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Fair Value (Tables)
 9 Months Ended
Sep. 30, 2022
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:
September 30, 2022December 31, 2021
Level
1		Level
2		Level
3
Other(a)
Netting(b)
Net BalanceLevel
1		Level
2		Level
3
Other(a)
Netting(b)
Net Balance
(In millions)
Assets
Cash equivalents(c)
$26 $— $— $— $— $26 $4 $— $— $— $— $4 
Nuclear decommissioning trusts
Equity securities653 — — 155 — 808 917 — — 190 — 1,107 
Fixed income securities102 357 — 91 — 550 124 418 — 102 — 644 
Private equity and other— — — 259 — 259 — — — 205 — 205 
Hedge funds and similar investments77 41 — — — 118 58 18 — — — 76 
Cash equivalents29 — — — — 29 39 — — — — 39 
Other investments(d)
Equity securities52 — — — — 52 68 — — — — 68 
Fixed income securities7 — — — — 7 7 — — — — 7 
Cash equivalents71 — — — — 71 86 — — — — 86 
Derivative assets
Commodity contracts(e)
Natural gas554 233 104 — (852)39 273 115 66 — (394)60 
Electricity— 1,185 437 — (1,160)462 — 500 143 — (441)202 
Environmental & Other— 222 16 — (224)14 — 285 9 — (285)9 
Foreign currency exchange contracts— 3 — — — 3 — — — — — — 
Total derivative assets554 1,643 557 — (2,236)518 273 900 218 — (1,120)271 
Total$1,571 $2,041 $557 $505 $(2,236)$2,438 $1,576 $1,336 $218 $497 $(1,120)$2,507 
Liabilities
Derivative liabilities
Commodity contracts(e)
Natural gas$(293)$(483)$(417)$— $772 $(421)$(177)$(172)$(245)$— $347 $(247)
Electricity— (1,064)(513)— 1,244 (333)— (434)(188)— 443 (179)
Environmental & Other— (224)(1)— 226 1 — (288)— — 288 — 
Foreign currency exchange contracts— (1)— — — (1)— (4)— — — (4)
Total$(293)$(1,772)$(931)$— $2,242 $(754)$(177)$(898)$(433)$— $1,078 $(430)
Net Assets (Liabilities) at end of period$1,278 $269 $(374)$505 $6 $1,684 $1,399 $438 $(215)$497 $(42)$2,077 
Assets
Current$453 $1,340 $442 $— $(1,814)$421 $227 $646 $166 $— $(854)$185 
Noncurrent1,118 701 115 505 (422)2,017 1,349 690 52 497 (266)2,322 
Total Assets$1,571 $2,041 $557 $505 $(2,236)$2,438 $1,576 $1,336 $218 $497 $(1,120)$2,507 
Liabilities
Current$(263)$(1,382)$(637)$— $1,784 $(498)$(168)$(609)$(260)$— $799 $(238)
Noncurrent(30)(390)(294)— 458 (256)(9)(289)(173)— 279 (192)
Total Liabilities$(293)$(1,772)$(931)$— $2,242 $(754)$(177)$(898)$(433)$— $1,078 $(430)
Net Assets (Liabilities) at end of period$1,278 $269 $(374)$505 $6 $1,684 $1,399 $438 $(215)$497 $(42)$2,077 
_______________________________________
(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)Amounts include $25 million and $1 million of cash equivalents recorded in Restricted cash on DTE Energy's Consolidated Statements of Financial Position at September 30, 2022 and December 31, 2021, respectively. All other amounts are included in Cash and cash equivalents on DTE Energy's Consolidated Statements of Financial Position.
(d)Excludes cash surrender value of life insurance investments.
