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Fair Value (Tables)
 6 Months Ended
Jun. 30, 2020
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis
The following table presents assets and liabilities for DTE Energy measured and recorded at fair value on a recurring basis(a):
June 30, 2020December 31, 2019
Level
1		Level
2		Level
3
Other(b)
Netting(c)
Net BalanceLevel
1		Level
2		Level
3
Other(b)
Netting(c)
Net Balance
(In millions)
Assets
Cash equivalents(d)
$331  $—  $—  $—  $—  $331  $15  $—  $—  $—  $—  $15  
Nuclear decommissioning trusts
Equity securities973  —  —  —  —  973  1,046  —  —  —  —  1,046  
Fixed income securities137  372  —  —  —  509  160  378  —  —  —  538  
Private equity and other—  —  —  62  —  62  —  —  —  43  —  43  
Cash equivalents59  —  —  —  —  59  34  —  —  —  —  34  
Other investments(e)
Equity securities42  —  —  —  —  42  140  —  —  —  —  140  
Fixed income securities6  —  —  —  —  6  79  —  —  —  —  79  
Cash equivalents177  —  —  —  —  177  4  —  —  —  —  4  
Derivative assets
Commodity contracts(f)
Natural gas100  79  71  —  (173) 77  205  76  74  —  (266) 89  
Electricity—  155  68  —  (165) 58  —  223  83  —  (225) 81  
Environmental & Other—  217  10  —  (217) 10  —  110  3  —  (110) 3  
Foreign currency exchange contracts—  3  —  —  —  3  —  1  —  —  —  1  
Total derivative assets100  454  149  —  (555) 148  205  410  160  —  (601) 174  
Total$1,825  $826  $149  $62  $(555) $2,307  $1,683  $788  $160  $43  $(601) $2,073  
Liabilities
Derivative liabilities
Commodity contracts(f)
Natural gas$(123) $(52) $(51) $—  $173  $(53) $(221) $(41) $(89) $—  $266  $(85) 
Electricity—  (159) (52) —  165  (46) —  (231) (67) —  225  (73) 
Environmental & Other(3) (199) —  —  217  15  —  (121) —  —  110  (11) 
Foreign currency exchange contracts—  (1) —  —  —  (1) —  —  —  —  —  —  
Total$(126) $(411) $(103) $—  $555  $(85) $(221) $(393) $(156) $—  $601  $(169) 
Net Assets at end of period$1,699  $415  $46  $62  $—  $2,222  $1,462  $395  $4  $43  $—  $1,904  
Assets
Current$425  $329  $108  $—  $(426) $436  $218  $320  $123  $—  $(513) $148  
Noncurrent1,400  497  41  62  (129) 1,871  1,465  468  37  43  (88) 1,925  
Total Assets$1,825  $826  $149  $62  $(555) $2,307  $1,683  $788  $160  $43  $(601) $2,073  
Liabilities
Current$(117) $(298) $(63) $—  $426  $(52) $(211) $(300) $(85) $—  $513  $(83) 
Noncurrent(9) (113) (40) —  129  (33) (10) (93) (71) —  88  (86) 
Total Liabilities$(126) $(411) $(103) $—  $555  $(85) $(221) $(393) $(156) $—  $601  $(169) 
Net Assets at end of period$1,699  $415  $46  $62  $—  $2,222  $1,462  $395  $4  $43  $—  $1,904  
_______________________________________
(a)See footnotes on following page.
_______________________________________
(b)Amounts represent assets valued at NAV as a practical expedient for fair value.
(c)Amounts represent the impact of master netting agreements that allow DTE Energy to net gain and loss positions and cash collateral held or placed with the same counterparties.
(d)At June 30, 2020, the $331 million consisted of $330 million and $1 million of cash equivalents included in Cash and cash equivalents and Restricted cash on DTE Energy's Consolidated Statements of Financial Position, respectively. At December 31, 2019, the $15 million consisted of $4 million and $11 million of cash equivalents included in Cash and cash equivalents and Other investments on DTE Energy's Consolidated Statements of Financial Position, respectively.
(e)Excludes cash surrender value of life insurance investments.
(f)For contracts with a clearing agent, DTE Energy nets all activity across commodities. This can result in some individual commodities having a contra balance.
