DEI_Document
DEI Document | 9 Months Ended |
Sep. 30, 2013 | |
Entity Registrant Name | DTE ENERGY CO |
Entity Central Index Key | 936340 |
Current Fiscal Year End Date | -21 |
Entity Filer Category | Large Accelerated Filer |
Document Type | 10-Q |
Document Period End Date | 30-Sep-13 |
Document Fiscal Year Focus | 2013 |
Document Fiscal Period Focus | Q3 |
Amendment Flag | FALSE |
Entity Common Stock, Shares Outstanding | 176,797,248 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Operating Revenues | $2,387 | $2,190 | $7,128 | $6,442 |
Operating Expenses | ||||
Fuel, purchased power and gas | 967 | 761 | 2,931 | 2,347 |
Operation and maintenance | 728 | 687 | 2,168 | 2,111 |
Depreciation, depletion and amortization | 284 | 259 | 811 | 730 |
Taxes other than income | 84 | 78 | 262 | 252 |
Asset (gains) and losses, reserves and impairments, net | -5 | -1 | -6 | -10 |
Total operating expenses | 2,058 | 1,784 | 6,166 | 5,430 |
Operating Income | 329 | 406 | 962 | 1,012 |
Other (Income) and Deductions | ||||
Interest expense | 106 | 109 | 327 | 331 |
Interest income | -2 | -2 | -7 | -7 |
Other income | -58 | -47 | -148 | -125 |
Other expenses | 7 | 9 | 23 | 27 |
Total Other (Income) and Deductions | -53 | -69 | -195 | -226 |
Income Before Income Taxes | 276 | 337 | 767 | 786 |
Income Tax Expense | 76 | 108 | 225 | 251 |
Income from Continuing Operations | 200 | 229 | 542 | 535 |
Loss from Discontinued Operations, net of tax | 0 | 1 | 0 | 0 |
Net Income | 200 | 230 | 542 | 535 |
Less: Net Income Attributable to Noncontrolling Interests | 2 | 3 | 5 | 6 |
Net Income Attributable to DTE Energy Company | $198 | $227 | $537 | $529 |
Basic Earnings per Common Share | ||||
Total Basic Earnings per Common Share | $1.13 | $1.32 | $3.07 | $3.09 |
Income from continuing operations | $1.13 | $1.31 | $3.07 | $3.09 |
Loss from discontinued operations, net of tax | $0 | $0.01 | $0 | $0 |
Diluted Earnings per Common Share | ||||
Total Diluted Earnings per Common Share | $1.13 | $1.31 | $3.07 | $3.08 |
Income from continuing operations | $1.13 | $1.30 | $3.07 | $3.08 |
Loss from discontinued operations, net of tax | $0 | $0.01 | $0 | $0 |
Weighted Average Common Shares Outstanding | ||||
Basic | 175 | 172 | 174 | 171 |
Diluted | 176 | 172 | 175 | 171 |
Dividends Declared per Common Share | $0.66 | $0.62 | $1.93 | $1.80 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income (Unaudited) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Statement of Income and Comprehensive Income [Abstract] | ||||
Net Income | $200 | $230 | $542 | $535 |
Benefit obligations: | ||||
Benefit obligations, net of tax | -2 | -3 | -7 | -9 |
Net unrealized gains (losses) on derivatives: | ||||
Net unrealized gains on investments during the period, net of taxes of $1, $—, $1 and $— | 1 | 0 | 1 | 1 |
Foreign currency translation, net of taxes of $—, $1, $(1) and $1 | 1 | 1 | -1 | 1 |
Other Comprehensive income | 4 | 4 | 7 | 11 |
Comprehensive income | 204 | 234 | 549 | 546 |
Less: Comprehensive income attributable to noncontrolling interests | 2 | 3 | 5 | 6 |
Comprehensive income attributable to DTE Energy Company | $202 | $231 | $544 | $540 |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Benefit Plan Improvement, Tax | $2 | $1 | $4 | $4 |
Other Comprehensive Income (Loss), Unrealized Gain (Loss) on Derivatives Arising During Period, Tax | 1 | 0 | 1 | 0 |
Other Comprehensive Income (Loss), Foreign Currency Translation Gain (Loss) Arising During Period, Tax | $0 | $1 | ($1) | $1 |
Consolidated_Statements_of_Fin
Consolidated Statements of Financial Position (Unaudited) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Current Assets | ||
Cash and cash equivalents | $71 | $65 |
Restricted cash, principally Securitization | 64 | 122 |
Accounts receivable (less allowance for doubtful accounts of $67 and $62, respectively) | ||
Customer | 1,239 | 1,336 |
Other | 81 | 126 |
Inventories | ||
Fuel and gas | 467 | 527 |
Materials and supplies | 258 | 234 |
Deferred income taxes | 0 | 21 |
Derivative assets | 72 | 108 |
Regulatory assets | 49 | 182 |
Other | 248 | 194 |
Total Current Assets | 2,549 | 2,915 |
Investments | ||
Nuclear decommissioning trust funds | 1,139 | 1,037 |
Other | 584 | 554 |
Total Investments | 1,723 | 1,591 |
Property | ||
Property, plant and equipment | 24,795 | 23,631 |
Less accumulated depreciation, depletion and amortization | -9,284 | -8,947 |
Property, plant and equipment, net | 15,511 | 14,684 |
Other Assets | ||
Goodwill | 2,018 | 2,018 |
Regulatory assets | 3,700 | 4,235 |
Securitized regulatory assets | 280 | 413 |
Intangible Assets | 122 | 135 |
Notes receivable | 104 | 112 |
Derivative assets | 26 | 39 |
Other | 198 | 197 |
Total Noncurrent Assets | 6,448 | 7,149 |
Total Assets | 26,231 | 26,339 |
Current Liabilities | ||
Accounts payable | 866 | 848 |
Accrued interest | 114 | 93 |
Dividends payable | 116 | 107 |
Short-term borrowings | 271 | 240 |
Current portion long-term debt, including capital leases | 896 | 817 |
Derivative liabilities | 58 | 125 |
Regulatory liabilities | 230 | 89 |
Other | 457 | 449 |
Total Current Liabilities | 3,008 | 2,768 |
Long-Term Debt (net of current portion) | ||
Mortgage bonds, notes and other | 6,253 | 6,220 |
Securitization bonds | 105 | 302 |
Junior subordinated debentures | 480 | 480 |
Capital lease obligations | 8 | 12 |
Total Long-Term Debt (net of current portion) | 6,846 | 7,014 |
Other Liabilities | ||
Deferred income taxes | 3,290 | 3,191 |
Regulatory liabilities | 907 | 1,031 |
Asset retirement obligations | 1,800 | 1,719 |
Unamortized investment tax credit | 49 | 56 |
Derivative liabilities | 21 | 26 |
Accrued pension liability | 1,254 | 1,498 |
Accrued postretirement liability | 684 | 1,160 |
Nuclear decommissioning | 172 | 159 |
Other | 290 | 306 |
Total Noncurrent Liabilities | 8,467 | 9,146 |
Equity | ||
Common stock, without par value, 400,000,000 shares authorized, 176,797,248 and 172,351,680 shares issued and outstanding, respectively | 3,885 | 3,587 |
Retained earnings | 4,142 | 3,944 |
Accumulated other comprehensive loss | -151 | -158 |
Total DTE Energy Company Equity | 7,876 | 7,373 |
Noncontrolling interests | 34 | 38 |
Total Equity | 7,910 | 7,411 |
Total Liabilities and Equity | $26,231 | $26,339 |
Consolidated_Statements_of_Fin1
Consolidated Statements of Financial Position (Unaudited) (Parenthetical) (Parentheticals) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, except Share data, unless otherwise specified | ||
Allowance for doubtful accounts | $67 | $62 |
Common stock, par value | $0 | $0 |
Common stock, shares authorized | 400,000,000 | 400,000,000 |
Common stock, shares issued | 176,797,248 | 172,351,680 |
Common stock, shares outstanding | 176,797,248 | 172,351,680 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (Unaudited) (USD $) | 9 Months Ended | |
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Operating Activities | ||
Net Income | $542 | $535 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Depreciation, depletion and amortization | 811 | 747 |
Nuclear fuel amortization | 25 | 25 |
Allowance for equity funds used during construction | -10 | -10 |
Deferred income taxes | 162 | 96 |
Asset (gains) and losses, reserves and impairments, net | 5 | 7 |
Changes in assets and liabilities: | ||
Accounts receivable, net | 177 | 237 |
Inventories | 35 | 5 |
Accounts payable | -16 | -35 |
Derivative assets and liabilities | -23 | 38 |
Accrued pension obligation | -44 | -3 |
Accrued postretirement obligation | -191 | -143 |
Regulatory assets and liabilities | 327 | 286 |
Other assets | -62 | -2 |
Other liabilities | -13 | -40 |
Net cash from operating activities | 1,715 | 1,729 |
Investing Activities | ||
Plant and equipment expenditures b utility | -1,101 | -1,008 |
Plant and equipment expenditures b non-utility | -270 | -214 |
Proceeds from sale of assets | 20 | 20 |
Restricted cash for debt redemption, principally Securitization | 58 | 55 |
Proceeds from sale of nuclear decommissioning trust fund assets | 40 | 48 |
Investment in nuclear decommissioning trust funds | -52 | -61 |
Other | -32 | -24 |
Net cash used for investing activities | -1,337 | -1,184 |
Financing Activities | ||
Issuance of long-term debt, net | 768 | 495 |
Redemption of long-term debt | -855 | -447 |
Short-term borrowings, net | 31 | -321 |
Issuance of common stock | 29 | 29 |
Dividends on common stock | -329 | -300 |
Other | -16 | -10 |
Net cash used for financing activities | -372 | -554 |
Net Increase (Decrease) in Cash and Cash Equivalents | 6 | -9 |
Cash and Cash Equivalents at Beginning of Period | 65 | 68 |
Cash and Cash Equivalents at End of Period | 71 | 59 |
Supplemental Disclosure of Non-Cash Information | ||
Common stock issued for employee benefit and compensation plans | 279 | 143 |
Change in capital expenditures not paid | $263 | $184 |
Consolidated_Statements_of_Cha
Consolidated Statements of Changes in Equity (Unaudited) (USD $) | Total | Common Stock | Retained Earnings | Accumulated Other Comprehensive Loss | Accumulated Translation Adjustment [Member] | Accumulated Defined Benefit Plans Adjustment [Member] | Accumulated Net Unrealized Investment Gain (Loss) [Member] | Non-controlling Interest |
In Millions, except Share data | ||||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling interest at Dec. 31, 2012 | $7,411 | $3,587 | $3,944 | ($158) | $38 | |||
Beginning Balance, shares at Dec. 31, 2012 | 172,351,680 | 172,352,000 | ||||||
Net Income | 542 | 537 | 5 | |||||
Dividends declared on common stock | -339 | -339 | ||||||
Stock Issued During Period, Shares, New Issues | 439,000 | |||||||
Issuance of common stock, value | 29 | 29 | ||||||
Contribution of Common Stock to Pension Plan Shares | 3,026,000 | |||||||
Contribution of Common Stock to Pension Plan | 200 | 200 | ||||||
Other Comprehensive Income (Loss), Net of Tax | 7 | -1 | 7 | 1 | ||||
Stock-based compensation, distributions to noncontrolling interests and other, shares | 980,000 | |||||||
Stock-based compensation, distributions to noncontrolling interests and other | 60 | 69 | -9 | |||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling interest at Sep. 30, 2013 | 7,910 | 3,885 | 4,142 | -151 | 34 | |||
Ending Balance, shares at Sep. 30, 2013 | 176,797,248 | 176,797,000 | ||||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling interest at Jun. 30, 2013 | ||||||||
Net Income | 200 | |||||||
Other Comprehensive Income (Loss), Net of Tax | 4 | -1 | 2 | 1 | ||||
Stockholders' Equity, Including Portion Attributable to Noncontrolling interest at Sep. 30, 2013 | $7,910 | ($151) | ||||||
Ending Balance, shares at Sep. 30, 2013 | 176,797,248 |
Organization_and_Basis_of_Pres
Organization and Basis of Presentation (Notes) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | ORGANIZATION AND BASIS OF PRESENTATION | |||||||||||||||||||||||
Corporate Structure | ||||||||||||||||||||||||
DTE Energy owns the following businesses: | ||||||||||||||||||||||||
• | DTE Electric, an electric utility engaged in the generation, purchase, distribution and sale of electricity to approximately 2.1 million customers in southeastern Michigan; | |||||||||||||||||||||||
• | DTE Gas, a natural gas utility engaged in the purchase, storage, transportation, distribution and sale of natural gas to approximately 1.2 million customers throughout Michigan and the sale of storage and transportation capacity; and | |||||||||||||||||||||||
• | Other businesses involved in 1) natural gas pipelines, gathering and storage; 2) power and industrial projects; and 3) 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 Company is regulated by other federal and state regulatory agencies including the NRC, the EPA and the MDEQ. | ||||||||||||||||||||||||
References in this Report to “Company” or “DTE” are to DTE Energy and its subsidiaries, collectively. | ||||||||||||||||||||||||
Basis of Presentation | ||||||||||||||||||||||||
These Consolidated Financial Statements should be read in conjunction with the Notes to Consolidated Financial Statements included in the 2012 Annual Report on Form 10-K. | ||||||||||||||||||||||||
The accompanying Consolidated Financial Statements 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 Company’s estimates. | ||||||||||||||||||||||||
The Consolidated Financial Statements are unaudited, but in the Company's opinion include all adjustments necessary to present a fair statement of the results for the interim periods. All adjustments are of a normal recurring nature, except as otherwise disclosed in these Consolidated Financial Statements and Notes to Consolidated Financial Statements. Financial results for this interim period are not necessarily indicative of results that may be expected for any other interim period or for the fiscal year ending December 31, 2013. | ||||||||||||||||||||||||
Certain prior year balances were reclassified to match the current year's financial statement presentation. | ||||||||||||||||||||||||
Principles of Consolidation | ||||||||||||||||||||||||
The Company consolidates all majority-owned subsidiaries and investments in entities in which it has controlling influence. Non-majority owned investments are accounted for using the equity method when the Company is able to influence the operating policies of the investee. When the Company does not influence the operating policies of an investee, the cost method is used. These consolidated financial statements also reflect the Company's proportionate interests in certain jointly owned utility plants. The Company eliminates all intercompany balances and transactions. | ||||||||||||||||||||||||
The Company evaluates whether an entity is a VIE whenever reconsideration events occur. The Company consolidates VIEs for which it is the primary beneficiary. If the Company 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, the Company 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 Company performs ongoing reassessments of all VIEs to determine if the primary beneficiary status has changed. | ||||||||||||||||||||||||
Legal entities within the Company's Power and Industrial Projects 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 the Company retaining operational and customer default risk. These entities generally are VIEs and consolidated when the Company is the primary beneficiary. In addition, we have interests in certain VIEs that we share control of all significant activities for those entities with our partners, and therefore are accounted for under the equity method. | ||||||||||||||||||||||||
The Company has variable interests in VIEs through certain of its long-term purchase contracts. As of September 30, 2013, the carrying amount of assets and liabilities in the Consolidated Statements of Financial Position that relate to its variable interests under long-term purchase contracts are predominately related to working capital accounts and generally represent the amounts owed by the Company for the deliveries associated with the current billing cycle under the contracts. The Company has not provided any form of financial support associated with these long-term contracts. There is no significant potential exposure to loss as a result of its variable interests through these long-term purchase contracts. | ||||||||||||||||||||||||
In 2001, DTE Electric financed a regulatory asset related to Fermi 2 and certain other regulatory assets through the sale of rate reduction bonds by a wholly-owned special purpose entity, Securitization. DTE Electric performs servicing activities including billing and collecting surcharge revenue for Securitization. This entity is a VIE and is consolidated by the Company. | ||||||||||||||||||||||||
The maximum risk exposure for consolidated VIEs is reflected on the Company's Consolidated Statements of Financial Position. For non-consolidated VIEs, the maximum risk exposure is generally limited to its investment and amounts which it has guaranteed. | ||||||||||||||||||||||||
The following table summarizes the major balance sheet items for consolidated VIEs as of September 30, 2013 and December 31, 2012. 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 the Company 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. | ||||||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||||||||||||||
Securitization | Other | Total | Securitization | Other | Total | |||||||||||||||||||
(In millions) | ||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 10 | $ | 10 | $ | — | $ | 10 | $ | 10 | ||||||||||||
Restricted cash | 44 | 7 | 51 | 102 | 7 | 109 | ||||||||||||||||||
Accounts receivable | 39 | 17 | 56 | 34 | 7 | 41 | ||||||||||||||||||
Inventories | — | 112 | 112 | — | 141 | 141 | ||||||||||||||||||
Other current assets | — | 1 | 1 | — | 1 | 1 | ||||||||||||||||||
Property, plant and equipment | — | 100 | 100 | — | 93 | 93 | ||||||||||||||||||
Securitized regulatory assets | 280 | — | 280 | 413 | — | 413 | ||||||||||||||||||
Other assets | 5 | 9 | 14 | 7 | 11 | 18 | ||||||||||||||||||
$ | 368 | $ | 256 | $ | 624 | $ | 556 | $ | 270 | $ | 826 | |||||||||||||
LIABILITIES | ||||||||||||||||||||||||
Accounts payable and accrued current liabilities | $ | 2 | $ | 35 | $ | 37 | $ | 11 | $ | 14 | $ | 25 | ||||||||||||
Current portion long-term debt, including capital leases | 196 | 9 | 205 | 177 | 8 | 185 | ||||||||||||||||||
Current regulatory liabilities | 48 | — | 48 | 50 | — | 50 | ||||||||||||||||||
Other current liabilities | — | 3 | 3 | — | 4 | 4 | ||||||||||||||||||
Mortgage bonds, notes and other | — | 22 | 22 | — | 25 | 25 | ||||||||||||||||||
Securitization bonds | 105 | — | 105 | 302 | — | 302 | ||||||||||||||||||
Capital lease obligations | — | 7 | 7 | — | 11 | 11 | ||||||||||||||||||
Other long-term liabilities | 8 | 3 | 11 | 7 | 2 | 9 | ||||||||||||||||||
$ | 359 | $ | 79 | $ | 438 | $ | 547 | $ | 64 | $ | 611 | |||||||||||||
Amounts for non-consolidated VIEs as of September 30, 2013 and December 31, 2012 are as follows: | ||||||||||||||||||||||||
30-Sep-13 | December 31, 2012 | |||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||
Other investments | $ | 138 | $ | 130 | ||||||||||||||||||||
Notes receivable | $ | 3 | $ | 6 | ||||||||||||||||||||
Significant_Accounting_Policie
Significant Accounting Policies (Notes) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||||||
Significant Accounting Policies [Text Block] | SIGNIFICANT ACCOUNTING POLICIES | |||||||||||||||||||
Comprehensive Income | ||||||||||||||||||||
Comprehensive income is the change in common shareholders’ equity during a period from transactions and events from non-owner sources, including net income. As shown in the following tables, amounts recorded to accumulated other comprehensive loss for the three and nine months ended September 30, 2013 include unrealized gains and losses from derivatives accounted for as cash flow hedges, unrealized gains and losses on available-for-sale securities and the Company’s interest in other comprehensive income of equity investees, which comprise the net unrealized gains and losses on investments, changes in benefit obligations, consisting of deferred actuarial losses, prior service costs and transition amounts related to pension and other postretirement benefit plans, and foreign currency translation adjustments. | ||||||||||||||||||||
Changes in Accumulated Other Comprehensive Loss by Component (a) | ||||||||||||||||||||
For The Three Months Ended September 30, 2013 | ||||||||||||||||||||
Net Unrealized Gain/(Loss) on Derivatives | Net Unrealized Gain/(Loss) on Investments | Benefit Obligations (b) | Foreign Currency Translation | Total | ||||||||||||||||
(In millions) | ||||||||||||||||||||
Beginning balance, June 30, 2013 | $ | (4 | ) | $ | (8 | ) | $ | (143 | ) | $ | — | $ | (155 | ) | ||||||
Other comprehensive income before reclassifications | — | 1 | — | 1 | 2 | |||||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | — | 2 | — | 2 | |||||||||||||||
Net current-period other comprehensive income | — | 1 | 2 | 1 | 4 | |||||||||||||||
Ending balance, September 30, 2013 | $ | (4 | ) | $ | (7 | ) | $ | (141 | ) | $ | 1 | $ | (151 | ) | ||||||
Changes in Accumulated Other Comprehensive Loss by Component (a) | ||||||||||||||||||||
For The Nine Months Ended September 30, 2013 | ||||||||||||||||||||
Net Unrealized Gain/(Loss) on Derivatives | Net Unrealized Gain/(Loss) on Investments | Benefit Obligations (b) | Foreign Currency Translation | Total | ||||||||||||||||
(In millions) | ||||||||||||||||||||
Beginning balance, December 31, 2012 | $ | (4 | ) | $ | (8 | ) | $ | (148 | ) | $ | 2 | $ | (158 | ) | ||||||
Other comprehensive income before reclassifications | — | 1 | — | (1 | ) | — | ||||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | — | 7 | — | 7 | |||||||||||||||
Net current-period other comprehensive income (loss) | — | 1 | 7 | (1 | ) | 7 | ||||||||||||||
Ending balance, September 30, 2013 | $ | (4 | ) | $ | (7 | ) | $ | (141 | ) | $ | 1 | $ | (151 | ) | ||||||
______________________________________ | ||||||||||||||||||||
(a) | All amounts are net of tax. | |||||||||||||||||||
(b) | The amounts reclassified from accumulated other comprehensive income are included in the computation of the net periodic pension cost (see Retirement Benefits and Trusteed Assets Note 13). | |||||||||||||||||||
Intangible Assets | ||||||||||||||||||||
The Company has certain intangible assets relating to emission allowances, renewable energy credits and non-utility contracts as shown below: | ||||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
(In millions) | ||||||||||||||||||||
Emission allowances | $ | 3 | $ | 6 | ||||||||||||||||
Renewable energy credits | 48 | 44 | ||||||||||||||||||
Contract intangible assets | 126 | 139 | ||||||||||||||||||
177 | 189 | |||||||||||||||||||
Less accumulated amortization | 41 | 34 | ||||||||||||||||||
Intangible assets, net | 136 | 155 | ||||||||||||||||||
Less current intangible assets | 14 | 20 | ||||||||||||||||||
$ | 122 | $ | 135 | |||||||||||||||||
Emission allowances and renewable energy credits are charged to expense, using average cost, as the allowances and credits are consumed in the operation of the business. The Company amortizes contract intangible assets on a straight-line basis over the expected period of benefit, ranging from 3 to 30 years. | ||||||||||||||||||||
Income Taxes | ||||||||||||||||||||
The Company's effective tax rate from continuing operations for the three months ended September 30, 2013 was 28 percent as compared to 32 percent for the three months ended September 30, 2012. The Company's effective tax rate from continuing operations for the nine months ended September 30, 2013 was 29 percent as compared to 32 percent for the nine months ended September 30, 2012. The decrease in the effective tax rate in 2013 is due primarily to higher production tax credits. | ||||||||||||||||||||
The Company had $3 million of unrecognized tax benefits at September 30, 2013, that, if recognized, would favorably impact its effective tax rate. The Company believes that it is possible that there will be a decrease in the unrecognized tax benefits of up to $1 million in the next twelve months. |
Fair_Value_Notes
