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Michigan
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38-3217752
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(State or other jurisdiction of
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(I.R.S. Employer
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incorporation or organization)
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Identification No.)
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One Energy Plaza, Detroit, Michigan
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48226-1279
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(Address of principal executive offices)
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(Zip Code)
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Large accelerated filer
þ
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Accelerated filer
o
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Non-accelerated filer
o
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Smaller reporting company
o
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(Do not check if a smaller reporting company)
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P
AGE
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EX-10-80
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EX-12.50
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EX-31.73
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EX-31.74
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EX-32.73
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EX-32.74
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EX-101 INSTANCE DOCUMENT
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EX-101 SCHEMA DOCUMENT
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EX-101 CALCULATION LINKBASE DOCUMENT
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EX-101 LABELS LINKBASE DOCUMENT
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EX-101 PRESENTATION LINKBASE DOCUMENT
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EX-101 DEFINITION LINKBASE DOCUMENT
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Subsidiaries
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The direct and indirect subsidiaries of DTE Energy Company
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Unconventional Gas
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Includes those gas and oil deposits that originated and are stored in coal bed, tight sandstone and shale formations.
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VIE
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Variable Interest Entity
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Units of Measurement
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Bcf
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Billion cubic feet of gas
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Bcfe
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Conversion metric using a standard ratio of one barrel of oil and/or natural gas liquids to 6 Mcf of natural gas equivalents.
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Btu
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Heat value (energy content) of fuel
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dth/d
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Decatherms per day
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kWh
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Kilowatthour of electricity
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MMBtu
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Million Btu
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Mcf
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Thousand cubic feet of gas
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MMcf
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Million cubic feet of gas
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MW
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Megawatt of electricity
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MWh
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Megawatthour of electricity
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•
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impact of regulation by the FERC, MPSC, NRC and other applicable governmental proceedings and regulations, including any associated impact on rate structures;
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•
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the amount and timing of cost recovery allowed as a result of regulatory proceedings, related appeals or new legislation;
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•
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impact of electric and gas utility restructuring in Michigan, including legislative amendments and Customer Choice programs;
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•
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economic conditions and population changes in our geographic area resulting in changes in demand, customer conservation, increased thefts of electricity and gas and high levels of uncollectible accounts receivable;
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•
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environmental issues, laws, regulations, and the increasing costs of remediation and compliance, including actual and potential new federal and state requirements;
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•
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health, safety, financial, environmental and regulatory risks associated with ownership and operation of nuclear facilities;
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•
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changes in the cost and availability of coal and other raw materials, purchased power and natural gas;
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•
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volatility in the short-term natural gas storage markets impacting third-party storage revenues;
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•
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access to capital markets and the results of other financing efforts which can be affected by credit agency ratings;
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•
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instability in capital markets which could impact availability of short and long-term financing;
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•
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the timing and extent of changes in interest rates;
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•
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the level of borrowings;
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•
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the potential for losses on investments, including nuclear decommissioning and benefit plan assets and the related increases in future expense and contributions;
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•
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the potential for increased costs or delays in completion of significant construction projects;
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•
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the uncertainties of successful exploration of unconventional gas and oil resources and challenges in estimating gas and oil reserves with certainty;
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•
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changes in and application of federal, state and local tax laws and their interpretations, including the Internal Revenue Code, regulations, rulings, court proceedings and audits;
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•
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the effects of weather and other natural phenomena on operations and sales to customers, and purchases from suppliers;
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•
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unplanned outages;
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•
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the cost of protecting assets against, or damage due to, terrorism or cyber attacks;
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•
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employee relations and the impact of collective bargaining agreements;
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•
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the availability, cost, coverage and terms of insurance and stability of insurance providers;
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•
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cost reduction efforts and the maximization of plant and distribution system performance;
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•
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the effects of competition;
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•
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changes in and application of accounting standards and financial reporting regulations;
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•
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changes in federal or state laws and their interpretation with respect to regulation, energy policy and other business issues;
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•
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binding arbitration, litigation and related appeals; and
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•
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the risks discussed in our public filings with the Securities and Exchange Commission.
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Three Months Ended March 31
