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Fair Value (Tables)
 12 Months Ended
Dec. 31, 2018
Fair Value Disclosures [Abstract]  
Assets and Liabilities Recorded at Fair Value on a Recurring Basis
The following table presents assets and liabilities for DTE Energy measured and recorded at fair value on a recurring basis(a):
 
December 31, 2018
 
December 31, 2017
 
Level 1
 
Level 2
 
Level 3
 
Other(b)
 
Netting(c)
 
Net Balance
 
Level 1
 
Level 2
 
Level 3
 
Other(b)
 
Netting(c)
 
Net Balance
 
(In millions)
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash equivalents(d)
$
16

 
$
2

 
$
—

 
$
—

 
$
—

 
$
18

 
$
16

 
$
3

 
$
—

 
$
—

 
$
—

 
$
19

Nuclear decommissioning trusts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity securities
851

 
—

 
—

 
—

 
—

 
851

 
978

 
—

 
—

 
—

 
—

 
978

Fixed income securities
12

 
490

 
—

 
—

 
—

 
502

 
18

 
477

 
—

 
—

 
—

 
495

Private equity and other
—

 
—

 
—

 
20

 
—

 
20

 
—

 
—

 
—

 
5

 
—

 
5

Cash equivalents
5

 
—

 
—

 
—

 
—

 
5

 
14

 
—

 
—

 
—

 
—

 
14

Other investments(e)
 
 
 
 
 
 
 
 
 
 


 
 
 
 
 
 
 
 
 
 
 


Equity securities
110

 
—

 
—

 
—

 
—

 
110

 
118

 
—

 
—

 
—

 
—

 
118

Fixed income securities
69

 
—

 
—

 
—

 
—

 
69

 
72

 
—

 
—

 
—

 
—

 
72

Cash equivalents
4

 
—

 
—

 
—

 
—

 
4

 
4

 
—

 
—

 
—

 
—

 
4

Derivative assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commodity Contracts:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Natural Gas
199

 
87

 
63

 
—

 
(277
)
 
72

 
148

 
112

 
97

 
—

 
(256
)
 
101

Electricity
—

 
247

 
56

 
—

 
(252
)
 
51

 
—

 
243

 
42

 
—

 
(241
)
 
44

Other
—

 
—

 
7

 
—

 
(1
)
 
6

 
—

 
—

 
9

 
—

 
—

 
9

Foreign currency exchange contracts
—

 
4

 
—

 
—

 
—

 
4

 
—

 
1

 
—

 
—

 
(1
)
 
—

Total derivative assets
199

 
338

 
126

 
—

 
(530
)
 
133

 
148

 
356

 
148

 
—

 
(498
)
 
154

Total
$
1,266

 
$
830

 
$
126

 
$
20

 
$
(530
)
 
$
1,712

 
$
1,368

 
$
836

 
$
148

 
$
5

 
$
(498
)
 
$
1,859

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commodity Contracts:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Natural Gas
$
(197
)
 
$
(71
)
 
$
(112
)
 
$
—

 
$
272

 
$
(108
)
 
$
(141
)
 
$
(111
)
 
$
(126
)
 
$
—

 
$
263

 
$
(115
)
Electricity
—

 
(227
)
 
(58
)
 
—

 
240

 
(45
)
 
—

 
(245
)
 
(30
)
 
—

 
246

 
(29
)
Other
—

 
(1
)
 
—

 
—

 
1

 
—

 
—

 
—

 
(1
)
 
—

 
1

 
—

Interest rate contracts
—

 
(3
)
 
—

 
—

 
—

 
(3
)
 
—

 
—

 
—

 
—

 
—

 
—

Foreign currency exchange contracts
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(3
)
 
—

 
—

 
1

 
(2
)
Total derivative liabilities
(197
)
 
(302
)
 
(170
)
 
—

 
513

 
(156
)
 
(141
)
 
(359
)
 
(157
)
 
—

 
511

 
(146
)
Total
$
(197
)
 
$
(302
)
 
$
(170
)
 
$
—

 
$
513

 
$
(156
)
 
$
(141
)
 
$
(359
)
 
$
(157
)
 
$
—

 
$
511

 
$
(146
)
Net Assets (Liabilities) at end of period
$
1,069

 
$
528

 
$
(44
)
 
$
20

 
$
(17
)
 
$
1,556

 
$
1,227

 
$
477

 
$
(9
)
 
$
5

 
$
13

 
$
1,713

Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current
$
212

 
$
273

 
$
96

 
$
—

 
$
(461
)
 
