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Fair Value (Tables)
 12 Months Ended
Dec. 31, 2019
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(a):
 
December 31, 2019
 
December 31, 2018
 
Level 1
 
Level 2
 
Level 3
 
Other(b)
 
Netting(c)
 
Net Balance
 
Level 1
 
Level 2
 
Level 3
 
Other(b)
 
Netting(c)
 
Net Balance
 
(In millions)
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash equivalents(d)
$
15

 
$
—

 
$
—

 
$
—

 
$
—

 
$
15

 
$
16

 
$
2

 
$
—

 
$
—

 
$
—

 
$
18

Nuclear decommissioning trusts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity securities
1,046

 
—

 
—

 
—

 
—

 
1,046

 
851

 
—

 
—

 
—

 
—

 
851

Fixed income securities
160

 
378

 
—

 
—

 
—

 
538

 
12

 
490

 
—

 
—

 
—

 
502

Private equity and other
—

 
—

 
—

 
43

 
—

 
43

 
—

 
—

 
—

 
20

 
—

 
20

Cash equivalents
34

 
—

 
—

 
—

 
—

 
34

 
5

 
—

 
—

 
—

 
—

 
5

Other investments(e)
 
 
 
 
 
 
 
 
 
 


 
 
 
 
 
 
 
 
 
 
 


Equity securities
140

 
—

 
—

 
—

 
—

 
140

 
110

 
—

 
—

 
—

 
—

 
110

Fixed income securities
79

 
—

 
—

 
—

 
—

 
79

 
69

 
—

 
—

 
—

 
—

 
69

Cash equivalents
4

 
—

 
—

 
—

 
—

 
4

 
4

 
—

 
—

 
—

 
—

 
4

Derivative assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commodity contracts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Natural gas
205

 
76

 
74

 
—

 
(266
)
 
89

 
199

 
87

 
63

 
—

 
(277
)
 
72

Electricity
—

 
223

 
83

 
—

 
(225
)
 
81

 
—

 
247

 
56

 
—

 
(252
)
 
51

Environmental & Other
—

 
110

 
3

 
—

 
(110
)
 
3

 
—

 
—

 
7

 
—

 
(1
)
 
6

Foreign currency exchange contracts
—

 
1

 
—

 
—

 
—

 
1

 
—

 
4

 
—

 
—

 
—

 
4

Total derivative assets
205

 
410

 
160

 
—

 
(601
)
 
174

 
199

 
338

 
126

 
—

 
(530
)
 
133

Total
$
1,683

 
$
788

 
$
160

 
$
43

 
$
(601
)
 
$
2,073

 
$
1,266

 
$
830

 
$
126

 
$
20

 
$
(530
)
 
$
1,712

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commodity contracts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Natural gas
$
(221
)
 
$
(41
)
 
$
(89
)
 
$
—

 
$
266

 
$
(85
)
 
$
(197
)
 
$
(71
)
 
$
(112
)
 
$
—

 
$
272

 
$
(108
)
Electricity
—

 
(231
)
 
(67
)
 
—

 
225

 
(73
)
 
—

 
(227
)
 
(58
)
 
—

 
240

 
(45
)
Environmental & Other
—

 
(121
)
 
—

 
—

 
110

 
(11
)
 
—

 
(1
)
 
—

 
—

 
1

 
—

Interest rate contracts
—

 
—

 
—

 
—

 
—

 
—

 
—

 
(3
)
 
—

 
—

 
—

 
(3
)
Total
$
(221
)
 
$
(393
)
 
$
(156
)
 
$
—

 
$
601

 
$
(169
)
 
$
(197
)
 
$
(302
)
 
$
(170
)
 
$
—

 
$
513

 
$
(156
)
Net Assets (Liabilities) at end of period
$
1,462

 
$
395

 
$
4

 
$
43

 
$
—

 
$
1,904

 
$
1,069

 
$
528

 
$
(44
)
 
