Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2021 | Jan. 31, 2022 | Jun. 30, 2021 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2021 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 1-11607 | ||
Entity Registrant Name | DTE Energy Co | ||
Entity Incorporation, State or Country Code | MI | ||
Entity Tax Identification Number | 38-3217752 | ||
Entity Address, Address Line One | One Energy Plaza | ||
Entity Address, City or Town | Detroit | ||
Entity Address, State or Province | MI | ||
Entity Address, Postal Zip Code | 48226-1279 | ||
City Area Code | 313 | ||
Local Phone Number | 235-4000 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 21.2 | ||
Entity Common Stock, Shares Outstanding | 193,745,891 | ||
Documents Incorporated by Reference | Certain information in DTE Energy's definitive Proxy Statement for its 2022 Annual Meeting of Common Shareholders to be held May 5, 2022, which will be filed with the Securities and Exchange Commission pursuant to Regulation 14A, not later than 120 days after the end of the Registrants' fiscal year covered by this report on Form 10-K, is incorporated herein by reference to Part III (Items 10, 11, 12, 13, and 14) of this Form 10-K. This combined Form 10-K is filed separately by two registrants: DTE Energy and DTE Electric. Information contained herein relating to any individual registrant is filed by such registrant solely on its own behalf. DTE Electric makes no representation as to information relating exclusively to DTE Energy. DTE Electric, an indirect wholly-owned subsidiary of DTE Energy, meets the conditions set forth in General Instructions I(1)(a) and (b) of Form 10-K and is therefore filing this form with the reduced disclosure format specified in General Instruction I(2) of Form 10-K. | ||
Entity Central Index Key | 0000936340 | ||
Document Fiscal Year Focus | 2021 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Common stock, without par value | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Common stock, without par value | ||
Trading Symbol | DTE | ||
Security Exchange Name | NYSE | ||
2019 6.25% Corporate Units | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 2017 Series E 5.25% Junior Subordinated Debentures due 2077 | ||
Trading Symbol | DTW | ||
Security Exchange Name | NYSE | ||
2020 Series G 4.375% Junior Subordinated Debentures due 2080 | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 2019 6.25% Corporate Units | ||
Trading Symbol | DTP | ||
Security Exchange Name | NYSE | ||
2021 Series E 4.375% Junior Subordinated Debentures due 2081 | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 2020 Series G 4.375% Junior Subordinated Debentures due 2080 | ||
Trading Symbol | DTB | ||
Security Exchange Name | NYSE | ||
2021 Series E 4.375% Junior Subordinated Debentures due 2081 | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 2021 Series E 4.375% Junior Subordinated Debentures due 2081 | ||
Trading Symbol | DTG | ||
Security Exchange Name | NYSE | ||
DTE Electric | |||
Entity Information [Line Items] | |||
Entity File Number | 1-2198 | ||
Entity Registrant Name | DTE Electric Co | ||
Entity Incorporation, State or Country Code | MI | ||
Entity Tax Identification Number | 38-0478650 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 138,632,324 | ||
Entity Central Index Key | 0000028385 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2021 | |
Auditor [Line Items] | |
Auditor Firm ID | 238 |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | Detroit, Michigan |
DTE Electric | |
Auditor [Line Items] | |
Auditor Firm ID | 238 |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | Detroit, Michigan |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Revenues | |||
Utility operations | $ 7,288 | $ 6,845 | $ 6,638 |
Non-utility operations | 7,676 | 4,578 | 5,530 |
Operating Revenues | 14,964 | 11,423 | 12,168 |
Operating Expenses | |||
Fuel, purchased power, and gas — utility | 1,904 | 1,719 | 1,798 |
Fuel, purchased power, gas, and other — non-utility | 7,304 | 4,120 | 5,035 |
Operation and maintenance | 2,420 | 2,305 | 2,316 |
Depreciation and amortization | 1,377 | 1,292 | 1,169 |
Taxes other than income | 431 | 395 | 406 |
Asset (gains) losses and impairments, net | 33 | 37 | 14 |
Operating Expenses | 13,469 | 9,868 | 10,738 |
Operating Income | 1,495 | 1,555 | 1,430 |
Other (Income) and Deductions | |||
Interest expense | 630 | 601 | 568 |
Interest income | (22) | (29) | (9) |
Non-operating retirement benefits, net | 17 | 50 | 39 |
Loss on extinguishment of debt | 393 | 6 | 0 |
Other income | (254) | (259) | (250) |
Other expenses | 75 | 104 | 69 |
Other (Income) and Deductions | 839 | 473 | 417 |
Income Before Income Taxes | 656 | 1,082 | 1,013 |
Income Tax Expense (Benefit) (Note 10) | (130) | 37 | 71 |
Net Income from Continuing Operations | 786 | 1,045 | 942 |
Net Income from Discontinued Operations, Net of Taxes (Note 4) | 117 | 326 | 230 |
Net Income | 903 | 1,371 | 1,172 |
Less: Net Income (Loss) Attributable to Noncontrolling Interests | |||
Continuing operations | (10) | (9) | (13) |
Discontinued operations | 6 | 12 | 16 |
Net Income Attributable to DTE Energy Company/DTE Electric Company | $ 907 | $ 1,368 | $ 1,169 |
Basic Earnings per Common Share | |||
Continuing operations (in dollars per share) | $ 4.11 | $ 5.46 | $ 5.16 |
Discontinued operations (in dollars per share) | 0.57 | 1.63 | 1.16 |
Basic Earnings per Common Share (in dollars per share) | 4.68 | 7.09 | 6.32 |
Diluted Earnings per Common Share | |||
Continuing operations (in dollars per share) | 4.10 | 5.45 | 5.15 |
Discontinued operations (in dollars per share) | 0.57 | 1.63 | 1.16 |
Diluted Earnings per Common Share (in dollars per share) | $ 4.67 | $ 7.08 | $ 6.31 |
Weighted Average Common Shares Outstanding | |||
Basic (in shares) | 193 | 193 | 185 |
Diluted (in shares) | 194 | 193 | 185 |
Consolidated Statements of Op_2
Consolidated Statements of Operations - DTE Electric Company - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Revenues | $ 7,288 | $ 6,845 | $ 6,638 |
Operating Expenses | |||
Fuel, purchased power, and gas — utility | 1,904 | 1,719 | 1,798 |
Taxes other than income | 431 | 395 | 406 |
Asset (gains) losses and impairments, net | 33 | 37 | 14 |
Operating Expenses | 13,469 | 9,868 | 10,738 |
Operating Income | 1,495 | 1,555 | 1,430 |
Other (Income) and Deductions | |||
Interest expense | 630 | 601 | 568 |
Interest income | (22) | (29) | (9) |
Non-operating retirement benefits, net | 17 | 50 | 39 |
Other income | (254) | (259) | (250) |
Other expenses | 75 | 104 | 69 |
Other (Income) and Deductions | 839 | 473 | 417 |
Income Before Income Taxes | 656 | 1,082 | 1,013 |
Income Tax Expense | (130) | 37 | 71 |
Net Income Attributable to DTE Energy Company/DTE Electric Company | 907 | 1,368 | 1,169 |
DTE Electric | |||
Operating Revenues | 5,809 | 5,506 | 5,224 |
Operating Expenses | |||
Fuel, purchased power, and gas — utility | 1,541 | 1,397 | 1,390 |
Operation and maintenance | 1,569 | 1,505 | 1,452 |
Depreciation and amortization | 1,109 | 1,043 | 946 |
Taxes other than income | 320 | 296 | 310 |
Asset (gains) losses and impairments, net | 1 | 41 | 13 |
Operating Expenses | 4,540 | 4,282 | 4,111 |
Operating Income | 1,269 | 1,224 | 1,113 |
Other (Income) and Deductions | |||
Interest expense | 335 | 331 | 313 |
Interest income | 0 | (2) | (2) |
Non-operating retirement benefits, net | (2) | (1) | (1) |
Other income | (71) | (87) | (107) |
Other expenses | 37 | 96 | 56 |
Other (Income) and Deductions | 299 | 337 | 259 |
Income Before Income Taxes | 970 | 887 | 854 |
Income Tax Expense | 104 | 109 | 138 |
Net Income Attributable to DTE Energy Company/DTE Electric Company | $ 866 | $ 778 | $ 716 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Net Income | $ 903 | $ 1,371 | $ 1,172 |
Other comprehensive income (loss), net of tax: | |||
Benefit obligations, net of taxes of $4, $3, and $2, respectively | 8 | 8 | 8 |
Net unrealized gains (losses) on derivatives, net of taxes of $2, $1, and $(4), respectively | 7 | 2 | (12) |
Foreign currency translation | 0 | 1 | 1 |
Other comprehensive income (loss) | 15 | 11 | (3) |
Comprehensive income | 918 | 1,382 | 1,169 |
Less: Comprehensive income (loss) attributable to noncontrolling interests | (4) | 3 | 3 |
Comprehensive Income Attributable to DTE Energy Company/DTE Electric Company | $ 922 | $ 1,379 | $ 1,166 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Comprehensive Income [Abstract] | |||
Tax effect on benefit obligation | $ 4 | $ 3 | $ 2 |
Tax effect on net unrealized gains (losses) on derivatives | $ 2 | $ 1 | $ (4) |
Consolidated Statements of Co_3
Consolidated Statements of Comprehensive Income - DTE Electric Company - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Net Income | $ 907 | $ 1,368 | $ 1,169 |
Other comprehensive income (loss), net of tax | 15 | 11 | (3) |
Comprehensive Income Attributable to DTE Energy Company/DTE Electric Company | 922 | 1,379 | 1,166 |
DTE Electric | |||
Net Income | 866 | 778 | 716 |
Other comprehensive income (loss), net of tax | 0 | 0 | 0 |
Comprehensive Income Attributable to DTE Energy Company/DTE Electric Company | $ 866 | $ 778 | $ 716 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Current Assets | ||
Cash and cash equivalents | $ 28 | $ 472 |
Restricted cash | 7 | 2 |
Accounts receivable (less allowance for doubtful accounts) | ||
Customer | 1,695 | 1,542 |
Other | 135 | 127 |
Inventories | ||
Fuel and gas | 368 | 335 |
Materials, supplies, and other | 490 | 373 |
Derivative assets | 181 | 116 |
Regulatory assets | 195 | 129 |
Other | 218 | 185 |
Current assets of discontinued operations | 0 | 217 |
Total Current Assets | 3,317 | 3,498 |
Investments | ||
Nuclear decommissioning trust funds | 2,071 | 1,855 |
Investments in equity method investees | 187 | 177 |
Other | 194 | 196 |
Total Investments | 2,452 | 2,228 |
Property | ||
Property, plant, and equipment | 37,083 | 34,016 |
Accumulated depreciation and amortization | (10,139) | (9,517) |
Property, plant and equipment, net | 26,944 | 24,499 |
Other Assets | ||
Goodwill | 1,993 | 1,993 |
Regulatory assets | 3,482 | 4,125 |
Intangible assets | 177 | 199 |
Notes receivable | 310 | 261 |
Derivative assets | 90 | 40 |
Prepaid postretirement costs | 678 | 561 |
Operating lease right-of-use assets | 97 | 107 |
Other | 179 | 126 |
Noncurrent assets of discontinued operations | 0 | 7,859 |
Total Other Assets | 7,006 | 15,271 |
Total Assets | 39,719 | 45,496 |
Current Liabilities | ||
Accounts payable | 1,414 | 1,000 |
Accrued interest | 140 | 158 |
Dividends payable | 171 | 210 |
Short-term borrowings | 758 | 38 |
Current portion long-term debt, including finance leases | 2,874 | 469 |
Derivative liabilities | 238 | 68 |
Regulatory liabilities | 156 | 39 |
Operating lease liabilities | 14 | 16 |
Other | 581 | 594 |
Current liabilities of discontinued operations | 0 | 99 |
Total Current Liabilities | 6,346 | 2,691 |
Long-Term Debt (net of current portion) | ||
Mortgage bonds, notes, and other | 13,629 | 17,802 |
Junior subordinated debentures | 883 | 1,175 |
Finance lease obligations | 19 | 24 |
Total Long-Term Debt (net of current portion) | 14,531 | 19,001 |
Other Liabilities | ||
Deferred income taxes | 2,163 | 2,069 |
Regulatory liabilities | 3,106 | 3,363 |
Asset retirement obligations | 3,162 | 2,829 |
Unamortized investment tax credit | 158 | 162 |
Derivative liabilities | 192 | 60 |
Accrued pension liability | 339 | 797 |
Accrued postretirement liability | 358 | 407 |
Nuclear decommissioning | 321 | 283 |
Operating lease liabilities | 74 | 83 |
Other | 256 | 326 |
Noncurrent liabilities of discontinued operations | 0 | 836 |
Total Other Liabilities | 10,129 | 11,215 |
Commitments and Contingencies (Notes 9 and 18) | ||
Equity | ||
Common stock | 5,379 | 5,406 |
Retained earnings | 3,438 | 7,156 |
Accumulated other comprehensive loss | (112) | (137) |
Total DTE Energy Company/DTE Electric Company Equity | 8,705 | 12,425 |
Total Equity | 8,713 | 12,589 |
Total Liabilities and Equity | 39,719 | 45,496 |
Continuing operations | ||
Investments | ||
Investments in equity method investees | 187 | 177 |
Other Assets | ||
Goodwill | 1,993 | 1,993 |
Total Assets | 39,719 | 37,420 |
Equity | ||
Noncontrolling interests of continuing operations | 8 | 10 |
Discontinued operations | ||
Other Assets | ||
Total Assets | 0 | 8,076 |
Equity | ||
Noncontrolling interests of continuing operations | $ 0 | $ 154 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Position (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Current Assets: | ||
Allowance for doubtful accounts | $ 92 | $ 104 |
Stockholders' Equity: | ||
Common stock, shares authorized (in shares) | 400,000,000 | 400,000,000 |
Common stock, shares issued (in shares) | 193,747,509 | 193,770,617 |
Common stock, shares outstanding (in shares) | 193,747,509 | 193,770,617 |
Consolidated Statements of Fi_3
Consolidated Statements of Financial Position - DTE Electric Company - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Current Assets | ||
Cash and cash equivalents | $ 28,000,000 | $ 472,000,000 |
Accounts receivable (less allowance for doubtful accounts) | ||
Customer | 1,695,000,000 | 1,542,000,000 |
Other | 135,000,000 | 127,000,000 |
Inventories | ||
Fuel and gas | 368,000,000 | 335,000,000 |
Materials, supplies, and other | 490,000,000 | 373,000,000 |
Regulatory assets | 195,000,000 | 129,000,000 |
Other | 218,000,000 | 185,000,000 |
Total Current Assets | 3,317,000,000 | 3,498,000,000 |
Investments | ||
Nuclear decommissioning trust funds | 2,071,000,000 | 1,855,000,000 |
Other | 194,000,000 | 196,000,000 |
Total Investments | 2,452,000,000 | 2,228,000,000 |
Property | ||
Property, plant, and equipment | 37,083,000,000 | 34,016,000,000 |
Accumulated depreciation and amortization | (10,139,000,000) | (9,517,000,000) |
Property, plant and equipment, net | 26,944,000,000 | 24,499,000,000 |
Other Assets | ||
Regulatory assets | 3,482,000,000 | 4,125,000,000 |
Operating lease right-of-use assets | 97,000,000 | 107,000,000 |
Other | 179,000,000 | 126,000,000 |
Total Other Assets | 7,006,000,000 | 15,271,000,000 |
Total Assets | 39,719,000,000 | 45,496,000,000 |
Accounts payable | ||
Accrued interest | 140,000,000 | 158,000,000 |
Current portion long-term debt, including finance leases | 2,874,000,000 | 469,000,000 |
Regulatory liabilities | 156,000,000 | 39,000,000 |
Short-term borrowings | ||
Operating lease liabilities | 14,000,000 | 16,000,000 |
Other | 581,000,000 | 594,000,000 |
Total Current Liabilities | 6,346,000,000 | 2,691,000,000 |
Long-Term Debt (net of current portion) | ||
Finance lease obligations | 19,000,000 | 24,000,000 |
Total Long-Term Debt (net of current portion) | 14,531,000,000 | 19,001,000,000 |
Other Liabilities | ||
Deferred income taxes | 2,163,000,000 | 2,069,000,000 |
Regulatory liabilities | 3,106,000,000 | 3,363,000,000 |
Asset retirement obligations | 3,162,000,000 | 2,829,000,000 |
Unamortized investment tax credit | 158,000,000 | 162,000,000 |
Nuclear decommissioning | 321,000,000 | 283,000,000 |
Operating lease liabilities | 74,000,000 | 83,000,000 |
Other | 256,000,000 | 326,000,000 |
Total Other Liabilities | 10,129,000,000 | 11,215,000,000 |
Commitments and Contingencies (Notes 9 and 18) | ||
Shareholder's Equity | ||
Common stock | 5,379,000,000 | 5,406,000,000 |
Retained earnings | 3,438,000,000 | 7,156,000,000 |
Total DTE Energy Company/DTE Electric Company Equity | 8,705,000,000 | 12,425,000,000 |
Total Liabilities and Equity | 39,719,000,000 | 45,496,000,000 |
DTE Electric | ||
Current Assets | ||
Cash and cash equivalents | 9,000,000 | 16,000,000 |
Accounts receivable (less allowance for doubtful accounts) | ||
Customer | 694,000,000 | 763,000,000 |
Affiliates | 36,000,000 | 13,000,000 |
Other | 40,000,000 | 62,000,000 |
Inventories | ||
Fuel and gas | 171,000,000 | 187,000,000 |
Materials, supplies, and other | 316,000,000 | 292,000,000 |
Regulatory assets | 168,000,000 | 123,000,000 |
Other | 101,000,000 | 71,000,000 |
Total Current Assets | 1,535,000,000 | 1,527,000,000 |
Investments | ||
Nuclear decommissioning trust funds | 2,071,000,000 | 1,855,000,000 |
Other | 44,000,000 | 42,000,000 |
Total Investments | 2,115,000,000 | 1,897,000,000 |
Property | ||
Property, plant, and equipment | 28,849,000,000 | 26,171,000,000 |
Accumulated depreciation and amortization | (7,676,000,000) | (7,050,000,000) |
Property, plant and equipment, net | 21,173,000,000 | 19,121,000,000 |
Other Assets | ||
Regulatory assets | 2,968,000,000 | 3,440,000,000 |
Prepaid postretirement costs — affiliates | 402,000,000 | 335,000,000 |
Operating lease right-of-use assets | 64,000,000 | 75,000,000 |
Other | 148,000,000 | 118,000,000 |
Total Other Assets | 3,582,000,000 | 3,968,000,000 |
Total Assets | 28,405,000,000 | 26,513,000,000 |
Accounts payable | ||
Affiliates | 83,000,000 | 62,000,000 |
Other | 567,000,000 | 410,000,000 |
Accrued interest | 95,000,000 | 91,000,000 |
Current portion long-term debt, including finance leases | 322,000,000 | 468,000,000 |
Regulatory liabilities | 154,000,000 | 18,000,000 |
Short-term borrowings | ||
Affiliates | 53,000,000 | 101,000,000 |
Other | 153,000,000 | 0 |
Operating lease liabilities | 10,000,000 | 11,000,000 |
Other | 206,000,000 | 219,000,000 |
Total Current Liabilities | 1,643,000,000 | 1,380,000,000 |
Long-Term Debt (net of current portion) | ||
Mortgage bonds, notes, and other | 8,591,000,000 | 7,774,000,000 |
Finance lease obligations | 7,000,000 | 13,000,000 |
Total Long-Term Debt (net of current portion) | 8,598,000,000 | 7,787,000,000 |
Other Liabilities | ||
Deferred income taxes | 2,741,000,000 | 2,525,000,000 |
Regulatory liabilities | 2,221,000,000 | 2,432,000,000 |
Asset retirement obligations | 2,932,000,000 | 2,607,000,000 |
Unamortized investment tax credit | 158,000,000 | 162,000,000 |
Nuclear decommissioning | 321,000,000 | 283,000,000 |
Accrued pension liability — affiliates | 405,000,000 | 731,000,000 |
Accrued postretirement liability — affiliates | 340,000,000 | 384,000,000 |
Operating lease liabilities | 46,000,000 | 56,000,000 |
Other | 97,000,000 | 96,000,000 |
Total Other Liabilities | 9,261,000,000 | 9,276,000,000 |
Commitments and Contingencies (Notes 9 and 18) | ||
Shareholder's Equity | ||
Common stock | 6,002,000,000 | 5,447,000,000 |
Retained earnings | 2,901,000,000 | 2,623,000,000 |
Total DTE Energy Company/DTE Electric Company Equity | 8,903,000,000 | 8,070,000,000 |
Total Liabilities and Equity | $ 28,405,000,000 | $ 26,513,000,000 |
Consolidated Statements of Fi_4
Consolidated Statements of Financial Position - DTE Electric Company (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Current Assets: | ||
Allowance for doubtful accounts | $ 92 | $ 104 |
Stockholders' Equity: | ||
Common stock, shares authorized (in shares) | 400,000,000 | 400,000,000 |
Common stock, shares issued (in shares) | 193,747,509 | 193,770,617 |
Common stock, shares outstanding (in shares) | 193,747,509 | 193,770,617 |
DTE Electric | ||
Current Assets: | ||
Allowance for doubtful accounts | $ 54 | $ 57 |
Stockholders' Equity: | ||
Common stock, 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 Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Operating Activities | ||||
Net Income | $ 903 | $ 1,371 | $ 1,172 | |
Adjustments to reconcile Net Income to Net cash from operating activities: | ||||
Depreciation and amortization | 1,459 | 1,443 | 1,263 | |
Nuclear fuel amortization | 58 | 37 | 60 | |
Allowance for equity funds used during construction | (27) | (25) | (24) | |
Deferred income taxes | (32) | 407 | 329 | |
Equity earnings of equity method investees | (97) | (132) | (111) | |
Dividends from equity method investees | 79 | 142 | 160 | |
Loss on extinguishment of debt | 393 | 6 | 0 | |
Asset (gains) losses and impairments, net | 50 | 47 | 14 | |
Changes in assets and liabilities: | ||||
Accounts receivable, net | (146) | 111 | 49 | |
Inventories | (153) | 45 | 59 | |
Prepaid postretirement benefit costs | (117) | (107) | (24) | |
Accounts payable | 308 | 0 | (288) | |
Accrued pension liability | (458) | (11) | (29) | |
Accrued postretirement liability | (49) | 22 | 0 | |
Derivative assets and liabilities | 187 | (23) | (28) | |
Regulatory assets and liabilities | 862 | 104 | 160 | |
Other current and noncurrent assets and liabilities | (153) | 260 | (113) | |
Net cash from operating activities | 3,067 | 3,697 | 2,649 | |
Investing Activities | ||||
Plant and equipment expenditures — utility | (3,633) | (3,241) | (2,724) | |
Plant and equipment expenditures — non-utility | (139) | (616) | (273) | |
Acquisitions related to business combinations, net of cash acquired | 0 | (126) | (2,470) | |
Proceeds from sale of assets | 3 | 13 | 0 | |
Proceeds from sale of nuclear decommissioning trust fund assets | 1,047 | 2,350 | 788 | |
Investment in nuclear decommissioning trust funds | (1,046) | (2,350) | (794) | |
Distributions from equity method investees | 18 | 24 | 10 | |
Contributions to equity method investees | (8) | (37) | (149) | |
Notes receivable | (74) | (85) | (98) | |
Other | (31) | (2) | (22) | |
Net cash used for investing activities | (3,863) | (4,070) | (5,732) | |
Financing Activities | ||||
Issuance of long-term debt, net of issuance costs | 4,457 | 3,692 | 2,506 | |
Redemption of long-term debt | (3,522) | (882) | (821) | |
Issuance of equity units, net of issuance costs | 0 | 0 | 1,265 | |
Short-term borrowings, net | 720 | 219 | ||
Short-term borrowings, net | (790) | |||
Issuance of common stock | 0 | 2 | 1,023 | |
Repurchase of common stock | (66) | 0 | 0 | |
Dividends paid on common stock | (791) | (760) | (692) | |
Contributions from noncontrolling interests, principally REF entities | 44 | 36 | 38 | |
Distributions to noncontrolling interests | (45) | (39) | (59) | |
Purchases of noncontrolling interest, principally SGG | 0 | 0 | (300) | |
Acquisition related deferred payment, excluding accretion | 0 | (380) | 0 | |
Prepayment cost for extinguishment of long-term debt | (361) | 0 | 0 | |
Transfer of cash to DT Midstream at separation | (37) | 0 | 0 | |
Other | (84) | (83) | (79) | |
Net cash from financing activities | 315 | 796 | 3,100 | |
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash | (481) | 423 | 17 | |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 516 | 93 | 76 | |
Cash, Cash Equivalents, and Restricted Cash at End of Period | 35 | 516 | 93 | |
Supplemental disclosure of cash information | ||||
Cash paid (received) for: Interest, net of interest capitalized | 671 | 679 | 595 | |
Cash paid (received) for: Income taxes | [1] | (3) | (360) | 18 |
Supplemental disclosure of non-cash investing and financing activities | ||||
Plant and equipment expenditures in accounts payable | 353 | 266 | 311 | |
Separation of DT Midstream net assets, excluding cash transferred | 3,973 | 0 | 0 | |
Premium on equity units | $ 0 | $ 0 | $ 150 | |
[1] | 2020 cash received primarily relates to AMT credit and other refunds, of which a portion was accelerated due to the CARES Act |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows - DTE Electric Company - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Operating Activities | ||||
Net Income | $ 907 | $ 1,368 | $ 1,169 | |
Adjustments to reconcile Net Income to Net cash from operating activities: | ||||
Depreciation and amortization | 1,377 | 1,292 | 1,169 | |
Nuclear fuel amortization | 58 | 37 | 60 | |
Allowance for equity funds used during construction | (27) | (25) | (24) | |
Deferred income taxes | (32) | 407 | 329 | |
Asset (gains) losses and impairments, net | 50 | 47 | 14 | |
Changes in assets and liabilities: | ||||
Accounts receivable, net | (146) | 111 | 49 | |
Inventories | (153) | 45 | 59 | |
Accounts payable | 308 | 0 | (288) | |
Regulatory assets and liabilities | 862 | 104 | 160 | |
Other current and noncurrent assets and liabilities | (153) | 260 | (113) | |
Net cash from operating activities | 3,067 | 3,697 | 2,649 | |
Investing Activities | ||||
Proceeds from Sale and Maturity of Other Investments | 1,047 | 2,350 | 788 | |
Investment in nuclear decommissioning trust funds | (1,046) | (2,350) | (794) | |
Net cash used for investing activities | (3,863) | (4,070) | (5,732) | |
Financing Activities | ||||
Issuance of long-term debt, net of issuance costs | 4,457 | 3,692 | 2,506 | |
Redemption of long-term debt | (3,522) | (882) | (821) | |
Dividends paid on common stock | (791) | (760) | (692) | |
Other | (84) | (83) | (79) | |
Net cash from financing activities | 315 | 796 | 3,100 | |
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash | (481) | 423 | 17 | |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 516 | 93 | 76 | |
Cash, Cash Equivalents, and Restricted Cash at End of Period | 35 | 516 | 93 | |
Supplemental disclosure of cash information | ||||
Cash paid (received) for: Interest, net of interest capitalized | 671 | 679 | 595 | |
Cash paid (received) for: Income taxes | [1] | (3) | (360) | 18 |
Supplemental disclosure of non-cash investing and financing activities | ||||
Plant and equipment expenditures in accounts payable | 353 | 266 | 311 | |
DTE Electric | ||||
Operating Activities | ||||
Net Income | 866 | 778 | 716 | |
Adjustments to reconcile Net Income to Net cash from operating activities: | ||||
Depreciation and amortization | 1,109 | 1,043 | 946 | |
Nuclear fuel amortization | 58 | 37 | 60 | |
Allowance for equity funds used during construction | (25) | (23) | (22) | |
Deferred income taxes | 122 | 89 | 97 | |
Asset (gains) losses and impairments, net | 1 | 41 | 13 | |
Changes in assets and liabilities: | ||||
Accounts receivable, net | 68 | (42) | 20 | |
Inventories | (11) | (12) | (17) | |
Prepaid postretirement benefit costs — affiliates | (67) | (69) | (77) | |
Accounts payable | 65 | 20 | (57) | |
Accrued pension liability — affiliates | (326) | 14 | (1) | |
Accrued postretirement liability — affiliates | (44) | 17 | 89 | |
Regulatory assets and liabilities | 716 | 55 | 139 | |
Other current and noncurrent assets and liabilities | (216) | (43) | (197) | |
Net cash from operating activities | 2,316 | 1,905 | 1,709 | |
Investing Activities | ||||
Plant and equipment expenditures | (3,017) | (2,674) | (2,200) | |
Proceeds from Sale and Maturity of Other Investments | 1,047 | 2,350 | 788 | |
Investment in nuclear decommissioning trust funds | (1,046) | (2,350) | (794) | |
Notes receivable and other | (31) | (8) | (21) | |
Net cash used for investing activities | (3,047) | (2,682) | (2,227) | |
Financing Activities | ||||
Issuance of long-term debt, net of issuance costs | 985 | 1,683 | 643 | |
Redemption of long-term debt | (321) | (632) | 0 | |
Capital contribution by parent company | 555 | 636 | 180 | |
Short-term borrowings, net — affiliate | (48) | 4 | (4) | |
Short-term borrowings, net — other | 153 | (354) | 205 | |
Dividends paid on common stock | (588) | (539) | (494) | |
Other | (12) | (17) | (18) | |
Net cash from financing activities | 724 | 781 | 512 | |
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash | (7) | 4 | (6) | |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 16 | 12 | 18 | |
Cash, Cash Equivalents, and Restricted Cash at End of Period | 9 | 16 | 12 | |
Supplemental disclosure of cash information | ||||
Cash paid (received) for: Interest, net of interest capitalized | 321 | 315 | 295 | |
Cash paid (received) for: Income taxes | 5 | 14 | 46 | |
Supplemental disclosure of non-cash investing and financing activities | ||||
Plant and equipment expenditures in accounts payable | $ 286 | $ 174 | $ 192 | |
[1] | 2020 cash received primarily relates to AMT credit and other refunds, of which a portion was accelerated due to the CARES Act |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Millions | Total | Common Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests |
Beginning balance (in shares) at Dec. 31, 2018 | 181,925,000 | ||||
Beginning balance at Dec. 31, 2018 | $ 10,717 | $ 4,245 | $ 6,112 | $ (120) | $ 480 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Implementation of ASU 2018-02 | 0 | 25 | (25) | ||
Net Income (Loss) | 1,172 | 1,169 | 3 | ||
Dividends declared on common stock | (714) | (714) | |||
Issuance of common stock (in shares) | 8,634,000 | ||||
Issuance of common stock | 1,014 | $ 1,014 | |||
Premium on equity units | (150) | (150) | |||
Issuance costs of equity units | (30) | $ (30) | |||
Contribution of common stock to pension plan (in shares) | 815,000 | ||||
Contribution of common stock to pension plan | 100 | $ 100 | |||
Other comprehensive income (loss), net of tax | (3) | (3) | |||
Purchase of noncontrolling interests, principally SGG | (300) | $ (3) | (297) | ||
Stock-based compensation, net distributions to noncontrolling interests, and other (in shares) | 835,000 | ||||
Stock-based compensation, net distributions to noncontrolling interests, and other | 30 | $ 57 | (5) | (22) | |
Ending balance (in shares) at Dec. 31, 2019 | 192,209,000 | ||||
Ending balance at Dec. 31, 2019 | 11,836 | $ 5,233 | 6,587 | (148) | 164 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net Income (Loss) | 1,371 | 1,368 | 3 | ||
Dividends declared on common stock | (796) | (796) | |||
Issuance of common stock (in shares) | 192,000 | ||||
Issuance of common stock | 22 | $ 22 | |||
Contribution of common stock to pension plan (in shares) | 694,000 | ||||
Contribution of common stock to pension plan | 82 | $ 82 | |||
Other comprehensive income (loss), net of tax | 11 | 11 | |||
Stock-based compensation, net distributions to noncontrolling interests, and other (in shares) | 676,000 | ||||
Stock-based compensation, net distributions to noncontrolling interests, and other | $ 63 | $ 69 | (3) | (3) | |
Ending balance (in shares) at Dec. 31, 2020 | 193,770,617 | 193,771,000 | |||
Ending balance at Dec. 31, 2020 | $ 12,589 | $ 5,406 | 7,156 | (137) | 164 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net Income (Loss) | 903 | 907 | (4) | ||
Dividends declared on common stock | (752) | (752) | |||
Repurchase of common stock (in shares) | (529,000) | ||||
Repurchase of common stock | (66) | $ (66) | |||
Other comprehensive income (loss), net of tax | 15 | 15 | |||
Stock-based compensation, net distributions to noncontrolling interests, and other (in shares) | 506,000 | ||||
Stock-based compensation, net distributions to noncontrolling interests, and other | 34 | $ 39 | (4) | (1) | |
Separation of DT Midstream | $ (4,010) | (3,869) | 10 | (151) | |
Ending balance (in shares) at Dec. 31, 2021 | 193,747,509 | 193,748,000 | |||
Ending balance at Dec. 31, 2021 | $ 8,713 | $ 5,379 | $ 3,438 | $ (112) | $ 8 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of Stockholders' Equity [Abstract] | |||
Dividends declared on common stock (in dollars per share) | $ 3.88 | $ 4.12 | $ 3.85 |
Consolidated Statements of Ch_3
Consolidated Statements of Changes in Equity - DTE Electric Company - USD ($) $ in Millions | Total | Common Stock | Retained Earnings | DTE Electric | DTE ElectricCommon Stock | DTE ElectricAdditional Paid-in Capital | DTE ElectricRetained Earnings |
Beginning balance (in shares) at Dec. 31, 2018 | 181,925,000 | 138,632,000 | |||||
Beginning balance at Dec. 31, 2018 | $ 6,793 | $ 1,386 | $ 3,245 | $ 2,162 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income | $ 1,169 | 716 | 716 | ||||
Dividends declared on common stock | (714) | $ (714) | (494) | (494) | |||
Capital contribution by parent company | 180 | 180 | |||||
Ending balance (in shares) at Dec. 31, 2019 | 192,209,000 | 138,632,000 | |||||
Ending balance at Dec. 31, 2019 | 7,195 | $ 1,386 | 3,425 | 2,384 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income | 1,368 | 778 | 778 | ||||
Dividends declared on common stock | $ (796) | (796) | (539) | (539) | |||
Capital contribution by parent company | $ 636 | 636 | |||||
Ending balance (in shares) at Dec. 31, 2020 | 193,770,617 | 193,771,000 | 138,632,324 | 138,632,000 | |||
Ending balance at Dec. 31, 2020 | $ 12,425 | $ 8,070 | $ 1,386 | 4,061 | 2,623 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income | 907 | 866 | 866 | ||||
Dividends declared on common stock | $ (752) | $ (752) | (588) | (588) | |||
Capital contribution by parent company | $ 555 | 555 | |||||
Ending balance (in shares) at Dec. 31, 2021 | 193,747,509 | 193,748,000 | 138,632,324 | 138,632,000 | |||
Ending balance at Dec. 31, 2021 | $ 8,705 | $ 8,903 | $ 1,386 | $ 4,616 | $ 2,901 |
Organization and Basis of Prese
Organization and Basis of Presentation | 12 Months Ended |
Dec. 31, 2021 | |
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 renewable natural gas projects, providing industrial energy services, and reduced emissions fuel 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 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 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 the Registrants 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 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. During the fourth quarter of 2021, DTE Energy also performed reassessments of REF entities that were previously concluded to be VIEs. The REF entities have ceased operations as of December 31, 2021 and DTE Energy has concluded the REF entities are no longer VIEs. Therefore, the REF entities have been removed from the VIE tables below. Other 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 December 31, 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 December 31, 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. For non-consolidated VIEs, the maximum risk exposure of the Registrants is generally limited to their investment, notes receivable, and future funding commitments. The following table summarizes the major Consolidated Statements of Financial Position items for consolidated VIEs as of December 31, 2021 and 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: December 31, 2021 2020 (In millions) ASSETS Cash and cash equivalents $ 11 $ 20 Restricted cash 6 — Accounts receivable 1 28 Inventories 3 107 Property, plant, and equipment, net 4 14 Notes receivable and other 70 33 $ 95 $ 202 LIABILITIES Accounts payable $ 5 $ 22 Short-term borrowings 75 38 Other current and long-term liabilities — 4 $ 80 $ 64 Amounts for DTE Energy's non-consolidated VIEs are as follows: December 31, 2021 2020 (In millions) Investments in equity method investees $ 172 $ 159 Notes receivable $ 13 $ 21 Future funding commitments $ 3 $ 6 Equity Method Investments Investments in non-consolidated affiliates that are not controlled by the Registrants, but over which they have significant influence, are accounted for using the equity method. Certain of the equity method investees are also considered VIEs and disclosed in the non-consolidated VIEs table above. At December 31, 2021 and 2020, DTE Energy's Investments in equity method investees were $187 million and $177 million, respectively. The balances are primarily comprised of investments in the DTE Vantage and Corporate and Other segments, of which no investment is individually significant. DTE Vantage investments include projects that deliver energy and utility-type products and services to industrial customers, sell electricity from renewable energy projects under long-term power purchase agreements, and produce and sell metallurgical coke. Corporate and Other holds various ownership interests in limited partnerships that include investment funds supporting regional development and economic growth. For further information by segment, see Note 22 to the Consolidated Financial Statements, "Segment and Related Information." At December 31, 2021 and 2020, DTE Energy's share of the underlying equity in the net assets of the investees exceeded the carrying amounts of Investments in equity method investees by $99 million and $93 million, respectively. The difference is being amortized over the life of the underlying assets. As of December 31, 2021 and 2020, DTE Energy's consolidated retained earnings balance includes undistributed earnings from equity method investments of $32 million and $15 million, respectively. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | SIGNIFICANT ACCOUNTING POLICIES Other Income Other income for the Registrants is recognized for non-operating income such as equity earnings of equity method investees, allowance for equity funds used during construction, contract services, and gains from trading securities, primarily from those held in DTE Energy's rabbi trust. The DTE Vantage segment also recognizes Other income in connection with the sale of membership interests in reduced emissions fuel facilities to investors. In exchange for the cash received, the investors receive a portion of the economic attributes of the facilities, including income tax attributes. The transactions are not treated as a sale of membership interests for financial reporting purposes. Other income related to fixed non-refundable cash payments received from investors for which the earnings process is not contingent upon production of refined coal is recognized on a straight-line basis over the non-cancelable contract term as the economic benefit from the ownership of the facility is transferred to investors. Other income related to cash payments that is contingent upon production of refined coal is considered earned and recognized when the contingency regarding the timing and amount of payment is resolved, generally as refined coal is produced and tax credits are generated. The following is a summary of DTE Energy's Other income: 2021 2020 2019 (In millions) Income from REF entities $ 141 $ 139 $ 130 Equity earnings of equity method investees 38 26 14 Contract services 27 28 29 Allowance for equity funds used during construction 27 25 24 Gains from rabbi trust securities (a) 8 28 37 Other 13 13 16 $ 254 $ 259 $ 250 _______________________________________ (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: 2021 2020 2019 (In millions) Contract services $ 27 $ 28 $ 32 Allowance for equity funds used during construction 25 23 22 Gains from rabbi trust securities allocated from DTE Energy (a) 8 28 37 Other 11 8 16 $ 71 $ 87 $ 107 _______________________________________ (a) Losses from rabbi trust securities are recorded separately to Other expenses on the Consolidated Statements of Operations. For information on equity earnings of equity method investees by segment, see Note 22 to the Consolidated Financial Statements, "Segment and Related Information." Accounting for ISO Transactions DTE Electric participates in the energy market through MISO. MISO requires that DTE Electric submit hourly day-ahead, real-time, and FTR bids and offers for energy at locations across the MISO region. DTE Electric accounts for MISO transactions on a net hourly basis in each of the day-ahead, real-time, and FTR markets. In any single hour, transactions in each of the MISO energy markets are netted based on MWh to determine if DTE Electric is in a net sale or purchase position. Net purchases are recorded in Fuel, purchased power, and gas — utility and net sales are recorded in Operating Revenues — Utility operations on the Registrants' Consolidated Statements of Operations. The Energy Trading segment participates in the energy markets through various ISOs and RTOs. These markets require that Energy Trading submits hourly day-ahead, real-time bids and offers for energy at locations across each region. Energy Trading submits bids in the annual and monthly auction revenue rights and FTR auctions to the RTOs. Energy Trading accounts for these transactions on a net hourly basis for the day-ahead, real-time, and FTR markets. These transactions are related to trading contracts which, if derivatives, are presented on a net basis in Operating Revenues — Non-utility operations, and if non-derivatives, the realized gains and losses for sales are recorded in Operating Revenues — Non-utility operations and purchases are recorded in Fuel, purchased power, gas, and other — non-utility in the DTE Energy Consolidated Statements of Operations. DTE Electric and Energy Trading record accruals for future net purchases adjustments based on historical experience and reconcile accruals to actual costs when invoices are received from MISO and other ISOs and RTOs. Derivatives Energy Trading classifies derivative transactions as revenue or expense based on the intent of the transaction (buy or sell). Revenues are recorded on a gross or net basis within the income statement depending upon whether it represents a non-trading activity or trading activity, respectively. For additional information, refer to Note 13 to the Consolidated Financial Statements, "Financial and Other Derivative Instruments". 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, if any. For the years ended December 31, 2021 and 2020, reclassifications out of Accumulated other comprehensive income (loss) were not material. The following table summarizes the changes in DTE Energy's Accumulated other comprehensive income (loss) by component (a) for the years ended December 31, 2021 and 2020: Net Unrealized Gain (Loss) on Derivatives Benefit Obligations (b) Foreign Currency Translation Total (In millions) Balance, December 31, 2019 $ (25) $ (117) $ (6) $ (148) Other comprehensive income (loss) before reclassifications (3) (2) 1 (4) Amounts reclassified from Accumulated other comprehensive loss 5 10 — 15 Net current period Other comprehensive income 2 8 1 11 Balance, December 31, 2020 $ (23) $ (109) $ (5) $ (137) Other comprehensive income before reclassifications 1 1 — 2 Amounts reclassified from Accumulated other comprehensive loss 6 7 — 13 Net current period Other comprehensive income 7 8 — 15 Separation of DT Midstream 5 — 5 10 Balance, December 31, 2021 $ (11) $ (101) $ — $ (112) ______________________________________ (a) All amounts are net of tax, except for Foreign currency translation. (b) The amounts reclassified from Accumulated other comprehensive income (loss) are included in the computation of the net periodic pension and other postretirement benefit costs (see Note 20 to the Consolidated Financial Statements, "Retirement Benefits and Trusteed Assets"). 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, fund certain construction projects, 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. DTE Energy had unbilled revenues of $1.0 billion and $0.8 billion at December 31, 2021 and 2020, respectively, including $270 million and $260 million of DTE Electric unbilled revenues, respectively, included in Customer Accounts receivable. 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 December 31, 2021. DTE Energy DTE Electric Year of origination 2021 2020 2019 and prior Total 2021 and prior (In millions) Notes receivable Internal grade 1 $ — $ — $ 21 $ 21 $ 14 Internal grade 2 16 107 6 129 3 Total notes receivable (a) $ 16 $ 107 $ 27 $ 150 $ 17 Net investment in leases Net investment in leases, internal grade 1 $ — $ 1 $ 38 $ 39 $ — Net investment in leases, internal grade 2 — 159 1 160 — Total net investment in leases (a) $ — $ 160 $ 39 $ 199 $ — _______________________________________ (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: DTE Energy DTE Electric Trade accounts receivable Other receivables Total Trade and other accounts receivable (In millions) Beginning reserve balance, January 1, 2021 $ 101 $ 3 $ 104 $ 57 Current period provision 53 1 54 36 Write-offs charged against allowance (126) (1) (127) (77) Recoveries of amounts previously written off 61 — 61 38 Ending reserve balance, December 31, 2021 $ 89 $ 3 $ 92 $ 54 DTE Energy DTE Electric Trade accounts receivable Other receivables Total Trade and other accounts receivable (In millions) Beginning reserve balance, January 1, 2020 (a) $ 79 $ 4 $ 83 $ 46 Current period provision 102 3 105 61 Write-offs charged against allowance (130) (4) (134) (80) Recoveries of amounts previously written off 50 — 50 30 Ending reserve balance, December 31, 2020 $ 101 $ 3 $ 104 $ 57 _______________________________________ (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: Year Ended December 31, 2021 2020 2019 (In millions) DTE Energy $ 55 $ 105 $ 106 DTE Electric $ 36 $ 62 $ 65 There are no material amounts of past due financing receivables for the Registrants as of December 31, 2021. Inventories Inventory related to utility and non-utility operations is valued at the lower of cost or net realizable value, where cost is generally valued using average cost. Inventory primarily includes fuel, gas, materials, and supplies. Other inventories include RECs, emission allowances, and other environmental products in the Energy Trading segment. DTE Gas' natural gas inventory of $50 million and $40 million as of December 31, 2021 and 2020, respectively, is determined using the last-in, first-out (LIFO) method. The replacement cost of gas in inventory exceeded the LIFO cost by $136 million and $62 million at December 31, 2021 and 2020, respectively. Property, Retirement and Maintenance, and Depreciation and Amortization Property is stated at cost and includes construction-related labor, materials, overheads, and AFUDC for utility property. The cost of utility properties retired is charged to accumulated depreciation. Expenditures for maintenance and repairs are charged to expense when incurred. Utility property at DTE Electric and DTE Gas is depreciated over its estimated useful life using straight-line rates approved by the MPSC. DTE Energy's non-utility property is depreciated over its estimated useful life using the straight-line method. Depreciation and amortization expense also includes the amortization of certain regulatory assets for the Registrants. The cost of nuclear fuel is capitalized. The amortization of nuclear fuel is included within Fuel, purchased power, and gas — utility in the DTE Energy Consolidated Statements of Operations, and Fuel and purchased power in the DTE Electric Consolidated Statements of Operations, and is recorded using the units-of-production method. See Note 6 to the Consolidated Financial Statements, "Property, Plant, and Equipment." Long-Lived Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. If the carrying amount of the asset exceeds the expected undiscounted future cash flows generated by the asset, an impairment loss is recognized resulting in the asset being written down to its estimated fair value. Assets to be disposed of are reported at the lower of the carrying amount or fair value, less costs to sell. Intangible Assets The Registrants have certain Intangible assets as shown below: December 31, 2021 December 31, 2020 Useful Lives Gross Carrying Value Accumulated Amortization Net Carrying Value Gross Carrying Value Accumulated Amortization Net Carrying Value (In millions) Intangible assets subject to amortization Contract intangibles 6 to 26 years $ 271 $ (98) $ 173 $ 271 $ (83) $ 188 Intangible assets not subject to amortization (a) 4 — 4 11 — 11 DTE Energy Long-term intangible assets $ 275 $ (98) $ 177 $ 282 $ (83) $ 199 ______________________________________ (a) Amounts primarily include Renewable energy credits and Gas carbon offsets that are charged to expense, using average cost, as the credits are consumed in the operation of the business. Amounts include DTE Electric intangible assets of $2 million and $11 million as of December 31, 2021 and 2020, respectively, and are included in Other Assets — Other on the DTE Electric Consolidated Statements of Financial Position. The following table summarizes DTE Energy's estimated contract intangible amortization expense expected to be recognized during each year through 2026: 2022 2023 2024 2025 2026 (In millions) Estimated amortization expense $ 16 $ 16 $ 16 $ 16 $ 14 DTE Energy amortizes contract intangible assets on a straight-line basis over the expected period of benefit. DTE Energy's Intangible assets amortization expense was $16 million in 2021 and 2020 and $9 million in 2019. Cloud Computing Arrangements Effective upon the adoption of ASU No. 2018-15 in January 2020, the Registrants capitalize implementation costs incurred in a cloud computing arrangement that is a service contract consistent with capitalized implementation costs incurred to develop or obtain internal-use software. Capitalized costs are recorded in Other noncurrent assets on the Consolidated Statements of Financial Position and amortization of the costs is reflected in Operation and maintenance within the Consolidated Statements of Operations. Costs are amortized on a straight-line basis over the life of the contract. Contracts primarily involve the implementation or upgrade of cloud-based solutions for generation and distribution operations and customer service support. Capitalized cloud computing costs were $16 million for DTE Energy, including $12 million for DTE Electric, at December 31, 2021. Amortization of these costs was not material for the year ended December 31, 2021. There were no cloud computing costs capitalized in Other noncurrent assets at December 31, 2020. Excise and Sales Taxes The Registrants record the billing of excise and sales taxes as a receivable with an offsetting payable to the applicable taxing authority, with no net impact on the Registrants’ Consolidated Statements of Operations. Deferred Debt Costs The costs related to the issuance of long-term debt are deferred and amortized over the life of each debt issue. The deferred amounts are included as a direct deduction from the carrying amount of each debt issue in Mortgage bonds, notes, and other and Junior subordinated debentures on DTE Energy's Consolidated Statements of Financial Position and in Mortgage bonds, notes, and other on DTE Electric's Consolidated Statements of Financial Position. In accordance with MPSC regulations applicable to DTE Energy’s electric and gas utilities, the unamortized discount, premium, and expense related to utility debt redeemed with a refinancing are amortized over the life of the replacement issue. Discounts, premiums, and expense on early redemptions of debt associated with DTE Energy's non-utility operations are charged to earnings. Investments in Debt and Equity Securities The Registrants generally record investments in debt and equity securities at market value with unrealized gains or losses included in earnings. Changes in the fair value of Fermi 2 nuclear decommissioning investments are recorded as adjustments to Regulatory assets or liabilities, due to a recovery mechanism from customers. The Registrants' equity investments are reviewed for impairment each reporting period. If the assessment indicates that an impairment exists, a loss is recognized resulting in the equity investment being written down to its estimated fair value. See Note 12 of the Consolidated Financial Statements, "Fair Value." DTE Energy Foundation DTE Energy's contributions to the DTE Energy Foundation were $25 million and $20 million for the years ended December 31, 2021 and December 31, 2020, respectively. There were no charitable contributions made to the DTE Energy Foundation for the year ended December 31, 2019. The DTE Energy Foundation is a non-consolidated not-for-profit private foundation, the purpose of which is to contribute to and assist charitable organizations. Other Accounting Policies See the following notes for other accounting policies impacting the Registrants’ Consolidated Financial Statements: Note Title 5 Revenue 6 Property, Plant, and Equipment 8 Asset Retirement Obligations 9 Regulatory Matters 10 Income Taxes 12 Fair Value 13 Financial and Other Derivative Instruments 17 Leases 20 Retirement Benefits and Trusteed Assets 21 Stock-Based Compensation |
New Accounting Pronouncements
New Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2021 | |
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 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 optional relief is temporary and cannot be applied to contract modifications and hedging relationships entered into or evaluated after December 31, 2022. The Registrants adopted the ASU and elected the optional expedients for contract modifications prospectively. The adoption of the ASU did not have a significant impact on the registrant's 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 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. The Registrants will apply the guidance prospectively. The Registrants are currently assessing the impact of this standard on their Consolidated Financial Statements. In October 2021, The FASB issued ASU No. 2021-08, Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers . The amendments in this update require contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC 606, Revenue from Contracts with Customers . Historically, such amounts were recognized by the acquirer at fair value in acquisition accounting. The ASU is effective for the Registrants for fiscal years beginning after December 15, 2022, and interim periods therein. Early adoption is permitted. The Registrants will apply the guidance prospectively to acquisitions occurring on or after the effective date. |
Dispositions and Impairments
Dispositions and Impairments | 12 Months Ended |
Dec. 31, 2021 | |
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 the third quarter 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 are continuing 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. Year Ended December 31, 2021 2020 2019 Operating Revenues — Non-utility operations $ 405 $ 754 $ 501 Operating Expenses Cost of gas and other — non-utility 15 21 18 Operation and maintenance (a) 123 138 103 Depreciation and amortization 82 151 94 Taxes other than income 13 15 8 Asset (gains) losses and impairments, net 17 (2) 1 250 323 224 Operating Income 155 431 277 Other (Income) and Deductions Interest expense 50 113 73 Interest income (4) (9) (8) Other income (62) (129) (100) Other expenses — — 1 (16) (25) (34) Income from Discontinued Operations Before Income Taxes 171 456 311 Income Tax Expense 54 130 81 Net Income from Discontinued Operations, Net of Taxes 117 326 230 Less: Net Income Attributable to Noncontrolling Interests 6 12 16 Net Income from Discontinued Operations $ 111 $ 314 $ 214 _______________________________________ (a) Includes separation transaction costs of $59 million and $8 million for the years ended December 31, 2021 and 2020, respectively, for various legal, accounting and other professional services fees. 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. December 31, 2020 (In millions) Total Assets of Discontinued Operations Cash $ 42 Accounts receivable 126 Inventories 8 Other 44 Current assets of DT Midstream 220 Less: Previously affiliated amounts eliminated at DTE Energy 3 Current assets of discontinued operations for DTE Energy 217 Investments in equity method investees 1,691 Net property, plant, and equipment 3,470 Goodwill 473 Intangible assets 2,140 Notes receivable 19 Operating lease right-of-use assets 45 Other 21 Noncurrent assets of discontinued operations for DTE Energy 7,859 Total Assets of Discontinued Operations for DTE Energy $ 8,076 Total Liabilities of Discontinued Operations Accounts payable $ 39 Operating lease liabilities 17 Short-term borrowings due to DTE Energy 2,913 Other 53 Current liabilities of DT Midstream 3,022 Less: Previously affiliated amounts eliminated at DTE Energy 2,923 Current liabilities of discontinued operations for DTE Energy 99 Deferred income taxes 753 Asset retirement obligations 10 Operating lease liabilities 28 Other 45 Noncurrent liabilities of discontinued operations for DTE Energy 836 Total Liabilities of Discontinued Operations for DTE Energy $ 935 There were no assets or liabilities from discontinued operations as of December 31, 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. 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: Year Ended December 31, 2021 2020 2019 (In millions) Operating Activities Depreciation and amortization $ 82 $ 151 $ 94 Deferred income taxes 53 125 78 Equity earnings of equity method investees (59) (106) (97) Asset (gains) losses and impairments, net 19 (2) 1 Investing Activities Plant and equipment expenditures — non-utility $ (60) $ (517) $ (214) Acquisitions related to business combinations, net of cash acquired — — (2,296) Financing Activities Purchase of noncontrolling interest $ — $ — $ (297) Acquisition related deferred payment, excluding accretion — (380) — 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 became effective December 31, 2021 and DTE Vantage has ceased 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 year ended December 31, 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. During the fourth quarter 2021, DTE Energy terminated the supply agreement with the steel industry customer and settled all outstanding claims. As a result, DTE Energy reversed $17 million of deferred revenues that were previously recorded, which increased Operating Revenues - Non-utility operations for the year ended December 31, 2021. |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | REVENUE Significant Accounting Policy Revenue is measured based upon the consideration specified in a contract with a customer at the time when performance obligations are satisfied. A performance obligation is a promise in a contract to transfer a distinct good or service or a series of distinct goods or services to the customer. The Registrants recognize revenue when performance obligations are satisfied by transferring control over a product or service to a customer. The Registrants have determined control to be transferred when the product is delivered, or the service is provided to the customer. Rates for DTE Electric and DTE Gas include provisions to adjust billings for fluctuations in fuel and purchased power costs, cost of natural gas, and certain other costs. Revenues are adjusted for differences between actual costs subject to reconciliation and the amounts billed in current rates. Under or over recovered revenues related to these cost recovery mechanisms are included in Regulatory assets or liabilities on the Registrants' Consolidated Statements of Financial Position and are recovered or returned to customers through adjustments to the billing factors. For discussion of derivative contracts, see Note 13 to the Consolidated Financial Statements, "Financial and Other Derivative Instruments." Disaggregation of Revenue The following is a summary of revenues disaggregated by segment for DTE Energy: 2021 2020 2019 (In millions) Electric (a) Residential $ 2,926 $ 2,825 $ 2,427 Commercial 1,908 1,739 1,795 Industrial 628 592 659 Other (b) 359 364 348 Total Electric operating revenues $ 5,821 $ 5,520 $ 5,229 Gas Gas sales $ 1,058 $ 971 $ 1,043 End User Transportation 233 218 219 Intermediate Transportation 82 79 78 Other (b) 180 146 142 Total Gas operating revenues $ 1,553 $ 1,414 $ 1,482 Other segment operating revenues DTE Vantage $ 1,482 $ 1,224 $ 1,560 Energy Trading $ 6,831 $ 3,863 $ 4,610 _______________________________________ (a) Revenues generally represent those of DTE Electric, except $12 million, $14 million, and $5 million of Other revenues related to DTE Sustainable Generation for the years ended December 31, 2021, 2020, and 2019, respectively. (b) Includes revenue adjustments related to various regulatory mechanisms. Revenues included the following which were outside the scope of Topic 606: 2021 2020 2019 (In millions) Electric — Alternative Revenue Programs $ 36 $ 26 $ 22 Electric — Other revenues 19 22 19 Gas — Alternative Revenue Programs 10 10 8 Gas — Other revenues 6 8 7 DTE Vantage — Leases 103 99 121 Energy Trading — Derivatives 5,603 2,690 3,415 Nature of Goods and Services The following is a description of principal activities, separated by reportable segments, from which DTE Energy generates revenue. For more detailed information about reportable segments, see Note 22 to the Consolidated Financial Statements, “Segment and Related Information.” The Registrants have contracts with customers which may contain more than one performance obligation. When more than one performance obligation exists in a contract, the consideration under the contract is allocated to the performance obligations based on the relative standalone selling price. DTE Energy generally determines standalone selling prices based on the prices charged to customers or the use of the adjusted market assessment approach. The adjusted market assessment approach involves the evaluation of the market in which DTE Energy sells goods or services and estimating the price that a customer in that market would be willing to pay. Under Topic 606, when a customer simultaneously receives and consumes the product or service provided, revenue is considered to be recognized over time. Alternatively, if it is determined that the criteria for recognition of revenue over time is not met, the revenue is considered to be recognized at a point in time. Electric Electric consists principally of DTE Electric. Electric revenues are primarily comprised of the supply and delivery of electricity, and related capacity. Revenues are primarily associated with cancellable contracts, with the exception of certain long-term contracts with commercial and industrial customers. Revenues, including estimated unbilled amounts, are generally recognized over time based upon volumes delivered or through the passage of time ratably based upon providing a stand-ready service. The Registrants have determined that the above methods represent a faithful depiction of the transfer of control to the customer. Unbilled revenues are typically determined utilizing approved tariff rates and estimated meter volumes. Estimated unbilled amounts recognized in revenue are subject to adjustment in the following reporting period as actual volumes by customer class are known. Revenues are typically subject to tariff rates based upon customer class and type of service and are billed and received monthly. Tariff rates are determined by the MPSC on a per unit or monthly basis. Gas Gas consists principally of DTE Gas. Gas revenues are primarily comprised of the supply and delivery of natural gas, and other services including storage, transportation, and appliance maintenance. Revenues are primarily associated with cancellable contracts with the exception of certain long-term contracts with commercial and industrial customers. Revenues, including estimated unbilled amounts, are generally recognized over time based upon volumes delivered or through the passage of time ratably based upon providing a stand-ready service. DTE Energy has determined that the above methods represent a faithful depiction of the transfer of control to the customer. Unbilled revenues are typically determined using both estimated meter volumes and estimated usage based upon the number of unbilled days and historical temperatures. Estimated unbilled amounts recognized in revenue are subject to adjustment in the following reporting period as actual volumes by customer class and service type are known. Revenues are typically subject to tariff rates or other rates subject to regulatory oversight and are billed and received monthly. Tariff rates are determined by the MPSC on a per unit or monthly basis. DTE Vantage DTE Vantage revenues include contracts accounted for as leases which are outside of the scope of Topic 606. For performance obligations within the scope of Topic 606, the timing of revenue recognition is dependent upon when control over the associated product or service is transferred. Revenues at DTE Vantage, within the scope of Topic 606, generally consist of sales of refined coal, coal, blast furnace coke, coke oven gas, electricity, equipment maintenance services, and other energy related products and services. Revenues, including estimated unbilled amounts, for the sale of blast furnace coke are generally recognized at a point in time when the product is delivered, which represents the transfer of control to the customer. Other revenues are generally recognized over time based upon services provided or through the passage of time ratably based upon providing a stand-ready service. DTE Energy has determined that the above methods represent a faithful depiction of the transfer of control to the customer. Market based pricing structures exist in such contracts including adjustments for consumer price or other indices. Consideration may consist of both fixed and variable components. Generally, uncertainties in the variable consideration components are resolved, and revenues are known at the time of recognition. Billing terms vary and are generally monthly with payment terms typically within 30 days following billing. Energy Trading Energy Trading revenues consist primarily of derivative contracts outside of the scope of Topic 606. For performance obligations within the scope of Topic 606, the timing of revenue recognition is dependent upon when control over the associated product or service is transferred. Revenues, including estimated unbilled amounts, within the scope of Topic 606 arising from the sale of natural gas, electricity, power capacity, and other energy related products are generally recognized over time based upon volumes delivered or through the passage of time ratably based upon providing a stand-ready service. DTE Energy has determined that the above methods represent a faithful depiction of the transfer of control to the customer. Revenues are known at the time of recognition. Payment for the aforementioned revenues is generally due from customers in the month following delivery. Revenues associated with RECs and other environmental products are recognized at a point in time when control is transferred to the customer which is deemed to be when these products are entered for transfer to the customer in the applicable tracking system. Revenues associated with RECs under a wholesale full requirements power contract are deferred until control has been transferred. The deferred revenues represent a contract liability for which payment has been received and the amounts have been estimated using the adjusted market assessment approach. With the exception of RECs, generally all other performance obligations associated with wholesale full requirements power contracts are satisfied over time in conjunction with the delivery of power. At the time power is delivered, DTE Energy may not have control over the RECs as the RECs are not self-generated and may not yet have been procured resulting in deferred revenues. Deferred Revenue The following is a summary of deferred revenue activity: DTE Energy (In millions) Beginning Balance, January 1, 2021 (a) $ 65 Increases due to cash received or receivable, excluding amounts recognized as revenue during the period 72 Revenue recognized that was included in the deferred revenue balance at the beginning of the period (59) Ending Balance, December 31, 2021 $ 78 _______________________________________ (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: DTE Energy (In millions) 2022 $ 75 2023 1 2024 1 2025 — 2026 — 2027 and thereafter 1 $ 78 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: DTE Energy DTE Electric (In millions) 2022 $ 292 $ 8 2023 285 8 2024 171 8 2025 91 — 2026 59 — 2027 and thereafter 364 — $ 1,262 $ 24 |
