2018 Q3 Form 10-Q Financial Statement

#000093634018000233 Filed on October 24, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2017 Q3
Revenue $3.550B $3.245B
YoY Change 9.4% 10.83%
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 $273.0M $258.0M
YoY Change 5.81% 12.17%
% of Gross Profit
Operating Expenses $3.117B $2.795B
YoY Change 11.52% 18.33%
Operating Profit $429.0M $434.0M
YoY Change -1.15% -14.4%
Interest Expense $142.0M $146.0M
YoY Change -2.74% 28.07%
% of Operating Profit 33.1% 33.64%
Other Income/Expense, Net -$60.00M -$97.00M
YoY Change -38.14% 34.72%
Pretax Income $369.0M $337.0M
YoY Change 9.5% -22.53%
Income Tax $34.00M $74.00M
% Of Pretax Income 9.21% 21.96%
Net Earnings $334.0M $270.0M
YoY Change 23.7% -20.12%
Net Earnings / Revenue 9.41% 8.32%
Basic Earnings Per Share $1.84 $1.51
Diluted Earnings Per Share $1.84 $1.51
COMMON SHARES
Basic Shares Outstanding 182.0M shares 179.0M shares
Diluted Shares Outstanding 182.0M shares 179.0M shares

Balance Sheet

Concept 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $84.00M $63.00M
YoY Change 33.33% -4.55%
Cash & Equivalents $84.00M $63.00M
Short-Term Investments
Other Short-Term Assets $272.0M $270.0M
YoY Change 0.74% 112.6%
Inventory $767.0M $816.0M
Prepaid Expenses
Receivables $1.690B $1.395B
Other Receivables $83.00M $166.0M
Total Short-Term Assets $3.103B $2.815B
YoY Change 10.23% 8.48%
LONG-TERM ASSETS
Property, Plant & Equipment $21.61B $20.31B
YoY Change 6.43% 9.47%
Goodwill $2.293B $2.293B
YoY Change 0.0% 13.63%
Intangibles
YoY Change
Long-Term Investments $1.670B $971.0M
YoY Change 71.99% 37.54%
Other Assets $152.0M $175.0M
YoY Change -13.14% 0.0%
Total Long-Term Assets $7.141B $7.315B
YoY Change -2.38% 20.1%
TOTAL ASSETS
Total Short-Term Assets $3.103B $2.815B
Total Long-Term Assets $7.141B $7.315B
Total Assets $35.29B $33.07B
YoY Change 6.72% 12.25%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.160B $994.0M
YoY Change 16.7% 22.26%
Accrued Expenses $143.0M $131.0M
YoY Change 9.16% 13.91%
Deferred Revenue
YoY Change
Short-Term Debt $77.00M $659.0M
YoY Change -88.32% 60.73%
Long-Term Debt Due $1.000M $109.0M
YoY Change -99.08% 626.67%
Total Short-Term Liabilities $2.117B $2.598B
YoY Change -18.51% 31.95%
LONG-TERM LIABILITIES
Long-Term Debt $12.48B $11.04B
YoY Change 13.02% 27.0%
Other Long-Term Liabilities $285.0M $325.0M
YoY Change -12.31% 33.74%
Total Long-Term Liabilities $8.865B $8.825B
YoY Change 0.45% -0.46%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.117B $2.598B
Total Long-Term Liabilities $8.865B $8.825B
Total Liabilities $10.98B $11.42B
YoY Change -3.86% 5.43%
SHAREHOLDERS EQUITY
Retained Earnings $6.093B $5.515B
YoY Change 10.48% 7.48%
Common Stock $4.232B $3.978B
YoY Change 6.39% -3.84%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $10.21B $9.373B
YoY Change
Total Liabilities & Shareholders Equity $35.29B $33.07B
YoY Change 6.72% 12.25%