Fair Value (Notes) | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosure | 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 Company makes certain assumptions it believes 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 Company and its counterparties is incorporated in the valuation of assets and liabilities through the use of credit reserves, the impact of which was immaterial at September 30, 2013 and December 31, 2012. The Company believes it uses 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 Company classifies 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 Company has 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 measured and recorded at fair value on a recurring basis as of September 30, 2013 and December 31, 2012: | ||||||||||||||||||||||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Netting (a) | Net Balance | Level 1 | Level 2 | Level 3 | Netting (a) | Net Balance | |||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||||
Cash equivalents (b) | $ | — | $ | 68 | $ | — | $ | — | $ | 68 | $ | — | $ | 123 | $ | — | $ | — | $ | 123 | ||||||||||||||||||||
Nuclear decommissioning trusts | 757 | 382 | — | — | 1,139 | 694 | 343 | — | — | 1,037 | ||||||||||||||||||||||||||||||
Other investments (c) (d) | 76 | 48 | — | — | 124 | 66 | 44 | — | — | 110 | ||||||||||||||||||||||||||||||
Derivative assets: | ||||||||||||||||||||||||||||||||||||||||
Commodity Contracts: | ||||||||||||||||||||||||||||||||||||||||
Natural Gas | 388 | 61 | 34 | (474 | ) | 9 | 555 | 66 | 24 | (605 | ) | 40 | ||||||||||||||||||||||||||||
Electricity | — | 210 | 88 | (216 | ) | 82 | — | 226 | 134 | (258 | ) | 102 | ||||||||||||||||||||||||||||
Other | 48 | 9 | 5 | (55 | ) | 7 | 6 | 3 | 2 | (6 | ) | 5 | ||||||||||||||||||||||||||||
Total derivative assets | 436 | 280 | 127 | (745 | ) | 98 | 561 | 295 | 160 | (869 | ) | 147 | ||||||||||||||||||||||||||||
Total | $ | 1,269 | $ | 778 | $ | 127 | $ | (745 | ) | $ | 1,429 | $ | 1,321 | $ | 805 | $ | 160 | $ | (869 | ) | $ | 1,417 | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||
Derivative liabilities: | ||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (1 | ) | $ | — | $ | — | $ | (1 | ) | ||||||||||||||||||
Commodity Contracts: | ||||||||||||||||||||||||||||||||||||||||
Natural Gas | (374 | ) | (49 | ) | (48 | ) | 445 | (26 | ) | (526 | ) | (73 | ) | (62 | ) | 605 | (56 | ) | ||||||||||||||||||||||
Electricity | — | (204 | ) | (83 | ) | 236 | (51 | ) | — | (240 | ) | (111 | ) | 258 | (93 | ) | ||||||||||||||||||||||||
Other | (52 | ) | (5 | ) | — | 55 | (2 | ) | (6 | ) | (1 | ) | — | 6 | (1 | ) | ||||||||||||||||||||||||
Total derivative liabilities | (426 | ) | (258 | ) | (131 | ) | 736 | (79 | ) | (532 | ) | (315 | ) | (173 | ) | 869 | (151 | ) | ||||||||||||||||||||||
Total | $ | (426 | ) | $ | (258 | ) | $ | (131 | ) | $ | 736 | $ | (79 | ) | $ | (532 | ) | $ | (315 | ) | $ | (173 | ) | $ | 869 | $ | (151 | ) | ||||||||||||
Net Assets (Liabilities) at the end of the period | $ | 843 | $ | 520 | $ | (4 | ) | $ | (9 | ) | $ | 1,350 | $ | 789 | $ | 490 | $ | (13 | ) | $ | — | $ | 1,266 | |||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||||
Current | $ | 400 | $ | 285 | $ | 94 | $ | (639 | ) | $ | 140 | $ | 493 | $ | 372 | $ | 120 | $ | (754 | ) | $ | 231 | ||||||||||||||||||
Noncurrent (e) | 869 | 493 | 33 | (106 | ) | 1,289 | 828 | 433 | 40 | (115 | ) | 1,186 | ||||||||||||||||||||||||||||
Total Assets | $ | 1,269 | $ | 778 | $ | 127 | $ | (745 | ) | $ | 1,429 | $ | 1,321 | $ | 805 | $ | 160 | $ | (869 | ) | $ | 1,417 | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||
Current | $ | (379 | ) | $ | (189 | ) | $ | (100 | ) | $ | 610 | $ | (58 | ) | $ | (466 | ) | $ | (269 | ) | $ | (144 | ) | $ | 754 | $ | (125 | ) | ||||||||||||
Noncurrent | (47 | ) | (69 | ) | (31 | ) | 126 | (21 | ) | (66 | ) | (46 | ) | (29 | ) | 115 | (26 | ) | ||||||||||||||||||||||
Total Liabilities | $ | (426 | ) | $ | (258 | ) | $ | (131 | ) | $ | 736 | $ | (79 | ) | $ | (532 | ) | $ | (315 | ) | $ | (173 | ) | $ | 869 | $ | (151 | ) | ||||||||||||
Net Assets (Liabilities) at the end of the period | $ | 843 | $ | 520 | $ | (4 | ) | $ | (9 | ) | $ | 1,350 | $ | 789 | $ | 490 | $ | (13 | ) | $ | — | $ | 1,266 | |||||||||||||||||
_______________________________________ | ||||||||||||||||||||||||||||||||||||||||
(a) | Amounts represent the impact of master netting agreements that allow the Company to net gain and loss positions and cash collateral held or placed with the same counterparties. | |||||||||||||||||||||||||||||||||||||||
(b) | At September 30, 2013, available-for-sale securities of $68 million included $51 million and $17 million of cash equivalents included in Restricted cash and Other investments, respectively, on the Consolidated Statements of Financial Position. At December 31, 2012, available-for-sale securities of $123 million, included $109 million and $14 million of cash equivalents included in Restricted cash and Other investments, respectively, on the Consolidated Statements of Financial Position. | |||||||||||||||||||||||||||||||||||||||
(c) | Excludes cash surrender value of life insurance investments. | |||||||||||||||||||||||||||||||||||||||
(d) | Available-for-sale equity securities of $6 million at September 30, 2013 and $5 million at December 31, 2012, are included in Other investments on the Consolidated Statements of Financial Position. | |||||||||||||||||||||||||||||||||||||||
(e) | Includes $124 million and $110 million at September 30, 2013 and December 31, 2012, respectively, of Other investments that are included in the Consolidated Statements of Financial Position in Other investments. | |||||||||||||||||||||||||||||||||||||||
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. The fair values of the shares in these investments are based upon observable market prices for similar securities and, therefore, have been categorized as Level 2 in the fair value hierarchy. | ||||||||||||||||||||||||||||||||||||||||
Nuclear Decommissioning Trusts and Other Investments | ||||||||||||||||||||||||||||||||||||||||
The nuclear decommissioning trusts and other investments hold debt and equity securities directly and indirectly through institutional mutual funds. Exchange-traded debt and equity securities held directly are valued using quoted market prices in actively traded markets. The institutional mutual funds which hold exchange-traded equity or debt securities are valued based on the underlying securities, using quoted prices in actively traded markets. Non-exchange-traded fixed income securities are valued 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 determines that another price source is considered to be 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. Additionally, DTE Energy selectively corroborates the fair value of securities by comparison of market-based price sources. Investment policies and procedures are determined by the Company's Trust Investments Department which reports to the Company's Vice President and Treasurer. | ||||||||||||||||||||||||||||||||||||||||
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. DTE Energy considers 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. DTE Energy monitors 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. DTE Energy has obtained an understanding of how these prices are derived. Additionally, DTE Energy selectively corroborates the fair value of its 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 Company has 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 our forward price curves has been assigned to our Risk Management Department, which is separate and distinct from the trading functions within the Company. | ||||||||||||||||||||||||||||||||||||||||
The following tables present the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis for the three months and nine months ended September 30, 2013 and 2012: | ||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | Three Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||||
Natural Gas | Electricity | Other | Total | Natural Gas | Electricity | Other | Total | |||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||
Net Assets (Liabilities) as of June 30 | $ | (30 | ) | $ | 12 | $ | 2 | $ | (16 | ) | $ | 2 | $ | 50 | $ | 5 | $ | 57 | ||||||||||||||||||||||
Transfers into Level 3 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Transfers out of Level 3 | — | (1 | ) | — | (1 | ) | — | — | — | — | ||||||||||||||||||||||||||||||
Total gains (losses): | ||||||||||||||||||||||||||||||||||||||||
Included in earnings | 8 | 17 | — | 25 | (43 | ) | 12 | 1 | (30 | ) | ||||||||||||||||||||||||||||||
Recorded in regulatory assets/liabilities | — | — | 3 | 3 | — | — | 7 | 7 | ||||||||||||||||||||||||||||||||
Purchases, issuances and settlements: | ||||||||||||||||||||||||||||||||||||||||
Settlements | 8 | (23 | ) | — | (15 | ) | (3 | ) | (38 | ) | (7 | ) | (48 | ) | ||||||||||||||||||||||||||
Net Assets (Liabilities) as of September 30 | $ | (14 | ) | $ | 5 | $ | 5 | $ | (4 | ) | $ | (44 | ) | $ | 24 | $ | 6 | $ | (14 | ) | ||||||||||||||||||||
The amount of total gains (losses) included in net income attributed to the change in unrealized gains (losses) related to assets and liabilities held at September 30, 2013 and 2012 and reflected in Operating revenues and Fuel, purchased power and gas in the Consolidated Statements of Operations | $ | (8 | ) | $ | 8 | $ | — | $ | — | $ | (43 | ) | $ | 5 | $ | 1 | $ | (37 | ) | |||||||||||||||||||||
Nine Months Ended September 30, 2013 | Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||||
Natural Gas | Electricity | Other | Total | Natural Gas | Electricity | Other | Total | |||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||
Net Assets (Liabilities) as of December 31 | $ | (38 | ) | $ | 23 | $ | 2 | $ | (13 | ) | $ | 6 | $ | 32 | $ | 6 | $ | 44 | ||||||||||||||||||||||
Transfers into Level 3 | — | — | — | — | 1 | 28 | — | 29 | ||||||||||||||||||||||||||||||||
Transfers out of Level 3 | (2 | ) | — | — | (2 | ) | (2 | ) | — | — | (2 | ) | ||||||||||||||||||||||||||||
Total gains (losses): | ||||||||||||||||||||||||||||||||||||||||
Included in earnings | (1 | ) | 44 | — | 43 | (38 | ) | 53 | — | 15 | ||||||||||||||||||||||||||||||
Recorded in regulatory assets/liabilities | — | — | 7 | 7 | — | — | 12 | 12 | ||||||||||||||||||||||||||||||||
Purchases, issuances and settlements: | ||||||||||||||||||||||||||||||||||||||||
Purchases | — | (1 | ) | — | (1 | ) | — | 1 | — | 1 | ||||||||||||||||||||||||||||||
Settlements | 27 | (61 | ) | (4 | ) | (38 | ) | (11 | ) | (90 | ) | (12 | ) | (113 | ) | |||||||||||||||||||||||||
Net Assets (Liabilities) as of September 30 | $ | (14 | ) | $ | 5 | $ | 5 | $ | (4 | ) | $ | (44 | ) | $ | 24 | $ | 6 | $ | (14 | ) | ||||||||||||||||||||
The amount of total gains (losses) included in net income attributed to the change in unrealized gains (losses) related to assets and liabilities held at September 30, 2013 and 2012 and reflected in Operating revenues and Fuel, purchased power and gas in the Consolidated Statements of Operations | $ | (14 | ) | $ | 36 | $ | — | $ | 22 | $ | (39 | ) | $ | 43 | $ | — | $ | 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. The following table shows transfers between the levels of the fair value hierarchy for the three months and nine months ended September 30, 2013 and 2012: | ||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | Three Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||
Transfers into Level 1 from | $ N/A | $ | — | $ | — | $ N/A | $ | — | $ | — | ||||||||||||||||||||||||||||||
Transfers into Level 2 from | — | N/A | 1 | — | N/A | — | ||||||||||||||||||||||||||||||||||
Transfers into Level 3 from | — | — | N/A | — | — | N/A | ||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||
Transfers into Level 1 from | $ N/A | $ | — | $ | — | $ N/A | $ | — | $ | — | ||||||||||||||||||||||||||||||
Transfers into Level 2 from | — | N/A | 2 | — | N/A | 2 | ||||||||||||||||||||||||||||||||||
Transfers into Level 3 from | — | — | N/A | — | 29 | N/A | ||||||||||||||||||||||||||||||||||
The following table presents the unobservable inputs related to Level 3 assets and liabilities as of September 30, 2013: | ||||||||||||||||||||||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||||||||||||||||||||||
Commodity Contracts | Derivative Assets | Derivative Liabilities | Valuation Techniques | Unobservable Input | Range | Weighted Average | ||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||
Natural Gas | $ | 34 | $ | (48 | ) | Discounted Cash Flow | Forward basis price (per MMBtu) | $ | (1.10 | ) | — | $ | 4.22 | /MMBtu | $ | 0.1 | /MMBtu | |||||||||||||||||||||||
Electricity | $ | 88 | $ | (83 | ) | Discounted Cash Flow | Forward basis price (per MWh) | $ | (8 | ) | — | $ | 15 | /MWh | $ | 2 | /MWh | |||||||||||||||||||||||
The following table presents the unobservable inputs related to Level 3 assets and liabilities as of December 31, 2012: | ||||||||||||||||||||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||||||||||||||
Commodity Contracts | Derivative Assets | Derivative Liabilities | Valuation Techniques | Unobservable Input | Range | Weighted Average | ||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||
Natural Gas | $ | 24 | $ | (62 | ) | Discounted Cash Flow | Forward basis price (per MMBtu) | $ | (0.63 | ) | — | $ | 1.95 | /MMBtu | $ | 0.03 | /MMBtu | |||||||||||||||||||||||
Electricity | $ | 134 | $ | (111 | ) | Discounted Cash Flow | Forward basis price (per MWh) | $ | (2 | ) | — | $ | 16 | /MWh | $ | 3 | /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 inputs listed above would have 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 result in a higher (lower) fair value for long positions, with offsetting impacts to short positions. | ||||||||||||||||||||||||||||||||||||||||
Fair Value of Financial Instruments | ||||||||||||||||||||||||||||||||||||||||
The fair value of financial instruments included in the table below is determined by using quoted market prices when available. When quoted prices are not available, pricing services may be used to determine the fair value with reference to observable interest rate indexes. DTE Energy has obtained an understanding of how the fair values are derived. DTE Energy also selectively corroborates the fair value of its transactions by comparison of market-based price sources. Discounted cash flow analyses based upon estimated current borrowing rates are also used to determine fair value when quoted market prices are not available. The fair values of notes receivable, excluding capital leases, are estimated using discounted cash flow techniques that incorporate market interest rates as well as assumptions about the remaining life of the loans and credit risk. Depending on the information available, other valuation techniques may be used that rely on internal assumptions and models. Valuation policies and procedures are determined by DTE Energy's Treasury Department which reports to the Company's Vice President and Treasurer. | ||||||||||||||||||||||||||||||||||||||||
The following table presents the carrying amount and fair value of financial instruments as of September 30, 2013 and December 31, 2012: | ||||||||||||||||||||||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||||||||||||||||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | |||||||||||||||||||||||||||||||||||||
Amount | Level 1 | Level 2 | Level 3 | Amount | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||
Notes receivable, excluding capital leases | $ | 37 | $ | — | $ | — | $ | 37 | $ | 39 | $ | — | $ | — | $ | 39 | ||||||||||||||||||||||||
Dividends payable | $ | 116 | $ | 116 | $ | — | $ | — | $ | 107 | $ | 107 | $ | — | $ | — | ||||||||||||||||||||||||
Short-term borrowings | $ | 271 | $ | — | $ | 271 | $ | — | $ | 240 | $ | — | $ | 240 | $ | — | ||||||||||||||||||||||||
Long-term debt | $ | 7,729 | $ | 436 | $ | 7,067 | $ | 738 | $ | 7,813 | $ | 507 | $ | 7,453 | $ | 933 | ||||||||||||||||||||||||
See Note 4 for further fair value information on financial and derivative instruments. | ||||||||||||||||||||||||||||||||||||||||
Nuclear Decommissioning Trust Funds | ||||||||||||||||||||||||||||||||||||||||
DTE Electric has a legal obligation to decommission its nuclear power plants following the expiration of their operating licenses. This obligation is reflected as an asset retirement obligation on the 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. DTE Electric is continuing to fund FERC jurisdictional amounts for decommissioning even though explicit provisions are not included in FERC rates. | ||||||||||||||||||||||||||||||||||||||||
The following table summarizes the fair value of the nuclear decommissioning trust fund assets: | ||||||||||||||||||||||||||||||||||||||||
30-Sep-13 | December 31, 2012 | |||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||
Fermi 2 | $ | 1,120 | $ | 1,021 | ||||||||||||||||||||||||||||||||||||
Fermi 1 | 3 | 3 | ||||||||||||||||||||||||||||||||||||||
Low level radioactive waste | 16 | 13 | ||||||||||||||||||||||||||||||||||||||
Total | $ | 1,139 | $ | 1,037 | ||||||||||||||||||||||||||||||||||||
The costs of securities sold are determined on the basis of specific identification. The following table sets forth the gains and losses and proceeds from the sale of securities by the nuclear decommissioning trust funds: | ||||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||
Realized gains | $ | 11 | $ | 7 | $ | 30 | $ | 21 | ||||||||||||||||||||||||||||||||
Realized losses | $ | (11 | ) | $ | (6 | ) | $ | (25 | ) | $ | (17 | ) | ||||||||||||||||||||||||||||
Proceeds from sales of securities | $ | 13 | $ | 12 | $ | 40 | $ | 48 | ||||||||||||||||||||||||||||||||
Realized gains and losses from the sale of securities for the Fermi 2 and the low-level radioactive waste funds are recorded to the Regulatory asset and Nuclear decommissioning liability. The following table sets forth the fair value and unrealized gains for the nuclear decommissioning trust funds: | ||||||||||||||||||||||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||||||||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||||||||||||||||||||
Value | Gains | Value | Gains | |||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||
Equity securities | $ | 732 | $ | 195 | $ | 631 | $ | 122 | ||||||||||||||||||||||||||||||||
Debt securities | 395 | 17 | 399 | 27 | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 12 | — | 7 | — | ||||||||||||||||||||||||||||||||||||
$ | 1,139 | $ | 212 | $ | 1,037 | $ | 149 | |||||||||||||||||||||||||||||||||
The debt securities at September 30, 2013 and December 31, 2012 had an average maturity of approximately 7 and 6 years, respectively. Securities held in the nuclear decommissioning trust funds are classified as available-for-sale. As DTE Electric does not have the ability to hold impaired investments for a period of time sufficient to allow for the anticipated recovery of market value, all unrealized losses are considered to be other-than-temporary impairments. | ||||||||||||||||||||||||||||||||||||||||
Unrealized losses incurred by the Fermi 2 trust are recognized as a Regulatory asset. DTE Electric recognized $38 million and $44 million of unrealized losses as Regulatory assets at September 30, 2013 and December 31, 2012, respectively. Since the decommissioning of Fermi 1 is funded by DTE Electric rather than through a regulatory recovery mechanism, there is no corresponding regulatory asset treatment. Therefore, unrealized losses incurred by the Fermi 1 trust are recognized in earnings immediately. There were no unrealized losses recognized in the three and nine months ended September 30, 2013 and September 30, 2012 for Fermi 1. | ||||||||||||||||||||||||||||||||||||||||
Other Securities | ||||||||||||||||||||||||||||||||||||||||
At September 30, 2013 and December 31, 2012, the securities were comprised primarily of money market and equity securities. During the three and nine months ended September 30, 2013 and September 30, 2012, no amounts of unrealized losses on available-for-sale securities were reclassified out of other comprehensive income and realized into net income for the periods. Gains related to trading securities held at September 30, 2013 and September 30, 2012 were $14 million and $11 million, respectively. |
Financial_and_Other_Derivative
Financial and Other Derivative Instruments (Notes) | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||||
Derivative Instruments and Hedges, Assets [Abstract] | ||||||||||||||||||||||||||||||||
FINANCIAL AND OTHER DERIVATIVE INSTRUMENTS | NOTE 4 — FINANCIAL AND OTHER DERIVATIVE INSTRUMENTS | |||||||||||||||||||||||||||||||
The Company recognizes all derivatives at their fair value as Derivative Assets or Liabilities on the 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 portion of the derivative gain or loss that is effective in offsetting the change in the value of the underlying exposure is deferred in Accumulated other comprehensive income and later reclassified into earnings when the underlying transaction occurs. Gains or losses from the ineffective portion of cash flow hedges are recognized in earnings immediately. 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 Company’s primary market risk exposure is associated with commodity prices, credit, and interest rates. The Company has risk management policies to monitor and manage market risks. The Company uses derivative instruments to manage some of the exposure. The Company uses derivative instruments for trading purposes in its Energy Trading segment. Contracts classified as derivative instruments include power, natural gas, oil and certain coal forwards, futures, options and swaps, and foreign currency exchange contracts. Items not classified as derivatives include natural gas inventory, pipeline transportation contracts, renewable energy credits and natural gas storage assets. | ||||||||||||||||||||||||||||||||
Electric — DTE Electric generates, purchases, distributes and sells electricity. DTE Electric uses forward energy contracts to manage changes in the price of electricity and fuel. Substantially all of these contracts meet the normal purchases and sales exemption and are therefore accounted for under the accrual method. Other derivative contracts are recoverable through the PSCR mechanism when settled. This results in the deferral of unrealized gains and losses as Regulatory assets or liabilities until realized. | ||||||||||||||||||||||||||||||||
Gas — DTE Gas purchases, stores, transports, distributes and sells natural gas and sells storage and transportation capacity. DTE Gas has fixed-priced contracts for portions of its expected natural gas supply requirements through 2016. Substantially all of these contracts meet the normal purchases and sales exemption and are therefore accounted for under the accrual method. DTE Gas may also sell forward transportation and storage capacity contracts. Forward transportation and storage contracts are generally not derivatives and are therefore accounted for under the accrual method. | ||||||||||||||||||||||||||||||||
Gas Storage and Pipelines — This segment is primarily engaged in services related to the transportation and storage of natural gas. Primarily fixed-priced contracts are used in the marketing and management of transportation and storage services. Generally these contracts are not derivatives and are therefore accounted for under the accrual method. | ||||||||||||||||||||||||||||||||
