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Fair Value (Tables)
 3 Months Ended
Mar. 31, 2022
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:
March 31, 2022December 31, 2021
Level
1		Level
2		Level
3
Other(a)
Netting(b)
Net BalanceLevel
1		Level
2		Level
3
Other(a)
Netting(b)
Net Balance
(In millions)
Assets
Cash equivalents(c)
$123 $— $— $— $— $123 $4 $— $— $— $— $4 
Nuclear decommissioning trusts
Equity securities851 — — 182 — 1,033 917 — — 190 — 1,107 
Fixed income securities112 398 — 99 — 609 124 418 — 102 — 644 
Private equity and other— — — 236 — 236 — — — 205 — 205 
Hedge funds and similar investments65 30 — — — 95 58 18 — — — 76 
Cash equivalents37 — — — — 37 39 — — — — 39 
Other investments(d)
Equity securities65 — — — — 65 68 — — — — 68 
Fixed income securities7 — — — — 7 7 — — — — 7 
Cash equivalents71 — — — — 71 86 — — — — 86 
Derivative assets
Commodity contracts(e)
Natural gas505 135 71 — (679)32 273 115 66 — (394)60 
Electricity— 1,006 328 — (905)429 — 500 143 — (441)202 
Environmental & Other— 325 7 — (327)5 — 285 9 — (285)9 
Total derivative assets505 1,466 406 — (1,911)466 273 900 218 — (1,120)271 
Total$1,836 $1,894 $406 $517 $(1,911)$2,742 $1,576 $1,336 $218 $497 $(1,120)$2,507 
Liabilities
Derivative liabilities
Commodity contracts(e)
Natural gas$(232)$(372)$(301)$— $553 $(352)$(177)$(172)$(245)$— $347 $(247)
Electricity— (880)(445)— 950 (375)— (434)(188)— 443 (179)
Environmental & Other— (325)(1)— 326 — — (288)— — 288 — 
Foreign currency exchange contracts— (6)— — — (6)— (4)— — (4)
Total$(232)$(1,583)$(747)$— $1,829 $(733)$(177)$(898)$(433)$— $1,078 $(430)
Net Assets (Liabilities) at end of period$1,604 $311 $(341)$517 $(82)$2,009 $1,399 $438 $(215)$497 $(42)$2,077 
Assets
Current$532 $1,128 $339 $— $(1,524)$475 $227 $646 $166 $— $(854)$185 
Noncurrent1,304 766 67 517 (387)2,267 1,349 690 52 497 (266)2,322 
Total Assets$1,836 $1,894 $406 $517 $(1,911)$2,742 $1,576 $1,336 $218 $497 $(1,120)$2,507 
Liabilities
Current$(218)$(1,165)$(485)$— $1,415 $(453)$(168)$(609)$(260)$— $799 $(238)
Noncurrent(14)(418)(262)— 414 (280)(9)(289)(173)— 279 (192)
Total Liabilities$(232)$(1,583)$(747)$— $1,829 $(733)$(177)$(898)$(433)$— $1,078 $(430)
Net Assets (Liabilities) at end of period$1,604 $311 $(341)$517 $(82)$2,009 $1,399 $438 $(215)$497 $(42)$2,077 
_______________________________________
(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 $3 million and $1 million of cash equivalents included in Restricted cash on DTE Energy's Consolidated Statements of Financial Position at March 31, 2022 and December 31, 2021, respectively. All other amounts are included in Cash and cash equivalents on DTE Energy's 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:
March 31, 2022December 31, 2021
Level 1Level 2Level 3
Other(a)
Net BalanceLevel 1Level 2Level 3
Other(a)
Net Balance
(In millions)
Assets
Cash equivalents(b)
$38 $— $— $— $38 $— $— $— $— $— 
Nuclear decommissioning trusts
Equity securities851 — — 182 1,033 917 — — 190 1,107 
Fixed income securities112 398 — 99 609 124 418 — 102 644 
Private equity and other— — — 236 236 — — — 205 205 
Hedge funds and similar investments65 30 — — 95 58 18 — — 76 
Cash equivalents37 — — — 37 39 — — — 39 
Other investments
Equity securities20 — — — 20 20 — — — 20 
Cash equivalents11 — — — 11 11 — — — 11 
Derivative assets — FTRs— — 3 — 3 — — 9 — 9 
Total$1,134 $428 $3 $517 $2,082 $1,169 $436 $9 $497 $2,111 
Assets
Current$38 $— $3 $— $41 $— $— $9 $— $9 
Noncurrent1,096 428 — 517 2,041 1,169 436 — 497 2,102 
Total Assets$1,134 $428 $3 $517 $2,082 $1,169 $436 $9 $497 $2,111 
_______________________________________
(a)Amounts represent assets valued at NAV as a practical expedient for fair value.
