2023 Q1 Form 10-Q Financial Statement

#000093634023000101 Filed on April 27, 2023

View on sec.gov

Income Statement

Concept 2023 Q1
Revenue $3.779B
YoY Change -17.44%
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 $385.0M
YoY Change 7.54%
% of Gross Profit
Operating Expenses $3.128B
YoY Change -22.17%
Operating Profit $652.0M
YoY Change 16.85%
Interest Expense $191.0M
YoY Change 24.03%
% of Operating Profit 29.29%
Other Income/Expense, Net -$157.0M
YoY Change 6.08%
Pretax Income $495.0M
YoY Change 20.73%
Income Tax $50.00M
% Of Pretax Income 10.1%
Net Earnings $445.0M
YoY Change 12.94%
Net Earnings / Revenue 11.78%
Basic Earnings Per Share $2.16
Diluted Earnings Per Share $2.16
COMMON SHARES
Basic Shares Outstanding 205.7M shares
Diluted Shares Outstanding 206.0M shares

Balance Sheet

Concept 2023 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $115.0M
YoY Change -23.33%
Cash & Equivalents $115.0M
Short-Term Investments
Other Short-Term Assets $261.0M
YoY Change 3.57%
Inventory $806.0M
Prepaid Expenses
Receivables $1.515B
Other Receivables $178.0M
Total Short-Term Assets $3.537B
YoY Change -2.02%
LONG-TERM ASSETS
Property, Plant & Equipment $29.19B
YoY Change 7.05%
Goodwill $1.993B
YoY Change 0.0%
Intangibles $164.0M
YoY Change -6.29%
Long-Term Investments $173.0M
YoY Change -0.57%
Other Assets $7.569B
YoY Change 6.23%
Total Long-Term Assets $38.98B
YoY Change 6.07%
TOTAL ASSETS
Total Short-Term Assets $3.537B
Total Long-Term Assets $38.98B
Total Assets $42.52B
YoY Change 5.35%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.085B
YoY Change -17.8%
Accrued Expenses $186.0M
YoY Change 14.81%
Deferred Revenue
YoY Change
Short-Term Debt $130.0M
YoY Change -46.72%
Long-Term Debt Due $1.723B
YoY Change -34.86%
Total Short-Term Liabilities $4.036B
YoY Change -28.94%
LONG-TERM LIABILITIES
Long-Term Debt $17.66B
YoY Change 13.01%
Other Long-Term Liabilities $10.17B
YoY Change -0.1%
Total Long-Term Liabilities $10.17B
YoY Change -0.1%
TOTAL LIABILITIES
Total Short-Term Liabilities $4.036B
Total Long-Term Liabilities $10.17B
Total Liabilities $14.21B
YoY Change -10.43%
SHAREHOLDERS EQUITY
Retained Earnings $4.055B
YoY Change 10.73%
Common Stock $6.652B
YoY Change 25.27%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $10.64B
YoY Change
Total Liabilities & Shareholders Equity $42.52B
YoY Change 5.35%

Cashflow Statement

Concept 2023 Q1
OPERATING ACTIVITIES
Net Income $445.0M
YoY Change 12.94%
Depreciation, Depletion And Amortization $385.0M
YoY Change 7.54%
Cash From Operating Activities $924.0M
YoY Change 14.36%
INVESTING ACTIVITIES
Capital Expenditures $937.0M
YoY Change -222.64%
Acquisitions
YoY Change
Other Investing Activities $50.00M
YoY Change 455.56%
Cash From Investing Activities -$981.0M
YoY Change 25.45%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $0.00
YoY Change -100.0%
Cash From Financing Activities $151.0M
YoY Change 58.95%
NET CHANGE
Cash From Operating Activities $924.0M
Cash From Investing Activities -$981.0M
Cash From Financing Activities $151.0M
Net Change In Cash $94.00M
YoY Change -22.31%
FREE CASH FLOW
Cash From Operating Activities $924.0M
Capital Expenditures $937.0M
Free Cash Flow -$13.00M
YoY Change -100.83%