Power and Industrial Projects — This segment manages and operates onsite energy and pulverized coal projects, coke batteries, reduced emissions fuel projects, landfill gas recovery and power generation assets. Primarily fixed-price contracts are used in the marketing and management of the segment assets. These contracts are generally not derivatives and are therefore accounted for under the accrual method. | ||||||||||||||||||||||||||||||||
Energy Trading — Commodity Price Risk — Energy Trading markets and trades electricity, coal, 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. The Company 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 — The Company uses interest rate swaps, treasury locks and other derivatives to hedge the risk associated with interest rate market volatility. In 2004 and 2000, the Company entered into a series of interest rate derivatives to limit its sensitivity to market interest rate risk associated with the issuance of long-term debt. Such instruments were designated as cash flow hedges. The Company subsequently issued long-term debt and terminated these hedges at a cost that is included in Other comprehensive loss. Amounts recorded in Other comprehensive loss will be reclassified to interest expense through 2033. In 2013, the Company estimates reclassifying less than $1 million of losses to earnings. | ||||||||||||||||||||||||||||||||
Credit Risk — The utility and non-utility businesses are exposed to credit risk if customers or counterparties do not comply with their contractual obligations. The Company maintains credit policies that significantly minimize overall credit risk. These policies include an evaluation of potential customers’ and counterparties’ financial condition, credit rating, collateral requirements or other credit enhancements such as letters of credit or guarantees. The Company generally uses standardized agreements that allow the netting of positive and negative transactions associated with a single counterparty. The Company maintains a provision for credit losses based on factors surrounding the credit risk of its customers, historical trends, and other information. Based on the Company’s credit policies and its September 30, 2013 provision for credit losses, the Company’s exposure to counterparty nonperformance is not expected to have a material adverse effect on the Company’s financial statements. | ||||||||||||||||||||||||||||||||
Derivative Activities | ||||||||||||||||||||||||||||||||
The Company manages its mark-to-market (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 tables present the fair value of derivative instruments as of September 30, 2013 and December 31, 2012: | ||||||||||||||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||||||||||||||||||||||
Derivative | Derivative Liabilities | Derivative | Derivative Liabilities | |||||||||||||||||||||||||||||
Assets | Assets | |||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||||||||||
Interest rate contracts | $ | — | $ | — | $ | — | $ | (1 | ) | |||||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||||||||
Commodity Contracts: | ||||||||||||||||||||||||||||||||
Natural Gas | $ | 483 | $ | (471 | ) | $ | 645 | $ | (661 | ) | ||||||||||||||||||||||
Electricity | 298 | (287 | ) | 360 | (351 | ) | ||||||||||||||||||||||||||
Other | 62 | (57 | ) | 11 | (7 | ) | ||||||||||||||||||||||||||
Total derivatives not designated as hedging instruments: | $ | 843 | $ | (815 | ) | $ | 1,016 | $ | (1,019 | ) | ||||||||||||||||||||||
Total derivatives: | ||||||||||||||||||||||||||||||||
Current | $ | 711 | $ | (668 | ) | $ | 862 | $ | (879 | ) | ||||||||||||||||||||||
Noncurrent | 132 | (147 | ) | 154 | (141 | ) | ||||||||||||||||||||||||||
Total derivatives | $ | 843 | $ | (815 | ) | $ | 1,016 | $ | (1,020 | ) | ||||||||||||||||||||||
Certain of the Company'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, the Company offsets the fair value of derivative instruments with cash collateral received or paid for those contracts executed with the same counterparty, which reduces the Company'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. | ||||||||||||||||||||||||||||||||
The Company 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. The Company had issued letters of credit of approximately $21 million and $63 million at September 30, 2013 and December 31, 2012, respectively, which could be used to offset our net derivative liabilities. Letters of credit received from third parties which could be used to offset our net derivative assets were not material for the periods presented. Such balances of letters of credit are excluded from the tables below and are not netted with the recognized assets and liabilities in the 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. Certain contracts that have netting arrangements have not been offset in the Consolidated Statements of Financial Position. The impact of netting these derivative instruments and cash collateral related to such contracts is not material. Only the gross amounts for these derivative instruments are included in the table below. | ||||||||||||||||||||||||||||||||
As of September 30, 2013, the total cash collateral received, net of cash collateral posted, was $30 million. As of December 31, 2012, the total cash collateral received, net of cash collateral posted, was $20 million. As of September 30, 2013, derivative assets and derivative liabilities are shown net of cash collateral of $29 million and $20 million, respectively. There was no cash collateral related to unrealized positions to net against derivative assets and liabilities as of December 31, 2012. The Company recorded cash collateral paid of $3 million and cash collateral received of $24 million not related to unrealized derivative positions as of September 30, 2013. The Company recorded cash collateral paid of $4 million and cash collateral received of $24 million not related to unrealized derivative positions as of December 31, 2012. These amounts are included in accounts receivable and accounts payable and are recorded net by counterparty. | ||||||||||||||||||||||||||||||||
The following table presents the netting offsets of derivative assets and liabilities at September 30, 2013 and December 31, 2012: | ||||||||||||||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||||||||||||||||||||||
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 | $ | 483 | $ | (474 | ) | $ | 9 | $ | 645 | $ | (605 | ) | $ | 40 | ||||||||||||||||||
Electricity | 298 | (216 | ) | 82 | 360 | (258 | ) | 102 | ||||||||||||||||||||||||
Other | 62 | (55 | ) | 7 | 11 | (6 | ) | 5 | ||||||||||||||||||||||||
Total derivative assets | $ | 843 | $ | (745 | ) | $ | 98 | $ | 1,016 | $ | (869 | ) | $ | 147 | ||||||||||||||||||
Derivative liabilities: | ||||||||||||||||||||||||||||||||
Interest rate contracts | $ | — | $ | — | $ | — | $ | (1 | ) | $ | — | $ | (1 | ) | ||||||||||||||||||
Commodity Contracts: | ||||||||||||||||||||||||||||||||
Natural Gas | (471 | ) | 445 | (26 | ) | (661 | ) | 605 | (56 | ) | ||||||||||||||||||||||
Electricity | (287 | ) | 236 | (51 | ) | (351 | ) | 258 | (93 | ) | ||||||||||||||||||||||
Other | (57 | ) | 55 | (2 | ) | (7 | ) | 6 | (1 | ) | ||||||||||||||||||||||
Total derivative liabilities | $ | (815 | ) | $ | 736 | $ | (79 | ) | $ | (1,020 | ) | $ | 869 | $ | (151 | ) | ||||||||||||||||
The following table presents the netting offsets of derivative assets and liabilities at September 30, 2013 and December 31, 2012: | ||||||||||||||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||||||||||||||||||||||
Derivative Assets | Derivative Liabilities | Derivative Assets | Derivative Liabilities | |||||||||||||||||||||||||||||
Current | Noncurrent | Current | Noncurrent | Current | Noncurrent | Current | Noncurrent | |||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||
Reconciliation of derivative instruments to Consolidated Statements of Financial Position: | ||||||||||||||||||||||||||||||||
Total fair value of derivatives | $ | 711 | $ | 132 | $ | (668 | ) | $ | (147 | ) | $ | 862 | $ | 154 | $ | (879 | ) | $ | (141 | ) | ||||||||||||
Counterparty netting | (610 | ) | (106 | ) | 610 | 106 | (754 | ) | (115 | ) | 754 | 115 | ||||||||||||||||||||
Collateral adjustment | (29 | ) | — | — | 20 | — | — | — | — | |||||||||||||||||||||||
Total derivatives as reported | $ | 72 | $ | 26 | $ | (58 | ) | $ | (21 | ) | $ | 108 | $ | 39 | $ | (125 | ) | $ | (26 | ) | ||||||||||||
The effect of derivatives not designated as hedging instruments on the Consolidated Statements of Operations for the three and nine months ended September 30, 2013 and 2012 is as follows: | ||||||||||||||||||||||||||||||||
Location of Gain | Gain (Loss) | Gain (Loss) | ||||||||||||||||||||||||||||||
(Loss) Recognized | Recognized in | Recognized in | ||||||||||||||||||||||||||||||
in Income on Derivatives | Income on | Income on | ||||||||||||||||||||||||||||||
Derivatives for | Derivatives for | |||||||||||||||||||||||||||||||
the Three Months Ended September 30, | the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
Derivatives not Designated as Hedging Instruments | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||
Foreign currency exchange contracts | Operating Revenue | $ | — | $ | (2 | ) | $ | (1 | ) | $ | (1 | ) | ||||||||||||||||||||
Commodity Contracts: | ||||||||||||||||||||||||||||||||
Natural Gas | Operating Revenue | 1 | (54 | ) | 37 | (51 | ) | |||||||||||||||||||||||||
Natural Gas | Fuel, purchased power and gas | (1 | ) | 50 | (33 | ) | 45 | |||||||||||||||||||||||||
Electricity | Operating Revenue | 22 | 17 | 52 | 52 | |||||||||||||||||||||||||||
Other | Operating Revenue | 1 | 1 | 1 | 12 | |||||||||||||||||||||||||||
Total | $ | 23 | $ | 12 | $ | 56 | $ | 57 | ||||||||||||||||||||||||
Revenues and energy costs related to trading contracts are presented on a net basis in the Consolidated Statements of Operations. Commodity derivatives used for trading purposes, and financial non-trading commodity derivatives, are accounted for using the mark-to-market method with unrealized and realized gains and losses recorded in Operating revenues. Non-trading physical commodity sale and purchase derivative contracts are generally accounted for using the mark-to-market method with unrealized and realized gains and losses for sales recorded in Operating revenue and purchases recorded in Fuel, purchased power and gas. | ||||||||||||||||||||||||||||||||
The effects of derivative instruments recoverable through the PSCR mechanism when realized on the Consolidated Statements of Financial Position were $3 million and $7 million in unrealized gains related to FTRs recognized in Regulatory liabilities for the three and nine months ended September 30, 2013, respectively. | ||||||||||||||||||||||||||||||||
The following represents the cumulative gross volume of derivative contracts outstanding as of September 30, 2013: | ||||||||||||||||||||||||||||||||
Commodity | Number of Units | |||||||||||||||||||||||||||||||
Natural Gas (MMBtu) | 683,113,433 | |||||||||||||||||||||||||||||||
Electricity (MWh) | 59,672,654 | |||||||||||||||||||||||||||||||
Foreign Currency Exchange ($ CAD) | 48,741,288 | |||||||||||||||||||||||||||||||
FTR (MWh) | 13,005,024 | |||||||||||||||||||||||||||||||
Various subsidiaries of the Company have entered into contracts which contain ratings triggers and are guaranteed by DTE Energy. These contracts contain provisions which allow the counterparties to request that the Company 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 the Company can be asked 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 the Company may ultimately be required to post. The amount of such collateral which could be requested fluctuates based on commodity prices (primarily natural gas, power and coal) and the provisions and maturities of the underlying transactions. As of September 30, 2013, DTE Energy's contractual obligation to post collateral in the form of cash or letter of credit in the event of a downgrade to below investment grade, under both hard trigger and soft trigger provisions, was approximately $327 million. |
Discontinued_Operations_Notes
Discontinued Operations (Notes) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | DISCONTINUED OPERATIONS | |||||||
Sale of Unconventional Gas Production Business | ||||||||
In December 2012, the Company sold its 100% equity interest in its Unconventional Gas Production business which consisted of gas and oil production assets in the western Barnett and Marble Falls shale areas of Texas. The activity of the discontinued business for the three and nine months ended September 30, 2012 is shown below. The amounts exclude general corporate overhead costs, and the related tax effects, and no portion of corporate interest costs were allocated to discontinued operations. | ||||||||
Three Months Ended | Nine Months Ended | |||||||
30-Sep-12 | 30-Sep-12 | |||||||
(In millions) | ||||||||
Operating Revenues | $ | 16 | $ | 38 | ||||
Operation and Maintenance | 6 | 16 | ||||||
Depreciation, Depletion and Amortization | 6 | 17 | ||||||
Taxes Other Than Income | 1 | 2 | ||||||
Operating Income | 3 | 3 | ||||||
Other (Income) and Deductions | 1 | 4 | ||||||
Income Tax Expense (Benefit) | 1 | (1 | ) | |||||
Net Income Attributable to DTE Energy Company | $ | 1 | $ | — | ||||
Asset_Retirement_Obligations_N
Asset Retirement Obligations (Notes) | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Asset Retirement Obligation [Abstract] | ||||
Asset Retirement Obligations | ASSET RETIREMENT OBLIGATIONS | |||
A reconciliation of the asset retirement obligations for the nine months ended September 30, 2013 follows: | ||||
(In millions) | ||||
Asset retirement obligations at December 31, 2012 | $ | 1,719 | ||
Accretion | 79 | |||
Liabilities incurred | 1 | |||
Liabilities settled | (12 | ) | ||
Revision in estimated cash flows | 13 | |||
Asset retirement obligations at September 30, 2013 | $ | 1,800 | ||
Regulatory_Matters_Notes
Regulatory Matters (Notes) | 9 Months Ended |
Sep. 30, 2013 | |
Public Utilities, General Disclosures [Abstract] | |
Regulatory Matters | REGULATORY MATTERS |
Transition of the City of Detroit's Public Lighting Department's (PLD) Customers to DTE Electric's Distribution System | |
Accounting Authority | |
On June 28, 2013, DTE Electric filed an application for accounting authority to defer certain costs associated with the transition of the City of Detroit's PLD customers to the DTE Electric distribution system over a five to seven year system conversion period. The Company requested authority to defer as a regulatory asset, all net incremental revenue requirement associated with the transition. The net incremental revenue requirement includes costs to install meters and attach customers; system and customer facility upgrades and repairs; and the difference between DTE Electric's tariff rates and any transitional rates approved in the future. On July 11, 2013, the MPSC approved DTE Electric's request to defer, for accounting purposes, the net incremental revenue requirement. | |
The approval excludes the request to defer the difference between DTE Electric's tariff rates and any transitional rates that might be approved by the MPSC in the future. The MPSC will address proposed rates and recovery matters in a future contested proceeding. As the accounting order did not provide a regulatory recovery mechanism, a regulatory asset will not be recognized until a regulatory recovery mechanism is put into place and the recovery of the regulatory asset becomes probable. | |
Transitional Reconciliation Mechanism (TRM) | |
On July 19, 2013, DTE Electric filed its TRM application proposing a transitional tariff option for certain former PLD customers and a modified line extension provision. The application also proposes a recovery mechanism for the deferred incremental revenue requirement described above. The application further discusses that DTE Electric will be requesting recovery, in subsequent PSCR cases, of PLD transmission delivery service costs incurred while DTE Electric is temporarily relying upon PLD to operate and maintain PLD's system during the system conversion period. If the MPSC determines that the transmission costs are not recoverable in the PSCR, the Company requested recovery as part of the TRM. | |
2009 Electric Rate Case Filing - Court of Appeals Remand to MPSC | |
In April 2012, the Michigan Court of Appeals (COA) issued a decision relating to an appeal of the January 2010 MPSC rate order in DTE Electric's January 2009 rate case filing. The COA found that the record of evidence in the January 2010 rate order was insufficient to support the MPSC's authorization to recover costs for the advanced metering infrastructure (AMI) program and remanded this matter to the MPSC. On October 17, 2013, the MPSC issued an order affirming the approximately $8 million rate increase authorized in the MPSC's January 2010 rate order for the AMI program and further concluded that the evidence presented after remand supports the authorized cost recovery. | |
2010 Electric Rate Case Filing - Court of Appeals Decision | |
In July 2013, the COA issued a decision relating to an appeal of the October 2011 MPSC order in DTE Electric's October 2010 rate case filing. The COA found that the record of evidence in the 2010 rate case order was insufficient to support the MPSC's authorization to recover costs for the AMI program and remanded this matter to the MPSC. The MPSC had approved $55 million of the average rate base related to the AMI program in the October 2011 order. DTE Electric is currently operating its AMI program pursuant to the MPSC's approval set forth in the October 2011 order. On August 29, 2013, the MPSC reopened the 2010 electric rate case for the limited purpose of addressing the COA's opinion on AMI. The Company is unable to predict the outcome of this matter or the timing of its resolution. | |
Power Supply Cost Recovery Proceedings | |
The PSCR process is designed to allow DTE Electric to recover all of its power supply costs if incurred under reasonable and prudent policies and practices. DTE Electric's power supply costs include fuel and related transportation costs, purchased and net interchange power costs, nitrogen oxide and sulfur dioxide emission allowances costs, urea costs, transmission costs and MISO costs. The MPSC reviews these costs, policies and practices for prudence in annual plan and reconciliation filings. | |
2012 PSCR Year - In March 2013, DTE Electric filed the 2012 PSCR reconciliation calculating a net under-recovery of approximately $87 million that includes an under-recovery of approximately $148 million for the 2011 PSCR year. The reconciliation includes approximately $30 million of purchased power costs related to the manual shutdown of our Fermi 2 nuclear power plant in June 2012 caused by the failure of one of the plant's two non-safety related feed-water pumps. The plant was restarted on July 30, 2012 which restored production to nominal 68% of full capacity. In September 2013, the repair to the plant was completed and production was returned to full capacity. We were able to purchase sufficient power from MISO to continue to provide uninterrupted service to our customers. Certain intervenors in the reconciliation case have challenged the recovery of some or all of the Fermi-related purchased power costs. Resolution of this matter is expected in 2014. | |
Low Income Energy Assistance Fund (LIEAF) | |
On July 1, 2013, Michigan Public Act 95 was signed into law and created the LIEAF. The legislation allows the use of a LIEAF funding factor to be determined by the MPSC and assessed on all customer classes of Michigan electric utilities to fund the LIEAF. On July 29, 2013, the MPSC adopted a funding factor of $0.99 per meter per month for all Michigan electric utilities that are participating in the program, including DTE Electric, effective with the September 2013 billing month. The surcharge billed by DTE Electric is remitted to the State of Michigan for subsequent distribution through a grant process to social service agencies and utilities to assist low income customers. | |
DTE Gas Uncollectible Expense True-Up Mechanism (UETM) | |
In March 2013, DTE Gas filed an application with the MPSC for approval of its UETM reconciliation for 2012 requesting authority to refund approximately $20 million. On September 10, 2013, the MPSC approved a settlement agreement approving the requested 2012 UETM refund over a twelve-month period beginning in October 2013. |
Common_Stock
Common Stock | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Stockholders' Equity Note [Abstract] | ||||||||||||
Common Stock [Text Block] | COMMON STOCK | |||||||||||
During 2013, the Company contributed the following amounts of DTE Energy Common stock to the DTE Energy Company Affiliates Employee Benefit Plans Master Trust: | ||||||||||||
Date | Number of Shares | Price Per Share | Amount | |||||||||
(In millions) | ||||||||||||
12-Mar-13 | 750,075 | $ | 66.66 | $ | 50 | |||||||
12-Jun-13 | 753,579 | $ | 66.35 | 50 | ||||||||
12-Sep-13 | 1,522,301 | $ | 65.69 | 100 | ||||||||
$ | 200 | |||||||||||
The shares for all the contributions were valued at the closing market price of DTE Energy common stock on the contribution dates in accordance with fair value measurement and accounting requirements. |
Earnings_Per_Share_Notes
Earnings Per Share (Notes) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||
Earnings per Share | EARNINGS PER SHARE | |||||||||||||||
The Company reports both basic and diluted earnings per share. The calculation of diluted earnings per share assumes the issuance of potentially dilutive common shares outstanding during the period from the exercise of stock options. A reconciliation of both calculations is presented in the following table for the three months and nine months ended September 30: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(In millions, except per share amounts) | ||||||||||||||||
Basic Earnings per Share | ||||||||||||||||
Net income attributable to DTE Energy Company | $ | 198 | $ | 227 | $ | 537 | $ | 529 | ||||||||
Average number of common shares outstanding | 175 | 172 | 174 | 171 | ||||||||||||
Weighted average net restricted shares outstanding | — | 1 | 1 | 1 | ||||||||||||
Dividends declared — common shares | $ | 115 | $ | 106 | $ | 337 | $ | 307 | ||||||||
Dividends declared — net restricted shares | 1 | 1 | 1 | 2 | ||||||||||||
Total distributed earnings | $ | 116 | $ | 107 | $ | 338 | $ | 309 | ||||||||
Net income less distributed earnings | $ | 82 | $ | 120 | $ | 199 | $ | 220 | ||||||||
Distributed (dividends per common share) | $ | 0.66 | $ | 0.62 | $ | 1.93 | $ | 1.8 | ||||||||
Undistributed | 0.47 | 0.7 | 1.14 | 1.29 | ||||||||||||
Total Basic Earnings per Common Share | $ | 1.13 | $ | 1.32 | $ | 3.07 | $ | 3.09 | ||||||||
Diluted Earnings per Share | ||||||||||||||||
Net income attributable to DTE Energy Company | $ | 198 | $ | 227 | $ | 537 | $ | 529 | ||||||||
Average number of common shares outstanding | 176 | 172 | 175 | 171 | ||||||||||||
Average incremental shares from assumed exercise of options | — | — | — | — | ||||||||||||
Common shares for dilutive calculation | 176 | 172 | 175 | 171 | ||||||||||||
