2017 Q3 Form 10-Q Financial Statement

#000093634017000242 Filed on October 25, 2017

View on sec.gov

Income Statement

Concept 2017 Q3 2016 Q3
Revenue $3.245B $2.928B
YoY Change 10.83% 12.7%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization $258.0M $230.0M
YoY Change 12.17% 17.35%
% of Gross Profit
Operating Expenses $2.795B $2.362B
YoY Change 18.33% 10.74%
Operating Profit $434.0M $507.0M
YoY Change -14.4% 15.23%
Interest Expense $146.0M $114.0M
YoY Change 28.07% -1.72%
% of Operating Profit 33.64% 22.49%
Other Income/Expense, Net -$97.00M -$72.00M
YoY Change 34.72% -2.7%
Pretax Income $337.0M $435.0M
YoY Change -22.53% 18.85%
Income Tax $74.00M $110.0M
% Of Pretax Income 21.96% 25.29%
Net Earnings $270.0M $338.0M
YoY Change -20.12% 27.55%
Net Earnings / Revenue 8.32% 11.54%
Basic Earnings Per Share $1.51 $1.88
Diluted Earnings Per Share $1.51 $1.88
COMMON SHARES
Basic Shares Outstanding 179.0M shares 179.0M shares
Diluted Shares Outstanding 179.0M shares 180.0M shares

Balance Sheet

Concept 2017 Q3 2016 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $63.00M $66.00M
YoY Change -4.55% -1.49%
Cash & Equivalents $63.00M $66.00M
Short-Term Investments
Other Short-Term Assets $270.0M $127.0M
YoY Change 112.6% -63.29%
Inventory $816.0M $793.0M
Prepaid Expenses
Receivables $1.395B $1.250B
Other Receivables $166.0M $87.00M
Total Short-Term Assets $2.815B $2.595B
YoY Change 8.48% -3.89%
LONG-TERM ASSETS
Property, Plant & Equipment $20.31B $18.55B
YoY Change 9.47% 3.82%
Goodwill $2.293B $2.018B
YoY Change 13.63% 0.0%
Intangibles
YoY Change
Long-Term Investments $971.0M $706.0M
YoY Change 37.54% -63.44%
Other Assets $175.0M $175.0M
YoY Change 0.0% -29.44%
Total Long-Term Assets $7.315B $6.091B
YoY Change 20.1% -1.82%
TOTAL ASSETS
Total Short-Term Assets $2.815B $2.595B
Total Long-Term Assets $7.315B $6.091B
Total Assets $33.07B $29.46B
YoY Change 12.25% 2.82%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $994.0M $813.0M
YoY Change 22.26% -2.63%
Accrued Expenses $131.0M $115.0M
YoY Change 13.91% -3.36%
Deferred Revenue
YoY Change
Short-Term Debt $659.0M $410.0M
YoY Change 60.73% 121.62%
Long-Term Debt Due $109.0M $15.00M
YoY Change 626.67% -96.79%
Total Short-Term Liabilities $2.598B $1.969B
YoY Change 31.95% -13.37%
LONG-TERM LIABILITIES
Long-Term Debt $11.04B $8.691B
YoY Change 27.0% 3.86%
Other Long-Term Liabilities $325.0M $243.0M
YoY Change 33.74% 10.96%
Total Long-Term Liabilities $8.825B $8.866B
YoY Change -0.46% 2.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.598B $1.969B
Total Long-Term Liabilities $8.825B $8.866B
Total Liabilities $11.42B $10.84B
YoY Change 5.43% -1.19%
SHAREHOLDERS EQUITY
Retained Earnings $5.515B $5.131B
YoY Change 7.48% 5.9%
Common Stock $3.978B $4.137B
YoY Change -3.84% 0.49%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $9.373B $9.130B
YoY Change
Total Liabilities & Shareholders Equity $33.07B $29.46B
YoY Change 12.25% 2.82%

Cashflow Statement

Concept 2017 Q3 2016 Q3
OPERATING ACTIVITIES
Net Income $270.0M $338.0M
YoY Change -20.12% 27.55%
Depreciation, Depletion And Amortization $258.0M $230.0M
YoY Change 12.17% 17.35%
Cash From Operating Activities $367.0M $491.0M
YoY Change -25.25% 67.58%
INVESTING ACTIVITIES
Capital Expenditures -$536.0M -$481.0M
YoY Change 11.43% -4.94%
Acquisitions
YoY Change
Other Investing Activities -$18.00M -$84.00M
YoY Change -78.57% 180.0%
Cash From Investing Activities -$554.0M -$565.0M
YoY Change -1.95% 5.41%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 189.0M 108.0M
YoY Change 75.0% 35.0%
NET CHANGE
Cash From Operating Activities 367.0M 491.0M
Cash From Investing Activities -554.0M -565.0M
Cash From Financing Activities 189.0M 108.0M
Net Change In Cash 2.000M 34.00M
YoY Change -94.12% -120.86%
FREE CASH FLOW
Cash From Operating Activities $367.0M $491.0M
Capital Expenditures -$536.0M -$481.0M
Free Cash Flow $903.0M $972.0M
YoY Change -7.1% 21.65%