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CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
194000000 shares
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.16
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
2.03
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
10700000 shares
CY2023Q1 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>
CY2023Q1 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
1239000000 usd
CY2023Q1 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
1357000000 usd
CY2022Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
1922000000 usd
CY2022Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
2169000000 usd
CY2023Q1 dte Lettersofcreditthatcouldbeusedtooffsetnetderivativeliabilities
Lettersofcreditthatcouldbeusedtooffsetnetderivativeliabilities
37000000 usd
CY2022Q4 dte Lettersofcreditthatcouldbeusedtooffsetnetderivativeliabilities
Lettersofcreditthatcouldbeusedtooffsetnetderivativeliabilities
81000000 usd
CY2023Q1 dte Lettersof Credit Received Usedto Offset Net Derivative Assets
LettersofCreditReceivedUsedtoOffsetNetDerivativeAssets
47000000 usd
CY2022Q4 dte Lettersof Credit Received Usedto Offset Net Derivative Assets
LettersofCreditReceivedUsedtoOffsetNetDerivativeAssets
82000000 usd
CY2023Q1 us-gaap Derivative Asset Collateral Obligation To Return Cash Offset
DerivativeAssetCollateralObligationToReturnCashOffset
0 usd
CY2022Q4 us-gaap Derivative Asset Collateral Obligation To Return Cash Offset
DerivativeAssetCollateralObligationToReturnCashOffset
90000000 usd
CY2023Q1 us-gaap Derivative Liability Collateral Right To Reclaim Cash Offset
DerivativeLiabilityCollateralRightToReclaimCashOffset
72000000 usd
CY2022Q4 us-gaap Derivative Liability Collateral Right To Reclaim Cash Offset
DerivativeLiabilityCollateralRightToReclaimCashOffset
113000000 usd
CY2023Q1 us-gaap Derivative Collateral Right To Reclaim Cash
DerivativeCollateralRightToReclaimCash
72000000 usd
CY2022Q4 us-gaap Derivative Collateral Right To Reclaim Cash
DerivativeCollateralRightToReclaimCash
77000000 usd
CY2023Q1 us-gaap Derivative Collateral Obligation To Return Cash
DerivativeCollateralObligationToReturnCash
6000000 usd
CY2022Q4 us-gaap Derivative Collateral Obligation To Return Cash
DerivativeCollateralObligationToReturnCash
27000000 usd
CY2023Q1 dte Cash Collateral Posted Received Net
CashCollateralPostedReceivedNet
138000000 usd
CY2022Q4 dte Cash Collateral Posted Received Net
CashCollateralPostedReceivedNet
73000000 usd
CY2023Q1 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
1239000000 usd
CY2023Q1 us-gaap Derivative Asset Fair Value Gross Liability And Obligation To Return Cash Offset
DerivativeAssetFairValueGrossLiabilityAndObligationToReturnCashOffset
965000000 usd
CY2023Q1 us-gaap Derivative Asset After Offset Subject To Master Netting Arrangement
DerivativeAssetAfterOffsetSubjectToMasterNettingArrangement
274000000 usd
CY2022Q4 us-gaap Derivative Fair Value Of Derivative Asset
DerivativeFairValueOfDerivativeAsset
1922000000 usd
CY2022Q4 us-gaap Derivative Asset Fair Value Gross Liability And Obligation To Return Cash Offset
DerivativeAssetFairValueGrossLiabilityAndObligationToReturnCashOffset
1489000000 usd
CY2022Q4 us-gaap Derivative Asset After Offset Subject To Master Netting Arrangement
DerivativeAssetAfterOffsetSubjectToMasterNettingArrangement
433000000 usd
CY2023Q1 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
1357000000 usd
CY2023Q1 us-gaap Derivative Liability Fair Value Gross Asset And Right To Reclaim Cash Offset
DerivativeLiabilityFairValueGrossAssetAndRightToReclaimCashOffset
1037000000 usd
CY2023Q1 us-gaap Derivative Liability After Offset Subject To Master Netting Arrangement
DerivativeLiabilityAfterOffsetSubjectToMasterNettingArrangement
320000000 usd
CY2022Q4 us-gaap Derivative Fair Value Of Derivative Liability
DerivativeFairValueOfDerivativeLiability
2169000000 usd