$
120

 
$
157

 
$
298

 
$
104

 
$
—

 
$
(437
)
 
$
122

Noncurrent
1,054

 
557

 
30

 
20

 
(69
)
 
1,592

 
1,211

 
538

 
44

 
5

 
(61
)
 
1,737

Total Assets
$
1,266

 
$
830

 
$
126

 
$
20

 
$
(530
)
 
$
1,712

 
$
1,368

 
$
836

 
$
148

 
$
5

 
$
(498
)
 
$
1,859

Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current
$
(191
)
 
$
(251
)
 
$
(76
)
 
$
—

 
$
451

 
$
(67
)
 
$
(137
)
 
$
(313
)
 
$
(108
)
 
$
—

 
$
459

 
$
(99
)
Noncurrent
(6
)
 
(51
)
 
(94
)
 
—

 
62

 
(89
)
 
(4
)
 
(46
)
 
(49
)
 
—

 
52

 
(47
)
Total Liabilities
$
(197
)
 
$
(302
)
 
$
(170
)
 
$
—

 
$
513

 
$
(156
)
 
$
(141
)
 
$
(359
)
 
$
(157
)
 
$
—

 
$
511

 
$
(146
)
Net Assets (Liabilities) at end of period
$
1,069

 
$
528

 
$
(44
)
 
$
20

 
$
(17
)
 
$
1,556

 
$
1,227

 
$
477

 
$
(9
)
 
$
5

 
$
13

 
$
1,713


_______________________________________
(a)
See footnotes on following page.
_______________________________________
(b)
Amounts represent assets valued at NAV as a practical expedient for fair value.
(c)
Amounts represent the impact of master netting agreements that allow DTE Energy to net gain and loss positions and cash collateral held or placed with the same counterparties.
(d)
At December 31, 2018, the $18 million consisted of $3 million, $5 million, and $10 million of cash equivalents included in Cash and Cash equivalents, Restricted cash, and Other investments on DTE Energy's Consolidated Statements of Financial Position, respectively. At December 31, 2017, the $19 million consisted of $8 million and $11 million of cash equivalents included in Restricted cash and Other investments on DTE Energy's Consolidated Statements of Financial Position, respectively.
(e)
Excludes cash surrender value of life insurance investments.
The following table presents assets for DTE Electric measured and recorded at fair value on a recurring basis:
 
December 31, 2018
 
December 31, 2017
 
Level 1
 
Level 2
 
Level 3
 
Other(a)
 
Net Balance
 
Level 1
 
Level 2
 
Level 3
 
Other
Net Balance
 
(In millions)
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash equivalents(b)
$
8

 
$
2

 
$
—

 
$
—

 
$
10

 
$
8

 
$
3

 
$
—

 
$
—

$
11

Nuclear decommissioning trusts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity securities
851

 
—

 
—

 
—

 
851

 
978

 
—

 
—

 
—

978

Fixed income securities
12

 
490

 
—

 
—

 
502

 
18

 
477

 
—

 
—

495

Private equity and other
—

 
—

 
—

 
20

 
20

 
—

 
—

 
—

 
5

5

Cash equivalents
5

 
—

 
—

 
—

 
5

 
14

 
—

 
—

 
—

14

Other investments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity securities
10

 
—

 
—

 
—

 
10

 
11

 
—

 
—

 
—

11

Derivative assets — FTRs
—

 
—

 
6

 
—

 
6

 
—

 
—

 
9

 
—

9

Total
$
886

 
$
492

 
$
6

 
$
20

 
$
1,404

 
$
1,029

 
$
480

 
$
9

 
$
5

$
1,523

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current
$
8

 
$
2

 
$
6

 
$
—

 
$
16

 
$
8

 
$
3

 
$
9

 
$
—

$
20

Noncurrent
878

 
490

 
—

 
20

 
1,388

 
1,021

 
477

 
—

 
5

1,503

Total Assets
$
886

 
$
492

 
$
6

 
$
20

 
$
1,404

 
$
1,029

 
$
480

 
$
9

 
$
5

$
1,523

_______________________________________
(a)
Amounts represent assets valued at NAV as a practical expedient for fair value.
(b)
At December 31, 2018, the $10 million consisted of cash equivalents included in Other investments on DTE Electric's Consolidated Statements of Financial Position. At December 31, 2017, the $11 million consisted of cash equivalents included in Other investments on DTE Electric's Consolidated Statements of Financial Position.
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis Level 3 Roll Forward
The following table presents the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis for DTE Energy:
 
