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DTE ENERGY CO

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

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Table 0

Table column format standardization was unsuccessful.

DTE
Energy Company
Quarterly Report on Form 10-Q
Quarter Ended June 30, 2010
TABLE OF CONTENTS


			Page
Definitions			1

Forward-Looking Statements			3

Part I Financial Information

Item 1. Financial Statements

Consolidated Statements of Operations (Unaudited)			5

Consolidated Statements of Financial Position (Unaudited)			6

Consolidated Statements of Cash Flows (Unaudited)			8

Consolidated Statements of Changes in Equity and Comprehensive Income (Unaudited)			9

Notes to Consolidated Financial Statements (Unaudited)			10

Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations			36

Item 3. Quantitative and Qualitative Disclosures About Market Risk			52

Item 4. Controls and Procedures			55

Part II Other Information

Item 1. Legal Proceedings			56

Item 1A. Risk Factors			56

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds; Purchases of Equity Securities by the Issuer and Affiliated Purchasers			57

Item 6. Exhibits			58

Signature			59
EX-31.59
EX-31.60
EX-32.59
EX-32.60

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Row 0

Row 1
    (3..3)   [1..1] (stub): 'Page'

Row 2
    [0..0)   [0..0] (stub): 'Definitions'
    (3..3]   [1..1] ( num): '1'
      Attributes: num=>1 [1..1]  

Row 3

Row 4
    [0..0)   [0..0] (stub): 'Forward-Looking Statements'
    (3..3]   [1..1] ( num): '3'
      Attributes: num=>3 [1..1]  

Row 5

Row 6
    [0..0)   [0..0] (stub): 'Part I Financial Information'

Row 7

Row 8
    [0..0)   [0..0] (stub): 'Item 1. Financial Statements'
      Attributes: num=>1 [0..0]  

Row 9

Row 10
    [0..0)   [0..0] (stub): 'Consolidated Statements of Operations (Unaudited)'
    (3..3]   [1..1] ( num): '5'
      Attributes: num=>5 [1..1]  

Row 11

Row 12
    [0..0)   [0..0] (stub): 'Consolidated Statements of Financial Position (Unaudited)'
    (3..3]   [1..1] ( num): '6'
      Attributes: num=>6 [1..1]  

Row 13

Row 14
    [0..0)   [0..0] (stub): 'Consolidated Statements of Cash Flows (Unaudited)'
    (3..3]   [1..1] ( num): '8'
      Attributes: num=>8 [1..1]  

Row 15

Row 16
    [0..0)   [0..0] (stub): 'Consolidated Statements of Changes in Equity and Comprehensive Income (Unaudited)'
    (3..3]   [1..1] ( num): '9'
      Attributes: num=>9 [1..1]  

Row 17

Row 18
    [0..0)   [0..0] (stub): 'Notes to Consolidated Financial Statements (Unaudited)'
    (3..3]   [1..1] ( num): '10'
      Attributes: num=>10 [1..1]  

Row 19

Row 20
    [0..0)   [0..0] (stub): 'Item 2. Managements Discussion and Analysis of Financial Condition and Results of Operations'
      Attributes: num=>2 [0..0]  
    (3..3]   [1..1] ( num): '36'
      Attributes: num=>36 [1..1]  

Row 21

Row 22
    [0..0)   [0..0] (stub): 'Item 3. Quantitative and Qualitative Disclosures About Market Risk'
      Attributes: num=>3 [0..0]  
    (3..3]   [1..1] ( num): '52'
      Attributes: num=>52 [1..1]  

Row 23

Row 24
    [0..0)   [0..0] (stub): 'Item 4. Controls and Procedures'
      Attributes: num=>4 [0..0]  
    (3..3]   [1..1] ( num): '55'
      Attributes: num=>55 [1..1]  

Row 25

Row 26
    [0..0)   [0..0] (stub): 'Part II Other Information'

Row 27

Row 28
    [0..0)   [0..0] (stub): 'Item 1. Legal Proceedings'
      Attributes: num=>1 [0..0]  
    (3..3]   [1..1] ( num): '56'
      Attributes: num=>56 [1..1]  

Row 29

Row 30
    [0..0)   [0..0] (stub): 'Item 1A. Risk Factors'
    (3..3]   [1..1] ( num): '56'
      Attributes: num=>56 [1..1]  

Row 31

Row 32
    [0..0)   [0..0] (stub): 'Item 2. Unregistered Sales of Equity Securities and Use of Proceeds; Purchases of Equity Securities by the Issuer and Affiliated Purchasers'
      Attributes: num=>2 [0..0]  
    (3..3]   [1..1] ( num): '57'
      Attributes: num=>57 [1..1]  

Row 33

Row 34
    [0..0)   [0..0] (stub): 'Item 6. Exhibits'
      Attributes: num=>6 [0..0]  
    (3..3]   [1..1] ( num): '58'
      Attributes: num=>58 [1..1]  

