DTE ENERGY CO

For the period ended Mar 31, 2024. Filed Apr 25, 2024.

About this filing

A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.

Mar 31, 2024 · Filed Apr 25, 2024

DTE$138.99+0.5%Stored close · as of Nov 10, 2026

Extracted filing text, with the paragraph anchors used by the comparison.

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Contents

DTE Electric Consolidated Financial Statements (Unaudited)

Consolidated Statements of Operations (Unaudited)

	Three Months Ended March 31,
	2024	2023
(In millions)
Operating Revenues — Utility operations	$1,466	$1,375
Operating Expenses
Fuel and purchased power — utility	370	365
Operation and maintenance	380	411
Depreciation and amortization	350	317
Taxes other than income	84	84
	1,184	1,177
Operating Income	282	198
Other (Income) and Deductions
Interest expense	117	102
Interest income	(2)	(6)
Non-operating retirement benefits, net	2	(1)
Other income	(32)	(20)
Other expenses	9	6
	94	81
Income Before Income Taxes	188	117
Income Tax Expense	18	17
Net Income	$170	$100

Consolidated Statements of Comprehensive Income (Unaudited)

	Three Months Ended March 31,
	2024	2023
(In millions)
Net Income	$170	$100
Other comprehensive income	—	—
Comprehensive Income	$170	$100

Consolidated Statements of Financial Position (Unaudited)

	March 31,	December 31,
	2024	2023
(In millions)
ASSETS
Current Assets
Cash and cash equivalents	$195	$15
Restricted Cash	45	17
Accounts receivable (less allowance for doubtful accounts of $40 and $41, respectively)
Customer	751	764
Affiliates	10	12
Other	63	55
Inventories
Fuel	193	191
Materials and supplies	441	409
Regulatory assets	46	99
Prepaid property tax	108	60
Other	44	54
	1,896	1,676
Investments
Nuclear decommissioning trust funds	2,134	2,041
Other	60	53
	2,194	2,094
Property
Property, plant, and equipment	28,471	27,936
Accumulated depreciation and amortization	(6,783)	(6,570)
	21,688	21,366
Other Assets
Regulatory assets	5,724	5,596
Securitized regulatory assets	741	758
Prepaid postretirement costs — affiliates	388	378
Operating lease right-of-use assets	123	101
Other	213	216
	7,189	7,049
Total Assets	$32,967	$32,185

Consolidated Statements of Financial Position (Unaudited) — (Continued)

	March 31,	December 31,
	2024	2023
(In millions, except shares)
LIABILITIES AND SHAREHOLDER’S EQUITY
Current Liabilities
Accounts payable
Affiliates	$87	$58
Other	650	696
Accrued interest	131	113
Current portion long-term debt, including securitization bonds and finance leases	432	166
Regulatory liabilities	32	49
Short-term borrowings
Other	210	385
Operating lease liabilities	14	15
Other	175	169
	1,731	1,651
Long-Term Debt (net of current portion)
Mortgage bonds, notes, and other	10,819	10,174
Securitization bonds	690	705
Finance lease liabilities	8	4
	11,517	10,883
Other Liabilities
Deferred income taxes	3,149	3,109
Regulatory liabilities	1,709	1,710
Asset retirement obligations	3,372	3,326
Unamortized investment tax credit	180	181
Nuclear decommissioning	333	320
Accrued pension liability — affiliates	321	334
Accrued postretirement liability — affiliates	282	290
Operating lease liabilities	105	81
Other	68	76
	9,519	9,427
Commitments and Contingencies (Notes 4 and 11)
Shareholder’s Equity
Common stock ($10 par value, 400,000,000 shares authorized, and 138,632,324 shares issued and outstanding for both periods)	7,361	7,361
Retained earnings	2,839	2,863
Total Shareholder’s Equity	10,200	10,224
Total Liabilities and Shareholder’s Equity	$32,967	$32,185

Consolidated Statements of Cash Flows (Unaudited)

	Three Months Ended March 31,
	2024	2023
(In millions)
Operating Activities
Net Income	$170	$100
Adjustments to reconcile Net Income to Net cash from operating activities:
Depreciation and amortization	350	317
Nuclear fuel amortization	12	16
Allowance for equity funds used during construction	(18)	(9)
Deferred income taxes	18	19
Changes in assets and liabilities:
Accounts receivable, net	7	74
Inventories	(32)	(21)
Accounts payable	59	41
Prepaid postretirement benefit costs — affiliates	(10)	(12)
Accrued pension liability — affiliates	(13)	(13)
Accrued postretirement liability — affiliates	(8)	(8)
Regulatory assets and liabilities	127	93
Other current and noncurrent assets and liabilities	(84)	(120)
Net cash from operating activities	578	477
Investing Activities
Plant and equipment expenditures	(868)	(743)
Proceeds from sale of nuclear decommissioning trust fund assets	108	166
Investment in nuclear decommissioning trust funds	(110)	(168)
Notes receivable	—	(15)
Other	(12)	(50)
Net cash used for investing activities	(882)	(810)
Financing Activities
Issuance of long-term debt, net of discount and issuance costs	993	1,186
Redemption of long-term debt	(100)	—
Short-term borrowings, net — affiliates	—	(27)
Short-term borrowings, net — other	(175)	(568)
Dividends paid on common stock	(194)	(182)
Other	(12)	(11)
Net cash from financing activities	512	398
Net Increase in Cash, Cash Equivalents, and Restricted Cash	208	65
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	32	24
Cash, Cash Equivalents, and Restricted Cash at End of Period	$240	$89
Supplemental disclosure of non-cash investing and financing activities
Plant and equipment expenditures in accounts payable	$328	$277

Consolidated Statements of Changes in Shareholder's Equity (Unaudited)

Additional Paid-in Capital · Retained Earnings
	Common Stock
Shares · Amount · Total
(Dollars in millions, shares in thousands)
Balance, December 31, 2023	138,632	$1,386	$5,975	$2,863	$10,224
Net Income	—	—	—	170	170
Dividends declared on common stock	—	—	—	(194)	(194)
Balance, March 31, 2024	138,632	$1,386	$5,975	$2,839	$10,200

Additional Paid-in Capital · Retained Earnings
	Common Stock
Shares · Amount · Total
(Dollars in millions, shares in thousands)
Balance, December 31, 2022	138,632	$1,386	$5,216	$3,093	$9,695
Net Income	—	—	—	100	100
Dividends declared on common stock	—	—	—	(182)	(182)
Balance, March 31, 2023	138,632	$1,386	$5,216	$3,011	$9,613

ContentsView on SEC.gov

The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.