XML 78 R54.htm IDEA: XBRL DOCUMENT v3.25.4
Fair Value (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of 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:
December 31, 2025December 31, 2024
Level 1Level
 2		Level 3
Other
(a)
Netting
(b)
Net BalanceLevel 1Level
 2		Level 3
Other
(a)
Netting
(b)
Net Balance
(In millions)
Assets
Cash equivalents and Restricted cash(c)
$176 $— $— $— $— $176 $11 $— $— $— $— $11 
Nuclear decommissioning trusts
Equity securities987 — — 201 — 1,188 856 — — 147 — 1,003 
Fixed income securities133 460 — 133 — 726 124 414 — 112 — 650 
Private equity and other— — — 358 — 358 16 — — 333 — 349 
Hedge funds and similar investments228 17 — — — 245 151 16 — 61 — 228 
Cash equivalents35 — — — — 35 26 — — — — 26 
Other investments(d)
Equity securities84 — — — — 84 72 — — — — 72 
Fixed income securities9 2 — — — 11 7 — — — — 7 
Cash equivalents38 — — — — 38 29 — — — — 29 
Derivative assets
Commodity contracts(e)
Natural gas207 56 109 — (235)137 242 81 105 — (285)143 
Electricity127 115 33 — (194)81 67 69 51 — (116)71 
Environmental & Other— 46 11 — (46)11 1 47 10 — (46)12 
Other contracts— 3 — — — 3 — 21 — — — 21 
Total derivative assets334 220 153 — (475)232 310 218 166 — (447)247 
Total$2,024 $699 $153 $692 $(475)$3,093 $1,602 $648 $166 $653 $(447)$2,622 
Liabilities
Derivative liabilities
Commodity contracts(e)
Natural gas$(196)$(51)$(82)$— $227 $(102)$(217)$(70)$(123)$— $272 $(138)
Electricity(124)(59)(52)— 186 (49)(71)(52)(27)— 114 (36)
Environmental & Other(1)(31)— — 32 — (2)(39)(3)— 44 — 
Other contracts— (1)— — — (1)— (1)— — — (1)
Total$(321)$(142)$(134)$— $445 $(152)$(290)$(162)$(153)$— $430 $(175)
Net Assets (Liabilities) at end of period$1,703 $557 $19 $692 $(30)$2,941 $1,312 $486 $13 $653 $(17)$2,447 
Assets
Current$426 $130 $102 $— $(339)$319 $223 $170 $106 $— $(326)$173 
Noncurrent1,598 569 51 692 (136)2,774 1,379 478 60 653 (121)2,449 
Total Assets$2,024 $699 $153 $692 $(475)$3,093 $1,602 $648 $166 $653 $(447)$2,622 
Liabilities
Current$(240)$(106)$(67)$— $327 $(86)$(219)$(129)$(93)$— $323 $(118)
Noncurrent(81)(36)(67)— 118 (66)(71)(33)(60)— 107 (57)
Total Liabilities$(321)$(142)$(134)$— $445 $(152)$(290)$(162)$(153)$— $430 $(175)
Net Assets (Liabilities) at end of period$1,703 $557 $19 $692 $(30)$2,941 $1,312 $486 $13 $653 $(17)$2,447 
_______________________________________
(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 $10 million and $8 million recorded in Restricted cash on DTE Energy's Consolidated Statements of Financial Position at December 31, 2025 and December 31, 2024, 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:
December 31, 2025December 31, 2024
Level 1Level 2Level 3
Other(a)
Net Balance Level 1Level 2Level 3
Other(a)
Net Balance
(In millions)
Assets
Cash equivalents and Restricted cash(b)
$83 $— $— $— $83 $8 $— $— $— $8 
Nuclear decommissioning trusts
Equity securities987 — — 201 1,188 856 — — 147 1,003 
Fixed income securities133 460 — 133 726 124 414 — 112 650 
Private equity and other— — — 358 358 16 — — 333 349 
Hedge funds and similar investments228 17 — — 245 151 16 — 61 228 
Cash equivalents35 — — — 35 26 — — — 26 
Other investments
Equity securities33 — — — 33 26 — — — 26 
Fixed income securities— 2 — — 2 — — — — — 
Cash equivalents26 — — — 26 19 — — — 19 
Derivative assets — FTRs— — 11 — 11 — — 9 — 9 
Total$1,525 $479 $11 $692 $2,707 $1,226 $430 $9 $653 $2,318 
Assets
Current$83 $— $11 $— $94 $8 $— $9 $— $17 
Noncurrent1,442 479 — 692 2,613 1,218 430 — 653 2,301 
Total Assets$1,525 $479 $11 $692 $2,707 $1,226 $430 $9 $653 $2,318 
_______________________________________
(a)Amounts represent assets valued at NAV as a practical expedient for fair value.
(b)Amounts include $10 million and $8 million recorded in Restricted cash on DTE Electric's Consolidated Statements of Financial Position at December 31, 2025 and December 31, 2024, respectively. All other amounts are included in Cash and cash equivalents on DTE Electric's Consolidated Statements of Financial Position.
