EXHIBIT 99.2
DTE Energy Company
Consolidated Statements of Financial Position (Unaudited)
March 31 | December 31 | ||||||
2013 | 2012 | ||||||
(In millions) | |||||||
ASSETS | |||||||
Current Assets | |||||||
Cash and cash equivalents | $ | 218 | $ | 65 | |||
Restricted cash, principally Securitization | 65 | 122 | |||||
Accounts receivable (less allowance for doubtful accounts of $59 and $62, respectively) | |||||||
Customer | 1,460 | 1,336 | |||||
Other | 89 | 126 | |||||
Inventories | |||||||
Fuel and gas | 301 | 527 | |||||
Materials and supplies | 239 | 234 | |||||
Deferred income taxes | 8 | 21 | |||||
Derivative assets | 56 | 108 | |||||
Regulatory assets | 175 | 182 | |||||
Other | 158 | 194 | |||||
2,769 | 2,915 | ||||||
Investments | |||||||
Nuclear decommissioning trust funds | 1,083 | 1,037 | |||||
Other | 568 | 554 | |||||
1,651 | 1,591 | ||||||
Property | |||||||
Property, plant and equipment | 23,936 | 23,631 | |||||
Less accumulated depreciation, depletion and amortization | (9,070 | ) | (8,947 | ) | |||
14,866 | 14,684 | ||||||
Other Assets | |||||||
Goodwill | 2,018 | 2,018 | |||||
Regulatory assets | 3,819 | 4,235 | |||||
Securitized regulatory assets | 369 | 413 | |||||
Intangible assets | 135 | 135 | |||||
Notes receivable | 109 | 112 | |||||
Derivative assets | 17 | 39 | |||||
Other | 196 | 197 | |||||
6,663 | 7,149 | ||||||
Total Assets | $ | 25,949 | $ | 26,339 |
DTE Energy Company
Consolidated Statements of Financial Position (Unaudited) — (Continued)
March 31 | December 31 | ||||||
2013 | 2012 | ||||||
(In millions, except shares) | |||||||
LIABILITIES AND EQUITY | |||||||
Current Liabilities | |||||||
Accounts payable | $ | 711 | $ | 848 | |||
Accrued interest | 123 | 93 | |||||
Dividends payable | 108 | 107 | |||||
Short-term borrowings | — | 240 | |||||
Current portion long-term debt, including capital leases | 840 | 817 | |||||
Derivative liabilities | 81 | 125 | |||||
Gas inventory equalization | 140 | — | |||||
Other | 473 | 538 | |||||
2,476 | 2,768 | ||||||
Long-Term Debt (net of current portion) | |||||||
Mortgage bonds, notes and other | 6,528 | 6,220 | |||||
Securitization bonds | 201 | 302 | |||||
Junior subordinated debentures | 480 | 480 | |||||
Capital lease obligations | 9 | 12 | |||||
7,218 | 7,014 | ||||||
Other Liabilities | |||||||
Deferred income taxes | 3,245 | 3,191 | |||||
Regulatory liabilities | 997 | 1,031 | |||||
Asset retirement obligations | 1,745 | 1,719 | |||||
Unamortized investment tax credit | 53 | 56 | |||||
Derivative liabilities | 14 | 26 | |||||
Accrued pension liability | 1,402 | 1,498 | |||||
Accrued postretirement liability | 721 | 1,160 | |||||
Nuclear decommissioning | 165 | 159 | |||||
Other | 281 | 306 | |||||
8,623 | 9,146 | ||||||
Commitments and Contingencies | |||||||
Equity | |||||||
Common stock, without par value, 400,000,000 shares authorized, 173,950,853 and 172,351,680 shares issued and outstanding, respectively | 3,683 | 3,587 | |||||
Retained earnings | 4,069 | 3,944 | |||||
Accumulated other comprehensive loss | (156 | ) | (158 | ) | |||
Total DTE Energy Company Equity | 7,596 | 7,373 | |||||
Noncontrolling interests | 36 | 38 | |||||
Total Equity | 7,632 | 7,411 | |||||
Total Liabilities and Equity | $ | 25,949 | $ | 26,339 |
DTE Energy Company
Consolidated Statements of Cash Flows (Unaudited)
Three Months Ended March 31 | |||||||
2013 | 2012 | ||||||
(In millions) | |||||||
Operating Activities | |||||||
Net income | $ | 235 | $ | 158 | |||
