2021 Q1 Form 10-Q Financial Statement

#000093634021000154 Filed on April 27, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $3.581B $2.852B
YoY Change 25.56% -18.84%
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 $368.0M $353.0M
YoY Change 4.25% 19.26%
% of Gross Profit
Operating Expenses $3.242B $2.450B
YoY Change 32.33% -15.58%
Operating Profit $433.0M $445.0M
YoY Change -2.7% -17.9%
Interest Expense $155.0M $175.0M
YoY Change -11.43% 15.13%
% of Operating Profit 35.8% 39.33%
Other Income/Expense, Net -$122.0M -$155.0M
YoY Change -21.29% 93.75%
Pretax Income $311.0M $391.0M
YoY Change -20.46% -15.37%
Income Tax -$6.000M $49.00M
% Of Pretax Income -1.93% 12.53%
Net Earnings $397.0M $340.0M
YoY Change 16.76% -15.21%
Net Earnings / Revenue 11.09% 11.92%
Basic Earnings Per Share $2.05 $1.77
Diluted Earnings Per Share $2.05 $1.76
COMMON SHARES
Basic Shares Outstanding 194.0M shares 192.0M shares
Diluted Shares Outstanding 194.0M shares 192.0M shares

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.568B $552.0M
YoY Change 184.06% 885.71%
Cash & Equivalents $1.568B $552.0M
Short-Term Investments
Other Short-Term Assets $267.0M $268.0M
YoY Change -0.37% 16.02%
Inventory $664.0M $707.0M
Prepaid Expenses
Receivables $1.553B $1.482B
Other Receivables $132.0M $260.0M
Total Short-Term Assets $4.376B $3.526B
YoY Change 24.11% 24.15%
LONG-TERM ASSETS
Property, Plant & Equipment $28.27B $26.24B
YoY Change 7.76% 20.0%
Goodwill $2.466B $2.466B
YoY Change 0.0% 7.54%
Intangibles $2.318B $2.402B
YoY Change -3.5%
Long-Term Investments $1.856B $1.867B
YoY Change -0.59% 5.36%
Other Assets $10.07B $9.936B
YoY Change 1.39% 6188.61%
Total Long-Term Assets $42.32B $39.71B
YoY Change 6.59% 383.57%
TOTAL ASSETS
Total Short-Term Assets $4.376B $3.526B
Total Long-Term Assets $42.32B $39.71B
Total Assets $46.70B $43.23B
YoY Change 8.02% 18.66%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $955.0M $1.028B
YoY Change -7.1% 4.79%
Accrued Expenses $202.0M $201.0M
YoY Change 0.5% 10.44%
Deferred Revenue
YoY Change
Short-Term Debt $52.00M $1.131B
YoY Change -95.4% 625.0%
Long-Term Debt Due $469.0M $387.0M
YoY Change 21.19% -74.25%
Total Short-Term Liabilities $2.595B $3.972B
YoY Change -34.67% 8.91%
LONG-TERM LIABILITIES
Long-Term Debt $19.99B $17.03B
YoY Change 17.43% 46.47%
Other Long-Term Liabilities $11.40B $10.25B
YoY Change 11.23% 2967.66%
Total Long-Term Liabilities $11.40B $10.25B
YoY Change 11.23% 13.96%
TOTAL LIABILITIES
Total Short-Term Liabilities $2.595B $3.972B
Total Long-Term Liabilities $11.40B $10.25B
Total Liabilities $13.99B $14.22B
YoY Change -1.59% 12.5%
SHAREHOLDERS EQUITY
Retained Earnings $7.342B $6.732B
YoY Change 9.06% 5.78%
Common Stock $5.344B $5.235B
YoY Change 2.08% 21.07%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $12.55B $11.82B
YoY Change
Total Liabilities & Shareholders Equity $46.70B $43.23B
YoY Change 8.02% 18.66%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income $397.0M $340.0M
YoY Change 16.76% -15.21%
Depreciation, Depletion And Amortization $368.0M $353.0M
YoY Change 4.25% 19.26%
Cash From Operating Activities $1.057B $1.061B
YoY Change -0.38% 41.09%
INVESTING ACTIVITIES
Capital Expenditures -$669.0M -$1.188B
YoY Change -43.69% 77.84%
Acquisitions
YoY Change
Other Investing Activities $10.00M $3.000M
YoY Change 233.33% -66.67%
Cash From Investing Activities -$705.0M -$1.342B
YoY Change -47.47% 79.41%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $54.00M $0.00
YoY Change
Debt Paid & Issued, Net $0.00 $300.0M
YoY Change -100.0%
Cash From Financing Activities $702.0M $864.0M
YoY Change -18.75% -4647.37%
NET CHANGE
Cash From Operating Activities $1.057B $1.061B
Cash From Investing Activities -$705.0M -$1.342B
Cash From Financing Activities $702.0M $864.0M
Net Change In Cash $1.054B $583.0M
YoY Change 80.79% -3986.67%
FREE CASH FLOW
Cash From Operating Activities $1.057B $1.061B
Capital Expenditures -$669.0M -$1.188B
Free Cash Flow $1.726B $2.249B
YoY Change -23.25% 58.38%

