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Retirement Benefits and Trusteed Assets
 12 Months Ended
Dec. 31, 2019
Defined Benefit Plan [Abstract]  
Retirement Benefits and Trusteed Assets RETIREMENT BENEFITS AND TRUSTEED ASSETS
DTE Energy's subsidiary, DTE Energy Corporate Services, LLC, sponsors defined benefit pension plans and other postretirement plans covering certain employees of the Registrants.
The table below represents the pension and other postretirement benefit plans of each Registrant at December 31, 2019:
 
Registrants
 
DTE Energy
 
DTE Electric
Qualified Pension Plans
 
 
 
DTE Energy Company Retirement Plan
X
 
X
DTE Gas Company Retirement Plan for Employees Covered by Collective Bargaining Agreements
X
 
 
Shenango Inc. Pension Plan
X
 
 
Nonqualified Pension Plans
 
 
 
DTE Energy Company Supplemental Retirement Plan
X
 
X
DTE Energy Company Executive Supplemental Retirement Plan(a)
X
 
X
DTE Energy Company Supplemental Severance Benefit Plan
X
 
 
Other Postretirement Benefit Plans
 
 
 
The DTE Energy Company Comprehensive Non-Health Welfare Plan
X
 
X
The DTE Energy Company Comprehensive Retiree Group Health Care Plan
X
 
X
DTE Supplemental Retiree Benefit Plan
X
 
X
DTE Energy Company Retiree Reimbursement Arrangement Plan
X
 
X
_____________________________________
(a)
Sponsored by the DTE Energy subsidiary, DTE Energy Holding Company.
DTE Electric participates in various plans that provide pension and other postretirement benefits for DTE Energy and its affiliates. The plans are sponsored by the LLC. DTE Electric accounts for its participation in DTE Energy's qualified and nonqualified pension plans by applying multiemployer accounting. DTE Electric accounts for its participation in other postretirement benefit plans by applying multiple-employer accounting. Within multiemployer and multiple-employer plans, participants pool plan assets for investment purposes and to reduce the cost of plan administration. The primary difference between plan types is assets contributed in multiemployer plans can be used to provide benefits for all participating employers, while assets contributed within a multiple-employer plan are restricted for use by the contributing employer. As a result of multiemployer accounting treatment, capitalized costs associated with these plans are reflected in Property, plant, and equipment in DTE Electric's Consolidated Statements of Financial Position. The same capitalized costs are reflected as Regulatory assets and liabilities in DTE Energy's Consolidated Statements of Financial Position. In addition, the service cost and non-service cost components are presented in Operation and maintenance in DTE Electric's Consolidated Statements of Operations. The same non-service cost components are presented in Other (Income) and Deductions — Non-operating retirement benefits, net in DTE Energy's Consolidated Statements of Operations. Plan participants of all plans are solely DTE Energy and affiliate participants.
Pension Plan Benefits
DTE Energy has qualified defined benefit retirement plans for eligible represented and non-represented employees. The plans are noncontributory and provide traditional retirement benefits based on the employee's years of benefit service, average final compensation, and age at retirement. In addition, certain represented and non-represented employees are covered under cash balance provisions that determine benefits on annual employer contributions and interest credits. DTE Energy also maintains supplemental nonqualified, noncontributory, retirement benefit plans for certain management employees. These plans provide for benefits that supplement those provided by DTE Energy’s other retirement plans.
Net pension cost for DTE Energy includes the following components:
 
2019
 
2018
 
2017
 
(In millions)
Service cost
$
84

 
$
99

 
$
92

Interest cost
219

 
202

 
214

Expected return on plan assets
(325
)
 
(329
)
 
(311
)
Amortization of:
 
 
 
 
 
Net actuarial loss
133

 
176

 
176

Prior service cost
1

 
—

 
1

Net pension cost
$
112

 
$
148

 
$
172


 
2019
 
2018
 
(In millions)
Other changes in plan assets and benefit obligations recognized in Regulatory assets and Other comprehensive income (loss)
 
