DTE Energy 2012 Annual Report Download - page 60
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Table of Contents
The Company has variable interests in VIEs through certain of its long-term purchase contracts. As of December 31, 2012, the carrying amount of
assets and liabilities in the Consolidated Statements of Financial Position that relate to its variable interests under long-term purchase contracts are
predominately related to working capital accounts and generally represent the amounts owed by the Company for the deliveries associated with the current
billing cycle under the contracts. The Company has not provided any form of financial support associated with these long-term contracts. There is no
significant potential exposure to loss as a result of its variable interests through these long-term purchase contracts.
In 2001, DTE Electric 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. DTE Electric performs servicing activities including billing and collecting surcharge revenue for
Securitization. This entity is a VIE, and is consolidated by the Company.
The maximum risk exposure for consolidated VIEs is reflected on the Company's 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 December 31, 2012 and December 31, 2011. Amounts at
December 31, 2012 and December 31, 2011 for consolidated VIEs that are either (1) assets that can be used only to settle obligations of the VIE 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. VIEs, in which the
Company holds a majority voting interest and is the primary beneficiary, that meet the definition of a business and whose assets can be used for purposes
other than the settlement of the VIE's obligations have been excluded from the table below.
Cash and cash equivalents
$ —
$ 25
$ 25
$ —
Restricted cash
107
7
114
114
Accounts receivable
34
17
51
36
Inventories
—
183
183
—
Other current assets
—
1
1
—
Property, plant and
equipment
—
73
73
23
Securitized regulatory
assets
577
—
577
577
Other assets
10
6
16
16
$728
$312
$1,040
$ 766
Accounts payable and
accrued current
liabilities
$14
$ 24
$38
$14
Current portion long-term
debt, including capital
leases
164
7
171
171
Other current liabilities
55
—
55
55
Mortgage bonds, notes and
other
—
30
30
30
Securitization bonds
479
—
479
479
Capital lease obligations
—
14
14
14
Other long-term liabilities
7
2
9
8
$719
$ 77
$ 796
$771
58