Actionable news
0
All posts from Actionable news
Actionable news in DTE: DTE ENERGY COMPANY,

DTE Energy: Unaudited Consolidated Financial Statements As Of And For The Three And Nine Months Ended

The following excerpt is from the company's SEC filing.

September 30, 2015

DTE Gas Company

Quarter Ended

TABLE OF CONTENTS

Definitions

Consolidated Statements of Operations (Unaudited)

Consolidated Statements of Comprehensive Income (Loss) (Unaudited)

Consolidated Statements of Financial Position (Unaudited)

Consolidated Statements of Cash Flows (Unaudited)

Consolidated Statements of Changes in Shareholder's Equity (Unaudited)

Notes to Consolidated Financial Statements (Unaudited)

DEFINITIONS

Accounting Standards Update issued by the FASB

DTE Gas Company and any subsidiary compan ies

Customer Choice

Michigan legislation giving customers the option of retail access to alternative suppliers for natural gas

DTE Energy

DTE Energy Company, directly or indirectly the parent of DTE Electric Company, DTE Gas Company, and numerous non-utility subsidiaries

DTE Gas Company (an indirect wholly owned subsidiary of DTE Energy) and subsidiary companies

Financial Accounting Standards Board

Federal Energy Regulatory Commission

Manufactured Gas Plant

Michigan Public Service Commission

Three Months Ended

Nine Months Ended

September 30,

(In millions)

Operating Revenues

Operating Expenses

Cost of gas

Operation and maintenance

Depreciation and amortization

Taxes other than income

Operating Income (Loss)

Other (Income) and Deductions

Interest expense

Interest income

Other income

Other expenses

Income (Loss) Before Income Taxes

Income Tax Expense (Benefit)

Net Income (Loss)

See Notes to Consolidated Financial Statements (Unaudited)

Transfer of benefit obligations, net of taxes of $—, $—, $2 and $—, respectively

December 31,

ASSETS

Current Assets

Cash and cash equivalents

Accounts receivable (less allowance for doubtful accounts of $25 and $23, respectively)

Affiliates

Inventories

Materials and supplies

Gas customer choice deferred asset

Deferred income taxes

Notes receivable

Regulatory assets

Prepaid property tax

Investments

Property

Property, plant and equipment

Less accumulated depreciation and amortization

(1,677

(1,635

Other Assets

Net investment in lease

Prepaid pension costs — affiliates

Prepaid postretirement costs — affiliates

Total Assets

Consolidated Statements of Financial Position (Unaudited) - Continued

(In millions, except shares)

LIABILITIES AND SHAREHOLDER'S EQUITY

Current Liabilities

Accounts payable

Short-term borrowings — other

Current portion of long-term debt

Regulatory liabilities

Long-Term Debt (net of current portion)

Other Liabilities

Accrued pension liability — affiliates

Accrued postretirement liability — affiliates

Asset retirement obligations

Commitments and Contingencies (Note 9)

Common stock, $1 par value, 15,100,000 shares authorized, 10,300,000 shares issued and outstanding

Retained earnings

Accumulated other comprehensive income (loss)

Total Liabilities and Shareholder's Equity

Operating Activities

Net income

Adjustments to reconcile net income to net cash from operating activities:

Allowance for equity funds used during construction

Changes in assets and liabilities:

Accounts receivable, net

Regulatory assets and liabilities

Other current and noncurrent assets and liabilities

Net cash from operating activities

Investing Activities

Plant and equipment expenditures

Notes receivable and other

Net cash used for investing activities

Financing Activities

Short-term borrowings, net - other

Short-term borrowings, net - affiliate

Issuance of long-term debt, net of issuance costs

Redemption of long-term debt

Dividends on common stock

Net cash used for financing activities

Net Increase (Decrease) in Cash and Cash Equivalents

Cash and Cash Equivalents at Beginning of Period

Cash and Cash Equivalents at End of Period

Supplemental disclosure of non-cash investing and financing activities

Plant and equipment expenditures in accounts payable

Additional Paid-in Capital

Retained Earnings

Comprehensive Income (Loss)

Common Stock

Shares

Amount

(Dollars in millions, shares in thousands)

Dividends declared on common stock

Balance, September 30, 2015

NOTE 1

ORGANIZATION AND BASIS OF PRESENTATION

Corporate Structure

DTE Gas is 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. DTE Gas is regulated by the MPSC and the FERC.

References in this Report to “we”, “us”, “our” or “Company” are to DTE Gas and its subsidiaries, collectively.

Basis of Presentation

The Consolidated Financial Statements should be read in conjunction with the Notes to Consolidated Financial Statements included in the DTE Gas

Consolidated Financial Statements furnished on Form 8-K.

The accompanying Consolidated Financial Statements are prepared using accounting principles generally accepted in the United States of America. These accounting principles require management to use estimates and assumptions that impact reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities. Actual results may differ from the Company's estimates.

The Consolidated Financial Statements are unaudited, but in the Company's opinion include all adjustments necessary to present a fair statement of the results for the interim periods. All adjustments are of a normal recurring nature, except as otherwise disclosed in these Consolidated Financial Statements and Notes to Consolidated Financial Statements. Financial results for this interim period are not necessarily indicative of results that may be expected for any other interim period or for the fiscal year ending

December 31, 2015

Certain prior year balances were reclassified to match current year's financial statement presentation.

Principles of Consolidation

The Company consolidates all majority-owned subsidiaries and investments in entities in which it has controlling influence. Non-majority owned investments are accounted for using the equity method when the Company is able to influence the operating policies of the investee. When the Company does not influence the operating policies of an investee, the cost method is used. The Company eliminates all intercompany balances and transactions.

NOTE 2

SIGNIFICANT ACCOUNTING POLICIES

Changes in Accumulated Other Comprehensive Income (Loss)

For the three and

nine months ended

, reclassifications out of Accumulated other comprehensive income (loss) were not material. Refer to

Note 10

to the Consolidated Financial Statements, "

Retirement Benefits and Trusteed Assets

", regarding the transfer of a portion of the DTE Gas benefit obligations during the year. Changes in Accumulated other comprehensive income (loss) are presented in the Consolidated Statements of Changes in Shareholder's Equity.

The Company had an income tax receivable due from DTE Energy of

$40 million

$48 million

December 31, 2014

Stock-Based Compensation

The Company received an allocation of costs from DTE Energy associated with stock-based compensation of

$2 million

$4...


More