DTE Energy 2011 Annual Report Download - page 24

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22
remeasurement is a reduction of net deferred tax assets of $53 million that was offset against the Regulatory liability
established upon enactment of the MBT.
Consistent with the original establishment of this deferred tax liability, no recognition of this non-cash transaction has been
reflected in the Consolidated Statements of Cash Flows.
NOTE 10 — LONG-TERM DEBT AND PREFERRED SECURITIES
Long-Term Debt
Our long-term debt outstanding and interest rates of debt outstanding at December 31 were:
(in Millions)
First Mortgage Bonds, interest payable semi-annually
7.06% series due 2012
8.25% series due 2014
Senior notes, interest payable semi-annually
5.26% series due 2013
5.94% series due 2015
6.04% series due 2018
5.00% series due 2019
6.36% series due 2020
6.44% series due 2023
6.78% series due 2028
5.70% series due 2033
Less: amount due within one year
Less: unamortized discount
Total
2011
$ 40
80
60
140
100
120
50
25
75
200
890
(40)
(1)
$ 849
2010
$ 40
80
60
140
100
120
50
25
75
200
890
—
(1)
$ 889
The following table shows the scheduled debt maturities, excluding any unamortized discount or premium on debt:
(in Millions)
Amount to mature
2012
$ 40
2013
$ 60
2014
$ 80
2015
$ 140
2016
$ —
2017 and
thereafter
$ 570
Total
$ 890
Cross Default Provisions
Substantially all of the net properties of MichCon are subject to the lien of its mortgage. Should MichCon fail to timely pay its
indebtedness under the mortgage, such failure may create cross defaults in the indebtedness of DTE Energy.
Preferred and Preference Securities - Authorized and Unissued
At December 31, 2011, MichCon had 7 million shares of preferred stock with a par value of $1 per share and 4 million shares
of preference stock with a par value of $1 per share authorized, with no shares issued.
NOTE 11 — SHORT-TERM CREDIT ARRANGEMENTS AND BORROWINGS
In October 2011, MichCon entered into an amended and restated $400 million five-year unsecured revolving credit
agreement with a syndicate of 20 banks that may be used for general corporate borrowings, but is intended to provide liquidity
support for the Company's commercial paper program. No one bank provides more than 8.5% of the commitment in any
facility. Borrowings under the facility are available at prevailing short-term interest rates.
The above agreements require the Company to maintain a total funded debt to capitalization ratio of no more than 0.65 to 1. In
the agreements, “total funded debt” means all indebtedness of the Company and its consolidated subsidiaries, including capital