$
20

 
$
(17
)
 
$
1,556

Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current
$
218

 
$
320

 
$
123

 
$
—

 
$
(513
)
 
$
148

 
$
212

 
$
273

 
$
96

 
$
—

 
$
(461
)
 
$
120

Noncurrent
1,465

 
468

 
37

 
43

 
(88
)
 
1,925

 
1,054

 
557

 
30

 
20

 
(69
)
 
1,592

Total Assets
$
1,683

 
$
788

 
$
160

 
$
43

 
$
(601
)
 
$
2,073

 
$
1,266

 
$
830

 
$
126

 
$
20

 
$
(530
)
 
$
1,712

Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current
$
(211
)
 
$
(300
)
 
$
(85
)
 
$
—

 
$
513

 
$
(83
)
 
$
(191
)
 
$
(251
)
 
$
(76
)
 
$
—

 
$
451

 
$
(67
)
Noncurrent
(10
)
 
(93
)
 
(71
)
 
—

 
88

 
(86
)
 
(6
)
 
(51
)
 
(94
)
 
—

 
62

 
(89
)
Total Liabilities
$
(221
)
 
$
(393
)
 
$
(156
)
 
$
—

 
$
601

 
$
(169
)
 
$
(197
)
 
$
(302
)
 
$
(170
)
 
$
—

 
$
513

 
$
(156
)
Net Assets (Liabilities) at end of period
$
1,462

 
$
395

 
$
4

 
$
43

 
$
—

 
$
1,904

 
$
1,069

 
$
528

 
$
(44
)
 
$
20

 
$
(17
)
 
$
1,556


_______________________________________
(a)
See footnotes on following page.
_______________________________________
(b)
Amounts represent assets valued at NAV as a practical expedient for fair value.
(c)
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.
(d)
At December 31, 2019, the $15 million consisted of $4 million and $11 million of cash equivalents included in Cash and Cash equivalents and Other investments on DTE Energy's Consolidated Statements of Financial Position, respectively. At December 31, 2018, the $18 million consisted of $3 million, $5 million, and $10 million of cash equivalents included in Cash and Cash equivalents, Restricted cash, and Other investments on DTE Energy's Consolidated Statements of Financial Position, respectively.
(e)
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 as of:
 
December 31, 2019
 
December 31, 2018
 
Level 1
 
Level 2
 
Level 3
 
Other(a)
 
Net Balance
 
Level 1
 
Level 2
 
Level 3
 
Other(a)
Net Balance
 
(In millions)
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash equivalents(b)
$
11

 
$
—

 
$
—

 
$
—

 
$
11

 
$
8

 
$
2

 
$
—

 
$
—

$
10

Nuclear decommissioning trusts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity securities
1,046

 
—

 
—

 
—

 
1,046

 
851

 
—

 
—

 
—

851

Fixed income securities
160

 
378

 
—

 
—

 
538

 
12

 
490

 
—

 
—

502

Private equity and other
—

 
—

 
—

 
43

 
43

 
—

 
—

 
—

 
20

20

Cash equivalents
34

 
—

 
—

 
—

 
34

 
5

 
—

 
—

 
—

5

Other investments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity securities
13

 
—

 
—

 
—

 
13

 
10

 
—

 
—

 
—

10

Derivative assets — FTRs
—

 
—

 
3

 
—

 
3

 
—

 
—

 
6

 
—

6

Total
$
1,264

 
$
378

 
$
3

 
$
43

 
$
1,688

 
$
886

 
$
492

 
$
6

 
$
20

$
1,404

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current
$
11

 
$
—

 
$
3

 
$
—

 
$
14

 
$
8

 
$
2

 
$
6

 
$
—

$
16

Noncurrent
1,253

 
378

 
—

 
43

 
1,674

 
878

 
490

 
—

 
20

1,388

Total Assets
$
1,264

 
$
378

 
$
3

 
$
43

 
$
1,688

 
$
886

 
$
492

 
$
6

 
$
20

$
1,404

_______________________________________
(a)
Amounts represent assets valued at NAV as a practical expedient for fair value.
(b)
At December 31, 2019, the $11 million consisted of cash equivalents included in Other investments on DTE Electric's Consolidated Statements of Financial Position. At December 31, 2018, the $10 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:
 