Year Ended December 31, 2018
 
Year Ended December 31, 2017
 
Natural Gas
 
Electricity
 
Other
 
Total
 
Natural Gas
 
Electricity
 
Other
 
Total
 
(In millions)
Net Assets (Liabilities) as of January 1
$
(29
)
 
$
12

 
$
8

 
$
(9
)
 
$
(96
)
 
$
9

 
$
(1
)
 
$
(88
)
Transfers into Level 3 from Level 2
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Transfers from Level 3 into Level 2
(3
)
 
—

 
—

 
(3
)
 
—

 
—

 
—

 
—

Total gains (losses)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Included in earnings
(146
)
 
29

 
1

 
(116
)
 
(29
)
 
109

 
2

 
82

Recorded in Regulatory liabilities
—

 
—

 
9

 
9

 
—

 
—

 
25

 
25

Purchases, issuances, and settlements:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Purchases
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Issuances
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Settlements
129

 
(43
)
 
(11
)
 
75

 
96

 
(106
)
 
(18
)
 
(28
)
Net Assets (Liabilities) as of December 31
$
(49
)
 
$
(2
)
 
$
7

 
$
(44
)
 
$
(29
)
 
$
12

 
$
8

 
$
(9
)
The amount of total gains (losses) included in Net Income attributed to the change in unrealized gains (losses) related to assets and liabilities held at December 31, 2018 and 2017 and reflected in Operating Revenues — Non-utility operations and Fuel, purchased power, and gas — non-utility in DTE Energy's Consolidated Statements of Operations
$
(119
)
 
$
15

 
$
(16
)
 
$
(120
)
 
$
(30
)
 
$
50

 
$
1

 
$
21

The following table presents the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis for DTE Electric:
 
Year Ended December 31,
 
2018
 
2017
 
(In millions)
Net Assets as of January 1
$
9

 
$
2

Change in fair value recorded in Regulatory liabilities
9

 
25

Purchases, issuances, and settlements:
 
 
 
Settlements
(12
)
 
(18
)
Net Assets as of December 31
$
6

 
$
9

The amount of total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at December 31, 2018 and 2017 and reflected in DTE Electric's Consolidated Statements of Financial Position
$
6

 
$
9
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques
The following tables present the unobservable inputs related to DTE Energy's Level 3 assets and liabilities:
 
 
December 31, 2018
 
 
 
 
 
 
 
 
 
 
 
Commodity Contracts
 
Derivative Assets
 
Derivative Liabilities
 
Valuation Techniques
 
Unobservable Input
 
Range
 
Weighted Average
 
 
(In millions)
 
 
 
 
 
 
 
 
 
 
 
Natural Gas
 
$
63

 
$
(112
)
 
Discounted Cash Flow
 
Forward basis price (per MMBtu)
 
$
(2.15
)
—
 
$
5.59
/MMBtu
 
$
(0.1
)/MMBtu
Electricity
 
$
56

 
$
(58
)
 
Discounted Cash Flow
 
Forward basis price (per MWh)
 
$
(7
)
—
 
$
9
/MWh
 
$
1
/MWh
 
 
December 31, 2017
 
 
 
 
 
 
 
 
 
 
 
Commodity Contracts
 
Derivative Assets
 
Derivative Liabilities
 
Valuation Techniques
 
Unobservable Input
 
Range
 
Weighted Average
 
 
(In millions)
 
 
 
 
 
 
 
 
 
 
 
Natural Gas
 
$
97

 
$
(126
)
 
Discounted Cash Flow
 
Forward basis price (per MMBtu)
 
$
(1.10
)
—
 
$
9.75
/MMBtu
 
$
(0.03
)/MMBtu
Electricity
 
$
42

 
$
(30
)
 
Discounted Cash Flow
 
Forward basis price (per MWh)
 
$
(5
)
—
 
$
15
/MWh
 
$
2
/MWh
Fair Value of Financial Instruments
The following table presents the carrying amount and fair value of financial instruments for DTE Energy:
 