Weighted average net restricted shares outstanding | — | 1 | 1 | 1 | ||||||||||||
Dividends declared — common shares | $ | 115 | $ | 106 | $ | 337 | $ | 307 | ||||||||
Dividends declared — net restricted shares | 1 | 1 | 1 | 2 | ||||||||||||
Total distributed earnings | $ | 116 | $ | 107 | $ | 338 | $ | 309 | ||||||||
Net income less distributed earnings | $ | 82 | $ | 120 | $ | 199 | $ | 220 | ||||||||
Distributed (dividends per common share) | $ | 0.66 | $ | 0.62 | $ | 1.93 | $ | 1.8 | ||||||||
Undistributed | 0.47 | 0.69 | 1.14 | 1.28 | ||||||||||||
Total Diluted Earnings per Common Share | $ | 1.13 | $ | 1.31 | $ | 3.07 | $ | 3.08 | ||||||||
LongTerm_Debt_Notes
Long-Term Debt (Notes) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Long-term Debt, Unclassified [Abstract] | ||||||||||||||
Long-term Debt [Text Block] | LONG-TERM DEBT | |||||||||||||
Debt Issuances | ||||||||||||||
In 2013, the following debt was issued: | ||||||||||||||
Company | Month Issued | Type | Interest Rate | Maturity | Amount | |||||||||
(In millions) | ||||||||||||||
DTE Electric | March | Mortgage Bonds (a) | 4 | % | 2043 | $ | 375 | |||||||
DTE Electric | August | Mortgage Bonds (a) | 3.65 | % | 2024 | 400 | ||||||||
$ | 775 | |||||||||||||
_______________________________________ | ||||||||||||||
(a) | Proceeds were used for the redemption of DTE Electric long-term debt, for the repayment of short-term borrowings, and for general corporate purposes. | |||||||||||||
In September 2013, DTE Gas agreed to issue $50 million of 3.64%, 10-year mortgage bonds, $70 million of 3.74%, 12-year mortgage bonds, and $50 million of 3.94%, 15-year mortgage bonds to a group of institutional investors in a private placement transaction. The bonds are expected to close and fund in December 2013. The aggregate proceeds are planned to be used for general corporate purposes. | ||||||||||||||
Debt Redemptions | ||||||||||||||
In 2013, the following debt was redeemed: | ||||||||||||||
Company | Month | Type | Interest Rate | Maturity | Amount | |||||||||
(In millions) | ||||||||||||||
DTE Electric | March | Securitization Bonds | 6.42 | % | 2013 | $ | 88 | |||||||
DTE Electric | March | Tax Exempt Revenue Bonds (a) | 5.3 | % | 2030 | 51 | ||||||||
DTE Electric | April | Other Long-Term Debt | Various | 2013 | 13 | |||||||||
DTE Gas | April | Senior Notes | 5.26 | % | 2013 | 60 | ||||||||
DTE Energy | Various | Other Long-Term Debt | Various | 2013 | 4 | |||||||||
DTE Energy | June | Senior Notes | Variable | 2013 | 300 | |||||||||
DTE Electric | September | Securitization Bonds | 6.62 | % | 2015 | 89 | ||||||||
DTE Electric | September | Senior Notes | 6.4 | % | 2013 | 250 | ||||||||
$ | 855 | |||||||||||||
_______________________________________ | ||||||||||||||
(a) | DTE Electric Tax Exempt Revenue Bonds are issued by a public body that loans the proceeds to DTE Electric on terms substantially mirroring the Revenue Bonds. |
ShortTerm_Credit_Arrangements_
Short-Term Credit Arrangements and Borrowings (Notes) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Short-term Debt [Abstract] | ||||||||||||||||
Short-Term Credit Arrangements and Borrowings | SHORT-TERM CREDIT ARRANGEMENTS AND BORROWINGS | |||||||||||||||
DTE Energy and its wholly owned subsidiaries, DTE Electric and DTE Gas, have unsecured revolving credit agreements with a syndicate of 19 banks that can be used for general corporate borrowings, but are intended to provide liquidity support for each of the companies’ commercial paper programs. No one bank provides more than 8.7% of the commitment in any facility. Borrowings under the facilities are available at prevailing short-term interest rates. Additionally, DTE Energy has other facilities to support letter of credit issuance. | ||||||||||||||||
The agreements require the Company to maintain a total funded debt to capitalization ratio of no more than 0.65 to 1. In the agreements, “total funded debt” means all indebtedness of the Company and its consolidated subsidiaries, including capital 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 stockholders’ equity of the Company and its consolidated subsidiaries (excluding pension effects under certain FASB statements), as determined in accordance with accounting principles generally accepted in the United States of America. At September 30, 2013, the total funded debt to total capitalization ratios for DTE Energy, DTE Electric and DTE Gas are 0.48 to 1, 0.53 to 1 and 0.44 to 1, respectively, and are in compliance with this financial covenant. The availability under the facilities in place at September 30, 2013 is shown in the following table: | ||||||||||||||||
DTE Energy | DTE Electric | DTE Gas | Total | |||||||||||||
(In millions) | ||||||||||||||||
Unsecured letter of credit facility, expiring in May 2014 | $ | 50 | $ | — | $ | — | $ | 50 | ||||||||
Unsecured letter of credit facility, expiring in August 2015 | 125 | — | — | 125 | ||||||||||||
Unsecured revolving credit facility, expiring April 2018 | 1,200 | 300 | 300 | 1,800 | ||||||||||||
Total credit facilities at September 30, 2013 | 1,375 | 300 | 300 | 1,975 | ||||||||||||
Amounts outstanding at September 30, 2013: | ||||||||||||||||
Commercial paper issuances | 44 | 11 | 216 | 271 | ||||||||||||
Letters of credit | 235 | — | — | 235 | ||||||||||||
279 | 11 | 216 | 506 | |||||||||||||
Net availability at September 30, 2013 | $ | 1,096 | $ | 289 | $ | 84 | $ | 1,469 | ||||||||
The Company has other outstanding letters of credit which are not included in the above described facilities totaling approximately $47 million which are used for various corporate purposes. | ||||||||||||||||
In conjunction with maintaining certain exchange traded risk management positions, the Company may be required to post cash collateral with its clearing agent. The Company has a demand financing agreement for up to $100 million with its clearing agent. The agreement, as amended, also allows for up to $50 million of additional margin financing provided that the Company posts a letter of credit for the incremental amount. At September 30, 2013, a $40 million letter of credit was in place, raising the capacity under this facility to $140 million. The $40 million letter of credit is included in the table above. The amount outstanding under this agreement was $75 million and $65 million at September 30, 2013 and December 31, 2012, respectively. |
Commitments_and_Contingencies_
Commitments and Contingencies (Notes) | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES |
Environmental | |
Electric | |
Air - DTE Electric is subject to the EPA ozone and fine particulate transport and acid rain regulations that limit power plant emissions of sulfur dioxide and nitrogen oxides. Since 2005, the EPA and the State of Michigan have issued additional emission reduction regulations relating to ozone, fine particulate, regional haze, mercury, and other air pollution. These rules have led to additional controls on fossil-fueled power plants to reduce nitrogen oxide, sulfur dioxide, mercury and other emissions. To comply with these requirements, DTE Electric spent approximately $1.9 billion through 2012. The Company estimates DTE Electric will make capital expenditures of approximately $190 million in 2013 and up to approximately $1.8 billion of additional capital expenditures through 2021 based on current regulations. Further, additional rulemakings are expected over the next few years which could require additional controls for sulfur dioxide, nitrogen oxides and hazardous air pollutants. The Cross State Air Pollution Rule (CSAPR), finalized in July 2011, required further reductions of sulfur dioxide and nitrogen oxides emissions beginning in 2012. On December 30, 2011, the U.S. Court of Appeals for the District of Columbia (D.C.) Circuit granted the motions to stay the rule, leaving DTE Electric temporarily subject to the previously existing Clean Air Interstate Rule (CAIR). On August 21, 2012, the Court issued its decision, vacating CSAPR and leaving CAIR in place. The EPA's petition seeking a rehearing of the U.S. Court of Appeals' decision regarding the CSAPR was denied on January 24, 2013. On June 24, 2013, the U.S. Supreme Court granted EPA's petition asking the Court to review the D.C. Circuit Court's decision on CSAPR. A ruling by the Supreme Court is not expected before 2014. Notwithstanding the appeal filed with the Supreme Court, the EPA and a number of states have started working on the framework of revised CSAPR regulations which we anticipate to be proposed in the next few years. | |
The Mercury and Air Toxics Standard (MATS) rule, formerly known as the Electric Generating Unit Maximum Achievable Control Technology (EGU MACT) Rule was finalized on December 16, 2011. The MATS rule requires reductions of mercury and other hazardous air pollutants beginning in April 2015, with a potential extension to April 2016. DTE Electric has requested and been granted compliance date extensions for some units to April 2016. DTE Electric has tested technologies to determine technological and economic feasibility as MATS compliance alternatives to Flue Gas Desulfurization (FGD) systems. Implementation of Dry Sorbent Injection (DSI) and Activated Carbon Injection (ACI) technologies will allow several units that would not have been economical for FGD installations to continue operation in compliance with MATS. | |
In July 2009, DTE Energy received a Notice of Violation/Finding of Violation (NOV/FOV) from the EPA alleging, among other things, that five DTE Electric power plants violated New Source Performance standards, Prevention of Significant Deterioration requirements, and operating permit requirements under the Clean Air Act. In June 2010, the EPA issued a NOV/FOV making similar allegations related to a project and outage at Unit 2 of the Monroe Power Plant. In March 2013, DTE Energy received a supplemental NOV from the EPA relating to the July 2009 NOV/FOV. The supplemental NOV alleged additional violations relating to the New Source Review provisions under the Clean Air Act, among other things. | |
In August 2010, the U.S. Department of Justice, at the request of the EPA, brought a civil suit in the U.S. District Court for the Eastern District of Michigan against DTE Energy and DTE Electric, related to the June 2010 NOV/FOV and the outage work performed at Unit 2 of the Monroe Power Plant, but not relating to the July 2009 NOV/FOV. Among other relief, the EPA requested the court to require DTE Electric to install and operate the best available control technology at Unit 2 of the Monroe Power Plant. Further, the EPA requested the court to issue a preliminary injunction to require DTE Electric to (i) begin the process of obtaining the necessary permits for the Monroe Unit 2 modification and (ii) offset the pollution from Monroe Unit 2 through emissions reductions from DTE Electric's fleet of coal-fired power plants until the new control equipment is operating. On August 23, 2011, the U.S. District Court judge granted DTE Energy's motion for summary judgment in the civil case, dismissing the case and entering judgment in favor of DTE Energy and DTE Electric. On October 20, 2011, the EPA caused to be filed a Notice of Appeal to the U.S. Court of Appeals for the Sixth Circuit. On March 28, 2013, the Court of Appeals remanded the case to the U.S. District Court for review of the procedural component of the New Source Review notification requirements. On September 3, 2013, the EPA caused to be filed a motion seeking leave to amend their complaint regarding the June 2010 NOV/FOV adding additional claims related to outage work performed at the Trenton Channel and Belle River power plants as well as additional claims related to work performed at the Monroe Power Plant. In addition, the Sierra Club caused to be filed a motion to add a claim regarding the River Rouge Power Plant. The EPA and Sierra Club motions are currently pending with the U. S. District Court Judge. | |
DTE Energy and DTE Electric believe that the plants identified by the EPA, including Unit 2 of the Monroe Power Plant, have complied with all applicable federal environmental regulations. Depending upon the outcome of discussions with the EPA regarding the two NOVs/FOVs, DTE Electric could be required to install additional pollution control equipment at some or all of the power plants in question, implement early retirement of facilities where control equipment is not economical, engage in supplemental environmental programs, and/or pay fines. The Company cannot predict the financial impact or outcome of this matter, or the timing of its resolution. | |
On March 13, 2013, the Sierra Club filed suit against DTE Energy and DTE Electric alleging violations of the Clean Air Act at four of DTE Electric's coal-fired power plants. The plaintiffs allege 1,499 6-minute periods of excess opacity of air emissions from 2007-2012 at those facilities. The suit asks that the court enjoin DTE Energy and DTE Electric from operating the power plants except in complete compliance with applicable laws and permit requirements, pay civil penalties, conduct beneficial environmental mitigation projects, pay attorney fees and require the installation of any necessary pollution controls or to convert and/or operate the plants' boilers on natural gas to avoid additional violations and to off-set historic unlawful emissions. The resolution of this matter is not expected to have a material effect on the Company's operations or financial statements. | |
Water — In response to an EPA regulation, DTE Electric would be 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. The initial rule published in 2004 was subsequently remanded and a proposed rule published in 2011. The proposed rule specified an eight year compliance timeline. In July 2012, the EPA announced that a notice of its final action on the rule will be issued in June 2013. On June 27, 2013, the EPA announced an agreement to extend the deadline for issuance of the final rule until November 4, 2013. On April 19, 2013, the EPA proposed revised steam electric effluent guidelines regulating wastewater streams from coal-fired power plants including multiple possible options for compliance. The rules are expected to be finalized by May 2014. DTE Electric has provided comments to the EPA. However, it is not possible at this time to quantify the impacts of these developing requirements. | |
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 manufactured gas plant (MGP) sites. DTE Electric conducted remedial investigations at contaminated sites, including three former MGP sites. The investigations have revealed contamination related to the by-products of gas manufacturing at each site. In addition to the MGP sites, the Company 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 aboveground storage tank locations. The findings of these investigations indicated that the estimated cost to remediate these sites is expected to be incurred over the next several years. At September 30, 2013 and December 31, 2012, the Company had $9 million accrued for remediation. 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 the Company’s financial position and cash flows. The Company believes that the likelihood of a materially greater liability than the accrued amount is remote based on current knowledge of the conditions at each site. | |
DTE Electric owns and operates a permitted engineered ash storage facility at the Monroe Power Plant to dispose of fly ash from the coal fired power plant. The EPA has published proposed rules to regulate coal ash under the authority of the Resources Conservation and Recovery Act (RCRA). The proposed rule published in June 2010 contains two primary regulatory options to regulate coal ash residue. The EPA is currently considering either designating coal ash as a “Hazardous Waste” as defined by RCRA or regulating coal ash as non-hazardous waste under RCRA. Agencies and legislatures have urged the EPA to regulate coal ash as a non-hazardous waste. If the EPA designates coal ash as a hazardous waste, the agency could apply some, or all, of the disposal and reuse standards that have been applied to other existing hazardous wastes to disposal and reuse of coal ash. Some of the regulatory actions currently being contemplated could have a significant impact on our operations and financial position and the rates we charge our customers. It is not possible to quantify the impact of those expected rulemakings at this time. | |
Gas | |
Contaminated Sites — Gas segment, owns or previously owned, 15 former MGP sites. Investigations have revealed contamination related to the by-products of gas manufacturing at each site. In addition to the MGP sites, the Company is also in the process of cleaning up other contaminated sites. Cleanup activities associated with these sites will be conducted 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. Accordingly, Gas segment recognizes a liability and corresponding Regulatory asset for estimated investigation and remediation costs at former MGP sites. As of September 30, 2013 and December 31, 2012, the Company had $29 million accrued for remediation. 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 the Company’s financial position and cash flows. The Company anticipates the cost amortization methodology approved by the MPSC for DTE Gas, which allows DTE Gas to amortize the MGP costs over a ten-year period beginning with the year subsequent to the year the MGP costs were incurred and the cost deferral and rate recovery mechanism for Citizens Fuel Gas approved by the City of Adrian, will prevent environmental costs from having a material adverse impact on the Company’s results of operations. | |
Non-utility | |
The Company’s non-utility businesses are subject to a number of environmental laws and regulations dealing with the protection of the environment from various pollutants. | |
The Michigan coke battery facility received and responded to information requests from the EPA that resulted in the issuance of a NOV in June 2007 alleging potential maximum achievable control technologies and new source review violations. The EPA is in the process of reviewing the Company’s position of demonstrated compliance and has not initiated escalated enforcement. At this time, the Company cannot predict the impact of this issue. Furthermore, the Michigan coke battery facility is the subject of an investigation by the MDEQ concerning visible emissions readings that resulted from the Company self reporting to MDEQ questionable activities by an employee of a contractor hired by the Company to perform the visible emissions readings. At this time, the Company cannot predict the impact of this investigation. | |
The Company received two NOVs from the Pennsylvania Department of Environmental Protection (PADEP) in 2010 alleging violations of the permit for the Pennsylvania coke battery facility in connection with coal pile storm water runoff. The Company has implemented best management practices to address this issue. The Company recently received a permit to upgrade its existing waste water treatment system and is currently seeking a permit from the PADEP to upgrade its wastewater treatment technology to a biological treatment facility. The Company expects to spend less than $7 million on the existing waste water treatment system to comply with existing water discharge requirements and to upgrade its coal pile storm water runoff management program. | |
The Company believes that its non-utility businesses are substantially in compliance with all environmental requirements, other than as noted above. | |
Other | |
In March 2011, the EPA finalized a new set of regulations regarding the identification of non-hazardous secondary materials that are considered solid waste, industrial boiler and process heater maximum achievable control technologies (IBMACT) for major and area sources, and commercial/industrial solid waste incinerator new source performance standard and emission guidelines (CISWI). The effective dates of the major source IBMACT and CISWI regulations were stayed and a re-proposal was issued by the EPA in December 2011. Final IBMACT and CISWI were issued by the EPA in December 2012. The Company is developing compliance plans to upgrade or convert existing industrial boilers to natural gas and to perform required energy assessments in compliance with the applicable new standards. Capital costs for the boiler conversions and the expenses for the one-time energy assessments are not expected to be material. | |
In 2010, the EPA finalized a new 1-hour sulfur dioxide ambient air quality standard that requires states to submit plans for non-attainment areas to be in compliance by 2017. Michigan's non-attainment area includes DTE Energy facilities in southwest Detroit and areas of Wayne County. Preliminary modeling runs by the MDEQ suggest that emission reductions may be required by significant sources of sulfur dioxide emissions in these areas, including DTE Electric power plants and our Michigan coke battery. The state implementation plan process is in the information gathering stage and any required emission reductions for DTE Energy sources to meet the standard cannot be estimated currently. | |
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. The Nuclear Electric Insurance Limited (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 $500 million in primary coverage and $2.25 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, subject to a $1 million deductible. As of April 1, 2013, the total limit for property damage for non-nuclear events is $1.8 billion and an aggregate of $327 million of coverage for extra expenses over a two-year period. | |
In 2007, the Terrorism Risk Insurance Extension Act of 2005 (TRIA) was extended through December 31, 2014. A major change in the extension is the inclusion of “domestic” acts of terrorism in the definition of covered or “certified” acts. 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 the NEIL policies, DTE Electric could be liable for maximum assessments of up to approximately $34 million per event if the loss associated with any one event at any insured nuclear plant should exceed the accumulated funds available to NEIL. | |
Public Liability Insurance | |
As required by federal law, DTE Electric maintains $375 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 $127.3 million could be levied against each licensed nuclear facility, but not more than $19 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 U.S. Department of Energy (DOE) for the future storage and disposal of spent nuclear fuel from Fermi 2. DTE Electric is obligated to pay the DOE a fee of 1 mill per kWh of Fermi 2 electricity generated and sold. The fee is a component of nuclear fuel expense. The DOE's Yucca Mountain Nuclear Waste Repository program for the acceptance and disposal of spent nuclear fuel was terminated in 2011. DTE Electric currently employs a spent nuclear fuel storage strategy utilizing a fuel pool. The Company continues to develop its on-site dry cask storage facility and anticipates initial offload from the spent fuel pool in 2014. The dry cask storage facility is expected to provide sufficient spent fuel storage capability for the life of the plant as defined by the original operating license. | |