Property, Plant, and Equipment
Property, Plant, and Equipment | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant, and Equipment | PROPERTY, PLANT, AND EQUIPMENT The following is a summary of Property, plant, and equipment by classification as of December 31: 2021 2020 Property, plant, and equipment (In millions) DTE Electric Zero carbon generation Nuclear $ 3,394 $ 3,295 Renewables 2,522 1,817 Fossil and other generation 8,640 8,031 Distribution 11,414 10,354 Other 2,879 2,674 Total DTE Electric 28,849 26,171 DTE Gas Distribution 4,900 4,517 Storage 593 576 Transmission and other 1,415 1,341 Total DTE Gas 6,908 6,434 DTE Vantage 1,118 1,194 Other 208 217 Total DTE Energy $ 37,083 $ 34,016 Accumulated depreciation and amortization DTE Electric Zero carbon generation Nuclear $ (413) $ (373) Renewables (357) (295) Fossil and other generation (3,214) (3,014) Distribution (2,842) (2,686) Other (850) (682) Total DTE Electric (7,676) (7,050) DTE Gas Distribution (1,265) (1,215) Storage (154) (146) Transmission and other (426) (403) Total DTE Gas (1,845) (1,764) DTE Vantage (545) (619) Other (73) (84) Total DTE Energy $ (10,139) $ (9,517) Net DTE Energy Property, plant, and equipment $ 26,944 $ 24,499 Net DTE Electric Property, plant, and equipment $ 21,173 $ 19,121 AFUDC and Capitalized Interest AFUDC represents the cost of financing construction projects for regulated businesses, including the estimated cost of debt and authorized return-on-equity. The debt component is recorded as a reduction to interest expense and the equity component is recorded as other income. Non-regulated businesses record capitalized interest as a reduction to interest expense. The AFUDC and capitalized interest rates were as follows for the years ended December 31: 2021 2020 2019 DTE Electric AFUDC 5.46 % 5.47 % 5.43 % DTE Gas AFUDC 5.55 % 5.56 % 5.56 % Non-regulated businesses capitalized interest 3.30 % 3.90 % 4.00 % The following is a summary of AFUDC and interest capitalized for the years ended December 31: 2021 2020 2019 DTE Energy (In millions) Allowance for debt funds used during construction and interest capitalized $ 12 $ 11 $ 14 Allowance for equity funds used during construction 27 25 24 Total $ 39 $ 36 $ 38 2021 2020 2019 DTE Electric (In millions) Allowance for debt funds used during construction $ 11 $ 10 $ 10 Allowance for equity funds used during construction 25 23 22 Total $ 36 $ 33 $ 32 Depreciation and Amortization The composite depreciation rate for DTE Electric was approximately 4.2%, 4.2%, and 4.0% in 2021, 2020 and 2019, respectively. The composite depreciation rate for DTE Gas was 2.9%, 2.8%, and 2.7% in 2021, 2020, and 2019, respectively. The average estimated useful life for each major class of utility Property, plant, and equipment as of December 31, 2021 follows: Estimated Useful Lives in Years Utility Generation Distribution Storage DTE Electric 34 38 N/A DTE Gas N/A 49 58 The estimated useful lives for DTE Electric's Other utility assets range from 3 to 80 years, while the estimated useful lives for DTE Gas' Transmission and other utility assets range from 3 to 80 years. The estimated useful lives for major classes of DTE Energy's non-utility assets and facilities range from 3 to 50 years. The following is a summary of Depreciation and amortization expense for DTE Energy: 2021 2020 2019 (In millions) Property, plant, and equipment $ 1,095 $ 1,025 $ 927 Regulatory assets and liabilities 259 244 227 Intangible assets 16 16 9 Other 7 7 6 $ 1,377 $ 1,292 $ 1,169 The following is a summary of Depreciation and amortization expense for DTE Electric: 2021 2020 2019 (In millions) Property, plant, and equipment $ 890 $ 831 $ 748 Regulatory assets and liabilities 214 207 193 Other 5 5 5 $ 1,109 $ 1,043 $ 946 Capitalized Software Capitalized software costs are classified as Property, plant, and equipment and the related amortization is included in accumulated depreciation and amortization on the Registrants' Consolidated Financial Statements. The Registrants capitalize the costs associated with computer software developed or obtained for use in their businesses. The Registrants amortize capitalized software costs on a straight-line basis over the expected period of benefit, ranging from 3 to 15 years for both DTE Energy and DTE Electric. The following balances for capitalized software relate to DTE Energy: Year Ended December 31, 2021 2020 2019 (In millions) Amortization expense of capitalized software $ 145 $ 128 $ 122 Gross carrying value of capitalized software $ 920 $ 863 Accumulated amortization of capitalized software $ 493 $ 430 The following balances for capitalized software relate to DTE Electric: Year Ended December 31, 2021 2020 2019 (In millions) Amortization expense of capitalized software $ 132 $ 118 $ 112 Gross carrying value of capitalized software $ 826 $ 756 Accumulated amortization of capitalized software $ 439 $ 363 |
Jointly-Owned Utility Plant
Jointly-Owned Utility Plant | 12 Months Ended |
Dec. 31, 2021 | |
Jointly Owned Utility Plant, Net Ownership Amount [Abstract] | |
Jointly-Owned Utility Plant | JOINTLY-OWNED UTILITY PLANT DTE Electric has joint ownership interest in two power plants, Belle River and Ludington Hydroelectric Pumped Storage. DTE Electric’s share of direct expenses of the jointly-owned plants are included in Fuel, purchased power, and gas — utility and Operation and maintenance expenses in the DTE Energy Consolidated Statements of Operations and Fuel and purchased power — utility and Operation and maintenance expenses in the DTE Electric Consolidated Statements of Operations. DTE Electric's ownership information of the two utility plants as of December 31, 2021 was as follows: Belle River Ludington In-service date 1984-1985 1973 Total plant capacity 1,270 MW 2,220 MW Ownership interest 81% 49% Investment in Property, plant, and equipment (in millions) $ 1,952 $ 618 Accumulated depreciation (in millions) $ 1,007 $ 128 Belle River The Michigan Public Power Agency (MPPA) has ownership interests in Belle River Unit No. 1 and other related facilities. The MPPA is entitled to 19% of the total capacity and energy of the plant and is responsible for the same percentage of the plant’s operation, maintenance, and capital improvement costs. Ludington Hydroelectric Pumped Storage Consumers Energy Company has an ownership interest in the Ludington Hydroelectric Pumped Storage Plant. Consumers Energy is entitled to 51% of the total capacity and energy of the plant and is responsible for the same percentage of the plant’s operation, maintenance, and capital improvement costs. |
Asset Retirement Obligations
Asset Retirement Obligations | 12 Months Ended |
Dec. 31, 2021 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations | ASSET RETIREMENT OBLIGATIONS DTE Electric has a legal retirement obligation for the decommissioning costs for its Fermi 1 and Fermi 2 nuclear plants, dismantlement of facilities located on leased property, and various other operations. DTE Electric has conditional retirement obligations for asbestos and PCB removal at certain of its power plants and various distribution equipment. DTE Gas has conditional retirement obligations for gas pipelines, certain service centers, compressor and gate stations. The Registrants recognize such obligations as liabilities at fair market value when they are incurred, which generally is at the time the associated assets are placed in service. Fair value is measured using expected future cash outflows discounted at the Registrants' credit-adjusted risk-free rate. For its utility operations, the Registrants recognize in the Consolidated Statements of Operations removal costs in accordance with regulatory treatment. Any differences between costs recognized related to asset retirement and those reflected in rates are recognized as either a Regulatory asset or liability on the Consolidated Statements of Financial Position. If a reasonable estimate of fair value cannot be made in the period in which the retirement obligation is incurred, such as for assets with indeterminate lives, the liability is recognized when a reasonable estimate of fair value can be made. Natural gas storage system and certain other distribution assets for DTE Gas and substations, manholes, and certain other distribution assets for DTE Electric have an indeterminate life. Therefore, no liability has been recorded for these assets. Changes to asset retirement obligations for 2021, 2020, and 2019 were as follows: 2021 2020 2019 DTE Energy (In millions) Asset retirement obligations at January 1 $ 2,829 $ 2,656 $ 2,463 Accretion 167 156 148 Liabilities incurred 28 24 11 Liabilities settled (30) (13) (17) Revision in estimated cash flows 168 6 51 Asset retirement obligations at December 31 $ 3,162 $ 2,829 $ 2,656 2021 2020 2019 DTE Electric (In millions) Asset retirement obligations at January 1 $ 2,607 $ 2,447 $ 2,271 Accretion 155 145 138 Liabilities incurred 29 18 1 Liabilities settled (27) (8) (14) Revision in estimated cash flows 168 5 51 Asset retirement obligations at December 31 $ 2,932 $ 2,607 $ 2,447 Approximately $2.4 billion of the asset retirement obligations represent nuclear decommissioning liabilities that are funded through a surcharge to electric customers over the life of the Fermi 2 nuclear plant. The NRC has jurisdiction over the decommissioning of nuclear power plants and requires minimum decommissioning funding based upon a formula. The MPSC and FERC regulate the recovery of costs of decommissioning nuclear power plants and both require the use of external trust funds to finance the decommissioning of Fermi 2. Rates approved by the MPSC provide for the recovery of decommissioning costs of Fermi 2 and the disposal of low-level radioactive waste. DTE Electric believes the MPSC collections will be adequate to fund the estimated cost of decommissioning. The decommissioning assets, anticipated earnings thereon, and future revenues from decommissioning collections will be used to decommission Fermi 2. DTE Electric expects the liabilities to be reduced to zero at the conclusion of the decommissioning activities. If amounts remain in the trust funds for Fermi 2 following the completion of the decommissioning activities, those amounts will be disbursed based on rulings by the MPSC and FERC. |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2021 | |
Regulatory Assets and Liabilities Disclosure [Abstract] | |
Regulatory Matters | REGULATORY MATTERS Regulation DTE Electric and DTE Gas are subject to the regulatory jurisdiction of the MPSC, which issues orders pertaining to rates, recovery of certain costs, including the costs of generating facilities and regulatory assets, conditions of service, accounting, and operating-related matters. DTE Electric is also regulated by the FERC with respect to financing authorization, wholesale electric market activities, certain affiliate transactions, the acquisition and disposition of certain generation and other facilities, and, in conjunction with the NERC, compliance with mandatory reliability standards. Regulation results in differences in the application of generally accepted accounting principles between regulated and non-regulated businesses. The Registrants are unable to predict the outcome of any unresolved regulatory matters discussed herein. Resolution of these matters is dependent upon future MPSC and FERC orders and appeals, which may materially impact the Consolidated Financial Statements of the Registrants. Regulatory Assets and Liabilities DTE Electric and DTE Gas are required to record Regulatory assets and liabilities for certain transactions that would have been treated as revenue or expense in non-regulated businesses. Continued applicability of regulatory accounting treatment requires that rates be designed to recover specific costs of providing regulated services and be charged to and collected from customers. Future regulatory changes could result in the discontinuance of this accounting treatment for Regulatory assets and liabilities for some or all of the Registrants' businesses and may require the write-off of the portion of any Regulatory asset or liability that was no longer probable of recovery through regulated rates. Management believes that currently available facts support the continued use of Regulatory assets and liabilities and that all Regulatory assets and liabilities are recoverable or refundable in the current regulatory environment. The following are balances and a brief description of the Registrants' Regulatory assets and liabilities at December 31: DTE Energy DTE Electric 2021 2020 2021 2020 Assets (In millions) Recoverable pension and other postretirement costs Pension $ 1,372 $ 1,938 $ 1,056 $ 1,477 Other postretirement costs 53 165 27 108 Recoverable undepreciated costs on retiring plants 667 664 667 664 Fermi 2 asset retirement obligation 613 645 613 645 Enhanced Tree Trimming Program deferred costs 189 119 189 119 Recoverable Michigan income taxes 163 176 133 142 Accrued PSCR/GCR revenue 160 100 142 100 Energy Waste Reduction incentive 79 62 63 49 Recoverable income taxes related to AFUDC equity 68 64 61 54 Deferred environmental costs 51 57 — — Unamortized loss on reacquired debt 51 55 38 41 Customer360 deferred costs 46 51 46 51 Nuclear Performance Evaluation and Review Committee Tracker 39 55 39 55 Non-service pension and other postretirement costs 25 21 — — Energy Waste Reduction 20 19 — — Other recoverable income taxes 16 19 16 19 Transitional Reconciliation Mechanism 8 11 8 11 Other 57 33 38 28 3,677 4,254 3,136 3,563 Less amount included in Current Assets (195) (129) (168) (123) $ 3,482 $ 4,125 $ 2,968 $ 3,440 DTE Energy DTE Electric 2021 2020 2021 2020 Liabilities (In millions) Refundable federal income taxes $ 2,117 $ 2,255 $ 1,729 $ 1,827 Removal costs liability 679 831 283 410 Negative other postretirement offset 150 122 106 86 Non-service pension and other postretirement costs 110 78 54 36 Incremental tree trim surge 90 — 90 — COVID-19 voluntary refund 30 30 30 30 Energy Waste Reduction 27 15 27 15 Renewable energy 13 21 13 21 Other 46 50 43 25 3,262 3,402 2,375 2,450 Less amount included in Current Liabilities (156) (39) (154) (18) $ 3,106 $ 3,363 $ 2,221 $ 2,432 As noted below, certain Regulatory assets for which costs have been incurred have been included (or are expected to be included, for costs incurred subsequent to the most recently approved rate case) in DTE Electric's or DTE Gas' rate base, thereby providing a return on invested costs (except as noted). Certain other Regulatory assets are not included in rate base but accrue recoverable carrying charges until surcharges to collect the assets are billed. Certain Regulatory assets do not result from cash expenditures and therefore do not represent investments included in rate base or have offsetting liabilities that reduce rate base. ASSETS • Recoverable pension and other postretirement costs — Accounting standards for pension and other postretirement benefit costs require, among other things, the recognition in Other comprehensive income of the actuarial gains or losses and the prior service costs that arise during the period but are not immediately recognized as components of net periodic benefit costs. DTE Electric and DTE Gas record the impact of actuarial gains or losses and prior service costs as Regulatory assets since the traditional rate setting process allows for the recovery of pension and other postretirement costs. The asset will reverse as the deferred items are amortized and recognized as components of net periodic benefit costs. Refer to Note 20 to the Consolidated Financial Statements, "Retirement Benefits and Trusteed Assets," for additional information regarding the changes in pension and other postretirement costs for the period and the impact on Regulatory assets. (a) • Recoverable undepreciated costs on retiring plants — Deferral of estimated remaining balances associated with coal power plants expected to be retired by the end of 2022. Amounts also include $73 million for the remaining undepreciated cost of the River Rouge power plant, which was retired in 2021 and approved for securitization and recovery in the MPSC's June 2021 order. Refer to the "2021 Securitization Filing" section below for additional information. • Fermi 2 asset retirement obligation — Obligation for Fermi 2 decommissioning costs. The asset captures the timing differences between expense recognition and current recovery in rates and will reverse over the remaining life of the related plant. (a) • Enhanced Tree Trimming Program deferred costs — The MPSC approved the deferral of costs for a tree trimming surge through 2022, aimed at reducing the number and duration of customer interruptions. The MPSC also approved the securitization and recovery of up to $157 million of these costs in their June 2021 order. Refer to the "2021 Securitization Filing" section below for additional information. Additional tree trim surge costs are expected to be recovered through future securitization filings. DTE Electric also requested continued deferral of tree trimming surge costs through 2024 in its January 21, 2022 rate case filing, with an MPSC order expected in November 2022. • Recoverable Michigan income taxes — The State of Michigan enacted a corporate income tax resulting in the establishment of state deferred tax liabilities for DTE Energy's utilities. Offsetting Regulatory assets were also recorded as the impacts of the deferred tax liabilities will be reflected in rates as the related taxable temporary differences reverse and flow through current income tax expense. • Accrued PSCR/GCR revenue — Receivable for the temporary under-recovery of and carrying costs on fuel and purchased power costs incurred by DTE Electric which are recoverable through the PSCR mechanism and temporary under-recovery of and carrying costs on gas costs incurred by DTE Gas which are recoverable through the GCR mechanism. • Energy Waste Reduction incentive — DTE Electric and DTE Gas operate MPSC approved energy waste reduction programs designed to reduce overall energy usage by their customers. The utilities are eligible to earn an incentive by exceeding statutory savings targets. The utilities have consistently exceeded the savings targets and recognize the incentive as a Regulatory asset in the period earned. (a) • Recoverable income taxes related to AFUDC equity — Accounting standards for income taxes require recognition of a deferred tax liability for the equity component of AFUDC. A Regulatory asset is required for the future increase in taxes payable related to the equity component of AFUDC that will be recovered from customers through future rates over the remaining life of the related plant. • Deferred environmental costs — The MPSC approved the deferral of investigation and remediation costs associated with DTE Gas' former MGP sites. Amortization of deferred costs is over a ten-year period beginning in the year after costs were incurred, with recovery (net of any insurance proceeds) through base rate filings. (a) • Unamortized loss on reacquired debt — The unamortized discount, premium, and expense related to debt redeemed with a refinancing are deferred, amortized, and recovered over the life of the replacement issue. • Customer360 deferred costs — The MPSC approved the deferral and amortization of certain costs associated with implementing Customer360, an integrated software application that enables improved interface among customer service, billing, meter reading, credit and collections, device management, account management, and retail access. Amortization of deferred costs over a 15-year amortization period began after the billing system was put into operation during the second quarter of 2017. The deferred costs are recorded as Regulatory Assets at DTE Electric and DTE Gas receives an intercompany charge for their proportionate share of amortization expense. • Nuclear Performance Evaluation and Review Committee Tracker — Deferral and amortization of certain costs associated with oversight and review of DTE Electric's nuclear power generation program, including safety and regulatory compliance, nuclear leadership, nuclear facilities, and operational and financial performance, pursuant to MPSC authorization. Deferrals are amortized over a five-year period with recovery through base rate filings. • Non-service pension and other postretirement costs — Upon adoption of ASU 2017-07 on January 1, 2018, certain non-service pension and other postretirement costs are no longer capitalized into Property, Plant & Equipment. Such costs may be recorded to Regulatory assets for ratemaking purposes and recovered as amortization expense based on the composite depreciation rate for plant-in-service. • Energy Waste Reduction — Receivable for the under-recovery of energy waste reduction costs incurred by DTE Gas which are recoverable through a surcharge. (a) • Other recoverable income taxes — Income tax receivable from DTE Electric's customers representing the difference in property-related deferred income taxes and amounts previously reflected in DTE Electric's rates. This asset will reverse over the remaining life of the related plant. • Transitional Reconciliation Mechanism — The MPSC approved the recovery of the deferred net incremental revenue requirement associated with the transition of PLD customers to DTE Electric's distribution system effective July 1, 2014. Annual reconciliations are filed and surcharges are implemented to recover approved amounts. ________________________________________________ (a) Regulatory assets not earning a return or accruing carrying charges. LIABILITIES • Refundable federal income taxes — In December 2017, the TCJA was enacted and reduced the corporate income tax rate, effective January 1, 2018. DTE Electric and DTE Gas remeasured deferred taxes, resulting in a reduction to deferred tax liabilities, to reflect the impact of the TCJA on the cumulative temporary differences expected to reverse after the effective date. Regulatory liabilities were also recorded to offset the impact of the deferred tax remeasurement reflected in rates. • Removal costs liability — The amounts collected from customers to fund future asset removal activities in excess of removal costs incurred. • Negative other postretirement offset — DTE Electric and DTE Gas' negative other postretirement costs are not included as a reduction to their authorized rates; therefore, DTE Electric and DTE Gas are accruing a Regulatory liability to eliminate the impact on earnings of the negative other postretirement expense accrual. The Regulatory liabilities will reverse to the extent DTE Electric and DTE Gas' other postretirement expense is positive in future years. • Non-service pension and other postretirement costs — Upon adoption of ASU 2017-07 on January 1, 2018, certain non-service pension and other postretirement cost activity is no longer credited to Property, Plant & Equipment. Such costs may be recorded to Regulatory liabilities for ratemaking purposes and refunded through credits to amortization expense based on the composite depreciation rate for plant-in-service. • Incremental tree trim surge — One-time voluntary refund to be administered by investing in tree trimming, incremental to the Enhanced Tree Trimming Program, without seeking future cost recovery. Refer to the “2020-2021 Accounting Applications” section below for additional information regarding the refund. • COVID-19 voluntary refund — One-time refund obligation owed to DTE Electric customers due to certain sales increases driven by the COVID-19 pandemic. Amortization of the liability will be used to offset the cost of service related to new plant, beginning January 1, 2022 and continuing until the earlier of the implementation of new base rates or December 31, 2022. • Energy Waste Reduction — Amounts collected in rates in excess of energy waste reduction costs incurred by DTE Electric. • Renewable energy — Amounts collected in rates in excess of renewable energy expenditures. 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 will 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 will be incremental to the Tree Trim Surge expenses previously authorized by the MPSC. On November 4, 2021, the MPSC issued an order authorizing the one-time accounting and a regulatory liability for a minimum of $70 million. In that order, the MPSC directed DTE Electric to file a letter before December 31, 2021 indicating the amount of the final regulatory liability it planned to record. On December 27, 2021, DTE Electric submitted a letter to the MPSC substantiating that a regulatory liability of $90 million would be recorded. On December 28, 2021, the MPSC Staff confirmed that DTE Electric complied with the requirements set forth in the November 4th order. Accordingly, DTE Electric recognized the regulatory liability of $90 million and will relieve the liability as the additional tree trim expenses are incurred during 2022-2023. If the full $90 million is not spent by the end of 2023, DTE Electric will 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 financing 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 recovery of these qualifying costs from DTE Electric's customers. A final MPSC financing 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 financing order further authorized customer charges for the timely recovery of the debt service costs on the securitization bonds and other ongoing qualified costs. Securitization financing is expected to occur in March 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 was 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 included projected changes in sales and working capital. On December 9, 2021, the MPSC issued an order approving an annual revenue increase of $84 million for services rendered on or after January 1, 2022 and a return on equity of 9.9%. 2022 Electric Rate Case Filing DTE Electric filed a rate case with the MPSC on January 21, 2022 requesting an increase in base rates of $388 million based on a projected twelve-month period ending October 31, 2023. The requested increase in base rates is primarily due to an increase in net plant resulting from generation and distribution investments, as well as related increases to depreciation and property tax expenses. The rate filing also requested an increase in return on equity from 9.9% to 10.25% and includes projected changes in sales. A final MPSC order in this case is expected in November 2022. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES Income Tax Summary DTE Energy files a consolidated federal income tax return. DTE Electric is a part of the consolidated federal income tax return of DTE Energy. DTE Energy and its subsidiaries file consolidated and/or separate company income tax returns in various states and localities, including a consolidated return in the State of Michigan. DTE Electric is part of the Michigan consolidated income tax return of DTE Energy. The federal, state and local income tax expense for DTE Electric is determined on an individual company basis with no allocation of tax expenses or benefits from other affiliates of DTE Energy. DTE Electric had income tax receivables with DTE Energy of $31 million and $8 million at December 31, 2021 and 2020, respectively. 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 year ended December 31, 2021. The Registrants' total Income Tax Expense varied from the statutory federal income tax rate for the following reasons: 2021 2020 2019 DTE Energy (In millions) Income Before Income Taxes $ 656 $ 1,082 $ 1,013 Income tax expense at 21% statutory rate $ 138 $ 227 $ 213 Production tax credits (138) (121) (128) TCJA regulatory liability amortization (103) (76) (38) State deferred tax remeasurement due to separation of DT Midstream, net of federal benefit (85) — — Investment tax credits (3) (4) (4) Net operating loss carryback — (34) — Enactment of West Virginia income tax legislation, net of federal benefit 8 — — Deferred intercompany gain 9 — — Valuation allowance on charitable contribution carryforwards 18 3 6 State and local income taxes, excluding items above, net of federal benefit 30 47 29 Other, net (4) (5) (7) Income Tax Expense (Benefit) $ (130) $ 37 $ 71 Effective income tax rate (19.9) % 3.4 % 7.0 % 2021 2020 2019 DTE Electric (In millions) Income Before Income Taxes $ 970 $ 887 $ 854 Income tax expense at 21% statutory rate $ 204 $ 186 $ 179 TCJA regulatory liability amortization (73) (62) (35) Production tax credits (70) (55) (45) Investment tax credits (3) (4) (4) State and local income taxes, excluding items above, net of federal benefit 54 50 49 Other, net (8) (6) (6) Income Tax Expense $ 104 $ 109 $ 138 Effective income tax rate 10.7 % 12.3 % 16.2 % Components of the Registrants' Income Tax Expense were as follows: 2021 2020 2019 DTE Energy (In millions) Current income tax expense (benefit) Federal $ (33) $ (249) $ (183) State and other income tax (12) 4 3 Total current income taxes (45) (245) (180) Deferred income tax expense (benefit) Federal (42) 227 218 State and other income tax (43) 55 33 Total deferred income taxes (85) 282 251 $ (130) $ 37 $ 71 2021 2020 2019 DTE Electric (In millions) Current income tax expense (benefit) Federal $ (11) $ 15 $ 25 State and other income tax (7) 5 16 Total current income taxes (18) 20 41 Deferred income tax expense Federal 47 30 51 State and other income tax 75 59 46 Total deferred income taxes 122 89 97 $ 104 $ 109 $ 138 Deferred tax assets and liabilities are recognized for the estimated future tax effect of temporary differences between the tax basis of assets or liabilities and the reported amounts in the Registrants' Consolidated Financial Statements. The Registrants' deferred tax assets (liabilities) were comprised of the following at December 31: DTE Energy DTE Electric 2021 2020 2021 2020 (In millions) Property, plant, and equipment $ (3,970) $ (3,691) $ (3,428) $ (3,099) Regulatory assets and liabilities (117) (102) (64) (53) Tax credit carry-forwards 1,260 1,144 379 278 Pension and benefits 310 310 282 264 Federal net operating loss carry-forward 199 109 5 — State and local net operating loss carry-forwards 73 36 15 — Investments in equity method investees 58 51 (1) — Other 75 115 71 85 (2,112) (2,028) (2,741) (2,525) Less: Valuation allowance (51) (41) — — Long-term deferred income tax liabilities $ (2,163) $ (2,069) $ (2,741) $ (2,525) Deferred income tax assets $ 2,224 $ 2,050 $ 988 $ 883 Deferred income tax liabilities (4,387) (4,119) (3,729) (3,408) $ (2,163) $ (2,069) $ (2,741) $ (2,525) Tax credit carry-forwards for DTE Energy include $1.3 billion of general business credits that expire from 2032 through 2041. No valuation allowance is required for the tax credits carry-forward deferred tax asset. DTE Energy has a pre-tax federal net operating loss carry-forward of $950 million as of December 31, 2021. The net operating loss carry-forwards generated in 2015 and 2016 will expire from 2035 through 2036, and the net operating loss carry-forward generated in 2018 and subsequent years will be carried forward indefinitely. No valuation allowance is required for the federal net operating loss deferred tax asset. DTE Energy has state and local deferred tax assets related to net operating loss carry-forwards of $73 million and $36 million at December 31, 2021 and 2020, respectively. Most of the state and local net operating loss carry-forwards expire from 2022 through 2041 with the remainder being carried forward indefinitely. DTE Energy has recorded valuation allowances of $51 million and $41 million at December 31, 2021 and 2020, respectively, including $29 million and $30 million for the respective periods related to the state net operating loss carryforwards noted above. The remaining valuation allowances related to charitable contribution carryforwards. The change in balances in 2021 includes establishing a valuation allowance of $18 million based on a change in expected ability to utilize certain of these charitable contributions carryforwards. In assessing the realizability of deferred tax assets, DTE Energy considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Tax credit carry-forwards for DTE Electric include $379 million of general business credits that expire from 2036 through 2041. No valuation allowance is required for the tax credits carry-forward deferred tax asset. DTE Electric has a pre-tax federal net operating loss carry-forward of $24 million as of December 31, 2021. The net operating loss carry-forward will be carried forward indefinitely. No valuation allowance is required for the federal net operating loss deferred tax asset. DTE Electric has $15 million in state and local deferred tax assets related to net operating loss carry-forwards at December 31, 2021 which will expire in 2030 and 2031. DTE Electric had no state and local deferred tax assets related to net operating loss carry-forwards at December 31, 2020. No valuation allowance is required for the state and local net operating loss deferred tax assets. The above tables exclude unamortized investment tax credits that are shown separately on the Registrants' Consolidated Statements of Financial Position. Investment tax credits are deferred and amortized to income over the average life of the related property. Uncertain Tax Positions A reconciliation of the beginning and ending amount of unrecognized tax benefits for the Registrants is as follows: 2021 2020 2019 DTE Energy (In millions) Balance at January 1 $ 10 $ 10 $ 10 Additions for tax positions of prior years — — — Balance at December 31 $ 10 $ 10 $ 10 2021 2020 2019 DTE Electric (In millions) Balance at January 1 $ 13 $ 13 $ 13 Additions for tax positions of prior years — — — Balance at December 31 $ 13 $ 13 $ 13 If recognized, all of the Registrants' unrecognized tax benefits would favorably impact their effective tax rate in future years. The Registrants do not anticipate any material decrease in unrecognized tax benefits in the next twelve months. The Registrants recognize interest and penalties pertaining to income taxes in Interest expense and Other expenses, respectively, on the Consolidated Statements of Operations. Accrued interest pertaining to income taxes for DTE Energy totaled $5 million at December 31, 2021 and 2020. DTE Energy recognized a nominal amount of interest expense related to income taxes in 2021 and $1 million in 2020 and 2019. DTE Energy has not accrued any penalties pertaining to income taxes. Accrued interest pertaining to income taxes for DTE Electric totaled $7 million at December 31, 2021 and $6 million at December 31, 2020. DTE Electric recognized interest expense related to income taxes of $1 million in 2021, 2020, and 2019. DTE Electric has not accrued any penalties pertaining to income taxes. In 2021, DTE Energy, including DTE Electric, settled a federal tax audit for the 2019 tax year. DTE Energy's federal income tax returns for 2020 and subsequent years remain subject to examination by the IRS. DTE Energy's Michigan Business Tax returns for the years 2008-2011 and Michigan Corporate Income Tax returns for the year 2017 and subsequent years remain subject to examination by the State of Michigan. DTE Energy also files tax returns in numerous state and local jurisdictions with varying statutes of limitation. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2021 | |
Earnings Per Share [Abstract] | |
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. For additional information, see Notes 14 and 21 to the Consolidated Financial Statements, "Long-Term Debt" and "Stock-Based Compensation," respectively. The following is a reconciliation of DTE Energy's basic and diluted income per share calculation for the years ended December 31: 2021 2020 2019 (In millions, except per share amounts) Basic Earnings per Share Net Income Attributable to DTE Energy Company — continuing operations $ 796 $ 1,054 $ 955 Less: Allocation of earnings to net restricted stock awards (2) (2) (2) $ 794 $ 1,052 $ 953 Net Income Attributable to DTE Energy Company — discontinued operations 111 314 214 Net income available to common shareholders — basic $ 905 $ 1,366 $ 1,167 Average number of common shares outstanding — basic 193 193 185 Income from continuing operations $ 4.11 $ 5.46 $ 5.16 Income from discontinued operations 0.57 1.63 1.16 Basic Earnings per Common Share $ 4.68 $ 7.09 $ 6.32 Diluted Earnings per Share Net Income Attributable to DTE Energy Company — continuing operations $ 796 $ 1,054 $ 955 Less: Allocation of earnings to net restricted stock awards (2) (2) (2) $ 794 $ 1,052 $ 953 Net Income Attributable to DTE Energy Company — discontinued operations 111 314 214 Net income available to common shareholders — diluted $ 905 $ 1,366 $ 1,167 Average number of common shares outstanding — basic 193 193 185 Average dilutive equity units and performance share awards 1 — — Average number of common shares outstanding — diluted 194 193 185 Income from continuing operations $ 4.10 $ 5.45 $ 5.15 Income from discontinued operations 0.57 1.63 1.16 Diluted Earnings per Common Share (a) $ 4.67 $ 7.08 $ 6.31 _______________________________________ (a) Equity units excluded from the calculation of diluted EPS were approximately 11.5 million for the year ended December 31, 2021 and 10.3 million for the years ended December 31, 2020 and 2019, respectively, as the dilutive stock price threshold was not met. For more information regarding equity units, see Note 14 to the Consolidated Financial Statements, "Long-Term Debt." |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2021 | |
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 December 31, 2021 and 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: December 31, 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) $ 4 $ — $ — $ — $ — $ 4 $ 438 $ — $ — $ — $ — $ 438 Nuclear decommissioning trusts Equity securities 917 — — 190 — 1,107 947 — — 222 — 1,169 Fixed income securities 124 418 — 102 — 644 102 371 — 82 — 555 Private equity and other — — — 205 — 205 — — — 104 — 104 Hedge funds and similar investments 58 18 — — — 76 — — — — — — Cash equivalents 39 — — — — 39 27 — — — — 27 Other investments (d) Equity securities 68 — — — — 68 55 — — — — 55 Fixed income securities 7 — — — — 7 8 — — — — 8 Cash equivalents 86 — — — — 86 97 — — — — 97 Derivative assets Commodity contracts (e) Natural gas 273 115 66 — (394) 60 99 74 60 — (156) 77 Electricity — 500 143 — (441) 202 — 128 52 — (120) 60 Environmental & Other — 285 9 — (285) 9 — 150 4 — (135) 19 Total derivative assets 273 900 218 — (1,120) 271 99 352 116 — (411) 156 Total $ 1,576 $ 1,336 $ 218 $ 497 $ (1,120) $ 2,507 $ 1,773 $ 723 $ 116 $ 408 $ (411) $ 2,609 Liabilities Derivative liabilities Commodity contracts (e) Natural gas $ (177) $ (172) $ (245) $ — $ 347 $ (247) $ (88) $ (59) $ (76) $ — $ 151 $ (72) Electricity — (434) (188) — 443 (179) — (126) (42) — 125 (43) Environmental & Other — (288) — — 288 — — (137) — — 129 (8) Foreign currency exchange contracts — (4) — — — (4) — (5) — — — (5) Total $ (177) $ (898) $ (433) $ — $ 1,078 $ (430) $ (88) $ (327) $ (118) $ — $ 405 $ (128) Net Assets (Liabilities) at end of period $ 1,399 $ 438 $ (215) $ 497 $ (42) $ 2,077 $ 1,685 $ 396 $ (2) $ 408 $ (6) $ 2,481 Assets Current $ 227 $ 646 $ 166 $ — $ (854) $ 185 $ 532 $ 260 $ 92 $ — $ (330) $ 554 Noncurrent 1,349 690 52 497 (266) 2,322 1,241 463 24 408 (81) 2,055 Total Assets $ 1,576 $ 1,336 $ 218 $ 497 $ (1,120) $ 2,507 $ 1,773 $ 723 $ 116 $ 408 $ (411) $ 2,609 Liabilities Current $ (168) $ (609) $ (260) $ — $ 799 $ (238) $ (84) $ (223) $ (79) $ — $ 318 $ (68) Noncurrent (9) (289) (173) — 279 (192) (4) (104) (39) — 87 (60) Total Liabilities $ (177) $ (898) $ (433) $ — $ 1,078 $ (430) $ (88) $ (327) $ (118) $ — $ 405 $ (128) Net Assets (Liabilities) at end of period $ 1,399 $ 438 $ (215) $ 497 $ (42) $ 2,077 $ 1,685 $ 396 $ (2) $ 408 $ (6) $ 2,481 _______________________________________ (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 December 31, 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: December 31, 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 $ — $ — $ — $ — $ — $ 4 $ — $ — $ — $ 4 Nuclear decommissioning trusts Equity securities 917 — — 190 1,107 947 — — 222 1,169 Fixed income securities 124 418 — 102 644 102 371 — 82 555 Private equity and other — — — 205 205 — — — 104 104 Hedge funds and similar investments 58 18 — — 76 — — — — — Cash equivalents 39 — — — 39 27 — — — 27 Other investments Equity securities 20 — — — 20 16 — — — 16 Fixed income securities — — — — — — — — — — Cash equivalents 11 — — — 11 11 — — — 11 Derivative assets — FTRs — — 9 — 9 — — 4 — 4 Total $ 1,169 $ 436 $ 9 $ 497 $ 2,111 $ 1,107 $ 371 $ 4 $ 408 $ 1,890 Assets Current $ — $ — $ 9 $ — $ 9 $ 4 $ — $ 4 $ — $ 8 Noncurrent 1,169 436 — 497 2,102 1,103 371 — 408 1,882 Total Assets $ 1,169 $ 436 $ 9 $ 497 $ 2,111 $ 1,107 $ 371 $ 4 $ 408 $ 1,890 _______________________________________ (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 $199 million and $183 million as of December 31, 2021 and 2020, respectively. Hedge funds and similar investments utilize a diversified group of strategies that attempt to capture uncorrelated sources of return. These investments include publicly traded mutual funds that are valued using quoted prices in actively traded markets, as well as insurance-linked and asset-backed securities and that are valued using quotations from broker or pricing services. 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: Year Ended December 31, 2021 Year Ended December 31, 2020 Natural Gas Electricity Other Total Natural Gas Electricity Other Total (In millions) Net Assets (Liabilities) as of January 1 $ (16) $ 10 $ 4 $ (2) $ (15) $ 16 $ 3 $ 4 Transfers from Level 3 into Level 2 — — — — (2) — — (2) Total gains (losses) Included in earnings (a) (343) 54 — (289) (75) 113 (7) 31 Recorded in Regulatory liabilities — — 19 19 — — 20 20 Purchases, issuances, and settlements: Settlements 180 (109) (14) 57 76 (119) (12) (55) Net Assets (Liabilities) as of December 31 $ (179) $ (45) $ 9 $ (215) $ (16) $ 10 $ 4 $ (2) Total gains (losses) included in Net Income attributed to the change in unrealized gains (losses) related to assets and liabilities held at December 31 (a) $ (208) $ 4 $ (72) $ (276) $ (4) $ 70 $ (70) $ (4) Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at December 31 $ — $ — $ 9 $ 9 $ — $ — $ 4 $ 4 _______________________________________ (a) Amounts are reflected in Operating Revenues — Non-utility operations and Fuel, purchased power, gas, and other — non-utility in DTE Energy's Consolidated Statements of Operations. The following table presents the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis for DTE Electric: Year Ended December 31, 2021 2020 (In millions) Net Assets as of January 1 $ 4 $ 3 Total gains recorded in Regulatory liabilities 19 20 Purchases, issuances, and settlements: Settlements (14) (19) Net Assets as of December 31 $ 9 $ 4 Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at December 31 $ 9 $ 4 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 years ended December 31, 2021 and 2020. The following tables present the unobservable inputs related to DTE Energy's Level 3 assets and liabilities: December 31, 2021 Commodity Contracts Derivative Assets Derivative Liabilities Valuation Techniques Unobservable Input Range Weighted Average (In millions) Natural Gas $ 66 $ (245) Discounted Cash Flow Forward basis price (per MMBtu) $ (1.36) — $ 3.82 /MMBtu $ (0.04) /MMBtu Electricity $ 143 $ (188) Discounted Cash Flow Forward basis price (per MWh) $ (12) — $ 7 /MWh $ (2) /MWh December 31, 2020 Commodity Contracts Derivative Assets Derivative Liabilities Valuation Techniques Unobservable Input Range Weighted Average (In millions) Natural Gas $ 60 $ (76) Discounted Cash Flow Forward basis price (per MMBtu) $ (0.86) — $ 2.50 /MMBtu $ (0.07) /MMBtu Electricity $ 52 $ (42) Discounted Cash Flow Forward basis price (per MWh) $ (9) — $ 6 /MWh $ — /MWh 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: December 31, 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 $ 150 $ — $ — $ 167 $ 141 $ — $ — $ 141 Short-term borrowings $ 758 $ — $ 758 $ — $ 38 $ — $ 38 $ — Notes payable (b) $ 27 $ — $ — $ 27 $ 19 $ — $ — $ 19 Long-term debt (c) $ 17,378 $ 2,284 $ 15,425 $ 1,207 $ 19,439 $ 2,547 $ 18,230 $ 1,397 _______________________________________ (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: December 31, 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 — Other (a) $ 17 $ — $ — $ 17 $ 16 $ — $ — $ 16 Short-term borrowings — affiliates $ 53 $ — $ — $ 53 $ 101 $ — $ — $ 101 Short-term borrowings — other $ 153 $ — $ 153 $ — $ — $ — $ — $ — Notes payable (b) $ 27 $ — $ — $ 27 $ 17 $ — $ — $ 17 Long-term debt (c) $ 8,907 $ — $ 9,898 $ 150 $ 8,236 $ — $ 9,579 $ 379 _______________________________________ (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 13 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. See Note 8 to the Consolidated Financial Statements, "Asset Retirement Obligations." The following table summarizes DTE Electric's fair value of the nuclear decommissioning trust fund assets: December 31, 2021 2020 (In millions) Fermi 2 $ 2,051 $ 1,841 Fermi 1 3 3 Low-level radioactive waste 17 11 $ 2,071 $ 1,855 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: Year Ended December 31, 2021 2020 2019 (In millions) Realized gains $ 95 $ 192 $ 56 Realized losses $ (12) $ (111) $ (31) Proceeds from sale of securities $ 1,047 $ 2,350 $ 788 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: December 31, 2021 December 31, 2020 Fair Unrealized Unrealized Losses Fair Unrealized Unrealized Losses (In millions) Equity securities $ 1,107 $ 546 $ (9) $ 1,169 $ 468 $ (6) Fixed income securities 644 23 (6) 555 22 (1) Private equity and other 205 58 (8) 104 11 — Hedge funds and similar investments 76 1 (2) — — — Cash equivalents 39 — — 27 — — $ 2,071 $ 628 $ (25) $ 1,855 $ 501 $ (7) The following table summarizes the fair value of the fixed income securities held in nuclear decommissioning trust funds by contractual maturity: December 31, 2021 (In millions) Due within one year $ 20 Due after one through five years 135 Due after five through ten years 109 Due after ten years 278 $ 542 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 December 31, 2021 and 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 Registrants' gains (losses) related to the trust: Year Ended December 31, 2021 2020 2019 (In millions) Gains (losses) related to equity securities $ 7 $ (1) $ 27 Gains (losses) related to fixed income securities — (2) 10 $ 7 $ (3) $ 37 |
Financial and Other Derivative
Financial and Other Derivative Instruments | 12 Months Ended |
Dec. 31, 2021 | |
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, some 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 renewable gas recovery projects, industrial energy projects, reduced emissions fuel projects, 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 December 31, 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: December 31, 2021 December 31, 2020 Derivative Derivative Derivative Derivative (In millions) Derivatives designated as hedging instruments Foreign currency exchange contracts $ — $ (4) $ — $ (4) Derivatives not designated as hedging instruments Commodity contracts Natural gas $ 454 $ (594) $ 233 $ (223) Electricity 643 (622) 180 (168) Environmental & Other 294 (288) 154 (137) Foreign currency exchange contracts — — — (1) Total derivatives not designated as hedging instruments $ 1,391 $ (1,504) $ 567 $ (529) Current $ 1,035 $ (1,037) $ 446 $ (386) Noncurrent 356 (471) 121 (147) Total derivatives $ 1,391 $ (1,508) $ 567 $ (533) The fair value of derivative instruments at DTE Electric was $9 million and $4 million at December 31, 2021 and 2020, respectively, comprised of FTRs recorded to Other current assets on the Consolidated Statements of Financial Position and not designated as hedging instruments. 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 $18 million outstanding at December 31, 2021 and $7 million at December 31, 2020, 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 $37 million and $9 million at December 31, 2021 and 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: December 31, 2021 2020 (In millions) Cash collateral netted against Derivative assets $ (90) $ (12) Cash collateral netted against Derivative liabilities 48 6 Cash collateral recorded in Accounts receivable (a) 55 14 Cash collateral recorded in Accounts payable (a) (21) (1) Total net cash collateral posted (received) $ (8) $ 7 _______________________________________ (a) Amounts are recorded net by counterparty. The following table presents the netting offsets of Derivative assets and liabilities for DTE Energy: December 31, 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 $ 454 $ (394) $ 60 $ 233 $ (156) $ 77 Electricity 643 (441) 202 180 (120) 60 Environmental & Other 294 (285) 9 154 (135) 19 Total derivative assets $ 1,391 $ (1,120) $ 271 $ 567 $ (411) $ 156 Derivative liabilities Commodity contracts Natural gas $ (594) $ 347 $ (247) $ (223) $ 151 $ (72) Electricity (622) 443 (179) (168) 125 (43) Environmental & Other (288) 288 — (137) 129 (8) Foreign currency exchange contracts (4) — (4) (5) — (5) Total derivative liabilities $ (1,508) $ 1,078 $ (430) $ (533) $ 405 $ (128) 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: December 31, 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 $ 1,035 $ 356 $ (1,037) $ (471) $ 446 $ 121 $ (386) $ (147) Counterparty netting (791) (239) 791 239 (318) (81) 318 81 Collateral adjustment (63) (27) 8 40 (12) — — 6 Total derivatives as reported $ 181 $ 90 $ (238) $ (192) $ 116 $ 40 $ (68) $ (60) The effect of derivatives not designated as hedging instruments on DTE Energy's Consolidated Statements of Operations is as follows: Location of Gain (Loss) Recognized in Income on Derivatives Gain (Loss) Recognized in Income on Derivatives for Years Ended December 31, 2021 2020 2019 (In millions) Commodity contracts Natural gas Operating Revenues — Non-utility operations $ (224) $ (70) $ 44 Natural gas Fuel, purchased power, gas, and other — non-utility (89) 20 (5) Electricity Operating Revenues — Non-utility operations 169 91 44 Environmental & Other Operating Revenues — Non-utility operations (40) (118) (26) Foreign currency exchange contracts Operating Revenues — Non-utility operations — (6) (2) Total $ (184) $ (83) $ 55 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 December 31, 2021: Commodity Number of Units Natural gas (MMBtu) 2,139,606,569 Electricity (MWh) 32,140,743 Foreign currency exchange ($ CAD) 116,073,431 Renewable Energy Certificates (MWh) 7,711,766 Carbon emissions (Metric Ton) 1,142,009 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 December 31, 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 $667 million. As of December 31, 2021, DTE Energy had $1.3 billion of derivatives in net liability positions, for which hard triggers exist. There is $8 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 $1.0 billion. The net remaining amount of $232 million is derived from the $667 million noted above. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | LONG-TERM DEBT Long-Term Debt DTE Energy's long-term debt outstanding and weighted average interest rates of debt outstanding at December 31 were: Interest Rate (a) Maturity Date 2021 2020 (In millions) Mortgage bonds, notes, and other DTE Energy Debt, Unsecured 2.1% 2022 — 2030 $ 5,555 $ 8,175 DTE Electric Debt, Principally Secured 3.7% 2022 — 2051 8,988 8,308 DTE Gas Debt, Principally Secured 3.9% 2023 — 2051 2,065 1,910 16,608 18,393 Unamortized debt discount (23) (25) Unamortized debt issuance costs (90) (104) Long-term debt due within one year (2,866) (462) $ 13,629 $ 17,802 Junior Subordinated Debentures Subordinated Debentures 4.8% 2077 — 2081 $ 910 $ 1,210 Unamortized debt issuance costs (27) (35) $ 883 $ 1,175 _______________________________________ (a) Weighted average interest rate as of December 31, 2021. DTE Electric's long-term debt outstanding and weighted average interest rates of debt outstanding at December 31 were: Interest Rate (a) Maturity Date 2021 2020 (In millions) Mortgage bonds, notes, and other Long Term Debt, Principally Secured 3.7% 2022 — 2051 $ 8,988 $ 8,308 Unamortized debt discount (19) (16) Unamortized debt issuance costs (62) (56) Long-term debt due within one year (316) (462) $ 8,591 $ 7,774 _______________________________________ (a) Weighted average interest rate as of December 31, 2021. Debt Issuances In 2021, the following debt was issued: Company Month Type Interest Rate Maturity Date Amount (In millions) DTE Electric March Mortgage bonds (a) 1.90% 2028 $ 575 DTE Electric March Mortgage bonds (a) 3.25% 2051 425 DT Midstream June Senior notes (b) 4.125% 2029 1,100 DT Midstream June Senior notes (b) 4.375% 2031 1,000 DT Midstream June Term loan facility (b) Variable 2028 1,000 DTE Gas November Mortgage bonds (c) 2.07% 2031 60 DTE Gas November Mortgage bonds (c) 2.85% 2051 95 DTE Energy November Junior subordinated debentures (d) 4.375% 2081 280 $ 4,535 _______________________________________ (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 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. (c) Proceeds used for the repayment of short-term borrowings and general corporate purposes, including capital expenditures. (d) Proceeds used for the repayment of $280 million of DTE Energy's 2016 Series F 6.00% Junior Subordinated Debentures due 2076. 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. Debt Redemptions In 2021, the following debt was redeemed: Company Month Type Interest Rate Maturity Date Amount (In millions) DTE Electric April Mortgage bonds 3.90% 2021 $ 250 DTE Electric May Mortgage bonds 7.00% 2021 33 DTE Energy June Junior subordinated debentures (a) 5.375% 2076 300 DTE Energy July Senior notes 3.30% 2022 300 DTE Energy July Senior notes 2.60% 2022 300 DTE Energy July Senior notes 3.70% 2023 600 DTE Energy July Senior notes 3.85% 2023 135 DTE Energy July Senior notes 3.50% 2024 350 DTE Energy July Senior notes 3.80% 2027 350 DTE Energy July Senior notes 3.40% 2029 21 DTE Energy July Senior notes 6.375% 2033 191 DTE Energy August Senior notes 3.85% 2023 165 DTE Energy August Senior notes 6.375% 2033 209 DTE Electric August Mortgage bonds 6.90% 2021 38 DTE Energy December Junior subordinated debentures (a) 6.00% 2076 280 $ 3,522 _______________________________________ (a) Early redemptions and the write-off of unamortized issuance costs resulted in a total loss on extinguishment of debt of $17 million for the year ended December 31, 2021, including $8 million for the June redemption and $9 million for the December redemption. 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 year ended December 31, 2021. The following table shows the Registrants' scheduled debt maturities, excluding any unamortized discount on debt: 2022 2023 2024 2025 2026 2027 and Thereafter Total (In millions) DTE Energy (a) $ 2,866 $ 277 $ 1,075 $ 1,220 $ 777 $ 11,302 $ 17,517 DTE Electric $ 316 $ 202 $ 400 $ 350 $ 177 $ 7,543 $ 8,988 _______________________________________ (a) Amounts include DTE Electric's scheduled debt maturities. The following table shows scheduled interest payments related to the Registrants' long-term debt: 2022 2023 2024 2025 2026 2027 and Thereafter Total (In millions) DTE Energy (a) $ 575 $ 548 $ 529 $ 494 $ 450 $ 7,510 $ 10,106 DTE Electric $ 330 $ 322 $ 305 $ 292 $ 284 $ 4,222 $ 5,755 _______________________________________ (a) Amounts include DTE Electric's scheduled interest payments. Junior Subordinated Debentures DTE Energy has the right to defer interest payments on the Junior Subordinated Debentures. Should DTE Energy exercise this right, it cannot declare or pay dividends on, or redeem, purchase or acquire, any of its capital stock during the deferral period. Any deferred interest payments will bear additional interest at the rate associated with the related debt issue. As of December 31, 2021, no interest payments have been deferred on the Junior Subordinated Debentures. Cross Default Provisions Substantially all of the net utility properties of DTE Electric and DTE Gas are subject to the lien of mortgages. Should DTE Electric or DTE Gas fail to timely pay their indebtedness under these mortgages, such failure may create cross defaults in the indebtedness of DTE Energy. Acquisition Financing 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 RSN debt instruments and the stock purchase contract equity instruments are deemed to be separate instruments as the investor may trade the RSNs separately from the stock purchase contracts and may also settle the stock purchase contracts separately. The Corporate Units are listed on the New York Stock Exchange under the symbol DTP. 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 separation 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 RSNs bear interest at a rate of 2.25% per year, payable quarterly, and mature on November 1, 2025. The RSNs will be remarketed in 2022. If this remarketing is successful, the interest rate on the RSNs will be reset, and interest thereafter will be payable semi-annually at the reset rate. If there is no successful remarketing, the interest rate on the RSNs will not be reset. The holders of the RSNs would have the right to put the RSNs to DTE Energy at a price equal to 100% of the principal amount, and the proceeds of the put right would be deemed to have been applied against the holders’ obligation under the stock purchase contracts. DTE Energy may also redeem, in whole or in part, the RSNs in the event of a failed final remarketing. The present value of the future contract adjustment payments of $150 million was recorded as a reduction of shareholders’ equity, offset by the stock purchase contract liability. The stock purchase contract liability is included in Current Liabilities — Other and Other Liabilities —Other on DTE Energy’s Consolidated Statements of Financial Position. On February 1, 2020, DTE Energy began paying the stock purchase contract holders quarterly contract adjustment payments at a rate of 4% per year of the stated amount of $50 per equity unit, or $2 per year. Interest payments on the RSNs are being recorded as Interest expense and stock purchase contract payments are being charged against the liability. Accretion of the stock purchase contract liability is recorded as imputed Interest expense. 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 December 31, 2021, the stock purchase price contract was anti-dilutive and, therefore, not included in the computation of diluted earnings per share. If payments for the stock purchase contract are deferred, DTE Energy may not make any cash distributions related to its capital stock, including dividends, redemptions, repurchases, liquidation payments or guarantee payments. Also, during the deferral period, DTE Energy may not make any payments on or redeem or repurchase any debt securities that are equal in right of payment with, or subordinated to, the RSNs. 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. Selected information about DTE Energy’s equity units is presented below: Issuance Date Units Issued Total Net Proceeds Total Long-Term Debt RSN Annual Interest Rate Stock Purchase Contract Annual Rate Stock Purchase Settlement Date Stock Purchase Contract Liability (a) RSN Maturity Date (In millions, except interest rates) 11/1/19 26 $ 1,265 $ 1,300 2.25% 4.0% 11/1/2022 $ 150 11/1/2025 _______________________________________ (a) Payments of $50 million and $49 million were made in 2021 and 2020, respectively. The stock purchase contract liability was $51 million and $101 million as of December 31, 2021 and 2020, respectively, exclusive of interest. |
Preferred and Preference Securi
Preferred and Preference Securities | 12 Months Ended |
Dec. 31, 2021 | |
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |
Preferred and Preference Securities | PREFERRED AND PREFERENCE SECURITIES As of December 31, 2021, the amount of authorized and unissued stock is as follows: Company Type of Stock Par Value Shares Authorized DTE Energy Preferred $ — 5,000,000 DTE Electric Preferred $ 100 6,747,484 DTE Electric Preference $ 1 30,000,000 DTE Gas Preferred $ 1 7,000,000 DTE Gas Preference $ 1 4,000,000 |
Short-Term Credit Arrangements
Short-Term Credit Arrangements and Borrowings | 12 Months Ended |
Dec. 31, 2021 | |
