DTE Energy Company
Consolidated Statements of Financial Position
|
| | | | | | | |
| | December 31, |
| | 2013 | | 2012 |
| | (In millions) |
| ASSETS | | | |
| Current Assets | | | |
| Cash and cash equivalents | $ | 52 |
| | $ | 65 |
|
| Restricted cash, principally Securitization | 123 |
| | 122 |
|
| Accounts receivable (less allowance for doubtful accounts of $55 and $62, respectively) | | | |
| Customer | 1,542 |
| | 1,336 |
|
| Other | 127 |
| | 126 |
|
| Inventories | | | |
| Fuel and gas | 363 |
| | 527 |
|
| Materials and supplies | 265 |
| | 234 |
|
| Derivative assets | 99 |
| | 108 |
|
| Regulatory assets | 26 |
| | 182 |
|
| Other | 209 |
| | 215 |
|
| | 2,806 |
| | 2,915 |
|
| Investments | | | |
| Nuclear decommissioning trust funds | 1,191 |
| | 1,037 |
|
| Other | 603 |
| | 554 |
|
| | 1,794 |
| | 1,591 |
|
| Property | | | |
| Property, plant and equipment | 25,123 |
| | 23,631 |
|
| Less accumulated depreciation, depletion and amortization | (9,323 | ) | | (8,947 | ) |
| | 15,800 |
| | 14,684 |
|
| Other Assets | | | |
| Goodwill | 2,018 |
| | 2,018 |
|
| Regulatory assets | 2,837 |
| | 4,235 |
|
| Securitized regulatory assets | 231 |
| | 413 |
|
| Intangible assets | 122 |
| | 135 |
|
| Notes receivable | 102 |
| | 112 |
|
| Derivative assets | 27 |
| | 39 |
|
| Other | 198 |
| | 197 |
|
| | 5,535 |
| | 7,149 |
|
| Total Assets | $ | 25,935 |
| | $ | 26,339 |
|
DTE Energy Company
Consolidated Statements of Financial Position — (Continued)
|
| | | | | | | |
| | December 31, |
| | 2013 | | 2012 |
| | (In millions, except shares) |
| LIABILITIES AND EQUITY |
| Current Liabilities | | | |
| Accounts payable | $ | 962 |
| | $ | 848 |
|
| Accrued interest | 90 |
| | 93 |
|
| Dividends payable | 116 |
| | 107 |
|
| Short-term borrowings | 131 |
| | 240 |
|
| Current portion long-term debt, including capital leases | 898 |
| | 817 |
|
| Derivative liabilities | 195 |
| | 125 |
|
| Regulatory liabilities | 302 |
| | 89 |
|
| Other | 495 |
| | 449 |
|
| | 3,189 |
| | 2,768 |
|
| Long-Term Debt (net of current portion) | | | |
| Mortgage bonds, notes and other | 6,618 |
| | 6,220 |
|
| Securitization bonds | 105 |
| | 302 |
|
| Junior subordinated debentures | 480 |
| | 480 |
|
| Capital lease obligations | 11 |
| | 12 |
|
| | 7,214 |
| | 7,014 |
|
| Other Liabilities | |
| | |
|
| Deferred income taxes | 3,321 |
| | 3,191 |
|
| Regulatory liabilities | 862 |
| | 1,031 |
|
| Asset retirement obligations | 1,827 |
| | 1,719 |
|
| Unamortized investment tax credit | 47 |
| | 56 |
|
| Derivative liabilities | 43 |
| | 26 |
|
| Accrued pension liability | 653 |
| | 1,498 |
|
| Accrued postretirement liability | 350 |
| | 1,160 |
|
| Nuclear decommissioning | 178 |
| | 159 |
|
| Other | 297 |
| | 306 |
|
| | 7,578 |
| | 9,146 |
|
| Commitments and Contingencies | | | |
| Equity | | | |
| Common stock, without par value, 400,000,000 shares authorized, 177,087,230 and 172,351,680 shares issued and outstanding, respectively | 3,907 |