The following table presents assets for DTE Electric measured and recorded at fair value on a recurring basis as of:
June 30, 2020December 31, 2019
Level 1Level 2Level 3
Other(a)
Net BalanceLevel 1Level 2Level 3
Other(a)
Net Balance
(In millions)
Assets
Cash equivalents(b)
$205  $—  $—  $—  $205  $11  $—  $—  $—  $11  
Nuclear decommissioning trusts
Equity securities973  —  —  —  973  1,046  —  —  —  1,046  
Fixed income securities137  372  —  —  509  160  378  —  —  538  
Private equity and other—  —  —  62  62  —  —  —  43  43  
Cash equivalents59  —  —  —  59  34  —  —  —  34  
Other investments
Equity securities13  —  —  —  13  13  —  —  —  13  
Cash equivalents11  —  —  —  11  —  —  —  —  —  
Derivative assets — FTRs—  —  10  —  10  —  —  3  —  3  
Total$1,398  $372  $10  $62  $1,842  $1,264  $378  $3  $43  $1,688  
Assets
Current$205  $—  $10  $—  $215  $11  $—  $3  $—  $14  
Noncurrent1,193  372  —  62  1,627  1,253  378  —  43  1,674  
Total Assets$1,398  $372  $10  $62  $1,842  $1,264  $378  $3  $43  $1,688  
_______________________________________
(a)Amounts represent assets valued at NAV as a practical expedient for fair value.
(b)At June 30, 2020, the $205 million of cash equivalents was included in Cash and cash equivalents on DTE Electric's Consolidated Statements of Financial Position. At December 31, 2019, the $11 million of cash equivalents was included in Other investments on DTE Electric's Consolidated Statements of Financial Position.
Reconciliation of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table presents the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis for DTE Energy:
Three Months Ended June 30, 2020Three Months Ended June 30, 2019
Natural GasElectricityOtherTotalNatural GasElectricityOtherTotal
(In millions)
Net Assets (Liabilities) as of March 31$8  $15  $1  $24  $(10) $(25) $2  $(33) 
Transfers into Level 3 from Level 22  —  —  2  1  —  —  1  
Transfers from Level 3 into Level 2(5) —  —  (5) —  —  —  —  
Total gains (losses)
Included in earnings
12  33  (8) 37  (1) 41  —  40  
Recorded in Regulatory liabilities—  —  14  14  —  —  9  9  
Purchases, issuances, and settlements
Settlements3  (32) 3  (26) —  (6) (2) (8) 
Net Assets (Liabilities) as of June 30$20  $16  $10  $46  $(10) $10  $9  $9  
Total gains (losses) included in Net Income attributed to the change in unrealized gains (losses) related to assets and liabilities held at June 30, 2020 and 2019(a)
$18  $20  $(16) $22  $(1) $38  $(4) $33  
_______________________________________
(a)Amounts are reflected in Operating Revenues — Non-utility operations and Fuel, purchased power, and gas — non-utility in DTE Energy's Consolidated Statements of Operations

Six Months Ended June 30, 2020Six Months Ended June 30, 2019
Natural GasElectricityOtherTotalNatural GasElectricityOtherTotal
(In millions)
Net Assets (Liabilities) as of December 31$(15) $16  $3  $4  $(49) $(2) $7  $(44) 
Transfers from Level 3 into Level 2(4) —  —  (4) —  —  —  —  
Total gains (losses)
Included in earnings
36  53  (8) 81  31  10  (1) 40  
Recorded in Regulatory liabilities—  —  12  12  —  —  7  7  
Purchases, issuances, and settlements
Settlements3  (53) 3  (47) 8  2  (4) 6  
Net Assets (Liabilities) as of June 30$20  $16  $10  $46  $(10) $10  $9  $9  
Total gains (losses) included in Net Income attributed to the change in unrealized gains (losses) related to assets and liabilities held at June 30, 2020 and 2019(a)
$37  $42  $(16) $63  $16  $17  $(5) $28  
_______________________________________
(a)Amounts are reflected in Operating Revenues — Non-utility operations and Fuel, purchased power, and gas — non-utility in DTE Energy's Consolidated Statements of Operations
The following table presents the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis for DTE Electric:
Three Months Ended June 30,Six Months Ended June 30,
2020201920202019
(In millions)
Net Assets as of beginning of period$1  $2  $3  $6  
Change in fair value recorded in Regulatory liabilities14  9  12  7  
Purchases, issuances, and settlements
Settlements(5) (2) (5) (4) 
Net Assets as of June 30$10  $9  $10  $9  
The amount of total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets held at June 30, 2020 and 2019 and reflected in DTE Electric's Consolidated Statements of Financial Position$10  $9  $10  $9  
Unobservable Inputs Related to Level 3 Assets and Liabilities
The following tables present the unobservable inputs related to DTE Energy's Level 3 assets and liabilities:
June 30, 2020
Commodity ContractsDerivative AssetsDerivative LiabilitiesValuation TechniquesUnobservable InputRangeWeighted Average
(In millions)
Natural Gas$71  $(51) Discounted Cash FlowForward basis price (per MMBtu)$(0.74) —$4.18 /MMBtu$(0.06)/MMBtu
Electricity$68  $(52) Discounted Cash FlowForward basis price (per MWh)$(10) —$14 /MWh$(1)/MWh
December 31, 2019
Commodity ContractsDerivative AssetsDerivative LiabilitiesValuation TechniquesUnobservable InputRangeWeighted Average
(In millions)
Natural Gas$74  $(89) Discounted Cash FlowForward basis price (per MMBtu)$(1.78) —$5.78 /MMBtu$(0.09)/MMBtu
Electricity$83  $(67) Discounted Cash FlowForward basis price (per MWh)$(10) —$6 /MWh$— /MWh
Carrying Amount of Fair Value of Financial Instruments
The following table presents the carrying amount and fair value of financial instruments for DTE Energy:
June 30, 2020December 31, 2019
CarryingFair ValueCarryingFair Value
AmountLevel 1Level 2Level 3AmountLevel 1Level 2Level 3
(In millions)
Notes receivable — Other(a), excluding lessor finance leases
$78  $—  $—  $78  $184  $—  $—  $184  
Short-term borrowings$914  $—  $914  $—  $828  $—  $828  $—  
Notes payable — Other(b)
$15  $—  $—  $15  $25  $—  $—  $25  
Long-term debt(c)
$17,997  $2,299  $15,952  $1,845  $16,606  $2,572  $14,207  $1,252  
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(a)Current portion included in Current Assets — Other on DTE Energy's Consolidated Statements of Financial Position.
