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DETROIT EDISON CO


 SEC Form 10-Q filed 2010-07-30 for the period ending 2010-06-30




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The Detroit Edison Company

Quarterly Report on Form 10-Q

Quarter Ended June 30, 2010

Table Of Contents








     
     
     
     
     




     
     
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 EX-12.37


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Table attributes: date,incomestatement,cash



Table 1


Financial table in standard format


The Detroit Edison Company

Consolidated Statements of Operations (Unaudited)








     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     




     
     
    Three Months Ended
     
     
    Six Months Ended
     




     
     
    June 30
     
     
    June 30
     




    (in Millions)
     
    2010
     
     
    2009
     
     
    2010
     
     
    2009
     







    
Operating Revenues

     
    $
    1,208
     
     
    $
    1,108
     
     
    $
    2,354
     
     
    $
    2,226
     




    
 

     
     
     
     
     
     
     
     
     
     
     
     




    
 

     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     




    
Operating Expenses

     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     




    
Fuel and purchased power

     
     
    390
     
     
     
    372
     
     
     
    733
     
     
     
    712
     




    
Operation and maintenance

     
     
    326
     
     
     
    306
     
     
     
    635
     
     
     
    622
     




    
Depreciation and amortization

     
     
    210
     
     
     
    197
     
     
     
    414
     
     
     
    385
     




    
Taxes other than income

     
     
    61
     
     
     
    44
     
     
     
    126
     
     
     
    104
     




    
Asset gains, net

     
     
    
     
     
     
    
     
     
     
    (1
    )
     
     
    
     




    
 

     
     
     
     
     
     
     
     
     
     
     
     




    
 

     
     
    987
     
     
     
    919
     
     
     
    1,907
     
     
     
    1,823
     




    
 

     
     
     
     
     
     
     
     
     
     
     
     




    
 

     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     




    
Operating Income

     
     
    221
     
     
     
    189
     
     
     
    447
     
     
     
    403
     




    
 

     
     
     
     
     
     
     
     
     
     
     
     




    
 

     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     




    
Other (Income) and Deductions

     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     




    
Interest expense

     
     
    77
     
     
     
    84
     
     
     
    158
     
     
     
    163
     




    
Interest income

     
     
    
     
     
     
    (1
    )
     
     
    
     
     
     
    (1
    )




    
Other income

     
     
    (9
    )
     
     
    (10
    )
     
     
    (17
    )
     
     
    (17
    )




    
Other expenses

     
     
    11
     
     
     
    (12
    )
     
     
    17
     
     
     
    
     




    
 

     
     
     
     
     
     
     
     
     
     
     
     




    
 

     
     
    79
     
     
     
    61
     
     
     
    158
     
     
     
    145
     




    
 

     
     
     
     
     
     
     
     
     
     
     
     




    
 

     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     




    
Income Before Income Taxes

     
     
    142
     
     
     
    128
     
     
     
    289
     
     
     
    258
     




    
 

     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     




    
Income Tax Provision

     
     
    55
     
     
     
    49
     
     
     
    111
     
     
     
    101
     




    
 

     
     
     
     
     
     
     
     
     
     
     
     




    
 

     
     
     
     
     
     
     
     
     
     
     
     
     
     
     
     




    
Net Income

     
    $
    87
     
     
    $
    79
     
     
    $
    178
     
     
    $
    157
     




    
 

     
         
     
     
         
     
     
         
     
     
         
     











DETROIT EDISON CO
CIK:28385


2010-03-30
to
2010-06-30
(3-months)		
2009-03-30
to
2009-06-30
(3-months)		
2009-12-30
to
2010-06-30
(6-months)		
2008-12-30
to
2009-06-30
(6-months)		

Operating Revenues$1,208$1,108$2,354$2,226


Operating Expenses


Fuel and purchased power390372733712


Operation and maintenance326306635622


Depreciation and amortization210197414385


Taxes other than income6144126104


Asset gains, net(1)


9879191,9071,823


Operating Income221189447403


Other (Income) and Deductions


Interest expense7784158163


Interest income(1)(1)


Other income(9)(10)(17)(17)


Other expenses11(12)17


7961158145


Income Before Income Taxes142128289258


Income Tax Provision5549111101


Net Income$87$79$178$157





Table 2


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June 30, 2010

 

 

December 31, 2009

 

(in Millions)

 

Fair Value

 

 

Carrying value

 

 

Fair Value

 

 

Carrying Value

 

Cash equivalents

 

$

103

 

 

$

103

 

 

$

105

 

 

$

105

 

Equity securities

 

 

4

 

 

 

4

 

 

 

4

 

 

 

4

 

As of June 30, 2010 these securities are comprised primarily of money-market and equity securities. Gains (losses) related to trading securities held at June 30, 2010 and June 30, 2009 were $(2) million and $1 million, respectively.