 
 
Net actuarial loss
$
156

 
$
125

Amortization of net actuarial loss
(133
)
 
(176
)
Amortization of prior service cost
(1
)
 
—

Total recognized in Regulatory assets and Other comprehensive income (loss)
$
22

 
$
(51
)
Total recognized in net periodic pension cost, Regulatory assets, and Other comprehensive income (loss)
$
134

 
$
97

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
$
171

 
$
131

Prior service cost
$
1

 
$
1


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 DTE Energy's Consolidated Statements of Financial Position at December 31:
 
DTE Energy
 
2019
 
2018
 
(In millions)
Accumulated benefit obligation, end of year
$
5,387

 
$
4,779

Change in projected benefit obligation
 
 
 
Projected benefit obligation, beginning of year
$
5,124

 
$
5,576

Service cost
84

 
99

Interest cost
219

 
202

Actuarial (gain) loss
719

 
(438
)
Benefits paid
(336
)
 
(315
)
Projected benefit obligation, end of year
$
5,810

 
$
5,124

Change in plan assets
 
 
 
Plan assets at fair value, beginning of year
$
4,273

 
$
4,636

Actual return on plan assets
888

 
(233
)
Company contributions
168

 
185

Benefits paid
(336
)
 
(315
)
Plan assets at fair value, end of year
$
4,993

 
$
4,273

Funded status
$
(817
)
 
$
(851
)
Amount recorded as:
 
 
 
Current liabilities
$
(9
)
 
$
(14
)
Noncurrent liabilities
(808
)
 
(837
)
 
$
(817
)
 
$
(851
)
Amounts recognized in Accumulated other comprehensive income (loss), pre-tax
 
 
 
Net actuarial loss
$
153

 
$
152

Prior service cost
4

 
5

 
$
157

 
$
157

Amounts recognized in Regulatory assets(a)
 
 
 
Net actuarial loss
$
1,995

 
$
1,973

Prior service credit
(12
)
 
(12
)
 
$
1,983

 
$
1,961

______________________________________
(a)
See Note 10 to the Consolidated Financial Statements, "Regulatory Matters."
The Registrants' policy is to fund pension costs by contributing amounts consistent with the provisions of the Pension Protection Act of 2006, and additional amounts when it deems appropriate. The following table provides contributions to the qualified pension plans in:
 
2019
 
2018
 
2017
 
(In millions)
DTE Energy
$
150

 
$
175

 
$
223

DTE Electric
$
100

 
$
175

 
$
185


During 2019, DTE Energy contributed the following amounts of DTE Energy common stock to the DTE Energy Company Affiliates Employee Benefit Plans Master Trust:
Date
 
Number of Shares
 
Price per Share
 
Amount
 
 
 
 
 
 
(In millions)
March 5, 2019
 
814,597
 
$122.76
 
$
100


The above contribution was made on behalf of DTE Electric, for which DTE Electric paid DTE Energy cash consideration of $100 million in March 2019. DTE Energy made additional cash contributions of $50 million to the qualified pension plans in 2019.
At the discretion of management, and depending upon financial market conditions, DTE Energy anticipates making up to $185 million in contributions, including $160 million of DTE Electric contributions, to the qualified pension plans in 2020.
DTE Energy's subsidiaries are responsible for their share of qualified and nonqualified pension benefit costs. DTE Electric's allocated portion of pension benefit costs included in capital expenditures and operating and maintenance expense were $93 million for the year ended December 31, 2019, $120 million for the year ended December 31, 2018, and $136 million for the year ended December 31, 2017. These amounts include recognized contractual termination benefit charges, curtailment gains, and settlement charges.
At December 31, 2019, the benefits related to DTE Energy's qualified and nonqualified 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:
 
(In millions)
2020
$
311

2021
319

2022
324

2023
330

2024
334

2025-2029
1,723

Total
$
3,341


Assumptions used in determining the projected benefit obligation and net pension costs of DTE Energy are:
 
