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Dte Energy Co (DTB) SEC Filing 10-K Annual report for the fiscal year ending Thursday, December 31, 2020

Dte Energy Co

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CIK: 936340 Ticker: DTB
Exhibit 99.1
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DTE Energy reports strong 2020 financial results; reaffirms guidance for 2021

•Ranked highest for customer satisfaction in Midwest by gas customers
•Launched voluntary carbon offset program for gas customers and doubled voluntary electric renewable program
•Leveraged operating efficiencies to hold customers’ rates flat through 2021
•Achieved year-over-year improvements in electric reliability
•Provided community pandemic support through $21 million in DTE Energy Foundation grants
•Invested $2.2 billion with Michigan-based companies

DETROIT, Feb. 19, 2021 - DTE Energy (NYSE:DTE) today reported 2020 earnings of $1.4 billion, or $7.08 per diluted share, compared with $1.2 billion, or $6.31 per diluted share in 2019.

2020 operating earnings were $1.4 billion, or $7.19 per diluted share, compared with 2019 operating earnings of $1.2 billion, or $6.30 per diluted share. Operating earnings for the year beat the company’s original 2020 guidance midpoint of $6.61. Operating earnings exclude non-recurring items, certain mark-to-market adjustments and discontinued operations. Reconciliations of reported earnings to operating earnings are included at the end of this news release.

"We were successful in executing on our strategy to meet the needs of our people, customers and communities while delivering for our investors,” said Jerry Norcia, DTE Energy President and CEO. “In 2020 we mobilized our resources to offer support including food, shelter, PPE and loan process assistance. At the same time, we were able to continue investments in our infrastructure and improve reliability to ensure our customers receive the energy they need.”

Norcia noted the following accomplishments: 

Led the Midwest in business customer satisfaction: Ranked highest in customer satisfaction with natural gas residential customers in the Midwest in J.D. Power’s 2020 study.

Announced CleanVision Natural Gas Balance program for gas customers: CleanVision offers customers a way to affordably offset 25% to 100% of greenhouse gas emissions from an average home’s natural gas use and is the first program in the nation to include both carbon offsets and renewable natural gas.

Reached 25,000 MIGreenPower commitments: DTE’s MIGreenPower program, one of the country’s largest voluntary renewable energy programs, supported over 45 million kWh of clean energy generation in 2020.

Leveraged revenue and operating efficiencies to hold customers’ rates flat through 2021: Michigan Public Service Commission approved request by DTE Electric for a one-time accounting treatment for a $30 million voluntary refund to customers.

Invested approximately $1 billion in DTE Electric reliability in 2020: Performed infrastructure upgrades that led to enhanced reliability for its customers which helped deliver a nearly 25% reliability improvement from 2019 with shorter restoration times.

The following information was filed by Dte Energy Co (DTB) on Friday, February 19, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