Row 35

Row 36
    [0..0)   [0..0] (stub): 'Signature'
    (3..3]   [1..1] ( num): '59'
      Attributes: num=>59 [1..1]  

Row 37
    [0..8)   [0..1] (stub): 'EX-31.59'
      Attributes: num=>59 [0..1]  

Row 38
    [0..8)   [0..1] (stub): 'EX-31.60'
      Attributes: num=>60 [0..1]  

Row 39
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      Attributes: num=>59 [0..1]  

Row 40
    [0..8)   [0..1] (stub): 'EX-32.60'
      Attributes: num=>60 [0..1]  



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Table attributes: date,incomestatement,cash

Table 1

Financial table in standard format

Part I Item 1.
DTE
Energy Company
Consolidated Statements of Operations (Unaudited)


	Three Months Ended						Six Months Ended
	June 30						June 30
(in Millions, Except per Share Amounts)	2010			2009			2010			2009
Operating Revenues	$	1,792		$	1,688		$	4,245		$	3,943


Operating Expenses
Fuel, purchased power and gas		608			577			1,603			1,537
Operation and maintenance		597			595			1,249			1,186
Depreciation, depletion and amortization		253			240			504			472
Taxes other than income		80			61			162			141
Other asset (gains) and losses, reserves and impairments, net		(2	)					(1	)		(3	)

		1,536			1,473			3,517			3,333


Operating Income		256			215			728			610


Other (Income) and Deductions
Interest expense		136			134			276			266
Interest income		(3	)		(3	)		(6	)		(6	)
Other income		(23	)		(22	)		(42	)		(46	)
Other expenses		15			(5	)		23			9

		125			104			251			223


Income Before Income Taxes		131			111			477			387

Income Tax Provision		44			27			160			124


Net Income		87			84			317			263

Less: Net Income Attributable to Noncontrolling Interests		1			1			2			2


Net Income Attributable to DTE Energy Company	$	86		$	83		$	315		$	261


Basic Earnings per Common Share
Net Income Attributable to DTE Energy Company	$	.51		$	.51		$	1.88		$	1.59


Diluted Earnings per Common Share
Net Income Attributable to DTE Energy Company	$	.51		$	.51		$	1.88		$	1.59


Weighted Average Common Shares Outstanding
Basic		169			164			167			164
Diluted		169			164			168			164
Dividends Declared per Common Share	$	.53		$	.53		$	1.06		$	1.06

DTE ENERGY CO CIK:936340
	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	$1,792	$1,688	$4,245	$3,943
Operating Expenses
Fuel, purchased power and gas	608	577	1,603	1,537
Operation and maintenance	597	595	1,249	1,186
Depreciation, depletion and amortization	253	240	504	472
Taxes other than income	80	61	162	141
Other asset (gains) and losses, reserves and impairments, net	(2)		(1)	(3)
	1,536	1,473	3,517	3,333
Operating Income	256	215	728	610
Other (Income) and Deductions
Interest expense	136	134	276	266
Interest income	(3)	(3)	(6)	(6)
Other income	(23)	(22)	(42)	(46)
Other expenses	15	(5)	23	9
	125	104	251	223
Income Before Income Taxes	131	111	477	387
Income Tax Provision	44	27	160	124
Net Income	87	84	317	263
Less: Net Income Attributable to Noncontrolling Interests	1	1	2	2
Net Income Attributable to DTE Energy Company	$86	$83	$315	$261
Basic Earnings per Common Share
Net Income Attributable to DTE Energy Company	$.51	$.51	$1.88	$1.59
Diluted Earnings per Common Share
Net Income Attributable to DTE Energy Company	$.51	$.51	$1.88	$1.59
Weighted Average Common Shares Outstanding
Basic	169	164	167	164
Diluted	169	164	168	164
Dividends Declared per Common Share	$.53	$.53	$1.06	$1.06

Table 2

Financial table in standard format

Legal entities within the Companys Power and Industrial Projects segments enter into long-term contractual arrangements with customers to supply energy-related products or services. The entities are generally designed to pass-through the commodity risk associated with these contracts to the customers, with the Company retaining operational and customer default risk. These entities generally are VIEs. The Company re-evaluated prior VIE and primary beneficiary determinations and, as a result, in 2010 began consolidating five entities that were previously accounted for as equity investments. The primary reason for the change in the primary beneficiary conclusion was the determination that the Companys responsibility for the management and operations of the VIEs afforded the Company the power to direct the significant activities of the VIEs.
In 2001, Detroit Edison financed a regulatory asset related to Fermi 2 and certain other regulatory assets through the sale of rate reduction bonds by a wholly-owned special purpose entity, Securitization. Detroit Edison performs servicing activities including billing and collecting surcharge revenue for Securitization. Under ASU 2009-17, this entity is now a VIE, and continues to be consolidated as the Company is the primary beneficiary.
DTE Energy has interests in various unconsolidated trusts that were formed for the purpose of issuing preferred securities and lending the gross proceeds to the Company. The assets of the trusts are debt securities of DTE Energy with terms similar to those of the related preferred securities. Payments the Company makes are used by the trusts to make cash distributions on the preferred securities it has issued. DTE Energy has reviewed these interests and has determined they are VIEs, but the Company is not the primary beneficiary as it does not have variable interests in the trusts.
The maximum risk exposure for consolidated VIEs is reflected on the Companys Consolidated Statements of Financial Position. For non-consolidated VIEs, the maximum risk exposure is generally limited to its investment and amounts which it has guaranteed.
The following table summarizes the major balance sheet items for consolidated VIEs as of June 30, 2010 and December 31, 2009. Amounts at June 30, 2010 for consolidated VIEs that are either (1) assets that can be used only to settle their obligations or (2) liabilities for which creditors do not have recourse to the general credit of the primary beneficiary are segregated in the restricted amounts column.