2019
 
2018
 
2017
Projected benefit obligation
 
 
 
 
 
Discount rate
3.28%
 
4.40%
 
3.70%
Rate of compensation increase
4.98%
 
4.98%
 
4.98%
Net pension costs
 
 
 
 
 
Discount rate
4.40%
 
3.70%
 
4.25%
Rate of compensation increase
4.98%
 
4.98%
 
4.65%
Expected long-term rate of return on plan assets
7.30%
 
7.50%
 
7.50%

DTE Energy employs a formal process in determining the long-term rate of return for various asset classes. Management reviews historic financial market risks and returns and long-term historic relationships between the asset classes of equities, fixed income, and other assets, consistent with the widely accepted capital market principle that asset classes with higher volatility generate a greater return over the long-term. Current market factors such as inflation, interest rates, asset class risks, and asset class returns are evaluated and considered before long-term capital market assumptions are determined. The long-term portfolio return is also established employing a consistent formal process, with due consideration of diversification, active investment management, and rebalancing. Peer data is reviewed to check for reasonableness. As a result of this process, the Registrants have long-term rate of return assumptions for the pension plans of 7.10% and other postretirement benefit plans of 7.20% for 2020. The Registrants believe these rates are a reasonable assumption for the long-term rate of return on plan assets for 2020 given the current investment strategy.
The DTE Energy Company Affiliates Employee Benefit Plans Master Trust employs a liability driven investment program whereby the characteristics of plan liabilities are considered when determining investment policy. Risk tolerance is established through consideration of future plan cash flows, plan funded status, and corporate financial considerations. The investment portfolio contains a diversified blend of equity, fixed income, and other investments. Furthermore, equity investments are diversified across U.S. and non-U.S. stocks and large and small market capitalizations. Fixed income investments generally include U.S. Treasuries, other governmental debt, diversified corporate bonds, bank loans, and mortgage-backed securities. Other investments are used to enhance long-term returns while improving portfolio diversification. Derivatives may be utilized in a risk controlled manner, to potentially increase the portfolio beyond the market value of invested assets and/or reduce portfolio investment risk. Investment risk is measured and monitored on an ongoing basis through annual liability measurements, periodic asset/liability studies, and quarterly investment portfolio reviews.
Target allocations for DTE Energy's pension plan assets as of December 31, 2019 are listed below:
U.S. Large Capitalization (Cap) Equity Securities
16
%
U.S. Small Cap and Mid Cap Equity Securities
4

Non-U.S. Equity Securities
15

Fixed Income Securities
42

Hedge Funds and Similar Investments
14

Private Equity and Other
9

 
100
%

The following tables provide the fair value measurement amounts for DTE Energy's pension plan assets at December 31, 2019 and 2018(a):
 
December 31, 2019
 
December 31, 2018
 
Level 1
 
Level 2
 
Other(b)
 
Total
 
Level 1
 
Level 2
 
Other(b)
 
Total
DTE Energy asset category:
(In millions)
Short-term Investments(c)
$
99

 
$
—

 
$
—

 
$
99

 
$
—

 
$
27

 
$
—

 
$
27

Equity Securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Domestic(d)
172

 
—

 
870

 
1,042

 
729

 
4

 
—

 
733

International(e)
387

 
—

 
322

 
709

 
337

 
9

 
240

 
586

Fixed Income Securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Governmental(f)
569