Cashflow Statement

Concept 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income $334.0M $270.0M
YoY Change 23.7% -20.12%
Depreciation, Depletion And Amortization $273.0M $258.0M
YoY Change 5.81% 12.17%
Cash From Operating Activities $614.0M $367.0M
YoY Change 67.3% -25.25%
INVESTING ACTIVITIES
Capital Expenditures -$622.0M -$536.0M
YoY Change 16.04% 11.43%
Acquisitions
YoY Change
Other Investing Activities -$334.0M -$18.00M
YoY Change 1755.56% -78.57%
Cash From Investing Activities -$956.0M -$554.0M
YoY Change 72.56% -1.95%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 360.0M 189.0M
YoY Change 90.48% 75.0%
NET CHANGE
Cash From Operating Activities 614.0M 367.0M
Cash From Investing Activities -956.0M -554.0M
Cash From Financing Activities 360.0M 189.0M
Net Change In Cash 18.00M 2.000M
YoY Change 800.0% -94.12%
FREE CASH FLOW
Cash From Operating Activities $614.0M $367.0M
Capital Expenditures -$622.0M -$536.0M
Free Cash Flow $1.236B $903.0M
YoY Change 36.88% -7.1%

Facts In Submission

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us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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us-gaap Participating Securities Distributed And Undistributed Earnings Loss Basic
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us-gaap Payments To Acquire Equity Method Investments
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us-gaap Proceeds From Equity Method Investment Dividends Or Distributions Return Of Capital
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us-gaap Proceeds From Issuance Of Common Stock
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us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-40000000 USD
us-gaap Proceeds From Sale And Maturity Of Other Investments
ProceedsFromSaleAndMaturityOfOtherInvestments
951000000 USD
us-gaap Proceeds From Sale And Maturity Of Other Investments
ProceedsFromSaleAndMaturityOfOtherInvestments
810000000 USD
us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
160000000 USD
CY2018Q3 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P1Y
CY2018Q3 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P1Y
CY2017Q3 us-gaap Profit Loss
ProfitLoss
263000000 USD
us-gaap Profit Loss
ProfitLoss
832000000 USD
CY2018Q3 us-gaap Profit Loss
ProfitLoss
335000000 USD
us-gaap Profit Loss
ProfitLoss
922000000 USD
CY2017Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
31424000000 USD
CY2018Q3 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
32600000000 USD
CY2017Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
20721000000 USD
CY2018Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
21612000000 USD
CY2017Q3 us-gaap Public Utilities Allowance For Funds Used During Construction Capitalized Cost Of Equity
PublicUtilitiesAllowanceForFundsUsedDuringConstructionCapitalizedCostOfEquity
5000000 USD
us-gaap Public Utilities Allowance For Funds Used During Construction Capitalized Cost Of Equity
PublicUtilitiesAllowanceForFundsUsedDuringConstructionCapitalizedCostOfEquity
17000000 USD
CY2018Q3 us-gaap Public Utilities Allowance For Funds Used During Construction Capitalized Cost Of Equity
PublicUtilitiesAllowanceForFundsUsedDuringConstructionCapitalizedCostOfEquity
7000000 USD
us-gaap Public Utilities Allowance For Funds Used During Construction Capitalized Cost Of Equity
PublicUtilitiesAllowanceForFundsUsedDuringConstructionCapitalizedCostOfEquity
20000000 USD
CY2017Q3 us-gaap Regulated And Unregulated Operating Revenue
RegulatedAndUnregulatedOperatingRevenue
3245000000 USD
us-gaap Regulated And Unregulated Operating Revenue
RegulatedAndUnregulatedOperatingRevenue
9336000000 USD
CY2018Q3 us-gaap Regulated And Unregulated Operating Revenue
RegulatedAndUnregulatedOperatingRevenue
3550000000 USD
us-gaap Regulated And Unregulated Operating Revenue
RegulatedAndUnregulatedOperatingRevenue
10462000000 USD
CY2017Q3 us-gaap Regulated Operating Revenue
RegulatedOperatingRevenue
1573000000 USD
us-gaap Regulated Operating Revenue
RegulatedOperatingRevenue
4714000000 USD
CY2018Q3 us-gaap Regulated Operating Revenue
RegulatedOperatingRevenue
1669000000 USD
us-gaap Regulated Operating Revenue
RegulatedOperatingRevenue
4923000000 USD
CY2017Q4 us-gaap Regulatory Assets Current
RegulatoryAssetsCurrent
55000000 USD
CY2018Q3 us-gaap Regulatory Assets Current
RegulatoryAssetsCurrent
90000000 USD
CY2017Q4 us-gaap Regulatory Assets Noncurrent
