(State or other jurisdiction of incorporation or organization) | (I.R.S Employer Identification No.) |
(State or other jurisdiction of incorporation or organization) | (I.R.S Employer Identification No.) |
Title of Each Class | Trading Symbol(s) | Name of Exchange on which Registered | ||||||||||||
DTE Energy Company (DTE Energy) | ☒ | No | ☐ | DTE Electric Company (DTE Electric) | ☒ | No | ☐ |
DTE Energy | ☒ | No | ☐ | DTE Electric | ☒ | No | ☐ |
DTE Energy | Accelerated filer | Non-accelerated filer | Smaller reporting company | Emerging growth company | |||||||||||||
☒ | ☐ | ☐ | |||||||||||||||
DTE Electric | Large accelerated filer | Accelerated filer | Smaller reporting company | Emerging growth company | |||||||||||||
☐ | ☐ | ☒ |
DTE Energy | Yes | No | ☒ | DTE Electric | Yes | No | ☒ |
Registrant | Description | Shares | ||||||||||||
DTE Energy | Common Stock, without par value | |||||||||||||
DTE Electric | Common Stock, $10 par value, indirectly-owned by DTE Energy |
Page | ||||||||
ACE | Affordable Clean Energy | |||||||
AFUDC | Allowance for Funds Used During Construction | |||||||
AMV | Applicable Market Value | |||||||
ASU | Accounting Standards Update issued by the FASB | |||||||
CAD | Canadian Dollar (C$) | |||||||
CARB | California Air Resources Board that administers California's Low Carbon Fuel Standard | |||||||
CARES Act | Coronavirus Aid, Relief, and Economic Security Act enacted in March 2020 to assist individuals and employers with the impacts of the COVID-19 pandemic, including certain tax relief provisions | |||||||
CCR | Coal Combustion Residuals | |||||||
CFTC | U.S. Commodity Futures Trading Commission | |||||||
COVID-19 | Coronavirus disease of 2019 | |||||||
DTE Electric | DTE Electric Company (an indirect wholly-owned subsidiary of DTE Energy) and subsidiary companies | |||||||
DTE Energy | DTE Energy Company, directly or indirectly the parent of DTE Electric, DTE Gas, and numerous non-utility subsidiaries | |||||||
DTE Gas | DTE Gas Company (an indirect wholly-owned subsidiary of DTE Energy) and subsidiary companies | |||||||
DTE Sustainable Generation | DTE Sustainable Generation Holdings, LLC (an indirect wholly-owned subsidiary of DTE Energy) and subsidiary companies | |||||||
DT Midstream | DT Midstream, Inc., formerly DTE Energy's natural gas pipeline, storage, and gathering non-utility business comprising the Gas Storage and Pipelines segment and certain DTE Energy holding company activity in the Corporate and Other segment, which separated from DTE Energy and became an independent public company on July 1, 2021 | |||||||
EGLE | Michigan Department of Environment, Great Lakes, and Energy, formerly known as Michigan Department of Environmental Quality | |||||||
EGU | Electric Generating Unit | |||||||
ELG | Effluent Limitations Guidelines | |||||||
EPA | U.S. Environmental Protection Agency | |||||||
Equity units | DTE Energy's 2019 equity units issued in November 2019, which were used to finance the Gas Storage and Pipelines acquisition on December 4, 2019 | |||||||
ERCOT | Electric Reliability Council of Texas, the independent power market operator for substantially all of the Texas power market | |||||||
EWR | Energy Waste Reduction program, which includes a mechanism authorized by the MPSC allowing DTE Electric and DTE Gas to recover through rates certain costs relating to energy waste reduction | |||||||
FASB | Financial Accounting Standards Board | |||||||
FERC | Federal Energy Regulatory Commission | |||||||
FGD | Flue Gas Desulfurization | |||||||
FOV | Finding of Violation | |||||||
FTRs | Financial Transmission Rights are financial instruments that entitle the holder to receive payments related to costs incurred for congestion on the transmission grid | |||||||
GCR | A Gas Cost Recovery mechanism authorized by the MPSC that allows DTE Gas to recover through rates its natural gas costs | |||||||
GHGs | Greenhouse gases | |||||||
Green Bonds | A financing option to fund projects that have a positive environmental impact based upon a specified set of criteria. The proceeds are required to be used for eligible green expenditures | |||||||
LIBOR | London Inter-Bank Offered Rates | |||||||
MGP | Manufactured Gas Plant | |||||||
MPSC | Michigan Public Service Commission | |||||||
MTM | Mark-to-market | |||||||
NAV | Net Asset Value | |||||||
NEXUS | NEXUS Gas Transmission, LLC, a joint venture in which DTE Energy previously owned a 50% partnership interest that separated with DT Midstream effective July 1, 2021 | |||||||
Non-utility | An entity that is not a public utility. Its conditions of service, prices of goods and services, and other operating related matters are not directly regulated by the MPSC | |||||||
NOX | Nitrogen Oxides | |||||||
NPDES | National Pollutant Discharge Elimination System | |||||||
NRC | U.S. Nuclear Regulatory Commission | |||||||
Production tax credits | Tax credits as authorized under Sections 45K and 45 of the Internal Revenue Code that are designed to stimulate investment in and development of alternate fuel sources. The amount of a production tax credit can vary each year as determined by the Internal Revenue Service | |||||||
PSCR | A Power Supply Cost Recovery mechanism authorized by the MPSC that allows DTE Electric to recover through rates its fuel, fuel-related, and purchased power costs | |||||||
REC | Renewable Energy Credit | |||||||
REF | Reduced Emissions Fuel | |||||||
Registrants | DTE Energy and DTE Electric | |||||||
Retail access | Michigan legislation provided customers the option of access to alternative suppliers for electricity and natural gas | |||||||
RPS | Renewable Portfolio Standard program, which includes a mechanism authorized by the MPSC allowing DTE Electric to recover through rates its renewable energy costs | |||||||
RSN | Remarketable Senior Note | |||||||
SGG | Stonewall Gas Gathering is a midstream natural gas asset that was previously owned 85% by DTE Energy and separated with DT Midstream effective July 1, 2021 | |||||||
SIP | State Implementation Plan | |||||||
SO2 | Sulfur Dioxide | |||||||
TCJA | Tax Cuts and Jobs Act of 2017, which reduced the corporate Federal income tax rate from 35% to 21% | |||||||
Topic 606 | FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, as amended | |||||||
VIE | Variable Interest Entity |
Units of Measurement | ||||||||
Bcf | Billion cubic feet of natural gas | |||||||
BTU | British thermal unit, heat value (energy content) of fuel | |||||||
MMBtu | One million BTU | |||||||
MWh | Megawatt-hour of electricity |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In millions, except per share amounts) | |||||||||||||||||||||||
Operating Revenues | |||||||||||||||||||||||
Utility operations | $ | $ | $ | $ | |||||||||||||||||||
Non-utility operations | |||||||||||||||||||||||
Operating Expenses | |||||||||||||||||||||||
Fuel, purchased power, and gas — utility | |||||||||||||||||||||||
Fuel, purchased power, gas, and other — non-utility | |||||||||||||||||||||||
Operation and maintenance | |||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||
Taxes other than income | |||||||||||||||||||||||
Asset (gains) losses and impairments, net | ( | ||||||||||||||||||||||
Operating Income | |||||||||||||||||||||||
Other (Income) and Deductions | |||||||||||||||||||||||
Interest expense | |||||||||||||||||||||||
Interest income | ( | ( | ( | ( | |||||||||||||||||||
Non-operating retirement benefits, net | |||||||||||||||||||||||
Loss on extinguishment of debt | |||||||||||||||||||||||
Other income | ( | ( | ( | ( | |||||||||||||||||||
Other expenses | |||||||||||||||||||||||
Income (Loss) Before Income Taxes | ( | ||||||||||||||||||||||
Income Tax Expense (Benefit) (Note 2) | ( | ( | |||||||||||||||||||||
Net Income from Continuing Operations | |||||||||||||||||||||||
Income (Loss) from Discontinued Operations, Net of Taxes (Note 4) | ( | ||||||||||||||||||||||
Net Income | |||||||||||||||||||||||
Less: Net Income (Loss) Attributable to Noncontrolling Interests | |||||||||||||||||||||||
Continuing operations | ( | ( | ( | ( | |||||||||||||||||||
Discontinued operations | |||||||||||||||||||||||
Net Income Attributable to DTE Energy Company | $ | $ | $ | $ | |||||||||||||||||||
Basic Earnings per Common Share | |||||||||||||||||||||||
Continuing operations | |||||||||||||||||||||||
Discontinued operations | ( | ||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
Diluted Earnings per Common Share | |||||||||||||||||||||||
Continuing operations | |||||||||||||||||||||||
Discontinued operations | ( | ||||||||||||||||||||||
Total | $ | $ | $ | $ | |||||||||||||||||||
Weighted Average Common Shares Outstanding | |||||||||||||||||||||||
Basic | |||||||||||||||||||||||
Diluted |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Net Income | $ | $ | $ | $ | |||||||||||||||||||
Other comprehensive income, net of tax: | |||||||||||||||||||||||
Benefit obligations, net of taxes of $ | |||||||||||||||||||||||
Net unrealized gains (losses) on derivatives, net of taxes of $ | |||||||||||||||||||||||
Other comprehensive income | |||||||||||||||||||||||
Comprehensive income | |||||||||||||||||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interests | ( | ( | |||||||||||||||||||||
Comprehensive Income Attributable to DTE Energy Company | $ | $ | $ | $ |
September 30, | December 31, | ||||||||||
2021 | 2020 | ||||||||||
(In millions) | |||||||||||
ASSETS | |||||||||||
Current Assets | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Restricted cash | |||||||||||
Accounts receivable (less allowance for doubtful accounts of $ | |||||||||||
Customer | |||||||||||
Other | |||||||||||
Inventories | |||||||||||
Fuel and gas | |||||||||||
Materials, supplies, and other | |||||||||||
Derivative assets | |||||||||||
Regulatory assets | |||||||||||
Other | |||||||||||
Current assets of discontinued operations | |||||||||||
Investments | |||||||||||
Nuclear decommissioning trust funds | |||||||||||
Investments in equity method investees | |||||||||||
Other | |||||||||||
Property | |||||||||||
Property, plant, and equipment | |||||||||||
Accumulated depreciation and amortization | ( | ( | |||||||||
Other Assets | |||||||||||
Goodwill | |||||||||||
Regulatory assets | |||||||||||
Intangible assets | |||||||||||
Notes receivable | |||||||||||
Derivative assets | |||||||||||
Prepaid postretirement costs | |||||||||||
Operating lease right-of-use assets | |||||||||||
Other | |||||||||||
Noncurrent assets of discontinued operations | |||||||||||
Total Assets | $ | $ |
September 30, | December 31, | ||||||||||
2021 | 2020 | ||||||||||
(In millions, except shares) | |||||||||||
LIABILITIES AND EQUITY | |||||||||||
Current Liabilities | |||||||||||
Accounts payable | $ | $ | |||||||||
Accrued interest | |||||||||||
Dividends payable | |||||||||||
Short-term borrowings | |||||||||||
Current portion long-term debt, including finance leases | |||||||||||
Derivative liabilities | |||||||||||
Regulatory liabilities | |||||||||||
Operating lease liabilities | |||||||||||
Other | |||||||||||
Current liabilities of discontinued operations | |||||||||||
Long-Term Debt (net of current portion) | |||||||||||
Mortgage bonds, notes, and other | |||||||||||
Junior subordinated debentures | |||||||||||
Finance lease liabilities | |||||||||||
Other Liabilities | |||||||||||
Deferred income taxes | |||||||||||
Regulatory liabilities | |||||||||||
Asset retirement obligations | |||||||||||
Unamortized investment tax credit | |||||||||||
Derivative liabilities | |||||||||||
Accrued pension liability | |||||||||||
Accrued postretirement liability | |||||||||||
Nuclear decommissioning | |||||||||||
Operating lease liabilities | |||||||||||
Other | |||||||||||
Noncurrent liabilities of discontinued operations | |||||||||||
Commitments and Contingencies (Notes 6 and 13) | |||||||||||
Equity | |||||||||||
Common stock (No par value, | |||||||||||
Retained earnings | |||||||||||
Accumulated other comprehensive loss | ( | ( | |||||||||
Total DTE Energy Company Equity | |||||||||||
Noncontrolling interests of continuing operations | |||||||||||
Noncontrolling interests of discontinued operations | |||||||||||
Total Equity | |||||||||||
Total Liabilities and Equity | $ | $ |
Nine Months Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
(In millions) | |||||||||||
Operating Activities | |||||||||||
Net Income | $ | $ | |||||||||
Adjustments to reconcile Net Income to Net cash from operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Nuclear fuel amortization | |||||||||||
Allowance for equity funds used during construction | ( | ( | |||||||||
Deferred income taxes | ( | ||||||||||
Equity earnings of equity method investees | ( | ( | |||||||||
Dividends from equity method investees | |||||||||||
Loss on extinguishment of debt | |||||||||||
Asset (gains) losses and impairments, net | |||||||||||
Changes in assets and liabilities: | |||||||||||
Accounts receivable, net | ( | ||||||||||
Inventories | ( | ( | |||||||||
Prepaid postretirement benefit costs | ( | ( | |||||||||
Accounts payable | ( | ||||||||||
Accrued pension liability | ( | ( | |||||||||
Accrued postretirement liability | ( | ||||||||||
Derivative assets and liabilities | |||||||||||
Regulatory assets and liabilities | ( | ||||||||||
Other current and noncurrent assets and liabilities | ( | ||||||||||
Net cash from operating activities | |||||||||||
Investing Activities | |||||||||||
Plant and equipment expenditures — utility | ( | ( | |||||||||
Plant and equipment expenditures — non-utility | ( | ( | |||||||||
Acquisitions related to business combinations, net of cash acquired | ( | ||||||||||
Proceeds from sale of assets | |||||||||||
Proceeds from sale of nuclear decommissioning trust fund assets | |||||||||||
Investment in nuclear decommissioning trust funds | ( | ( | |||||||||
Distributions from equity method investees | |||||||||||
Contributions to equity method investees | ( | ( | |||||||||
Notes receivable | ( | ( | |||||||||
Other | ( | ( | |||||||||
Net cash used for investing activities | ( | ( | |||||||||
Financing Activities | |||||||||||
Issuance of long-term debt, net of discount and issuance costs | |||||||||||
Redemption of long-term debt | ( | ( | |||||||||
Short-term borrowings, net | |||||||||||
Repurchase of common stock | ( | ||||||||||
Dividends paid on common stock | ( | ( | |||||||||
Contributions from noncontrolling interests, principally REF entities | |||||||||||
Distributions to noncontrolling interests | ( | ( | |||||||||
Acquisition related deferred payment, excluding accretion | ( | ||||||||||
Prepayment costs for extinguishment of long-term debt | ( | ||||||||||
Transfer of cash to DT Midstream at separation | ( | ||||||||||
Other | ( | ( | |||||||||
Net cash from (used for) financing activities | ( | ||||||||||
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash | ( | ||||||||||
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | |||||||||||
Cash, Cash Equivalents, and Restricted Cash at End of Period | $ | $ | |||||||||
Supplemental disclosure of non-cash investing and financing activities | |||||||||||
Plant and equipment expenditures in accounts payable | $ | $ | |||||||||
Separation of DT Midstream net assets, excluding cash transferred | $ | $ | |||||||||
Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | |||||||||||||||||||||||||||||||||
Common Stock | |||||||||||||||||||||||||||||||||||
Shares | Amount | Total | |||||||||||||||||||||||||||||||||
(Dollars in millions, shares in thousands) | |||||||||||||||||||||||||||||||||||
Balance, December 31, 2020 | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||
Net Income | — | — | — | — | |||||||||||||||||||||||||||||||
Dividends declared on common stock ($ | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Repurchase of common stock | ( | ( | — | — | — | ( | |||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | |||||||||||||||||||||||||||||||
Stock-based compensation, net distributions to noncontrolling interests, and other | ( | ( | — | ( | ( | ||||||||||||||||||||||||||||||
Balance, March 31, 2021 | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||
Net Income | — | — | — | — | |||||||||||||||||||||||||||||||
Dividends declared on common stock ($ | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | |||||||||||||||||||||||||||||||
Stock-based compensation, net distributions to noncontrolling interests, and other | ( | — | ( | ||||||||||||||||||||||||||||||||
Balance, June 30, 2021 | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||
Net Income (Loss) | — | — | — | ( | |||||||||||||||||||||||||||||||
Repurchase of common stock | ( | ( | — | — | — | ( | |||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | |||||||||||||||||||||||||||||||
Stock-based compensation, net contributions from noncontrolling interests, and other | — | ||||||||||||||||||||||||||||||||||
Separation of DT Midstream | — | — | ( | ( | ( | ||||||||||||||||||||||||||||||
Balance, September 30, 2021 | $ | $ | $ | ( | $ | $ |
Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | |||||||||||||||||||||||||||||||||
Common Stock | |||||||||||||||||||||||||||||||||||
Shares | Amount | Total | |||||||||||||||||||||||||||||||||
(Dollars in millions, shares in thousands) | |||||||||||||||||||||||||||||||||||
Balance, December 31, 2019 | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||
Net Income | — | — | — | ||||||||||||||||||||||||||||||||
Dividends declared on common stock ($ | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | |||||||||||||||||||||||||||||||
Stock-based compensation, net distributions to noncontrolling interests, and other | — | — | — | ||||||||||||||||||||||||||||||||
Balance, March 31, 2020 | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||
Net Income | — | — | — | ||||||||||||||||||||||||||||||||
Dividends declared on common stock ($ | — | — | ( | — | — | ( | |||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | |||||||||||||||||||||||||||||||
Stock-based compensation, net contributions from noncontrolling interests, and other | ( | — | |||||||||||||||||||||||||||||||||
Balance, June 30, 2020 | $ | $ | $ | ( | $ | $ | |||||||||||||||||||||||||||||
Net Income | — | — | — | ||||||||||||||||||||||||||||||||
Issuance of common stock | — | — | — | ||||||||||||||||||||||||||||||||
Contribution of common stock to pension plan | — | — | — | ||||||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | |||||||||||||||||||||||||||||||
Stock-based compensation, net distributions to noncontrolling interests, and other | ( | — | ( | ||||||||||||||||||||||||||||||||
Balance, September 30, 2020 | $ | $ | $ | ( | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Operating Revenues — Utility operations | $ | $ | $ | $ | |||||||||||||||||||
Operating Expenses | |||||||||||||||||||||||
Fuel and purchased power — utility | |||||||||||||||||||||||
Operation and maintenance | |||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||
Taxes other than income | |||||||||||||||||||||||
Asset (gains) losses and impairments, net | |||||||||||||||||||||||
Operating Income | |||||||||||||||||||||||
Other (Income) and Deductions | |||||||||||||||||||||||
Interest expense | |||||||||||||||||||||||
Interest income | ( | ||||||||||||||||||||||
Non-operating retirement benefits, net | ( | ||||||||||||||||||||||
Other income | ( | ( | ( | ( | |||||||||||||||||||
Other expenses | |||||||||||||||||||||||
Income Before Income Taxes | |||||||||||||||||||||||
Income Tax Expense | |||||||||||||||||||||||
Net Income | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Net Income | $ | $ | $ | $ | |||||||||||||||||||
Other comprehensive income | |||||||||||||||||||||||
Comprehensive Income | $ | $ | $ | $ |
September 30, | December 31, | ||||||||||
2021 | 2020 | ||||||||||
(In millions) | |||||||||||
ASSETS | |||||||||||
Current Assets | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Accounts receivable (less allowance for doubtful accounts of $ | |||||||||||
Customer | |||||||||||
Affiliates | |||||||||||
Other | |||||||||||
Inventories | |||||||||||
Fuel | |||||||||||
Materials and supplies | |||||||||||
Regulatory assets | |||||||||||
Prepaid property tax | |||||||||||
Other | |||||||||||
Investments | |||||||||||
Nuclear decommissioning trust funds | |||||||||||
Other | |||||||||||
Property | |||||||||||
Property, plant, and equipment | |||||||||||
Accumulated depreciation and amortization | ( | ( | |||||||||
Other Assets | |||||||||||
Regulatory assets | |||||||||||
Intangible assets | |||||||||||
Prepaid postretirement costs — affiliates | |||||||||||
Operating lease right-of-use assets | |||||||||||
Other | |||||||||||
Total Assets | $ | $ |
September 30, | December 31, | ||||||||||
2021 | 2020 | ||||||||||
(In millions, except shares) | |||||||||||
LIABILITIES AND SHAREHOLDER’S EQUITY | |||||||||||
Current Liabilities | |||||||||||
Accounts payable | |||||||||||
Affiliates | $ | $ | |||||||||
Other | |||||||||||
Accrued interest | |||||||||||
Current portion long-term debt, including finance leases | |||||||||||
Regulatory liabilities | |||||||||||
Short-term borrowings | |||||||||||
Affiliates | |||||||||||
Other | |||||||||||
Operating lease liabilities | |||||||||||
Other | |||||||||||
Long-Term Debt (net of current portion) | |||||||||||
Mortgage bonds, notes, and other | |||||||||||
Finance lease liabilities | |||||||||||
Other Liabilities | |||||||||||
Deferred income taxes | |||||||||||
Regulatory liabilities | |||||||||||
Asset retirement obligations | |||||||||||
Unamortized investment tax credit | |||||||||||
Nuclear decommissioning | |||||||||||
Accrued pension liability — affiliates | |||||||||||
Accrued postretirement liability — affiliates | |||||||||||
Operating lease liabilities | |||||||||||
Other | |||||||||||
Commitments and Contingencies (Notes 6 and 13) | |||||||||||
Shareholder’s Equity | |||||||||||
Common stock ($ | |||||||||||
Retained earnings | |||||||||||
Total Shareholder’s Equity | |||||||||||
Total Liabilities and Shareholder’s Equity | $ | $ |
Nine Months Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
(In millions) | |||||||||||
Operating Activities | |||||||||||
Net Income | $ | $ | |||||||||
Adjustments to reconcile Net Income to Net cash from operating activities: | |||||||||||
Depreciation and amortization | |||||||||||
Nuclear fuel amortization | |||||||||||
Allowance for equity funds used during construction | ( | ( | |||||||||
Deferred income taxes | |||||||||||
Asset (gains) losses and impairments, net | |||||||||||
Changes in assets and liabilities: | |||||||||||
Accounts receivable, net | ( | ( | |||||||||
Inventories | ( | ( | |||||||||
Accounts payable | |||||||||||
Prepaid postretirement benefit costs — affiliates | ( | ||||||||||
Accrued pension liability — affiliates | ( | ( | |||||||||
Accrued postretirement liability — affiliates | ( | ( | |||||||||
Regulatory assets and liabilities | ( | ||||||||||
Other current and noncurrent assets and liabilities | ( | ( | |||||||||
Net cash from operating activities | |||||||||||
Investing Activities | |||||||||||
Plant and equipment expenditures | ( | ( | |||||||||
Proceeds from sale of nuclear decommissioning trust fund assets | |||||||||||
Investment in nuclear decommissioning trust funds | ( | ( | |||||||||
Notes Receivable and Other | ( | ( | |||||||||
Net cash used for investing activities | ( | ( | |||||||||
Financing Activities | |||||||||||
Issuance of long-term debt, net of discount and issuance costs | |||||||||||
Redemption of long-term debt | ( | ( | |||||||||
Capital contribution by parent company | |||||||||||
Short-term borrowings, net — affiliate | ( | ||||||||||
Short-term borrowings, net — other | ( | ||||||||||
Dividends paid on common stock | ( | ( | |||||||||
Other | ( | ( | |||||||||
Net cash from financing activities | |||||||||||
Net Increase in Cash and Cash Equivalents | |||||||||||
Cash and Cash Equivalents at Beginning of Period | |||||||||||
Cash and Cash Equivalents at End of Period | $ | $ | |||||||||
Supplemental disclosure of non-cash investing and financing activities | |||||||||||
Plant and equipment expenditures in accounts payable | $ | $ |
Additional Paid-in Capital | Retained Earnings | ||||||||||||||||||||||||||||
Common Stock | |||||||||||||||||||||||||||||
Shares | Amount | Total | |||||||||||||||||||||||||||
(Dollars in millions, shares in thousands) | |||||||||||||||||||||||||||||
Balance, December 31, 2020 | $ | $ | $ | $ | |||||||||||||||||||||||||
Net Income | — | — | — | ||||||||||||||||||||||||||
Dividends declared on common stock | — | — | — | ( | ( | ||||||||||||||||||||||||
Balance, March 31, 2021 | $ | $ | $ | $ | |||||||||||||||||||||||||
Net Income | — | — | — | ||||||||||||||||||||||||||
Dividends declared on common stock | — | — | — | ( | ( | ||||||||||||||||||||||||
Balance, June 30, 2021 | $ | $ | $ | $ | |||||||||||||||||||||||||
Net Income | — | — | — | ||||||||||||||||||||||||||
Dividends declared on common stock | — | — | — | ( | ( | ||||||||||||||||||||||||
Capital contribution by parent company | — | — | — | ||||||||||||||||||||||||||
Balance, September 30, 2021 | $ | $ | $ | $ |
Additional Paid-in Capital | Retained Earnings | ||||||||||||||||||||||||||||
Common Stock | |||||||||||||||||||||||||||||
Shares | Amount | Total | |||||||||||||||||||||||||||
(Dollars in millions, shares in thousands) | |||||||||||||||||||||||||||||
Balance, December 31, 2019 | $ | $ | $ | $ | |||||||||||||||||||||||||
Net Income | — | — | — | ||||||||||||||||||||||||||
Dividends declared on common stock | — | — | — | ( | ( | ||||||||||||||||||||||||
Balance, March 31, 2020 | $ | $ | $ | $ | |||||||||||||||||||||||||
Net Income | — | — | — | ||||||||||||||||||||||||||
Dividends declared on common stock | — | — | — | ( | ( | ||||||||||||||||||||||||
Balance, June 30, 2020 | $ | $ | $ | $ | |||||||||||||||||||||||||
Net Income | — | — | — | ||||||||||||||||||||||||||
Dividends declared on common stock | — | — | — | ( | ( | ||||||||||||||||||||||||
Capital contribution by parent company | |||||||||||||||||||||||||||||
Balance, September 30, 2020 | $ | $ | $ | $ |
Note 1 | Organization and Basis of Presentation | DTE Energy and DTE Electric | ||||||||||||
Note 2 | Significant Accounting Policies | DTE Energy and DTE Electric | ||||||||||||
Note 3 | New Accounting Pronouncements | DTE Energy and DTE Electric | ||||||||||||
Note 4 | Dispositions and Impairments | DTE Energy | ||||||||||||
Note 5 | Revenue | DTE Energy and DTE Electric | ||||||||||||
Note 6 | Regulatory Matters | DTE Energy and DTE Electric | ||||||||||||
Note 7 | Common Stock and Earnings per Share | DTE Energy | ||||||||||||
Note 8 | Fair Value | DTE Energy and DTE Electric | ||||||||||||
Note 9 | Financial and Other Derivative Instruments | DTE Energy and DTE Electric | ||||||||||||
Note 10 | Long-Term Debt | DTE Energy and DTE Electric | ||||||||||||
Note 11 | Short-Term Credit Arrangements and Borrowings | DTE Energy and DTE Electric | ||||||||||||
Note 12 | Leases | DTE Energy | ||||||||||||
Note 13 | Commitments and Contingencies | DTE Energy and DTE Electric | ||||||||||||
Note 14 | Retirement Benefits and Trusteed Assets | DTE Energy and DTE Electric | ||||||||||||
Note 15 | Segment and Related Information | DTE Energy | ||||||||||||
September 30, 2021 | December 31, 2020 | ||||||||||
(In millions) | |||||||||||
ASSETS | |||||||||||
Cash and cash equivalents | $ | $ | |||||||||
Accounts receivable | |||||||||||
Inventories | |||||||||||
Property, plant, and equipment, net | |||||||||||
Notes receivable and other | |||||||||||
$ | $ | ||||||||||
LIABILITIES | |||||||||||
Accounts payable | $ | $ | |||||||||
Short-term borrowings | |||||||||||
Other current and long-term liabilities | |||||||||||
$ | $ |
September 30, 2021 | December 31, 2020 | ||||||||||
(In millions) | |||||||||||
Investments in equity method investees | $ | $ | |||||||||
Notes receivable | $ | $ | |||||||||
Future funding commitments | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Income from REF entities | $ | $ | $ | $ | |||||||||||||||||||
Equity earnings of equity method investees | |||||||||||||||||||||||
Contract services | |||||||||||||||||||||||
Allowance for equity funds used during construction | |||||||||||||||||||||||
Gains from rabbi trust securities(a) | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
$ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Contract services | $ | $ | $ | $ | |||||||||||||||||||
Allowance for equity funds used during construction | |||||||||||||||||||||||
Gains from rabbi trust securities allocated from DTE Energy(a) | |||||||||||||||||||||||
Other | |||||||||||||||||||||||
$ | $ | $ | $ |
Effective Tax Rate | |||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
DTE Energy | % | % | ( | % | % | ||||||||||||||||||
DTE Electric | % | % | % | % |
DTE Energy | DTE Electric | ||||||||||||||||||||||||||||
Year of Origination | |||||||||||||||||||||||||||||
