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Retirement Benefits and Trusteed Assets (Tables)
 12 Months Ended
Dec. 31, 2016
Pension Plan  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule of Net Benefit Costs
Net pension cost for DTE Energy includes the following components:
 
2016
 
2015
 
2014
 
(In millions)
Service cost
$
92

 
$
100

 
$
83

Interest cost
219

 
210

 
212

Expected return on plan assets
(309
)
 
(296
)
 
(273
)
Amortization of:
 
 
 
 
 
Net actuarial loss
164

 
205

 
157

Prior service cost
1

 
—

 
—

Other
—

 
2

 
—

Net pension cost
$
167

 
$
221

 
$
179

Net pension cost for DTE Electric includes the following components:
 
2016
 
2015
 
2014
 
(In millions)
Service cost
$
71

 
$
77

 
$
64

Interest cost
166

 
160

 
162

Expected return on plan assets
(220
)
 
(210
)
 
(194
)
Amortization of:
 
 
 
 
 
Net actuarial loss
118

 
147

 
110

Prior service cost
1

 
1

 
2

Other
—

 
1

 
—

Net pension cost
$
136

 
$
176

 
$
144
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]
 
2016
 
2015
 
(In millions)
Other changes in plan assets and benefit obligations recognized in Regulatory assets and Other comprehensive income (loss)
 
 
 
Net actuarial loss
$
197

 
$
19

Amortization of net actuarial loss
(164
)
 
(205
)
Prior service credit
7

 
—

Amortization of prior service cost
(1
)
 
—

Total recognized in Regulatory assets and Other comprehensive income (loss)
$
39

 
$
(186
)
Total recognized in net periodic pension cost, Regulatory assets, and Other comprehensive income (loss)
$
206

 
$
35

Estimated amounts to be amortized from Regulatory assets and Accumulated other comprehensive income (loss) into net periodic benefit cost during next fiscal year
 
 
 
Net actuarial loss
$
172

 
$
162

Prior service cost
$
1

 
$
—

 
2016
 
2015
 
(In millions)
Other changes in plan assets and benefit obligations recognized in Regulatory assets and Other comprehensive income (loss)
 
 
 
Net actuarial (gain) loss
$
167

 
$
(13
)
Amortization of net actuarial loss
(115
)
 
(147
)
Prior service credit
(1
)
 
—

Amortization of prior service cost
(1
)
 
(1
)
Total recognized in Regulatory assets and Other comprehensive income (loss)
$
50

 
$
(161
)
Total recognized in net periodic pension cost, Regulatory assets, and Other comprehensive income (loss)
$
186

 
$
15

Estimated amounts to be amortized from Regulatory assets and Accumulated other comprehensive income (loss) into net periodic benefit cost during next fiscal year
 
 
 
Net actuarial loss
$
122

 
$
115

Prior service cost
$
1

 
$
1
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 the Registrants' Consolidated Statements of Financial Position at December 31:
 
DTE Energy
 
DTE Electric
 
2016
 
2015
 
2016
 
2015
 
(In millions)
Accumulated benefit obligation, end of year
$
4,753

 
$
4,569

 
$
3,548

 
$
3,401

Change in projected benefit obligation
 
 
 
 
 
 
 
Projected benefit obligation, beginning of year
$
4,971

 
$
5,269

 
$
3,685

 
$
4,018

Service cost
92

 
100

 
69

 
75

Interest cost
219

 
210

 
162

 
156

Plan amendments
7

 
—

 
(1
)
 
—

Actuarial (gain) loss
141

 
(357
)
 
124

 
(273
)
Transfer due to plan sponsorship change
—

 
—

 
—

 
(99
)
Special termination benefits
—

 
2

 
—

 
—

Benefits paid
(259
)
 
(253
)
 
(194
)
 
(192
)
Projected benefit obligation, end of year
$
5,171

 
$
4,971

 
$
3,845

 
$
3,685

Change in plan assets
 
 
 
 
 
 
 
