XML 55 R38.htm IDEA: XBRL DOCUMENT

Financial and Other Derivative Instruments (Tables)

9 Months Ended

Sep. 30, 2023

Derivative Instruments and Hedging Activities Disclosure [Abstract]

The following table presents the fair value of derivative instruments for DTE Energy:


	September 30, 2023				December 31, 2022
	Derivative Assets		Derivative Liabilities		Derivative Assets		Derivative Liabilities
	(In millions)
Derivatives designated as hedging instruments
Interest rate contracts	$	22	$	—	$	1	$	—
Foreign currency exchange contracts	—		(1)		—		(2)
Total derivatives designated as hedging instruments	$	22	$	(1)	$	1	$	(2)

Derivatives not designated as hedging instruments
Commodity contracts
Natural gas	$	441	$	(476)	$	744	$	(1,018)
Electricity	333		(318)		963		(935)
Environmental & Other	171		(175)		213		(214)
Foreign currency exchange contracts	1		—		1		—
Total derivatives not designated as hedging instruments	$	946	$	(969)	$	1,921	$	(2,167)

Current	$	733	$	(657)	$	1,517	$	(1,535)
Noncurrent	235		(313)		405		(634)
Total derivatives	$	968	$	(970)	$	1,922	$	(2,169)

Offsetting Assets

The following table presents net cash collateral offsetting arrangements for DTE Energy:


	September 30, 2023		December 31, 2022
	(In millions)
Cash collateral netted against Derivative assets	$	—	$	(90)
Cash collateral netted against Derivative liabilities	12		113
Cash collateral recorded in Accounts receivable(a)	52		77
Cash collateral recorded in Accounts payable(a)	(15)		(27)
Total net cash collateral posted (received)	$	49	$	73

_______________________________________

(a)Amounts are recorded net by counterparty.

The following table presents the netting offsets of Derivative assets and liabilities for DTE Energy:


	September 30, 2023						December 31, 2022
	Gross Amounts of Recognized Assets (Liabilities)		Gross Amounts Offset in the Consolidated Statements of Financial Position		Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position		Gross Amounts of Recognized Assets (Liabilities)		Gross Amounts Offset in the Consolidated Statements of Financial Position		Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position
	(In millions)
Derivative assets
Commodity contracts(a)
Natural gas	$	441	$	(299)	$	142	$	744	$	(649)	$	95
Electricity	333		(198)		135		963		(643)		320
Environmental & Other	171		(162)		9		213		(196)		17
Interest rate contracts	22		—		22		1		—		1
Foreign currency exchange contracts	1		—		1		1		(1)		—
Total derivative assets	$	968	$	(659)	$	309	$	1,922	$	(1,489)	$	433

Derivative liabilities
Commodity contracts(a)
Natural gas	$	(476)	$	301	$	(175)	$	(1,018)	$	645	$	(373)
Electricity	(318)		208		(110)		(935)		665		(270)
Environmental & Other	(175)		162		(13)		(214)		201		(13)

Foreign currency exchange contracts	(1)		—		(1)		(2)		1		(1)
Total derivative liabilities	$	(970)	$	671	$	(299)	$	(2,169)	$	1,512	$	(657)

_______________________________________

(a)For contracts with a clearing agent, DTE Energy nets all activity across commodities. This can result in some individual commodities having a contra balance.

Offsetting Liabilities

The following table presents net cash collateral offsetting arrangements for DTE Energy:


	September 30, 2023		December 31, 2022
	(In millions)
Cash collateral netted against Derivative assets	$	—	$	(90)
Cash collateral netted against Derivative liabilities	12		113
Cash collateral recorded in Accounts receivable(a)	52		77
Cash collateral recorded in Accounts payable(a)	(15)		(27)
Total net cash collateral posted (received)	$	49	$	73

_______________________________________

(a)Amounts are recorded net by counterparty.

