2019 Q1 Form 10-Q Financial Statement

#000093634019000134 Filed on April 24, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $3.514B $3.753B
YoY Change -6.37% 15.98%
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 $296.0M $281.0M
YoY Change 5.34% 12.85%
% of Gross Profit
Operating Expenses $2.902B $3.200B
YoY Change -9.31% 23.55%
Operating Profit $542.0M $504.0M
YoY Change 7.54% -13.85%
Interest Expense $152.0M $135.0M
YoY Change 12.59% 8.0%
% of Operating Profit 28.04% 26.79%
Other Income/Expense, Net -$80.00M -$85.00M
YoY Change -5.88% 4.94%
Pretax Income $462.0M $419.0M
YoY Change 10.26% -16.87%
Income Tax $54.00M $68.00M
% Of Pretax Income 11.69% 16.23%
Net Earnings $401.0M $361.0M
YoY Change 11.08% -9.75%
Net Earnings / Revenue 11.41% 9.62%
Basic Earnings Per Share $2.20 $2.01
Diluted Earnings Per Share $2.19 $2.00
COMMON SHARES
Basic Shares Outstanding 182.0M shares 180.0M shares
Diluted Shares Outstanding 183.0M shares 180.0M shares

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $56.00M $164.0M
YoY Change -65.85% 100.0%
Cash & Equivalents $56.00M $164.0M
Short-Term Investments
Other Short-Term Assets $231.0M $221.0M
YoY Change 4.52% -0.45%
Inventory $604.0M $597.0M
Prepaid Expenses
Receivables $1.683B $1.709B
Other Receivables $72.00M $116.0M
Total Short-Term Assets $2.840B $2.957B
YoY Change -3.96% 15.19%
LONG-TERM ASSETS
Property, Plant & Equipment $21.86B $20.87B
YoY Change 4.76% 5.05%
Goodwill $2.293B $2.293B
YoY Change 0.0% 0.04%
Intangibles
YoY Change
Long-Term Investments $1.772B $1.141B
YoY Change 55.3% 31.45%
Other Assets $158.0M $159.0M
YoY Change -0.63% -5.36%
Total Long-Term Assets $8.211B $7.162B
YoY Change 14.65% -1.54%
TOTAL ASSETS
Total Short-Term Assets $2.840B $2.957B
Total Long-Term Assets $8.211B $7.162B
Total Assets $36.43B $33.84B
YoY Change 7.66% 5.26%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $981.0M $920.0M
YoY Change 6.63% 1.1%
Accrued Expenses $182.0M $132.0M
YoY Change 37.88% 0.76%
Deferred Revenue
YoY Change
Short-Term Debt $156.0M $635.0M
YoY Change -75.43% 976.27%
Long-Term Debt Due $1.503B $106.0M
YoY Change 1317.92% 715.38%
Total Short-Term Liabilities $3.647B $2.541B
YoY Change 43.53% 38.55%
LONG-TERM LIABILITIES
Long-Term Debt $11.62B $11.04B
YoY Change 5.29% 0.37%
Other Long-Term Liabilities $334.0M $293.0M
YoY Change 13.99% -12.54%
Total Long-Term Liabilities $8.991B $8.752B
YoY Change 2.73% -1.32%
TOTAL LIABILITIES
Total Short-Term Liabilities $3.647B $2.541B
Total Long-Term Liabilities $8.991B $8.752B
Total Liabilities $12.64B $11.29B
YoY Change 11.91% 5.51%
SHAREHOLDERS EQUITY
Retained Earnings $6.364B $5.848B
YoY Change 8.82% 9.0%
Common Stock $4.324B $4.163B
YoY Change 3.87% 5.18%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $10.55B $9.888B
YoY Change
Total Liabilities & Shareholders Equity $36.43B $33.84B
YoY Change 7.66% 5.26%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income $401.0M $361.0M
YoY Change 11.08% -9.75%
Depreciation, Depletion And Amortization $296.0M $281.0M
YoY Change 5.34% 12.85%
Cash From Operating Activities $752.0M $838.0M
YoY Change -10.26% 6.48%
INVESTING ACTIVITIES
Capital Expenditures -$668.0M -$527.0M
YoY Change 26.76% -5.05%
Acquisitions
YoY Change
Other Investing Activities $9.000M $1.000M
YoY Change 800.0% -133.33%
Cash From Investing Activities -$748.0M -$586.0M
YoY Change 27.65% -8.72%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00
YoY Change -100.0%
Debt Paid & Issued, Net $0.00
YoY Change
Cash From Financing Activities -$19.00M -$155.0M
YoY Change -87.74% -0.64%
NET CHANGE
Cash From Operating Activities $752.0M $838.0M
Cash From Investing Activities -$748.0M -$586.0M
Cash From Financing Activities -$19.00M -$155.0M
Net Change In Cash -$15.00M $97.00M
YoY Change -115.46% -981.82%
FREE CASH FLOW
Cash From Operating Activities $752.0M $838.0M
Capital Expenditures -$668.0M -$527.0M
Free Cash Flow $1.420B $1.365B
YoY Change 4.03% 1.71%

