
	Interest Rate(a)	Maturity Date	2020		2019
			(In millions)
Mortgage bonds, notes, and other
DTE Energy Debt, Unsecured	2.7%	2022 — 2033	$	8,175	$	6,625
DTE Electric Taxable Debt, Principally Secured	3.9%	2021 — 2050	8,030		6,930
DTE Electric Tax-Exempt Revenue Bonds(b)	4.1%	2021 — 2030	278		310
DTE Gas Taxable Debt, Principally Secured	4%	2023 — 2050	1,910		1,710

			18,393		15,575
Unamortized debt discount			(25)		(24)
Unamortized debt issuance costs			(104)		(91)
Long-term debt due within one year			(462)		(682)
			$	17,802	$	14,778




Junior Subordinated Debentures
Subordinated Debentures	5.3%	2076 — 2080	$	1,210	$	1,180
Unamortized debt issuance costs			(35)		(34)
			$	1,175	$	1,146


	Interest Rate(a)	Maturity Date	2020		2019
			(In millions)
Mortgage bonds, notes, and other
Taxable Debt, Principally Secured	3.9%	2021 — 2050	$	8,030	$	6,930
Tax-Exempt Revenue Bonds(b)	4.1%	2021 — 2030	278		310
			8,308		7,240
Unamortized debt discount			(16)		(15)
Unamortized debt issuance costs			(56)		(45)
Long-term debt due within one year			(462)		(632)
			$	7,774	$	6,548


Company	Month	Type	Interest Rate	Maturity Date	Amount
					(In millions)
DTE Electric	February	Mortgage Bonds(a)	2.25%	2030	$	600
DTE Electric	February	Mortgage Bonds(a)	2.95%	2050	500
DTE Electric	April	Mortgage Bonds(b)	2.63%	2031	600
DTE Energy	August	Senior Notes(c)	1.05%	2025	800
DTE Gas	August	Mortgage Bonds(d)	2.35%	2030	125
DTE Gas	August	Mortgage Bonds(d)	3.20%	2050	125
DTE Energy	October	Junior Subordinated Debentures(e)	4.38%	2080	230
DTE Energy	October	Senior Notes(f)	0.55%	2022	750
					$	3,730

(a)Proceeds used for the repayment of $300 million of DTE Electric's 2010 Series A 4.89% Senior Notes due 2020, repayment of short-term borrowings, capital expenditures, and for other general corporate purposes.

(b)Proceeds used for the repayment of $300 million of DTE Electric's 2010 Series B 3.45% Senior Notes due 2020, repayment of $32 million of DTE Electric's 2008 Series KT Variable Rate Senior Notes due 2020, repayment of short-term borrowings, capital expenditures, and for other general corporate purposes.

(d)Proceeds used for the repayment of $50 million of DTE Gas's 2008 Series I 6.36% Senior Notes due 2020 and for general corporate purposes, including capital expenditures.

(e)Proceeds used for the repayment of $200 million of DTE Energy's 2012 Series C 5.25% Junior Subordinated Debentures due 2062 and for general corporate purposes.

(f)Proceeds used for the repayment of DTE Energy's $500 million unsecured term loan expiring March 2021, repayment of DTE Energy's $167 million unsecured term loan expiring June 2021, and general corporate purposes.


Company	Month	Type	Interest Rate	Maturity Date	Amount
					(In millions)
DTE Electric	March	Senior Notes	4.89%	2020	$	300
DTE Electric	July	Senior Notes	5.63%	2020	32
DTE Electric	July	Senior Notes	3.45%	2020	300
DTE Gas	September	Senior Notes	6.36%	2020	50
DTE Energy	October	Junior Subordinated Debentures	5.25%	2062	200

					$	882


	2021		2022		2023		2024		2025		2026 and Thereafter		Total
	(In millions)
DTE Energy(a)	$	462	$	3,466	$	1,177	$	1,425	$	1,220	$	11,853	$	19,603
DTE Electric	$	462	$	316	$	202	$	400	$	350	$	6,578	$	8,308

DTE Energy has the right to defer interest payments on the Junior Subordinated Debentures. Should DTE Energy exercise this right, it cannot declare or pay dividends on, or redeem, purchase or acquire, any of its capital stock during the deferral period. Any deferred interest payments will bear additional interest at the rate associated with the related debt issue. As of December 31, 2020, no interest payments have been deferred on the Junior Subordinated Debentures.

