XML 54 R37.htm IDEA: XBRL DOCUMENT v3.23.3
Fair Value (Tables)
 9 Months Ended
Sep. 30, 2023
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:
September 30, 2023December 31, 2022
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)
$27 $— $— $— $— $27 $10 $— $— $— $— $10 
Nuclear decommissioning trusts
Equity securities716 — — 136 — 852 701 — — 138 — 839 
Fixed income securities105 346 — 91 — 542 115 359 — 89 — 563 
Private equity and other— — — 308 — 308 — — — 262 — 262 
Hedge funds and similar investments106 66 — — — 172 78 41 — — — 119 
Cash equivalents39 — — — — 39 42 — — — — 42 
Other investments(d)
Equity securities54 — — — — 54 56 — — — — 56 
Fixed income securities7 — — — — 7 7 — — — — 7 
Cash equivalents35 — — — — 35 72 — — — — 72 
Derivative assets
Commodity contracts(e)
Natural gas140 143 158 — (299)142 426 183 135 — (649)95 
Electricity— 223 110 — (198)135 — 720 243 — (643)320 
Environmental & Other— 154 17 — (162)9 — 201 12 — (196)17 
Other contracts — 23 — — — 23 — 2 — — (1)1 
Total derivative assets140 543 285 — (659)309 426 1,106 390 — (1,489)433 
Total$1,229 $955 $285 $535 $(659)$2,345 $1,507 $1,506 $390 $489 $(1,489)$2,403 
Liabilities
Derivative liabilities
Commodity contracts(e)
Natural gas$(124)$(166)$(186)$— $301 $(175)$(297)$(331)$(390)$— $645 $(373)
Electricity— (212)(106)— 208 (110)— (659)(276)— 665 (270)
Environmental & Other— (169)(6)— 162 (13)— (213)(1)— 201 (13)
Other contracts— (1)— — — (1)— (2)— — 1 (1)
Total$(124)$(548)$(298)$— $671 $(299)$(297)$(1,205)$(667)$— $1,512 $(657)
Net Assets (Liabilities) at end of period$1,105 $407 $(13)$535 $12 $2,046 $1,210 $301 $(277)$489 $23 $1,746 
Assets
Current$137 $427 $196 $— $(505)$255 $360 $881 $286 $— $(1,189)$338 
Noncurrent1,092 528 89 535 (154)2,090 1,147 625 104 489 (300)2,065 
Total Assets$1,229 $955 $285 $535 $(659)$2,345 $1,507 $1,506 $390 $489 $(1,489)$2,403 
Liabilities
Current$(101)$(410)$(146)$— $512 $(145)$(273)$(876)$(386)$— $1,193 $(342)
Noncurrent(23)(138)(152)— 159 (154)(24)(329)(281)— 319 (315)
Total Liabilities$(124)$(548)$(298)$— $671 $(299)$(297)$(1,205)$(667)$— $1,512 $(657)
Net Assets (Liabilities) at end of period$1,105 $407 $(13)$535 $12 $2,046 $1,210 $301 $(277)$489 $23 $1,746 
_______________________________________
(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 include $25 million and $10 million of cash equivalents recorded in Restricted cash on DTE Energy's Consolidated Statements of Financial Position at September 30, 2023 and December 31, 2022, 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 and certain securities classified as held-to-maturity that are recorded at amortized cost and not material to the consolidated financial statements.
(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:
September 30, 2023December 31, 2022
Level 1Level 2Level 3
Other(a)
Net BalanceLevel 1Level 2Level 3
Other(a)
Net Balance
(In millions)
Assets
Cash equivalents(b)
$23 $— $— $— $23 $9 $— $— $— $9 
Nuclear decommissioning trusts
Equity securities716 — — 136 852 701 — — 138 839 
Fixed income securities105 346 — 91 542 115 359 — 89 563 
Private equity and other— — — 308 308 — — — 262 262 
Hedge funds and similar investments106 66 — — 172 78 41 — — 119 
Cash equivalents39 — — — 39 42 — — — 42 
Other investments
Equity securities19 — — — 19 16 — — — 16 
Cash equivalents12 — — — 12 11 — — — 11 
Derivative assets — FTRs— — 10 — 10 — — 11 — 11 
Total$1,020 $412 $10 $535 $1,977 $972 $400 $11 $489 $1,872 
Assets
Current$23 $— $10 $— $33 $9 $— $11 $— $20 
Noncurrent997 412 — 535 1,944 963 400 — 489 1,852 
Total Assets$1,020 $412 $10 $535 $1,977 $972 $400 $11 $489 $1,872 
_______________________________________
(a)Amounts represent assets valued at NAV as a practical expedient for fair value.
(b)Cash equivalents of $23 million and $9 million are included in Restricted cash on DTE Electric's Consolidated Statements of Financial Position at September 30, 2023 and December 31, 2022, respectively.