2021 | 2020 | 2019 and Prior | Total | 2021 and Prior | |||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||
Notes receivable | |||||||||||||||||||||||||||||
Internal grade 1 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Internal grade 2 | |||||||||||||||||||||||||||||
Internal grade 3 | |||||||||||||||||||||||||||||
Total notes receivable(a) | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Net investment in leases | |||||||||||||||||||||||||||||
Net investment in leases, internal grade 1 | $ | $ | $ | $ | $ | ||||||||||||||||||||||||
Net investment in leases, internal grade 2 | |||||||||||||||||||||||||||||
Total net investment in leases(a) | $ | $ | $ | $ | $ |
DTE Energy | DTE Electric | ||||||||||||||||||||||
Trade accounts receivable | Other receivables | Total | Trade and other accounts receivable | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Beginning reserve balance, January 1, 2021 | $ | $ | $ | $ | |||||||||||||||||||
Current period provision | |||||||||||||||||||||||
Write-offs charged against allowance | ( | ( | ( | ( | |||||||||||||||||||
Recoveries of amounts previously written off | |||||||||||||||||||||||
Ending reserve balance, September 30, 2021 | $ | $ | $ | $ |
DTE Energy | DTE Electric | ||||||||||||||||||||||
Trade accounts receivable | Other receivables | Total | Trade and other accounts receivable | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Beginning reserve balance, January 1, 2020(a) | $ | $ | $ | $ | |||||||||||||||||||
Current period provision | |||||||||||||||||||||||
Write-offs charged against allowance | ( | ( | ( | ( | |||||||||||||||||||
Recoveries of amounts previously written off | |||||||||||||||||||||||
Ending reserve balance, December 31, 2020 | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
DTE Energy | $ | $ | $ | $ | |||||||||||||||||||
DTE Electric |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Operating Revenues — Non-utility operations | $ | $ | $ | $ | |||||||||||||||||||
Operating Expenses | |||||||||||||||||||||||
Cost of gas and other — non-utility | |||||||||||||||||||||||
Operation and maintenance(a) | |||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||
Taxes other than income | |||||||||||||||||||||||
Asset (gains) losses and impairments, net | ( | ( | |||||||||||||||||||||
Operating Income (Loss) | ( | ||||||||||||||||||||||
Other (Income) and Deductions | |||||||||||||||||||||||
Interest expense | |||||||||||||||||||||||
Interest income | ( | ( | ( | ||||||||||||||||||||
Other income | ( | ( | ( | ||||||||||||||||||||
( | ( | ( | |||||||||||||||||||||
Income (Loss) from Discontinued Operations Before Income Taxes | ( | ||||||||||||||||||||||
Income Tax Expense | |||||||||||||||||||||||
Income (Loss) from Discontinued Operations, Net of Taxes | ( | ||||||||||||||||||||||
Less: Net Income Attributable to Noncontrolling Interests | |||||||||||||||||||||||
Net Income (Loss) from Discontinued Operations | $ | ( | $ | $ | $ |
December 31, 2020 | |||||
(In millions) | |||||
Total Assets of Discontinued Operations | |||||
Cash | $ | ||||
Accounts receivable | |||||
Inventories | |||||
Other | |||||
Current assets of DT Midstream | |||||
Less: Previously affiliated amounts eliminated at DTE Energy | |||||
Current assets of discontinued operations for DTE Energy | |||||
Investments in equity method investees | |||||
Net property, plant, and equipment | |||||
Goodwill | |||||
Intangible assets | |||||
Notes receivable | |||||
Operating lease right-of-use assets | |||||
Other | |||||
Noncurrent assets of discontinued operations for DTE Energy | |||||
Total Assets of Discontinued Operations for DTE Energy | $ | ||||
Total Liabilities of Discontinued Operations | |||||
Accounts payable | $ | ||||
Operating lease liabilities | |||||
Short-term borrowings due to DTE Energy(a) | |||||
Other | |||||
Current liabilities of DT Midstream | |||||
Less: Previously affiliated amounts eliminated at DTE Energy | |||||
Current liabilities of discontinued operations for DTE Energy | |||||
Deferred income taxes | |||||
Asset retirement obligations | |||||
Operating lease liabilities | |||||
Other | |||||
Noncurrent liabilities of discontinued operations for DTE Energy | |||||
Total Liabilities of Discontinued Operations for DTE Energy | $ |
Nine Months Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
(In millions) | |||||||||||
Operating Activities | |||||||||||
Depreciation and amortization | $ | $ | |||||||||
Deferred income taxes | |||||||||||
Equity earnings of equity method investees | ( | ( | |||||||||
Asset (gains) losses and impairments, net | ( | ||||||||||
Investing Activities | |||||||||||
Plant and equipment expenditures — non-utility | $ | ( | $ | ( | |||||||
Financing Activities | |||||||||||
Acquisition related deferred payment, excluding accretion | $ | $ | ( |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Electric(a) | |||||||||||||||||||||||
Residential | $ | $ | $ | $ | |||||||||||||||||||
Commercial | |||||||||||||||||||||||
Industrial | |||||||||||||||||||||||
Other(b) | |||||||||||||||||||||||
Total Electric operating revenues | $ | $ | $ | $ | |||||||||||||||||||
Gas | |||||||||||||||||||||||
Gas sales | $ | $ | $ | $ | |||||||||||||||||||
End User Transportation | |||||||||||||||||||||||
Intermediate Transportation | |||||||||||||||||||||||
Other(b) | |||||||||||||||||||||||
Total Gas operating revenues | $ | $ | $ | $ | |||||||||||||||||||
Other segment operating revenues | |||||||||||||||||||||||
DTE Vantage | $ | $ | $ | $ | |||||||||||||||||||
Energy Trading | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Electric — Other revenues | $ | $ | $ | $ | |||||||||||||||||||
Gas — Alternative Revenue Programs | |||||||||||||||||||||||
Gas — Other revenues | |||||||||||||||||||||||
DTE Vantage — Leases | |||||||||||||||||||||||
Energy Trading — Derivatives |
DTE Energy | |||||
(In millions) | |||||
Beginning Balance, January 1, 2021(a) | $ | ||||
Increases due to cash received or receivable, excluding amounts recognized as revenue during the period | |||||
Revenue recognized that was included in the deferred revenue balance at the beginning of the period | ( | ||||
Ending Balance, September 30, 2021 | $ |
DTE Energy | |||||
(In millions) | |||||
2021 | $ | ||||
2022 | |||||
2023 | |||||
2024 | |||||
2025 | |||||
2026 and thereafter | |||||
$ |
DTE Energy | DTE Electric | ||||||||||
(In millions) | |||||||||||
2021 | $ | $ | |||||||||
2022 | |||||||||||
2023 | |||||||||||
2024 | |||||||||||
2025 | |||||||||||
2026 and thereafter | |||||||||||
$ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In millions, except per share amounts) | |||||||||||||||||||||||
Basic Earnings per Share | |||||||||||||||||||||||
Net Income attributable to DTE Energy — continuing operations | $ | $ | $ | $ | |||||||||||||||||||
Less: Allocation of earnings to net restricted stock awards | |||||||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||||
Net Income (Loss) attributable to DTE Energy — discontinued operations | ( | ||||||||||||||||||||||
Net income available to common shareholders — basic | $ | $ | $ | $ | |||||||||||||||||||
Average number of common shares outstanding — basic | |||||||||||||||||||||||
Income from continuing operations | $ | $ | $ | $ | |||||||||||||||||||
Income (loss) from discontinued operations | ( | ||||||||||||||||||||||
Basic Earnings per Common Share | $ | $ | $ | $ | |||||||||||||||||||
Diluted Earnings per Share | |||||||||||||||||||||||
Net Income attributable to DTE Energy — continuing operations | $ | $ | $ | $ | |||||||||||||||||||
Less: Allocation of earnings to net restricted stock awards | |||||||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||||
Net Income (Loss) attributable to DTE Energy — discontinued operations | ( | ||||||||||||||||||||||
Net income available to common shareholders — diluted | $ | $ | $ | $ | |||||||||||||||||||
Average number of common shares outstanding — basic | |||||||||||||||||||||||
Average dilutive equity units, performance share awards, and stock options | |||||||||||||||||||||||
Average number of common shares outstanding — diluted | |||||||||||||||||||||||
Income from continuing operations | $ | $ | $ | $ | |||||||||||||||||||
Income (loss) from discontinued operations | ( | ||||||||||||||||||||||
Diluted Earnings per Common Share(a) | $ | $ | $ | $ |
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Other(a) | Netting(b) | Net Balance | Level 1 | Level 2 | Level 3 | Other(a) | Netting(b) | Net Balance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents(c) | $ | $ | $ | $ | — | $ | — | $ | $ | $ | $ | $ | — | $ | — | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Nuclear decommissioning trusts | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed income securities | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Private equity and other | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other investments(d) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed income securities | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commodity contracts(e) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Natural gas | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Electricity | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Environmental & Other | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total derivative assets | — | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | ( | $ | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commodity contracts(e) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Natural gas | $ | ( | $ | ( | $ | ( | $ | — | $ | $ | ( | $ | ( | $ | ( | $ | ( | $ | — | $ | $ | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Electricity | ( | ( | — | ( | ( | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Environmental & Other | ( | — | ( | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Foreign currency exchange contracts | ( | — | ( | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | ( | $ | ( | $ | ( | $ | — | $ | $ | ( | $ | ( | $ | ( | $ | ( | $ | — | $ | $ | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets (Liabilities) at end of period | $ | $ | $ | ( | $ | $ | ( | $ | $ | $ | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | $ | $ | $ | $ | — | $ | ( | $ | $ | $ | $ | $ | — | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncurrent | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Assets | $ | $ | $ | $ | $ | ( | $ | $ | $ | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | $ | ( | $ | ( | $ | ( | $ | — | $ | $ | ( | $ | ( | $ | ( | $ | ( | $ | — | $ | $ | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Noncurrent | ( | ( | ( | — | ( | ( | ( | ( | — | ( | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Liabilities | $ | ( | $ | ( | $ | ( | $ | — | $ | $ | ( | $ | ( | $ | ( | $ | ( | $ | — | $ | $ | ( | |||||||||||||||||||||||||||||||||||||||||||||||||
Net Assets (Liabilities) at end of period | $ | $ | $ | ( | $ | $ | ( | $ | $ | $ | $ | ( | $ | $ | ( | $ |
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | $ | $ | $ | — | $ | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Nuclear decommissioning trusts | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed income securities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Private equity and other | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative assets — FTRs | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | $ | $ | $ | $ | — | $ | $ | $ | $ | $ | — | $ | |||||||||||||||||||||||||||||||||||||||||||||||
Noncurrent | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Assets | $ | $ | $ | $ | $ | $ | $ | $ | $ | $ |
Three Months Ended September 30, 2021 | Three Months Ended September 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Natural Gas | Electricity | Other | Total | Natural Gas | Electricity | Other | Total | ||||||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Net Assets (Liabilities) as of June 30 | $ | ( | $ | ( | $ | $ | ( | $ | $ | $ | $ | ||||||||||||||||||||||||||||||||||||
Transfers from Level 3 into Level 2 | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Total gains (losses) | |||||||||||||||||||||||||||||||||||||||||||||||
Included in earnings(a) | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Recorded in Regulatory liabilities | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Purchases, issuances, and settlements | |||||||||||||||||||||||||||||||||||||||||||||||
Settlements | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Net Assets (Liabilities) as of September 30 | $ | ( | $ | ( | $ | $ | ( | $ | ( | $ | $ | $ | ( | ||||||||||||||||||||||||||||||||||
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) | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | $ | ( | $ | ( | ||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2021 | Nine Months Ended September 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Natural Gas | Electricity | Other | Total | Natural Gas | Electricity | Other | Total | ||||||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Net Assets (Liabilities) as of December 31 | $ | ( | $ | $ | $ | ( | $ | ( | $ | $ | $ | ||||||||||||||||||||||||||||||||||||
Transfers from Level 3 into Level 2 | ( | ( | |||||||||||||||||||||||||||||||||||||||||||||
Total gains (losses) | |||||||||||||||||||||||||||||||||||||||||||||||
Included in earnings(a) | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Recorded in Regulatory liabilities | |||||||||||||||||||||||||||||||||||||||||||||||
Purchases, issuances, and settlements | |||||||||||||||||||||||||||||||||||||||||||||||
Settlements | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||
Net Assets (Liabilities) as of September 30 | $ | ( | $ | ( | $ | $ | ( | $ | ( | $ | $ | $ | ( | ||||||||||||||||||||||||||||||||||
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) | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | $ | ( | $ | |||||||||||||||||||||||||||||||||
Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at September 30 | $ | $ | $ | $ | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Net Assets as of beginning of period | $ | $ | $ | $ | |||||||||||||||||||
Change in fair value recorded in Regulatory liabilities | ( | ||||||||||||||||||||||
Purchases, issuances, and settlements | |||||||||||||||||||||||
Settlements | ( | ( | ( | ( | |||||||||||||||||||
Net Assets as of September 30 | $ | $ | $ | $ | |||||||||||||||||||
Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at September 30 | $ | $ | $ | $ |
September 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Commodity Contracts | Derivative Assets | Derivative Liabilities | Valuation Techniques | Unobservable Input | Range | Weighted Average | |||||||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Natural Gas | $ | $ | ( | Discounted Cash Flow | Forward basis price (per MMBtu) | $ | ( | — | $ | /MMBtu | $ | ( | /MMBtu | ||||||||||||||||||||||||||||||||||
Electricity | $ | $ | ( | Discounted Cash Flow | Forward basis price (per MWh) | $ | ( | — | $ | /MWh | $ | ( | /MWh |
December 31, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||
Commodity Contracts | Derivative Assets | Derivative Liabilities | Valuation Techniques | Unobservable Input | Range | Weighted Average | |||||||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Natural Gas | $ | $ | ( | Discounted Cash Flow | Forward basis price (per MMBtu) | $ | ( | — | $ | /MMBtu | $ | ( | /MMBtu | ||||||||||||||||||||||||||||||||||
Electricity | $ | $ | ( | Discounted Cash Flow | Forward basis price (per MWh) | $ | ( | — | $ | /MWh | $ | /MWh |
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | ||||||||||||||||||||||||||||||||||||||||||||
Amount | Level 1 | Level 2 | Level 3 | Amount | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Notes receivable(a), excluding lessor finance leases | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Short-term borrowings | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Notes payable(b) | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Long-term debt(c) | $ | $ | $ | $ | $ | $ | $ | $ |
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | ||||||||||||||||||||||||||||||||||||||||||||
Amount | Level 1 | Level 2 | Level 3 | Amount | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Notes receivable(a) | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Short-term borrowings — affiliates | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Short-term borrowings — other | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Notes payable(b) | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
Long-term debt(c) | $ | $ | $ | $ | $ | $ | $ | $ |
September 30, 2021 | December 31, 2020 | ||||||||||
(In millions) | |||||||||||
Fermi 2 | $ | $ | |||||||||
Fermi 1 | |||||||||||
Low-level radioactive waste | |||||||||||
$ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Realized gains | $ | $ | $ | $ | |||||||||||||||||||
Realized losses | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||
Proceeds from sale of securities | $ | $ | $ | $ |
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||
Fair Value | Unrealized Gains | Unrealized Losses | Fair Value | Unrealized Gains | Unrealized Losses | ||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
Equity securities | $ | $ | $ | ( | $ | $ | $ | ( | |||||||||||||||||||||||||||
Fixed income securities | ( | ( | |||||||||||||||||||||||||||||||||
Private equity and other | ( | ||||||||||||||||||||||||||||||||||
Cash equivalents | — | — | — | — | |||||||||||||||||||||||||||||||
$ | $ | $ | ( | $ | $ | $ | ( |
September 30, 2021 | |||||
(In millions) | |||||
Due within one year | $ | ||||
Due after one through five years | |||||
Due after five through ten years | |||||
Due after ten years | |||||
$ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Gains (losses) related to equity securities | $ | ( | $ | $ | $ | ( | |||||||||||||||||
Gains (losses) related to fixed income securities | ( | ||||||||||||||||||||||
$ | ( | $ | $ | $ | ( |
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||
Derivative Assets | Derivative Liabilities | Derivative Assets | Derivative Liabilities | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||||||||
Foreign currency exchange contracts | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||
Commodity contracts | |||||||||||||||||||||||
Natural gas | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Electricity | ( | ( | |||||||||||||||||||||
Environmental & Other | ( | ( | |||||||||||||||||||||
Foreign currency exchange contracts | ( | ( | |||||||||||||||||||||
Total derivatives not designated as hedging instruments | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Current | $ | $ | ( | $ | $ | ( | |||||||||||||||||
Noncurrent | ( | ( | |||||||||||||||||||||
Total derivatives | $ | $ | ( | $ | $ | ( |
September 30, 2021 | December 31, 2020 | ||||||||||
(In millions) | |||||||||||
FTRs — Other current assets | $ | $ | |||||||||
Total derivatives not designated as hedging instruments | $ | $ |
September 30, 2021 | December 31, 2020 | ||||||||||
(In millions) | |||||||||||
Cash collateral netted against Derivative assets | $ | ( | $ | ( | |||||||
Cash collateral netted against Derivative liabilities | |||||||||||
Cash collateral recorded in Accounts receivable(a) | |||||||||||
Cash collateral recorded in Accounts payable(a) | ( | ( | |||||||||
Total net cash collateral posted (received) | $ | ( | $ |
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||
Gross Amounts of Recognized Assets (Liabilities) | Gross Amounts Offset in the Consolidated Statements of Financial Position | Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position | Gross Amounts of Recognized Assets (Liabilities) | Gross Amounts Offset in the Consolidated Statements of Financial Position | Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position | ||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
Derivative assets | |||||||||||||||||||||||||||||||||||
Commodity contracts | |||||||||||||||||||||||||||||||||||
Natural gas | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Electricity | ( | ( | |||||||||||||||||||||||||||||||||
Environmental & Other | ( | ( | |||||||||||||||||||||||||||||||||
Total derivative assets | $ | $ | ( | $ | $ | $ | ( | $ | |||||||||||||||||||||||||||
Derivative liabilities | |||||||||||||||||||||||||||||||||||
Commodity contracts | |||||||||||||||||||||||||||||||||||
Natural gas | $ | ( | $ | $ | ( | $ | ( | $ | $ | ( | |||||||||||||||||||||||||
Electricity | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Environmental & Other | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Foreign currency exchange contracts | ( | ( | ( | ( | |||||||||||||||||||||||||||||||
Total derivative liabilities | $ | ( | $ | $ | ( | $ | ( | $ | $ | ( |
September 30, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
Derivative Assets | Derivative Liabilities | Derivative Assets | Derivative Liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Current | Noncurrent | Current | Noncurrent | Current | Noncurrent | Current | Noncurrent | ||||||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Total fair value of derivatives | $ | $ | $ | ( | $ | ( | $ | $ | $ | ( | $ | ( | |||||||||||||||||||||||||||||||||||
Counterparty netting | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Collateral adjustment | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||||
Total derivatives as reported | $ | $ | $ | ( | $ | ( | $ | $ | $ | ( | $ | ( |
Location of Gain (Loss) Recognized in Income on Derivatives | Gain (Loss) Recognized in Income on Derivatives for the Three Months Ended September 30, | Gain (Loss) Recognized in Income on Derivatives for the Nine Months Ended September 30, | ||||||||||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||
Commodity contracts | ||||||||||||||||||||||||||||||||
Natural gas | Operating Revenues — Non-utility operations | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||||
Natural gas | Fuel, purchased power, gas, and other — non-utility | ( | ( | |||||||||||||||||||||||||||||
Electricity | Operating Revenues — Non-utility operations | |||||||||||||||||||||||||||||||
Environmental & Other | Operating Revenues — Non-utility operations | ( | ( | |||||||||||||||||||||||||||||
Foreign currency exchange contracts | Operating Revenues — Non-utility operations | ( | ( | |||||||||||||||||||||||||||||
Total | $ | ( | $ | ( | $ | ( | $ |
Commodity | Number of Units | |||||||
Natural gas (MMBtu) | ||||||||
Electricity (MWh) | ||||||||
Foreign currency exchange ($ CAD) | ||||||||
Renewable Energy Certificates (MWh) | ||||||||
Carbon emissions (Metric Tons) |
Company | Month | Type | Interest Rate | Maturity Date | Amount | |||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||
DTE Electric | March | Mortgage bonds(a) | 2028 | $ | ||||||||||||||||||||||||||||
DTE Electric | March | Mortgage bonds(a) | 2051 | |||||||||||||||||||||||||||||
DT Midstream | June | Senior notes(b) | 2029 | |||||||||||||||||||||||||||||
DT Midstream | June | Senior notes(b) | 2031 | |||||||||||||||||||||||||||||
DT Midstream | June | Term loan facility(b) | Variable | 2028 | ||||||||||||||||||||||||||||
$ |
Company | Month | Type | Interest Rate | Maturity Date | Amount | |||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||
DTE Electric | April | Mortgage bonds | 2021 | $ | ||||||||||||||||||||||||||||
DTE Electric | May | Mortgage bonds | 2021 | |||||||||||||||||||||||||||||
DTE Energy | June | Junior subordinated debentures(a) | 2076 | |||||||||||||||||||||||||||||
DTE Energy | July | Senior notes | 2022 | |||||||||||||||||||||||||||||
DTE Energy | July | Senior notes | 2022 | |||||||||||||||||||||||||||||
DTE Energy | July | Senior notes | 2023 | |||||||||||||||||||||||||||||
DTE Energy | July | Senior notes | 2023 | |||||||||||||||||||||||||||||
DTE Energy | July | Senior notes | 2024 | |||||||||||||||||||||||||||||
DTE Energy | July | Senior notes | 2027 | |||||||||||||||||||||||||||||
DTE Energy | July | Senior notes | 2029 | |||||||||||||||||||||||||||||
DTE Energy | July | Senior notes | 2033 | |||||||||||||||||||||||||||||
DTE Energy | August | Senior notes | 2023 | |||||||||||||||||||||||||||||
DTE Energy | August | Senior notes | 2033 | |||||||||||||||||||||||||||||
DTE Electric | August | Mortgage bonds | 2021 | |||||||||||||||||||||||||||||
$ |
DTE Energy | DTE Electric | DTE Gas | Total | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Unsecured revolving credit facility, expiring April 2025(a) | $ | $ | $ | $ | |||||||||||||||||||
Unsecured Canadian revolving credit facility, expiring May 2023 | |||||||||||||||||||||||
Unsecured letter of credit facility, expiring in February 2023 | |||||||||||||||||||||||
Unsecured letter of credit facility, expiring in July 2023 | |||||||||||||||||||||||
Unsecured letter of credit facility(b) | |||||||||||||||||||||||
Amounts outstanding at September 30, 2021 | |||||||||||||||||||||||
Revolver borrowings | |||||||||||||||||||||||
Commercial paper issuances | |||||||||||||||||||||||
Letters of credit | |||||||||||||||||||||||
Net availability at September 30, 2021 | $ | $ | $ | $ |
DTE Energy | |||||
September 30, 2021 | |||||
(In millions) | |||||
2021 | $ | ||||
2022 | |||||
2023 | |||||
2024 | |||||
2025 | |||||
2026 and Thereafter | |||||
Total minimum future lease receipts | |||||
Residual value of leased pipeline | |||||
Less unearned income | |||||
Net investment in finance lease | |||||
Less current portion | |||||
$ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Fixed payments | $ | $ | $ | $ | |||||||||||||||||||
Variable payments | |||||||||||||||||||||||
$ | $ | $ | $ | ||||||||||||||||||||
Operating revenues | $ | $ | $ | $ | |||||||||||||||||||
Other income | |||||||||||||||||||||||
$ | $ | $ | $ |
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||
Three Months Ended September 30, | |||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Service cost | $ | $ | $ | $ | |||||||||||||||||||
Interest cost | |||||||||||||||||||||||
Expected return on plan assets | ( | ( | ( | ( | |||||||||||||||||||
Amortization of: | |||||||||||||||||||||||
Net actuarial loss | |||||||||||||||||||||||
Prior service credit | ( | ( | |||||||||||||||||||||
Settlements | |||||||||||||||||||||||
Net periodic benefit cost (credit) | $ | $ | $ | ( | $ | ( |
Pension Benefits | Other Postretirement Benefits | ||||||||||||||||||||||
Nine Months Ended September 30, | |||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Service cost | $ | $ | $ | $ | |||||||||||||||||||
Interest cost | |||||||||||||||||||||||
Expected return on plan assets | ( | ( | ( | ( | |||||||||||||||||||
Amortization of: | |||||||||||||||||||||||
Net actuarial loss | |||||||||||||||||||||||
Prior service credit | ( | ( | |||||||||||||||||||||
Settlements | |||||||||||||||||||||||
Net periodic benefit cost (credit) | $ | $ | $ | ( | $ | ( |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Service cost | $ | $ | $ | $ | |||||||||||||||||||
Interest cost | |||||||||||||||||||||||
Expected return on plan assets | ( | ( | ( | ( | |||||||||||||||||||
Amortization of: | |||||||||||||||||||||||
Net actuarial loss | |||||||||||||||||||||||
Prior service credit | ( | ( | ( | ( | |||||||||||||||||||
Net periodic benefit credit | $ | ( | $ | ( | $ | ( | $ | ( |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Electric | $ | $ | $ | $ | |||||||||||||||||||
Gas | |||||||||||||||||||||||
DTE Vantage | |||||||||||||||||||||||
Energy Trading | |||||||||||||||||||||||
Corporate and Other | |||||||||||||||||||||||
$ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Operating Revenues — Utility operations | |||||||||||||||||||||||
Electric | $ | $ | $ | $ | |||||||||||||||||||
Gas | |||||||||||||||||||||||
Operating Revenues — Non-utility operations | |||||||||||||||||||||||
Electric | |||||||||||||||||||||||
DTE Vantage | |||||||||||||||||||||||
Energy Trading | |||||||||||||||||||||||
Corporate and Other | |||||||||||||||||||||||
Reconciliation and Eliminations(a) | ( | ( | ( | ( | |||||||||||||||||||
Total | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Net Income (Loss) Attributable to DTE Energy by Segment: | |||||||||||||||||||||||
Electric | $ | $ | $ | $ | |||||||||||||||||||
Gas | ( | ( | |||||||||||||||||||||
DTE Vantage | |||||||||||||||||||||||
Energy Trading | ( | ( | ( | ||||||||||||||||||||
Corporate and Other | ( | ( | ( | ( | |||||||||||||||||||
Discontinued Operations | ( | ||||||||||||||||||||||
Net Income Attributable to DTE Energy Company | $ | $ | $ | $ |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In millions, except per share amounts) | |||||||||||||||||||||||
Net Income attributable to DTE Energy — continuing operations | $ | 58 | $ | 372 | $ | 495 | $ | 844 | |||||||||||||||
Diluted Earnings per Common Share — continuing operations | $ | 0.30 | $ | 1.92 | $ | 2.55 | $ | 4.37 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Net Income (Loss) Attributable to DTE Energy by Segment | |||||||||||||||||||||||