 
—

 
—

 
569

 
—

 
868

 
—

 
868

Corporate(g)
—

 
1,452

 
—

 
1,452

 
6

 
1,024

 
—

 
1,030

Hedge Funds and Similar Investments(h)
169

 
—

 
502

 
671

 
88

 
—

 
542

 
630

Private Equity and Other(i)
—

 
—

 
451

 
451

 
—

 
—

 
399

 
399

DTE Energy Total
$
1,396

 
$
1,452

 
$
2,145

 
$
4,993

 
$
1,160

 
$
1,932

 
$
1,181

 
$
4,273

_______________________________________
(a)
For a description of levels within the fair value hierarchy, see Note 13 to the Consolidated Financial Statements, "Fair Value."
(b)
Amounts represent assets valued at NAV as a practical expedient for fair value.
(c)
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.
(d)
This category represents portfolios of large, medium and small capitalization domestic equities. Investments in this category include exchange-traded securities for which unadjusted quoted prices can be obtained and exchange-traded securities held in a commingled fund classified as NAV assets.
(e)
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 quoted prices can be obtained. Exchange-traded securities held in a commingled fund are classified as NAV assets.
(f)
This category includes U.S. Treasuries, bonds, and other governmental debt. Pricing for investments in this category is obtained from quoted prices in actively traded markets and quotations from broker or pricing services.
(g)
This category primarily consists of corporate bonds from diversified industries, 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.
(h)
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.
(i)
This category includes a diversified group of funds and strategies that primarily invests in private equity partnerships. This category also includes investments in real estate and private debt. All pricing for investments in this category are classified as NAV assets.

The pension trust holds debt and equity securities directly and indirectly through commingled funds. Exchange-traded debt and equity securities held directly are valued using quoted market prices in actively traded markets. The commingled funds hold exchange-traded equity or debt securities and are valued based on stated NAVs. Non-exchange traded fixed income securities are valued by the trustee based upon quotations available from brokers or pricing services. A primary price source is identified by asset type, class, or issue for each security. The trustee monitors prices supplied by pricing services and may use a supplemental price source or change the primary price source of a given security if the trustee challenges an assigned price and determines that another price source is considered preferable. DTE Energy has obtained an understanding of how these prices are derived, including the nature and observability of the inputs used in deriving such prices.
Other Postretirement Benefits
The Registrants participate in defined benefit plans sponsored by the LLC that provide certain other postretirement health care and life insurance benefits for employees who are eligible for these benefits. The Registrants' policy is to fund certain trusts to meet its other postretirement benefit obligations. DTE Energy did not make any contributions to these trusts during 2019 and does not anticipate making any contributions to the trusts in 2020.
DTE Energy and DTE Electric offer a defined contribution VEBA for eligible represented and non-represented employees, in lieu of defined benefit post-employment health care benefits. The Registrants allocate a fixed amount per year to an account in a defined contribution VEBA for each employee. These accounts are managed either by the Registrant (for non-represented and certain represented groups) or by the Utility Workers of America for Local 223 employees. DTE Energy contributions to the VEBA for these accounts were $13 million in 2019, $11 million in 2018, and $8 million in 2017, including DTE Electric contributions of $6 million in 2019 and $5 million in 2018 and 2017.
The Registrants also contribute a fixed amount to a Retiree Reimbursement Account, for certain non-represented and represented retirees, spouses, and surviving spouses when the youngest of the retiree's covered household becomes eligible for Medicare Part A based on age. The amount of the annual allocation to each participant is determined by the employee's retirement date and increases each year for each eligible participant at the lower of the rate of medical inflation or 2%.
Net other postretirement credit for DTE Energy includes the following components:
 
2019
 
2018
 
2017
 
(In millions)
Service cost
$
22

 
$
27

 
$
27

Interest cost
70

 
69

 
73

Expected return on plan assets
(96
)
 
(143
)
 
(130
)
Amortization of:
 
 
 
 
 
Net actuarial loss
12

 
11

 
13

Prior service credit
(9
)
 
—

 
(14
)
Net other postretirement credit
$
(1
)
 
$
(36
)
 
$
(31
)
 
2019
 
2018
 
(In millions)
Other changes in plan assets and accumulated postretirement benefit obligation recognized in Regulatory assets and Other comprehensive income (loss)
 
 
 
Net actuarial (gain) loss
$
34

 
$
(8
)
Amortization of net actuarial loss
(12
)
 
(11
)
Prior service credit
(53
)
 
