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Fair Value (Tables)
 9 Months Ended
Sep. 30, 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):
September 30, 2020December 31, 2019
Level
1		Level
2		Level
3
Other(b)
Netting(c)
Net BalanceLevel
1		Level
2		Level
3
Other(b)
Netting(c)
Net Balance
(In millions)
Assets
Cash equivalents(d)
$567 $— $— $— $— $567 $15 $— $— $— $— $15 
Nuclear decommissioning trusts
Equity securities872 — — 141 — 1,013 1,046 — — — — 1,046 
Fixed income securities122 325 — 80 — 527 160 378 — — — 538 
Private equity and other— — — 78 — 78 — — — 43 — 43 
Cash equivalents46 — — — — 46 34 — — — — 34 
Other investments(e)
Equity securities49 — — — — 49 140 — — — — 140 
Fixed income securities6 — — — — 6 79 — — — — 79 
Cash equivalents98 — — — — 98 4 — — — — 4 
Derivative assets
Commodity contracts(f)
Natural gas126 72 42 — (194)46 205 76 74 — (266)89 
Electricity— 103 34 — (106)31 — 223 83 — (225)81 
Environmental & Other— 194 7 — (186)15 — 110 3 — (110)3 
Foreign currency exchange contracts— 2 — — — 2 — 1 — — — 1 
Total derivative assets126 371 83 — (486)94 205 410 160 — (601)174 
Total$1,886 $696 $83 $299 $(486)$2,478 $1,683 $788 $160 $43 $(601)$2,073 
Liabilities
Derivative liabilities
Commodity contracts(f)
Natural gas$(118)$(66)$(81)$— $185 $(80)$(221)$(41)$(89)$— $266 $(85)
Electricity— (97)(29)— 104 (22)— (231)(67)— 225 (73)
Environmental & Other(3)(168)— — 171 — — (121)— — 110 (11)
Foreign currency exchange contracts— (2)— — — (2)— — — — — — 
Total$(121)$(333)$(110)$— $460 $(104)$(221)$(393)$(156)$— $601 $(169)
Net Assets (Liabilities) at end of period$1,765 $363 $(27)$299 $(26)$2,374 $1,462 $395 $4 $43 $— $1,904 
Assets
Current$679 $273 $59 $— $(379)$632 $218 $320 $123 $— $(513)$148 
Noncurrent1,207 423 24 299 (107)1,846 1,465 468 37 43 (88)1,925 
Total Assets$1,886 $696 $83 $299 $(486)$2,478 $1,683 $788 $160 $43 $(601)$2,073 
Liabilities
Current$(112)$(243)$(66)$— $361 $(60)$(211)$(300)$(85)$— $513 $(83)
Noncurrent(9)(90)(44)— 99 (44)(10)(93)(71)— 88 (86)
Total Liabilities$(121)$(333)$(110)$— $460 $(104)$(221)$(393)$(156)$— $601 $(169)
Net Assets (Liabilities) at end of period$1,765 $363 $(27)$299 $(26)$2,374 $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 September 30, 2020, the $567 million consisted of $565 million and $2 million of cash equivalents included in Cash and cash equivalents and Restricted cash 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:
September 30, 2020December 31, 2019
Level 1Level 2Level 3
Other(a)
Net BalanceLevel 1Level 2Level 3
Other(a)
Net Balance
(In millions)
Assets
Cash equivalents(b)
$175 $— $— $— $175 $11 $— $— $— $11 
Nuclear decommissioning trusts
Equity securities872 — — 141 1,013 1,046 — — — 1,046 
Fixed income securities122 325 — 80 527 160 378 — — 538 
Private equity and other— — — 78 78 — — — 43 43 
Cash equivalents46 — — — 46 34 — — — 34 
Other investments
Equity securities14 — — — 14 13 — — — 13 
Cash equivalents11 — — — 11 — — — — — 
Derivative assets — FTRs— — 7 — 7 — — 3 — 3 
Total$1,240 $325 $7 $299 $1,871 $1,264 $378 $3 $43 $1,688 
Assets
Current$175 $— $7 $— $182 $11 $— $3 $— $14 
Noncurrent1,065 325 — 299 1,689 1,253 378 — 43 1,674 
Total Assets$1,240 $325 $7 $299 $1,871 $1,264 $378 $3 $43 $1,688 
_______________________________________
(a)Amounts represent assets valued at NAV as a practical expedient for fair value.
(b)At September 30, 2020, the $175 million of cash equivalents was included in Cash and cash equivalents on DTE Electric's Consolidated Statements of Financial Position. At December 31, 2019, the $11 million of cash equivalents was 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 September 30, 2020Three Months Ended September 30, 2019
Natural GasElectricityOtherTotalNatural GasElectricityOtherTotal
(In millions)
Net Assets (Liabilities) as of June 30$20 $16 $10 $46 $(10)$10 $9 $9 
Transfers from Level 3 into Level 2(1)— — (1)— — — — 
Total gains (losses)
Included in earnings
(80)37 1 (42)(35)37 — 2 
Recorded in Regulatory liabilities— — 9 9 — — (3)(3)
Purchases, issuances, and settlements
Settlements22 (48)(13)(39)4 (39)(1)(36)
Net Assets (Liabilities) as of September 30$(39)$5 $7 $(27)$(41)$8 $5 $(28)
Total gains (losses) included in Net Income attributed to the change in unrealized gains (losses) related to assets and liabilities held at September 30, 2020 and 2019(a)
$(57)$11 $(1)$(47)$(36)$15 $(1)$(22)
_______________________________________
(a)Amounts are reflected in Operating Revenues — Non-utility operations and Fuel, purchased power, and gas — non-utility in DTE Energy's Consolidated Statements of Operations.
