Exhibit 99.2
Q1 2010 Supplemental Financial Information |
DTE Energy Company
Consolidated Statements of Financial Position (Unaudited)
Consolidated Statements of Financial Position (Unaudited)
March 31 | December 31 | |||||||
(in Millions) | 2010 | 2009 | ||||||
ASSETS | ||||||||
Current Assets | ||||||||
Cash and cash equivalents | $ | 193 | $ | 52 | ||||
Restricted cash | 39 | 84 | ||||||
Accounts receivable (less allowance for doubtful accounts of $263 and $262, respectively) | ||||||||
Customer | 1,403 | 1,438 | ||||||
Other | 60 | 217 | ||||||
Inventories | ||||||||
Fuel and gas | 233 | 309 | ||||||
Materials and supplies | 210 | 200 | ||||||
Deferred income taxes | 163 | 167 | ||||||
Derivative assets | 265 | 209 | ||||||
Other | 167 | 201 | ||||||
2,733 | 2,877 | |||||||
Investments | ||||||||
Nuclear decommissioning trust funds | 859 | 817 | ||||||
Other | 477 | 598 | ||||||
1,336 | 1,415 | |||||||
Property | ||||||||
Property, plant and equipment | 20,924 | 20,588 | ||||||
Less accumulated depreciation, depletion and amortization | (8,270 | ) | (8,157 | ) | ||||
12,654 | 12,431 | |||||||
Other Assets | ||||||||
Goodwill | 2,024 | 2,024 | ||||||
Regulatory assets | 4,099 | 4,110 | ||||||
Securitized regulatory assets | 835 | 870 | ||||||
Intangible assets | 54 | 54 | ||||||
Notes receivable | 130 | 113 | ||||||
Derivative assets | 150 | 116 | ||||||
Other | 188 | 185 | ||||||
7,480 | 7,472 | |||||||
Total Assets | $ | 24,203 | $ | 24,195 | ||||
DTE Energy Company
Consolidated Statements of Financial Position (Unaudited)
Consolidated Statements of Financial Position (Unaudited)
March 31 | December 31 | |||||||
(in Millions, Except Shares) | 2010 | 2009 | ||||||
LIABILITIES AND EQUITY | ||||||||
Current Liabilities | ||||||||
Accounts payable | $ | 637 | $ | 723 | ||||
Accrued interest | 148 | 114 | ||||||
Dividends payable | 88 | 88 | ||||||
Short-term borrowings | — | 327 | ||||||
Gas inventory equalization | 190 | — | ||||||
Current portion long-term debt, including capital leases | 677 | 671 | ||||||
Derivative liabilities | 239 | 220 | ||||||
Other | 503 | 502 | ||||||
2,482 | 2,645 | |||||||
Long-Term Debt (net of current portion) | ||||||||
Mortgage bonds, notes and other | 6,242 | 6,237 | ||||||
Securitization bonds | 717 | 793 | ||||||
Trust preferred-linked securities | 289 | 289 | ||||||
Capital lease obligations | 47 | 51 | ||||||
7,295 | 7,370 | |||||||
Other Liabilities | ||||||||
Deferred income taxes | 2,191 | 2,096 | ||||||
Regulatory liabilities | 1,362 | 1,337 | ||||||
Asset retirement obligations | 1,456 | 1,420 | ||||||
Unamortized investment tax credit | 82 | 85 | ||||||
Derivative liabilities | 184 | 198 | ||||||
Liabilities from transportation and storage contracts | 92 | 96 | ||||||
Accrued pension liability | 699 | 881 | ||||||
Accrued postretirement liability | 1,338 | 1,287 | ||||||
Nuclear decommissioning | 142 | 136 | ||||||
Other | 285 | 328 | ||||||
7,831 | 7,864 | |||||||
Equity | ||||||||
Common stock, without par value, 400,000,000 shares authorized, 168,409,616 and 165,400,045 shares issued and outstanding, respectively | 3,388 | 3,257 | ||||||
Retained earnings | 3,309 | 3,168 | ||||||
Accumulated other comprehensive loss | (146 | ) | (147 | ) | ||||
Total DTE Energy Company Equity | 6,551 | 6,278 | ||||||
Noncontrolling interests | 44 | 38 | ||||||
