debt redemption, principally Securitization | 58 |
| | 55 |
|
| Proceeds from sale of nuclear decommissioning trust fund assets | 40 |
| | 48 |
|
| Investment in nuclear decommissioning trust funds | (52 | ) | | (61 | ) |
| Other | (32 | ) | | (24 | ) |
| Net cash used for investing activities | (1,337 | ) | | (1,184 | ) |
| Financing Activities | | | |
| Issuance of long-term debt | 768 |
| | 495 |
|
| Redemption of long-term debt | (855 | ) | | (447 | ) |
| Short-term borrowings, net | 31 |
| | (321 | ) |
| Issuance of common stock | 29 |
| | 29 |
|
| Dividends on common stock | (329 | ) | | (300 | ) |
| Other | (16 | ) | | (10 | ) |
| Net cash used for financing activities | (372 | ) | | (554 | ) |
| Net Increase (Decrease) in Cash and Cash Equivalents | 6 |
| | (9 | ) |
| Cash and Cash Equivalents at Beginning of Period | 65 |
| | 68 |
|
| Cash and Cash Equivalents at End of Period | $ | 71 |
| | $ | 59 |
|
DTE Electric Company
Consolidated Statements of Operations (Unaudited)
|
| | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
| | 2013 | | 2012 | | 2013 | | 2012 |
| | (In millions) |
| Operating Revenues | $ | 1,457 |
| | $ | 1,542 |
| | $ | 3,941 |
| | $ | 4,029 |
|
| Operating Expenses | | | | | | | |
| Fuel and purchased power | 487 |
| | 543 |
| | 1,294 |
| | 1,348 |
|
| Operation and maintenance | 335 |
| | 337 |
| | 1,009 |
| | 1,026 |
|
| Depreciation and amortization | 233 |
| | 219 |
| | 666 |
| | 607 |
|
| Taxes other than income | 67 |
| | 65 |
| | 200 |
| | 193 |
|
| Asset (gains) losses and reserves, net | (3 | ) | | — |
| | (3 | ) | | (1 | ) |
| | 1,119 |
| | 1,164 |
| | 3,166 |
| | 3,173 |
|
| Operating Income | 338 |
| | 378 |
| | 775 |
| | 856 |
|
| Other (Income) and Deductions | | | | | | | |
| Interest expense | 68 |
| | 70 |
| | 202 |
| | 204 |
|
| Other income | (14 | ) | | (14 | ) | | (38 | ) | | (41 | ) |
| Other expenses | 7 |
| | 12 |
| | 19 |
| | 27 |
|
| | 61 |
| | 68 |
| | 183 |
| | 190 |
|
| Income Before Income Taxes | 277 |
| | 310 |
| | 592 |
| | 666 |
|
| Income Tax Expense | 97 |
| | 115 |
| | 206 |
| | 247 |
|
| Net Income | $ | 180 |
| | $ | 195 |
| | $ | 386 |
| | $ | 419 |
|
DTE Gas Company
Consolidated Statements of Operations (Unaudited)
|
| | | | | | | | | | | | | | | |
| | Three Months Ended September 30, | | Nine Months Ended September 30, |
| | 2013 | | 2012 | | 2013 | | 2012 |
| | (In millions) |
| Operating Revenues | $ | 158 |
| | $ | 157 |
| | $ | 995 |
| | $ | 867 |
|
| Operating Expenses | | | | | | | |
| Cost of gas | 27 |
| | 20 |
| | 397 |
| | 350 |
|
| Operation and maintenance | 104 |
| | 88 |
| | 312 |
| | 282 |
|
| Depreciation and amortization | 23 |
| | 23 |
| | 70 |
| | 69 |
|
| Taxes other than income | 12 |
| | 10 |
| | 43 |
| | 41 |
|
| | 166 |
| | 141 |
| | 822 |
| | 742 |
|
| Operating Income (Loss) | (8 | ) | | 16 |
| | 173 |
| | 125 |
|
| Other (Income) and Deductions | | | | | | | |
| Interest expense | 14 |
| | 14 |
| | 43 |
| | 43 |
|
| Interest income | (2 | ) | | (2 | ) | | (5 | ) | | (5 | ) |
| Other income | (2 | ) | | (2 | ) | | (6 | ) | | (7 | ) |
| Other expenses | 1 |
| | 1 |
| | 2 |
| | 3 |
|
| | 11 |
| | 11 |
| | 34 |
| | 34 |
|
| Income (Loss) Before Income Taxes | (19 | ) | | 5 |
| | 139 |
| | 91 |
|
| Income Tax Expense (Benefit) | (7 | ) | | 2 |
| | 49 |
| | 32 |
|
| Net Income (Loss) | $ | (12 | ) | | $ | 3 |
| | $ | 90 |
| | $ | 59 |
|
DTE Energy Debt/Equity Calculation
As of September 30, 2013
($ millions)
|
| | | |
| Short-term borrowings | $ | 271 |
|
| Current portion of long-term debt, including capital leases | 896 |
|