Plan assets at fair value, beginning of year
$
3,832

 
$
3,981

 
$
2,709

 
$
2,812

Actual return on plan assets
253

 
(79
)
 
177

 
(56
)
Company contributions
186

 
183

 
145

 
145

Benefits paid
(259
)
 
(253
)
 
(194
)
 
(192
)
Plan assets at fair value, end of year
$
4,012

 
$
3,832

 
$
2,837

 
$
2,709

Funded status of the plans
$
(1,159
)
 
$
(1,139
)
 
$
(1,008
)
 
$
(976
)
Amount recorded as:
 
 
 
 
 
 
 
Current liabilities
$
(7
)
 
$
(6
)
 
$
—

 
$
—

Noncurrent liabilities
(1,152
)
 
(1,133
)
 
(1,008
)
 
(976
)
 
$
(1,159
)
 
$
(1,139
)
 
$
(1,008
)
 
$
(976
)
Amounts recognized in Accumulated other comprehensive income (loss), pre-tax
 
 
 
 
 
 
 
Net actuarial loss
$
163

 
$
180

 
$
—

 
$
—

Prior service cost (credit)
8

 
(1
)
 
—

 
—

 
$
171

 
$
179

 
$
—

 
$
—

Amounts recognized in Regulatory assets(a)
 
 
 
 
 
 
 
Net actuarial loss
$
2,163

 
$
2,113

 
$
1,641

 
$
1,588

Prior service cost (credit)
(4
)
 
(1
)
 
1

 
4

 
$
2,159

 
$
2,112

 
$
1,642

 
$
1,592

______________________________________
(a)See Note 9 to the Consolidated Financial Statements, "Regulatory Matters."
Schedule of Expected Benefit Payments
At December 31, 2016, the benefits related to DTE Energy's qualified and nonqualified pension plans and DTE Electric's 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:
 
DTE Energy
 
DTE Electric
 
(In millions)
2017
$
285

 
$
218

2018
297

 
225

2019
306

 
232

2020
315

 
239

2021
322

 
245

2022-2026
1,695

 
1,272

Total
$
3,220

 
$
2,431
Schedule of Assumptions Used
Assumptions used in determining the projected benefit obligation and net pension costs of the Registrants are:
 
2016
 
2015
 
2014
Projected benefit obligation
 
 
 
 
 
Discount rate
4.25%
 
4.50%
 
4.12%
Rate of compensation increase
4.65%
 
4.65%
 
4.65%
Net pension costs
 
 
 
 
 
Discount rate
4.50%
 
4.12%
 
4.95%
Rate of compensation increase
4.65%
 
4.65%
 
4.20%
Expected long-term rate of return on plan assets
7.75%
 
7.75%
 
7.75%
Schedule of Allocation of Plan Assets
The following tables provide the fair value measurement amounts for the Registrants' pension plan assets at December 31, 2016 and 2015(a)(b):
 
December 31, 2016
 
December 31, 2015
 
Level 1
 
Level 2
 
Other(c)
 
Total
 
Level 1
 
Level 2
 
Other(c)
 
Total
 
(In millions)
DTE Energy asset category:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Short-term Investments(d)
$
—

 
$
22

 
$
—

 
$
22

 
$
23

 
$
—

 
$
—

 
$
23

Equity Securities
 

 
 

 
 

 
 
 
 

 
 

 
 

 


U.S. Large Cap(e)
875

 
5

 
—

 
880

 
842

 
—

 
—

 
842

U.S. Small Cap and Mid Cap(f)
229

 
3

 
—

 
232

 
219

 
—

 
—

 
219

Non-U.S.(g)
479

 
18

 
269

 
766

 
510

 
—

 
251

 
761

Fixed Income Securities(h)
1

 
1,037

 
52

 
1,090

 
5

 
974

 
50

 
1,029

Hedge Funds and Similar Investments(i)
231

 
—

 
578

 
809

 
220

 
—

 
548

 
768

Private Equity and Other(j)
—

 
—

 
213

 
213

 
—

 
—

 
190

 
190

Securities Lending(k)
(53
)
 