(b)Amounts consisted of $1 million of cash equivalents included in Restricted cash on DTE Electric's Consolidated Statements of Financial Position at March 31, 2022. All other amounts are included in Cash and cash equivalents on DTE Electric's Consolidated Statements of Financial Position.
Reconciliation of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table presents the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis for DTE Energy:
Three Months Ended March 31, 2022Three Months Ended March 31, 2021
Natural GasElectricityOtherTotalNatural GasElectricityOtherTotal
(In millions)
Net Assets (Liabilities) as of December 31$(179)$(45)$9 $(215)$(16)$10 $4 $(2)
Transfers from Level 3 into Level 25 — — 5 — — — — 
Total gains (losses)
Included in earnings(a)
(171)(50)3 (218)(67)26 — (41)
Recorded in Regulatory liabilities— — (4)(4)— — (1)(1)
Purchases, issuances, and settlements
Settlements115 (22)(2)91 (6)(55)(2)(63)
Net Assets (Liabilities) as of March 31$(230)$(117)$6 $(341)$(89)$(19)$1 $(107)
Total gains (losses) included in Net Income attributed to the change in unrealized gains (losses) related to assets and liabilities held at March 31(a)
$(129)$(64)$3 $(190)$(93)$(7)$— $(100)
_______________________________________
(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:
Three Months Ended March 31,
20222021
(In millions)
Net Assets as of beginning of period$9 $4 
Total losses recorded in Regulatory liabilities(4)(1)
Purchases, issuances, and settlements
Settlements(2)(2)
Net Assets as of March 31$3 $1 
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, 2022
Commodity ContractsDerivative AssetsDerivative LiabilitiesValuation TechniquesUnobservable InputRangeWeighted Average
(In millions)
Natural Gas$71 $(301)Discounted Cash FlowForward basis price (per MMBtu)$(1.54)—$6.46 /MMBtu$(0.10)/MMBtu
Electricity$328 $(445)Discounted Cash FlowForward basis price (per MWh)$(12)—$8 /MWh$(2)/MWh
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
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, 2022December 31, 2021
CarryingFair ValueCarryingFair Value
AmountLevel 1Level 2Level 3AmountLevel 1Level 2Level 3
(In millions)
Notes receivable(a), excluding lessor finance leases
$127 $— $— $140 $150 $— $— $167 
Short-term borrowings$244 $— $244 $— $758 $— $758 $— 
Notes payable(b)
$17 $— $— $17 $27 $— $— $27 
Long-term debt(c)
$18,249 $2,247 $15,029 $1,163 $17,378 $2,284 $15,425 $1,207 
_______________________________________
(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:
March 31, 2022December 31, 2021
CarryingFair ValueCarryingFair Value
AmountLevel 1Level 2Level 3AmountLevel 1Level 2Level 3
(In millions)
Notes receivable(a)
$17 $— $— $17 $17 $— $— $17 
Short-term borrowings — affiliates$— $— $— $— $53 $— $— $53 
Short-term borrowings — other$— $— $— $— $153 $— $153 $— 
Notes payable(b)
$17 $— $— $17 $27 $— $— $27 
Long-term debt(c)
$9,775 $— $9,824 $169 $8,907 $— $9,898 $150 
_______________________________________
(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:
March 31, 2022December 31, 2021
(In millions)
Fermi 2$1,990 $2,051 
Fermi 13 3 
Low-level radioactive waste17 17 
$2,010 $2,071 
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,
20222021
(In millions)
Realized gains$14 $24 
Realized losses$(5)$(2)
Proceeds from sale of securities$207 $271 
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, 2022December 31, 2021
Fair
Value		Unrealized
Gains		Unrealized
Losses		Fair
Value		Unrealized
Gains		Unrealized
Losses
(In millions)
Equity securities$1,033 $488 $(13)$1,107 $546 $(9)
Fixed income securities609 11 (30)644 23 (6)
Private equity and other236 70 (2)205 58 (8)
Hedge funds and similar investments95 1 (4)76 1 (2)
Cash equivalents37 — — 39 — — 
$2,010 $570 $(49)$2,071 $628 $(25)
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, 2022
(In millions)
Due within one year$20 
Due after one through five years127 
Due after five through ten years98 
Due after ten years265 
$510 
Summary of Gains (Losses) Related to the Trust The following table summarizes the Registrant's gains (losses) related to the trust:
Three Months Ended March 31,
20222021
(In millions)
Gains (losses) related to equity securities$(1)$2 
Gains (losses) related to fixed income securities— — 
$(1)$2