DTE ENERGY CO

For the period ended Jun 30, 2024. Filed Jul 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.

Jun 30, 2024 · Filed Jul 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 June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
(In millions)
Operating Revenues — Utility operations	$1,611	$1,326	$3,077	$2,701
Operating Expenses
Fuel and purchased power — utility	423	315	793	680
Operation and maintenance	332	317	712	728
Depreciation and amortization	353	328	703	645
Taxes other than income	88	84	172	168
	1,196	1,044	2,380	2,221
Operating Income	415	282	697	480
Other (Income) and Deductions
Interest expense	124	103	241	205
Interest income	(2)	(5)	(4)	(11)
Non-operating retirement benefits, net	(2)	(1)	—	(2)
Other income	(32)	(20)	(64)	(40)
Other expenses	12	7	21	13
	100	84	194	165
Income Before Income Taxes	315	198	503	315
Income Tax Expense	37	19	55	36
Net Income	$278	$179	$448	$279

Consolidated Statements of Comprehensive Income (Unaudited)

	Three Months Ended June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
(In millions)
Net Income	$278	$179	$448	$279
Other comprehensive income	—	—	—	—
Comprehensive Income	$278	$179	$448	$279

Consolidated Statements of Financial Position (Unaudited)

	June 30,	December 31,
	2024	2023
(In millions)
ASSETS
Current Assets
Cash and cash equivalents	$8	$15
Restricted cash	53	17
Accounts receivable (less allowance for doubtful accounts of $42 and $41, respectively)
Customer	885	764
Affiliates	8	12
Other	145	55
Inventories
Fuel	210	191
Materials and supplies	465	409
Regulatory assets	44	99
Other	97	114
	1,915	1,676
Investments
Nuclear decommissioning trust funds	2,170	2,041
Other	63	53
	2,233	2,094
Property
Property, plant, and equipment	29,290	27,936
Accumulated depreciation and amortization	(6,919)	(6,570)
	22,371	21,366
Other Assets
Regulatory assets	5,895	5,596
Securitized regulatory assets	725	758
Prepaid postretirement costs — affiliates	402	378
Operating lease right-of-use assets	144	101
Other	232	216
	7,398	7,049
Total Assets	$33,917	$32,185

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

	June 30,	December 31,
	2024	2023
(In millions, except shares)
LIABILITIES AND SHAREHOLDER’S EQUITY
Current Liabilities
Accounts payable
Affiliates	$61	$58
Other	727	696
Accrued interest	141	113
Current portion long-term debt, including securitization bonds and finance leases	432	166
Regulatory liabilities	24	49
Short-term borrowings
Affiliates	51	—
Other	560	385
Operating lease liabilities	14	15
Other	188	169
	2,198	1,651
Long-Term Debt (net of current portion)
Mortgage bonds, notes, and other	10,821	10,174
Securitization bonds	671	705
Finance lease liabilities	8	4
	11,500	10,883
Other Liabilities
Deferred income taxes	3,281	3,109
Regulatory liabilities	1,716	1,710
Asset retirement obligations	3,631	3,326
Unamortized investment tax credit	179	181
Nuclear decommissioning	339	320
Accrued pension liability — affiliates	309	334
Accrued postretirement liability — affiliates	285	290
Operating lease liabilities	127	81
Other	68	76
	9,935	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	2,923	2,863
Total Shareholder’s Equity	10,284	10,224
Total Liabilities and Shareholder’s Equity	$33,917	$32,185

Consolidated Statements of Cash Flows (Unaudited)

	Six Months Ended June 30,
	2024	2023
(In millions)
Operating Activities
Net Income	$448	$279
Adjustments to reconcile Net Income to Net cash from operating activities:
Depreciation and amortization	703	645
Nuclear fuel amortization	21	31
Allowance for equity funds used during construction	(37)	(17)
Deferred income taxes	129	34
Changes in assets and liabilities:
Accounts receivable, net	(207)	(12)
Inventories	(75)	(87)
Accounts payable	24	(39)
Prepaid postretirement benefit costs — affiliates	(24)	(24)
Accrued pension liability — affiliates	(25)	(26)
Accrued postretirement liability — affiliates	(5)	(4)
Regulatory assets and liabilities	155	286
Other current and noncurrent assets and liabilities	(47)	(106)
Net cash from operating activities	1,060	960
Investing Activities
Plant and equipment expenditures	(1,704)	(1,485)
Proceeds from sale of nuclear decommissioning trust fund assets	347	423
Investment in nuclear decommissioning trust funds	(350)	(419)
Notes receivable and other	(24)	(8)
Net cash used for investing activities	(1,731)	(1,489)
Financing Activities
Issuance of long-term debt, net of discount and issuance costs	993	1,285
Redemption of long-term debt	(119)	(19)
Short-term borrowings, net — affiliates	51	(27)
Short-term borrowings, net — other	175	(346)
Dividends paid on common stock	(388)	(356)
Other	(12)	(14)
Net cash from financing activities	700	523
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash	29	(6)
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	32	24
Cash, Cash Equivalents, and Restricted Cash at End of Period	$61	$18
Supplemental disclosure of non-cash investing and financing activities
Plant and equipment expenditures in accounts payable	$412	$285

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
Net Income	—	—	—	278	278
Dividends declared on common stock	—	—	—	(194)	(194)
Balance, June 30, 2024	138,632	$1,386	$5,975	$2,923	$10,284

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
Net Income	—	—	—	179	179
Dividends declared on common stock	—	—	—	(174)	(174)
Balance, June 30, 2023	138,632	$1,386	$5,216	$3,016	$9,618

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