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

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

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Contents

DTE Energy 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, except per share amounts)
Operating Revenues
Utility operations	$1,879	$1,617	$4,035	$3,677
Non-utility operations	996	1,067	2,080	2,786
	2,875	2,684	6,115	6,463
Operating Expenses
Fuel, purchased power, and gas — utility	435	345	1,035	929
Fuel, purchased power, gas, and other — non-utility	845	925	1,834	2,362
Operation and maintenance	543	505	1,133	1,105
Depreciation and amortization	427	396	850	781
Taxes other than income	123	114	245	236
Asset (gains) losses and impairments, net	—	2	(1)	1
	2,373	2,287	5,096	5,414
Operating Income	502	397	1,019	1,049
Other (Income) and Deductions
Interest expense	233	192	451	383
Interest income	(36)	(13)	(54)	(30)
Non-operating retirement benefits, net	—	5	—	8
Other income	(65)	(31)	(92)	(57)
Other expenses	12	9	22	15
	144	162	327	319
Income Before Income Taxes	358	235	692	730
Income Tax Expense	36	34	57	84
Net Income Attributable to DTE Energy Company	$322	$201	$635	$646
Basic Earnings per Common Share
Net Income Attributable to DTE Energy Company	$1.56	$0.97	$3.07	$3.13
Diluted Earnings per Common Share
Net Income Attributable to DTE Energy Company	$1.55	$0.97	$3.06	$3.13
Weighted Average Common Shares Outstanding
Basic	207	206	206	206
Diluted	207	206	207	206

Consolidated Statements of Comprehensive Income (Unaudited)

	Three Months Ended June 30,		Six Months Ended June 30,
	2024	2023	2024	2023
(In millions)
Net Income	$322	$201	$635	$646
Other comprehensive income (loss), net of tax:
Benefit obligations, net of taxes of $1 for all periods	1	—	2	1
Net unrealized gains on derivatives, net of taxes of $4, $2, $12, and $1, respectively	12	6	38	2
Foreign currency translation	(1)	2	(3)	2
Other comprehensive income	12	8	37	5
Comprehensive Income Attributable to DTE Energy Company	$334	$209	$672	$651

Consolidated Statements of Financial Position (Unaudited)

	June 30,	December 31,
	2024	2023
(In millions)
ASSETS
Current Assets
Cash and cash equivalents	$20	$26
Restricted cash	67	25
Accounts receivable (less allowance for doubtful accounts of $74 and $63, respectively)
Customer	1,503	1,632
Other	247	155
Inventories
Fuel and gas	392	421
Materials, supplies, and other	772	633
Derivative assets	202	297
Regulatory assets	48	108
Current investments	1,062	—
Other	203	242
	4,516	3,539
Investments
Nuclear decommissioning trust funds	2,170	2,041
Investments in equity method investees	125	166
Other long-term investments	166	168
	2,461	2,375
Property
Property, plant, and equipment	38,985	37,274
Accumulated depreciation and amortization	(9,540)	(9,105)
	29,445	28,169
Other Assets
Goodwill	1,993	1,993
Regulatory assets	6,501	6,209
Securitized regulatory assets	725	758
Intangible assets	152	156
Notes receivable	815	420
Derivative assets	77	109
Prepaid postretirement costs	674	633
Operating lease right-of-use assets	173	132
Other	279	262
	11,389	10,672
Total Assets	$47,811	$44,755

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

	June 30,	December 31,
	2024	2023
(In millions, except shares)
LIABILITIES AND EQUITY
Current Liabilities
Accounts payable	$1,307	$1,361
Accrued interest	229	170
Dividends payable	422	210
Short-term borrowings	560	1,283
Current portion long-term debt, including securitization bonds and finance leases	3,209	2,142
Derivative liabilities	144	177
Gas inventory equalization	40	—
Regulatory liabilities	46	71
Operating lease liabilities	17	17
Other	533	452
	6,507	5,883
Long-Term Debt (net of current portion)
Mortgage bonds, notes, and other	17,701	15,819
Securitization bonds	671	705
Junior subordinated debentures	884	883
Finance lease liabilities	18	13
	19,274	17,420
Other Liabilities
Deferred income taxes	2,843	2,649
Regulatory liabilities	2,645	2,603
Asset retirement obligations	3,867	3,556
Unamortized investment tax credit	179	181
Derivative liabilities	103	132
Accrued pension liability	307	350
Accrued postretirement liability	297	301
Nuclear decommissioning	339	320
Operating lease liabilities	152	108
Other	186	197
	10,918	10,397
Commitments and Contingencies (Notes 4 and 11)
Equity
Common stock (No par value, 400,000,000 shares authorized, and 207,020,080 and 206,357,070 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively)	6,732	6,713
Retained earnings	4,404	4,404
Accumulated other comprehensive loss	(30)	(67)
Total DTE Energy Company Equity	11,106	11,050
Noncontrolling interests	6	5
Total Equity	11,112	11,055
Total Liabilities and Equity	$47,811	$44,755