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 provided for a payment of approximately $48 million, received in August 2012, for delay-related costs experienced by DTE Electric through 2010, and a claims process for submittal of delay-related costs from 2011 through 2013. DTE Electric has begun the claims process and all claims submitted have been accepted. The settlement proceeds reduced the cost of the dry cask storage facility assets. In February 2013, the U.S. Court of Appeals for the District of Columbia granted a motion to reopen the fee adequacy litigation to review the DOE's latest fee adequacy report which was released in January 2013. DTE Electric will continue to pay fees to the U.S. government's nuclear waste fund pending further action by the D.C. Circuit. 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. | |
Synthetic Fuel Guarantees | |
The Company discontinued the operations of its synthetic fuel production facilities throughout the United States as of December 31, 2007. The Company 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 and will survive until 90 days after expiration of all applicable statutes of limitations. The Company estimates that its maximum potential liability under these guarantees at September 30, 2013 is approximately $1.2 billion. Payment under these guarantees is considered remote. | |
Reduced Emissions Fuel Guarantees | |
The Company has provided certain guarantees and indemnities in conjunction with the sales of interests in its reduced emissions fuel facilities. The guarantees cover potential commercial, environmental, and tax-related obligations and will survive until 90 days after expiration of all applicable statutes of limitations. The Company estimates that its maximum potential liability under these guarantees at September 30, 2013 is approximately $125 million. Payment under these guarantees is considered remote. | |
Other Guarantees | |
In certain limited circumstances, the Company enters into contractual guarantees. The Company may guarantee another entity’s obligation in the event it fails to perform. The Company may provide guarantees in certain indemnification agreements. Finally, the Company may provide indirect guarantees for the indebtedness of others. The Company’s guarantees are not individually material with maximum potential payments totaling $60 million at September 30, 2013. Payment under these guarantees is considered remote. | |
The Company is periodically required to obtain performance surety bonds in support of obligations to various governmental entities and other companies in connection with its operations. As of September 30, 2013, the Company had approximately $41 million of performance bonds outstanding. In the event that such bonds are called for nonperformance, the Company would be obligated to reimburse the issuer of the performance bond. The Company is 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 | |
Our contracts with several bargaining units for the majority of our represented employees were due to expire in June 2013, October 2013 and June 2014. Early negotiations resulted in new contracts that became effective in March 2013. The new contracts will expire in March, June and October 2017. | |
Purchase Commitments | |
As of September 30, 2013, the Company was party to numerous long-term purchase commitments relating to a variety of goods and services required for the Company’s business. These agreements primarily consist of fuel supply commitments, renewable energy contracts and energy trading contracts. The Company estimates that these commitments will be approximately $6.2 billion from 2013 through 2052. | |
The Company also estimates that 2013 capital expenditures will be approximately $2.1 billion. The Company has made certain commitments in connection with expected capital expenditures. | |
Bankruptcies | |
The Company purchases and sells electricity, natural gas, coal, coke and other energy products from and to governmental entities and numerous companies operating in the steel, automotive, energy, retail, financial and other industries. Certain of its customers have filed for bankruptcy protection under the U.S. Bankruptcy Code. The Company regularly reviews contingent matters relating to these customers and its purchase and sale contracts and records provisions for amounts considered at risk of probable loss. The Company believes its accrued amounts are adequate for probable loss. | |
The Company's utilities provide services to the city of Detroit, Michigan (Detroit). Detroit filed for Chapter 9 bankruptcy protection on July 18, 2013. The Company had pre-petition accounts receivable of approximately $20 million outstanding as of the bankruptcy filing date. Detroit has been paying amounts owed in a timely manner and its accounts are substantially current. The Company does not expect Detroit's bankruptcy filing to have a material impact on its financial results. | |
Other Contingencies | |
The Company is 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 Company cannot predict the final disposition of such proceedings. The Company regularly reviews legal matters and records provisions for claims that it can estimate and are considered probable of loss. The resolution of these pending proceedings is not expected to have a material effect on the Company’s operations or financial statements in the periods they are resolved. | |
See Notes 4 and 7 for a discussion of contingencies related to derivatives and regulatory matters. |
Retirement_Benefits_and_Truste
Retirement Benefits and Trusteed Assets (Notes) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ||||||||||||||||
Pension and Other Postretirement Benefits Disclosure [Text Block] | RETIREMENT BENEFITS AND TRUSTEED ASSETS | |||||||||||||||
The following table details the components of net periodic benefit costs for pension benefits and other postretirement benefits: | ||||||||||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Three Months Ended September 30 | (In millions) | |||||||||||||||
Service cost | $ | 22 | $ | 20 | $ | 9 | $ | 15 | ||||||||
Interest cost | 49 | 51 | 21 | 29 | ||||||||||||
Expected return on plan assets | (67 | ) | (61 | ) | (28 | ) | (23 | ) | ||||||||
Amortization of: | ||||||||||||||||
Net actuarial loss | 55 | 48 | 16 | 21 | ||||||||||||
Prior service credit | — | — | (36 | ) | (6 | ) | ||||||||||
Net periodic benefit cost (credit) | $ | 59 | $ | 58 | $ | (18 | ) | $ | 36 | |||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Nine Months Ended September 30 | (In millions) | |||||||||||||||
Service cost | $ | 71 | $ | 61 | $ | 37 | $ | 51 | ||||||||
Interest cost | 144 | 153 | 66 | 90 | ||||||||||||
Expected return on plan assets | (200 | ) | (183 | ) | (82 | ) | (69 | ) | ||||||||
Amortization of: | ||||||||||||||||
Net actuarial loss | 156 | 133 | 48 | 60 | ||||||||||||
Prior service credit | — | — | (95 | ) | (20 | ) | ||||||||||
Net transition liability | — | — | — | 1 | ||||||||||||
Settlements | — | 2 | — | — | ||||||||||||
Net periodic benefit cost (credit) | $ | 171 | $ | 166 | $ | (26 | ) | $ | 113 | |||||||
Pension and Other Postretirement Contributions | ||||||||||||||||
During the first nine months of 2013, the Company contributed $250 million to its pension plans, including contributions of DTE Energy common stock of $200 million. See Note 8. At the discretion of management, and depending upon financial market conditions, the Company may make up to an additional $25 million contribution to its pension plans in 2013. | ||||||||||||||||
In January 2013, the Company contributed $145 million to its other postretirement benefit plans. At the discretion of management, the Company may make up to an additional $120 million contribution to its other postretirement benefit plans in 2013. | ||||||||||||||||
Re-Measurement of Other Postretirement Benefit Obligation | ||||||||||||||||
In March 2013, the Company reached agreements on new four-year labor contracts with certain represented employees under several bargaining units. As a term of the agreements, the Company replaced sponsored retiree medical, prescription drug and dental coverage for future Medicare eligible retirees with a Retiree Health Care Allowance (RHCA) account of $3,250 per year. The modification in retiree health coverage will reduce future postretirement benefit costs. | ||||||||||||||||
Based on the impact of such benefit cost savings on the financial statements, the Company re-measured its retiree health plan as of March 31, 2013. In performing the re-measurement, the Company updated its significant actuarial assumptions, including an adjustment to the discount rate from 4.15% at December 31, 2012 to 4.30% at March 31, 2013. Plan assets were also updated to reflect fair value as of the re-measurement date. As a result of the re-measurement, the accumulated postretirement benefit obligation (APBO) was reduced by $258 million. The Company's Accrued postretirement benefit liability at March 31, 2013 was $721 million as compared to $1.2 billion at December 31, 2012, a reduction of $439 million. The reduction reflects the impact of the re-measurement of the plan, January 2013 plan contributions and recognition of first quarter 2013 postretirement benefit costs and benefit payments. | ||||||||||||||||
Beginning April 2013, net postretirement benefit costs were recorded based on the updated actuarial assumptions and benefit changes resulting from the new labor contracts. As a result of the re-measurement, fiscal year 2013 postretirement benefit costs are expected to decrease by approximately $69 million to an annual net benefit of approximately $40 million. |
StockBased_Compensation_Notes
Stock-Based Compensation (Notes) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Share-based Compensation [Abstract] | ||||||||||||||||
Stock-based Compensation | STOCK-BASED COMPENSATION | |||||||||||||||
The following table summarizes the components of stock-based compensation: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(In millions) | ||||||||||||||||
Stock-based compensation expense | $ | 18 | $ | 21 | $ | 81 | $ | 61 | ||||||||
Tax benefit | $ | 7 | $ | 8 | $ | 31 | $ | 23 | ||||||||
Stock-based compensation cost capitalized in property, plant and equipment | $ | 1 | $ | 1 | $ | 5 | $ | 3 | ||||||||
Stock Options | ||||||||||||||||
The following table summarizes our stock option activity for the nine months ended September 30, 2013: | ||||||||||||||||
Number of | Weighted | Aggregate | ||||||||||||||
Options | Average | Intrinsic | ||||||||||||||
Exercise Price | Value (In millions) | |||||||||||||||
Options outstanding at December 31, 2012 | 1,192,670 | $ | 41.86 | |||||||||||||
Exercised | (399,139 | ) | $ | 40.54 | ||||||||||||
Forfeited or expired | (10,370 | ) | $ | 41.46 | ||||||||||||
Options outstanding at September 30, 2013 | 783,161 | $ | 42.54 | $ | 20 | |||||||||||
Options exercisable at September 30, 2013 | 783,161 | $ | 42.54 | $ | 20 | |||||||||||
As of September 30, 2013, the weighted average remaining contractual life for the exercisable shares is 4.17 years. During the nine months ended September 30, 2013, 200,844 options vested. As of September 30, 2013, all options were vested. | ||||||||||||||||
The intrinsic value of options exercised for the nine months ended September 30, 2013 and 2012 was $11 million and $21 million, respectively. No option expense was recognized for the nine months ended September 30, 2013 and $0.5 million of option expense was recognized for the nine months ended September 30, 2012. | ||||||||||||||||
The Company includes both historical and implied share-price volatility in option volatility. Implied volatility is derived from exchange traded options on DTE Energy common stock. The Company’s expected option life estimate is based on historical data. | ||||||||||||||||
Restricted Stock Awards | ||||||||||||||||
The following table summarizes the Company’s restricted stock awards activity for the nine months ended September 30, 2013: | ||||||||||||||||
Restricted | Weighted Average | |||||||||||||||
Stock | Grant Date | |||||||||||||||
Fair Value | ||||||||||||||||
Balance at December 31, 2012 | 597,648 | $ | 48.33 | |||||||||||||
Grants | 127,785 | $ | 64.72 | |||||||||||||
Forfeitures | (5,621 | ) | $ | 53.53 | ||||||||||||
Vested and issued | (218,600 | ) | $ | 45.39 | ||||||||||||
Balance at September 30, 2013 | 501,212 | $ | 53.71 | |||||||||||||
Performance Share Awards | ||||||||||||||||
The following table summarizes the Company’s performance share activity for the nine months ended September 30, 2013: | ||||||||||||||||
Performance Shares | ||||||||||||||||
Balance at December 31, 2012 | 1,634,364 | |||||||||||||||
Grants | 549,360 | |||||||||||||||
Forfeitures | (36,168 | ) | ||||||||||||||
Payouts | (548,624 | ) | ||||||||||||||
Balance at September 30, 2013 | 1,598,932 | |||||||||||||||
Unrecognized Compensation Costs | ||||||||||||||||
As of September 30, 2013, there was $72 million of total unrecognized compensation cost related to non-vested stock incentive plan arrangements. That cost is expected to be recognized over a weighted-average period of 1.18 years. |
Segment_Information_Notes
Segment Information (Notes) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||
Segment Information | SEGMENT AND RELATED INFORMATION | |||||||||||||||
The Company 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 2.1 million residential, commercial and industrial customers in southeastern Michigan. | ||||||||||||||||
Gas segment consists of DTE Gas and Citizens. DTE Gas is engaged in the purchase, storage, transportation, distribution and sale of natural gas to approximately 1.2 million residential, commercial and industrial customers throughout Michigan and the sale of storage and transportation capacity. Citizens distributes natural gas in Adrian, Michigan to approximately 17,000 customers. | ||||||||||||||||
Gas Storage and Pipelines consists of natural gas pipeline, gathering and storage businesses. | ||||||||||||||||
Power and Industrial Projects is comprised primarily of projects that deliver energy and utility-type products and services to industrial, commercial and institutional customers; produce reduced emissions fuel (REF) and sell electricity from biomass-fired 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 energy-related investments. | ||||||||||||||||
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 production tax credits and net operating losses if applicable. The state and local income tax provisions of the utility subsidiaries is determined on an individual company basis and recognizes the tax benefit of various tax credits and net operating losses if applicable. The subsidiaries record federal, state and local income taxes payable to or receivable from DTE Energy based on the federal, state and local tax provisions of each company. | ||||||||||||||||
Inter-segment billing for goods and services exchanged between segments is based upon tariffed or market-based prices of the provider and primarily consists of the sale of reduced emissions fuel, power sales and natural gas sales in the following segments: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(In millions) | ||||||||||||||||
Inter-segment Revenues | ||||||||||||||||
Electric | $ | 6 | $ | 7 | $ | 19 | $ | 22 | ||||||||
Gas | 2 | 1 | 4 | 3 | ||||||||||||
Gas Storage and Pipelines | (2 | ) | 1 | 2 | 5 | |||||||||||
Power and Industrial Projects | 231 | 225 | 621 | 608 | ||||||||||||
Energy Trading | 13 | 10 | 36 | 34 | ||||||||||||
Corporate and Other | (8 | ) | (11 | ) | (23 | ) | (28 | ) | ||||||||
Discontinued Operations | — | 1 | — | 1 | ||||||||||||
$ | 242 | $ | 234 | $ | 659 | $ | 645 | |||||||||
Financial data of the business segments follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(In millions) | ||||||||||||||||
Operating Revenues | ||||||||||||||||
Electric | $ | 1,458 | $ | 1,543 | $ | 3,942 | $ | 4,031 | ||||||||
Gas | 161 | 160 | 1,013 | 883 | ||||||||||||
Gas Storage and Pipelines | 34 | 21 | 92 | 73 | ||||||||||||
Power and Industrial Projects | 512 | 477 | 1,431 | 1,375 | ||||||||||||
Energy Trading | 463 | 223 | 1,307 | 723 | ||||||||||||
Corporate & Other | 1 | — | 2 | 2 | ||||||||||||
Reconciliation & Eliminations | (242 | ) | (234 | ) | (659 | ) | (645 | ) | ||||||||
Total | $ | 2,387 | $ | 2,190 | $ | 7,128 | $ | 6,442 | ||||||||
Net Income (Loss) Attributable to DTE Energy by Segment: | ||||||||||||||||
Electric | $ | 179 | $ | 194 | $ | 383 | $ | 417 | ||||||||
Gas | (13 | ) | 4 | 91 | 60 | |||||||||||
Gas Storage and Pipelines | 16 | 14 | 49 | 48 | ||||||||||||
Power and Industrial Projects | 27 | 22 | 46 | 40 | ||||||||||||
Energy Trading | (6 | ) | 1 | (1 | ) | 3 | ||||||||||
Corporate & Other | (5 | ) | (9 | ) | (31 | ) | (39 | ) | ||||||||
Discontinued operations | — | 1 | — | — | ||||||||||||
Net Income Attributable to DTE Energy | $ | 198 | $ | 227 | $ | 537 | $ | 529 | ||||||||
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2013 | |
Accounting Policies [Abstract] | |
Comprehensive Income [Policy Text Block] | Comprehensive Income |
Comprehensive income is the change in common shareholders’ equity during a period from transactions and events from non-owner sources, including net income. As shown in the following tables, amounts recorded to accumulated other comprehensive loss for the three and nine months ended September 30, 2013 include unrealized gains and losses from derivatives accounted for as cash flow hedges, unrealized gains and losses on available-for-sale securities and the Company’s interest in other comprehensive income of equity investees, which comprise the net unrealized gains and losses on investments, changes in benefit obligations, consisting of deferred actuarial losses, prior service costs and transition amounts related to pension and other postretirement benefit plans, and foreign currency translation adjustments. | |
Intangible Assets [Policy Text Block] | Emission allowances and renewable energy credits are charged to expense, using average cost, as the allowances and credits are consumed in the operation of the business. The Company amortizes contract intangible assets on a straight-line basis over the expected period of benefit |
Income Tax [Policy Text Block] | Income Taxes |
The Company's effective tax rate from continuing operations for the three months ended September 30, 2013 was 28 percent as compared to 32 percent for the three months ended September 30, 2012. The Company's effective tax rate from continuing operations for the nine months ended September 30, 2013 was 29 percent as compared to 32 percent for the nine months ended September 30, 2012. The decrease in the effective tax rate in 2013 is due primarily to higher production tax credits. | |
The Company had $3 million of unrecognized tax benefits at September 30, 2013, that, if recognized, would favorably impact its effective tax rate. The Company believes that it is possible that there will be a decrease in the unrecognized tax benefits of up to $1 million in the next twelve months. |
Organization_and_Basis_of_Pres1
Organization and Basis of Presentation (Tables) | 9 Months Ended | |||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||
Variable Interest Entity, Consolidated, Carrying Amount, Assets and Liabilities, Net [Abstract] | ||||||||||||||||||||||||
Schedule of Variable Interest Entities [Table Text Block] | ||||||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||||||||||||||
Securitization | Other | Total | Securitization | Other | Total | |||||||||||||||||||
(In millions) | ||||||||||||||||||||||||
ASSETS | ||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 10 | $ | 10 | $ | — | $ | 10 | $ | 10 | ||||||||||||
Restricted cash | 44 | 7 | 51 | 102 | 7 | 109 | ||||||||||||||||||
Accounts receivable | 39 | 17 | 56 | 34 | 7 | 41 | ||||||||||||||||||
Inventories | — | 112 | 112 | — | 141 | 141 | ||||||||||||||||||
Other current assets | — | 1 | 1 | — | 1 | 1 | ||||||||||||||||||
Property, plant and equipment | — | 100 | 100 | — | 93 | 93 | ||||||||||||||||||
Securitized regulatory assets | 280 | — | 280 | 413 | — | 413 | ||||||||||||||||||
Other assets | 5 | 9 | 14 | 7 | 11 | 18 | ||||||||||||||||||
$ | 368 | $ | 256 | $ | 624 | $ | 556 | $ | 270 | $ | 826 | |||||||||||||
LIABILITIES | ||||||||||||||||||||||||
Accounts payable and accrued current liabilities | $ | 2 | $ | 35 | $ | 37 | $ | 11 | $ | 14 | $ | 25 | ||||||||||||
Current portion long-term debt, including capital leases | 196 | 9 | 205 | 177 | 8 | 185 | ||||||||||||||||||
Current regulatory liabilities | 48 | — | 48 | 50 | — | 50 | ||||||||||||||||||
Other current liabilities | — | 3 | 3 | — | 4 | 4 | ||||||||||||||||||
Mortgage bonds, notes and other | — | 22 | 22 | — | 25 | 25 | ||||||||||||||||||
Securitization bonds | 105 | — | 105 | 302 | — | 302 | ||||||||||||||||||
Capital lease obligations | — | 7 | 7 | — | 11 | 11 | ||||||||||||||||||
Other long-term liabilities | 8 | 3 | 11 | 7 | 2 | 9 | ||||||||||||||||||
$ | 359 | $ | 79 | $ | 438 | $ | 547 | $ | 64 | $ | 611 | |||||||||||||
Summary of Amounts for Non-Consolidated Variable Interest Entities [Table Text Block] | Amounts for non-consolidated VIEs as of September 30, 2013 and December 31, 2012 are as follows: | |||||||||||||||||||||||
30-Sep-13 | December 31, 2012 | |||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||
Other investments | $ | 138 | $ | 130 | ||||||||||||||||||||
Notes receivable | $ | 3 | $ | 6 | ||||||||||||||||||||
Significant_Accounting_Policie2
Significant Accounting Policies (Tables) | 9 Months Ended | |||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||
Accounting Policies [Abstract] | ||||||||||||||||||||
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | ||||||||||||||||||||
Changes in Accumulated Other Comprehensive Loss by Component (a) | ||||||||||||||||||||
For The Three Months Ended September 30, 2013 | ||||||||||||||||||||
Net Unrealized Gain/(Loss) on Derivatives | Net Unrealized Gain/(Loss) on Investments | Benefit Obligations (b) | Foreign Currency Translation | Total | ||||||||||||||||
(In millions) | ||||||||||||||||||||
Beginning balance, June 30, 2013 | $ | (4 | ) | $ | (8 | ) | $ | (143 | ) | $ | — | $ | (155 | ) | ||||||
Other comprehensive income before reclassifications | — | 1 | — | 1 | 2 | |||||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | — | 2 | — | 2 | |||||||||||||||
Net current-period other comprehensive income | — | 1 | 2 | 1 | 4 | |||||||||||||||
Ending balance, September 30, 2013 | $ | (4 | ) | $ | (7 | ) | $ | (141 | ) | $ | 1 | $ | (151 | ) | ||||||
Changes in Accumulated Other Comprehensive Loss by Component (a) | ||||||||||||||||||||
For The Nine Months Ended September 30, 2013 | ||||||||||||||||||||
Net Unrealized Gain/(Loss) on Derivatives | Net Unrealized Gain/(Loss) on Investments | Benefit Obligations (b) | Foreign Currency Translation | Total | ||||||||||||||||
(In millions) | ||||||||||||||||||||
Beginning balance, December 31, 2012 | $ | (4 | ) | $ | (8 | ) | $ | (148 | ) | $ | 2 | $ | (158 | ) | ||||||
Other comprehensive income before reclassifications | — | 1 | — | (1 | ) | — | ||||||||||||||
Amounts reclassified from accumulated other comprehensive income | — | — | 7 | — | 7 | |||||||||||||||
Net current-period other comprehensive income (loss) | — | 1 | 7 | (1 | ) | 7 | ||||||||||||||