Facts In Submission

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CY2021Q1 us-gaap Derivatives Reporting Of Derivative Activity
DerivativesReportingOfDerivativeActivity
<div style="margin-top:9pt;text-indent:11.25pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Derivative Assets and Liabilities</span></div><div style="margin-top:9pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">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.</span></div>
CY2021Q1 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
560000000 USD
CY2021Q1 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
652000000 USD
CY2020Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
567000000 USD
CY2020Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
533000000 USD
CY2021Q1 dte Lettersofcreditthatcouldbeusedtooffsetnetderivativeliabilities
Lettersofcreditthatcouldbeusedtooffsetnetderivativeliabilities
5000000 USD
CY2020Q4 dte Lettersofcreditthatcouldbeusedtooffsetnetderivativeliabilities
Lettersofcreditthatcouldbeusedtooffsetnetderivativeliabilities
7000000 USD
CY2021Q1 dte Lettersof Credit Received Usedto Offset Net Derivative Assets
LettersofCreditReceivedUsedtoOffsetNetDerivativeAssets
14000000 USD
CY2020Q4 dte Lettersof Credit Received Usedto Offset Net Derivative Assets
LettersofCreditReceivedUsedtoOffsetNetDerivativeAssets
9000000 USD
CY2021Q1 us-gaap Derivative Asset Collateral Obligation To Return Cash Offset
DerivativeAssetCollateralObligationToReturnCashOffset
18000000 USD
CY2020Q4 us-gaap Derivative Asset Collateral Obligation To Return Cash Offset
DerivativeAssetCollateralObligationToReturnCashOffset
12000000 USD
CY2021Q1 us-gaap Derivative Liability Collateral Right To Reclaim Cash Offset
DerivativeLiabilityCollateralRightToReclaimCashOffset
12000000 USD
CY2020Q4 us-gaap Derivative Liability Collateral Right To Reclaim Cash Offset
DerivativeLiabilityCollateralRightToReclaimCashOffset
6000000 USD
CY2021Q1 us-gaap Derivative Collateral Right To Reclaim Cash
DerivativeCollateralRightToReclaimCash
13000000 USD
CY2020Q4 us-gaap Derivative Collateral Right To Reclaim Cash
DerivativeCollateralRightToReclaimCash
14000000 USD
CY2021Q1 us-gaap Derivative Collateral Obligation To Return Cash
DerivativeCollateralObligationToReturnCash
3000000 USD
CY2020Q4 us-gaap Derivative Collateral Obligation To Return Cash
DerivativeCollateralObligationToReturnCash
1000000 USD
CY2021Q1 dte Cash Collateral Posted Received Net
CashCollateralPostedReceivedNet
4000000 USD
CY2020Q4 dte Cash Collateral Posted Received Net
CashCollateralPostedReceivedNet
7000000 USD
CY2021Q1 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
560000000 USD
CY2021Q1 us-gaap Derivative Asset Fair Value Gross Liability And Obligation To Return Cash Offset
DerivativeAssetFairValueGrossLiabilityAndObligationToReturnCashOffset
450000000 USD
CY2021Q1 us-gaap Derivative Assets
DerivativeAssets
110000000 USD
CY2020Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
567000000 USD
CY2020Q4 us-gaap Derivative Asset Fair Value Gross Liability And Obligation To Return Cash Offset
DerivativeAssetFairValueGrossLiabilityAndObligationToReturnCashOffset
411000000 USD
CY2020Q4 us-gaap Derivative Assets
DerivativeAssets
156000000 USD
CY2021Q1 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
652000000 USD
CY2021Q1 us-gaap Derivative Liability Fair Value Gross Asset And Right To Reclaim Cash Offset
DerivativeLiabilityFairValueGrossAssetAndRightToReclaimCashOffset
444000000 USD
CY2021Q1 us-gaap Derivative Liabilities
DerivativeLiabilities
208000000 USD
CY2020Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
533000000 USD
CY2020Q4 us-gaap Derivative Liability Fair Value Gross Asset And Right To Reclaim Cash Offset
DerivativeLiabilityFairValueGrossAssetAndRightToReclaimCashOffset
405000000 USD
CY2020Q4 us-gaap Derivative Liabilities
DerivativeLiabilities
128000000 USD
CY2021Q1 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
-99000000 USD
CY2020Q1 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
52000000 USD
CY2021Q1 us-gaap Derivatives Methods Of Accounting Nonhedging Derivatives
DerivativesMethodsOfAccountingNonhedgingDerivatives
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 — 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 — Non-utility operations and purchases recorded in Fuel, purchased power, gas, and other — non-utility.