| Mortgage bonds, notes and other | 6,253 |
|
| Securitization bonds, excluding current portion | 105 |
|
| Capital lease obligations | 8 |
|
| Other adjustments | 99 |
|
| less Securitization bonds, including current portion | (302 | ) |
| 50% Junior Subordinated Debentures | 240 |
|
| Total debt | 7,570 |
|
| | |
| 50% Junior Subordinated Debentures | 240 |
|
| Common equity | 7,910 |
|
| Total adjusted equity | 8,150 |
|
| | |
| Total capitalization | $ | 15,720 |
|
| | |
| Debt | 48.2 | % |
| Adjusted equity | 51.8 | % |
| | |
| Total | 100 | % |
|
| | | | | | | | | | | | | | | | | | | | |
| Sales Analysis - Q3 2013 |
| | | |
| Electric Sales - DTE Electric Service Area (GWh) | | Electric Billings - DTE Electric Service Area (000s) |
| | | | | | | | | | | | | |
| | Q3 2013 | | Q3 2012 | | % Change | | | Q3 2013 | | Q3 2012 | | % Change |
| Residential | 4,401 |
| | 4,893 |
| | (10 | )% | | Residential | $ | 672,902 |
| | $ | 736,043 |
| | (9 | )% |
| Commercial | 4,504 |
| | 4,601 |
| | (2 | )% | | Commercial | 508,522 |
| | 515,457 |
| | (1 | )% |
| Industrial | 2,635 |
| | 2,707 |
| | (3 | )% | | Industrial | 203,606 |
| | 206,142 |
| | (1 | )% |
| Other | 233 |
| | 238 |
| | (2 | )% | | Other | 27,685 |
| | 26,907 |
| | 3 | % |
| | 11,773 |
| | 12,439 |
| | (5 | )% | | | $ | 1,412,715 |
| | $ | 1,484,549 |
| | (5 | )% |
| Choice | 1,393 |
| | 1,372 |
| | 2 | % | | Choice | 25,789 |
| | 23,684 |
| | 9 | % |
| TOTAL SALES | 13,166 |
| | 13,811 |
| | (5 | )% | | TOTAL REVENUES | $ | 1,438,504 |
| | $ | 1,508,233 |
| | (5 | )% |
|
| | | | | | | | | | | | | | | | | | | | |
| Gas Sales - DTE Gas Service Area (MMcf) | | Gas Billings - DTE Gas Service Area (000s) |
| | | | | | | | | | | | | |
| | Q3 2013 | | Q3 2012 | | % Change | | | Q3 2013 | | Q3 2012 | | % Change |
| Residential | 8,671 |
| | 5,943 |
| | 46 | % | | Residential | $ | 86,918 |
| | $ | 76,382 |
| | 14 | % |
| Commercial | 1,297 |
| | 1,250 |
| | 4 | % | | Commercial | 14,625 |
| | 14,532 |
| | 1 | % |
| Industrial | 113 |
| | 90 |
| | 26 | % | | Industrial | 817 |
| | 716 |
| | 14 | % |
| | 10,081 |
| | 7,283 |
| | 38 | % | | | $ | 102,360 |
| | $ | 91,630 |
| | 12 | % |
| End User Transportation* | 23,924 |
| | 32,991 |
| | (27 | )% | | End User Transportation* | 31,865 |
| | 33,733 |
| | (6 | )% |
| TOTAL SALES | 34,005 |
| | 40,274 |
| | (16 | )% | | TOTAL REVENUES | $ | 134,225 |
| | $ | 125,363 |
| | 7 | % |
| ________________ | | | | | | | ________________ | | | | | |
| * Includes choice customers | | | | | | | * Includes choice customers | | | | | |
|
| | | | | | | | | | | | | | | | | | |
| Weather |
| | | | | | | | | | | | | |
| Cooling Degree Days | | | | | | | Heating Degree Days | | | | | |
| DTE Electric service territory | | | | | | | DTE Gas service territory | | | | | |
| | Q3 2013 | | Q3 2012 | | % Change | | | Q3 2013 | | Q3 2012 | | % Change |
| Actuals | 583 |
| | 768 |
| | (24 | )% | | Actuals | 143 |
| | 144 |
| | (1 | )% |
| Normal | 580 |
| | 537 |
| |
|
| | Normal | 122 |
| | 125 |
| |
|
|
| Deviation from normal | 1 | % | | 43 | % | | | | Deviation from normal | 17 | % | | 15 | % | | |
|
| | | | | | | |
| Earnings Impact of Weather | | | |
| Variance from normal weather ($ millions, after-tax) | | | |
| | Q3 2013 | | Q3 2012 |
| DTE Electric | $ | — |
| | $ | 40 |
|
| DTE Gas | 1 |
| | 1 |
|
| | | | |
| |
|
| | | | | | | | | | | | | | | | | | | | |
| Sales Analysis - YTD September 30, 2013 |
| | | |
| Electric Sales - DTE Electric Service Area (GWh) | | Electric Billings - DTE Electric Service Area (000s) |
| | | | | | | | | | | | | |