Schedule of Reconciliation of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table presents the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis for DTE Energy:
Year Ended December 31, 2025Year Ended December 31, 2024
Natural GasElectricityOtherTotalNatural GasElectricityOtherTotal
(In millions)
Net Assets (Liabilities) as of January 1$(18)$24 $7 $13 $22 $47 $6 $75 
Transfers into Level 3 from Level 22 — — 2 1 — — 1 
Transfers from Level 3 into Level 2— — 2 2 — 74 — 74 
Total gains (losses)
Included in earnings(a)
(25)329 4 308 16 225 (1)240 
Recorded in Regulatory liabilities— — 19 19 — — 21 21 
Purchases, issuances, and settlements:
Settlements68 (372)(21)(325)(57)(322)(19)(398)
Net Assets (Liabilities) as of December 31$27 $(19)$11 $19 $(18)$24 $7 $13 
Total gains (losses) included in Net Income attributed to the change in unrealized gains (losses) related to assets and liabilities held at December 31(a)
$23 $(19)$— $4 $(47)$118 $(159)$(88)
Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at December 31$— $— $11 $11 $— $— $9 $9 
_______________________________________
(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:
Year Ended December 31,
20252024
(In millions)
Net Assets as of January 1$9 $7 
Total gains recorded in Regulatory liabilities19 21 
Purchases, issuances, and settlements:
Settlements(17)(19)
Net Assets as of December 31$11 $9 
Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at December 31$11 $9 
Schedule of 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:
December 31, 2025
Commodity ContractsDerivative AssetsDerivative LiabilitiesValuation TechniquesUnobservable InputRangeWeighted Average
(In millions)
Natural Gas$109 $(82)Discounted Cash FlowForward basis price (per MMBtu)$(1.35)—$9.33 /MMBtu$(0.13)/MMBtu
Electricity$33 $(52)Discounted Cash FlowForward basis price (per MWh)$(21.82)—$17.79 /MWh$(5.58)/MWh
December 31, 2024
Commodity ContractsDerivative AssetsDerivative LiabilitiesValuation TechniquesUnobservable InputRangeWeighted Average
(In millions)
Natural Gas$105 $(123)Discounted Cash FlowForward basis price (per MMBtu)$(1.24)—$9.96 /MMBtu$(0.05)/MMBtu
Electricity$51 $(27)Discounted Cash FlowForward basis price (per MWh)$(16.34)—$17.28 /MWh$(2.74)/MWh
Schedule of Carrying Amount of Fair Value of Financial Instruments
The following table presents the carrying amount and fair value of financial instruments for DTE Energy:
December 31, 2025December 31, 2024
CarryingFair ValueCarryingFair Value
AmountLevel 1Level 2Level 3AmountLevel 1Level 2Level 3
(In millions)
Notes receivable(a), excluding lessor finance leases
$1,453 $— $— $1,482 $884 $— $— $904 
Short-term borrowings$882 $— $882 $— $1,067 $— $1,067 $— 
Notes payable(b)
$28 $— $— $28 $37 $— $— $37 
Long-term debt(c)
$25,123 $1,285 $21,204 $1,351 $21,963 $725 $18,283 $1,128 
_______________________________________
(a)Current portion included in Current Assets — Other on DTE Energy's Consolidated Statements of Financial Position. Carrying value includes credit loss reserves on Notes receivable.
(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:
December 31, 2025December 31, 2024
CarryingFair ValueCarryingFair Value
AmountLevel 1Level 2Level 3AmountLevel 1Level 2Level 3
(In millions)
Notes receivable — Affiliates
$— $— $— $— $42 $— $— $42 
Notes receivable — Other(a)
274 — — 289 2 — — 2 
Short-term borrowings — Other
$652 $— $652 $— $666 $— $666 $— 
Notes payable(b)
$24 $— $— $24 $35 $— $— $35 
Long-term debt(c)
$13,165 $— $12,048 $131 $11,881 $— $10,449 $127 
_______________________________________
(a)Included in 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.
Schedule of 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,
20252024
(In millions)
Fermi 2$2,523 $2,234 
Fermi 13 3 
Low-level radioactive waste26 19 
$2,552 $2,256 
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:
Year Ended December 31,
202520242023
(In millions)
Realized gains$50 $47 $36 
Realized losses$(32)$(27)$(42)
Proceeds from sale of securities$717 $555 $681 
Schedule of 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, 2025December 31, 2024
Fair
Value		Unrealized
Gains		Unrealized LossesFair
Value		Unrealized
Gains		Unrealized Losses
(In millions)
Equity securities$1,188 $742 $(10)$1,003 $558 $(16)
Fixed income securities726 25 (17)650 16 (29)
Private equity and other358 125 (7)349 106 (8)
Hedge funds and similar investments245 8 (6)228 7 (5)
Cash equivalents35 — — 26 — — 
$2,552 $900 $(40)$2,256 $687 $(58)
Schedule of 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, 2025
(In millions)
Due within one year$20 
Due after one through five years93 
Due after five through ten years127 
Due after ten years353 
$593