NOTE 5 FINANCIAL AND OTHER DERIVATIVE INSTRUMENTS

The Company recognizes all derivatives on the Consolidated Statements of Financial Position at their fair value unless they qualify for certain scope exceptions, including the normal purchases and normal sales exception. Further, derivatives that qualify and are designated for hedge accounting are classified as either hedges of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability (cash flow hedge), or as hedges of the fair value of a recognized asset or liability or of an unrecognized firm commitment (fair value hedge). For cash flow hedges, the portion of the derivative gain or loss that is effective in offsetting the change in the value of the underlying exposure is deferred in Accumulated other comprehensive income and later reclassified into earnings when the underlying transaction occurs. For fair value hedges, changes in fair values for the derivative are recognized in earnings each period. Gains and losses from the ineffective portion of any hedge are recognized in earnings immediately. For derivatives that do not qualify or are not designated for hedge accounting, changes in fair value are recognized in earnings each period.

Detroit Edisons primary market risk exposure is associated with commodity prices, credit and interest rates. The Company has risk management policies to monitor and manage market risks. The Company uses derivative instruments to manage some of the exposure. Detroit Edison generates, purchases, distributes and sells electricity. Detroit Edison uses forward energy and capacity contracts to manage changes in the price of electricity and fuel. Substantially all of these contracts meet the normal purchases and sales exemption and are therefore accounted for under the accrual method. Other derivative contracts are recoverable through the PSCR mechanism when settled. This results in the deferral of unrealized gains and losses as Regulatory assets or liabilities, until realized.

The following represents the fair value of derivative instruments as of June 30, 2010:








     
     
     
     
     
     
     




     
     
    Balance Sheet
     
    Fair
     




    (in Millions)
     
    Location
     
    Value
     







    
FTRs

     
    Other current assets
     
    $
    3
     




    
Emissions

     
    Other current liabilities
     
     
    (5
    )




    
Emissions

     
    Other non-current liabilities
     
     
    (3
    )




    
 

     
     
     
     
     




    
Total derivatives not designated as hedging instrument

     
     
     
    $
    (5
    )




    
 

     
     
     
         
     








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Table attributes: balancesheet,assets,date,liabilities,cash



Table 3


Financial table in standard format


Healthcare Legislation

In March 2010, the Patient Protection and Affordable Care Act (PPACA) and the Health Care and Education Reconciliation Act (HCERA) were enacted into law (collectively, the Act). The Act is a comprehensive health care reform bill. A provision of the PPACA repeals the current rule permitting deduction of the portion of the drug coverage expense that is offset by the Medicare Part D subsidy, effective for taxable years beginning after December 31, 2012.

Detroit Edisons retiree healthcare plan includes the provision of postretirement prescription drug coverage (coverage) which is included in the calculation of the recorded other postemployment benefit (OPEB) obligation. Because the Companys coverage meets certain criteria, Detroit Edison is eligible to receive the Medicare Part D subsidy. With the enactment of the Act, the subsidy will continue to not be subject to tax, but an equal amount of prescription drug coverage expenditures will not be deductible. Income tax accounting rules require the impact of a change in tax law be recognized in continuing operations in the Consolidated Statements of Operations in the period that the tax law change is enacted.

This change in tax law required a remeasurement of the Deferred Tax Asset related to the OPEB obligation and the Deferred Tax Liability related to the OPEB Regulatory Asset. The net impact of the remeasurement is $18 million and has been deferred as a Regulatory Asset as the traditional rate setting process allows for the recovery of income tax costs.

NOTE 12 SUPPLEMENTAL CASH FLOW INFORMATION

The following provides detail of the changes in assets and liabilities that are reported in the Consolidated Statements of Cash Flows:








     
     
     
     
     
     
     
     
     




     
     
    Six Months Ended
     




     
     
    June 30
     




    (in Millions)
     
    2010
     
     
    2009
     







    
Changes in Assets and Liabilities, Exclusive of Changes Shown Separately

     
     
     
     
     
     
     
     




    
Accounts receivable, net

     
    $
    (37
    )
     
    $
    45
     




    
Inventories

     
     
    (53
    )
     
     
    (2
    )




    
Accrued pension liability  affiliates

     
     
    (186
    )
     
     
    (54
    )




    
Accounts payable

     
     
    59
     
     
     
    (41
    )




    
Accrued PSCR refund

     
     
    (23
    )
     
     
    82
     




    
Income taxes payable

     
     
    100
     
     
     
    14
     




    
Postretirement obligation  affiliates

     
     
    10
     
     
     
    16
     




    
Other assets

     
     
    47
     
     
     
    97
     




    
Other liabilities

     
     
    16
     
     
     
    (25
    )




    
 

     
     
     
     
     
     




    
 

     
    $
    (67
    )
     
    $
    132
     




    
 

     
         
     
     
         
     











DETROIT EDISON CO
CIK:28385


2009-12-30
to
2010-06-30
(6-months)		
2008-12-30
to
2009-06-30
(6-months)		

Changes in Assets and Liabilities, Exclusive of Changes Shown Separately


Accounts receivable, net$(37)$45


Inventories(53)(2)


Accrued pension liability  affiliates(186)(54)


Accounts payable59(41)


Accrued PSCR refund(23)82


Income taxes payable10014


Postretirement obligation  affiliates1016


Other assets4797


Other liabilities16(25)


$(67)$132





Original filing from SEC EDGAR system.