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12000000 USD
CY2019Q1 us-gaap Proceeds From Minority Shareholders
ProceedsFromMinorityShareholders
9000000 USD
CY2018Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-19000000 USD
CY2019Q1 us-gaap Proceeds From Payments For Other Financing Activities
ProceedsFromPaymentsForOtherFinancingActivities
-26000000 USD
CY2018Q1 us-gaap Proceeds From Sale And Maturity Of Other Investments
ProceedsFromSaleAndMaturityOfOtherInvestments
336000000 USD
CY2019Q1 us-gaap Proceeds From Sale And Maturity Of Other Investments
ProceedsFromSaleAndMaturityOfOtherInvestments
176000000 USD
CY2018Q1 us-gaap Proceeds From Short Term Debt
ProceedsFromShortTermDebt
14000000 USD
CY2018Q1 us-gaap Profit Loss
ProfitLoss
351000000 USD
CY2019Q1 us-gaap Profit Loss
ProfitLoss
408000000 USD
CY2018Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
31810000000 USD
CY2019Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
32214000000 USD
CY2018Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
21650000000 USD
CY2019Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
21864000000 USD
CY2018Q4 us-gaap Property Subject To Or Available For Operating Lease Accumulated Depreciation
PropertySubjectToOrAvailableForOperatingLeaseAccumulatedDepreciation
148000000 USD
CY2018Q4 us-gaap Property Subject To Or Available For Operating Lease Gross
PropertySubjectToOrAvailableForOperatingLeaseGross
447000000 USD
CY2018Q1 us-gaap Public Utilities Allowance For Funds Used During Construction Capitalized Cost Of Equity
PublicUtilitiesAllowanceForFundsUsedDuringConstructionCapitalizedCostOfEquity
7000000 USD
CY2019Q1 us-gaap Public Utilities Allowance For Funds Used During Construction Capitalized Cost Of Equity
PublicUtilitiesAllowanceForFundsUsedDuringConstructionCapitalizedCostOfEquity
7000000 USD
CY2018Q1 us-gaap Regulated And Unregulated Operating Revenue
RegulatedAndUnregulatedOperatingRevenue
3753000000 USD
CY2019Q1 us-gaap Regulated And Unregulated Operating Revenue
RegulatedAndUnregulatedOperatingRevenue
3514000000 USD
CY2018Q1 us-gaap Regulated Operating Revenue
RegulatedOperatingRevenue
1740000000 USD
CY2019Q1 us-gaap Regulated Operating Revenue
RegulatedOperatingRevenue
1864000000 USD
CY2018Q4 us-gaap Regulatory Assets Current
RegulatoryAssetsCurrent
153000000 USD
CY2019Q1 us-gaap Regulatory Assets Current
RegulatoryAssetsCurrent
117000000 USD
CY2019Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
75000000 USD
CY2019Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P1Y
CY2019Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P1Y
CY2018Q4 us-gaap Regulatory Assets Noncurrent
RegulatoryAssetsNoncurrent
4568000000 USD
CY2019Q1 us-gaap Regulatory Assets Noncurrent
RegulatoryAssetsNoncurrent
4520000000 USD
CY2018Q4 us-gaap Regulatory Liability Current
RegulatoryLiabilityCurrent
126000000 USD
CY2019Q1 us-gaap Regulatory Liability Current
RegulatoryLiabilityCurrent
95000000 USD
CY2018Q4 us-gaap Regulatory Liability Noncurrent
RegulatoryLiabilityNoncurrent
2922000000 USD
CY2019Q1 us-gaap Regulatory Liability Noncurrent
RegulatoryLiabilityNoncurrent
2895000000 USD
CY2019Q1 us-gaap Repayments Of Short Term Debt
RepaymentsOfShortTermDebt
453000000 USD
CY2018Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
5000000 USD
CY2019Q1 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
5000000 USD
CY2018Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
6112000000 USD
CY2019Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
6364000000 USD
CY2019Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
43000000 USD
CY2019Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
3000000 USD
CY2019Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
5000000 USD
CY2019Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
7000000 USD
CY2019Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
6000000 USD
CY2019Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
11000000 USD