(25
)
 
—

 
(78
)
 
(129
)
 
(25
)
 
—

 
(154
)
Securities Lending Collateral(k)
53

 
25

 
—

 
78

 
129

 
25

 
—

 
154

DTE Energy Total
$
1,815

 
$
1,085

 
$
1,112

 
$
4,012

 
$
1,819

 
$
974

 
$
1,039

 
$
3,832

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
DTE Electric asset category:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Short-term Investments(d)
$
—

 
$
16

 
$
—

 
$
16

 
$
16

 
$
—

 
$
—

 
$
16

Equity Securities
 

 
 

 
 

 
 
 
 

 
 

 
 

 
 
U.S. Large Cap(e)
622

 
4

 
—

 
626

 
599

 
—

 
—

 
599

U.S. Small Cap and Mid Cap(f)
165

 
2

 
—

 
167

 
157

 
—

 
—

 
157

Non-U.S.(g)
344

 
13

 
191

 
548

 
367

 
—

 
178

 
545

Fixed Income Securities(h)
—

 
745

 
—

 
745

 
4

 
699

 
—

 
703

Hedge Funds and Similar Investments(i)
166

 
—

 
416

 
582

 
158

 
—

 
394

 
552

Private Equity and Other(j)
—

 
—

 
153

 
153

 
—

 
—

 
137

 
137

Securities Lending(k)
(38
)
 
(18
)
 
—

 
(56
)
 
(93
)
 
(18
)
 
—

 
(111
)
Securities Lending Collateral(k)
38

 
18

 
—

 
56

 
93

 
18

 
—

 
111

DTE Electric Total
$
1,297

 
$
780

 
$
760

 
$
2,837

 
$
1,301

 
$
699

 
$
709

 
$
2,709

_______________________________________
(a)
For a description of levels within the fair value hierarchy, see Note 12 to the Consolidated Financial Statements, "Fair Value."
(b)
Certain December 31, 2015 balances have been adjusted for the adoption of accounting guidance which eliminates the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share (or its equivalent) practical expedient. See Note 3 to the Consolidated Financial Statements, "New Accounting Pronouncements," for additional information related to the new accounting standard.
(c)
Amounts represent assets valued at NAV as a practical expedient for fair value.
(d)
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 or valuations from brokers or pricing services.
(e)
This category represents portfolios of large capitalization domestic equities. Investments in this category are exchange-traded securities whereby unadjusted quote prices can be obtained.
(f)
This category represents portfolios of small and medium capitalization domestic equities. Investments in this category are exchange-traded securities whereby unadjusted quote prices can be obtained.
(g)
This category primarily consists of portfolios of non-U.S. developed and emerging market equities. Investments in this category are exchange-traded securities whereby unadjusted quote prices can be obtained. Exchange-traded securities held in a commingled fund are classified as NAV assets.
(h)
This category includes corporate bonds from diversified industries, U.S. Treasuries, and mortgage-backed securities. Pricing for investments in this category is obtained from quoted prices in actively traded markets and 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 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 or limited partnership funds are classified as NAV assets.
(j)
This category includes a diversified group of funds and strategies that primarily invests in private equity partnerships. This category also includes investments in timber and private mezzanine debt. All pricing for investments in this category are classified as NAV assets.
(k)
The Registrants have a securities lending program with a third-party agent. The program allows the agent to lend certain securities from the Registrants' pension trusts to selected entities against receipt of collateral (in the form of cash) as provided for and determined in accordance with their securities lending agency agreements.
Target allocations for the Registrants' pension plan assets as of December 31, 2016 are listed below:
U.S. Large Capitalization (Cap) Equity Securities
22
%
U.S. Small Cap and Mid Cap Equity Securities
5

Non-U.S. Equity Securities
20

Fixed Income Securities
25

Hedge Funds and Similar Investments
20

Private Equity and Other
8

 
100
%
Other Postretirement Benefit Plan  
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items]  
Schedule of Net Benefit Costs
Net other postretirement credit for DTE Electric includes the following components:
 