The following table presents the netting offsets of Derivative assets and liabilities for DTE Energy:


	September 30, 2023						December 31, 2022
	Gross Amounts of Recognized Assets (Liabilities)		Gross Amounts Offset in the Consolidated Statements of Financial Position		Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position		Gross Amounts of Recognized Assets (Liabilities)		Gross Amounts Offset in the Consolidated Statements of Financial Position		Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position
	(In millions)
Derivative assets
Commodity contracts(a)
Natural gas	$	441	$	(299)	$	142	$	744	$	(649)	$	95
Electricity	333		(198)		135		963		(643)		320
Environmental & Other	171		(162)		9		213		(196)		17
Interest rate contracts	22		—		22		1		—		1
Foreign currency exchange contracts	1		—		1		1		(1)		—
Total derivative assets	$	968	$	(659)	$	309	$	1,922	$	(1,489)	$	433

Derivative liabilities
Commodity contracts(a)
Natural gas	$	(476)	$	301	$	(175)	$	(1,018)	$	645	$	(373)
Electricity	(318)		208		(110)		(935)		665		(270)
Environmental & Other	(175)		162		(13)		(214)		201		(13)

Foreign currency exchange contracts	(1)		—		(1)		(2)		1		(1)
Total derivative liabilities	$	(970)	$	671	$	(299)	$	(2,169)	$	1,512	$	(657)

_______________________________________

(a)For contracts with a clearing agent, DTE Energy nets all activity across commodities. This can result in some individual commodities having a contra balance.

Netting Offsets of Derivative Assets and Liabilities Reconciliation to the Statements of Financial Position

The following table presents the netting offsets of Derivative assets and liabilities showing the reconciliation of derivative instruments to DTE Energy's Consolidated Statements of Financial Position:


	September 30, 2023								December 31, 2022
	Derivative Assets				Derivative Liabilities				Derivative Assets				Derivative Liabilities
	Current		Noncurrent		Current		Noncurrent		Current		Noncurrent		Current		Noncurrent
	(In millions)
Total fair value of derivatives	$	733	$	235	$	(657)	$	(313)	$	1,517	$	405	$	(1,535)	$	(634)
Counterparty netting	(505)		(154)		505		154		(1,127)		(272)		1,127		272
Collateral adjustment	—		—		7		5		(62)		(28)		66		47
Total derivatives as reported	$	228	$	81	$	(145)	$	(154)	$	328	$	105	$	(342)	$	(315)

Gain (Loss) Recognized in Income on Derivatives

The effect of derivatives not designated as hedging instruments on DTE Energy's Consolidated Statements of Operations is as follows:


	Location of Gain (Loss) Recognized in Income on Derivatives	Gain (Loss) Recognized in Income on Derivatives for the Three Months Ended September 30,				Gain (Loss) Recognized in Income on Derivatives for the Nine Months Ended September 30,
		2023		2022		2023		2022
		(In millions)
Commodity contracts
Natural gas	Operating Revenues — Non-utility operations	$	(41)	$	(52)	$	89	$	(315)
Natural gas	Fuel, purchased power, gas, and other — non-utility	37		108		120		8
Electricity	Operating Revenues — Non-utility operations	85		61		30		173
Environmental & Other	Operating Revenues — Non-utility operations	(4)		(3)		(5)		15
Foreign currency exchange contracts	Operating Revenues — Non-utility operations	1		5		—		5
Total		$	78	$	119	$	234	$	(114)

Volume of Commodity Contracts

The following represents the cumulative gross volume of DTE Energy's derivative contracts outstanding as of September 30, 2023:


Commodity						Number of Units
Natural gas (MMBtu)						2,208,451,991
Electricity (MWh)						37,535,900
Oil (Gallons)						4,740,000
Foreign currency exchange ($ CAD)						150,049,286
FTR (MWh)						98,119
Renewable Energy Certificates (MWh)						10,856,311
Carbon emissions (Metric Tons)						1,652,108
Interest rate contracts ($ USD)						500,000,000