Adjustments to reconcile net income to net cash from operating activities: | |||||||
Depreciation, depletion and amortization | 259 | 232 | |||||
Deferred income taxes | 65 | 58 | |||||
Asset (gains) and losses, reserves and impairments, net | (6 | ) | (19 | ) | |||
Changes in assets and liabilities, exclusive of changes shown separately | 44 | 191 | |||||
Net cash from operating activities | 597 | 620 | |||||
Investing Activities | |||||||
Plant and equipment expenditures — utility | (309 | ) | (331 | ) | |||
Plant and equipment expenditures — non-utility | (73 | ) | (61 | ) | |||
Proceeds from sale of assets | 4 | 11 | |||||
Restricted cash for debt redemption, principally Securitization | 57 | 63 | |||||
Proceeds from sale of nuclear decommissioning trust fund assets | 12 | 11 | |||||
Investment in nuclear decommissioning trust funds | (16 | ) | (15 | ) | |||
Other | (7 | ) | (21 | ) | |||
Net cash used for investing activities | (332 | ) | (343 | ) | |||
Financing Activities | |||||||
Issuance of long-term debt | 372 | — | |||||
Redemption of long-term debt | (141 | ) | (86 | ) | |||
Short-term borrowings, net | (240 | ) | (106 | ) | |||
Issuance of common stock | 10 | 10 | |||||
Dividends on common stock | (107 | ) | (99 | ) | |||
Other | (6 | ) | (7 | ) | |||
Net cash used for financing activities | (112 | ) | (288 | ) | |||
Net Increase (Decrease) in Cash and Cash Equivalents | 153 | (11 | ) | ||||
Cash and Cash Equivalents at Beginning of Period | 65 | 68 | |||||
Cash and Cash Equivalents at End of Period | $ | 218 | $ | 57 |
DTE Electric Company
Consolidated Statements of Operations (Unaudited)
Three Months Ended March 31 | |||||||
2013 | 2012 | ||||||
(In millions) | |||||||
Operating Revenues | $ | 1,219 | $ | 1,198 | |||
Operating Expenses | |||||||
Fuel and purchased power | 372 | 377 | |||||
Operation and maintenance | 331 | 355 | |||||
Depreciation and amortization | 212 | 185 | |||||
Taxes other than income | 70 | 68 | |||||
Asset (gains) losses and reserves, net | (1 | ) | — | ||||
984 | 985 | ||||||
Operating Income | 235 | 213 | |||||
Other (Income) and Deductions | |||||||
Interest expense | 66 | 69 | |||||
Other income | (15 | ) | (16 | ) | |||
Other expenses | 6 | 6 | |||||
57 | 59 | ||||||
Income Before Income Taxes | 178 | 154 | |||||
Income Tax Expense | 62 | 57 | |||||
Net Income | $ | 116 | $ | 97 |
DTE Gas Company
Consolidated Statements of Operations (Unaudited)
Three Months Ended March 31 | |||||||
2013 | 2012 | ||||||
(In millions) | |||||||
Operating Revenues | $ | 594 | $ | 501 | |||
Operating Expenses | |||||||
Cost of gas | 292 | 271 | |||||
Operation and maintenance | 105 | 99 | |||||
Depreciation and amortization | 23 | 23 | |||||
Taxes other than income | 17 | 18 | |||||
437 | 411 | ||||||
Operating Income | 157 | 90 | |||||
Other (Income) and Deductions | |||||||
Interest expense | 15 | 15 | |||||
Interest income | (1 | ) | (2 | ) | |||
Other income | (2 | ) | (2 | ) | |||
Other expenses | — | 1 | |||||
12 | 12 | ||||||
Income Before Income Taxes | 145 | 78 | |||||
Income Tax Expense | 51 | 27 | |||||
Net Income | $ | 94 | $ | 51 |
DTE Energy Debt/Equity Calculation
As of March 31, 2013
($ millions)
Short-term borrowings | $ | — | |
Current portion of long-term debt, including capital leases | 840 | ||
Mortgage bonds, notes and other | 6,528 | ||
Securitization bonds, excluding current portion | 201 | ||
Capital lease obligations | 9 | ||
Other adjustments | 262 | ||
less Securitization bonds, including current portion | (390 | ) | |