2016
 
2015
 
2014
 
(In millions)
Service cost
$
20

 
$
25

 
$
26

Interest cost
61

 
62

 
68

Expected return on plan assets
(90
)
 
(90
)
 
(85
)
Amortization of:
 
 
 
 
 
Net actuarial loss
21

 
31

 
14

Prior service credit
(89
)
 
(95
)
 
(109
)
Net other postretirement credit
$
(77
)
 
$
(67
)
 
$
(86
)
Net other postretirement credit for DTE Energy includes the following components:
 
2016
 
2015
 
2014
 
(In millions)
Service cost
$
27

 
$
34

 
$
34

Interest cost
80

 
81

 
89

Expected return on plan assets
(129
)
 
(131
)
 
(122
)
Amortization of:
 

 
 

 
 

Net actuarial loss
30

 
43

 
20

Prior service credit
(118
)
 
(126
)
 
(144
)
Other
(1
)
 
—

 
—

Net other postretirement credit
$
(111
)
 
$
(99
)
 
$
(123
)
Schedule of Defined Benefit Plan Amounts Recognized in Other Comprehensive Income (Loss) [Table Text Block]
 
2016
 
2015
 
(In millions)
Other changes in plan assets and accumulated postretirement benefit obligation recognized in Regulatory assets
 
 
 
Net actuarial gain
$
(59
)
 
$
(57
)
Amortization of net actuarial loss
(21
)
 
(31
)
Amortization of prior service credit
89

 
95

Total recognized in Regulatory assets
$
9

 
$
7

Total recognized in net periodic benefit cost and Regulatory assets
$
(68
)
 
$
(60
)
Estimated amounts to be amortized from Regulatory assets into net periodic benefit cost during next fiscal year
 
 
 
Net actuarial loss
$
10

 
$
22

Prior service credit
$
(10
)
 
$
(89
)
 
2016
 
2015
 
(In millions)
Other changes in plan assets and accumulated postretirement benefit obligation recognized in Regulatory assets and Other comprehensive income (loss)
 
 
 
Net actuarial gain
$
(68
)
 
$
(68
)
Amortization of net actuarial loss
(30
)
 
(43
)
Amortization of prior service credit
119

 
126

Total recognized in Regulatory assets and Other comprehensive income (loss)
$
21

 
$
15

Total recognized in net periodic benefit cost, Regulatory assets, and Other comprehensive income (loss)
$
(90
)
 
$
(84
)
Estimated amounts to be amortized from Regulatory assets and Accumulated other comprehensive income (loss) into net periodic benefit cost during next fiscal year
 
 
 
Net actuarial loss
$
16

 
$
32

Prior service credit
$
(14
)
 
$
(118
)
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
 
2016
 
2015
 
2016
 
2015
 
(In millions)
Change in accumulated postretirement benefit obligation
 
 
 
 
 
 
 
Accumulated postretirement benefit obligation, beginning of year
$
1,846

 
$
2,044

 
$
1,414

 
$
1,558

Service cost
27

 
34

 
20

 
25

Interest cost
80

 
81

 
61

 
62

Actuarial gain
(75
)
 
(224
)
 
(62
)
 
(166
)
Benefits paid
(83
)
 
(89
)
 
(60
)
 
(65
)
Accumulated postretirement benefit obligation, end of year
$
1,795

 
$
1,846

 
$
1,373

 
$
1,414

Change in plan assets
 
 
 
 
 
 
 
Plan assets at fair value, beginning of year
$
1,617

 
$
1,528

 
$
1,131

 
$
1,038

Actual return on plan assets
122

 
(25
)
 
87

 
(19
)
Company contributions
20

 
199

 
—

 
175

Benefits paid
(1
)
 
(85
)
 
—

 
(63
)
Plan assets at fair value, end of year
$
1,758

 
$
1,617

 
$
1,218

 
$
1,131

Funded status, end of year
$
(37
)
 