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||||||
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2012
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2011
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||||
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(In millions, except per share amounts)
|
||||||
Operating Revenues
|
$
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2,249
|
|
|
$
|
2,431
|
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Operating Expenses
|
|
|
|
||||
Fuel, purchased power and gas
|
889
|
|
|
1,071
|
|
||
Operation and maintenance
|
726
|
|
|
631
|
|
||
Depreciation, depletion and amortization
|
232
|
|
|
245
|
|
||
Taxes other than income
|
95
|
|
|
83
|
|
||
Asset (gains) and losses, reserves and impairments, net
|
(5
|
)
|
|
11
|
|
||
|
1,937
|
|
|
2,041
|
|
||
Operating Income
|
312
|
|
|
390
|
|
||
Other (Income) and Deductions
|
|
|
|
||||
Interest expense
|
113
|
|
|
126
|
|
||
Interest income
|
(2
|
)
|
|
(3
|
)
|
||
Other income
|
(37
|
)
|
|
(21
|
)
|
||
Other expenses
|
7
|
|
|
7
|
|
||
|
81
|
|
|
109
|
|
||
Income Before Income Taxes
|
231
|
|
|
281
|
|
||
Income Tax Expense
|
73
|
|
|
103
|
|
||
|
|
|
|
||||
Net Income
|
158
|
|
|
178
|
|
||
|
|
|
|
||||
Less: Net Income Attributable to Noncontrolling Interests
|
2
|
|
|
2
|
|
||
Net Income Attributable to DTE Energy Company
|
$
|
156
|
|
|
$
|
176
|
|
|
|
|
|
||||
Basic Earnings per Common Share
|
|
|
|
||||
Net Income Attributable to DTE Energy Company
|
$
|
0.91
|
|
|
$
|
1.04
|
|
|
|
|
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||||
Diluted Earnings per Common Share
|
|
|
|
||||
Net Income Attributable to DTE Energy Company
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$
|
0.91
|
|
|
$
|
1.04
|
|
|
|
|
|
||||
Weighted Average Common Shares Outstanding
|
|
|
|
||||
Basic
|
170
|
|
|
169
|
|
||
Diluted
|
170
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|
|
170
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||
Dividends Declared per Common Share
|
$
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0.59
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$
|
0.56
|
|
|
Three Months Ended March 31
|
||||||
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2012
|
|
2011
|
||||
|
(In millions)
|
||||||
Net income
|
$
|
158
|
|
|
$
|
178
|
|
Other comprehensive income, net of tax:
|
|
|
|
|
|
||
Benefit obligations:
|
|
|
|
|
|
||
Benefit obligations, net of taxes of $2 and $1
|
3
|
|
|
1
|
|
||
|
3
|
|
|
1
|
|
||
Net unrealized gains on investments:
|
|
|
|
|
|
||
Gains arising during the period, net of taxes of $— and $—
|
1
|
|
|
—
|
|
||
|
1
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|
|
—
|
|
||
|
|
|
|
||||
Foreign currency translation, net of taxes of $— and $—
|
1
|
|
|
—
|
|
||
|
|
|
|
||||
Comprehensive income
|
163
|
|
|
179
|
|
||
Less: Comprehensive income attributable to noncontrolling interests
|
2
|
|
|
2
|
|
||
Comprehensive income attributable to DTE Energy Company
|
$
|
161
|
|
|
$
|
177
|
|
|
March 31
|
|
December 31
|
||||
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2012
|
|
2011
|
||||
|
(In millions)
|
||||||
ASSETS
|
|
|
|
||||
Current Assets
|
|
|
|
||||
Cash and cash equivalents
|
$
|
57
|
|
|
$
|
68
|
|
Restricted cash, principally Securitization
|
86
|
|
|
147
|
|
||
Accounts receivable (less allowance for doubtful accounts of $160 and $162, respectively)
|
|
|
|
||||
Customer
|
1,262
|
|
|
1,317
|
|
||
Other
|
122
|
|
|
90
|
|
||
Inventories
|
|
|
|
||||
Fuel and gas
|
447
|
|
|
572
|
|
||
Materials and supplies
|
219
|
|
|
219
|
|
||
Deferred income taxes
|
62
|
|
|
51
|
|
||
Derivative assets
|
277
|
|
|
222
|
|
||
Regulatory assets
|
232
|
|
|
314
|
|
||
Other
|
187
|
|
|
196
|
|
||
|
2,951
|
|
|
3,196
|
|
||
Investments
|
|
|
|
||||
Nuclear decommissioning trust funds
|
1,004
|
|
|
937
|
|
||
Other
|
532
|
|
|
525
|
|
||
|
1,536
|
|
|
1,462
|
|
||
Property
|
|
|
|
||||
Property, plant and equipment
|
22,780
|
|
|
22,541
|
|
||
Less accumulated depreciation, depletion and amortization
|
(8,856
|
)
|
|
(8,795
|
)
|
||
|
13,924
|
|
|
13,746
|
|
||
Other Assets
|
|
|
|
||||
Goodwill
|
2,020
|
|
|
2,020
|
|
||
Regulatory assets
|
4,423
|
|
|
4,539
|
|
||
Securitized regulatory assets
|
536
|
|
|
577
|
|
||
Intangible assets
|
70
|
|
|
73
|
|
||
Notes receivable
|
120
|
|
|
123
|
|
||
Derivative assets
|
78
|
|
|
74
|
|
||
Other
|
188
|
|
|
199
|
|
||
|
7,435
|
|
|
7,605
|
|
||
Total Assets
|
$
|
25,846
|
|
|
$
|
26,009
|
|
|
March 31
|
|
December 31
|
||||
|
2012
|
|
2011
|
||||
|
(In millions, except shares)
|
||||||
LIABILITIES AND EQUITY
|
|||||||
Current Liabilities
|
|
|
|
||||
Accounts payable
|
$
|
690
|
|
|
$
|
782
|
|
Accrued interest
|
121
|
|
|
95
|
|
||
Dividends payable
|
100
|
|
|
99
|
|
||
Short-term borrowings
|
313
|
|
|
419
|
|
||
Current portion long-term debt, including capital leases
|
530
|
|
|
526
|
|
||
Derivative liabilities
|
238
|
|
|
158
|
|
||
Gas inventory equalization
|
114
|
|
|
—
|
|
||
Other
|
424
|
|
|
549
|
|
||
|
2,530
|
|
|
2,628
|
|
||
Long-Term Debt (net of current portion)
|
|
|
|
||||
Mortgage bonds, notes and other
|
6,404
|
|
|
6,405
|
|
||
Securitization bonds
|
391
|
|
|
479
|
|
||
Junior subordinated debentures
|
280
|
|
|
280
|
|
||
Capital lease obligations
|
18
|
|
|
23
|
|
||
|
7,093
|
|
|
7,187
|
|
||
Other Liabilities
|
|
|
|
|
|
||
Deferred income taxes
|
3,188
|
|
|
3,116
|
|
||
Regulatory liabilities
|
1,018
|
|
|
1,019
|
|
||
Asset retirement obligations
|
1,615
|
|
|
1,591
|
|
||
Unamortized investment tax credit
|
63
|
|
|
65
|
|
||
Derivative liabilities
|
99
|
|
|
89
|
|
||
Accrued pension liability
|
1,300
|
|
|
1,298
|
|
||
Accrued postretirement liability
|
1,342
|
|
|
1,484
|
|
||
Nuclear decommissioning
|
156
|
|
|
148
|
|
||
Other
|
295
|
|
|
331
|
|
||
|
9,076
|
|
|
9,141
|
|
||
Commitments and Contingencies (Notes 6 and 9)
|
|
|
|
||||
Equity
|
|
|
|
||||
Common stock, without par value, 400,000,000 shares authorized, 170,112,217 and 169,247,282 shares issued and outstanding, respectively
|
3,453
|
|
|
3,417
|
|
||
Retained earnings
|
3,804
|
|
|
3,750
|
|
||
Accumulated other comprehensive loss
|
(153
|
)
|
|
(158
|
)
|
||
Total DTE Energy Company Equity
|
7,104
|
|
|
7,009
|
|
||
Noncontrolling interests
|
43
|
|
|
44
|
|
||
Total Equity
|
7,147
|
|
|
7,053
|
|
||
Total Liabilities and Equity
|
$
|
25,846
|
|
|
$
|
26,009
|
|
|
Three Months Ended March 31
|
||||||
|
2012
|
|
2011
|
||||
|
(In millions)
|
||||||
Operating Activities
|
|
|
|
||||
Net income
|
$
|
158
|
|
|
$
|
178
|
|
Adjustments to reconcile net income to net cash from operating activities:
|
|
|
|
||||
Depreciation, depletion and amortization
|
232
|
|
|
245
|
|
||
Deferred income taxes
|
58
|
|
|
48
|
|
||
Asset (gains) and losses, reserves and impairments, net
|
(19
|
)
|
|
11
|
|
||
Changes in assets and liabilities, exclusive of changes shown separately (Note 12)
|
191
|
|
|
240
|
|
||
Net cash from operating activities
|
620
|
|
|
722
|
|
||
Investing Activities
|
|
|
|
||||
Plant and equipment expenditures — utility
|
(331
|
)
|
|
(253
|
)
|
||
Plant and equipment expenditures — non-utility
|
(61
|
)
|
|
(17
|
)
|
||
Proceeds from sale of assets
|
11
|
|
|
4
|
|
||
Restricted cash for debt redemption, principally Securitization
|
63
|
|
|
53
|
|
||
Proceeds from sale of nuclear decommissioning trust fund assets
|
11
|
|
|
20
|
|
||
Investment in nuclear decommissioning trust funds
|
(15
|
)
|
|
(28
|
)
|
||
Other
|
(21
|
)
|
|
(23
|
)
|
||
Net cash used for investing activities
|
(343
|
)
|
|
(244
|
)
|
||
Financing Activities
|
|
|
|
||||
Redemption of long-term debt
|
(86
|
)
|
|
(94
|
)
|
||
Short-term borrowings, net
|
(106
|
)
|
|
(150
|
)
|
||
Issuance of common stock
|
10
|
|
|
—
|
|
||
Repurchase of common stock
|
—
|
|
|
(9
|
)
|
||
Dividends on common stock
|
(99
|
)
|
|
(95
|
)
|
||
Other
|
(7
|
)
|
|
2
|
|
||
Net cash used for financing activities
|
(288
|
)
|
|
(346
|
)
|
||
Net Increase (Decrease) in Cash and Cash Equivalents
|
(11
|
)
|
|
132
|
|
||
Cash and Cash Equivalents at Beginning of Period
|
68
|
|
|
65
|
|
||
Cash and Cash Equivalents at End of Period
|
$
|
57
|
|
|
$
|
197
|
|
|
|
|
|
|
|
|
Accumulated
Other Comprehensive Loss
|
|
Non-Controlling Interest
|
|
|
|||||||||||
|
Common Stock
|
|
Retained Earnings
|
|
|
|
|
|||||||||||||||
|
Shares
|
|
Amount
|
|
|
|
|
Total
|
||||||||||||||
|
(Dollars in millions, shares in thousands)
|
|||||||||||||||||||||
Balance, December 31, 2011
|
169,247
|
|
|
$
|
3,417
|
|
|
$
|
3,750
|
|
|
$
|
(158
|
)
|
|
$
|
44
|
|
|
$
|
7,053
|
|
Net Income
|
—
|
|
|
—
|
|
|
156
|
|
|
—
|
|
|
2
|
|
|
158
|
|
|||||
Dividends declared on common stock
|
—
|
|
|
—
|
|
|
(100
|
)
|
|
—
|
|
|
—
|
|
|
(100
|
)
|
|||||
Issuance of common stock
|
180
|
|
|
10
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10
|
|
|||||
Benefit obligations, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
3
|
|
|||||
Net change in unrealized losses on investments, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|||||
Foreign currency translation, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|||||
Stock-based compensation, distributions to noncontrolling interests and other
|
685
|
|
|
26
|
|
|
(2
|
)
|
|
—
|
|
|
(3
|
)
|
|
21
|
|
|||||
Balance, March 31, 2012
|
170,112
|
|
|
$
|
3,453
|
|
|
$
|
3,804
|
|
|
$
|
(153
|
)
|
|
$
|
43
|
|
|
$
|
7,147
|
|
•
|
Detroit Edison, an electric utility engaged in the generation, purchase, distribution and sale of electricity to approximately
2.1 million
customers in southeastern Michigan;
|
•
|
MichCon, a natural gas utility engaged in the purchase, storage, transportation, distribution and sale of natural gas to approximately
1.2 million
customers throughout Michigan and the sale of storage and transportation capacity; and
|
•
|
Other businesses involved in 1) natural gas pipelines, gathering and storage; 2) unconventional gas and oil project development and production; 3) power and industrial projects; and 4) energy marketing and trading operations.