| | 3,587 |
|
| Retained earnings | 4,150 |
| | 3,944 |
|
| Accumulated other comprehensive loss | (136 | ) | | (158 | ) |
| Total DTE Energy Company Equity | 7,921 |
| | 7,373 |
|
| Noncontrolling interests | 33 |
| | 38 |
|
| Total Equity | 7,954 |
| | 7,411 |
|
| Total Liabilities and Equity | $ | 25,935 |
| | $ | 26,339 |
|
DTE Energy Company
Consolidated Statements of Cash Flows
|
| | | | | | | | | | | |
| | Year Ended December 31, |
| | 2013 | | 2012 | | 2011 |
| | (In millions) |
| Operating Activities | | | | | |
| Net income | $ | 668 |
| | $ | 618 |
| | $ | 720 |
|
| Adjustments to reconcile net income to net cash from operating activities: | | | | | |
| Depreciation, depletion and amortization | 1,094 |
| | 1,018 |
| | 995 |
|
| Nuclear fuel amortization | 38 |
| | 29 |
| | 46 |
|
| Allowance for equity funds used during construction | (15 | ) | | (13 | ) | | (6 | ) |
| Deferred income taxes | 164 |
| | 47 |
| | 220 |
|
| Loss on sale of non-utility business | — |
| | 83 |
| | — |
|
| Asset (gains) and losses, reserves and impairments, net | (8 | ) | | 1 |
| | (21 | ) |
| Changes in assets and liabilities: | | | | | |
| Accounts receivable, net | (154 | ) | | 52 |
| | 71 |
|
| Inventories | 123 |
| | 35 |
| | (129 | ) |
| Accounts payable | 14 |
| | 40 |
| | (23 | ) |
| Derivative assets and liabilities | 107 |
| | 53 |
| | (94 | ) |
| Accrued pension obligation | (644 | ) | | 280 |
| | 432 |
|
| Accrued postretirement obligation | (526 | ) | | (323 | ) | | 209 |
|
| Regulatory assets and liabilities | 1,269 |
| | 278 |
| | (662 | ) |
| Other assets | (24 | ) | | 55 |
| | 44 |
|
| Other liabilities | 48 |
| | (44 | ) | | 206 |
|
| Net cash from operating activities | 2,154 |
| | 2,209 |
| | 2,008 |
|
| Investing Activities | | | | | |
| Plant and equipment expenditures — utility | (1,534 | ) | | (1,451 | ) | | (1,382 | ) |
| Plant and equipment expenditures — non-utility | (342 | ) | | (369 | ) | | (102 | ) |
| Proceeds from sale of non-utility business | — |
| | 255 |
| | — |
|
| Proceeds from sale of assets | 36 |
| | 38 |
| | 18 |
|
| Restricted cash for debt redemption, principally Securitization | (1 | ) | | 2 |
| | (5 | ) |
| Acquisition, net of cash acquired | — |
| | (198 | ) | | — |
|
| Proceeds from sale of nuclear decommissioning trust fund assets | 1,118 |
| | 759 |
| | 833 |
|
| Investment in nuclear decommissioning trust funds | (1,134 | ) | | (764 | ) | | (850 | ) |
| Other | (49 | ) | | (41 | ) | | (72 | ) |
| Net cash used for investing activities | (1,906 | ) | | (1,769 | ) | | (1,560 | ) |
| Financing Activities | | | | | |
| Issuance of long-term debt, net of issuance costs | 1,234 |
| | 759 |
| | 1,179 |
|
| Redemption of long-term debt | (961 | ) | | (639 | ) | | (1,455 | ) |
| Short-term borrowings, net | (109 | ) | | (179 | ) | | 269 |
|
| Issuance of common stock | 39 |
| | 39 |
| | — |
|
| Repurchase of common stock | — |
| | — |
| | (18 | ) |
| Dividends on common stock | (445 | ) | | (407 | ) | | (389 | ) |