(e)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, 2022December 31, 2021
Level 1Level 2Level 3
Other(a)
Net BalanceLevel 1Level 2Level 3
Other(a)
Net Balance
(In millions)
Assets
Cash equivalents(b)
$23 $— $— $— $23 $— $— $— $— $— 
Nuclear decommissioning trusts
Equity securities653 — — 155 808 917 — — 190 1,107 
Fixed income securities102 357 — 91 550 124 418 — 102 644 
Private equity and other— — — 259 259 — — — 205 205 
Hedge funds and similar investments77 41 — — 118 58 18 — — 76 
Cash equivalents29 — — — 29 39 — — — 39 
Other investments
Equity securities15 — — — 15 20 — — — 20 
Cash equivalents11 — — — 11 11 — — — 11 
Derivative assets — FTRs— — 16 — 16 — — 9 — 9 
Total$910 $398 $16 $505 $1,829 $1,169 $436 $9 $497 $2,111 
Assets
Current$23 $— $16 $— $39 $— $— $9 $— $9 
Noncurrent887 398 — 505 1,790 1,169 436 — 497 2,102 
Total Assets$910 $398 $16 $505 $1,829 $1,169 $436 $9 $497 $2,111 
_______________________________________
(a)Amounts represent assets valued at NAV as a practical expedient for fair value.
(b)Cash equivalents of $23 million are included in Restricted cash on DTE Electric's Consolidated Statements of Financial Position at September 30, 2022.
Reconciliation of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table presents the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis for DTE Energy:
Three Months Ended September 30, 2022Three Months Ended September 30, 2021
Natural GasElectricityOtherTotalNatural GasElectricityOtherTotal
(In millions)
Net Assets (Liabilities) as of June 30$(362)$(96)$30 $(428)$(181)$(49)$15 $(215)
Transfers into Level 3 from Level 2(3)— — (3)— — — — 
Transfers from Level 3 into Level 2— — (5)(5)— — — — 
Total gains (losses)
Included in earnings(a)
(32)40 (1)7 (162)(21)— (183)
Recorded in Regulatory liabilities— — (4)(4)— — (1)(1)
Purchases, issuances, and settlements
Settlements84 (20)(5)59 63 (25)(2)36 
Net Assets (Liabilities) as of September 30$(313)$(76)$15 $(374)$(280)$(95)$12 $(363)
Total gains (losses) included in Net Income attributed to the change in unrealized gains (losses) related to assets and liabilities held at September 30(a)
$29 $37 $(5)$61 $(109)$(30)$(2)$(141)
Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at September 30$— $— $(1)$(1)$— $— $— $— 
_______________________________________
(a)Amounts are reflected in Operating Revenues — Non-utility operations and Fuel, purchased power, gas, and other — non-utility in DTE Energy's Consolidated Statements of Operations.
Nine Months Ended September 30, 2022Nine Months Ended September 30, 2021
Natural GasElectricityOtherTotalNatural GasElectricityOtherTotal
(In millions)
Net Assets (Liabilities) as of December 31$(179)$(45)$9 $(215)$(16)$10 $4 $(2)
Transfers from Level 3 into Level 25 — — 5 — — — — 
Total gains (losses)
Included in earnings(a)
(382)22 1 (359)(356)(5)— (361)
Recorded in Regulatory liabilities— — 20 20 — — 14 14 
Purchases, issuances, and settlements
Settlements243 (53)(15)175 92 (100)(6)(14)
Net Assets (Liabilities) as of September 30$(313)$(76)$15 $(374)$(280)$(95)$12 $(363)
Total gains (losses) included in Net Income attributed to the change in unrealized gains (losses) related to assets and liabilities held at September 30(a)
$(248)$(2)$(31)$(281)$(301)$(54)$(17)$(372)
Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at September 30$— $— $16 $16 $— $— $12 $12 
_______________________________________
(a)Amounts are reflected in Operating Revenues — Non-utility operations and Fuel, purchased power, gas, and other — 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,
2022202120222021
(In millions)
Net Assets as of beginning of period$25 $15 $9 $4 
Total gains (losses) recorded in Regulatory liabilities(4)(1)20 14 
