2017 Q4 Form 10-K Financial Statement

#000093634018000082 Filed on February 16, 2018

View on sec.gov

Income Statement

Concept 2017 Q4 2017 Q3 2017 Q2
Revenue $3.271B $3.245B $2.855B
YoY Change 13.81% 10.83% 26.22%
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 $274.0M $258.0M $249.0M
YoY Change 0.0% 12.17% 2.47%
% of Gross Profit
Operating Expenses $3.020B $2.795B $2.517B
YoY Change 16.6% 18.33% 25.98%
Operating Profit $372.0M $434.0M $320.0M
YoY Change 23.59% -14.4% 25.0%
Interest Expense $24.00M $146.0M $133.0M
YoY Change -123.3% 28.07% 16.67%
% of Operating Profit 6.45% 33.64% 41.56%
Other Income/Expense, Net -$29.00M -$97.00M -$88.00M
YoY Change 38.1% 34.72% 44.26%
Pretax Income $214.0M $337.0M $232.0M
YoY Change 40.79% -22.53% 18.97%
Income Tax $39.00M $74.00M $57.00M
% Of Pretax Income 18.22% 21.96% 24.57%
Net Earnings $287.0M $270.0M $177.0M
YoY Change 119.08% -20.12% 16.45%
Net Earnings / Revenue 8.77% 8.32% 6.2%
Basic Earnings Per Share $1.60 $1.51 $0.99
Diluted Earnings Per Share $1.60 $1.51 $0.99
COMMON SHARES
Basic Shares Outstanding 179.0M shares 179.0M shares
Diluted Shares Outstanding 179.0M shares 179.0M shares

Balance Sheet

Concept 2017 Q4 2017 Q3 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $66.00M $63.00M $62.00M
YoY Change -28.26% -4.55% 93.75%
Cash & Equivalents $66.00M $63.00M $62.00M
Short-Term Investments
Other Short-Term Assets $199.0M $270.0M $168.0M
YoY Change 2.05% 112.6% 4.35%
Inventory $779.0M $816.0M $743.0M
Prepaid Expenses
Receivables $1.758B $1.395B $1.451B
Other Receivables $98.00M $166.0M $92.00M
Total Short-Term Assets $3.081B $2.815B $2.631B
YoY Change 11.55% 8.48% 16.52%
LONG-TERM ASSETS
Property, Plant & Equipment $20.72B $20.31B $20.06B
YoY Change 5.02% 9.47% 9.66%
Goodwill $2.293B $2.293B $2.291B
YoY Change 0.31% 13.63% 13.53%
Intangibles $867.0M
YoY Change 2.97%
Long-Term Investments $1.073B $971.0M $941.0M
YoY Change 42.69% 37.54% 48.66%
Other Assets $161.0M $175.0M $168.0M
YoY Change -5.29% 0.0% 5.66%
Total Long-Term Assets $7.168B $7.315B $7.338B
YoY Change -1.48% 20.1% 20.0%
TOTAL ASSETS
Total Short-Term Assets $3.081B $2.815B $2.631B
Total Long-Term Assets $7.168B $7.315B $7.338B
Total Assets $33.77B $33.07B $32.58B
YoY Change 5.39% 12.25% 13.25%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.171B $994.0M $988.0M
YoY Change 8.53% 22.26% 32.62%
Accrued Expenses $111.0M $131.0M $105.0M
YoY Change 15.63% 13.91% 15.38%
Deferred Revenue
YoY Change
Short-Term Debt $621.0M $659.0M $420.0M
YoY Change 24.45% 60.73% 140.0%
Long-Term Debt Due $109.0M $109.0M $412.0M
YoY Change 678.57% 626.67% 149.7%
Total Short-Term Liabilities $2.812B $2.598B $2.747B
YoY Change 15.39% 31.95% 45.88%
LONG-TERM LIABILITIES
Long-Term Debt $11.04B $11.04B $10.60B
YoY Change 5.07% 27.0% 23.96%
Other Long-Term Liabilities $323.0M $325.0M $339.0M
YoY Change -7.45% 33.74% 50.0%
Total Long-Term Liabilities $8.780B $8.825B $8.906B
YoY Change -0.63% -0.46% 1.85%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.812B $2.598B $2.747B
Total Long-Term Liabilities $8.780B $8.825B $8.906B
Total Liabilities $11.59B $11.42B $11.65B
YoY Change 2.83% 5.43% 9.65%
SHAREHOLDERS EQUITY
Retained Earnings $5.643B $5.515B $5.245B
YoY Change 10.34% 7.48% 9.48%
Common Stock $3.989B $3.978B $3.968B
YoY Change -1.02% -3.84% -3.9%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $9.512B $9.373B $9.088B
YoY Change
Total Liabilities & Shareholders Equity $33.77B $33.07B $32.58B
YoY Change 5.39% 12.25% 13.25%

