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Midas Edge

DTE ENERGY CO

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

View on SEC.gov

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$138.35+2.4%Stored close · as of Nov 9, 2026

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

See the whole filing, with its images and exhibits
Contents

DTE Energy Consolidated Financial Statements (Unaudited)

Consolidated Statements of Operations (Unaudited)

Three Months Ended March 31,
20242023
(In millions, except per share amounts)
Operating Revenues
Utility operations$2,156$2,060
Non-utility operations1,0841,719
3,2403,779
Operating Expenses
Fuel, purchased power, and gas — utility600584
Fuel, purchased power, gas, and other — non-utility9891,437
Operation and maintenance590600
Depreciation and amortization423385
Taxes other than income122122
Asset (gains) losses and impairments, net(1)(1)
2,7233,127
Operating Income517652
Other (Income) and Deductions
Interest expense218191
Interest income(18)(17)
Non-operating retirement benefits, net—3
Other income(27)(26)
Other expenses106
183157
Income Before Income Taxes334495
Income Tax Expense2150
Net Income Attributable to DTE Energy Company$313$445
Basic Earnings per Common Share
Net Income Attributable to DTE Energy Company$1.51$2.16
Diluted Earnings per Common Share
Net Income Attributable to DTE Energy Company$1.51$2.16
Weighted Average Common Shares Outstanding
Basic206206
Diluted207206

Consolidated Statements of Comprehensive Income (Unaudited)

Three Months Ended March 31,
20242023
(In millions)
Net Income$313$445
Other comprehensive income (loss), net of tax:
Benefit obligations, net of taxes of $— for both periods11
Net unrealized gains (losses) on derivatives, net of taxes of $8, and $(1), respectively26(4)
Foreign currency translation(2)—
Other comprehensive income (loss)25(3)
Comprehensive Income Attributable to DTE Energy Company$338$442

Consolidated Statements of Financial Position (Unaudited)

March 31,December 31,
20242023
(In millions)
ASSETS
Current Assets
Cash and cash equivalents$292$26
Restricted cash5725
Accounts receivable (less allowance for doubtful accounts of $69 and $63, respectively)
Customer1,4351,632
Other180155
Inventories
Fuel and gas309421
Materials, supplies, and other740633
Derivative assets191297
Regulatory assets51108
Current investments200—
Other297242
3,7523,539
Investments
Nuclear decommissioning trust funds2,1342,041
Investments in equity method investees158166
Other long-term investments162168
2,4542,375
Property
Property, plant, and equipment37,92837,274
Accumulated depreciation and amortization(9,343)(9,105)
28,58528,169
Other Assets
Goodwill1,9931,993
Regulatory assets6,3346,209
Securitized regulatory assets741758
Intangible assets153156
Notes receivable768420
Derivative assets57109
Prepaid postretirement costs653633
Operating lease right-of-use assets152132
Other260262
11,11110,672
Total Assets$45,902$44,755

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

March 31,December 31,
20242023
(In millions, except shares)
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable$1,098$1,361
Accrued interest238170
Dividends payable211210
Short-term borrowings2901,283
Current portion long-term debt, including securitization bonds and finance leases2,4092,142
Derivative liabilities126177
Gas inventory equalization90—
Regulatory liabilities3571
Operating lease liabilities1617
Other462452
4,9755,883
Long-Term Debt (net of current portion)
Mortgage bonds, notes, and other17,65515,819
Securitization bonds690705
Junior subordinated debentures884883
Finance lease liabilities1913
19,24817,420
Other Liabilities
Deferred income taxes2,7062,649
Regulatory liabilities2,6252,603
Asset retirement obligations3,6053,556
Unamortized investment tax credit180181
Derivative liabilities119132
Accrued pension liability328350
Accrued postretirement liability294301
Nuclear decommissioning333320
Operating lease liabilities130108
Other181197
10,50110,397
Commitments and Contingencies (Notes 4 and 11)
Equity
Common stock (No par value, 400,000,000 shares authorized, and 206,937,244 and 206,357,070 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively)6,7106,713
Retained earnings4,5054,404
Accumulated other comprehensive loss(42)(67)
Total DTE Energy Company Equity11,17311,050
Noncontrolling interests55
Total Equity11,17811,055
Total Liabilities and Equity$45,902$44,755

Consolidated Statements of Cash Flows (Unaudited)

Three Months Ended March 31,
20242023
(In millions)
Operating Activities
Net Income$313$445
Adjustments to reconcile Net Income to Net cash from operating activities:
Depreciation and amortization423385
Nuclear fuel amortization1216
Allowance for equity funds used during construction(18)(9)
Deferred income taxes2352
Equity (earnings) losses of equity method investees8(4)
Dividends from equity method investees—1
Asset (gains) losses and impairments, net(1)(1)
Changes in assets and liabilities:
Accounts receivable, net172486
Inventories7133
Prepaid postretirement benefit costs(20)(22)
Accounts payable(179)(419)
Gas inventory equalization90100
Accrued pension liability(22)(32)
Accrued postretirement liability(7)(8)
Derivative assets and liabilities94(178)
Regulatory assets and liabilities146159
Other current and noncurrent assets and liabilities1(180)
Net cash from operating activities1,042924
Investing Activities
Plant and equipment expenditures — utility(1,039)(924)
Plant and equipment expenditures — non-utility(12)(13)
Proceeds from sale of nuclear decommissioning trust fund assets108166
Investment in nuclear decommissioning trust funds(110)(168)
Distributions from equity method investees34
Contributions to equity method investees(3)(10)
Notes receivable(356)14
Investment in time deposit(200)—
Other(7)(50)
Net cash used for investing activities(1,616)(981)
Financing Activities
Issuance of long-term debt, net of discount and issuance costs2,1811,386
Redemption of long-term debt(100)—
Short-term borrowings, net(993)(1,032)
Dividends paid on common stock(202)(188)
Other(14)(15)
Net cash from financing activities872151
Net Increase in Cash, Cash Equivalents, and Restricted Cash29894
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period5143
Cash, Cash Equivalents, and Restricted Cash at End of Period$349$137
Supplemental disclosure of non-cash investing and financing activities
Plant and equipment expenditures in accounts payable$398$333

Consolidated Statements of Changes in Equity (Unaudited)

Retained Earnings · Accumulated Other Comprehensive Income (Loss) · Noncontrolling Interests
Common Stock
Shares · Amount · Total
(Dollars in millions, shares in thousands)
Balance, December 31, 2023206,357$6,713$4,404$(67)$5$11,055
Net Income——313——313
Dividends declared on common stock ($1.02 per Common Share)——(211)——(211)
Issuance of common stock849———9
Other comprehensive income, net of tax———25—25
Stock-based compensation and other496(12)(1)——(13)
Balance, March 31, 2024206,937$6,710$4,505$(42)$5$11,178
Retained Earnings · Accumulated Other Comprehensive Loss · Noncontrolling Interests
Common Stock
Shares · Amount · Total
(Dollars in millions, shares in thousands)
Balance, December 31, 2022205,632$6,651$3,808$(62)$4$10,401
Net Income——445——445
Dividends declared on common stock ($0.95 per Common Share)——(196)——(196)
Issuance of common stock769———9
Other comprehensive loss, net of tax———(3)—(3)
Stock-based compensation and other401(8)(2)——(10)
Balance, March 31, 2023206,109$6,652$4,055$(65)$4$10,646
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.