(44
)
Amortization of prior service credit
9

 
—

Total recognized in Regulatory assets and Other comprehensive income (loss)
$
(22
)
 
$
(63
)
Total recognized in net periodic benefit cost, Regulatory assets, and Other comprehensive income (loss)
$
(23
)
 
$
(99
)
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

 
$
12

Prior service credit
$
(19
)
 
$
(9
)

Net other postretirement credit for DTE Electric includes the following components:
 
2019
 
2018
 
2017
 
(In millions)
Service cost
$
16

 
$
20

 
$
20

Interest cost
53

 
53

 
56

Expected return on plan assets
(65
)
 
(98
)
 
(90
)
Amortization of:
 
 
 
 
 
Net actuarial loss
5

 
8

 
8

Prior service credit
(7
)
 
—

 
(10
)
Net other postretirement cost (credit)
$
2

 
$
(17
)
 
$
(16
)

 
2019
 
2018
 
(In millions)
Other changes in plan assets and accumulated postretirement benefit obligation recognized in Regulatory assets
 
 
 
Net actuarial (gain) loss
$
41

 
$
(46
)
Amortization of net actuarial loss
(5
)
 
(8
)
Prior service cost
(33
)
 
—

Amortization of prior service (cost) credit
7

 
(35
)
Total recognized in Regulatory assets
$
10

 
$
(89
)
Total recognized in net periodic benefit cost and Regulatory assets
$
12

 
$
(106
)
Estimated amounts to be amortized from Regulatory assets into net periodic benefit cost during next fiscal year
 
 
 
Net actuarial loss
$
11

 
$
5

Prior service credit
$
(14
)
 
$
(7
)

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
 
2019
 
2018
 
2019
 
2018
 
(In millions)
Change in accumulated postretirement benefit obligation
 
 
 
 
 
 
 
Accumulated postretirement benefit obligation, beginning of year
$
1,645

 
$
1,910

 
$
1,247

 
$
1,470

Service cost
22

 
27

 
16

 
20

Interest cost
70

 
69

 
53

 
53

Plan amendments
(53
)
 
(44
)
 
(33
)
 
(35
)
Actuarial (gain) loss
153

 
(227
)
 
118

 
(196
)
Benefits paid
(86
)
 
(90
)
 
(64
)
 
(65
)
Accumulated postretirement benefit obligation, end of year
$
1,751

 
$
1,645

 
$
1,337

 
$
1,247

Change in plan assets
 
 
 
 
 
 
 
Plan assets at fair value, beginning of year
$
1,689

 
$
1,848

 
$
1,158

 
$
1,272

Actual return on plan assets
215

 
(75
)
 
141

 
(52
)
Benefits paid
(85
)
 
(84
)
 
(63
)
 
(62
)
Plan assets at fair value, end of year
$
1,819

 
$
1,689

 
$
1,236

 
$
1,158

Funded status
$
68

 
$
44

 
$
(101
)
 
$
(89
)
Amount recorded as:
 
 
 
 
 
 
 
Noncurrent assets
$
69

 
$
45

 
$
266

 
$
189

Current liabilities
(1
)
 
(1
)
 
—

 
—

Noncurrent liabilities
—

 
—

 
(367
)
 
(278
)
 
$
68

 
$
44

 
$
(101
)
 
$
(89
)
Amounts recognized in Accumulated other comprehensive income (loss), pre-tax
 
 
 
 
 
 
 
Net actuarial (gain) loss
$
(8
)
 
$
1

 
$
—

 
$
—

 
$
(8
)
 
$
1

 
$
—

 
$
—

Amounts recognized in Regulatory assets(a)
 
 
 
 
 
 
 
Net actuarial loss
$
289

 
$
257

 
$
193

 
$
156

Prior service credit
(88
)
 
(44
)
 
(62
)
 
(35
)
 
$
201

 
$
213

 
$
131

 
$
121

______________________________________
(a)
See Note 10 to the Consolidated Financial Statements, "Regulatory Matters."
At December 31, 2019, 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)
2020
$
84

