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Fair Value (Tables)
 12 Months Ended
Dec. 31, 2017
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, 2017
 
December 31, 2016
 
Level 1
 
Level 2
 
Level 3
 
Other(a)
 
Netting(b)
 
Net Balance
 
Level 1
 
Level 2
 
Level 3
 
Netting(b)
 
Net Balance
 
(In millions)
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash equivalents(c)
$
16

 
$
3

 
$
—

 
$
—

 
$
—

 
$
19

 
$
14

 
$
3

 
$
—

 
$
—

 
$
17

Nuclear decommissioning trusts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity securities
978

 
—

 
—

 
—

 
—

 
978

 
887

 
—

 
—

 
—

 
887

Fixed income securities
18

 
477

 
—

 
—

 
—

 
495

 
11

 
414

 
—

 
—

 
425

Private equity securities
—

 
—

 
—

 
5

 
—

 
5

 
—

 
—

 
—

 
—

 
—

Cash equivalents
14

 
—

 
—

 
—

 
—

 
14

 
8

 
—

 
—

 
—

 
8

Other investments(d)
 
 
 
 
 
 
 
 
 
 


 
 
 
 
 
 
 
 
 


Equity securities
118

 
—

 
—

 
—

 
—

 
118

 
104

 
—

 
—

 
—

 
104

Fixed income securities
72

 
—

 
—

 
—

 
—

 
72

 
58

 
—

 
—

 
—

 
58

Cash equivalents
4

 
—

 
—

 
—

 
—

 
4

 
3

 
—

 
—

 
—

 
3

Derivative assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commodity Contracts:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Natural Gas
148

 
112

 
97

 
—

 
(256
)
 
101

 
216

 
79

 
53

 
(306
)
 
42

Electricity
—

 
243

 
42

 
—

 
(241
)
 
44

 
—

 
154

 
39

 
(157
)
 
36

Other
—

 
—

 
9

 
—

 
—

 
9

 
—

 
—

 
2

 
—

 
2

Foreign currency exchange contracts
—

 
1

 
—

 
—

 
(1
)
 
—

 
—

 
6

 
—

 
(5
)
 
1

Total derivative assets
148

 
356

 
148

 
—

 
(498
)
 
154

 
216

 
239

 
94

 
(468
)
 
81

Total
$
1,368

 
$
836

 
$
148

 
$
5

 
$
(498
)
 
$
1,859

 
$
1,301

 
$
656

 
$
94

 
$
(468
)
 
$
1,583

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commodity Contracts:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Natural Gas
$
(141
)
 
$
(111
)
 
$
(126
)
 
$
—

 
$
263

 
$
(115
)
 
$
(226
)
 
$
(86
)
 
$
(149
)
 
$
321

 
$
(140
)
Electricity
—

 
(245
)
 
(30
)
 
—

 
246

 
(29
)
 
—

 
(159
)
 
(30
)
 
163

 
(26
)
Other
—

 
—

 
(1
)
 
—

 
1

 
—

 
—

 
—

 
(3
)
 
2

 
(1
)
Foreign currency exchange contracts
—

 
(3
)
 
—

 
—

 
1

 
(2
)
 
—

 
(3
)
 
—

 
3

 
—

Total derivative liabilities
(141
)
 
(359
)
 
(157
)
 
—

 
511

 
(146
)
 
(226
)
 
(248
)
 
(182
)
 
489

 
(167
)
Total
$
(141
)
 
$
(359
)
 
$
(157
)
 
$
—

 
$
511

 
$
(146
)
 
$
(226
)
 
$
(248
)
 
$
(182
)
 
$
489

 
$
(167
)
Net Assets (Liabilities) at end of period
$
1,227

 
$
477

 
$
(9
)
 
$
5

 
$
13

 
$
1,713

 
$
1,075

 
$
408

 
$
(88
)
 
$
21

 
$
1,416

Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current
$
157

 
$
298

 
$
104

 
$
—

 
$
(437
)
 
