DTE Energy 2014 Annual Report Download - page 89
Download and view the complete annual report
Please find page 89 of the 2014 DTE Energy annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.-
1 -
2
-
3
-
4
-
5
-
6
-
7
-
8
-
9
-
10
-
11
-
12
-
13
-
14
-
15
-
16
-
17
-
18
-
19
-
20
-
21
-
22
-
23
-
24
-
25
-
26
-
27
-
28
-
29
-
30
-
31
-
32
-
33
-
34
-
35
-
36
-
37
-
38
-
39
-
40
-
41
-
42
-
43
-
44
-
45
-
46
-
47
-
48
-
49
-
50
-
51
-
52
-
53
-
54
-
55
-
56
-
57
-
58
-
59
-
60
-
61
-
62
-
63
-
64
-
65
-
66
-
67
-
68
-
69
-
70
-
71
-
72
-
73
-
74
-
75
-
76
-
77
-
78
-
79 -
80 -
81 -
82 -
83 -
84 -
85 -
86 -
87 -
88 -
89 -
90 -
91 -
92 -
93 -
94 -
95 -
96 -
97 -
98 -
99 -
100
-
101
-
102
-
103
-
104
-
105
-
106
-
107
-
108
-
109
-
110
-
111
-
112
-
113
-
114
-
115
-
116
-
117
-
118
-
119
-
120
-
121
-
122
-
123
-
124
-
125
-
126
-
127
-
128
-
129
-
130
-
131
-
132
-
133
-
134
-
135
-
136
-
137
-
138
-
139
-
140
-
141
-
142
-
143
-
144
-
145
-
146
-
147
-
148
-
149
-
150
-
151
-
152
-
153
-
154
-
155
-
156
-
157
-
158
-
159
-
160
-
161
-
162
-
163
-
164
-
165
-
166
-
167
-
168
-
169
-
170
-
171
-
172
-
173
-
174
-
175
-
176
-
177
-
178
-
179
-
180
-
181
-
182
-
183
-
184
-
185
-
186
-
187
-
188
-
189
-
190
 |
 |
In conjunction with maintaining certain exchange traded risk management positions, the Company may be required to post cash collateral with its
clearing agent. The Company has a demand financing agreement for up to $100 million with its clearing agent. The agreement, as amended, also allows for
up to $50 million of additional margin financing provided that the Company posts a letter of credit for the incremental amount. At December 31, 2014, a $50
million letter of credit was in place, raising the capacity under this facility to $150 million. The $50 million letter of credit is included in the table above. The
amount outstanding under this agreement was $37 million and $138 million at December 31, 2014 and 2013, respectively.
Certain of the Company’s credit facilities contain a provision requiring the Company to maintain a total funded debt to capitalization ratio, as defined
in the agreements, of no more than 0.65 to 1, which has the effect of limiting the amount of dividends the Company can pay in order to maintain compliance
with this provision. The effect of this provision was to restrict the payment of approximately $730 million at December 31, 2014 of total retained earnings of
approximately $4.6 billion. There are no other effective limitations with respect to the Company’s ability to pay dividends.
Lessee - Operating Lease — The Company leases various assets under operating leases, including coal railcars, office buildings, a warehouse,
computers, vehicles and other equipment. The lease arrangements expire at various dates through 2046.
Future minimum lease payments under non-cancelable leases at December 31, 2014 were:
2015 $ 42
2016 34
2017 28
2018 23
2019 14
Thereafter 78
Total minimum lease payments $ 219
Rental expense for operating leases was $38 million in 2014, $34 million in 2013 and $36 million in 2012.
86