Reconciliation of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following tables present the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis for DTE Energy:
Three Months Ended September 30, 2023Three Months Ended September 30, 2022
Natural GasElectricityOtherTotalNatural GasElectricityOtherTotal
(In millions)
Net Assets (Liabilities) as of June 30$(54)$(4)$16 $(42)$(362)$(96)$30 $(428)
Transfers into Level 3 from Level 2— — — — (3)— — (3)
Transfers from Level 3 into Level 2— — — — — — (5)(5)
Total gains (losses)
Included in earnings(a)
1 79 (1)79 (32)40 (1)7 
Recorded in Regulatory liabilities— — (2)(2)— — (4)(4)
Purchases, issuances, and settlements
Settlements25 (71)(2)(48)84 (20)(5)59 
Net Assets (Liabilities) as of September 30$(28)$4 $11 $(13)$(313)$(76)$15 $(374)
Total gains (losses) included in Net Income attributed to the change in unrealized gains (losses) related to assets and liabilities held at September 30(a)
$4 $26 $(6)$24 $29 $37 $(5)$61 
Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at September 30$— $— $1 $1 $— $— $(1)$(1)
_______________________________________
(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.
Nine Months Ended September 30, 2023Nine Months Ended September 30, 2022
Natural GasElectricityOtherTotalNatural GasElectricityOtherTotal
(In millions)
Net Assets (Liabilities) as of December 31$(255)$(33)$11 $(277)$(179)$(45)$9 $(215)
Transfers from Level 3 into Level 2— — — — 5 — 5 
Total gains (losses)
Included in earnings(a)
163 109 1 273 (382)22 1 (359)
Recorded in Regulatory liabilities— — 3 3 — — 20 20 
Purchases, issuances, and settlements
Settlements64 (72)(4)(12)243 (53)(15)175 
Net Assets (Liabilities) as of September 30$(28)$4 $11 $(13)$(313)$(76)$15 $(374)
Total gains (losses) included in Net Income attributed to the change in unrealized gains (losses) related to assets and liabilities held at September 30a)
$94 $94 $(36)$152 $(248)$(2)$(31)$(281)
Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at September 30$— $— $10 $10 $— $— $16 $16 
_______________________________________
(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 September 30,Nine Months Ended September 30,
2023202220232022
(In millions)
Net Assets as of beginning of period$14 $25 $11 $9 
Total gains (losses) recorded in Regulatory liabilities(2)(4)3 20 
Purchases, issuances, and settlements
Settlements(2)(5)(4)(13)
Net Assets as of September 30$10 $16 $10 $16 
Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at September 30$1 $(1)$10 $16 
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:
September 30, 2023
Commodity ContractsDerivative AssetsDerivative LiabilitiesValuation TechniquesUnobservable InputRangeWeighted Average
(In millions)
Natural Gas$158 $(186)Discounted Cash FlowForward basis price (per MMBtu)$(1.69)—$4.79 /MMBtu$0.01 /MMBtu
Electricity$110 $(106)Discounted Cash FlowForward basis price (per MWh)$(17.56)—$12.03 /MWh$(4.15)/MWh
December 31, 2022
Commodity ContractsDerivative AssetsDerivative LiabilitiesValuation TechniquesUnobservable InputRangeWeighted Average
(In millions)
Natural Gas$135 $(390)Discounted Cash FlowForward basis price (per MMBtu)$(1.91)—$39.94 /MMBtu$0.18 /MMBtu
Electricity$243 $(276)Discounted Cash FlowForward basis price (per MWh)$(29.41)—$15.00 /MWh$(3.04)/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:
September 30, 2023December 31, 2022
CarryingFair ValueCarryingFair Value
AmountLevel 1Level 2Level 3AmountLevel 1Level 2Level 3
(In millions)
Notes receivable(a), excluding lessor finance leases
$141 $— $— $141 $80 $— $— $82 
Short-term borrowings$1,217 $— $1,217 $— $1,162 $— $1,162 $— 
Notes payable(b)
$20 $— $— $20 $18 $— $— $18 
Long-term debt(c)
$19,123 $742 $14,875 $934 $17,978 $710 $14,084 $1,199 
_______________________________________
(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:
September 30, 2023December 31, 2022
CarryingFair ValueCarryingFair Value
AmountLevel 1Level 2Level 3AmountLevel 1Level 2Level 3
(In millions)
Notes receivable(a)
$16 $— $— $16 $17 $— $— $17 
Short-term borrowings — affiliates$— $— $— $— $27 $— $— $27 
Short-term borrowings — other$656 $— $656 $— $568 $— $568 $— 
Notes payable(b)
$20 $— $— $20 $17 $— $— $17 
Long-term debt(c)
$10,865 $— $8,994 $126 $9,696 $— $8,289 $128 
_______________________________________
(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 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:
September 30, 2023December 31, 2022
(In millions)
Fermi 2$1,898 $1,807 
Fermi 13 3 
Low-level radioactive waste12 15 
$1,913 $1,825 
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 September 30,Nine Months Ended September 30,
2023202220232022
(In millions)
Realized gains$5 $19 $24 $65 
Realized losses$(6)$(19)$(32)$(42)
Proceeds from sale of securities$104 $194 $527 $707 
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:
September 30, 2023December 31, 2022
Fair
Value		Unrealized
Gains		Unrealized
Losses		Fair
Value		Unrealized
Gains		Unrealized
Losses
(In millions)
Equity securities$852 $388 $(19)$839 $342 $(23)
Fixed income securities542 — (53)563 1 (56)
Private equity and other308 76 (7)262 63 (5)
Hedge funds and similar investments172 3 (14)119 — (18)
Cash equivalents39 — — 42 — — 
$1,913 $467 $(93)$1,825 $406 $(102)
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:
September 30, 2023
(In millions)
Due within one year$7 
Due after one through five years105 
Due after five through ten years86 
Due after ten years253 
$451