$
(229
)
 
$
(155
)
 
$
(283
)
Amount recorded as:
 
 
 
 
 
 
 
Noncurrent assets
$
—

 
$
—

 
$
114

 
$
24

Current liabilities
(1
)
 
(1
)
 
—

 
—

Noncurrent liabilities
(36
)
 
(228
)
 
(269
)
 
(307
)
 
$
(37
)
 
$
(229
)
 
$
(155
)
 
$
(283
)
Amounts recognized in Accumulated other comprehensive income (loss), pre-tax
 
 
 
 
 
 
 
Net actuarial loss
$
12

 
$
24

 
$
—

 
$
—

Prior service credit
—

 
(2
)
 
—

 
—

 
$
12

 
$
22

 
$
—

 
$
—

Amounts recognized in Regulatory assets(a)
 
 
 
 
 
 
 
Net actuarial loss
$
300

 
$
387

 
$
217

 
$
297

Prior service credit
(14
)
 
(131
)
 
(10
)
 
(99
)
 
$
286

 
$
256

 
$
207

 
$
198

______________________________________
(a)See Note 9 to the Consolidated Financial Statements, "Regulatory Matters."
Schedule of Expected Benefit Payments
At December 31, 2016, 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)
2017
$
96

 
$
74

2018
101

 
79

2019
106

 
82

2020
110

 
85

2021
114

 
88

2022-2026
595

 
457

Total
$
1,122

 
$
865
Schedule of Assumptions Used
Assumptions used in determining the accumulated postretirement benefit obligation and net other postretirement benefit costs of the Registrants are:
 
2016
 
2015
 
2014
Accumulated postretirement benefit obligation
 
 
 
 
 
Discount rate
4.25%
 
4.50%
 
4.10%
Health care trend rate pre- and post- 65
6.50 / 6.75%
 
6.25 / 6.75%
 
7.50 / 6.50%
Ultimate health care trend rate
4.50%
 
4.50%
 
4.50%
Year in which ultimate reached pre- and post- 65
2028
 
2027
 
2025 / 2024
Other postretirement benefit costs
 
 
 
 
 
Discount rate
4.50%
 
4.10%
 
4.95%
Expected long-term rate of return on plan assets
8.00%
 
8.00%
 
8.00%
Health care trend rate pre- and post- 65
6.25 / 6.75%
 
7.50 / 6.50%
 
7.50 / 6.50%
Ultimate health care trend rate
4.50%
 
4.50%
 
4.50%
Year in which ultimate reached pre- and post- 65
2027
 
2025 / 2024
 
2025 / 2024
Schedule of Allocation of Plan Assets
Target allocations for the Registrants' other postretirement benefit plan assets as of December 31, 2016 are listed below:
U.S. Large Cap Equity Securities
17
%
U.S. Small Cap and Mid Cap Equity Securities
4

Non-U.S. Equity Securities
20

Fixed Income Securities
25

Hedge Funds and Similar Investments
20

Private Equity and Other
14

 
100
%
Target allocations for the Registrants' other postretirement benefit plan assets as of December 31, 2016 are listed below:
U.S. Large Cap Equity Securities
17
%
U.S. Small Cap and Mid Cap Equity Securities
4

Non-U.S. Equity Securities
20

Fixed Income Securities
25

Hedge Funds and Similar Investments
20

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, 2016 and 2015(a)(b):
 
December 31, 2016
 
December 31, 2015
 
Level 1
 
Level 2
 
Other(c)
 
Total
 
Level 1
 
Level 2
 
Other(c)
 
Total
DTE Energy asset category:
(In millions)
Short-term Investments(d)
$
39

 
$
1

 
$
—

 
$
40

 
$
7

 
$
—

 
$
—

 
$
7

Equity Securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
U.S. Large Cap(e)
284