Facts In Submission

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7000000 USD
CY2017Q3 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
6000000 USD
CY2016Q3 us-gaap Unregulated Operating Revenue
UnregulatedOperatingRevenue
1180000000 USD
us-gaap Unregulated Operating Revenue
UnregulatedOperatingRevenue
2909000000 USD
CY2017Q3 us-gaap Unregulated Operating Revenue
UnregulatedOperatingRevenue
1672000000 USD
us-gaap Unregulated Operating Revenue
UnregulatedOperatingRevenue
4622000000 USD
CY2016Q3 us-gaap Utilities Operating Expense Maintenance And Operations
UtilitiesOperatingExpenseMaintenanceAndOperations
562000000 USD
us-gaap Utilities Operating Expense Maintenance And Operations
UtilitiesOperatingExpenseMaintenanceAndOperations
1620000000 USD
CY2017Q3 us-gaap Utilities Operating Expense Maintenance And Operations
UtilitiesOperatingExpenseMaintenanceAndOperations
566000000 USD
us-gaap Utilities Operating Expense Maintenance And Operations
UtilitiesOperatingExpenseMaintenanceAndOperations
1725000000 USD
CY2017Q3 us-gaap Variable Interest Entity Entity Maximum Loss Exposure Amount
VariableInterestEntityEntityMaximumLossExposureAmount
0 USD
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
180000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
180000000 shares
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
179000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
179000000 shares
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
179000000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
179000000 shares
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
179000000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
179000000 shares
us-gaap Derivatives Methods Of Accounting Nonhedging Derivatives
DerivativesMethodsOfAccountingNonhedgingDerivatives
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Revenues and energy costs related to trading contracts are presented on a net basis in DTE Energy's Consolidated Statements of Operations. Commodity derivatives used for trading purposes, and financial non-trading commodity derivatives, are accounted for using the MTM method with unrealized and realized gains and losses recorded in Operating Revenues &#8212; Non-utility operations. Non-trading physical commodity sale and purchase derivative contracts are generally accounted for using the MTM method with unrealized and realized gains and losses for sales recorded in Operating Revenues &#8212; Non-utility operations and purchases recorded in Fuel, purchased power, and gas &#8212; non-utility.</font></div></div>
us-gaap Derivatives Reporting Of Derivative Activity
DerivativesReportingOfDerivativeActivity
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-align:left;text-indent:16px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Derivative Assets and Liabilities</font></div><div style="line-height:120%;padding-top:12px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Derivative assets and liabilities are comprised of physical and financial derivative contracts, including futures, forwards, options, and swaps that are both exchange-traded and over-the-counter traded contracts. Various inputs are used to value derivatives depending on the type of contract and availability of market data. Exchange-traded derivative contracts are valued using quoted prices in active markets. The Registrants consider the following criteria in determining whether a market is considered active: frequency in which pricing information is updated, variability in pricing between sources or over time, and the availability of public information. Other derivative contracts are valued based upon a variety of inputs including commodity market prices, broker quotes, interest rates, credit ratings, default rates, market-based seasonality, and basis differential factors. The Registrants monitor the prices that are supplied by brokers and pricing services and may use a supplemental price source or change the primary price source of an index if prices become unavailable or another price source is determined to be more representative of fair value. The Registrants have obtained an understanding of how these prices are derived. Additionally, the Registrants selectively corroborate the fair value of their transactions by comparison of market-based price sources. Mathematical valuation models are used for derivatives for which external market data is not readily observable, such as contracts which extend beyond the actively traded reporting period. The Registrants have established a Risk Management Committee whose responsibilities include directly or indirectly ensuring all valuation methods are applied in accordance with predefined policies. The development and maintenance of the Registrants' forward price curves has been assigned to DTE Energy's Risk Management Department, which is separate and distinct from the trading functions within DTE Energy.</font></div></div>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:12px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain prior year balances for the Registrants were reclassified to match the current year's Consolidated Financial Statements presentation.</font></div></div>

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