Cashflow Statement

Concept 2017 Q4 2017 Q3 2017 Q2
OPERATING ACTIVITIES
Net Income $287.0M $270.0M $177.0M
YoY Change 119.08% -20.12% 16.45%
Depreciation, Depletion And Amortization $274.0M $258.0M $249.0M
YoY Change 0.0% 12.17% 2.47%
Cash From Operating Activities $567.0M $367.0M $396.0M
YoY Change 78.86% -25.25% -25.42%
INVESTING ACTIVITIES
Capital Expenditures -$678.0M -$536.0M -$481.0M
YoY Change -3.56% 11.43% 10.07%
Acquisitions
YoY Change
Other Investing Activities -$84.00M -$18.00M -$125.0M
YoY Change -92.89% -78.57% 95.31%
Cash From Investing Activities -$762.0M -$554.0M -$606.0M
YoY Change -59.58% -1.95% 20.96%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 196.0M 189.0M 192.0M
YoY Change -87.7% 75.0% -681.82%
NET CHANGE
Cash From Operating Activities 567.0M 367.0M 396.0M
Cash From Investing Activities -762.0M -554.0M -606.0M
Cash From Financing Activities 196.0M 189.0M 192.0M
Net Change In Cash 1.000M 2.000M -18.00M
YoY Change -96.15% -94.12% 500.0%
FREE CASH FLOW
Cash From Operating Activities $567.0M $367.0M $396.0M
Capital Expenditures -$678.0M -$536.0M -$481.0M
Free Cash Flow $1.245B $903.0M $877.0M
YoY Change 22.06% -7.1% -9.4%