December 31, 2018
 
December 31, 2017
 
Carrying
 
Fair Value
 
Carrying
 
Fair Value
 
Amount
 
Level 1
 
Level 2
 
Level 3
 
Amount
 
Level 1
 
Level 2
 
Level 3
 
(In millions)
Notes receivable(a), excluding capital leases
$
40

 
$
—

 
$
—

 
$
40

 
$
38

 
$
—

 
$
—

 
$
38

Dividends payable
$
172

 
$
172

 
$
—

 
$
—

 
$
158

 
$
158

 
$
—

 
$
—

Short-term borrowings
$
609

 
$
—

 
$
609

 
$
—

 
$
621

 
$
—

 
$
621

 
$
—

Notes payable — Other(b), excluding capital leases
$
41

 
$
—

 
$
—

 
$
41

 
$
12

 
$
—

 
$
—

 
$
12

Long-term debt(c)
$
13,622

 
$
1,796

 
$
10,712

 
$
1,317

 
$
12,288

 
$
1,939

 
$
10,571

 
$
764

_______________________________________
(a)
Current portion included in Current Assets — Other on DTE Energy's Consolidated Statements of Financial Position.
(b)
Included in Current Liabilities — Other and Other Liabilities — Other on DTE Energy's Consolidated Statements of Financial Position.
(c)
Includes debt due within one year, unamortized debt discounts, and issuance costs. Excludes Capital lease obligations.
The following table presents the carrying amount and fair value of financial instruments for DTE Electric:
 
December 31, 2018
 
December 31, 2017
 
Carrying
 
Fair Value
 
Carrying
 
Fair Value
 
Amount
 
Level 1
 
Level 2
 
Level 3
 
Amount
 
Level 1
 
Level 2
 
Level 3
 
(In millions)
Notes receivable, excluding capital leases
$
6

 
$
—

 
$
—

 
$
6

 
$
—

 
$
—

 
$
—

 
$
—

Short-term borrowings — affiliates
$
101

 
$
—

 

 
$
101

 
$
116

 
$
—

 
$
—

 
$
116

Short-term borrowings — other
$
149

 
$
—

 
$
149

 
$
—

 
238

 
$
—

 
$
238

 
$
—

Notes payable — Other(a), excluding capital leases
$
21

 
$
—

 
$
—

 
$
21

 
$
2

 
$
—

 
$
—

 
$
2

Long-term debt(b)
$
6,538

 
$
—

 
$
6,552

 
$
161

 
$
6,017

 
$
—

 
$
6,441

 
$
171

_______________________________________
(a)
Included in Current Liabilities — Other and Other Liabilities — Other on DTE Electric's Consolidated Statements of Financial Position.
(b)
Includes debt due within one year, unamortized debt discounts, and issuance costs. Excludes Capital lease obligations.
Fair Value of Nuclear Decommissioning Trust Fund Assets
The following table summarizes DTE Electric's fair value of the nuclear decommissioning trust fund assets:
 
December 31,
 
2018
 
2017
 
(In millions)
Fermi 2
$
1,372

 
$
1,475

Fermi 1
3

 
3

Low-level radioactive waste
3

 
14


$
1,378

 
$
1,492
Schedule of Realized Gain (Loss) for Nuclear Decommissioning Trust Funds
The following table sets forth DTE Electric's gains and losses and proceeds from the sale of securities by the nuclear decommissioning trust funds:
 
Year Ended December 31,
 
2018
 
2017
 
2016
 
(In millions)
Realized gains
$
65

 
$
83

 
$
74

Realized losses
$
(42
)
 
$
(29
)
 
$
(63
)
Proceeds from sale of securities
$
1,203

 
$
1,240

 
$
1,457
Fair Value and Unrealized Gains and Losses for Nuclear Decommissioning Trust Funds
The following table sets forth DTE Electric's fair value and unrealized gains and losses for the nuclear decommissioning trust funds:
 
December 31, 2018
 
December 31, 2017
 
Fair
Value
 
Unrealized
Gains
 
Unrealized Losses
 
Fair
Value
 
Unrealized
Gains
 
Unrealized Losses
 
(In millions)
Equity securities
$
851

 
$
235

 
$
(79
)
 
$
978

 
$
320

 
$
(32
)
Fixed income securities
502

 
7

 
(8
)
 
495

 
13

 
(3
)
Private equity and other
20

 
—

 
—

 
5

 
—

 
—

Cash equivalents
5

 
—

 
—

 
14

 
—

 
—

 
$
1,378

 
$
242


$
(87
)
 
$
1,492

 
$
333


$
(35
)
Fair Value of the Fixed Income Securities Held in Nuclear Decommissioning Trust Funds
The following table summarizes the fair value of the fixed income securities held in nuclear decommissioning trust funds by contractual maturity:
 
December 31, 2018
 
(In millions)
Due within one year
$
29

Due after one through five years
89

Due after five through ten years
113

Due after ten years
271

 
$
502