XML 78 R55.htm IDEA: XBRL DOCUMENT

Retirement Benefits and Trusteed Assets (Tables)

12 Months Ended

Dec. 31, 2020

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Schedule of Defined Benefit Plans Disclosures

The table below represents the pension and other postretirement benefit plans of each Registrant at December 31, 2020:


	Registrants
	DTE Energy	DTE Electric
Qualified Pension Plans
DTE Energy Company Retirement Plan	X	X
DTE Gas Company Retirement Plan for Employees Covered by Collective Bargaining Agreements	X
Shenango Inc. Pension Plan(a)	X
Non-qualified Pension Plans
DTE Energy Company Supplemental Retirement Plan(b)	X	X
DTE Energy Company Executive Supplemental Retirement Plan(b)	X	X
DTE Energy Company Supplemental Severance Benefit Plan	X
Other Postretirement Benefit Plans
The DTE Energy Company Comprehensive Non-Health Welfare Plan	X	X
The DTE Energy Company Comprehensive Retiree Group Health Care Plan	X	X
DTE Supplemental Retiree Benefit Plan	X	X
DTE Energy Company Retiree Reimbursement Arrangement Plan	X	X

_____________________________________

(a)Sponsored by Shenango, LLC

(b)Sponsored by DTE Energy Company

Pension Plan

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Schedule of Defined Benefit Plans Disclosures

The following table reconciles the obligations, assets, and funded status of the plans as well as the amounts recognized as prepaid pension cost or pension liability in DTE Energy's Consolidated Statements of Financial Position at December 31:


	DTE Energy
	2020		2019
	(In millions)
Accumulated benefit obligation, end of year	$	5,843	$	5,387
Change in projected benefit obligation
Projected benefit obligation, beginning of year	$	5,810	$	5,124
Service cost	99		84
Interest cost	186		219

Actuarial loss	619		719

Special termination benefits	3		—
Benefits paid	(353)		(336)
Settlements	(60)		—
Projected benefit obligation, end of year	$	6,304	$	5,810
Change in plan assets
Plan assets at fair value, beginning of year	$	4,993	$	4,273
Actual return on plan assets	815		888
Company contributions	102		168
Benefits paid	(353)		(336)
Settlements	(60)		—
Plan assets at fair value, end of year	$	5,497	$	4,993
Funded status	$	(807)	$	(817)
Amount recorded as:
Current liabilities	$	(10)	$	(9)
Noncurrent liabilities	(797)		(808)
	$	(807)	$	(817)
Amounts recognized in Accumulated other comprehensive income (loss), pre-tax
Net actuarial loss	$	142	$	153
Prior service cost	3		4
	$	145	$	157
Amounts recognized in Regulatory assets(a)
Net actuarial loss	$	1,949	$	1,995
Prior service credit	(11)		(12)
	$	1,938	$	1,983

______________________________________

(a)See Note 10 to the Consolidated Financial Statements, "Regulatory Matters."

The following table provides contributions to the qualified pension plans in:


	2020		2019		2018
	(In millions)
DTE Energy	$	92	$	150	$	175
DTE Electric	$	60	$	100	$	175

DTE Energy's contributions of $92 million in 2020 included $82 million of common stock and $10 million of cash. Details of the contribution of common stock to the DTE Energy Company Affiliates Employee Benefit Plans Master Trust are as follows:


Date	Number of Shares	Price per Share	Amount
			(In millions)
September 8, 2020	694,444	$118.08	$	82

Schedule of Net Benefit Costs

Net pension cost for DTE Energy includes the following components:


	2020		2019		2018
	(In millions)
Service cost	$	99	$	84	$	99
Interest cost	186		219		202
Expected return on plan assets	(334)		(325)		(329)
Amortization of:
Net actuarial loss	171		131		176
Prior service cost	1		1		—
Settlements	25		2		—
Net pension cost	$	148	$	112	$	148

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)


	2020		2019
	(In millions)
Other changes in plan assets and benefit obligations recognized in Regulatory assets and Other comprehensive income (loss)
Net actuarial loss	$	137	$	156
Amortization of net actuarial loss	(193)		(133)

Amortization of prior service cost	(1)		(1)
Total recognized in Regulatory assets and Other comprehensive income (loss)	$	(57)	$	22
Total recognized in net periodic pension cost, Regulatory assets, and Other comprehensive income (loss)	$	91	$	134

