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Fair Value (Tables)
 12 Months Ended
Dec. 31, 2021
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:
December 31, 2021December 31, 2020
Level 1Level 2Level 3
Other
(a)
Netting
(b)
Net BalanceLevel 1Level 2Level 3
Other
(a)
Netting
(b)
Net Balance
(In millions)
Assets
Cash equivalents(c)
$4 $— $— $— $— $4 $438 $— $— $— $— $438 
Nuclear decommissioning trusts
Equity securities917 — — 190 — 1,107 947 — — 222 — 1,169 
Fixed income securities124 418 — 102 — 644 102 371 — 82 — 555 
Private equity and other— — — 205 — 205 — — — 104 — 104 
Hedge funds and similar investments58 18 — — — 76 — — — — — — 
Cash equivalents39 — — — — 39 27 — — — — 27 
Other investments(d)
Equity securities68 — — — — 68 55 — — — — 55 
Fixed income securities7 — — — — 7 8 — — — — 8 
Cash equivalents86 — — — — 86 97 — — — — 97 
Derivative assets
Commodity contracts(e)
Natural gas273 115 66 — (394)60 99 74 60 — (156)77 
Electricity— 500 143 — (441)202 — 128 52 — (120)60 
Environmental & Other— 285 9 — (285)9 — 150 4 — (135)19 
Total derivative assets273 900 218 — (1,120)271 99 352 116 — (411)156 
Total$1,576 $1,336 $218 $497 $(1,120)$2,507 $1,773 $723 $116 $408 $(411)$2,609 
Liabilities
Derivative liabilities
Commodity contracts(e)
Natural gas$(177)$(172)$(245)$— $347 $(247)$(88)$(59)$(76)$— $151 $(72)
Electricity— (434)(188)— 443 (179)— (126)(42)— 125 (43)
Environmental & Other— (288)— — 288 — — (137)— — 129 (8)
Foreign currency exchange contracts— (4)— — — (4)— (5)— — — (5)
Total$(177)$(898)$(433)$— $1,078 $(430)$(88)$(327)$(118)$— $405 $(128)
Net Assets (Liabilities) at end of period$1,399 $438 $(215)$497 $(42)$2,077 $1,685 $396 $(2)$408 $(6)$2,481 
Assets
Current$227 $646 $166 $— $(854)$185 $532 $260 $92 $— $(330)$554 
Noncurrent1,349 690 52 497 (266)2,322 1,241 463 24 408 (81)2,055 
Total Assets$1,576 $1,336 $218 $497 $(1,120)$2,507 $1,773 $723 $116 $408 $(411)$2,609 
Liabilities
Current$(168)$(609)$(260)$— $799 $(238)$(84)$(223)$(79)$— $318 $(68)
Noncurrent(9)(289)(173)— 279 (192)(4)(104)(39)— 87 (60)
Total Liabilities$(177)$(898)$(433)$— $1,078 $(430)$(88)$(327)$(118)$— $405 $(128)
Net Assets (Liabilities) at end of period$1,399 $438 $(215)$497 $(42)$2,077 $1,685 $396 $(2)$408 $(6)$2,481 
_______________________________________
(a)Amounts represent assets valued at NAV as a practical expedient for fair value.
(b)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.
(c)Amounts consisted of $1 million and $2 million of cash equivalents included in Restricted cash on DTE Energy's Consolidated Statements of Financial Position at December 31, 2021 and December 31, 2020, respectively. All other amounts are included in Cash and cash equivalents on the Consolidated Statements of Financial Position.
(d)Excludes cash surrender value of life insurance investments.
(e)For contracts with a clearing agent, DTE Energy nets all activity across commodities. This can result in some individual commodities having a contra balance.
The following table presents assets for DTE Electric measured and recorded at fair value on a recurring basis as of:
December 31, 2021December 31, 2020
Level 1Level 2Level 3
Other(a)
Net Balance Level 1Level 2Level 3
Other(a)
Net Balance
(In millions)
Assets
Cash equivalents$— $— $— $— $— $4 $— $— $— $4 
Nuclear decommissioning trusts
Equity securities917 — — 190 1,107 947 — — 222 1,169 
Fixed income securities124 418 — 102 644 102 371 — 82 555 
Private equity and other— — — 205 205 — — — 104 104 
Hedge funds and similar investments58 18 — — 76 — — — — — 
Cash equivalents39 — — — 39 27 — — — 27 
Other investments
Equity securities20 — — — 20 16 — — — 16 
Fixed income securities— — — — — — — — — — 
Cash equivalents11 — — — 11 11 — — — 11 
Derivative assets — FTRs— — 9 — 9 — — 4 — 4 
Total$1,169 $436 $9 $497 $2,111 $1,107 $371 $4 $408 $1,890 
Assets
Current$— $— $9 $— $9 $4 $— $4 $— $8 
Noncurrent1,169 436 — 497 2,102 1,103 371 — 408 1,882 
Total Assets$1,169 $436 $9 $497 $2,111 $1,107 $371 $4 $408 $1,890 
_______________________________________
(a)Amounts represent assets valued at NAV as a practical expedient for fair value.