$
122

 
$
205

 
$
199

 
$
60

 
$
(400
)
 
$
64

Noncurrent
1,211

 
538

 
44

 
5

 
(61
)
 
1,737

 
1,096

 
457

 
34

 
(68
)
 
1,519

Total Assets
$
1,368

 
$
836

 
$
148

 
$
5

 
$
(498
)
 
$
1,859

 
$
1,301

 
$
656

 
$
94

 
$
(468
)
 
$
1,583

Liabilities:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current
$
(137
)
 
$
(313
)
 
$
(108
)
 
$
—

 
$
459

 
$
(99
)
 
$
(203
)
 
$
(211
)
 
$
(79
)
 
$
424

 
$
(69
)
Noncurrent
(4
)
 
(46
)
 
(49
)
 
—

 
52

 
(47
)
 
(23
)
 
(37
)
 
(103
)
 
65

 
(98
)
Total Liabilities
$
(141
)
 
$
(359
)
 
$
(157
)
 
$
—

 
$
511

 
$
(146
)
 
$
(226
)
 
$
(248
)
 
$
(182
)
 
$
489

 
$
(167
)
Net Assets (Liabilities) at end of period
$
1,227

 
$
477

 
$
(9
)
 
$
5

 
$
13

 
$
1,713

 
$
1,075

 
$
408

 
$
(88
)
 
$
21

 
$
1,416


_______________________________________
(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)
At December 31, 2017, available-for-sale securities of $19 million included $8 million and $11 million of cash equivalents included in Restricted cash and Other investments on DTE Energy's Consolidated Statements of Financial Position, respectively. At December 31, 2016, available-for-sale securities of $17 million, included $7 million and $10 million of cash equivalents included in Restricted cash and Other investments on DTE Energy's Consolidated Statements of Financial Position, respectively.
(d)
Excludes cash surrender value of life insurance investments.
The following table presents assets for DTE Electric measured and recorded at fair value on a recurring basis:
 
December 31, 2017
 
December 31, 2016
 
Level 1
 
Level 2
 
Level 3
 
Other(a)
 
Net Balance
 
Level 1
 
Level 2
 
Level 3
 
Net Balance
 
(In millions)
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash equivalents(b)
$
8

 
$
3

 
$
—

 
$
—

 
$
11

 
$
8

 
$
3

 
$
—

 
$
11

Nuclear decommissioning trusts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity securities
978

 
—

 
—

 
—

 
978

 
887

 
—

 
—

 
887

Fixed income securities
18

 
477

 
—

 
—

 
495

 
11

 
414

 
—

 
425

Private equity securities
—

 
—

 
—

 
5

 
5

 
—

 
—

 
—

 
—

Cash equivalents
14

 
—

 
—

 
—

 
14

 
8

 
—

 
—

 
8

Other investments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity securities
11

 
—

 
—

 
—

 
11

 
9

 
—

 
—

 
9

Derivative assets — FTRs
—

 
—

 
9

 
—

 
9

 
—

 
—

 
2

 
2

Total
$
1,029

 
$
480

 
$
9

 
$
5

 
$
1,523

 
$
923

 
$
417

 
$
2

 
$
1,342

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Assets:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current
$
8

 
$
3

 
$
9

 
$
—

 
$
20

 
$
8

 
$
3

 
$
2

 
$
13

Noncurrent
1,021

 
477

 
—

 
5

 
1,503

 
915

 
414

 
—

 
1,329

Total Assets
$
1,029

 
$
480

 
$
9

 
$
5

 
$
1,523

 
$
923

 
$
417

 
$
2

 
$
1,342

_______________________________________
(a)
Amounts represent assets valued at NAV as a practical expedient for fair value.
(b)
At December 31, 2017, available-for-sale securities of $11 million consisted of cash equivalents included in Other investments on DTE Electric's Consolidated Statements of Financial Position. At December 31, 2016, available-for-sale securities of $11 million consisted of cash equivalents included in Other investments on DTE Electric's Consolidated Statements of Financial Position.
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis Level 3 Roll Forward
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 for the years ended December 31, 2017 and 2016:
 