Year Ended December 31, 2019
 
Year Ended December 31, 2018
 
Natural Gas
 
Electricity
 
Other
 
Total
 
Natural Gas
 
Electricity
 
Other
 
Total
 
(In millions)
Net Assets (Liabilities) as of January 1
$
(49
)
 
$
(2
)
 
$
7

 
$
(44
)
 
$
(29
)
 
$
12

 
$
8

 
$
(9
)
Transfers from Level 3 into Level 2
—

 
—

 
—

 
—

 
(3
)
 
—

 
—

 
(3
)
Total gains (losses)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Included in earnings
15

 
77

 
(1
)
 
91

 
(146
)
 
29

 
1

 
(116
)
Recorded in Regulatory liabilities
—

 
—

 
2

 
2

 
—

 
—

 
9

 
9

Purchases, issuances, and settlements:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Settlements
19

 
(59
)
 
(5
)
 
(45
)
 
129

 
(43
)
 
(11
)
 
75

Net Assets (Liabilities) as of December 31
$
(15
)
 
$
16

 
$
3

 
$
4

 
$
(49
)
 
$
(2
)
 
$
7

 
$
(44
)
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, 2019 and 2018 and reflected in Operating Revenues — Non-utility operations and Fuel, purchased power, and gas — non-utility in DTE Energy's Consolidated Statements of Operations
$
(1
)
 
$
59

 
$
(38
)
 
$
20

 
$
(119
)
 
$
15

 
$
(16
)
 
$
(120
)
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:
 
Year Ended December 31,
 
2019
 
2018
 
(In millions)
Net Assets as of January 1
$
6

 
$
9

Change in fair value recorded in Regulatory liabilities
2

 
9

Purchases, issuances, and settlements:
 
 
 
Settlements
(5
)
 
(12
)
Net Assets as of December 31
$
3

 
$
6

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, 2019 and 2018 and reflected in DTE Electric's Consolidated Statements of Financial Position
$
3

 
$
6
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:
 
 
December 31, 2019
 
 
 
 
 
 
 
 
 
 
 
Commodity Contracts
 
Derivative Assets
 
Derivative Liabilities
 
Valuation Techniques
 
Unobservable Input
 
Range
 
Weighted Average
 
 
(In millions)
 
 
 
 
 
 
 
 
 
 
 
Natural Gas
 
$
74

 
$
(89
)
 
Discounted Cash Flow
 
Forward basis price (per MMBtu)
 
$
(1.78
)
—
 
$
5.78
/MMBtu
 
$
(0.09
)/MMBtu
Electricity
 
$
83

 
$
(67
)
 
Discounted Cash Flow
 
Forward basis price (per MWh)
 
$
(10
)
—
 
$
6
/MWh
 
$
—

 
 
December 31, 2018
 
 
 
 
 
 
 
 
 
 
 
Commodity Contracts
 
Derivative Assets
 
Derivative Liabilities
 
Valuation Techniques
 
Unobservable Input
 
Range
 
Weighted Average
 
 
(In millions)
 
 
 
 
 
 
 
 
 
 
 
Natural Gas
 
$
63

 
$
(112
)
 
Discounted Cash Flow
 
Forward basis price (per MMBtu)
 
$
(2.15
)
—
 
$
5.59
/MMBtu
 
$
(0.10
)/MMBtu
Electricity
 
$
56

 
$
(58
)
 
Discounted Cash Flow
 
Forward basis price (per MWh)
 
