XML 71 R48.htm IDEA: XBRL DOCUMENT v3.20.4
Fair Value (Tables)
 12 Months Ended
Dec. 31, 2020
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, 2020December 31, 2019
Level 1Level 2Level 3
Other(b)
Netting(c)
Net BalanceLevel 1Level 2Level 3
Other(b)
Netting(c)
Net Balance
(In millions)
Assets
Cash equivalents(d)
$438 $— $— $— $— $438 $15 $— $— $— $— $15 
Nuclear decommissioning trusts
Equity securities947 — — 222 — 1,169 1,046 — — — — 1,046 
Fixed income securities102 371 — 82 — 555 160 378 — — — 538 
Private equity and other— — — 104 — 104 — — — 43 — 43 
Cash equivalents27 — — — — 27 34 — — — — 34 
Other investments(e)
Equity securities55 — — — — 55 140 — — — — 140 
Fixed income securities8 — — — — 8 79 — — — — 79 
Cash equivalents97 — — — — 97 4 — — — — 4 
Derivative assets
Commodity contracts(f)
Natural gas99 74 60 — (156)77 205 76 74 — (266)89 
Electricity— 128 52 — (120)60 — 223 83 — (225)81 
Environmental & Other— 150 4 — (135)19 — 110 3 — (110)3 
Foreign currency exchange contracts— — — — — — — 1 — — — 1 
Total derivative assets99 352 116 — (411)156 205 410 160 — (601)174 
Total$1,773 $723 $116 $408 $(411)$2,609 $1,683 $788 $160 $43 $(601)$2,073 
Liabilities
Derivative liabilities
Commodity contracts(f)
Natural gas$(88)$(59)$(76)$— $151 $(72)$(221)$(41)$(89)$— $266 $(85)
Electricity— (126)(42)— 125 (43)— (231)(67)— 225 (73)
Environmental & Other— (137)— — 129 (8)— (121)— — 110 (11)
Foreign currency exchange contracts— (5)— — — (5)— — — — — — 
Total$(88)$(327)$(118)$— $405 $(128)$(221)$(393)$(156)$— $601 $(169)
Net Assets (Liabilities) at end of period$1,685 $396 $(2)$408 $(6)$2,481 $1,462 $395 $4 $43 $— $1,904 
Assets
Current$532 $260 $92 $— $(330)$554 $218 $320 $123 $— $(513)$148 
Noncurrent1,241 463 24 408 (81)2,055 1,465 468 37 43 (88)1,925 
Total Assets$1,773 $723 $116 $408 $(411)$2,609 $1,683 $788 $160 $43 $(601)$2,073 
Liabilities
Current$(84)$(223)$(79)$— $318 $(68)$(211)$(300)$(85)$— $513 $(83)
Noncurrent(4)(104)(39)— 87 (60)(10)(93)(71)— 88 (86)
Total Liabilities$(88)$(327)$(118)$— $405 $(128)$(221)$(393)$(156)$— $601 $(169)
Net Assets (Liabilities) at end of period$1,685 $396 $(2)$408 $(6)$2,481 $1,462 $395 $4 $43 $— $1,904 
_______________________________________
(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, 2020, the $438 million consisted of $436 million and $2 million of cash equivalents included in Cash and cash equivalents and Restricted cash, respectively, on DTE Energy's Consolidated Statements of Financial Position. At December 31, 2019, the $15 million consisted of $4 million and $11 million of cash equivalents included in Cash and cash equivalents and Other investments, respectively, on DTE Energy's Consolidated Statements of Financial Position.
(e)Excludes cash surrender value of life insurance investments.
(f)For contracts with a clearing agent, DTE Energy nets all activity across commodities. This can result in some individual commodities having a contra balance.
The following table presents assets for DTE Electric measured and recorded at fair value on a recurring basis as of:
December 31, 2020December 31, 2019
Level 1Level 2Level 3
Other(a)
Net Balance Level 1Level 2Level 3
Other(a)
Net Balance
(In millions)
Assets
Cash equivalents(b)
$4 $— $— $— $4 $11 $— $— $— $11 
Nuclear decommissioning trusts
Equity securities947 — — 222 1,169 1,046 — — — 1,046 
Fixed income securities102 371 — 82 555 160 378 — — 538 
Private equity and other— — — 104 104 — — — 43 43 
Cash equivalents27 — — — 27 34 — — — 34 
Other investments
Equity securities16 — — — 16 13 — — — 13 
Fixed income securities11 — — — 11 — — — — — 
Derivative assets — FTRs— — 4 — 4 — — 3 — 3 
Total$1,107 $371 $4 $408 $1,890 $1,264 $378 $3 $43 $1,688 
Assets
Current$4 $— $4 $— $8 $11 $— $3 $— $14 
Noncurrent1,103 371 — 408 1,882 1,253 378 — 43 1,674 
Total Assets$1,107 $371 $4 $408 $1,890 $1,264 $378 $3 $43 $1,688 
_______________________________________
(a)Amounts represent assets valued at NAV as a practical expedient for fair value.