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. In December 2021, DTE Energy entered into a $400 million unsecured term loan to raise additional liquidity, with terms consistent with the unsecured revolving credit agreements. No amount has been drawn as of December 31, 2021 and the loan will expire in June 2022. 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 December 31, 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 0.48 to 1, respectively, and were in compliance with this financial covenant. The availability under the facilities in place at December 31, 2021 is shown in the following table: DTE Energy DTE Electric DTE Gas Total (In millions) Unsecured revolving credit facility, expiring April 2025 (a) $ 1,500 $ 500 $ 300 $ 2,300 Unsecured term loan, expiring June 2022 400 — — 400 Unsecured Canadian revolving credit facility, expiring May 2023 87 — — 87 Unsecured letter of credit facility, expiring February 2023 150 — — 150 Unsecured letter of credit facility, expiring July 2023 70 — — 70 Unsecured letter of credit facility (b) 50 — — 50 2,257 500 300 3,057 Amounts outstanding at December 31, 2021 Revolver borrowings 75 — — 75 Commercial paper issuances 320 153 210 683 Letters of credit 258 — — 258 653 153 210 1,016 Net availability at December 31, 2021 $ 1,604 $ 347 $ 90 $ 2,041 _______________________________________ (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. For DTE Energy, the weighted average interest rate for short-term borrowings was 0.3% and 1.1% at December 31, 2021 and 2020, respectively. For DTE Electric, the weighted average interest rate for short-term borrowings was 0.2% at December 31, 2021. There were no short-term borrowings outstanding as of December 31, 2020. 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 $50 million with an indefinite term and an agreement for up to $150 million currently contracted through 2022 and subject to renewal. The $50 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 December 31, 2021, the capacity under these facilities was $250 million. The amount outstanding under these agreements was $103 million and $49 million at December 31, 2021 and 2020, respectively, and was fully offset by the posted collateral. Dividend Restrictions Certain of DTE Energy’s credit facilities contain a provision requiring DTE Energy to maintain a total funded debt to capitalization ratio, as defined in the agreements, of no more than 0.65 to 1, which has the effect of limiting the amount of dividends DTE Energy can pay in order to maintain compliance with this provision. As noted above, the total funded debt to capitalization ratio has been temporarily increased to 0.70 to 1 through December 2022. At December 31, 2021, the effect of this provision was a restriction on dividend payments to no more than $1.4 billion of DTE Energy's Retained earnings of $3.4 billion. There are no other effective limitations with respect to DTE Energy’s ability to pay dividends. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Leases | LEASES Lessee Leases at DTE Energy are primarily comprised of various forms of equipment, computer hardware, coal railcars, production facilities, buildings, and certain easement leases with terms ranging from approximately 2 to 40 years. Leases at DTE Electric are primarily comprised of various forms of equipment, computer hardware, coal railcars, and certain easement leases with terms ranging from approximately 2 to 40 years. A lease is deemed to exist when the Registrants have the right to control the use of identified property, plant or equipment, as conveyed through a contract, for a certain period of time and consideration paid. The right to control is deemed to occur when the Registrants have the right to obtain substantially all of the economic benefits of the identified assets and the right to direct the use of such assets. Lease liabilities are determined utilizing a discount rate to determine the present values of lease payments. Topic 842 requires the use of the rate implicit in the lease when it is readily determinable. When the rate implicit in the lease is not readily determinable, the incremental borrowing rate is used. The Registrants have determined their respective incremental borrowing rates based upon the rate of interest that would have been paid on a collateralized basis over similar tenors to that of the leases. The incremental borrowing rates for DTE Electric and DTE Gas have been determined utilizing respective secured borrowing rates for first mortgage bonds with like tenors of remaining lease terms. Incremental borrowing rates for non-utility entities have been determined utilizing an implied secured borrowing rate based upon an unsecured rate for a similar tenor of remaining lease terms, which is then adjusted for the estimated impact of collateral. Certain leases of the Registrants contain escalation clauses whereby the payments are adjusted for consumer price or labor indices. DTE Energy has leases with non-index based escalation clauses for fixed dollar or percentage increases. DTE Electric has leases with non-index based escalation clauses for fixed dollar increases. DTE Energy also has leases with variable payments based upon usage of, or revenues associated with, the leased assets. DTE Electric also has leases with variable payments based upon the usage of the leased assets. Certain leases of easements and coal railcars contain provisions whereby the Registrants have the option to terminate the lease agreement by giving notice of such termination during the time frames specified in the respective lease. The Registrants have considered such provisions in the determination of the lease term when it is reasonably certain that the lease would be terminated. The Registrants have certain leases which contain purchase options. Based upon the nature of the leased property and terms of the purchase options, the Registrants have determined it is not reasonably certain that such purchase options will be utilized. Thus, the impact of the purchase options has not been included in the determination of right-of-use assets and lease liabilities for the subject leases. The Registrants have certain leases which contain renewal options. Where the renewal options were deemed reasonably certain to occur, the impacts of such options were included in the determination of the right of use assets and lease liabilities. The Registrants have agreements with lease and non-lease components, which are generally accounted for separately. Consideration in a lease is allocated between lease and non-lease components based upon the estimated relative standalone prices. The Registrants have certain coal railcar leases for which non-lease and lease components are accounted for as a single lease component, as permitted under Topic 842. The following is a summary of the components of lease cost for the years ended December 31: DTE Energy DTE Electric 2021 2020 2019 2021 2020 2019 (In millions) Operating lease cost $ 19 $ 21 $ 23 $ 14 $ 14 $ 17 Finance lease cost: Amortization of right-of-use assets 7 5 4 6 4 4 Interest of lease liabilities 1 — — — — — Total finance lease cost 8 5 4 6 4 4 Variable lease cost 9 10 10 — — — Short-term lease cost 14 11 9 6 6 3 $ 50 $ 47 $ 46 $ 26 $ 24 $ 24 The Registrants have elected not to apply the recognition requirements of Topic 842 to leases with a term of 12 months or less. DTE Energy and DTE Electric record operating, variable, and short-term lease costs as Operating Expenses on the Consolidated Statements of Operations, except for certain amounts that may be capitalized to other assets. The following is a summary of other information related to leases for the years ended December 31: DTE Energy DTE Electric 2021 2020 2019 2021 2020 2019 (In millions) Supplemental Cash Flows Information Cash paid for amounts included in the measurement of these liabilities: Operating cash flows for finance leases $ 8 $ 3 $ 5 $ 7 $ 2 $ 5 Operating cash flows for operating leases $ 19 $ 22 $ 22 $ 14 $ 14 $ 16 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 5 $ 2 $ 42 $ 1 $ — $ 27 Finance leases $ 3 $ 19 $ 8 $ 1 $ 14 $ — Weighted Average Remaining Lease Term (Years) Operating leases 12.7 12.1 12.1 10.3 10.4 10.6 Finance leases 7.8 7.6 9.1 2.1 3.1 2.0 Weighted Average Discount Rate Operating leases 3.6 % 3.6 % 3.5 % 3.4 % 3.3 % 3.3 % Finance leases 2.2 % 2.0 % 3.1 % 1.0 % 1.0 % 3.1 % The Registrants' future minimum lease payments under leases for remaining periods as of December 31, 2021 are as follows: DTE Energy DTE Electric Operating Leases Finance Leases Operating Leases Finance Leases (In millions) 2022 $ 16 $ 8 $ 12 $ 6 2023 13 9 10 6 2024 11 3 8 1 2025 8 1 6 — 2026 7 1 5 — 2027 and thereafter 56 8 27 — Total future minimum lease payments 111 30 68 13 Imputed interest (23) (3) (12) — Lease liabilities $ 88 $ 27 $ 56 $ 13 Finance leases reported on the Consolidated Statements of Financial Position are as follows for the years ended December 31: DTE Energy DTE Electric 2021 2020 2021 2020 (In millions) Right-of-use assets, within Property, plant, and equipment, net $ 26 $ 29 $ 12 $ 16 Current lease liabilities, within Current portion of long-term debt $ 8 $ 7 $ 6 $ 6 Long-term lease liabilities $ 19 $ 24 $ 7 $ 13 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. DTE Energy also leases a portion of its pipeline system through a finance lease contract that has been renewed through 2025, with additional renewal options reasonably certain to be exercised through 2040. DTE Energy also leases various assets under operating leases for a pipeline, energy facilities and related equipment. Such leases are comprised of both fixed payments and variable payments which are contingent on volumes, with terms ranging from 2 to 24 years. Generally, the operating leases do not have renewal provisions or options to purchase the assets at the end of the lease. The operating leases generally do not have termination for convenience provisions. Termination may be allowed under specific circumstances stated in the lease contract, such as under an event of default. Certain of the finance and operating leases have lease terms that extend to the end of the estimated economic life of the leased assets, thereby resulting in no residual value. Any remaining residual values under the finance and operating leases are expected to be recovered through rates, renewals or new lease contracts. Residual values have been determined using the estimated economic life of the leased assets. The finance and operating leases do not contain residual value guarantees. Certain of the operating leases have both lease and non-lease components. The lease and non-lease components are allocated based upon estimated relative standalone selling prices. A lease is deemed to exist when the Registrants have provided other parties with the right to control the use of identified property, plant or equipment, as conveyed through a contract, for a certain period of time and consideration received. The right to control is deemed to occur when the Registrants have provided other parties with the right to obtain substantially all of the economic benefits of the identified assets and the right to direct the use of such assets. 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: 2021 2020 2019 (In millions) Fixed payments $ 67 $ 57 $ 56 Variable payments 131 124 128 $ 198 $ 181 $ 184 Operating revenues $ 103 $ 99 $ 121 Other income 95 82 63 $ 198 $ 181 $ 184 DTE Energy’s minimum future rental revenues under operating leases for remaining periods as of December 31, 2021 are as follows: DTE Energy (In millions) 2022 $ 15 2023 15 2024 15 2025 15 2026 11 2027 and thereafter 51 $ 122 Depreciation expense associated with DTE Energy's property under operating leases was $22 million, $24 million, and $23 million for the years ended December 31, 2021, 2020, and 2019 respectively. The following is a summary of property under operating leases for DTE Energy as of December 31: 2021 2020 (In millions) Gross property under operating leases $ 341 $ 389 Accumulated amortization of property under operating leases $ 181 $ 191 The components of DTE Energy’s net investment in finance leases for remaining periods as of December 31, 2021 are as follows: DTE Energy (In millions) 2022 $ 23 2023 22 2024 22 2025 21 2026 21 2027 and thereafter 271 Total minimum future lease receipts 380 Residual value of leased pipeline 17 Less unearned income 198 Net investment in finance lease 199 Less current portion 6 $ 193 Interest income recognized under finance leases was $17 million, $16 million, and $5 million for the years ended December 31, 2021, 2020, and 2019, respectively. During 2020, DTE Energy also recognized $11 million of profit from the sale of membership interests in the REF business accounted for as a finance lease arrangement. |
Leases | LEASES Lessee Leases at DTE Energy are primarily comprised of various forms of equipment, computer hardware, coal railcars, production facilities, buildings, and certain easement leases with terms ranging from approximately 2 to 40 years. Leases at DTE Electric are primarily comprised of various forms of equipment, computer hardware, coal railcars, and certain easement leases with terms ranging from approximately 2 to 40 years. A lease is deemed to exist when the Registrants have the right to control the use of identified property, plant or equipment, as conveyed through a contract, for a certain period of time and consideration paid. The right to control is deemed to occur when the Registrants have the right to obtain substantially all of the economic benefits of the identified assets and the right to direct the use of such assets. Lease liabilities are determined utilizing a discount rate to determine the present values of lease payments. Topic 842 requires the use of the rate implicit in the lease when it is readily determinable. When the rate implicit in the lease is not readily determinable, the incremental borrowing rate is used. The Registrants have determined their respective incremental borrowing rates based upon the rate of interest that would have been paid on a collateralized basis over similar tenors to that of the leases. The incremental borrowing rates for DTE Electric and DTE Gas have been determined utilizing respective secured borrowing rates for first mortgage bonds with like tenors of remaining lease terms. Incremental borrowing rates for non-utility entities have been determined utilizing an implied secured borrowing rate based upon an unsecured rate for a similar tenor of remaining lease terms, which is then adjusted for the estimated impact of collateral. Certain leases of the Registrants contain escalation clauses whereby the payments are adjusted for consumer price or labor indices. DTE Energy has leases with non-index based escalation clauses for fixed dollar or percentage increases. DTE Electric has leases with non-index based escalation clauses for fixed dollar increases. DTE Energy also has leases with variable payments based upon usage of, or revenues associated with, the leased assets. DTE Electric also has leases with variable payments based upon the usage of the leased assets. Certain leases of easements and coal railcars contain provisions whereby the Registrants have the option to terminate the lease agreement by giving notice of such termination during the time frames specified in the respective lease. The Registrants have considered such provisions in the determination of the lease term when it is reasonably certain that the lease would be terminated. The Registrants have certain leases which contain purchase options. Based upon the nature of the leased property and terms of the purchase options, the Registrants have determined it is not reasonably certain that such purchase options will be utilized. Thus, the impact of the purchase options has not been included in the determination of right-of-use assets and lease liabilities for the subject leases. The Registrants have certain leases which contain renewal options. Where the renewal options were deemed reasonably certain to occur, the impacts of such options were included in the determination of the right of use assets and lease liabilities. The Registrants have agreements with lease and non-lease components, which are generally accounted for separately. Consideration in a lease is allocated between lease and non-lease components based upon the estimated relative standalone prices. The Registrants have certain coal railcar leases for which non-lease and lease components are accounted for as a single lease component, as permitted under Topic 842. The following is a summary of the components of lease cost for the years ended December 31: DTE Energy DTE Electric 2021 2020 2019 2021 2020 2019 (In millions) Operating lease cost $ 19 $ 21 $ 23 $ 14 $ 14 $ 17 Finance lease cost: Amortization of right-of-use assets 7 5 4 6 4 4 Interest of lease liabilities 1 — — — — — Total finance lease cost 8 5 4 6 4 4 Variable lease cost 9 10 10 — — — Short-term lease cost 14 11 9 6 6 3 $ 50 $ 47 $ 46 $ 26 $ 24 $ 24 The Registrants have elected not to apply the recognition requirements of Topic 842 to leases with a term of 12 months or less. DTE Energy and DTE Electric record operating, variable, and short-term lease costs as Operating Expenses on the Consolidated Statements of Operations, except for certain amounts that may be capitalized to other assets. The following is a summary of other information related to leases for the years ended December 31: DTE Energy DTE Electric 2021 2020 2019 2021 2020 2019 (In millions) Supplemental Cash Flows Information Cash paid for amounts included in the measurement of these liabilities: Operating cash flows for finance leases $ 8 $ 3 $ 5 $ 7 $ 2 $ 5 Operating cash flows for operating leases $ 19 $ 22 $ 22 $ 14 $ 14 $ 16 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 5 $ 2 $ 42 $ 1 $ — $ 27 Finance leases $ 3 $ 19 $ 8 $ 1 $ 14 $ — Weighted Average Remaining Lease Term (Years) Operating leases 12.7 12.1 12.1 10.3 10.4 10.6 Finance leases 7.8 7.6 9.1 2.1 3.1 2.0 Weighted Average Discount Rate Operating leases 3.6 % 3.6 % 3.5 % 3.4 % 3.3 % 3.3 % Finance leases 2.2 % 2.0 % 3.1 % 1.0 % 1.0 % 3.1 % The Registrants' future minimum lease payments under leases for remaining periods as of December 31, 2021 are as follows: DTE Energy DTE Electric Operating Leases Finance Leases Operating Leases Finance Leases (In millions) 2022 $ 16 $ 8 $ 12 $ 6 2023 13 9 10 6 2024 11 3 8 1 2025 8 1 6 — 2026 7 1 5 — 2027 and thereafter 56 8 27 — Total future minimum lease payments 111 30 68 13 Imputed interest (23) (3) (12) — Lease liabilities $ 88 $ 27 $ 56 $ 13 Finance leases reported on the Consolidated Statements of Financial Position are as follows for the years ended December 31: DTE Energy DTE Electric 2021 2020 2021 2020 (In millions) Right-of-use assets, within Property, plant, and equipment, net $ 26 $ 29 $ 12 $ 16 Current lease liabilities, within Current portion of long-term debt $ 8 $ 7 $ 6 $ 6 Long-term lease liabilities $ 19 $ 24 $ 7 $ 13 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. DTE Energy also leases a portion of its pipeline system through a finance lease contract that has been renewed through 2025, with additional renewal options reasonably certain to be exercised through 2040. DTE Energy also leases various assets under operating leases for a pipeline, energy facilities and related equipment. Such leases are comprised of both fixed payments and variable payments which are contingent on volumes, with terms ranging from 2 to 24 years. Generally, the operating leases do not have renewal provisions or options to purchase the assets at the end of the lease. The operating leases generally do not have termination for convenience provisions. Termination may be allowed under specific circumstances stated in the lease contract, such as under an event of default. Certain of the finance and operating leases have lease terms that extend to the end of the estimated economic life of the leased assets, thereby resulting in no residual value. Any remaining residual values under the finance and operating leases are expected to be recovered through rates, renewals or new lease contracts. Residual values have been determined using the estimated economic life of the leased assets. The finance and operating leases do not contain residual value guarantees. Certain of the operating leases have both lease and non-lease components. The lease and non-lease components are allocated based upon estimated relative standalone selling prices. A lease is deemed to exist when the Registrants have provided other parties with the right to control the use of identified property, plant or equipment, as conveyed through a contract, for a certain period of time and consideration received. The right to control is deemed to occur when the Registrants have provided other parties with the right to obtain substantially all of the economic benefits of the identified assets and the right to direct the use of such assets. 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: 2021 2020 2019 (In millions) Fixed payments $ 67 $ 57 $ 56 Variable payments 131 124 128 $ 198 $ 181 $ 184 Operating revenues $ 103 $ 99 $ 121 Other income 95 82 63 $ 198 $ 181 $ 184 DTE Energy’s minimum future rental revenues under operating leases for remaining periods as of December 31, 2021 are as follows: DTE Energy (In millions) 2022 $ 15 2023 15 2024 15 2025 15 2026 11 2027 and thereafter 51 $ 122 Depreciation expense associated with DTE Energy's property under operating leases was $22 million, $24 million, and $23 million for the years ended December 31, 2021, 2020, and 2019 respectively. The following is a summary of property under operating leases for DTE Energy as of December 31: 2021 2020 (In millions) Gross property under operating leases $ 341 $ 389 Accumulated amortization of property under operating leases $ 181 $ 191 The components of DTE Energy’s net investment in finance leases for remaining periods as of December 31, 2021 are as follows: DTE Energy (In millions) 2022 $ 23 2023 22 2024 22 2025 21 2026 21 2027 and thereafter 271 Total minimum future lease receipts 380 Residual value of leased pipeline 17 Less unearned income 198 Net investment in finance lease 199 Less current portion 6 $ 193 Interest income recognized under finance leases was $17 million, $16 million, and $5 million for the years ended December 31, 2021, 2020, and 2019, respectively. During 2020, DTE Energy also recognized $11 million of profit from the sale of membership interests in the REF business accounted for as a finance lease arrangement. |
Leases | LEASES Lessee Leases at DTE Energy are primarily comprised of various forms of equipment, computer hardware, coal railcars, production facilities, buildings, and certain easement leases with terms ranging from approximately 2 to 40 years. Leases at DTE Electric are primarily comprised of various forms of equipment, computer hardware, coal railcars, and certain easement leases with terms ranging from approximately 2 to 40 years. A lease is deemed to exist when the Registrants have the right to control the use of identified property, plant or equipment, as conveyed through a contract, for a certain period of time and consideration paid. The right to control is deemed to occur when the Registrants have the right to obtain substantially all of the economic benefits of the identified assets and the right to direct the use of such assets. Lease liabilities are determined utilizing a discount rate to determine the present values of lease payments. Topic 842 requires the use of the rate implicit in the lease when it is readily determinable. When the rate implicit in the lease is not readily determinable, the incremental borrowing rate is used. The Registrants have determined their respective incremental borrowing rates based upon the rate of interest that would have been paid on a collateralized basis over similar tenors to that of the leases. The incremental borrowing rates for DTE Electric and DTE Gas have been determined utilizing respective secured borrowing rates for first mortgage bonds with like tenors of remaining lease terms. Incremental borrowing rates for non-utility entities have been determined utilizing an implied secured borrowing rate based upon an unsecured rate for a similar tenor of remaining lease terms, which is then adjusted for the estimated impact of collateral. Certain leases of the Registrants contain escalation clauses whereby the payments are adjusted for consumer price or labor indices. DTE Energy has leases with non-index based escalation clauses for fixed dollar or percentage increases. DTE Electric has leases with non-index based escalation clauses for fixed dollar increases. DTE Energy also has leases with variable payments based upon usage of, or revenues associated with, the leased assets. DTE Electric also has leases with variable payments based upon the usage of the leased assets. Certain leases of easements and coal railcars contain provisions whereby the Registrants have the option to terminate the lease agreement by giving notice of such termination during the time frames specified in the respective lease. The Registrants have considered such provisions in the determination of the lease term when it is reasonably certain that the lease would be terminated. The Registrants have certain leases which contain purchase options. Based upon the nature of the leased property and terms of the purchase options, the Registrants have determined it is not reasonably certain that such purchase options will be utilized. Thus, the impact of the purchase options has not been included in the determination of right-of-use assets and lease liabilities for the subject leases. The Registrants have certain leases which contain renewal options. Where the renewal options were deemed reasonably certain to occur, the impacts of such options were included in the determination of the right of use assets and lease liabilities. The Registrants have agreements with lease and non-lease components, which are generally accounted for separately. Consideration in a lease is allocated between lease and non-lease components based upon the estimated relative standalone prices. The Registrants have certain coal railcar leases for which non-lease and lease components are accounted for as a single lease component, as permitted under Topic 842. The following is a summary of the components of lease cost for the years ended December 31: DTE Energy DTE Electric 2021 2020 2019 2021 2020 2019 (In millions) Operating lease cost $ 19 $ 21 $ 23 $ 14 $ 14 $ 17 Finance lease cost: Amortization of right-of-use assets 7 5 4 6 4 4 Interest of lease liabilities 1 — — — — — Total finance lease cost 8 5 4 6 4 4 Variable lease cost 9 10 10 — — — Short-term lease cost 14 11 9 6 6 3 $ 50 $ 47 $ 46 $ 26 $ 24 $ 24 The Registrants have elected not to apply the recognition requirements of Topic 842 to leases with a term of 12 months or less. DTE Energy and DTE Electric record operating, variable, and short-term lease costs as Operating Expenses on the Consolidated Statements of Operations, except for certain amounts that may be capitalized to other assets. The following is a summary of other information related to leases for the years ended December 31: DTE Energy DTE Electric 2021 2020 2019 2021 2020 2019 (In millions) Supplemental Cash Flows Information Cash paid for amounts included in the measurement of these liabilities: Operating cash flows for finance leases $ 8 $ 3 $ 5 $ 7 $ 2 $ 5 Operating cash flows for operating leases $ 19 $ 22 $ 22 $ 14 $ 14 $ 16 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 5 $ 2 $ 42 $ 1 $ — $ 27 Finance leases $ 3 $ 19 $ 8 $ 1 $ 14 $ — Weighted Average Remaining Lease Term (Years) Operating leases 12.7 12.1 12.1 10.3 10.4 10.6 Finance leases 7.8 7.6 9.1 2.1 3.1 2.0 Weighted Average Discount Rate Operating leases 3.6 % 3.6 % 3.5 % 3.4 % 3.3 % 3.3 % Finance leases 2.2 % 2.0 % 3.1 % 1.0 % 1.0 % 3.1 % The Registrants' future minimum lease payments under leases for remaining periods as of December 31, 2021 are as follows: DTE Energy DTE Electric Operating Leases Finance Leases Operating Leases Finance Leases (In millions) 2022 $ 16 $ 8 $ 12 $ 6 2023 13 9 10 6 2024 11 3 8 1 2025 8 1 6 — 2026 7 1 5 — 2027 and thereafter 56 8 27 — Total future minimum lease payments 111 30 68 13 Imputed interest (23) (3) (12) — Lease liabilities $ 88 $ 27 $ 56 $ 13 Finance leases reported on the Consolidated Statements of Financial Position are as follows for the years ended December 31: DTE Energy DTE Electric 2021 2020 2021 2020 (In millions) Right-of-use assets, within Property, plant, and equipment, net $ 26 $ 29 $ 12 $ 16 Current lease liabilities, within Current portion of long-term debt $ 8 $ 7 $ 6 $ 6 Long-term lease liabilities $ 19 $ 24 $ 7 $ 13 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. DTE Energy also leases a portion of its pipeline system through a finance lease contract that has been renewed through 2025, with additional renewal options reasonably certain to be exercised through 2040. DTE Energy also leases various assets under operating leases for a pipeline, energy facilities and related equipment. Such leases are comprised of both fixed payments and variable payments which are contingent on volumes, with terms ranging from 2 to 24 years. Generally, the operating leases do not have renewal provisions or options to purchase the assets at the end of the lease. The operating leases generally do not have termination for convenience provisions. Termination may be allowed under specific circumstances stated in the lease contract, such as under an event of default. Certain of the finance and operating leases have lease terms that extend to the end of the estimated economic life of the leased assets, thereby resulting in no residual value. Any remaining residual values under the finance and operating leases are expected to be recovered through rates, renewals or new lease contracts. Residual values have been determined using the estimated economic life of the leased assets. The finance and operating leases do not contain residual value guarantees. Certain of the operating leases have both lease and non-lease components. The lease and non-lease components are allocated based upon estimated relative standalone selling prices. A lease is deemed to exist when the Registrants have provided other parties with the right to control the use of identified property, plant or equipment, as conveyed through a contract, for a certain period of time and consideration received. The right to control is deemed to occur when the Registrants have provided other parties with the right to obtain substantially all of the economic benefits of the identified assets and the right to direct the use of such assets. 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: 2021 2020 2019 (In millions) Fixed payments $ 67 $ 57 $ 56 Variable payments 131 124 128 $ 198 $ 181 $ 184 Operating revenues $ 103 $ 99 $ 121 Other income 95 82 63 $ 198 $ 181 $ 184 DTE Energy’s minimum future rental revenues under operating leases for remaining periods as of December 31, 2021 are as follows: DTE Energy (In millions) 2022 $ 15 2023 15 2024 15 2025 15 2026 11 2027 and thereafter 51 $ 122 Depreciation expense associated with DTE Energy's property under operating leases was $22 million, $24 million, and $23 million for the years ended December 31, 2021, 2020, and 2019 respectively. The following is a summary of property under operating leases for DTE Energy as of December 31: 2021 2020 (In millions) Gross property under operating leases $ 341 $ 389 Accumulated amortization of property under operating leases $ 181 $ 191 The components of DTE Energy’s net investment in finance leases for remaining periods as of December 31, 2021 are as follows: DTE Energy (In millions) 2022 $ 23 2023 22 2024 22 2025 21 2026 21 2027 and thereafter 271 Total minimum future lease receipts 380 Residual value of leased pipeline 17 Less unearned income 198 Net investment in finance lease 199 Less current portion 6 $ 193 Interest income recognized under finance leases was $17 million, $16 million, and $5 million for the years ended December 31, 2021, 2020, and 2019, respectively. During 2020, DTE Energy also recognized $11 million of profit from the sale of membership interests in the REF business accounted for as a finance lease arrangement. |
Leases | LEASES Lessee Leases at DTE Energy are primarily comprised of various forms of equipment, computer hardware, coal railcars, production facilities, buildings, and certain easement leases with terms ranging from approximately 2 to 40 years. Leases at DTE Electric are primarily comprised of various forms of equipment, computer hardware, coal railcars, and certain easement leases with terms ranging from approximately 2 to 40 years. A lease is deemed to exist when the Registrants have the right to control the use of identified property, plant or equipment, as conveyed through a contract, for a certain period of time and consideration paid. The right to control is deemed to occur when the Registrants have the right to obtain substantially all of the economic benefits of the identified assets and the right to direct the use of such assets. Lease liabilities are determined utilizing a discount rate to determine the present values of lease payments. Topic 842 requires the use of the rate implicit in the lease when it is readily determinable. When the rate implicit in the lease is not readily determinable, the incremental borrowing rate is used. The Registrants have determined their respective incremental borrowing rates based upon the rate of interest that would have been paid on a collateralized basis over similar tenors to that of the leases. The incremental borrowing rates for DTE Electric and DTE Gas have been determined utilizing respective secured borrowing rates for first mortgage bonds with like tenors of remaining lease terms. Incremental borrowing rates for non-utility entities have been determined utilizing an implied secured borrowing rate based upon an unsecured rate for a similar tenor of remaining lease terms, which is then adjusted for the estimated impact of collateral. Certain leases of the Registrants contain escalation clauses whereby the payments are adjusted for consumer price or labor indices. DTE Energy has leases with non-index based escalation clauses for fixed dollar or percentage increases. DTE Electric has leases with non-index based escalation clauses for fixed dollar increases. DTE Energy also has leases with variable payments based upon usage of, or revenues associated with, the leased assets. DTE Electric also has leases with variable payments based upon the usage of the leased assets. Certain leases of easements and coal railcars contain provisions whereby the Registrants have the option to terminate the lease agreement by giving notice of such termination during the time frames specified in the respective lease. The Registrants have considered such provisions in the determination of the lease term when it is reasonably certain that the lease would be terminated. The Registrants have certain leases which contain purchase options. Based upon the nature of the leased property and terms of the purchase options, the Registrants have determined it is not reasonably certain that such purchase options will be utilized. Thus, the impact of the purchase options has not been included in the determination of right-of-use assets and lease liabilities for the subject leases. The Registrants have certain leases which contain renewal options. Where the renewal options were deemed reasonably certain to occur, the impacts of such options were included in the determination of the right of use assets and lease liabilities. The Registrants have agreements with lease and non-lease components, which are generally accounted for separately. Consideration in a lease is allocated between lease and non-lease components based upon the estimated relative standalone prices. The Registrants have certain coal railcar leases for which non-lease and lease components are accounted for as a single lease component, as permitted under Topic 842. The following is a summary of the components of lease cost for the years ended December 31: DTE Energy DTE Electric 2021 2020 2019 2021 2020 2019 (In millions) Operating lease cost $ 19 $ 21 $ 23 $ 14 $ 14 $ 17 Finance lease cost: Amortization of right-of-use assets 7 5 4 6 4 4 Interest of lease liabilities 1 — — — — — Total finance lease cost 8 5 4 6 4 4 Variable lease cost 9 10 10 — — — Short-term lease cost 14 11 9 6 6 3 $ 50 $ 47 $ 46 $ 26 $ 24 $ 24 The Registrants have elected not to apply the recognition requirements of Topic 842 to leases with a term of 12 months or less. DTE Energy and DTE Electric record operating, variable, and short-term lease costs as Operating Expenses on the Consolidated Statements of Operations, except for certain amounts that may be capitalized to other assets. The following is a summary of other information related to leases for the years ended December 31: DTE Energy DTE Electric 2021 2020 2019 2021 2020 2019 (In millions) Supplemental Cash Flows Information Cash paid for amounts included in the measurement of these liabilities: Operating cash flows for finance leases $ 8 $ 3 $ 5 $ 7 $ 2 $ 5 Operating cash flows for operating leases $ 19 $ 22 $ 22 $ 14 $ 14 $ 16 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 5 $ 2 $ 42 $ 1 $ — $ 27 Finance leases $ 3 $ 19 $ 8 $ 1 $ 14 $ — Weighted Average Remaining Lease Term (Years) Operating leases 12.7 12.1 12.1 10.3 10.4 10.6 Finance leases 7.8 7.6 9.1 2.1 3.1 2.0 Weighted Average Discount Rate Operating leases 3.6 % 3.6 % 3.5 % 3.4 % 3.3 % 3.3 % Finance leases 2.2 % 2.0 % 3.1 % 1.0 % 1.0 % 3.1 % The Registrants' future minimum lease payments under leases for remaining periods as of December 31, 2021 are as follows: DTE Energy DTE Electric Operating Leases Finance Leases Operating Leases Finance Leases (In millions) 2022 $ 16 $ 8 $ 12 $ 6 2023 13 9 10 6 2024 11 3 8 1 2025 8 1 6 — 2026 7 1 5 — 2027 and thereafter 56 8 27 — Total future minimum lease payments 111 30 68 13 Imputed interest (23) (3) (12) — Lease liabilities $ 88 $ 27 $ 56 $ 13 Finance leases reported on the Consolidated Statements of Financial Position are as follows for the years ended December 31: DTE Energy DTE Electric 2021 2020 2021 2020 (In millions) Right-of-use assets, within Property, plant, and equipment, net $ 26 $ 29 $ 12 $ 16 Current lease liabilities, within Current portion of long-term debt $ 8 $ 7 $ 6 $ 6 Long-term lease liabilities $ 19 $ 24 $ 7 $ 13 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. DTE Energy also leases a portion of its pipeline system through a finance lease contract that has been renewed through 2025, with additional renewal options reasonably certain to be exercised through 2040. DTE Energy also leases various assets under operating leases for a pipeline, energy facilities and related equipment. Such leases are comprised of both fixed payments and variable payments which are contingent on volumes, with terms ranging from 2 to 24 years. Generally, the operating leases do not have renewal provisions or options to purchase the assets at the end of the lease. The operating leases generally do not have termination for convenience provisions. Termination may be allowed under specific circumstances stated in the lease contract, such as under an event of default. Certain of the finance and operating leases have lease terms that extend to the end of the estimated economic life of the leased assets, thereby resulting in no residual value. Any remaining residual values under the finance and operating leases are expected to be recovered through rates, renewals or new lease contracts. Residual values have been determined using the estimated economic life of the leased assets. The finance and operating leases do not contain residual value guarantees. Certain of the operating leases have both lease and non-lease components. The lease and non-lease components are allocated based upon estimated relative standalone selling prices. A lease is deemed to exist when the Registrants have provided other parties with the right to control the use of identified property, plant or equipment, as conveyed through a contract, for a certain period of time and consideration received. The right to control is deemed to occur when the Registrants have provided other parties with the right to obtain substantially all of the economic benefits of the identified assets and the right to direct the use of such assets. 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: 2021 2020 2019 (In millions) Fixed payments $ 67 $ 57 $ 56 Variable payments 131 124 128 $ 198 $ 181 $ 184 Operating revenues $ 103 $ 99 $ 121 Other income 95 82 63 $ 198 $ 181 $ 184 DTE Energy’s minimum future rental revenues under operating leases for remaining periods as of December 31, 2021 are as follows: DTE Energy (In millions) 2022 $ 15 2023 15 2024 15 2025 15 2026 11 2027 and thereafter 51 $ 122 Depreciation expense associated with DTE Energy's property under operating leases was $22 million, $24 million, and $23 million for the years ended December 31, 2021, 2020, and 2019 respectively. The following is a summary of property under operating leases for DTE Energy as of December 31: 2021 2020 (In millions) Gross property under operating leases $ 341 $ 389 Accumulated amortization of property under operating leases $ 181 $ 191 The components of DTE Energy’s net investment in finance leases for remaining periods as of December 31, 2021 are as follows: DTE Energy (In millions) 2022 $ 23 2023 22 2024 22 2025 21 2026 21 2027 and thereafter 271 Total minimum future lease receipts 380 Residual value of leased pipeline 17 Less unearned income 198 Net investment in finance lease 199 Less current portion 6 $ 193 Interest income recognized under finance leases was $17 million, $16 million, and $5 million for the years ended December 31, 2021, 2020, and 2019, respectively. During 2020, DTE Energy also recognized $11 million of profit from the sale of membership interests in the REF business accounted for as a finance lease arrangement. |
Leases | LEASES Lessee Leases at DTE Energy are primarily comprised of various forms of equipment, computer hardware, coal railcars, production facilities, buildings, and certain easement leases with terms ranging from approximately 2 to 40 years. Leases at DTE Electric are primarily comprised of various forms of equipment, computer hardware, coal railcars, and certain easement leases with terms ranging from approximately 2 to 40 years. A lease is deemed to exist when the Registrants have the right to control the use of identified property, plant or equipment, as conveyed through a contract, for a certain period of time and consideration paid. The right to control is deemed to occur when the Registrants have the right to obtain substantially all of the economic benefits of the identified assets and the right to direct the use of such assets. Lease liabilities are determined utilizing a discount rate to determine the present values of lease payments. Topic 842 requires the use of the rate implicit in the lease when it is readily determinable. When the rate implicit in the lease is not readily determinable, the incremental borrowing rate is used. The Registrants have determined their respective incremental borrowing rates based upon the rate of interest that would have been paid on a collateralized basis over similar tenors to that of the leases. The incremental borrowing rates for DTE Electric and DTE Gas have been determined utilizing respective secured borrowing rates for first mortgage bonds with like tenors of remaining lease terms. Incremental borrowing rates for non-utility entities have been determined utilizing an implied secured borrowing rate based upon an unsecured rate for a similar tenor of remaining lease terms, which is then adjusted for the estimated impact of collateral. Certain leases of the Registrants contain escalation clauses whereby the payments are adjusted for consumer price or labor indices. DTE Energy has leases with non-index based escalation clauses for fixed dollar or percentage increases. DTE Electric has leases with non-index based escalation clauses for fixed dollar increases. DTE Energy also has leases with variable payments based upon usage of, or revenues associated with, the leased assets. DTE Electric also has leases with variable payments based upon the usage of the leased assets. Certain leases of easements and coal railcars contain provisions whereby the Registrants have the option to terminate the lease agreement by giving notice of such termination during the time frames specified in the respective lease. The Registrants have considered such provisions in the determination of the lease term when it is reasonably certain that the lease would be terminated. The Registrants have certain leases which contain purchase options. Based upon the nature of the leased property and terms of the purchase options, the Registrants have determined it is not reasonably certain that such purchase options will be utilized. Thus, the impact of the purchase options has not been included in the determination of right-of-use assets and lease liabilities for the subject leases. The Registrants have certain leases which contain renewal options. Where the renewal options were deemed reasonably certain to occur, the impacts of such options were included in the determination of the right of use assets and lease liabilities. The Registrants have agreements with lease and non-lease components, which are generally accounted for separately. Consideration in a lease is allocated between lease and non-lease components based upon the estimated relative standalone prices. The Registrants have certain coal railcar leases for which non-lease and lease components are accounted for as a single lease component, as permitted under Topic 842. The following is a summary of the components of lease cost for the years ended December 31: DTE Energy DTE Electric 2021 2020 2019 2021 2020 2019 (In millions) Operating lease cost $ 19 $ 21 $ 23 $ 14 $ 14 $ 17 Finance lease cost: Amortization of right-of-use assets 7 5 4 6 4 4 Interest of lease liabilities 1 — — — — — Total finance lease cost 8 5 4 6 4 4 Variable lease cost 9 10 10 — — — Short-term lease cost 14 11 9 6 6 3 $ 50 $ 47 $ 46 $ 26 $ 24 $ 24 The Registrants have elected not to apply the recognition requirements of Topic 842 to leases with a term of 12 months or less. DTE Energy and DTE Electric record operating, variable, and short-term lease costs as Operating Expenses on the Consolidated Statements of Operations, except for certain amounts that may be capitalized to other assets. The following is a summary of other information related to leases for the years ended December 31: DTE Energy DTE Electric 2021 2020 2019 2021 2020 2019 (In millions) Supplemental Cash Flows Information Cash paid for amounts included in the measurement of these liabilities: Operating cash flows for finance leases $ 8 $ 3 $ 5 $ 7 $ 2 $ 5 Operating cash flows for operating leases $ 19 $ 22 $ 22 $ 14 $ 14 $ 16 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 5 $ 2 $ 42 $ 1 $ — $ 27 Finance leases $ 3 $ 19 $ 8 $ 1 $ 14 $ — Weighted Average Remaining Lease Term (Years) Operating leases 12.7 12.1 12.1 10.3 10.4 10.6 Finance leases 7.8 7.6 9.1 2.1 3.1 2.0 Weighted Average Discount Rate Operating leases 3.6 % 3.6 % 3.5 % 3.4 % 3.3 % 3.3 % Finance leases 2.2 % 2.0 % 3.1 % 1.0 % 1.0 % 3.1 % The Registrants' future minimum lease payments under leases for remaining periods as of December 31, 2021 are as follows: DTE Energy DTE Electric Operating Leases Finance Leases Operating Leases Finance Leases (In millions) 2022 $ 16 $ 8 $ 12 $ 6 2023 13 9 10 6 2024 11 3 8 1 2025 8 1 6 — 2026 7 1 5 — 2027 and thereafter 56 8 27 — Total future minimum lease payments 111 30 68 13 Imputed interest (23) (3) (12) — Lease liabilities $ 88 $ 27 $ 56 $ 13 Finance leases reported on the Consolidated Statements of Financial Position are as follows for the years ended December 31: DTE Energy DTE Electric 2021 2020 2021 2020 (In millions) Right-of-use assets, within Property, plant, and equipment, net $ 26 $ 29 $ 12 $ 16 Current lease liabilities, within Current portion of long-term debt $ 8 $ 7 $ 6 $ 6 Long-term lease liabilities $ 19 $ 24 $ 7 $ 13 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. DTE Energy also leases a portion of its pipeline system through a finance lease contract that has been renewed through 2025, with additional renewal options reasonably certain to be exercised through 2040. DTE Energy also leases various assets under operating leases for a pipeline, energy facilities and related equipment. Such leases are comprised of both fixed payments and variable payments which are contingent on volumes, with terms ranging from 2 to 24 years. Generally, the operating leases do not have renewal provisions or options to purchase the assets at the end of the lease. The operating leases generally do not have termination for convenience provisions. Termination may be allowed under specific circumstances stated in the lease contract, such as under an event of default. Certain of the finance and operating leases have lease terms that extend to the end of the estimated economic life of the leased assets, thereby resulting in no residual value. Any remaining residual values under the finance and operating leases are expected to be recovered through rates, renewals or new lease contracts. Residual values have been determined using the estimated economic life of the leased assets. The finance and operating leases do not contain residual value guarantees. Certain of the operating leases have both lease and non-lease components. The lease and non-lease components are allocated based upon estimated relative standalone selling prices. A lease is deemed to exist when the Registrants have provided other parties with the right to control the use of identified property, plant or equipment, as conveyed through a contract, for a certain period of time and consideration received. The right to control is deemed to occur when the Registrants have provided other parties with the right to obtain substantially all of the economic benefits of the identified assets and the right to direct the use of such assets. 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: 2021 2020 2019 (In millions) Fixed payments $ 67 $ 57 $ 56 Variable payments 131 124 128 $ 198 $ 181 $ 184 Operating revenues $ 103 $ 99 $ 121 Other income 95 82 63 $ 198 $ 181 $ 184 DTE Energy’s minimum future rental revenues under operating leases for remaining periods as of December 31, 2021 are as follows: DTE Energy (In millions) 2022 $ 15 2023 15 2024 15 2025 15 2026 11 2027 and thereafter 51 $ 122 Depreciation expense associated with DTE Energy's property under operating leases was $22 million, $24 million, and $23 million for the years ended December 31, 2021, 2020, and 2019 respectively. The following is a summary of property under operating leases for DTE Energy as of December 31: 2021 2020 (In millions) Gross property under operating leases $ 341 $ 389 Accumulated amortization of property under operating leases $ 181 $ 191 The components of DTE Energy’s net investment in finance leases for remaining periods as of December 31, 2021 are as follows: DTE Energy (In millions) 2022 $ 23 2023 22 2024 22 2025 21 2026 21 2027 and thereafter 271 Total minimum future lease receipts 380 Residual value of leased pipeline 17 Less unearned income 198 Net investment in finance lease 199 Less current portion 6 $ 193 Interest income recognized under finance leases was $17 million, $16 million, and $5 million for the years ended December 31, 2021, 2020, and 2019, respectively. During 2020, DTE Energy also recognized $11 million of profit from the sale of membership interests in the REF business accounted for as a finance lease arrangement. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 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 SO 2 and NO X . 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 SO 2 , NO X , mercury, and other emissions. Additional rulemakings may occur over the next few years which could require additional controls for SO 2 , NO X , 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 planning to submit a request for redesignation of the southeast Michigan ozone non-attainment area to the EPA. However, the State is required to develop and implement a plan to address the non-attainment area. The plan will likely be submitted to the EPA by mid-2022 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. Petitions were filed asking the Supreme Court to review the D.C. Circuit's decision vacating the ACE rule, and the petition was granted in October 2021. A decision from the Supreme Court is expected by June 2022. 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 from 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 December 31, 2021 and 2020, DTE Electric had $14 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 applications are currently under review and the forced closure date of April 11, 2021 is effectively delayed while the EPA completes their review. 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 statutory revision 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. The EPA is currently working with EGLE in reviewing the submitted State program, and DTE Electric will work with EGLE to implement a State program that may be approved in the future. 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 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 "as soon as possible" beginning October 13, 2021 and no later than December 31, 2025. FGD wastewater retrofits must be completed "as soon as possible" beginning October 13, 2021 and no later than December 31, 2025 or December 31, 2028 if a permittee decides to pursue the Voluntary Incentives Program (VIP) subcategory for FGD wastewater. If a facility applies for the VIP, they must meet more stringent standards, but are allowed an extended time period to complete the project. 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. 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. 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 compliance subcategories as ELG compliance options: the cessation of coal at the Belle River power plant no later than 2028 and the VIP for FGD wastewater at Monroe power plant. 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. 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 at the Monroe power plant. DTE Electric has estimated the impact of the CCR and ELG rules to be $522 million of capital expenditures, including $417 million for 2022 through 2026. 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 and within its gas utility. DTE Energy is working to source gas with lower methane intensity, reduce emissions through its gas main renewal and pipeline integrity programs, and if necessary, use carbon offsets to achieve net zero. DTE Gas also committed to helping its customers reduce their emissions from natural gas by 35% by 2050. To support this goal, 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 December 31, 2021 and 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 SO 2 ambient air quality standard that requires states to submit plans and associated timelines for non-attainment areas that demonstrate attainment with the new SO 2 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 SO 2 and modeled concentrations exceeding the National Ambient Air Quality Standards for SO 2 . Phase 3 addresses smaller sources of SO 2 with modeled or monitored exceedances of the new SO 2 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 SO 2 emissions in these areas, including DTE Electric power plants and DTE Energy's Michigan coke battery facility. As part of 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. The EPA recently approved a clean data determination request submitted by EGLE. This does not automatically redesignate the area to attainment. Until the area is officially redesignated as attainment, 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 December 31, 2021 was approximately $70 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 December 31, 2021 was $720 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. The Registrants may also provide indirect guarantees for the indebtedness of others. DTE Energy’s guarantees are not individually material with maximum potential payments totaling $40 million at December 31, 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 December 31, 2021, DTE Energy had $168 million of performance bonds outstanding, including $119 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' approximately 5,200 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 15% and 21% have contracts expiring within one year for DTE Energy and DTE Electric, respectively. Purchase Commitments As of December 31, 2021, the Registrants were party to numerous long-term purchase commitments relating to a variety of goods and services required for their businesses. These agreements primarily consist of fuel supply commitments and renewable energy contracts for the Registrants, as well as energy trading contracts for DTE Energy. The Registrants estimate the following commitments from 2022 through 2051 for DTE Energy, and 2022 through 2051 for DTE Electric, as detailed in the following tables: 2022 2023 2024 2025 2026 2027 and Thereafter Total DTE Energy (In millions) Long-term power purchase agreements (a) $ 87 $ 92 $ 103 $ 103 $ 103 $ 986 $ 1,474 Other purchase commitments (b) 3,203 1,704 1,174 482 357 980 7,900 Total commitments $ 3,290 $ 1,796 $ 1,277 $ 585 $ 460 $ 1,966 $ 9,374 2022 2023 2024 2025 2026 2027 and Thereafter Total DTE Electric (In millions) Long-term power purchase agreements (a) $ 92 $ 97 $ 108 $ 108 $ 109 $ 1,006 $ 1,520 Other purchase commitments (b) 365 402 431 197 118 275 1,788 Total commitments $ 457 $ 499 $ 539 $ 305 $ 227 $ 1,281 $ 3,308 _______________________________________ (a) The agreements represent the minimum obligations with suppliers for renewable energy and renewable energy credits under existing contract terms which expire from 2030 through 2035. DTE Electric's share of plant output ranges from 28% to 100%. Purchase commitments for DTE Electric include affiliate agreements with DTE Sustainable Generation that are eliminated in consolidation for DTE Energy. (b) Excludes amounts associated with full requirements contracts where no stated minimum purchase volume is required. Utility capital expenditures and expenditures for non-utility businesses will be approximately $3.7 billion and $2.7 billion in 2022 for DTE Energy and DTE Electric, respectively. The Registrants have made certain commitments in connection with the estimated 2022 annual capital expenditures. 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 and 2020, the COVID-19 pandemic has impacted DTE Electric sales volumes. As businesses have transitioned to more 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 has contributed to a net reduction in DTE Electric sales for these customers, but has been offset by favorable rate mix. Therefore, there has not been a significant impact to the Registrants' Consolidated Financial Statements. In 2020, COVID-19 also resulted in incremental operating expenses at the electric and gas 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 year ended December 31, 2021, however, there has not been any significant impact to operating expenses or DTE Vantage volumes attributable to the COVID-19 pandemic. 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 December 31, 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 9 and 13 to the Consolidated Financial Statements, "Regulatory Matters" and "Financial and Other Derivative Instruments," respectively. |
Nuclear Operations
Nuclear Operations | 12 Months Ended |
Dec. 31, 2021 | |
Nuclear Operations [Abstract] | |
Nuclear Operations | NUCLEAR OPERATIONS Property Insurance DTE Electric maintains property insurance policies specifically for the Fermi 2 plant. These policies cover such items as replacement power and property damage. NEIL is the primary supplier of the insurance policies. DTE Electric maintains a policy for extra expenses, including replacement power costs necessitated by Fermi 2’s unavailability due to an insured event. This policy has a 12-week waiting period and provides an aggregate $490 million of coverage over a three-year period. DTE Electric has $1.5 billion in primary coverage and $1.25 billion of excess coverage for stabilization, decontamination, debris removal, repair and/or replacement of property, and decommissioning. The combined coverage limit for total property damage is $2.75 billion. The total limit for property damage for non-nuclear events is $1.8 billion and an aggregate of $328 million of coverage for extra expenses over a two-year period. On December 20, 2019, the Terrorism Risk Insurance Program Reauthorization Act of 2019 was signed, extending TRIA through December 31, 2027. For multiple terrorism losses caused by acts of terrorism not covered under the TRIA occurring within one year after the first loss from terrorism, the NEIL policies would make available to all insured entities up to $3.2 billion, plus any amounts recovered from reinsurance, government indemnity, or other sources to cover losses. Under NEIL policies, DTE Electric could be liable for maximum assessments of up to $57 million per event if the loss associated with any one event at any nuclear plant should exceed the accumulated funds available to NEIL. Public Liability Insurance As required by federal law, DTE Electric maintains $450 million of public liability insurance for a nuclear incident. For liabilities arising from a terrorist act outside the scope of TRIA, the policy is subject to one industry aggregate limit of $300 million. Further, under the Price-Anderson Amendments Act of 2005, deferred premium charges up to $138 million could be levied against each licensed nuclear facility, but not more than $20 million per year per facility. Thus, deferred premium charges could be levied against all owners of licensed nuclear facilities in the event of a nuclear incident at any of these facilities. Nuclear Fuel Disposal Costs In accordance with the Federal Nuclear Waste Policy Act of 1982, DTE Electric has a contract with the DOE for the future storage and disposal of spent nuclear fuel from Fermi 2 that required DTE Electric to pay the DOE a fee of 1 mill per kWh of Fermi 2 electricity generated and sold. The fee was a component of nuclear fuel expense. The 1 mill per kWh DOE fee was reduced to zero effective May 16, 2014. The DOE's Yucca Mountain Nuclear Waste Repository program for the acceptance and disposal of spent nuclear fuel was terminated in 2011. DTE Electric is a party in the litigation against the DOE for both past and future costs associated with the DOE's failure to accept spent nuclear fuel under the timetable set forth in the Federal Nuclear Waste Policy Act of 1982. In July 2012, DTE Electric executed a settlement agreement with the federal government for costs associated with the DOE's delay in acceptance of spent nuclear fuel from Fermi 2 for permanent storage. The settlement agreement, including extensions, provides for a claims process and payment of delay-related costs experienced by DTE Electric through 2022. DTE Electric's claims are being settled and paid on a timely basis. The settlement proceeds reduce the cost of the dry cask storage facility assets and provide reimbursement for related operating expenses. DTE Electric currently employs a spent nuclear fuel storage strategy utilizing a fuel pool and a dry cask storage facility. The spent nuclear fuel storage strategy is expected to provide sufficient spent fuel storage capability for the life of the plant as defined by DTE Electric's operating license agreement. The federal government continues to maintain its legal obligation to accept spent nuclear fuel from Fermi 2 for permanent storage. Issues relating to long-term waste disposal policy and to the disposition of funds contributed by DTE Electric ratepayers to the federal waste fund await future governmental action. |
Retirement Benefits and Trustee
Retirement Benefits and Trusteed Assets | 12 Months Ended |
Dec. 31, 2021 | |
Retirement Benefits [Abstract] | |