Electric | $ | 342 | $ | 398 | $ | 788 | $ | 675 | |||||||||||||||
Gas | (30) | (20) | 146 | 102 | |||||||||||||||||||
DTE Vantage | 73 | 47 | 115 | 102 | |||||||||||||||||||
Energy Trading | (52) | (28) | (173) | 5 | |||||||||||||||||||
Corporate and Other | (275) | (25) | (381) | (40) | |||||||||||||||||||
Discontinued Operations | (33) | 104 | 106 | 249 | |||||||||||||||||||
Net Income Attributable to DTE Energy Company | $ | 25 | $ | 476 | $ | 601 | $ | 1,093 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Operating Revenues — Utility operations | $ | 1,700 | $ | 1,690 | $ | 4,468 | $ | 4,211 | |||||||||||||||
Fuel and purchased power — utility | 462 | 449 | 1,178 | 1,083 | |||||||||||||||||||
Utility Margin | 1,238 | 1,241 | 3,290 | 3,128 | |||||||||||||||||||
Operating Revenues — Non-utility operations | 2 | 3 | 9 | 10 | |||||||||||||||||||
Operation and maintenance | 408 | 358 | 1,116 | 1,063 | |||||||||||||||||||
Depreciation and amortization | 281 | 262 | 820 | 779 | |||||||||||||||||||
Taxes other than income | 82 | 79 | 245 | 220 | |||||||||||||||||||
Asset (gains) losses and impairments, net | — | — | — | 41 | |||||||||||||||||||
Operating Income | 469 | 545 | 1,118 | 1,035 | |||||||||||||||||||
Other (Income) and Deductions | 82 | 89 | 238 | 264 | |||||||||||||||||||
Income Tax Expense | 45 | 58 | 92 | 96 | |||||||||||||||||||
Net Income Attributable to DTE Energy Company | $ | 342 | $ | 398 | $ | 788 | $ | 675 | |||||||||||||||
Three Months | Nine Months | ||||||||||
(In millions) | |||||||||||
Implementation of new rates | $ | — | $ | 71 | |||||||
Regulatory mechanism — RPS | 22 | 43 | |||||||||
Regulatory mechanism — EWR | 10 | 34 | |||||||||
Base sales / rate mix | (3) | 25 | |||||||||
Weather | (40) | (19) | |||||||||
Other regulatory mechanisms and other | 8 | 8 | |||||||||
Increase (decrease) in Utility Margin | $ | (3) | $ | 162 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In thousands of MWh) | |||||||||||||||||||||||
DTE Electric Sales | |||||||||||||||||||||||
Residential | 4,998 | 5,154 | 12,705 | 12,646 | |||||||||||||||||||
Commercial | 4,625 | 4,507 | 12,532 | 11,936 | |||||||||||||||||||
Industrial | 2,214 | 2,321 | 6,431 | 6,205 | |||||||||||||||||||
Other | 49 | 49 | 155 | 157 | |||||||||||||||||||
11,886 | 12,031 | 31,823 | 30,944 | ||||||||||||||||||||
Interconnection sales(a) | 1,008 | 295 | 2,812 | 823 | |||||||||||||||||||
Total DTE Electric Sales | 12,894 | 12,326 | 34,635 | 31,767 | |||||||||||||||||||
DTE Electric Deliveries | |||||||||||||||||||||||
Retail and wholesale | 11,886 | 12,031 | 31,823 | 30,944 | |||||||||||||||||||
Electric retail access, including self-generators(b) | 1,232 | 1,030 | 3,260 | 2,865 | |||||||||||||||||||
Total DTE Electric Sales and Deliveries | 13,118 | 13,061 | 35,083 | 33,809 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Operating Revenues — Utility operations | $ | 193 | $ | 173 | $ | 1,070 | $ | 964 | |||||||||||||||
Cost of gas — utility | 23 | 12 | 263 | 232 | |||||||||||||||||||
Utility Margin | 170 | 161 | 807 | 732 | |||||||||||||||||||
Operation and maintenance | 123 | 119 | 380 | 360 | |||||||||||||||||||
Depreciation and amortization | 44 | 37 | 130 | 112 | |||||||||||||||||||
Taxes other than income | 20 | 18 | 71 | 62 | |||||||||||||||||||
Asset (gains) losses and impairments, net | 1 | — | 1 | 14 | |||||||||||||||||||
Operating Income (Loss) | (18) | (13) | 225 | 184 | |||||||||||||||||||
Other (Income) and Deductions | 18 | 18 | 54 | 56 | |||||||||||||||||||
Income Tax Expense (Benefit) | (6) | (11) | 25 | 26 | |||||||||||||||||||
Net Income (Loss) Attributable to DTE Energy Company | $ | (30) | $ | (20) | $ | 146 | $ | 102 |
Three Months | Nine Months | ||||||||||
(In millions) | |||||||||||
Implementation of new rates | $ | 11 | $ | 74 | |||||||
Home protection program | 2 | 5 | |||||||||
Regulatory mechanism — EWR | (1) | 5 | |||||||||
Weather | (2) | 3 | |||||||||
Infrastructure recovery mechanism | (5) | (18) | |||||||||
Other regulatory mechanisms and other | 4 | 6 | |||||||||
Increase in Utility Margin | $ | 9 | $ | 75 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In Bcf) | |||||||||||||||||||||||
Gas Markets | |||||||||||||||||||||||
Gas sales | 7 | 7 | 88 | 85 | |||||||||||||||||||
End-user transportation | 34 | 40 | 123 | 135 | |||||||||||||||||||
41 | 47 | 211 | 220 | ||||||||||||||||||||
Intermediate transportation | 102 | 110 | 370 | 349 | |||||||||||||||||||
Total Gas sales | 143 | 157 | 581 | 569 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Operating Revenues — Non-utility operations | $ | 372 | $ | 324 | $ | 1,132 | $ | 850 | |||||||||||||||
Fuel, purchased power, and gas — non-utility | 267 | 246 | 851 | 624 | |||||||||||||||||||
Non-utility Margin | 105 | 78 | 281 | 226 | |||||||||||||||||||
Operation and maintenance | 77 | 71 | 226 | 206 | |||||||||||||||||||
Depreciation and amortization | 18 | 18 | 55 | 53 | |||||||||||||||||||
Taxes other than income | 2 | 2 | 8 | 8 | |||||||||||||||||||
Asset (gains) losses and impairments, net | 1 | (2) | 28 | (12) | |||||||||||||||||||
Operating Income (Loss) | 7 | (11) | (36) | (29) | |||||||||||||||||||
Other (Income) and Deductions | (61) | (47) | (108) | (100) | |||||||||||||||||||
Income Taxes | |||||||||||||||||||||||
Expense | 18 | 10 | 22 | 21 | |||||||||||||||||||
Production Tax Credits | (20) | (19) | (56) | (47) | |||||||||||||||||||
(2) | (9) | (34) | (26) | ||||||||||||||||||||
Net Income | 70 | 45 | 106 | 97 | |||||||||||||||||||
Less: Net Loss Attributable to Noncontrolling Interests | (3) | (2) | (9) | (5) | |||||||||||||||||||
Net Income Attributable to DTE Energy Company | $ | 73 | $ | 47 | $ | 115 | $ | 102 |
Three Months | Nine Months | ||||||||||
(In millions) | |||||||||||
Higher production offset by the sale of membership interests in the REF business | $ | 10 | $ | 171 | |||||||
Higher demand offset by lower prices in the Steel business | 40 | 81 | |||||||||
New projects in the Renewables business | 14 | 41 | |||||||||
Higher volumes in the On-site business | 2 | 12 | |||||||||
Closed projects in the Renewables business | (1) | (6) | |||||||||
Site closure in the REF business | (17) | (17) | |||||||||
$ | 48 | $ | 282 |
Three Months | Nine Months | ||||||||||
(In millions) | |||||||||||
New projects in the Renewables business | $ | 15 | $ | 41 | |||||||
Higher demand offset by lower prices in the Steel business | 13 | 17 | |||||||||
Closed projects in the Renewables business | (1) | (5) | |||||||||
Other | — | 2 | |||||||||
$ | 27 | $ | 55 |
Three Months Ended September 30, | Nine Months Ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Operating Revenues — Non-utility operations | $ | 1,602 | $ | 1,061 | $ | 4,208 | $ | 2,714 | |||||||||||||||
Purchased power and gas — non-utility | 1,630 | 1,076 | 4,347 | 2,636 | |||||||||||||||||||
Non-utility Margin | (28) | (15) | (139) | 78 | |||||||||||||||||||
Operation and maintenance | 17 | 19 | 60 | 60 | |||||||||||||||||||
Depreciation and amortization | 1 | 1 | 4 | 4 | |||||||||||||||||||
Taxes other than income | 1 | 1 | 4 | 4 | |||||||||||||||||||
Operating Income (Loss) | (47) | (36) | (207) | 10 | |||||||||||||||||||
Other (Income) and Deductions | 22 | 1 | 23 | 3 | |||||||||||||||||||
Income Tax Expense (Benefit) | (17) | (9) | (57) | 2 | |||||||||||||||||||
Net Income (Loss) Attributable to DTE Energy Company | $ | (52) | $ | (28) | $ | (173) | $ | 5 |
Three Months | |||||
(In millions) | |||||
Unrealized Margins(a) | |||||
Favorable results, primarily in gas transportation, environmental trading, and power full requirements strategies | $ | 87 | |||
Unfavorable results, primarily in gas structured and gas storage strategies(b) | (127) | ||||
(40) | |||||
Realized Margins(a) | |||||
Favorable results, primarily in gas structured, gas transportation, and power trading strategies(c) | 72 | ||||
Unfavorable results, primarily in environmental trading and power full requirements strategies | (45) | ||||
27 | |||||
Decrease in Non-utility Margin | $ | (13) |
Nine Months | |||||
(In millions) | |||||
Unrealized Margins(a) | |||||
Favorable results, primarily in the power full requirements strategy | $ | 25 | |||
Unfavorable results, primarily in gas structured, environmental trading, and gas storage strategies(b) | (297) | ||||
(272) | |||||
Realized Margins(a) | |||||
Favorable results, primarily in gas structured, gas trading, and environmental trading strategies(c) | 132 | ||||
Unfavorable results, primarily in power ERCOT trading and power full requirements strategies | (77) | ||||
55 | |||||
Decrease in Non-utility Margin | $ | (217) |
Nine Months Ended September 30, | |||||||||||
2021 | 2020 | ||||||||||
(in millions) | |||||||||||
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | $ | 516 | $ | 93 | |||||||
Net cash from operating activities | 2,372 | 2,781 | |||||||||
Net cash used for investing activities | (2,780) | (3,093) | |||||||||
Net cash from (used for) financing activities | (52) | 1,181 | |||||||||
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash | (460) | 869 | |||||||||
Cash, Cash Equivalents, and Restricted Cash at End of Period | $ | 56 | $ | 962 |
DTE Energy | |||||
(In millions) | |||||
MTM at December 31, 2020 | $ | 28 | |||
Reclassified to realized upon settlement | 16 | ||||
Changes in fair value recorded to income | (281) | ||||
Amounts recorded to unrealized income | (265) | ||||
Changes in fair value recorded in regulatory liabilities | 14 | ||||
Change in collateral | (58) | ||||
MTM at September 30, 2021 | $ | (281) |
Source of Fair Value | 2021 | 2022 | 2023 | 2024 and Beyond | Total Fair Value | |||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||
Level 1 | $ | 21 | $ | 86 | $ | 35 | $ | 12 | $ | 154 | ||||||||||||||||||||||
Level 2 | 31 | 11 | (22) | (28) | (8) | |||||||||||||||||||||||||||
Level 3 | (74) | (155) | (37) | (97) | (363) | |||||||||||||||||||||||||||
MTM before collateral adjustments | $ | (22) | $ | (58) | $ | (24) | $ | (113) | (217) | |||||||||||||||||||||||
Collateral adjustments | (64) | |||||||||||||||||||||||||||||||
MTM at September 30, 2021 | $ | (281) |
Credit Exposure Before Cash Collateral | Cash Collateral | Net Credit Exposure | |||||||||||||||
(In millions) | |||||||||||||||||
Investment Grade(a) | |||||||||||||||||
A- and Greater | $ | 295 | $ | — | $ | 295 | |||||||||||
BBB+ and BBB | 156 | — | 156 | ||||||||||||||
BBB- | 18 | — | 18 | ||||||||||||||
Total Investment Grade | 469 | — | 469 | ||||||||||||||
Non-investment grade(b) | 2 | — | 2 | ||||||||||||||
Internally Rated — investment grade(c) | 927 | (72) | 855 | ||||||||||||||
Internally Rated — non-investment grade(d) | 56 | (6) | 50 | ||||||||||||||
Total | $ | 1,454 | $ | (78) | $ | 1,376 |
Assuming a 10% Increase in Prices/Rates | Assuming a 10% Decrease in Prices/Rates | |||||||||||||||||||||||||||||||
As of September 30, | As of September 30, | |||||||||||||||||||||||||||||||
Activity | 2021 | 2020 | 2021 | 2020 | Change in the Fair Value of | |||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||
Environmental contracts | $ | (16) | $ | (3) | $ | 15 | $ | 6 | Commodity contracts | |||||||||||||||||||||||
Gas contracts | $ | 102 | $ | 21 | $ | (102) | $ | (20) | Commodity contracts | |||||||||||||||||||||||
Power contracts | $ | 13 | $ | 6 | $ | (13) | $ | (6) | Commodity contracts | |||||||||||||||||||||||
Interest rate risk — DTE Energy | $ | (649) | $ | (659) | $ | 674 | $ | 681 | Long-term debt | |||||||||||||||||||||||
Interest rate risk — DTE Electric | $ | (329) | $ | (298) | $ | 348 | $ | 315 | Long-term debt | |||||||||||||||||||||||
Number of Shares Purchased(a) | Average Price Paid per Share(a) | Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Average Price Paid per Share | Maximum Dollar Value that May Yet Be Purchased Under the Plans or Programs | |||||||||||||||||||||||||
07/01/21 - 07/31/21 | 23,900 | $ | 114.70 | — | — | — | |||||||||||||||||||||||
08/01/21 - 08/30/21 | 100,832 | $ | 118.06 | — | — | — | |||||||||||||||||||||||
09/01/21 - 09/30/21 | 4,421 | $ | 104.46 | — | — | — | |||||||||||||||||||||||
Total | 129,153 | — |
Exhibit Number | Description | DTE Energy | DTE Electric | |||||||||||||||||
(i) Exhibits filed herewith: | ||||||||||||||||||||
Chief Executive Officer Section 302 Form 10-Q Certification of Periodic Report | X | |||||||||||||||||||
Chief Financial Officer Section 302 Form 10-Q Certification of Periodic Report | X | |||||||||||||||||||
Chief Executive Officer Section 302 Form 10-Q Certification of Periodic Report | X | |||||||||||||||||||
Chief Financial Officer Section 302 Form 10-Q Certification of Periodic Report | X | |||||||||||||||||||
101.INS | XBRL Instance Document - The instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. | X | X | |||||||||||||||||
101.SCH | XBRL Taxonomy Extension Schema | X | X | |||||||||||||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase | X | X | |||||||||||||||||
101.DEF | XBRL Taxonomy Extension Definition Database | X | X | |||||||||||||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase | X | X | |||||||||||||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase | X | X | |||||||||||||||||
(ii) Exhibits furnished herewith: | ||||||||||||||||||||
Chief Executive Officer Section 906 Form 10-Q Certification of Periodic Report | X | |||||||||||||||||||
Chief Financial Officer Section 906 Form 10-Q Certification of Periodic Report | X | |||||||||||||||||||
Chief Executive Officer Section 906 Form 10-Q Certification of Periodic Report | X | |||||||||||||||||||
Chief Financial Officer Section 906 Form 10-Q Certification of Periodic Report | X | |||||||||||||||||||
Date: | October 27, 2021 | ||||||||||
DTE ENERGY COMPANY | |||||||||||
By: | /S/ TRACY J. MYRICK | ||||||||||
Tracy J. Myrick Chief Accounting Officer | |||||||||||
(Duly Authorized Officer) | |||||||||||
DTE ELECTRIC COMPANY | |||||||||||
By: | /S/ TRACY J. MYRICK | ||||||||||
Tracy J. Myrick Chief Accounting Officer | |||||||||||
(Duly Authorized Officer) |
/S/ GERARDO NORCIA | Date: | October 27, 2021 | ||||||
Gerardo Norcia President and Chief Executive Officer of DTE Energy Company |
/S/ DAVID RUUD | Date: | October 27, 2021 | ||||||
David Ruud Senior Vice President and Chief Financial Officer of DTE Energy Company |
/S/ GERARDO NORCIA | Date: | October 27, 2021 | ||||||
Gerardo Norcia President and Chief Executive Officer of DTE Electric Company |
/S/ DAVID RUUD | Date: | October 27, 2021 | ||||||
David Ruud Senior Vice President and Chief Financial Officer of DTE Electric Company |
Date: | October 27, 2021 | /S/ GERARDO NORCIA | |||||||||
Gerardo Norcia President and Chief Executive Officer of DTE Energy Company |
Date: | October 27, 2021 | /S/ DAVID RUUD | |||||||||
David Ruud Senior Vice President and Chief Financial Officer of DTE Energy Company |
Date: | October 27, 2021 | /S/ GERARDO NORCIA | |||||||||
Gerardo Norcia President and Chief Executive Officer of DTE Electric Company |
Date: | October 27, 2021 | /S/ DAVID RUUD | |||||||||
David Ruud Senior Vice President and Chief Financial Officer of DTE Electric Company |
Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Net Income | $ 22 | $ 477 | $ 598 | $ 1,096 |
Net Income | 25 | 476 | 601 | 1,093 |
Other comprehensive income, net of tax: | ||||
Benefit obligations, net of taxes of $1, $1, $2, and $3, respectively | 2 | 2 | 5 | 7 |
Net unrealized gains (losses) on derivatives, net of taxes of $1, $—, $2, and $1, respectively | 4 | 1 | 6 | 3 |
Other comprehensive income | 6 | 3 | 11 | 10 |
Comprehensive income | 28 | 480 | 609 | 1,106 |
Less: Comprehensive income (loss) attributable to noncontrolling interests | (3) | 1 | (3) | 3 |
Comprehensive Income (Loss) Attributable to DTE Energy Company/DTE Electric Company | 31 | 479 | 612 | 1,103 |
DTE Electric | ||||
Net Income | 344 | 400 | 790 | 677 |
Other comprehensive income, net of tax: | ||||
Other comprehensive income | 0 | 0 | 0 | 0 |
Comprehensive Income (Loss) Attributable to DTE Energy Company/DTE Electric Company | $ 344 | $ 400 | $ 790 | $ 677 |
Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Statement of Comprehensive Income [Abstract] | ||||
Tax effect on benefit obligations | $ 1 | $ 1 | $ 2 | $ 3 |
Tax effect on net unrealized gains (losses) on derivatives during the period | $ 1 | $ 0 | $ 2 | $ 1 |
Consolidated Statements of Financial Position (Unaudited) (Parenthetical) - USD ($) $ in Millions |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Current Assets | ||
Allowance for doubtful accounts | $ 102 | $ 104 |
Shareholder’s Equity | ||
Common stock, shares authorized (in shares) | 400,000,000 | 400,000,000 |
Common stock, shares issued (in shares) | 193,727,278 | 193,770,617 |
Common stock, shares outstanding (in shares) | 193,727,278 | 193,770,617 |
DTE Electric | ||
Current Assets | ||
Allowance for doubtful accounts | $ 55 | $ 57 |
Shareholder’s Equity | ||
Par value (in dollars per share) | $ 10 | $ 10 |
Common stock, shares authorized (in shares) | 400,000,000 | 400,000,000 |
Common stock, shares issued (in shares) | 138,632,324 | 138,632,324 |
Common stock, shares outstanding (in shares) | 138,632,324 | 138,632,324 |
Consolidated Statements of Changes in Equity (Unaudited) (Parenthetical) - $ / shares |
3 Months Ended | |||
---|---|---|---|---|
Jun. 30, 2021 |
Mar. 31, 2021 |
Jun. 30, 2020 |
Mar. 31, 2020 |
|
Statement of Stockholders' Equity [Abstract] | ||||
Dividends declared on common stock (in dollars per share) | $ 1.91 | $ 1.09 | $ 2.03 | $ 1.01 |
Organization and Basis of Presentation |
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Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization and Basis of Presentation | ORGANIZATION AND BASIS OF PRESENTATION Corporate Structure DTE Energy owns the following businesses: •DTE Electric is a public utility engaged in the generation, purchase, distribution, and sale of electricity to approximately 2.3 million customers in southeastern Michigan; •DTE Gas is a public utility engaged in the purchase, storage, transportation, distribution, and sale of natural gas to approximately 1.3 million customers throughout Michigan and the sale of storage and transportation capacity; and •Other businesses include (1) DTE Vantage, formerly DTE Energy's Power and Industrial Projects segment, which is primarily involved in providing industrial energy services, reduced emissions fuel projects, and renewable natural gas projects, and 2) energy marketing and trading operations. DTE Electric and DTE Gas are regulated by the MPSC. Certain activities of DTE Electric and DTE Gas, as well as various other aspects of businesses under DTE Energy, are regulated by the FERC. In addition, the Registrants are regulated by other federal and state regulatory agencies including the NRC, the EPA, EGLE, and for DTE Energy, the CFTC and CARB. Basis of Presentation The Consolidated Financial Statements should be read in conjunction with the Combined Notes to Consolidated Financial Statements included in the combined DTE Energy and DTE Electric 2020 Annual Report on Form 10-K. The accompanying Consolidated Financial Statements of the Registrants are prepared using accounting principles generally accepted in the United States of America. These accounting principles require management to use estimates and assumptions that impact reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities. Actual results may differ from the Registrants' estimates. The Consolidated Financial Statements are unaudited but, in the Registrants' opinions, include all adjustments necessary to present a fair statement of the results for the interim periods. All adjustments are of a normal recurring nature, except as otherwise disclosed in these Consolidated Financial Statements and Combined Notes to Consolidated Financial Statements. Financial results for this interim period are not necessarily indicative of results that may be expected for any other interim period or for the fiscal year ending December 31, 2021. The information in these combined notes relates to each of the Registrants as noted in the Index of Combined Notes to Consolidated Financial Statements. However, DTE Electric does not make any representation as to information related solely to DTE Energy or the subsidiaries of DTE Energy other than itself. Certain prior year balances for DTE Electric were reclassified to match the current year's Consolidated Financial Statements presentation. Separation of DT Midstream On July 1, 2021, DTE Energy completed the previously announced separation of its natural gas pipeline, storage and gathering non-utility business. Effective with the separation, DTE retains no ownership in the new company, DT Midstream, which was formerly comprised of DTE Energy's Gas Storage and Pipelines segment and also included certain DTE Energy holding company activity within the Corporate and Other segment. Gas Storage and Pipelines is no longer a reportable segment of DTE Energy, and financial results of DT Midstream are presented as Income from discontinued operations, net of taxes on DTE Energy's Consolidated Statements of Operations. Assets and liabilities of DT Midstream are also presented as discontinued operations on DTE Energy's Consolidated Statements of Financial Position. Prior periods have been recast to reflect this presentation. No adjustments were made to the historical activity within the Consolidated Statements of Comprehensive Income, Consolidated Statements of Cash Flows, or the Consolidated Statements of Changes in Equity. Unless noted otherwise, discussion in the Notes to the Consolidated Financial Statements relate to continuing operations. Refer to Note 4 to the Consolidated Financial Statements, “Dispositions and Impairments,” for additional information regarding the separation of DT Midstream and discontinued operations. Principles of Consolidation The Registrants consolidate all majority-owned subsidiaries and investments in entities in which they have controlling influence. Non-majority owned investments are accounted for using the equity method when the Registrants are able to significantly influence the operating policies of the investee. When the Registrants do not influence the operating policies of an investee, the equity investment is valued at cost minus any impairments, if applicable. These Consolidated Financial Statements also reflect the Registrants' proportionate interests in certain jointly-owned utility plants. The Registrants eliminate all intercompany balances and transactions. The Registrants evaluate whether an entity is a VIE whenever reconsideration events occur. The Registrants consolidate VIEs for which they are the primary beneficiary. If a Registrant is not the primary beneficiary and an ownership interest is held, the VIE is accounted for under the equity method of accounting. When assessing the determination of the primary beneficiary, a Registrant considers all relevant facts and circumstances, including: the power, through voting or similar rights, to direct the activities of the VIE that most significantly impact the VIE's economic performance and the obligation to absorb the expected losses and/or the right to receive the expected returns of the VIE. The Registrants perform ongoing reassessments of all VIEs to determine if the primary beneficiary status has changed. During the third quarter of 2021, the Registrants performed reassessments of certain VIEs owned by DT Midstream. Upon the separation of DT Midstream, DTE Energy no longer owns any interest in SGG, owner and operator of certain midstream natural gas assets. Therefore, SGG has been removed from the amounts for DTE Energy's consolidated VIEs in the table below. Additionally, as a result of the separation of DT Midstream, DTE Energy no longer has an equity interest in NEXUS, owner of a 256-mile pipeline which transports shale gas to Ohio, Michigan, and Ontario market centers. DTE Energy has removed its equity investment in NEXUS from the amounts for its non-consolidated VIEs. The Registrants maintain a variable interest in NEXUS relating to DTE Electric's transportation services contract. Assets, liabilities, and earnings related to SGG and NEXUS are included in discontinued operations in the Consolidated Financial Statements. Legal entities within the DTE Vantage segment enter into long-term contractual arrangements with customers to supply energy-related products or services. The entities are generally designed to pass-through the commodity risk associated with these contracts to the customers, with DTE Energy retaining operational and customer default risk. These entities generally are VIEs and consolidated when DTE Energy is the primary beneficiary. In addition, DTE Energy has interests in certain VIEs through which control of all significant activities is shared with partners, and therefore are generally accounted for under the equity method. The Registrants hold ownership interests in certain limited partnerships. The limited partnerships include investment funds which support regional development and economic growth, and an operational business providing energy-related products. These entities are generally VIEs as a result of certain characteristics of the limited partnership voting rights. The ownership interests are accounted for under the equity method as the Registrants are not the primary beneficiaries. DTE Energy has variable interests in VIEs through certain of its long-term purchase and sale contracts. DTE Electric has variable interests in VIEs through certain of its long-term purchase contracts. As of September 30, 2021, the carrying amount of assets and liabilities in DTE Energy's Consolidated Statements of Financial Position that relate to its variable interests under long-term purchase and sale contracts are predominantly related to working capital accounts and generally represent the amounts owed by or to DTE Energy for the deliveries associated with the current billing cycle under the contracts. As of September 30, 2021, the carrying amount of assets and liabilities in DTE Electric's Consolidated Statements of Financial Position that relate to its variable interests under long-term purchase contracts are predominantly related to working capital accounts and generally represent the amounts owed by DTE Electric for the deliveries associated with the current billing cycle under the contracts. The Registrants have not provided any significant form of financial support associated with these long-term contracts. There is no material potential exposure to loss as a result of DTE Energy's variable interests through these long-term purchase and sale contracts. In addition, there is no material potential exposure to loss as a result of DTE Electric's variable interests through these long-term purchase contracts. The maximum risk exposure for consolidated VIEs is reflected on the Registrants' Consolidated Statements of Financial Position and, for DTE Energy, in Note 13 to the Consolidated Financial Statements, "Commitments and Contingencies," related to REF guarantees and indemnities. For non-consolidated VIEs, the maximum risk exposure of the Registrants is generally limited to their investment, notes receivable, future funding commitments, and amounts which DTE Energy has guaranteed. The following table summarizes the major Consolidated Statements of Financial Position items for consolidated VIEs as of September 30, 2021 and December 31, 2020. All assets and liabilities of a consolidated VIE are presented where it has been determined that a consolidated VIE has either (1) assets that can be used only to settle obligations of the VIE or (2) liabilities for which creditors do not have recourse to the general credit of the primary beneficiary. VIEs, in which DTE Energy holds a majority voting interest and is the primary beneficiary, that meet the definition of a business and whose assets can be used for purposes other than the settlement of the VIE's obligations have been excluded from the table below. Amounts for DTE Energy's consolidated VIEs are as follows:
Amounts for DTE Energy's non-consolidated VIEs are as follows:
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Significant Accounting Policies | SIGNIFICANT ACCOUNTING POLICIES Other Income The following is a summary of DTE Energy's Other income:
_______________________________________ (a)Losses from rabbi trust securities are recorded separately to Other expenses on the Consolidated Statements of Operations. The following is a summary of DTE Electric's Other income:
_______________________________________ (a)Losses from rabbi trust securities are recorded separately to Other expenses on the Consolidated Statements of Operations. Changes in Accumulated Other Comprehensive Income (Loss) Comprehensive income (loss) is the change in common shareholders' equity during a period from transactions and events from non-owner sources, including Net Income. The amounts recorded to Accumulated other comprehensive income (loss) for DTE Energy include changes in benefit obligations, consisting of deferred actuarial losses and prior service costs, unrealized gains and losses from derivatives accounted for as cash flow hedges, and foreign currency translation adjustments. DTE Energy releases income tax effects from accumulated other comprehensive income when the circumstances upon which they are premised cease to exist. Changes in Accumulated other comprehensive income (loss) are presented in DTE Energy's Consolidated Statements of Changes in Equity and DTE Electric's Consolidated Statements of Changes in Shareholder's Equity. For DTE Energy, this includes a one-time reduction of $10 million in Accumulated other comprehensive loss due to the Separation of DT Midstream in the third quarter 2021. For the three and nine months ended months ended September 30, 2021 and 2020, reclassifications out of Accumulated other comprehensive income (loss) were not material. Income Taxes The interim effective tax rates of the Registrants are as follows:
These tax rates are affected by estimated annual permanent items, including AFUDC equity, production tax credits, and other flow-through items, as well as discrete items that may occur in any given period, but are not consistent from period to period. DTE Energy's effective tax rates in 2021 have been significantly impacted by pre-tax losses in the third quarter, driven primarily by the loss on extinguishment of debt and reclassification of DT Midstream earnings to discontinued operations. The 181% increase in DTE Energy's effective tax rate for the three months ended September 30, 2021 was primarily due to a deferred tax remeasurement of 133%, production tax credits of 51%, and amortization of the TCJA regulatory liability of 35%, partially offset by a valuation allowance of 29% and recognition of a deferred intercompany gain of 13%. The 36% decrease in DTE Energy’s effective tax rate for the nine months ended September 30, 2021 was primarily due to a deferred tax remeasurement of 23%, production tax credits of 13%, and amortization of the TCJA regulatory liability of 9%, partially offset by the 2020 carryback of 2018 net operating losses due to the CARES Act of 4%, a valuation allowance of 4%, recognition of a deferred intercompany gain of 2%, and West Virginia tax law change of 2% in 2021. The valuation allowance referenced above was established in the third quarter 2021 based on a change in DTE Energy's assessment of its ability to utilize certain charitable contribution carryforwards. The valuation allowance resulted in $18 million of deferred tax expense and was reflected in Income Tax Expense (Benefit) in the Consolidated Statements of Operations for the three and nine months ended September 30, 2021. For the deferred tax remeasurement and deferred intercompany gain noted above, refer to the "Separation of DT Midstream - Tax Impacts" section below for additional information. The 1% decrease in DTE Electric's effective tax rate for the three months ended September 30, 2021 was primarily due to production tax credits. The 2% decrease in DTE Electric's effective tax rate for the nine months ended September 30, 2021 was primarily due to production tax credits of 1% and amortization of the TCJA regulatory liability of 1%. DTE Electric had income tax receivables with DTE Energy of $11 million and $8 million at September 30, 2021 and December 31, 2020, respectively. Separation of DT Midstream - Tax Impacts On July 1, 2021, DTE Energy completed the separation of its natural gas pipeline, storage and gathering non-utility business, DT Midstream. Refer to Note 4 to the Consolidated Financial Statements, "Dispositions and Impairments" for additional information regarding the separation. The separation was a tax free distribution to shareholders, but triggered certain tax effects at DTE Energy including the remeasurement of state deferred tax assets and liabilities and the recognition of a deferred intercompany gain. The state remeasurement reduced deferred tax liabilities and generated a deferred tax benefit of $85 million. The recognition of the deferred intercompany gain resulted in $9 million of additional deferred tax expense. Both of these impacts were reflected in Income Tax Expense (Benefit) in the Consolidated Statements of Operations for the three and nine months ended September 30, 2021. Unrecognized Compensation Costs As of September 30, 2021, DTE Energy had $76 million of total unrecognized compensation cost related to non-vested stock incentive plan arrangements. That cost is expected to be recognized over a weighted-average period of 1.4 years. Allocated Stock-Based Compensation DTE Electric received an allocation of costs from DTE Energy associated with stock-based compensation of $10 million and $12 million for the three months ended September 30, 2021 and 2020, respectively, while such allocation was $35 million and $28 million for the nine months ended September 30, 2021 and 2020, respectively. Cash, Cash Equivalents, and Restricted Cash Cash and cash equivalents include cash on hand, cash in banks, and temporary investments purchased with remaining maturities of three months or less. Restricted cash consists of funds held in separate bank accounts to satisfy contractual obligations and guarantee performance. Restricted cash designated for payments within one year is classified as a Current Asset. Financing Receivables Financing receivables are primarily composed of trade receivables, notes receivable, and unbilled revenue. The Registrants' financing receivables are stated at net realizable value. The Registrants monitor the credit quality of their financing receivables on a regular basis by reviewing credit quality indicators and monitoring for trigger events, such as a credit rating downgrade or bankruptcy. Credit quality indicators include, but are not limited to, ratings by credit agencies where available, collection history, collateral, counterparty financial statements and other internal metrics. Utilizing such data, the Registrants have determined three internal grades of credit quality. Internal grade 1 includes financing receivables for counterparties where credit rating agencies have ranked the counterparty as investment grade. To the extent credit ratings are not available, the Registrants utilize other credit quality indicators to determine the level of risk associated with the financing receivable. Internal grade 1 may include financing receivables for counterparties for which credit rating agencies have ranked the counterparty as below investment grade; however, due to favorable information on other credit quality indicators, the Registrants have determined the risk level to be similar to that of an investment grade counterparty. Internal grade 2 includes financing receivables for counterparties with limited credit information and those with a higher risk profile based upon credit quality indicators. Internal grade 3 reflects financing receivables for which the counterparties have the greatest level of risk, including those in bankruptcy status. The following represents the Registrants' financing receivables by year of origination, classified by internal grade of credit risk. The related credit quality indicators and risk ratings utilized to develop the internal grades have been updated through September 30, 2021.
_______________________________________ (a)For DTE Energy, included in Current Assets — Other and Other Assets — Notes Receivable on the Consolidated Statements of Financial Position. For DTE Electric, included in Current Assets — Other on the Consolidated Statements of Financial Position. The allowance for doubtful accounts on accounts receivable for the utility entities is generally calculated using an aging approach that utilizes rates developed in reserve studies. DTE Electric and DTE Gas establish an allowance for uncollectible accounts based on historical losses and management's assessment of existing and future economic conditions, customer trends and other factors. Customer accounts are generally considered delinquent if the amount billed is not received by the due date, which is typically in 21 days, however, factors such as assistance programs may delay aggressive action. DTE Electric and DTE Gas generally assess late payment fees on trade receivables based on past-due terms with customers. Customer accounts are written off when collection efforts have been exhausted. The time period for write-off is 150 days after service has been terminated. The customer allowance for doubtful accounts for non-utility businesses and other receivables for both utility and non-utility businesses is generally calculated based on specific review of probable future collections based on receivable balances generally in excess of 30 days. Existing and future economic conditions, customer trends and other factors are also considered. Receivables are written off on a specific identification basis and determined based upon the specific circumstances of the associated receivable. Notes receivable for DTE Energy are primarily comprised of finance lease receivables and loans that are included in Notes Receivable and Other current assets on DTE Energy's Consolidated Statements of Financial Position. Notes receivable for DTE Electric are primarily comprised of loans. Notes receivable are typically considered delinquent when payment is not received for periods ranging from 60 to 120 days. The Registrants cease accruing interest (nonaccrual status), consider a note receivable impaired, and establish an allowance for credit loss when it is probable that all principal and interest amounts due will not be collected in accordance with the contractual terms of the note receivable. In determining the allowance for credit losses for notes receivable, the Registrants consider the historical payment experience and other factors that are expected to have a specific impact on the counterparty's ability to pay including existing and future economic conditions. Cash payments received on nonaccrual status notes receivable, that do not bring the account contractually current, are first applied to the contractually owed past due interest, with any remainder applied to principal. Accrual of interest is generally resumed when the note receivable becomes contractually current. The following tables present a roll-forward of the activity for the Registrants' financing receivables credit loss reserves:
_______________________________________ (a)DTE Energy Trade accounts receivable beginning reserve balance excludes $8 million related to the discontinued operations of DT Midstream. Prospective activity includes only the continuing operations of DTE Energy. Uncollectible expense for the Registrants is primarily comprised of the current period provision for allowance for doubtful accounts and is summarized as follows:
There are no material amounts of past due financing receivables for the Registrants as of September 30, 2021.
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New Accounting Pronouncements |
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Accounting Standards Update and Change in Accounting Principle [Abstract] | |
New Accounting Pronouncements | NEW ACCOUNTING PRONOUNCEMENTS Recently Adopted Pronouncements In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes. The amendments in this update simplify the accounting for income taxes by removing certain exceptions, and clarifying certain requirements regarding franchise taxes, goodwill, consolidated tax expenses, and annual effective tax rate calculations. The Registrants adopted the ASU effective January 1, 2021 using the modified retrospective and prospective approaches, where applicable. The adoption of the ASU did not have a significant impact on the Registrants' Consolidated Financial Statements. In August 2020, the FASB issued ASU No. 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity. The amendments in this update simplify the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts indexed to and potentially settled in an entity's own equity. The Registrants adopted the ASU effective January 1, 2021 using the modified retrospective approach. The adoption of the ASU did not have a significant impact on the Registrants' Consolidated Financial Statements. Recently Issued Pronouncements In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting, as amended. The amendments in this update provide optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. The guidance can be applied prospectively from any date beginning March 12, 2020 through December 31, 2022. The optional relief is temporary and cannot be applied to contract modifications and hedging relationships entered into or evaluated after December 31, 2022. The Registrants presently have various contracts that reference LIBOR and are assessing how this standard may be applied to specific contract modifications. In July 2021, the FASB issued ASU No. 2021-05, Leases (Topic 842): Lessors – Certain Leases with Variable Lease Payments. The amendments in this update modify lease classification requirements for lessors, providing that lease contracts with variable lease payments that do not depend on a reference index or a rate should be classified as operating leases if they would have been classified as a sales-type or direct financing lease and resulted in the recognition of a selling loss at lease commencement. The ASU is effective for the Registrants for fiscal years beginning after December 15, 2021, and interim periods therein. Early adoption is permitted. The Registrants are currently assessing the impact of this standard on their Consolidated Financial Statements.
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Dispositions and Impairments |
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dispositions and Impairments | DISPOSITIONS AND IMPAIRMENTS Separation of DT Midstream On October 27, 2020, DTE Energy announced that its Board of Directors had authorized management to pursue a plan to spin-off its natural gas pipeline, storage and gathering non-utility business. On July 1, 2021, DTE Energy completed the separation of the new company, DT Midstream, through the distribution of 96,732,466 shares of DT Midstream common stock to DTE Energy shareholders. The distribution reflected 100% of the outstanding common stock of DT Midstream as of 5:00 p.m. ET on June 18, 2021 (the “record date”). DTE Energy shareholders received one share of DT Midstream common stock for every two shares of DTE Energy common stock held at the close of business on the record date, with certain shareholders receiving cash in lieu of fractional shares of DT Midstream common stock. For U.S. federal income tax purposes, DTE Energy’s U.S. shareholders generally should not recognize gain or loss as a result of the distribution of DT Midstream stock, except with respect to cash received in lieu of fractional shares. In June 2021, in order to facilitate the separation and settle intercompany balances with DTE Energy, DT Midstream issued long-term debt in the form of $2.1 billion senior notes and a $1.0 billion term loan. Using the debt proceeds, net of discount and issuance costs of $53 million, DT Midstream made the following cash payments: •Settled Short-term borrowings due to DTE Energy as of June 30, 2021 of $2,537 million •Settled affiliate Accounts Receivable due from DTE Energy and affiliate Accounts payable due to DTE Energy as of June 30, 2021 for net cash paid to DTE Energy of $9 million •Provided a one-time special dividend to DTE Energy of $501 million These payments eliminated in consolidation and had no direct impact on DTE Energy’s Consolidated Financial Statements of Financial Position. During July and August 2021, DTE Energy used the proceeds received from DT Midstream to optionally redeem $2.6 billion of long-term debt. Refer to Note 10 to the Consolidated Financial Statements, “Long-term Debt,” for additional information. Continuing Involvement Following the separation on July 1, 2021, DT Midstream became an independent public company listed under the symbol “DTM” on the New York Stock Exchange (NYSE) and DTE Energy no longer retains any ownership in DT Midstream. In order to govern the ongoing relationships between DT Midstream and DTE Energy after the separation and to facilitate an orderly transition, the parties entered into a series of agreements including the following: •Separation and Distribution Agreement – sets forth the principal actions to be taken in connection with the separation, including the transfer of assets and assumption of liabilities, among others, and sets forth other agreements governing aspects of the relationship between DTE Energy and DT Midstream •Transition Services Agreement – allows for DTE Energy to provide DT Midstream with specified services for a limited time and no longer than 24 months following the separation, with related costs to be paid by DT Midstream. Services include support for gas operations, information technology, accounting, tax, legal, human resources, and various other administrative services •Tax Matters Agreement – governs the respective rights, responsibilities and obligations of DTE Energy and DT Midstream after the separation with respect to all tax matters •Employee Matters Agreement – addresses certain employment, compensation and benefits matters, including the allocation and treatment of certain assets and liabilities relating to DT Midstream employees In addition, DTE Energy and its subsidiaries have various commercial agreements that will continue after the separation. These agreements include certain pipeline, gathering, and storage services and operating and maintenance agreements, and are not considered material to the Consolidated Financial Statements. Discontinued Operations The table below reflects the financial results of DT Midstream that have been reclassified from continuing operations and included in discontinued operations within the Consolidated Statements of Operations. These results include the impact of tax-related adjustments and all transaction costs related to the separation. General corporate overhead costs have been excluded and no portion of corporate interest costs were allocated to discontinued operations.
_______________________________________ (a)Includes separation transaction costs of $30 million and $59 million for the three and nine months ended September 30, 2021, respectively, for various legal, accounting and other professional services fees. There were no costs incurred in the comparable prior year periods. Total transaction costs of $67 million have been incurred since October 2020. The table below reflects the major assets and liabilities that were transferred to DT Midstream and presented as discontinued operations in the Consolidated Statements of Financial Position as of December 31, 2020.
(a)Short-term borrowings due to DTE Energy resulted in an intercompany note receivable in the Corporate and Other segment at December 31, 2020. The settlement of these borrowings in June 2021 and use of proceeds to redeem DTE Energy long-term debt in the third quarter 2021 has reduced the Total Assets of the Corporate and Other segment in the current period. Other changes in DTE Energy's Total Assets due to the separation of DT Midstream primarily relate to the elimination of Gas Storage and Pipelines segment assets in 2021. There were no assets or liabilities from discontinued operations as of September 30, 2021. DT Midstream had net assets of $4.0 billion that separated on July 1, 2021 that resulted in a reduction to DTE Energy's equity during the third quarter. Refer to the Separation of DT Midstream line within DTE Energy's Consolidated Statements of Changes in Equity for further details. The following table is a summary of significant non-cash items, capital expenditures, and significant financing activities of discontinued operations included in DTE Energy's Consolidated Statements of Cash Flows:
DTE Vantage Segment Impairment DTE Vantage owns a pulverized coal facility located at DTE Electric’s River Rouge power plant. The facility provides pulverized coal to a steel industry customer through a supply agreement expiring in 2028. The River Rouge plant provides operation and maintenance services to the facility through an agreement which also expires in 2028. During the second quarter 2021, DTE Electric retired the River Rouge plant and provided an early termination notice of the operation and maintenance services agreement with the pulverized coal facility. The termination would be effective December 31, 2021, at which point DTE Vantage expects to cease operations at the facility. In connection with these events, DTE Energy performed an impairment analysis of the pulverized coal facility long-lived assets in accordance with ASC 360, Property, Plant and Equipment. Based on its undiscounted cash flow projections, DTE Energy determined that the carrying value of the pulverized coal facility asset group is not recoverable. As a result, DTE Energy recorded a non-cash impairment charge of $27 million, which is included in Asset (gains) losses and impairments, net on DTE Energy’s Consolidated Statements of Operations for the nine months ended September 30, 2021. The charge included $18 million to fully impair the long-lived assets recorded to Property, plant and equipment and a $9 million write-down of Other noncurrent assets to fair value. Fair value of the assets was determined using an income approach, which utilized assumptions including management’s best estimates of the expected future cash flows, the estimated useful life of the asset group and discount rate. There were no other adjustments deemed necessary as of September 30, 2021 related to the closure of the facility. DTE Energy is currently monitoring contract negotiations with the steel industry customer to determine any future impacts. An estimate of such impacts cannot be determined at this time as alternatives are currently being evaluated; however, the likelihood of any impact being material to DTE Energy’s Consolidated Financial Statements is remote.
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Revenue |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | REVENUE Disaggregation of Revenue The following is a summary of revenues disaggregated by segment for DTE Energy:
_______________________________________ (a)Revenues generally represent those of DTE Electric, except $2 million and $3 million of Other revenues related to DTE Sustainable Generation for the three months ended September 30, 2021 and 2020, respectively, and $9 million and $10 million for the nine months ended September 30, 2021 and 2020, respectively. (b)Includes revenue adjustments related to various regulatory mechanisms. Revenues included the following which were outside the scope of Topic 606:
Deferred Revenue The following is a summary of deferred revenue activity:
_______________________________________ (a)Excludes $22 million of deferred revenue related to the discontinued operations of DT Midstream. Prospective activity includes only the continuing operations of DTE Energy. The deferred revenues at DTE Energy generally represent amounts paid by or receivable from customers for which the associated performance obligation has not yet been satisfied. Deferred revenues include amounts associated with REC performance obligations under certain wholesale full requirements power contracts. Deferred revenues associated with RECs are recognized as revenue when control of the RECs has transferred. Other performance obligations associated with deferred revenues include providing products and services related to customer prepayments. Deferred revenues associated with these products and services are recognized when control has transferred to the customer. The following table represents deferred revenue amounts for DTE Energy that are expected to be recognized as revenue in future periods:
Transaction Price Allocated to the Remaining Performance Obligations In accordance with optional exemptions available under Topic 606, the Registrants did not disclose the value of unsatisfied performance obligations for (1) contracts with an original expected length of one year or less, (2) with the exception of fixed consideration, contracts for which revenue is recognized at the amount to which the Registrants have the right to invoice for goods provided and services performed, and (3) contracts for which variable consideration relates entirely to an unsatisfied performance obligation. Such contracts consist of varying types of performance obligations across the segments, including the supply and delivery of energy related products and services. Contracts with variable volumes and/or variable pricing, including those with pricing provisions tied to a consumer price or other index, have also been excluded as the related consideration under the contract is variable at inception of the contract. Contract lengths vary from cancellable to multi-year. The Registrants expect to recognize revenue for the following amounts related to fixed consideration associated with remaining performance obligations in each of the future periods noted:
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Regulatory Matters |
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Sep. 30, 2021 | |
Public Utilities, General Disclosures [Abstract] | |
Regulatory Matters | REGULATORY MATTERS 2020-2021 Accounting Applications On July 9, 2020, the MPSC approved DTE Electric's request to accelerate amortization of the portion of its refundable federal income taxes regulatory liability related to non-plant accumulated deferred income tax balances that resulted from the TCJA. DTE Electric was authorized to increase amortization by $102 million beginning in May 2021, which would fully amortize this portion of the liability by the end of 2021 instead of April 2033. The accelerated amortization would not impact customer rates and would allow DTE Electric to defer its next rate case filing previously set for July 2020 to March 2021. On February 26, 2021, DTE Electric filed an additional application requesting a delay in the accelerated amortization approved in the 2020 application. DTE Electric requested delaying the start of amortization from May 2021 to December 1, 2021, which would fully amortize these balances by the end of 2022 and allow DTE Electric to further defer its next rate case filing. The accounting application was approved by the MPSC on April 8, 2021. On August 31, 2021, DTE Electric filed an accounting application with the MPSC requesting approval of a one-time voluntary refund of $70 million collected in 2021 associated with the unexpected customer usage patterns due to the COVID-19 pandemic. This refund would be administered by investing in additional tree trimming without seeking future cost recovery. Such efforts would serve to improve customer reliability without impacting rates, thus providing an affordability benefit to customers. These investments would be incremental to the Tree Trim Surge expenses previously authorized by the MPSC. DTE Electric anticipates receiving an order by the end of 2021. If approved by the end of the year, a regulatory liability will be recognized at that time. The regulatory liability would be reduced as the additional tree trim expenses are incurred during the remainder of 2021 through 2023. If the full $70 million is not spent by the end of 2023, DTE Electric would provide refunds to customers via bill credits for any shortage. 2021 Securitization Filing On March 26, 2021, DTE Electric filed an application requesting a financing order approving the securitization of $184 million of qualified costs related to the net book value of the River Rouge generation plant and tree trimming surge program costs. The filing requested collection of these qualifying costs from DTE Electric's customers. A final MPSC order was issued on June 23, 2021 authorizing DTE Electric to proceed with the issuance of securitization bonds for qualified costs of up to $236 million, increased for the inclusion of deferred income taxes. The order authorized customer charges for the timely recovery of the amount securitized and other ongoing qualified costs. Securitization is expected in the first quarter 2022. 2021 Gas Rate Case Filing DTE Gas filed a rate case with the MPSC on February 12, 2021 requesting an increase in base rates of $195 million based on a projected twelve-month period ending December 31, 2022. The requested increase in base rates is primarily due to an increase in net plant resulting from infrastructure investments and operating and maintenance expenses. The rate filing also requested an increase in return on equity from 9.9% to 10.25% and includes projected changes in sales and working capital. A final MPSC order in this case is expected by December 2021.