(b)At December 31, 2020, the $4 million consisted of cash equivalents included in Cash and cash equivalents on DTE Electric's Consolidated Statements of Financial Position. At December 31, 2019, the $11 million consisted of cash equivalents included in Other investments on DTE Electric's Consolidated Statements of Financial Position.
Reconciliation of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table presents the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis for DTE Energy:
Year Ended December 31, 2020Year Ended December 31, 2019
Natural GasElectricityOtherTotalNatural GasElectricityOtherTotal
(In millions)
Net Assets (Liabilities) as of January 1$(15)$16 $3 $4 $(49)$(2)$7 $(44)
Transfers from Level 3 into Level 2(2)— — (2)— — — — 
Total gains (losses)
Included in earnings(75)113 (7)31 15 77 (1)91 
Recorded in Regulatory liabilities— — 20 20 — — 2 2 
Purchases, issuances, and settlements:
Settlements76 (119)(12)(55)19 (59)(5)(45)
Net Assets (Liabilities) as of December 31$(16)$10 $4 $(2)$(15)$16 $3 $4 
Total gains (losses) included in Net Income attributed to the change in unrealized gains (losses) related to assets and liabilities held at December 31(a)
$(4)$70 $(70)$(4)$(1)$59 $(38)$20 
Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at December 31$— $— $4 $4 $— $— $3 $3 
_______________________________________
(a)Amounts are reflected in Operating Revenues — Non-utility operations and Fuel, purchased power, gas, and other — non-utility in DTE Energy's Consolidated Statements of Operations.
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,
20202019
(In millions)
Net Assets as of January 1$3 $6 
Change in fair value recorded in Regulatory liabilities20 2 
Purchases, issuances, and settlements:
Settlements(19)(5)
Net Assets as of December 31$4 $3 
Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at December 31$4 $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:
December 31, 2020
Commodity ContractsDerivative AssetsDerivative LiabilitiesValuation TechniquesUnobservable InputRangeWeighted Average
(In millions)
Natural Gas$60 $(76)Discounted Cash FlowForward basis price (per MMBtu)$(0.86)—$2.50 /MMBtu$(0.07)/MMBtu
Electricity$52 $(42)Discounted Cash FlowForward basis price (per MWh)$(9)—$6 /MWh$— /MWh
December 31, 2019
Commodity ContractsDerivative AssetsDerivative LiabilitiesValuation TechniquesUnobservable InputRangeWeighted Average
(In millions)
Natural Gas$74 $(89)Discounted Cash FlowForward basis price (per MMBtu)$(1.78)—$5.78 /MMBtu$(0.09)/MMBtu
Electricity$83 $(67)Discounted Cash FlowForward basis price (per MWh)$(10)—$6 /MWh$— /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:
December 31, 2020December 31, 2019
CarryingFair ValueCarryingFair Value
AmountLevel 1Level 2Level 3AmountLevel 1Level 2Level 3
(In millions)
Notes receivable(a), excluding lessor finance leases
$141 $— $— $141 $184 $— $— $184 
Short-term borrowings$38 $— $38 $— $828 $— $828 $— 
Notes payable(b)
$19 $— $— $19 $25 $— $— $25 
Long-term debt(c)
$19,439 $2,547 $18,230 $1,397 $16,606 $2,572 $14,207 $1,252 
_______________________________________
(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:
December 31, 2020December 31, 2019
CarryingFair ValueCarryingFair Value
AmountLevel 1Level 2Level 3AmountLevel 1Level 2Level 3
(In millions)
Notes receivable — Other(a)
$16 $— $— $16 $9 $— $— $9 
Short-term borrowings — affiliates$101 $— $— $101 $97 $— $— $97 
Short-term borrowings — other$— $— $— $— 354 $— $354 $— 
Notes payable(b)
$17 $— $— $17 $21 $— $— $21 
Long-term debt(c)
$8,236 $— $9,579 $379 $7,180 $— $7,916 $173 
_______________________________________
(a)Included in Current Assets — Other and Other Assets — Other on DTE Electric'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:
December 31,
20202019
(In millions)
Fermi 2$1,841 $1,650 
Fermi 13 3 
Low-level radioactive waste11 8 
$1,855 $1,661 
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:
Year Ended December 31,
202020192018
(In millions)
Realized gains$192 $56 $65 
Realized losses$(111)$(31)$(42)
Proceeds from sale of securities$2,350 $788 $1,203 
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, 2020December 31, 2019
Fair
Value		Unrealized
Gains		Unrealized LossesFair
Value		Unrealized
Gains		Unrealized Losses
(In millions)
Equity securities$1,169 $481 $(6)$1,046 $396 $(39)
Fixed income securities555 20 (1)538 24 (1)
Private equity and other104 — — 43 — — 
Cash equivalents27 — — 34 — — 
$1,855 $501 $(7)$1,661 $420 $(40)
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, 2020
(In millions)
Due within one year$51 
Due after one through five years101 
Due after five through ten years89 
Due after ten years232 
$473 
Summary of Gains (Losses) Related to the Trust The following table summarizes DTE Energy's gains (losses) related to the trust:
Year Ended December 31,
202020192018
(In millions)
Gains (losses) related to equity securities$(1)$27 $(8)
Gains (losses) related to fixed income securities(2)10 (3)
$(3)$37 $(11)