Total Equity | 6,595 | 6,316 | ||||||
Total Liabilities and Equity | $ | 24,203 | $ | 24,195 | ||||
DTEEnergy Company
Consolidated Statements of Cash Flows (Unaudited)
Three Months Ended | ||||||||
March 31 | ||||||||
(in Millions) | 2010 | 2009 | ||||||
Operating Activities | ||||||||
Net income | $ | 230 | $ | 179 | ||||
Adjustments to reconcile net income to net cash from operating activities: | ||||||||
Depreciation, depletion and amortization | 251 | 232 | ||||||
Deferred income taxes | 36 | 66 | ||||||
Other asset (gains), losses and reserves, net | 1 | (3 | ) | |||||
Changes in assets and liabilities, exclusive of changes shown separately | 299 | 365 | ||||||
Net cash from operating activities | 817 | 839 | ||||||
Investing Activities | ||||||||
Plant and equipment expenditures — utility | (209 | ) | (303 | ) | ||||
Plant and equipment expenditures — non-utility | (30 | ) | (23 | ) | ||||
Proceeds from sale of other assets, net | 13 | 30 | ||||||
Restricted cash for debt redemption | 49 | 64 | ||||||
Proceeds from sale of nuclear decommissioning trust fund assets | 59 | 113 | ||||||
Investment in nuclear decommissioning trust funds | (68 | ) | (113 | ) | ||||
Consolidation of equity method companies | 19 | — | ||||||
Other investments | (4 | ) | (24 | ) | ||||
Net cash from (used) for investing activities | (171 | ) | (256 | ) | ||||
Financing Activities | ||||||||
Redemption of long-term debt | (90 | ) | (86 | ) | ||||
Short-term borrowings, net | (330 | ) | (414 | ) | ||||
Issuance of common stock | 9 | 9 | ||||||
Dividends on common stock | (88 | ) | (86 | ) | ||||
Other | (6 | ) | (4 | ) | ||||
Net cash used for financing activities | (505 | ) | (581 | ) | ||||
Net Increase in Cash and Cash Equivalents | 141 | 2 | ||||||
Cash and Cash Equivalents at Beginning of Period | 52 | 86 | ||||||
Cash and Cash Equivalents at End of Period | $ | 193 | $ | 88 | ||||
The Detroit Edison Company
Consolidated Statements of Operations (Unaudited)
Three Months Ended | ||||||||
March 31 | ||||||||
(in Millions) | 2010 | 2009 | ||||||
Operating Revenues | $ | 1,146 | $ | 1,118 | ||||
Operating Expenses | ||||||||
Fuel and purchased power | 343 | 340 | ||||||
Operation and maintenance | 309 | 316 | ||||||
Depreciation and amortization | 204 | 188 | ||||||
Taxes other than income | 65 | 60 | ||||||
Asset (gains) losses and reserves, net | (1 | ) | — | |||||
920 | 904 | |||||||
Operating Income | 226 | 214 | ||||||
Other (Income) and Deductions | ||||||||
Interest expense | 81 | 79 | ||||||
Other income | (8 | ) | (7 | ) | ||||
Other expenses | 6 | 12 | ||||||
79 | 84 | |||||||
Income Before Income Taxes | 147 | 130 | ||||||
Income Tax Provision | 56 | 52 | ||||||
Net Income | $ | 91 | $ | 78 | ||||
MICHIGAN CONSOLIDATED GAS COMPANY
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)
Three Months Ended | ||||||||
March 31 | ||||||||
(in Millions) | 2010 | 2009 | ||||||
Operating Revenues | $ | 745 | $ | 759 | ||||
Operating Expenses | ||||||||
Cost of gas | 458 | 503 | ||||||
Operation and maintenance | 108 | 114 | ||||||
Depreciation and amortization | 26 | 26 | ||||||
Taxes other than income | 16 | 13 | ||||||
608 | 656 | |||||||
Operating Income | 137 | 103 | ||||||
Other (Income) and Deductions | ||||||||
Interest expense | 17 | 16 | ||||||