Schedule of Expected Benefit Payments

At December 31, 2020, the benefits related to DTE Energy's qualified and non-qualified pension plans expected to be paid in each of the next five years and in the aggregate for the five fiscal years thereafter are as follows:


	(In millions)
2021	$	352
2022	363
2023	368
2024	352
2025	360
2026-2030	1,757
Total	$	3,552

Schedule of Assumptions Used

Assumptions used in determining the projected benefit obligation and net pension costs of DTE Energy are:


	2020	2019	2018
Projected benefit obligation
Discount rate	2.57%	3.28%	4.40%
Rate of compensation increase	3.80%	3.85%	3.85%
Cash balance interest crediting rate	2.00%	3.30%	3.70%
Net pension costs
Discount rate	3.28%	4.40%	3.70%
Rate of compensation increase	3.85%	3.85%	3.85%
Expected long-term rate of return on plan assets	7.10%	7.30%	7.50%
Cash balance interest crediting rate	3.30%	3.70%	3.70%

Schedule of Allocation of Plan Assets

Target allocations for DTE Energy's pension plan assets as of December 31, 2020 are listed below:


U.S. Large Capitalization (Cap) Equity Securities	18	%
U.S. Small Cap and Mid Cap Equity Securities	3
Non-U.S. Equity Securities	16
Fixed Income Securities	38

Hedge Funds and Similar Investments	14
Private Equity and Other	11
	100	%

The following tables provide the fair value measurement amounts for DTE Energy's pension plan assets at December 31, 2020 and 2019(a):


	December 31, 2020						December 31, 2019
	Level 1		Level 2		Other(b)		Total		Level 1		Level 2		Other(b)		Total
DTE Energy asset category:	(In millions)
Short-term Investments(c)	$	92	$	—	$	—	$	92	$	99	$	—	$	—	$	99
Equity Securities
Domestic(d)	167		—		1,093		1,260		172		—		870		1,042
International(e)	100		—		791		891		387		—		322		709
Fixed Income Securities
Governmental(f)	459		95		—		554		569		—		—		569
Corporate(g)	—		1,404		—		1,404		—		1,452		—		1,452

Hedge Funds and Similar Investments(h)	238		61		411		710		169		—		502		671
Private Equity and Other(i)	—		—		586		586		—		—		451		451


DTE Energy Total	$	1,056	$	1,560	$	2,881	$	5,497	$	1,396	$	1,452	$	2,145	$	4,993

_______________________________________

(a)For a description of levels within the fair value hierarchy, see Note 13 to the Consolidated Financial Statements, "Fair Value."

(b)Amounts represent assets valued at NAV as a practical expedient for fair value.

(c)This category predominantly represents certain short-term fixed income securities and money market investments that are managed in separate accounts or commingled funds. Pricing for investments in this category are obtained from quoted prices in actively traded markets.

(d)This category represents portfolios of large, medium and small capitalization domestic equities. Investments in this category include exchange-traded securities for which unadjusted quoted prices can be obtained and exchange-traded securities held in a commingled fund classified as NAV assets.

(e)This category primarily consists of portfolios of non-U.S. developed and emerging market equities. Investments in this category include exchange-traded securities for which unadjusted quoted prices can be obtained and exchange-traded securities held in a commingled fund classified as NAV assets.

(f)This category includes U.S. Treasuries, bonds, and other governmental debt. Pricing for investments in this category is obtained from quoted prices in actively traded markets and quotations from broker or pricing services.

(h)This category utilizes a diversified group of strategies that attempt to capture financial market inefficiencies and includes publicly traded mutual funds, commingled funds and limited partnership funds. Pricing for mutual funds in this category is obtained from quoted prices in actively traded markets. Commingled funds and limited partnership funds are classified as NAV assets.

(i)This category includes a diversified group of funds and strategies that primarily invests in private equity partnerships. This category also includes investments in real estate and private debt. All pricing for investments in this category are classified as NAV assets.