Retirement Benefits and Trusteed Assets | RETIREMENT BENEFITS AND TRUSTEED ASSETS DTE Energy's subsidiary, DTE Energy Corporate Services, LLC, sponsors defined benefit pension plans and other postretirement plans covering certain employees of the Registrants. The table below represents the pension and other postretirement benefit plans of each Registrant at December 31, 2021: Registrants DTE Energy DTE Electric Qualified Pension Plans DTE Energy Company Retirement Plan X X DTE Gas Company Retirement Plan for Employees Covered by Collective Bargaining Agreements X Shenango Inc. Pension Plan (a) X Non-qualified Pension Plans DTE Energy Company Supplemental Retirement Plan (b) X X DTE Energy Company Executive Supplemental Retirement Plan (b) X X DTE Energy Company Supplemental Severance Benefit Plan X Other Postretirement Benefit Plans The DTE Energy Company Comprehensive Non-Health Welfare Plan X X The DTE Energy Company Comprehensive Retiree Group Health Care Plan X X DTE Supplemental Retiree Benefit Plan X X DTE Energy Company Retiree Reimbursement Arrangement Plan X X _____________________________________ (a) Sponsored by Shenango, LLC (b) Sponsored by DTE Energy Company 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 the 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. Pension Plan Benefits DTE Energy has qualified defined benefit retirement plans for eligible represented and non-represented employees. The plans are noncontributory and provide traditional retirement benefits based on the employee's years of benefit service, average final compensation, and age at retirement. In addition, certain represented and non-represented employees are covered under cash balance provisions that determine benefits on annual employer contributions and interest credits. DTE Energy also maintains supplemental non-qualified, noncontributory, retirement benefit plans for certain management employees. These plans provide for benefits that supplement those provided by DTE Energy’s other retirement plans. Net pension cost for DTE Energy includes the following components: 2021 2020 2019 (In millions) Service cost $ 108 $ 99 $ 84 Interest cost 158 186 219 Expected return on plan assets (339) (334) (325) Amortization of: Net actuarial loss 196 171 131 Prior service cost — 1 1 Settlements 16 25 2 Net pension cost $ 139 $ 148 $ 112 2021 2020 (In millions) Other changes in plan assets and benefit obligations recognized in Regulatory assets and Other comprehensive income (loss) Net actuarial (gain) loss $ (376) $ 137 Amortization of net actuarial loss (209) (193) Prior service cost 4 — Amortization of prior service cost (3) (1) Total recognized in Regulatory assets and Other comprehensive income (loss) $ (584) $ (57) Total recognized in net periodic pension cost, Regulatory assets, and Other comprehensive income (loss) $ (445) $ 91 The following table reconciles the obligations, assets, and funded status of the plans as well as the amounts recognized as prepaid pension cost or pension liability in DTE Energy's Consolidated Statements of Financial Position at December 31: DTE Energy 2021 2020 (In millions) Accumulated benefit obligation, end of year $ 5,448 $ 5,843 Change in projected benefit obligation Projected benefit obligation, beginning of year $ 6,304 $ 5,810 Service cost 108 99 Interest cost 158 186 Plan amendments 4 — Actuarial (gain) loss (255) 619 Special termination benefits — 3 Benefits paid (414) (353) Settlements (48) (60) Projected benefit obligation, end of year $ 5,857 $ 6,304 Change in plan assets Plan assets at fair value, beginning of year $ 5,497 $ 4,993 Actual return on plan assets 460 815 Company contributions 12 102 Benefits paid (414) (353) Settlements (48) (60) Plan assets at fair value, end of year $ 5,507 $ 5,497 Funded status $ (350) $ (807) Amount recorded as: Current liabilities $ (11) $ (10) Noncurrent liabilities (339) (797) $ (350) $ (807) Amounts recognized in Accumulated other comprehensive income (loss), pre-tax Net actuarial loss $ 126 $ 142 Prior service cost 1 3 $ 127 $ 145 Amounts recognized in Regulatory assets (a) Net actuarial loss $ 1,381 $ 1,949 Prior service credit (9) (11) $ 1,372 $ 1,938 ______________________________________ (a) See Note 9 to the Consolidated Financial Statements, "Regulatory Matters." The decrease in DTE Energy's pension benefit obligation for the year ended December 31, 2021 was primarily due to an actuarial gain driven by an increase in discount rates. The increase in the pension benefit obligation in 2020 was primarily due to an actuarial loss driven by a decrease in discount rates, partially offset by a one-time settlement . The Registrants' policy is to fund pension costs by contributing amounts consistent with the provisions of the Pension Protection Act of 2006, and additional amounts when it deems appropriate. There were no contributions made to the qualified pension plans in 2021. The following table provides a summary of annual contributions to the qualified plans: 2021 2020 2019 (In millions) DTE Energy $ — $ 92 $ 150 DTE Electric $ — $ 60 $ 100 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 2022. In addition, DTE Energy anticipates a transfer of up to $50 million of qualified pension plan funds from DTE Gas to DTE Electric in 2022. 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 were $107 million, $106 million, and $93 million for the years ended December 31, 2021, 2020, and 2019, respectively. These amounts include recognized contractual termination benefit charges, curtailment gains, and settlement charges. At December 31, 2021, the benefits related to DTE Energy's qualified and non-qualified pension plans expected to be paid in each of the next five years and in the aggregate for the five fiscal years thereafter are as follows: (In millions) 2022 $ 346 2023 360 2024 341 2025 350 2026 346 2027-2031 1,723 Total $ 3,466 Assumptions used in determining the projected benefit obligation and net pension costs of DTE Energy are: 2021 2020 2019 Projected benefit obligation Discount rate 2.91% 2.57% 3.28% Rate of compensation increase 3.80% 3.80% 3.85% Cash balance interest crediting rate 2.40% 2.00% 3.30% Net pension costs Discount rate 2.57% 3.28% 4.40% Rate of compensation increase 3.80% 3.85% 3.85% Expected long-term rate of return on plan assets 7.00% 7.10% 7.30% Cash balance interest crediting rate 2.00% 3.30% 3.70% DTE Energy employs a formal process in determining the long-term rate of return for various asset classes. Management reviews historic financial market risks and returns and long-term historic relationships between the asset classes of equities, fixed income, and other assets, consistent with the widely accepted capital market principle that asset classes with higher volatility generate a greater return over the long-term. Current market factors such as inflation, interest rates, asset class risks, and asset class returns are evaluated and considered before long-term capital market assumptions are determined. The long-term portfolio return is also established employing a consistent formal process, with due consideration of diversification, active investment management, and rebalancing. Peer data is reviewed to check for reasonableness. As a result of this process, the Registrants have a long-term rate of return assumption for the pension plans of 6.80%. The Registrants believe this rate is a reasonable assumption for the long-term rate of return on plan assets for 2022 given the current investment strategy. The DTE Energy Company Affiliates Employee Benefit Plans Master Trust employs a liability driven investment program whereby the characteristics of plan liabilities are considered when determining investment policy. Risk tolerance is established through consideration of future plan cash flows, plan funded status, and corporate financial considerations. The investment portfolio contains a diversified blend of equity, fixed income, and other investments. Furthermore, equity investments are diversified across U.S. and non-U.S. stocks and large and small market capitalizations. Fixed income investments generally include U.S. Treasuries, other governmental debt, diversified corporate bonds, bank loans, and mortgage-backed securities. Other investments are used to enhance long-term returns while improving portfolio diversification. Derivatives may be utilized in a risk controlled manner, to potentially increase the portfolio beyond the market value of invested assets and/or reduce portfolio investment risk. Investment risk is measured and monitored on an ongoing basis through annual liability measurements, periodic asset/liability studies, and quarterly investment portfolio reviews. Target allocations for DTE Energy's pension plan assets as of December 31, 2021 are listed below: U.S. Large Capitalization (Cap) Equity Securities 13 % U.S. Small Cap and Mid Cap Equity Securities 3 Non-U.S. Equity Securities 13 Fixed Income Securities 48 Hedge Funds and Similar Investments 11 Private Equity and Other 12 100 % The following tables provide the fair value measurement amounts for DTE Energy's pension plan assets at December 31, 2021 and 2020 (a) : December 31, 2021 December 31, 2020 Level 1 Level 2 Other (b) Total Level 1 Level 2 Other (b) Total DTE Energy asset category: (In millions) Short-term Investments (c) $ 112 $ — $ — $ 112 $ 92 $ — $ — $ 92 Equity Securities Domestic (d) 155 — 758 913 167 — 1,093 1,260 International (e) 88 — 588 676 100 — 791 891 Fixed Income Securities Governmental (f) 943 83 — 1,026 459 95 — 554 Corporate (g) — 1,466 — 1,466 — 1,404 — 1,404 Hedge Funds and Similar Investments (h) 139 63 365 567 238 61 411 710 Private Equity and Other (i) — — 747 747 — — 586 586 DTE Energy Total $ 1,437 $ 1,612 $ 2,458 $ 5,507 $ 1,056 $ 1,560 $ 2,881 $ 5,497 _______________________________________ (a) For a description of levels within the fair value hierarchy, see Note 12 to the Consolidated Financial Statements, "Fair Value." (b) Amounts represent assets valued at NAV as a practical expedient for fair value. (c) This category predominantly represents certain short-term fixed income securities and money market investments that are managed in separate accounts or commingled funds. Pricing for investments in this category are obtained from quoted prices in actively traded markets. (d) This category represents portfolios of large, medium and small capitalization domestic equities. Investments in this category include exchange-traded securities for which unadjusted quoted prices can be obtained and exchange-traded securities held in a commingled fund classified as NAV assets. (e) This category primarily consists of portfolios of non-U.S. developed and emerging market equities. Investments in this category include exchange-traded securities for which unadjusted quoted prices can be obtained and exchange-traded securities held in a commingled fund classified as NAV assets. (f) This category includes U.S. Treasuries, bonds, and other governmental debt. Pricing for investments in this category is obtained from quoted prices in actively traded markets and quotations from broker or pricing services. (g) This category primarily consists of corporate bonds from diversified industries, bank loans, and mortgage backed securities. Pricing for investments in this category is obtained from quotations from broker or pricing services. (h) This category utilizes a diversified group of strategies that attempt to capture uncorrelated sources of return and includes publicly traded mutual funds, insurance-linked and asset-backed securities, commingled funds and limited partnership funds. Pricing for mutual funds in this category is obtained from quoted prices in actively traded markets. Pricing for insurance-linked and asset-backed securities is obtained from quotations. from broker or pricing services. Commingled funds and limited partnership funds are classified as NAV assets. (i) This category includes a diversified group of funds and strategies that primarily invests in private equity partnerships. This category also includes investments in private real estate and private debt. All investments in this category are classified as NAV assets. The pension trust holds 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-publicly traded commingled funds hold exchange-traded equity or debt securities and are valued based on stated NAVs. Non-exchange traded fixed income securities are valued by the trustee based upon quotations available from brokers or pricing services. 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 price source of a given security if the trustee challenges an assigned price and determines that another price source is considered preferable. DTE Energy has obtained an understanding of how these prices are derived, including the nature and observability of the inputs used in deriving such prices. Other Postretirement Benefits The Registrants participate in defined benefit plans sponsored by the LLC that provide certain other postretirement health care and life insurance benefits for employees who are eligible for these benefits. The Registrants' policy is to fund certain trusts to meet its other postretirement benefit obligations. DTE Energy did not make any contributions to these trusts during 2021 and does not anticipate making any contributions to the trusts in 2022. DTE Energy and DTE Electric offer a defined contribution VEBA for eligible represented and non-represented employees, in lieu of defined benefit post-employment health care benefits. The Registrants allocate a fixed amount per year to an account in a defined contribution VEBA for each employee. These accounts are managed either by the Registrant (for non-represented and certain represented groups) or by the Utility Workers of America for Local 223 employees. The following table provides contributions to the VEBA in: 2021 2020 2019 (In millions) DTE Energy $ 18 $ 15 $ 13 DTE Electric $ 8 $ 7 $ 6 The Registrants also contribute a fixed amount to a Retiree Reimbursement Account for certain non-represented and represented retirees, spouses, and surviving spouses when the youngest of the retiree's covered household becomes eligible for Medicare Part A based on age. The amount of the annual allocation to each participant is determined by the employee's retirement date and increases each year for each eligible participant at the lower of the rate of medical inflation or 2%. Net other postretirement credit for DTE Energy includes the following components: 2021 2020 2019 (In millions) Service cost $ 30 $ 26 $ 22 Interest cost 46 56 70 Expected return on plan assets (129) (128) (96) Amortization of: Net actuarial loss 13 16 12 Prior service credit (19) (19) (9) Net other postretirement credit $ (59) $ (49) $ (1) 2021 2020 (In millions) Other changes in plan assets and accumulated postretirement benefit obligation recognized in Regulatory assets and Other comprehensive income (loss) Net actuarial gain $ (113) $ (38) Amortization of net actuarial loss (13) (16) Prior service cost 1 — Amortization of prior service credit 19 19 Total recognized in Regulatory assets and Other comprehensive income (loss) $ (106) $ (35) Total recognized in net periodic benefit cost, Regulatory assets, and Other comprehensive income (loss) $ (165) $ (84) Net other postretirement credit for DTE Electric includes the following components: 2021 2020 2019 (In millions) Service cost $ 23 $ 20 $ 16 Interest cost 35 43 53 Expected return on plan assets (86) (87) (65) Amortization of: Net actuarial loss 11 11 5 Prior service credit (14) (14) (7) Net other postretirement cost (credit) $ (31) $ (27) $ 2 2021 2020 (In millions) Other changes in plan assets and accumulated postretirement benefit obligation recognized in Regulatory assets Net actuarial gain $ (84) $ (26) Amortization of net actuarial loss (11) (11) Amortization of prior service credit 14 14 Total recognized in Regulatory assets $ (81) $ (23) Total recognized in net periodic benefit cost and Regulatory assets $ (112) $ (50) The following table reconciles the obligations, assets, and funded status of the plans including amounts recorded as Accrued postretirement liability in the Registrants' Consolidated Statements of Financial Position at December 31: DTE Energy DTE Electric 2021 2020 2021 2020 (In millions) Change in accumulated postretirement benefit obligation Accumulated postretirement benefit obligation, beginning of year $ 1,807 $ 1,751 $ 1,369 $ 1,337 Service cost 30 26 23 20 Interest cost 46 56 35 43 Plan amendments 1 — — — Actuarial (gain) loss (100) 54 (73) 31 Benefits paid (82) (80) (61) (62) Accumulated postretirement benefit obligation, end of year $ 1,702 $ 1,807 $ 1,293 $ 1,369 Change in plan assets Plan assets at fair value, beginning of year $ 1,960 $ 1,819 $ 1,320 $ 1,236 Actual return on plan assets 142 220 96 145 Benefits paid (81) (79) (61) (61) Plan assets at fair value, end of year $ 2,021 $ 1,960 $ 1,355 $ 1,320 Funded status $ 319 $ 153 $ 62 $ (49) Amount recorded as: Noncurrent assets $ 678 $ 561 $ 402 $ 335 Current liabilities (1) (1) — — Noncurrent liabilities (358) (407) (340) (384) $ 319 $ 153 $ 62 $ (49) Amounts recognized in Accumulated other comprehensive income (loss), pre-tax Net actuarial gain $ (1) $ (7) $ — $ — Amounts recognized in Regulatory assets (a) Net actuarial loss $ 102 $ 234 $ 61 $ 156 Prior service credit (49) (69) (34) (48) $ 53 $ 165 $ 27 $ 108 ______________________________________ (a) See Note 9 to the Consolidated Financial Statements, "Regulatory Matters." The decrease in the Registrants' other postretirement benefit obligations for the year ended December 31, 2021 was primarily due to an actuarial gain driven by an increase in discount rates. The increase in the other postretirement benefit obligations in 2020 was primarily due to an actuarial loss driven by a decrease in discount rates, partially offset by favorable changes in healthcare cost assumptions. The following table reflects other postretirement benefit plans with accumulated postretirement benefit obligations in excess of plan assets as of December 31: DTE Energy DTE Electric 2021 2020 2021 2020 (In millions) Accumulated postretirement benefit obligation $ 822 $ 878 $ 775 $ 826 Fair value of plan assets 463 470 435 442 Accumulated postretirement benefit obligation in excess of plan assets $ 359 $ 408 $ 340 $ 384 At December 31, 2021, the benefits expected to be paid, including prescription drug benefits, in each of the next five years and in the aggregate for the five fiscal years thereafter for the Registrants are as follows: DTE Energy DTE Electric (In millions) 2022 $ 85 $ 64 2023 89 68 2024 91 69 2025 94 71 2026 95 72 2027-2031 493 375 Total $ 947 $ 719 Assumptions used in determining the accumulated postretirement benefit obligation and net other postretirement benefit costs of the Registrants are: 2021 2020 2019 Accumulated postretirement benefit obligation Discount rate 2.91% 2.58% 3.29% Health care trend rate pre- and post- 65 6.75 / 7.25% 6.75 / 7.25% 6.75 / 7.25% Ultimate health care trend rate 4.50% 4.50% 4.50% Year in which ultimate reached pre- and post- 65 2034 2033 2032 Other postretirement benefit costs Discount rate 2.58% 3.29% 4.40% Expected long-term rate of return on plan assets 6.70% 7.20% 7.30% Health care trend rate pre- and post- 65 6.75 / 7.25% 6.75 / 7.25% 6.75 / 7.25% Ultimate health care trend rate 4.50% 4.50% 4.50% Year in which ultimate reached pre- and post- 65 2033 2032 2031 The process used in determining the long-term rate of return on assets for the other postretirement benefit plans is similar to that previously described for the pension plans. As a result of this process, the Registrants have a long-term rate of return assumption for the other postretirement benefit plans of 6.40% for 2022. The Registrants believe this rate is a reasonable assumption for the long-term rate of return on plan assets for 2022 given the current investment strategy. The DTE Energy Company Master VEBA Trust employs a liability driven investment program whereby the characteristics of plan liabilities are considered when determining investment policy. Risk tolerance is established through consideration of future plan cash flows, plan funded status, and corporate financial considerations. The investment portfolio contains a diversified blend of equity, fixed income, and other investments. Furthermore, equity investments are diversified across U.S. and non-U.S. stocks and large and small market capitalizations. Fixed income investments generally include U.S. Treasuries, other governmental debt, diversified corporate bonds, bank loans, and mortgage-backed securities. Other investments are used to enhance long-term returns while improving portfolio diversification. Derivatives may be utilized in a risk controlled manner to potentially increase the portfolio beyond the market value of invested assets and/or reduce portfolio investment risk. Investment risk is measured and monitored on an ongoing basis through annual liability measurements, periodic asset/liability studies, and quarterly investment portfolio reviews. Target allocations for the Registrants' other postretirement benefit plan assets as of December 31, 2021 are listed below: U.S. Large Cap Equity Securities 10 % U.S. Small Cap and Mid Cap Equity Securities 2 Non-U.S. Equity Securities 10 Fixed Income Securities 54 Hedge Funds and Similar Investments 10 Private Equity and Other 14 100 % The following tables provide the fair value measurement amounts for the Registrants' other postretirement benefit plan assets at December 31, 2021 and 2020 (a) : December 31, 2021 December 31, 2020 Level 1 Level 2 Other (b) Total Level 1 Level 2 Other (b) Total (In millions) DTE Energy asset category: Short-term Investments (c) $ 39 $ — $ — $ 39 $ 21 $ — $ — $ 21 Equity Securities Domestic (d) 27 — 199 226 51 — 200 251 International (e) 27 — 141 168 23 — 178 201 Fixed Income Securities Governmental (f) 343 32 — 375 40 45 — 85 Corporate (g) — 355 271 626 — 477 379 856 Hedge Funds and Similar Investments (h) 58 26 120 204 61 17 124 202 Private Equity and Other (i) — — 383 383 — — 344 344 DTE Energy Total $ 494 $ 413 $ 1,114 $ 2,021 $ 196 $ 539 $ 1,225 $ 1,960 DTE Electric asset category: Short-term Investments (c) $ 26 $ — $ — $ 26 $ 14 $ — $ — $ 14 Equity Securities Domestic (d) 18 — 132 150 33 — 131 164 International (e) 18 — 93 111 16 — 117 133 Fixed Income Securities Governmental (f) 230 21 — 251 24 31 — 55 Corporate (g) — 235 187 422 — 321 263 584 Hedge Funds and Similar Investments (h) 39 17 81 137 41 11 83 135 Private Equity and Other (i) — — 258 258 — — 235 235 DTE Electric Total $ 331 $ 273 $ 751 $ 1,355 $ 128 $ 363 $ 829 $ 1,320 _______________________________________ (a) For a description of levels within the fair value hierarchy see Note 12 to the Consolidated Financial Statements, "Fair Value." (b) Amounts represent assets valued at NAV as a practical expedient for fair value. (c) This category predominantly represents certain short-term fixed income securities and money market investments that are managed in separate accounts or commingled funds. Pricing for investments in this category are obtained from quoted prices in actively traded markets. (d) This category represents portfolios of large, medium and small capitalization domestic equities. Investments in this category include exchange-traded securities for which unadjusted quoted prices can be obtained and exchange-traded securities held in a commingled fund classified as NAV assets. (e) This category primarily consists of portfolios of non-U.S. developed and emerging market equities. Investments in this category include exchange-traded securities for which unadjusted quoted prices can be obtained and exchange-traded securities held in a commingled fund classified as NAV assets. (f) This category includes U.S. Treasuries, bonds and other governmental debt. Pricing for investments in this category is obtained from quoted prices in actively traded markets and quotations from broker or pricing services. (g) This category primarily consists of corporate bonds from diversified industries, bank loans, and mortgage backed securities. Pricing for investments in this category is obtained from quotations from broker or pricing services. Non-exchange traded securities and exchange-traded securities held in commingled funds are classified as NAV assets. (h) This category utilizes a diversified group of strategies that attempt to capture uncorrelated sources of income and includes publicly traded mutual funds, insurance-linked and asset-backed securities, commingled funds and limited partnership funds. Pricing for mutual funds in this category is obtained from quoted prices in actively traded markets. Prices for insurance-linked and asset-backed securities are obtained from quotations from broker or pricing services. Commingled funds and limited partnership funds are classified as NAV assets. (i) This category includes a diversified group of funds and strategies that primarily invests in private equity partnerships. This category also includes investments in private real estate and private debt. All investments in this category are classified as NAV assets. The DTE Energy Company Master VEBA Trust holds 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-publicly traded commingled funds hold exchange-traded equity or debt securities and are valued based on NAVs. Non-exchange traded fixed income securities are valued by the trustee based upon quotations available from brokers or pricing services. 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 price source of a given security if the trustee challenges an assigned price and 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. Defined Contribution Plans The Registrants also sponsor defined contribution retirement savings plans. Participation in one of these plans is available to substantially all represented and non-represented employees. For substantially all employees, the Registrants match employee contributions up to certain predefined limits based upon eligible compensation and the employee’s contribution rate. Additionally, for eligible represented and non-represented employees who do not participate in the Pension Plans, the Registrants annually contribute an amount equivalent to 4% (8% for certain DTE Gas represented employees) of an employee's eligible pay to the employee's defined contribution retirement savings plan. For DTE Energy, the cost of these plans was $70 million, $73 million, and $65 million for the years ended December 31, 2021, 2020, and 2019, respectively. For DTE Electric, the cost of these plans was $34 million, $34 million, and $31 million for the years ended December 31, 2021, 2020, and 2019, respectively. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Stock-Based Compensation | STOCK-BASED COMPENSATION DTE Energy’s stock incentive program permits the grant of incentive stock options, non-qualifying stock options, stock awards, performance shares, and performance units to employees and members of its Board of Directors. As a result of a stock award, a settlement of an award of performance shares, or by exercise of a participant’s stock option, DTE Energy may deliver common stock from its authorized but unissued common stock and/or from outstanding common stock acquired by or on behalf of DTE Energy in the name of the participant. Key provisions of the stock incentive program are: • Authorized limit is 20,162,716 shares of common stock; • Prohibits the grant of a stock option with an exercise price that is less than the fair market value of DTE Energy’s stock on the date of the grant; and • Imposes the following award limits to a single participant in a single calendar year, (1) options for more than 500,000 shares of common stock; (2) stock awards for more than 150,000 shares of common stock; (3) performance share awards for more than 300,000 shares of common stock (based on the maximum payout under the award); or (4) more than 1,000,000 performance units, which have a face amount of $1.00 each. DTE Energy records compensation expense at fair value over the vesting period for all awards it grants. The following table summarizes the components of stock-based compensation for DTE Energy: 2021 2020 2019 (In millions) Stock-based compensation expense $ 71 $ 63 $ 71 Tax benefit $ 13 $ 12 $ 13 Stock-based compensation cost capitalized in Property, plant, and equipment (a) $ — $ — $ 16 _______________________________________ (a) In DTE Electric's May 2020 rate order, the MPSC disallowed certain capital expenditures related to incentive compensation. Therefore, beginning in 2020, no stock-based compensation cost will be capitalized in Property, plant, and equipment. Restricted Stock Awards Stock awards granted under the plan are restricted for varying periods, generally for three years. Participants have all rights of a shareholder with respect to a stock award, including the right to receive dividends and vote the shares. Prior to vesting in stock awards, the participant: (i) may not sell, transfer, pledge, exchange, or otherwise dispose of shares; (ii) shall not retain custody of the share certificates; and (iii) will deliver to DTE Energy a stock power with respect to each stock award upon request. The stock awards are recorded at cost that approximates fair value on the date of grant. The cost is amortized to compensation expense over the vesting period. The fair value of awards vested were not material for the years ended December 31, 2021, 2020, and 2019. Compensation cost charged against income was $14 million, $13 million, and $11 million for the years ended December 31, 2021, 2020, and 2019, respectively. Performance Share Awards Performance shares awarded under the plan are for a specified number of shares of DTE Energy common stock that entitle the holder to receive a cash payment, shares of DTE Energy common stock, or a combination thereof. The final value of the award is determined by the achievement of certain performance objectives and market conditions. The awards vest at the end of a specified period, usually three years. Awards granted in 2021, 2020, and 2019 were primarily deemed to be equity awards. The DTE Energy stock price and number of probable shares attributable to market conditions for such equity awards are fair valued only at the grant date. DTE Energy accounts for performance share awards by accruing compensation expense over the vesting period based on: (i) the number of shares expected to be paid which is based on the probable achievement of performance objectives; and (ii) the closing stock price market value. The settlement of the award is based on the closing price at the settlement date. DTE Energy recorded activity relating to performance share awards as follows: 2021 2020 2019 (In millions, except per share amounts) Weighted average grant date fair value of awards granted (per share) $ 118.43 $ 129.68 $ 115.85 Awards settled in cash (a) $ 12 $ 21 $ 19 Awards settled in stock (a) $ 74 $ 53 $ 79 Compensation expense $ 58 $ 50 $ 60 _______________________________________ (a) Sum of awards settled in cash and stock approximates the intrinsic value of the awards. During the vesting period, the recipient of a performance share award has no shareholder rights. During the period beginning on the date the performance shares are awarded and ending on the certification date of the performance objectives, the number of performance shares awarded will be increased, assuming full dividend reinvestment at the fair market value on the dividend payment date. The cumulative number of performance shares will be adjusted to determine the final payment based on the performance objectives achieved. Performance share awards are nontransferable and are subject to risk of forfeiture. The following table summarizes DTE Energy’s performance share activity for the period ended December 31, 2021: Performance Shares Weighted Average Balance at December 31, 2020 1,127,437 $ 117.06 Grants (a) 567,196 $ 118.43 Forfeitures (b) (162,091) $ 123.04 Payouts (429,925) $ 107.84 Balance at December 31, 2021 1,102,617 $ 120.33 _______________________________________ (a) Includes 166,686 incremental shares granted in 2021 to DTE Energy employees who did not separate with DT Midstream. The shares were granted to preserve the value of unvested 2019-2021 awards, considering the impact from the spin-off of DT Midstream on DTE Energy's stock price. (b) Includes the cancellation of 95,923 shares that were held by employees that separated due to the spin-off of DT Midstream. Unrecognized Compensation Costs As of December 31, 2021, DTE Energy's total unrecognized compensation cost related to non-vested stock incentive plan arrangements and the weighted average recognition period was as follows: Unrecognized Weighted Average (In millions) (In years) Stock awards $ 19 1.50 Performance shares 44 1.04 $ 63 1.18 Allocated Stock-Based Compensation DTE Electric received an allocation of costs from DTE Energy associated with stock-based compensation. DTE Electric's allocation for 2021, 2020, and 2019 for stock-based compensation expense was $45 million, $37 million, and $43 million, respectively. |
Segment and Related Information
Segment and Related Information | 12 Months Ended |
Dec. 31, 2021 | |
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. 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: Year Ended December 31, 2021 2020 2019 (In millions) Electric (a) $ 64 $ 61 $ 56 Gas 14 16 12 DTE Vantage 575 464 596 Energy Trading 56 31 22 Corporate and Other 2 2 2 $ 711 $ 574 $ 688 _______________________________________ (a) Inter-segment billing for the Electric segment includes $4 million and $2 million relating to Non-utility operations for the years ended December 31, 2021 and 2020, respectively. Centrally incurred costs such as labor and overheads are assigned directly to DTE Energy's business segments or allocated based on various cost drivers, depending on the nature of service provided. 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. All inter-segment transactions and balances are eliminated in consolidation for DTE Energy. The Reclassifications and Eliminations group below also includes the reclassification of deferred tax assets, which are netted against deferred tax liabilities for presentation on the DTE Energy Consolidated Statements of Financial Position. Refer to Note 10 to the Consolidated Financial Statements, "Income Taxes," for additional information regarding the Registrants' deferred taxes. Financial data of DTE Energy's business segments follows: Electric Gas DTE Vantage Energy Corporate and Other (a) Reclassifications Total from Discontinued Total (In millions) 2021 Operating Revenues — Utility operations $ 5,809 1,553 — — — (74) $ 7,288 Operating Revenues — Non-utility operations $ 12 — 1,482 6,831 2 (651) $ 7,676 Depreciation and amortization $ 1,122 177 71 6 1 — $ 1,377 Interest expense $ 338 81 28 5 270 (92) $ 630 Interest income $ — (6) (23) (1) (84) 92 $ (22) Equity in earnings of equity method investees $ — 1 8 — 29 — $ 38 Income Tax Expense (Benefit) $ 104 38 (31) (27) (214) — $ (130) Net Income (Loss) Attributable to DTE Energy Company $ 864 214 168 (83) (367) — $ 796 111 $ 907 Investment in equity method investees $ 6 13 118 — 50 — $ 187 Capital expenditures and acquisitions $ 3,016 621 69 6 — — $ 3,712 60 $ 3,772 Goodwill $ 1,208 743 25 17 — — $ 1,993 Total Assets $ 28,524 6,729 983 1,174 4,281 (1,972) $ 39,719 — $ 39,719 _______________________________________ (a) Corporate and Other results include significant one-time items resulting from the separation of DT Midstream, including a loss on debt extinguishment of $376 million following the settlement of intercompany borrowings with DT Midstream and optional redemption of DTE Energy long-term debt. DTE Energy also recognized a tax benefit of $85 million for the remeasurement of state deferred tax liabilities following the separation of DT Midstream. Refer to Notes 10 and 14 to the Consolidated Financial Statements, "Income Taxes" and "Long-Term Debt," for additional information. Electric Gas DTE Vantage Energy Corporate Reclassifications Total from Discontinued Total (In millions) 2020 Operating Revenues — Utility operations $ 5,506 1,414 — — — (75) $ 6,845 Operating Revenues — Non-utility operations $ 14 — 1,224 3,863 2 (525) $ 4,578 Depreciation and amortization $ 1,057 157 72 5 1 — $ 1,292 Interest expense $ 337 80 37 6 325 (184) $ 601 Interest income $ (4) (5) (22) (2) (180) 184 $ (29) Equity in earnings of equity method investees $ — 1 17 — 8 — $ 26 Income Tax Expense (Benefit) $ 108 48 (40) 12 (91) — $ 37 Net Income (Loss) Attributable to DTE Energy Company $ 777 186 134 36 (79) — $ 1,054 314 $ 1,368 Investment in equity method investees $ 6 12 125 — 34 — $ 177 Capital expenditures and acquisitions $ 2,701 574 186 5 — — $ 3,466 517 $ 3,983 Goodwill $ 1,208 743 25 17 — — $ 1,993 Total Assets $ 26,588 6,339 696 807 5,063 (2,073) $ 37,420 8,076 $ 45,496 Electric Gas DTE Vantage Energy Corporate Reclassifications Total from Discontinued Total (In millions) 2019 Operating Revenues — Utility operations $ 5,224 1,482 — — — (68) $ 6,638 Operating Revenues — Non-utility operations $ 5 — 1,560 4,610 2 (647) $ 5,530 Depreciation and amortization $ 949 144 69 6 1 — $ 1,169 Interest expense $ 315 78 33 8 266 (132) $ 568 Interest income $ (2) (6) (9) (4) (120) 132 $ (9) Equity in earnings of equity method investees $ 1 2 14 — (3) — $ 14 Income Tax Expense (Benefit) $ 137 62 (63) 17 (82) — $ 71 Net Income (Loss) Attributable to DTE Energy Company $ 714 185 133 49 (126) — $ 955 214 $ 1,169 Investment in equity method investees $ 5 11 130 — 31 — $ 177 Capital expenditures and acquisitions $ 2,368 530 54 5 — — $ 2,957 2,510 $ 5,467 Goodwill $ 1,208 743 25 17 — — $ 1,993 Total Assets $ 24,617 5,717 537 798 4,779 (1,843) $ 34,605 7,663 $ 42,268 Reclassifications and Eliminations include $14 million, $26 million, and $27 million of Operating Revenues — Non-utility operations for the years ended December 31, 2021, 2020, and 2019, 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. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONSDTE Electric has agreements with affiliated companies to sell energy for resale, purchase fuel and power, provide fuel supply services, and provide power plant operation and maintenance services. DTE Electric also has agreements with certain DTE Energy affiliates where it charges the affiliates for their use of the shared capital assets of DTE Electric. A shared services company accumulates various corporate support expenses and charges various subsidiaries of DTE Energy, including DTE Electric. DTE Electric records federal, state, and local income taxes payable to or receivable from DTE Energy based on its federal, state, and local tax provisions. The following is a summary of DTE Electric's transactions with affiliated companies: 2021 2020 2019 (In millions) Revenues and Other Income Energy sales $ 9 $ 8 $ 10 Other services and interest $ 2 $ 2 $ 5 Shared capital assets $ 49 $ 47 $ 42 Costs Fuel and purchased power $ 13 $ 16 $ 6 Other services and interest $ — $ 1 $ 24 Corporate expenses $ 391 $ 367 $ 372 Other Dividends declared $ 588 $ 539 $ 494 Dividends paid $ 588 $ 539 $ 494 Capital contribution from DTE Energy $ 555 $ 636 $ 180 DTE Electric's Accounts receivable and Accounts payable related to Affiliates are payable upon demand and are generally settled in cash within a monthly business cycle. Notes receivable and Short-term borrowings related to Affiliates are subject to a credit agreement with DTE Energy whereby short-term excess cash or cash shortfalls are remitted to or funded by DTE Energy. This credit arrangement involves the charge and payment of interest at market-based rates. Refer to DTE Electric's Consolidated Statements of Financial Position for affiliate balances at December 31, 2021 and 2020. There were $2 million and $20 million in charitable contributions made by DTE Electric to the DTE Energy Foundation for the years ended December 31, 2021 and 2020, respectively, and no contributions for the year ended December 31, 2019. The DTE Energy Foundation is a non-consolidated not-for-profit private foundation, the purpose of which is to contribute to and assist charitable organizations. For a discussion of other related party transactions impacting DTE Electric, see Notes 20 and 21 to the Consolidated Financial Statements, "Retirement Benefits and Trusteed Assets" and "Stock-Based Compensation," respectively. |
Supplementary Quarterly Financi
Supplementary Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |
Supplementary Quarterly Financial Information (Unaudited) | SUPPLEMENTARY QUARTERLY FINANCIAL INFORMATION (UNAUDITED) The Registrants have adopted the SEC amendment to Regulation S-K Item 302(a) which requires disclosure of supplemental quarterly financial data only if material retrospective adjustments have been applied. For DTE Energy, the information has been presented below to reflect the impact of the discontinued operations of DT Midstream. No retrospective adjustments have been applied for DTE Electric. DTE Energy The sum of quarterly earnings per share may not equal year-end amounts, since quarterly computations are based on weighted average common shares outstanding during each quarter. First Second Third Fourth Year (In millions, except per share amounts) 2021 Operating Revenues $ 3,581 $ 3,021 $ 3,715 $ 4,647 $ 14,964 Operating Income 433 242 405 415 1,495 Net Income from Continuing Operations (a) 317 114 55 300 786 Net Income (Loss) from Discontinued Operations 80 65 (33) 5 117 Net Income 397 179 22 305 903 Net Income Attributable to DTE Energy Company $ 397 $ 179 $ 25 $ 306 $ 907 Basic Earnings per Share Continuing Operations $ 1.65 $ 0.60 $ 0.30 $ 1.56 $ 4.11 Discontinued Operations 0.40 0.32 (0.17) 0.02 0.57 Total $ 2.05 $ 0.92 $ 0.13 $ 1.58 $ 4.68 Diluted Earnings per Share Continuing Operations $ 1.65 $ 0.60 $ 0.30 $ 1.55 $ 4.10 Discontinued Operations 0.40 0.32 (0.17) 0.02 0.57 Total $ 2.05 $ 0.92 $ 0.13 $ 1.57 $ 4.67 2020 Operating Revenues $ 2,852 $ 2,411 $ 3,080 $ 3,080 $ 11,423 Operating Income 445 263 479 368 1,555 Net Income from Continuing Operations 268 201 370 206 1,045 Net Income from Discontinued Operations 74 76 107 69 326 Net Income 342 277 477 275 1,371 Net Income Attributable to DTE Energy Company $ 340 $ 277 $ 476 $ 275 $ 1,368 Basic Earnings per Share Continuing Operations $ 1.39 $ 1.06 $ 1.93 $ 1.08 $ 5.46 Discontinued Operations 0.38 0.38 0.54 0.34 1.63 Total $ 1.77 $ 1.44 $ 2.47 $ 1.42 $ 7.09 Diluted Earnings per Share Continuing Operations $ 1.39 $ 1.06 $ 1.92 $ 1.08 $ 5.45 Discontinued Operations 0.37 0.38 0.54 0.34 1.63 Total $ 1.76 $ 1.44 $ 2.46 $ 1.42 $ 7.08 _______________________________________ (a) Third Quarter 2021 results include significant one-time items resulting from the separation of DT Midstream, including a loss on debt extinguishment of $376 million following the settlement of intercompany borrowings with DT midstream and optional redemption of DTE Energy long-term debt. Refer to Note 14 to the Consolidated Financial Statements, "Long-Term Debt," for additional information. Third Quarter 2021 results also include a tax benefit of $85 million for the remeasurement of state deferred tax liabilities following the separation of DT Midstream. Refer to Note 10 to the Consolidated Financial Statements, "Income Taxes," for additional information. |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2021 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule II - Valuation and Qualifying Accounts | DTE Energy Company Schedule II — Valuation and Qualifying Accounts Year Ending December 31, 2021 2020 2019 (In millions) Allowance for Doubtful Accounts (shown as deduction from Accounts receivable in DTE Energy's Consolidated Statements of Financial Position) Balance at Beginning of Period $ 104 $ 83 $ 91 Additions: Charged to costs and expenses 54 105 103 Charged to other accounts (a) 61 50 56 Deductions (b) (127) (134) (167) Balance at End of Period $ 92 $ 104 $ 83 _______________________________________ (a) Collection of accounts previously written off (b) Uncollectible accounts written off. DTE Electric Company Schedule II — Valuation and Qualifying Accounts Year Ending December 31, 2021 2020 2019 (In millions) Allowance for Doubtful Accounts (shown as deduction from Accounts receivable in DTE Electric's Consolidated Statements of Financial Position) Balance at Beginning of Period $ 57 $ 46 $ 53 Additions: Charged to costs and expenses 36 61 65 Charged to other accounts (a) 38 30 36 Deductions (b) (77) (80) (108) Balance at End of Period $ 54 $ 57 $ 46 _______________________________________ (a) Collection of accounts previously written off. (b) Uncollectible accounts written off. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation 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 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 the Registrants 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. |
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 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. During the fourth quarter of 2021, DTE Energy also performed reassessments of REF entities that were previously concluded to be VIEs. The REF entities have ceased operations as of December 31, 2021 and DTE Energy has concluded the REF entities are no longer VIEs. Therefore, the REF entities have been removed from the VIE tables below. Other 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 December 31, 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 December 31, 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. For non-consolidated VIEs, the maximum risk exposure of the Registrants is generally limited to their investment, notes receivable, and future funding commitments. |
Other Income | Other Income Other income for the Registrants is recognized for non-operating income such as equity earnings of equity method investees, allowance for equity funds used during construction, contract services, and gains from trading securities, primarily from those held in DTE Energy's rabbi trust. The DTE Vantage segment also recognizes Other income in connection with the sale of membership interests in reduced emissions fuel facilities to investors. In exchange for the cash received, the investors receive a portion of the economic attributes of the facilities, including income tax attributes. The transactions are not treated as a sale of membership interests for financial reporting purposes. Other income related to fixed non-refundable cash payments received from investors for which the earnings process is not contingent upon production of refined coal is recognized on a straight-line basis over the non-cancelable contract term as the economic benefit from the ownership of the facility is transferred to investors. Other income related to cash payments that is contingent upon production of refined coal is considered earned and recognized when the contingency regarding the timing and amount of payment is resolved, generally as refined coal is produced and tax credits are generated. |
Accounting for ISO Transactions | Accounting for ISO Transactions DTE Electric participates in the energy market through MISO. MISO requires that DTE Electric submit hourly day-ahead, real-time, and FTR bids and offers for energy at locations across the MISO region. DTE Electric accounts for MISO transactions on a net hourly basis in each of the day-ahead, real-time, and FTR markets. In any single hour, transactions in each of the MISO energy markets are netted based on MWh to determine if DTE Electric is in a net sale or purchase position. Net purchases are recorded in Fuel, purchased power, and gas — utility and net sales are recorded in Operating Revenues — Utility operations on the Registrants' Consolidated Statements of Operations. The Energy Trading segment participates in the energy markets through various ISOs and RTOs. These markets require that Energy Trading submits hourly day-ahead, real-time bids and offers for energy at locations across each region. Energy Trading submits bids in the annual and monthly auction revenue rights and FTR auctions to the RTOs. Energy Trading accounts for these transactions on a net hourly basis for the day-ahead, real-time, and FTR markets. These transactions are related to trading contracts which, if derivatives, are presented on a net basis in Operating Revenues — Non-utility operations, and if non-derivatives, the realized gains and losses for sales are recorded in Operating Revenues — Non-utility operations and purchases are recorded in Fuel, purchased power, gas, and other — non-utility in the DTE Energy Consolidated Statements of Operations. DTE Electric and Energy Trading record accruals for future net purchases adjustments based on historical experience and reconcile accruals to actual costs when invoices are received from MISO and other ISOs and RTOs. |
Derivatives | DerivativesEnergy Trading classifies derivative transactions as revenue or expense based on the intent of the transaction (buy or sell). Revenues are recorded on a gross or net basis within the income statement depending upon whether it represents a non-trading activity or trading activity, respectively. 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, some 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 renewable gas recovery projects, industrial energy projects, reduced emissions fuel projects, 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 December 31, 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. |
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. |
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, fund certain construction projects, and guarantee performance. Restricted cash designated for payments within one year is classified as a Current Asset. |
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. DTE Energy had unbilled revenues of $1.0 billion and $0.8 billion at December 31, 2021 and 2020, respectively, including $270 million and $260 million of DTE Electric unbilled revenues, respectively, included in Customer Accounts receivable. 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 December 31, 2021. DTE Energy DTE Electric Year of origination 2021 2020 2019 and prior Total 2021 and prior (In millions) Notes receivable Internal grade 1 $ — $ — $ 21 $ 21 $ 14 Internal grade 2 16 107 6 129 3 Total notes receivable (a) $ 16 $ 107 $ 27 $ 150 $ 17 Net investment in leases Net investment in leases, internal grade 1 $ — $ 1 $ 38 $ 39 $ — Net investment in leases, internal grade 2 — 159 1 160 — Total net investment in leases (a) $ — $ 160 $ 39 $ 199 $ — _______________________________________ (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: DTE Energy DTE Electric Trade accounts receivable Other receivables Total Trade and other accounts receivable (In millions) Beginning reserve balance, January 1, 2021 $ 101 $ 3 $ 104 $ 57 Current period provision 53 1 54 36 Write-offs charged against allowance (126) (1) (127) (77) Recoveries of amounts previously written off 61 — 61 38 Ending reserve balance, December 31, 2021 $ 89 $ 3 $ 92 $ 54 DTE Energy DTE Electric Trade accounts receivable Other receivables Total Trade and other accounts receivable (In millions) Beginning reserve balance, January 1, 2020 (a) $ 79 $ 4 $ 83 $ 46 Current period provision 102 3 105 61 Write-offs charged against allowance (130) (4) (134) (80) Recoveries of amounts previously written off 50 — 50 30 Ending reserve balance, December 31, 2020 $ 101 $ 3 $ 104 $ 57 _______________________________________ (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: Year Ended December 31, 2021 2020 2019 (In millions) DTE Energy $ 55 $ 105 $ 106 DTE Electric $ 36 $ 62 $ 65 There are no material amounts of past due financing receivables for the Registrants as of December 31, 2021. |
Inventories | Inventories Inventory related to utility and non-utility operations is valued at the lower of cost or net realizable value, where cost is generally valued using average cost. Inventory primarily includes fuel, gas, materials, and supplies. Other inventories include RECs, emission allowances, and other environmental products in the Energy Trading segment. |
Property, Retirement and Maintenance, and Depreciation and Amortization | Property, Retirement and Maintenance, and Depreciation and Amortization Property is stated at cost and includes construction-related labor, materials, overheads, and AFUDC for utility property. The cost of utility properties retired is charged to accumulated depreciation. Expenditures for maintenance and repairs are charged to expense when incurred. Utility property at DTE Electric and DTE Gas is depreciated over its estimated useful life using straight-line rates approved by the MPSC. DTE Energy's non-utility property is depreciated over its estimated useful life using the straight-line method. Depreciation and amortization expense also includes the amortization of certain regulatory assets for the Registrants. The cost of nuclear fuel is capitalized. The amortization of nuclear fuel is included within Fuel, purchased power, and gas — utility in the DTE Energy Consolidated Statements of Operations, and Fuel and purchased power in the DTE Electric Consolidated Statements of Operations, and is recorded using the units-of-production method. |
Long-Lived Assets | Long-Lived Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. If the carrying amount of the asset exceeds the expected undiscounted future cash flows generated by the asset, an impairment loss is recognized resulting in the asset being written down to its estimated fair value. Assets to be disposed of are reported at the lower of the carrying amount or fair value, less costs to sell. |
Intangible Assets | DTE Energy amortizes contract intangible assets on a straight-line basis over the expected period of benefit. |
Cloud Computing Arrangements | Cloud Computing Arrangements Effective upon the adoption of ASU No. 2018-15 in January 2020, the Registrants capitalize implementation costs incurred in a cloud computing arrangement that is a service contract consistent with capitalized implementation costs incurred to develop or obtain internal-use software. Capitalized costs are recorded in Other noncurrent assets on the Consolidated Statements of Financial Position and amortization of the costs is reflected in Operation and maintenance within the Consolidated Statements of Operations. Costs are amortized on a straight-line basis over the life of the contract. Contracts primarily involve the implementation or upgrade of cloud-based solutions for generation and distribution operations and customer service support. |
Excise and Sales Taxes and Income Taxes | Excise and Sales Taxes The Registrants record the billing of excise and sales taxes as a receivable with an offsetting payable to the applicable taxing authority, with no net impact on the Registrants’ Consolidated Statements of Operations. |
Deferred Debt Costs | Deferred Debt Costs The costs related to the issuance of long-term debt are deferred and amortized over the life of each debt issue. The deferred amounts are included as a direct deduction from the carrying amount of each debt issue in Mortgage bonds, notes, and other and Junior subordinated debentures on DTE Energy's Consolidated Statements of Financial Position and in Mortgage bonds, notes, and other on DTE Electric's Consolidated Statements of Financial Position. In accordance with MPSC regulations applicable to DTE Energy’s electric and gas utilities, the unamortized discount, premium, and expense related to utility debt redeemed with a refinancing are amortized over the life of the replacement issue. Discounts, premiums, and expense on early redemptions of debt associated with DTE Energy's non-utility operations are charged to earnings. |
Investments in Debt and Equity Securities | Investments in Debt and Equity SecuritiesThe Registrants generally record investments in debt and equity securities at market value with unrealized gains or losses included in earnings. Changes in the fair value of Fermi 2 nuclear decommissioning investments are recorded as adjustments to Regulatory assets or liabilities, due to a recovery mechanism from customers. The Registrants' equity investments are reviewed for impairment each reporting period. If the assessment indicates that an impairment exists, a loss is recognized resulting in the equity investment being written down to its estimated fair value. |
DTE Energy Foundation | DTE Energy Foundation DTE Energy's contributions to the DTE Energy Foundation were $25 million and $20 million for the years ended December 31, 2021 and December 31, 2020, respectively. There were no charitable contributions made to the DTE Energy Foundation for the year ended December 31, 2019. The DTE Energy Foundation is a non-consolidated not-for-profit private foundation, the purpose of which is to contribute to and assist charitable organizations. |
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 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 optional relief is temporary and cannot be applied to contract modifications and hedging relationships entered into or evaluated after December 31, 2022. The Registrants adopted the ASU and elected the optional expedients for contract modifications prospectively. The adoption of the ASU did not have a significant impact on the registrant's 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 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. The Registrants will apply the guidance prospectively. The Registrants are currently assessing the impact of this standard on their Consolidated Financial Statements. In October 2021, The FASB issued ASU No. 2021-08, Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers . The amendments in this update require contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC 606, Revenue from Contracts with Customers . Historically, such amounts were recognized by the acquirer at fair value in acquisition accounting. The ASU is effective for the Registrants for fiscal years beginning after December 15, 2022, and interim periods therein. Early adoption is permitted. The Registrants will apply the guidance prospectively to acquisitions occurring on or after the effective date. |
Revenue | Revenue is measured based upon the consideration specified in a contract with a customer at the time when performance obligations are satisfied. A performance obligation is a promise in a contract to transfer a distinct good or service or a series of distinct goods or services to the customer. The Registrants recognize revenue when performance obligations are satisfied by transferring control over a product or service to a customer. The Registrants have determined control to be transferred when the product is delivered, or the service is provided to the customer.Rates for DTE Electric and DTE Gas include provisions to adjust billings for fluctuations in fuel and purchased power costs, cost of natural gas, and certain other costs. Revenues are adjusted for differences between actual costs subject to reconciliation and the amounts billed in current rates. Under or over recovered revenues related to these cost recovery mechanisms are included in Regulatory assets or liabilities on the Registrants' Consolidated Statements of Financial Position and are recovered or returned to customers through adjustments to the billing factors. |
Asset Retirement Obligations | DTE Electric has a legal retirement obligation for the decommissioning costs for its Fermi 1 and Fermi 2 nuclear plants, dismantlement of facilities located on leased property, and various other operations. DTE Electric has conditional retirement obligations for asbestos and PCB removal at certain of its power plants and various distribution equipment. DTE Gas has conditional retirement obligations for gas pipelines, certain service centers, compressor and gate stations. The Registrants recognize such obligations as liabilities at fair market value when they are incurred, which generally is at the time the associated assets are placed in service. Fair value is measured using expected future cash outflows discounted at the Registrants' credit-adjusted risk-free rate. For its utility operations, the Registrants recognize in the Consolidated Statements of Operations removal costs in accordance with regulatory treatment. Any differences between costs recognized related to asset retirement and those reflected in rates are recognized as either a Regulatory asset or liability on the Consolidated Statements of Financial Position. If a reasonable estimate of fair value cannot be made in the period in which the retirement obligation is incurred, such as for assets with indeterminate lives, the liability is recognized when a reasonable estimate of fair value can be made. Natural gas storage system and certain other distribution assets for DTE Gas and substations, manholes, and certain other distribution assets for DTE Electric have an indeterminate life. Therefore, no liability has been recorded for these assets. |
Regulatory Assets and Liabilities | Regulatory Assets and Liabilities DTE Electric and DTE Gas are required to record Regulatory assets and liabilities for certain transactions that would have been treated as revenue or expense in non-regulated businesses. Continued applicability of regulatory accounting treatment requires that rates be designed to recover specific costs of providing regulated services and be charged to and collected from customers. Future regulatory changes could result in the discontinuance of this accounting treatment for Regulatory assets and liabilities for some or all of the Registrants' businesses and may require the write-off of the portion of any Regulatory asset or liability that was no longer probable of recovery through regulated rates. Management believes that currently available facts support the continued use of Regulatory assets and liabilities and that all Regulatory assets and liabilities are recoverable or refundable in the current regulatory environment. |
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 December 31, 2021 and 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. |
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 $199 million and $183 million as of December 31, 2021 and 2020, respectively. Hedge funds and similar investments utilize a diversified group of strategies that attempt to capture uncorrelated sources of return. These investments include publicly traded mutual funds that are valued using quoted prices in actively traded markets, as well as insurance-linked and asset-backed securities and that are valued using quotations from broker or pricing services. |
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. |
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, 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 $18 million outstanding at December 31, 2021 and $7 million at December 31, 2020, 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 $37 million and $9 million at December 31, 2021 and 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. |
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. |