| | YTD 2013 | | YTD 2012 | | % Change | | | YTD 2013 | | YTD 2012 | | % Change |
| Residential | 11,600 |
| | 12,180 |
| | (5 | )% | | Residential | $ | 1,784,071 |
| | $ | 1,823,316 |
| | (2 | )% |
| Commercial | 12,585 |
| | 12,734 |
| | (1 | )% | | Commercial | 1,427,270 |
| | 1,435,902 |
| | (1 | )% |
| Industrial | 7,746 |
| | 7,645 |
| | 1 | % | | Industrial | 600,844 |
| | 596,550 |
| | 1 | % |
| Other | 701 |
| | 717 |
| | (2 | )% | | Other | 81,019 |
| | 79,710 |
| | 2 | % |
| | 32,632 |
| | 33,276 |
| | (2 | )% | | | $ | 3,893,204 |
| | $ | 3,935,478 |
| | (1 | )% |
| Choice | 3,940 |
| | 3,938 |
| | — | % | | Choice | 73,031 |
| | 68,309 |
| | 7 | % |
| TOTAL SALES | 36,572 |
| | 37,214 |
| | (2 | )% | | TOTAL REVENUES | $ | 3,966,235 |
| | $ | 4,003,787 |
| | (1 | )% |
|
| | | | | | | | | | | | | | | | | | | | |
| Gas Sales - DTE Gas Service Area (MMcf) | | Gas Billings - DTE Gas Service Area (000s) |
| | | | | | | | | | | | | |
| | YTD 2013 | | YTD 2012 | | % Change | | | YTD 2013 | | YTD 2012 | | % Change |
| Residential | 68,420 |
| | 54,005 |
| | 27 | % | | Residential | $ | 594,449 |
| | $ | 516,496 |
| | 15 | % |
| Commercial | 14,980 |
| | 12,296 |
| | 22 | % | | Commercial | 127,767 |
| | 110,741 |
| | 15 | % |
| Industrial | 415 |
| | 719 |
| | (42 | )% | | Industrial | 3,092 |
| | 5,676 |
| | (46 | )% |
| | 83,815 |
| | 67,020 |
| | 25 | % | | | $ | 725,308 |
| | $ | 632,913 |
| | 15 | % |
| End User Transportation* | 111,531 |
| | 114,808 |
| | (3 | )% | | End User Transportation* | 161,663 |
| | 146,496 |
| | 10 | % |
| TOTAL SALES | 195,346 |
| | 181,828 |
| | 7 | % | | TOTAL REVENUES | $ | 886,971 |
| | $ | 779,409 |
| | 14 | % |
| ________________ | | | | | | | ________________ | | | | | |
| * Includes choice customers | | | | | | | * Includes choice customers | | | | | |
|
| | | | | | | | | | | | | | | | | | |
| Weather |
| | | | | | | | | | | | | |
| Cooling Degree Days | | | | | | | Heating Degree Days | | | | | |
| DTE Electric service territory | | | | | | | DTE Gas service territory | | | | | |
| | YTD 2013 | | YTD 2012 | | % Change | | | YTD 2013 | | YTD 2012 | | % Change |
| Actuals | 846 |
| | 1,114 |
| | (24 | )% | | Actuals | 4,189 |
| | 3,322 |
| | 26 | % |
| Normal | 795 |
| | 730 |
| |
|
| | Normal | 4,020 |
| | 4,131 |
| |
|
|
| Deviation from normal | 6 | % | | 53 | % | | | | Deviation from normal | 4 | % | | (20 | )% | | |
|
| | | | | | | |
| Earnings Impact of Weather | | | |
| Variance from normal weather ($ millions, after-tax) | | | |
| | YTD 2013 | | YTD 2012 |
| DTE Electric | $ | (1 | ) | | $ | 50 |
|
| DTE Gas | 8 |
| | (25 | ) |
| | | | |
| |
|
| | | | | | | | | | | | | | | | | | |
| DTE Electric Temperature Normal Sales Analysis - YTD September 30, 2013 |
| | | |
Temperature Normal Electric Sales - DTE Electric Service Area (GWh) | | Temperature Normal Electric Sales - DTE Electric Service Area (Includes Electric Choice) (GWh) |
| | | | | | | | | | | | | |
| | YTD 2013 | | YTD 2012 | | % Change | | | YTD 2013 | | YTD 2012 | | % Change |
| Residential | 11,666 |
| | 11,478 |
| | 2 | % | | Residential | 11,666 |
| | 11,479 |
| | 2 | % |
| Commercial | 12,610 |
| | 12,331 |
| | 2 | % | | Commercial | 14,945 |
| | 14,621 |
| | 2 | % |
| Industrial | 7,747 |
| | 7,603 |
| | 2 | % | | Industrial | 9,355 |
| | 9,163 |
| | 2 | % |
| Other | 702 |
| | 717 |
| | (2 | )% | | Other | 702 |
| | 717 |
| | (2 | )% |
| | 32,725 |
| | 32,129 |
| | 2 | % | | TOTAL SALES | 36,668 |
| | 35,980 |
| | 2 | % |
| Choice | 3,943 |
| | 3,851 |
| | 2 | % | | | | | | | |
| TOTAL SALES | 36,668 |
| | 35,980 |
| | 2 | % | | | | | | | |