| Other | (19 | ) | | (16 | ) | | (31 | ) |
| Net cash used for financing activities | (261 | ) | | (443 | ) | | (445 | ) |
| Net Increase (Decrease) in Cash and Cash Equivalents | (13 | ) | | (3 | ) | | 3 |
|
| Cash and Cash Equivalents at Beginning of Period | 65 |
| | 68 |
| | 65 |
|
| Cash and Cash Equivalents at End of Period | $ | 52 |
| | $ | 65 |
| | $ | 68 |
|
DTE Electric Company
Consolidated Statements of Operations
|
| | | | | | | | | | | |
| | Year Ended December 31, |
| | 2013 | | 2012 | | 2011 |
| | (In millions) |
| Operating Revenues | $ | 5,197 |
| | $ | 5,291 |
| | $ | 5,152 |
|
| Operating Expenses | | | | | |
| Fuel and purchased power | 1,668 |
| | 1,758 |
| | 1,716 |
|
| Operation and maintenance | 1,376 |
| | 1,429 |
| | 1,369 |
|
| Depreciation and amortization | 896 |
| | 822 |
| | 813 |
|
| Taxes other than income | 260 |
| | 256 |
| | 240 |
|
| Asset (gains) losses and reserves, net | (3 | ) | | (2 | ) | | 12 |
|
| | 4,197 |
| | 4,263 |
| | 4,150 |
|
| Operating Income | 1,000 |
| | 1,028 |
| | 1,002 |
|
| Other (Income) and Deductions | | | | | |
| Interest expense | 268 |
| | 272 |
| | 289 |
|
| Interest income | — |
| | (1 | ) | | — |
|
| Other income | (54 | ) | | (53 | ) | | (47 | ) |
| Other expenses | 45 |
| | 42 |
| | 56 |
|
| | 259 |
| | 260 |
| | 298 |
|
| Income Before Income Taxes | 741 |
| | 768 |
| | 704 |
|
| Income Tax Expense | 254 |
| | 282 |
| | 267 |
|
| Net Income | $ | 487 |
| | $ | 486 |
| | $ | 437 |
|
DTE Gas Company
Consolidated Statements of Operations
|
| | | | | | | | | | | |
| | Year Ended December 31, |
| | 2013 | | 2012 | | 2011 |
| | (In millions) |
| Operating Revenues | $ | 1,448 |
| | $ | 1,293 |
| | $ | 1,483 |
|
| Operating Expenses | | | | | |
| Cost of gas | 607 |
| | 536 |
| | 729 |
|
| Operation and maintenance | 423 |
| | 380 |
| | 390 |
|
| Depreciation and amortization | 95 |
| | 92 |
| | 89 |
|
| Taxes other than income | 56 |
| | 53 |
| | 53 |
|
| | 1,181 |
| | 1,061 |
| | 1,261 |
|
| Operating Income | 267 |
| | 232 |
| | 222 |
|
| Other (Income) and Deductions | | | | | |
| Interest expense | 58 |
| | 59 |
| | 63 |
|
| Interest income | (7 | ) | | (7 | ) | | (7 | ) |
| Other income | (9 | ) | | (9 | ) | | (7 | ) |
| Other expenses | 7 |
| | 25 |
| | 5 |
|
| | 49 |
| | 68 |
| | 54 |
|
| Income Before Income Taxes | 218 |
| | 164 |
| | 168 |
|
| Income Tax Expense | 77 |
| | 50 |
| | 59 |
|
| Net Income | $ | 141 |
| | $ | 114 |
| | $ | 109 |
|
DTE Energy Debt/Equity Calculation
As of December 31, 2013
($ millions)
|
| | | |
| Short-term borrowings | $ | 131 |
|
| Current portion of long-term debt, including capital leases | 898 |
|
| Mortgage bonds, notes and other | 6,618 |
|
| Securitization bonds, excluding current portion | 105 |
|
| Capital lease obligations | 11 |
|
| Other adjustments | 192 |
|
| less Securitization bonds, including current portion | (302 | ) |
| 50% Junior Subordinated Debentures | 240 |
|