|
|
|
March 31, 2012
|
||||||||||||||
|
|
Securitization
|
|
Other
|
|
Total
|
|
Restricted
Amounts
|
||||||||
|
|
(In millions)
|
||||||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents
|
|
$
|
—
|
|
|
$
|
12
|
|
|
$
|
12
|
|
|
$
|
—
|
|
Restricted cash
|
|
46
|
|
|
6
|
|
|
52
|
|
|
52
|
|
||||
Accounts receivable
|
|
34
|
|
|
16
|
|
|
50
|
|
|
36
|
|
||||
Inventories
|
|
—
|
|
|
106
|
|
|
106
|
|
|
—
|
|
||||
Other current assets
|
|
—
|
|
|
2
|
|
|
2
|
|
|
—
|
|
||||
Property, plant and equipment
|
|
—
|
|
|
72
|
|
|
72
|
|
|
22
|
|
||||
Securitized regulatory assets
|
|
536
|
|
|
—
|
|
|
536
|
|
|
536
|
|
||||
Other assets
|
|
9
|
|
|
6
|
|
|
15
|
|
|
15
|
|
||||
|
|
$
|
625
|
|
|
$
|
220
|
|
|
$
|
845
|
|
|
$
|
661
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
||||||||
Accounts payable and accrued current liabilities
|
|
$
|
3
|
|
|
$
|
32
|
|
|
$
|
35
|
|
|
$
|
3
|
|
Current portion long-term debt, including capital leases
|
|
168
|
|
|
8
|
|
|
176
|
|
|
176
|
|
||||
Other current liabilities
|
|
48
|
|
|
—
|
|
|
48
|
|
|
48
|
|
||||
Mortgage bonds, notes and other
|
|
—
|
|
|
28
|
|
|
28
|
|
|
28
|
|
||||
Securitization bonds
|
|
391
|
|
|
—
|
|
|
391
|
|
|
391
|
|
||||
Capital lease obligations
|
|
—
|
|
|
12
|
|
|
12
|
|
|
12
|
|
||||
Other long-term liabilities
|
|
7
|
|
|
2
|
|
|
9
|
|
|
8
|
|
||||
|
|
$
|
617
|
|
|
$
|
82
|
|
|
$
|
699
|
|
|
$
|
666
|
|
|
|
December 31, 2011
|
||||||||||||||
|
|
Securitization
|
|
Other
|
|
Total
|
|
Restricted
Amounts
|
||||||||
|
|
(In millions)
|
||||||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents
|
|
$
|
—
|
|
|
$
|
25
|
|
|
$
|
25
|
|
|
$
|
—
|
|
Restricted cash
|
|
107
|
|
|
7
|
|
|
114
|
|
|
114
|
|
||||
Accounts receivable
|
|
34
|
|
|
17
|
|
|
51
|
|
|
36
|
|
||||
Inventories
|
|
—
|
|
|
183
|
|
|
183
|
|
|
—
|
|
||||
Other current assets
|
|
—
|
|
|
1
|
|
|
1
|
|
|
—
|
|
||||
Property, plant and equipment
|
|
—
|
|
|
73
|
|
|
73
|
|
|
23
|
|
||||
Securitized regulatory assets
|
|
577
|
|
|
—
|
|
|
577
|
|
|
577
|
|
||||
Other assets
|
|
10
|
|
|
6
|
|
|
16
|
|
|
16
|
|
||||
|
|
$
|
728
|
|
|
$
|
312
|
|
|
$
|
1,040
|
|
|
$
|
766
|
|
LIABILITIES
|
|
|
|
|
|
|
|
|
||||||||
Accounts payable and accrued current liabilities
|
|
$
|
14
|
|
|
$
|
24
|
|
|
$
|
38
|
|
|
$
|
14
|
|
Current portion long-term debt, including capital leases
|
|
164
|
|
|
7
|
|
|
171
|
|
|
171
|
|
||||
Other current liabilities
|
|
55
|
|
|
—
|
|
|
55
|
|
|
55
|
|
||||
Mortgage bonds, notes and other
|
|
—
|
|
|
30
|
|
|
30
|
|
|
30
|
|
||||
Securitization bonds
|
|
479
|
|
|
—
|
|
|
479
|
|
|
479
|
|
||||
Capital lease obligations
|
|
—
|
|
|
14
|
|
|
14
|
|
|
14
|
|
||||
Other long term liabilities
|
|
7
|
|
|
2
|
|
|
9
|
|
|
8
|
|
||||
|
|
$
|
719
|
|
|
$
|
77
|
|
|
$
|
796
|
|
|
$
|
771
|
|
|
March 31, 2012
|
|
December 31, 2011
|
||||
|
(In millions)
|
||||||
Other investments
|
$
|
123
|
|
|
$
|
117
|
|
Notes receivable
|
7
|
|
|
7
|
|
|
March 31,
|
|
December 31,
|
||||
|
2012
|
|
2011
|
||||
|
(In millions)
|
||||||
Emission allowances
|
$
|
9
|
|
|
$
|
10
|
|
Renewable energy credits
|
40
|
|
|
39
|
|
||
Contract intangible assets
|
64
|
|
|
65
|
|
||
|
113
|
|
|
114
|
|
||
Less accumulated amortization
|
28
|
|
|
28
|
|
||
Intangible assets, net
|
$
|
85
|
|
|
$
|
86
|
|
Less current intangible assets
|
$
|
15
|
|
|
$
|
13
|
|
|
$
|
70
|
|
|
$
|
73
|
|
•
|
Level 1
— Consists of unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access as of the reporting date.
|
•
|
Level 2
— Consists of inputs other than quoted prices included within Level 1 that are directly observable for the asset or liability or indirectly observable through corroboration with observable market data.
|
•
|
Level 3
— Consists of unobservable inputs for assets or liabilities whose fair value is estimated based on internally developed models or methodologies using inputs that are generally less readily observable and supported by little, if any, market activity at the measurement date. Unobservable inputs are developed based on the best available information and subject to cost-benefit constraints.
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Netting
Adjustments (2)
|
|
Net Balance at
March 31, 2012 |
||||||||||
|
(In millions)
|
||||||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Cash equivalents
|
$
|
—
|
|
|
$
|
68
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
68
|
|
Nuclear decommissioning trusts
|
629
|
|
|
375
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
1,004
|
|
|||
Other investments (1)
|
62
|
|
|
41
|
|
|
—
|
|
|
—
|
|
|
103
|
|
|||||
Derivative assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Foreign currency exchange contracts
|
—
|
|
|
2
|
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|||||
Commodity Contracts:
|
|
|
|
|
|
|
|
|
|
||||||||||
Natural Gas
|
1,568
|
|
|
102
|
|
|
31
|
|
|
(1,671
|
)
|
|
30
|
|
|||||
Electricity
|
—
|
|
|
675
|
|
|
363
|
|
|
(720
|
)
|
|
318
|
|
|||||
Other
|
45
|
|
|
2
|
|
|
6
|
|
|
(46
|
)
|
|
7
|
|
|||||
Total derivative assets
|
1,613
|
|
|
781
|
|
|
400
|
|
|
(2,439
|
)
|
|
355
|
|
|||||
Total
|
$
|
2,304
|
|
|
$
|
1,265
|
|
|
$
|
400
|
|
|
$
|
(2,439
|
)
|
|
$
|
1,530
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Derivative liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Foreign currency exchange contracts
|
$
|
—
|
|
|
$
|
(3
|
)
|
|
$
|
—
|
|
|
$
|
2
|
|
|
$
|
(1
|
)
|
Interest rate contracts
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|||||
Commodity Contracts:
|
|
|
|
|
|
|
|
|
|
||||||||||
Natural Gas
|
(1,681
|
)
|
|
(143
|
)
|
|
(25
|
)
|
|
1,741
|
|
|
(108
|
)
|
|||||
Electricity
|
—
|
|
|
(674
|
)
|
|
(338
|
)
|
|
783
|
|
|
(229
|
)
|
|||||
Other
|
(37
|
)
|
|
—
|
|
|
—
|
|
|
39
|
|
|
2
|
|
|||||
Total derivative liabilities
|
(1,718
|
)
|
|
(821
|
)
|
|
(363
|
)
|
|
2,565
|
|
|
(337
|
)
|
|||||
Total
|
$
|
(1,718
|
)
|
|
$
|
(821
|
)
|
|
$
|
(363
|
)
|
|
$
|
2,565
|
|
|
$
|
(337
|
)
|
Net Assets as of March 31, 2012
|
$
|
586
|
|
|
$
|
444
|
|
|
$
|
37
|
|
|
$
|
126
|
|
|
$
|
1,193
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Current
|
$
|
1,339
|
|
|
$
|
711
|
|
|
$
|
327
|
|
|
$
|
(2,048
|
)
|
|
$
|
329
|
|
Noncurrent (3)
|
965
|
|
|
554
|
|
|
73
|
|
|
(391
|
)
|
|
1,201
|
|
|||||
Total Assets
|
$
|
2,304
|
|
|
$
|
1,265
|
|
|
$
|
400
|
|
|
$
|
(2,439
|
)
|
|
$
|
1,530
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Current
|
$
|
(1,391
|
)
|
|
$
|
(687
|
)
|
|
$
|
(290
|
)
|
|
$
|
2,130
|
|
|
$
|
(238
|
)
|
Noncurrent
|
(327
|
)
|
|
(134
|
)
|
|
(73
|
)
|
|
435
|
|
|
(99
|
)
|
|||||
Total Liabilities
|
$
|
(1,718
|
)
|
|
$
|
(821
|
)
|
|
$
|
(363
|
)
|
|
$
|
2,565
|
|
|
$
|
(337
|
)
|
Net Assets as of March 31, 2012
|
$
|
586
|
|
|
$
|
444
|
|
|
$
|
37
|
|
|
$
|
126
|
|
|
$
|
1,193
|
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Netting
Adjustments (2)
|
|
Net Balance at
December 31, 2011 |
||||||||||
|
(In millions)
|
||||||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Nuclear decommissioning trusts
|
$
|
577
|
|
|
$
|
360
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
937
|
|
Other investments (1)
|
57
|
|
|
54
|
|
|
—
|
|
|
—
|
|
|
111
|
|
|||||
Derivative assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Foreign currency exchange contracts
|
—
|
|
|
3
|
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|||||
Commodity Contracts:
|
|
|
|
|
|
|
|
|
|
||||||||||
Natural Gas
|
1,926
|
|
|
78
|
|
|
20
|
|
|
(1,991
|
)
|
|
33
|
|
|||||
Electricity
|
—
|
|
|
523
|
|
|
224
|
|
|
(490
|
)
|
|
257
|
|
|||||
Other
|
23
|
|
|
2
|
|
|
6
|
|
|
(25
|
)
|
|
6
|
|
|||||
Total derivative assets
|
1,949
|
|
|
606
|
|
|
250
|
|
|
(2,509
|
)
|
|
296
|
|
|||||
Total
|
$
|
2,583
|
|
|
$
|
1,020
|
|
|
$
|
250
|
|
|
$
|
(2,509
|
)
|
|
$
|
1,344
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Derivative liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Foreign currency exchange contracts
|
$
|
—
|
|
|
$
|
(5
|
)
|
|
$
|
—
|
|
|
$
|
3
|
|
|
$
|
(2
|
)
|
Interest rate contracts
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|||||
Commodity Contracts:
|
|
|
|
|
|
|
|
|
|
||||||||||
Natural Gas
|
(1,940
|
)
|
|
(126
|
)
|
|
(14
|
)
|
|
1,976
|
|
|
(104
|
)
|
|||||
Electricity
|
—
|
|
|
(513
|
)
|
|
(192
|
)
|
|
565
|
|
|
(140
|
)
|
|||||
Other
|
(19
|
)
|
|
(1
|
)
|
|
—
|
|
|
20
|
|
|
—
|
|
|||||
Total derivative liabilities
|
(1,959
|
)
|
|
(646
|
)
|
|
(206
|
)
|
|
2,564
|
|
|
(247
|
)
|
|||||
Total
|
$
|
(1,959
|
)
|
|
$
|
(646
|
)
|
|
$
|
(206
|
)
|
|
$
|
2,564
|
|
|
$
|
(247
|
)
|
Net Assets as of December 31, 2011
|
$
|
624
|
|
|
$
|
374
|
|
|
$
|
44
|
|
|
$
|
55
|
|
|
$
|
1,097
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
||||||||||
Current
|
$
|
1,571
|
|
|
$
|
520
|
|
|
$
|
181
|
|
|
$
|
(2,050
|
)
|
|
$
|
222
|
|
Noncurrent (3)
|
1,012
|
|
|
500
|
|
|
69
|
|
|
(459
|
)
|
|
1,122
|
|
|||||
Total Assets
|
$
|
2,583
|
|
|
$
|
1,020
|
|
|
$
|
250
|
|
|
$
|
(2,509
|
)
|
|
$
|
1,344
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
||||||||||
Current
|
$
|
(1,603
|
)
|
|
$
|
(527
|
)
|
|
$
|
(152
|
)
|
|
$
|
2,124
|
|
|
$
|
(158
|
)
|
Noncurrent
|
(356
|
)
|
|
(119
|
)
|
|
(54
|
)
|
|
440
|
|
|
(89
|
)
|
|||||
Total Liabilities
|
$
|
(1,959
|
)
|
|
$
|
(646
|
)
|
|
$
|
(206
|
)
|
|
$
|
2,564
|
|
|
$
|
(247
|
)
|
Net Assets as of December 31, 2011
|
$
|
624
|
|
|
$
|
374
|
|
|
$
|
44
|
|
|
$
|
55
|
|
|
$
|
1,097
|
|
(1)
|
Excludes cash surrender value of life insurance investments.