Purchases, issuances, and settlements
Settlements(5)(2)(13)(6)
Net Assets as of September 30$16 $12 $16 $12 
Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at September 30$(1)$— $16 $12 
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, 2022
Commodity ContractsDerivative AssetsDerivative LiabilitiesValuation TechniquesUnobservable InputRangeWeighted Average
(In millions)
Natural Gas$104 $(417)Discounted Cash FlowForward basis price (per MMBtu)$(2.34)—$9.94 /MMBtu$0.02 /MMBtu
Electricity$437 $(513)Discounted Cash FlowForward basis price (per MWh)$(50)—$20 /MWh$(4)/MWh
December 31, 2021
Commodity ContractsDerivative AssetsDerivative LiabilitiesValuation TechniquesUnobservable InputRangeWeighted Average
(In millions)
Natural Gas$66 $(245)Discounted Cash FlowForward basis price (per MMBtu)$(1.36)—$3.82 /MMBtu$(0.04)/MMBtu
Electricity$143 $(188)Discounted Cash FlowForward basis price (per MWh)$(12)—$7 /MWh$(2)/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, 2022December 31, 2021
CarryingFair ValueCarryingFair Value
AmountLevel 1Level 2Level 3AmountLevel 1Level 2Level 3
(In millions)
Notes receivable(a), excluding lessor finance leases
$65 $— $— $65 $150 $— $— $167 
Short-term borrowings$994 $— $994 $— $758 $— $758 $— 
Notes payable(b)
$17 $— $— $17 $27 $— $— $27 
Long-term debt(c)
$18,846 $731 $14,776 $1,189 $17,378 $2,284 $15,425 $1,207 
_______________________________________
(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 and excludes finance lease obligations. Carrying value also includes unamortized debt discounts and issuance costs.
The following table presents the carrying amount and fair value of financial instruments for DTE Electric:
September 30, 2022December 31, 2021
CarryingFair ValueCarryingFair Value
AmountLevel 1Level 2Level 3AmountLevel 1Level 2Level 3
(In millions)
Notes receivable(a)
$17 $— $— $17 $17 $— $— $17 
Short-term borrowings — affiliates$78 $— $— $78 $53 $— $— $53 
Short-term borrowings — other$459 $— $459 $— $153 $— $153 $— 
Notes payable(b)
$17 $— $— $17 $27 $— $— $27 
Long-term debt(c)
$9,714 $— $8,191 $133 $8,907 $— $9,898 $150 
_______________________________________
(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 and excludes finance lease obligations. Carrying value also includes unamortized debt discounts and issuance costs.
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, 2022December 31, 2021
(In millions)
Fermi 2$1,742 $2,051 
Fermi 13 3 
Low-level radioactive waste19 17 
$1,764 $2,071 
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,
2022202120222021
(In millions)
Realized gains$19 $21 $65 $80 
Realized losses$(19)$(1)$(42)$(9)
Proceeds from sale of securities$194 $217 $707 $854 
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, 2022December 31, 2021
Fair
Value		Unrealized
Gains		Unrealized
Losses		Fair
Value		Unrealized
Gains		Unrealized
Losses
(In millions)
Equity securities$808 $285 $(31)$1,107 $546 $(9)
Fixed income securities550 1 (65)644 23 (6)
Private equity and other259 72 (4)205 58 (8)
Hedge funds and similar investments118 — (20)76 1 (2)
Cash equivalents29 — — 39 — — 
$1,764 $358 $(120)$2,071 $628 $(25)
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, 2022
(In millions)
Due within one year$22 
Due after one through five years105 
Due after five through ten years92 
Due after ten years240 
$459 
Summary of Gains (Losses) Related to the Trust The following table summarizes the Registrant's gains (losses) related to the trust:
Three Months Ended September 30,Nine Months Ended September 30,
2022202120222021
(In millions)
Gains (losses) related to equity securities$(2)$(1)$(7)$3 
Gains (losses) related to fixed income securities— — (1)— 
$(2)$(1)$(8)$3