CY2021Q1 us-gaap Additional Collateral Aggregate Fair Value
AdditionalCollateralAggregateFairValue
506000000 USD
CY2021Q1 us-gaap Derivative Net Liability Position Aggregate Fair Value
DerivativeNetLiabilityPositionAggregateFairValue
500000000 USD
CY2021Q1 us-gaap Collateral Already Posted Aggregate Fair Value
CollateralAlreadyPostedAggregateFairValue
0 USD
CY2021Q1 dte Derivative Net Asset Position Aggregate Fair Value
DerivativeNetAssetPositionAggregateFairValue
450000000 USD
CY2021Q1 dte Remainingamountofoffsetstoderivativenetliabilitypositionsforhardandsofttriggerprovisions
Remainingamountofoffsetstoderivativenetliabilitypositionsforhardandsofttriggerprovisions
50000000 USD
CY2021Q1 us-gaap Additional Collateral Aggregate Fair Value
AdditionalCollateralAggregateFairValue
506000000 USD
CY2021Q1 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
1000000000 USD
CY2021Q1 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
2848000000 USD
CY2021Q1 us-gaap Line Of Credit
LineOfCredit
264000000 USD
CY2021Q1 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
2584000000 USD
CY2021Q1 dte Sales Type Lease Net Investment In Lease Additions
SalesTypeLeaseNetInvestmentInLeaseAdditions
31000000 USD
CY2021Q1 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Remainder Of Fiscal Year
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedRemainderOfFiscalYear
19000000 USD
CY2021Q1 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Next Twelve Months
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedNextTwelveMonths
22000000 USD
CY2021Q1 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Two Years
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedTwoYears
22000000 USD
CY2021Q1 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Three Years
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedThreeYears
22000000 USD
CY2021Q1 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received Four Years
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceivedFourYears
22000000 USD
CY2021Q1 dte Sales Type And Direct Financing Leases Lease Receivable To Be Received After Year Four
SalesTypeAndDirectFinancingLeasesLeaseReceivableToBeReceivedAfterYearFour
292000000 USD
CY2021Q1 us-gaap Sales Type And Direct Financing Leases Lease Receivable Payments To Be Received
SalesTypeAndDirectFinancingLeasesLeaseReceivablePaymentsToBeReceived
399000000 USD
CY2021Q1 us-gaap Direct Financing Lease Unguaranteed Residual Asset
DirectFinancingLeaseUnguaranteedResidualAsset
17000000 USD
CY2021Q1 us-gaap Direct Financing Lease Deferred Selling Profit
DirectFinancingLeaseDeferredSellingProfit
211000000 USD
CY2021Q1 us-gaap Net Investment In Lease
NetInvestmentInLease
205000000 USD
CY2021Q1 us-gaap Net Investment In Lease Current
NetInvestmentInLeaseCurrent
9000000 USD
CY2021Q1 us-gaap Net Investment In Lease Noncurrent
NetInvestmentInLeaseNoncurrent
196000000 USD
CY2021Q1 us-gaap Direct Financing Lease Interest Income
DirectFinancingLeaseInterestIncome
4000000 USD
CY2020Q1 us-gaap Direct Financing Lease Interest Income
DirectFinancingLeaseInterestIncome
4000000 USD
CY2021Q1 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
17000000 USD
CY2020Q1 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
16000000 USD
CY2021Q1 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
17000000 USD
CY2020Q1 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
23000000 USD
CY2021Q1 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
34000000 USD
CY2020Q1 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
39000000 USD
CY2021Q1 dte Estimated Capital Expenditures And Contributions To Equity Method Investees For Current Fiscal Year
EstimatedCapitalExpendituresAndContributionsToEquityMethodInvesteesForCurrentFiscalYear
4200000000 USD
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
340000000 USD
CY2021Q1 dte Numberof Electric Utility Customers
NumberofElectricUtilityCustomers
2200000 customer
CY2021Q1 dte Numberof Gas Utility Customers
NumberofGasUtilityCustomers
1300000 customer
CY2021Q1 us-gaap Regulated And Unregulated Operating Revenue
RegulatedAndUnregulatedOperatingRevenue
3778000000 USD
CY2020Q1 us-gaap Regulated And Unregulated Operating Revenue
RegulatedAndUnregulatedOperatingRevenue
3022000000 USD
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
397000000 USD

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