Lessee | Lessee Leases at DTE Energy are primarily comprised of various forms of equipment, computer hardware, coal railcars, production facilities, buildings, and certain easement leases with terms ranging from approximately 2 to 40 years. Leases at DTE Electric are primarily comprised of various forms of equipment, computer hardware, coal railcars, and certain easement leases with terms ranging from approximately 2 to 40 years. A lease is deemed to exist when the Registrants have the right to control the use of identified property, plant or equipment, as conveyed through a contract, for a certain period of time and consideration paid. The right to control is deemed to occur when the Registrants have the right to obtain substantially all of the economic benefits of the identified assets and the right to direct the use of such assets. Lease liabilities are determined utilizing a discount rate to determine the present values of lease payments. Topic 842 requires the use of the rate implicit in the lease when it is readily determinable. When the rate implicit in the lease is not readily determinable, the incremental borrowing rate is used. The Registrants have determined their respective incremental borrowing rates based upon the rate of interest that would have been paid on a collateralized basis over similar tenors to that of the leases. The incremental borrowing rates for DTE Electric and DTE Gas have been determined utilizing respective secured borrowing rates for first mortgage bonds with like tenors of remaining lease terms. Incremental borrowing rates for non-utility entities have been determined utilizing an implied secured borrowing rate based upon an unsecured rate for a similar tenor of remaining lease terms, which is then adjusted for the estimated impact of collateral. Certain leases of the Registrants contain escalation clauses whereby the payments are adjusted for consumer price or labor indices. DTE Energy has leases with non-index based escalation clauses for fixed dollar or percentage increases. DTE Electric has leases with non-index based escalation clauses for fixed dollar increases. DTE Energy also has leases with variable payments based upon usage of, or revenues associated with, the leased assets. DTE Electric also has leases with variable payments based upon the usage of the leased assets. Certain leases of easements and coal railcars contain provisions whereby the Registrants have the option to terminate the lease agreement by giving notice of such termination during the time frames specified in the respective lease. The Registrants have considered such provisions in the determination of the lease term when it is reasonably certain that the lease would be terminated. The Registrants have certain leases which contain purchase options. Based upon the nature of the leased property and terms of the purchase options, the Registrants have determined it is not reasonably certain that such purchase options will be utilized. Thus, the impact of the purchase options has not been included in the determination of right-of-use assets and lease liabilities for the subject leases. The Registrants have certain leases which contain renewal options. Where the renewal options were deemed reasonably certain to occur, the impacts of such options were included in the determination of the right of use assets and lease liabilities. The Registrants have agreements with lease and non-lease components, which are generally accounted for separately. Consideration in a lease is allocated between lease and non-lease components based upon the estimated relative standalone prices. The Registrants have certain coal railcar leases for which non-lease and lease components are accounted for as a single lease component, as permitted under Topic 842. |
Lessor | 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. DTE Energy also leases a portion of its pipeline system through a finance lease contract that has been renewed through 2025, with additional renewal options reasonably certain to be exercised through 2040. DTE Energy also leases various assets under operating leases for a pipeline, energy facilities and related equipment. Such leases are comprised of both fixed payments and variable payments which are contingent on volumes, with terms ranging from 2 to 24 years. Generally, the operating leases do not have renewal provisions or options to purchase the assets at the end of the lease. The operating leases generally do not have termination for convenience provisions. Termination may be allowed under specific circumstances stated in the lease contract, such as under an event of default. Certain of the finance and operating leases have lease terms that extend to the end of the estimated economic life of the leased assets, thereby resulting in no residual value. Any remaining residual values under the finance and operating leases are expected to be recovered through rates, renewals or new lease contracts. Residual values have been determined using the estimated economic life of the leased assets. The finance and operating leases do not contain residual value guarantees. Certain of the operating leases have both lease and non-lease components. The lease and non-lease components are allocated based upon estimated relative standalone selling prices. A lease is deemed to exist when the Registrants have provided other parties with the right to control the use of identified property, plant or equipment, as conveyed through a contract, for a certain period of time and consideration received. The right to control is deemed to occur when the Registrants have provided other parties with the right to obtain substantially all of the economic benefits of the identified assets and the right to direct the use of such assets. |
Stock-Based Compensation | DTE Energy records compensation expense at fair value over the vesting period for all awards it grants. |
Organization and Basis of Pre_2
Organization and Basis of Presentation (Tables) | 12 Months Ended |
Dec. 31, 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 December 31, 2021 and 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: December 31, 2021 2020 (In millions) ASSETS Cash and cash equivalents $ 11 $ 20 Restricted cash 6 — Accounts receivable 1 28 Inventories 3 107 Property, plant, and equipment, net 4 14 Notes receivable and other 70 33 $ 95 $ 202 LIABILITIES Accounts payable $ 5 $ 22 Short-term borrowings 75 38 Other current and long-term liabilities — 4 $ 80 $ 64 |
Summary of Amounts For Nonconsolidated Variable Interest Entities | Amounts for DTE Energy's non-consolidated VIEs are as follows: December 31, 2021 2020 (In millions) Investments in equity method investees $ 172 $ 159 Notes receivable $ 13 $ 21 Future funding commitments $ 3 $ 6 |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Accounting Policies [Abstract] | |
Schedule of Other Income | The following is a summary of DTE Energy's Other income: 2021 2020 2019 (In millions) Income from REF entities $ 141 $ 139 $ 130 Equity earnings of equity method investees 38 26 14 Contract services 27 28 29 Allowance for equity funds used during construction 27 25 24 Gains from rabbi trust securities (a) 8 28 37 Other 13 13 16 $ 254 $ 259 $ 250 _______________________________________ (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: 2021 2020 2019 (In millions) Contract services $ 27 $ 28 $ 32 Allowance for equity funds used during construction 25 23 22 Gains from rabbi trust securities allocated from DTE Energy (a) 8 28 37 Other 11 8 16 $ 71 $ 87 $ 107 _______________________________________ (a) Losses from rabbi trust securities are recorded separately to Other expenses on the Consolidated Statements of Operations. |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table summarizes the changes in DTE Energy's Accumulated other comprehensive income (loss) by component (a) for the years ended December 31, 2021 and 2020: Net Unrealized Gain (Loss) on Derivatives Benefit Obligations (b) Foreign Currency Translation Total (In millions) Balance, December 31, 2019 $ (25) $ (117) $ (6) $ (148) Other comprehensive income (loss) before reclassifications (3) (2) 1 (4) Amounts reclassified from Accumulated other comprehensive loss 5 10 — 15 Net current period Other comprehensive income 2 8 1 11 Balance, December 31, 2020 $ (23) $ (109) $ (5) $ (137) Other comprehensive income before reclassifications 1 1 — 2 Amounts reclassified from Accumulated other comprehensive loss 6 7 — 13 Net current period Other comprehensive income 7 8 — 15 Separation of DT Midstream 5 — 5 10 Balance, December 31, 2021 $ (11) $ (101) $ — $ (112) ______________________________________ (a) All amounts are net of tax, except for Foreign currency translation. (b) The amounts reclassified from Accumulated other comprehensive income (loss) are included in the computation of the net periodic pension and other postretirement benefit costs (see Note 20 to the Consolidated Financial Statements, "Retirement Benefits and Trusteed Assets"). |
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 December 31, 2021. DTE Energy DTE Electric Year of origination 2021 2020 2019 and prior Total 2021 and prior (In millions) Notes receivable Internal grade 1 $ — $ — $ 21 $ 21 $ 14 Internal grade 2 16 107 6 129 3 Total notes receivable (a) $ 16 $ 107 $ 27 $ 150 $ 17 Net investment in leases Net investment in leases, internal grade 1 $ — $ 1 $ 38 $ 39 $ — Net investment in leases, internal grade 2 — 159 1 160 — Total net investment in leases (a) $ — $ 160 $ 39 $ 199 $ — _______________________________________ (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. |
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: DTE Energy DTE Electric Trade accounts receivable Other receivables Total Trade and other accounts receivable (In millions) Beginning reserve balance, January 1, 2021 $ 101 $ 3 $ 104 $ 57 Current period provision 53 1 54 36 Write-offs charged against allowance (126) (1) (127) (77) Recoveries of amounts previously written off 61 — 61 38 Ending reserve balance, December 31, 2021 $ 89 $ 3 $ 92 $ 54 DTE Energy DTE Electric Trade accounts receivable Other receivables Total Trade and other accounts receivable (In millions) Beginning reserve balance, January 1, 2020 (a) $ 79 $ 4 $ 83 $ 46 Current period provision 102 3 105 61 Write-offs charged against allowance (130) (4) (134) (80) Recoveries of amounts previously written off 50 — 50 30 Ending reserve balance, December 31, 2020 $ 101 $ 3 $ 104 $ 57 _______________________________________ |
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: Year Ended December 31, 2021 2020 2019 (In millions) DTE Energy $ 55 $ 105 $ 106 DTE Electric $ 36 $ 62 $ 65 |
Schedule of Finite-Lived Intangible Assets | The Registrants have certain Intangible assets as shown below: December 31, 2021 December 31, 2020 Useful Lives Gross Carrying Value Accumulated Amortization Net Carrying Value Gross Carrying Value Accumulated Amortization Net Carrying Value (In millions) Intangible assets subject to amortization Contract intangibles 6 to 26 years $ 271 $ (98) $ 173 $ 271 $ (83) $ 188 Intangible assets not subject to amortization (a) 4 — 4 11 — 11 DTE Energy Long-term intangible assets $ 275 $ (98) $ 177 $ 282 $ (83) $ 199 ______________________________________ (a) Amounts primarily include Renewable energy credits and Gas carbon offsets that are charged to expense, using average cost, as the credits are consumed in the operation of the business. Amounts include DTE Electric intangible assets of $2 million and $11 million as of December 31, 2021 and 2020, respectively, and are included in Other Assets — Other on the DTE Electric Consolidated Statements of Financial Position. |
Schedule of Indefinite-Lived Intangible Assets | The Registrants have certain Intangible assets as shown below: December 31, 2021 December 31, 2020 Useful Lives Gross Carrying Value Accumulated Amortization Net Carrying Value Gross Carrying Value Accumulated Amortization Net Carrying Value (In millions) Intangible assets subject to amortization Contract intangibles 6 to 26 years $ 271 $ (98) $ 173 $ 271 $ (83) $ 188 Intangible assets not subject to amortization (a) 4 — 4 11 — 11 DTE Energy Long-term intangible assets $ 275 $ (98) $ 177 $ 282 $ (83) $ 199 ______________________________________ (a) Amounts primarily include Renewable energy credits and Gas carbon offsets that are charged to expense, using average cost, as the credits are consumed in the operation of the business. Amounts include DTE Electric intangible assets of $2 million and $11 million as of December 31, 2021 and 2020, respectively, and are included in Other Assets — Other on the DTE Electric Consolidated Statements of Financial Position. |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The following table summarizes DTE Energy's estimated contract intangible amortization expense expected to be recognized during each year through 2026: 2022 2023 2024 2025 2026 (In millions) Estimated amortization expense $ 16 $ 16 $ 16 $ 16 $ 14 |
Schedule of Accounting Policies | See the following notes for other accounting policies impacting the Registrants’ Consolidated Financial Statements: Note Title 5 Revenue 6 Property, Plant, and Equipment 8 Asset Retirement Obligations 9 Regulatory Matters 10 Income Taxes 12 Fair Value 13 Financial and Other Derivative Instruments 17 Leases 20 Retirement Benefits and Trusteed Assets 21 Stock-Based Compensation |
Dispositions and Impairments (T
Dispositions and Impairments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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. Year Ended December 31, 2021 2020 2019 Operating Revenues — Non-utility operations $ 405 $ 754 $ 501 Operating Expenses Cost of gas and other — non-utility 15 21 18 Operation and maintenance (a) 123 138 103 Depreciation and amortization 82 151 94 Taxes other than income 13 15 8 Asset (gains) losses and impairments, net 17 (2) 1 250 323 224 Operating Income 155 431 277 Other (Income) and Deductions Interest expense 50 113 73 Interest income (4) (9) (8) Other income (62) (129) (100) Other expenses — — 1 (16) (25) (34) Income from Discontinued Operations Before Income Taxes 171 456 311 Income Tax Expense 54 130 81 Net Income from Discontinued Operations, Net of Taxes 117 326 230 Less: Net Income Attributable to Noncontrolling Interests 6 12 16 Net Income from Discontinued Operations $ 111 $ 314 $ 214 _______________________________________ (a) Includes separation transaction costs of $59 million and $8 million for the years ended December 31, 2021 and 2020, respectively, for various legal, accounting and other professional services fees. 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. December 31, 2020 (In millions) Total Assets of Discontinued Operations Cash $ 42 Accounts receivable 126 Inventories 8 Other 44 Current assets of DT Midstream 220 Less: Previously affiliated amounts eliminated at DTE Energy 3 Current assets of discontinued operations for DTE Energy 217 Investments in equity method investees 1,691 Net property, plant, and equipment 3,470 Goodwill 473 Intangible assets 2,140 Notes receivable 19 Operating lease right-of-use assets 45 Other 21 Noncurrent assets of discontinued operations for DTE Energy 7,859 Total Assets of Discontinued Operations for DTE Energy $ 8,076 Total Liabilities of Discontinued Operations Accounts payable $ 39 Operating lease liabilities 17 Short-term borrowings due to DTE Energy 2,913 Other 53 Current liabilities of DT Midstream 3,022 Less: Previously affiliated amounts eliminated at DTE Energy 2,923 Current liabilities of discontinued operations for DTE Energy 99 Deferred income taxes 753 Asset retirement obligations 10 Operating lease liabilities 28 Other 45 Noncurrent liabilities of discontinued operations for DTE Energy 836 Total Liabilities of Discontinued Operations for DTE Energy $ 935 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: Year Ended December 31, 2021 2020 2019 (In millions) Operating Activities Depreciation and amortization $ 82 $ 151 $ 94 Deferred income taxes 53 125 78 Equity earnings of equity method investees (59) (106) (97) Asset (gains) losses and impairments, net 19 (2) 1 Investing Activities Plant and equipment expenditures — non-utility $ (60) $ (517) $ (214) Acquisitions related to business combinations, net of cash acquired — — (2,296) Financing Activities Purchase of noncontrolling interest $ — $ — $ (297) Acquisition related deferred payment, excluding accretion — (380) — |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following is a summary of revenues disaggregated by segment for DTE Energy: 2021 2020 2019 (In millions) Electric (a) Residential $ 2,926 $ 2,825 $ 2,427 Commercial 1,908 1,739 1,795 Industrial 628 592 659 Other (b) 359 364 348 Total Electric operating revenues $ 5,821 $ 5,520 $ 5,229 Gas Gas sales $ 1,058 $ 971 $ 1,043 End User Transportation 233 218 219 Intermediate Transportation 82 79 78 Other (b) 180 146 142 Total Gas operating revenues $ 1,553 $ 1,414 $ 1,482 Other segment operating revenues DTE Vantage $ 1,482 $ 1,224 $ 1,560 Energy Trading $ 6,831 $ 3,863 $ 4,610 _______________________________________ (a) Revenues generally represent those of DTE Electric, except $12 million, $14 million, and $5 million of Other revenues related to DTE Sustainable Generation for the years ended December 31, 2021, 2020, and 2019, respectively. (b) Includes revenue adjustments related to various regulatory mechanisms. Revenues included the following which were outside the scope of Topic 606: 2021 2020 2019 (In millions) Electric — Alternative Revenue Programs $ 36 $ 26 $ 22 Electric — Other revenues 19 22 19 Gas — Alternative Revenue Programs 10 10 8 Gas — Other revenues 6 8 7 DTE Vantage — Leases 103 99 121 Energy Trading — Derivatives 5,603 2,690 3,415 |
Summary of Deferred Revenue Activity | The following is a summary of deferred revenue activity: DTE Energy (In millions) Beginning Balance, January 1, 2021 (a) $ 65 Increases due to cash received or receivable, excluding amounts recognized as revenue during the period 72 Revenue recognized that was included in the deferred revenue balance at the beginning of the period (59) Ending Balance, December 31, 2021 $ 78 _______________________________________ |
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: DTE Energy (In millions) 2022 $ 75 2023 1 2024 1 2025 — 2026 — 2027 and thereafter 1 $ 78 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: DTE Energy DTE Electric (In millions) 2022 $ 292 $ 8 2023 285 8 2024 171 8 2025 91 — 2026 59 — 2027 and thereafter 364 — $ 1,262 $ 24 |
Property, Plant, and Equipment
Property, Plant, and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Property, Plant and Equipment [Abstract] | |
PP&E by Classification, Summary of Depreciation and Amortization | The following is a summary of Property, plant, and equipment by classification as of December 31: 2021 2020 Property, plant, and equipment (In millions) DTE Electric Zero carbon generation Nuclear $ 3,394 $ 3,295 Renewables 2,522 1,817 Fossil and other generation 8,640 8,031 Distribution 11,414 10,354 Other 2,879 2,674 Total DTE Electric 28,849 26,171 DTE Gas Distribution 4,900 4,517 Storage 593 576 Transmission and other 1,415 1,341 Total DTE Gas 6,908 6,434 DTE Vantage 1,118 1,194 Other 208 217 Total DTE Energy $ 37,083 $ 34,016 Accumulated depreciation and amortization DTE Electric Zero carbon generation Nuclear $ (413) $ (373) Renewables (357) (295) Fossil and other generation (3,214) (3,014) Distribution (2,842) (2,686) Other (850) (682) Total DTE Electric (7,676) (7,050) DTE Gas Distribution (1,265) (1,215) Storage (154) (146) Transmission and other (426) (403) Total DTE Gas (1,845) (1,764) DTE Vantage (545) (619) Other (73) (84) Total DTE Energy $ (10,139) $ (9,517) Net DTE Energy Property, plant, and equipment $ 26,944 $ 24,499 Net DTE Electric Property, plant, and equipment $ 21,173 $ 19,121 The following is a summary of Depreciation and amortization expense for DTE Energy: 2021 2020 2019 (In millions) Property, plant, and equipment $ 1,095 $ 1,025 $ 927 Regulatory assets and liabilities 259 244 227 Intangible assets 16 16 9 Other 7 7 6 $ 1,377 $ 1,292 $ 1,169 The following is a summary of Depreciation and amortization expense for DTE Electric: 2021 2020 2019 (In millions) Property, plant, and equipment $ 890 $ 831 $ 748 Regulatory assets and liabilities 214 207 193 Other 5 5 5 $ 1,109 $ 1,043 $ 946 |
Schedule of AFUDC and Capitalized Interest Rates | The AFUDC and capitalized interest rates were as follows for the years ended December 31: 2021 2020 2019 DTE Electric AFUDC 5.46 % 5.47 % 5.43 % DTE Gas AFUDC 5.55 % 5.56 % 5.56 % Non-regulated businesses capitalized interest 3.30 % 3.90 % 4.00 % |
Schedule of AFUDC and Interest Capitalized | The following is a summary of AFUDC and interest capitalized for the years ended December 31: 2021 2020 2019 DTE Energy (In millions) Allowance for debt funds used during construction and interest capitalized $ 12 $ 11 $ 14 Allowance for equity funds used during construction 27 25 24 Total $ 39 $ 36 $ 38 2021 2020 2019 DTE Electric (In millions) Allowance for debt funds used during construction $ 11 $ 10 $ 10 Allowance for equity funds used during construction 25 23 22 Total $ 36 $ 33 $ 32 |
Schedule of Utility Property, Plant, and Equipment | The average estimated useful life for each major class of utility Property, plant, and equipment as of December 31, 2021 follows: Estimated Useful Lives in Years Utility Generation Distribution Storage DTE Electric 34 38 N/A DTE Gas N/A 49 58 |
Schedule of Capitalized Software | The following balances for capitalized software relate to DTE Energy: Year Ended December 31, 2021 2020 2019 (In millions) Amortization expense of capitalized software $ 145 $ 128 $ 122 Gross carrying value of capitalized software $ 920 $ 863 Accumulated amortization of capitalized software $ 493 $ 430 The following balances for capitalized software relate to DTE Electric: Year Ended December 31, 2021 2020 2019 (In millions) Amortization expense of capitalized software $ 132 $ 118 $ 112 Gross carrying value of capitalized software $ 826 $ 756 Accumulated amortization of capitalized software $ 439 $ 363 |
Jointly-Owned Utility Plant (Ta
Jointly-Owned Utility Plant (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Jointly Owned Utility Plant, Net Ownership Amount [Abstract] | |
Schedule of Jointly-Owned Utility Plants | DTE Electric's ownership information of the two utility plants as of December 31, 2021 was as follows: Belle River Ludington In-service date 1984-1985 1973 Total plant capacity 1,270 MW 2,220 MW Ownership interest 81% 49% Investment in Property, plant, and equipment (in millions) $ 1,952 $ 618 Accumulated depreciation (in millions) $ 1,007 $ 128 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of Change in Asset Retirement Obligations | Changes to asset retirement obligations for 2021, 2020, and 2019 were as follows: 2021 2020 2019 DTE Energy (In millions) Asset retirement obligations at January 1 $ 2,829 $ 2,656 $ 2,463 Accretion 167 156 148 Liabilities incurred 28 24 11 Liabilities settled (30) (13) (17) Revision in estimated cash flows 168 6 51 Asset retirement obligations at December 31 $ 3,162 $ 2,829 $ 2,656 2021 2020 2019 DTE Electric (In millions) Asset retirement obligations at January 1 $ 2,607 $ 2,447 $ 2,271 Accretion 155 145 138 Liabilities incurred 29 18 1 Liabilities settled (27) (8) (14) Revision in estimated cash flows 168 5 51 Asset retirement obligations at December 31 $ 2,932 $ 2,607 $ 2,447 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Regulatory Assets and Liabilities Disclosure [Abstract] | |
Schedule of Regulatory Assets | The following are balances and a brief description of the Registrants' Regulatory assets and liabilities at December 31: DTE Energy DTE Electric 2021 2020 2021 2020 Assets (In millions) Recoverable pension and other postretirement costs Pension $ 1,372 $ 1,938 $ 1,056 $ 1,477 Other postretirement costs 53 165 27 108 Recoverable undepreciated costs on retiring plants 667 664 667 664 Fermi 2 asset retirement obligation 613 645 613 645 Enhanced Tree Trimming Program deferred costs 189 119 189 119 Recoverable Michigan income taxes 163 176 133 142 Accrued PSCR/GCR revenue 160 100 142 100 Energy Waste Reduction incentive 79 62 63 49 Recoverable income taxes related to AFUDC equity 68 64 61 54 Deferred environmental costs 51 57 — — Unamortized loss on reacquired debt 51 55 38 41 Customer360 deferred costs 46 51 46 51 Nuclear Performance Evaluation and Review Committee Tracker 39 55 39 55 Non-service pension and other postretirement costs 25 21 — — Energy Waste Reduction 20 19 — — Other recoverable income taxes 16 19 16 19 Transitional Reconciliation Mechanism 8 11 8 11 Other 57 33 38 28 3,677 4,254 3,136 3,563 Less amount included in Current Assets (195) (129) (168) (123) $ 3,482 $ 4,125 $ 2,968 $ 3,440 |
Schedule of Regulatory Liabilities | DTE Energy DTE Electric 2021 2020 2021 2020 Liabilities (In millions) Refundable federal income taxes $ 2,117 $ 2,255 $ 1,729 $ 1,827 Removal costs liability 679 831 283 410 Negative other postretirement offset 150 122 106 86 Non-service pension and other postretirement costs 110 78 54 36 Incremental tree trim surge 90 — 90 — COVID-19 voluntary refund 30 30 30 30 Energy Waste Reduction 27 15 27 15 Renewable energy 13 21 13 21 Other 46 50 43 25 3,262 3,402 2,375 2,450 Less amount included in Current Liabilities (156) (39) (154) (18) $ 3,106 $ 3,363 $ 2,221 $ 2,432 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation | The Registrants' total Income Tax Expense varied from the statutory federal income tax rate for the following reasons: 2021 2020 2019 DTE Energy (In millions) Income Before Income Taxes $ 656 $ 1,082 $ 1,013 Income tax expense at 21% statutory rate $ 138 $ 227 $ 213 Production tax credits (138) (121) (128) TCJA regulatory liability amortization (103) (76) (38) State deferred tax remeasurement due to separation of DT Midstream, net of federal benefit (85) — — Investment tax credits (3) (4) (4) Net operating loss carryback — (34) — Enactment of West Virginia income tax legislation, net of federal benefit 8 — — Deferred intercompany gain 9 — — Valuation allowance on charitable contribution carryforwards 18 3 6 State and local income taxes, excluding items above, net of federal benefit 30 47 29 Other, net (4) (5) (7) Income Tax Expense (Benefit) $ (130) $ 37 $ 71 Effective income tax rate (19.9) % 3.4 % 7.0 % 2021 2020 2019 DTE Electric (In millions) Income Before Income Taxes $ 970 $ 887 $ 854 Income tax expense at 21% statutory rate $ 204 $ 186 $ 179 TCJA regulatory liability amortization (73) (62) (35) Production tax credits (70) (55) (45) Investment tax credits (3) (4) (4) State and local income taxes, excluding items above, net of federal benefit 54 50 49 Other, net (8) (6) (6) Income Tax Expense $ 104 $ 109 $ 138 Effective income tax rate 10.7 % 12.3 % 16.2 % |
Schedule of Components of Income Tax Expense (Benefit) | Components of the Registrants' Income Tax Expense were as follows: 2021 2020 2019 DTE Energy (In millions) Current income tax expense (benefit) Federal $ (33) $ (249) $ (183) State and other income tax (12) 4 3 Total current income taxes (45) (245) (180) Deferred income tax expense (benefit) Federal (42) 227 218 State and other income tax (43) 55 33 Total deferred income taxes (85) 282 251 $ (130) $ 37 $ 71 2021 2020 2019 DTE Electric (In millions) Current income tax expense (benefit) Federal $ (11) $ 15 $ 25 State and other income tax (7) 5 16 Total current income taxes (18) 20 41 Deferred income tax expense Federal 47 30 51 State and other income tax 75 59 46 Total deferred income taxes 122 89 97 $ 104 $ 109 $ 138 |
Schedule of Deferred Tax Assets and Liabilities | The Registrants' deferred tax assets (liabilities) were comprised of the following at December 31: DTE Energy DTE Electric 2021 2020 2021 2020 (In millions) Property, plant, and equipment $ (3,970) $ (3,691) $ (3,428) $ (3,099) Regulatory assets and liabilities (117) (102) (64) (53) Tax credit carry-forwards 1,260 1,144 379 278 Pension and benefits 310 310 282 264 Federal net operating loss carry-forward 199 109 5 — State and local net operating loss carry-forwards 73 36 15 — Investments in equity method investees 58 51 (1) — Other 75 115 71 85 (2,112) (2,028) (2,741) (2,525) Less: Valuation allowance (51) (41) — — Long-term deferred income tax liabilities $ (2,163) $ (2,069) $ (2,741) $ (2,525) Deferred income tax assets $ 2,224 $ 2,050 $ 988 $ 883 Deferred income tax liabilities (4,387) (4,119) (3,729) (3,408) $ (2,163) $ (2,069) $ (2,741) $ (2,525) |
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending amount of unrecognized tax benefits for the Registrants is as follows: 2021 2020 2019 DTE Energy (In millions) Balance at January 1 $ 10 $ 10 $ 10 Additions for tax positions of prior years — — — Balance at December 31 $ 10 $ 10 $ 10 2021 2020 2019 DTE Electric (In millions) Balance at January 1 $ 13 $ 13 $ 13 Additions for tax positions of prior years — — — Balance at December 31 $ 13 $ 13 $ 13 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 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 for the years ended December 31: 2021 2020 2019 (In millions, except per share amounts) Basic Earnings per Share Net Income Attributable to DTE Energy Company — continuing operations $ 796 $ 1,054 $ 955 Less: Allocation of earnings to net restricted stock awards (2) (2) (2) $ 794 $ 1,052 $ 953 Net Income Attributable to DTE Energy Company — discontinued operations 111 314 214 Net income available to common shareholders — basic $ 905 $ 1,366 $ 1,167 Average number of common shares outstanding — basic 193 193 185 Income from continuing operations $ 4.11 $ 5.46 $ 5.16 Income from discontinued operations 0.57 1.63 1.16 Basic Earnings per Common Share $ 4.68 $ 7.09 $ 6.32 Diluted Earnings per Share Net Income Attributable to DTE Energy Company — continuing operations $ 796 $ 1,054 $ 955 Less: Allocation of earnings to net restricted stock awards (2) (2) (2) $ 794 $ 1,052 $ 953 Net Income Attributable to DTE Energy Company — discontinued operations 111 314 214 Net income available to common shareholders — diluted $ 905 $ 1,366 $ 1,167 Average number of common shares outstanding — basic 193 193 185 Average dilutive equity units and performance share awards 1 — — Average number of common shares outstanding — diluted 194 193 185 Income from continuing operations $ 4.10 $ 5.45 $ 5.15 Income from discontinued operations 0.57 1.63 1.16 Diluted Earnings per Common Share (a) $ 4.67 $ 7.08 $ 6.31 _______________________________________ (a) Equity units excluded from the calculation of diluted EPS were approximately 11.5 million for the year ended December 31, 2021 and 10.3 million for the years ended December 31, 2020 and 2019, respectively, as the dilutive stock price threshold was not met. For more information regarding equity units, see Note 14 to the Consolidated Financial Statements, "Long-Term Debt." |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Recorded at Fair Value on a Recurring Basis | The following table presents assets and liabilities for DTE Energy measured and recorded at fair value on a recurring basis: December 31, 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) $ 4 $ — $ — $ — $ — $ 4 $ 438 $ — $ — $ — $ — $ 438 Nuclear decommissioning trusts Equity securities 917 — — 190 — 1,107 947 — — 222 — 1,169 Fixed income securities 124 418 — 102 — 644 102 371 — 82 — 555 Private equity and other — — — 205 — 205 — — — 104 — 104 Hedge funds and similar investments 58 18 — — — 76 — — — — — — Cash equivalents 39 — — — — 39 27 — — — — 27 Other investments (d) Equity securities 68 — — — — 68 55 — — — — 55 Fixed income securities 7 — — — — 7 8 — — — — 8 Cash equivalents 86 — — — — 86 97 — — — — 97 Derivative assets Commodity contracts (e) Natural gas 273 115 66 — (394) 60 99 74 60 — (156) 77 Electricity — 500 143 — (441) 202 — 128 52 — (120) 60 Environmental & Other — 285 9 — (285) 9 — 150 4 — (135) 19 Total derivative assets 273 900 218 — (1,120) 271 99 352 116 — (411) 156 Total $ 1,576 $ 1,336 $ 218 $ 497 $ (1,120) $ 2,507 $ 1,773 $ 723 $ 116 $ 408 $ (411) $ 2,609 Liabilities Derivative liabilities Commodity contracts (e) Natural gas $ (177) $ (172) $ (245) $ — $ 347 $ (247) $ (88) $ (59) $ (76) $ — $ 151 $ (72) Electricity — (434) (188) — 443 (179) — (126) (42) — 125 (43) Environmental & Other — (288) — — 288 — — (137) — — 129 (8) Foreign currency exchange contracts — (4) — — — (4) — (5) — — — (5) Total $ (177) $ (898) $ (433) $ — $ 1,078 $ (430) $ (88) $ (327) $ (118) $ — $ 405 $ (128) Net Assets (Liabilities) at end of period $ 1,399 $ 438 $ (215) $ 497 $ (42) $ 2,077 $ 1,685 $ 396 $ (2) $ 408 $ (6) $ 2,481 Assets Current $ 227 $ 646 $ 166 $ — $ (854) $ 185 $ 532 $ 260 $ 92 $ — $ (330) $ 554 Noncurrent 1,349 690 52 497 (266) 2,322 1,241 463 24 408 (81) 2,055 Total Assets $ 1,576 $ 1,336 $ 218 $ 497 $ (1,120) $ 2,507 $ 1,773 $ 723 $ 116 $ 408 $ (411) $ 2,609 Liabilities Current $ (168) $ (609) $ (260) $ — $ 799 $ (238) $ (84) $ (223) $ (79) $ — $ 318 $ (68) Noncurrent (9) (289) (173) — 279 (192) (4) (104) (39) — 87 (60) Total Liabilities $ (177) $ (898) $ (433) $ — $ 1,078 $ (430) $ (88) $ (327) $ (118) $ — $ 405 $ (128) Net Assets (Liabilities) at end of period $ 1,399 $ 438 $ (215) $ 497 $ (42) $ 2,077 $ 1,685 $ 396 $ (2) $ 408 $ (6) $ 2,481 _______________________________________ (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 December 31, 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: December 31, 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 $ — $ — $ — $ — $ — $ 4 $ — $ — $ — $ 4 Nuclear decommissioning trusts Equity securities 917 — — 190 1,107 947 — — 222 1,169 Fixed income securities 124 418 — 102 644 102 371 — 82 555 Private equity and other — — — 205 205 — — — 104 104 Hedge funds and similar investments 58 18 — — 76 — — — — — Cash equivalents 39 — — — 39 27 — — — 27 Other investments Equity securities 20 — — — 20 16 — — — 16 Fixed income securities — — — — — — — — — — Cash equivalents 11 — — — 11 11 — — — 11 Derivative assets — FTRs — — 9 — 9 — — 4 — 4 Total $ 1,169 $ 436 $ 9 $ 497 $ 2,111 $ 1,107 $ 371 $ 4 $ 408 $ 1,890 Assets Current $ — $ — $ 9 $ — $ 9 $ 4 $ — $ 4 $ — $ 8 Noncurrent 1,169 436 — 497 2,102 1,103 371 — 408 1,882 Total Assets $ 1,169 $ 436 $ 9 $ 497 $ 2,111 $ 1,107 $ 371 $ 4 $ 408 $ 1,890 _______________________________________ (a) Amounts represent assets valued at NAV as a practical expedient for fair value. |
Reconciliation of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following table presents the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis for DTE Energy: Year Ended December 31, 2021 Year Ended December 31, 2020 Natural Gas Electricity Other Total Natural Gas Electricity Other Total (In millions) Net Assets (Liabilities) as of January 1 $ (16) $ 10 $ 4 $ (2) $ (15) $ 16 $ 3 $ 4 Transfers from Level 3 into Level 2 — — — — (2) — — (2) Total gains (losses) Included in earnings (a) (343) 54 — (289) (75) 113 (7) 31 Recorded in Regulatory liabilities — — 19 19 — — 20 20 Purchases, issuances, and settlements: Settlements 180 (109) (14) 57 76 (119) (12) (55) Net Assets (Liabilities) as of December 31 $ (179) $ (45) $ 9 $ (215) $ (16) $ 10 $ 4 $ (2) Total gains (losses) included in Net Income attributed to the change in unrealized gains (losses) related to assets and liabilities held at December 31 (a) $ (208) $ 4 $ (72) $ (276) $ (4) $ 70 $ (70) $ (4) Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at December 31 $ — $ — $ 9 $ 9 $ — $ — $ 4 $ 4 _______________________________________ (a) Amounts are reflected in Operating Revenues — Non-utility operations and Fuel, purchased power, gas, and other — non-utility in DTE Energy's Consolidated Statements of Operations. The following table presents the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis for DTE Electric: Year Ended December 31, 2021 2020 (In millions) Net Assets as of January 1 $ 4 $ 3 Total gains recorded in Regulatory liabilities 19 20 Purchases, issuances, and settlements: Settlements (14) (19) Net Assets as of December 31 $ 9 $ 4 Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at December 31 $ 9 $ 4 |
Unobservable Inputs Related to Level 3 Assets and Liabilities | The following tables present the unobservable inputs related to DTE Energy's Level 3 assets and liabilities: December 31, 2021 Commodity Contracts Derivative Assets Derivative Liabilities Valuation Techniques Unobservable Input Range Weighted Average (In millions) Natural Gas $ 66 $ (245) Discounted Cash Flow Forward basis price (per MMBtu) $ (1.36) — $ 3.82 /MMBtu $ (0.04) /MMBtu Electricity $ 143 $ (188) Discounted Cash Flow Forward basis price (per MWh) $ (12) — $ 7 /MWh $ (2) /MWh December 31, 2020 Commodity Contracts Derivative Assets Derivative Liabilities Valuation Techniques Unobservable Input Range Weighted Average (In millions) Natural Gas $ 60 $ (76) Discounted Cash Flow Forward basis price (per MMBtu) $ (0.86) — $ 2.50 /MMBtu $ (0.07) /MMBtu Electricity $ 52 $ (42) Discounted Cash Flow Forward basis price (per MWh) $ (9) — $ 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: December 31, 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 $ 150 $ — $ — $ 167 $ 141 $ — $ — $ 141 Short-term borrowings $ 758 $ — $ 758 $ — $ 38 $ — $ 38 $ — Notes payable (b) $ 27 $ — $ — $ 27 $ 19 $ — $ — $ 19 Long-term debt (c) $ 17,378 $ 2,284 $ 15,425 $ 1,207 $ 19,439 $ 2,547 $ 18,230 $ 1,397 _______________________________________ (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: December 31, 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 — Other (a) $ 17 $ — $ — $ 17 $ 16 $ — $ — $ 16 Short-term borrowings — affiliates $ 53 $ — $ — $ 53 $ 101 $ — $ — $ 101 Short-term borrowings — other $ 153 $ — $ 153 $ — $ — $ — $ — $ — Notes payable (b) $ 27 $ — $ — $ 27 $ 17 $ — $ — $ 17 Long-term debt (c) $ 8,907 $ — $ 9,898 $ 150 $ 8,236 $ — $ 9,579 $ 379 _______________________________________ (a) Included in Current Assets — Other on DTE Electric's Consolidated Statements of Financial Position. (b) Included in Current Liabilities — Other and Other Liabilities — Other on DTE Electric's Consolidated Statements of Financial Position. (c) Includes debt due within one year and excludes finance lease obligations. Carrying value also includes unamortized debt discounts and issuance costs. |
Fair Value of Nuclear Decommissioning Trust Fund Assets | The following table summarizes DTE Electric's fair value of the nuclear decommissioning trust fund assets: December 31, 2021 2020 (In millions) Fermi 2 $ 2,051 $ 1,841 Fermi 1 3 3 Low-level radioactive waste 17 11 $ 2,071 $ 1,855 |
Schedule of Realized Gains and Losses and Proceeds from Sale of Securities by Nuclear Decommissioning Trust Funds | The following table sets forth DTE Electric's gains and losses and proceeds from the sale of securities by the nuclear decommissioning trust funds: Year Ended December 31, 2021 2020 2019 (In millions) Realized gains $ 95 $ 192 $ 56 Realized losses $ (12) $ (111) $ (31) Proceeds from sale of securities $ 1,047 $ 2,350 $ 788 |
Fair Value and Unrealized Gains and Losses for Nuclear Decommissioning Trust Funds | The following table sets forth DTE Electric's fair value and unrealized gains and losses for the nuclear decommissioning trust funds: December 31, 2021 December 31, 2020 Fair Unrealized Unrealized Losses Fair Unrealized Unrealized Losses (In millions) Equity securities $ 1,107 $ 546 $ (9) $ 1,169 $ 468 $ (6) Fixed income securities 644 23 (6) 555 22 (1) Private equity and other 205 58 (8) 104 11 — Hedge funds and similar investments 76 1 (2) — — — Cash equivalents 39 — — 27 — — $ 2,071 $ 628 $ (25) $ 1,855 $ 501 $ (7) |
Fair Value of the Fixed Income Securities Held in Nuclear Decommissioning Trust Funds | The following table summarizes the fair value of the fixed income securities held in nuclear decommissioning trust funds by contractual maturity: December 31, 2021 (In millions) Due within one year $ 20 Due after one through five years 135 Due after five through ten years 109 Due after ten years 278 $ 542 |
Summary of Gains (Losses) Related to the Trust | The following table summarizes the Registrants' gains (losses) related to the trust: Year Ended December 31, 2021 2020 2019 (In millions) Gains (losses) related to equity securities $ 7 $ (1) $ 27 Gains (losses) related to fixed income securities — (2) 10 $ 7 $ (3) $ 37 |
Financial and Other Derivativ_2
Financial and Other Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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: December 31, 2021 December 31, 2020 Derivative Derivative Derivative Derivative (In millions) Derivatives designated as hedging instruments Foreign currency exchange contracts $ — $ (4) $ — $ (4) Derivatives not designated as hedging instruments Commodity contracts Natural gas $ 454 $ (594) $ 233 $ (223) Electricity 643 (622) 180 (168) Environmental & Other 294 (288) 154 (137) Foreign currency exchange contracts — — — (1) Total derivatives not designated as hedging instruments $ 1,391 $ (1,504) $ 567 $ (529) Current $ 1,035 $ (1,037) $ 446 $ (386) Noncurrent 356 (471) 121 (147) Total derivatives $ 1,391 $ (1,508) $ 567 $ (533) |
Offsetting Assets | The following table presents net cash collateral offsetting arrangements for DTE Energy: December 31, 2021 2020 (In millions) Cash collateral netted against Derivative assets $ (90) $ (12) Cash collateral netted against Derivative liabilities 48 6 Cash collateral recorded in Accounts receivable (a) 55 14 Cash collateral recorded in Accounts payable (a) (21) (1) Total net cash collateral posted (received) $ (8) $ 7 _______________________________________ (a) Amounts are recorded net by counterparty. The following table presents the netting offsets of Derivative assets and liabilities for DTE Energy: December 31, 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 $ 454 $ (394) $ 60 $ 233 $ (156) $ 77 Electricity 643 (441) 202 180 (120) 60 Environmental & Other 294 (285) 9 154 (135) 19 Total derivative assets $ 1,391 $ (1,120) $ 271 $ 567 $ (411) $ 156 Derivative liabilities Commodity contracts Natural gas $ (594) $ 347 $ (247) $ (223) $ 151 $ (72) Electricity (622) 443 (179) (168) 125 (43) Environmental & Other (288) 288 — (137) 129 (8) Foreign currency exchange contracts (4) — (4) (5) — (5) Total derivative liabilities $ (1,508) $ 1,078 $ (430) $ (533) $ 405 $ (128) |
Offsetting Liabilities | The following table presents net cash collateral offsetting arrangements for DTE Energy: December 31, 2021 2020 (In millions) Cash collateral netted against Derivative assets $ (90) $ (12) Cash collateral netted against Derivative liabilities 48 6 Cash collateral recorded in Accounts receivable (a) 55 14 Cash collateral recorded in Accounts payable (a) (21) (1) Total net cash collateral posted (received) $ (8) $ 7 _______________________________________ (a) Amounts are recorded net by counterparty. The following table presents the netting offsets of Derivative assets and liabilities for DTE Energy: December 31, 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 $ 454 $ (394) $ 60 $ 233 $ (156) $ 77 Electricity 643 (441) 202 180 (120) 60 Environmental & Other 294 (285) 9 154 (135) 19 Total derivative assets $ 1,391 $ (1,120) $ 271 $ 567 $ (411) $ 156 Derivative liabilities Commodity contracts Natural gas $ (594) $ 347 $ (247) $ (223) $ 151 $ (72) Electricity (622) 443 (179) (168) 125 (43) Environmental & Other (288) 288 — (137) 129 (8) Foreign currency exchange contracts (4) — (4) (5) — (5) Total derivative liabilities $ (1,508) $ 1,078 $ (430) $ (533) $ 405 $ (128) |
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: December 31, 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 $ 1,035 $ 356 $ (1,037) $ (471) $ 446 $ 121 $ (386) $ (147) Counterparty netting (791) (239) 791 239 (318) (81) 318 81 Collateral adjustment (63) (27) 8 40 (12) — — 6 Total derivatives as reported $ 181 $ 90 $ (238) $ (192) $ 116 $ 40 $ (68) $ (60) |
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: Location of Gain (Loss) Recognized in Income on Derivatives Gain (Loss) Recognized in Income on Derivatives for Years Ended December 31, 2021 2020 2019 (In millions) Commodity contracts Natural gas Operating Revenues — Non-utility operations $ (224) $ (70) $ 44 Natural gas Fuel, purchased power, gas, and other — non-utility (89) 20 (5) Electricity Operating Revenues — Non-utility operations 169 91 44 Environmental & Other Operating Revenues — Non-utility operations (40) (118) (26) Foreign currency exchange contracts Operating Revenues — Non-utility operations — (6) (2) Total $ (184) $ (83) $ 55 |
Volume of Commodity Contracts | The following represents the cumulative gross volume of DTE Energy's derivative contracts outstanding as of December 31, 2021: Commodity Number of Units Natural gas (MMBtu) 2,139,606,569 Electricity (MWh) 32,140,743 Foreign currency exchange ($ CAD) 116,073,431 Renewable Energy Certificates (MWh) 7,711,766 Carbon emissions (Metric Ton) 1,142,009 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | DTE Energy's long-term debt outstanding and weighted average interest rates of debt outstanding at December 31 were: Interest Rate (a) Maturity Date 2021 2020 (In millions) Mortgage bonds, notes, and other DTE Energy Debt, Unsecured 2.1% 2022 — 2030 $ 5,555 $ 8,175 DTE Electric Debt, Principally Secured 3.7% 2022 — 2051 8,988 8,308 DTE Gas Debt, Principally Secured 3.9% 2023 — 2051 2,065 1,910 16,608 18,393 Unamortized debt discount (23) (25) Unamortized debt issuance costs (90) (104) Long-term debt due within one year (2,866) (462) $ 13,629 $ 17,802 Junior Subordinated Debentures Subordinated Debentures 4.8% 2077 — 2081 $ 910 $ 1,210 Unamortized debt issuance costs (27) (35) $ 883 $ 1,175 _______________________________________ (a) Weighted average interest rate as of December 31, 2021. DTE Electric's long-term debt outstanding and weighted average interest rates of debt outstanding at December 31 were: Interest Rate (a) Maturity Date 2021 2020 (In millions) Mortgage bonds, notes, and other Long Term Debt, Principally Secured 3.7% 2022 — 2051 $ 8,988 $ 8,308 Unamortized debt discount (19) (16) Unamortized debt issuance costs (62) (56) Long-term debt due within one year (316) (462) $ 8,591 $ 7,774 _______________________________________ (a) Weighted average interest rate as of December 31, 2021. Selected information about DTE Energy’s equity units is presented below: Issuance Date Units Issued Total Net Proceeds Total Long-Term Debt RSN Annual Interest Rate Stock Purchase Contract Annual Rate Stock Purchase Settlement Date Stock Purchase Contract Liability (a) RSN Maturity Date (In millions, except interest rates) 11/1/19 26 $ 1,265 $ 1,300 2.25% 4.0% 11/1/2022 $ 150 11/1/2025 _______________________________________ (a) Payments of $50 million and $49 million were made in 2021 and 2020, respectively. The stock purchase contract liability was $51 million and $101 million as of December 31, 2021 and 2020, respectively, exclusive of interest. |
Schedule of Issued Debt | In 2021, the following debt was issued: Company Month Type Interest Rate Maturity Date Amount (In millions) DTE Electric March Mortgage bonds (a) 1.90% 2028 $ 575 DTE Electric March Mortgage bonds (a) 3.25% 2051 425 DT Midstream June Senior notes (b) 4.125% 2029 1,100 DT Midstream June Senior notes (b) 4.375% 2031 1,000 DT Midstream June Term loan facility (b) Variable 2028 1,000 DTE Gas November Mortgage bonds (c) 2.07% 2031 60 DTE Gas November Mortgage bonds (c) 2.85% 2051 95 DTE Energy November Junior subordinated debentures (d) 4.375% 2081 280 $ 4,535 _______________________________________ (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 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. (c) Proceeds used for the repayment of short-term borrowings and general corporate purposes, including capital expenditures. (d) Proceeds used for the repayment of $280 million of DTE Energy's 2016 Series F 6.00% Junior Subordinated Debentures due 2076. |
Schedule of Debt Redeemed | In 2021, the following debt was redeemed: Company Month Type Interest Rate Maturity Date Amount (In millions) DTE Electric April Mortgage bonds 3.90% 2021 $ 250 DTE Electric May Mortgage bonds 7.00% 2021 33 DTE Energy June Junior subordinated debentures (a) 5.375% 2076 300 DTE Energy July Senior notes 3.30% 2022 300 DTE Energy July Senior notes 2.60% 2022 300 DTE Energy July Senior notes 3.70% 2023 600 DTE Energy July Senior notes 3.85% 2023 135 DTE Energy July Senior notes 3.50% 2024 350 DTE Energy July Senior notes 3.80% 2027 350 DTE Energy July Senior notes 3.40% 2029 21 DTE Energy July Senior notes 6.375% 2033 191 DTE Energy August Senior notes 3.85% 2023 165 DTE Energy August Senior notes 6.375% 2033 209 DTE Electric August Mortgage bonds 6.90% 2021 38 DTE Energy December Junior subordinated debentures (a) 6.00% 2076 280 $ 3,522 _______________________________________ (a) Early redemptions and the write-off of unamortized issuance costs resulted in a total loss on extinguishment of debt of $17 million for the year ended December 31, 2021, including $8 million for the June redemption and $9 million for the December redemption. |
Schedule of Maturities of Long-term Debt | The following table shows the Registrants' scheduled debt maturities, excluding any unamortized discount on debt: 2022 2023 2024 2025 2026 2027 and Thereafter Total (In millions) DTE Energy (a) $ 2,866 $ 277 $ 1,075 $ 1,220 $ 777 $ 11,302 $ 17,517 DTE Electric $ 316 $ 202 $ 400 $ 350 $ 177 $ 7,543 $ 8,988 _______________________________________ (a) Amounts include DTE Electric's scheduled debt maturities. |
Scheduled Interest Payments Related to Long-term Debt | The following table shows scheduled interest payments related to the Registrants' long-term debt: 2022 2023 2024 2025 2026 2027 and Thereafter Total (In millions) DTE Energy (a) $ 575 $ 548 $ 529 $ 494 $ 450 $ 7,510 $ 10,106 DTE Electric $ 330 $ 322 $ 305 $ 292 $ 284 $ 4,222 $ 5,755 _______________________________________ (a) Amounts include DTE Electric's scheduled interest payments. |
Preferred and Preference Secu_2
Preferred and Preference Securities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Preferred Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | |
Schedule of Preferred and Preference Securities | As of December 31, 2021, the amount of authorized and unissued stock is as follows: Company Type of Stock Par Value Shares Authorized DTE Energy Preferred $ — 5,000,000 DTE Electric Preferred $ 100 6,747,484 DTE Electric Preference $ 1 30,000,000 DTE Gas Preferred $ 1 7,000,000 DTE Gas Preference $ 1 4,000,000 |
Short-Term Credit Arrangement_2
Short-Term Credit Arrangements and Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Short-term Debt [Abstract] | |
Schedule of Line of Credit Facilities | The availability under the facilities in place at December 31, 2021 is shown in the following table: DTE Energy DTE Electric DTE Gas Total (In millions) Unsecured revolving credit facility, expiring April 2025 (a) $ 1,500 $ 500 $ 300 $ 2,300 Unsecured term loan, expiring June 2022 400 — — 400 Unsecured Canadian revolving credit facility, expiring May 2023 87 — — 87 Unsecured letter of credit facility, expiring February 2023 150 — — 150 Unsecured letter of credit facility, expiring July 2023 70 — — 70 Unsecured letter of credit facility (b) 50 — — 50 2,257 500 300 3,057 Amounts outstanding at December 31, 2021 Revolver borrowings 75 — — 75 Commercial paper issuances 320 153 210 683 Letters of credit 258 — — 258 653 153 210 1,016 Net availability at December 31, 2021 $ 1,604 $ 347 $ 90 $ 2,041 _______________________________________ (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. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Leases [Abstract] | |
Components of Lease Cost and Other Information Related to Leases | The following is a summary of the components of lease cost for the years ended December 31: DTE Energy DTE Electric 2021 2020 2019 2021 2020 2019 (In millions) Operating lease cost $ 19 $ 21 $ 23 $ 14 $ 14 $ 17 Finance lease cost: Amortization of right-of-use assets 7 5 4 6 4 4 Interest of lease liabilities 1 — — — — — Total finance lease cost 8 5 4 6 4 4 Variable lease cost 9 10 10 — — — Short-term lease cost 14 11 9 6 6 3 $ 50 $ 47 $ 46 $ 26 $ 24 $ 24 The following is a summary of other information related to leases for the years ended December 31: DTE Energy DTE Electric 2021 2020 2019 2021 2020 2019 (In millions) Supplemental Cash Flows Information Cash paid for amounts included in the measurement of these liabilities: Operating cash flows for finance leases $ 8 $ 3 $ 5 $ 7 $ 2 $ 5 Operating cash flows for operating leases $ 19 $ 22 $ 22 $ 14 $ 14 $ 16 Right-of-use assets obtained in exchange for lease obligations: Operating leases $ 5 $ 2 $ 42 $ 1 $ — $ 27 Finance leases $ 3 $ 19 $ 8 $ 1 $ 14 $ — Weighted Average Remaining Lease Term (Years) Operating leases 12.7 12.1 12.1 10.3 10.4 10.6 Finance leases 7.8 7.6 9.1 2.1 3.1 2.0 Weighted Average Discount Rate Operating leases 3.6 % 3.6 % 3.5 % 3.4 % 3.3 % 3.3 % Finance leases 2.2 % 2.0 % 3.1 % 1.0 % 1.0 % 3.1 % |
Schedule of Maturities of Operating Leases | The Registrants' future minimum lease payments under leases for remaining periods as of December 31, 2021 are as follows: DTE Energy DTE Electric Operating Leases Finance Leases Operating Leases Finance Leases (In millions) 2022 $ 16 $ 8 $ 12 $ 6 2023 13 9 10 6 2024 11 3 8 1 2025 8 1 6 — 2026 7 1 5 — 2027 and thereafter 56 8 27 — Total future minimum lease payments 111 30 68 13 Imputed interest (23) (3) (12) — Lease liabilities $ 88 $ 27 $ 56 $ 13 |
Schedule of Maturities of Finance Leases | The Registrants' future minimum lease payments under leases for remaining periods as of December 31, 2021 are as follows: DTE Energy DTE Electric Operating Leases Finance Leases Operating Leases Finance Leases (In millions) 2022 $ 16 $ 8 $ 12 $ 6 2023 13 9 10 6 2024 11 3 8 1 2025 8 1 6 — 2026 7 1 5 — 2027 and thereafter 56 8 27 — Total future minimum lease payments 111 30 68 13 Imputed interest (23) (3) (12) — Lease liabilities $ 88 $ 27 $ 56 $ 13 |
Schedule of Finance Leases Reported on Consolidated Statement of Financial Position | Finance leases reported on the Consolidated Statements of Financial Position are as follows for the years ended December 31: DTE Energy DTE Electric 2021 2020 2021 2020 (In millions) Right-of-use assets, within Property, plant, and equipment, net $ 26 $ 29 $ 12 $ 16 Current lease liabilities, within Current portion of long-term debt $ 8 $ 7 $ 6 $ 6 Long-term lease liabilities $ 19 $ 24 $ 7 $ 13 |
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: 2021 2020 2019 (In millions) Fixed payments $ 67 $ 57 $ 56 Variable payments 131 124 128 $ 198 $ 181 $ 184 Operating revenues $ 103 $ 99 $ 121 Other income 95 82 63 $ 198 $ 181 $ 184 |
Schedule of Minimum Future Rental Revenues under Operating Leases | DTE Energy’s minimum future rental revenues under operating leases for remaining periods as of December 31, 2021 are as follows: DTE Energy (In millions) 2022 $ 15 2023 15 2024 15 2025 15 2026 11 2027 and thereafter 51 $ 122 |
Schedule of Property under Operating Leases | The following is a summary of property under operating leases for DTE Energy as of December 31: 2021 2020 (In millions) Gross property under operating leases $ 341 $ 389 Accumulated amortization of property under operating leases $ 181 $ 191 |
Components of Net Investment in Finance Leases | The components of DTE Energy’s net investment in finance leases for remaining periods as of December 31, 2021 are as follows: DTE Energy (In millions) 2022 $ 23 2023 22 2024 22 2025 21 2026 21 2027 and thereafter 271 Total minimum future lease receipts 380 Residual value of leased pipeline 17 Less unearned income 198 Net investment in finance lease 199 Less current portion 6 $ 193 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Long-term Purchase Commitments | The Registrants estimate the following commitments from 2022 through 2051 for DTE Energy, and 2022 through 2051 for DTE Electric, as detailed in the following tables: 2022 2023 2024 2025 2026 2027 and Thereafter Total DTE Energy (In millions) Long-term power purchase agreements (a) $ 87 $ 92 $ 103 $ 103 $ 103 $ 986 $ 1,474 Other purchase commitments (b) 3,203 1,704 1,174 482 357 980 7,900 Total commitments $ 3,290 $ 1,796 $ 1,277 $ 585 $ 460 $ 1,966 $ 9,374 2022 2023 2024 2025 2026 2027 and Thereafter Total DTE Electric (In millions) Long-term power purchase agreements (a) $ 92 $ 97 $ 108 $ 108 $ 109 $ 1,006 $ 1,520 Other purchase commitments (b) 365 402 431 197 118 275 1,788 Total commitments $ 457 $ 499 $ 539 $ 305 $ 227 $ 1,281 $ 3,308 _______________________________________ (a) The agreements represent the minimum obligations with suppliers for renewable energy and renewable energy credits under existing contract terms which expire from 2030 through 2035. DTE Electric's share of plant output ranges from 28% to 100%. Purchase commitments for DTE Electric include affiliate agreements with DTE Sustainable Generation that are eliminated in consolidation for DTE Energy. (b) Excludes amounts associated with full requirements contracts where no stated minimum purchase volume is required. |
Retirement Benefits and Trust_2
Retirement Benefits and Trusteed Assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule of Defined Benefit Plans Disclosures | The table below represents the pension and other postretirement benefit plans of each Registrant at December 31, 2021: Registrants DTE Energy DTE Electric Qualified Pension Plans DTE Energy Company Retirement Plan X X DTE Gas Company Retirement Plan for Employees Covered by Collective Bargaining Agreements X Shenango Inc. Pension Plan (a) X Non-qualified Pension Plans DTE Energy Company Supplemental Retirement Plan (b) X X DTE Energy Company Executive Supplemental Retirement Plan (b) X X DTE Energy Company Supplemental Severance Benefit Plan X Other Postretirement Benefit Plans The DTE Energy Company Comprehensive Non-Health Welfare Plan X X The DTE Energy Company Comprehensive Retiree Group Health Care Plan X X DTE Supplemental Retiree Benefit Plan X X DTE Energy Company Retiree Reimbursement Arrangement Plan X X _____________________________________ (a) Sponsored by Shenango, LLC (b) Sponsored by DTE Energy Company |
Pension Plan | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule of Defined Benefit Plans Disclosures | The following table reconciles the obligations, assets, and funded status of the plans as well as the amounts recognized as prepaid pension cost or pension liability in DTE Energy's Consolidated Statements of Financial Position at December 31: DTE Energy 2021 2020 (In millions) Accumulated benefit obligation, end of year $ 5,448 $ 5,843 Change in projected benefit obligation Projected benefit obligation, beginning of year $ 6,304 $ 5,810 Service cost 108 99 Interest cost 158 186 Plan amendments 4 — Actuarial (gain) loss (255) 619 Special termination benefits — 3 Benefits paid (414) (353) Settlements (48) (60) Projected benefit obligation, end of year $ 5,857 $ 6,304 Change in plan assets Plan assets at fair value, beginning of year $ 5,497 $ 4,993 Actual return on plan assets 460 815 Company contributions 12 102 Benefits paid (414) (353) Settlements (48) (60) Plan assets at fair value, end of year $ 5,507 $ 5,497 Funded status $ (350) $ (807) Amount recorded as: Current liabilities $ (11) $ (10) Noncurrent liabilities (339) (797) $ (350) $ (807) Amounts recognized in Accumulated other comprehensive income (loss), pre-tax Net actuarial loss $ 126 $ 142 Prior service cost 1 3 $ 127 $ 145 Amounts recognized in Regulatory assets (a) Net actuarial loss $ 1,381 $ 1,949 Prior service credit (9) (11) $ 1,372 $ 1,938 ______________________________________ (a) See Note 9 to the Consolidated Financial Statements, "Regulatory Matters." 2021 2020 2019 (In millions) DTE Energy $ — $ 92 $ 150 DTE Electric $ — $ 60 $ 100 |
Schedule of Net Benefit Costs | Net pension cost for DTE Energy includes the following components: 2021 2020 2019 (In millions) Service cost $ 108 $ 99 $ 84 Interest cost 158 186 219 Expected return on plan assets (339) (334) (325) Amortization of: Net actuarial loss 196 171 131 Prior service cost — 1 1 Settlements 16 25 2 Net pension cost $ 139 $ 148 $ 112 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | 2021 2020 (In millions) Other changes in plan assets and benefit obligations recognized in Regulatory assets and Other comprehensive income (loss) Net actuarial (gain) loss $ (376) $ 137 Amortization of net actuarial loss (209) (193) Prior service cost 4 — Amortization of prior service cost (3) (1) Total recognized in Regulatory assets and Other comprehensive income (loss) $ (584) $ (57) Total recognized in net periodic pension cost, Regulatory assets, and Other comprehensive income (loss) $ (445) $ 91 |
Schedule of Expected Benefit Payments | At December 31, 2021, the benefits related to DTE Energy's qualified and non-qualified pension plans expected to be paid in each of the next five years and in the aggregate for the five fiscal years thereafter are as follows: (In millions) 2022 $ 346 2023 360 2024 341 2025 350 2026 346 2027-2031 1,723 Total $ 3,466 |
Schedule of Assumptions Used | Assumptions used in determining the projected benefit obligation and net pension costs of DTE Energy are: 2021 2020 2019 Projected benefit obligation Discount rate 2.91% 2.57% 3.28% Rate of compensation increase 3.80% 3.80% 3.85% Cash balance interest crediting rate 2.40% 2.00% 3.30% Net pension costs Discount rate 2.57% 3.28% 4.40% Rate of compensation increase 3.80% 3.85% 3.85% Expected long-term rate of return on plan assets 7.00% 7.10% 7.30% Cash balance interest crediting rate 2.00% 3.30% 3.70% |
Schedule of Allocation of Plan Assets | Target allocations for DTE Energy's pension plan assets as of December 31, 2021 are listed below: U.S. Large Capitalization (Cap) Equity Securities 13 % U.S. Small Cap and Mid Cap Equity Securities 3 Non-U.S. Equity Securities 13 Fixed Income Securities 48 Hedge Funds and Similar Investments 11 Private Equity and Other 12 100 % The following tables provide the fair value measurement amounts for DTE Energy's pension plan assets at December 31, 2021 and 2020 (a) : December 31, 2021 December 31, 2020 Level 1 Level 2 Other (b) Total Level 1 Level 2 Other (b) Total DTE Energy asset category: (In millions) Short-term Investments (c) $ 112 $ — $ — $ 112 $ 92 $ — $ — $ 92 Equity Securities Domestic (d) 155 — 758 913 167 — 1,093 1,260 International (e) 88 — 588 676 100 — 791 891 Fixed Income Securities Governmental (f) 943 83 — 1,026 459 95 — 554 Corporate (g) — 1,466 — 1,466 — 1,404 — 1,404 Hedge Funds and Similar Investments (h) 139 63 365 567 238 61 411 710 Private Equity and Other (i) — — 747 747 — — 586 586 DTE Energy Total $ 1,437 $ 1,612 $ 2,458 $ 5,507 $ 1,056 $ 1,560 $ 2,881 $ 5,497 _______________________________________ (a) For a description of levels within the fair value hierarchy, see Note 12 to the Consolidated Financial Statements, "Fair Value." (b) Amounts represent assets valued at NAV as a practical expedient for fair value. (c) This category predominantly represents certain short-term fixed income securities and money market investments that are managed in separate accounts or commingled funds. Pricing for investments in this category are obtained from quoted prices in actively traded markets. (d) This category represents portfolios of large, medium and small capitalization domestic equities. Investments in this category include exchange-traded securities for which unadjusted quoted prices can be obtained and exchange-traded securities held in a commingled fund classified as NAV assets. (e) This category primarily consists of portfolios of non-U.S. developed and emerging market equities. Investments in this category include exchange-traded securities for which unadjusted quoted prices can be obtained and exchange-traded securities held in a commingled fund classified as NAV assets. (f) This category includes U.S. Treasuries, bonds, and other governmental debt. Pricing for investments in this category is obtained from quoted prices in actively traded markets and quotations from broker or pricing services. (g) This category primarily consists of corporate bonds from diversified industries, bank loans, and mortgage backed securities. Pricing for investments in this category is obtained from quotations from broker or pricing services. (h) This category utilizes a diversified group of strategies that attempt to capture uncorrelated sources of return and includes publicly traded mutual funds, insurance-linked and asset-backed securities, commingled funds and limited partnership funds. Pricing for mutual funds in this category is obtained from quoted prices in actively traded markets. Pricing for insurance-linked and asset-backed securities is obtained from quotations. from broker or pricing services. Commingled funds and limited partnership funds are classified as NAV assets. (i) This category includes a diversified group of funds and strategies that primarily invests in private equity partnerships. This category also includes investments in private real estate and private debt. All investments in this category are classified as NAV assets. |