Inside this 10-K Annual Report

Document And Entity Information Document And Entity Information
Consolidated Statements Of Cash Flows
Consolidated Statements Of Changes In Equity
Consolidated Statements Of Changes In Equity (Parenthetical)
Consolidated Statements Of Comprehensive Income
Consolidated Statements Of Comprehensive Income (Parenthetical)
Consolidated Statements Of Financial Position
Consolidated Statements Of Financial Position (Parenthetical)
Consolidated Statements Of Operations
Acquisitions And Dispositions
Acquisitions And Dispositions (Details Textuals)
Acquisitions And Dispositions (Purchase Price Allocation - Electric Segment Acquisition) (Details)
Acquisitions And Dispositions (Purchase Price Allocation - Gas Storage And Pipelines Segment Acquisition) (Details)
Acquisitions And Dispositions (Purchase Price Allocation - Power And Industrial Segment Acquisition) (Details)
Acquisitions And Dispositions (Tables)
Asset Retirement Obligations
Asset Retirement Obligations (Details Textuals)
Asset Retirement Obligations (Rollforward) (Details)
Asset Retirement Obligations (Tables)
Commitments And Contingencies
Commitments And Contingencies (Details Textuals)
Commitments And Contingencies (Purchase Commitments) (Details)
Commitments And Contingencies (Tables)
Earnings Per Share
Earnings Per Share (Details)
Earnings Per Share (Tables)
Fair Value
Fair Value (Assets And Liabilities Recorded At Fair Value On A Recurring Basis) (Details)
Fair Value (Details Textuals)
Fair Value (Fair Value And Unrealized Gains And Losses For The Nuclear Decommissioning Trust Funds) (Details)
Fair Value (Fair Value Of Financial Instruments) (Details)
Fair Value (Fair Value Of Fixed Income Securities Held In Nuclear Decommissioning Trust Funds (Details)
Fair Value (Fair Value Of Nuclear Decommissioning Trust Fund Assets) (Details)
Fair Value (Gains (Losses) Related To The Trust) (Details)
Fair Value (Gains And Losses And Proceeds From The Sale Of Securities By The Nuclear Decommissioning Trust Funds) (Details)
Fair Value (Reconciliation Of Level 3 Assets And Liabilities At Fair Value On A Recurring Basis) (Details)
Fair Value (Tables)
Fair Value (Unobservable Inputs Related To Level 3 Assets And Liabilities) (Details)
Financial And Other Derivative Instruments
Financial And Other Derivative Instruments (Cumulative Gross Volume Of Derivative Contracts Outstanding) (Details)
Financial And Other Derivative Instruments (Details Textuals)
Financial And Other Derivative Instruments (Effect Of Derivatives Not Designated As Hedging Instruments On The Consolidated Statement Of Operations) (Details)
Financial And Other Derivative Instruments (Fair Value Of Derivative Instruments) (Details)
Financial And Other Derivative Instruments (Net Cash Collateral Offsetting Arrangements) (Details)
Financial And Other Derivative Instruments (Netting Offsets Of Derivative Assets And Liabilities) (Details)
Financial And Other Derivative Instruments (Netting Offsets Reconciliation To Balance Sheet) (Details)
Financial And Other Derivative Instruments (Tables)
Goodwill
Goodwill (Details)
Goodwill (Tables)
Income Taxes
Income Taxes (Components Of Income Tax Expense) (Details)
Income Taxes (Deferred Tax Assets (Liabilities)) (Details)
Income Taxes (Details Textuals)
Income Taxes (Reconciliation Of Income Tax Expense To The Statutory Federal Income Tax Rate) (Details)
Income Taxes (Reconciliation Of Unrecognized Tax Benefits) (Details)
Income Taxes (Tables)
Jointly-Owned Utility Plant
Jointly-Owned Utility Plant (Details Textuals)
Jointly-Owned Utility Plant (Ownership Information) (Details)
Jointly-Owned Utility Plant (Tables)
Leases
Leases (Components Of Lease Cost) (Details)
Leases (Components Of Net Investment In Finance Leases) (Details)
Leases (Details Textuals)
Leases (Finance Leases Reported On Consolidated Statements Of Financial Position) (Details)
Leases (Future Minimum Lease Payments) (Details)
Leases (Lease Income Associated With Operating Leases) (Details)
Leases (Minimum Future Rental Revenues Under Operating Leases) (Details)
Leases (Other Information) (Details)
Leases (Property Under Operating Leases) (Details)
Leases (Tables)
Long-Term Debt
Long-Term Debt (Debt Issuances) (Details)
Long-Term Debt (Debt Redemptions) (Details)
Long-Term Debt (Details Textuals)
Long-Term Debt (Equity Units) (Details)
Long-Term Debt (Long Term Debt Outstanding And Weighted Average Interest Rates) (Details)
Long-Term Debt (Scheduled Debt Maturities) (Details)
Long-Term Debt (Tables)
New Accounting Pronouncements
Nuclear Operations
Nuclear Operations (Details)
Organization And Basis Of Presentation
Organization And Basis Of Presentation (Consolidated Variable Interest Entities) (Details)
Organization And Basis Of Presentation (Details Textuals)
Organization And Basis Of Presentation (Equity Method Investees) (Details)
Organization And Basis Of Presentation (Non-Consolidated Variable Interest Entities) (Details)
Organization And Basis Of Presentation (Summarized Balance Sheet Data) (Details)
Organization And Basis Of Presentation (Summarized Income Statement Data) (Details)
Organization And Basis Of Presentation (Tables)
Preferred And Preference Securities
Preferred And Preference Securities (Details)
Preferred And Preference Securities (Tables)
Property, Plant, And Equipment
Property, Plant, And Equipment (Average Estimated Useful Life Of Each Major Class) (Details)
Property, Plant, And Equipment (Capitalized Software) (Details)
Property, Plant, And Equipment (Depreciation And Amortization) (Details)
