DTE ENERGY CO
For the period ended Sep 30, 2024. Filed Oct 24, 2024.
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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$138.35+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 exhibitsContents
DTE Energy 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, except per share amounts) | ||||
| Operating Revenues | ||||
| Utility operations | $1,903 | $1,827 | $5,938 | $5,504 |
| Non-utility operations | 1,003 | 1,061 | 3,083 | 3,847 |
| 2,906 | 2,888 | 9,021 | 9,351 | |
| Operating Expenses | ||||
| Fuel, purchased power, and gas — utility | 453 | 435 | 1,488 | 1,364 |
| Fuel, purchased power, gas, and other — non-utility | 832 | 864 | 2,666 | 3,226 |
| Operation and maintenance | 547 | 545 | 1,680 | 1,650 |
| Depreciation and amortization | 438 | 404 | 1,288 | 1,185 |
| Taxes other than income | 119 | 114 | 364 | 350 |
| Asset (gains) losses and impairments, net | — | (12) | (1) | (11) |
| 2,389 | 2,350 | 7,485 | 7,764 | |
| Operating Income | 517 | 538 | 1,536 | 1,587 |
| Other (Income) and Deductions | ||||
| Interest expense | 252 | 200 | 703 | 583 |
| Interest income | (48) | (15) | (102) | (45) |
| Non-operating retirement benefits, net | — | 1 | — | 9 |
| Other income | (54) | (13) | (146) | (70) |
| Other expenses | 11 | 11 | 33 | 26 |
| 161 | 184 | 488 | 503 | |
| Income Before Income Taxes | 356 | 354 | 1,048 | 1,084 |
| Income Tax Expense (Benefit) | (121) | 22 | (64) | 106 |
| Net Income Attributable to DTE Energy Company | $477 | $332 | $1,112 | $978 |
| Basic Earnings per Common Share | ||||
| Net Income Attributable to DTE Energy Company | $2.30 | $1.61 | $5.37 | $4.74 |
| Diluted Earnings per Common Share | ||||
| Net Income Attributable to DTE Energy Company | $2.30 | $1.61 | $5.36 | $4.74 |
| Weighted Average Common Shares Outstanding | ||||
| Basic | 207 | 206 | 207 | 206 |
| Diluted | 207 | 206 | 207 | 206 |
Consolidated Statements of Comprehensive Income (Unaudited)
| Three Months Ended September 30, | Nine Months Ended September 30, | |||
|---|---|---|---|---|
| 2024 | 2023 | 2024 | 2023 | |
| (In millions) | ||||
| Net Income | $477 | $332 | $1,112 | $978 |
| Other comprehensive income (loss), net of tax: | ||||
| Benefit obligations, net of taxes of $—, $—, $1, and $1, respectively | 1 | 1 | 3 | 2 |
| Net unrealized gains (losses) on derivatives, net of taxes of $(4), $4, $8, and $5, respectively | (14) | 15 | 24 | 17 |
| Foreign currency translation | 1 | (3) | (2) | (1) |
| Other comprehensive income (loss) | (12) | 13 | 25 | 18 |
| Comprehensive Income Attributable to DTE Energy Company | $465 | $345 | $1,137 | $996 |
Consolidated Statements of Financial Position (Unaudited)
| September 30, | December 31, | |
|---|---|---|
| 2024 | 2023 | |
| (In millions) | ||
| ASSETS | ||
| Current Assets | ||
| Cash and cash equivalents | $969 | $26 |
| Restricted cash | 54 | 25 |
| Accounts receivable (less allowance for doubtful accounts of $82 and $63, respectively) | ||
| Customer | 1,407 | 1,632 |
| Other | 206 | 155 |
| Inventories | ||
| Fuel and gas | 493 | 421 |
| Materials, supplies, and other | 898 | 633 |
| Derivative assets | 159 | 297 |
| Regulatory assets | 14 | 108 |
| Current investments | 1,071 | — |
| Other | 346 | 242 |
| 5,617 | 3,539 | |
| Investments | ||
| Nuclear decommissioning trust funds | 2,261 | 2,041 |
| Investments in equity method investees | 135 | 166 |
| Other long-term investments | 176 | 168 |
| 2,572 | 2,375 | |
| Property | ||
| Property, plant, and equipment | 39,916 | 37,274 |
| Accumulated depreciation and amortization | (9,848) | (9,105) |
| 30,068 | 28,169 | |
| Other Assets | ||
| Goodwill | 1,993 | 1,993 |
| Regulatory assets | 6,622 | 6,209 |
| Securitized regulatory assets | 707 | 758 |
| Intangible assets | 148 | 156 |
| Notes receivable | 852 | 420 |
| Derivative assets | 69 | 109 |
| Prepaid postretirement costs | 684 | 633 |
| Operating lease right-of-use assets | 178 | 132 |
| Other | 296 | 262 |
| 11,549 | 10,672 | |
| Total Assets | $49,806 | $44,755 |
Consolidated Statements of Financial Position (Unaudited) — (Continued)
| September 30, | December 31, | |
|---|---|---|
| 2024 | 2023 | |
| (In millions, except shares) | ||
| LIABILITIES AND EQUITY | ||
| Current Liabilities | ||
| Accounts payable | $1,290 | $1,361 |
| Accrued interest | 259 | 170 |
| Dividends payable | 211 | 210 |
| Short-term borrowings | 966 | 1,283 |
| Current portion long-term debt, including securitization bonds and finance leases | 3,201 | 2,142 |
| Derivative liabilities | 94 | 177 |
| Regulatory liabilities | 179 | 71 |