CY2019Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P1Y
CY2019Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P1Y
CY2019Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P1Y
CY2019Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
CY2019Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
11000000 USD
CY2019Q1 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceived
17000000 USD
CY2019Q1 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Five Years
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedFiveYears
0 USD
CY2019Q1 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Four Years
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedFourYears
0 USD
CY2019Q1 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Remainder Of Fiscal Year
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedRemainderOfFiscalYear
7000000 USD
CY2019Q1 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Thereafter
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedThereafter
1000000 USD
CY2019Q1 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Three Years
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedThreeYears
0 USD
CY2019Q1 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Two Years
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedTwoYears
9000000 USD
CY2018Q4 us-gaap Short Term Borrowings
ShortTermBorrowings
609000000 USD
CY2019Q1 us-gaap Short Term Borrowings
ShortTermBorrowings
156000000 USD
CY2019Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
2000000 USD
CY2018Q1 us-gaap Stock Issued During Period Value Employee Benefit Plan
StockIssuedDuringPeriodValueEmployeeBenefitPlan
175000000 USD
CY2019Q1 us-gaap Stock Issued During Period Value Employee Benefit Plan
StockIssuedDuringPeriodValueEmployeeBenefitPlan
100000000 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
10237000000 USD
CY2019Q1 us-gaap Stockholders Equity
StockholdersEquity
10545000000 USD
CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
9990000000 USD
CY2018Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
10363000000 USD
CY2018Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
10717000000 USD
CY2019Q1 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
11020000000 USD
CY2018Q1 us-gaap Stockholders Equity Other
StockholdersEquityOther
-5000000 USD
CY2019Q1 us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
118000000 USD
CY2019Q1 us-gaap Stockholders Equity Other
StockholdersEquityOther
34000000 USD
CY2018Q1 us-gaap Taxes Excluding Income And Excise Taxes
TaxesExcludingIncomeAndExciseTaxes
111000000 USD
CY2019Q1 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
8000000 USD
CY2018Q1 us-gaap Unregulated Operating Revenue
UnregulatedOperatingRevenue
2013000000 USD
CY2019Q1 us-gaap Unregulated Operating Revenue
UnregulatedOperatingRevenue
1650000000 USD
CY2018Q1 us-gaap Utilities Operating Expense Products And Services
UtilitiesOperatingExpenseProductsAndServices
553000000 USD
CY2019Q1 us-gaap Utilities Operating Expense Products And Services
UtilitiesOperatingExpenseProductsAndServices
582000000 USD
CY2019Q1 us-gaap Variable Interest Entity Entity Maximum Loss Exposure Amount
VariableInterestEntityEntityMaximumLossExposureAmount
0 USD
CY2019Q1 us-gaap Variable Lease Cost
VariableLeaseCost
5000000 USD
CY2018Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2019Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1000000 shares
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
180000000 shares
CY2019Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
183000000 shares
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
180000000 shares
CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
182000000 shares
CY2019Q1 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>
CY2019Q1 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>
CY2019Q1 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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