CY2022Q4 us-gaap Derivative Liability Fair Value Gross Asset And Right To Reclaim Cash Offset
DerivativeLiabilityFairValueGrossAssetAndRightToReclaimCashOffset
1512000000 usd
CY2022Q4 us-gaap Derivative Liability After Offset Subject To Master Netting Arrangement
DerivativeLiabilityAfterOffsetSubjectToMasterNettingArrangement
657000000 usd
CY2023Q1 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
103000000 usd
CY2023Q1 us-gaap Derivative Assets Current
DerivativeAssetsCurrent
206000000 usd
CY2023Q1 us-gaap Derivative Assets Noncurrent
DerivativeAssetsNoncurrent
68000000 usd
CY2023Q1 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
143000000 usd
CY2023Q1 us-gaap Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
177000000 usd
CY2022Q4 us-gaap Derivative Assets Current
DerivativeAssetsCurrent
328000000 usd
CY2022Q4 us-gaap Derivative Assets Noncurrent
DerivativeAssetsNoncurrent
105000000 usd
CY2022Q4 us-gaap Derivative Liabilities Current
DerivativeLiabilitiesCurrent
342000000 usd
CY2022Q4 us-gaap Derivative Liabilities Noncurrent
DerivativeLiabilitiesNoncurrent
315000000 usd
CY2022Q1 us-gaap Derivative Instruments Not Designated As Hedging Instruments Gain Loss Net
DerivativeInstrumentsNotDesignatedAsHedgingInstrumentsGainLossNet
-170000000 usd
CY2023Q1 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.
CY2023Q1 us-gaap Additional Collateral Aggregate Fair Value
AdditionalCollateralAggregateFairValue
481000000 usd
CY2023Q1 us-gaap Derivative Net Liability Position Aggregate Fair Value
DerivativeNetLiabilityPositionAggregateFairValue
1100000000 usd
CY2023Q1 us-gaap Collateral Already Posted Aggregate Fair Value
CollateralAlreadyPostedAggregateFairValue
43000000 usd
CY2023Q1 dte Derivative Net Asset Position Aggregate Fair Value
DerivativeNetAssetPositionAggregateFairValue
911000000 usd
CY2023Q1 dte Remainingamountofoffsetstoderivativenetliabilitypositionsforhardandsofttriggerprovisions
Remainingamountofoffsetstoderivativenetliabilitypositionsforhardandsofttriggerprovisions
182000000 usd
CY2023Q1 us-gaap Additional Collateral Aggregate Fair Value
AdditionalCollateralAggregateFairValue
481000000 usd
CY2023Q1 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
1400000000 usd
CY2023Q1 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
3256000000 usd
CY2023Q1 us-gaap Line Of Credit
LineOfCredit
445000000 usd
CY2023Q1 us-gaap Line Of Credit Facility Remaining Borrowing Capacity
LineOfCreditFacilityRemainingBorrowingCapacity
2811000000 usd
CY2023Q1 us-gaap Direct Financing Lease Interest Income
DirectFinancingLeaseInterestIncome
7000000 usd
CY2022Q1 us-gaap Direct Financing Lease Interest Income
DirectFinancingLeaseInterestIncome
5000000 usd
CY2023Q1 us-gaap Regulated And Unregulated Operating Revenue
RegulatedAndUnregulatedOperatingRevenue
3779000000 usd
CY2022Q1 us-gaap Regulated And Unregulated Operating Revenue
RegulatedAndUnregulatedOperatingRevenue
4577000000 usd
CY2023Q1 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
4000000 usd
CY2022Q1 us-gaap Operating Lease Lease Income Lease Payments
OperatingLeaseLeaseIncomeLeasePayments
4000000 usd
CY2023Q1 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
11000000 usd
CY2022Q1 us-gaap Operating Lease Variable Lease Income
OperatingLeaseVariableLeaseIncome
16000000 usd
CY2023Q1 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
15000000 usd
CY2022Q1 us-gaap Operating Lease Lease Income
OperatingLeaseLeaseIncome
20000000 usd
CY2023Q1 dte Estimated Capital Expenditures For Current Fiscal Year
EstimatedCapitalExpendituresForCurrentFiscalYear
4200000000 usd
CY2023Q1 dte Numberof Electric Utility Customers
NumberofElectricUtilityCustomers
2300000 customer
CY2023Q1 dte Numberof Gas Utility Customers
NumberofGasUtilityCustomers
1300000 customer
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
445000000 usd
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
394000000 usd

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