XML 34 R31.htm IDEA: XBRL DOCUMENT v3.20.1
Fair Value (Tables)
 3 Months Ended
Mar. 31, 2020
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured and 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):
 
March 31, 2020
 
December 31, 2019
 
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)
$
421

 
$
—

 
$
—

 
$
—

 
$
—

 
$
421

 
$
15

 
$
—

 
$
—

 
$
—

 
$
—

 
$
15

Nuclear decommissioning trusts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity securities
792

 
—

 
—

 
—

 
—

 
792

 
1,046

 
—

 
—

 
—

 
—

 
1,046

Fixed income securities
127

 
376

 
—

 
—

 
—

 
503

 
160

 
378

 
—

 
—

 
—

 
538

Private equity and other
—

 
—

 
—

 
62

 
—

 
62

 
—

 
—

 
—

 
43

 
—

 
43

Cash equivalents
82

 
—

 
—

 
—

 
—

 
82

 
34

 
—

 
—

 
—

 
—

 
34

Other investments(e)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity securities
115

 
—

 
—

 
—

 
—

 
115

 
140

 
—

 
—

 
—

 
—

 
140

Fixed income securities
71

 
—

 
—

 
—

 
—

 
71

 
79

 
—

 
—

 
—

 
—

 
79

Cash equivalents
4

 
—

 
—

 
—

 
—

 
4

 
4

 
—

 
—

 
—

 
—

 
4

Derivative assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commodity contracts(f)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Natural gas
132

 
78

 
72

 
—

 
(204
)
 
78

 
205

 
76

 
74

 
—

 
(266
)
 
89

Electricity
—

 
214

 
99

 
—

 
(242
)
 
71

 
—

 
223

 
83

 
—

 
(225
)
 
81

Environmental & Other
—

 
178

 
1

 
—

 
(163
)
 
16

 
—

 
110

 
3

 
—

 
(110
)
 
3

Foreign currency exchange contracts
—

 
7

 
—

 
—

 
(2
)
 
5

 
—

 
1

 
—

 
—

 
—

 
1

Total derivative assets
132

 
477

 
172


—

 
(611
)
 
170

 
205

 
410

 
160

 
—


(601
)
 
174

Total
$
1,744

 
$
853

 
$
172


$
62

 
$
(611
)
 
$
2,220

 
$
1,683

 
$
788

 
$
160

 
$
43


$
(601
)
 
$
2,073

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Derivative liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Commodity contracts(f)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Natural gas
$
(170
)
 
$
(44
)
 
$
(64
)
 
$
—

 
$
204

 
$
(74
)
 
$
(221
)
 
$
(41
)
 
$
(89
)
 
$
—

 
$
266

 
$
(85
)
Electricity
—

 
(233
)
 
(84
)
 
—

 
242

 
(75
)
 
—

 
(231
)
 
(67
)
 
—

 
225

 
(73
)
Environmental & Other
(5
)
 
(144
)
 
—

 
—

 
163

 
14

 
—

 
(121
)
 
—

 
—

 
110

 
(11
)
Foreign currency exchange contracts
—

 
(2
)
 
—

 
—

 
2

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Total
$
(175
)
 
$
(423
)
 
$
(148
)
 
$
—

 
$
611

 
$
(135
)
 
$
(221
)
 
$
(393
)
 
$
(156
)
 
$
—

 
$
601

 
$
(169
)
Net Assets at end of period
$
1,569

 
$
430

 
$
24

 
$
62

 
$
—

 
$
2,085

 
$
1,462

 
$
395

 
$
4

 
$
43

 
$
—

 
$
1,904

Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current
$
550

 
$
350

 
$
122

 
$
—

 
$
(489
)
 
$
533

 
$
218

 
$
320

 
$
123

 
$
—

 
$
(513
)
 
$
148

Noncurrent
1,194

 
503

 
50

 
62

 
(122
)
 
1,687

 
1,465

 
468

 
37

 
43

 
(88
)
 
1,925

Total Assets
$
1,744

 
$
853

 
$
172

 
$
62

 
$
(611
)
 
$
2,220

 
$
1,683

 
$
788

 
$
160

 
$
43

 
$
(601
)
 
$
2,073

Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current
$
(163
)
 
$
(325
)
 
$
(89
)
 
$
—

 
$
489

 
$
(88
)
 
$
(211
)
 
$
(300
)
 
$
(85
)
 
$
—

 
$
513

 
$
(83
)
Noncurrent
(12
)
 
(98
)
 
(59
)
 