 
—

 
—

 
284

 
264

 
—

 
—

 
264

U.S. Small Cap and Mid Cap(f)
156

 
—

 
—

 
156

 
138

 
—

 
—

 
138

Non-U.S.(g)
262

 
1

 
61

 
324

 
262

 
—

 
55

 
317

Fixed Income Securities(h)
15

 
299

 
125

 
439

 
23

 
275

 
115

 
413

Hedge Funds and Similar Investments(i)
114

 
—

 
224

 
338

 
109

 
—

 
216

 
325

Private Equity and Other(j)
—

 
—

 
177

 
177

 
—

 
—

 
153

 
153

Securities Lending(k)
(28
)
 
(3
)
 
—

 
(31
)
 
(122
)
 
(6
)
 
—

 
(128
)
Securities Lending Collateral(k)
28

 
3

 
—

 
31

 
122

 
6

 
—

 
128

DTE Energy Total
$
870

 
$
301

 
$
587

 
$
1,758

 
$
803

 
$
275

 
$
539

 
$
1,617

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
DTE Electric asset category:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Short-term Investments(d)
$
28

 
$
1

 
$
—

 
$
29

 
$
5

 
$
—

 
$
—

 
$
5

Equity Securities
 
 
 
 
 
 


 
 
 
 
 
 
 


U.S. Large Cap(e)
195

 
—

 
—

 
195

 
183

 
—

 
—

 
183

U.S. Small Cap and Mid Cap(f)
109

 
—

 
—

 
109

 
97

 
—

 
—

 
97

Non-U.S.(g)
182

 
1

 
41

 
224

 
184

 
—

 
37

 
221

Fixed Income Securities(h)
10

 
203

 
90

 
303

 
17

 
189

 
83

 
289

Hedge Funds and Similar Investments(i)
80

 
—

 
154

 
234

 
76

 
—

 
151

 
227

Private Equity and Other(j)
—

 
—

 
124

 
124

 
—

 
—

 
109

 
109

Securities Lending(k)
(20
)
 
(1
)
 
—

 
(21
)
 
(87
)
 
(4
)
 
—

 
(91
)
Securities Lending Collateral(k)
20

 
1

 
—

 
21

 
87

 
4

 
—

 
91

DTE Electric Total
$
604

 
$
205

 
$
409

 
$
1,218

 
$
562

 
$
189

 
$
380

 
$
1,131

_______________________________________
(a)
For a description of levels within the fair value hierarchy see Note 12 to the Consolidated Financial Statements, "Fair Value."
(b)
Certain December 31, 2015 balances have been adjusted for the adoption of accounting guidance which eliminates the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share (or its equivalent) practical expedient. See Note 3 to the Consolidated Financial Statements, "New Accounting Pronouncements," for additional information related to the new accounting standard.
(c)
Amounts represent assets valued at NAV as a practical expedient for fair value.
(d)
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 or valuations from brokers or pricing services.
(e)
This category represents portfolios of large capitalization domestic equities. Investments in this category are exchange-traded securities whereby unadjusted quote prices can be obtained.
(f)
This category represents portfolios of small and medium capitalization domestic equities. Investments in this category are exchange-traded securities whereby unadjusted quote prices can be obtained.
(g)
This category primarily consists of portfolios of non-U.S. developed and emerging market equities. Investments in this category are exchange-traded securities whereby unadjusted quote prices can be obtained. Exchange-traded securities held in a commingled fund are classified as NAV assets.
(h)
This category includes corporate bonds from diversified industries, U.S. Treasuries, bank loans, and mortgage backed securities. Pricing for investments in this category is obtained from quoted prices in actively traded markets and 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 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.
(j)
This category includes a diversified group of funds and strategies that primarily invests in private equity partnerships. This category also includes investments in timber and private mezzanine debt. All investments in this category are classified as NAV assets.
(k)
The Registrants have a securities lending program with a third-party agent. The program allows the agent to lend certain securities from the Registrants' VEBA trust to selected entities against receipt of collateral (in the form of cash) as provided for and determined in accordance with their securities lending agency agreements.