50% Junior Subordinated Debentures | 240 | ||
Total debt | 7,690 | ||
50% Junior Subordinated Debentures | 240 | ||
Common Equity | 7,632 | ||
Adjusted Equity | 7,872 | ||
Total capitalization | $ | 15,562 | |
Debt | 49.4 | % | |
Adjusted Equity | 50.6 | % | |
Total | 100 | % |
Sales Analysis - Q1 2013 | ||||||||||||||||||||
Electric Sales - DTE Electric Service Area (GWh) | Electric Billings - DTE Electric Service Area (000s) | |||||||||||||||||||
Q1 2013 | Q1 2012 | % Change | Q1 2013 | Q1 2012 | % Change | |||||||||||||||
Residential | 3,854 | 3,700 | 4 | % | Residential | $ | 578,737 | $ | 563,415 | 3 | % | |||||||||
Commercial | 3,923 | 3,885 | 1 | % | Commercial | 441,430 | 438,666 | 1 | % | |||||||||||
Industrial | 2,436 | 2,374 | 3 | % | Industrial | 186,254 | 187,666 | (1 | )% | |||||||||||
Other | 252 | 258 | (2 | )% | Other | 26,464 | 26,465 | — | % | |||||||||||
10,465 | 10,217 | 2 | % | $ | 1,232,885 | $ | 1,216,212 | 1 | % | |||||||||||
Choice | 1,260 | 1,255 | — | % | Choice | 23,021 | 21,470 | 7 | % | |||||||||||
TOTAL SALES | 11,725 | 11,472 | 2 | % | TOTAL REVENUES | $ | 1,255,906 | $ | 1,237,682 | 1 | % |
Gas Sales - DTE Gas Service Area (MMcf) | Gas Billings - DTE Gas Service Area (000s) | |||||||||||||||||||
Q1 2013 | Q1 2012 | % Change | Q1 2013 | Q1 2012 | % Change | |||||||||||||||
Residential | 45,557 | 36,793 | 24 | % | Residential | $ | 369,983 | $ | 321,645 | 15 | % | |||||||||
Commercial | 10,659 | 8,652 | 23 | % | Commercial | 84,736 | 72,995 | 16 | % | |||||||||||
Industrial | 217 | 235 | (8 | )% | Industrial | 1,637 | 1,804 | (9 | )% | |||||||||||
56,433 | 45,680 | 24 | % | $ | 456,356 | $ | 396,444 | 15 | % | |||||||||||
End User Transportation* | 55,564 | 48,014 | 16 | % | End User Transportation* | 85,161 | 73,177 | 16 | % | |||||||||||
TOTAL SALES | 111,997 | 93,694 | 20 | % | TOTAL REVENUES | $ | 541,517 | $ | 469,621 | 15 | % | |||||||||
________________ | ________________ | |||||||||||||||||||
* Includes choice customers | * Includes choice customers |
Weather | ||||||||||||
Cooling Degree Days | Heating Degree Days | |||||||||||
DTE Electric service territory | DTE Gas service territory | |||||||||||
Q1 2013 | Q1 2012 | % Change | Q1 2013 | Q1 2012 | % Change | |||||||
Actuals | — | — | — | Actuals | 3,228 | 2,525 | 28% | |||||
Normal | — | — | — | Normal | 3,141 | 3,225 | (3)% | |||||
Deviation from normal | — | — | Deviation from normal | 3% | (22)% | |||||||
Earnings Impact of Weather | |||||||
Variance from normal weather (millions, after-tax) | |||||||
Q1 2013 | Q1 2012 | ||||||
DTE Electric | $ | — | $ | (11 | ) | ||
DTE Gas | 3 | (23 | ) |
DTE Electric Temperature Normal Sales Analysis - YTD March 31, 2013 | ||||||||||||||||||
Temperature Normal Electric Sales - DTE Electric Service Area (GWh) | Temperature Normal Electric Sales - DTE Electric Service Area (Includes Electric Choice) (GWh) | |||||||||||||||||
YTD 2013 | YTD 2012 | % Change | YTD 2013 | YTD 2012 | % Change | |||||||||||||
Residential | 3,855 | 3,921 | (2 | )% | Residential | 3,855 | 3,921 | (2 | )% | |||||||||
Commercial | 3,923 | 3,869 | 1 | % | Commercial | 4,649 | 4,584 | 1 | % | |||||||||
Industrial | 2,436 | 2,372 | 3 | % | Industrial | 2,970 | 2,908 | 2 | % | |||||||||
Other | 252 | 258 | (2 | )% | Other | 252 | 258 | (2 | )% | |||||||||
10,466 | 10,420 | — | % | TOTAL SALES | 11,726 | 11,671 | — | % | ||||||||||
Choice | 1,260 | 1,251 | 1 | % | ||||||||||||||
TOTAL SALES | 11,726 | 11,671 | — | % |