|
(2)
|
Amounts represent the impact of master netting agreements that allow the Company to net gain and loss positions and cash collateral held or placed with the same counterparties.
|
(3)
|
Includes $
103 million
and
$111 million
of other investments that are included in the Consolidated Statements of Financial Position in Other investments at
March 31, 2012
and
December 31, 2011
, respectively.
|
|
Three Months Ended March 31, 2012
|
||||||||||||||
|
Natural Gas
|
|
Electricity
|
|
Other
|
|
Total
|
||||||||
|
(In millions)
|
||||||||||||||
Net Assets as of January 1, 2012
|
$
|
6
|
|
|
$
|
32
|
|
|
$
|
6
|
|
|
$
|
44
|
|
Transfers into Level 3
|
—
|
|
|
27
|
|
|
—
|
|
|
27
|
|
||||
Transfers out of Level 3
|
(2
|
)
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
||||
Total gains:
|
|
|
|
|
|
|
|
||||||||
Included in earnings
|
6
|
|
|
(14
|
)
|
|
1
|
|
|
(7
|
)
|
||||
Recorded in regulatory assets/liabilities
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
||||
Purchases, issuances and settlements:
|
|
|
|
|
|
|
|
||||||||
Settlements
|
(4
|
)
|
|
(20
|
)
|
|
(2
|
)
|
|
(26
|
)
|
||||
Net Assets as of March 31, 2012
|
$
|
6
|
|
|
$
|
25
|
|
|
$
|
6
|
|
|
$
|
37
|
|
The amount of total gains (losses) included in net income attributed to the change in unrealized gains (losses) related to assets and liabilities held at March 31, 2012 and reflected in Operating revenues and Fuel, purchased power and gas in the Consolidated Statements of Operations.
|
$
|
6
|
|
|
$
|
1
|
|
|
$
|
1
|
|
|
$
|
8
|
|
|
Three Months Ended March 31, 2011
|
||||||||||||||
|
Natural Gas
|
|
Electricity
|
|
Other
|
|
Total
|
||||||||
|
(In millions)
|
||||||||||||||
Net Assets as of January 1, 2011
|
$
|
1
|
|
|
$
|
54
|
|
|
$
|
4
|
|
|
$
|
59
|
|
Transfers into Level 3
|
—
|
|
|
2
|
|
|
—
|
|
|
2
|
|
||||
Transfers out of Level 3
|
3
|
|
|
(25
|
)
|
|
—
|
|
|
(22
|
)
|
||||
Total gains or (losses):
|
|
|
|
|
|
|
|
||||||||
Included in earnings
|
(4
|
)
|
|
(15
|
)
|
|
2
|
|
|
(17
|
)
|
||||
Recorded in regulatory assets/liabilities
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
(1
|
)
|
||||
Purchases, issuances and settlements:
|
|
|
|
|
|
|
|
||||||||
Settlements
|
3
|
|
|
(8
|
)
|
|
—
|
|
|
(5
|
)
|
||||
Net Assets as of March 31, 2011
|
$
|
3
|
|
|
$
|
8
|
|
|
$
|
5
|
|
|
$
|
16
|
|
The amount of total gains (losses) included in net income attributed to the change in unrealized gains (losses) related to assets and liabilities held at March 31, 2011 and reflected in Operating revenues and Fuel, purchased power and gas in the Consolidated Statements of Operations.
|
$
|
(1
|
)
|
|
$
|
(8
|
)
|
|
$
|
2
|
|
|
$
|
(7
|
)
|
|
|
March 31, 2012
|
|
|
|
|
|
|
|
|
||||||||||
Security Type
|
|
Derivative Assets
|
|
Derivative Liabilities
|
|
Valuation Techniques
|
|
Unobservable Input
|
|
Range
|
||||||||||
|
|
(In millions)
|
|
|
|
|
|
|
|
|
||||||||||
Natural Gas
|
|
$
|
31
|
|
|
$
|
(25
|
)
|
|
Discounted Cash Flow
|
|
Forward basis price (per MMBtu)
|
|
$
|
(0.16
|
)
|
—
|
$
|
0.28
|
/MMBtu
|
Electricity
|
|
363
|
|
|
(338
|
)
|
|
Discounted Cash Flow
|
|
Forward market price (per Mwh)
|
|
$
|
9
|
|
—
|
$
|
27
|
/Mwh
|
||
|
|
|
|
|
|
|
|
Forward basis price (per Mwh)
|
|
$
|
(1
|
)
|
—
|
$
|
10
|
/Mwh
|
|
March 31, 2012
|
|
December 31, 2011
|
||||||||||||
|
Fair Value
|
|
Carrying Value
|
|
Fair Value
|
|
Carrying Value
|
||||||||
Long-term debt
|
$
|
8.6
|
billion
|
|
$
|
7.6
|
billion
|
|
$
|
8.8
|
billion
|
|
$
|
7.7
|
billion
|
|
|
|
|
|
|
|
Total at
|
||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
March 31, 2012
|
||||||||
|
(In millions)
|
||||||||||||||
Notes receivable, excluding capital leases
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
46
|
|
|
$
|
46
|
|
Dividends payable
|
100
|
|
|
—
|
|
|
—
|
|
|
100
|
|
||||
Short-term borrowings
|
—
|
|
|
313
|
|
|
—
|
|
|
313
|
|
||||
Long-term debt
|
300
|
|
|
7,700
|
|
|
600
|
|
|
8,600
|
|
|
March 31, 2012
|
|
December 31, 2011
|
||||
|
(In millions)
|
||||||
Fermi 2
|
$
|
981
|
|
|
$
|
915
|
|
Fermi 1
|
3
|
|
|
3
|
|
||
Low level radioactive waste
|
20
|
|
|
19
|
|
||
Total
|
$
|
1,004
|
|
|
$
|
937
|
|
|
Three Months Ended March 31
|
||||||
|
2012
|
|
2011
|
||||
|
(In millions)
|
||||||
Realized gains
|
$
|
6
|
|
|
$
|
14
|
|
Realized losses
|
$
|
(4
|
)
|
|
$
|
(8
|
)
|
Proceeds from sales of securities
|
$
|
11
|
|
|
$
|
20
|
|
|
Fair
Value
|
|
Unrealized
Gains
|
||||
|
(In millions)
|
||||||
As of March 31, 2012
|
|
|
|
||||
Equity securities
|
$
|
594
|
|
|
$
|
116
|
|
Debt securities
|
389
|
|
|
22
|
|
||
Cash and cash equivalents
|
21
|
|
|
—
|
|
||
|
$
|
1,004
|
|
|
$
|
138
|
|
As of December 31, 2011
|
|
|
|
||||
Equity securities
|
$
|
533
|
|
|
$
|
80
|
|
Debt securities
|
385
|
|
|
22
|
|
||
Cash and cash equivalents
|
19
|
|
|
—
|
|
||
|
$
|
937
|
|
|
$
|
102
|
|
|
March 31, 2012
|
|
December 31, 2011
|
||||||||||||
|
Fair Value
|
|
Carrying value
|
|
Fair Value
|
|
Carrying Value
|
||||||||
|
(In millions)
|
||||||||||||||
Cash equivalents (1)
|
$
|
68
|
|
|
$
|
68
|
|
|
$
|
140
|
|
|
$
|
140
|
|
Equity securities (2)
|
$
|
6
|
|
|
$
|
6
|
|
|
$
|
5
|
|
|
$
|
5
|
|
•
|
Asset Optimization
— Represents derivative activity associated with assets owned and contracted by DTE Energy, including forward sales of gas production and trades associated with power transmission, gas transportation and storage capacity. Changes in the value of derivatives in this category economically offset changes in the value of underlying non-derivative positions, which do not qualify for fair value accounting. The difference in accounting treatment of derivatives in this category and the underlying non-derivative positions can result in significant earnings volatility.