Interest income | (2 | ) | (2 | ) | ||||
Other income | (2 | ) | (3 | ) | ||||
Other expenses | 1 | 3 | ||||||
14 | 14 | |||||||
Income Before Income Taxes | 123 | 89 | ||||||
Income Tax Provision | 44 | 26 | ||||||
Net Income | $ | 79 | $ | 63 | ||||
DTE Energy Debt/Equity Calculation
As of March 31, 2010
($ millions)
As of March 31, 2010
($ millions)
Short-term borrowings | $ | — | ||
Current portion of long-term debt, including capital leases | 677 | |||
Mortgage bonds, notes and other | 6,242 | |||
Securitization bonds, excluding current portion | 717 | |||
Capital lease obligations | 47 | |||
less MichCon short-term debt | — | |||
less Securitization bonds, including current portion | (861 | ) | ||
Total debt | 6,822 | |||
Trust preferred-linked securities | 289 | |||
Total preferred/ other | 289 | |||
Equity | 6,551 | |||
Total capitalization | $ | 13,662 | ||
Debt | 49.9 | % | ||
Preferred | 2.1 | % | ||
Common shareholders’ equity | 48.0 | % | ||
Total | 100.0 | % | ||
Sales Analysis — Q1 2010
Electric Sales — Detroit Edison Service Area (GWh)
Q1 2010 | Q1 2009 | % Change | ||||||||||
Residential | 3,665 | 3,738 | -2 | % | ||||||||
Commercial | 3,942 | 4,423 | -11 | % | ||||||||
Industrial | 2,475 | 2,637 | -6 | % | ||||||||
Other | 802 | 817 | -2 | % | ||||||||
10,884 | 11,615 | -6 | % | |||||||||
Choice | 1,103 | 317 | 248 | % | ||||||||
TOTAL SALES | 11,987 | 11,932 | 0 | % | ||||||||
Electric Revenue — Detroit Edison Service Area ($000s)
Q1 2010 | Q1 2009 | % Change | ||||||||||
Residential | 467,973 | 447,022 | 5 | % | ||||||||
Commercial | 385,170 | 410,028 | -6 | % | ||||||||
Industrial | 160,679 | 197,049 | -18 | % | ||||||||
Other | 45,757 | 48,915 | -6 | % | ||||||||
1,059,579 | 1,103,014 | -4 | % | |||||||||
Choice | 25,728 | 11,116 | 131 | % | ||||||||
TOTAL REVENUES | 1,085,307 | 1,114,130 | -3 | % | ||||||||
Gas Sales — MichCon Service Area (MMcf)
Q1 2010 | Q1 2009 | % Change | ||||||||||
Residential | 43,157 | 50,191 | -14 | % | ||||||||
Commercial | 12,075 | 16,427 | -26 | % | ||||||||
Industrial | 216 | 595 | -64 | % | ||||||||
55,448 | 67,213 | -18 | % | |||||||||
End User Transportation* | 43,953 | 41,605 | 6 | % | ||||||||
TOTAL SALES | 99,401 | 108,818 | -9 | % | ||||||||
* | Includes choice customers |
Gas Revenue — MichCon Service Area ($000s)
Q1 2010 | Q1 2009 | % Change | ||||||||||
Residential | 474,263 | 486,808 | -3 | % | ||||||||
Commercial | 131,897 | 159,772 | -17 | % | ||||||||
Industrial | 2,359 | 5,093 | -54 | % | ||||||||
608,519 | 651,673 | -7 | % | |||||||||
End User Transportation* | 76,993 | 52,356 | 47 | % | ||||||||
TOTAL REVENUES | 685,511 | 704,029 | -3 | % | ||||||||
* | Includes choice customers |
Weather
Cooling Degree Days
Detroit Edison service territory
Detroit Edison service territory
Q1 2010 | Q1 2009 | % Change | ||||||||||
Actuals | N/A | |||||||||||
Normal | ||||||||||||
Deviation from normal | N/A | N/A |
Heating Degree Days
MichCon service territory
MichCon service territory
Q1 2010 | Q1 2009 | % Change | ||||||||||
Actuals | 3,040 | 3,397 | -11 | % | ||||||||
Normal | 3,309 | 3,306 | ||||||||||
Deviation from normal | -8 | % | 3 | % |
Earnings Impact of Weather
Variance from normal weather ($millions, after-tax)
Q1 2010 | Q1 2009 | |||||||||||
MichCon | (8 | ) | 3 | Milder weather reduced MichCon’s earnings by $8M Q1 2010 |