Ending balance, September 30, 2013 | $ | (4 | ) | $ | (7 | ) | $ | (141 | ) | $ | 1 | $ | (151 | ) | ||||||
______________________________________ | ||||||||||||||||||||
(a) | All amounts are net of tax. | |||||||||||||||||||
(b) | The amounts reclassified from accumulated other comprehensive income are included in the computation of the net periodic pension cost (see Retirement Benefits and Trusteed Assets Note 13). | |||||||||||||||||||
Schedule of Finite-Lived Intangible Assets by Major Class [Table Text Block] | The Company has certain intangible assets relating to emission allowances, renewable energy credits and non-utility contracts as shown below: | |||||||||||||||||||
September 30, | December 31, | |||||||||||||||||||
2013 | 2012 | |||||||||||||||||||
(In millions) | ||||||||||||||||||||
Emission allowances | $ | 3 | $ | 6 | ||||||||||||||||
Renewable energy credits | 48 | 44 | ||||||||||||||||||
Contract intangible assets | 126 | 139 | ||||||||||||||||||
177 | 189 | |||||||||||||||||||
Less accumulated amortization | 41 | 34 | ||||||||||||||||||
Intangible assets, net | 136 | 155 | ||||||||||||||||||
Less current intangible assets | 14 | 20 | ||||||||||||||||||
$ | 122 | $ | 135 | |||||||||||||||||
Fair_Value_Tables
Fair Value (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||||||||||||
Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||
Assets and liabilities measured and recorded at fair value on a recurring basis | The following table presents assets and liabilities measured and recorded at fair value on a recurring basis as of September 30, 2013 and December 31, 2012: | |||||||||||||||||||||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Netting (a) | Net Balance | Level 1 | Level 2 | Level 3 | Netting (a) | Net Balance | |||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||||
Cash equivalents (b) | $ | — | $ | 68 | $ | — | $ | — | $ | 68 | $ | — | $ | 123 | $ | — | $ | — | $ | 123 | ||||||||||||||||||||
Nuclear decommissioning trusts | 757 | 382 | — | — | 1,139 | 694 | 343 | — | — | 1,037 | ||||||||||||||||||||||||||||||
Other investments (c) (d) | 76 | 48 | — | — | 124 | 66 | 44 | — | — | 110 | ||||||||||||||||||||||||||||||
Derivative assets: | ||||||||||||||||||||||||||||||||||||||||
Commodity Contracts: | ||||||||||||||||||||||||||||||||||||||||
Natural Gas | 388 | 61 | 34 | (474 | ) | 9 | 555 | 66 | 24 | (605 | ) | 40 | ||||||||||||||||||||||||||||
Electricity | — | 210 | 88 | (216 | ) | 82 | — | 226 | 134 | (258 | ) | 102 | ||||||||||||||||||||||||||||
Other | 48 | 9 | 5 | (55 | ) | 7 | 6 | 3 | 2 | (6 | ) | 5 | ||||||||||||||||||||||||||||
Total derivative assets | 436 | 280 | 127 | (745 | ) | 98 | 561 | 295 | 160 | (869 | ) | 147 | ||||||||||||||||||||||||||||
Total | $ | 1,269 | $ | 778 | $ | 127 | $ | (745 | ) | $ | 1,429 | $ | 1,321 | $ | 805 | $ | 160 | $ | (869 | ) | $ | 1,417 | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||
Derivative liabilities: | ||||||||||||||||||||||||||||||||||||||||
Interest rate contracts | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | $ | (1 | ) | $ | — | $ | — | $ | (1 | ) | ||||||||||||||||||
Commodity Contracts: | ||||||||||||||||||||||||||||||||||||||||
Natural Gas | (374 | ) | (49 | ) | (48 | ) | 445 | (26 | ) | (526 | ) | (73 | ) | (62 | ) | 605 | (56 | ) | ||||||||||||||||||||||
Electricity | — | (204 | ) | (83 | ) | 236 | (51 | ) | — | (240 | ) | (111 | ) | 258 | (93 | ) | ||||||||||||||||||||||||
Other | (52 | ) | (5 | ) | — | 55 | (2 | ) | (6 | ) | (1 | ) | — | 6 | (1 | ) | ||||||||||||||||||||||||
Total derivative liabilities | (426 | ) | (258 | ) | (131 | ) | 736 | (79 | ) | (532 | ) | (315 | ) | (173 | ) | 869 | (151 | ) | ||||||||||||||||||||||
Total | $ | (426 | ) | $ | (258 | ) | $ | (131 | ) | $ | 736 | $ | (79 | ) | $ | (532 | ) | $ | (315 | ) | $ | (173 | ) | $ | 869 | $ | (151 | ) | ||||||||||||
Net Assets (Liabilities) at the end of the period | $ | 843 | $ | 520 | $ | (4 | ) | $ | (9 | ) | $ | 1,350 | $ | 789 | $ | 490 | $ | (13 | ) | $ | — | $ | 1,266 | |||||||||||||||||
Assets: | ||||||||||||||||||||||||||||||||||||||||
Current | $ | 400 | $ | 285 | $ | 94 | $ | (639 | ) | $ | 140 | $ | 493 | $ | 372 | $ | 120 | $ | (754 | ) | $ | 231 | ||||||||||||||||||
Noncurrent (e) | 869 | 493 | 33 | (106 | ) | 1,289 | 828 | 433 | 40 | (115 | ) | 1,186 | ||||||||||||||||||||||||||||
Total Assets | $ | 1,269 | $ | 778 | $ | 127 | $ | (745 | ) | $ | 1,429 | $ | 1,321 | $ | 805 | $ | 160 | $ | (869 | ) | $ | 1,417 | ||||||||||||||||||
Liabilities: | ||||||||||||||||||||||||||||||||||||||||
Current | $ | (379 | ) | $ | (189 | ) | $ | (100 | ) | $ | 610 | $ | (58 | ) | $ | (466 | ) | $ | (269 | ) | $ | (144 | ) | $ | 754 | $ | (125 | ) | ||||||||||||
Noncurrent | (47 | ) | (69 | ) | (31 | ) | 126 | (21 | ) | (66 | ) | (46 | ) | (29 | ) | 115 | (26 | ) | ||||||||||||||||||||||
Total Liabilities | $ | (426 | ) | $ | (258 | ) | $ | (131 | ) | $ | 736 | $ | (79 | ) | $ | (532 | ) | $ | (315 | ) | $ | (173 | ) | $ | 869 | $ | (151 | ) | ||||||||||||
Net Assets (Liabilities) at the end of the period | $ | 843 | $ | 520 | $ | (4 | ) | $ | (9 | ) | $ | 1,350 | $ | 789 | $ | 490 | $ | (13 | ) | $ | — | $ | 1,266 | |||||||||||||||||
_______________________________________ | ||||||||||||||||||||||||||||||||||||||||
(a) | Amounts represent the impact of master netting agreements that allow the Company to net gain and loss positions and cash collateral held or placed with the same counterparties. | |||||||||||||||||||||||||||||||||||||||
(b) | At September 30, 2013, available-for-sale securities of $68 million included $51 million and $17 million of cash equivalents included in Restricted cash and Other investments, respectively, on the Consolidated Statements of Financial Position. At December 31, 2012, available-for-sale securities of $123 million, included $109 million and $14 million of cash equivalents included in Restricted cash and Other investments, respectively, on the Consolidated Statements of Financial Position. | |||||||||||||||||||||||||||||||||||||||
(c) | Excludes cash surrender value of life insurance investments. | |||||||||||||||||||||||||||||||||||||||
(d) | Available-for-sale equity securities of $6 million at September 30, 2013 and $5 million at December 31, 2012, are included in Other investments on the Consolidated Statements of Financial Position. | |||||||||||||||||||||||||||||||||||||||
(e) | Includes $124 million and $110 million at September 30, 2013 and December 31, 2012, respectively, of Other investments that are included in the Consolidated Statements of Financial Position in Other investments. | |||||||||||||||||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block] | The following tables present the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis for the three months and nine months ended September 30, 2013 and 2012: | |||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | Three Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||||
Natural Gas | Electricity | Other | Total | Natural Gas | Electricity | Other | Total | |||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||
Net Assets (Liabilities) as of June 30 | $ | (30 | ) | $ | 12 | $ | 2 | $ | (16 | ) | $ | 2 | $ | 50 | $ | 5 | $ | 57 | ||||||||||||||||||||||
Transfers into Level 3 | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||||||||
Transfers out of Level 3 | — | (1 | ) | — | (1 | ) | — | — | — | — | ||||||||||||||||||||||||||||||
Total gains (losses): | ||||||||||||||||||||||||||||||||||||||||
Included in earnings | 8 | 17 | — | 25 | (43 | ) | 12 | 1 | (30 | ) | ||||||||||||||||||||||||||||||
Recorded in regulatory assets/liabilities | — | — | 3 | 3 | — | — | 7 | 7 | ||||||||||||||||||||||||||||||||
Purchases, issuances and settlements: | ||||||||||||||||||||||||||||||||||||||||
Settlements | 8 | (23 | ) | — | (15 | ) | (3 | ) | (38 | ) | (7 | ) | (48 | ) | ||||||||||||||||||||||||||
Net Assets (Liabilities) as of September 30 | $ | (14 | ) | $ | 5 | $ | 5 | $ | (4 | ) | $ | (44 | ) | $ | 24 | $ | 6 | $ | (14 | ) | ||||||||||||||||||||
The amount of total gains (losses) included in net income attributed to the change in unrealized gains (losses) related to assets and liabilities held at September 30, 2013 and 2012 and reflected in Operating revenues and Fuel, purchased power and gas in the Consolidated Statements of Operations | $ | (8 | ) | $ | 8 | $ | — | $ | — | $ | (43 | ) | $ | 5 | $ | 1 | $ | (37 | ) | |||||||||||||||||||||
Nine Months Ended September 30, 2013 | Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||||
Natural Gas | Electricity | Other | Total | Natural Gas | Electricity | Other | Total | |||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||
Net Assets (Liabilities) as of December 31 | $ | (38 | ) | $ | 23 | $ | 2 | $ | (13 | ) | $ | 6 | $ | 32 | $ | 6 | $ | 44 | ||||||||||||||||||||||
Transfers into Level 3 | — | — | — | — | 1 | 28 | — | 29 | ||||||||||||||||||||||||||||||||
Transfers out of Level 3 | (2 | ) | — | — | (2 | ) | (2 | ) | — | — | (2 | ) | ||||||||||||||||||||||||||||
Total gains (losses): | ||||||||||||||||||||||||||||||||||||||||
Included in earnings | (1 | ) | 44 | — | 43 | (38 | ) | 53 | — | 15 | ||||||||||||||||||||||||||||||
Recorded in regulatory assets/liabilities | — | — | 7 | 7 | — | — | 12 | 12 | ||||||||||||||||||||||||||||||||
Purchases, issuances and settlements: | ||||||||||||||||||||||||||||||||||||||||
Purchases | — | (1 | ) | — | (1 | ) | — | 1 | — | 1 | ||||||||||||||||||||||||||||||
Settlements | 27 | (61 | ) | (4 | ) | (38 | ) | (11 | ) | (90 | ) | (12 | ) | (113 | ) | |||||||||||||||||||||||||
Net Assets (Liabilities) as of September 30 | $ | (14 | ) | $ | 5 | $ | 5 | $ | (4 | ) | $ | (44 | ) | $ | 24 | $ | 6 | $ | (14 | ) | ||||||||||||||||||||
The amount of total gains (losses) included in net income attributed to the change in unrealized gains (losses) related to assets and liabilities held at September 30, 2013 and 2012 and reflected in Operating revenues and Fuel, purchased power and gas in the Consolidated Statements of Operations | $ | (14 | ) | $ | 36 | $ | — | $ | 22 | $ | (39 | ) | $ | 43 | $ | — | $ | 4 | ||||||||||||||||||||||
Transfers Between Level 1 Level 2 and Level 3 [Table Text Block] | The following table shows transfers between the levels of the fair value hierarchy for the three months and nine months ended September 30, 2013 and 2012: | |||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, 2013 | Three Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||
Transfers into Level 1 from | $ N/A | $ | — | $ | — | $ N/A | $ | — | $ | — | ||||||||||||||||||||||||||||||
Transfers into Level 2 from | — | N/A | 1 | — | N/A | — | ||||||||||||||||||||||||||||||||||
Transfers into Level 3 from | — | — | N/A | — | — | N/A | ||||||||||||||||||||||||||||||||||
Nine Months Ended September 30, 2013 | Nine Months Ended September 30, 2012 | |||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||
Transfers into Level 1 from | $ N/A | $ | — | $ | — | $ N/A | $ | — | $ | — | ||||||||||||||||||||||||||||||
Transfers into Level 2 from | — | N/A | 2 | — | N/A | 2 | ||||||||||||||||||||||||||||||||||
Transfers into Level 3 from | — | — | N/A | — | 29 | N/A | ||||||||||||||||||||||||||||||||||
Fair Value Measurements, Recurring and Nonrecurring, Valuation Techniques [Table Text Block] | The following table presents the unobservable inputs related to Level 3 assets and liabilities as of September 30, 2013: | |||||||||||||||||||||||||||||||||||||||
30-Sep-13 | ||||||||||||||||||||||||||||||||||||||||
Commodity Contracts | Derivative Assets | Derivative Liabilities | Valuation Techniques | Unobservable Input | Range | Weighted Average | ||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||
Natural Gas | $ | 34 | $ | (48 | ) | Discounted Cash Flow | Forward basis price (per MMBtu) | $ | (1.10 | ) | — | $ | 4.22 | /MMBtu | $ | 0.1 | /MMBtu | |||||||||||||||||||||||
Electricity | $ | 88 | $ | (83 | ) | Discounted Cash Flow | Forward basis price (per MWh) | $ | (8 | ) | — | $ | 15 | /MWh | $ | 2 | /MWh | |||||||||||||||||||||||
The following table presents the unobservable inputs related to Level 3 assets and liabilities as of December 31, 2012: | ||||||||||||||||||||||||||||||||||||||||
31-Dec-12 | ||||||||||||||||||||||||||||||||||||||||
Commodity Contracts | Derivative Assets | Derivative Liabilities | Valuation Techniques | Unobservable Input | Range | Weighted Average | ||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||
Natural Gas | $ | 24 | $ | (62 | ) | Discounted Cash Flow | Forward basis price (per MMBtu) | $ | (0.63 | ) | — | $ | 1.95 | /MMBtu | $ | 0.03 | /MMBtu | |||||||||||||||||||||||
Electricity | $ | 134 | $ | (111 | ) | Discounted Cash Flow | Forward basis price (per MWh) | $ | (2 | ) | — | $ | 16 | /MWh | $ | 3 | /MWh | |||||||||||||||||||||||
Fair Value of Financial Instruments [Table Text Block] | The following table presents the carrying amount and fair value of financial instruments as of September 30, 2013 and December 31, 2012: | |||||||||||||||||||||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||||||||||||||||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | |||||||||||||||||||||||||||||||||||||
Amount | Level 1 | Level 2 | Level 3 | Amount | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||
Notes receivable, excluding capital leases | $ | 37 | $ | — | $ | — | $ | 37 | $ | 39 | $ | — | $ | — | $ | 39 | ||||||||||||||||||||||||
Dividends payable | $ | 116 | $ | 116 | $ | — | $ | — | $ | 107 | $ | 107 | $ | — | $ | — | ||||||||||||||||||||||||
Short-term borrowings | $ | 271 | $ | — | $ | 271 | $ | — | $ | 240 | $ | — | $ | 240 | $ | — | ||||||||||||||||||||||||
Long-term debt | $ | 7,729 | $ | 436 | $ | 7,067 | $ | 738 | $ | 7,813 | $ | 507 | $ | 7,453 | $ | 933 | ||||||||||||||||||||||||
Fair Value of Nuclear Decommissioning Trust Fund Assets [Table Text Block] | The following table summarizes the fair value of the nuclear decommissioning trust fund assets: | |||||||||||||||||||||||||||||||||||||||
30-Sep-13 | December 31, 2012 | |||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||
Fermi 2 | $ | 1,120 | $ | 1,021 | ||||||||||||||||||||||||||||||||||||
Fermi 1 | 3 | 3 | ||||||||||||||||||||||||||||||||||||||
Low level radioactive waste | 16 | 13 | ||||||||||||||||||||||||||||||||||||||
Total | $ | 1,139 | $ | 1,037 | ||||||||||||||||||||||||||||||||||||
Schedule of Realized Gain (Loss) [Table Text Block] | The following table sets forth the gains and losses and proceeds from the sale of securities by the nuclear decommissioning trust funds: | |||||||||||||||||||||||||||||||||||||||
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||||||||||||||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||
Realized gains | $ | 11 | $ | 7 | $ | 30 | $ | 21 | ||||||||||||||||||||||||||||||||
Realized losses | $ | (11 | ) | $ | (6 | ) | $ | (25 | ) | $ | (17 | ) | ||||||||||||||||||||||||||||
Proceeds from sales of securities | $ | 13 | $ | 12 | $ | 40 | $ | 48 | ||||||||||||||||||||||||||||||||
Fair Value and Unrealized Gains for Nuclear Decommissioning Trust Fund [Table Text Block] | The following table sets forth the fair value and unrealized gains for the nuclear decommissioning trust funds: | |||||||||||||||||||||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||||||||||||||||||||||||||||||
Fair | Unrealized | Fair | Unrealized | |||||||||||||||||||||||||||||||||||||
Value | Gains | Value | Gains | |||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||
Equity securities | $ | 732 | $ | 195 | $ | 631 | $ | 122 | ||||||||||||||||||||||||||||||||
Debt securities | 395 | 17 | 399 | 27 | ||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | 12 | — | 7 | — | ||||||||||||||||||||||||||||||||||||
$ | 1,139 | $ | 212 | $ | 1,037 | $ | 149 | |||||||||||||||||||||||||||||||||
Financial_and_Other_Derivative1
Financial and Other Derivative Instruments (Tables) | 9 Months Ended | |||||||||||||||||||||||||||||||
Sep. 30, 2013 | ||||||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||||||||||||||||||||||||||||||||
Fair value of derivative instruments | The following tables present the fair value of derivative instruments as of September 30, 2013 and December 31, 2012: | |||||||||||||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||||||||||||||||||||||
Derivative | Derivative Liabilities | Derivative | Derivative Liabilities | |||||||||||||||||||||||||||||
Assets | Assets | |||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||
Derivatives designated as hedging instruments: | ||||||||||||||||||||||||||||||||
Interest rate contracts | $ | — | $ | — | $ | — | $ | (1 | ) | |||||||||||||||||||||||
Derivatives not designated as hedging instruments: | ||||||||||||||||||||||||||||||||
Commodity Contracts: | ||||||||||||||||||||||||||||||||
Natural Gas | $ | 483 | $ | (471 | ) | $ | 645 | $ | (661 | ) | ||||||||||||||||||||||
Electricity | 298 | (287 | ) | 360 | (351 | ) | ||||||||||||||||||||||||||
Other | 62 | (57 | ) | 11 | (7 | ) | ||||||||||||||||||||||||||
Total derivatives not designated as hedging instruments: | $ | 843 | $ | (815 | ) | $ | 1,016 | $ | (1,019 | ) | ||||||||||||||||||||||
Total derivatives: | ||||||||||||||||||||||||||||||||
Current | $ | 711 | $ | (668 | ) | $ | 862 | $ | (879 | ) | ||||||||||||||||||||||
Noncurrent | 132 | (147 | ) | 154 | (141 | ) | ||||||||||||||||||||||||||
Total derivatives | $ | 843 | $ | (815 | ) | $ | 1,016 | $ | (1,020 | ) | ||||||||||||||||||||||
Netting Offsets of Derivative Assets and Liabilities [Table Text Block] | The following table presents the netting offsets of derivative assets and liabilities at September 30, 2013 and December 31, 2012: | |||||||||||||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||||||||||||||||||||||
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 | $ | 483 | $ | (474 | ) | $ | 9 | $ | 645 | $ | (605 | ) | $ | 40 | ||||||||||||||||||
Electricity | 298 | (216 | ) | 82 | 360 | (258 | ) | 102 | ||||||||||||||||||||||||
Other | 62 | (55 | ) | 7 | 11 | (6 | ) | 5 | ||||||||||||||||||||||||
Total derivative assets | $ | 843 | $ | (745 | ) | $ | 98 | $ | 1,016 | $ | (869 | ) | $ | 147 | ||||||||||||||||||
Derivative liabilities: | ||||||||||||||||||||||||||||||||
Interest rate contracts | $ | — | $ | — | $ | — | $ | (1 | ) | $ | — | $ | (1 | ) | ||||||||||||||||||
Commodity Contracts: | ||||||||||||||||||||||||||||||||
Natural Gas | (471 | ) | 445 | (26 | ) | (661 | ) | 605 | (56 | ) | ||||||||||||||||||||||
Electricity | (287 | ) | 236 | (51 | ) | (351 | ) | 258 | (93 | ) | ||||||||||||||||||||||
Other | (57 | ) | 55 | (2 | ) | (7 | ) | 6 | (1 | ) | ||||||||||||||||||||||
Total derivative liabilities | $ | (815 | ) | $ | 736 | $ | (79 | ) | $ | (1,020 | ) | $ | 869 | $ | (151 | ) | ||||||||||||||||
Netting Offsets of Derivative Assets and Liabilities Reconciliation to the Statements of Financial Position [Table Text Block] | The following table presents the netting offsets of derivative assets and liabilities at September 30, 2013 and December 31, 2012: | |||||||||||||||||||||||||||||||
30-Sep-13 | 31-Dec-12 | |||||||||||||||||||||||||||||||
Derivative Assets | Derivative Liabilities | Derivative Assets | Derivative Liabilities | |||||||||||||||||||||||||||||
Current | Noncurrent | Current | Noncurrent | Current | Noncurrent | Current | Noncurrent | |||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||
Reconciliation of derivative instruments to Consolidated Statements of Financial Position: | ||||||||||||||||||||||||||||||||
Total fair value of derivatives | $ | 711 | $ | 132 | $ | (668 | ) | $ | (147 | ) | $ | 862 | $ | 154 | $ | (879 | ) | $ | (141 | ) | ||||||||||||
Counterparty netting | (610 | ) | (106 | ) | 610 | 106 | (754 | ) | (115 | ) | 754 | 115 | ||||||||||||||||||||
Collateral adjustment | (29 | ) | — | — | 20 | — | — | — | — | |||||||||||||||||||||||
Total derivatives as reported | $ | 72 | $ | 26 | $ | (58 | ) | $ | (21 | ) | $ | 108 | $ | 39 | $ | (125 | ) | $ | (26 | ) | ||||||||||||
Gain (Loss) Recognized in Income on Derivative | The effect of derivatives not designated as hedging instruments on the Consolidated Statements of Operations for the three and nine months ended September 30, 2013 and 2012 is as follows: | |||||||||||||||||||||||||||||||
Location of Gain | Gain (Loss) | Gain (Loss) | ||||||||||||||||||||||||||||||
(Loss) Recognized | Recognized in | Recognized in | ||||||||||||||||||||||||||||||
in Income on Derivatives | Income on | Income on | ||||||||||||||||||||||||||||||
Derivatives for | Derivatives for | |||||||||||||||||||||||||||||||
the Three Months Ended September 30, | the Nine Months Ended September 30, | |||||||||||||||||||||||||||||||
Derivatives not Designated as Hedging Instruments | 2013 | 2012 | 2013 | 2012 | ||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||
Foreign currency exchange contracts | Operating Revenue | $ | — | $ | (2 | ) | $ | (1 | ) | $ | (1 | ) | ||||||||||||||||||||
Commodity Contracts: | ||||||||||||||||||||||||||||||||
Natural Gas | Operating Revenue | 1 | (54 | ) | 37 | (51 | ) | |||||||||||||||||||||||||
Natural Gas | Fuel, purchased power and gas | (1 | ) | 50 | (33 | ) | 45 | |||||||||||||||||||||||||
Electricity | Operating Revenue | 22 | 17 | 52 | 52 | |||||||||||||||||||||||||||
Other | Operating Revenue | 1 | 1 | 1 | 12 | |||||||||||||||||||||||||||
Total | $ | 23 | $ | 12 | $ | 56 | $ | 57 | ||||||||||||||||||||||||
Volume of Commodity Contracts [Table Text Block] | The following represents the cumulative gross volume of derivative contracts outstanding as of September 30, 2013: | |||||||||||||||||||||||||||||||
Commodity | Number of Units | |||||||||||||||||||||||||||||||
Natural Gas (MMBtu) | 683,113,433 | |||||||||||||||||||||||||||||||
Electricity (MWh) | 59,672,654 | |||||||||||||||||||||||||||||||
Foreign Currency Exchange ($ CAD) | 48,741,288 | |||||||||||||||||||||||||||||||
FTR (MWh) | 13,005,024 |
Discontinued_Operations_Discon
Discontinued Operations Discontinued Operations (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Discontinued Operations and Disposal Groups [Abstract] | ||||||||
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures [Table Text Block] | ||||||||
Three Months Ended | Nine Months Ended | |||||||
30-Sep-12 | 30-Sep-12 | |||||||
(In millions) | ||||||||
Operating Revenues | $ | 16 | $ | 38 | ||||
Operation and Maintenance | 6 | 16 | ||||||
Depreciation, Depletion and Amortization | 6 | 17 | ||||||
Taxes Other Than Income | 1 | 2 | ||||||
Operating Income | 3 | 3 | ||||||
Other (Income) and Deductions | 1 | 4 | ||||||
Income Tax Expense (Benefit) | 1 | (1 | ) | |||||
Net Income Attributable to DTE Energy Company | $ | 1 | $ | — | ||||
Asset_Retirement_Obligations_T
Asset Retirement Obligations (Tables) | 9 Months Ended | |||
Sep. 30, 2013 | ||||
Asset Retirement Obligation Disclosure [Abstract] | ||||
Schedule of Change in Asset Retirement Obligation [Table Text Block] | A reconciliation of the asset retirement obligations for the nine months ended September 30, 2013 follows: | |||
(In millions) | ||||
Asset retirement obligations at December 31, 2012 | $ | 1,719 | ||
Accretion | 79 | |||
Liabilities incurred | 1 | |||
Liabilities settled | (12 | ) | ||
Revision in estimated cash flows | 13 | |||
Asset retirement obligations at September 30, 2013 | $ | 1,800 | ||