Nine Months Ended September 30, 2020Nine Months Ended September 30, 2019
Natural GasElectricityOtherTotalNatural GasElectricityOtherTotal
(In millions)
Net Assets (Liabilities) as of December 31$(15)$16 $3 $4 $(49)$(2)$7 $(44)
Transfers from Level 3 into Level 2(5)— — (5)— — — — 
Total gains (losses)
Included in earnings
(44)90 (7)39 (4)47 (1)42 
Recorded in Regulatory liabilities— — 21 21 — — 3 3 
Purchases, issuances, and settlements
Settlements25 (101)(10)(86)12 (37)(4)(29)
Net Assets (Liabilities) as of September 30$(39)$5 $7 $(27)$(41)$8 $5 $(28)
Total gains (losses) included in Net Income attributed to the change in unrealized gains (losses) related to assets and liabilities held at September 30, 2020 and 2019(a)
$(20)$53 $(17)$16 $(20)$32 $(6)$6 
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(a)Amounts are reflected in Operating Revenues — Non-utility operations and Fuel, purchased power, and gas — non-utility in DTE Energy's Consolidated Statements of Operations.
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 September 30,Nine Months Ended September 30,
2020201920202019
(In millions)
Net Assets as of beginning of period$10 $9 $3 $6 
Change in fair value recorded in Regulatory liabilities9 (3)21 3 
Purchases, issuances, and settlements
Settlements(12)(1)(17)(4)
Net Assets as of September 30$7 $5 $7 $5 
The amount of total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets held at September 30, 2020 and 2019 and reflected in DTE Electric's Consolidated Statements of Financial Position$— $(1)$7 $5 
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:
September 30, 2020
Commodity ContractsDerivative AssetsDerivative LiabilitiesValuation TechniquesUnobservable InputRangeWeighted Average
(In millions)
Natural Gas$42 $(81)Discounted Cash FlowForward basis price (per MMBtu)$(1.10)—$2.30 /MMBtu$(0.06)/MMBtu
Electricity$34 $(29)Discounted Cash FlowForward basis price (per MWh)$(9)—$6 /MWh$(1)/MWh
December 31, 2019
Commodity ContractsDerivative AssetsDerivative LiabilitiesValuation TechniquesUnobservable InputRangeWeighted Average
(In millions)
Natural Gas$74 $(89)Discounted Cash FlowForward basis price (per MMBtu)$(1.78)—$5.78 /MMBtu$(0.09)/MMBtu
Electricity$83 $(67)Discounted Cash FlowForward basis price (per MWh)$(10)—$6 /MWh$— /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:
September 30, 2020December 31, 2019
CarryingFair ValueCarryingFair Value
AmountLevel 1Level 2Level 3AmountLevel 1Level 2Level 3
(In millions)
Notes receivable — Other(a), excluding lessor finance leases
$112 $— $— $112 $184 $— $— $184 
Short-term borrowings$988 $— $988 $— $828 $— $828 $— 
Notes payable — Other(b)
$19 $— $— $19 $25 $— $— $25 
Long-term debt(c)
$18,660 $2,398 $17,213 $1,406 $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:
September 30, 2020December 31, 2019
CarryingFair ValueCarryingFair Value
AmountLevel 1Level 2Level 3AmountLevel 1Level 2Level 3
(In millions)
Notes receivable — Other(a)
$18 $— $— $18 $9 $— $— $9 
Short-term borrowings — affiliates$104 $— $— $104 $97 $— $— $97 
Short-term borrowings — other$200 $— $200 $— $354 $— $354 $— 
Notes payable — Other(b)
$17 $— $— $17 $21 $— $— $21 
Long-term debt(c)
$8,235 $— $9,565 $194 $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:
September 30, 2020December 31, 2019
(In millions)
Fermi 2$1,652 $1,650 
Fermi 13 3 
Low-level radioactive waste9 8 
$1,664 $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 September 30,Nine Months Ended September 30,
2020201920202019
(In millions)
Realized gains$38 $15 $172 $43 
Realized losses$(11)$(8)$(103)$(25)
Proceeds from sale of securities$816 $198 $2,054 $594 
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:
September 30, 2020December 31, 2019
Fair
Value		Unrealized
Gains		Unrealized
Losses		Fair
Value		Unrealized
Gains		Unrealized
Losses
(In millions)
Equity securities$1,013 $325 $(28)$1,046 $396 $(39)
Fixed income securities527 16 (1)538 24 (1)
Private equity and other78 — — 43 — — 
Cash equivalents46 — — 34 — — 
$1,664 $341 $(29)$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:
September 30, 2020
(In millions)
Due within one year$92 
Due after one through five years82 
Due after five through ten years79 
Due after ten years194 
$447 
Summary of Gains (Losses) Related to the Trust The following table summarizes DTE Energy's gains (losses) related to the trust:
Three Months Ended September 30,Nine Months Ended September 30,
2020201920202019
(In millions)
Gains (losses) related to equity securities$2 $1 $(4)$18 
Gains (losses) related to fixed income securities— 2 (3)9 
$2 $3 $(7)$27