EXHIBIT 99.2
DTE Energy |
Q4 2011 |
Supplemental Financial Information |
Dte Energy Company
Consolidated Statements Of Financial Position
Consolidated Statements Of Financial Position
December 31 | December 31 | |||||||
(in Millions) | 2011 | 2010 | ||||||
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 | ||||
DTEEnergy Company
Consolidated Statements of Financial Position
Consolidated Statements of Financial Position
December 31 | December 31 | |||||||
(in Millions, Except Shares) | 2011 | 2010 | ||||||
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 | ||||||||
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 | ||||
DTEEnergy Company
Consolidated Statements of Cash Flows
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 | 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, net | 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 | ||||||
16
The Detroit Edison Company
Consolidated Statements of Operations
Consolidated Statements of Operations
Year Ended December 31 | ||||||||||||
2011 | 2010 | 2009 | ||||||||||
(in Millions) | ||||||||||||
Operating Revenues | $ | 5,152 | $ | 4,993 | $ | 4,714 | ||||||
Operating Expenses | ||||||||||||
Fuel and purchased power | 1,716 | 1,580 | 1,491 | |||||||||
Operation and maintenance | 1,369 | 1,305 | 1,277 | |||||||||
Depreciation and amortization | 813 | 849 | 844 | |||||||||
Taxes other than income | 240 | 237 | 205 | |||||||||
Asset (gains) losses and reserves, net | 12 | (6 | ) | (2 | ) | |||||||
4,150 | 3,965 | 3,815 | ||||||||||
Operating Income | 1,002 | 1,028 | 899 | |||||||||
Other (Income) and Deductions | ||||||||||||
Interest expense | 289 | 313 | 325 | |||||||||
Interest income | — | (1 | ) | (2 | ) | |||||||
Other income | (47 | ) | (39 | ) | (39 | ) | ||||||
Other expenses | 56 | 44 | 11 | |||||||||
298 | 317 | 295 | ||||||||||
Income Before Income Taxes | 704 | 711 | 604 | |||||||||
Income Tax Expense | 267 | 270 | 228 | |||||||||
Net Income | $ | 437 | $ | 441 | $ | 376 | ||||||
17
MICHIGAN CONSOLIDATED GAS COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS
CONSOLIDATED STATEMENTS OF OPERATIONS
Year Ended December 31 | ||||||||||||
2011 | 2010 | 2009 | ||||||||||
(in Millions) | ||||||||||||
Operating Revenues | $ | 1,483 | $ | 1,628 | $ | 1,765 | ||||||
Operating Expenses | ||||||||||||
Cost of gas | 729 | 855 | 1,037 | |||||||||
Operation and maintenance | 390 | 373 | 411 | |||||||||
Depreciation and amortization | 89 | 92 | 109 | |||||||||
Taxes other than income | 53 | 54 | 48 | |||||||||
Asset (gains), net | — | — | (30 | ) | ||||||||
1,261 | 1,374 | 1,575 | ||||||||||
Operating Income | 222 | 254 | 190 | |||||||||
Other (Income) and Deductions | ||||||||||||
Interest expense | 63 | 66 | 67 | |||||||||
Interest income | (7 | ) | (9 | ) | (8 | ) | ||||||
Other income | (7 | ) | (6 | ) | (8 | ) | ||||||
Other expenses | 5 | 5 | 6 | |||||||||
54 | 56 | 57 | ||||||||||
Income Before Income Taxes | 168 | 198 | 133 | |||||||||
Income Tax Expense | 59 | 68 | 40 | |||||||||
Net Income | $ | 109 | $ | 130 | $ | 93 | ||||||
18
DTE Energy Debt/Equity Calculation
As of December 31, 2011
(Millions)
As of December 31, 2011
(Millions)
Short-term borrowings | $ | 419 | ||
Current portion of long-term debt, including capital leases | 526 | |||
Mortgage bonds, notes and other | 6,405 | |||
Securitization bonds, excluding current portion | 479 | |||
Capital lease obligations | 23 | |||
Other adjustments | 93 | |||