| Operating lease liabilities | 18 | 17 |
| Other | 569 | 452 |
| 6,787 | 5,883 | |
| Long-Term Debt (net of current portion) | ||
| Mortgage bonds, notes, and other | 18,900 | 15,819 |
| Securitization bonds | 656 | 705 |
| Junior subordinated debentures | 884 | 883 |
| Finance lease liabilities | 18 | 13 |
| 20,458 | 17,420 | |
| Other Liabilities | ||
| Deferred income taxes | 2,748 | 2,649 |
| Regulatory liabilities | 2,665 | 2,603 |
| Asset retirement obligations | 3,899 | 3,556 |
| Unamortized investment tax credit | 277 | 181 |
| Derivative liabilities | 80 | 132 |
| Accrued pension liability | 286 | 350 |
| Accrued postretirement liability | 301 | 301 |
| Nuclear decommissioning | 354 | 320 |
| Operating lease liabilities | 159 | 108 |
| Other | 194 | 197 |
| 10,963 | 10,397 | |
| Commitments and Contingencies (Notes 4 and 11) | ||
| Equity | ||
| Common stock (No par value, 400,000,000 shares authorized, and 207,100,586 and 206,357,070 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively) | 6,754 | 6,713 |
| Retained earnings | 4,880 | 4,404 |
| Accumulated other comprehensive loss | (42) | (67) |
| Total DTE Energy Company Equity | 11,592 | 11,050 |
| Noncontrolling interests | 6 | 5 |
| Total Equity | 11,598 | 11,055 |
| Total Liabilities and Equity | $49,806 | $44,755 |
Consolidated Statements of Cash Flows (Unaudited)
| Nine Months Ended September 30, | ||
|---|---|---|
| 2024 | 2023 | |
| (In millions) | ||
| Operating Activities | ||
| Net Income | $1,112 | $978 |
| Adjustments to reconcile Net Income to Net cash from operating activities: | ||
| Depreciation and amortization | 1,288 | 1,185 |
| Nuclear fuel amortization | 38 | 43 |
| Allowance for equity funds used during construction | (62) | (26) |
| Deferred income taxes | 16 | 119 |
| Equity (earnings) of equity method investees | (36) | (7) |
| Dividends from equity method investees | 2 | 3 |
| Asset (gains) losses and impairments, net | (1) | (11) |
| Changes in assets and liabilities: | ||
| Accounts receivable, net | 174 | 614 |
| Inventories | (337) | (170) |
| Prepaid postretirement benefit costs | (51) | (45) |
| Accounts payable | (89) | (438) |
| Accrued pension liability | (64) | (59) |
| Accrued postretirement liability | — | 1 |
| Derivative assets and liabilities | 43 | (234) |
| Regulatory assets and liabilities | 505 | 509 |
| Other current and noncurrent assets and liabilities | 21 | (87) |
| Net cash from operating activities | 2,559 | 2,375 |
| Investing Activities | ||
| Plant and equipment expenditures — utility | (3,170) | (2,772) |
| Plant and equipment expenditures — non-utility | (50) | (41) |
| Proceeds from sale of assets | 46 | — |
| Proceeds from sale of nuclear decommissioning trust fund assets | 438 | 527 |
| Investment in nuclear decommissioning trust funds | (440) | (524) |
| Distributions from equity method investees | 20 | 16 |
| Contributions to equity method investees | (4) | (27) |
| Notes receivable | (443) | (56) |
| Investment in time deposits | (1,050) | — |
| Other | (60) | (64) |
| Net cash used for investing activities | (4,713) | (2,941) |
| Financing Activities | ||
| Issuance of long-term debt, net of discount and issuance costs | 4,215 | 2,278 |
| Redemption of long-term debt | (143) | (1,146) |
| Short-term borrowings, net | (317) | 55 |
| Dividends paid on common stock | (607) | (564) |
| Other | (22) | (34) |
| Net cash from financing activities | 3,126 | 589 |
| Net Increase in Cash, Cash Equivalents, and Restricted Cash | 972 | 23 |
| Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 51 | 43 |
| Cash, Cash Equivalents, and Restricted Cash at End of Period | $1,023 | $66 |
| Supplemental disclosure of non-cash investing and financing activities | ||
| Plant and equipment expenditures in accounts payable | $503 | $401 |
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 |
| Net Income | — | — | 477 | — | — | 477 |
| Issuance of common stock | 75 | 8 | — | — | — | 8 |
| Other comprehensive loss, net of tax | — | — | — | (12) | — | (12) |
| Stock-based compensation and other | 6 | 14 | (1) | — | — | 13 |
| Balance, September 30, 2024 | 207,101 | $6,754 | $4,880 | $(42) | $6 | $11,598 |
| 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 |
| Net Income | — | — | 332 | — | — | 332 |
| Issuance of common stock | 75 | 9 | — | — | — | 9 |
| Other comprehensive income, net of tax | — | — | — | 13 | — | 13 |
| Stock-based compensation and other | 8 | 12 | 3 | — | — | 15 |
| Balance, September 30, 2023 | 206,259 | $6,697 | $4,197 | $(44) | $4 | $10,854 |
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.