 
$
64

2021
88

 
67

2022
92

 
70

2023
94

 
72

2024
96

 
73

2025-2029
496

 
378

Total
$
950

 
$
724


Assumptions used in determining the accumulated postretirement benefit obligation and net other postretirement benefit costs of the Registrants are:
 
2019
 
2018
 
2017
Accumulated postretirement benefit obligation
 
 
 
 
 
Discount rate
3.29%
 
4.40%
 
3.70%
Health care trend rate pre- and post- 65
6.75 / 7.25%
 
6.75 / 7.25%
 
6.75 / 7.25%
Ultimate health care trend rate
4.50%
 
4.50%
 
4.50%
Year in which ultimate reached pre- and post- 65
2032
 
2031
 
2030
Other postretirement benefit costs
 
 
 
 
 
Discount rate
4.40%
 
3.70%
 
4.25%
Expected long-term rate of return on plan assets
7.30%
 
7.75%
 
7.75%
Health care trend rate pre- and post- 65
6.75 / 7.25%
 
6.75 / 7.25%
 
6.50 / 6.75%
Ultimate health care trend rate
4.50%
 
4.50%
 
4.50%
Year in which ultimate reached pre- and post- 65
2031
 
2030
 
2028

A one percentage point increase in health care cost trend rates would have increased the total service cost and interest cost components of benefit costs for DTE Energy by $3 million, including $2 million for DTE Electric, in 2019 and would have increased the accumulated benefit obligation for DTE Energy by $62 million, including $44 million for DTE Electric, at December 31, 2019. A one percentage point decrease in the health care cost trend rates would have decreased the total service and interest cost components of benefit costs for DTE Energy by $3 million, including $2 million for DTE Electric, in 2019 and would have decreased the accumulated benefit obligation for DTE Energy by $54 million, including $39 million for DTE Electric, at December 31, 2019.
The process used in determining the long-term rate of return on assets for the other postretirement benefit plans is similar to that previously described for the pension plans.
The DTE Energy Company Master VEBA Trust employs a liability driven investment program whereby the characteristics of plan liabilities are considered when determining investment policy. Risk tolerance is established through consideration of future plan cash flows, plan funded status, and corporate financial considerations. The investment portfolio contains a diversified blend of equity, fixed income, and other investments. Furthermore, equity investments are diversified across U.S. and non-U.S. stocks and large and small market capitalizations. Fixed income investments generally include U.S. Treasuries, other governmental debt, diversified corporate bonds, bank loans, and mortgage-backed securities. Other investments are used to enhance long-term returns while improving portfolio diversification. Derivatives may be utilized in a risk controlled manner to potentially increase the portfolio beyond the market value of invested assets and/or reduce portfolio investment risk. Investment risk is measured and monitored on an ongoing basis through annual liability measurements, periodic asset/liability studies, and quarterly investment portfolio reviews.
Target allocations for the Registrants' other postretirement benefit plan assets as of December 31, 2019 are listed below:
U.S. Large Cap Equity Securities
16
%
U.S. Small Cap and Mid Cap Equity Securities
3

Non-U.S. Equity Securities
16

Fixed Income Securities
37

Hedge Funds and Similar Investments
14

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, 2019 and 2018(a):
 
December 31, 2019
 
December 31, 2018
 
Level 1
 
Level 2
 
Other(b)
 
Total
 
Level 1
 
Level 2
 
Other(b)
 
Total
DTE Energy asset category:
(In millions)
Short-term Investments(c)
$
80

 
$
—

 
$
—

 
$
80

 
$
14

 
$
2

 
$
—

 
$
16

Equity Securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Domestic(d)
51

 
—

 
273

 
324

 
300

 
—

 
—

 
300

International(e)
182

 
—

 
89

 
271

 
234

 
—

 
67

 
301

Fixed Income Securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Governmental(f)
74

