XML 44 R29.htm IDEA: XBRL DOCUMENT v3.19.1
Fair Value (Tables)
 3 Months Ended
Mar. 31, 2019
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured and 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):
 
March 31, 2019
 
December 31, 2018
 
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)
$
17

 
$
2

 
$
—

 
$
—

 
$
—

 
$
19

 
$
16

 
$
2

 
$
—

 
$
—

 
$
—

 
$
18

Nuclear decommissioning trusts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity securities
964

 
—

 
—

 
—

 
—

 
964

 
851

 
—

 
—

 
—

 
—

 
851

Fixed income securities
13

 
504

 
—

 
—

 
—

 
517

 
12

 
490

 
—

 
—

 
—

 
502

Private equity and other
—

 
—

 
—

 
23

 
—

 
23

 
—

 
—

 
—

 
20

 
—

 
20

Cash equivalents
5

 
—

 
—

 
—

 
—

 
5

 
5

 
—

 
—

 
—

 
—

 
5

Other investments(e)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity securities
124

 
—

 
—

 
—

 
—

 
124

 
110

 
—

 
—

 
—

 
—

 
110

Fixed income securities
72

 
—

 
—

 
—

 
—

 
72

 
69

 
—

 
—

 
—

 
—

 
69

Cash equivalents
4

 
—

 
—

 
—

 
—

 
4

 
4

 
—

 
—

 
—

 
—

 
4

Other
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Derivative assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commodity contracts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Natural gas
41

 
80

 
57

 
—

 
(116
)
 
62

 
199

 
87

 
63

 
—

 
(277
)
 
72

Electricity
—

 
134

 
21

 
—

 
(128
)
 
27

 
—

 
247

 
56

 
—

 
(252
)
 
51

Other
2

 
—

 
2

 
—

 
(2
)
 
2

 
—

 
—

 
7

 
—

 
(1
)
 
6

Foreign currency exchange contracts
—

 
3

 
—

 
—

 
—

 
3

 
—

 
4

 
—

 
—

 
—

 
4

Total derivative assets
43

 
217

 
80


—

 
(246
)
 
94

 
199

 
338

 
126

 
—


(530
)
 
133

Total
$
1,242

 
$
723

 
$
80


$
23

 
$
(246
)
 
$
1,822

 
$
1,266

 
$
830

 
$
126

 
$
20


$
(530
)
 
$
1,712

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commodity contracts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Natural gas
$
(42
)
 
$
(57
)
 
$
(67
)
 
$
—

 
$
107

 
$
(59
)
 
$
(197
)
 
$
(71
)
 
$
(112
)
 
$
—

 
$
272

 
$
(108
)
Electricity
—

 
(119
)
 
(46
)
 
—

 
128

 
(37
)
 
—

 
(227
)
 
(58
)
 
—

 
240

 
(45
)
Other
—

 
(1
)
 
—

 
—

 
1

 
—

 
—

 
(1
)
 
—

 
—

 
1

 
—

Interest rate contracts
—

 
(6
)
 
—

 
—

 
—

 
(6
)
 
—

 
(3
)
 
—

 
—

 
—

 
(3
)
Foreign currency exchange contracts
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Total derivative liabilities
(42
)
 
(183
)
 
(113
)
 
—

 
236

 
(102
)
 
(197
)
 
(302
)
 
(170
)
 
—

 
513

 
(156
)
Total
$
(42
)
 
$
(183
)
 
$
(113
)
 
$
—

 
$
236

 
$
(102
)
 
$
(197
)
 
$
(302
)
 
$
(170
)
 
$
—

 
$
513

 
$
(156
)
Net Assets (Liabilities) at end of period
$
1,200

 
$
540

 
$
(33
)
 
$
23

 
$
(10
)
 
$
1,720

 
$
1,069

 
$
528

 
$
(44
)
 
$
20

 
$
(17
)
 
$
1,556

Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current
$
57

 
$
167

 
$
61

 
$
—

 
$
(194
)
 
$
91

 
$
212

 
$
273

 
$
96

 
$
—

 
$
(461
)
 
$
120

Noncurrent
1,185

 
556

 
19

 
23

 
(52
)
 
1,731

 
1,054

 
557

 
30

 
20

 
(69
)
 
1,592

Total Assets
$
1,242

 
$
723

 
$
80

 
$
23

 
$
(246
)
 
$
1,822

 
$
1,266

 
$
830

 
$
126

 
$
20

 
$
(530
)
 
$
1,712

Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current
$
(37
)
 
$
(147
)
 
$
(53
)
 
$
—

 
$
187

 
$
(50
)
 
$
(191
)
 
$
(251
)
 
$
(76
)
 
$
—

 
$
451

 
$
(67
)
Noncurrent
(5
)
 
(36
)
 
(60
)
 
—

 
49

 
(52
)
 
(6
)
 
(51
)
 
(94
)
 
—

 
62

 
(89
)
Total Liabilities
$
(42
)
 