Property, Plant, And Equipment (Details Textuals)
Property, Plant, And Equipment (Schedule Of Afudc And Capitalized Interest Rates (Details)
Property, Plant, And Equipment (Schedule Of Afudc And Interest Capitalized) (Details)
Property, Plant, And Equipment (Summary Of Property By Classification) (Details)
Property, Plant, And Equipment (Tables)
Regulatory Matters
Regulatory Matters (Details Textuals)
Regulatory Matters (Schedule Of Regulatory Assets) (Details)
Regulatory Matters (Schedule Of Regulatory Liabilities) (Details)
Regulatory Matters (Tables)
Related Party Transactions
Related Party Transactions (Dte Electric Transactions With Affiliated Companies) (Details)
Related Party Transactions (Tables)
Related Party Transactions (Transactions With Nexus) (Details)
Retirement Benefits And Trusteed Assets
Retirement Benefits And Trusteed Assets (Details Textuals)
Retirement Benefits And Trusteed Assets (Opeb - Accumulated Postretirement Obligations In Excess Of Plan Assets) (Details)
Retirement Benefits And Trusteed Assets (Opeb - Assumptions Used In Determining The Pbo And Net Pension Costs) (Details)
Retirement Benefits And Trusteed Assets (Opeb - Benefits Related To Qualified And Nonqualified Pension Plans Expected To Be Paid In The Next Ten Years) (Details)
Retirement Benefits And Trusteed Assets (Opeb - Fair Value Measurements) (Details)
Retirement Benefits And Trusteed Assets (Opeb - Other Changes In Plan Assets And Apbo Recognized In Regulatory Assets And Oci) (Details)
Retirement Benefits And Trusteed Assets (Opeb - Postretirement Cost Inclusions) (Details)
Retirement Benefits And Trusteed Assets (Opeb - Reconciliation Of Obligations, Assets And Funded Status Of Plans) (Details)
Retirement Benefits And Trusteed Assets (Opeb - Target Allocations Of Plan Assets) (Details)
Retirement Benefits And Trusteed Assets (Pension Plan - Assumptions Used In Determining The Pbo And Net Pension Costs) (Details)
Retirement Benefits And Trusteed Assets (Pension Plan - Benefits Related To Qualified And Nonqualified Pension Plans Expected To Be Paid In The Next Ten Years) (Details)
Retirement Benefits And Trusteed Assets (Pension Plan - Contributions To Dte Energy Company Affiliates Employee Benefit Plans Master Trust) (Details)
Retirement Benefits And Trusteed Assets (Pension Plan - Contributions) (Details)
Retirement Benefits And Trusteed Assets (Pension Plan - Fair Value Measurements) (Details)
Retirement Benefits And Trusteed Assets (Pension Plan - Other Changes In Plan Assets And Benefit Obligations Recognized In Reg Assets And Oci) (Details)
Retirement Benefits And Trusteed Assets (Pension Plan - Pension Cost Inclusions) (Details)
Retirement Benefits And Trusteed Assets (Pension Plan - Reconciliation Of Obligations, Assets And Funded Status Of Plans) (Details)
Retirement Benefits And Trusteed Assets (Pension Plan - Target Allocations Of Plan Assets) (Details)
Retirement Benefits And Trusteed Assets (Tables)
Revenue
Revenue (Deferred Revenue) (Details)
Revenue (Details Textuals)
Revenue (Disaggregation Of Revenue) (Details)
Revenue (Expected Recognition Of Deferred Revenue For Fixed Consideration) (Details)
Revenue (Expected Recognition Of Deferred Revenue) (Details)
Revenue (Tables)
Schedule Ii - Valuation And Qualifying Accounts
Schedule Ii - Valuation And Qualifying Accounts (Details)
Segment And Related Information
Segment And Related Information (Details Textuals)
Segment And Related Information (Financial Data - Inter-Segment Billing) (Details)
Segment And Related Information (Financial Data - Operating Revenues Including Inter-Segment Revenues) (Details)
Segment And Related Information (Tables)
Short-Term Credit Arrangements And Borrowings
Short-Term Credit Arrangements And Borrowings (Details Textuals)
Short-Term Credit Arrangements And Borrowings (Schedule Of Borrowings) (Details)
Short-Term Credit Arrangements And Borrowings (Tables)
Significant Accounting Policies
Significant Accounting Policies (Accumulated Other Comprehensive Loss) (Details)
Significant Accounting Policies (Details Textuals)
Significant Accounting Policies (Financing Receivables Classified By Internal Grade Of Credit Risk) (Details)
Significant Accounting Policies (Future Amortization Expense Intangible Assets) (Details)
Significant Accounting Policies (Intangible Assets) (Details)
Significant Accounting Policies (Policies)
Significant Accounting Policies (Roll-Forward Of Activity For Financing Receivables Credit Loss Reserves) (Details)
Significant Accounting Policies (Schedule Of Other Income) (Details)
Significant Accounting Policies (Tables)
Stock-Based Compensation
Stock-Based Compensation (Activity Relating To Performance Share Awards) (Details)
Stock-Based Compensation (Components Of Stock Based Compensation) (Details)
Stock-Based Compensation (Details Textuals)
Stock-Based Compensation (Performance Share Awards Activity) (Details)
Stock-Based Compensation (Tables)
Stock-Based Compensation (Unrecognized Compensation Costs) (Details)
Supplementary Quarterly Financial Information (Unaudited ) (Tables)
Supplementary Quarterly Financial Information (Unaudited)
Supplementary Quarterly Financial Information (Unaudited) (Details)
Ticker: DTB
CIK: 936340
Form Type: 10-K Annual Report
Accession Number: 0000936340-21-000112
Submitted to the SEC: Fri Feb 19 2021 1:40:44 PM EST
Accepted by the SEC: Fri Feb 19 2021
Period: Thursday, December 31, 2020
Industry: Electric Services

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