Year Ended December 31, 2017
 
Year Ended December 31, 2016
 
Natural Gas
 
Electricity
 
Other
 
Total
 
Natural Gas
 
Electricity
 
Other
 
Total
 
(In millions)
Net Assets (Liabilities) as of January 1
$
(96
)
 
$
9

 
$
(1
)
 
$
(88
)
 
$
(5
)
 
$
6

 
$
(5
)
 
$
(4
)
Transfers into Level 3 from Level 2
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Transfers from Level 3 into Level 2
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Total gains (losses)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Included in earnings
(29
)
 
109

 
2

 
82

 
(159
)
 
(2
)
 
1

 
(160
)
Recorded in Regulatory liabilities
—

 
—

 
25

 
25

 
—

 
—

 
6

 
6

Purchases, issuances, and settlements:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Purchases
—

 
—

 
—

 
—

 
—

 
1

 
—

 
1

Settlements
96

 
(106
)
 
(18
)
 
(28
)
 
68

 
4

 
(3
)
 
69

Net Assets (Liabilities) as of December 31
$
(29
)
 
$
12

 
$
8

 
$
(9
)
 
$
(96
)
 
$
9

 
$
(1
)
 
$
(88
)
The amount of total gains (losses) included in Net Income attributed to the change in unrealized gains (losses) related to assets and liabilities held at December 31, 2017 and 2016 and reflected in Operating Revenues — Non-utility operations and Fuel, purchased power, and gas — non-utility in DTE Energy's Consolidated Statements of Operations
$
(30
)
 
$
50

 
$
1

 
$
21

 
$
(166
)
 
$
7

 
$
2

 
$
(157
)

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 for the years ended December 31, 2017 and 2016:
 
Year Ended December 31,
 
2017
 
2016
 
(In millions)
Net Assets as of January 1
$
2

 
$
3

Change in fair value recorded in Regulatory liabilities
25

 
6

Purchases, issuances, and settlements:
 
 
 
Settlements
(18
)
 
(7
)
Net Assets as of December 31
$
9

 
$
2

The amount of total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at December 31, 2017 and 2016 and reflected in DTE Electric's Consolidated Statements of Financial Position
$
9

 
$
2
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques
The following tables present the unobservable inputs related to DTE Energy's Level 3 assets and liabilities as of December 31, 2017 and 2016:
 
 
December 31, 2017
 
 
 
 
 
 
 
 
 
 
 
Commodity Contracts
 
Derivative Assets
 
Derivative Liabilities
 
Valuation Techniques
 
Unobservable Input
 
Range
 
Weighted Average
 
 
(In millions)
 
 
 
 
 
 
 
 
 
 
 
Natural Gas
 
$
97

 
$
(126
)
 
Discounted Cash Flow
 
Forward basis price (per MMBtu)
 
$
(1.10
)
—
 
$
9.75
/MMBtu
 
$
(0.03
)/MMBtu
Electricity
 
$
42

 
$
(30
)
 
Discounted Cash Flow
 
Forward basis price (per MWh)
 
$
(5
)
—
 
$
15
/MWh
 
$
2
/MWh
 
 
December 31, 2016
 
 
 
 
 
 
 
 
 
 
 
Commodity Contracts
 
Derivative Assets
 
Derivative Liabilities
 
Valuation Techniques
 
Unobservable Input
 
Range
 
Weighted Average
 
 
(In millions)
 
 
 
 
 
 
 
 
 
 
 
Natural Gas
 
$
53

 
$
(149
)
 
Discounted Cash Flow
 
Forward basis price (per MMBtu)
 
$
(1.00
)
—
 
$
7.90
/MMBtu
 
$
(0.05
)/MMBtu
Electricity
 
$
39

 
$
(30
)
 
Discounted Cash Flow
 
Forward basis price (per MWh)
 