—

 
122

 
(47
)
 
(10
)
 
(93
)
 
(71
)
 
—

 
88

 
(86
)
Total Liabilities
$
(175
)
 
$
(423
)
 
$
(148
)
 
$
—

 
$
611

 
$
(135
)
 
$
(221
)
 
$
(393
)
 
$
(156
)
 
$
—

 
$
601

 
$
(169
)
Net Assets at end of period
$
1,569

 
$
430

 
$
24

 
$
62

 
$
—

 
$
2,085

 
$
1,462

 
$
395

 
$
4

 
$
43

 
$
—

 
$
1,904


_______________________________________
(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 March 31, 2020, the $421 million consisted of $409 million, $1 million, and $11 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. 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.
(e)
Excludes cash surrender value of life insurance investments.
(f)
For contracts with a clearing agent, DTE Energy nets all activity across commodities. This can result in some individual commodities having a contra balance.
The following table presents assets for DTE Electric measured and recorded at fair value on a recurring basis as of:
 
March 31, 2020
 
December 31, 2019
 
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

 
$
11

 
$
—

 
$
—

 
$
—

 
$
11

Nuclear decommissioning trusts
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity securities
792

 
—

 
—

 
—

 
792

 
1,046

 
—

 
—

 
—

 
1,046

Fixed income securities
127

 
376

 
—

 
—

 
503

 
160

 
378

 
—

 
—

 
538

Private equity and other
—

 
—

 
—

 
62

 
62

 
—

 
—

 
—

 
43

 
43

Cash equivalents
82

 
—

 
—

 
—

 
82

 
34

 
—

 
—

 
—

 
34

Other investments
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Equity securities
11

 
—

 
—

 
—

 
11

 
13

 
—

 
—

 
—

 
13

Derivative assets — FTRs
—

 
—

 
1

 
—

 
1

 
—

 
—

 
3

 
—

 
3

Total
$
1,023

 
$
376

 
$
1

 
$
62

 
$
1,462

 
$
1,264

 
$
378

 
$
3

 
$
43

 
$
1,688

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Current
$
11

 
$
—

 
$
1

 
$
—

 
$
12

 
$
11

 
$
—

 
$
3

 
$
—

 
$
14

Noncurrent
1,012

 
376

 
—

 
62

 
1,450

 
1,253

 
378

 
—

 
43

 
1,674

Total Assets
$
1,023

 
$
376

 
$
1

 
$
62

 
$
1,462

 
$
1,264

 
$
378

 
$
3

 
$
43

 
$
1,688

_______________________________________
(a)
Amounts represent assets valued at NAV as a practical expedient for fair value.
(b)
At March 31, 2020 and December 31, 2019, the $11 million consisted of cash equivalents included in Other investments on DTE Electric's Consolidated Statements of Financial Position.
Reconciliation of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis
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:
 
Three Months Ended March 31, 2020
 
Three Months Ended March 31, 2019
 
Natural Gas
 
Electricity
 
Other
 
Total
 
Natural Gas
 
Electricity
 
Other
 
Total
 
(In millions)
Net Assets (Liabilities) as of January 1
$
(15
)
 
$
16

 
$
3

 
$
4

 
$
(49
)
 
$
(2
)
 
$
7

 
$
(44
)
Transfers into Level 3 from Level 2
—

 
—

 
—

 
—

 
—

 
—

 
—

 
—

Transfers from Level 3 into Level 2
(1
)
 
—

 
—

 
(1
)
 
—

 
—

 
—

 
—

Total gains (losses)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Included in earnings
24

 
20

 
—

 
44

 
31

 
(31
)
 
(1
)
 
(1
)
Recorded in Regulatory liabilities
—

 
—

 
(2
)
 
(2
)
 
—

 
—

 
(3
)
 
(3
)
Purchases, issuances, and settlements
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Settlements
—

 
(21
)
 
—

 
(21
)
 
8

 
8

 
(1
)
 
15

Net Assets (Liabilities) as of March 31
$
8

 
$
15

 
$
1

 
$
24

 
$
(10
)
 
$
(25
)
 
$
2

 
$
(33
)
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 March 31, 2020 and 2019 and reflected in Operating Revenues — Non-utility operations and Fuel, purchased power, and gas — non-utility in DTE Energy's Consolidated Statements of Operations
$
19

 
$
21

 
$
—

 
$
40

 
$
16

 
$
(21
)
 
$
(1
)
 
$
(6
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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:
 