Consolidated Statements of Cash Flows (Unaudited)

	Six Months Ended June 30,
	2024	2023
(In millions)
Operating Activities
Net Income	$635	$646
Adjustments to reconcile Net Income to Net cash from operating activities:
Depreciation and amortization	850	781
Nuclear fuel amortization	21	31
Allowance for equity funds used during construction	(38)	(18)
Deferred income taxes	132	88
Equity (earnings) of equity method investees	(24)	(4)
Dividends from equity method investees	2	2
Asset (gains) losses and impairments, net	(1)	1
Changes in assets and liabilities:
Accounts receivable, net	37	685
Inventories	(110)	1
Prepaid postretirement benefit costs	(41)	(40)
Accounts payable	(91)	(490)
Gas inventory equalization	40	41
Accrued pension liability	(43)	(37)
Accrued postretirement liability	(4)	(4)
Derivative assets and liabilities	65	(217)
Regulatory assets and liabilities	211	381
Other current and noncurrent assets and liabilities	160	(88)
Net cash from operating activities	1,801	1,759
Investing Activities
Plant and equipment expenditures — utility	(2,060)	(1,851)
Plant and equipment expenditures — non-utility	(32)	(25)
Proceeds from sale of assets	45	—
Proceeds from sale of nuclear decommissioning trust fund assets	347	423
Investment in nuclear decommissioning trust funds	(350)	(419)
Distributions from equity method investees	19	12
Contributions to equity method investees	(4)	(22)
Notes receivable	(400)	(24)
Investment in time deposits	(1,050)	—
Other	(39)	(52)
Net cash used for investing activities	(3,524)	(1,958)
Financing Activities
Issuance of long-term debt, net of discount and issuance costs	3,022	2,278
Redemption of long-term debt	(119)	(1,044)
Short-term borrowings, net	(723)	(634)
Dividends paid on common stock	(404)	(376)
Other	(17)	(27)
Net cash from financing activities	1,759	197
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash	36	(2)
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	51	43
Cash, Cash Equivalents, and Restricted Cash at End of Period	$87	$41
Supplemental disclosure of non-cash investing and financing activities
Plant and equipment expenditures in accounts payable	$523	$364

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, 2023	206,357	$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 stock	84	9	—	—	—	9
Other comprehensive income, net of tax	—	—	—	25	—	25
Stock-based compensation and other	496	(12)	(1)	—	—	(13)
Balance, March 31, 2024	206,937	$6,710	$4,505	$(42)	$5	$11,178
Net Income	—	—	322	—	—	322
Dividends declared on common stock ($2.04 per Common Share)	—	—	(422)	—	—	(422)
Issuance of common stock	83	9	—	—	—	9
Other comprehensive income, net of tax	—	—	—	12	—	12
Stock-based compensation and other	—	13	(1)	—	1	13
Balance, June 30, 2024	207,020	$6,732	$4,404	$(30)	$6	$11,112

Retained Earnings · Accumulated Other Comprehensive Income (Loss) · Noncontrolling Interests
	Common Stock
Shares · Amount · Total
(Dollars in millions, shares in thousands)
Balance, December 31, 2022	205,632	$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 stock	76	9	—	—	—	9
Other comprehensive loss, net of tax	—	—	—	(3)	—	(3)
Stock-based compensation and other	401	(8)	(2)	—	—	(10)
Balance, March 31, 2023	206,109	$6,652	$4,055	$(65)	$4	$10,646
Net Income	—	—	201	—	—	201
Dividends declared on common stock ($1.91 per Common Share)	—	—	(393)	—	—	(393)
Issuance of common stock	76	8	—	—	—	8
Other comprehensive income, net of tax	—	—	—	8	—	8
Stock-based compensation and other	(9)	16	(1)	—	—	15
Balance, June 30, 2023	206,176	$6,676	$3,862	$(57)	$4	$10,485

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