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Common Stock and Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock and Earnings Per Share | COMMON STOCK AND EARNINGS PER SHARE Earnings per Share Basic earnings per share is calculated by dividing net income, adjusted for income allocated to participating securities, by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflect the dilution that would occur if any potentially dilutive instruments were exercised or converted into common shares. DTE Energy’s participating securities are restricted shares under the stock incentive program that contain rights to receive non-forfeitable dividends. Equity units and performance shares do not receive cash dividends; as such, these awards are not considered participating securities. The following is a reconciliation of DTE Energy's basic and diluted income per share calculation:
_______________________________________ (a)Equity Units excluded from the calculation of diluted EPS were approximately 11.1 million and 10.3 million for the three months ended September 30, 2021 and 2020, respectively, and 11.5 million and 10.3 million for the nine months ended September 30, 2021 and 2020, respectively, as the dilutive stock price threshold was not met. Stock Purchase Contract Adjustments In December 2019, DTE Energy closed on the purchase of midstream natural gas assets. The acquisition was financed through the issuance of Senior Notes, common stock, and $1.3 billion of Equity Units. Each Equity Unit has a stated amount of $50 and was initially issued in the form of a Corporate Unit, comprised of (i) a forward purchase contract to buy DTE Energy common stock (stock purchase contract) and (ii) a 1/20 undivided beneficial ownership interest in a $1,000 principal amount of DTE Energy’s 2019 Series F 2.25% RSNs due 2025. The stock purchase contract obligates the holder to purchase from DTE Energy on the settlement date, November 1, 2022, for a price of $50 per stock purchase contract, a certain number of shares of DTE Energy’s common stock. As a result of the spin-off of DT Midstream in July 2021, there was a change in the settlement rates in the stock purchase contract to reflect the dividend of DT Midstream stock to DTE Energy shareholders. As adjusted for this change, anti-dilution adjustments to date, and subject to future anti-dilution adjustments, the following number of shares must be purchased: •if the AMV of DTE Energy’s common stock, which is the average volume-weighted average price of DTE Energy’s common stock for the trading days during the 20 consecutive scheduled trading day period ending on the third scheduled trading day immediately preceding the stock purchase contract settlement date, is equal to or greater than $133.08, 0.3757 shares of common stock; •if the AMV is less than $133.08 but greater than $106.50, a number of shares of common stock equal to $50 divided by the AMV; and •if the AMV is less than or equal to $106.50, 0.4695 shares of common stock. The present value of future contract adjustment payments of $150 million was initially recorded as a reduction of shareholders’ equity, offset by the stock purchase contract liability. The stock purchase contract liability was not impacted by the change in settlement rates and a liability of $64 million remains included in Current Liabilities — Other and Other Liabilities — Other on DTE Energy’s Consolidated Statements of Financial Position as of September 30, 2021. DTE Energy will continue issuing quarterly payments through the settlement date of November 1, 2022. The treasury stock method is used to compute diluted EPS for the stock purchase contract. Under the treasury stock method, the stock purchase contract will only have a dilutive effect when the settlement rate is based on the market value of DTE’s common stock that is greater than $133.08 (the threshold appreciation price). At September 30, 2021, the stock purchase price contract was anti-dilutive and, therefore, not included in the computation of diluted earnings per share. Until settlement of the stock purchase contracts, the shares of stock underlying each contract are not outstanding. Under the terms of the stock purchase contracts, assuming no anti-dilution or other adjustments, DTE Energy will issue between 9.8 million and 12.2 million shares of its common stock in November 2022. A total of 13 million shares of DTE Energy’s common stock have been reserved for issuance in connection with the stock purchase contracts. For additional information regarding the equity units, refer to Note 15, "Long-term Debt" in the combined DTE Energy and DTE Electric 2020 Annual Report on Form 10-K.
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Fair Value |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value | FAIR VALUE Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in a principal or most advantageous market. Fair value is a market-based measurement that is determined based on inputs, which refer broadly to assumptions that market participants use in pricing assets or liabilities. These inputs can be readily observable, market corroborated, or generally unobservable inputs. The Registrants make certain assumptions they believe that market participants would use in pricing assets or liabilities, including assumptions about risk, and the risks inherent in the inputs to valuation techniques. Credit risk of the Registrants and their counterparties is incorporated in the valuation of assets and liabilities through the use of credit reserves, the impact of which was immaterial at September 30, 2021 and December 31, 2020. The Registrants believe they use valuation techniques that maximize the use of observable market-based inputs and minimize the use of unobservable inputs. A fair value hierarchy has been established that prioritizes the inputs to valuation techniques used to measure fair value in three broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). In some cases, the inputs used to measure fair value might fall in different levels of the fair value hierarchy. All assets and liabilities are required to be classified in their entirety based on the lowest level of input that is significant to the fair value measurement in its entirety. Assessing the significance of a particular input may require judgment considering factors specific to the asset or liability and may affect the valuation of the asset or liability and its placement within the fair value hierarchy. The Registrants classify fair value balances based on the fair value hierarchy defined as follows: •Level 1 — Consists of unadjusted quoted prices in active markets for identical assets or liabilities that the Registrants have the ability to access as of the reporting date. •Level 2 — Consists of inputs other than quoted prices included within Level 1 that are directly observable for the asset or liability or indirectly observable through corroboration with observable market data. •Level 3 — Consists of unobservable inputs for assets or liabilities whose fair value is estimated based on internally developed models or methodologies using inputs that are generally less readily observable and supported by little, if any, market activity at the measurement date. Unobservable inputs are developed based on the best available information and subject to cost-benefit constraints. The following table presents assets and liabilities for DTE Energy measured and recorded at fair value on a recurring basis:
_______________________________________ (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 consisted of $1 million and $2 million of cash equivalents included in Restricted cash on DTE Energy's Consolidated Statements of Financial Position at September 30, 2021 and December 31, 2020, respectively. All other amounts are included in Cash and cash equivalents on the 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:
_______________________________________ (a)Amounts represent assets valued at NAV as a practical expedient for fair value. Cash Equivalents Cash equivalents include investments with maturities of three months or less when purchased. The cash equivalents shown in the fair value table are comprised of short-term investments and money market funds. Nuclear Decommissioning Trusts and Other Investments The nuclear decommissioning trusts and other investments hold debt and equity securities directly and indirectly through commingled funds. Exchange-traded debt and equity securities held directly, as well as publicly-traded commingled funds, are valued using quoted market prices in actively traded markets. Non-exchange traded fixed income securities are valued based upon quotations available from brokers or pricing services. Non-publicly traded commingled funds holding exchange-traded equity or debt securities are valued based on stated NAVs. There are no significant restrictions for these funds and investments may be redeemed with 7 to 65 days notice depending on the fund. There is no intention to sell the investment in these commingled funds. Private equity and other assets include a diversified group of funds that are classified as NAV assets. These funds primarily invest in limited partnerships, including private equity, private real estate and private credit. Distributions are received through the liquidation of the underlying fund assets over the life of the funds. There are generally no redemption rights. The limited partner must hold the fund for its life or find a third-party buyer, which may need to be approved by the general partner. The funds are established with varied contractual durations generally in the range of 7 years to 12 years. The fund life can often be extended by several years by the general partner, and further extended with the approval of the limited partners. Unfunded commitments related to these investments totaled $155 million and $183 million as of September 30, 2021 and December 31, 2020, respectively. For pricing the nuclear decommissioning trusts and other investments, a primary price source is identified by asset type, class, or issue for each security. The trustee monitors prices supplied by pricing services and may use a supplemental price source or change the primary source of a given security if the trustee determines that another price source is considered preferable. The Registrants have obtained an understanding of how these prices are derived, including the nature and observability of the inputs used in deriving such prices. Derivative Assets and Liabilities Derivative assets and liabilities are comprised of physical and financial derivative contracts, including futures, forwards, options, and swaps that are both exchange-traded and over-the-counter traded contracts. Various inputs are used to value derivatives depending on the type of contract and availability of market data. Exchange-traded derivative contracts are valued using quoted prices in active markets. The Registrants consider the following criteria in determining whether a market is considered active: frequency in which pricing information is updated, variability in pricing between sources or over time, and the availability of public information. Other derivative contracts are valued based upon a variety of inputs including commodity market prices, broker quotes, interest rates, credit ratings, default rates, market-based seasonality, and basis differential factors. The Registrants monitor the prices that are supplied by brokers and pricing services and may use a supplemental price source or change the primary price source of an index if prices become unavailable or another price source is determined to be more representative of fair value. The Registrants have obtained an understanding of how these prices are derived. Additionally, the Registrants selectively corroborate the fair value of their transactions by comparison of market-based price sources. Mathematical valuation models are used for derivatives for which external market data is not readily observable, such as contracts which extend beyond the actively traded reporting period. The Registrants have established a Risk Management Committee whose responsibilities include directly or indirectly ensuring all valuation methods are applied in accordance with predefined policies. The development and maintenance of the Registrants' forward price curves has been assigned to DTE Energy's Risk Management Department, which is separate and distinct from the trading functions within DTE Energy. 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:
_______________________________________ (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.
_______________________________________ (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:
Derivatives are transferred between levels primarily due to changes in the source data used to construct price curves as a result of changes in market liquidity. Transfers in and transfers out are reflected as if they had occurred at the beginning of the period. There were no transfers from or into Level 3 for DTE Electric during the three and nine months ended September 30, 2021 and 2020. The following tables present the unobservable inputs related to DTE Energy's Level 3 assets and liabilities:
The unobservable inputs used in the fair value measurement of the electricity and natural gas commodity types consist of inputs that are less observable due in part to lack of available broker quotes, supported by little, if any, market activity at the measurement date or are based on internally developed models. Certain basis prices (i.e., the difference in pricing between two locations) included in the valuation of natural gas and electricity contracts were deemed unobservable. The weighted average price for unobservable inputs was calculated using the average of forward price curves for natural gas and electricity and the absolute value of monthly volumes. The inputs listed above would have had a direct impact on the fair values of the above security types if they were adjusted. A significant increase (decrease) in the basis price would have resulted in a higher (lower) fair value for long positions, with offsetting impacts to short positions. Fair Value of Financial Instruments The following table presents the carrying amount and fair value of financial instruments for DTE Energy:
_______________________________________ (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:
_______________________________________ (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. For further fair value information on financial and derivative instruments, see Note 9 to the Consolidated Financial Statements, "Financial and Other Derivative Instruments." Nuclear Decommissioning Trust Funds DTE Electric has a legal obligation to decommission its nuclear power plants following the expiration of its operating licenses. This obligation is reflected as an Asset retirement obligation on DTE Electric's Consolidated Statements of Financial Position. Rates approved by the MPSC provide for the recovery of decommissioning costs of Fermi 2 and the disposal of low-level radioactive waste. The following table summarizes DTE Electric's fair value of the nuclear decommissioning trust fund assets:
The costs of securities sold are determined on the basis of specific identification. The following table sets forth DTE Electric's gains and losses and proceeds from the sale of securities by the nuclear decommissioning trust funds:
Realized gains and losses from the sale of securities and unrealized gains and losses incurred by the Fermi 2 trust are recorded to Regulatory assets and the Nuclear decommissioning liability. Realized gains and losses from the sale of securities and unrealized gains and losses on the low-level radioactive waste funds are recorded to the Nuclear decommissioning liability. The following table sets forth DTE Electric's fair value and unrealized gains and losses for the 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:
Fixed income securities held in nuclear decommissioning trust funds include $102 million of non-publicly traded commingled funds that do not have a contractual maturity date. Other Securities At September 30, 2021 and December 31, 2020, the Registrants' securities included in Other investments on the Consolidated Statements of Financial Position were comprised primarily of investments within DTE Energy's rabbi trust. The rabbi trust was established to fund certain non-qualified pension benefits, and therefore changes in market value are recognized in earnings. Gains and losses are allocated from DTE Energy to DTE Electric and are included in Other Income or Other Expense, respectively, in the Registrants' Consolidated Statements of Operations. The following table summarizes the Registrant's gains (losses) related to the trust:
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Financial and Other Derivative Instruments |
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial and Other Derivative Instruments | FINANCIAL AND OTHER DERIVATIVE INSTRUMENTS The Registrants recognize all derivatives at their fair value as Derivative assets or liabilities on their respective Consolidated Statements of Financial Position unless they qualify for certain scope exceptions, including the normal purchases and normal sales exception. Further, derivatives that qualify and are designated for hedge accounting are classified as either hedges of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability (cash flow hedge); or as hedges of the fair value of a recognized asset or liability or of an unrecognized firm commitment (fair value hedge). For cash flow hedges, the derivative gain or loss is deferred in Accumulated other comprehensive income (loss) and later reclassified into earnings when the underlying transaction occurs. For fair value hedges, changes in fair values for the derivative and hedged item are recognized in earnings each period. For derivatives that do not qualify or are not designated for hedge accounting, changes in fair value are recognized in earnings each period. The Registrants' primary market risk exposure is associated with commodity prices, credit, and interest rates. The Registrants have risk management policies to monitor and manage market risks. The Registrants use derivative instruments to manage some of the exposure. DTE Energy uses derivative instruments for trading purposes in its Energy Trading segment. Contracts classified as derivative instruments include electricity, natural gas, oil, certain environmental contracts, forwards, futures, options, swaps, and foreign currency exchange contracts. Items not classified as derivatives include natural gas and environmental inventory, pipeline transportation contracts, certain environmental contracts, and natural gas storage assets. DTE Electric — DTE Electric generates, purchases, distributes, and sells electricity. DTE Electric uses forward contracts to manage changes in the price of electricity and fuel. Substantially all of these contracts meet the normal purchases and normal sales exception and are therefore accounted for under the accrual method. Other derivative contracts are MTM and recoverable through the PSCR mechanism when settled. This results in the deferral of unrealized gains and losses as Regulatory assets or liabilities until realized. DTE Gas — DTE Gas purchases, stores, transports, distributes, and sells natural gas, and buys and sells transportation and storage capacity. DTE Gas has fixed-priced contracts for portions of its expected natural gas supply requirements through March 2024. Substantially all of these contracts meet the normal purchases and normal sales exception and are therefore accounted for under the accrual method. Forward transportation and storage contracts are generally not derivatives and are therefore accounted for under the accrual method. DTE Vantage — This segment manages and operates industrial energy projects, reduced emissions fuel projects, renewable gas recovery, and power generation assets. Primarily fixed-price contracts are used in the marketing and management of the segment assets. These contracts are generally not derivatives and are therefore accounted for under the accrual method. Energy Trading — Commodity Price Risk — Energy Trading markets and trades electricity, natural gas physical products, and energy financial instruments, and provides energy and asset management services utilizing energy commodity derivative instruments. Forwards, futures, options, and swap agreements are used to manage exposure to the risk of market price and volume fluctuations in its operations. These derivatives are accounted for by recording changes in fair value to earnings unless hedge accounting criteria are met. Energy Trading — Foreign Currency Exchange Risk — Energy Trading has foreign currency exchange forward contracts to economically hedge fixed Canadian dollar commitments existing under natural gas and power purchase and sale contracts and natural gas transportation contracts. Energy Trading enters into these contracts to mitigate price volatility with respect to fluctuations of the Canadian dollar relative to the U.S. dollar. These derivatives are accounted for by recording changes in fair value to earnings unless hedge accounting criteria are met. Corporate and Other — Interest Rate Risk — DTE Energy may use interest rate swaps, treasury locks, and other derivatives to hedge the risk associated with interest rate market volatility. Credit Risk — DTE Energy maintains credit policies that significantly minimize overall credit risk. These policies include an evaluation of potential customers’ and counterparties’ financial condition, including the viability of underlying productive assets, credit rating, collateral requirements, or other credit enhancements such as letters of credit or guarantees. DTE Energy generally uses standardized agreements that allow the netting of positive and negative transactions associated with a single counterparty. DTE Energy maintains a provision for credit losses based on factors surrounding the credit risk of its customers, historical trends, and other information. Based on DTE Energy's credit policies and its September 30, 2021 provision for credit losses, DTE Energy’s exposure to counterparty nonperformance is not expected to have a material adverse effect on DTE Energy's Consolidated Financial Statements. Derivative Activities DTE Energy manages its MTM risk on a portfolio basis based upon the delivery period of its contracts and the individual components of the risks within each contract. Accordingly, it records and manages the energy purchase and sale obligations under its contracts in separate components based on the commodity (e.g. electricity or natural gas), the product (e.g. electricity for delivery during peak or off-peak hours), the delivery location (e.g. by region), the risk profile (e.g. forward or option), and the delivery period (e.g. by month and year). The following describes the categories of activities represented by their operating characteristics and key risks: •Asset Optimization — Represents derivative activity associated with assets owned and contracted by DTE Energy, including forward natural gas purchases and sales, natural gas transportation, and storage capacity. Changes in the value of derivatives in this category typically economically offset changes in the value of underlying non-derivative positions, which do not qualify for fair value accounting. The difference in accounting treatment of derivatives in this category and the underlying non-derivative positions can result in significant earnings volatility. •Marketing and Origination — Represents derivative activity transacted by originating substantially hedged positions with wholesale energy marketers, producers, end-users, utilities, retail aggregators, and alternative energy suppliers. •Fundamentals Based Trading — Represents derivative activity transacted with the intent of taking a view, capturing market price changes, or putting capital at risk. This activity is speculative in nature as opposed to hedging an existing exposure. •Other — Includes derivative activity at DTE Electric related to FTRs. Changes in the value of derivative contracts at DTE Electric are recorded as Derivative assets or liabilities, with an offset to Regulatory assets or liabilities as the settlement value of these contracts will be included in the PSCR mechanism when realized. The following table presents the fair value of derivative instruments for DTE Energy:
The following table presents the fair value of derivative instruments for DTE Electric:
Certain of DTE Energy's derivative positions are subject to netting arrangements which provide for offsetting of asset and liability positions as well as related cash collateral. Such netting arrangements generally do not have restrictions. Under such netting arrangements, DTE Energy offsets the fair value of derivative instruments with cash collateral received or paid for those contracts executed with the same counterparty, which reduces DTE Energy's Total Assets and Liabilities. Cash collateral is allocated between the fair value of derivative instruments and customer accounts receivable and payable with the same counterparty on a pro-rata basis to the extent there is exposure. Any cash collateral remaining, after the exposure is netted to zero, is reflected in Accounts receivable and Accounts payable as collateral paid or received, respectively. DTE Energy also provides and receives collateral in the form of letters of credit which can be offset against net Derivative assets and liabilities as well as Accounts receivable and payable. DTE Energy had issued letters of credit of $20 million and $7 million outstanding at September 30, 2021 and December 31, 2020, respectively, which could be used to offset net Derivative liabilities. Letters of credit received from third parties which could be used to offset net Derivative assets were $55 million and $9 million at September 30, 2021 and December 31, 2020, respectively. Such balances of letters of credit are excluded from the tables below and are not netted with the recognized assets and liabilities in DTE Energy's Consolidated Statements of Financial Position. For contracts with certain clearing agents, the fair value of derivative instruments is netted against realized positions with the net balance reflected as either 1) a Derivative asset or liability or 2) an Account receivable or payable. Other than certain clearing agents, Accounts receivable and Accounts payable that are subject to netting arrangements have not been offset against the fair value of Derivative assets and liabilities. The following table presents net cash collateral offsetting arrangements for DTE Energy:
_______________________________________ (a)Amounts are recorded net by counterparty. The following table presents the netting offsets of Derivative assets and liabilities for DTE Energy:
The following table presents the netting offsets of Derivative assets and liabilities showing the reconciliation of derivative instruments to DTE Energy's Consolidated Statements of Financial Position:
The effect of derivatives not designated as hedging instruments on DTE Energy's Consolidated Statements of Operations is as follows:
Revenues and energy costs related to trading contracts are presented on a net basis in DTE Energy's Consolidated Statements of Operations. Commodity derivatives used for trading purposes, and financial non-trading commodity derivatives, are accounted for using the MTM method with unrealized and realized gains and losses recorded in Operating Revenues — Non-utility operations. Non-trading physical commodity sale and purchase derivative contracts are generally accounted for using the MTM method with unrealized and realized gains and losses for sales recorded in Operating Revenues — Non-utility operations and purchases recorded in Fuel, purchased power, gas, and other — non-utility. The following represents the cumulative gross volume of DTE Energy's derivative contracts outstanding as of September 30, 2021:
Various subsidiaries of DTE Energy have entered into contracts which contain ratings triggers and are guaranteed by DTE Energy. These contracts contain provisions which allow the counterparties to require that DTE Energy post cash or letters of credit as collateral in the event that DTE Energy’s credit rating is downgraded below investment grade. Certain of these provisions (known as "hard triggers") state specific circumstances under which DTE Energy can be required to post collateral upon the occurrence of a credit downgrade, while other provisions (known as "soft triggers") are not as specific. For contracts with soft triggers, it is difficult to estimate the amount of collateral which may be requested by counterparties and/or which DTE Energy may ultimately be required to post. The amount of such collateral which could be requested fluctuates based on commodity prices (primarily natural gas, power, environmental, and coal) and the provisions and maturities of the underlying transactions. As of September 30, 2021, DTE Energy's contractual obligation to post collateral in the form of cash or letters of credit in the event of a downgrade to below investment grade, under both hard trigger and soft trigger provisions, was $575 million. As of September 30, 2021, DTE Energy had $2,180 million of derivatives in net liability positions, for which hard triggers exist. There is $52 million of collateral that has been posted against such liabilities, including cash and letters of credit. Associated derivative net asset positions for which contractual offset exists were $1,788 million. The net remaining amount of $340 million is derived from the $575 million noted above.
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Long-Term Debt |
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Debt Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-Term Debt | LONG-TERM DEBT Debt Issuances In 2021, the following debt was issued:
_______________________________________ (a)Bonds were issued as Green Bonds and the proceeds will be used to finance qualified expenditures for solar and wind energy, payments under power purchase agreements for solar and wind energy, and energy optimization programs. (b)Proceeds were used for the repayment of short-term borrowings due to DTE Energy to facilitate the separation of DT Midstream, as well as a one-time special dividend provided to DTE Energy. The debt was transferred to DT Midstream upon its separation on July 1, 2021. Refer to Note 4 to the Consolidated Financial Statements, “Dispositions and Impairments,” for additional information and to the Debt Redemptions section below for DTE Energy's use of the proceeds received from DT Midstream. In September 2021, DTE Electric completed a mandatory remarketing of $82 million of 1.45% Tax-Exempt Revenue Bonds at the same rate of 1.45% until maturity in 2030 and $59 million of 1.45% Tax-Exempt Revenue Bonds at a rate of 1.35% until maturity in 2029. Additionally in September 2021, DTE Gas agreed to issue $60 million of 2.07% First Mortgage Bonds due December 1, 2031 and $95 million of 2.85% First Mortgage Bonds due December 1, 2051 to a group of institutional investors in a private placement transaction. These bonds are expected to close and fund in November 2021. Proceeds will be used for the repayment of short-term borrowings and general corporate purposes, including capital expenditures. Debt Redemptions In 2021, the following debt was redeemed:
(a)Early redemption resulted in a loss on extinguishment of debt of $8 million relating to the write-off of unamortized issuance costs. During the third quarter 2021, DTE Energy optionally redeemed $2.6 billion of Senior Notes included in the table above using proceeds from DT Midstream's repayment of short-term borrowings and one-time special dividend. To early retire this debt and reduce future interest expense, DTE Energy incurred prepayment costs of $361 million and wrote off $15 million of unamortized issuance costs and discounts related to the debt. These amounts have been included within the Loss on extinguishment of debt line item within the Consolidated Statements of Operations for the three and nine months ended September 30, 2021.
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Short-Term Credit Arrangements and Borrowings |
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Short-term Debt [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-Term Credit Arrangements and Borrowings | SHORT-TERM CREDIT ARRANGEMENTS AND BORROWINGS DTE Energy, DTE Electric, and DTE Gas have unsecured revolving credit agreements that can be used for general corporate borrowings, but are intended to provide liquidity support for each of the companies’ commercial paper programs. Borrowings under the revolvers are available at prevailing short-term interest rates. DTE Energy also has other facilities to support letter of credit issuance. The unsecured revolving credit agreements have historically required DTE Energy, DTE Electric, and DTE Gas to maintain a total funded debt to capitalization ratio of no more than 0.65 to 1. In June 2021, DTE Energy amended its total funded debt to capitalization ratio requirement to no more than 0.70 to 1 starting with the third quarter of 2021 and ending December 2022. The amendment was a result of temporary balance sheet impacts resulting from the separation of DT Midstream on July 1, 2021. In the agreements, "total funded debt" means all indebtedness of each respective company and their consolidated subsidiaries, including finance lease obligations, hedge agreements, and guarantees of third parties’ debt, but excluding contingent obligations, nonrecourse and junior subordinated debt, and certain equity-linked securities and, except for calculations at the end of the second quarter, certain DTE Gas short-term debt. "Capitalization" means the sum of (a) total funded debt plus (b) "consolidated net worth," which is equal to consolidated total equity of each respective company and their consolidated subsidiaries (excluding pension effects under certain FASB statements), as determined in accordance with accounting principles generally accepted in the United States of America. At September 30, 2021, the total funded debt to total capitalization ratios for DTE Energy, DTE Electric, and DTE Gas were 0.66 to 1, 0.51 to 1, and 0.46 to 1, respectively, and were in compliance with this financial covenant. The availability under these facilities as of September 30, 2021 is shown in the following table:
_______________________________________ (a)Total availability of $102 million expires in April 2024, including $67 million at DTE Energy, $22 million at DTE Electric, and $13 million at DTE Gas. All other availability expires in April 2025. (b)Uncommitted letter of credit facility with automatic renewal provision for each July and therefore no expiration. In conjunction with maintaining certain exchange-traded risk management positions, DTE Energy may be required to post collateral with its clearing agents. DTE Energy has demand financing agreements with its clearing agents, including an agreement for up to $100 million with an indefinite term and an agreement for up to $150 million currently contracted through 2022 and subject to renewal. The $100 million agreement, as amended, also allows for up to $50 million of additional margin financing provided that DTE Energy posts a letter of credit for the incremental amount. Both agreements allow the right of setoff with posted collateral. At September 30, 2021, the capacity under the facilities was $300 million. The amounts outstanding under the agreements were $4 million and $49 million at September 30, 2021 and December 31, 2020, respectively, and were fully offset by the posted collateral.