(b)Included in Current Liabilities — Other and Other Liabilities — Other on DTE Energy's Consolidated Statements of Financial Position.
(c)Includes debt due within one year, unamortized debt discounts, and issuance costs. Excludes finance lease obligations.
The following table presents the carrying amount and fair value of financial instruments for DTE Electric:
June 30, 2020December 31, 2019
CarryingFair ValueCarryingFair Value
AmountLevel 1Level 2Level 3AmountLevel 1Level 2Level 3
(In millions)
Notes receivable — Other(a)
$11  $—  $—  $11  $9  $—  $—  $9  
Short-term borrowings — affiliates$107  $—  $—  $107  $97  $—  $—  $97  
Short-term borrowings — other$200  $—  $200  $—  $354  $—  $354  $—  
Notes payable — Other(b)
$11  $—  $—  $11  $21  $—  $—  $21  
Long-term debt(c)
$8,566  $—  $9,821  $193  $7,180  $—  $7,916  $173  
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(a)Included in Current Assets — Other and Other Assets — Other on DTE Electric's Consolidated Statements of Financial Position.
(b)Included in Current Liabilities — Other and Other Liabilities — Other on DTE Electric's Consolidated Statements of Financial Position.
(c)Includes debt due within one year, unamortized debt discounts, and issuance costs. Excludes finance lease obligations.
Fair Value of Nuclear Decommissioning Trust Fund Assets
The following table summarizes DTE Electric's fair value of the nuclear decommissioning trust fund assets:
June 30, 2020December 31, 2019
(In millions)
Fermi 2$1,592  $1,650  
Fermi 13  3  
Low-level radioactive waste8  8  
$1,603  $1,661  
Schedule of Realized Gains and Losses and Proceeds from Sale of Securities by Nuclear Decommissioning Trust Funds The following table sets forth DTE Electric's gains and losses and proceeds from the sale of securities by the nuclear decommissioning trust funds:
Three Months Ended June 30,Six Months Ended June 30,
2020201920202019
(In millions)
Realized gains$103  $17  $134  $28  
Realized losses$(76) $(10) $(92) $(17) 
Proceeds from sale of securities$799  $220  $1,238  $396  
Fair Value and Unrealized Gains and Losses for Nuclear Decommissioning Trust Funds
The following table sets forth DTE Electric's fair value and unrealized gains and losses for the nuclear decommissioning trust funds:
June 30, 2020December 31, 2019
Fair
Value		Unrealized
Gains		Unrealized
Losses		Fair
Value		Unrealized
Gains		Unrealized
Losses
(In millions)
Equity securities$973  $262  $(25) $1,046  $396  $(39) 
Fixed income securities509  35  (2) 538  24  (1) 
Private equity and other62  —  —  43  —  —  
Cash equivalents59  —  —  34  —  —  
$1,603  $297  $(27) $1,661  $420  $(40) 
Fair Value of the Fixed Income Securities Held in Nuclear Decommissioning Trust Funds
The following table summarizes the fair value of the fixed income securities held in nuclear decommissioning trust funds by contractual maturity:
June 30, 2020
(In millions)
Due within one year$5  
Due after one through five years90  
Due after five through ten years114  
Due after ten years300  
$509  
Summary of Gains (Losses) Related to the Trust The following table summarizes DTE Energy's gains (losses) related to the trust:
Three Months Ended June 30,Six Months Ended June 30,
2020201920202019
(In millions)
Gains (losses) related to equity securities$16  $4  $(6) $17  
Gains (losses) related to fixed income securities6  3  (3) 7  
$22  $7  $(9) $24