| Total debt | 7,893 |
|
| | |
| 50% Junior Subordinated Debentures | 240 |
|
| Common equity | 7,954 |
|
| Total adjusted equity | 8,194 |
|
| | |
| Total capitalization | $ | 16,087 |
|
| | |
| Debt | 49.1 | % |
| Adjusted equity | 50.9 | % |
| | |
| Total | 100 | % |
|
| | | | | | | | | | | | | | | | | | | | |
| Sales Analysis - Q4 2013 |
| | | |
| Electric Sales - DTE Electric Service Area (GWh) | | Electric Billings - DTE Electric Service Area (000s) |
| | | | | | | | | | | | | |
| | Q4 2013 | | Q4 2012 | | % Change | | | Q4 2013 | | Q4 2012 | | % Change |
| Residential | 3,673 |
| | 3,486 |
| | 5 | % | | Residential | $ | 566,727 |
| | $ | 530,776 |
| | 7 | % |
| Commercial | 4,076 |
| | 4,099 |
| | (1 | )% | | Commercial | 455,874 |
| | 461,966 |
| | (1 | )% |
| Industrial | 2,557 |
| | 2,344 |
| | 9 | % | | Industrial | 197,806 |
| | 187,118 |
| | 6 | % |
| Other | 241 |
| | 241 |
| | — | % | | Other | 26,552 |
| | 26,153 |
| | 2 | % |
| | 10,547 |
| | 10,170 |
| | 4 | % | | | $ | 1,246,959 |
| | $ | 1,206,013 |
| | 3 | % |
| Choice | 1,260 |
| | 1,258 |
| | — | % | | Choice | 23,704 |
| | 23,829 |
| | (1 | )% |
| TOTAL SALES | 11,807 |
| | 11,428 |
| | 3 | % | | TOTAL REVENUES | $ | 1,270,663 |
| | $ | 1,229,842 |
| | 3 | % |
|
| | | | | | | | | | | | | | | | | | | | |
| Gas Sales - DTE Gas Service Area (MMcf) | | Gas Billings - DTE Gas Service Area (000s) |
| | | | | | | | | | | | | |
| | Q4 2013 | | Q4 2012 | | % Change | | | Q4 2013 | | Q4 2012 | | % Change |
| Residential | 33,756 |
| | 28,985 |
| | 16 | % | | Residential | $ | 273,728 |
| | $ | 252,950 |
| | 8 | % |
| Commercial | 7,441 |
| | 6,188 |
| | 20 | % | | Commercial | 58,572 |
| | 52,771 |
| | 11 | % |
| Industrial | 160 |
| | 166 |
| | (4 | )% | | Industrial | 1,163 |
| | 1,290 |
| | (10 | )% |
| | 41,357 |
| | 35,339 |
| | 17 | % | | | $ | 333,463 |
| | $ | 307,011 |
| | 9 | % |
| End User Transportation* | 45,791 |
| | 41,829 |
| | 9 | % | | End User Transportation* | 62,006 |
| | 60,805 |
| | 2 | % |
| TOTAL SALES | 87,148 |
| | 77,168 |
| | 13 | % | | TOTAL REVENUES | $ | 395,469 |
| | $ | 367,816 |
| | 8 | % |
| ________________ | | | | | | | ________________ | | | | | |
| * Includes choice customers | | | | | | | * Includes choice customers | | | | | |
|
| | | | | | | | | | | | | | | | | | |
| Weather |
| | | | | | | | | | | | | |
| Cooling Degree Days | | | | | | | Heating Degree Days | | | | | |
| DTE Electric service territory | | | | | | | DTE Gas service territory | | | | | |
| | Q4 2013 | | Q4 2012 | | % Change | | | Q4 2013 | | Q4 2012 | | % Change |
| Actuals | — |
| | — |
| | — | % | | Actuals | 2,427 |
| | 2,088 |
| | 16 | % |
| Normal | — |
| | — |
| |
|
| | Normal | 2,187 |
| | 2,208 |
| |
|
|
| Deviation from normal | — | % | | — | % | | | | Deviation from normal | 11 | % | | (5 | )% | | |
|
| | | | | | | |
| Earnings Impact of Weather | | | |
| Variance from normal weather ($ millions, after-tax) | | | |
| | Q4 2013 | | Q4 2012 |