RegulatoryAssetsNoncurrent
3723000000 USD
CY2018Q3 us-gaap Regulatory Assets Noncurrent
RegulatoryAssetsNoncurrent
3689000000 USD
CY2017Q4 us-gaap Regulatory Liability Current
RegulatoryLiabilityCurrent
18000000 USD
CY2018Q3 us-gaap Regulatory Liability Current
RegulatoryLiabilityCurrent
34000000 USD
CY2017Q4 us-gaap Regulatory Liability Noncurrent
RegulatoryLiabilityNoncurrent
2875000000 USD
CY2018Q3 us-gaap Regulatory Liability Noncurrent
RegulatoryLiabilityNoncurrent
3029000000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
385000000 USD
us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
105000000 USD
us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
544000000 USD
CY2017Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
23000000 USD
CY2018Q3 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
20000000 USD
CY2017Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
5643000000 USD
CY2018Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
6093000000 USD
CY2018Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
8000000 USD
CY2018Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
27000000 USD
CY2018Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
1000000 USD
CY2018Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
5000000 USD
CY2018Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
7000000 USD
CY2018Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
15000000 USD
CY2018Q3 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
63000000 USD
CY2018Q3 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P1Y
CY2018Q3 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P1Y
CY2018Q3 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P1Y
CY2018Q3 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
CY2017Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
621000000 USD
CY2018Q3 us-gaap Short Term Borrowings
ShortTermBorrowings
77000000 USD
us-gaap Stock Issued During Period Value Employee Benefit Plan
StockIssuedDuringPeriodValueEmployeeBenefitPlan
175000000 USD
us-gaap Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
26000000 USD
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
9512000000 USD
CY2018Q3 us-gaap Stockholders Equity
StockholdersEquity
10207000000 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
9990000000 USD
CY2018Q3 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
10690000000 USD
us-gaap Stockholders Equity Other
StockholdersEquityOther
-51000000 USD
CY2017Q3 us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
91000000 USD
us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
297000000 USD
CY2018Q3 us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
99000000 USD
us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
307000000 USD
CY2018Q3 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
8000000 USD
CY2017Q3 us-gaap Unregulated Operating Revenue
UnregulatedOperatingRevenue
1672000000 USD
us-gaap Unregulated Operating Revenue
UnregulatedOperatingRevenue
4622000000 USD
CY2018Q3 us-gaap Unregulated Operating Revenue
UnregulatedOperatingRevenue
1881000000 USD
us-gaap Unregulated Operating Revenue
UnregulatedOperatingRevenue
5539000000 USD
CY2017Q3 us-gaap Utilities Operating Expense Products And Services
UtilitiesOperatingExpenseProductsAndServices
437000000 USD
us-gaap Utilities Operating Expense Products And Services
UtilitiesOperatingExpenseProductsAndServices
1362000000 USD
CY2018Q3 us-gaap Utilities Operating Expense Products And Services
UtilitiesOperatingExpenseProductsAndServices
453000000 USD
us-gaap Utilities Operating Expense Products And Services
UtilitiesOperatingExpenseProductsAndServices
1440000000 USD
CY2018Q3 us-gaap Variable Interest Entity Entity Maximum Loss Exposure Amount
VariableInterestEntityEntityMaximumLossExposureAmount
0 USD
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
CY2018Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
182000000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
181000000 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
CY2018Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
182000000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
181000000 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 DTE Energy were reclassified to match the current year's Consolidated Financial Statements presentation.</font></div></div>

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