Common_Stock_Common_Stock_Tabl
Common Stock Common Stock (Tables) | 9 Months Ended | |||||||||||
Sep. 30, 2013 | ||||||||||||
Stockholders' Equity Note [Abstract] | ||||||||||||
Common Stock Issued [Table Text Block] | During 2013, the Company contributed the following amounts of DTE Energy Common stock to the DTE Energy Company Affiliates Employee Benefit Plans Master Trust: | |||||||||||
Date | Number of Shares | Price Per Share | Amount | |||||||||
(In millions) | ||||||||||||
12-Mar-13 | 750,075 | $ | 66.66 | $ | 50 | |||||||
12-Jun-13 | 753,579 | $ | 66.35 | 50 | ||||||||
12-Sep-13 | 1,522,301 | $ | 65.69 | 100 | ||||||||
$ | 200 | |||||||||||
Earnings_Per_Share_Tables
Earnings Per Share (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | A reconciliation of both calculations is presented in the following table for the three months and nine months ended September 30: | |||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(In millions, except per share amounts) | ||||||||||||||||
Basic Earnings per Share | ||||||||||||||||
Net income attributable to DTE Energy Company | $ | 198 | $ | 227 | $ | 537 | $ | 529 | ||||||||
Average number of common shares outstanding | 175 | 172 | 174 | 171 | ||||||||||||
Weighted average net restricted shares outstanding | — | 1 | 1 | 1 | ||||||||||||
Dividends declared — common shares | $ | 115 | $ | 106 | $ | 337 | $ | 307 | ||||||||
Dividends declared — net restricted shares | 1 | 1 | 1 | 2 | ||||||||||||
Total distributed earnings | $ | 116 | $ | 107 | $ | 338 | $ | 309 | ||||||||
Net income less distributed earnings | $ | 82 | $ | 120 | $ | 199 | $ | 220 | ||||||||
Distributed (dividends per common share) | $ | 0.66 | $ | 0.62 | $ | 1.93 | $ | 1.8 | ||||||||
Undistributed | 0.47 | 0.7 | 1.14 | 1.29 | ||||||||||||
Total Basic Earnings per Common Share | $ | 1.13 | $ | 1.32 | $ | 3.07 | $ | 3.09 | ||||||||
Diluted Earnings per Share | ||||||||||||||||
Net income attributable to DTE Energy Company | $ | 198 | $ | 227 | $ | 537 | $ | 529 | ||||||||
Average number of common shares outstanding | 176 | 172 | 175 | 171 | ||||||||||||
Average incremental shares from assumed exercise of options | — | — | — | — | ||||||||||||
Common shares for dilutive calculation | 176 | 172 | 175 | 171 | ||||||||||||
Weighted average net restricted shares outstanding | — | 1 | 1 | 1 | ||||||||||||
Dividends declared — common shares | $ | 115 | $ | 106 | $ | 337 | $ | 307 | ||||||||
Dividends declared — net restricted shares | 1 | 1 | 1 | 2 | ||||||||||||
Total distributed earnings | $ | 116 | $ | 107 | $ | 338 | $ | 309 | ||||||||
Net income less distributed earnings | $ | 82 | $ | 120 | $ | 199 | $ | 220 | ||||||||
Distributed (dividends per common share) | $ | 0.66 | $ | 0.62 | $ | 1.93 | $ | 1.8 | ||||||||
Undistributed | 0.47 | 0.69 | 1.14 | 1.28 | ||||||||||||
Total Diluted Earnings per Common Share | $ | 1.13 | $ | 1.31 | $ | 3.07 | $ | 3.08 | ||||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 9 Months Ended | |||||||||||||
Sep. 30, 2013 | ||||||||||||||
Long-term Debt, Unclassified [Abstract] | ||||||||||||||
Schedule of Issued Debt [Table Text Block] | In 2013, the following debt was issued: | |||||||||||||
Company | Month Issued | Type | Interest Rate | Maturity | Amount | |||||||||
(In millions) | ||||||||||||||
DTE Electric | March | Mortgage Bonds (a) | 4 | % | 2043 | $ | 375 | |||||||
DTE Electric | August | Mortgage Bonds (a) | 3.65 | % | 2024 | 400 | ||||||||
$ | 775 | |||||||||||||
_______________________________________ | ||||||||||||||
(a) | Proceeds were used for the redemption of DTE Electric long-term debt, for the repayment of short-term borrowings, and for general corporate purposes. | |||||||||||||
Schedule of Extinguishment of Debt [Table Text Block] | In 2013, the following debt was redeemed: | |||||||||||||
Company | Month | Type | Interest Rate | Maturity | Amount | |||||||||
(In millions) | ||||||||||||||
DTE Electric | March | Securitization Bonds | 6.42 | % | 2013 | $ | 88 | |||||||
DTE Electric | March | Tax Exempt Revenue Bonds (a) | 5.3 | % | 2030 | 51 | ||||||||
DTE Electric | April | Other Long-Term Debt | Various | 2013 | 13 | |||||||||
DTE Gas | April | Senior Notes | 5.26 | % | 2013 | 60 | ||||||||
DTE Energy | Various | Other Long-Term Debt | Various | 2013 | 4 | |||||||||
DTE Energy | June | Senior Notes | Variable | 2013 | 300 | |||||||||
DTE Electric | September | Securitization Bonds | 6.62 | % | 2015 | 89 | ||||||||
DTE Electric | September | Senior Notes | 6.4 | % | 2013 | 250 | ||||||||
$ | 855 | |||||||||||||
_______________________________________ | ||||||||||||||
(a) | DTE Electric Tax Exempt Revenue Bonds are issued by a public body that loans the proceeds to DTE Electric on terms substantially mirroring the Revenue Bonds. |
ShortTerm_Credit_Arrangements_1
Short-Term Credit Arrangements and Borrowings (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Short-term Debt [Abstract] | ||||||||||||||||
Schedule of Line of Credit Facilities [Table Text Block] | The availability under the facilities in place at September 30, 2013 is shown in the following table: | |||||||||||||||
DTE Energy | DTE Electric | DTE Gas | Total | |||||||||||||
(In millions) | ||||||||||||||||
Unsecured letter of credit facility, expiring in May 2014 | $ | 50 | $ | — | $ | — | $ | 50 | ||||||||
Unsecured letter of credit facility, expiring in August 2015 | 125 | — | — | 125 | ||||||||||||
Unsecured revolving credit facility, expiring April 2018 | 1,200 | 300 | 300 | 1,800 | ||||||||||||
Total credit facilities at September 30, 2013 | 1,375 | 300 | 300 | 1,975 | ||||||||||||
Amounts outstanding at September 30, 2013: | ||||||||||||||||
Commercial paper issuances | 44 | 11 | 216 | 271 | ||||||||||||
Letters of credit | 235 | — | — | 235 | ||||||||||||
279 | 11 | 216 | 506 | |||||||||||||
Net availability at September 30, 2013 | $ | 1,096 | $ | 289 | $ | 84 | $ | 1,469 | ||||||||
Retirement_Benefits_and_Truste1
Retirement Benefits and Trusteed Assets (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Defined Benefit Pension Plans and Defined Benefit Postretirement Plans Disclosure [Abstract] | ||||||||||||||||
Schedule of Costs of Retirement Plans [Table Text Block] | The following table details the components of net periodic benefit costs for pension benefits and other postretirement benefits: | |||||||||||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Three Months Ended September 30 | (In millions) | |||||||||||||||
Service cost | $ | 22 | $ | 20 | $ | 9 | $ | 15 | ||||||||
Interest cost | 49 | 51 | 21 | 29 | ||||||||||||
Expected return on plan assets | (67 | ) | (61 | ) | (28 | ) | (23 | ) | ||||||||
Amortization of: | ||||||||||||||||
Net actuarial loss | 55 | 48 | 16 | 21 | ||||||||||||
Prior service credit | — | — | (36 | ) | (6 | ) | ||||||||||
Net periodic benefit cost (credit) | $ | 59 | $ | 58 | $ | (18 | ) | $ | 36 | |||||||
Pension Benefits | Other Postretirement Benefits | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Nine Months Ended September 30 | (In millions) | |||||||||||||||
Service cost | $ | 71 | $ | 61 | $ | 37 | $ | 51 | ||||||||
Interest cost | 144 | 153 | 66 | 90 | ||||||||||||
Expected return on plan assets | (200 | ) | (183 | ) | (82 | ) | (69 | ) | ||||||||
Amortization of: | ||||||||||||||||
Net actuarial loss | 156 | 133 | 48 | 60 | ||||||||||||
Prior service credit | — | — | (95 | ) | (20 | ) | ||||||||||
Net transition liability | — | — | — | 1 | ||||||||||||
Settlements | — | 2 | — | — | ||||||||||||
Net periodic benefit cost (credit) | $ | 171 | $ | 166 | $ | (26 | ) | $ | 113 | |||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Share-based Compensation [Abstract] | ||||||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | The following table summarizes the components of stock-based compensation: | |||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(In millions) | ||||||||||||||||
Stock-based compensation expense | $ | 18 | $ | 21 | $ | 81 | $ | 61 | ||||||||
Tax benefit | $ | 7 | $ | 8 | $ | 31 | $ | 23 | ||||||||
Stock-based compensation cost capitalized in property, plant and equipment | $ | 1 | $ | 1 | $ | 5 | $ | 3 | ||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | The following table summarizes our stock option activity for the nine months ended September 30, 2013: | |||||||||||||||
Number of | Weighted | Aggregate | ||||||||||||||
Options | Average | Intrinsic | ||||||||||||||
Exercise Price | Value (In millions) | |||||||||||||||
Options outstanding at December 31, 2012 | 1,192,670 | $ | 41.86 | |||||||||||||
Exercised | (399,139 | ) | $ | 40.54 | ||||||||||||
Forfeited or expired | (10,370 | ) | $ | 41.46 | ||||||||||||
Options outstanding at September 30, 2013 | 783,161 | $ | 42.54 | $ | 20 | |||||||||||
Options exercisable at September 30, 2013 | 783,161 | $ | 42.54 | $ | 20 | |||||||||||
Schedule of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | Restricted Stock Awards | |||||||||||||||
The following table summarizes the Company’s restricted stock awards activity for the nine months ended September 30, 2013: | ||||||||||||||||
Restricted | Weighted Average | |||||||||||||||
Stock | Grant Date | |||||||||||||||
Fair Value | ||||||||||||||||
Balance at December 31, 2012 | 597,648 | $ | 48.33 | |||||||||||||
Grants | 127,785 | $ | 64.72 | |||||||||||||
Forfeitures | (5,621 | ) | $ | 53.53 | ||||||||||||
Vested and issued | (218,600 | ) | $ | 45.39 | ||||||||||||
Balance at September 30, 2013 | 501,212 | $ | 53.71 | |||||||||||||
Performance Share Awards | ||||||||||||||||
The following table summarizes the Company’s performance share activity for the nine months ended September 30, 2013: | ||||||||||||||||
Performance Shares | ||||||||||||||||
Balance at December 31, 2012 | 1,634,364 | |||||||||||||||
Grants | 549,360 | |||||||||||||||
Forfeitures | (36,168 | ) | ||||||||||||||
Payouts | (548,624 | ) | ||||||||||||||
Balance at September 30, 2013 | 1,598,932 | |||||||||||||||
Segment_Information_Tables
Segment Information (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||
Reconciliation of Revenue from Segments to Consolidated [Table Text Block] | 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 and natural gas sales in the following segments: | |||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(In millions) | ||||||||||||||||
Inter-segment Revenues | ||||||||||||||||
Electric | $ | 6 | $ | 7 | $ | 19 | $ | 22 | ||||||||
Gas | 2 | 1 | 4 | 3 | ||||||||||||
Gas Storage and Pipelines | (2 | ) | 1 | 2 | 5 | |||||||||||
Power and Industrial Projects | 231 | 225 | 621 | 608 | ||||||||||||
Energy Trading | 13 | 10 | 36 | 34 | ||||||||||||
Corporate and Other | (8 | ) | (11 | ) | (23 | ) | (28 | ) | ||||||||
Discontinued Operations | — | 1 | — | 1 | ||||||||||||
$ | 242 | $ | 234 | $ | 659 | $ | 645 | |||||||||
Financial data of the business segments follows: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
(In millions) | ||||||||||||||||
Operating Revenues | ||||||||||||||||
Electric | $ | 1,458 | $ | 1,543 | $ | 3,942 | $ | 4,031 | ||||||||
Gas | 161 | 160 | 1,013 | 883 | ||||||||||||
Gas Storage and Pipelines | 34 | 21 | 92 | 73 | ||||||||||||
Power and Industrial Projects | 512 | 477 | 1,431 | 1,375 | ||||||||||||
Energy Trading | 463 | 223 | 1,307 | 723 | ||||||||||||
Corporate & Other | 1 | — | 2 | 2 | ||||||||||||
Reconciliation & Eliminations | (242 | ) | (234 | ) | (659 | ) | (645 | ) | ||||||||
Total | $ | 2,387 | $ | 2,190 | $ | 7,128 | $ | 6,442 | ||||||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated [Table Text Block] | ||||||||||||||||
Net Income (Loss) Attributable to DTE Energy by Segment: | ||||||||||||||||
Electric | $ | 179 | $ | 194 | $ | 383 | $ | 417 | ||||||||
Gas | (13 | ) | 4 | 91 | 60 | |||||||||||
Gas Storage and Pipelines | 16 | 14 | 49 | 48 | ||||||||||||
Power and Industrial Projects | 27 | 22 | 46 | 40 | ||||||||||||
Energy Trading | (6 | ) | 1 | (1 | ) | 3 | ||||||||||
Corporate & Other | (5 | ) | (9 | ) | (31 | ) | (39 | ) | ||||||||
Discontinued operations | — | 1 | — | — | ||||||||||||
Net Income Attributable to DTE Energy | $ | 198 | $ | 227 | $ | 537 | $ | 529 | ||||||||
Organization_and_Basis_of_Pres2
Organization and Basis of Presentation (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Dec. 31, 2011 |
In Millions, unless otherwise specified | ||||
Assets [Abstract] | ||||
Cash and cash equivalents | $71 | $65 | $59 | $68 |
Restricted cash | 64 | 122 | ||
Accounts receivable | 1,239 | 1,336 | ||
Other current assets | 248 | 194 | ||
Property, plant and equipment | 15,511 | 14,684 | ||
Securitized regulatory assets | 280 | 413 | ||
Other assets | 198 | 197 | ||
Total Assets | 26,231 | 26,339 | ||
Liabilities [Abstract] | ||||
Current portion long-term debt, including, capital leases | 896 | 817 | ||
Current regulatory liabilities | 230 | 89 | ||
Other current liabilities | 457 | 449 | ||
Mortgage bonds, notes and other | 6,253 | 6,220 | ||
Securitization bonds | 105 | 302 | ||
Capital lease obligations | 8 | 12 | ||
Other long term liabilities | 290 | 306 | ||
Variable Interest Entity Securitization [Member] | ||||
Assets [Abstract] | ||||
Cash and cash equivalents | 0 | 0 | ||
Restricted cash | 44 | 102 | ||
Accounts receivable | 39 | 34 | ||
Inventories | 0 | 0 | ||
Other current assets | 0 | 0 | ||
Property, plant and equipment | 0 | 0 | ||
Securitized regulatory assets | 280 | 413 | ||
Other assets | 5 | 7 | ||
Total Assets | 368 | 556 | ||
Liabilities [Abstract] | ||||
Accounts payable and accrued current liabilities | 2 | 11 | ||
Current portion long-term debt, including, capital leases | 196 | 177 | ||
Current regulatory liabilities | 48 | 50 | ||
Other current liabilities | 0 | 0 | ||
Mortgage bonds, notes and other | 0 | 0 | ||
Securitization bonds | 105 | 302 | ||
Capital lease obligations | 0 | 0 | ||
Other long term liabilities | 8 | 7 | ||
Total Liabilities | 359 | 547 | ||
Variable Interest Entity, Primary Beneficiary [Member] | ||||
Assets [Abstract] | ||||
Cash and cash equivalents | 10 | 10 | ||
Restricted cash | 7 | 7 | ||
Accounts receivable | 17 | 7 | ||
Inventories | 112 | 141 | ||
Other current assets | 1 | 1 | ||
Property, plant and equipment | 100 | 93 | ||
Securitized regulatory assets | 0 | 0 | ||
Other assets | 9 | 11 | ||
Total Assets | 256 | 270 | ||
Liabilities [Abstract] | ||||
Accounts payable and accrued current liabilities | 35 | 14 | ||
Current portion long-term debt, including, capital leases | 9 | 8 | ||
Current regulatory liabilities | 0 | 0 | ||
Other current liabilities | 3 | 4 | ||
Mortgage bonds, notes and other | 22 | 25 | ||
Securitization bonds | 0 | 0 | ||
Capital lease obligations | 7 | 11 | ||
Other long term liabilities | 3 | 2 | ||
Total Liabilities | 79 | 64 | ||
Consolidated Variable Interest Entity [Member] | ||||
Assets [Abstract] | ||||
Cash and cash equivalents | 10 | 10 | ||
Restricted cash | 51 | 109 | ||
Accounts receivable | 56 | 41 | ||
Inventories | 112 | 141 | ||
Other current assets | 1 | 1 | ||
Property, plant and equipment | 100 | 93 | ||
Securitized regulatory assets | 280 | 413 | ||
Other assets | 14 | 18 | ||
Total Assets | 624 | 826 | ||
Liabilities [Abstract] | ||||
Accounts payable and accrued current liabilities | 37 | 25 | ||
Current portion long-term debt, including, capital leases | 205 | 185 | ||
Current regulatory liabilities | 48 | 50 | ||
Other current liabilities | 3 | 4 | ||
Mortgage bonds, notes and other | 22 | 25 | ||
Securitization bonds | 105 | 302 | ||
Capital lease obligations | 7 | 11 | ||
Other long term liabilities | 11 | 9 | ||
Total Liabilities | $438 | $611 |
Organization_and_Basis_of_Pres3
Organization and Basis of Presentation (Details 1) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net [Abstract] | ||
Notes receivable | $104 | $112 |
Unconsolidated Variable Interest Entity [Member] | ||
Variable Interest Entity, Nonconsolidated, Carrying Amount, Assets and Liabilities, Net [Abstract] | ||
Other investments | 138 | 130 |
Notes receivable | $3 | $6 |
Organization_and_Basis_of_Pres4
Organization and Basis of Presentation (Details Textuals) (USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | customers |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of Electric Customers | 2,100,000 |
Number of Gas Customers | 1,200,000 |
Significant Potential Exposure to Loss Due to VIE Long-Term Purchase Contracts | $0 |
Significant_Accounting_Policie3
Significant Accounting Policies (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Loss | ($155) | ($158) | ||
Other Comprehensive Income Before Reclassifications | 2 | 0 | ||
Amounts Reclassified From Accumulated Other Comprehensive Income | 2 | 7 | ||
Other Comprehensive Income (Loss), Net of Tax | 4 | 4 | 7 | 11 |
Accumulated Other Comprehensive Loss | -151 | -151 | ||
Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Loss | -4 | -4 | ||
Other Comprehensive Income Before Reclassifications | 0 | 0 | ||
Amounts Reclassified From Accumulated Other Comprehensive Income | 0 | 0 | ||
Other Comprehensive Income (Loss), Net of Tax | 0 | 0 | ||
Accumulated Other Comprehensive Loss | -4 | -4 | ||
Accumulated Net Unrealized Investment Gain (Loss) [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Loss | -8 | -8 | ||
Other Comprehensive Income Before Reclassifications | 1 | 1 | ||
Amounts Reclassified From Accumulated Other Comprehensive Income | 0 | 0 | ||
Other Comprehensive Income (Loss), Net of Tax | 1 | 1 | ||
Accumulated Other Comprehensive Loss | -7 | -7 | ||
Accumulated Defined Benefit Plans Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Loss | -143 | -148 | ||
Other Comprehensive Income Before Reclassifications | 0 | 0 | ||
Amounts Reclassified From Accumulated Other Comprehensive Income | 2 | 7 | ||
Other Comprehensive Income (Loss), Net of Tax | 2 | 7 | ||
Accumulated Other Comprehensive Loss | -141 | -141 | ||
Accumulated Translation Adjustment [Member] | ||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||||
Accumulated Other Comprehensive Loss | 0 | 2 | ||
Other Comprehensive Income Before Reclassifications | 1 | -1 | ||
Amounts Reclassified From Accumulated Other Comprehensive Income | 0 | 0 | ||
Other Comprehensive Income (Loss), Net of Tax | -1 | -1 | ||
Accumulated Other Comprehensive Loss | $1 | $1 |
Significant_Accounting_Policie4
Significant Accounting Policies (Details 1) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible Assets, Gross | $177 | $189 |
Less: Accumulated Amortization | 41 | 34 |
Intangible Assets, Net | 136 | 155 |
Less current intangible assets | 14 | 20 |
Finite-Lived Intangible Assets, Net | 122 | 135 |
Emission Allowances [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible Assets, Gross | 3 | 6 |
Renewable Energy Credits [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible Assets, Gross | 48 | 44 |
Contractual Rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Intangible Assets, Gross | $126 | $139 |
Significant_Accounting_Policie5
Significant Accounting Policies (Details Textuals) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Significant Accounting Policies [Line Items] | ||||
Effective Income Tax Rate, Continuing Operations | 28.00% | 32.00% | 29.00% | 32.00% |
Unrecognized Tax Benefits | $3 | $3 | ||
Time Period of Decrease in Unrecognized Tax Benefits | 12 months | |||
Minimum [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Finite Lived Asset Useful Life | 3 years | |||
Maximum [Member] | ||||
Significant Accounting Policies [Line Items] | ||||
Finite Lived Asset Useful Life | 30 years | |||
Unrecognized Tax Benefits, Decreases Resulting from Settlements with Taxing Authorities | $1 |
Fair_Value_Details
Fair Value (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Assets [Abstract] | ||
Nuclear decommissioning trusts | ($1,139) | ($1,037) |
Liabilities [Abstract] | ||
Derivative Liabilities, Current | 58 | 125 |
Derivative Liabilities, Noncurrent | 21 | 26 |
Fair Value, Measurements, Recurring [Member] | ||
Assets [Abstract] | ||
Cash and Cash Equivalents, Fair Value Disclosure | -68 | -123 |
Nuclear decommissioning trusts | -1,139 | -1,037 |
Other investments | -124 | -110 |
Derivative assets [Abstract] | ||
Derivative Assets | -98 | -147 |
Assets, Fair Value Disclosure | -1,429 | -1,417 |
Liabilities [Abstract] | ||
Interest Rate Derivative Liabilities, at Fair Value | 0 | 1 |
Derivative Liabilities | 79 | 151 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 1,350 | 1,266 |
Fair Value, Measurements, Recurring [Member] | Natural Gas Commodity Contract [Member] | ||
Derivative assets [Abstract] | ||
Derivative Assets | -9 | -40 |
Liabilities [Abstract] | ||
Derivative Liabilities | 26 | 56 |
Fair Value, Measurements, Recurring [Member] | Electricity [Member] | ||
Derivative assets [Abstract] | ||
Derivative Assets | -82 | -102 |
Liabilities [Abstract] | ||
Derivative Liabilities | 51 | 93 |
Fair Value, Measurements, Recurring [Member] | Other Commodity Contract [Member] | ||
Derivative assets [Abstract] | ||
Derivative Assets | -7 | -5 |
Liabilities [Abstract] | ||
Derivative Liabilities | 2 | 1 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Assets [Abstract] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
Nuclear decommissioning trusts | -757 | -694 |
Other investments | -76 | -66 |
Derivative assets [Abstract] | ||
Derivative Assets | -436 | -561 |
Assets, Fair Value Disclosure | -1,269 | -1,321 |
Liabilities [Abstract] | ||
Interest Rate Derivative Liabilities, at Fair Value | 0 | 0 |
Derivative Liabilities | 426 | 532 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 843 | 789 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Natural Gas Commodity Contract [Member] | ||
Derivative assets [Abstract] | ||
Derivative Assets | -388 | -555 |
Liabilities [Abstract] | ||
Derivative Liabilities | 374 | 526 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Electricity [Member] | ||
Derivative assets [Abstract] | ||
Derivative Assets | 0 | 0 |
Liabilities [Abstract] | ||
Derivative Liabilities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | Other Commodity Contract [Member] | ||
Derivative assets [Abstract] | ||
Derivative Assets | -48 | -6 |
Liabilities [Abstract] | ||
Derivative Liabilities | 52 | 6 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets [Abstract] | ||
Cash and Cash Equivalents, Fair Value Disclosure | -68 | -123 |
Nuclear decommissioning trusts | -382 | -343 |
Other investments | -48 | -44 |
Derivative assets [Abstract] | ||
Derivative Assets | -280 | -295 |
Assets, Fair Value Disclosure | -778 | -805 |
Liabilities [Abstract] | ||
Interest Rate Derivative Liabilities, at Fair Value | 0 | 1 |
Derivative Liabilities | 258 | 315 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 520 | 490 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Natural Gas Commodity Contract [Member] | ||
Derivative assets [Abstract] | ||
Derivative Assets | -61 | -66 |
Liabilities [Abstract] | ||
Derivative Liabilities | 49 | 73 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Electricity [Member] | ||
Derivative assets [Abstract] | ||
Derivative Assets | -210 | -226 |
Liabilities [Abstract] | ||
Derivative Liabilities | 204 | 240 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Other Commodity Contract [Member] | ||
Derivative assets [Abstract] | ||
Derivative Assets | -9 | -3 |
Liabilities [Abstract] | ||