|
•
|
Marketing and Origination
— Represents derivative activity transacted by originating substantially hedged positions with wholesale energy marketers, producers, end users, utilities, retail aggregators and alternative energy suppliers.
|
•
|
Fundamentals Based Trading
— Represents derivative activity transacted with the intent of taking a view, capturing market price changes, or putting capital at risk. This activity is speculative in nature as opposed to hedging an existing exposure.
|
•
|
Other
— Includes derivative activity at Detroit Edison related to FTRs and forward contracts related to emissions. Changes in the value of derivative contracts at Detroit Edison are recorded as Derivative Assets or Liabilities, with an offset to Regulatory Assets or Liabilities as the settlement value of these contracts will be included in the PSCR mechanism when realized.
|
|
Derivative Assets
|
|
Derivative Liabilities
|
||||
|
(In millions)
|
||||||
Derivatives designated as hedging instruments:
|
|
|
|
||||
Interest rate contracts
|
$
|
—
|
|
|
$
|
(1
|
)
|
Derivatives not designated as hedging instruments:
|
|
|
|
||||
Foreign currency exchange contracts
|
$
|
2
|
|
|
$
|
(3
|
)
|
Commodity Contracts:
|
|
|
|
||||
Natural Gas
|
1,701
|
|
|
(1,849
|
)
|
||
Electricity
|
1,038
|
|
|
(1,012
|
)
|
||
Other
|
53
|
|
|
(37
|
)
|
||
Total derivatives not designated as hedging instruments:
|
$
|
2,794
|
|
|
$
|
(2,901
|
)
|
Total derivatives:
|
|
|
|
||||
Current
|
$
|
2,325
|
|
|
$
|
(2,368
|
)
|
Noncurrent
|
469
|
|
|
(534
|
)
|
||
Total derivatives
|
$
|
2,794
|
|
|
$
|
(2,902
|
)
|
|
Derivative Assets
|
|
Derivative Liabilities
|
||||||||||||
|
Current
|
|
Noncurrent
|
|
Current
|
|
Noncurrent
|
||||||||
Reconciliation of derivative instruments to Consolidated Statements of Financial Position:
|
|
|
|
|
|
|
|
||||||||
Total fair value of derivatives
|
$
|
2,325
|
|
|
$
|
469
|
|
|
$
|
(2,368
|
)
|
|
$
|
(534
|
)
|
Counterparty netting
|
(2,047
|
)
|
|
(391
|
)
|
|
2,047
|
|
|
391
|
|
||||
Collateral adjustment
|
(1
|
)
|
|
—
|
|
|
83
|
|
|
44
|
|
||||
Total derivatives as reported
|
$
|
277
|
|
|
$
|
78
|
|
|
$
|
(238
|
)
|
|
$
|
(99
|
)
|
|
Derivative Assets
|
|
Derivative Liabilities
|
||||
|
(In millions)
|
||||||
Derivatives designated as hedging instruments:
|
|
|
|
||||
Interest rate contracts
|
$
|
—
|
|
|
$
|
(1
|
)
|
Derivatives not designated as hedging instruments:
|
|
|
|
||||
Foreign currency exchange contracts
|
$
|
3
|
|
|
$
|
(5
|
)
|
Commodity Contracts:
|
|
|
|
||||
Natural Gas
|
2,024
|
|
|
(2,080
|
)
|
||
Electricity
|
747
|
|
|
(705
|
)
|
||
Other
|
31
|
|
|
(20
|
)
|
||
Total derivatives not designated as hedging instruments:
|
$
|
2,805
|
|
|
$
|
(2,810
|
)
|
Total derivatives:
|
|
|
|
||||
Current
|
$
|
2,272
|
|
|
$
|
(2,282
|
)
|
Noncurrent
|
533
|
|
|
(529
|
)
|
||
Total derivatives
|
$
|
2,805
|
|
|
$
|
(2,811
|
)
|
|
Derivative Assets
|
|
Derivative Liabilities
|
||||||||||||
|
Current
|
|
Noncurrent
|
|
Current
|
|
Noncurrent
|
||||||||
Reconciliation of derivative instruments to Consolidated Statements of Financial Position:
|
|
|
|
|
|
|
|
||||||||
Total fair value of derivatives
|
$
|
2,272
|
|
|
$
|
533
|
|
|
$
|
(2,282
|
)
|
|
$
|
(529
|
)
|
Counterparty netting
|
(2,050
|
)
|
|
(440
|
)
|
|
2,050
|
|
|
440
|
|
||||
Collateral adjustment
|
—
|
|
|
(19
|
)
|
|
74
|
|
|
—
|
|
||||
Total derivatives as reported
|
$
|
222
|
|
|
$
|
74
|
|
|
$
|
(158
|
)
|
|
$
|
(89
|
)
|
|
|
Location of Gain
(Loss) Recognized
in Income on Derivatives
|
|
Gain (Loss)
Recognized in Income on Derivatives for the Three Months Ended March 31 |
||||||
Derivatives not Designated as Hedging Instruments
|
|
|
2012
|
|
2011
|
|||||
|
|
|
|
(In millions)
|
||||||
Foreign currency exchange contracts
|
|
Operating Revenue
|
|
$
|
—
|
|
|
$
|
(6
|
)
|
Commodity Contracts:
|
|
|
|
|
|
|
||||
Natural Gas
|
|
Operating Revenue
|
|
2
|
|
|
6
|
|
||
Natural Gas
|
|
Fuel, purchased power and gas
|
|
(10
|
)
|
|
(6
|
)
|
||
Electricity
|
|
Operating Revenue
|
|
(2
|
)
|
|
(1
|
)
|
||
Other
|
|
Operating Revenue
|
|
8
|
|
|
6
|
|
||
Total
|
|
|
|
$
|
(2
|
)
|
|
$
|
(1
|
)
|
Commodity
|
|
Number of Units
|
Natural Gas (MMBtu)
|
|
714,004,821
|
Electricity (MWh)
|
|
53,173,797
|
Foreign Currency Exchange ($ CAD)
|
|
31,220,488
|
|
(In millions)
|
||
Asset retirement obligations at January 1, 2012
|
$
|
1,593
|
|
Accretion
|
24
|
|
|
Liabilities settled
|
(2
|
)
|
|
Asset retirement obligations at March 31, 2012
|
1,615
|
|
|
2012
|
|
2011
|
||||
|
(In millions, expect per share amounts)
|
||||||
Basic Earnings per Share
|
|
|
|
||||
Net income attributable to DTE Energy Company
|
$
|
156
|
|
|
$
|
176
|
|
Average number of common shares outstanding
|
170
|
|
|
169
|
|
||
Weighted average net restricted shares outstanding
|
1
|
|
|
1
|
|
||
Dividends declared — common shares
|
$
|
100
|
|
|
$
|
94
|
|
Dividends declared — net restricted shares
|
—
|
|
|
1
|
|
||
Total distributed earnings
|
$
|
100
|
|
|
$
|
95
|
|
Net income less distributed earnings
|
$
|
56
|
|
|
$
|
81
|
|
Distributed (dividends per common share)
|
$
|
0.59
|
|
|
$
|
0.56
|
|
Undistributed
|
0.32
|
|
|
0.48
|
|
||
Total Basic Earnings per Common Share
|
$
|
0.91
|
|
|
$
|
1.04
|
|
Diluted Earnings per Share
|
|
|
|
||||
Net income attributable to DTE Energy Company
|
$
|
156
|
|
|
$
|
176
|
|
Average number of common shares outstanding
|
170
|
|
|
169
|
|
||
Average incremental shares from assumed exercise of options
|
—
|
|
|
1
|
|
||
Common shares for dilutive calculation
|
170
|
|
|
170
|
|
||
Weighted average net restricted shares outstanding
|
1
|
|
|
1
|
|
||
Dividends declared — common shares
|
$
|
100
|
|
|
$
|
94
|
|
Dividends declared — net restricted shares
|
—
|
|
|
1
|
|
||
Total distributed earnings
|
$
|
100
|
|
|
$
|
95
|
|
Net income less distributed earnings
|
$
|
56
|
|
|
$
|
81
|
|
Distributed (dividends per common share)
|
$
|
0.59
|
|
|
$
|
0.56
|
|
Undistributed
|
0.32
|
|
|
0.48
|
|
||
Total Diluted Earnings per Common Share
|
$
|
0.91
|
|
|
$
|
1.04
|
|
|
DTE Energy
|
|
Detroit Edison
|
|
MichCon
|
|
Total
|
||||||||
|
(In millions)
|
||||||||||||||
Unsecured letter of credit facility, expiring in May 2013
|
$
|
50
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
50
|
|
Unsecured letter of credit facility, expiring in August 2015
|
125
|
|
|
—
|
|
|
—
|
|
|
125
|
|
||||
Unsecured revolving credit facility, expiring October 2016
|
1,100
|
|
|
300
|
|
|
400
|
|
|
1,800
|
|
||||
Total credit facilities at March 31, 2012
|
$
|
1,275
|
|
|
$
|
300
|
|
|
$
|
400
|
|
|
$
|
1,975
|
|
Amounts outstanding at March 31, 2012:
|
|
|
|
|
|
|
|
||||||||
Commercial paper issuances
|
267
|
|
|
22
|
|
|
24
|
|
|
313
|
|
||||
Letters of credit
|
284
|
|
|
—
|
|
|
—
|
|
|
284
|
|
||||
|
551
|
|
|
22
|
|
|
24
|
|
|
597
|
|
||||
Net availability at March 31, 2012
|
$
|
724
|
|
|
$
|
278
|
|
|
$
|
376
|
|
|
$
|
1,378
|
|
|
|
|
|
|
Other Postretirement
