XML 53 R36.htm IDEA: XBRL DOCUMENT v3.24.2
Fair Value (Tables)
 6 Months Ended
Jun. 30, 2024
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:
June 30, 2024December 31, 2023
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)
$9 $— $— $— $— $9 $13 $— $— $— $— $13 
Nuclear decommissioning trusts
Equity securities818 — — 144 — 962 776 — — 145 — 921 
Fixed income securities122 394 — 104 — 620 127 371 — 92 — 590 
Private equity and other— — — 347 — 347 — — — 312 — 312 
Hedge funds and similar investments134 77 — — — 211 119 65 — — — 184 
Cash equivalents30 — — — — 30 34 — — — — 34 
Other investments(d)
Equity securities65 — — — — 65 58 — — — — 58 
Fixed income securities7 — — — — 7 7 — — — — 7 
Cash equivalents29 — — — — 29 37 — — — — 37 
Other— 1,062 — — — 1,062 — — — — — — 
Derivative assets
Commodity contracts(e)
Natural gas98 207 116 — (275)146 241 217 179 — (416)221 
Electricity— 155 100 — (157)98 — 258 163 — (243)178 
Environmental & Other— 150 28 — (150)28 — 131 8 — (132)7 
Other contracts — 7 — — — 7 — — — — — — 
Total derivative assets98 519 244 — (582)279 241 606 350 — (791)406 
Total$1,312 $2,052 $244 $595 $(582)$3,621 $1,412 $1,042 $350 $549 $(791)$2,562 
Liabilities
Derivative liabilities
Commodity contracts(e)
Natural gas$(137)$(162)$(113)$— $277 $(135)$(291)$(167)$(157)$— $429 $(186)
Electricity— (160)(91)— 158 (93)— (272)(116)— 297 (91)
Environmental & Other— (166)(2)— 150 (18)— (148)(2)— 137 (13)
Other contracts— (1)— — — (1)— (19)— — — (19)
Total$(137)$(489)$(206)$— $585 $(247)$(291)$(606)$(275)$— $863 $(309)
Net Assets at end of period$1,175 $1,563 $38 $595 $3 $3,374 $1,121 $436 $75 $549 $72 $2,253 
Assets
Current$83 $1,432 $157 $— $(399)$1,273 $215 $461 $247 $— $(613)$310 
Noncurrent1,229 620 87 595 (183)2,348 1,197 581 103 549 (178)2,252 
Total Assets$1,312 $2,052 $244 $595 $(582)$3,621 $1,412 $1,042 $350 $549 $(791)$2,562 
Liabilities
Current$(108)$(334)$(106)$— $404 $(144)$(240)$(462)$(145)$— $670 $(177)
Noncurrent(29)(155)(100)— 181 (103)(51)(144)(130)— 193 (132)
Total Liabilities$(137)$(489)$(206)$— $585 $(247)$(291)$(606)$(275)$— $863 $(309)
Net Assets at end of period$1,175 $1,563 $38 $595 $3 $3,374 $1,121 $436 $75 $549 $72 $2,253 
_______________________________________
(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 $8 million and $11 million recorded in Restricted cash on DTE Energy's Consolidated Statements of Financial Position at June 30, 2024 and December 31, 2023, 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 and certain securities classified as held-to-maturity that are recorded at amortized cost and not material to the consolidated financial statements.
(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:
June 30, 2024December 31, 2023
Level 1Level 2Level 3
Other(a)
Net BalanceLevel 1Level 2Level 3
Other(a)
Net Balance
(In millions)
Assets
Cash equivalents(a)
$7 $— $— $— $7 $11 $— $— $— $11 
Nuclear decommissioning trusts
Equity securities818 — — 144 962 776 — — 145 921 
Fixed income securities122 394 — 104 620 127 371 — 92 590 
Private equity and other— — — 347 347 — — — 312 312 
Hedge funds and similar investments134 77 — — 211 119 65 — — 184 
Cash equivalents30 — — — 30 34 — — — 34 
Other investments
Equity securities24 — — — 24 21 — — — 21 
Cash equivalents19 — — — 19 11 — — — 11 
Derivative assets — FTRs— — 28 — 28 — — 7 — 7 
Total$1,154 $471 $28 $595 $2,248 $1,099 $436 $7 $549 $2,091 
Assets
Current$7 $— $28 $— $35 $11 $— $7 $— $18 
Noncurrent1,147 471 — 595 2,213 1,088 436 — 549 2,073 
Total Assets$1,154 $471 $28 $595 $2,248 $1,099 $436 $7 $549 $2,091 
_______________________________________
(a)Amounts represent assets valued at NAV as a practical expedient for fair value.
(b)Amounts include $7 million and $11 million recorded in Restricted cash on DTE Electric's Consolidated Statements of Financial Position at June 30, 2024 and December 31, 2023, respectively. All other amounts are included in Cash and cash equivalents on DTE Electric's Consolidated Statements of Financial Position.