Three Months Ended March 31,
 
2020
 
2019
 
(In millions)
Net Assets as of beginning of period
$
3

 
$
6

Change in fair value recorded in Regulatory liabilities
(2
)
 
(3
)
Purchases, issuances, and settlements
 
 
 
Settlements
—

 
(1
)
Net Assets as of March 31
$
1

 
$
2

The amount of total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets held at March 31, 2020 and 2019 and reflected in DTE Electric's Consolidated Statements of Financial Position
$
—

 
$
—
Unobservable Inputs Related to Level 3 Assets and Liabilities
The following tables present the unobservable inputs related to DTE Energy's Level 3 assets and liabilities:
 
 
March 31, 2020
 
 
 
 
 
 
 
 
 
 
 
Commodity Contracts
 
Derivative Assets
 
Derivative Liabilities
 
Valuation Techniques
 
Unobservable Input
 
Range
 
Weighted Average
 
 
(In millions)
 
 
 
 
 
 
 
 
 
 
 
Natural Gas
 
$
72

 
$
(64
)
 
Discounted Cash Flow
 
Forward basis price (per MMBtu)
 
$
(0.84
)
—
 
$
4.20
/MMBtu
 
$
(0.07
)/MMBtu
Electricity
 
$
99

 
$
(84
)
 
Discounted Cash Flow
 
Forward basis price (per MWh)
 
$
(10
)
—
 
$
5
/MWh
 
$
—

 
 
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
 
$
—
Carrying Amount of Fair Value of Financial Instruments
The following table presents the carrying amount and fair value of financial instruments for DTE Energy:
 
March 31, 2020
 
December 31, 2019
 
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
$
68

 
$
—

 
$
—

 
$
68

 
$
184

 
$
—

 
$
—

 
$
184

Short-term borrowings
$
1,131

 
$
—

 
$
1,131

 
$
—

 
$
828

 
$
—

 
$
828

 
$
—

Notes payable — Other(b), excluding lessee finance leases
$
15

 
$
—

 
$
—

 
$
15

 
$
25

 
$
—

 
$
—

 
$
25

Long-term debt(c)
$
17,398

 
$
2,120

 
$
12,108

 
$
3,824

 
$
16,606

 
$
2,572

 
$
14,207

 
$
1,252

_______________________________________
(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:
 
March 31, 2020
 
December 31, 2019
 
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
$
11

 
$
—

 
$
—

 
$
11

 
$
9

 
$
—

 
$
—

 
$
9

Short-term borrowings — affiliates
$
139

 
$
—

 
$
—

 
$
139

 
$
97

 
$
—

 
$
—

 
$
97

Short-term borrowings — other
$
71

 
$
—

 
$
71

 
$
—

 
$
354

 
$
—

 
$
354

 
$
—

Notes payable — Other(b), excluding lessee finance leases
$
11

 
$
—

 
$
—

 
$
11

 
$
21

 
$
—

 
$
—

 
$
21

Long-term debt(c)
$
7,970

 
$
—

 
$
7,373

 
$
1,330

 
$
7,180

 
$
—

 
$
7,916

 
$
173

_______________________________________
(a)
Included in Current Assets — Other and Other 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:
 
March 31, 2020
 
December 31, 2019
 
(In millions)
Fermi 2
$
1,430

 
$
1,650

Fermi 1
3

 
3

Low-level radioactive waste
6

 
8


$
1,439

 
$
1,661
Schedule of Realized Gains and Losses and Proceeds from Sale of Securities by 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:
 
Three Months Ended March 31,
 
2020
 
2019
 
(In millions)
Realized gains
$
31

 
$
11

Realized losses
$
(16
)
 
$
(7
)
Proceeds from sale of securities
$
439

 
$
176
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:
 
March 31, 2020
 
December 31, 2019
 
Fair
Value
 
Unrealized
Gains
 
Unrealized
Losses
 
Fair
Value
 
Unrealized
Gains
 
Unrealized
Losses
 
(In millions)
Equity securities
$
792

 
$
244

 
$
(128
)
 
$
1,046

 
$
396

 
$
(39
)
Fixed income securities
503

 
26

 
(6
)
 
538

 
24

 
(1
)
Private equity and other
62

 
—

 
—

 
43

 
—

 
—

Cash equivalents
82

 
—

 
—

 
34

 
—

 
—

 
$
1,439

 
$
270

 
$
(134
)
 
$
1,661

 
$
420

 
$
(40
)
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:
 
March 31, 2020
 
(In millions)
Due within one year
$
24

Due after one through five years
83

Due after five through ten years
106

Due after ten years
290

 
$
503