	June 30, 2010
							Restricted		December 31,
(in Millions)	Securitization		Other		Total		Amounts		2009
ASSETS
Cash and cash equivalents	$		$	33	$	33	$	1	$	7
Restricted cash		77		5		82		82
Accounts receivable		46		92		138		51		3
Inventories				78		78		4		39
Other current assets				7		7
Property, plant and equipment				398		398				44
Securitized regulatory assets		802				802		802
Notes receivable				25		25		18		12
Other assets		18		29		47		20

	$	943	$	667	$	1,610	$	978	$	105


LIABILITIES
Accounts payable and accrued current liabilities	$	19	$	46	$	65	$	19	$	3
Current portion long-term debt, including capital leases		144		7		151		146
Other current liabilities		44		19		63		44		4
Mortgage bonds, notes and other				38		38		21
Securitization bonds		717				717		717
Capital lease obligations				24		24				26
Other long term liabilities		5		101		106		7		10

	$	929	$	235	$	1,164	$	954	$	43

DTE ENERGY CO CIK:936340
	2010-06-30	2010-06-30	2010-06-30	2010-06-30	2009-12-31
ASSETS
Cash and cash equivalents		$33	$33	$1	$7
Restricted cash	77	5	82	82
Accounts receivable	46	92	138	51	3
Inventories		78	78	4	39
Other current assets		7	7
Property, plant and equipment		398	398		44
Securitized regulatory assets	802		802	802
Notes receivable		25	25	18	12
Other assets	18	29	47	20
	$943	$667	$1,610	$978	$105
LIABILITIES
Accounts payable and accrued current liabilities	$19	$46	$65	$19	$3
Current portion long-term debt, including capital leases	144	7	151	146
Other current liabilities	44	19	63	44	4
Mortgage bonds, notes and other		38	38	21
Securitization bonds	717		717	717
Capital lease obligations		24	24		26
Other long term liabilities	5	101	106	7	10
	$929	$235	$1,164	$954	$43

Table 3

Financial table in standard format

Derivative Assets

Derivative Liabilities

Current

Noncurrent

Current

Noncurrent

Reconciliation of derivative instruments to Consolidated Statements of Financial Position:

Total fair value of derivatives

$
1,860

$
812

$
(1,951
)

$
(900
)
Counterparty netting

(1,644
)

(669
)

1,644

669

Collateral adjustment

(7
)

(27
)

87

33

Total derivatives as reported

$
209

$
116

$
(220
)

$
(198
)

The net effect of derivatives designated as cash flow hedging instruments on the Consolidated Statements of Operations is less than $1 million for the three and six months ended June 30, 2010 and 2009.
The effect of derivatives not designated as hedging instruments on the Consolidated Statements of Operations for the three and six months ended June 30, 2010 and June 30, 2009 is as follows.


		Gain (Loss)						Gain (Loss)
		Recognized in						Recognized in
		Income on						Income on
	Location of Gain	Derivatives for						Derivatives for
	(Loss) Recognized	Three Months Ended						Six Months Ended
(in Millions)	in Income	June 30						June 30
Derivatives Not Designated As Hedging Instruments	On Derivatives	2010			2009			2010			2009
Foreign currency exchange contracts	Operating Revenue	$	14		$	(17	)	$	3		$	(11	)

Commodity Contracts:
Natural Gas	Operating Revenue		17			126			27			174
Natural Gas	Fuel, purchased power and gas		1			(2	)		(6	)		(2	)
Electricity	Operating Revenue		(22	)		7			49			23
Other	Operating Revenue		1			(2	)		1			3
Other	Operation and maintenance		(1	)					(1	)

Total		$	10		$	112		$	73		$	187

DTE ENERGY CO CIK:936340
	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)
Foreign currency exchange contracts	$14	$(17)	$3	$(11)
Commodity Contracts:
Natural Gas	17	126	27	174
Natural Gas	1	(2)	(6)	(2)
Electricity	(22)	7	49	23
Other	1	(2)	1	3
Other	(1)		(1)
Total	$10	$112	$73	$187

Data column 1: Unable to interpret date in column header

Original filing from SEC EDGAR system.