Other postretirement benefit plan | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule of Defined Benefit Plans Disclosures | The following table reconciles the obligations, assets, and funded status of the plans including amounts recorded as Accrued postretirement liability in the Registrants' Consolidated Statements of Financial Position at December 31: DTE Energy DTE Electric 2021 2020 2021 2020 (In millions) Change in accumulated postretirement benefit obligation Accumulated postretirement benefit obligation, beginning of year $ 1,807 $ 1,751 $ 1,369 $ 1,337 Service cost 30 26 23 20 Interest cost 46 56 35 43 Plan amendments 1 — — — Actuarial (gain) loss (100) 54 (73) 31 Benefits paid (82) (80) (61) (62) Accumulated postretirement benefit obligation, end of year $ 1,702 $ 1,807 $ 1,293 $ 1,369 Change in plan assets Plan assets at fair value, beginning of year $ 1,960 $ 1,819 $ 1,320 $ 1,236 Actual return on plan assets 142 220 96 145 Benefits paid (81) (79) (61) (61) Plan assets at fair value, end of year $ 2,021 $ 1,960 $ 1,355 $ 1,320 Funded status $ 319 $ 153 $ 62 $ (49) Amount recorded as: Noncurrent assets $ 678 $ 561 $ 402 $ 335 Current liabilities (1) (1) — — Noncurrent liabilities (358) (407) (340) (384) $ 319 $ 153 $ 62 $ (49) Amounts recognized in Accumulated other comprehensive income (loss), pre-tax Net actuarial gain $ (1) $ (7) $ — $ — Amounts recognized in Regulatory assets (a) Net actuarial loss $ 102 $ 234 $ 61 $ 156 Prior service credit (49) (69) (34) (48) $ 53 $ 165 $ 27 $ 108 ______________________________________ (a) See Note 9 to the Consolidated Financial Statements, "Regulatory Matters." |
Schedule of Net Benefit Costs | Net other postretirement credit for DTE Energy includes the following components: 2021 2020 2019 (In millions) Service cost $ 30 $ 26 $ 22 Interest cost 46 56 70 Expected return on plan assets (129) (128) (96) Amortization of: Net actuarial loss 13 16 12 Prior service credit (19) (19) (9) Net other postretirement credit $ (59) $ (49) $ (1) Net other postretirement credit for DTE Electric includes the following components: 2021 2020 2019 (In millions) Service cost $ 23 $ 20 $ 16 Interest cost 35 43 53 Expected return on plan assets (86) (87) (65) Amortization of: Net actuarial loss 11 11 5 Prior service credit (14) (14) (7) Net other postretirement cost (credit) $ (31) $ (27) $ 2 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | 2021 2020 (In millions) Other changes in plan assets and accumulated postretirement benefit obligation recognized in Regulatory assets and Other comprehensive income (loss) Net actuarial gain $ (113) $ (38) Amortization of net actuarial loss (13) (16) Prior service cost 1 — Amortization of prior service credit 19 19 Total recognized in Regulatory assets and Other comprehensive income (loss) $ (106) $ (35) Total recognized in net periodic benefit cost, Regulatory assets, and Other comprehensive income (loss) $ (165) $ (84) 2021 2020 (In millions) Other changes in plan assets and accumulated postretirement benefit obligation recognized in Regulatory assets Net actuarial gain $ (84) $ (26) Amortization of net actuarial loss (11) (11) Amortization of prior service credit 14 14 Total recognized in Regulatory assets $ (81) $ (23) Total recognized in net periodic benefit cost and Regulatory assets $ (112) $ (50) |
Schedule of Expected Benefit Payments | At December 31, 2021, the benefits expected to be paid, including prescription drug benefits, in each of the next five years and in the aggregate for the five fiscal years thereafter for the Registrants are as follows: DTE Energy DTE Electric (In millions) 2022 $ 85 $ 64 2023 89 68 2024 91 69 2025 94 71 2026 95 72 2027-2031 493 375 Total $ 947 $ 719 |
Schedule of Assumptions Used | Assumptions used in determining the accumulated postretirement benefit obligation and net other postretirement benefit costs of the Registrants are: 2021 2020 2019 Accumulated postretirement benefit obligation Discount rate 2.91% 2.58% 3.29% Health care trend rate pre- and post- 65 6.75 / 7.25% 6.75 / 7.25% 6.75 / 7.25% Ultimate health care trend rate 4.50% 4.50% 4.50% Year in which ultimate reached pre- and post- 65 2034 2033 2032 Other postretirement benefit costs Discount rate 2.58% 3.29% 4.40% Expected long-term rate of return on plan assets 6.70% 7.20% 7.30% Health care trend rate pre- and post- 65 6.75 / 7.25% 6.75 / 7.25% 6.75 / 7.25% Ultimate health care trend rate 4.50% 4.50% 4.50% Year in which ultimate reached pre- and post- 65 2033 2032 2031 |
Schedule of Allocation of Plan Assets | Target allocations for the Registrants' other postretirement benefit plan assets as of December 31, 2021 are listed below: U.S. Large Cap Equity Securities 10 % U.S. Small Cap and Mid Cap Equity Securities 2 Non-U.S. Equity Securities 10 Fixed Income Securities 54 Hedge Funds and Similar Investments 10 Private Equity and Other 14 100 % The following tables provide the fair value measurement amounts for the Registrants' other postretirement benefit plan assets at December 31, 2021 and 2020 (a) : December 31, 2021 December 31, 2020 Level 1 Level 2 Other (b) Total Level 1 Level 2 Other (b) Total (In millions) DTE Energy asset category: Short-term Investments (c) $ 39 $ — $ — $ 39 $ 21 $ — $ — $ 21 Equity Securities Domestic (d) 27 — 199 226 51 — 200 251 International (e) 27 — 141 168 23 — 178 201 Fixed Income Securities Governmental (f) 343 32 — 375 40 45 — 85 Corporate (g) — 355 271 626 — 477 379 856 Hedge Funds and Similar Investments (h) 58 26 120 204 61 17 124 202 Private Equity and Other (i) — — 383 383 — — 344 344 DTE Energy Total $ 494 $ 413 $ 1,114 $ 2,021 $ 196 $ 539 $ 1,225 $ 1,960 DTE Electric asset category: Short-term Investments (c) $ 26 $ — $ — $ 26 $ 14 $ — $ — $ 14 Equity Securities Domestic (d) 18 — 132 150 33 — 131 164 International (e) 18 — 93 111 16 — 117 133 Fixed Income Securities Governmental (f) 230 21 — 251 24 31 — 55 Corporate (g) — 235 187 422 — 321 263 584 Hedge Funds and Similar Investments (h) 39 17 81 137 41 11 83 135 Private Equity and Other (i) — — 258 258 — — 235 235 DTE Electric Total $ 331 $ 273 $ 751 $ 1,355 $ 128 $ 363 $ 829 $ 1,320 _______________________________________ (a) For a description of levels within the fair value hierarchy see Note 12 to the Consolidated Financial Statements, "Fair Value." (b) Amounts represent assets valued at NAV as a practical expedient for fair value. (c) This category predominantly represents certain short-term fixed income securities and money market investments that are managed in separate accounts or commingled funds. Pricing for investments in this category are obtained from quoted prices in actively traded markets. (d) This category represents portfolios of large, medium and small capitalization domestic equities. Investments in this category include exchange-traded securities for which unadjusted quoted prices can be obtained and exchange-traded securities held in a commingled fund classified as NAV assets. (e) This category primarily consists of portfolios of non-U.S. developed and emerging market equities. Investments in this category include exchange-traded securities for which unadjusted quoted prices can be obtained and exchange-traded securities held in a commingled fund classified as NAV assets. (f) This category includes U.S. Treasuries, bonds and other governmental debt. Pricing for investments in this category is obtained from quoted prices in actively traded markets and quotations from broker or pricing services. (g) This category primarily consists of corporate bonds from diversified industries, bank loans, and mortgage backed securities. Pricing for investments in this category is obtained from quotations from broker or pricing services. Non-exchange traded securities and exchange-traded securities held in commingled funds are classified as NAV assets. (h) This category utilizes a diversified group of strategies that attempt to capture uncorrelated sources of income and includes publicly traded mutual funds, insurance-linked and asset-backed securities, commingled funds and limited partnership funds. Pricing for mutual funds in this category is obtained from quoted prices in actively traded markets. Prices for insurance-linked and asset-backed securities are obtained from quotations from broker or pricing services. Commingled funds and limited partnership funds are classified as NAV assets. (i) This category includes a diversified group of funds and strategies that primarily invests in private equity partnerships. This category also includes investments in private real estate and private debt. All investments in this category are classified as NAV assets. |
Schedule of Accumulated Benefit Obligations in Excess of Plan Assets | The following table reflects other postretirement benefit plans with accumulated postretirement benefit obligations in excess of plan assets as of December 31: DTE Energy DTE Electric 2021 2020 2021 2020 (In millions) Accumulated postretirement benefit obligation $ 822 $ 878 $ 775 $ 826 Fair value of plan assets 463 470 435 442 Accumulated postretirement benefit obligation in excess of plan assets $ 359 $ 408 $ 340 $ 384 |
Retiree healthcare plan (VEBA) | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule of VEBA Contributions | The following table provides contributions to the VEBA in: 2021 2020 2019 (In millions) DTE Energy $ 18 $ 15 $ 13 DTE Electric $ 8 $ 7 $ 6 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Share-based Payment Arrangement, Noncash Expense [Abstract] | |
Schedule of Components of Stock-Based Compensation | The following table summarizes the components of stock-based compensation for DTE Energy: 2021 2020 2019 (In millions) Stock-based compensation expense $ 71 $ 63 $ 71 Tax benefit $ 13 $ 12 $ 13 Stock-based compensation cost capitalized in Property, plant, and equipment (a) $ — $ — $ 16 _______________________________________ (a) In DTE Electric's May 2020 rate order, the MPSC disallowed certain capital expenditures related to incentive compensation. Therefore, beginning in 2020, no stock-based compensation cost will be capitalized in Property, plant, and equipment. |
Schedule of Activity Relating to Performance Share Awards | DTE Energy recorded activity relating to performance share awards as follows: 2021 2020 2019 (In millions, except per share amounts) Weighted average grant date fair value of awards granted (per share) $ 118.43 $ 129.68 $ 115.85 Awards settled in cash (a) $ 12 $ 21 $ 19 Awards settled in stock (a) $ 74 $ 53 $ 79 Compensation expense $ 58 $ 50 $ 60 _______________________________________ (a) Sum of awards settled in cash and stock approximates the intrinsic value of the awards. |
Schedule of Stock-based Compensation, Performance Shares Activity Rollforward | The following table summarizes DTE Energy’s performance share activity for the period ended December 31, 2021: Performance Shares Weighted Average Balance at December 31, 2020 1,127,437 $ 117.06 Grants (a) 567,196 $ 118.43 Forfeitures (b) (162,091) $ 123.04 Payouts (429,925) $ 107.84 Balance at December 31, 2021 1,102,617 $ 120.33 _______________________________________ (a) Includes 166,686 incremental shares granted in 2021 to DTE Energy employees who did not separate with DT Midstream. The shares were granted to preserve the value of unvested 2019-2021 awards, considering the impact from the spin-off of DT Midstream on DTE Energy's stock price. (b) Includes the cancellation of 95,923 shares that were held by employees that separated due to the spin-off of DT Midstream. |
Schedule of Unrecognized Compensation Cost, Non-Vested Awards | As of December 31, 2021, DTE Energy's total unrecognized compensation cost related to non-vested stock incentive plan arrangements and the weighted average recognition period was as follows: Unrecognized Weighted Average (In millions) (In years) Stock awards $ 19 1.50 Performance shares 44 1.04 $ 63 1.18 |
Segment and Related Informati_2
Segment and Related Information (Tables) | 12 Months Ended |
Dec. 31, 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: Year Ended December 31, 2021 2020 2019 (In millions) Electric (a) $ 64 $ 61 $ 56 Gas 14 16 12 DTE Vantage 575 464 596 Energy Trading 56 31 22 Corporate and Other 2 2 2 $ 711 $ 574 $ 688 _______________________________________ (a) Inter-segment billing for the Electric segment includes $4 million and $2 million relating to Non-utility operations for the years ended December 31, 2021 and 2020, respectively. Financial data of DTE Energy's business segments follows: Electric Gas DTE Vantage Energy Corporate and Other (a) Reclassifications Total from Discontinued Total (In millions) 2021 Operating Revenues — Utility operations $ 5,809 1,553 — — — (74) $ 7,288 Operating Revenues — Non-utility operations $ 12 — 1,482 6,831 2 (651) $ 7,676 Depreciation and amortization $ 1,122 177 71 6 1 — $ 1,377 Interest expense $ 338 81 28 5 270 (92) $ 630 Interest income $ — (6) (23) (1) (84) 92 $ (22) Equity in earnings of equity method investees $ — 1 8 — 29 — $ 38 Income Tax Expense (Benefit) $ 104 38 (31) (27) (214) — $ (130) Net Income (Loss) Attributable to DTE Energy Company $ 864 214 168 (83) (367) — $ 796 111 $ 907 Investment in equity method investees $ 6 13 118 — 50 — $ 187 Capital expenditures and acquisitions $ 3,016 621 69 6 — — $ 3,712 60 $ 3,772 Goodwill $ 1,208 743 25 17 — — $ 1,993 Total Assets $ 28,524 6,729 983 1,174 4,281 (1,972) $ 39,719 — $ 39,719 _______________________________________ (a) Corporate and Other results include significant one-time items resulting from the separation of DT Midstream, including a loss on debt extinguishment of $376 million following the settlement of intercompany borrowings with DT Midstream and optional redemption of DTE Energy long-term debt. DTE Energy also recognized a tax benefit of $85 million for the remeasurement of state deferred tax liabilities following the separation of DT Midstream. Refer to Notes 10 and 14 to the Consolidated Financial Statements, "Income Taxes" and "Long-Term Debt," for additional information. Electric Gas DTE Vantage Energy Corporate Reclassifications Total from Discontinued Total (In millions) 2020 Operating Revenues — Utility operations $ 5,506 1,414 — — — (75) $ 6,845 Operating Revenues — Non-utility operations $ 14 — 1,224 3,863 2 (525) $ 4,578 Depreciation and amortization $ 1,057 157 72 5 1 — $ 1,292 Interest expense $ 337 80 37 6 325 (184) $ 601 Interest income $ (4) (5) (22) (2) (180) 184 $ (29) Equity in earnings of equity method investees $ — 1 17 — 8 — $ 26 Income Tax Expense (Benefit) $ 108 48 (40) 12 (91) — $ 37 Net Income (Loss) Attributable to DTE Energy Company $ 777 186 134 36 (79) — $ 1,054 314 $ 1,368 Investment in equity method investees $ 6 12 125 — 34 — $ 177 Capital expenditures and acquisitions $ 2,701 574 186 5 — — $ 3,466 517 $ 3,983 Goodwill $ 1,208 743 25 17 — — $ 1,993 Total Assets $ 26,588 6,339 696 807 5,063 (2,073) $ 37,420 8,076 $ 45,496 Electric Gas DTE Vantage Energy Corporate Reclassifications Total from Discontinued Total (In millions) 2019 Operating Revenues — Utility operations $ 5,224 1,482 — — — (68) $ 6,638 Operating Revenues — Non-utility operations $ 5 — 1,560 4,610 2 (647) $ 5,530 Depreciation and amortization $ 949 144 69 6 1 — $ 1,169 Interest expense $ 315 78 33 8 266 (132) $ 568 Interest income $ (2) (6) (9) (4) (120) 132 $ (9) Equity in earnings of equity method investees $ 1 2 14 — (3) — $ 14 Income Tax Expense (Benefit) $ 137 62 (63) 17 (82) — $ 71 Net Income (Loss) Attributable to DTE Energy Company $ 714 185 133 49 (126) — $ 955 214 $ 1,169 Investment in equity method investees $ 5 11 130 — 31 — $ 177 Capital expenditures and acquisitions $ 2,368 530 54 5 — — $ 2,957 2,510 $ 5,467 Goodwill $ 1,208 743 25 17 — — $ 1,993 Total Assets $ 24,617 5,717 537 798 4,779 (1,843) $ 34,605 7,663 $ 42,268 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Related Party Transactions [Abstract] | |
Summary of Related Party Transactions | The following is a summary of DTE Electric's transactions with affiliated companies: 2021 2020 2019 (In millions) Revenues and Other Income Energy sales $ 9 $ 8 $ 10 Other services and interest $ 2 $ 2 $ 5 Shared capital assets $ 49 $ 47 $ 42 Costs Fuel and purchased power $ 13 $ 16 $ 6 Other services and interest $ — $ 1 $ 24 Corporate expenses $ 391 $ 367 $ 372 Other Dividends declared $ 588 $ 539 $ 494 Dividends paid $ 588 $ 539 $ 494 Capital contribution from DTE Energy $ 555 $ 636 $ 180 |
Supplementary Quarterly Finan_2
Supplementary Quarterly Financial Information (Unaudited ) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Information | DTE Energy The sum of quarterly earnings per share may not equal year-end amounts, since quarterly computations are based on weighted average common shares outstanding during each quarter. First Second Third Fourth Year (In millions, except per share amounts) 2021 Operating Revenues $ 3,581 $ 3,021 $ 3,715 $ 4,647 $ 14,964 Operating Income 433 242 405 415 1,495 Net Income from Continuing Operations (a) 317 114 55 300 786 Net Income (Loss) from Discontinued Operations 80 65 (33) 5 117 Net Income 397 179 22 305 903 Net Income Attributable to DTE Energy Company $ 397 $ 179 $ 25 $ 306 $ 907 Basic Earnings per Share Continuing Operations $ 1.65 $ 0.60 $ 0.30 $ 1.56 $ 4.11 Discontinued Operations 0.40 0.32 (0.17) 0.02 0.57 Total $ 2.05 $ 0.92 $ 0.13 $ 1.58 $ 4.68 Diluted Earnings per Share Continuing Operations $ 1.65 $ 0.60 $ 0.30 $ 1.55 $ 4.10 Discontinued Operations 0.40 0.32 (0.17) 0.02 0.57 Total $ 2.05 $ 0.92 $ 0.13 $ 1.57 $ 4.67 2020 Operating Revenues $ 2,852 $ 2,411 $ 3,080 $ 3,080 $ 11,423 Operating Income 445 263 479 368 1,555 Net Income from Continuing Operations 268 201 370 206 1,045 Net Income from Discontinued Operations 74 76 107 69 326 Net Income 342 277 477 275 1,371 Net Income Attributable to DTE Energy Company $ 340 $ 277 $ 476 $ 275 $ 1,368 Basic Earnings per Share Continuing Operations $ 1.39 $ 1.06 $ 1.93 $ 1.08 $ 5.46 Discontinued Operations 0.38 0.38 0.54 0.34 1.63 Total $ 1.77 $ 1.44 $ 2.47 $ 1.42 $ 7.09 Diluted Earnings per Share Continuing Operations $ 1.39 $ 1.06 $ 1.92 $ 1.08 $ 5.45 Discontinued Operations 0.37 0.38 0.54 0.34 1.63 Total $ 1.76 $ 1.44 $ 2.46 $ 1.42 $ 7.08 _______________________________________ (a) Third Quarter 2021 results include significant one-time items resulting from the separation of DT Midstream, including a loss on debt extinguishment of $376 million following the settlement of intercompany borrowings with DT midstream and optional redemption of DTE Energy long-term debt. Refer to Note 14 to the Consolidated Financial Statements, "Long-Term Debt," for additional information. Third Quarter 2021 results also include a tax benefit of $85 million for the remeasurement of state deferred tax liabilities following the separation of DT Midstream. Refer to Note 10 to the Consolidated Financial Statements, "Income Taxes," for additional information. |
Organization and Basis of Pre_3
Organization and Basis of Presentation (Details Textuals) customer in Millions, $ in Millions | Dec. 31, 2021USD ($)customer | Dec. 31, 2020USD ($) |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Number of electric utility customers | customer | 2.3 | |
Number of gas utility customers | customer | 1.3 | |
Variable Interest Entity [Line Items] | ||
Material potential exposure | $ 0 | |
Investments in equity method investees | 187 | $ 177 |
Amount in excess of carrying amount | 99 | 93 |
Undistributed earnings from equity method investees | 32 | $ 15 |
DTE Electric | ||
Variable Interest Entity [Line Items] | ||
Material potential exposure | $ 0 |
Organization and Basis of Pre_4
Organization and Basis of Presentation (Consolidated Variable Interest Entities) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
ASSETS | |||
Cash and cash equivalents | $ 28 | $ 472 | |
Restricted cash | 7 | 2 | |
Accounts receivable | 1,695 | 1,542 | |
Property, plant, and equipment, net | 26,944 | 24,499 | |
Total Assets | 39,719 | 45,496 | $ 42,268 |
LIABILITIES | |||
Short-term borrowings | 758 | 38 | |
Variable interest entity, primary beneficiary | |||
ASSETS | |||
Cash and cash equivalents | 11 | 20 | |
Restricted cash | 6 | 0 | |
Accounts receivable | 1 | 28 | |
Inventories | 3 | 107 | |
Property, plant, and equipment, net | 4 | 14 | |
Notes receivable and other | 70 | 33 | |
Total Assets | 95 | 202 | |
LIABILITIES | |||
Accounts payable | 5 | 22 | |
Short-term borrowings | 75 | 38 | |
Other current and long-term liabilities | 0 | 4 | |
Total liabilities | $ 80 | $ 64 |
Organization and Basis of Pre_5
Organization and Basis of Presentation (Non-Consolidated Variable Interest Entities) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Variable Interest Entity [Line Items] | ||
Investments in equity method investees | $ 187 | $ 177 |
Notes receivable | 310 | 261 |
Variable interest entity, nonconsolidated | ||
Variable Interest Entity [Line Items] | ||
Investments in equity method investees | 172 | 159 |
Notes receivable | 13 | 21 |
Future funding commitments | $ 3 | $ 6 |
Significant Accounting Polici_4
Significant Accounting Policies (Schedule of Other Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule of Other Nonoperating Income, by Component [Line Items] | |||
Income from REF entities | $ 141 | $ 139 | $ 130 |
Equity in earnings of equity method investees | 38 | 26 | 14 |
Contract services | 27 | 28 | 29 |
Allowance for equity funds used during construction | 27 | 25 | 24 |
Gains from rabbi trust securities | 8 | 28 | 37 |
Other | 13 | 13 | 16 |
Other income | 254 | 259 | 250 |
DTE Electric | |||
Schedule of Other Nonoperating Income, by Component [Line Items] | |||
Contract services | 27 | 28 | 32 |
Allowance for equity funds used during construction | 25 | 23 | 22 |
Gains from rabbi trust securities | 8 | 28 | 37 |
Other | 11 | 8 | 16 |
Other income | $ 71 | $ 87 | $ 107 |
Significant Accounting Polici_5
Significant Accounting Policies (Details Textuals) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Significant Accounting Policies [Line Items] | |||
Unbilled revenues | $ 1,695,000,000 | $ 1,542,000,000 | |
Specific review of probable future collections based on receivable balances, threshold duration | 30 days | ||
Intangible assets amortization expense | $ 16,000,000 | 16,000,000 | $ 9,000,000 |
Capitalized cloud computing costs | 16,000,000 | 0 | |
Excise and sales taxes net impact on statement of operations | 0 | ||
Charitable contributions | 25,000,000 | 20,000,000 | $ 0 |
Natural gas inventory | |||
Significant Accounting Policies [Line Items] | |||
LIFO inventory amount | 50,000,000 | 40,000,000 | |
Excess of replacement costs over stated LIFO value | 136,000,000 | 62,000,000 | |
Notes receivable | |||
Significant Accounting Policies [Line Items] | |||
Financing receivables | 150,000,000 | ||
Past due | |||
Significant Accounting Policies [Line Items] | |||
Financing receivables | $ 0 | ||
Minimum | Notes receivable | |||
Significant Accounting Policies [Line Items] | |||
Number of dates after which receivable is considered delinquent | 60 days | ||
Maximum | Notes receivable | |||
Significant Accounting Policies [Line Items] | |||
Number of dates after which receivable is considered delinquent | 120 days | ||
DTE Electric and DTE Gas | |||
Significant Accounting Policies [Line Items] | |||
Threshold period past due for write-off of trade accounts receivable | 150 days | ||
DTE Electric and DTE Gas | Accounts Receivable | |||
Significant Accounting Policies [Line Items] | |||
Number of dates after which receivable is considered delinquent | 21 days | ||
DTE Electric | |||
Significant Accounting Policies [Line Items] | |||
Unbilled revenues | $ 694,000,000 | 763,000,000 | |
Capitalized cloud computing costs | 12,000,000 | 0 | |
DTE Electric | Notes receivable | |||
Significant Accounting Policies [Line Items] | |||
Financing receivables | 17,000,000 | ||
Unbilled revenues | |||
Significant Accounting Policies [Line Items] | |||
Unbilled revenues | 1,000,000,000 | 800,000,000 | |
Unbilled revenues | DTE Electric | |||
Significant Accounting Policies [Line Items] | |||
Unbilled revenues | $ 270,000,000 | $ 260,000,000 |
Significant Accounting Polici_6
Significant Accounting Policies (Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | $ 12,589 | $ 11,836 | $ 10,717 |
Other comprehensive income (loss) | 15 | 11 | (3) |
Separation of DT Midstream | (4,010) | ||
Ending balance | 8,713 | 12,589 | 11,836 |
AOCI including portion attributable to noncontrolling interest | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (137) | (148) | |
Other comprehensive income (loss) before reclassifications | 2 | (4) | |
Amounts reclassified from Accumulated other comprehensive loss | 13 | 15 | |
Other comprehensive income (loss) | 15 | 11 | |
Separation of DT Midstream | 10 | ||
Ending balance | (112) | (137) | (148) |
Net Unrealized Gain (Loss) on Derivatives | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (23) | (25) | |
Other comprehensive income (loss) before reclassifications | 1 | (3) | |
Amounts reclassified from Accumulated other comprehensive loss | 6 | 5 | |
Other comprehensive income (loss) | 7 | 2 | |
Separation of DT Midstream | 5 | ||
Ending balance | (11) | (23) | (25) |
Benefit Obligations | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (109) | (117) | |
Other comprehensive income (loss) before reclassifications | 1 | (2) | |
Amounts reclassified from Accumulated other comprehensive loss | 7 | 10 | |
Other comprehensive income (loss) | 8 | 8 | |
Separation of DT Midstream | 0 | ||
Ending balance | (101) | (109) | (117) |
Foreign Currency Translation | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (5) | (6) | |
Other comprehensive income (loss) before reclassifications | 0 | 1 | |
Amounts reclassified from Accumulated other comprehensive loss | 0 | 0 | |
Other comprehensive income (loss) | 0 | 1 | |
Separation of DT Midstream | 5 | ||
Ending balance | $ 0 | $ (5) | $ (6) |
Significant Accounting Polici_7
Significant Accounting Policies (Financing Receivables Classified by Internal Grade of Credit Risk) (Details) $ in Millions | Dec. 31, 2021USD ($) |
Notes receivable | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2021 | $ 16 |
2020 | 107 |
2019 and prior | 27 |
Total | 150 |
Notes receivable | DTE Electric | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Total | 17 |
Notes receivable | Internal grade 1 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2021 | 0 |
2020 | 0 |
2019 and prior | 21 |
Total | 21 |
Notes receivable | Internal grade 1 | DTE Electric | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Total | 14 |
Notes receivable | Internal grade 2 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2021 | 16 |
2020 | 107 |
2019 and prior | 6 |
Total | 129 |
Notes receivable | Internal grade 2 | DTE Electric | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Total | 3 |
Net investment in leases | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2021 | 0 |
2020 | 160 |
2019 and prior | 39 |
Total | 199 |
Net investment in leases | DTE Electric | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Total | 0 |
Net investment in leases | Internal grade 1 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2021 | 0 |
2020 | 1 |
2019 and prior | 38 |
Total | 39 |
Net investment in leases | Internal grade 1 | DTE Electric | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Total | 0 |
Net investment in leases | Internal grade 2 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2021 | 0 |
2020 | 159 |
2019 and prior | 1 |
Total | 160 |
Net investment in leases | Internal grade 2 | DTE Electric | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Total | $ 0 |
Significant Accounting Polici_8
Significant Accounting Policies (Roll-Forward of Activity for Financing Receivables Credit Loss Reserves) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Jan. 01, 2020 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | $ 104 | $ 83 | |
Current period provision | 54 | 105 | |
Write-offs charged against allowance | (127) | (134) | |
Recoveries of amounts previously written off | 61 | 50 | |
Ending balance | 92 | 104 | |
DTE Electric | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 57 | 46 | |
Current period provision | 36 | 61 | |
Write-offs charged against allowance | (77) | (80) | |
Recoveries of amounts previously written off | 38 | 30 | |
Ending balance | 54 | 57 | |
Trade accounts receivable | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 101 | 79 | |
Current period provision | 53 | 102 | |
Write-offs charged against allowance | (126) | (130) | |
Recoveries of amounts previously written off | 61 | 50 | |
Ending balance | 89 | 101 | |
Trade accounts receivable | Discontinued operations, spinoff | DT Midstream | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Trade accounts receivable reserve related to discontinued operations | $ 8 | ||
Other receivables | |||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | 3 | 4 | |
Current period provision | 1 | 3 | |
Write-offs charged against allowance | (1) | (4) | |
Recoveries of amounts previously written off | 0 | 0 | |
Ending balance | $ 3 | $ 3 |
Significant Accounting Polici_9
Significant Accounting Policies (Uncollectible Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Uncollectible expense | $ 55 | $ 105 | $ 106 |
DTE Electric | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Uncollectible expense | $ 36 | $ 62 | $ 65 |
Significant Accounting Polic_10
Significant Accounting Policies (Intangible Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Finite-Lived Intangible Assets [Line Items] | ||
Accumulated Amortization | $ (98) | $ (83) |
Indefinite-lived Intangible Assets [Line Items] | ||
Intangible assets not subject to amortization | 4 | 11 |
Long-term intangible assets | ||
Gross Carrying Value | 275 | 282 |
Accumulated Amortization | (98) | (83) |
Net Carrying Value | 177 | 199 |
DTE Electric | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Intangible assets not subject to amortization | 2 | 11 |
Contract intangibles | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 271 | 271 |
Accumulated Amortization | (98) | (83) |
Net Carrying Value | 173 | 188 |
Long-term intangible assets | ||
Accumulated Amortization | $ (98) | $ (83) |
Contract intangibles | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Lives | 6 years | |
Contract intangibles | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Lives | 26 years |
Significant Accounting Polic_11
Significant Accounting Policies (Future Amortization Expense Intangible Assets) (Details) $ in Millions | Dec. 31, 2021USD ($) |
Estimated amortization expense | |
2022 | $ 16 |
2023 | 16 |
2024 | 16 |
2025 | 16 |
2026 | $ 14 |
Dispositions and Impairments (D
Dispositions and Impairments (Details Textuals) | Jul. 01, 2021USD ($)shares | Jun. 30, 2021USD ($) | Dec. 31, 2021USD ($) | Sep. 30, 2021USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) |
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Face amount | $ 4,535,000,000 | $ 4,535,000,000 | |||||
Redemption of long-term debt | $ 2,600,000,000 | 3,522,000,000 | $ 882,000,000 | $ 821,000,000 | |||
Net assets of DT Midstream | 4,010,000,000 | ||||||
Deferred revenue recognized | 59,000,000 | ||||||
Steel industry customer | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Deferred revenue recognized | 17,000,000 | ||||||
DTE Vantage | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Impairment charge | 27,000,000 | ||||||
DTE Vantage | Property, plant and equipment | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Impairment of long-lived assets held for use | 18,000,000 | ||||||
DTE Vantage | Other noncurrent assets | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Impairment of long-lived assets held for use | 9,000,000 | ||||||
Discontinued operations, spinoff | DT Midstream | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Assets from discontinued operations | 0 | 0 | 8,076,000,000 | ||||
Liabilities from discontinued operations | $ 0 | $ 0 | $ 935,000,000 | ||||
Net assets of DT Midstream | $ 4,000,000,000 | ||||||
Maximum | Discontinued operations, spinoff | DT Midstream | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Transition Services Agreement period | 24 months | ||||||
Senior Notes | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Redemption of long-term debt | $ 2,600,000,000 | ||||||
DT Midstream | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Distribution of shares (in shares) | shares | 96,732,466 | ||||||
Share distribution ratio | 0.5 | ||||||
Discount and debt issuance costs | $ 53,000,000 | ||||||
Cash payment for dividend to DTE Energy | 501,000,000 | ||||||
DT Midstream | Affiliated entity | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Cash payment for short-term borrowings due to DTE Energy | 2,537,000,000 | ||||||
Net cash payment for accounts receivable due from and accounts payable due to DTE Energy | 9,000,000 | ||||||
DT Midstream | June 2021 Variable Rate Term Loan Maturing in 2028 | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Face amount | 1,000,000,000 | ||||||
DT Midstream | Senior Notes | |||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||||||
Face amount | $ 2,100,000,000 |
Dispositions and Impairments (F
Dispositions and Impairments (Financial Results That Have Been Reclassified from Continuing Operations and Included in Discontinued Operations) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other (Income) and Deductions | |||||||||||
Net Income from Discontinued Operations, Net of Taxes | $ 5 | $ (33) | $ 65 | $ 80 | $ 69 | $ 107 | $ 76 | $ 74 | $ 117 | $ 326 | $ 230 |
Less: Net Income Attributable to Noncontrolling Interests | 6 | 12 | 16 | ||||||||
Net Income from Discontinued Operations | 111 | 314 | 214 | ||||||||
Transaction costs | 59 | 8 | |||||||||
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 | 405 | 754 | 501 | ||||||||
Operating Expenses | |||||||||||
Cost of gas and other — non-utility | 15 | 21 | 18 | ||||||||
Operation and maintenance | 123 | 138 | 103 | ||||||||
Depreciation and amortization | 82 | 151 | 94 | ||||||||
Taxes other than income | 13 | 15 | 8 | ||||||||
Asset (gains) losses and impairments, net | 17 | (2) | 1 | ||||||||
Operating Expenses | 250 | 323 | 224 | ||||||||
Operating Income | 155 | 431 | 277 | ||||||||
Other (Income) and Deductions | |||||||||||
Interest expense | 50 | 113 | 73 | ||||||||
Interest income | (4) | (9) | (8) | ||||||||
Other income | (62) | (129) | (100) | ||||||||
Other expenses | 0 | 0 | 1 | ||||||||
Other (Income) and Deductions | (16) | (25) | (34) | ||||||||
Income from Discontinued Operations Before Income Taxes | 171 | 456 | 311 | ||||||||
Income Tax Expense | 54 | 130 | 81 | ||||||||
Net Income from Discontinued Operations, Net of Taxes | 117 | 326 | 230 | ||||||||
Less: Net Income Attributable to Noncontrolling Interests | 6 | 12 | 16 | ||||||||
Net Income from Discontinued Operations | $ 111 | $ 314 | $ 214 |
Dispositions and Impairments (M
Dispositions and Impairments (Major Classes of Assets and Liabilities Transferred and Presented as Discontinued Operations) (Details) - USD ($) | Dec. 31, 2021 | Dec. 31, 2020 |
Total Assets of Discontinued Operations | ||
Current assets of discontinued operations for DTE Energy | $ 0 | $ 217,000,000 |
Noncurrent assets of discontinued operations for DTE Energy | 0 | 7,859,000,000 |
Total Liabilities of Discontinued Operations | ||
Current liabilities of discontinued operations for DTE Energy | 0 | 99,000,000 |
Noncurrent liabilities of discontinued operations for DTE Energy | 0 | 836,000,000 |
Discontinued operations, spinoff | DT Midstream | ||
Discontinued Operations and Disposal Groups [Abstract] | ||
Cash | 42,000,000 | |
Total Assets of Discontinued Operations | ||
Cash | 42,000,000 | |
Accounts receivable | 126,000,000 | |
Inventories | 8,000,000 | |
Other | 44,000,000 | |
Current assets of DT Midstream | 220,000,000 | |
Less: Previously affiliated amounts eliminated at DTE Energy | 3,000,000 | |
Current assets of discontinued operations for DTE Energy | 217,000,000 | |
Investments in equity method investees | 1,691,000,000 | |
Net property, plant, and equipment | 3,470,000,000 | |
Goodwill | 473,000,000 | |
Intangible assets | 2,140,000,000 | |
Notes receivable | 19,000,000 | |
Operating lease right-of-use assets | 45,000,000 | |
Other | 21,000,000 | |
Noncurrent assets of discontinued operations for DTE Energy | 7,859,000,000 | |
Total Assets of Discontinued Operations for DTE Energy | 0 | 8,076,000,000 |
Total Liabilities of Discontinued Operations | ||
Accounts payable | 39,000,000 | |
Operating lease liabilities | 17,000,000 | |
Short-term borrowings due to DTE Energy | 2,913,000,000 | |
Other | 53,000,000 | |
Current liabilities of DT Midstream | 3,022,000,000 | |
Less: Previously affiliated amounts eliminated at DTE Energy | 2,923,000,000 | |
Current liabilities of discontinued operations for DTE Energy | 99,000,000 | |
Deferred income taxes | 753,000,000 | |
Asset retirement obligations | 10,000,000 | |
Operating lease liabilities | 28,000,000 | |
Other | 45,000,000 | |
Noncurrent liabilities of discontinued operations for DTE Energy | 836,000,000 | |
Total Liabilities of Discontinued Operations for DTE Energy | $ 0 | $ 935,000,000 |
Dispositions and Impairments (S
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 | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Activities | |||
Depreciation and amortization | $ 82 | $ 151 | $ 94 |
Deferred income taxes | 53 | 125 | 78 |
Equity earnings of equity method investees | (59) | (106) | (97) |
Asset (gains) losses and impairments, net | 19 | (2) | 1 |
Investing Activities | |||
Plant and equipment expenditures — non-utility | (60) | (517) | (214) |
Acquisitions related to business combinations, net of cash acquired | 0 | 0 | (2,296) |
Financing Activities | |||
Purchase of noncontrolling interest | 0 | 0 | (297) |
Acquisition related deferred payment, excluding accretion | $ 0 | $ (380) | $ 0 |
Revenue (Disaggregation of Reve
Revenue (Disaggregation of Revenue by Segment) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | $ 4,647 | $ 3,715 | $ 3,021 | $ 3,581 | $ 3,080 | $ 3,080 | $ 2,411 | $ 2,852 | $ 14,964 | $ 11,423 | $ 12,168 |
Electric | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 5,821 | 5,520 | 5,229 | ||||||||
Electric | Residential | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 2,926 | 2,825 | 2,427 | ||||||||
Electric | Commercial | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 1,908 | 1,739 | 1,795 | ||||||||
Electric | Industrial | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 628 | 592 | 659 | ||||||||
Electric | Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 359 | 364 | 348 | ||||||||
Electric | Other | DTE Sustainable Generation | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 12 | 14 | 5 | ||||||||
Gas | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 1,553 | 1,414 | 1,482 | ||||||||
Gas | Other | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 180 | 146 | 142 | ||||||||
Gas | Gas sales | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 1,058 | 971 | 1,043 | ||||||||
Gas | End User Transportation | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 233 | 218 | 219 | ||||||||
Gas | Intermediate Transportation | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 82 | 79 | 78 | ||||||||
DTE Vantage | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | 1,482 | 1,224 | 1,560 | ||||||||
Energy Trading | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Revenues | $ 6,831 | $ 3,863 | $ 4,610 |
Revenue (Revenues Outside the S
Revenue (Revenues Outside the Scope of Topic 606) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disaggregation of Revenue [Line Items] | |||
Leases | $ 198 | $ 181 | $ 184 |
Electric | |||
Disaggregation of Revenue [Line Items] | |||
Alternative Revenue Program | 36 | 26 | 22 |
Other revenues | 19 | 22 | 19 |
Gas | |||
Disaggregation of Revenue [Line Items] | |||
Alternative Revenue Program | 10 | 10 | 8 |
Other revenues | 6 | 8 | 7 |
DTE Vantage | |||
Disaggregation of Revenue [Line Items] | |||
Leases | 103 | 99 | 121 |
Energy Trading | |||
Disaggregation of Revenue [Line Items] | |||
Derivatives | $ 5,603 | $ 2,690 | $ 3,415 |
Revenue (Details Textuals)
Revenue (Details Textuals) | 12 Months Ended |
Dec. 31, 2021 | |
DTE Vantage | |
Revenue from External Customer [Line Items] | |
Payment terms | 30 days |
Revenue (Deferred Revenue) (Det
Revenue (Deferred Revenue) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 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 | 72 | |
Revenue recognized that was included in the deferred revenue balance at the beginning of the period | (59) | |
Ending Balance | $ 78 | |
Discontinued operations, spinoff | DT Midstream | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Deferred revenue | $ 22 |
Revenue (Expected Recognition o
Revenue (Expected Recognition of Deferred Revenue) (Details) $ in Millions | Dec. 31, 2021USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 78 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 75 |
Remaining performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 1 |
Remaining performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 1 |
Remaining performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 0 |
Remaining performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 0 |
Remaining performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 1 |
Remaining performance obligation, expected timing of satisfaction |
Revenue (Expected Recognition_2
Revenue (Expected Recognition of Deferred Revenue for fixed consideration) (Details) $ in Millions | Dec. 31, 2021USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 78 |
Fixed Consideration | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | 1,262 |
Fixed Consideration | DTE Electric | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | 24 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 75 |
Remaining performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | Fixed Consideration | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 292 |
Remaining performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2022-01-01 | Fixed Consideration | DTE Electric | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 8 |
Remaining performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 1 |
Remaining performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | Fixed Consideration | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 285 |
Remaining performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | Fixed Consideration | DTE Electric | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 8 |
Remaining performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 1 |
Remaining performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | Fixed Consideration | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 171 |
Remaining performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | Fixed Consideration | DTE Electric | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 8 |
Remaining performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 0 |
Remaining performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | Fixed Consideration | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 91 |
Remaining performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | Fixed Consideration | DTE Electric | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 0 |
Remaining performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 0 |
Remaining performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | Fixed Consideration | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 59 |
Remaining performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | Fixed Consideration | DTE Electric | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 0 |
Remaining performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 1 |
Remaining performance obligation, expected timing of satisfaction | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | Fixed Consideration | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 364 |
Remaining performance obligation, expected timing of satisfaction | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | Fixed Consideration | DTE Electric | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 0 |
Remaining performance obligation, expected timing of satisfaction |
Property, Plant, and Equipmen_2
Property, Plant, and Equipment (Summary of Property by Classification) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Property, Plant, and Equipment [Line Items] | ||
Property, plant, and equipment | $ 37,083 | $ 34,016 |
Accumulated depreciation and amortization | (10,139) | (9,517) |
Net property, plant, and equipment | 26,944 | 24,499 |
DTE Vantage | ||
Property, Plant, and Equipment [Line Items] | ||
Property, plant, and equipment | 1,118 | 1,194 |
Accumulated depreciation and amortization | (545) | (619) |
Other | ||
Property, Plant, and Equipment [Line Items] | ||
Property, plant, and equipment | 208 | 217 |
Accumulated depreciation and amortization | (73) | (84) |
DTE Electric | ||
Property, Plant, and Equipment [Line Items] | ||
Property, plant, and equipment | 28,849 | 26,171 |
Accumulated depreciation and amortization | (7,676) | (7,050) |
Net property, plant, and equipment | 21,173 | 19,121 |
DTE Electric | Nuclear | ||
Property, Plant, and Equipment [Line Items] | ||
Property, plant, and equipment | 3,394 | 3,295 |
Accumulated depreciation and amortization | (413) | (373) |
DTE Electric | Renewables | ||
Property, Plant, and Equipment [Line Items] | ||
Property, plant, and equipment | 2,522 | 1,817 |
Accumulated depreciation and amortization | (357) | (295) |
DTE Electric | Fossil and other generation | ||
Property, Plant, and Equipment [Line Items] | ||
Property, plant, and equipment | 8,640 | 8,031 |
Accumulated depreciation and amortization | (3,214) | (3,014) |
DTE Electric | Distribution | ||
Property, Plant, and Equipment [Line Items] | ||
Property, plant, and equipment | 11,414 | 10,354 |
Accumulated depreciation and amortization | (2,842) | (2,686) |
DTE Electric | Other | ||
Property, Plant, and Equipment [Line Items] | ||
Property, plant, and equipment | 2,879 | 2,674 |
Accumulated depreciation and amortization | (850) | (682) |
DTE Gas | ||
Property, Plant, and Equipment [Line Items] | ||
Property, plant, and equipment | 6,908 | 6,434 |
Accumulated depreciation and amortization | (1,845) | (1,764) |
DTE Gas | Distribution | ||
Property, Plant, and Equipment [Line Items] | ||
Property, plant, and equipment | 4,900 | 4,517 |
Accumulated depreciation and amortization | (1,265) | (1,215) |
DTE Gas | Storage | ||
Property, Plant, and Equipment [Line Items] | ||
Property, plant, and equipment | 593 | 576 |
Accumulated depreciation and amortization | (154) | (146) |
DTE Gas | Transmission and other | ||
Property, Plant, and Equipment [Line Items] | ||
Property, plant, and equipment | 1,415 | 1,341 |
Accumulated depreciation and amortization | $ (426) | $ (403) |
Property, Plant, and Equipmen_3
Property, Plant, and Equipment (Schedule of AFUDC and Capitalized Interest Rates (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant, and Equipment [Line Items] | |||
Non-regulated businesses capitalized interest | 3.30% | 3.90% | 4.00% |
DTE Electric | |||
Property, Plant, and Equipment [Line Items] | |||
AFUDC | 5.46% | 5.47% | 5.43% |
DTE Gas | |||
Property, Plant, and Equipment [Line Items] | |||
AFUDC | 5.55% | 5.56% | 5.56% |
Property, Plant, and Equipmen_4
Property, Plant, and Equipment (Schedule of AFUDC and Interest Capitalized) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |||
Allowance for debt funds used during construction and interest capitalized | $ 12 | $ 11 | $ 14 |
Allowance for equity funds used during construction | 27 | 25 | 24 |
Total | 39 | 36 | 38 |
DTE Electric | |||
Property, Plant, and Equipment [Line Items] | |||
Allowance for debt funds used during construction | 11 | 10 | 10 |
Allowance for equity funds used during construction | 25 | 23 | 22 |
Total | $ 36 | $ 33 | $ 32 |
Property, Plant, and Equipmen_5
Property, Plant, and Equipment (Details Textuals) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Minimum | Non-utility | |||
Public Utility Property, Plant, and Equipment [Line Items] | |||
Property plant and equipment, useful life | 3 years | ||
Minimum | Capitalized software | |||
Public Utility Property, Plant, and Equipment [Line Items] | |||
Property plant and equipment, useful life | 3 years | ||
Maximum | Non-utility | |||
Public Utility Property, Plant, and Equipment [Line Items] | |||
Property plant and equipment, useful life | 50 years | ||
Maximum | Capitalized software | |||
Public Utility Property, Plant, and Equipment [Line Items] | |||
Property plant and equipment, useful life | 15 years | ||
DTE Electric | Minimum | Other | |||
Public Utility Property, Plant, and Equipment [Line Items] | |||
Property plant and equipment, useful life | 3 years | ||
DTE Electric | Minimum | Capitalized software | |||
Public Utility Property, Plant, and Equipment [Line Items] | |||
Property plant and equipment, useful life | 3 years | ||
DTE Electric | Maximum | Other | |||
Public Utility Property, Plant, and Equipment [Line Items] | |||
Property plant and equipment, useful life | 80 years | ||
DTE Electric | Maximum | Capitalized software | |||
Public Utility Property, Plant, and Equipment [Line Items] | |||
Property plant and equipment, useful life | 15 years | ||
DTE Gas | Minimum | Transmission and other | |||
Public Utility Property, Plant, and Equipment [Line Items] | |||
Property plant and equipment, useful life | 3 years | ||
DTE Gas | Maximum | Transmission and other | |||
Public Utility Property, Plant, and Equipment [Line Items] | |||
Property plant and equipment, useful life | 80 years | ||
DTE Electric | |||
Public Utility Property, Plant, and Equipment [Line Items] | |||
Composite depreciation rate for plants in service | 4.20% | 4.20% | 4.00% |
DTE Gas | |||
Public Utility Property, Plant, and Equipment [Line Items] | |||
Composite depreciation rate for plants in service | 2.90% | 2.80% | 2.70% |
Property, Plant, and Equipmen_6
Property, Plant, and Equipment (Average Estimated Useful Life of Each Major Class) (Details) | 12 Months Ended |
Dec. 31, 2021 | |
DTE Electric | |
Public Utility Property, Plant, and Equipment [Line Items] | |
Useful Life - Generation | 34 years |
Useful Life - Distribution | 38 years |
DTE Gas | |
Public Utility Property, Plant, and Equipment [Line Items] | |
Useful Life - Distribution | 49 years |
Useful Life - Storage | 58 years |
Property, Plant, and Equipmen_7
Property, Plant, and Equipment (Depreciation and Amortization) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant, and Equipment [Line Items] | |||
Property, plant, and equipment | $ 1,095 | $ 1,025 | $ 927 |
Regulatory assets and liabilities | 259 | 244 | 227 |
Intangible assets | 16 | 16 | 9 |
Other | 7 | 7 | 6 |
Depreciation and amortization | 1,377 | 1,292 | 1,169 |
DTE Electric | |||
Property, Plant, and Equipment [Line Items] | |||
Property, plant, and equipment | 890 | 831 | 748 |
Regulatory assets and liabilities | 214 | 207 | 193 |
Other | 5 | 5 | 5 |
Depreciation and amortization | $ 1,109 | $ 1,043 | $ 946 |
Property, Plant, and Equipmen_8
Property, Plant, and Equipment (Capitalized Software) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Property, Plant, and Equipment [Line Items] | |||
Amortization expense of capitalized software | $ 145 | $ 128 | $ 122 |
Gross carrying value of capitalized software | 920 | 863 | |
Accumulated amortization of capitalized software | 493 | 430 | |
DTE Electric | |||
Property, Plant, and Equipment [Line Items] | |||
Amortization expense of capitalized software | 132 | 118 | $ 112 |
Gross carrying value of capitalized software | 826 | 756 | |
Accumulated amortization of capitalized software | $ 439 | $ 363 |
Jointly-Owned Utility Plant (De
Jointly-Owned Utility Plant (Details Textuals) | Dec. 31, 2021plant |
Belle River Unit 1 | |
Jointly-Owned Utility Plant Interests [Line Items] | |
Percent of the total capacity and energy of the plant | 19.00% |
Ludington Hydroelectric Pumped Storage | |
Jointly-Owned Utility Plant Interests [Line Items] | |
Percent of the total capacity and energy of the plant | 51.00% |
DTE Electric | |
Jointly-Owned Utility Plant Interests [Line Items] | |
Number of power plants owned | 2 |
Jointly-Owned Utility Plant (Ow
Jointly-Owned Utility Plant (Ownership Information) (Details) - DTE Electric $ in Millions | Dec. 31, 2021USD ($)MW |
Belle River | |
Jointly-Owned Utility Plant Interests [Line Items] | |
Total plant capacity | MW | 1,270,000 |
Ownership interest | 81.00% |
Investment in Property, plant, and equipment (in millions) | $ 1,952 |
Accumulated depreciation (in millions) | $ 1,007 |
Ludington Hydroelectric Pumped Storage | |
Jointly-Owned Utility Plant Interests [Line Items] | |
Total plant capacity | MW | 2,220,000 |
Ownership interest | 49.00% |
Investment in Property, plant, and equipment (in millions) | $ 618 |
Accumulated depreciation (in millions) | $ 128 |
Asset Retirement Obligations (R
Asset Retirement Obligations (Rollforward) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||
Asset retirement obligations at January 1 | $ 2,829 | $ 2,656 | $ 2,463 |
Accretion | 167 | 156 | 148 |
Liabilities incurred | 28 | 24 | 11 |
Liabilities settled | (30) | (13) | (17) |
Revision in estimated cash flows | 168 | 6 | 51 |
Asset retirement obligations at December 31 | 3,162 | 2,829 | 2,656 |
DTE Electric | |||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||
Asset retirement obligations at January 1 | 2,607 | 2,447 | 2,271 |
Accretion | 155 | 145 | 138 |
Liabilities incurred | 29 | 18 | 1 |
Liabilities settled | (27) | (8) | (14) |
Revision in estimated cash flows | 168 | 5 | 51 |
Asset retirement obligations at December 31 | $ 2,932 | $ 2,607 | $ 2,447 |
Asset Retirement Obligations (D
Asset Retirement Obligations (Details Textuals) - Fermi 2 | Dec. 31, 2021USD ($) |
Asset Retirement Obligations [Line Items] | |
Nuclear decommissioning liabilities funded through surcharge and included in ARO balance | $ 2,400,000,000 |
Liabilities balance upon completion of decommissioning | $ 0 |
Regulatory Matters (Schedule of
Regulatory Matters (Schedule of Regulatory Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Regulatory Assets [Line Items] | ||
Regulatory assets | $ 3,677 | $ 4,254 |
Less amount included in Current Assets | (195) | (129) |
Regulatory assets, noncurrent | 3,482 | 4,125 |
Pension | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 1,372 | 1,938 |
Other postretirement costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 53 | 165 |
Recoverable undepreciated costs on retiring plants | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 667 | 664 |
Fermi 2 asset retirement obligation | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 613 | 645 |
Recoverable Michigan income taxes | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 163 | 176 |
Enhanced Tree Trimming Program deferred costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 189 | 119 |
Accrued PSCR/GCR revenue | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 160 | 100 |
Recoverable income taxes related to AFUDC equity | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 68 | 64 |
Energy Waste Reduction incentive | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 79 | 62 |
Deferred environmental costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 51 | 57 |
Unamortized loss on reacquired debt | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 51 | 55 |
Nuclear Performance Evaluation and Review Committee Tracker | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 39 | 55 |
Customer360 deferred costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 46 | 51 |
Non-service pension and other postretirement costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 25 | 21 |
Energy Waste Reduction | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 20 | 19 |
Other recoverable income taxes | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 16 | 19 |
Transitional Reconciliation Mechanism | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 8 | 11 |
Other | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 57 | 33 |
DTE Electric | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 3,136 | 3,563 |
Less amount included in Current Assets | (168) | (123) |
Regulatory assets, noncurrent | 2,968 | 3,440 |
DTE Electric | Pension | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 1,056 | 1,477 |
DTE Electric | Other postretirement costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 27 | 108 |
DTE Electric | Recoverable undepreciated costs on retiring plants | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 667 | 664 |
DTE Electric | Fermi 2 asset retirement obligation | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 613 | 645 |
DTE Electric | Recoverable Michigan income taxes | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 133 | 142 |
DTE Electric | Enhanced Tree Trimming Program deferred costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 189 | 119 |
DTE Electric | Accrued PSCR/GCR revenue | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 142 | 100 |
DTE Electric | Recoverable income taxes related to AFUDC equity | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 61 | 54 |
DTE Electric | Energy Waste Reduction incentive | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 63 | 49 |
DTE Electric | Deferred environmental costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 0 | 0 |
DTE Electric | Unamortized loss on reacquired debt | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 38 | 41 |
DTE Electric | Nuclear Performance Evaluation and Review Committee Tracker | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 39 | 55 |
DTE Electric | Customer360 deferred costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 46 | 51 |
DTE Electric | Non-service pension and other postretirement costs | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 0 | 0 |
DTE Electric | Energy Waste Reduction | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 0 | 0 |
DTE Electric | Other recoverable income taxes | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 16 | 19 |
DTE Electric | Transitional Reconciliation Mechanism | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | 8 | 11 |
DTE Electric | Other | ||
Regulatory Assets [Line Items] | ||
Regulatory assets | $ 38 | $ 28 |
Regulatory Matters (Schedule _2
Regulatory Matters (Schedule of Regulatory Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | $ 3,262 | $ 3,402 |
Less amount included in Current Liabilities | (156) | (39) |
Regulatory liabilities, noncurrent | 3,106 | 3,363 |
Refundable federal income taxes | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 2,117 | 2,255 |
Removal costs liability | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 679 | 831 |
Negative other postretirement offset | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 150 | 122 |
Non-service pension and other postretirement costs | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 110 | 78 |
Incremental tree trim surge | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 90 | 0 |
COVID-19 voluntary refund | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 30 | 30 |
Energy Waste Reduction | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 27 | 15 |
Renewable energy | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 13 | 21 |
Other | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 46 | 50 |
DTE Electric | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 2,375 | 2,450 |
Less amount included in Current Liabilities | (154) | (18) |
Regulatory liabilities, noncurrent | 2,221 | 2,432 |
DTE Electric | Refundable federal income taxes | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 1,729 | 1,827 |
DTE Electric | Removal costs liability | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 283 | 410 |
DTE Electric | Negative other postretirement offset | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 106 | 86 |
DTE Electric | Non-service pension and other postretirement costs | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 54 | 36 |
DTE Electric | Incremental tree trim surge | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 90 | 0 |
DTE Electric | COVID-19 voluntary refund | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 30 | 30 |
DTE Electric | Energy Waste Reduction | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 27 | 15 |
DTE Electric | Renewable energy | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 13 | 21 |
DTE Electric | Other | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | $ 43 | $ 25 |
Regulatory Matters (Details Tex
Regulatory Matters (Details Textuals) - USD ($) $ in Millions | Jan. 21, 2022 | Dec. 09, 2021 | Feb. 12, 2021 | Dec. 31, 2021 | Dec. 28, 2021 | Dec. 27, 2021 | Nov. 04, 2021 | Aug. 31, 2021 | Jun. 23, 2021 | Mar. 26, 2021 | Jul. 09, 2020 |
Regulatory Assets [Line Items] | |||||||||||
Deferral of investigation and remediation of costs associated with gas utilities former MGP sites | 10 years | ||||||||||
DTE Electric | MPSC | |||||||||||
Regulatory Assets [Line Items] | |||||||||||
Authorized issuance of securitization bonds of qualified costs, maximum | $ 236 | ||||||||||
Regulatory liability for non-plant-related accumulated deferred income tax balances that resulted from the TCJA, accelerated amortization approved | $ 102 | ||||||||||
Requested securitization financing of qualified costs | $ 184 | ||||||||||
DTE Electric | MPSC | 2022 Electric Rate Case Filing | Subsequent Event | |||||||||||
Regulatory Assets [Line Items] | |||||||||||
Requested rate increase | $ 388 | ||||||||||
Approved return on equity, percent | 9.90% | ||||||||||
Requested return on equity, percent | 10.25% | ||||||||||
DTE Electric | MPSC | Incremental tree trim surge | |||||||||||
Regulatory Assets [Line Items] | |||||||||||
Requested regulatory liability | $ 90 | $ 70 | |||||||||
Approved regulatory liability | $ 90 | ||||||||||
DTE Electric | MPSC | Incremental tree trim surge | Minimum | |||||||||||
Regulatory Assets [Line Items] | |||||||||||
Approved regulatory liability | $ 70 | ||||||||||
DTE Gas | MPSC | 2021 Gas Rate Case Filing | |||||||||||
Regulatory Assets [Line Items] | |||||||||||
Requested rate increase | $ 195 | ||||||||||
Approved return on equity, percent | 9.90% | 9.90% | |||||||||
Requested return on equity, percent | 10.25% | ||||||||||
Approved revenue increase | $ 84 | ||||||||||
Recoverable undepreciated costs on retiring plants | DTE Electric | MPSC | |||||||||||
Regulatory Assets [Line Items] | |||||||||||
Authorized issuance of securitization bonds of qualified costs, maximum | 73 | ||||||||||
Enhanced Tree Trimming Program deferred costs | DTE Electric | MPSC | |||||||||||
Regulatory Assets [Line Items] | |||||||||||
Authorized issuance of securitization bonds of qualified costs, maximum | $ 157 | ||||||||||
Customer360 deferred costs | |||||||||||
Regulatory Assets [Line Items] | |||||||||||
Approved amortization period | 15 years | ||||||||||
Nuclear Performance Evaluation and Review Committee Tracker | |||||||||||
Regulatory Assets [Line Items] | |||||||||||
Approved amortization period | 5 years |
Income Taxes (Details Textuals)
Income Taxes (Details Textuals) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Entity Information [Line Items] | ||||
Deferred tax benefit for deferred tax remeasurement | $ 85,000,000 | $ 85,000,000 | ||
Deferred tax expense for deferred intercompany gain recognized | 9,000,000 | |||
Deferred tax asset, general business tax credit carryforwards | 1,300,000,000 | |||
State and local net operating loss carry-forwards | 73,000,000 | $ 36,000,000 | ||
Valuation allowance | 51,000,000 | 41,000,000 | ||
Interest on income taxes accrued | 5,000,000 | 5,000,000 | ||
Interest on income taxes expense | 0 | 1,000,000 | $ 1,000,000 | |
Penalties on income taxes accrued | 0 | 0 | ||
State and local net operating loss carry-forwards | ||||
Entity Information [Line Items] | ||||
Valuation allowance | 29,000,000 | 30,000,000 | ||
Charitable contribution carryforwards | ||||
Entity Information [Line Items] | ||||