$
(6
)
—
 
$
12
/MWh
 
$
1
/MWh
Fair Value of Financial Instruments
The following table presents the carrying amount and fair value of financial instruments for DTE Energy as of December 31, 2017 and 2016:
 
December 31, 2017
 
December 31, 2016
 
Carrying
 
Fair Value
 
Carrying
 
Fair Value
 
Amount
 
Level 1
 
Level 2
 
Level 3
 
Amount
 
Level 1
 
Level 2
 
Level 3
 
(In millions)
Notes receivable(a), excluding capital leases
$
38

 
$
—

 
$
—

 
$
38

 
$
36

 
$
—

 
$
—

 
$
36

Dividends payable
$
158

 
$
158

 
$
—

 
$
—

 
$
148

 
$
148

 
$
—

 
$
—

Short-term borrowings
$
621

 
$
—

 
$
621

 
$
—

 
$
499

 
$
—

 
$
499

 
$
—

Notes payable — Other(b), excluding capital leases
$
12

 
$
—

 
$
—

 
$
12

 
$
17

 
$
—

 
$
—

 
$
17

Long-term debt(c)
$
12,288

 
$
1,939

 
$
10,571

 
$
764

 
$
11,270

 
$
1,465

 
$
9,384

 
$
1,056


_______________________________________
(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, unamortized debt discounts, premiums, and issuance costs. Excludes Capital lease obligations.
The following table presents the carrying amount and fair value of financial instruments for DTE Electric as of December 31, 2017 and 2016:
 
December 31, 2017
 
December 31, 2016
 
Carrying
 
Fair Value
 
Carrying
 
Fair Value
 
Amount
 
Level 1
 
Level 2
 
Level 3
 
Amount
 
Level 1
 
Level 2
 
Level 3
 
(In millions)
Notes receivable(a), excluding capital leases
$
—

 
$
—

 
$
—

 
$
—

 
$
5

 
$
—

 
$
—

 
$
5

Short-term borrowings — affiliates
$
116

 
$
—

 
$
—

 
$
116

 
$
117

 
$
—

 
$
—

 
$
117

Short-term borrowings — other
$
238

 
$
—

 
$
238

 
$
—

 
62

 
$
—

 
$
62

 
$
—

Notes payable — Other(b), excluding capital leases
$
2

 
$
—

 
$
—

 
$
2

 
$
6

 
$
—

 
$
—

 
$
6

Long-term debt(c)
$
6,017

 
$
—

 
$
6,441

 
$
171

 
$
5,878

 
$
—

 
$
6,026

 
$
264


_______________________________________
(a)
Current portion 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, unamortized debt discounts, and issuance costs. Excludes Capital lease obligations.
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, 2017
 
December 31, 2016
 
(In millions)
Fermi 2
$
1,475

 
$
1,291

Fermi 1
3

 
3

Low-level radioactive waste
14

 
26


$
1,492

 
$
1,320
Schedule of Realized Gain (Loss) for Nuclear Decomissioning 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,
 
2017
 
2016
 
2015
 
(In millions)
Realized gains
$
83

 
$
74

 
$
39

Realized losses
$
(29
)
 
$
(63
)
 
$
(33
)
Proceeds from sale of securities
$
1,240

 
$
1,457

 
$
885
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, 2017
 
December 31, 2016
 
Fair
Value
 
Unrealized
Gains
 
Unrealized Losses
 
Fair
Value
 
Unrealized
Gains
 
Unrealized Losses
 
(In millions)
Equity securities
$
978

 
$
320

 
$
(32
)
 
$
887

 
$
222

 
$
(46
)
Fixed income securities
495

 
13

 
(3
)
 
425

 
11

 
(5
)
Private equity securities
5

 
—

 
—

 
—

 
—

 
—

Cash equivalents
14

 
—

 
—

 
8

 
—

 
—

 
$
1,492

 
$
333


$
(35
)
 
$
1,320

 
$
233


$
(51
)
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, 2017
 
(In millions)
Due within one year
$
23

Due after one through five years
102

Due after five through ten years
115

Due after ten years
255

 
$
495