Reconciliation of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following tables present the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis for DTE Energy:
Three months ended June 30, 2024Three months ended June 30, 2023
Natural GasElectricityOtherTotalNatural GasElectricityOtherTotal
(In millions)
Net Assets (Liabilities) as of March 31$(3)$(25)$2 (26)$(62)$(38)$2 $(98)
Transfers into Level 3 from Level 21 — — 1 — — — — 
Total gains (losses)
Included in earnings31 93 (1)123 11 75 1 87 
Recorded in Regulatory liabilities— — 30 30 — — 14 14 
Purchases, issuances, and settlements
Settlements(26)(59)(5)(90)(3)(41)(1)(45)
Net Assets (Liabilities) as of June 30$3 $9 $26 $38 $(54)$(4)$16 $(42)
Total gains (losses) included in Net Income attributed to the change in unrealized gains (losses) related to assets and liabilities held at June 30(a)
$20 $80 $(31)$69 $(3)$49 $(32)$(14)
Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at June 30$— $— $28 $28 $— $— $14 $14 
_______________________________________
(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.
Six Months Ended June 30, 2024Six Months Ended June 30, 2023
Natural GasElectricityOtherTotalNatural GasElectricityOtherTotal
(In millions)
Net Assets (Liabilities) as of December 31$22 $47 $6 $75 $(255)$(33)$11 $(277)
Total gains (losses)
Included in earnings(a)
7 90 (2)95 162 30 2 194 
Recorded in Regulatory liabilities— — 27 27 — — 5 5 
Purchases, issuances, and settlements
Settlements(26)(128)(5)(159)39 (1)(2)36 
Net Assets (Liabilities) as of June 30$3 $9 $26 $38 $(54)$(4)$16 $(42)
Total gains (losses) included in Net Income attributed to the change in unrealized gains (losses) related to assets and liabilities held at June 30(a)
$(18)$81 $(31)$32 $90 $68 $(31)$127 
Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at June 30$— $— $28 $28 $— $— $14 $14 
_______________________________________
(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 June 30,Six Months Ended June 30,
2024202320242023
(In millions)
Net Assets as of beginning of period$3 $1 $7 $11 
Total gains recorded in Regulatory liabilities30 14 27 5 
Purchases, issuances, and settlements
Settlements(5)(1)(6)(2)
Net Assets as of June 30$28 $14 $28 $14 
Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at June 30$28 $14 $28 $14 
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:
June 30, 2024
Commodity ContractsDerivative AssetsDerivative LiabilitiesValuation TechniquesUnobservable InputRangeWeighted Average
(In millions)
Natural Gas$116 $(113)Discounted Cash FlowForward basis price (per MMBtu)$(1.45)—$2.42 /MMBtu$(0.12)/MMBtu
Electricity$100 $(91)Discounted Cash FlowForward basis price (per MWh)$(20.82)—$16.72 /MWh$(3.79)/MWh
December 31, 2023
Commodity ContractsDerivative AssetsDerivative LiabilitiesValuation TechniquesUnobservable InputRangeWeighted Average
(In millions)
Natural Gas$179 $(157)Discounted Cash FlowForward basis price (per MMBtu)$(1.57)—$6.27 /MMBtu$(0.08)/MMBtu
Electricity$163 $(116)Discounted Cash FlowForward basis price (per MWh)$(18.49)—$15.47 /MWh$(3.99)/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:
June 30, 2024December 31, 2023
CarryingFair ValueCarryingFair Value
AmountLevel 1Level 2Level 3AmountLevel 1Level 2Level 3
(In millions)
Notes receivable(a), excluding lessor finance leases
$441 $— $— $474 $175 $— $— $181 
Short-term borrowings$560 $— $560 $— $1,283 $— $1,283 $— 
Notes payable(b)
$18 $— $— $18 $34 $— $— $34 
Long-term debt(c)
$22,460 $778 $18,643 $1,136 $19,546 $807 $16,178 $1,202 
_______________________________________
(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:
June 30, 2024December 31, 2023
CarryingFair ValueCarryingFair Value
AmountLevel 1Level 2Level 3AmountLevel 1Level 2Level 3
(In millions)
Notes receivable(a)
$1 $— $— $1 $19 $— $— $19 
Short-term borrowings — affiliates$51 $— $— $51 $— $— $— $— 
Short-term borrowings — other$560 $— $560 $— $385 $— $385 $— 
Notes payable(b)
$17 $— $— $17 $33 $— $— $33 
Long-term debt(c)
$11,921 $— $10,453 $132 $11,043 $— $9,999 $126 
_______________________________________
(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 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:
June 30, 2024December 31, 2023
(In millions)
Fermi 2$2,152 $2,026 
Fermi 13 3 
Low-level radioactive waste15 12 
$2,170 $2,041 
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 June 30,Six Months Ended June 30,
2024202320242023
(In millions)
Realized gains$23 $11 $30 $19 
Realized losses$(10)$(12)$(16)$(26)
Proceeds from sale of securities$239 $257 $347 $423 
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:
June 30, 2024December 31, 2023
Fair
Value		Unrealized
Gains		Unrealized
Losses		Fair
Value		Unrealized
Gains		Unrealized
Losses
(In millions)
Equity securities$962 $520 $(13)$921 $459 $(11)
Fixed income securities620 10 (31)590 8 (30)
Private equity and other347 98 (8)312 74 (8)
Hedge funds and similar investments211 6 (7)184 4 (9)
Cash equivalents30 — — 34 — — 
$2,170 $634 $(59)$2,041 $545 $(58)
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:
June 30, 2024
(In millions)
Due within one year$13 
Due after one through five years105 
Due after five through ten years105 
Due after ten years293 
$516