$
(183
)
 
$
(113
)
 
$
—

 
$
236

 
$
(102
)
 
$
(197
)
 
$
(302
)
 
$
(170
)
 
$
—

 
$
513

 
$
(156
)
Net Assets (Liabilities) at end of period
$
1,200

 
$
540

 
$
(33
)
 
$
23

 
$
(10
)
 
$
1,720

 
$
1,069

 
$
528

 
$
(44
)
 
$
20

 
$
(17
)
 
$
1,556


_______________________________________
(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 March 31, 2019, the $19 million consisted of $4 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, 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.
(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 as of:
 
March 31, 2019
 
December 31, 2018
 
Level 1
 
Level 2
 
Level 3
 
Other(a)
 
Net Balance
 
Level 1
 
Level 2
 
Level 3
 
Other(a)
 
Net Balance
 
(In millions)
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash equivalents(b)
$
8

 
$
2

 
$
—

 
$
—

 
$
10

 
$
8

 
$
2

 
$
—

 
$
—

 
$
10

Nuclear decommissioning trusts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity securities
964

 
—

 
—

 
—

 
964

 
851

 
—

 
—

 
—

 
851

Fixed income securities
13

 
504

 
—

 
—

 
517

 
12

 
490

 
—

 
—

 
502

Private equity and other
—

 
—

 
—

 
23

 
23

 
—

 
—

 
—

 
20

 
20

Cash equivalents
5

 
—

 
—

 
—

 
5

 
5

 
—

 
—

 
—

 
5

Other investments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity securities
11

 
—

 
—

 
—

 
11

 
10

 
—

 
—

 
—

 
10

Derivative assets — FTRs
—

 
—

 
2

 
—

 
2

 
—

 
—

 
6

 
—

 
6

Total
$
1,001

 
$
506

 
$
2

 
$
23

 
$
1,532

 
$
886

 
$
492

 
$
6

 
$
20

 
$
1,404

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current
$
8

 
$
2

 
$
2

 
$
—

 
$
12

 
$
8

 
$
2

 
$
6

 
$
—

 
$
16

Noncurrent
993

 
504

 
—

 
23

 
1,520

 
878

 
490

 
—

 
20

 
1,388

Total Assets
$
1,001

 
$
506

 
$
2

 
$
23

 
$
1,532

 
$
886

 
$
492

 
$
6

 
$
20

 
$
1,404

_______________________________________
(a)
Amounts represent assets valued at NAV as a practical expedient for fair value.
(b)
At March 31, 2019, the $10 million consisted of cash equivalents included in Other investments on DTE Electric's Consolidated Statements of Financial Position. At December 31, 2018, the $10 million consisted of cash equivalents included in Other investments on DTE Electric's Consolidated Statements of Financial Position.
Reconciliation of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis
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:
 
Three Months Ended March 31, 2019
 
Three Months Ended March 31, 2018
 
Natural Gas
 
Electricity
 
Other
 
Total
 
Natural Gas
 
Electricity
 
Other
 
Total
 
(In millions)
Net Assets (Liabilities) as of January 1
$
(49
)
 
$
(2
)
 
$
7

 
$
(44
)
 
$
(29
)
 
$
12

 
$
8

 
$
(9
)
Transfers into Level 3 from Level 2
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Transfers from Level 3 into Level 2
—

 
—

 
—

 
—

 
(3
)
 
—

 
—

 
(3
)
Total gains (losses)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Included in earnings
31

 
(31
)
 
(1
)
 
(1
)
 
(70
)
 
131

 
—

 
61

Recorded in Regulatory liabilities
—

 
—

 
(3
)
 
(3
)
 
—

 
—

 
—

 
—

Purchases, issuances, and settlements
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Settlements
8

 
8

 
(1
)
 
15

 
92

 
(156
)
 
(4
)
 
(68
)
Net Assets (Liabilities) as of March 31
$
(10
)
 
$
(25
)
 
$
2

 
$
(33
)
 
$
(10
)
 
$
(13
)
 
$
4

 
$
(19
)
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 March 31, 2019 and 2018 and reflected in Operating Revenues — Non-utility operations and Fuel, purchased power, and gas — non-utility in DTE Energy's Consolidated Statements of Operations
$
16

 
$
(21
)
 
$
(1
)
 
$
(6
)
 
$
(58
)
 
$
(10
)
 
$
—

 
$
(68
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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:
 
Three Months Ended March 31,
 
2019
 
2018
 
(In millions)
Net Assets as of beginning of period
$
6

 
$
9

Change in fair value recorded in Regulatory liabilities
(3
)
 
—

Purchases, issuances, and settlements
 
 
 
Settlements
(1
)
 
(4
)
Net Assets as of March 31
$
2

 
$
5

The amount of total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets held at March 31, 2019 and 2018 and reflected in DTE Electric's Consolidated Statements of Financial Position
$
—