less Securitization bonds, including current portion | (643 | ) | ||
50% Junior Subordinated Debentures | 140 | |||
Total debt | 7,442 | |||
50% Junior Subordinated Debentures | 140 | |||
Total preferred/ other | 140 | |||
Equity | 7,009 | |||
Total capitalization | $ | 14,591 | ||
Debt | 51 | % | ||
Junior Subordinated Debentures | 1 | % | ||
Common shareholders’ equity | 48 | % | ||
Total | 100 | % | ||
Sales Analysis — Q4 2011
Electric Sales — Detroit Edison Service Area (GWh)
Q4 2011 | Q4 2010 | % Change | ||||||||||
Residential | 3,549 | 3,425 | 4 | % | ||||||||
Commercial | 4,029 | 3,910 | 3 | % | ||||||||
Industrial | 2,386 | 2,757 | -13 | % | ||||||||
Other | 793 | 812 | -2 | % | ||||||||
10,757 | 10,904 | -1 | % | |||||||||
Choice | 1,341 | 1,330 | 1 | % | ||||||||
TOTAL SALES | 12,098 | 12,234 | -1 | % | ||||||||
Electric Revenue — Detroit Edison Service Area ($000s)
Q4 2011 | Q4 2010 | % Change | |||||||||||||
Residential | 503,087 | 459,698 | 9 | % | |||||||||||
Commercial | 420,851 | 389,259 | 8 | % | |||||||||||
Industrial | 171,790 | 188,414 | -9 | % | |||||||||||
Other | 51,516 | 52,952 | -3 | % | |||||||||||
1,147,244 | 1,090,323 | 5 | % | ||||||||||||
Choice | 23,811 | 27,654 | -14 | % | |||||||||||
TOTAL REVENUES | 1,171,055 | 1,117,977 | 5 | % | |||||||||||
Gas Sales — MichCon Service Area (MMcf)
Q4 2011 | Q4 2010 | % Change | ||||||||||
Residential | 27,022 | 31,083 | -13 | % | ||||||||
Commercial | 5,999 | 7,243 | -17 | % | ||||||||
Industrial | 198 | 230 | -14 | % | ||||||||
33,219 | 38,556 | -14 | % | |||||||||
End User Transportation* | 36,446 | 39,492 | -8 | % | ||||||||
TOTAL SALES | 69,665 | 78,048 | -11 | % | ||||||||
* | Includes choice customers |
Gas Revenue — MichCon Service Area ($000s)
Q4 2011 | Q4 2010 | %Change | ||||||||||
Residential | 241,667 | 299,182 | -19 | % | ||||||||
Commercial | 51,817 | 67,998 | -24 | % | ||||||||
Industrial | 1,548 | 1,935 | -20 | % | ||||||||
295,033 | 369,115 | -20 | % | |||||||||
End User Transportation* | 52,343 | 54,075 | -3 | % | ||||||||
TOTAL REVENUES | 347,375 | 423,191 | -18 | % | ||||||||
* | Includes choice customers |
Weather
Cooling Degree Days
Detroit Edison service territory
Q4 2011 | Q4 2010 | % Change | ||||||||||
Actuals | 5 | 5 | 0 | % | ||||||||
Normal | 6 | 6 | ||||||||||
Deviation from normal | -17 | % | -17 | % |
Heating Degree Days
MichCon service territory
Q4 2011 | Q4 2010 | % Change | ||||||||
Actuals | 1,905 | 2,249 | -15% | |||||||
Normal | 2,255 | 2,206 | ||||||||
Deviation from normal | -16 | % | 2 | % |
Earnings Impact of Weather
Variance from normal weather ($millions, after-tax)
Q4 2011 | Q4 2010 | |||||||
MichCon | (12 | ) | — | Warmer weather decreased MichCon’s earnings by ($12M) Q4 2011. |
Sales Analysis — YTD December 31, 2011
Electric Sales — Detroit Edison Service Area (GWh)
YTD 2011 | YTD 2010 | % Change | ||||||||||
Residential | 15,907 | 15,726 | 1 | % | ||||||||
Commercial | 16,779 | 16,570 | 1 | % | ||||||||
Industrial | 9,739 | 10,195 | -4 | % | ||||||||
Other | 3,136 | 3,210 | -2 | % | ||||||||
45,561 | 45,701 | 0 | % | |||||||||
Choice | 5,445 | 5,005 | 9 | % | ||||||||
TOTAL SALES | 51,006 | 50,706 | 1 | % | ||||||||
Electric Revenue — Detroit Edison Service Area ($000s)
YTD 2011 | YTD 2010 | % Change | ||||||||||
Residential | 2,182,292 | 2,052,608 | 6 | % | ||||||||
Commercial | 1,704,282 | 1,628,757 | 5 | % | ||||||||
Industrial | 692,424 | 687,960 | 1 | % | ||||||||