Increase in valuation allowance | 18,000,000 | |||
Federal | ||||
Entity Information [Line Items] | ||||
Net operating loss carry-forwards | 950,000,000 | |||
DTE Electric | ||||
Entity Information [Line Items] | ||||
Income tax receivable from related party | 31,000,000 | 8,000,000 | ||
State and local net operating loss carry-forwards | 15,000,000 | 0 | ||
Valuation allowance | 0 | 0 | ||
Interest on income taxes accrued | 7,000,000 | 6,000,000 | ||
Interest on income taxes expense | 1,000,000 | 1,000,000 | $ 1,000,000 | |
Penalties on income taxes accrued | 0 | $ 0 | ||
DTE Electric | General Business Credits | ||||
Entity Information [Line Items] | ||||
Tax credit carry-forward | 379,000,000 | |||
DTE Electric | Federal | ||||
Entity Information [Line Items] | ||||
Net operating loss carry-forwards | $ 24,000,000 |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of Income Tax Expense to the Statutory Federal Income Tax Rate) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Income Before Income Taxes | $ 656 | $ 1,082 | $ 1,013 |
Income tax expense at 21% statutory rate | 138 | 227 | 213 |
Production tax credits | (138) | (121) | (128) |
TCJA regulatory liability amortization | (103) | (76) | (38) |
State deferred tax remeasurement due to separation of DT Midstream, net of federal benefit | (85) | 0 | 0 |
Investment tax credits | (3) | (4) | (4) |
Net operating loss carryback | 0 | (34) | 0 |
Enactment of West Virginia income tax legislation, net of federal benefit | 8 | 0 | 0 |
Deferred intercompany gain | 9 | 0 | 0 |
Valuation allowance on charitable contribution carryforwards | 18 | 3 | 6 |
State and local income taxes, excluding items above, net of federal benefit | 30 | 47 | 29 |
Other, net | (4) | (5) | (7) |
Income Tax Expense (Benefit) | $ (130) | $ 37 | $ 71 |
Effective income tax rate | (19.90%) | 3.40% | 7.00% |
DTE Electric | |||
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
Income Before Income Taxes | $ 970 | $ 887 | $ 854 |
Income tax expense at 21% statutory rate | 204 | 186 | 179 |
Production tax credits | (70) | (55) | (45) |
TCJA regulatory liability amortization | (73) | (62) | (35) |
Investment tax credits | (3) | (4) | (4) |
State and local income taxes, excluding items above, net of federal benefit | 54 | 50 | 49 |
Other, net | (8) | (6) | (6) |
Income Tax Expense (Benefit) | $ 104 | $ 109 | $ 138 |
Effective income tax rate | 10.70% | 12.30% | 16.20% |
Income Taxes (Components of Inc
Income Taxes (Components of Income Tax Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current income tax expense (benefit) | |||
Federal | $ (33) | $ (249) | $ (183) |
State and other income tax | (12) | 4 | 3 |
Total current income taxes | (45) | (245) | (180) |
Deferred income tax expense (benefit) | |||
Federal | (42) | 227 | 218 |
State and other income tax | (43) | 55 | 33 |
Total deferred income taxes | (85) | 282 | 251 |
Income Tax Expense (Benefit) | (130) | 37 | 71 |
DTE Electric | |||
Current income tax expense (benefit) | |||
Federal | (11) | 15 | 25 |
State and other income tax | (7) | 5 | 16 |
Total current income taxes | (18) | 20 | 41 |
Deferred income tax expense (benefit) | |||
Federal | 47 | 30 | 51 |
State and other income tax | 75 | 59 | 46 |
Total deferred income taxes | 122 | 89 | 97 |
Income Tax Expense (Benefit) | $ 104 | $ 109 | $ 138 |
Income Taxes (Deferred Tax Asse
Income Taxes (Deferred Tax Assets (Liabilities)) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Components of Deferred Tax Assets and Liabilities [Abstract] | ||
Property, plant, and equipment | $ (3,970) | $ (3,691) |
Regulatory assets and liabilities | (117) | (102) |
Tax credit carry-forwards | 1,260 | 1,144 |
Pension and benefits | 310 | 310 |
Federal net operating loss carry-forward | 199 | 109 |
State and local net operating loss carry-forwards | 73 | 36 |
Investments in equity method investees | 58 | 51 |
Other | 75 | 115 |
Deferred tax assets (liabilities) | (2,112) | (2,028) |
Less: Valuation allowance | (51) | (41) |
Long-term deferred income tax liabilities | (2,163) | (2,069) |
Deferred income tax assets | 2,224 | 2,050 |
Deferred income tax liabilities | (4,387) | (4,119) |
DTE Electric | ||
Components of Deferred Tax Assets and Liabilities [Abstract] | ||
Property, plant, and equipment | (3,428) | (3,099) |
Regulatory assets and liabilities | (64) | (53) |
Tax credit carry-forwards | 379 | 278 |
Pension and benefits | 282 | 264 |
Federal net operating loss carry-forward | 5 | 0 |
State and local net operating loss carry-forwards | 15 | 0 |
Investments in equity method investees | (1) | 0 |
Other | 71 | 85 |
Deferred tax assets (liabilities) | (2,741) | (2,525) |
Less: Valuation allowance | 0 | 0 |
Long-term deferred income tax liabilities | (2,741) | (2,525) |
Deferred income tax assets | 988 | 883 |
Deferred income tax liabilities | $ (3,729) | $ (3,408) |
Income Taxes (Reconciliation _2
Income Taxes (Reconciliation of Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized tax benefits, beginning balance | $ 10 | $ 10 | $ 10 |
Additions for tax positions of prior years | 0 | 0 | 0 |
Unrecognized tax benefits, ending balance | 10 | 10 | 10 |
DTE Electric | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized tax benefits, beginning balance | 13 | 13 | 13 |
Additions for tax positions of prior years | 0 | 0 | 0 |
Unrecognized tax benefits, ending balance | $ 13 | $ 13 | $ 13 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Basic Earnings per Share | |||||||||||
Net Income Attributable to DTE Energy Company — continuing operations | $ 796 | $ 1,054 | $ 955 | ||||||||
Less: Allocation of earnings to net restricted stock awards | (2) | (2) | (2) | ||||||||
Net income from continuing operations available to common shareholders — basic | 794 | 1,052 | 953 | ||||||||
Net Income Attributable to DTE Energy Company — discontinued operations | 111 | 314 | 214 | ||||||||
Net income available to common shareholders — basic | $ 905 | $ 1,366 | $ 1,167 | ||||||||
Average number of common shares outstanding — basic (in shares) | 193 | 193 | 185 | ||||||||
Income from continuing operations (in dollars per share) | $ 1.56 | $ 0.30 | $ 0.60 | $ 1.65 | $ 1.08 | $ 1.93 | $ 1.06 | $ 1.39 | $ 4.11 | $ 5.46 | $ 5.16 |
Income (loss) from discontinued operations (in dollars per share) | 0.02 | (0.17) | 0.32 | 0.40 | 0.34 | 0.54 | 0.38 | 0.38 | 0.57 | 1.63 | 1.16 |
Basic Earnings per Common Share (in dollars per share) | 1.58 | 0.13 | 0.92 | 2.05 | 1.42 | 2.47 | 1.44 | 1.77 | $ 4.68 | $ 7.09 | $ 6.32 |
Diluted Earnings per Share | |||||||||||
Net Income Attributable to DTE Energy Company — continuing operations | $ 796 | $ 1,054 | $ 955 | ||||||||
Less: Allocation of earnings to net restricted stock awards | (2) | (2) | (2) | ||||||||
Net income from continuing operations available to common shareholders — diluted | 794 | 1,052 | 953 | ||||||||
Net Income Attributable to DTE Energy Company — discontinued operations | 111 | 314 | 214 | ||||||||
Net income available to common shareholders — diluted | $ 905 | $ 1,366 | $ 1,167 | ||||||||
Average number of common shares outstanding — basic (in shares) | 193 | 193 | 185 | ||||||||
Average dilutive equity units and performance share awards (in shares) | 1 | 0 | 0 | ||||||||
Average number of common shares outstanding — diluted (in shares) | 194 | 193 | 185 | ||||||||
Income from continuing operations (in dollars per share) | 1.55 | 0.30 | 0.60 | 1.65 | 1.08 | 1.92 | 1.06 | 1.39 | $ 4.10 | $ 5.45 | $ 5.15 |
Income from discontinued operations (in dollars per share) | 0.02 | (0.17) | 0.32 | 0.40 | 0.34 | 0.54 | 0.38 | 0.37 | 0.57 | 1.63 | 1.16 |
Diluted Earnings per Common Share (in dollars per share) | $ 1.57 | $ 0.13 | $ 0.92 | $ 2.05 | $ 1.42 | $ 2.46 | $ 1.44 | $ 1.76 | $ 4.67 | $ 7.08 | $ 6.31 |
Antidilutive securities excluded from computation of earnings per share (in shares) | 11.5 | 10.3 | 10.3 |
Fair Value (Assets and Liabilit
Fair Value (Assets and Liabilities Recorded at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Derivative assets | ||
Derivative assets, gross | $ 1,391 | $ 567 |
Derivative assets, netting | (1,120) | (411) |
Derivative assets, net | 271 | 156 |
Liabilities | ||
Derivative liabilities, gross | (1,508) | (533) |
Derivative liabilities, netting | 1,078 | 405 |
Derivative liabilities, net | (430) | (128) |
DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 2,071 | 1,855 |
Current liabilities | ||
Liabilities | ||
Derivative liabilities, gross | (1,037) | (386) |
Noncurrent liabilities | ||
Liabilities | ||
Derivative liabilities, gross | (471) | (147) |
Natural Gas | ||
Derivative assets | ||
Derivative assets, gross | 454 | 233 |
Derivative assets, netting | (394) | (156) |
Derivative assets, net | 60 | 77 |
Liabilities | ||
Derivative liabilities, gross | (594) | (223) |
Derivative liabilities, netting | 347 | 151 |
Derivative liabilities, net | (247) | (72) |
Electricity | ||
Derivative assets | ||
Derivative assets, gross | 643 | 180 |
Derivative assets, netting | (441) | (120) |
Derivative assets, net | 202 | 60 |
Liabilities | ||
Derivative liabilities, gross | (622) | (168) |
Derivative liabilities, netting | 443 | 125 |
Derivative liabilities, net | (179) | (43) |
Environmental & Other | ||
Derivative assets | ||
Derivative assets, gross | 294 | 154 |
Derivative assets, netting | (285) | (135) |
Derivative assets, net | 9 | 19 |
Liabilities | ||
Derivative liabilities, gross | (288) | (137) |
Derivative liabilities, netting | 288 | 129 |
Derivative liabilities, net | 0 | (8) |
Foreign currency exchange contracts | ||
Liabilities | ||
Derivative liabilities, gross | (4) | (5) |
Derivative liabilities, netting | 0 | 0 |
Derivative liabilities, net | (4) | (5) |
Cash equivalents | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 39 | 27 |
Private equity and other | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 205 | 104 |
Hedge Funds and Similar Investments | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 76 | 0 |
Equity securities | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 1,107 | 1,169 |
Fixed income securities | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 644 | 555 |
Recurring | ||
Assets | ||
Cash equivalents | 4 | 438 |
Derivative assets | ||
Derivative assets, netting | (1,120) | (411) |
Derivative assets, net | 271 | 156 |
Total assets | 2,507 | 2,609 |
Liabilities | ||
Derivative liabilities, netting | 1,078 | 405 |
Derivative liabilities, net | (430) | (128) |
Net Assets (Liabilities) at end of period | 2,077 | 2,481 |
Net Assets (Liabilities) at the end of the period, netting | (42) | (6) |
Recurring | DTE Electric | ||
Assets | ||
Cash equivalents | 0 | 4 |
Derivative assets | ||
Total assets | 2,111 | 1,890 |
Recurring | Current assets | ||
Derivative assets | ||
Derivative assets, netting | (854) | (330) |
Total assets | 185 | 554 |
Recurring | Current assets | DTE Electric | ||
Derivative assets | ||
Total assets | 9 | 8 |
Recurring | Noncurrent assets | ||
Derivative assets | ||
Derivative assets, netting | (266) | (81) |
Total assets | 2,322 | 2,055 |
Recurring | Noncurrent assets | DTE Electric | ||
Derivative assets | ||
Total assets | 2,102 | 1,882 |
Recurring | Current liabilities | ||
Liabilities | ||
Derivative liabilities, netting | 799 | 318 |
Derivative liabilities, net | (238) | (68) |
Recurring | Noncurrent liabilities | ||
Liabilities | ||
Derivative liabilities, netting | 279 | 87 |
Derivative liabilities, net | (192) | (60) |
Recurring | Restricted cash | ||
Assets | ||
Cash equivalents | 1 | 2 |
Recurring | Natural Gas | ||
Derivative assets | ||
Derivative assets, netting | (394) | (156) |
Derivative assets, net | 60 | 77 |
Liabilities | ||
Derivative liabilities, netting | 347 | 151 |
Derivative liabilities, net | (247) | (72) |
Recurring | Electricity | ||
Derivative assets | ||
Derivative assets, netting | (441) | (120) |
Derivative assets, net | 202 | 60 |
Liabilities | ||
Derivative liabilities, netting | 443 | 125 |
Derivative liabilities, net | (179) | (43) |
Recurring | Environmental & Other | ||
Derivative assets | ||
Derivative assets, netting | (285) | (135) |
Derivative assets, net | 9 | 19 |
Liabilities | ||
Derivative liabilities, netting | 288 | 129 |
Derivative liabilities, net | 0 | (8) |
Recurring | Foreign currency exchange contracts | ||
Liabilities | ||
Derivative liabilities, netting | 0 | 0 |
Derivative liabilities, net | (4) | (5) |
Recurring | Derivative assets — FTRs | DTE Electric | ||
Derivative assets | ||
Derivative assets, net | 9 | 4 |
Recurring | Cash equivalents | ||
Assets | ||
Nuclear decommissioning trusts | 39 | 27 |
Other investments | 86 | 97 |
Recurring | Cash equivalents | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 39 | 27 |
Other investments | 11 | 11 |
Recurring | Private equity and other | ||
Assets | ||
Nuclear decommissioning trusts | 205 | 104 |
Recurring | Private equity and other | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 205 | 104 |
Recurring | Hedge Funds and Similar Investments | ||
Assets | ||
Nuclear decommissioning trusts | 76 | 0 |
Recurring | Hedge Funds and Similar Investments | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 76 | 0 |
Recurring | Equity securities | ||
Assets | ||
Nuclear decommissioning trusts | 1,107 | 1,169 |
Other investments | 68 | 55 |
Recurring | Equity securities | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 1,107 | 1,169 |
Other investments | 20 | 16 |
Recurring | Fixed income securities | ||
Assets | ||
Nuclear decommissioning trusts | 644 | 555 |
Other investments | 7 | 8 |
Recurring | Fixed income securities | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 644 | 555 |
Other investments | 0 | 0 |
Recurring | Level 1 | ||
Assets | ||
Cash equivalents | 4 | 438 |
Derivative assets | ||
Derivative assets, gross | 273 | 99 |
Total assets | 1,576 | 1,773 |
Liabilities | ||
Derivative liabilities, gross | (177) | (88) |
Net Assets (Liabilities) at end of period | 1,399 | 1,685 |
Recurring | Level 1 | DTE Electric | ||
Assets | ||
Cash equivalents | 0 | 4 |
Derivative assets | ||
Total assets | 1,169 | 1,107 |
Recurring | Level 1 | Current assets | ||
Derivative assets | ||
Total assets | 227 | 532 |
Recurring | Level 1 | Current assets | DTE Electric | ||
Derivative assets | ||
Total assets | 0 | 4 |
Recurring | Level 1 | Noncurrent assets | ||
Derivative assets | ||
Total assets | 1,349 | 1,241 |
Recurring | Level 1 | Noncurrent assets | DTE Electric | ||
Derivative assets | ||
Total assets | 1,169 | 1,103 |
Recurring | Level 1 | Current liabilities | ||
Liabilities | ||
Derivative liabilities, gross | (168) | (84) |
Recurring | Level 1 | Noncurrent liabilities | ||
Liabilities | ||
Derivative liabilities, gross | (9) | (4) |
Recurring | Level 1 | Natural Gas | ||
Derivative assets | ||
Derivative assets, gross | 273 | 99 |
Liabilities | ||
Derivative liabilities, gross | (177) | (88) |
Recurring | Level 1 | Electricity | ||
Derivative assets | ||
Derivative assets, gross | 0 | 0 |
Liabilities | ||
Derivative liabilities, gross | 0 | 0 |
Recurring | Level 1 | Environmental & Other | ||
Derivative assets | ||
Derivative assets, gross | 0 | 0 |
Liabilities | ||
Derivative liabilities, gross | 0 | 0 |
Recurring | Level 1 | Foreign currency exchange contracts | ||
Liabilities | ||
Derivative liabilities, gross | 0 | 0 |
Recurring | Level 1 | Derivative assets — FTRs | DTE Electric | ||
Derivative assets | ||
Derivative assets, net | 0 | 0 |
Recurring | Level 1 | Cash equivalents | ||
Assets | ||
Nuclear decommissioning trusts | 39 | 27 |
Other investments | 86 | 97 |
Recurring | Level 1 | Cash equivalents | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 39 | 27 |
Other investments | 11 | 11 |
Recurring | Level 1 | Private equity and other | ||
Assets | ||
Nuclear decommissioning trusts | 0 | 0 |
Recurring | Level 1 | Private equity and other | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 0 | 0 |
Recurring | Level 1 | Hedge Funds and Similar Investments | ||
Assets | ||
Nuclear decommissioning trusts | 58 | 0 |
Recurring | Level 1 | Hedge Funds and Similar Investments | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 58 | 0 |
Recurring | Level 1 | Equity securities | ||
Assets | ||
Nuclear decommissioning trusts | 917 | 947 |
Other investments | 68 | 55 |
Recurring | Level 1 | Equity securities | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 917 | 947 |
Other investments | 20 | 16 |
Recurring | Level 1 | Fixed income securities | ||
Assets | ||
Nuclear decommissioning trusts | 124 | 102 |
Other investments | 7 | 8 |
Recurring | Level 1 | Fixed income securities | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 124 | 102 |
Other investments | 0 | 0 |
Recurring | Level 2 | ||
Assets | ||
Cash equivalents | 0 | 0 |
Derivative assets | ||
Derivative assets, gross | 900 | 352 |
Total assets | 1,336 | 723 |
Liabilities | ||
Derivative liabilities, gross | (898) | (327) |
Net Assets (Liabilities) at end of period | 438 | 396 |
Recurring | Level 2 | DTE Electric | ||
Assets | ||
Cash equivalents | 0 | 0 |
Derivative assets | ||
Total assets | 436 | 371 |
Recurring | Level 2 | Current assets | ||
Derivative assets | ||
Total assets | 646 | 260 |
Recurring | Level 2 | Current assets | DTE Electric | ||
Derivative assets | ||
Total assets | 0 | 0 |
Recurring | Level 2 | Noncurrent assets | ||
Derivative assets | ||
Total assets | 690 | 463 |
Recurring | Level 2 | Noncurrent assets | DTE Electric | ||
Derivative assets | ||
Total assets | 436 | 371 |
Recurring | Level 2 | Current liabilities | ||
Liabilities | ||
Derivative liabilities, gross | (609) | (223) |
Recurring | Level 2 | Noncurrent liabilities | ||
Liabilities | ||
Derivative liabilities, gross | (289) | (104) |
Recurring | Level 2 | Natural Gas | ||
Derivative assets | ||
Derivative assets, gross | 115 | 74 |
Liabilities | ||
Derivative liabilities, gross | (172) | (59) |
Recurring | Level 2 | Electricity | ||
Derivative assets | ||
Derivative assets, gross | 500 | 128 |
Liabilities | ||
Derivative liabilities, gross | (434) | (126) |
Recurring | Level 2 | Environmental & Other | ||
Derivative assets | ||
Derivative assets, gross | 285 | 150 |
Liabilities | ||
Derivative liabilities, gross | (288) | (137) |
Recurring | Level 2 | Foreign currency exchange contracts | ||
Liabilities | ||
Derivative liabilities, gross | (4) | (5) |
Recurring | Level 2 | Derivative assets — FTRs | DTE Electric | ||
Derivative assets | ||
Derivative assets, net | 0 | 0 |
Recurring | Level 2 | Cash equivalents | ||
Assets | ||
Nuclear decommissioning trusts | 0 | 0 |
Other investments | 0 | 0 |
Recurring | Level 2 | Cash equivalents | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 0 | 0 |
Other investments | 0 | 0 |
Recurring | Level 2 | Private equity and other | ||
Assets | ||
Nuclear decommissioning trusts | 0 | 0 |
Recurring | Level 2 | Private equity and other | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 0 | 0 |
Recurring | Level 2 | Hedge Funds and Similar Investments | ||
Assets | ||
Nuclear decommissioning trusts | 18 | 0 |
Recurring | Level 2 | Hedge Funds and Similar Investments | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 18 | 0 |
Recurring | Level 2 | Equity securities | ||
Assets | ||
Nuclear decommissioning trusts | 0 | 0 |
Other investments | 0 | 0 |
Recurring | Level 2 | Equity securities | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 0 | 0 |
Other investments | 0 | 0 |
Recurring | Level 2 | Fixed income securities | ||
Assets | ||
Nuclear decommissioning trusts | 418 | 371 |
Other investments | 0 | 0 |
Recurring | Level 2 | Fixed income securities | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 418 | 371 |
Other investments | 0 | 0 |
Recurring | Level 3 | ||
Assets | ||
Cash equivalents | 0 | 0 |
Derivative assets | ||
Derivative assets, gross | 218 | 116 |
Total assets | 218 | 116 |
Liabilities | ||
Derivative liabilities, gross | (433) | (118) |
Net Assets (Liabilities) at end of period | (215) | (2) |
Recurring | Level 3 | DTE Electric | ||
Assets | ||
Cash equivalents | 0 | 0 |
Derivative assets | ||
Total assets | 9 | 4 |
Recurring | Level 3 | Current assets | ||
Derivative assets | ||
Total assets | 166 | 92 |
Recurring | Level 3 | Current assets | DTE Electric | ||
Derivative assets | ||
Total assets | 9 | 4 |
Recurring | Level 3 | Noncurrent assets | ||
Derivative assets | ||
Total assets | 52 | 24 |
Recurring | Level 3 | Noncurrent assets | DTE Electric | ||
Derivative assets | ||
Total assets | 0 | 0 |
Recurring | Level 3 | Current liabilities | ||
Liabilities | ||
Derivative liabilities, gross | (260) | (79) |
Recurring | Level 3 | Noncurrent liabilities | ||
Liabilities | ||
Derivative liabilities, gross | (173) | (39) |
Recurring | Level 3 | Natural Gas | ||
Derivative assets | ||
Derivative assets, gross | 66 | 60 |
Liabilities | ||
Derivative liabilities, gross | (245) | (76) |
Recurring | Level 3 | Electricity | ||
Derivative assets | ||
Derivative assets, gross | 143 | 52 |
Liabilities | ||
Derivative liabilities, gross | (188) | (42) |
Recurring | Level 3 | Environmental & Other | ||
Derivative assets | ||
Derivative assets, gross | 9 | 4 |
Liabilities | ||
Derivative liabilities, gross | 0 | 0 |
Recurring | Level 3 | Foreign currency exchange contracts | ||
Liabilities | ||
Derivative liabilities, gross | 0 | 0 |
Recurring | Level 3 | Derivative assets — FTRs | DTE Electric | ||
Derivative assets | ||
Derivative assets, net | 9 | 4 |
Recurring | Level 3 | Cash equivalents | ||
Assets | ||
Nuclear decommissioning trusts | 0 | 0 |
Other investments | 0 | 0 |
Recurring | Level 3 | Cash equivalents | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 0 | 0 |
Other investments | 0 | 0 |
Recurring | Level 3 | Private equity and other | ||
Assets | ||
Nuclear decommissioning trusts | 0 | 0 |
Recurring | Level 3 | Private equity and other | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 0 | 0 |
Recurring | Level 3 | Hedge Funds and Similar Investments | ||
Assets | ||
Nuclear decommissioning trusts | 0 | 0 |
Recurring | Level 3 | Hedge Funds and Similar Investments | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 0 | 0 |
Recurring | Level 3 | Equity securities | ||
Assets | ||
Nuclear decommissioning trusts | 0 | 0 |
Other investments | 0 | 0 |
Recurring | Level 3 | Equity securities | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 0 | 0 |
Other investments | 0 | 0 |
Recurring | Level 3 | Fixed income securities | ||
Assets | ||
Nuclear decommissioning trusts | 0 | 0 |
Other investments | 0 | 0 |
Recurring | Level 3 | Fixed income securities | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 0 | 0 |
Other investments | 0 | 0 |
Recurring | Other | ||
Derivative assets | ||
Total assets | 497 | 408 |
Liabilities | ||
Net Assets (Liabilities) at end of period | 497 | 408 |
Recurring | Other | DTE Electric | ||
Derivative assets | ||
Total assets | 497 | 408 |
Recurring | Other | Noncurrent assets | ||
Derivative assets | ||
Total assets | 497 | 408 |
Recurring | Other | Noncurrent assets | DTE Electric | ||
Derivative assets | ||
Total assets | 497 | 408 |
Recurring | Other | Private equity and other | ||
Assets | ||
Nuclear decommissioning trusts | 205 | 104 |
Recurring | Other | Private equity and other | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 205 | 104 |
Recurring | Other | Equity securities | ||
Assets | ||
Nuclear decommissioning trusts | 190 | 222 |
Recurring | Other | Equity securities | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 190 | 222 |
Recurring | Other | Fixed income securities | ||
Assets | ||
Nuclear decommissioning trusts | 102 | 82 |
Recurring | Other | Fixed income securities | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | $ 102 | $ 82 |
Fair Value (Details Textuals)
Fair Value (Details Textuals) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Nuclear decommissioning trusts | Fixed Income Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities with no contractual maturity date | $ 102 | |
Private Equity and Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unfunded commitments related to investments classified as NAV assets | $ 199 | $ 183 |
Minimum | Equity or debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, redemption notice period | 7 days | |
Minimum | Private Equity and Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments classified as NAV assets, general contractual durations | 7 years | |
Maximum | Equity or debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, redemption notice period | 65 days | |
Maximum | Private Equity and Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments classified as NAV assets, general contractual durations | 12 years |
Fair Value (Reconciliation of L
Fair Value (Reconciliation of Level 3 Assets and Liabilities at Fair Value on a Recurring Basis) (Details) - Recurring - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Net Assets (Liabilities) as of January 1 | $ (2) | $ 4 |
Transfers from Level 3 into Level 2 | 0 | (2) |
Total gains (losses) | ||
Included in earnings | (289) | 31 |
Recorded in Regulatory liabilities | 19 | 20 |
Purchases, issuances, and settlements: | ||
Settlements | 57 | (55) |
Net Assets (Liabilities) as of December 31 | (215) | (2) |
Total gains (losses) included in Net Income attributed to the change in unrealized gains (losses) related to assets and liabilities held at December 31 | (276) | (4) |
Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at December 31 | 9 | 4 |
Natural Gas | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Net Assets (Liabilities) as of January 1 | (16) | (15) |
Transfers from Level 3 into Level 2 | 0 | (2) |
Total gains (losses) | ||
Included in earnings | (343) | (75) |
Recorded in Regulatory liabilities | 0 | 0 |
Purchases, issuances, and settlements: | ||
Settlements | 180 | 76 |
Net Assets (Liabilities) as of December 31 | (179) | (16) |
Total gains (losses) included in Net Income attributed to the change in unrealized gains (losses) related to assets and liabilities held at December 31 | (208) | (4) |
Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at December 31 | 0 | 0 |
Electricity | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Net Assets (Liabilities) as of January 1 | 10 | 16 |
Transfers from Level 3 into Level 2 | 0 | 0 |
Total gains (losses) | ||
Included in earnings | 54 | 113 |
Recorded in Regulatory liabilities | 0 | 0 |
Purchases, issuances, and settlements: | ||
Settlements | (109) | (119) |
Net Assets (Liabilities) as of December 31 | (45) | 10 |
Total gains (losses) included in Net Income attributed to the change in unrealized gains (losses) related to assets and liabilities held at December 31 | 4 | 70 |
Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at December 31 | 0 | 0 |
Other | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Net Assets (Liabilities) as of January 1 | 4 | 3 |
Transfers from Level 3 into Level 2 | 0 | 0 |
Total gains (losses) | ||
Included in earnings | 0 | (7) |
Recorded in Regulatory liabilities | 19 | 20 |
Purchases, issuances, and settlements: | ||
Settlements | (14) | (12) |
Net Assets (Liabilities) as of December 31 | 9 | 4 |
Total gains (losses) included in Net Income attributed to the change in unrealized gains (losses) related to assets and liabilities held at December 31 | (72) | (70) |
Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at December 31 | 9 | 4 |
DTE Electric | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Net Assets (Liabilities) as of January 1 | 4 | 3 |
Total gains (losses) | ||
Recorded in Regulatory liabilities | 19 | 20 |
Purchases, issuances, and settlements: | ||
Settlements | (14) | (19) |
Net Assets (Liabilities) as of December 31 | 9 | 4 |
Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at December 31 | $ 9 | $ 4 |
Fair Value (Unobservable Inputs
Fair Value (Unobservable Inputs related to Level 3 Assets and Liabilities) (Details) $ in Millions | Dec. 31, 2021USD ($)$ / MWh$ / MMBTU | Dec. 31, 2020USD ($)$ / MMBTU$ / MWh |
Unobservable Input Valuation Techniques [Line Items] | ||
Derivative Assets | $ 1,391 | $ 567 |
Derivative Liabilities | (1,508) | (533) |
Natural Gas | ||
Unobservable Input Valuation Techniques [Line Items] | ||
Derivative Assets | 454 | 233 |
Derivative Liabilities | (594) | (223) |
Electricity | ||
Unobservable Input Valuation Techniques [Line Items] | ||
Derivative Assets | 643 | 180 |
Derivative Liabilities | $ (622) | $ (168) |
Level 3 | Discounted Cash Flow | Forward basis price | Natural Gas | Minimum | ||
Unobservable Input Valuation Techniques [Line Items] | ||
Forward basis price | $ / MMBTU | (1.36) | (0.86) |
Level 3 | Discounted Cash Flow | Forward basis price | Natural Gas | Maximum | ||
Unobservable Input Valuation Techniques [Line Items] | ||
Forward basis price | $ / MMBTU | 3.82 | 2.50 |
Level 3 | Discounted Cash Flow | Forward basis price | Natural Gas | Weighted Average | ||
Unobservable Input Valuation Techniques [Line Items] | ||
Forward basis price | $ / MMBTU | (0.04) | (0.07) |
Level 3 | Discounted Cash Flow | Forward basis price | Electricity | Minimum | ||
Unobservable Input Valuation Techniques [Line Items] | ||
Forward basis price | $ / MWh | (12) | (9) |
Level 3 | Discounted Cash Flow | Forward basis price | Electricity | Maximum | ||
Unobservable Input Valuation Techniques [Line Items] | ||
Forward basis price | $ / MWh | 7 | 6 |
Level 3 | Discounted Cash Flow | Forward basis price | Electricity | Weighted Average | ||
Unobservable Input Valuation Techniques [Line Items] | ||
Forward basis price | $ / MWh | (2) | 0 |
Recurring | Level 3 | ||
Unobservable Input Valuation Techniques [Line Items] | ||
Derivative Assets | $ 218 | $ 116 |
Derivative Liabilities | (433) | (118) |
Recurring | Level 3 | Natural Gas | ||
Unobservable Input Valuation Techniques [Line Items] | ||
Derivative Assets | 66 | 60 |
Derivative Liabilities | (245) | (76) |
Recurring | Level 3 | Electricity | ||
Unobservable Input Valuation Techniques [Line Items] | ||
Derivative Assets | 143 | 52 |
Derivative Liabilities | $ (188) | $ (42) |
Fair Value (Fair Value of Finan
Fair Value (Fair Value of Financial Instruments) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes receivable | $ 150 | $ 141 |
Short-term borrowings | 758 | 38 |
Notes payable | 27 | 19 |
Long-term debt | 17,378 | 19,439 |
Carrying Amount | DTE Electric | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes receivable | 17 | 16 |
Short-term borrowings | 153 | 0 |
Notes payable | 27 | 17 |
Long-term debt | 8,907 | 8,236 |
Carrying Amount | DTE Electric | Affiliated entity | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term borrowings | 53 | 101 |
Fair Value | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes receivable | 0 | 0 |
Short-term borrowings | 0 | 0 |
Notes payable | 0 | 0 |
Long-term debt | 2,284 | 2,547 |
Fair Value | Level 1 | DTE Electric | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes receivable | 0 | 0 |
Short-term borrowings | 0 | 0 |
Notes payable | 0 | 0 |
Long-term debt | 0 | 0 |
Fair Value | Level 1 | DTE Electric | Affiliated entity | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term borrowings | 0 | 0 |
Fair Value | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes receivable | 0 | 0 |
Short-term borrowings | 758 | 38 |
Notes payable | 0 | 0 |
Long-term debt | 15,425 | 18,230 |
Fair Value | Level 2 | DTE Electric | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes receivable | 0 | 0 |
Short-term borrowings | 153 | 0 |
Notes payable | 0 | 0 |
Long-term debt | 9,898 | 9,579 |
Fair Value | Level 2 | DTE Electric | Affiliated entity | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term borrowings | 0 | 0 |
Fair Value | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes receivable | 167 | 141 |
Short-term borrowings | 0 | 0 |
Notes payable | 27 | 19 |
Long-term debt | 1,207 | 1,397 |
Fair Value | Level 3 | DTE Electric | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes receivable | 17 | 16 |
Short-term borrowings | 0 | 0 |
Notes payable | 27 | 17 |
Long-term debt | 150 | 379 |
Fair Value | Level 3 | DTE Electric | Affiliated entity | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term borrowings | $ 53 | $ 101 |
Fair Value (Fair Value of Nucle
Fair Value (Fair Value of Nuclear Decommissioning Trust Fund Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Nuclear decommissioning trust funds | $ 2,071 | $ 1,855 |
DTE Electric | ||
Debt Securities, Available-for-sale [Line Items] | ||
Nuclear decommissioning trust funds | 2,071 | 1,855 |
DTE Electric | Nuclear decommissioning trusts | ||
Debt Securities, Available-for-sale [Line Items] | ||
Nuclear decommissioning trust funds | 2,071 | 1,855 |
DTE Electric | Nuclear decommissioning trusts | Fermi 2 | ||
Debt Securities, Available-for-sale [Line Items] | ||
Nuclear decommissioning trust funds | 2,051 | 1,841 |
DTE Electric | Nuclear decommissioning trusts | Fermi 1 | ||
Debt Securities, Available-for-sale [Line Items] | ||
Nuclear decommissioning trust funds | 3 | 3 |
DTE Electric | Nuclear decommissioning trusts | Low-level radioactive waste | ||
Debt Securities, Available-for-sale [Line Items] | ||
Nuclear decommissioning trust funds | $ 17 | $ 11 |
Fair Value (Gains and Losses an
Fair Value (Gains and Losses and Proceeds from the Sale of Securities by the Nuclear Decommissioning Trust Funds) (Details) - DTE Electric - Nuclear decommissioning trusts - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Securities, Available-for-sale [Line Items] | |||
Realized gains | $ 95 | $ 192 | $ 56 |
Realized losses | (12) | (111) | (31) |
Proceeds from sale of securities | $ 1,047 | $ 2,350 | $ 788 |
Fair Value (Fair Value and Unre
Fair Value (Fair Value and Unrealized Gains and Losses for the Nuclear Decommissioning Trust Funds) (Details) - DTE Electric - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | $ 2,071 | $ 1,855 |
Unrealized Gains | 628 | 501 |
Unrealized Losses | (25) | (7) |
Cash equivalents | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 39 | 27 |
Private Equity and Other | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 205 | 104 |
Unrealized Gains | 58 | 11 |
Unrealized Losses | (8) | 0 |
Hedge Funds and Similar Investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 76 | 0 |
Unrealized Gains | 1 | 0 |
Unrealized Losses | (2) | 0 |
Equity securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 1,107 | 1,169 |
Unrealized Gains | 546 | 468 |
Unrealized Losses | (9) | (6) |
Fixed Income Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 644 | 555 |
Unrealized Gains | 23 | 22 |
Unrealized Losses | $ (6) | $ (1) |
Fair Value (Fair Value of Fixed
Fair Value (Fair Value of Fixed Income Securities Held in Nuclear Decommissioning Trust Funds (Details) - Nuclear decommissioning trusts - Fixed Income Securities $ in Millions | Dec. 31, 2021USD ($) |
Debt Securities, Available-for-sale [Line Items] | |
Due within one year | $ 20 |
Due after one through five years | 135 |
Due after five through ten years | 109 |
Due after ten years | 278 |
Fixed income securities total | $ 542 |
Fair Value (Gains (Losses) Rela
Fair Value (Gains (Losses) Related to the Trust) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Rabbi Trust | |||
Schedule of Investments [Line Items] | |||
Gains (losses) related to the trust | $ 7 | $ (3) | $ 37 |
Equity securities | |||
Schedule of Investments [Line Items] | |||
Gains (losses) related to the trust | 7 | (1) | 27 |
Fixed Income Securities | |||
Schedule of Investments [Line Items] | |||
Gains (losses) related to the trust | $ 0 | $ (2) | $ 10 |
Financial and Other Derivativ_3
Financial and Other Derivative Instruments (Fair Value of Derivative Instruments) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | $ 1,391 | $ 567 |
Derivative Liabilities | (1,508) | (533) |
Current derivative asset | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 1,035 | 446 |
Noncurrent derivative asset | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 356 | 121 |
Current derivative liability | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | (1,037) | (386) |
Noncurrent derivative liability | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | (471) | (147) |
Foreign currency exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | (4) | (5) |
Natural gas | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 454 | 233 |
Derivative Liabilities | (594) | (223) |
Electricity | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 643 | 180 |
Derivative Liabilities | (622) | (168) |
Environmental & Other | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 294 | 154 |
Derivative Liabilities | (288) | (137) |
Derivatives designated as hedging instruments | Foreign currency exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 0 | 0 |
Derivative Liabilities | (4) | (4) |
Derivatives not designated as hedging instruments | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 1,391 | 567 |
Derivative Liabilities | (1,504) | (529) |
Derivatives not designated as hedging instruments | Foreign currency exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 0 | 0 |
Derivative Liabilities | 0 | (1) |
Derivatives not designated as hedging instruments | Natural gas | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 454 | 233 |
Derivative Liabilities | (594) | (223) |
Derivatives not designated as hedging instruments | Electricity | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 643 | 180 |
Derivative Liabilities | (622) | (168) |
Derivatives not designated as hedging instruments | Environmental & Other | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 294 | 154 |
Derivative Liabilities | $ (288) | $ (137) |
Financial and Other Derivativ_4
Financial and Other Derivative Instruments (Details Textuals) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | $ 1,391 | $ 567 |
Letters of credit that could be used to offset net derivative liabilities | 18 | 7 |
Letters of credit that could be used to offset net derivative assets | 37 | 9 |
Additional collateral, aggregate fair value | 667 | |
Derivative net liability position aggregate fair value | 1,300 | |
Collateral already posted fair value | 8 | |
Derivative, net asset position, fair value | 1,000 | |
Remaining amount of offsets to derivative net liability positions for hard and soft trigger provisions | 232 | |
Derivatives not designated as hedging instruments | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 1,391 | 567 |
FTRs | Derivatives not designated as hedging instruments | DTE Electric | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | $ 9 | $ 4 |
Financial and Other Derivativ_5
Financial and Other Derivative Instruments (Net Cash Collateral Offsetting Arrangements) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Cash collateral netted against Derivative assets | $ (90) | $ (12) |
Cash collateral netted against Derivative liabilities | 48 | 6 |
Cash collateral recorded in Accounts receivable | 55 | 14 |
Cash collateral recorded in Accounts payable | (21) | (1) |
Total net cash collateral posted (received) | $ (8) | $ 7 |
Financial and Other Derivativ_6
Financial and Other Derivative Instruments (Netting Offsets of Derivative Assets and Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Derivative assets | ||
Gross Amounts of Recognized Assets (Liabilities) | $ 1,391 | $ 567 |
Gross Amounts Offset in the Consolidated Statements of Financial Position | (1,120) | (411) |
Derivative assets, net | 271 | 156 |
Derivative liabilities | ||
Gross Amounts of Recognized Assets (Liabilities) | (1,508) | (533) |
Gross Amounts Offset in the Consolidated Statements of Financial Position | 1,078 | 405 |
Derivative liabilities, net | (430) | (128) |
Natural gas | ||
Derivative assets | ||
Gross Amounts of Recognized Assets (Liabilities) | 454 | 233 |
Gross Amounts Offset in the Consolidated Statements of Financial Position | (394) | (156) |
Derivative assets, net | 60 | 77 |
Derivative liabilities | ||
Gross Amounts of Recognized Assets (Liabilities) | (594) | (223) |
Gross Amounts Offset in the Consolidated Statements of Financial Position | 347 | 151 |
Derivative liabilities, net | (247) | (72) |
Electricity | ||
Derivative assets | ||
Gross Amounts of Recognized Assets (Liabilities) | 643 | 180 |
Gross Amounts Offset in the Consolidated Statements of Financial Position | (441) | (120) |
Derivative assets, net | 202 | 60 |
Derivative liabilities | ||
Gross Amounts of Recognized Assets (Liabilities) | (622) | (168) |
Gross Amounts Offset in the Consolidated Statements of Financial Position | 443 | 125 |
Derivative liabilities, net | (179) | (43) |
Environmental & Other | ||
Derivative assets | ||
Gross Amounts of Recognized Assets (Liabilities) | 294 | 154 |
Gross Amounts Offset in the Consolidated Statements of Financial Position | (285) | (135) |
Derivative assets, net | 9 | 19 |
Derivative liabilities | ||
Gross Amounts of Recognized Assets (Liabilities) | (288) | (137) |
Gross Amounts Offset in the Consolidated Statements of Financial Position | 288 | 129 |
Derivative liabilities, net | 0 | (8) |
Foreign currency exchange contracts | ||
Derivative liabilities | ||
Gross Amounts of Recognized Assets (Liabilities) | (4) | (5) |
Gross Amounts Offset in the Consolidated Statements of Financial Position | 0 | 0 |
Derivative liabilities, net | $ (4) | $ (5) |
Financial and Other Derivativ_7
Financial and Other Derivative Instruments (Netting Offsets Reconciliation to Balance Sheet) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Derivative Assets | ||
Derivative Assets | $ 1,391 | $ 567 |
Collateral adjustment | (90) | (12) |
Derivative asset, current | 181 | 116 |
Derivative assets, noncurrent | 90 | 40 |
Derivative Liabilities | ||
Derivative Liabilities | (1,508) | (533) |
Collateral adjustment | 48 | 6 |
Derivative liabilities, current | (238) | (68) |
Derivative liabilities, noncurrent | (192) | (60) |
Current derivative asset | ||
Derivative Assets | ||
Derivative Assets | 1,035 | 446 |
Counterparty netting | (791) | (318) |
Collateral adjustment | (63) | (12) |
Derivative asset, current | 181 | 116 |
Noncurrent derivative asset | ||
Derivative Assets | ||
Derivative Assets | 356 | 121 |
Counterparty netting | (239) | (81) |
Collateral adjustment | (27) | 0 |
Derivative assets, noncurrent | 90 | 40 |
Current derivative liability | ||
Derivative Liabilities | ||
Derivative Liabilities | (1,037) | (386) |
Counterparty netting | 791 | 318 |
Collateral adjustment | 8 | 0 |
Derivative liabilities, current | (238) | (68) |
Noncurrent derivative liability | ||
Derivative Liabilities | ||
Derivative Liabilities | (471) | (147) |
Counterparty netting | 239 | 81 |
Collateral adjustment | 40 | 6 |
Derivative liabilities, noncurrent | $ (192) | $ (60) |
Financial and Other Derivativ_8
Financial and Other Derivative Instruments (Effect of Derivatives not Designated as Hedging Instruments on the Consolidated Statement of Operations) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Recognized in Income on Derivatives | $ (184) | $ (83) | $ 55 |
Natural gas | Operating Revenues — Non-utility operations | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Recognized in Income on Derivatives | (224) | (70) | 44 |
Natural gas | Fuel, purchased power, gas, and other — non-utility | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Recognized in Income on Derivatives | (89) | 20 | (5) |
Electricity | Operating Revenues — Non-utility operations | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Recognized in Income on Derivatives | 169 | 91 | 44 |
Environmental & Other | Operating Revenues — Non-utility operations | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Recognized in Income on Derivatives | (40) | (118) | (26) |
Foreign currency exchange contracts | Operating Revenues — Non-utility operations | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Recognized in Income on Derivatives | $ 0 | $ (6) | $ (2) |
Financial and Other Derivativ_9
Financial and Other Derivative Instruments (Cumulative Gross Volume of Derivative Contracts Outstanding) (Details) | 12 Months Ended |
Dec. 31, 2021CAD ($)MWhMMBTUT | |
Natural gas (MMBtu) | |
Derivative [Line Items] | |
Commodity, energy measure | MMBTU | 2,139,606,569 |
Electricity (MWh) | |
Derivative [Line Items] | |
Commodity, energy measure | 32,140,743 |
Foreign currency exchange ($ CAD) | |
Derivative [Line Items] | |
Commodity, monetary measure | $ | $ 116,073,431 |
Renewable Energy Certificates (MWh) | |
Derivative [Line Items] | |
Commodity, energy measure | 7,711,766 |
Carbon emissions (Metric Ton) | |
Derivative [Line Items] | |
Commodity, mass measure | T | 1,142,009 |
Long-Term Debt (Long Term Debt
Long-Term Debt (Long Term Debt Outstanding and Weighted Average Interest Rates) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Debt Instrument [Line Items] | ||
Long-term debt, total | $ 17,517 | |
Mortgage Bonds, Notes and Other | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 16,608 | $ 18,393 |
Unamortized debt discount | (23) | (25) |
Unamortized debt issuance costs | (90) | (104) |
Long-term debt due within one year | (2,866) | (462) |
Mortgage bonds, notes, and other | $ 13,629 | 17,802 |
Unsecured | ||
Debt Instrument [Line Items] | ||
Interest rate | 2.10% | |
Long-term debt, gross | $ 5,555 | 8,175 |
Junior Subordinated Debentures | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.80% | |
Long-term debt, gross | $ 910 | 1,210 |
Unamortized debt issuance costs | (27) | (35) |
Long-term debt, total | 883 | 1,175 |
DTE Electric | ||
Debt Instrument [Line Items] | ||
Long-term debt due within one year | (316) | (462) |
Mortgage bonds, notes, and other | 8,591 | 7,774 |
Long-term debt, total | 8,988 | |
DTE Electric | Mortgage Bonds, Notes and Other | ||
Debt Instrument [Line Items] | ||
Unamortized debt discount | (19) | (16) |
Unamortized debt issuance costs | (62) | (56) |
Mortgage bonds, notes, and other | $ 8,591 | 7,774 |
DTE Electric | Principally Secured | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.70% | |
Long-term debt, gross | $ 8,988 | 8,308 |
DTE Gas | Principally Secured | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.90% | |
Long-term debt, gross | $ 2,065 | $ 1,910 |
Long-Term Debt (Debt Issuances)
Long-Term Debt (Debt Issuances) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||
Dec. 31, 2021 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Nov. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | |
Debt Instrument [Line Items] | ||||||||
Amount | $ 4,535,000,000 | $ 4,535,000,000 | ||||||
Redemption of long-term debt | $ 2,600,000,000 | $ 3,522,000,000 | $ 882,000,000 | $ 821,000,000 | ||||
Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Redemption of long-term debt | $ 2,600,000,000 | |||||||
Junior Subordinated Debentures | November 2021, 4.38% Junior Subordinated Debentures Maturing in 2081 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest Rate | 4.375% | |||||||
Amount | $ 280,000,000 | |||||||
Junior Subordinated Debentures | 2016, 6.00% Junior Subordinated Debentures Maturing in 2076 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest Rate | 6.00% | 6.00% | ||||||
Redemption of long-term debt | $ 280,000,000 | |||||||
DTE Electric | ||||||||
Debt Instrument [Line Items] | ||||||||
Redemption of long-term debt | $ 321,000,000 | $ 632,000,000 | $ 0 | |||||
DTE Electric | Mortgage Bonds | March 2021 1.90% 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 | |||||||
DTE Gas | Mortgage Bonds | November 2021 2.07% Mortgage Bonds Maturing in 2031 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest Rate | 2.07% | |||||||
Amount | $ 60,000,000 | |||||||
DTE Gas | Mortgage Bonds | November 2021 2.85% Mortgage Bonds Maturing in 2051 | ||||||||
Debt Instrument [Line Items] | ||||||||
Interest Rate | 2.85% | |||||||
Amount | $ 95,000,000 |
Long-Term Debt (Details Textual
Long-Term Debt (Details Textuals) $ / shares in Units, shares in Millions | Feb. 01, 2020$ / shares | Nov. 01, 2019USD ($)$ / shares | Jul. 31, 2021day$ / shares | Sep. 30, 2021USD ($) | Dec. 31, 2021USD ($)shares | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Nov. 30, 2022shares |
Debt Instrument [Line Items] | ||||||||
Face amount | $ 4,535,000,000 | |||||||
Redemption of long-term debt | $ 2,600,000,000 | 3,522,000,000 | $ 882,000,000 | $ 821,000,000 | ||||
Prepayment costs for extinguishment of long-term debt | $ 361,000,000 | 0 | 0 | |||||
Equity units, face amount of attached debt instrument | $ 1,000 | |||||||
Financial instruments subject to mandatory redemption, settlement terms, share value, amount | 150,000,000 | |||||||
Senior Notes | ||||||||
Debt Instrument [Line Items] | ||||||||
Redemption of long-term debt | 2,600,000,000 | |||||||
Prepayment costs for extinguishment of long-term debt | 361,000,000 | |||||||
Write off of unamortized issuance costs and discounts | $ 15,000,000 | |||||||
Equity units subject to mandatory redemption | ||||||||
Debt Instrument [Line Items] | ||||||||
Forward contract indexed to issuer's equity, forward rate per share (in dollars per share) | $ / shares | $ 50 | $ 50 | ||||||
Equity units, percentage interest in attached debt instrument | 0.005% | |||||||
Financial instruments subject to mandatory redemption, settlement terms, share value, amount | $ 150,000,000 | |||||||
Financial instruments subject to mandatory redemption, contract adjustment rate | 4.00% | 4.00% | ||||||
Financial instruments subject to mandatory redemption, contract adjustment rate, annual amount (in dollars per share) | $ / shares | $ 2 | |||||||
Financial instruments subject to mandatory redemption, settlement terms, maximum number of shares (in shares) | shares | 13 | |||||||
Equity units subject to mandatory redemption | Minimum | Forecast | ||||||||
Debt Instrument [Line Items] | ||||||||
Financial instruments subject to mandatory redemption, settlement terms, number of shares (in shares) | shares | 9.8 | |||||||
Equity units subject to mandatory redemption | Maximum | Forecast | ||||||||
Debt Instrument [Line Items] | ||||||||
Financial instruments subject to mandatory redemption, settlement terms, number of shares (in shares) | shares | 12.2 | |||||||
Equal to or greater than $133.08, 0.3757 shares of common stock | Equity units subject to mandatory redemption | ||||||||
Debt Instrument [Line Items] | ||||||||
Number of consecutive scheduled trading days | day | 20 | |||||||
Financial instruments subject to mandatory redemption, anti-dilution provision, conversion ratio | 0.3757 | |||||||
Equal to or greater than $133.08, 0.3757 shares of common stock | Equity units subject to mandatory redemption | Minimum | ||||||||
Debt Instrument [Line Items] | ||||||||
Financial instruments subject to mandatory redemption, anti-dilution provision, stock price threshold (in dollars per share) | $ / shares | $ 133.08 | |||||||
Less than $133.08, but greater than $106.50, number of shares of common stock equal to $50 divided by the AMV | Equity units subject to mandatory redemption | ||||||||
Debt Instrument [Line Items] | ||||||||
Financial instruments subject to mandatory redemption, anti-dilution provision, conversion ratio | 50 | |||||||
Less than $133.08, but greater than $106.50, number of shares of common stock equal to $50 divided by the AMV | Equity units subject to mandatory redemption | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Financial instruments subject to mandatory redemption, anti-dilution provision, stock price threshold (in dollars per share) | $ / shares | $ 133.08 | |||||||
Less than or equal to $106.50, 0.4695 shares of common stock | Equity units subject to mandatory redemption | ||||||||
Debt Instrument [Line Items] | ||||||||
Financial instruments subject to mandatory redemption, anti-dilution provision, conversion ratio | 0.4695 | |||||||
Less than or equal to $106.50, 0.4695 shares of common stock | Equity units subject to mandatory redemption | Maximum | ||||||||
Debt Instrument [Line Items] | ||||||||
Financial instruments subject to mandatory redemption, anti-dilution provision, stock price threshold (in dollars per share) | $ / shares | $ 106.50 | |||||||
November 2019 Series F 2.25% RSNs Maturing 2025 | Equity Units | ||||||||
Debt Instrument [Line Items] | ||||||||
Face amount | $ 1,300,000,000 | |||||||
Interest rate | 2.25% | |||||||
November 2019 Series F 2.25% RSNs Maturing 2025 | Unsuccessful remarketing | Equity Units | ||||||||
Debt Instrument [Line Items] | ||||||||
Debt instrument, redemption price, percentage | 100.00% | |||||||
DTE Electric | ||||||||
Debt Instrument [Line Items] | ||||||||
Redemption of long-term debt | $ 321,000,000 | $ 632,000,000 | $ 0 | |||||
DTE Electric | 1.45% Revenue Bonds Maturing in 2030 | Tax-Exempt Revenue Bonds | ||||||||
Debt Instrument [Line Items] | ||||||||
Face amount | $ 82,000,000 | |||||||
Interest rate | 1.45% | 1.45% | ||||||
DTE Electric | 1.35% Revenue Bonds Maturing in 2029 | Tax-Exempt Revenue Bonds | ||||||||
Debt Instrument [Line Items] | ||||||||
Face amount | $ 59,000,000 | |||||||
Interest rate | 1.45% | 1.35% |
Long-Term Debt (Debt Redemption
Long-Term Debt (Debt Redemptions) (Details) - USD ($) $ in Millions | 1 Months Ended | 3 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2021 | Aug. 31, 2021 | Jul. 31, 2021 | Jun. 30, 2021 | May 31, 2021 | Apr. 30, 2021 | Sep. 30, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Debt Instrument, Redemption [Line Items] | ||||||||||
Amount | $ 2,600 | $ 3,522 | $ 882 | $ 821 | ||||||
Loss on extinguishment of debt | 376 | 393 | 6 | 0 | ||||||
Junior Subordinated Debentures | ||||||||||
Debt Instrument, Redemption [Line Items] | ||||||||||
Loss on extinguishment of debt | $ 17 | |||||||||
Junior Subordinated Debentures | 5.375% Junior Subordinated Debentures Maturing in 2076 | ||||||||||
Debt Instrument, Redemption [Line Items] | ||||||||||
Interest Rate | 5.375% | |||||||||
Amount | $ 300 | |||||||||
Loss on extinguishment of debt | $ 8 | |||||||||
Junior Subordinated Debentures | 2016, 6.00% Junior Subordinated Debentures Maturing in 2076 | ||||||||||
Debt Instrument, Redemption [Line Items] | ||||||||||
Interest Rate | 6.00% | 6.00% | ||||||||
Amount | $ 280 | |||||||||
Loss on extinguishment of debt | $ 9 | |||||||||
Senior Notes | ||||||||||
Debt Instrument, Redemption [Line Items] | ||||||||||
Amount | $ 2,600 | |||||||||
Senior Notes | 3.30% Senior Notes Maturing in 2022 | ||||||||||
Debt Instrument, Redemption [Line Items] | ||||||||||
Interest Rate | 3.30% | |||||||||
Amount | $ 300 | |||||||||
Senior Notes | 2.60% Senior Notes Maturing in 2022 | ||||||||||
Debt Instrument, Redemption [Line Items] | ||||||||||
Interest Rate | 2.60% | |||||||||
Amount | $ 300 | |||||||||
Senior Notes | 3.70% Senior Notes Maturing in2023 | ||||||||||
Debt Instrument, Redemption [Line Items] | ||||||||||
Interest Rate | 3.70% | |||||||||
Amount | $ 600 | |||||||||
Senior Notes | 3.85% Senior Notes Maturing in 2023 | ||||||||||
Debt Instrument, Redemption [Line Items] | ||||||||||
Interest Rate | 3.85% | 3.85% | ||||||||
Amount | $ 165 | $ 135 | ||||||||
Senior Notes | 3.50% Senior Notes Maturing in 2024 | ||||||||||
Debt Instrument, Redemption [Line Items] | ||||||||||
Interest Rate | 3.50% | |||||||||
Amount | $ 350 | |||||||||
Senior Notes | 3.80% Senior Notes Maturing in 2027 | ||||||||||
Debt Instrument, Redemption [Line Items] | ||||||||||
Interest Rate | 3.80% | |||||||||
Amount | $ 350 | |||||||||
Senior Notes | 3.40% Senior Notes Maturing in 2029 | ||||||||||
Debt Instrument, Redemption [Line Items] | ||||||||||
Interest Rate | 3.40% | |||||||||
Amount | $ 21 | |||||||||
Senior Notes | 6.375% Senior Notes Maturing in 2033 | ||||||||||
Debt Instrument, Redemption [Line Items] | ||||||||||
Interest Rate | 6.375% | 6.375% | ||||||||
Amount | $ 209 | $ 191 | ||||||||
DTE Electric | ||||||||||
Debt Instrument, Redemption [Line Items] | ||||||||||
Amount | $ 321 | $ 632 | $ 0 | |||||||
DTE Electric | Mortgage Bonds | 3.90% Mortgage Bonds Maturing in 2021 | ||||||||||
Debt Instrument, Redemption [Line Items] | ||||||||||
Interest Rate | 3.90% | |||||||||
Amount | $ 250 | |||||||||
DTE Electric | Mortgage Bonds | 7.00% Mortgage Bonds Maturing in 2021 | ||||||||||
Debt Instrument, Redemption [Line Items] | ||||||||||
Interest Rate | 7.00% | |||||||||
Amount | $ 33 | |||||||||
DTE Electric | Mortgage Bonds | 6.90% Senior Notes Maturing in 2021 | ||||||||||
Debt Instrument, Redemption [Line Items] | ||||||||||
Interest Rate | 6.90% | |||||||||
Amount | $ 38 |
Long-Term Debt (Scheduled Debt
Long-Term Debt (Scheduled Debt Maturities) (Details) $ in Millions | Dec. 31, 2021USD ($) |
Maturities of Long-term Debt [Abstract] | |
2022 | $ 2,866 |
2023 | 277 |
2024 | 1,075 |
2025 | 1,220 |
2026 | 777 |
2027 and Thereafter | 11,302 |
Long-term debt, total | 17,517 |
DTE Electric | |
Maturities of Long-term Debt [Abstract] | |
2022 | 316 |
2023 | 202 |
2024 | 400 |
2025 | 350 |
2026 | 177 |
2027 and Thereafter | 7,543 |
Long-term debt, total | $ 8,988 |
Long-Term Debt (Scheduled Inter
Long-Term Debt (Scheduled Interest Payments) (Details) $ in Millions | Dec. 31, 2021USD ($) |
Debt Instrument [Line Items] | |
2022 | $ 575 |
2023 | 548 |
2024 | 529 |
2025 | 494 |
2026 | 450 |
2027 and Thereafter | 7,510 |
Total | 10,106 |
DTE Electric | |
Debt Instrument [Line Items] | |
2022 | 330 |
2023 | 322 |
2024 | 305 |
2025 | 292 |
2026 | 284 |
2027 and Thereafter | 4,222 |
Total | $ 5,755 |
Long-Term Debt (Equity Units) (
Long-Term Debt (Equity Units) (Details) - USD ($) shares in Millions | Feb. 01, 2020 | Nov. 01, 2019 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | |||||
Total Net Proceeds | $ 1,265,000,000 | $ 0 | $ 0 | $ 1,265,000,000 | |
Total Long-Term Debt | 4,535,000,000 | ||||
Equity units subject to mandatory redemption | |||||
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | |||||
Units Issued (in shares) | 26 | ||||
Stock Purchase Contract Annual Rate | 4.00% | 4.00% | |||
Stock Purchase Contract Liability | $ 150,000,000 | 51,000,000 | 101,000,000 | ||
Payments | $ 50,000,000 | $ 49,000,000 | |||
November 2019 Equity Units Maturing 2025 | Equity Units | |||||
Financial Instruments Subject to Mandatory Redemption by Settlement Terms [Line Items] | |||||
Total Long-Term Debt | $ 1,300,000,000 | ||||
RSN Annual Interest Rate | 2.25% |
Preferred and Preference Secu_3
Preferred and Preference Securities (Details) | Dec. 31, 2021$ / sharesshares |
DTE Electric | |
Preferred and Preferenced Securities [Line Items] | |
Preferred stock, par value (in dollars per share) | $ / shares | $ 100 |
Preferred stock, shares authorized (in shares) | shares | 6,747,484 |
Preference stock, par value (in dollars per share) | $ / shares | $ 1 |
Preference stock shares authorized (in shares) | shares | 30,000,000 |
DTE Gas | |
Preferred and Preferenced Securities [Line Items] | |
Preferred stock, par value (in dollars per share) | $ / shares | $ 1 |
Preferred stock, shares authorized (in shares) | shares | 7,000,000 |
Preference stock, par value (in dollars per share) | $ / shares | $ 1 |
Preference stock shares authorized (in shares) | shares | 4,000,000 |
DTE Energy | |
Preferred and Preferenced Securities [Line Items] | |
Preferred stock, par value (in dollars per share) | $ / shares | $ 0 |
Preferred stock, shares authorized (in shares) | shares | 5,000,000 |
Short-Term Credit Arrangement_3
Short-Term Credit Arrangements and Borrowings (Details Textuals) | Dec. 31, 2021USD ($) | Sep. 30, 2021 | Jun. 30, 2021 | Dec. 31, 2020USD ($) |
Short-term Debt [Line Items] | ||||
Face amount | $ 4,535,000,000 | |||
Amount outstanding | $ 758,000,000 | $ 38,000,000 | ||
Weighted average interest rate | 0.30% | 1.10% | ||
Dividend restriction | $ 1,400,000,000 | |||
Retained earnings | 3,438,000,000 | $ 7,156,000,000 | ||
Effective limitations | $ 0 | |||
DTE Electric | ||||
Short-term Debt [Line Items] | ||||
Total funded debt to capitalization ratio | 0.51 | |||
Weighted average interest rate | 0.20% | |||
Short-term borrowings | $ 153,000,000 | 0 | ||
Retained earnings | $ 2,901,000,000 | 2,623,000,000 | ||
DTE Gas | ||||
Short-term Debt [Line Items] | ||||
Total funded debt to capitalization ratio | 0.48 | |||
DTE Energy | ||||
Short-term Debt [Line Items] | ||||
Total funded debt to capitalization ratio | 0.66 | |||
DTE Energy | Demand financing agreement | ||||
Short-term Debt [Line Items] | ||||
Maximum borrowing capacity | $ 250,000,000 | |||
Amount outstanding | 103,000,000 | $ 49,000,000 | ||
Maximum | ||||
Short-term Debt [Line Items] | ||||
Total funded debt to capitalization ratio | 0.70 | 0.65 | ||
Unsecured term loan, expiring June 2022 | Unsecured term loan | ||||
Short-term Debt [Line Items] | ||||
Face amount | 400,000,000 | |||
Amount outstanding | 0 | |||
Demand financing agreement, indefinite term | DTE Energy | Demand financing agreement | ||||
Short-term Debt [Line Items] | ||||
Maximum borrowing capacity | 50,000,000 | |||
Additional margin financing | 50,000,000 | |||
Demand financing agreement, expiring in 2022 | DTE Energy | Demand financing agreement | ||||
Short-term Debt [Line Items] | ||||
Maximum borrowing capacity | $ 150,000,000 |
Short-Term Credit Arrangement_4
Short-Term Credit Arrangements and Borrowings (Schedule of Borrowings) (Details) $ in Millions | Dec. 31, 2021USD ($) |
Line Of Credit Facility [Line Items] | |
Line of credit facility, maximum borrowing capacity | $ 3,057 |
Amounts outstanding | 1,016 |
Net availability | 2,041 |
DTE Electric | |
Line Of Credit Facility [Line Items] | |
Line of credit facility, maximum borrowing capacity | 500 |
Amounts outstanding | 153 |
Net availability | 347 |
DTE Gas | |
Line Of Credit Facility [Line Items] | |
Line of credit facility, maximum borrowing capacity | 300 |
Amounts outstanding | 210 |
Net availability | 90 |
DTE Energy | |
Line Of Credit Facility [Line Items] | |
Line of credit facility, maximum borrowing capacity | 2,257 |
Amounts outstanding | 653 |
Net availability | 1,604 |
Revolving credit facility | |
Line Of Credit Facility [Line Items] | |
Amounts outstanding | 75 |
Revolving credit facility | DTE Electric | |
Line Of Credit Facility [Line Items] | |
Amounts outstanding | 0 |
Revolving credit facility | DTE Gas | |
Line Of Credit Facility [Line Items] | |
Amounts outstanding | 0 |
Revolving credit facility | DTE Energy | |
Line Of Credit Facility [Line Items] | |
Amounts outstanding | 75 |
Revolving credit facility | Unsecured revolving credit facility, expiring April 2025 | |
Line Of Credit Facility [Line Items] | |
Line of credit facility, maximum borrowing capacity | 2,300 |
Revolving credit facility | Unsecured revolving credit facility, expiring April 2025 | DTE Electric | |
Line Of Credit Facility [Line Items] | |
Line of credit facility, maximum borrowing capacity | 500 |
Revolving credit facility | Unsecured revolving credit facility, expiring April 2025 | DTE Gas | |
Line Of Credit Facility [Line Items] | |
Line of credit facility, maximum borrowing capacity | 300 |
Revolving credit facility | Unsecured revolving credit facility, expiring April 2025 | DTE Energy | |
Line Of Credit Facility [Line Items] | |
Line of credit facility, maximum borrowing capacity | 1,500 |
Revolving credit facility | Unsecured Canadian revolving credit facility, expiring May 2023 | |
Line Of Credit Facility [Line Items] | |
Line of credit facility, maximum borrowing capacity | 87 |
Revolving credit facility | Unsecured Canadian revolving credit facility, expiring May 2023 | DTE Electric | |
Line Of Credit Facility [Line Items] | |
Line of credit facility, maximum borrowing capacity | 0 |
Revolving credit facility | Unsecured Canadian revolving credit facility, expiring May 2023 | DTE Gas | |
Line Of Credit Facility [Line Items] | |
Line of credit facility, maximum borrowing capacity | 0 |
Revolving credit facility | Unsecured Canadian revolving credit facility, expiring May 2023 | DTE Energy | |
Line Of Credit Facility [Line Items] | |
Line of credit facility, maximum borrowing capacity | 87 |
Revolving credit facility | Unsecured revolving credit facility expiring in April 2024 | |
Line Of Credit Facility [Line Items] | |
Line of credit facility, maximum borrowing capacity | 102 |