Other postretirement benefit plan

Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]

Schedule of Defined Benefit Plans Disclosures

The following table reconciles the obligations, assets, and funded status of the plans including amounts recorded as Accrued postretirement liability in the Registrants' Consolidated Statements of Financial Position at December 31:


	DTE Energy				DTE Electric
	2020		2019		2020		2019
	(In millions)
Change in accumulated postretirement benefit obligation
Accumulated postretirement benefit obligation, beginning of year	$	1,751	$	1,645	$	1,337	$	1,247
Service cost	26		22		20		16
Interest cost	56		70		43		53
Plan amendments	—		(53)		—		(33)
Actuarial loss	54		153		31		118

Benefits paid	(80)		(86)		(62)		(64)
Accumulated postretirement benefit obligation, end of year	$	1,807	$	1,751	$	1,369	$	1,337
Change in plan assets
Plan assets at fair value, beginning of year	$	1,819	$	1,689	$	1,236	$	1,158
Actual return on plan assets	220		215		145		141

Benefits paid	(79)		(85)		(61)		(63)
Plan assets at fair value, end of year	$	1,960	$	1,819	$	1,320	$	1,236
Funded status	$	153	$	68	$	(49)	$	(101)
Amount recorded as:(a)
Noncurrent assets	$	561	$	454	$	335	$	266
Current liabilities	(1)		(1)		—		—
Noncurrent liabilities	(407)		(385)		(384)		(367)
	$	153	$	68	$	(49)	$	(101)
Amounts recognized in Accumulated other comprehensive income (loss), pre-tax
Net actuarial gain	$	(7)	$	(8)	$	—	$	—


	$	(7)	$	(8)	$	—	$	—
Amounts recognized in Regulatory assets(b)
Net actuarial loss	$	234	$	289	$	156	$	193
Prior service credit	(69)		(88)		(48)		(62)

	$	165	$	201	$	108	$	131

______________________________________

(a)Prior year balances for DTE Energy were recast to be consistent with the current year gross presentation of Noncurrent assets and Noncurrent liabilities.

(b)See Note 10 to the Consolidated Financial Statements, "Regulatory Matters."

Schedule of Net Benefit Costs

Net other postretirement credit for DTE Energy includes the following components:


	2020		2019		2018
	(In millions)
Service cost	$	26	$	22	$	27
Interest cost	56		70		69
Expected return on plan assets	(128)		(96)		(143)
Amortization of:
Net actuarial loss	16		12		11
Prior service credit	(19)		(9)		—


Net other postretirement credit	$	(49)	$	(1)	$	(36)

Net other postretirement credit for DTE Electric includes the following components:


	2020		2019		2018
	(In millions)
Service cost	$	20	$	16	$	20
Interest cost	43		53		53
Expected return on plan assets	(87)		(65)		(98)
Amortization of:
Net actuarial loss	11		5		8
Prior service credit	(14)		(7)		—

Net other postretirement cost (credit)	$	(27)	$	2	$	(17)

Schedule of Amounts Recognized in Other Comprehensive Income (Loss)


	2020		2019
	(In millions)
Other changes in plan assets and accumulated postretirement benefit obligation recognized in Regulatory assets and Other comprehensive income (loss)
Net actuarial (gain) loss	$	(38)	$	34
Amortization of net actuarial loss	(16)		(12)
Prior service credit	—		(53)
Amortization of prior service credit	19		9

Total recognized in Regulatory assets and Other comprehensive income (loss)	$	(35)	$	(22)
Total recognized in net periodic benefit cost, Regulatory assets, and Other comprehensive income (loss)	$	(84)	$	(23)


	2020		2019
	(In millions)
Other changes in plan assets and accumulated postretirement benefit obligation recognized in Regulatory assets
Net actuarial (gain) loss	$	(26)	$	41
Amortization of net actuarial loss	(11)		(5)
Prior service credit	—		(33)
Amortization of prior service credit	14		7

Total recognized in Regulatory assets	$	(23)	$	10
Total recognized in net periodic benefit cost and Regulatory assets	$	(50)	$	12

Schedule of Expected Benefit Payments

At December 31, 2020, the benefits expected to be paid, including prescription drug benefits, in each of the next five years and in the aggregate for the five fiscal years thereafter for the Registrants are as follows:


	DTE Energy		DTE Electric
	(In millions)
2021	$	82	$	62
2022	87		66
2023	91		69
2024	92		70
2025	95		72
2026-2030	497		376
Total	$	944	$	715