 
—

 
—

 
74

 
—

 
85

 
—

 
85

Corporate(g)
—

 
256

 
251

 
507

 
11

 
265

 
130

 
406

Hedge Funds and Similar Investments(h)
71

 
—

 
182

 
253

 
97

 
—

 
203

 
300

Private Equity and Other(i)
—

 
—

 
310

 
310

 
—

 
—

 
281

 
281

DTE Energy Total
$
458

 
$
256

 
$
1,105

 
$
1,819

 
$
656

 
$
352

 
$
681

 
$
1,689

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
DTE Electric asset category:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Short-term Investments(c)
$
55

 
$
—

 
$
—

 
$
55

 
$
10

 
$
1

 
$
—

 
$
11

Equity Securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Domestic(d)
34

 
—

 
185

 
219

 
206

 
—

 
—

 
206

International(e)
124

 
—

 
60

 
184

 
163

 
—

 
45

 
208

Fixed Income Securities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Governmental(f)
48

 
—

 
—

 
48

 
—

 
53

 
—

 
53

Corporate(g)
—

 
168

 
176

 
344

 
7

 
179

 
92

 
278

Hedge Funds and Similar Investments(h)
49

 
—

 
123

 
172

 
68

 
—

 
139

 
207

Private Equity and Other(i)
—

 
—

 
214

 
214

 
—

 
—

 
195

 
195

DTE Electric Total
$
310

 
$
168

 
$
758

 
$
1,236

 
$
454

 
$
233

 
$
471

 
$
1,158

_______________________________________
(a)
For a description of levels within the fair value hierarchy see Note 13 to the Consolidated Financial Statements, "Fair Value."
(b)
Amounts represent assets valued at NAV as a practical expedient for fair value.
(c)
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.
(d)
This category represents portfolios of large, medium and small capitalization domestic equities. Investments in this category include exchange-traded securities for which unadjusted quoted prices can be obtained and exchange-traded securities held in a commingled fund classified as NAV assets.
(e)
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 quoted prices can be obtained. Exchange-traded securities held in a commingled fund are classified as NAV assets.
(f)
This category includes U.S. Treasuries, bonds and other governmental debt. Pricing for investments in this category is obtained from quoted prices in actively traded markets and quotations from broker or pricing services.
(g)
This category primarily consists of corporate bonds from diversified industries, 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.
(h)
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.
(i)
This category includes a diversified group of funds and strategies that primarily invests in private equity partnerships. This category also includes investments in real estate and private debt. All investments in this category are classified as NAV assets.

The DTE Energy Company Master VEBA Trust holds debt and equity securities directly and indirectly through commingled funds. Exchange-traded debt and equity securities held directly are valued using quoted market prices in actively traded markets. The commingled funds hold exchange-traded equity or debt securities and are valued based on NAVs. Non-exchange traded fixed income securities are valued by the trustee based upon quotations available from brokers or pricing services. A primary price source is identified by asset type, class, or issue for each security. The trustee monitors prices supplied by pricing services and may use a supplemental price source or change the primary price source of a given security if the trustee challenges an assigned price and determines that another price source is considered preferable. The Registrants have obtained an understanding of how these prices are derived, including the nature and observability of the inputs used in deriving such prices.
Defined Contribution Plans
The Registrants also sponsor defined contribution retirement savings plans. Participation in one of these plans is available to substantially all represented and non-represented employees. For substantially all employees, the Registrants match employee contributions up to certain predefined limits based upon eligible compensation and the employee’s contribution rate. Additionally, for eligible represented and non-represented employees who do not participate in the Pension Plans, the Registrants annually contribute an amount equivalent to 4% (8% for certain DTE Gas represented employees) of an employee's eligible pay to the employee's defined contribution retirement savings plan. For DTE Energy, the cost of these plans was $65 million, $61 million, and $57 million for the years ended December 31, 2019, 2018, and 2017, respectively. For DTE Electric, the cost of these plans was $31 million, $29 million, and $27 million for the years ended December 31, 2019, 2018, and 2017, respectively.