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Leases |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | LEASES Lessor During the first quarter 2021, DTE Energy completed construction of and began operating certain energy infrastructure assets for a large industrial customer under a long-term agreement, where the assets will transfer to the customer at the end of the contract term in 2040. DTE Energy has accounted for a portion of the agreement as a finance lease arrangement, recognizing an additional net investment of $31 million. The components of DTE Energy’s net investment in finance leases for remaining periods were as follows:
Interest income recognized under finance leases was $4 million for the three months ended September 30, 2021 and 2020 and $13 million and $12 million for the nine months ended September 30, 2021 and 2020, respectively. DTE Energy’s lease income associated with operating leases, including the line items in which it was included on the Consolidated Statements of Operations, was as follows:
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Leases | LEASES Lessor During the first quarter 2021, DTE Energy completed construction of and began operating certain energy infrastructure assets for a large industrial customer under a long-term agreement, where the assets will transfer to the customer at the end of the contract term in 2040. DTE Energy has accounted for a portion of the agreement as a finance lease arrangement, recognizing an additional net investment of $31 million. The components of DTE Energy’s net investment in finance leases for remaining periods were as follows:
Interest income recognized under finance leases was $4 million for the three months ended September 30, 2021 and 2020 and $13 million and $12 million for the nine months ended September 30, 2021 and 2020, respectively. DTE Energy’s lease income associated with operating leases, including the line items in which it was included on the Consolidated Statements of Operations, was as follows:
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Leases | LEASES Lessor During the first quarter 2021, DTE Energy completed construction of and began operating certain energy infrastructure assets for a large industrial customer under a long-term agreement, where the assets will transfer to the customer at the end of the contract term in 2040. DTE Energy has accounted for a portion of the agreement as a finance lease arrangement, recognizing an additional net investment of $31 million. The components of DTE Energy’s net investment in finance leases for remaining periods were as follows:
Interest income recognized under finance leases was $4 million for the three months ended September 30, 2021 and 2020 and $13 million and $12 million for the nine months ended September 30, 2021 and 2020, respectively. DTE Energy’s lease income associated with operating leases, including the line items in which it was included on the Consolidated Statements of Operations, was as follows:
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Commitments and Contingencies |
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Sep. 30, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Environmental DTE Electric Air — DTE Electric is subject to the EPA ozone and fine particulate transport and acid rain regulations that limit power plant emissions of SO2 and NOX. The EPA and the State of Michigan have also issued emission reduction regulations relating to ozone, fine particulate, regional haze, mercury, and other air pollution. These rules have led to controls on fossil-fueled power plants to reduce SO2, NOX, mercury, and other emissions. Additional rulemakings may occur over the next few years which could require additional controls for SO2, NOX, and other hazardous air pollutants. The EPA proposed revised air quality standards for ground level ozone in November 2014 and specifically requested comments on the form and level of the ozone standards. The standards were finalized in October 2015. The State of Michigan recommended to the EPA in October 2016 which areas of the state are not attaining the new standard. On April 30, 2018, the EPA finalized the State of Michigan's recommended marginal non-attainment designation for southeast Michigan. The State is required to develop and implement a plan to address the southeast Michigan ozone non-attainment area by the end of 2021. The Registrants cannot predict the scope and associated financial impact of the State's plan to address the ozone non-attainment area at this time. The EPA has implemented regulatory actions under the Clean Air Act to address emissions of GHGs from the utility sector and other sectors of the economy. Among these actions, in 2015 the EPA finalized performance standards for emissions of carbon dioxide from new and existing fossil-fuel fired EGUs. The performance standards for existing EGUs, known as the EPA Clean Power Plan, were challenged by petitioners and stayed by the U.S. Supreme Court in February 2016 pending final review by the courts. On October 10, 2017, the EPA, under a new administration, proposed to rescind the Clean Power Plan, and in August 2018, the EPA proposed revised emission guidelines for GHGs from existing EGUs. On June 19, 2019, the EPA Administrator officially repealed the Clean Power Plan and finalized its replacement, named the ACE rule. The ACE rule was vacated and remanded back to the EPA in a D.C. Circuit Court decision on January 19, 2021. The next steps taken by the EPA with respect to regulation of GHGs from EGUs is uncertain. Regardless of future rules, DTE Energy remains committed for its electric utility operations to reduce carbon emissions 32% by 2023, 50% by 2028, and 80% by 2040 from 2005 carbon emissions levels, and its goal of net zero emissions for its electric utility operations by 2050. In addition to the GHG standards for existing EGUs, in December 2018, the EPA issued proposed revisions to the carbon dioxide performance standards for new, modified, or reconstructed fossil-fuel fired EGUs. The rule was finalized on January 13, 2021 and immediately challenged. An order vacating the rule was filed by the D.C. Circuit Court of Appeals on April 5, 2021. The carbon standards for new sources are not expected to have a material impact on DTE Electric, since DTE Electric has no plans to build new coal-fired generation and any potential new gas generation will be able to comply with the standards. Pending or future legislation or other regulatory actions could have a material impact on DTE Electric's operations and financial position and the rates charged to its customers. Impacts include expenditures for environmental equipment beyond what is currently planned, financing costs related to additional capital expenditures, the purchase of emission credits from market sources, higher costs of purchased power, and the retirement of facilities where control equipment is not economical. DTE Electric would seek to recover these incremental costs through increased rates charged to its utility customers, as authorized by the MPSC. To comply with air pollution requirements, DTE Electric has spent approximately $2.4 billion. DTE Electric does not anticipate additional capital expenditures for air pollution requirements, subject to the results of future rulemakings. Water — In response to an EPA regulation, DTE Electric was required to examine alternatives for reducing the environmental impacts of the cooling water intake structures at several of its facilities. Based on the results of completed studies and expected future studies, DTE Electric may be required to install technologies to reduce the impacts of the water intake structures. A final rule became effective in October 2014. The final rule requires studies to be completed and submitted as part of the NPDES permit application process to determine the type of technology needed to reduce impacts to fish. DTE Electric has initiated the process of completing the required studies. Final compliance for the installation of any required technology will be determined by the state on a case by case, site specific basis. DTE Electric is currently evaluating the compliance options and working with the State of Michigan on evaluating whether any controls are needed. These evaluations/studies may require modifications to some existing intake structures. It is not possible to quantify the impact of this rule making at this time. Contaminated and Other Sites — Prior to the construction of major interstate natural gas pipelines, gas for heating and other uses was manufactured locally from processes involving coal, coke, or oil. The facilities, which produced gas, have been designated as MGP sites. DTE Electric conducted remedial investigations at contaminated sites, including three former MGP sites. Cleanup of one of the MGP sites is complete, and the site is closed. The investigations have revealed contamination related to the by-products of gas manufacturing at each MGP site. In addition to the MGP sites, DTE Electric is also in the process of cleaning up other contaminated sites, including the area surrounding an ash landfill, electrical distribution substations, electric generating power plants, and underground and above ground storage tank locations. The findings of these investigations indicated that the estimated cost to remediate these sites is expected to be incurred over the next several years. At September 30, 2021 and December 31, 2020, DTE Electric had $13 million and $10 million, respectively, accrued for remediation. These costs are not discounted to their present value. Any change in assumptions, such as remediation techniques, nature and extent of contamination, and regulatory requirements, could impact the estimate of remedial action costs for the sites and affect DTE Electric’s financial position and cash flows. DTE Electric believes the likelihood of a material change to the accrued amount is remote based on current knowledge of the conditions at each site. Coal Combustion Residuals and Effluent Limitations Guidelines — A final EPA rule for the disposal of coal combustion residuals, commonly known as coal ash, became effective in October 2015, and was revised in October 2016, July 2018, September 2020, and November 2020. The rule is based on the continued listing of coal ash as a non-hazardous waste and relies on various self-implementation design and performance standards. DTE Electric owns and operates three permitted engineered coal ash storage facilities to dispose of coal ash from coal-fired power plants and operates a number of smaller impoundments at its power plants subject to certain provisions in the CCR rule. At certain facilities, the rule currently requires ongoing sampling and testing of monitoring wells, compliance with groundwater standards, and the closure of basins at the end of the useful life of the associated power plant. On September 28, 2020, the CCR rule "A Holistic Approach to Closure Part A: Deadline to Initiate Closure and Enhancing Public Access to Information" became effective and established April 11, 2021 as the new deadline for all unlined impoundments (including units previously classified as "clay-lined") to initiate closure. Additionally, the rule amends certain reporting requirements and CCR website requirements. On November 12, 2020, an additional revision to the CCR Rule "A Holistic Approach to Closure Part B: Alternate Demonstration for Unlined Surface Impoundments" was published in the Federal Register that provides a process to determine if certain unlined impoundments consist of an alternative liner system that may be as protective as the current liners specified in the CCR rule, and therefore may continue to operate. DTE Electric has submitted applications to the EPA that support continued use of all impoundments through their active lives. The forced closure date of April 11, 2021 is effectively delayed while the EPA's review has extended beyond this date. At the State level, legislation was signed by the Governor in December 2018 and provides for further regulation of the CCR program in Michigan. Additionally, the bill provides the basis of a CCR program that EGLE has submitted to the EPA for approval to fully regulate the CCR program in Michigan in lieu of a Federal permit program. On April 12, 2017, the EPA granted a petition for reconsideration of the 2015 ELG Rule. The EPA also signed an administrative stay of the 2015 ELG Rule’s compliance deadlines for fly ash transport water, bottom ash transport water, and flue gas desulfurization (FGD) wastewater, among others. On June 6, 2017, the EPA published in the Federal Register a proposed rule (Postponement Rule) to postpone certain applicable deadlines within the 2015 ELG rule. The Postponement Rule was published on September 18, 2017. The Postponement Rule nullified the administrative stay but also extended the earliest compliance deadlines for only FGD wastewater and bottom ash transport water until November 1, 2020 in order for the EPA to propose and finalize a new ruling. On October 13, 2020, the EPA finalized the ELG Reconsideration Rule which revised the regulations from the 2015 ELG rule. The Reconsideration Rule revises requirements for two specific waste streams produced by steam electric power plants: FGD wastewater and bottom ash transport water. The Reconsideration Rule also provides additional compliance opportunities by finalizing low utilization and cessation of coal burning subcategories. The Reconsideration Rule provides new opportunities for DTE Electric to evaluate existing ELG compliance strategies and make any necessary adjustments to ensure full compliance with the ELGs in a cost-effective manner. In October 2020, the EPA published in the Federal Register the final version of the ELG Reconsideration Rule which updates the 2015 ELG Rule. The Reconsideration Rule re-establishes the technology-based effluent limitations guidelines and standards applicable to FGD wastewater and bottom ash transport water. The EPA set the applicability dates for bottom ash transport water and FGD wastewater retrofits to be "as soon as possible" beginning October 13, 2021 and no later than December 31, 2025. Compliance schedules for individual facilities and individual waste streams are determined through issuance of new NPDES permits by the State of Michigan. The State of Michigan has issued an NPDES permit for the Belle River power plant establishing compliance deadlines based on the 2020 Reconsideration Rule. The deadline is December 31, 2025 if DTE Electric chooses to comply by installation of new treatment technologies, or December 31, 2028 if DTE Electric chooses to pursue the cessation of coal as their ELG compliance option. On July 27, 2021, the EPA announced they will revisit some of the compliance requirements that were established in the 2020 Reconsideration Rule and plan to release a new proposed rule in Fall of 2022. The 2020 Reconsideration Rule remains in effect until that time. On October 11, 2021, in consideration of the deadlines above, DTE Electric submitted the appropriate documentation titled the Notice of Planned Participation (NOPP) to the State of Michigan that formally announced the intent to pursue cessation of coal at the Belle River power plant as their ELG compliance option. No new permits that would require ELG compliance have been issued for other facilities, consequently no compliance timelines have been established. DTE Electric continues to evaluate compliance strategies, technologies and system designs for both FGD wastewater and bottom ash transport water system to achieve compliance with the EPA rules. DTE Electric has estimated the impact of the CCR and ELG rules to be $661 million of capital expenditures, including $516 million for 2021 through 2025. DTE Gas Air — In June 2020, DTE Energy expanded its net zero goal to include its gas utility operations by committing to reduce greenhouse gas emissions to net zero by 2050 from procurement of natural gas through delivery. As part of DTE Energy's 2050 net zero commitment, DTE Gas launched its CleanVision Natural Gas Balance program in January 2021 that offers customers a way to reduce their carbon footprint using carbon offsets and renewable natural gas. The carbon offset program is focused on protecting Michigan forests that naturally absorb carbon dioxide. Contaminated and Other Sites — DTE Gas owns or previously owned 14 former MGP sites. Investigations have revealed contamination related to the by-products of gas manufacturing at each site. Cleanup of eight of the MGP sites is complete, and the sites are closed. DTE Gas has also completed partial closure of four additional sites. Cleanup activities associated with the remaining sites will continue over the next several years. The MPSC has established a cost deferral and rate recovery mechanism for investigation and remediation costs incurred at former MGP sites. In addition to the MGP sites, DTE Gas is also in the process of cleaning up other contaminated sites, including gate stations, gas pipeline releases, and underground storage tank locations. As of September 30, 2021 and December 31, 2020, DTE Gas had $24 million accrued for remediation. These costs are not discounted to their present value. Any change in assumptions, such as remediation techniques, nature and extent of contamination, and regulatory requirements, could impact the estimate of remedial action costs for the sites and affect DTE Gas' financial position and cash flows. DTE Gas anticipates the cost amortization methodology approved by the MPSC, which allows for amortization of the MGP costs over a ten-year period beginning with the year subsequent to the year the MGP costs were incurred, will prevent the associated investigation and remediation costs from having a material adverse impact on DTE Gas' results of operations. Non-utility DTE Energy's non-utility businesses are subject to a number of environmental laws and regulations dealing with the protection of the environment from various pollutants. In March 2019, the EPA issued an FOV to EES Coke, the Michigan coke battery facility that is a wholly-owned subsidiary of DTE Energy, alleging that the 2008 and 2014 permits issued by EGLE did not comply with the Clean Air Act. In September 2020, the EPA issued another FOV alleging EES Coke's 2018 and 2019 SO2 emissions exceeded projections and hence violated non-attainment new source review requirements. EES Coke evaluated the EPA's alleged violations and believes that the permits approved by EGLE complied with the Clean Air Act. EES Coke also responded to the EPA's September 2020 allegations demonstrating its actual emissions are compliant with non-attainment new source review requirements. Discussions with the EPA are ongoing. At the present time, DTE Energy cannot predict the outcome or financial impact of this FOV. Other In 2010, the EPA finalized a new one-hour SO2 ambient air quality standard that requires states to submit plans and associated timelines for non-attainment areas that demonstrate attainment with the new SO2 standard in phases. Phase 1 addresses non-attainment areas designated based on ambient monitoring data. Phase 2 addresses non-attainment areas with large sources of SO2 and modeled concentrations exceeding the National Ambient Air Quality Standards for SO2. Phase 3 addresses smaller sources of SO2 with modeled or monitored exceedances of the new SO2 standard. Michigan's Phase 1 non-attainment area includes DTE Energy facilities in southwest Detroit and areas of Wayne County. Modeling runs by EGLE suggest that emission reductions may be required by significant sources of SO2 emissions in these areas, including DTE Electric power plants and DTE Energy's Michigan coke battery facility. As part Michigan's SIP process, DTE Energy has worked with EGLE to develop air permits reflecting significant SO2 emission reductions that, in combination with other non-DTE Energy sources' emission reduction strategies, will help the state attain the standard and sustain its attainment. The Michigan SIP was completed and submitted to the EPA on May 31, 2016 and supplemented on June 30, 2016. On March 19, 2021, the EPA published in the Federal Register partial approval and partial disapproval of Michigan's Detroit SO2 non-attainment area plan. The partial disapproval does not appear to impact DTE's sources and further discussions are underway with the EPA to finalize the plan. Since several non-DTE Energy sources are also part of the proposed compliance plan, DTE Energy is unable to determine the full impact of any further emissions reductions that may be required from DTE's facilities at this time. Michigan's Phase 2 non-attainment area includes DTE Electric facilities in St. Clair County. EGLE has not made a final determination on SIP strategy for this area, pending the EPA's review of their clean data determination request. Until agency plans are final, DTE Energy is unable to determine the impacts. Synthetic Fuel Guarantees DTE Energy discontinued the operations of its synthetic fuel production facilities throughout the United States as of December 31, 2007. DTE Energy provided certain guarantees and indemnities in conjunction with the sales of interests in its synfuel facilities. The guarantees cover potential commercial, environmental, oil price, and tax-related obligations that will survive until 90 days after expiration of all applicable statutes of limitations. DTE Energy estimates that its maximum potential liability under these guarantees at September 30, 2021 was approximately $400 million. Payment under these guarantees is considered remote. REF Guarantees DTE Energy has provided certain guarantees and indemnities in conjunction with the sales of interests in or lease of its REF facilities. The guarantees cover potential commercial, environmental, and tax-related obligations that will survive until 90 days after expiration of all applicable statutes of limitations. DTE Energy estimates that its maximum potential liability under these guarantees at September 30, 2021 was $698 million. Payments under these guarantees are considered remote. Other Guarantees In certain limited circumstances, the Registrants enter into contractual guarantees. The Registrants may guarantee another entity’s obligation in the event it fails to perform and may provide guarantees in certain indemnification agreements. Finally, the Registrants may provide indirect guarantees for the indebtedness of others. DTE Energy’s guarantees are not individually material with maximum potential payments totaling $40 million at September 30, 2021. Payments under these guarantees are considered remote. The Registrants are periodically required to obtain performance surety bonds in support of obligations to various governmental entities and other companies in connection with its operations. As of September 30, 2021, DTE Energy had $171 million of performance bonds outstanding, including $120 million for DTE Electric. In the event that such bonds are called for nonperformance, the Registrants would be obligated to reimburse the issuer of the performance bond. The Registrants are released from the performance bonds as the contractual performance is completed and does not believe that a material amount of any currently outstanding performance bonds will be called. Labor Contracts There are several bargaining units for DTE Energy subsidiaries' approximate 5,100 represented employees, including DTE Electric's approximately 2,700 represented employees. This represents 50% and 57% of DTE Energy's and DTE Electric's total employees, respectively. Of these represented employees, approximately 16% and 21% have contracts expiring within one year for DTE Energy and DTE Electric, respectively. Purchase Commitments Utility capital expenditures, expenditures for non-utility businesses, and contributions to equity method investees will be approximately $3.9 billion and $3.0 billion in 2021 for DTE Energy and DTE Electric, respectively. The Registrants have made certain commitments in connection with the estimated 2021 annual capital expenditures and contributions to equity method investees. COVID-19 Pandemic DTE Energy has been actively monitoring the impact of the COVID-19 pandemic on supply chains, markets, counterparties, and customers, and any related impacts on operating costs, customer demand, and recoverability of assets that could materially impact the Registrants' financial results. In 2021, the COVID-19 pandemic has continued to impact DTE Electric sales volumes. As businesses have maintained certain remote operations, related sales volumes have been lower for commercial and industrial customers and higher for residential customers as compared to historical volumes before the pandemic. This impact contributed to a net reduction in DTE Electric sales, but has been offset by favorable rate mix. In 2020, COVID-19 also resulted in incremental costs at our utilities related to personal protective equipment and other health and safety-related matters, as well as lower volumes for certain companies within the DTE Vantage segment. For the three and nine months ended September 30, 2021, however, there has not been any significant impact to the Registrants' Consolidated Financial Statements. In consideration of the above factors and all other current and expected impacts to the Registrants' performance and cash flows resulting from the COVID-19 pandemic, there have been no material adjustments or reserves deemed necessary as of September 30, 2021. The Registrants cannot predict the future impacts of the COVID-19 pandemic on the Consolidated Financial Statements, as developments involving COVID-19 and its related effects on economic and operating conditions remain highly uncertain. Other Contingencies The Registrants are involved in certain other legal, regulatory, administrative, and environmental proceedings before various courts, arbitration panels, and governmental agencies concerning claims arising in the ordinary course of business. These proceedings include certain contract disputes, additional environmental reviews and investigations, audits, inquiries from various regulators, and pending judicial matters. The Registrants cannot predict the final disposition of such proceedings. The Registrants regularly review legal matters and record provisions for claims that they can estimate and are considered probable of loss. The resolution of these pending proceedings is not expected to have a material effect on the Registrants' Consolidated Financial Statements in the periods they are resolved. For a discussion of contingencies related to regulatory matters and derivatives, see Notes 6 and 9 to the Consolidated Financial Statements, "Regulatory Matters" and "Financial and Other Derivative Instruments," respectively.
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Retirement Benefits and Trusteed Assets |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits and Trusteed Assets | RETIREMENT BENEFITS AND TRUSTEED ASSETS The following tables detail the components of net periodic benefit costs (credits) for pension benefits and other postretirement benefits for DTE Energy:
DTE Electric participates in various plans that provide pension and other postretirement benefits for DTE Energy and its affiliates. The plans are primarily sponsored by DTE Energy's subsidiary, DTE Energy Corporate Services, LLC. DTE Electric accounts for its participation in DTE Energy's qualified and non-qualified pension plans by applying multiemployer accounting. DTE Electric accounts for its participation in other postretirement benefit plans by applying multiple-employer accounting. Within multiemployer and multiple-employer plans, participants pool plan assets for investment purposes and to reduce the cost of plan administration. The primary difference between plan types is assets contributed in multiemployer plans can be used to provide benefits for all participating employers, while assets contributed within a multiple-employer plan are restricted for use by the contributing employer. As a result of multiemployer accounting treatment, capitalized costs associated with these plans are reflected in Property, plant, and equipment in DTE Electric's Consolidated Statements of Financial Position. The same capitalized costs are reflected as Regulatory assets and liabilities in DTE Energy's Consolidated Statements of Financial Position. In addition, the service cost and non-service cost components are presented in Operation and maintenance in DTE Electric's Consolidated Statements of Operations. The same non-service cost components are presented in Other (Income) and Deductions — Non-operating retirement benefits, net in DTE Energy's Consolidated Statements of Operations. Plan participants of all plans are solely DTE Energy and affiliate participants. DTE Energy's subsidiaries are responsible for their share of qualified and non-qualified pension benefit costs. DTE Electric's allocated portion of pension benefit costs included in capital expenditures and operating and maintenance expense was $26 million and $28 million for the three months ended September 30, 2021 and 2020, respectively, and $78 million and $79 million for the nine months ended September 30, 2021 and 2020, respectively. These amounts include recognized contractual termination benefit charges, curtailment gains, and settlement charges. The following tables detail the components of net periodic benefit costs (credits) for other postretirement benefits for DTE Electric:
Pension and Other Postretirement Contributions At the discretion of management and depending upon financial market conditions, DTE Energy anticipates making up to $7 million in contributions to the qualified pension plans in 2021. No amounts relate to DTE Electric and no contributions are anticipated for DTE Energy's postretirement benefit plans in 2021.
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Segment and Related Information |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment and Related Information | SEGMENT AND RELATED INFORMATION DTE Energy sets strategic goals, allocates resources, and evaluates performance based on the following structure: Electric segment consists principally of DTE Electric, which is engaged in the generation, purchase, distribution, and sale of electricity to approximately 2.3 million residential, commercial, and industrial customers in southeastern Michigan. Gas segment consists principally of DTE Gas, which is engaged in the purchase, storage, transportation, distribution, and sale of natural gas to approximately 1.3 million residential, commercial, and industrial customers throughout Michigan and the sale of storage and transportation capacity. DTE Vantage, formerly the Power and Industrial Projects segment, is comprised primarily of projects that deliver energy and utility-type products and services to industrial, commercial, and institutional customers, produce reduced emissions fuel, and sell electricity and pipeline-quality gas from renewable energy projects. Energy Trading consists of energy marketing and trading operations. Corporate and Other includes various holding company activities, holds certain non-utility debt, and holds certain investments, including funds supporting regional development and economic growth. DTE Energy completed the separation of DT Midstream on July 1, 2021, which was comprised of the Gas Storage and Pipelines segment and also certain DTE Energy holding company activity within the Corporate and Other segment. Amounts relating to DT Midstream have been classified as discontinued operations, and Gas Storage and Pipelines is no longer a reportable segment of DTE Energy. Refer to Note 4 to the Consolidated Financial Statements, “Dispositions and Impairments,” for additional information. The federal income tax provisions or benefits of DTE Energy’s subsidiaries are determined on an individual company basis and recognize the tax benefit of tax credits and net operating losses, if applicable. The state and local income tax provisions of the utility subsidiaries are also determined on an individual company basis and recognize the tax benefit of various tax credits and net operating losses, if applicable. The subsidiaries record federal, state, and local income taxes payable to or receivable from DTE Energy based on the federal, state, and local tax provisions of each company. Inter-segment billing for goods and services exchanged between segments is based upon tariffed or market-based prices of the provider and primarily consists of the sale of reduced emissions fuel, power sales, natural gas sales, and renewable natural gas sales in the following segments:
Financial data of DTE Energy's business segments follows:
_______________________________________ (a)Includes $14 million for the nine months ended September 30, 2021 and $8 million and $17 million for the three and nine months ended September 30, 2020, respectively, for eliminations related to DTE Energy's prior Gas Storage and Pipelines segment that remain in continuing operations. Eliminations for these revenues are offset by related cost eliminations and have no impact on DTE Energy net income.