 
$
3
Unobservable Inputs Related to Level 3 Assets and Liabilities
The following tables present the unobservable inputs related to DTE Energy's Level 3 assets and liabilities:
 
 
March 31, 2019
 
 
 
 
 
 
 
 
 
 
 
Commodity Contracts
 
Derivative Assets
 
Derivative Liabilities
 
Valuation Techniques
 
Unobservable Input
 
Range
 
Weighted Average
 
 
(In millions)
 
 
 
 
 
 
 
 
 
 
 
Natural Gas
 
$
57

 
$
(67
)
 
Discounted Cash Flow
 
Forward basis price (per MMBtu)
 
$
(0.88
)
—
 
$
5.97
/MMBtu
 
$
(0.07
)/MMBtu
Electricity
 
$
21

 
$
(46
)
 
Discounted Cash Flow
 
Forward basis price (per MWh)
 
$
(7
)
—
 
$
7
/MWh
 
$
—

 
 
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
 
$
(0.10
)/MMBtu
Electricity
 
$
56

 
$
(58
)
 
Discounted Cash Flow
 
Forward basis price (per MWh)
 
$
(7
)
—
 
$
9
/MWh
 
$
1
/MWh
Carrying Amount of Fair Value of Financial Instruments
The following table presents the carrying amount and fair value of financial instruments for DTE Energy:
 
March 31, 2019
 
December 31, 2018
 
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 lessor finance leases
$
143

 
$
—

 
$
—

 
$
143

 
$
40

 
$
—

 
$
—

 
$
40

Dividends payable
$
173

 
$
173

 
$
—

 
$
—

 
$
172

 
$
172

 
$
—

 
$
—

Short-term borrowings
$
156

 
$
—

 
$
156

 
$
—

 
$
609

 
$
—

 
$
609

 
$
—

Notes payable — Other(b), excluding lessee finance leases
$
30

 
$
—

 
$
—

 
$
30

 
$
41

 
$
—

 
$
—

 
$
41

Long-term debt(c)
$
14,265

 
$
1,960

 
$
11,615

 
$
1,431

 
$
13,622

 
$
1,796

 
$
10,712

 
$
1,317

_______________________________________
(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 finance lease obligations.
The following table presents the carrying amount and fair value of financial instruments for DTE Electric:
 
March 31, 2019
 
December 31, 2018
 
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 lessor finance leases
$
18

 
$
—

 
$
—

 
$
18

 
$
6

 
$
—

 
$
—

 
$
6

Notes receivable — affiliates
$
83

 
$
—

 
$
—

 
$
83

 
$
—

 
$
—

 
$
—

 
$
—

Short-term borrowings — affiliates
$
51

 
$
—

 
$
—

 
$
51

 
$
101

 
$
—

 
$
—

 
$
101

Short-term borrowings — other
$
—

 
$
—

 
$
—

 
$
—

 
$
149

 
$
—

 
$
149

 
$
—

Notes payable — Other(b), excluding lessee finance leases
$
23

 
$
—

 
$
—

 
$
23

 
$
21

 
$
—

 
$
—

 
$
21

Long-term debt(c)
$
7,178

 
$
—

 
$
7,124

 
$
491

 
$
6,538

 
$
—

 
$
6,552

 
$
161

_______________________________________
(a)
Noncurrent portion included in Other Assets — Other on DTE Energy's Consolidated Statements of Financial Position.
(b)
Included in Current Liabilities — Other and Other Liabilities — Other on DTE Electric's Consolidated Statements of Financial Position.
(c)
Includes debt due within one year, unamortized debt discounts, and issuance costs. Excludes finance 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:
 
March 31, 2019
 
December 31, 2018
 
(In millions)
Fermi 2
$
1,502

 
$
1,372

Fermi 1
3

 
3

Low-level radioactive waste
4

 
3


$
1,509

 
$
1,378
Schedule of Realized Gains and Losses and Proceeds from Sale of Securities by 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:
 
Three Months Ended March 31,
 
2019
 
2018
 
(In millions)
Realized gains
$
11

 
$
23

Realized losses
$
(7
)
 
$
(9
)
Proceeds from sale of securities
$
176

 
$
336
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:
 
March 31, 2019
 
December 31, 2018
 
Fair
Value
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Gains
 
Unrealized
Losses
 
(In millions)
Equity securities
$
964

 
$
313

 
$
(51
)
 
$
851

 
$
235

 
$
(79
)
Fixed income securities
517

 
13

 
(3
)
 
502

 
7

 
(8
)
Private equity and other
23

 
—

 
—

 
20

 
—

 
—

Cash equivalents
5

 
—

 
—

 
5

 
—

 
—

 
$
1,509

 
$
326

 
$
(54
)
 
$
1,378

 
$
242

 
$
(87
)
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:
 
March 31, 2019
 
(In millions)
Due within one year
$
26

Due after one through five years
96

Due after five through ten years
109

Due after ten years
286

 
$
517