Schedule of Assumptions Used

Assumptions used in determining the accumulated postretirement benefit obligation and net other postretirement benefit costs of the Registrants are:


	2020	2019	2018
Accumulated postretirement benefit obligation
Discount rate	2.58%	3.29%	4.40%
Health care trend rate pre- and post- 65	6.75 / 7.25%	6.75 / 7.25%	6.75 / 7.25%
Ultimate health care trend rate	4.50%	4.50%	4.50%
Year in which ultimate reached pre- and post- 65	2033	2032	2031
Other postretirement benefit costs
Discount rate	3.29%	4.40%	3.70%

Expected long-term rate of return on plan assets	7.20%	7.30%	7.75%
Health care trend rate pre- and post- 65	6.75 / 7.25%	6.75 / 7.25%	6.75 / 7.25%
Ultimate health care trend rate	4.50%	4.50%	4.50%
Year in which ultimate reached pre- and post- 65	2032	2031	2030

Schedule of Allocation of Plan Assets

Target allocations for the Registrants' other postretirement benefit plan assets as of December 31, 2020 are listed below:


U.S. Large Cap Equity Securities	11	%
U.S. Small Cap and Mid Cap Equity Securities	2
Non-U.S. Equity Securities	10
Fixed Income Securities	52
Hedge Funds and Similar Investments	11
Private Equity and Other	14
	100	%

The following tables provide the fair value measurement amounts for the Registrants' other postretirement benefit plan assets at December 31, 2020 and 2019(a):


	December 31, 2020						December 31, 2019
	Level 1		Level 2		Other(b)		Total		Level 1		Level 2		Other(b)		Total
	(In millions)
DTE Energy asset category:
Short-term Investments(c)	$	21	$	—	$	—	$	21	$	80	$	—	$	—	$	80
Equity Securities
Domestic(d)	51		—		200		251		51		—		273		324
International(e)	23		—		178		201		182		—		89		271
Fixed Income Securities
Governmental(f)	40		45		—		85		74		—		—		74
Corporate(g)	—		477		379		856		—		256		251		507
Hedge Funds and Similar Investments(h)	61		17		124		202		71		—		182		253
Private Equity and Other(i)	—		—		344		344		—		—		310		310


DTE Energy Total	$	196	$	539	$	1,225	$	1,960	$	458	$	256	$	1,105	$	1,819

DTE Electric asset category:
Short-term Investments(c)	$	14	$	—	$	—	$	14	$	55	$	—	$	—	$	55
Equity Securities
Domestic(d)	33		—		131		164		34		—		185		219
International(e)	16		—		117		133		124		—		60		184
Fixed Income Securities
Governmental(f)	24		31		—		55		48		—		—		48
Corporate(g)	—		321		263		584		—		168		176		344
Hedge Funds and Similar Investments(h)	41		11		83		135		49		—		123		172
Private Equity and Other(i)	—		—		235		235		—		—		214		214


DTE Electric Total	$	128	$	363	$	829	$	1,320	$	310	$	168	$	758	$	1,236

_______________________________________

(a)For a description of levels within the fair value hierarchy see Note 13 to the Consolidated Financial Statements, "Fair Value."

(b)Amounts represent assets valued at NAV as a practical expedient for fair value.

(f)This category includes U.S. Treasuries, bonds and other governmental debt. Pricing for investments in this category is obtained from quoted prices in actively traded markets and quotations from broker or pricing services.

(g)This category primarily consists of corporate bonds from diversified industries, bank loans, and mortgage backed securities. Pricing for investments in this category is obtained from quotations from broker or pricing services. Non-exchange traded securities and exchange-traded securities held in commingled funds are classified as NAV assets.

(i)This category includes a diversified group of funds and strategies that primarily invests in private equity partnerships. This category also includes investments in real estate and private debt. All investments in this category are classified as NAV assets.

Schedule of Accumulated Benefit Obligations in Excess of Plan Assets

The following table reflects other postretirement benefit plans with accumulated postretirement benefit obligations in excess of plan assets as of December 31:


	DTE Energy				DTE Electric
	2020		2019		2020		2019
	(In millions)
Accumulated postretirement benefit obligation	$	878	$	840	$	826	$	795
Fair value of plan assets	470		454		442		428
Accumulated postretirement benefit obligation in excess of plan assets	$	408	$	386	$	384	$	367