Facts In Submission

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950000000 USD
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5000000 USD
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333000000 USD
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387000000 USD
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450000000 USD
CY2015 us-gaap Income Tax Reconciliation Minority Interest Income Expense
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CY2017 us-gaap Income Tax Reconciliation Minority Interest Income Expense
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5600000000 USD
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CY2016 us-gaap Revenues
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CY2017 us-gaap Revenues
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CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Authorized
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized
14500000 shares
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
7000000 USD
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
4000000 USD
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
4000000 USD
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
shares
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
CY2017 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
7000000 USD
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
171517 shares
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
105994 shares
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
41.59
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
42.95
CY2017 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
39.37
CY2017Q4 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Outstanding Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions
105994 shares
CY2017 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1
P2Y18D
CY2017 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested Number Of Shares
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedNumberOfShares
0 shares
CY2017Q4 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Exercise Price1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1
42.95
CY2017 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2
P2Y18D
CY2016Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
499000000 USD
CY2017Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
621000000 USD
CY2016Q4 us-gaap Short Term Debt Weighted Average Interest Rate
ShortTermDebtWeightedAverageInterestRate
0.009
CY2017Q4 us-gaap Short Term Debt Weighted Average Interest Rate
ShortTermDebtWeightedAverageInterestRate
0.019
CY2017 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
65523 shares
CY2016 us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
390000000 USD
CY2015 us-gaap Stock Issued During Period Value Employee Benefit Plan
StockIssuedDuringPeriodValueEmployeeBenefitPlan
117000000 USD
CY2015 us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
9000000 USD
CY2015 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
0 USD
CY2016 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
0 USD
CY2017 us-gaap Stock Option Plan Expense
StockOptionPlanExpense
0 USD
CY2016 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
33000000 USD
CY2017 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
51000000 USD
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
9011000000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
9512000000 USD
CY2014Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2015Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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8795000000 USD
CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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9499000000 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
9990000000 USD
CY2015 us-gaap Stockholders Equity Other
StockholdersEquityOther
-107000000 USD
CY2016 us-gaap Stockholders Equity Other
StockholdersEquityOther
-162000000 USD
CY2017 us-gaap Stockholders Equity Other
StockholdersEquityOther
-19000000 USD
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TaxesExcludingIncomeAndExciseTaxes
364000000 USD
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TaxesExcludingIncomeAndExciseTaxes
370000000 USD
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TaxesExcludingIncomeAndExciseTaxes
391000000 USD
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TradingSecuritiesRealizedGainLoss
1000000 USD
CY2016 us-gaap Trading Securities Realized Gain Loss
TradingSecuritiesRealizedGainLoss
15000000 USD
CY2017 us-gaap Trading Securities Realized Gain Loss
TradingSecuritiesRealizedGainLoss
26000000 USD
CY2014Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
9000000 USD
CY2015Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
3000000 USD
CY2016Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
10000000 USD
CY2017Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
10000000 USD
CY2015 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
0 USD
CY2016 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
7000000 USD
CY2017 us-gaap Unrecognized Tax Benefits Increases Resulting From Prior Period Tax Positions
UnrecognizedTaxBenefitsIncreasesResultingFromPriorPeriodTaxPositions
0 USD
CY2016Q4 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued
3000000 USD
CY2017Q4 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Accrued
UnrecognizedTaxBenefitsInterestOnIncomeTaxesAccrued
3000000 USD
CY2015 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Expense
UnrecognizedTaxBenefitsInterestOnIncomeTaxesExpense
0 USD
CY2016 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Expense
UnrecognizedTaxBenefitsInterestOnIncomeTaxesExpense
2000000 USD
CY2017 us-gaap Unrecognized Tax Benefits Interest On Income Taxes Expense
UnrecognizedTaxBenefitsInterestOnIncomeTaxesExpense
0 USD
CY2015 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
6000000 USD
CY2016 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
0 USD
CY2017 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
0 USD
CY2016Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
8000000 USD
CY2017Q4 us-gaap Unrecognized Tax Benefits That Would Impact Effective Tax Rate
UnrecognizedTaxBenefitsThatWouldImpactEffectiveTaxRate
8000000 USD
CY2016 us-gaap Unregulated Operating Revenue
UnregulatedOperatingRevenue
4133000000 USD
CY2015 us-gaap Unregulated Operating Revenue
UnregulatedOperatingRevenue
4099000000 USD
CY2017 us-gaap Unregulated Operating Revenue
UnregulatedOperatingRevenue
6173000000 USD
CY2015 us-gaap Utilities Operating Expense Maintenance And Operations
UtilitiesOperatingExpenseMaintenanceAndOperations
2214000000 USD
CY2016 us-gaap Utilities Operating Expense Maintenance And Operations
UtilitiesOperatingExpenseMaintenanceAndOperations
2302000000 USD
CY2017 us-gaap Utilities Operating Expense Maintenance And Operations
UtilitiesOperatingExpenseMaintenanceAndOperations
2335000000 USD
CY2017Q4 us-gaap Variable Interest Entity Entity Maximum Loss Exposure Amount
VariableInterestEntityEntityMaximumLossExposureAmount
0 USD
CY2015 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
179000000 shares
CY2016 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
179000000 shares
CY2017 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
179000000 shares
CY2015 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
179000000 shares
CY2016 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
179000000 shares
CY2017 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
179000000 shares
CY2017 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>
CY2017 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 style="line-height:120%;padding-top:12px;text-align:left;text-indent:32px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"></font></div></div>
CY2017 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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