|
||||||||||
|
Pension Benefits
|
|
Benefits
|
||||||||||||
(In millions)
|
2012
|
|
2011
|
|
2012
|
|
2011
|
||||||||
Three Months Ended March 31
|
|
|
|
|
|
|
|
||||||||
Service cost
|
$
|
21
|
|
|
$
|
19
|
|
|
$
|
18
|
|
|
$
|
17
|
|
Interest cost
|
51
|
|
|
51
|
|
|
30
|
|
|
31
|
|
||||
Expected return on plan assets
|
(61
|
)
|
|
(62
|
)
|
|
(23
|
)
|
|
(24
|
)
|
||||
Amortization of:
|
|
|
|
|
|
|
|
||||||||
Net actuarial loss
|
42
|
|
|
33
|
|
|
19
|
|
|
15
|
|
||||
Prior service cost (credit)
|
—
|
|
|
1
|
|
|
(7
|
)
|
|
(7
|
)
|
||||
Net transition liability
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
||||
Settlements
|
2
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Net periodic benefit cost
|
$
|
55
|
|
|
$
|
42
|
|
|
$
|
38
|
|
|
$
|
33
|
|
|
Three Months Ended
|
||||||
|
March 31
|
||||||
|
2012
|
|
2011
|
||||
|
(In millions)
|
||||||
Stock-based compensation expense
|
$
|
17
|
|
|
$
|
18
|
|
Tax benefit
|
6
|
|
|
7
|
|
||
Stock-based compensation cost capitalized in property, plant and equipment
|
1
|
|
|
1
|
|
|
|
|
|
|
(In millions)
|
|||||
|
Number of
Options
|
|
Weighted
Average
Exercise Price
|
|
Aggregate
Intrinsic
Value
|
|||||
Options outstanding at January 1, 2012
|
2,764,670
|
|
|
$
|
41.25
|
|
|
|
||
Granted
|
—
|
|
|
$
|
—
|
|
|
|
||
Exercised
|
(686,031
|
)
|
|
$
|
39.82
|
|
|
|
||
Forfeited or expired
|
(17,067
|
)
|
|
$
|
41.10
|
|
|
|
||
Options outstanding at March 31, 2012
|
2,061,572
|
|
|
$
|
41.73
|
|
|
$
|
26
|
|
Options exercisable at March 31, 2012
|
1,860,228
|
|
|
$
|
41.49
|
|
|
$
|
24
|
|
|
Restricted
Stock
|
|
Weighted Average
Grant Date
Fair Value
|
|||
Balance at January 1, 2012
|
726,224
|
|
|
$
|
42.25
|
|
Grants
|
154,970
|
|
|
$
|
53.22
|
|
Forfeitures
|
(2,704
|
)
|
|
$
|
40.95
|
|
Vested and issued
|
(178,297
|
)
|
|
$
|
28.51
|
|
Balance at March 31, 2012
|
700,193
|
|
|
$
|
48.04
|
|
|
Performance Shares
|
|
Balance at January 1, 2012
|
1,608,733
|
|
Grants
|
537,866
|
|
Forfeitures
|
(12,438
|
)
|
Payouts
|
(504,755
|
)
|
Balance at March 31, 2012
|
1,629,406
|
|
|
Three Months Ended
|
||||||
|
March 31
|
||||||
|
2012
|
|
2011
|
||||
|
(In millions)
|
||||||
Changes in Assets and Liabilities, Exclusive of Changes Shown Separately
|
|
|
|
||||
Accounts receivable, net
|
$
|
81
|
|
|
$
|
(10
|
)
|
Inventories
|
125
|
|
|
125
|
|
||
Accrued pensions
|
1
|
|
|
(194
|
)
|
||
Accounts payable
|
(53
|
)
|
|
(61
|
)
|
||
Income taxes payable/receivable
|
(23
|
)
|
|
245
|
|
||
Derivative assets and liabilities
|
30
|
|
|
(9
|
)
|
||
Gas inventory equalization
|
114
|
|
|
204
|
|
||
Postretirement obligation
|
(142
|
)
|
|
(52
|
)
|
||
Other assets
|
159
|
|
|
93
|
|
||
Other liabilities
|
(101
|
)
|
|
(101
|
)
|
||
|
$
|
191
|
|
|
$
|
240
|
|
Noncash financing activities:
|
|
|
|
||||
Common stock issued for employee benefit plans
|
$
|
7
|
|
|
$
|
1
|
|
|
Three Months Ended
|
||||||
|
March 31
|
||||||
|
2012
|
|
2011
|
||||
|
(In millions)
|
||||||
Electric Utility
|
$
|
7
|
|
|
$
|
9
|
|
Gas Utility
|
1
|
|
|
—
|
|
||
Gas Storage and Pipelines
|
1
|
|
|
2
|
|
||
Power and Industrial Projects
|
191
|
|
|
26
|
|
||
Energy Trading
|
14
|
|
|
22
|
|
||
Corporate and Other
|
(10
|
)
|
|
(17
|
)
|
||
|
$
|
204
|
|
|
$
|
42
|
|
|
Three Months Ended
|
||||||
|
March 31
|
||||||
(In millions)
|
2012
|
|
2011
|
||||
Operating Revenues
|
|
|
|
||||
Electric Utility
|
$
|
1,198
|
|
|
$
|
1,193
|
|
Gas Utility
|
509
|
|
|
689
|
|
||
Gas Storage and Pipelines
|
25
|
|
|
25
|
|
||
Unconventional Gas Production
|
10
|
|
|
8
|
|
||
Power and Industrial Projects
|
449
|
|
|
235
|
|
||
Energy Trading
|
261
|
|
|
322
|
|
||
Corporate & Other
|
1
|
|
|
1
|
|
||
Reconciliation & Eliminations
|
(204
|
)
|
|
(42
|
)
|
||
Total
|
$
|
2,249
|
|
|
$
|
2,431
|
|
Net Income (Loss) Attributable to DTE Energy by Segment:
|
|
|
|
||||
Electric Utility
|
$
|
96
|
|
|
$
|
85
|
|
Gas Utility
|
52
|
|
|
83
|
|
||
Gas Storage and Pipelines
|
17
|
|
|
15
|
|
||
Unconventional Gas Production
|
(1
|
)
|
|
(2
|
)
|
||
Power and Industrial Projects
|
8
|
|
|
10
|
|
||
Energy Trading
|
(2
|
)
|
|
2
|
|
||
Corporate & Other
|
(14
|
)
|
|
(17
|
)
|
||
Net Income Attributable to DTE Energy
|
$
|
156
|
|
|
$
|
176
|
|
•
|
improving Electric and Gas Utility customer satisfaction;
|
•
|
continuing to improve employee engagement;
|
•
|
continuing to pursue regulatory stability and investment recovery for our utilities;
|
•
|
managing the growth of our utility asset base;
|
•
|
optimizing our cost structure across all business segments;
|
•
|
managing cash, capital and liquidity to maintain or improve our financial strength; and
|
•
|
investing in businesses that integrate our assets and leverage our skills and expertise.
|
|
Three Months Ended
|
||||||
|
March 31
|
||||||
|
2012
|
|
2011
|
||||
|
(In millions)
|
||||||
Net Income Attributable to DTE Energy by Segment:
|
|
|
|
||||
Electric Utility
|
$
|
96
|
|
|
$
|
85
|
|
Gas Utility
|
52
|
|
|
83
|
|
||
Gas Storage and Pipelines
|
17
|
|
|
15
|
|
||
Unconventional Gas Production
|
(1
|
)
|
|
(2
|
)
|
||
Power and Industrial Projects
|
8
|
|
|
10
|
|
||
Energy Trading
|
(2
|
)
|
|
2
|
|
||
Corporate and Other
|
(14
|
)
|
|
(17
|
)
|
||
Net Income Attributable to DTE Energy Company
|
$
|
156
|
|
|
$
|
176
|
|
|
Three Months Ended
|
||||||
|
March 31
|
||||||
|
2012
|
|
2011
|
||||
|
(In millions)
|
||||||
Operating Revenues
|
$
|
1,198
|
|
|
$
|
1,193
|
|
Fuel and Purchased Power
|
377
|
|
|
378
|
|
||
Gross Margin
|
821
|
|
|
815
|
|
||
Operation and Maintenance
|
355
|
|
|
330
|
|
||
Depreciation and Amortization
|
187
|
|
|
203
|
|
||
Taxes Other Than Income
|
68
|
|
|
59
|
|
||
Asset (Gains) Losses, Reserves and Impairments, Net
|
—
|
|
|
19
|
|
||
Operating Income
|
211
|
|
|
204
|
|
||
Other (Income) and Deductions
|
58
|
|
|
67
|
|
||
Income Tax Expense
|
57
|
|
|
52
|
|
||
Net Income Attributable to DTE Energy Company
|
$
|
96
|
|
|
$
|
85
|
|
Operating Income as a Percent of Operating Revenues
|
18
|
%
|
|
17
|
%
|
|
Three Months
|
||
|
(In millions)
|
||
Renewable energy program
|
$
|
11
|
|
Base rate increase, partially offset by weather
|
3
|
|
|
Energy optimization performance incentive
|
(9
|
)
|
|
Regulatory mechanisms and other
|
1
|
|
|
Increase in gross margin
|
$
|
6
|
|
|
Three Months Ended
|
||||
|
March 31
|
||||
|
2012
|
|
2011
|
||
|
(In thousands of MWh)
|
||||
Electric Sales
|
|
|
|
||
Residential
|
3,700
|
|
|
3,889
|
|
Commercial
|
3,885
|
|
|
3,993
|
|
Industrial
|
2,374
|
|
|
2,341
|
|
Other
|
259
|
|
|
798
|
|
|
10,218
|
|
|
11,021
|
|
Interconnection sales (1)
|
527
|
|
|
306
|
|
Total Electric Sales
|
10,745
|
|
|
11,327
|
|
Electric Deliveries
|
|
|
|
|
|
Retail and Wholesale
|
10,218
|
|
|
11,021
|
|
Electric Customer Choice, including self generators
|
1,254
|
|
|
1,302
|
|
Total Electric Sales and Deliveries
|
11,472
|
|
|
12,323
|
|
(1)
|
Represents power that is not distributed by Detroit Edison.