Other | 199,715 | 193,014 | 3 | % | ||||||||
4,778,713 | 4,562,339 | 5 | % | |||||||||
Choice | 101,482 | 106,553 | -5 | % | ||||||||
TOTAL REVENUES | 4,880,195 | 4,668,892 | 5 | % | ||||||||
Gas Sales — MichCon Service Area (MMcf)
YTD 2011 | YTD 2010 | % Change | ||||||||||
Residential | 95,935 | 91,543 | 5 | % | ||||||||
Commercial | 23,203 | 23,490 | -1 | % | ||||||||
Industrial | 812 | 678 | 20 | % | ||||||||
119,950 | 115,711 | 4 | % | |||||||||
End User Transportation* | 141,233 | 139,605 | 1 | % | ||||||||
TOTAL SALES | 261,183 | 255,316 | 2 | % | ||||||||
* | Includes choice customers |
Gas Revenue — MichCon Service Area ($000s)
YTD 2011 | YTD 2010 | % Change | ||||||||||
Residential | 919,359 | 992,342 | -7 | % | ||||||||
Commercial | 214,079 | 249,125 | -14 | % | ||||||||
Industrial | 6,653 | 6,412 | 4 | % | ||||||||
1,140,090 | 1,247,879 | -9 | % | |||||||||
End User Transportation* | 207,090 | 196,685 | 5 | % | ||||||||
TOTAL REVENUES | 1,347,181 | 1,444,564 | -7 | % | ||||||||
* | Includes choice customers |
Weather
Cooling Degree Days
Detroit Edison service territory
YTD 2011 | YTD 2010 | % Change | ||||||||
Actuals | 1,039 | 1,071 | -3% | |||||||
Normal | 736 | 736 | ||||||||
Deviation from normal | 41 | % | 46 | % |
Heating Degree Days
MichCon service territory
YTD 2011 | YTD 2010 | % Change | ||||||||||
Actuals | 6,321 | 6,021 | 5 | % | ||||||||
Normal | 6,399 | 6,403 | ||||||||||
Deviation from normal | -1 | % | -6 | % |
Earnings Impact of Weather
Variance from normal weather ($millions, after-tax)
YTD 2011 | YTD 2010 | |||||||||
MichCon | (1 | ) | (11 | ) | Warmer weather decreased MichCon’s earnings by ($1M) in 2011. |
Detroit Edison Temperature Normal Sales Analysis -
December 31, 2011
December 31, 2011
Temperature Normal Electric Sales — Detroit Edison
Service Area (GWh)
Service Area (GWh)
Q4 2011 | Q4 2010 | % Change | ||||||||||
Residential | 3,729 | 3,449 | 8 | % | ||||||||
Commercial | 4,030 | 3,911 | 3 | % | ||||||||
Industrial | 2,386 | 2,757 | -13 | % | ||||||||
Other | 793 | 812 | -2 | % | ||||||||
10,938 | 10,929 | 0 | % | |||||||||
Choice | 1,341 | 1,330 | 1 | % | ||||||||
TOTAL SALES | 12,280 | 12,259 | 0 | % | ||||||||
Temperature Normal Electric Sales — Detroit Edison
Service Area (GWh)
Service Area (GWh)
YTD 2011 | YTD 2010 | % Change | ||||||||||
Residential | 15,213 | 14,979 | 2 | % | ||||||||
Commercial | 16,461 | 16,293 | 1 | % | ||||||||
Industrial | 9,706 | 10,165 | -5 | % | ||||||||
Other | 3,136 | 3,210 | -2 | % | ||||||||
44,516 | 44,647 | 0 | % | |||||||||
Choice | 5,378 | 4,944 | 9 | % | ||||||||
TOTAL SALES | 49,894 | 49,591 | 1 | % | ||||||||
Temperature Normal Electric Sales — Detroit Edison
Service Area (Includes Electric Choice)(GWh)
Service Area (Includes Electric Choice)(GWh)
Q4 2011 | Q4 2010 | % Change | ||||||||||
Residential | 3,729 | 3,449 | 8 | % | ||||||||
Commercial | 4,884 | 4,726 | 3 | % | ||||||||
Industrial | 2,874 | 3,272 | -12 | % | ||||||||
Other | 793 | 812 | -2 | % | ||||||||
TOTAL SALES | 12,280 | 12,259 | 0 | % | ||||||||
Temperature Normal Electric Sales — Detroit Edison
Service Area (Includes Electric Choice) (GWh)
Service Area (Includes Electric Choice) (GWh)
YTD 2011 | YTD 2010 | % Change | ||||||||||
Residential | 15,213 | 14,980 | 2 | % | ||||||||
Commercial | 19,799 | 19,469 | 2 | % | ||||||||
Industrial | 11,745 | 11,933 | -2 | % | ||||||||
Other | 3,136 | 3,210 | -2 | % | ||||||||
TOTAL SALES | 49,894 | 49,591 | 1 | % | ||||||||