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Significant Accounting Policies (Policies) |
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Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Basis of Presentation | Basis of Presentation The Consolidated Financial Statements should be read in conjunction with the Combined Notes to Consolidated Financial Statements included in the combined DTE Energy and DTE Electric 2020 Annual Report on Form 10-K. The accompanying Consolidated Financial Statements of the Registrants are prepared using accounting principles generally accepted in the United States of America. These accounting principles require management to use estimates and assumptions that impact reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities. Actual results may differ from the Registrants' estimates. The Consolidated Financial Statements are unaudited but, in the Registrants' opinions, include all adjustments necessary to present a fair statement of the results for the interim periods. All adjustments are of a normal recurring nature, except as otherwise disclosed in these Consolidated Financial Statements and Combined Notes to Consolidated Financial Statements. Financial results for this interim period are not necessarily indicative of results that may be expected for any other interim period or for the fiscal year ending December 31, 2021. The information in these combined notes relates to each of the Registrants as noted in the Index of Combined Notes to Consolidated Financial Statements. However, DTE Electric does not make any representation as to information related solely to DTE Energy or the subsidiaries of DTE Energy other than itself. Certain prior year balances for DTE Electric were reclassified to match the current year's Consolidated Financial Statements presentation. Separation of DT Midstream On July 1, 2021, DTE Energy completed the previously announced separation of its natural gas pipeline, storage and gathering non-utility business. Effective with the separation, DTE retains no ownership in the new company, DT Midstream, which was formerly comprised of DTE Energy's Gas Storage and Pipelines segment and also included certain DTE Energy holding company activity within the Corporate and Other segment. Gas Storage and Pipelines is no longer a reportable segment of DTE Energy, and financial results of DT Midstream are presented as Income from discontinued operations, net of taxes on DTE Energy's Consolidated Statements of Operations. Assets and liabilities of DT Midstream are also presented as discontinued operations on DTE Energy's Consolidated Statements of Financial Position. Prior periods have been recast to reflect this presentation. No adjustments were made to the historical activity within the Consolidated Statements of Comprehensive Income, Consolidated Statements of Cash Flows, or the Consolidated Statements of Changes in Equity. Unless noted otherwise, discussion in the Notes to the Consolidated Financial Statements relate to continuing operations. Refer to Note 4 to the Consolidated Financial Statements, “Dispositions and Impairments,” for additional information regarding the separation of DT Midstream and discontinued operations.
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Principles of Consolidation | Principles of Consolidation The Registrants consolidate all majority-owned subsidiaries and investments in entities in which they have controlling influence. Non-majority owned investments are accounted for using the equity method when the Registrants are able to significantly influence the operating policies of the investee. When the Registrants do not influence the operating policies of an investee, the equity investment is valued at cost minus any impairments, if applicable. These Consolidated Financial Statements also reflect the Registrants' proportionate interests in certain jointly-owned utility plants. The Registrants eliminate all intercompany balances and transactions. The Registrants evaluate whether an entity is a VIE whenever reconsideration events occur. The Registrants consolidate VIEs for which they are the primary beneficiary. If a Registrant is not the primary beneficiary and an ownership interest is held, the VIE is accounted for under the equity method of accounting. When assessing the determination of the primary beneficiary, a Registrant considers all relevant facts and circumstances, including: the power, through voting or similar rights, to direct the activities of the VIE that most significantly impact the VIE's economic performance and the obligation to absorb the expected losses and/or the right to receive the expected returns of the VIE. The Registrants perform ongoing reassessments of all VIEs to determine if the primary beneficiary status has changed. During the third quarter of 2021, the Registrants performed reassessments of certain VIEs owned by DT Midstream. Upon the separation of DT Midstream, DTE Energy no longer owns any interest in SGG, owner and operator of certain midstream natural gas assets. Therefore, SGG has been removed from the amounts for DTE Energy's consolidated VIEs in the table below. Additionally, as a result of the separation of DT Midstream, DTE Energy no longer has an equity interest in NEXUS, owner of a 256-mile pipeline which transports shale gas to Ohio, Michigan, and Ontario market centers. DTE Energy has removed its equity investment in NEXUS from the amounts for its non-consolidated VIEs. The Registrants maintain a variable interest in NEXUS relating to DTE Electric's transportation services contract. Assets, liabilities, and earnings related to SGG and NEXUS are included in discontinued operations in the Consolidated Financial Statements. Legal entities within the DTE Vantage segment enter into long-term contractual arrangements with customers to supply energy-related products or services. The entities are generally designed to pass-through the commodity risk associated with these contracts to the customers, with DTE Energy retaining operational and customer default risk. These entities generally are VIEs and consolidated when DTE Energy is the primary beneficiary. In addition, DTE Energy has interests in certain VIEs through which control of all significant activities is shared with partners, and therefore are generally accounted for under the equity method. The Registrants hold ownership interests in certain limited partnerships. The limited partnerships include investment funds which support regional development and economic growth, and an operational business providing energy-related products. These entities are generally VIEs as a result of certain characteristics of the limited partnership voting rights. The ownership interests are accounted for under the equity method as the Registrants are not the primary beneficiaries. DTE Energy has variable interests in VIEs through certain of its long-term purchase and sale contracts. DTE Electric has variable interests in VIEs through certain of its long-term purchase contracts. As of September 30, 2021, the carrying amount of assets and liabilities in DTE Energy's Consolidated Statements of Financial Position that relate to its variable interests under long-term purchase and sale contracts are predominantly related to working capital accounts and generally represent the amounts owed by or to DTE Energy for the deliveries associated with the current billing cycle under the contracts. As of September 30, 2021, the carrying amount of assets and liabilities in DTE Electric's Consolidated Statements of Financial Position that relate to its variable interests under long-term purchase contracts are predominantly related to working capital accounts and generally represent the amounts owed by DTE Electric for the deliveries associated with the current billing cycle under the contracts. The Registrants have not provided any significant form of financial support associated with these long-term contracts. There is no material potential exposure to loss as a result of DTE Energy's variable interests through these long-term purchase and sale contracts. In addition, there is no material potential exposure to loss as a result of DTE Electric's variable interests through these long-term purchase contracts. The maximum risk exposure for consolidated VIEs is reflected on the Registrants' Consolidated Statements of Financial Position and, for DTE Energy, in Note 13 to the Consolidated Financial Statements, "Commitments and Contingencies," related to REF guarantees and indemnities. For non-consolidated VIEs, the maximum risk exposure of the Registrants is generally limited to their investment, notes receivable, future funding commitments, and amounts which DTE Energy has guaranteed.
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Changes in Accumulated Other Comprehensive Income (Loss) | Changes in Accumulated Other Comprehensive Income (Loss) Comprehensive income (loss) is the change in common shareholders' equity during a period from transactions and events from non-owner sources, including Net Income. The amounts recorded to Accumulated other comprehensive income (loss) for DTE Energy include changes in benefit obligations, consisting of deferred actuarial losses and prior service costs, unrealized gains and losses from derivatives accounted for as cash flow hedges, and foreign currency translation adjustments. DTE Energy releases income tax effects from accumulated other comprehensive income when the circumstances upon which they are premised cease to exist. Changes in Accumulated other comprehensive income (loss) are presented in DTE Energy's Consolidated Statements of Changes in Equity and DTE Electric's Consolidated Statements of Changes in Shareholder's Equity.
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Cash, Cash Equivalents, and Restricted Cash | Cash, Cash Equivalents, and Restricted Cash Cash and cash equivalents include cash on hand, cash in banks, and temporary investments purchased with remaining maturities of three months or less. Restricted cash consists of funds held in separate bank accounts to satisfy contractual obligations and guarantee performance. Restricted cash designated for payments within one year is classified as a Current Asset.
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Financing Receivables | Financing Receivables Financing receivables are primarily composed of trade receivables, notes receivable, and unbilled revenue. The Registrants' financing receivables are stated at net realizable value. The Registrants monitor the credit quality of their financing receivables on a regular basis by reviewing credit quality indicators and monitoring for trigger events, such as a credit rating downgrade or bankruptcy. Credit quality indicators include, but are not limited to, ratings by credit agencies where available, collection history, collateral, counterparty financial statements and other internal metrics. Utilizing such data, the Registrants have determined three internal grades of credit quality. Internal grade 1 includes financing receivables for counterparties where credit rating agencies have ranked the counterparty as investment grade. To the extent credit ratings are not available, the Registrants utilize other credit quality indicators to determine the level of risk associated with the financing receivable. Internal grade 1 may include financing receivables for counterparties for which credit rating agencies have ranked the counterparty as below investment grade; however, due to favorable information on other credit quality indicators, the Registrants have determined the risk level to be similar to that of an investment grade counterparty. Internal grade 2 includes financing receivables for counterparties with limited credit information and those with a higher risk profile based upon credit quality indicators. Internal grade 3 reflects financing receivables for which the counterparties have the greatest level of risk, including those in bankruptcy status. The following represents the Registrants' financing receivables by year of origination, classified by internal grade of credit risk. The related credit quality indicators and risk ratings utilized to develop the internal grades have been updated through September 30, 2021.
_______________________________________ (a)For DTE Energy, included in Current Assets — Other and Other Assets — Notes Receivable on the Consolidated Statements of Financial Position. For DTE Electric, included in Current Assets — Other on the Consolidated Statements of Financial Position. The allowance for doubtful accounts on accounts receivable for the utility entities is generally calculated using an aging approach that utilizes rates developed in reserve studies. DTE Electric and DTE Gas establish an allowance for uncollectible accounts based on historical losses and management's assessment of existing and future economic conditions, customer trends and other factors. Customer accounts are generally considered delinquent if the amount billed is not received by the due date, which is typically in 21 days, however, factors such as assistance programs may delay aggressive action. DTE Electric and DTE Gas generally assess late payment fees on trade receivables based on past-due terms with customers. Customer accounts are written off when collection efforts have been exhausted. The time period for write-off is 150 days after service has been terminated. The customer allowance for doubtful accounts for non-utility businesses and other receivables for both utility and non-utility businesses is generally calculated based on specific review of probable future collections based on receivable balances generally in excess of 30 days. Existing and future economic conditions, customer trends and other factors are also considered. Receivables are written off on a specific identification basis and determined based upon the specific circumstances of the associated receivable. Notes receivable for DTE Energy are primarily comprised of finance lease receivables and loans that are included in Notes Receivable and Other current assets on DTE Energy's Consolidated Statements of Financial Position. Notes receivable for DTE Electric are primarily comprised of loans. Notes receivable are typically considered delinquent when payment is not received for periods ranging from 60 to 120 days. The Registrants cease accruing interest (nonaccrual status), consider a note receivable impaired, and establish an allowance for credit loss when it is probable that all principal and interest amounts due will not be collected in accordance with the contractual terms of the note receivable. In determining the allowance for credit losses for notes receivable, the Registrants consider the historical payment experience and other factors that are expected to have a specific impact on the counterparty's ability to pay including existing and future economic conditions. Cash payments received on nonaccrual status notes receivable, that do not bring the account contractually current, are first applied to the contractually owed past due interest, with any remainder applied to principal. Accrual of interest is generally resumed when the note receivable becomes contractually current.
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Recently Adopted and Recently Issued Pronouncements | Recently Adopted Pronouncements In December 2019, the FASB issued ASU No. 2019-12, Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes. The amendments in this update simplify the accounting for income taxes by removing certain exceptions, and clarifying certain requirements regarding franchise taxes, goodwill, consolidated tax expenses, and annual effective tax rate calculations. The Registrants adopted the ASU effective January 1, 2021 using the modified retrospective and prospective approaches, where applicable. The adoption of the ASU did not have a significant impact on the Registrants' Consolidated Financial Statements. In August 2020, the FASB issued ASU No. 2020-06, Debt - Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity. The amendments in this update simplify the accounting for certain financial instruments with characteristics of liabilities and equity, including convertible instruments and contracts indexed to and potentially settled in an entity's own equity. The Registrants adopted the ASU effective January 1, 2021 using the modified retrospective approach. The adoption of the ASU did not have a significant impact on the Registrants' Consolidated Financial Statements. Recently Issued Pronouncements In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) - Facilitation of the Effects of Reference Rate Reform on Financial Reporting, as amended. The amendments in this update provide optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued. The guidance can be applied prospectively from any date beginning March 12, 2020 through December 31, 2022. The optional relief is temporary and cannot be applied to contract modifications and hedging relationships entered into or evaluated after December 31, 2022. The Registrants presently have various contracts that reference LIBOR and are assessing how this standard may be applied to specific contract modifications. In July 2021, the FASB issued ASU No. 2021-05, Leases (Topic 842): Lessors – Certain Leases with Variable Lease Payments. The amendments in this update modify lease classification requirements for lessors, providing that lease contracts with variable lease payments that do not depend on a reference index or a rate should be classified as operating leases if they would have been classified as a sales-type or direct financing lease and resulted in the recognition of a selling loss at lease commencement. The ASU is effective for the Registrants for fiscal years beginning after December 15, 2021, and interim periods therein. Early adoption is permitted. The Registrants are currently assessing the impact of this standard on their Consolidated Financial Statements.
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Fair Value Measurement | Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in a principal or most advantageous market. Fair value is a market-based measurement that is determined based on inputs, which refer broadly to assumptions that market participants use in pricing assets or liabilities. These inputs can be readily observable, market corroborated, or generally unobservable inputs. The Registrants make certain assumptions they believe that market participants would use in pricing assets or liabilities, including assumptions about risk, and the risks inherent in the inputs to valuation techniques. Credit risk of the Registrants and their counterparties is incorporated in the valuation of assets and liabilities through the use of credit reserves, the impact of which was immaterial at September 30, 2021 and December 31, 2020. The Registrants believe they use valuation techniques that maximize the use of observable market-based inputs and minimize the use of unobservable inputs. A fair value hierarchy has been established that prioritizes the inputs to valuation techniques used to measure fair value in three broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). In some cases, the inputs used to measure fair value might fall in different levels of the fair value hierarchy. All assets and liabilities are required to be classified in their entirety based on the lowest level of input that is significant to the fair value measurement in its entirety. Assessing the significance of a particular input may require judgment considering factors specific to the asset or liability and may affect the valuation of the asset or liability and its placement within the fair value hierarchy. The Registrants classify fair value balances based on the fair value hierarchy defined as follows: •Level 1 — Consists of unadjusted quoted prices in active markets for identical assets or liabilities that the Registrants have the ability to access as of the reporting date. •Level 2 — Consists of inputs other than quoted prices included within Level 1 that are directly observable for the asset or liability or indirectly observable through corroboration with observable market data. •Level 3 — Consists of unobservable inputs for assets or liabilities whose fair value is estimated based on internally developed models or methodologies using inputs that are generally less readily observable and supported by little, if any, market activity at the measurement date. Unobservable inputs are developed based on the best available information and subject to cost-benefit constraints.
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Nuclear Decommissioning Trusts and Other Investments | Nuclear Decommissioning Trusts and Other Investments The nuclear decommissioning trusts and other investments hold debt and equity securities directly and indirectly through commingled funds. Exchange-traded debt and equity securities held directly, as well as publicly-traded commingled funds, are valued using quoted market prices in actively traded markets. Non-exchange traded fixed income securities are valued based upon quotations available from brokers or pricing services. Non-publicly traded commingled funds holding exchange-traded equity or debt securities are valued based on stated NAVs. There are no significant restrictions for these funds and investments may be redeemed with 7 to 65 days notice depending on the fund. There is no intention to sell the investment in these commingled funds. Private equity and other assets include a diversified group of funds that are classified as NAV assets. These funds primarily invest in limited partnerships, including private equity, private real estate and private credit. Distributions are received through the liquidation of the underlying fund assets over the life of the funds. There are generally no redemption rights. The limited partner must hold the fund for its life or find a third-party buyer, which may need to be approved by the general partner. The funds are established with varied contractual durations generally in the range of 7 years to 12 years. The fund life can often be extended by several years by the general partner, and further extended with the approval of the limited partners. Unfunded commitments related to these investments totaled $155 million and $183 million as of September 30, 2021 and December 31, 2020, respectively. For pricing the nuclear decommissioning trusts and other investments, a primary price source is identified by asset type, class, or issue for each security. The trustee monitors prices supplied by pricing services and may use a supplemental price source or change the primary source of a given security if the trustee determines that another price source is considered preferable. The Registrants have obtained an understanding of how these prices are derived, including the nature and observability of the inputs used in deriving such prices.
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Derivative Assets and Liabilities | Derivative Assets and Liabilities Derivative assets and liabilities are comprised of physical and financial derivative contracts, including futures, forwards, options, and swaps that are both exchange-traded and over-the-counter traded contracts. Various inputs are used to value derivatives depending on the type of contract and availability of market data. Exchange-traded derivative contracts are valued using quoted prices in active markets. The Registrants consider the following criteria in determining whether a market is considered active: frequency in which pricing information is updated, variability in pricing between sources or over time, and the availability of public information. Other derivative contracts are valued based upon a variety of inputs including commodity market prices, broker quotes, interest rates, credit ratings, default rates, market-based seasonality, and basis differential factors. The Registrants monitor the prices that are supplied by brokers and pricing services and may use a supplemental price source or change the primary price source of an index if prices become unavailable or another price source is determined to be more representative of fair value. The Registrants have obtained an understanding of how these prices are derived. Additionally, the Registrants selectively corroborate the fair value of their transactions by comparison of market-based price sources. Mathematical valuation models are used for derivatives for which external market data is not readily observable, such as contracts which extend beyond the actively traded reporting period. The Registrants have established a Risk Management Committee whose responsibilities include directly or indirectly ensuring all valuation methods are applied in accordance with predefined policies. The development and maintenance of the Registrants' forward price curves has been assigned to DTE Energy's Risk Management Department, which is separate and distinct from the trading functions within DTE Energy.
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Fair Value Transfer | Derivatives are transferred between levels primarily due to changes in the source data used to construct price curves as a result of changes in market liquidity. Transfers in and transfers out are reflected as if they had occurred at the beginning of the period. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivatives | The Registrants recognize all derivatives at their fair value as Derivative assets or liabilities on their respective Consolidated Statements of Financial Position unless they qualify for certain scope exceptions, including the normal purchases and normal sales exception. Further, derivatives that qualify and are designated for hedge accounting are classified as either hedges of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability (cash flow hedge); or as hedges of the fair value of a recognized asset or liability or of an unrecognized firm commitment (fair value hedge). For cash flow hedges, the derivative gain or loss is deferred in Accumulated other comprehensive income (loss) and later reclassified into earnings when the underlying transaction occurs. For fair value hedges, changes in fair values for the derivative and hedged item are recognized in earnings each period. For derivatives that do not qualify or are not designated for hedge accounting, changes in fair value are recognized in earnings each period. The Registrants' primary market risk exposure is associated with commodity prices, credit, and interest rates. The Registrants have risk management policies to monitor and manage market risks. The Registrants use derivative instruments to manage some of the exposure. DTE Energy uses derivative instruments for trading purposes in its Energy Trading segment. Contracts classified as derivative instruments include electricity, natural gas, oil, certain environmental contracts, forwards, futures, options, swaps, and foreign currency exchange contracts. Items not classified as derivatives include natural gas and environmental inventory, pipeline transportation contracts, certain environmental contracts, and natural gas storage assets. DTE Electric — DTE Electric generates, purchases, distributes, and sells electricity. DTE Electric uses forward contracts to manage changes in the price of electricity and fuel. Substantially all of these contracts meet the normal purchases and normal sales exception and are therefore accounted for under the accrual method. Other derivative contracts are MTM and recoverable through the PSCR mechanism when settled. This results in the deferral of unrealized gains and losses as Regulatory assets or liabilities until realized. DTE Gas — DTE Gas purchases, stores, transports, distributes, and sells natural gas, and buys and sells transportation and storage capacity. DTE Gas has fixed-priced contracts for portions of its expected natural gas supply requirements through March 2024. Substantially all of these contracts meet the normal purchases and normal sales exception and are therefore accounted for under the accrual method. Forward transportation and storage contracts are generally not derivatives and are therefore accounted for under the accrual method. DTE Vantage — This segment manages and operates industrial energy projects, reduced emissions fuel projects, renewable gas recovery, and power generation assets. Primarily fixed-price contracts are used in the marketing and management of the segment assets. These contracts are generally not derivatives and are therefore accounted for under the accrual method. Energy Trading — Commodity Price Risk — Energy Trading markets and trades electricity, natural gas physical products, and energy financial instruments, and provides energy and asset management services utilizing energy commodity derivative instruments. Forwards, futures, options, and swap agreements are used to manage exposure to the risk of market price and volume fluctuations in its operations. These derivatives are accounted for by recording changes in fair value to earnings unless hedge accounting criteria are met. Energy Trading — Foreign Currency Exchange Risk — Energy Trading has foreign currency exchange forward contracts to economically hedge fixed Canadian dollar commitments existing under natural gas and power purchase and sale contracts and natural gas transportation contracts. Energy Trading enters into these contracts to mitigate price volatility with respect to fluctuations of the Canadian dollar relative to the U.S. dollar. These derivatives are accounted for by recording changes in fair value to earnings unless hedge accounting criteria are met. Corporate and Other — Interest Rate Risk — DTE Energy may use interest rate swaps, treasury locks, and other derivatives to hedge the risk associated with interest rate market volatility. Credit Risk — DTE Energy maintains credit policies that significantly minimize overall credit risk. These policies include an evaluation of potential customers’ and counterparties’ financial condition, including the viability of underlying productive assets, credit rating, collateral requirements, or other credit enhancements such as letters of credit or guarantees. DTE Energy generally uses standardized agreements that allow the netting of positive and negative transactions associated with a single counterparty. DTE Energy maintains a provision for credit losses based on factors surrounding the credit risk of its customers, historical trends, and other information. Based on DTE Energy's credit policies and its September 30, 2021 provision for credit losses, DTE Energy’s exposure to counterparty nonperformance is not expected to have a material adverse effect on DTE Energy's Consolidated Financial Statements.
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Derivatives, Offsetting Fair Value Amounts | Certain of DTE Energy's derivative positions are subject to netting arrangements which provide for offsetting of asset and liability positions as well as related cash collateral. Such netting arrangements generally do not have restrictions. Under such netting arrangements, DTE Energy offsets the fair value of derivative instruments with cash collateral received or paid for those contracts executed with the same counterparty, which reduces DTE Energy's Total Assets and Liabilities. Cash collateral is allocated between the fair value of derivative instruments and customer accounts receivable and payable with the same counterparty on a pro-rata basis to the extent there is exposure. Any cash collateral remaining, after the exposure is netted to zero, is reflected in Accounts receivable and Accounts payable as collateral paid or received, respectively. DTE Energy also provides and receives collateral in the form of letters of credit which can be offset against net Derivative assets and liabilities as well as Accounts receivable and payable. DTE Energy had issued letters of credit of $20 million and $7 million outstanding at September 30, 2021 and December 31, 2020, respectively, which could be used to offset net Derivative liabilities. Letters of credit received from third parties which could be used to offset net Derivative assets were $55 million and $9 million at September 30, 2021 and December 31, 2020, respectively. Such balances of letters of credit are excluded from the tables below and are not netted with the recognized assets and liabilities in DTE Energy's Consolidated Statements of Financial Position. For contracts with certain clearing agents, the fair value of derivative instruments is netted against realized positions with the net balance reflected as either 1) a Derivative asset or liability or 2) an Account receivable or payable. Other than certain clearing agents, Accounts receivable and Accounts payable that are subject to netting arrangements have not been offset against the fair value of Derivative assets and liabilities.
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Derivatives, Methods of Accounting | Revenues and energy costs related to trading contracts are presented on a net basis in DTE Energy's Consolidated Statements of Operations. Commodity derivatives used for trading purposes, and financial non-trading commodity derivatives, are accounted for using the MTM method with unrealized and realized gains and losses recorded in Operating Revenues — Non-utility operations. Non-trading physical commodity sale and purchase derivative contracts are generally accounted for using the MTM method with unrealized and realized gains and losses for sales recorded in Operating Revenues — Non-utility operations and purchases recorded in Fuel, purchased power, gas, and other — non-utility. | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax | The federal income tax provisions or benefits of DTE Energy’s subsidiaries are determined on an individual company basis and recognize the tax benefit of tax credits and net operating losses, if applicable. The state and local income tax provisions of the utility subsidiaries are also determined on an individual company basis and recognize the tax benefit of various tax credits and net operating losses, if applicable. The subsidiaries record federal, state, and local income taxes payable to or receivable from DTE Energy based on the federal, state, and local tax provisions of each company. |
Organization and Basis of Presentation (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Variable Interest Entities | The following table summarizes the major Consolidated Statements of Financial Position items for consolidated VIEs as of September 30, 2021 and December 31, 2020. All assets and liabilities of a consolidated VIE are presented where it has been determined that a consolidated VIE has either (1) assets that can be used only to settle obligations of the VIE or (2) liabilities for which creditors do not have recourse to the general credit of the primary beneficiary. VIEs, in which DTE Energy holds a majority voting interest and is the primary beneficiary, that meet the definition of a business and whose assets can be used for purposes other than the settlement of the VIE's obligations have been excluded from the table below. Amounts for DTE Energy's consolidated VIEs are as follows:
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Summary of Amounts for Non-Consolidated Variable Interest Entities | Amounts for DTE Energy's non-consolidated VIEs are as follows:
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Significant Accounting Policies (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Income | The following is a summary of DTE Energy's Other income:
_______________________________________ (a)Losses from rabbi trust securities are recorded separately to Other expenses on the Consolidated Statements of Operations. The following is a summary of DTE Electric's Other income:
_______________________________________ (a)Losses from rabbi trust securities are recorded separately to Other expenses on the Consolidated Statements of Operations.
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Schedule of Effective Tax Rates | The interim effective tax rates of the Registrants are as follows:
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Schedule of Financing Receivables Classified by Internal Grade of Credit Risk | The following represents the Registrants' financing receivables by year of origination, classified by internal grade of credit risk. The related credit quality indicators and risk ratings utilized to develop the internal grades have been updated through September 30, 2021.
_______________________________________ (a)For DTE Energy, included in Current Assets — Other and Other Assets — Notes Receivable on the Consolidated Statements of Financial Position. For DTE Electric, included in Current Assets — Other on the Consolidated Statements of Financial Position.
