DTE ENERGY CO

For the period ended Sep 30, 2024. Filed Oct 24, 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.

Sep 30, 2024 · Filed Oct 24, 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 September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
(In millions)
Operating Revenues — Utility operations	$1,695	$1,623	$4,772	$4,324
Operating Expenses
Fuel and purchased power — utility	463	440	1,256	1,120
Operation and maintenance	350	371	1,062	1,099
Depreciation and amortization	360	334	1,063	979
Taxes other than income	90	87	262	255
	1,263	1,232	3,643	3,453
Operating Income	432	391	1,129	871
Other (Income) and Deductions
Interest expense	128	114	369	319
Interest income	(2)	(3)	(6)	(14)
Non-operating retirement benefits, net	(3)	(1)	(3)	(3)
Other income	(41)	(16)	(105)	(56)
Other expenses	12	9	33	22
	94	103	288	268
Income Before Income Taxes	338	288	841	603
Income Tax Expense (Benefit)	(100)	19	(45)	55
Net Income	$438	$269	$886	$548

Consolidated Statements of Comprehensive Income (Unaudited)

	Three Months Ended September 30,		Nine Months Ended September 30,
	2024	2023	2024	2023
(In millions)
Net Income	$438	$269	$886	$548
Other comprehensive income	—	—	—	—
Comprehensive Income	$438	$269	$886	$548

Consolidated Statements of Financial Position (Unaudited)

	September 30,	December 31,
	2024	2023
(In millions)
ASSETS
Current Assets
Cash and cash equivalents	$14	$15
Restricted cash	40	17
Accounts receivable (less allowance for doubtful accounts of $53 and $41, respectively)
Customer	883	764
Affiliates	10	12
Other	65	55
Inventories
Fuel	200	191
Materials and supplies	512	409
Regulatory assets	9	99
Prepaid property tax	145	60
Other	37	54
	1,915	1,676
Investments
Nuclear decommissioning trust funds	2,261	2,041
Other	66	53
	2,327	2,094
Property
Property, plant, and equipment	30,030	27,936
Accumulated depreciation and amortization	(7,178)	(6,570)
	22,852	21,366
Other Assets
Regulatory assets	6,019	5,596
Securitized regulatory assets	707	758
Prepaid postretirement costs — affiliates	406	378
Operating lease right-of-use assets	149	101
Other	251	216
	7,532	7,049
Total Assets	$34,626	$32,185

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

	September 30,	December 31,
	2024	2023
(In millions, except shares)
LIABILITIES AND SHAREHOLDER’S EQUITY
Current Liabilities
Accounts payable
Affiliates	$63	$58
Other	691	696
Accrued interest	124	113
Current portion long-term debt, including securitization bonds and finance leases	424	166
Regulatory liabilities	145	49
Short-term borrowings
Affiliates	142	—
Other	798	385
Operating lease liabilities	15	15
Other	176	169
	2,578	1,651
Long-Term Debt (net of current portion)
Mortgage bonds, notes, and other	10,823	10,174
Securitization bonds	656	705
Finance lease liabilities	8	4
	11,487	10,883
Other Liabilities
Deferred income taxes	3,206	3,109
Regulatory liabilities	1,747	1,710
Asset retirement obligations	3,659	3,326
Unamortized investment tax credit	277	181
Nuclear decommissioning	354	320
Accrued pension liability — affiliates	296	334
Accrued postretirement liability — affiliates	289	290
Operating lease liabilities	133	81
Other	72	76
	10,033	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	3,167	2,863
Total Shareholder’s Equity	10,528	10,224
Total Liabilities and Shareholder’s Equity	$34,626	$32,185

Consolidated Statements of Cash Flows (Unaudited)

	Nine Months Ended September 30,
	2024	2023
(In millions)
Operating Activities
Net Income	$886	$548
Adjustments to reconcile Net Income to Net cash from operating activities:
Depreciation and amortization	1,063	979
Nuclear fuel amortization	38	43
Allowance for equity funds used during construction	(60)	(25)
Deferred income taxes	32	59
Changes in assets and liabilities:
Accounts receivable, net	(127)	(57)
Inventories	(112)	(89)
Accounts payable	9	(33)
Prepaid postretirement benefit costs — affiliates	(28)	(26)
Accrued pension liability — affiliates	(38)	(39)
Accrued postretirement liability — affiliates	(1)	2
Regulatory assets and liabilities	432	402
Other current and noncurrent assets and liabilities	(228)	(183)
Net cash from operating activities	1,866	1,581
Investing Activities
Plant and equipment expenditures	(2,609)	(2,215)
Proceeds from sale of nuclear decommissioning trust fund assets	438	527
Investment in nuclear decommissioning trust funds	(440)	(524)
Notes receivable and other	(41)	(30)
Net cash used for investing activities	(2,652)	(2,242)
Financing Activities
Issuance of long-term debt, net of discount and issuance costs	993	1,284
Redemption of long-term debt	(143)	(121)
Short-term borrowings, net — affiliates	142	(27)
Short-term borrowings, net — other	413	88
Dividends paid on common stock	(582)	(531)
Other	(15)	(19)
Net cash from financing activities	808	674
Net Increase in Cash, Cash Equivalents, and Restricted Cash	22	13
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period	32	24
Cash, Cash Equivalents, and Restricted Cash at End of Period	$54	$37
Supplemental disclosure of non-cash investing and financing activities
Plant and equipment expenditures in accounts payable	$394	$295

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
Net Income	—	—	—	438	438
Dividends declared on common stock	—	—	—	(194)	(194)
Balance, September 30, 2024	138,632	$1,386	$5,975	$3,167	$10,528

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
Net Income	—	—	—	269	269
Dividends declared on common stock	—	—	—	(175)	(175)
Balance, September 30, 2023	138,632	$1,386	$5,216	$3,110	$9,712

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.