|
|
Three Months Ended
|
||||||
|
March 31
|
||||||
|
2012
|
|
2011
|
||||
|
(In millions)
|
||||||
Operating Revenues
|
$
|
509
|
|
|
$
|
689
|
|
Cost of Gas
|
276
|
|
|
406
|
|
||
Gross Margin
|
233
|
|
|
283
|
|
||
Operation and Maintenance
|
100
|
|
|
101
|
|
||
Depreciation and Amortization
|
23
|
|
|
22
|
|
||
Taxes Other Than Income
|
18
|
|
|
17
|
|
||
Operating Income
|
92
|
|
|
143
|
|
||
Other (Income) and Deductions
|
12
|
|
|
13
|
|
||
Income Tax Expense
|
28
|
|
|
47
|
|
||
Net Income Attributable to DTE Energy Company
|
$
|
52
|
|
|
$
|
83
|
|
Operating Income as a Percent of Operating Revenues
|
18
|
%
|
|
21
|
%
|
|
Three Months
|
||
|
(In millions)
|
||
Weather
|
$
|
(50
|
)
|
Revenue decoupling mechanism
|
(9
|
)
|
|
Lost gas
|
7
|
|
|
Other
|
2
|
|
|
Decrease in gross margin
|
$
|
(50
|
)
|
|
Three Months Ended
|
||||||
|
March 31
|
||||||
|
2012
|
|
2011
|
||||
Gas Markets (In millions)
|
|
|
|
||||
Gas sales
|
$
|
406
|
|
|
$
|
571
|
|
End user transportation
|
64
|
|
|
77
|
|
||
Intermediate transportation
|
17
|
|
|
15
|
|
||
Storage and other
|
22
|
|
|
26
|
|
||
|
$
|
509
|
|
|
$
|
689
|
|
|
|
|
|
||||
Gas Markets (in Bcf)
|
|
|
|
||||
Gas sales
|
47
|
|
|
62
|
|
||
End user transportation
|
48
|
|
|
52
|
|
||
|
95
|
|
|
114
|
|
||
Intermediate transportation
|
83
|
|
|
83
|
|
||
|
178
|
|
|
197
|
|
|
Three Months Ended
|
||||||
|
March 31
|
||||||
|
2012
|
|
2011
|
||||
|
(In millions)
|
||||||
Operating Revenues
|
$
|
25
|
|
|
$
|
25
|
|
Operation and Maintenance
|
4
|
|
|
4
|
|
||
Depreciation and Amortization
|
2
|
|
|
1
|
|
||
Taxes Other Than Income
|
1
|
|
|
1
|
|
||
Operating Income
|
18
|
|
|
19
|
|
||
Other (Income) and Deductions
|
(10
|
)
|
|
(7
|
)
|
||
Income Tax Expense
|
11
|
|
|
10
|
|
||
Net Income
|
17
|
|
|
16
|
|
||
Noncontrolling interest
|
—
|
|
|
1
|
|
||
Net Income Attributable to DTE Energy
|
$
|
17
|
|
|
$
|
15
|
|
|
Three Months Ended
|
||||||
|
March 31
|
||||||
|
2012
|
|
2011
|
||||
|
(In millions)
|
||||||
Operating Revenues
|
$
|
10
|
|
|
$
|
8
|
|
Operation and Maintenance
|
6
|
|
|
4
|
|
||
Depreciation, Depletion and Amortization
|
5
|
|
|
4
|
|
||
Taxes Other Than Income
|
—
|
|
|
1
|
|
||
Operating Income (Loss)
|
(1
|
)
|
|
(1
|
)
|
||
Other (Income) and Deductions
|
1
|
|
|
2
|
|
||
Income Tax Benefit
|
(1
|
)
|
|
(1
|
)
|
||
Net Income (Loss) Attributable to DTE Energy Company
|
$
|
(1
|
)
|
|
$
|
(2
|
)
|
|
Three Months Ended
|
||||||
|
March 31
|
||||||
|
2012
|
|
2011
|
||||
|
(In millions)
|
||||||
Operating Revenues
|
$
|
449
|
|
|
$
|
235
|
|
Operation and Maintenance
|
439
|
|
|
206
|
|
||
Depreciation and Amortization
|
15
|
|
|
15
|
|
||
Taxes other than Income
|
6
|
|
|
4
|
|
||
Asset (Gains) Losses, Reserves and Impairments, Net
|
(5
|
)
|
|
(9
|
)
|
||
Operating Income
|
(6
|
)
|
|
19
|
|
||
Other (Income) and Deductions
|
(4
|
)
|
|
3
|
|
||
Income Taxes
|
|
|
|
||||
Expense
|
(1
|
)
|
|
6
|
|
||
Production Tax Credits
|
(10
|
)
|
|
(1
|
)
|
||
|
(11
|
)
|
|
5
|
|
||
Net Income
|
9
|
|
|
11
|
|
||
Noncontrolling interest
|
1
|
|
|
1
|
|
||
Net Income Attributable to DTE Energy Company
|
$
|
8
|
|
|
$
|
10
|
|
|
Three Months Ended
|
||||||
|
March 31
|
||||||
|
2012
|
|
2011
|
||||
|
(In millions)
|
||||||
Operating Revenues
|
$
|
261
|
|
|
$
|
322
|
|
Fuel, Purchased Power and Gas
|
246
|
|
|
296
|
|
||
Gross Margin
|
15
|
|
|
26
|
|
||
Operation and Maintenance
|
16
|
|
|
19
|
|
||
Depreciation and Amortization
|
—
|
|
|
1
|
|
||
Taxes Other Than Income
|
1
|
|
|
1
|
|
||
Operating Income
|
(2
|
)
|
|
5
|
|
||
Other (Income) and Deductions
|
2
|
|
|
2
|
|
||
Income Tax (Benefit) Expense
|
(2
|
)
|
|
1
|
|
||
Net Income Attributable to DTE Energy Company
|
$
|
(2
|
)
|
|
$
|
2
|
|
|
Three Months Ended
|
||||||
|
March 31
|
||||||
|
2012
|
|
2011
|
||||
|
(In millions)
|
||||||
Cash and Cash Equivalents
|
|
|
|
||||
Cash Flow From (Used For)
|
|
|
|
||||
Operating activities:
|
|
|
|
||||
Net income
|
$
|
158
|
|
|
$
|
178
|
|
Depreciation, depletion and amortization
|
232
|
|
|
245
|
|
||
Deferred income taxes
|
58
|
|
|
48
|
|
||
Asset (gains) and losses, reserves and impairments, net
|
(19
|
)
|
|
11
|
|
||
Working capital and other
|
191
|
|
|
240
|
|
||
|
620
|
|
|
722
|
|
||
Investing activities:
|
|
|
|
||||
Plant and equipment expenditures — utility
|
(331
|
)
|
|
(253
|
)
|
||
Plant and equipment expenditures — non-utility
|
(61
|
)
|
|
(17
|
)
|
||
Proceeds from sale of assets
|
11
|
|
|
4
|
|
||
Other
|
38
|
|
|
22
|
|
||
|
(343
|
)
|
|
(244
|
)
|
||
Financing activities:
|
|
|
|
||||
Redemption of long-term debt
|
(86
|
)
|
|
(94
|
)
|
||
Short-term borrowings, net
|
(106
|
)
|
|
(150
|
)
|
||
Issuance of common stock
|
10
|
|
|
—
|
|
||
Repurchase of common stock
|
—
|
|
|
(9
|
)
|
||
Dividends on common stock and other
|
(106
|
)
|
|
(93
|
)
|
||
|
(288
|
)
|
|
(346
|
)
|
||
Net Increase (Decrease) in Cash and Cash Equivalents
|
$
|
(11
|
)
|
|
$
|
132
|
|
|
Total
|
||
|
(In millions)
|
||
MTM at December 31, 2011
|
$
|
49
|
|
Reclassify to realized upon settlement
|
(106
|
)
|
|
Changes in fair value recorded to income
|
(2
|
)
|
|
Amounts recorded to unrealized income
|
(108
|
)
|
|
Changes in fair value recorded in regulatory liabilities
|
1
|
|
|
Change in collateral held by others
|
71
|
|
|
Option premiums paid (received) and other
|
5
|
|
|
MTM at March 31, 2012
|
$
|
18
|
|
Source of Fair Value
|
|
2012
|
|
2013
|
|
2014
|
|
2015
and
Beyond
|
|
Total Fair Value
|
||||||||||
|
|
(In millions)
|
||||||||||||||||||
Level 1
|
|
$
|
(127
|
)
|
|
$
|
17
|
|
|
$
|
10
|
|
|
$
|
(5
|
)
|
|
$
|
(105
|
)
|
Level 2
|
|
(11
|
)
|
|
(33
|
)
|
|
3
|
|
|
1
|
|
|
(40
|
)
|
|||||
Level 3
|
|
25
|
|
|
4
|
|
|
7
|
|
|
1
|
|
|
37
|
|
|||||
Total MTM before collateral adjustments
|
|
$
|
(113
|
)
|
|
$
|
(12
|
)
|
|
$
|
20
|
|
|
$
|
(3
|
)
|
|
$
|
(108
|
)
|
Collateral adjustments
|
|
|
|
|
|
|
|
|
|
$
|
126
|
|
||||||||
Total MTM at March 31, 2012
|
|
|
|
|
|
|
|
|
|
$
|
18
|
|
|
Credit Exposure
Before Cash
Collateral
|
|
Cash
Collateral
|
|
Net Credit
Exposure
|
||||||
|
(In millions)
|
||||||||||
Investment Grade (1)
|
|
|
|
|
|
||||||
A− and Greater
|
$
|
151
|
|
|
$
|
—
|
|
|
$
|
151
|
|
BBB+ and BBB
|
357
|
|
|
—
|
|
|
357
|
|
|||
BBB−
|
105
|
|
|
—
|
|
|
105
|
|
|||
Total Investment Grade
|
613
|
|
|
—
|
|
|
613
|
|
|||
Non-investment grade (2)
|
2
|
|
|
—
|
|
|
2
|
|
|||
Internally Rated — investment grade (3)
|
181
|
|
|
—
|
|
|
181
|
|
|||
Internally Rated — non-investment grade (4)
|
20
|
|
|
(3
|
)
|
|
17
|
|
|||
Total
|
$
|
816
|
|
|
$
|
(3
|
)
|
|
$
|
813
|
|
(1)
|
This category includes counterparties with minimum credit ratings of Baa3 assigned by Moody’s Investor Service (Moody’s) and BBB- assigned by Standard & Poor’s Rating Group (Standard & Poor’s). The five largest counterparty exposures combined for this category represented approximately 35 percent of the total gross credit exposure.