| DTE Electric | $ | 5 |
| | $ | (5 | ) |
| DTE Gas | 11 |
| | (3 | ) |
| | | | |
| |
|
| | | | | | | | | | | | | | | | | | | | |
| Sales Analysis - YTD December 31, 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 | 15,273 |
| | 15,666 |
| | (3 | )% | | Residential | $ | 2,350,798 |
| | $ | 2,354,092 |
| | — | % |
| Commercial | 16,661 |
| | 16,832 |
| | (1 | )% | | Commercial | 1,883,144 |
| | 1,897,868 |
| | (1 | )% |
| Industrial | 10,303 |
| | 9,989 |
| | 3 | % | | Industrial | 798,650 |
| | 783,668 |
| | 2 | % |
| Other | 942 |
| | 958 |
| | (2 | )% | | Other | 107,571 |
| | 105,863 |
| | 2 | % |
| | 43,179 |
| | 43,445 |
| | (1 | )% | | | $ | 5,140,163 |
| | $ | 5,141,491 |
| | — | % |
| Choice | 5,200 |
| | 5,197 |
| | — | % | | Choice | 96,735 |
| | 92,138 |
| | 5 | % |
| TOTAL SALES | 48,379 |
| | 48,642 |
| | (1 | )% | | TOTAL REVENUES | $ | 5,236,898 |
| | $ | 5,233,629 |
| | — | % |
|
| | | | | | | | | | | | | | | | | | | | |
| 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 | 102,176 |
| | 82,990 |
| | 23 | % | | Residential | $ | 868,176 |
| | $ | 769,446 |
| | 13 | % |
| Commercial | 22,421 |
| | 18,484 |
| | 21 | % | | Commercial | 186,338 |
| | 163,512 |
| | 14 | % |
| Industrial | 575 |
| | 885 |
| | (35 | )% | | Industrial | 4,254 |
| | 6,966 |
| | (39 | )% |
| | 125,172 |
| | 102,359 |
| | 22 | % | | | $ | 1,058,768 |
| | $ | 939,924 |
| | 13 | % |
| End User Transportation* | 157,322 |
| | 156,637 |
| | — | % | | End User Transportation* | 223,668 |
| | 207,301 |
| | 8 | % |
| TOTAL SALES | 282,494 |
| | 258,996 |
| | 9 | % | | TOTAL REVENUES | $ | 1,282,436 |
| | $ | 1,147,225 |
| | 12 | % |
| ________________ | | | | | | | ________________ | | | | | |
| * 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 | 865 |
| | 1,123 |
| | (23 | )% | | Actuals | 6,616 |
| | 5,410 |
| | 22 | % |
| Normal | 803 |
| | 736 |
| |
|
| | Normal | 6,207 |
| | 6,339 |
| |
|
|
| Deviation from normal | 8 | % | | 53 | % | | | | Deviation from normal | 7 | % | | (15 | )% | | |
|
| | | | | | | |
| Earnings Impact of Weather | | | |
| Variance from normal weather ($ millions, after-tax) | | | |
| | YTD 2013 | | YTD 2012 |
| DTE Electric | $ | 4 |
| | $ | 45 |
|
| DTE Gas | 19 |
| | (28 | ) |
| | | | |
| |
|
| | | | | | | | | | | | | | | | | | |
| DTE Electric Temperature Normal Sales Analysis - YTD December 31, 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 | 15,248 |
| | 15,061 |
| | 1 | % | | Residential | 15,249 |
| | 15,062 |
| | 1 | % |
| Commercial | 16,682 |
| | 16,428 |
| | 2 | % | | Commercial | 19,800 |
| | 19,573 |
| | 1 | % |
| Industrial | 10,305 |
| | 9,946 |
| | 4 | % | | Industrial | 12,388 |
| | 11,909 |
| | 4 | % |
| Other | 942 |
| | 958 |
| | (2 | )% | | Other | 942 |
| | 958 |
| | (2 | )% |
| | 43,177 |
| | 42,393 |
| | 2 | % | | TOTAL SALES | 48,379 |
| | 47,502 |
| | 2 | % |
| Choice | 5,202 |
| | 5,109 |
| | 2 | % | | | | | | | |
| TOTAL SALES | 48,379 |
| | 47,502 |
| | 2 | % | | | | | | | |