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Schedule of Roll-Forward of Activity for Financing Receivables Credit Loss Reserves | The following tables present a roll-forward of the activity for the Registrants' financing receivables credit loss reserves:
_______________________________________ (a)DTE Energy Trade accounts receivable beginning reserve balance excludes $8 million related to the discontinued operations of DT Midstream. Prospective activity includes only the continuing operations of DTE Energy.
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Schedule of Uncollectible Expense | Uncollectible expense for the Registrants is primarily comprised of the current period provision for allowance for doubtful accounts and is summarized as follows:
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Dispositions and Impairments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Discontinued Operations and Disposal Groups [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disposal Groups, Including Discontinued Operations | The table below reflects the financial results of DT Midstream that have been reclassified from continuing operations and included in discontinued operations within the Consolidated Statements of Operations. These results include the impact of tax-related adjustments and all transaction costs related to the separation. General corporate overhead costs have been excluded and no portion of corporate interest costs were allocated to discontinued operations.
_______________________________________ (a)Includes separation transaction costs of $30 million and $59 million for the three and nine months ended September 30, 2021, respectively, for various legal, accounting and other professional services fees. There were no costs incurred in the comparable prior year periods. Total transaction costs of $67 million have been incurred since October 2020. The table below reflects the major assets and liabilities that were transferred to DT Midstream and presented as discontinued operations in the Consolidated Statements of Financial Position as of December 31, 2020.
(a)Short-term borrowings due to DTE Energy resulted in an intercompany note receivable in the Corporate and Other segment at December 31, 2020. The settlement of these borrowings in June 2021 and use of proceeds to redeem DTE Energy long-term debt in the third quarter 2021 has reduced the Total Assets of the Corporate and Other segment in the current period. Other changes in DTE Energy's Total Assets due to the separation of DT Midstream primarily relate to the elimination of Gas Storage and Pipelines segment assets in 2021. The following table is a summary of significant non-cash items, capital expenditures, and significant financing activities of discontinued operations included in DTE Energy's Consolidated Statements of Cash Flows:
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Revenue (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | The following is a summary of revenues disaggregated by segment for DTE Energy:
_______________________________________ (a)Revenues generally represent those of DTE Electric, except $2 million and $3 million of Other revenues related to DTE Sustainable Generation for the three months ended September 30, 2021 and 2020, respectively, and $9 million and $10 million for the nine months ended September 30, 2021 and 2020, respectively. (b)Includes revenue adjustments related to various regulatory mechanisms. Revenues included the following which were outside the scope of Topic 606:
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Summary of Deferred Revenue Activity | The following is a summary of deferred revenue activity:
_______________________________________ (a)Excludes $22 million of deferred revenue related to the discontinued operations of DT Midstream. Prospective activity includes only the continuing operations of DTE Energy.
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Deferred Revenue Amounts Expected to be Recognized as Revenue in Future Periods | The following table represents deferred revenue amounts for DTE Energy that are expected to be recognized as revenue in future periods:
The Registrants expect to recognize revenue for the following amounts related to fixed consideration associated with remaining performance obligations in each of the future periods noted:
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Common Stock and Earnings Per Share (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | The following is a reconciliation of DTE Energy's basic and diluted income per share calculation:
_______________________________________ (a)Equity Units excluded from the calculation of diluted EPS were approximately 11.1 million and 10.3 million for the three months ended September 30, 2021 and 2020, respectively, and 11.5 million and 10.3 million for the nine months ended September 30, 2021 and 2020, respectively, as the dilutive stock price threshold was not met.
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Fair Value (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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)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 consisted of $1 million and $2 million of cash equivalents included in Restricted cash on DTE Energy's Consolidated Statements of Financial Position at September 30, 2021 and December 31, 2020, respectively. All other amounts are included in Cash and cash equivalents on the 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:
_______________________________________ (a)Amounts represent assets valued at NAV as a practical expedient for fair value.
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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:
_______________________________________ (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.
_______________________________________ (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:
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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:
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Carrying Amount of Fair Value of Financial Instruments | The following table presents the carrying amount and fair value of financial instruments for DTE Energy:
_______________________________________ (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:
_______________________________________ (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.
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Fair Value of Nuclear Decommissioning Trust Fund Assets | The following table summarizes DTE Electric's fair value of the nuclear decommissioning trust fund assets:
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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:
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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:
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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:
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Summary of Gains (Losses) Related to the Trust | The following table summarizes the Registrant's gains (losses) related to the trust:
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Financial and Other Derivative Instruments (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value of Derivative Instruments | The following table presents the fair value of derivative instruments for DTE Energy:
The following table presents the fair value of derivative instruments for DTE Electric:
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Offsetting Assets | The following table presents net cash collateral offsetting arrangements for DTE Energy:
_______________________________________ (a)Amounts are recorded net by counterparty. The following table presents the netting offsets of Derivative assets and liabilities for DTE Energy:
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Offsetting Liabilities | The following table presents net cash collateral offsetting arrangements for DTE Energy:
_______________________________________ (a)Amounts are recorded net by counterparty. The following table presents the netting offsets of Derivative assets and liabilities for DTE Energy:
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Netting Offsets of Derivative Assets and Liabilities Reconciliation to the Statements of Financial Position | The following table presents the netting offsets of Derivative assets and liabilities showing the reconciliation of derivative instruments to DTE Energy's Consolidated Statements of Financial Position:
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Gain (Loss) Recognized in Income on Derivatives | The effect of derivatives not designated as hedging instruments on DTE Energy's Consolidated Statements of Operations is as follows:
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Volume of Commodity Contracts | The following represents the cumulative gross volume of DTE Energy's derivative contracts outstanding as of September 30, 2021:
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Long-Term Debt (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Debt Issuances | In 2021, the following debt was issued:
_______________________________________ (a)Bonds were issued as Green Bonds and the proceeds will be used to finance qualified expenditures for solar and wind energy, payments under power purchase agreements for solar and wind energy, and energy optimization programs. (b)Proceeds were used for the repayment of short-term borrowings due to DTE Energy to facilitate the separation of DT Midstream, as well as a one-time special dividend provided to DTE Energy. The debt was transferred to DT Midstream upon its separation on July 1, 2021. Refer to Note 4 to the Consolidated Financial Statements, “Dispositions and Impairments,” for additional information and to the Debt Redemptions section below for DTE Energy's use of the proceeds received from DT Midstream.
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Schedule of Debt Redemptions | In 2021, the following debt was redeemed:
(a)Early redemption resulted in a loss on extinguishment of debt of $8 million relating to the write-off of unamortized issuance costs.
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Short-Term Credit Arrangements and Borrowings (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term Debt [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Line of Credit Facilities | The availability under these facilities as of September 30, 2021 is shown in the following table:
_______________________________________ (a)Total availability of $102 million expires in April 2024, including $67 million at DTE Energy, $22 million at DTE Electric, and $13 million at DTE Gas. All other availability expires in April 2025. (b)Uncommitted letter of credit facility with automatic renewal provision for each July and therefore no expiration.
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Leases (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of Net Investment in Finance Leases | The components of DTE Energy’s net investment in finance leases for remaining periods were as follows:
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Schedule of Lease Income Associated with Operating Leases | DTE Energy’s lease income associated with operating leases, including the line items in which it was included on the Consolidated Statements of Operations, was as follows:
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Retirement Benefits and Trusteed Assets (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Net Periodic Benefit Costs (Credits) | The following tables detail the components of net periodic benefit costs (credits) for pension benefits and other postretirement benefits for DTE Energy:
The following tables detail the components of net periodic benefit costs (credits) for other postretirement benefits for DTE Electric:
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Segment and Related Information (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Data of Business Segments | Inter-segment billing for goods and services exchanged between segments is based upon tariffed or market-based prices of the provider and primarily consists of the sale of reduced emissions fuel, power sales, natural gas sales, and renewable natural gas sales in the following segments:
Financial data of DTE Energy's business segments follows:
_______________________________________ (a)Includes $14 million for the nine months ended September 30, 2021 and $8 million and $17 million for the three and nine months ended September 30, 2020, respectively, for eliminations related to DTE Energy's prior Gas Storage and Pipelines segment that remain in continuing operations. Eliminations for these revenues are offset by related cost eliminations and have no impact on DTE Energy net income.
|
Organization and Basis of Presentation (Details Textuals) customer in Millions, $ in Millions |
Sep. 30, 2021
USD ($)
customer
|
---|---|
Variable Interest Entity [Line Items] | |
Number of electric utility customers | customer | 2.3 |
Number of gas utility customers | customer | 1.3 |
Material potential exposure | $ | $ 0 |
DTE Electric | |
Variable Interest Entity [Line Items] | |
Material potential exposure | $ | $ 0 |
Organization and Basis of Presentation (Consolidated Variable Interest Entities) (Details) - USD ($) $ in Millions |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
ASSETS | ||
Cash and cash equivalents | $ 54 | $ 472 |
Accounts receivable | 1,522 | 1,542 |
Property, plant, and equipment, net | 26,157 | 24,499 |
Total Assets | 39,435 | 45,496 |
LIABILITIES | ||
Accounts payable | 1,365 | 1,000 |
Short-term borrowings | 361 | 38 |
Variable interest entity, primary beneficiary | ||
ASSETS | ||
Cash and cash equivalents | 23 | 20 |
Accounts receivable | 26 | 28 |
Inventories | 45 | 107 |
Property, plant, and equipment, net | 5 | 14 |
Notes receivable and other | 67 | 33 |
Total Assets | 166 | 202 |
LIABILITIES | ||
Accounts payable | 21 | 22 |
Short-term borrowings | 74 | 38 |
Other current and long-term liabilities | 2 | 4 |
Total liabilities | $ 97 | $ 64 |
Organization and Basis of Presentation (Non-Consolidated Variable Interest Entities) (Details) - USD ($) $ in Millions |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Variable Interest Entity [Line Items] | ||
Investments in equity method investees | $ 186 | $ 177 |
Notes receivable | 304 | 261 |
Variable interest entity, non-consolidated | ||
Variable Interest Entity [Line Items] | ||
Investments in equity method investees | 170 | 159 |
Notes receivable | 16 | 21 |
Future funding commitments | $ 3 | $ 6 |
Significant Accounting Policies (Other Income) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Schedule of Other Nonoperating Income, by Component [Line Items] | ||||
Income from REF entities | $ 57 | $ 43 | $ 102 | $ 95 |
Equity earnings of equity method investees | 17 | 12 | 31 | 21 |
Contract services | 6 | 7 | 21 | 20 |
Allowance for equity funds used during construction | 7 | 6 | 20 | 19 |
Gains from rabbi trust securities | 0 | 2 | 4 | 24 |
Other | 3 | 5 | 9 | 9 |
Total other income | 90 | 75 | 187 | 188 |
DTE Electric | ||||
Schedule of Other Nonoperating Income, by Component [Line Items] | ||||
Contract services | 6 | 7 | 21 | 20 |
Allowance for equity funds used during construction | 6 | 6 | 18 | 18 |
Gains from rabbi trust securities | 0 | 2 | 4 | 24 |
Other | 2 | 3 | 9 | 6 |
Total other income | $ 14 | $ 18 | $ 52 | $ 68 |
Significant Accounting Policies (Income Taxes) (Details) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Schedule of Income Taxes [Line Items] | ||||
Effective Tax Rate | 186.00% | 5.00% | (34.00%) | 2.00% |
DTE Electric | ||||
Schedule of Income Taxes [Line Items] | ||||
Effective Tax Rate | 12.00% | 13.00% | 10.00% | 12.00% |
Significant Accounting Policies (Uncollectible Expense) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Uncollectible expense | $ 7 | $ 22 | $ 42 | $ 72 |
DTE Electric | ||||
Accounts, Notes, Loans and Financing Receivable [Line Items] | ||||
Uncollectible expense | $ 10 | $ 16 | $ 26 | $ 42 |
Dispositions and Impairments (Financial Results That Have Been Reclassified from Continuing Operations and Included in Discontinued Operations) (Details) - USD ($) |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
|
Other (Income) and Deductions | |||||
Income (Loss) from Discontinued Operations, Net of Taxes | $ (33,000,000) | $ 107,000,000 | $ 112,000,000 | $ 257,000,000 | |
Less: Net Income Attributable to Noncontrolling Interests | 0 | 3,000,000 | 6,000,000 | 8,000,000 | |
Net Income (Loss) from Discontinued Operations | (33,000,000) | 104,000,000 | 106,000,000 | 249,000,000 | |
Transaction costs | 30,000,000 | 0 | 59,000,000 | 0 | $ 67,000,000 |
DT Midstream | Discontinued operations, spinoff | |||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||
Operating Revenues — Non-utility operations | 0 | 204,000,000 | 405,000,000 | 546,000,000 | |
Operating Expenses | |||||
Cost of gas and other — non-utility | 0 | 6,000,000 | 15,000,000 | 14,000,000 | |
Operation and maintenance | 30,000,000 | 32,000,000 | 124,000,000 | 80,000,000 | |
Depreciation and amortization | 0 | 38,000,000 | 82,000,000 | 110,000,000 | |
Taxes other than income | 0 | 3,000,000 | 13,000,000 | 12,000,000 | |
Asset (gains) losses and impairments, net | 0 | (4,000,000) | 17,000,000 | (4,000,000) | |
Operating Expenses | 30,000,000 | 75,000,000 | 251,000,000 | 212,000,000 | |
Operating Income (Loss) | (30,000,000) | 129,000,000 | 154,000,000 | 334,000,000 | |
Other (Income) and Deductions | |||||
Interest expense | 0 | 29,000,000 | 50,000,000 | 82,000,000 | |
Interest income | 0 | (4,000,000) | (4,000,000) | (6,000,000) | |
Other income | 0 | (45,000,000) | (62,000,000) | (98,000,000) | |
Other (Income) and Deductions | 0 | (20,000,000) | (16,000,000) | (22,000,000) | |
Income (Loss) from Discontinued Operations Before Income Taxes | (30,000,000) | 149,000,000 | 170,000,000 | 356,000,000 | |
Income Tax Expense | 3,000,000 | 42,000,000 | 58,000,000 | 99,000,000 | |
Income (Loss) from Discontinued Operations, Net of Taxes | (33,000,000) | 107,000,000 | 112,000,000 | 257,000,000 | |
Less: Net Income Attributable to Noncontrolling Interests | 0 | 3,000,000 | 6,000,000 | 8,000,000 | |
Net Income (Loss) from Discontinued Operations | $ (33,000,000) | $ 104,000,000 | $ 106,000,000 | $ 249,000,000 |
Dispositions and Impairments (Significant Non-cash Items, Capital Expenditures, and Significant Financing Activities of Discontinued Operations) (Details) - DT Midstream - Discontinued operations, spinoff - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Operating Activities | ||
Depreciation and amortization | $ 82 | $ 110 |
Deferred income taxes | 57 | 95 |
Equity earnings of equity method investees | (59) | (75) |
Asset (gains) losses and impairments, net | 19 | (4) |
Investing Activities | ||
Plant and equipment expenditures — non-utility | (60) | (440) |
Financing Activities | ||
Acquisition related deferred payment, excluding accretion | $ 0 | $ (380) |
Revenue (Revenues Outside the Scope of Topic 606) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Disaggregation of Revenue [Line Items] | ||||
Leases | $ 68 | $ 57 | $ 132 | $ 125 |
Electric | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenues | 6 | 8 | 14 | 18 |
Gas | ||||
Disaggregation of Revenue [Line Items] | ||||
Other revenues | 1 | 2 | 5 | 7 |
Alternative Revenue Program | 0 | 0 | 0 | 2 |
DTE Vantage | ||||
Disaggregation of Revenue [Line Items] | ||||
Leases | 26 | 26 | 70 | 74 |
Energy Trading | ||||
Disaggregation of Revenue [Line Items] | ||||
Derivatives | $ 1,324 | $ 731 | $ 3,377 | $ 1,835 |
Revenue (Deferred Revenue Activity) (Details) - USD ($) $ in Millions |
9 Months Ended | |
---|---|---|
Sep. 30, 2021 |
Dec. 31, 2020 |
|
Contract Liability [Roll Forward] | ||
Beginning Balance | $ 65 | |
Increases due to cash received or receivable, excluding amounts recognized as revenue during the period | 79 | |
Revenue recognized that was included in the deferred revenue balance at the beginning of the period | (19) | |
Ending Balance | $ 125 | |
Discontinued operations, spinoff | DT Midstream | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Deferred revenue | $ 22 |
Regulatory Matters (Details Textuals) - MPSC - USD ($) $ in Millions |
Feb. 12, 2021 |
Aug. 31, 2021 |
Jun. 23, 2021 |
Mar. 26, 2021 |
Jul. 09, 2020 |
---|---|---|---|---|---|
DTE Electric | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Regulatory liability for non-plant-related accumulated deferred income tax balances that resulted from the TCJA, accelerated amortization approved | $ 102 | ||||
Requested securitization of qualified costs | $ 184 | ||||
Authorized issuance of securitization bonds of qualified costs, maximum | $ 236 | ||||
DTE Electric | Tree Trim Costs | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Requested regulatory liability | $ 70 | ||||
DTE Gas | 2021 Gas Rate Case Filing | |||||
Public Utilities, General Disclosures [Line Items] | |||||
Requested rate increase | $ 195 | ||||
Return on equity percent | 9.90% | ||||
Return on equity requested percent | 10.25% |
Fair Value (Fair Value of Nuclear Decommissioning Trust Fund Assets) (Details) - USD ($) $ in Millions |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||
Nuclear decommissioning trust funds | $ 2,007 | $ 1,855 |
DTE Electric | ||
Debt Securities, Available-for-sale [Line Items] | ||
Nuclear decommissioning trust funds | 2,007 | 1,855 |
DTE Electric | Nuclear decommissioning trust fund | ||
Debt Securities, Available-for-sale [Line Items] | ||
Nuclear decommissioning trust funds | 2,007 | 1,855 |
DTE Electric | Nuclear decommissioning trust fund | Fermi 2 | ||
Debt Securities, Available-for-sale [Line Items] | ||
Nuclear decommissioning trust funds | 1,989 | 1,841 |
DTE Electric | Nuclear decommissioning trust fund | Fermi 1 | ||
Debt Securities, Available-for-sale [Line Items] | ||
Nuclear decommissioning trust funds | 3 | 3 |
DTE Electric | Nuclear decommissioning trust fund | Low-level radioactive waste | ||
Debt Securities, Available-for-sale [Line Items] | ||
Nuclear decommissioning trust funds | $ 15 | $ 11 |
Fair Value (Gains and Losses and Proceeds from the Sale of Securities by the Nuclear Decommissioning Trust Funds) (Details) - DTE Electric - Nuclear decommissioning trust fund - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Debt Securities, Available-for-sale [Line Items] | ||||
Realized gains | $ 21 | $ 38 | $ 80 | $ 172 |
Realized losses | (1) | (11) | (9) | (103) |
Proceeds from sale of securities | $ 217 | $ 816 | $ 854 | $ 2,054 |
Fair Value (Fair Value and Unrealized Gains and Losses for the Nuclear Decommissioning Trust Funds) (Details) - DTE Electric - USD ($) $ in Millions |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | $ 2,007 | $ 1,855 |
Unrealized Gains | 572 | 501 |
Unrealized Losses | (15) | (7) |
Cash equivalents | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 34 | 27 |
Private equity and other | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 175 | 104 |
Unrealized Gains | 41 | 0 |
Unrealized Losses | (2) | 0 |
Equity securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 1,140 | 1,169 |
Unrealized Gains | 507 | 481 |
Unrealized Losses | (8) | (6) |
Fixed income securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 658 | 555 |
Unrealized Gains | 24 | 20 |
Unrealized Losses | $ (5) | $ (1) |
Fair Value (Fair Value of Fixed Income Securities Held in Nuclear Decommissioning Trust Funds (Details) - Fixed income securities - Nuclear decommissioning trust fund $ in Millions |
Sep. 30, 2021
USD ($)
|
---|---|
Debt Securities, Available-for-sale [Line Items] | |
Due within one year | $ 11 |
Due after one through five years | 138 |
Due after five through ten years | 112 |
Due after ten years | 295 |
Fixed income securities total | $ 556 |
Fair Value (Gains (Losses) Related to the Trust) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Rabbi Trust | ||||
Schedule of Investments [Line Items] | ||||
Gains (losses) related to the trust | $ (1) | $ 2 | $ 3 | $ (7) |
Equity securities | ||||
Schedule of Investments [Line Items] | ||||
Gains (losses) related to the trust | (1) | 2 | 3 | (4) |
Fixed income securities | ||||
Schedule of Investments [Line Items] | ||||
Gains (losses) related to the trust | $ 0 | $ 0 | $ 0 | $ (3) |
Financial and Other Derivative Instruments (Details Textuals) - USD ($) $ in Millions |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Letters of credit that could be used to offset net derivative liabilities | $ 20 | $ 7 |
Letters of credit received that could be used to offset net derivative assets | 55 | $ 9 |
Contractual obligation to post collateral in event of downgrade to below investment grade | 575 | |
Derivative net liability position aggregate fair value | 2,180 | |
Collateral already posted fair value | 52 | |
Derivative net asset position, fair value | 1,788 | |
Remaining amount of offsets to derivative net liability positions for hard and soft trigger provisions | $ 340 |
Financial and Other Derivative Instruments (Net Cash Collateral Offsetting Arrangements) (Details) - USD ($) $ in Millions |
Sep. 30, 2021 |
Dec. 31, 2020 |
---|---|---|
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Cash collateral netted against Derivative assets | $ (122) | $ (12) |
Cash collateral netted against Derivative liabilities | 58 | 6 |
Cash collateral recorded in Accounts receivable | 66 | 14 |
Cash collateral recorded in Accounts payable | (8) | (1) |
Total net cash collateral posted (received) | $ (6) | $ 7 |
Financial and Other Derivative Instruments (Cumulative Gross Volume of Derivative Contracts Outstanding) (Details) |
9 Months Ended |
---|---|
Sep. 30, 2021
CAD ($)
MMBTU
MWh
T
| |
Natural gas (MMBtu) | |
Derivative [Line Items] | |
Commodity, energy measures | MMBTU | 2,096,409,912 |
Electricity (MWh) | |
Derivative [Line Items] | |
Commodity, energy measures | 29,383,562 |
Foreign currency exchange ($ CAD) | |
Derivative [Line Items] | |
Commodity, monetary measure | $ | $ 119,281,865 |
Renewable Energy Certificates (MWh) | |
Derivative [Line Items] | |
Commodity, energy measures | 8,387,594 |
Carbon emissions (Metric Tons) | |
Derivative [Line Items] | |
Commodity, mass measure | T | 48,343,793 |
Long-Term Debt (Schedule of Issued Debt) (Details) - USD ($) |
Sep. 30, 2021 |
Jun. 30, 2021 |
Mar. 31, 2021 |
---|---|---|---|
Debt Instrument [Line Items] | |||
Amount | $ 4,100,000,000 | ||
DTE Electric | Mortgage Bonds | March 2021 1.9% Mortgage Bonds maturing in 2028 | |||
Debt Instrument [Line Items] | |||
Interest rate | 1.90% | ||
Amount | $ 575,000,000 | ||
DTE Electric | Mortgage Bonds | March 2021 3.25% Mortgage Bonds maturing In 2051 | |||
Debt Instrument [Line Items] | |||
Interest rate | 3.25% | ||
Amount | $ 425,000,000 | ||
DT Midstream | June 2021 Variable Rate Term Loan maturing in 2028 | |||
Debt Instrument [Line Items] | |||
Amount | $ 1,000,000,000 | ||
DT Midstream | Senior Notes | |||
Debt Instrument [Line Items] | |||
Amount | $ 2,100,000,000 | ||
DT Midstream | Senior Notes | June 2021 4.125% Senior Notes maturing in 2029 | |||
Debt Instrument [Line Items] | |||
Interest rate | 4.125% | ||
Amount | $ 1,100,000,000 | ||
DT Midstream | Senior Notes | June 2021 4.375% Senior Notes maturing in 2031 | |||
Debt Instrument [Line Items] | |||
Interest rate | 4.375% | ||
Amount | $ 1,000,000,000 |
Leases (Details Textuals) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
Sep. 30, 2021 |
Mar. 31, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Leases [Abstract] | |||||
Additional net investment in finance leases | $ 31 | ||||
Interest income recognized under finance leases | $ 4 | $ 4 | $ 13 | $ 12 |
Leases (Components of Net Investment in Finance Leases) (Details) $ in Millions |
Sep. 30, 2021
USD ($)
|
---|---|
Leases [Abstract] | |
2021 | $ 6 |
2022 | 22 |
2023 | 22 |
2024 | 22 |
2025 | 22 |
2026 and Thereafter | 292 |
Total minimum future lease receipts | 386 |
Residual value of leased pipeline | 17 |
Less unearned income | 202 |
Net investment in finance lease | 201 |
Less current portion | 7 |
Net investment in finance lease, noncurrent | $ 194 |
Leases (Lease Income Associated with Operating Leases) (Details) - USD ($) $ in Millions |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Lessor, Lease, Description [Line Items] | ||||
Fixed payments | $ 13 | $ 14 | $ 42 | $ 43 |
Variable payments | 55 | 43 | 90 | 82 |
Total lease income under operating leases | 68 | 57 | 132 | 125 |
Operating revenues | ||||
Lessor, Lease, Description [Line Items] | ||||
Total lease income under operating leases | 26 | 26 | 70 | 74 |
Other income | ||||
Lessor, Lease, Description [Line Items] | ||||
Total lease income under operating leases | $ 42 | $ 31 | $ 62 | $ 51 |
Retirement Benefits and Trusteed Assets (Details Textuals) - USD ($) |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2021 |
Sep. 30, 2020 |
Sep. 30, 2021 |
Sep. 30, 2020 |
|
Pension plans | Qualified Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Anticipated contributions, current fiscal year | $ 7,000,000 | $ 7,000,000 | ||
Postretirement benefit plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Anticipated contributions, current fiscal year | 0 | 0 | ||
DTE Electric | Pension plans | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Pension cost | 26,000,000 | $ 28,000,000 | 78,000,000 | $ 79,000,000 |
DTE Electric | Pension plans | Qualified Plan | ||||
Defined Benefit Plan Disclosure [Line Items] | ||||
Anticipated contributions, current fiscal year | $ 0 | $ 0 |
Segment and Related Information (Details Textuals) customer in Millions |
Sep. 30, 2021
customer
|
---|---|
Segment Reporting [Abstract] | |
Number of electric utility customers | 2.3 |
Number of gas utility customers | 1.3 |
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