Substantially all of the net utility properties of DTE Electric and DTE Gas are subject to the lien of mortgages. Should DTE Electric or DTE Gas fail to timely pay their indebtedness under these mortgages, such failure may create cross defaults in the indebtedness of DTE Energy.

In December 2019, DTE Energy closed on the purchase of midstream natural gas assets. The acquisition was financed through the issuance of Equity Units, Senior Notes, and common stock. See Note 4 to the Consolidated Financial Statements, "Acquisitions and Dispositions," for more information on the acquisition.

In November 2019, DTE issued $1.3 billion of Equity Units. Each Equity Unit has a stated amount of $50 and was initially issued in the form of a Corporate Unit, comprised of (i) a forward purchase contract to buy DTE Energy common stock (stock purchase contract) and (ii) a 1/20 undivided beneficial ownership interest in a $1,000 principal amount of DTE Energy’s 2019 Series F 2.25% RSNs due 2025. The RSN debt instruments and the stock purchase contract equity instruments are deemed to be separate instruments as the investor may trade the RSNs separately from the stock purchase contracts and may also settle the stock purchase contracts separately. The Corporate Units are listed on the New York Stock Exchange under the symbol DTP.

The stock purchase contract obligates the holder to purchase from DTE Energy on the settlement date, November 1, 2022, for a price of $50 per stock purchase contract, the following number of shares of DTE Energy’s common stock, subject to anti-dilution adjustments:

•if the AMV of DTE Energy’s common stock, which is the average volume-weighted average price of DTE Energy’s common stock for the trading days during the 20 consecutive scheduled trading day period ending on the third scheduled trading day immediately preceding the stock purchase contract settlement date, is equal to or greater than $157.50, 0.3175 shares of common stock;

The RSNs bear interest at a rate of 2.25% per year, payable quarterly, and mature on November 1, 2025. The RSNs will be remarketed in 2022. If this remarketing is successful, the interest rate on the RSNs will be reset, and interest thereafter will be payable semi-annually at the reset rate. If there is no successful remarketing, the interest rate on the RSNs will not be reset. The holders of the RSNs would have the right to put the RSNs to DTE Energy at a price equal to 100% of the principal amount, and the proceeds of the put right would be deemed to have been applied against the holders’ obligation under the stock purchase contracts. DTE Energy may also redeem, in whole or in part, the RSNs in the event of a failed final remarketing.

The present value of the future contract adjustment payments of $150 million was recorded as a reduction of shareholders’ equity, offset by the stock purchase contract liability. The stock purchase contract liability is included in Current Liabilities — Other and Other Liabilities — Other on DTE Energy’s Consolidated Statements of Financial Position. On February 1, 2020, DTE Energy began paying the stock purchase contract holders quarterly contract adjustment payments at a rate of 4% per year of the stated amount of $50 per Equity Unit, or $2 per year. Interest payments on the RSNs are being recorded as interest expense and stock purchase contract payments are being charged against the liability. Accretion of the stock purchase contract liability is recorded as imputed interest expense.

The treasury stock method is used to compute diluted EPS for the stock purchase contract. Under the treasury stock method, the stock purchase contract will only have a dilutive effect when the settlement rate is based on the market value of DTE’s common stock that is greater than $157.50 (the threshold appreciation price). At December 31, 2020, the stock purchase price contract was anti-dilutive and, therefore, not included in the computation of diluted earnings per share.

If payments for the stock purchase contract are deferred, DTE Energy may not make any cash distributions related to its capital stock, including dividends, redemptions, repurchases, liquidation payments or guarantee payments. Also, during the deferral period, DTE Energy may not make any payments on or redeem or repurchase any debt securities that are equal in right of payment with, or subordinated to, the RSNs.

Until settlement of the stock purchase contracts, the shares of stock underlying each contract are not outstanding. Under the terms of the stock purchase contracts, assuming no anti-dilution or other adjustments, DTE Energy will issue between 8.3 million and 10.3 million shares of its common stock in November 2022. A total of 13 million shares of DTE Energy’s common stock have been reserved for issuance in connection with the stock purchase contracts.


Issuance Date	Units Issued	Total Net Proceeds		Total Long-Term Debt		RSN Annual Interest Rate	Stock Purchase Contract Annual Rate	Stock Purchase Settlement Date	Stock Purchase Contract Liability(a)		RSN Maturity Date
(In millions, except interest rates)
11/1/19	26	$	1,268	$	1,300	2.25%	4.0%	11/1/2022	$	150	11/1/2025