Reconciliation of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table presents the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis for DTE Energy:
Year Ended December 31, 2021Year Ended December 31, 2020
Natural GasElectricityOtherTotalNatural GasElectricityOtherTotal
(In millions)
Net Assets (Liabilities) as of January 1$(16)$10 $4 $(2)$(15)$16 $3 $4 
Transfers from Level 3 into Level 2— — — — (2)— — (2)
Total gains (losses)
Included in earnings(a)
(343)54 — (289)(75)113 (7)31 
Recorded in Regulatory liabilities— — 19 19 — — 20 20 
Purchases, issuances, and settlements:
Settlements180 (109)(14)57 76 (119)(12)(55)
Net Assets (Liabilities) as of December 31$(179)$(45)$9 $(215)$(16)$10 $4 $(2)
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)
$(208)$4 $(72)$(276)$(4)$70 $(70)$(4)
Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at December 31$— $— $9 $9 $— $— $4 $4 
_______________________________________
(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,
20212020
(In millions)
Net Assets as of January 1$4 $3 
Total gains recorded in Regulatory liabilities19 20 
Purchases, issuances, and settlements:
Settlements(14)(19)
Net Assets as of December 31$9 $4 
Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at December 31$9 $4 
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, 2021
Commodity ContractsDerivative AssetsDerivative LiabilitiesValuation TechniquesUnobservable InputRangeWeighted Average
(In millions)
Natural Gas$66 $(245)Discounted Cash FlowForward basis price (per MMBtu)$(1.36)—$3.82 /MMBtu$(0.04)/MMBtu
Electricity$143 $(188)Discounted Cash FlowForward basis price (per MWh)$(12)—$7 /MWh$(2)/MWh
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
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, 2021December 31, 2020
CarryingFair ValueCarryingFair Value
AmountLevel 1Level 2Level 3AmountLevel 1Level 2Level 3
(In millions)
Notes receivable(a), excluding lessor finance leases
$150 $— $— $167 $141 $— $— $141 
Short-term borrowings$758 $— $758 $— $38 $— $38 $— 
Notes payable(b)
$27 $— $— $27 $19 $— $— $19 
Long-term debt(c)
$17,378 $2,284 $15,425 $1,207 $19,439 $2,547 $18,230 $1,397 
_______________________________________
(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 and excludes finance lease obligations. Carrying value also includes unamortized debt discounts and issuance costs.
The following table presents the carrying amount and fair value of financial instruments for DTE Electric:
December 31, 2021December 31, 2020
CarryingFair ValueCarryingFair Value
AmountLevel 1Level 2Level 3AmountLevel 1Level 2Level 3
(In millions)
Notes receivable — Other(a)
$17 $— $— $17 $16 $— $— $16 
Short-term borrowings — affiliates$53 $— $— $53 $101 $— $— $101 
Short-term borrowings — other$153 $— $153 $— $— $— $— $— 
Notes payable(b)
$27 $— $— $27 $17 $— $— $17 
Long-term debt(c)
$8,907 $— $9,898 $150 $8,236 $— $9,579 $379 
_______________________________________
(a)Included in Current 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 and excludes finance lease obligations. Carrying value also includes unamortized debt discounts and issuance costs.
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,
20212020
(In millions)
Fermi 2$2,051 $1,841 
Fermi 13 3 
Low-level radioactive waste17 11 
$2,071 $1,855 
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,
202120202019
(In millions)
Realized gains$95 $192 $56 
Realized losses$(12)$(111)$(31)
Proceeds from sale of securities$1,047 $2,350 $788 
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, 2021December 31, 2020
Fair
Value		Unrealized
Gains		Unrealized LossesFair
Value		Unrealized
Gains		Unrealized Losses
(In millions)
Equity securities$1,107 $546 $(9)$1,169 $468 $(6)
Fixed income securities644 23 (6)555 22 (1)
Private equity and other205 58 (8)104 11 — 
Hedge funds and similar investments76 1 (2)— — — 
Cash equivalents39 — — 27 — — 
$2,071 $628 $(25)$1,855 $501 $(7)
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, 2021
(In millions)
Due within one year$20 
Due after one through five years135 
Due after five through ten years109 
Due after ten years278 
$542 
Summary of Gains (Losses) Related to the Trust The following table summarizes the Registrants' gains (losses) related to the trust:
Year Ended December 31,
202120202019
(In millions)
Gains (losses) related to equity securities$7 $(1)$27 
Gains (losses) related to fixed income securities— (2)10 
$7 $(3)$37