Revolving credit facility | Unsecured revolving credit facility expiring in April 2024 | DTE Electric | |
Line Of Credit Facility [Line Items] | |
Line of credit facility, maximum borrowing capacity | 22 |
Revolving credit facility | Unsecured revolving credit facility expiring in April 2024 | DTE Gas | |
Line Of Credit Facility [Line Items] | |
Line of credit facility, maximum borrowing capacity | 13 |
Revolving credit facility | Unsecured revolving credit facility expiring in April 2024 | DTE Energy | |
Line Of Credit Facility [Line Items] | |
Line of credit facility, maximum borrowing capacity | 67 |
Unsecured term loan | Unsecured term loan, expiring June 2022 | |
Line Of Credit Facility [Line Items] | |
Line of credit facility, maximum borrowing capacity | 400 |
Unsecured term loan | Unsecured term loan, expiring June 2022 | DTE Electric | |
Line Of Credit Facility [Line Items] | |
Line of credit facility, maximum borrowing capacity | 0 |
Unsecured term loan | Unsecured term loan, expiring June 2022 | DTE Gas | |
Line Of Credit Facility [Line Items] | |
Line of credit facility, maximum borrowing capacity | 0 |
Unsecured term loan | Unsecured term loan, expiring June 2022 | DTE Energy | |
Line Of Credit Facility [Line Items] | |
Line of credit facility, maximum borrowing capacity | 400 |
Letters of credit | |
Line Of Credit Facility [Line Items] | |
Amounts outstanding | 258 |
Letters of credit | DTE Electric | |
Line Of Credit Facility [Line Items] | |
Amounts outstanding | 0 |
Letters of credit | DTE Gas | |
Line Of Credit Facility [Line Items] | |
Amounts outstanding | 0 |
Letters of credit | DTE Energy | |
Line Of Credit Facility [Line Items] | |
Amounts outstanding | 258 |
Letters of credit | Unsecured letter of credit facility, expiring February 2023 | |
Line Of Credit Facility [Line Items] | |
Line of credit facility, maximum borrowing capacity | 150 |
Letters of credit | Unsecured letter of credit facility, expiring February 2023 | DTE Electric | |
Line Of Credit Facility [Line Items] | |
Line of credit facility, maximum borrowing capacity | 0 |
Letters of credit | Unsecured letter of credit facility, expiring February 2023 | DTE Gas | |
Line Of Credit Facility [Line Items] | |
Line of credit facility, maximum borrowing capacity | 0 |
Letters of credit | Unsecured letter of credit facility, expiring February 2023 | DTE Energy | |
Line Of Credit Facility [Line Items] | |
Line of credit facility, maximum borrowing capacity | 150 |
Letters of credit | Unsecured letter of credit facility, expiring July 2023 | |
Line Of Credit Facility [Line Items] | |
Line of credit facility, maximum borrowing capacity | 70 |
Letters of credit | Unsecured letter of credit facility, expiring July 2023 | DTE Electric | |
Line Of Credit Facility [Line Items] | |
Line of credit facility, maximum borrowing capacity | 0 |
Letters of credit | Unsecured letter of credit facility, expiring July 2023 | DTE Gas | |
Line Of Credit Facility [Line Items] | |
Line of credit facility, maximum borrowing capacity | 0 |
Letters of credit | Unsecured letter of credit facility, expiring July 2023 | DTE Energy | |
Line Of Credit Facility [Line Items] | |
Line of credit facility, maximum borrowing capacity | 70 |
Letters of credit | Unsecured letter of credit facility | |
Line Of Credit Facility [Line Items] | |
Line of credit facility, maximum borrowing capacity | 50 |
Letters of credit | Unsecured letter of credit facility | DTE Electric | |
Line Of Credit Facility [Line Items] | |
Line of credit facility, maximum borrowing capacity | 0 |
Letters of credit | Unsecured letter of credit facility | DTE Gas | |
Line Of Credit Facility [Line Items] | |
Line of credit facility, maximum borrowing capacity | 0 |
Letters of credit | Unsecured letter of credit facility | DTE Energy | |
Line Of Credit Facility [Line Items] | |
Line of credit facility, maximum borrowing capacity | 50 |
Commercial paper issuances | |
Line Of Credit Facility [Line Items] | |
Amounts outstanding | 683 |
Commercial paper issuances | DTE Electric | |
Line Of Credit Facility [Line Items] | |
Amounts outstanding | 153 |
Commercial paper issuances | DTE Gas | |
Line Of Credit Facility [Line Items] | |
Amounts outstanding | 210 |
Commercial paper issuances | DTE Energy | |
Line Of Credit Facility [Line Items] | |
Amounts outstanding | $ 320 |
Leases (Details Textuals)
Leases (Details Textuals) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Lessee, Lease, Description [Line Items] | ||||
Additional net investment in finance leases | $ 31 | |||
Depreciation expense associated with property under operating leases | $ 22 | $ 24 | $ 23 | |
Interest income recognized under finance leases | 17 | $ 16 | $ 5 | |
Profit from the sale of membership interests | $ 11 | |||
Minimum | ||||
Lessee, Lease, Description [Line Items] | ||||
Lease terms | 2 years | |||
Term of operating lease contracts | 2 years | |||
Maximum | ||||
Lessee, Lease, Description [Line Items] | ||||
Lease terms | 40 years | |||
Term of operating lease contracts | 24 years | |||
DTE Electric | Minimum | ||||
Lessee, Lease, Description [Line Items] | ||||
Lease terms | 2 years | |||
DTE Electric | Maximum | ||||
Lessee, Lease, Description [Line Items] | ||||
Lease terms | 40 years |
Leases (Components of Lease Cos
Leases (Components of Lease Cost) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Lessee, Lease, Description [Line Items] | |||
Operating lease cost | $ 19 | $ 21 | $ 23 |
Finance lease cost: | |||
Amortization of right-of-use assets | 7 | 5 | 4 |
Interest of lease liabilities | 1 | 0 | 0 |
Total finance lease cost | 8 | 5 | 4 |
Variable lease cost | 9 | 10 | 10 |
Short-term lease cost | 14 | 11 | 9 |
Total lease cost | 50 | 47 | 46 |
DTE Electric | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease cost | 14 | 14 | 17 |
Finance lease cost: | |||
Amortization of right-of-use assets | 6 | 4 | 4 |
Interest of lease liabilities | 0 | 0 | 0 |
Total finance lease cost | 6 | 4 | 4 |
Variable lease cost | 0 | 0 | 0 |
Short-term lease cost | 6 | 6 | 3 |
Total lease cost | $ 26 | $ 24 | $ 24 |
Leases (Other Information) (Det
Leases (Other Information) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Cash paid for amounts included in the measurement of these liabilities: | |||
Operating cash flows for finance leases | $ 8 | $ 3 | $ 5 |
Operating cash flows for operating leases | 19 | 22 | 22 |
Right-of-use assets obtained in exchange for lease obligations: | |||
Operating leases | 5 | 2 | 42 |
Finance leases | $ 3 | $ 19 | $ 8 |
Weighted Average Remaining Lease Term (Years) | |||
Operating leases | 12 years 8 months 12 days | 12 years 1 month 6 days | 12 years 1 month 6 days |
Finance leases | 7 years 9 months 18 days | 7 years 7 months 6 days | 9 years 1 month 6 days |
Weighted Average Discount Rate | |||
Operating leases | 3.60% | 3.60% | 3.50% |
Finance leases | 2.20% | 2.00% | 3.10% |
DTE Electric | |||
Cash paid for amounts included in the measurement of these liabilities: | |||
Operating cash flows for finance leases | $ 7 | $ 2 | $ 5 |
Operating cash flows for operating leases | 14 | 14 | 16 |
Right-of-use assets obtained in exchange for lease obligations: | |||
Operating leases | 1 | 0 | 27 |
Finance leases | $ 1 | $ 14 | $ 0 |
Weighted Average Remaining Lease Term (Years) | |||
Operating leases | 10 years 3 months 18 days | 10 years 4 months 24 days | 10 years 7 months 6 days |
Finance leases | 2 years 1 month 6 days | 3 years 1 month 6 days | 2 years |
Weighted Average Discount Rate | |||
Operating leases | 3.40% | 3.30% | 3.30% |
Finance leases | 1.00% | 1.00% | 3.10% |
Leases (Future Minimum Lease Pa
Leases (Future Minimum Lease Payments) (Details) $ in Millions | Dec. 31, 2021USD ($) |
Operating Leases | |
2022 | $ 16 |
2023 | 13 |
2024 | 11 |
2025 | 8 |
2026 | 7 |
2027 and thereafter | 56 |
Total future minimum lease payments | 111 |
Imputed interest | (23) |
Lease liabilities | 88 |
Finance Leases | |
2022 | 8 |
2023 | 9 |
2024 | 3 |
2025 | 1 |
2026 | 1 |
2027 and thereafter | 8 |
Total future minimum lease payments | 30 |
Imputed interest | (3) |
Lease liabilities | 27 |
DTE Electric | |
Operating Leases | |
2022 | 12 |
2023 | 10 |
2024 | 8 |
2025 | 6 |
2026 | 5 |
2027 and thereafter | 27 |
Total future minimum lease payments | 68 |
Imputed interest | (12) |
Lease liabilities | 56 |
Finance Leases | |
2022 | 6 |
2023 | 6 |
2024 | 1 |
2025 | 0 |
2026 | 0 |
2027 and thereafter | 0 |
Total future minimum lease payments | 13 |
Imputed interest | 0 |
Lease liabilities | $ 13 |
Leases (Finance Leases Reported
Leases (Finance Leases Reported on Consolidated Statements of Financial Position) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Lessee, Lease, Description [Line Items] | ||
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, Plant and Equipment, Net | Property, Plant and Equipment, Net |
Right-of-use assets, within Property, plant, and equipment, net | $ 26 | $ 29 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Long-term Debt and Lease Obligation, Current | Long-term Debt and Lease Obligation, Current |
Current lease liabilities, within Current portion of long-term debt | $ 8 | $ 7 |
Long-term lease liabilities | $ 19 | $ 24 |
DTE Electric | ||
Lessee, Lease, Description [Line Items] | ||
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, Plant and Equipment, Net | Property, Plant and Equipment, Net |
Right-of-use assets, within Property, plant, and equipment, net | $ 12 | $ 16 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Long-term Debt and Lease Obligation, Current | Long-term Debt and Lease Obligation, Current |
Current lease liabilities, within Current portion of long-term debt | $ 6 | $ 6 |
Long-term lease liabilities | $ 7 | $ 13 |
Leases (Lease Income Associated
Leases (Lease Income Associated with Operating Leases) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Lessor, Lease, Description [Line Items] | |||
Fixed payments | $ 67 | $ 57 | $ 56 |
Variable payments | 131 | 124 | 128 |
Total lease income under operating leases | 198 | 181 | 184 |
Operating Revenues | |||
Lessor, Lease, Description [Line Items] | |||
Total lease income under operating leases | 103 | 99 | 121 |
Other Income | |||
Lessor, Lease, Description [Line Items] | |||
Total lease income under operating leases | $ 95 | $ 82 | $ 63 |
Leases (Minimum Future Rental R
Leases (Minimum Future Rental Revenues under Operating Leases) (Details) $ in Millions | Dec. 31, 2021USD ($) |
Leases [Abstract] | |
2022 | $ 15 |
2023 | 15 |
2024 | 15 |
2025 | 15 |
2026 | 11 |
2027 and thereafter | 51 |
Total minimum future rental revenues under operating leases | $ 122 |
Leases (Property under Operatin
Leases (Property under Operating Leases) (Details) - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Leases [Abstract] | ||
Gross property under operating leases | $ 341 | $ 389 |
Accumulated amortization of property under operating leases | $ 181 | $ 191 |
Leases (Components of Net Inves
Leases (Components of Net Investment in Finance Leases) (Details) $ in Millions | Dec. 31, 2021USD ($) |
Leases [Abstract] | |
2022 | $ 23 |
2023 | 22 |
2024 | 22 |
2025 | 21 |
2026 | 21 |
2027 and thereafter | 271 |
Total minimum future lease receipts | 380 |
Residual value of leased pipeline | 17 |
Less unearned income | 198 |
Net investment in finance lease | 199 |
Less current portion | 6 |
Net investment in finance lease, noncurrent | $ 193 |
Commitments and Contingencies_2
Commitments and Contingencies (Details Textuals) | 1 Months Ended | 12 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2021USD ($)employeefacilitysite | Dec. 31, 2020USD ($) | |
Loss Contingencies [Line Items] | |||
Utility capital expenditures, expenditures for non-utility businesses, and contributions to equity method investees estimated for next year | $ 3,700,000,000 | ||
Labor force concentration risk | Workforce subject to collective bargaining arrangements | |||
Loss Contingencies [Line Items] | |||
Approximate number of employees | employee | 5,200 | ||
Percentage of total employees | 50.00% | ||
Labor force concentration risk | Workforce subject to collective bargaining arrangements expiring within one year | |||
Loss Contingencies [Line Items] | |||
Percentage of total employees | 15.00% | ||
Synthetic fuel guarantees | |||
Loss Contingencies [Line Items] | |||
Number of days after expiration of statutes of limitations | 90 days | ||
Maximum potential liability | $ 70,000,000 | ||
Reduced emissions fuel guarantees | |||
Loss Contingencies [Line Items] | |||
Number of days after expiration of statutes of limitations | 90 days | ||
Maximum potential liability | $ 720,000,000 | ||
Other guarantees | |||
Loss Contingencies [Line Items] | |||
Maximum potential liability | 40,000,000 | ||
Performance surety bonds | |||
Loss Contingencies [Line Items] | |||
Performance bonds outstanding | 168,000,000 | ||
DTE Electric | |||
Loss Contingencies [Line Items] | |||
Environmental capital expenditures | 2,400,000,000 | ||
Estimated capital expenditures | $ 0 | ||
Number of former MGP sites | site | 3 | ||
Accrued for remediation related to the sites | $ 14,000,000 | $ 10,000,000 | |
Number of permitted engineered coal ash storage facilities owned | facility | 3 | ||
Utility capital expenditures, expenditures for non-utility businesses, and contributions to equity method investees estimated for next year | $ 2,700,000,000 | ||
DTE Electric | Labor force concentration risk | Workforce subject to collective bargaining arrangements | |||
Loss Contingencies [Line Items] | |||
Approximate number of employees | employee | 2,700 | ||
Percentage of total employees | 57.00% | ||
DTE Electric | Labor force concentration risk | Workforce subject to collective bargaining arrangements expiring within one year | |||
Loss Contingencies [Line Items] | |||
Percentage of total employees | 21.00% | ||
DTE Electric | Performance surety bonds | |||
Loss Contingencies [Line Items] | |||
Performance bonds outstanding | $ 119,000,000 | ||
DTE Gas | |||
Loss Contingencies [Line Items] | |||
Number of former MGP sites | site | 14 | ||
Accrued for remediation related to the sites | $ 24,000,000 | $ 24,000,000 | |
Amortization period for MGP costs (in years) | 10 years | ||
DTE Gas | Cleanup completed and site closed | |||
Loss Contingencies [Line Items] | |||
Number of former MGP sites | site | 8 | ||
DTE Gas | Partial closure completed | |||
Loss Contingencies [Line Items] | |||
Number of former MGP sites | site | 4 | ||
Reduction of Carbon Emissions by 2023 | |||
Loss Contingencies [Line Items] | |||
Goal to reduce carbon emissions, percentage | 32.00% | ||
Reduction of Carbon Emissions by 2028 | |||
Loss Contingencies [Line Items] | |||
Goal to reduce carbon emissions, percentage | 50.00% | ||
Reduction of Carbon Emissions by 2040 | |||
Loss Contingencies [Line Items] | |||
Goal to reduce carbon emissions, percentage | 80.00% | ||
Reduction of Carbon Emissions by 2050 | DTE Electric | |||
Loss Contingencies [Line Items] | |||
Goal of net carbon emissions, percentage | 0.00% | ||
CCR and ELG Rules | DTE Electric | |||
Loss Contingencies [Line Items] | |||
Estimated impact of the CCR and ELG rules | $ 522,000,000 | ||
Estimated impact of the CCR and ELG rules for 2022 through 2026 | $ 417,000,000 | ||
Reduction of Greenhouse Gas Emissions by 2050 | DTE Gas | |||
Loss Contingencies [Line Items] | |||
Goal to reduce net greenhouse gas emissions, percentage | 0.00% | ||
Reduction of Emissions from Natural Gas by 2050 | DTE Gas | |||
Loss Contingencies [Line Items] | |||
Goal to reduce emissions from natural gas | 35.00% |
Commitments and Contingencies_3
Commitments and Contingencies (Purchase Commitments) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Purchase Obligation, Fiscal Year Maturity [Abstract] | |
2022 | $ 3,290 |
2023 | 1,796 |
2024 | 1,277 |
2025 | 585 |
2026 | 460 |
2027 and thereafter | 1,966 |
Total | 9,374 |
Long-term power purchase agreements | |
Purchase Obligation, Fiscal Year Maturity [Abstract] | |
2022 | 87 |
2023 | 92 |
2024 | 103 |
2025 | 103 |
2026 | 103 |
2027 and thereafter | 986 |
Total | 1,474 |
Other purchase commitments | |
Purchase Obligation, Fiscal Year Maturity [Abstract] | |
2022 | 3,203 |
2023 | 1,704 |
2024 | 1,174 |
2025 | 482 |
2026 | 357 |
2027 and thereafter | 980 |
Total | 7,900 |
DTE Electric | |
Purchase Obligation, Fiscal Year Maturity [Abstract] | |
2022 | 457 |
2023 | 499 |
2024 | 539 |
2025 | 305 |
2026 | 227 |
2027 and thereafter | 1,281 |
Total | 3,308 |
DTE Electric | Long-term power purchase agreements | |
Purchase Obligation, Fiscal Year Maturity [Abstract] | |
2022 | 92 |
2023 | 97 |
2024 | 108 |
2025 | 108 |
2026 | 109 |
2027 and thereafter | 1,006 |
Total | 1,520 |
DTE Electric | Other purchase commitments | |
Purchase Obligation, Fiscal Year Maturity [Abstract] | |
2022 | 365 |
2023 | 402 |
2024 | 431 |
2025 | 197 |
2026 | 118 |
2027 and thereafter | 275 |
Total | $ 1,788 |
DTE Electric | Minimum | |
Purchase Obligation, Fiscal Year Maturity [Abstract] | |
Share of plant output | 28.00% |
DTE Electric | Maximum | |
Purchase Obligation, Fiscal Year Maturity [Abstract] | |
Share of plant output | 100.00% |
Nuclear Operations (Details)
Nuclear Operations (Details) - DTE Electric $ in Millions | May 16, 2014kWh | May 15, 2014$ / MWh | Dec. 31, 2021USD ($) |
Entity Information [Line Items] | |||
Policy waiting period | 84 days | ||
Insurance coverage for extra expense when power plant unavailable | $ 490 | ||
Period of coverage of policy for extra expenses | 3 years | ||
Primary coverage for stabilization, decontamination, debris removal, repair and/or replacement of property, and decommissioning | $ 1,500 | ||
Excess coverage for stabilization, decontamination, debris removal, repair and/or replacement of property, and decommissioning | 1,250 | ||
Combined coverage limit for total property damage | 2,750 | ||
Total limit for property damage for non-nuclear events | 1,800 | ||
Limit of coverage for aggregate extra expenses for non-nuclear events | $ 328 | ||
Period of coverage for extra expenses | 2 years | ||
Time period for TRIA after the first loss from terrorism | 1 year | ||
NEIL policies against terrorism loss, amount made available to all insured entities (up to) | $ 3,200 | ||
Maximum assessment if loss amount exceeds funds available | 57 | ||
Public liability insurance for a nuclear incident | 450 | ||
One industry aggregate limit of coverage arising from terrorist act outside scope of TRIA | 300 | ||
Maximum deferred premium charges that could be levied against each licensed nuclear facility | 138 | ||
Limit of deferred premium charges per year per facility | $ 20 | ||
Company obligated to pay DOE fee of Fermi 2 electricity generated and sold (in dollars per MWh) | $ / MWh | 1 | ||
New DOE fee for Fermi 2 electricity generated and sold (KWh) | kWh | 0 |
Retirement Benefits and Trust_3
Retirement Benefits and Trusteed Assets (Pension Plan - Pension Cost Inclusions) (Details) - Pension plan - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
Service cost | $ 108 | $ 99 | $ 84 |
Interest cost | 158 | 186 | 219 |
Expected return on plan assets | (339) | (334) | (325) |
Amortization of: | |||
Net actuarial loss | 196 | 171 | 131 |
Prior service cost | 0 | 1 | 1 |
Settlements | 16 | 25 | 2 |
Net pension cost/other postretirement cost (credit) | $ 139 | $ 148 | $ 112 |
Retirement Benefits and Trust_4
Retirement Benefits and Trusteed Assets (Pension Plan - Other Changes in Plan Assets and Benefit Obligations recognized in Reg Assets and OCI) (Details) - Pension plan - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Other changes in plan assets and benefit obligations recognized in Regulatory assets and Other comprehensive income (loss) | ||
Net actuarial (gain) loss | $ (376) | $ 137 |
Amortization of net actuarial loss | (209) | (193) |
Prior service credit (cost) | 4 | 0 |
Amortization of prior service cost | (3) | (1) |
Total recognized in Regulatory assets and Other comprehensive income (loss) | (584) | (57) |
Total recognized in net periodic pension cost, Regulatory assets, and Other comprehensive income (loss) | $ (445) | $ 91 |
Retirement Benefits and Trust_5
Retirement Benefits and Trusteed Assets (Pension Plan - Reconciliation of Obligations, Assets and Funded Status of Plans) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Change in projected benefit obligation | |||
Plan amendments | $ 4 | $ 0 | |
Amounts recognized in Regulatory assets | |||
Regulatory assets | 3,677 | 4,254 | |
Pension plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |||
Accumulated benefit obligation, end of year | 5,448 | 5,843 | |
Change in projected benefit obligation | |||
Projected/Accumulated postretirement benefit obligation, beginning of year | 6,304 | 5,810 | |
Service cost | 108 | 99 | $ 84 |
Interest cost | 158 | 186 | 219 |
Actuarial (gain) loss | (255) | 619 | |
Special termination benefits | 0 | 3 | |
Benefits paid | (414) | (353) | |
Settlements | (48) | (60) | |
Projected/Accumulated postretirement benefit obligation, end of year | 5,857 | 6,304 | 5,810 |
Change in plan assets | |||
Plan assets at fair value, beginning of year | 5,497 | 4,993 | |
Actual return on plan assets | 460 | 815 | |
Company contributions | 12 | 102 | |
Benefits paid | (414) | (353) | |
Settlements | (48) | (60) | |
Plan assets at fair value, end of year | 5,507 | 5,497 | $ 4,993 |
Funded status | (350) | (807) | |
Amount recorded as: | |||
Current liabilities | (11) | (10) | |
Noncurrent liabilities | (339) | (797) | |
Defined benefit plans liabilities | (350) | (807) | |
Amounts recognized in Accumulated other comprehensive income (loss), pre-tax | |||
Net actuarial loss | 126 | 142 | |
Prior service cost | 1 | 3 | |
Amounts recognized in Accumulated other comprehensive income (loss), pre-tax | 127 | 145 | |
Amounts recognized in Regulatory assets | |||
Net actuarial loss | 1,381 | 1,949 | |
Prior service credit | (9) | (11) | |
Regulatory assets | $ 1,372 | $ 1,938 |
Retirement Benefits and Trust_6
Retirement Benefits and Trusteed Assets (Details Textuals) - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Annual contributions per employee, percentage | 4.00% | |||
Defined contribution plan cost | $ 70 | $ 73 | $ 65 | |
DTE Electric | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined contribution plan cost | $ 34 | 34 | 31 | |
DTE Gas | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Annual contributions per employee, percentage | 8.00% | |||
Pension plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Company contributions | $ 12 | 102 | ||
Expected return on plan assets for next fiscal year | 6.80% | |||
Pension plan | Qualified Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Company contributions | $ 0 | 92 | 150 | |
Pension plan | DTE Electric | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Allocated pension benefit costs | 107 | 106 | 93 | |
Pension plan | DTE Electric | Qualified Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Company contributions | 0 | $ 60 | $ 100 | |
Pension plan | Maximum | Qualified Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Estimated future employer contributions in next fiscal year | $ 7 | |||
Pension plan | Maximum | DTE Electric | Qualified Plan | Forecast | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Pension funds transferred to (from) plan | $ 50 | |||
Pension plan | Maximum | DTE Gas | Qualified Plan | Forecast | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Pension funds transferred to (from) plan | $ (50) | |||
Other postretirement benefit plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Expected return on plan assets for next fiscal year | 6.40% | |||
Retiree health care allowance will increase at lower of the rate of medical inflation or a set percentage | 2.00% |
Retirement Benefits and Trust_7
Retirement Benefits and Trusteed Assets (Pension Plan - Contributions) (Details) - Pension Plan - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Cash contributions to qualified pension plans | $ 12 | $ 102 | |
Qualified Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Cash contributions to qualified pension plans | 0 | 92 | $ 150 |
Qualified Plan | DTE Electric | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Cash contributions to qualified pension plans | $ 0 | $ 60 | $ 100 |
Retirement Benefits and Trust_8
Retirement Benefits and Trusteed Assets (Pension Plan - Benefits related to Qualified and Nonqualified Pension Plans Expected to be paid in the Next Ten Years) (Details) - Pension plan $ in Millions | Dec. 31, 2021USD ($) |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |
2022 | $ 346 |
2023 | 360 |
2024 | 341 |
2025 | 350 |
2026 | 346 |
2027-2031 | 1,723 |
Total | $ 3,466 |
Retirement Benefits and Trust_9
Retirement Benefits and Trusteed Assets (Pension Plan - Assumptions used in Determining the PBO and Net Pension Costs) (Details) - Pension plan | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Projected benefit obligation | |||
Discount rate | 2.91% | 2.57% | 3.28% |
Rate of compensation increase | 3.80% | 3.80% | 3.85% |
Cash balance interest crediting rate | 2.40% | 2.00% | 3.30% |
Net pension costs | |||
Discount rate | 2.57% | 3.28% | 4.40% |
Rate of compensation increase | 3.80% | 3.85% | 3.85% |
Expected long-term rate of return on plan assets | 7.00% | 7.10% | 7.30% |
Cash balance interest crediting rate | 2.00% | 3.30% | 3.70% |
Retirement Benefits and Trus_10
Retirement Benefits and Trusteed Assets (Pension Plan - Target Allocations of Plan Assets) (Details) - Pension plan | Dec. 31, 2021 |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation percentage of assets | 100.00% |
U.S. Large Capitalization (Cap) Equity Securities | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation percentage of assets | 13.00% |
U.S. Small Cap and Mid Cap Equity Securities | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation percentage of assets | 3.00% |
Non-U.S. Equity Securities | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation percentage of assets | 13.00% |
Fixed Income Securities | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation percentage of assets | 48.00% |
Hedge Funds and Similar Investments | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation percentage of assets | 11.00% |
Private Equity and Other | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation percentage of assets | 12.00% |
Retirement Benefits and Trus_11
Retirement Benefits and Trusteed Assets (Pension Plan - Fair Value Measurements) (Details) - Pension Plan - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | $ 5,507 | $ 5,497 | $ 4,993 |
Short-term Investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 112 | 92 | |
Equity Securities, Domestic | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 913 | 1,260 | |
Equity Securities, International | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 676 | 891 | |
Fixed Income Securities, Governmental | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 1,026 | 554 | |
Fixed Income Securities, Corporate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 1,466 | 1,404 | |
Hedge Funds and Similar Investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 567 | 710 | |
Private Equity and Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 747 | 586 | |
Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 1,437 | 1,056 | |
Level 1 | Short-term Investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 112 | 92 | |
Level 1 | Equity Securities, Domestic | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 155 | 167 | |
Level 1 | Equity Securities, International | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 88 | 100 | |
Level 1 | Fixed Income Securities, Governmental | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 943 | 459 | |
Level 1 | Fixed Income Securities, Corporate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0 | 0 | |
Level 1 | Hedge Funds and Similar Investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 139 | 238 | |
Level 1 | Private Equity and Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0 | 0 | |
Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 1,612 | 1,560 | |
Level 2 | Short-term Investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0 | 0 | |
Level 2 | Equity Securities, Domestic | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0 | 0 | |
Level 2 | Equity Securities, International | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0 | 0 | |
Level 2 | Fixed Income Securities, Governmental | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 83 | 95 | |
Level 2 | Fixed Income Securities, Corporate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 1,466 | 1,404 | |
Level 2 | Hedge Funds and Similar Investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 63 | 61 | |
Level 2 | Private Equity and Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0 | 0 | |
Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 2,458 | 2,881 | |
Other | Short-term Investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0 | 0 | |
Other | Equity Securities, Domestic | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 758 | 1,093 | |
Other | Equity Securities, International | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 588 | 791 | |
Other | Fixed Income Securities, Governmental | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0 | 0 | |
Other | Fixed Income Securities, Corporate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0 | 0 | |
Other | Hedge Funds and Similar Investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 365 | 411 | |
Other | Private Equity and Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | $ 747 | $ 586 |
Retirement Benefits and Trus_12
Retirement Benefits and Trusteed Assets (OPEB - Contributions to the VEBA) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Contribution Plan Disclosure [Line Items] | |||
Contributions | $ 70 | $ 73 | $ 65 |
DTE Electric | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Contributions | 34 | 34 | 31 |
Retiree healthcare plan (VEBA) | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Contributions | 18 | 15 | 13 |
Retiree healthcare plan (VEBA) | DTE Electric | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Contributions | $ 8 | $ 7 | $ 6 |
Retirement Benefits and Trus_13
Retirement Benefits and Trusteed Assets (OPEB - Postretirement Cost Inclusions) (Details) - Other postretirement benefit plan - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 30 | $ 26 | $ 22 |
Interest cost | 46 | 56 | 70 |
Expected return on plan assets | (129) | (128) | (96) |
Amortization of: | |||
Net actuarial loss | 13 | 16 | 12 |
Prior service credit | (19) | (19) | (9) |
Net pension cost/other postretirement cost (credit) | (59) | (49) | (1) |
DTE Electric | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | 23 | 20 | 16 |
Interest cost | 35 | 43 | 53 |
Expected return on plan assets | (86) | (87) | (65) |
Amortization of: | |||
Net actuarial loss | 11 | 11 | 5 |
Prior service credit | (14) | (14) | (7) |
Net pension cost/other postretirement cost (credit) | $ (31) | $ (27) | $ 2 |
Retirement Benefits and Trus_14
Retirement Benefits and Trusteed Assets (OPEB - Other Changes in Plan Assets and APBO Recognized in Regulatory Assets and OCI) (Details) - Other postretirement benefit plan - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Other changes in plan assets and accumulated postretirement benefit obligation recognized in Regulatory assets and Other comprehensive income (loss) | ||
Net actuarial gain | $ (113) | $ (38) |
Amortization of net actuarial loss | (13) | (16) |
Prior service credit (cost) | 1 | 0 |
Amortization of prior service credit | 19 | 19 |
Total recognized in Regulatory assets and Other comprehensive income (loss) | (106) | (35) |
Total recognized in net periodic pension cost, Regulatory assets, and Other comprehensive income (loss) | (165) | (84) |
DTE Electric | ||
Other changes in plan assets and accumulated postretirement benefit obligation recognized in Regulatory assets and Other comprehensive income (loss) | ||
Net actuarial gain | (84) | (26) |
Amortization of net actuarial loss | (11) | (11) |
Amortization of prior service credit | 14 | 14 |
Total recognized in Regulatory assets and Other comprehensive income (loss) | (81) | (23) |
Total recognized in net periodic pension cost, Regulatory assets, and Other comprehensive income (loss) | $ (112) | $ (50) |
Retirement Benefits and Trus_15
Retirement Benefits and Trusteed Assets (OPEB - Reconciliation of Obligations, Assets and Funded Status of Plans) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Change in accumulated postretirement benefit obligation | |||
Plan amendments | $ 4 | $ 0 | |
Amounts recognized in Regulatory assets | |||
Regulatory assets | 3,677 | 4,254 | |
Other postretirement benefit plan | |||
Change in accumulated postretirement benefit obligation | |||
Projected/Accumulated postretirement benefit obligation, beginning of year | 1,807 | 1,751 | |
Service cost | 30 | 26 | $ 22 |
Interest cost | 46 | 56 | 70 |
Plan amendments | 1 | 0 | |
Actuarial (gain) loss | (100) | 54 | |
Benefits paid | (82) | (80) | |
Projected/Accumulated postretirement benefit obligation, end of year | 1,702 | 1,807 | 1,751 |
Change in plan assets | |||
Plan assets at fair value, beginning of year | 1,960 | 1,819 | |
Actual return on plan assets | 142 | 220 | |
Benefits paid | (81) | (79) | |
Plan assets at fair value, end of year | 2,021 | 1,960 | 1,819 |
Funded status | 319 | 153 | |
Amount recorded as: | |||
Noncurrent assets | 678 | 561 | |
Current liabilities | (1) | (1) | |
Noncurrent liabilities | (358) | (407) | |
Defined benefit plans assets (liabilities) | 319 | 153 | |
Amounts recognized in Accumulated other comprehensive income (loss), pre-tax | |||
Net actuarial gain | (1) | (7) | |
Amounts recognized in Regulatory assets | |||
Net actuarial loss | 102 | 234 | |
Prior service credit | (49) | (69) | |
Regulatory assets | 53 | 165 | |
DTE Electric | |||
Amounts recognized in Regulatory assets | |||
Regulatory assets | 3,136 | 3,563 | |
DTE Electric | Other postretirement benefit plan | |||
Change in accumulated postretirement benefit obligation | |||
Projected/Accumulated postretirement benefit obligation, beginning of year | 1,369 | 1,337 | |
Service cost | 23 | 20 | 16 |
Interest cost | 35 | 43 | 53 |
Plan amendments | 0 | 0 | |
Actuarial (gain) loss | (73) | 31 | |
Benefits paid | (61) | (62) | |
Projected/Accumulated postretirement benefit obligation, end of year | 1,293 | 1,369 | 1,337 |
Change in plan assets | |||
Plan assets at fair value, beginning of year | 1,320 | 1,236 | |
Actual return on plan assets | 96 | 145 | |
Benefits paid | (61) | (61) | |
Plan assets at fair value, end of year | 1,355 | 1,320 | $ 1,236 |
Funded status | 62 | (49) | |
Amount recorded as: | |||
Noncurrent assets | 402 | 335 | |
Current liabilities | 0 | 0 | |
Noncurrent liabilities | (340) | (384) | |
Defined benefit plans assets (liabilities) | 62 | (49) | |
Amounts recognized in Accumulated other comprehensive income (loss), pre-tax | |||
Net actuarial gain | 0 | 0 | |
Amounts recognized in Regulatory assets | |||
Net actuarial loss | 61 | 156 | |
Prior service credit | (34) | (48) | |
Regulatory assets | $ 27 | $ 108 |
Retirement Benefits and Trus_16
Retirement Benefits and Trusteed Assets (OPEB - Accumulated Postretirement Obligations in Excess of Plan Assets) (Details) - Other postretirement benefit plan - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 |
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated postretirement benefit obligation | $ 822 | $ 878 |
Fair value of plan assets | 463 | 470 |
Accumulated postretirement benefit obligation in excess of plan assets | 359 | 408 |
DTE Electric | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated postretirement benefit obligation | 775 | 826 |
Fair value of plan assets | 435 | 442 |
Accumulated postretirement benefit obligation in excess of plan assets | $ 340 | $ 384 |
Retirement Benefits and Trus_17
Retirement Benefits and Trusteed Assets (OPEB - Benefits related to Qualified and Nonqualified Pension Plans Expected to be paid in the Next Ten Years) (Details) - Other postretirement benefit plan $ in Millions | Dec. 31, 2021USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2022 | $ 85 |
2023 | 89 |
2024 | 91 |
2025 | 94 |
2026 | 95 |
2027-2031 | 493 |
Total | 947 |
DTE Electric | |
Defined Benefit Plan Disclosure [Line Items] | |
2022 | 64 |
2023 | 68 |
2024 | 69 |
2025 | 71 |
2026 | 72 |
2027-2031 | 375 |
Total | $ 719 |
Retirement Benefits and Trus_18
Retirement Benefits and Trusteed Assets (OPEB - Assumptions used in Determining the PBO and Net Pension Costs) (Details) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Accumulated postretirement benefit obligation | |||
Ultimate health care trend rate | 4.50% | ||
Other postretirement benefit costs | |||
Ultimate health care trend rate | 4.50% | ||
Other postretirement benefit plan | |||
Accumulated postretirement benefit obligation | |||
Discount rate | 2.91% | 2.58% | 3.29% |
Health care trend rate pre- 65 | 6.75% | 6.75% | 6.75% |
Health care trend post- 65 | 7.25% | 7.25% | 7.25% |
Ultimate health care trend rate | 4.50% | 4.50% | 4.50% |
Other postretirement benefit costs | |||
Discount rate | 2.58% | 3.29% | 4.40% |
Expected long-term rate of return on plan assets | 6.70% | 7.20% | 7.30% |
Health care trend rate pre- 65 | 6.75% | 6.75% | 6.75% |
Health care trend post- 65 | 7.25% | 7.25% | 7.25% |
Ultimate health care trend rate | 4.50% | 4.50% | 4.50% |
Retirement Benefits and Trus_19
Retirement Benefits and Trusteed Assets (OPEB - Target Allocations of Plan Assets) (Details) - Other postretirement benefit plan | Dec. 31, 2021 |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation percentage of assets | 100.00% |
U.S. Large Cap Equity Securities | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation percentage of assets | 10.00% |
U.S. Small Cap and Mid Cap Equity Securities | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation percentage of assets | 2.00% |
Non-U.S. Equity Securities | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation percentage of assets | 10.00% |
Fixed Income Securities | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation percentage of assets | 54.00% |
Hedge Funds and Similar Investments | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation percentage of assets | 10.00% |
Private Equity and Other | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation percentage of assets | 14.00% |
Retirement Benefits and Trus_20
Retirement Benefits and Trusteed Assets (OPEB - Fair Value Measurements) (Details) - Other postretirement benefit plan - USD ($) $ in Millions | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | $ 2,021 | $ 1,960 | $ 1,819 |
Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 494 | 196 | |
Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 413 | 539 | |
Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 1,114 | 1,225 | |
Short-term Investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 39 | 21 | |
Short-term Investments | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 39 | 21 | |
Short-term Investments | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0 | 0 | |
Short-term Investments | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0 | 0 | |
Equity Securities, Domestic | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 226 | 251 | |
Equity Securities, Domestic | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 27 | 51 | |
Equity Securities, Domestic | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0 | 0 | |
Equity Securities, Domestic | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 199 | 200 | |
Equity Securities, International | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 168 | 201 | |
Equity Securities, International | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 27 | 23 | |
Equity Securities, International | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0 | 0 | |
Equity Securities, International | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 141 | 178 | |
Fixed Income Securities, Governmental | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 375 | 85 | |
Fixed Income Securities, Governmental | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 343 | 40 | |
Fixed Income Securities, Governmental | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 32 | 45 | |
Fixed Income Securities, Governmental | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0 | 0 | |
Fixed Income Securities, Corporate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 626 | 856 | |
Fixed Income Securities, Corporate | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0 | 0 | |
Fixed Income Securities, Corporate | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 355 | 477 | |
Fixed Income Securities, Corporate | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 271 | 379 | |
Hedge Funds and Similar Investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 204 | 202 | |
Hedge Funds and Similar Investments | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 58 | 61 | |
Hedge Funds and Similar Investments | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 26 | 17 | |
Hedge Funds and Similar Investments | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 120 | 124 | |
Private Equity and Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 383 | 344 | |
Private Equity and Other | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0 | 0 | |
Private Equity and Other | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0 | 0 | |
Private Equity and Other | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 383 | 344 | |
DTE Electric | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 1,355 | 1,320 | $ 1,236 |
DTE Electric | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 331 | 128 | |
DTE Electric | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 273 | 363 | |
DTE Electric | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 751 | 829 | |
DTE Electric | Short-term Investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 26 | 14 | |
DTE Electric | Short-term Investments | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 26 | 14 | |
DTE Electric | Short-term Investments | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0 | 0 | |
DTE Electric | Short-term Investments | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0 | 0 | |
DTE Electric | Equity Securities, Domestic | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 150 | 164 | |
DTE Electric | Equity Securities, Domestic | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 18 | 33 | |
DTE Electric | Equity Securities, Domestic | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0 | 0 | |
DTE Electric | Equity Securities, Domestic | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 132 | 131 | |
DTE Electric | Equity Securities, International | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 111 | 133 | |
DTE Electric | Equity Securities, International | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 18 | 16 | |
DTE Electric | Equity Securities, International | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0 | 0 | |
DTE Electric | Equity Securities, International | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 93 | 117 | |
DTE Electric | Fixed Income Securities, Governmental | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 251 | 55 | |
DTE Electric | Fixed Income Securities, Governmental | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 230 | 24 | |
DTE Electric | Fixed Income Securities, Governmental | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 21 | 31 | |
DTE Electric | Fixed Income Securities, Governmental | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0 | 0 | |
DTE Electric | Fixed Income Securities, Corporate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 422 | 584 | |
DTE Electric | Fixed Income Securities, Corporate | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0 | 0 | |
DTE Electric | Fixed Income Securities, Corporate | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 235 | 321 | |
DTE Electric | Fixed Income Securities, Corporate | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 187 | 263 | |
DTE Electric | Hedge Funds and Similar Investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 137 | 135 | |
DTE Electric | Hedge Funds and Similar Investments | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 39 | 41 | |
DTE Electric | Hedge Funds and Similar Investments | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 17 | 11 | |
DTE Electric | Hedge Funds and Similar Investments | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 81 | 83 | |
DTE Electric | Private Equity and Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 258 | 235 | |
DTE Electric | Private Equity and Other | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0 | 0 | |
DTE Electric | Private Equity and Other | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0 | 0 | |
DTE Electric | Private Equity and Other | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | $ 258 | $ 235 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details Textuals) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021USD ($)shares | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Authorized limit of common stock shares (in shares) | 20,162,716 | ||
Performance units price per unit (in dollars per share) | 1 | ||
DTE Electric | DTE Energy | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation cost charged against income (in millions) | $ | $ 45 | $ 37 | $ 43 |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum award per employee (in shares) | 500,000 | ||
Restricted Stock Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum award per employee (in shares) | 150,000 | ||
Award vesting period | 3 years | ||
Compensation cost charged against income (in millions) | $ | $ 14 | $ 13 | $ 11 |
Performance Share Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum award per employee (in shares) | 300,000 | ||
Award vesting period | 3 years | ||
Performance Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum award per employee (in shares) | 1,000,000 |
Stock-Based Compensation (Compo
Stock-Based Compensation (Components of Stock Based Compensation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Components of stock based-compensation [Abstract] | |||
Stock-based compensation expense | $ 71 | $ 63 | $ 71 |
Tax benefit | 13 | 12 | 13 |
Stock-based compensation cost capitalized in Property, plant, and equipment | $ 0 | $ 0 | $ 16 |
Stock-Based Compensation (Activ
Stock-Based Compensation (Activity Relating to Performance Share Awards) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Compensation Expense Recorded [Line Items] | |||
Compensation expense | $ 71 | $ 63 | $ 71 |
Performance Share Awards | |||
Compensation Expense Recorded [Line Items] | |||
Weighted grant date fair value of awards granted (in dollars per share) | $ 118.43 | $ 129.68 | $ 115.85 |
Awards settled in cash | $ 12 | $ 21 | $ 19 |
Awards settled in stock | 74 | 53 | 79 |
Compensation expense | $ 58 | $ 50 | $ 60 |
Stock-Based Compensation (Perfo
Stock-Based Compensation (Performance Share Awards Activity) (Details) - Performance shares - $ / shares | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Performance Shares | |||
Balance at beginning of period (in shares) | 1,127,437 | ||
Grants (in shares) | 567,196 | ||
Forfeitures (in shares) | (162,091) | ||
Payouts (in shares) | (429,925) | ||
Balance at end of period (in shares) | 1,102,617 | 1,127,437 | |
Weighted Average Grant Date Fair Value | |||
Balance at beginning of period (in dollars per share) | $ 117.06 | ||
Grants (in dollars per share) | 118.43 | $ 129.68 | $ 115.85 |
Forfeitures (in dollars per share) | 123.04 | ||
Payouts (in dollars per share) | 107.84 | ||
Balance at end of period (in dollars per share) | $ 120.33 | $ 117.06 | |
Incremental shares granted to DTE Energy employees who did not separate with DT Midstream (in shares) | 166,686 | ||
Cancellation of shares that were held by employees that separated due to the spin-off (in shares) | 95,923 |
Stock-Based Compensation (Unrec
Stock-Based Compensation (Unrecognized Compensation Costs) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Share Based Compensation Unrecognized and Non-Vested Cost [Line Items] | |
Unrecognized Compensation Cost | $ 63 |
Weighted Average to be Recognized | 1 year 2 months 4 days |
Stock awards | |
Share Based Compensation Unrecognized and Non-Vested Cost [Line Items] | |
Unrecognized Compensation Cost | $ 19 |
Weighted Average to be Recognized | 1 year 6 months |
Performance shares | |
Share Based Compensation Unrecognized and Non-Vested Cost [Line Items] | |
Unrecognized Compensation Cost | $ 44 |
Weighted Average to be Recognized | 1 year 14 days |
Segment and Related Informati_3
Segment and Related Information (Details Textuals) customer in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2021USD ($)customer | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Segment Reporting [Abstract] | |||
Number of electric utility customers | customer | 2.3 | ||
Number of gas utility customers | customer | 1.3 | ||
Segment Reporting Information [Line Items] | |||
Operating Revenues — Non-utility operations | $ 7,676 | $ 4,578 | $ 5,530 |
Continuing operations | |||
Segment Reporting Information [Line Items] | |||
Operating Revenues — Non-utility operations | 7,676 | 4,578 | 5,530 |
Reclassifications and Eliminations | Continuing operations | |||
Segment Reporting Information [Line Items] | |||
Operating Revenues — Non-utility operations | (651) | (525) | (647) |
Reclassifications and Eliminations | Gas Storage and Pipelines | Continuing operations | |||
Segment Reporting Information [Line Items] | |||
Operating Revenues — Non-utility operations | $ 14 | $ 26 | $ 27 |
Segment and Related Informati_4
Segment and Related Information (Inter-Segment Billing) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | $ (4,647) | $ (3,715) | $ (3,021) | $ (3,581) | $ (3,080) | $ (3,080) | $ (2,411) | $ (2,852) | $ (14,964) | $ (11,423) | $ (12,168) |
Operating Revenues — Non-utility operations | (7,676) | (4,578) | (5,530) | ||||||||
Electric | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | (5,821) | (5,520) | (5,229) | ||||||||
Gas | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | (1,553) | (1,414) | (1,482) | ||||||||
DTE Vantage | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | (1,482) | (1,224) | (1,560) | ||||||||
Energy Trading | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | (6,831) | (3,863) | (4,610) | ||||||||
Reclassifications and Eliminations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | 711 | 574 | 688 | ||||||||
Reclassifications and Eliminations | Electric | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | 64 | 61 | 56 | ||||||||
Operating Revenues — Non-utility operations | 4 | 2 | |||||||||
Reclassifications and Eliminations | Gas | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | 14 | 16 | 12 | ||||||||
Reclassifications and Eliminations | DTE Vantage | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | 575 | 464 | 596 | ||||||||
Reclassifications and Eliminations | Energy Trading | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | 56 | 31 | 22 | ||||||||
Reclassifications and Eliminations | Corporate and Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues | $ 2 | $ 2 | $ 2 |
Segment and Related Informati_5
Segment and Related Information (Financial Data) (Details) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues — Utility operations | $ 7,288 | $ 6,845 | $ 6,638 | ||||||||
Operating Revenues — Non-utility operations | 7,676 | 4,578 | 5,530 | ||||||||
Depreciation and amortization | 1,377 | 1,292 | 1,169 | ||||||||
Interest expense | 630 | 601 | 568 | ||||||||
Interest income | (22) | (29) | (9) | ||||||||
Equity in earnings of equity method investees | 38 | 26 | 14 | ||||||||
Income Tax Expense (Benefit) | (130) | 37 | 71 | ||||||||
Net Income (Loss) Attributable to DTE Energy Company | $ 306 | $ 25 | $ 179 | $ 397 | $ 275 | $ 476 | $ 277 | $ 340 | 907 | 1,368 | 1,169 |
Investments in equity method investees | 187 | 177 | 187 | 177 | |||||||
Capital expenditures and acquisitions | 3,772 | 3,983 | 5,467 | ||||||||
Goodwill | 1,993 | 1,993 | 1,993 | 1,993 | |||||||
Total Assets | 39,719 | 45,496 | 39,719 | 45,496 | 42,268 | ||||||
Loss on extinguishment of debt | 376 | 393 | 6 | 0 | |||||||
Deferred tax benefit for deferred tax remeasurement | $ 85 | 85 | |||||||||
Continuing operations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues — Utility operations | 7,288 | 6,845 | 6,638 | ||||||||
Operating Revenues — Non-utility operations | 7,676 | 4,578 | 5,530 | ||||||||
Depreciation and amortization | 1,377 | 1,292 | 1,169 | ||||||||
Interest expense | 630 | 601 | 568 | ||||||||
Interest income | (22) | (29) | (9) | ||||||||
Equity in earnings of equity method investees | 38 | 26 | 14 | ||||||||
Income Tax Expense (Benefit) | (130) | 37 | 71 | ||||||||
Net Income (Loss) Attributable to DTE Energy Company | 796 | 1,054 | 955 | ||||||||
Investments in equity method investees | 187 | 177 | 187 | 177 | 177 | ||||||
Capital expenditures and acquisitions | 3,712 | 3,466 | 2,957 | ||||||||
Goodwill | 1,993 | 1,993 | 1,993 | 1,993 | 1,993 | ||||||
Total Assets | 39,719 | 37,420 | 39,719 | 37,420 | 34,605 | ||||||
Discontinued operations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Net Income (Loss) Attributable to DTE Energy Company | 111 | 314 | 214 | ||||||||
Capital expenditures and acquisitions | 60 | 517 | 2,510 | ||||||||
Total Assets | 0 | 8,076 | 0 | 8,076 | 7,663 | ||||||
Operating Segments | Electric | Continuing operations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues — Utility operations | 5,809 | 5,506 | 5,224 | ||||||||
Operating Revenues — Non-utility operations | 12 | 14 | 5 | ||||||||
Depreciation and amortization | 1,122 | 1,057 | 949 | ||||||||
Interest expense | 338 | 337 | 315 | ||||||||
Interest income | 0 | (4) | (2) | ||||||||
Equity in earnings of equity method investees | 0 | 0 | 1 | ||||||||
Income Tax Expense (Benefit) | 104 | 108 | 137 | ||||||||
Net Income (Loss) Attributable to DTE Energy Company | 864 | 777 | 714 | ||||||||
Investments in equity method investees | 6 | 6 | 6 | 6 | 5 | ||||||
Capital expenditures and acquisitions | 3,016 | 2,701 | 2,368 | ||||||||
Goodwill | 1,208 | 1,208 | 1,208 | 1,208 | 1,208 | ||||||
Total Assets | 28,524 | 26,588 | 28,524 | 26,588 | 24,617 | ||||||
Operating Segments | Gas | Continuing operations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues — Utility operations | 1,553 | 1,414 | 1,482 | ||||||||
Operating Revenues — Non-utility operations | 0 | 0 | 0 | ||||||||
Depreciation and amortization | 177 | 157 | 144 | ||||||||
Interest expense | 81 | 80 | 78 | ||||||||
Interest income | (6) | (5) | (6) | ||||||||
Equity in earnings of equity method investees | 1 | 1 | 2 | ||||||||
Income Tax Expense (Benefit) | 38 | 48 | 62 | ||||||||
Net Income (Loss) Attributable to DTE Energy Company | 214 | 186 | 185 | ||||||||
Investments in equity method investees | 13 | 12 | 13 | 12 | 11 | ||||||
Capital expenditures and acquisitions | 621 | 574 | 530 | ||||||||
Goodwill | 743 | 743 | 743 | 743 | 743 | ||||||
Total Assets | 6,729 | 6,339 | 6,729 | 6,339 | 5,717 | ||||||
Operating Segments | DTE Vantage | Continuing operations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues — Utility operations | 0 | 0 | 0 | ||||||||
Operating Revenues — Non-utility operations | 1,482 | 1,224 | 1,560 | ||||||||
Depreciation and amortization | 71 | 72 | 69 | ||||||||
Interest expense | 28 | 37 | 33 | ||||||||
Interest income | (23) | (22) | (9) | ||||||||
Equity in earnings of equity method investees | 8 | 17 | 14 | ||||||||
Income Tax Expense (Benefit) | (31) | (40) | (63) | ||||||||
Net Income (Loss) Attributable to DTE Energy Company | 168 | 134 | 133 | ||||||||
Investments in equity method investees | 118 | 125 | 118 | 125 | 130 | ||||||
Capital expenditures and acquisitions | 69 | 186 | 54 | ||||||||
Goodwill | 25 | 25 | 25 | 25 | 25 | ||||||
Total Assets | 983 | 696 | 983 | 696 | 537 | ||||||
Operating Segments | Energy Trading | Continuing operations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues — Utility operations | 0 | 0 | 0 | ||||||||
Operating Revenues — Non-utility operations | 6,831 | 3,863 | 4,610 | ||||||||
Depreciation and amortization | 6 | 5 | 6 | ||||||||
Interest expense | 5 | 6 | 8 | ||||||||
Interest income | (1) | (2) | (4) | ||||||||
Equity in earnings of equity method investees | 0 | 0 | 0 | ||||||||
Income Tax Expense (Benefit) | (27) | 12 | 17 | ||||||||
Net Income (Loss) Attributable to DTE Energy Company | (83) | 36 | 49 | ||||||||
Investments in equity method investees | 0 | 0 | 0 | 0 | 0 | ||||||
Capital expenditures and acquisitions | 6 | 5 | 5 | ||||||||
Goodwill | 17 | 17 | 17 | 17 | 17 | ||||||
Total Assets | 1,174 | 807 | 1,174 | 807 | 798 | ||||||
Operating Segments | Corporate and Other | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Loss on extinguishment of debt | 376 | ||||||||||
Deferred tax benefit for deferred tax remeasurement | 85 | ||||||||||
Operating Segments | Corporate and Other | Continuing operations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues — Utility operations | 0 | 0 | 0 | ||||||||
Operating Revenues — Non-utility operations | 2 | 2 | 2 | ||||||||
Depreciation and amortization | 1 | 1 | 1 | ||||||||
Interest expense | 270 | 325 | 266 | ||||||||
Interest income | (84) | (180) | (120) | ||||||||
Equity in earnings of equity method investees | 29 | 8 | (3) | ||||||||
Income Tax Expense (Benefit) | (214) | (91) | (82) | ||||||||
Net Income (Loss) Attributable to DTE Energy Company | (367) | (79) | (126) | ||||||||
Investments in equity method investees | 50 | 34 | 50 | 34 | 31 | ||||||
Capital expenditures and acquisitions | 0 | 0 | 0 | ||||||||
Goodwill | 0 | 0 | 0 | 0 | 0 | ||||||
Total Assets | 4,281 | 5,063 | 4,281 | 5,063 | 4,779 | ||||||
Reclassifications and Eliminations | Continuing operations | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues — Utility operations | (74) | (75) | (68) | ||||||||
Operating Revenues — Non-utility operations | (651) | (525) | (647) | ||||||||
Depreciation and amortization | 0 | 0 | 0 | ||||||||
Interest expense | (92) | (184) | (132) | ||||||||
Interest income | 92 | 184 | 132 | ||||||||
Equity in earnings of equity method investees | 0 | 0 | 0 | ||||||||
Income Tax Expense (Benefit) | 0 | 0 | 0 | ||||||||
Net Income (Loss) Attributable to DTE Energy Company | 0 | 0 | 0 | ||||||||
Investments in equity method investees | 0 | 0 | 0 | 0 | 0 | ||||||
Capital expenditures and acquisitions | 0 | 0 | 0 | ||||||||
Goodwill | 0 | 0 | 0 | 0 | 0 | ||||||
Total Assets | $ (1,972) | $ (2,073) | (1,972) | (2,073) | $ (1,843) | ||||||
Reclassifications and Eliminations | Electric | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Operating Revenues — Non-utility operations | $ (4) | $ (2) |
Related Party Transactions (DTE
Related Party Transactions (DTE Electric Transactions with Affiliated Companies) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Related Party Transaction [Line Items] | |||
Dividends declared | $ 752,000,000 | $ 796,000,000 | $ 714,000,000 |
Dividends paid | 791,000,000 | 760,000,000 | 692,000,000 |
DTE Electric | |||
Related Party Transaction [Line Items] | |||
Dividends declared | 588,000,000 | 539,000,000 | 494,000,000 |
Dividends paid | 588,000,000 | 539,000,000 | 494,000,000 |
DTE Electric | Energy sales | |||
Related Party Transaction [Line Items] | |||
Revenues and Other Income | 9,000,000 | 8,000,000 | 10,000,000 |
DTE Electric | Other services and interest | |||
Related Party Transaction [Line Items] | |||
Other services and interest | 2,000,000 | 2,000,000 | 5,000,000 |
Costs | 0 | 1,000,000 | 24,000,000 |
DTE Electric | Shared capital assets | |||
Related Party Transaction [Line Items] | |||
Revenues and Other Income | 49,000,000 | 47,000,000 | 42,000,000 |
DTE Electric | Fuel and purchased power | |||
Related Party Transaction [Line Items] | |||
Costs | 13,000,000 | 16,000,000 | 6,000,000 |
DTE Electric | Corporate expenses | |||
Related Party Transaction [Line Items] | |||
Costs | 391,000,000 | 367,000,000 | 372,000,000 |
DTE Electric | DTE Energy | |||
Related Party Transaction [Line Items] | |||
Dividends declared | 588,000,000 | 539,000,000 | 494,000,000 |
Dividends paid | 588,000,000 | 539,000,000 | 494,000,000 |
Capital contribution from DTE Energy | 555,000,000 | 636,000,000 | 180,000,000 |
DTE Electric | DTE Energy Foundation | |||
Related Party Transaction [Line Items] | |||
Charitable contributions to foundation | $ 2,000,000 | $ 20,000,000 | $ 0 |
Supplementary Quarterly Finan_3
Supplementary Quarterly Financial Information (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2021 | Sep. 30, 2021 | Jun. 30, 2021 | Mar. 31, 2021 | Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Operating Revenues | $ 4,647 | $ 3,715 | $ 3,021 | $ 3,581 | $ 3,080 | $ 3,080 | $ 2,411 | $ 2,852 | $ 14,964 | $ 11,423 | $ 12,168 |
Operating Income | 415 | 405 | 242 | 433 | 368 | 479 | 263 | 445 | 1,495 | 1,555 | 1,430 |
Net Income from Continuing Operations | 300 | 55 | 114 | 317 | 206 | 370 | 201 | 268 | 786 | 1,045 | 942 |
Net Income (Loss) from Discontinued Operations | 5 | (33) | 65 | 80 | 69 | 107 | 76 | 74 | 117 | 326 | 230 |
Net Income | 305 | 22 | 179 | 397 | 275 | 477 | 277 | 342 | 903 | 1,371 | 1,172 |
Net Income Attributable to DTE Energy Company/DTE Electric Company | $ 306 | $ 25 | $ 179 | $ 397 | $ 275 | $ 476 | $ 277 | $ 340 | $ 907 | $ 1,368 | $ 1,169 |
Basic Earnings per Share | |||||||||||
Continuing operations (in dollars per share) | $ 1.56 | $ 0.30 | $ 0.60 | $ 1.65 | $ 1.08 | $ 1.93 | $ 1.06 | $ 1.39 | $ 4.11 | $ 5.46 | $ 5.16 |
Discontinued operations (in dollars per share) | 0.02 | (0.17) | 0.32 | 0.40 | 0.34 | 0.54 | 0.38 | 0.38 | 0.57 | 1.63 | 1.16 |
Basic Earnings per Common Share (in dollars per share) | 1.58 | 0.13 | 0.92 | 2.05 | 1.42 | 2.47 | 1.44 | 1.77 | 4.68 | 7.09 | 6.32 |
Diluted Earnings per Share | |||||||||||
Continuing operations (in dollars per share) | 1.55 | 0.30 | 0.60 | 1.65 | 1.08 | 1.92 | 1.06 | 1.39 | 4.10 | 5.45 | 5.15 |
Discontinued operations (in dollars per share) | 0.02 | (0.17) | 0.32 | 0.40 | 0.34 | 0.54 | 0.38 | 0.37 | 0.57 | 1.63 | 1.16 |
Diluted Earnings per Common Share (in dollars per share) | $ 1.57 | $ 0.13 | $ 0.92 | $ 2.05 | $ 1.42 | $ 2.46 | $ 1.44 | $ 1.76 | $ 4.67 | $ 7.08 | $ 6.31 |
Loss on extinguishment of debt | $ 376 | $ 393 | $ 6 | $ 0 | |||||||
Deferred tax benefit for deferred tax remeasurement | $ 85 | $ 85 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Allowance for Doubtful Accounts (shown as deduction from Accounts receivable in DTE Energy's Consolidated Statements of Financial Position) | |||
Balance at Beginning of Period | $ 104 | ||
Additions: | |||
Balance at End of Period | 92 | $ 104 | |
DTE Electric | |||
Allowance for Doubtful Accounts (shown as deduction from Accounts receivable in DTE Energy's Consolidated Statements of Financial Position) | |||
Balance at Beginning of Period | 57 | ||
Additions: | |||
Balance at End of Period | 54 | 57 | |
Allowance for Doubtful Accounts | |||
Allowance for Doubtful Accounts (shown as deduction from Accounts receivable in DTE Energy's Consolidated Statements of Financial Position) | |||
Balance at Beginning of Period | 104 | 83 | $ 91 |
Additions: | |||
Charged to costs and expenses | 54 | 105 | 103 |
Charged to other accounts | 61 | 50 | 56 |
Deductions | (127) | (134) | (167) |
Balance at End of Period | 92 | 104 | 83 |
Allowance for Doubtful Accounts | DTE Electric | |||
Allowance for Doubtful Accounts (shown as deduction from Accounts receivable in DTE Energy's Consolidated Statements of Financial Position) | |||
Balance at Beginning of Period | 57 | 46 | 53 |
Additions: | |||
Charged to costs and expenses | 36 | 61 | 65 |
Charged to other accounts | 38 | 30 | 36 |
Deductions | (77) | (80) | (108) |
Balance at End of Period | $ 54 | $ 57 | $ 46 |