|
(2)
|
This category includes counterparties with credit ratings that are below investment grade. The five largest counterparty exposures combined for this category represented less than one percent of the total gross credit exposure.
|
(3)
|
This category includes counterparties that have not been rated by Moody’s or Standard & Poor’s, but are considered investment grade based on DTE Energy’s evaluation of the counterparty’s creditworthiness. The five largest counterparty exposures combined for this category represented approximately 14 percent of the total gross credit exposure.
|
(4)
|
This category includes counterparties that have not been rated by Moody’s or Standard & Poor’s, and are considered non-investment grade based on DTE Energy’s evaluation of the counterparty’s creditworthiness. The five largest counterparty exposures combined for this category represented approximately two percent of the total gross credit exposure.
|
|
Assuming a
10% Increase in Rates
|
|
Assuming a
10% Decrease in Rates
|
|
|
||||||||||||
|
As of March 31,
|
|
As of March 31,
|
|
|
||||||||||||
Activity
|
2012
|
|
2011
|
|
2012
|
|
2011
|
|
Change in the Fair Value of
|
||||||||
|
(In millions)
|
|
|
||||||||||||||
Coal Contracts
|
$
|
(2
|
)
|
|
$
|
1
|
|
|
$
|
3
|
|
|
$
|
—
|
|
|
Commodity contracts
|
Gas Contracts
|
$
|
(11
|
)
|
|
$
|
(10
|
)
|
|
$
|
12
|
|
|
$
|
10
|
|
|
Commodity contracts
|
Power Contracts
|
$
|
(4
|
)
|
|
$
|
(12
|
)
|
|
$
|
3
|
|
|
$
|
12
|
|
|
Commodity contracts
|
Interest Rate Risk
|
$
|
(256
|
)
|
|
$
|
(288
|
)
|
|
$
|
272
|
|
|
$
|
309
|
|
|
Long-term debt
|
Foreign Currency Exchange Risk
|
$
|
(1
|
)
|
|
$
|
9
|
|
|
$
|
1
|
|
|
$
|
4
|
|
|
Forward contracts
|
Discount Rates
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
Commodity contracts
|
(a)
|
Evaluation of disclosure controls and procedures
|
(b)
|
Changes in internal control over financial reporting
|
|
Number of
Shares
Purchased (1)
|
|
Average
Price
Paid per
Share (1)
|
|
Number
of Shares
Purchased as
Part of Publicly
Announced
Plans or
Programs
|
|
Average
Price Paid
per Share
|
|
Maximum Dollar
Value that May
Yet Be
Purchased Under
the Plans or
Programs
|
||||||
01/01/2012 — 01/31/2012
|
6,492
|
|
|
$
|
53.58
|
|
|
—
|
|
|
—
|
|
|
—
|
|
02/01/2012 — 02/29/2012
|
181,394
|
|
|
53.94
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
03/01/2012 — 03/31/2012
|
160,870
|
|
|
54.93
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
Total
|
348,756
|
|
|
|
|
|
—
|
|
|
|
|
|
|
|
(1)
|
Represents shares of common stock purchased on the open market to provide shares to participants under various employee compensation and incentive programs. These purchases were not made pursuant to a publicly announced plan or program. Also includes shares of common stock withheld to satisfy income tax obligations upon the vesting of restricted stock.
|
|
|
(i) Exhibits filed herewith:
|
|
|
|
10-80
|
|
Second Amendment to the DTE Energy Company Executive Supplemental Retirement Plan dated as of May 5, 2011.
|
|
|
|
12-50
|
|
Computation of Ratio of Earnings to Fixed Charges.
|
|
|
|
31-73
|
|
Chief Executive Officer Section 302 Form 10-K Certification of Periodic Report.
|
|
|
|
31-74
|
|
Chief Financial Officer Section 302 Form 10-K Certification of Periodic Report.
|
|
|
|
101.INS
|
|
XBRL Instance Document
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Database
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Label Linkbase
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase
|
|
|
DTE ENERGY COMPANY
(Registrant)
|
|
||
|
|
|
|
||
Date:
|
April 27, 2012
|
/s/ PETER B. OLEKSIAK
|
|
||
|
|
Peter B. Oleksiak
|
|
||
|
|
Vice President and Controller and Chief Accounting Officer
|
|
A.
|
DTE Energy Company (the “Company”) adopted the DTE Energy Company Executive Supplemental Retirement Plan (Amended and Restated Effective January 1, 2005) (the “Plan”) to enable the Company to attract and retain executives.
|
B.
|
The Organization and Compensation Committee (the “Committee”) of the Company's Board of Directors is authorized to amend the Plan.
|
C.
|
By a resolution properly adopted on May 5, 2011, the Committee amends the Plan to grant the Committee the discretion to extend participation in the Management Supplemental Benefit Plan portion of the Plan to executives otherwise eligible to participate in the Plan.
|
DTE ENERGY COMPANY
|
|||||||||||||||||
|
|||||||||||||||||
COMPUTATION OF RATIO OF EARNINGS TO FIXED CHARGES
|
|||||||||||||||||
|
|
|
|
||||||||||||||
|
Three Months Ended
|
|
Twelve Months Ended December 31
|
||||||||||||||
(Millions of Dollars)
|
March 31, 2012
|
|
2011
|
|
2010
|
|
2009
|
|
2008
|
|
2007
|
||||||
Earnings:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Pretax earnings
|
228
|
|
|
981
|
|
|
944
|
|
|
782
|
|
|
819
|
|
|
1,155
|
|
Adjustments
|
7
|
|
|
6
|
|
|
1
|
|
|
4
|
|
|
(3
|
)
|
|
(4
|
)
|
Fixed Charges
|
121
|
|
|
520
|
|
|
567
|
|
|
572
|
|
|
540
|
|
|
562
|
|
Net earnings
|
356
|
|
|
1,507
|
|
|
1,512
|
|
|
1,358
|
|
|
1,356
|
|
|
1,713
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Fixed Charges:
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Interest expense
|
112
|
|
|
490
|
|
|
543
|
|
|
545
|
|
|
503
|
|
|
533
|
|
Adjustments
|
9
|
|
|
30
|
|
|
24
|
|
|
27
|
|
|
37
|
|
|
29
|
|
Fixed Charges
|
121
|
|
|
520
|
|
|
567
|
|
|
572
|
|
|
540
|
|
|
562
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Ratio of earnings to fixed charges
|
2.94
|
|
|
2.90
|
|
|
2.67
|
|
|
2.37
|
|
|
2.51
|
|
|
3.05
|
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q of DTE Energy Company;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a.
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b.
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c.
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d.
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
a.
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
b.
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
/s/ GERARD M. ANDERSON
|
Date:
|
April 27, 2012
|
Gerard M. Anderson
|
|
|
Chairman of the Board, President and Chief Executive Officer of DTE Energy Company
|
|
|
1.
|
I have reviewed this Quarterly Report on Form 10-Q of DTE Energy Company;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a.
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b.
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c.
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d.
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
a.
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
b.
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
/s/ DAVID E. MEADOR
|
Date:
|
April 27, 2012
|
David E. Meador
|
|
|
Executive Vice President and Chief Financial Officer of DTE Energy Company
|
|
|
(1)
|
the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
Date:
|
April 27, 2012
|
/s/ GERARD M. ANDERSON
|
|
||
|
Gerard M. Anderson
|
|
|||
|
Chairman of the Board, President and Chief Executive Officer of DTE Energy Company
|
|
(1)
|
the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
|
Date:
|
April 27, 2012
|
/s/ DAVID E. MEADOR
|
|
||
|
David E. Meador
|
|
|||
|
Executive Vice President and Chief Financial Officer of DTE Energy Company
|
|