$
(7
)
—
 
$
9
/MWh
 
$
1
/MWh
Fair Value of Financial Instruments
The following table presents the carrying amount and fair value of financial instruments for DTE Energy:
 
December 31, 2019
 
December 31, 2018
 
Carrying
 
Fair Value
 
Carrying
 
Fair Value
 
Amount
 
Level 1
 
Level 2
 
Level 3
 
Amount
 
Level 1
 
Level 2
 
Level 3
 
(In millions)
Notes receivable — Other(a), excluding lessor finance leases
$
184

 
$
—

 
$
—

 
$
184

 
$
40

 
$
—

 
$
—

 
$
40

Dividends payable
$
195

 
$
195

 
$
—

 
$
—

 
$
172

 
$
172

 
$
—

 
$
—

Short-term borrowings
$
828

 
$
—

 
$
828

 
$
—

 
$
609

 
$
—

 
$
609

 
$
—

Notes payable — Other(b), excluding lessee finance leases
$
25

 
$
—

 
$
—

 
$
25

 
$
41

 
$
—

 
$
—

 
$
41

Long-term debt(c)
$
16,606

 
$
2,572

 
$
14,207

 
$
1,252

 
$
13,622

 
$
1,796

 
$
10,712

 
$
1,317

_______________________________________
(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, and issuance costs. Excludes finance lease obligations.
The following table presents the carrying amount and fair value of financial instruments for DTE Electric:
 
December 31, 2019
 
December 31, 2018
 
Carrying
 
Fair Value
 
Carrying
 
Fair Value
 
Amount
 
Level 1
 
Level 2
 
Level 3
 
Amount
 
Level 1
 
Level 2
 
Level 3
 
(In millions)
Notes receivable — Other(a), excluding lessor finance leases
$
9

 
$
—

 
$
—

 
$
9

 
$
6

 
$
—

 
$
—

 
$
6

Short-term borrowings — affiliates
$
97

 
$
—

 
$
—

 
$
97

 
$
101

 
$
—

 
$
—

 
$
101

Short-term borrowings — other
$
354

 
$
—

 
$
354

 
$
—

 
149

 
$
—

 
$
149

 
$
—

Notes payable — Other(b), excluding lessee finance leases
$
21

 
$
—

 
$
—

 
$
21

 
$
21

 
$
—

 
$
—

 
$
21

Long-term debt(c)
$
7,180

 
$
—

 
$
7,916

 
$
173

 
$
6,538

 
$
—

 
$
6,552

 
$
161

_______________________________________
(a)
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 finance 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,
 
2019
 
2018
 
(In millions)
Fermi 2
$
1,650

 
$
1,372

Fermi 1
3

 
3

Low-level radioactive waste
8

 
3


$
1,661

 
$
1,378
Schedule of Realized Gain (Loss) for 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:
 
Year Ended December 31,
 
2019
 
2018
 
2017
 
(In millions)
Realized gains
$
56

 
$
65

 
$
83

Realized losses
$
(31
)
 
$
(42
)
 
$
(29
)
Proceeds from sale of securities
$
788

 
$
1,203

 
$
1,240
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, 2019
 
December 31, 2018
 
Fair
Value
 
Unrealized
Gains
 
Unrealized Losses
 
Fair
Value
 
Unrealized
Gains
 
Unrealized Losses
 
(In millions)
Equity securities
$
1,046

 
$
396

 
$
(39
)
 
$
851

 
$
235

 
$
(79
)
Fixed income securities
538

 
24

 
(1
)
 
502

 
7

 
(8
)
Private equity and other
43

 
—

 
—

 
20

 
—

 
—

Cash equivalents
34

 
—

 
—

 
5

 
—

 
—

 
$
1,661

 
$
420


$
(40
)
 
$
1,378

 
$
242


$
(87
)
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, 2019
 
(In millions)
Due within one year
$
15

Due after one through five years
102

Due after five through ten years
109

Due after ten years
312

 
$
538