Derivative Liabilities | 5 | 1 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Assets [Abstract] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
Nuclear decommissioning trusts | 0 | 0 |
Other investments | 0 | 0 |
Derivative assets [Abstract] | ||
Derivative Assets | -127 | -160 |
Assets, Fair Value Disclosure | -127 | -160 |
Liabilities [Abstract] | ||
Interest Rate Derivative Liabilities, at Fair Value | 0 | 0 |
Derivative Liabilities | 131 | 173 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | -4 | -13 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Natural Gas Commodity Contract [Member] | ||
Derivative assets [Abstract] | ||
Derivative Assets | -34 | -24 |
Liabilities [Abstract] | ||
Derivative Liabilities | 48 | 62 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Electricity [Member] | ||
Derivative assets [Abstract] | ||
Derivative Assets | -88 | -134 |
Liabilities [Abstract] | ||
Derivative Liabilities | 83 | 111 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Other Commodity Contract [Member] | ||
Derivative assets [Abstract] | ||
Derivative Assets | -5 | -2 |
Liabilities [Abstract] | ||
Derivative Liabilities | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Netting [Member] | ||
Assets [Abstract] | ||
Cash and Cash Equivalents, Fair Value Disclosure | 0 | 0 |
Nuclear decommissioning trusts | 0 | 0 |
Other investments | 0 | 0 |
Derivative assets [Abstract] | ||
Derivative Assets | -745 | -869 |
Assets, Fair Value Disclosure | -745 | -869 |
Liabilities [Abstract] | ||
Interest Rate Derivative Liabilities, at Fair Value | 0 | 0 |
Derivative Liabilities | 736 | 869 |
Financial and Nonfinancial Liabilities, Fair Value Disclosure | 9 | 0 |
Fair Value, Measurements, Recurring [Member] | Netting [Member] | Natural Gas Commodity Contract [Member] | ||
Derivative assets [Abstract] | ||
Derivative Assets | -474 | -605 |
Liabilities [Abstract] | ||
Derivative Liabilities | 445 | 605 |
Fair Value, Measurements, Recurring [Member] | Netting [Member] | Electricity [Member] | ||
Derivative assets [Abstract] | ||
Derivative Assets | -216 | -258 |
Liabilities [Abstract] | ||
Derivative Liabilities | 236 | 258 |
Fair Value, Measurements, Recurring [Member] | Netting [Member] | Other Commodity Contract [Member] | ||
Derivative assets [Abstract] | ||
Derivative Assets | -55 | -6 |
Liabilities [Abstract] | ||
Derivative Liabilities | 55 | 6 |
Current Asset [Member] | Fair Value, Measurements, Recurring [Member] | ||
Derivative assets [Abstract] | ||
Assets, Fair Value Disclosure | -140 | -231 |
Current Asset [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Derivative assets [Abstract] | ||
Assets, Fair Value Disclosure | -400 | -493 |
Current Asset [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivative assets [Abstract] | ||
Assets, Fair Value Disclosure | -285 | -372 |
Current Asset [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Derivative assets [Abstract] | ||
Assets, Fair Value Disclosure | -94 | -120 |
Current Asset [Member] | Fair Value, Measurements, Recurring [Member] | Netting [Member] | ||
Derivative assets [Abstract] | ||
Assets, Fair Value Disclosure | -639 | -754 |
Non Current Asset [Member] | Fair Value, Measurements, Recurring [Member] | ||
Derivative assets [Abstract] | ||
Assets, Fair Value Disclosure | -1,289 | -1,186 |
Non Current Asset [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Derivative assets [Abstract] | ||
Assets, Fair Value Disclosure | -869 | -828 |
Non Current Asset [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Derivative assets [Abstract] | ||
Assets, Fair Value Disclosure | -493 | -433 |
Non Current Asset [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Derivative assets [Abstract] | ||
Assets, Fair Value Disclosure | -33 | -40 |
Non Current Asset [Member] | Fair Value, Measurements, Recurring [Member] | Netting [Member] | ||
Derivative assets [Abstract] | ||
Assets, Fair Value Disclosure | -106 | -115 |
Current Liability [Member] | Fair Value, Measurements, Recurring [Member] | ||
Liabilities [Abstract] | ||
Derivative Liabilities, Current | 58 | 125 |
Current Liability [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Liabilities [Abstract] | ||
Derivative Liabilities, Current | 379 | 466 |
Current Liability [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Liabilities [Abstract] | ||
Derivative Liabilities, Current | 189 | 269 |
Current Liability [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Liabilities [Abstract] | ||
Derivative Liabilities, Current | 100 | 144 |
Current Liability [Member] | Fair Value, Measurements, Recurring [Member] | Netting [Member] | ||
Liabilities [Abstract] | ||
Derivative Liabilities, Current | 610 | 754 |
Noncurrent Liability [Member] | Fair Value, Measurements, Recurring [Member] | ||
Liabilities [Abstract] | ||
Derivative Liabilities, Noncurrent | 21 | 26 |
Noncurrent Liability [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Liabilities [Abstract] | ||
Derivative Liabilities, Noncurrent | 47 | 66 |
Noncurrent Liability [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Liabilities [Abstract] | ||
Derivative Liabilities, Noncurrent | 69 | 46 |
Noncurrent Liability [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Liabilities [Abstract] | ||
Derivative Liabilities, Noncurrent | 31 | 29 |
Noncurrent Liability [Member] | Fair Value, Measurements, Recurring [Member] | Netting [Member] | ||
Liabilities [Abstract] | ||
Derivative Liabilities, Noncurrent | 126 | 115 |
Other Investments [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Assets [Abstract] | ||
Cash and Cash Equivalents, Fair Value Disclosure | -17 | -14 |
Other Investments [Member] | Equity [Member] | Fair Value, Measurements, Recurring [Member] | ||
Assets [Abstract] | ||
Other investments | ($124) | ($110) |
Fair_Value_Details_1
Fair Value (Details 1) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis | ||||
Beginning Balance | ($16) | $57 | ($13) | $44 |
Transfers into Level 3 | 0 | 0 | 0 | 29 |
Transfer out of Level 3 | 1 | 0 | 2 | -2 |
Total gains (losses): [Abstract] | ||||
Included in earnings | 25 | -30 | 43 | 15 |
Recorded in regulatory assets/liabilities | 3 | 7 | 7 | 12 |
Purchases issuances and settlements [Abstract] | ||||
Purchases | -1 | 1 | ||
Settlements | -15 | -48 | -38 | -113 |
Ending Balance | -4 | -14 | -4 | -14 |
The amount of total gains (losses) included in net income attributed to the change in unrealized gains or losses related to assets still held at the end of the period | 0 | -37 | 22 | 4 |
Natural Gas Commodity Contract [Member] | ||||
Fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis | ||||
Beginning Balance | -30 | 2 | -38 | 6 |
Transfers into Level 3 | 0 | 0 | 0 | 1 |
Transfer out of Level 3 | 0 | 0 | 2 | -2 |
Total gains (losses): [Abstract] | ||||
Included in earnings | 8 | -43 | -1 | -38 |
Recorded in regulatory assets/liabilities | 0 | 0 | 0 | 0 |
Purchases issuances and settlements [Abstract] | ||||
Purchases | 0 | 0 | ||
Settlements | 8 | -3 | 27 | -11 |
Ending Balance | -14 | -44 | -14 | -44 |
The amount of total gains (losses) included in net income attributed to the change in unrealized gains or losses related to assets still held at the end of the period | -8 | -43 | -14 | -39 |
Electricity [Member] | ||||
Fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis | ||||
Beginning Balance | 12 | 50 | 23 | 32 |
Transfers into Level 3 | 0 | 0 | 0 | 28 |
Transfer out of Level 3 | 1 | 0 | 0 | 0 |
Total gains (losses): [Abstract] | ||||
Included in earnings | 17 | 12 | 44 | 53 |
Recorded in regulatory assets/liabilities | 0 | 0 | 0 | 0 |
Purchases issuances and settlements [Abstract] | ||||
Purchases | -1 | 1 | ||
Settlements | -23 | -38 | -61 | -90 |
Ending Balance | 5 | 24 | 5 | 24 |
The amount of total gains (losses) included in net income attributed to the change in unrealized gains or losses related to assets still held at the end of the period | 8 | 5 | 36 | 43 |
Other Commodity Contract [Member] | ||||
Fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis | ||||
Beginning Balance | 2 | 5 | 2 | 6 |
Transfers into Level 3 | 0 | 0 | 0 | 0 |
Transfer out of Level 3 | 0 | 0 | 0 | 0 |
Total gains (losses): [Abstract] | ||||
Included in earnings | 0 | 1 | 0 | 0 |
Recorded in regulatory assets/liabilities | 3 | 7 | 7 | 12 |
Purchases issuances and settlements [Abstract] | ||||
Purchases | 0 | 0 | ||
Settlements | 0 | -7 | -4 | -12 |
Ending Balance | 5 | 6 | 5 | 6 |
The amount of total gains (losses) included in net income attributed to the change in unrealized gains or losses related to assets still held at the end of the period | $0 | $1 | $0 | $0 |
Fair_Value_Fair_Value_Details_
Fair Value Fair Value (Details 2) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Fair Value Transfers Between Level 1, Level 2 and Level 3 [Line Items] | ||||
Transfers from Level 2 to Level 1 | $0 | $0 | $0 | $0 |
Transfers from Level 3 to Level 1 | 0 | 0 | 0 | 0 |
Transfers from Level 1 to Level 2 | 0 | 0 | 0 | 0 |
Transfers from Level 3 to Level 2 | 1 | 0 | 2 | 2 |
Transfers from Level 1 to Level 3 | 0 | 0 | 0 | 0 |
Transfers from Level 2 to Level 3 | $0 | $0 | $0 | $29 |
Fair_Value_Fair_Value_Details_1
Fair Value Fair Value (Details 3) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | MMBTU | MMBTU |
Fair Value, Inputs, Level 3 [Member] | Natural Gas Commodity Contract [Member] | ||
Unobservable Inputs Valuation Techniques [Line Items] | ||
Derivative Weighted Average Forward Basis Price | 0.1 | 0.03 |
Fair Value, Inputs, Level 3 [Member] | Electricity [Member] | ||
Unobservable Inputs Valuation Techniques [Line Items] | ||
Derivative Weighted Average Forward Basis Price | 2 | 3 |
Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | Natural Gas Commodity Contract [Member] | ||
Unobservable Inputs Valuation Techniques [Line Items] | ||
Forward basis price | -1.1 | -0.63 |
Minimum [Member] | Fair Value, Inputs, Level 3 [Member] | Electricity [Member] | ||
Unobservable Inputs Valuation Techniques [Line Items] | ||
Forward basis price | -8 | -2 |
Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | Natural Gas Commodity Contract [Member] | ||
Unobservable Inputs Valuation Techniques [Line Items] | ||
Forward basis price | 4.22 | 1.95 |
Maximum [Member] | Fair Value, Inputs, Level 3 [Member] | Electricity [Member] | ||
Unobservable Inputs Valuation Techniques [Line Items] | ||
Forward basis price | 15 | 16 |
Fair Value, Measurements, Recurring [Member] | ||
Unobservable Inputs Valuation Techniques [Line Items] | ||
Derivative Assets | 98 | 147 |
Derivative Liabilities | -79 | -151 |
Fair Value, Measurements, Recurring [Member] | Natural Gas Commodity Contract [Member] | ||
Unobservable Inputs Valuation Techniques [Line Items] | ||
Derivative Assets | 9 | 40 |
Derivative Liabilities | -26 | -56 |
Fair Value, Measurements, Recurring [Member] | Electricity [Member] | ||
Unobservable Inputs Valuation Techniques [Line Items] | ||
Derivative Assets | 82 | 102 |
Derivative Liabilities | -51 | -93 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Unobservable Inputs Valuation Techniques [Line Items] | ||
Derivative Assets | 127 | 160 |
Derivative Liabilities | -131 | -173 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Natural Gas Commodity Contract [Member] | ||
Unobservable Inputs Valuation Techniques [Line Items] | ||
Derivative Assets | 34 | 24 |
Derivative Liabilities | -48 | -62 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | Electricity [Member] | ||
Unobservable Inputs Valuation Techniques [Line Items] | ||
Derivative Assets | 88 | 134 |
Derivative Liabilities | -83 | -111 |
Fair_Value_Fair_Value_Details_2
Fair Value Fair Value (Details 4) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Fair Value of Financial Instruments [Line Items] | ||
Notes Receivable Excudling Capital Leases | $37 | $39 |
Dividends payable | 116 | 107 |
Short-term Debt | 271 | 240 |
Long-term Debt | 7,729 | 7,813 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value of Financial Instruments [Line Items] | ||
Notes Receivable, Fair Value Disclosure | 0 | 0 |
Dividends Payable Fair Value Disclosure | 116 | 107 |
Short-term Debt, Fair Value | 0 | 0 |
Long-term Debt, Fair Value | 436 | 507 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value of Financial Instruments [Line Items] | ||
Notes Receivable, Fair Value Disclosure | 0 | 0 |
Dividends Payable Fair Value Disclosure | 0 | 0 |
Short-term Debt, Fair Value | 271 | 240 |
Long-term Debt, Fair Value | 7,067 | 7,453 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value of Financial Instruments [Line Items] | ||
Notes Receivable, Fair Value Disclosure | 37 | 39 |
Dividends Payable Fair Value Disclosure | 0 | 0 |
Short-term Debt, Fair Value | 0 | 0 |
Long-term Debt, Fair Value | $738 | $933 |
Fair_Value_Details_5
Fair Value (Details 5) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Decommissioning Fund Investments | $1,139 | $1,037 |
Fermi 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Decommissioning Fund Investments | 1,120 | 1,021 |
Fermi 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Decommissioning Fund Investments | 3 | 3 |
Low level radioactive waste [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Decommissioning Fund Investments | $16 | $13 |
Fair_Value_Details_6
Fair Value (Details 6) (Nuclear Decommissioning Trust Fund [Member], USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Nuclear Decommissioning Trust Fund [Member] | ||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||
Realized gains | $11 | $7 | $30 | $21 |
Realized losses | -11 | -6 | -25 | -17 |
Proceeds from sales of securities | $13 | $12 | $40 | $48 |
Fair_Value_Details_7
Fair Value (Details 7) (USD $) | 9 Months Ended | 12 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 | Dec. 31, 2012 |
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Nuclear decommissioning trusts | $1,139 | $1,037 |
Unrealized Gains | 212 | 149 |
Nuclear Decommissioning Trust Fund [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Cash and Cash Equivalents | 12 | 7 |
Nuclear Decommissioning Trust Fund [Member] | Equity securities [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Equity securities | 732 | 631 |
Unrealized Gains | 195 | 122 |
Nuclear Decommissioning Trust Fund [Member] | Debt securities [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Debt securities | 395 | 399 |
Unrealized Gains | 17 | 27 |
Nuclear Decommissioning Trust Fund [Member] | Cash and cash equivalents [Member] | ||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||
Unrealized Gains | $0 | $0 |
Fair_Value_Details_Textuals
Fair Value (Details Textuals) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | 12 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||||||||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Restricted Assets [Member] | Restricted Assets [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Other Investments [Member] | Nuclear Decommissioning Trust Fund [Member] | Nuclear Decommissioning Trust Fund [Member] | Fermi 2 [Member] | Fermi 2 [Member] | Fermi 1 [Member] | Fermi 1 [Member] | Fermi 1 [Member] | Fermi 1 [Member] | |||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | Fair Value, Inputs, Level 2 [Member] | |||||||||||||||
Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | Equity [Member] | Equity [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Measurements, Recurring [Member] | |||||||||||||||||
Fair Value, Option, Quantitative Disclosures [Line Items] | ||||||||||||||||||||||
Cash and Cash Equivalents, Fair Value Disclosure | $68,000,000 | $123,000,000 | $68,000,000 | $123,000,000 | $51,000,000 | $109,000,000 | $17,000,000 | $14,000,000 | $12,000,000 | $7,000,000 | ||||||||||||
Available-for-sale Securities, Fair Value Disclosure | 6,000,000 | 5,000,000 | ||||||||||||||||||||
Other investments | 124,000,000 | 110,000,000 | 48,000,000 | 44,000,000 | 124,000,000 | 110,000,000 | ||||||||||||||||
Average Maturity of Debt Securities | 7 years | 6 years | ||||||||||||||||||||
Unrealized losses recognized as regulatory assets | 38,000,000 | 44,000,000 | ||||||||||||||||||||
Fermi I Corresponding Regulatory Asset Treatment | 0 | 0 | ||||||||||||||||||||
Unrealized losses recognized in earnings | 0 | 0 | 0 | 0 | ||||||||||||||||||
Unrealized on Available for Sale Securities | 0 | 0 | 0 | 0 | ||||||||||||||||||
Trading Securities, Change in Unrealized Holding Gain (Loss) | $14,000,000 | $11,000,000 |
Financial_and_Other_Derivative2
Financial and Other Derivative Instruments (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Derivatives designated as hedging instruments: | ||
Derivative Asset Fair Value Gross Asset | $843 | $1,016 |
Derivative Liability Fair Value Gross Liability | -815 | -1,020 |
Derivative Assets, Current | 72 | 108 |
Derivative Assets, Noncurrent | 26 | 39 |
Derivative Liabilities, Current | -58 | -125 |
Derivative Liabilities, Noncurrent | -21 | -26 |
Estimate of Fair Value, Fair Value Disclosure [Member] | ||
Derivatives designated as hedging instruments: | ||
Derivative Assets, Current | 711 | 862 |
Derivative Assets, Noncurrent | 132 | 154 |
Derivative Liabilities, Current | -668 | -879 |
Derivative Liabilities, Noncurrent | -147 | -141 |
Interest rate contracts [Member] | ||
Derivatives designated as hedging instruments: | ||
Derivative Liability Fair Value Gross Liability | 0 | -1 |
Natural Gas Commodity Contract [Member] | ||
Derivatives designated as hedging instruments: | ||
Derivative Asset Fair Value Gross Asset | 483 | 645 |
Derivative Liability Fair Value Gross Liability | -471 | -661 |
Electricity [Member] | ||
Derivatives designated as hedging instruments: | ||
Derivative Asset Fair Value Gross Asset | 298 | 360 |
Derivative Liability Fair Value Gross Liability | -287 | -351 |
Designated as Hedging Instrument [Member] | Interest rate contracts [Member] | ||
Derivatives designated as hedging instruments: | ||
Derivative Asset Fair Value Gross Asset | 0 | 0 |
Derivative Liability Fair Value Gross Liability | 0 | -1 |
Not Designated as Hedging Instrument [Member] | ||
Derivatives designated as hedging instruments: | ||
Derivative Asset Fair Value Gross Asset | 843 | 1,016 |
Derivative Liability Fair Value Gross Liability | -815 | -1,019 |
Not Designated as Hedging Instrument [Member] | Natural Gas Commodity Contract [Member] | ||
Derivatives designated as hedging instruments: | ||
Derivative Asset Fair Value Gross Asset | 483 | 645 |
Derivative Liability Fair Value Gross Liability | -471 | -661 |
Not Designated as Hedging Instrument [Member] | Electricity [Member] | ||
Derivatives designated as hedging instruments: | ||
Derivative Asset Fair Value Gross Asset | 298 | 360 |
Derivative Liability Fair Value Gross Liability | -287 | -351 |
Not Designated as Hedging Instrument [Member] | Other [Member] | ||
Derivatives designated as hedging instruments: | ||
Derivative Asset Fair Value Gross Asset | 62 | 11 |
Derivative Liability Fair Value Gross Liability | ($57) | ($7) |
Financial_and_Other_Derivative3
Financial and Other Derivative Instruments Financial and Other Derivative Instruments (Details 1) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Netting Offsets of Derivative Assets and Liabilities [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | $843 | $1,016 |
Gross Amounts Offset in the Statements of Financial Position | -745 | -869 |
Net Amounts of Assets Presented in the Statements of Financial Position | 98 | 147 |
Fair Value Gross Amounts of Recognized Liabilities | -815 | -1,020 |
Gross Amounts Offset in the Statement of Financial Position | 736 | 869 |
Net Amounts of Liabilities Presented in the Statements of Financial Position | -79 | -151 |
Natural Gas Commodity Contract [Member] | ||
Netting Offsets of Derivative Assets and Liabilities [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 483 | 645 |
Gross Amounts Offset in the Statements of Financial Position | -474 | -605 |
Net Amounts of Assets Presented in the Statements of Financial Position | 9 | 40 |
Fair Value Gross Amounts of Recognized Liabilities | -471 | -661 |
Gross Amounts Offset in the Statement of Financial Position | 445 | 605 |
Net Amounts of Liabilities Presented in the Statements of Financial Position | -26 | -56 |
Electricity [Member] | ||
Netting Offsets of Derivative Assets and Liabilities [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 298 | 360 |
Gross Amounts Offset in the Statements of Financial Position | -216 | -258 |
Net Amounts of Assets Presented in the Statements of Financial Position | 82 | 102 |
Fair Value Gross Amounts of Recognized Liabilities | -287 | -351 |
Gross Amounts Offset in the Statement of Financial Position | 236 | 258 |
Net Amounts of Liabilities Presented in the Statements of Financial Position | -51 | -93 |
Other Contract [Member] | ||
Netting Offsets of Derivative Assets and Liabilities [Line Items] | ||
Derivative Asset, Fair Value, Gross Asset | 62 | 11 |
Gross Amounts Offset in the Statements of Financial Position | -55 | -6 |
Net Amounts of Assets Presented in the Statements of Financial Position | 7 | 5 |
Fair Value Gross Amounts of Recognized Liabilities | -57 | -7 |
Gross Amounts Offset in the Statement of Financial Position | 55 | 6 |
Net Amounts of Liabilities Presented in the Statements of Financial Position | -2 | -1 |
Interest rate contracts [Member] | ||
Netting Offsets of Derivative Assets and Liabilities [Line Items] | ||
Fair Value Gross Amounts of Recognized Liabilities | 0 | -1 |
Gross Amounts Offset in the Statement of Financial Position | 0 | 0 |
Net Amounts of Liabilities Presented in the Statements of Financial Position | $0 | ($1) |
Financial_and_Other_Derivative4
Financial and Other Derivative Instruments Financial and Other Derivative Instruments (Details 2) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Derivative [Line Items] | ||
Derivative Assets, Current | $72 | $108 |
Derivative Assets, Noncurrent | 26 | 39 |
Derivative Liabilities, Current | -58 | -125 |
Derivative Liabilities, Noncurrent | -21 | -26 |
Derivative Asset [Member] | ||
Derivative [Line Items] | ||
Derivative Assets, Current | 711 | 862 |
Derivative Assets, Noncurrent | 132 | 154 |
Derivative Liabilities [Member] | ||
Derivative [Line Items] | ||
Derivative Liabilities, Current | -668 | -879 |
Derivative Liabilities, Noncurrent | -147 | -141 |
Counterparty Netting [Member] | ||
Derivative [Line Items] | ||
Derivative Assets, Current | -610 | -754 |
Derivative Assets, Noncurrent | -106 | -115 |
Derivative Liabilities, Current | -610 | -754 |
Derivative Liabilities, Noncurrent | -106 | -115 |
Collateral Adjustment [Member] | ||
Derivative [Line Items] | ||
Derivative Assets, Current | -29 | 0 |
Derivative Assets, Noncurrent | 0 | 0 |
Derivative Liabilities, Current | 0 | 0 |
Derivative Liabilities, Noncurrent | -20 | 0 |
Derivative [Member] | ||
Derivative [Line Items] | ||
Derivative Assets, Current | 72 | 108 |
Derivative Assets, Noncurrent | 26 | 39 |
Derivative Liabilities, Current | -58 | -125 |
Derivative Liabilities, Noncurrent | ($21) | ($26) |
Financial_and_Other_Derivative5
Financial and Other Derivative Instruments (Details 3) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $23 | $12 | $56 | $57 |
Foreign currency exchange contracts [Member] | Operating Revenue [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 0 | -2 | -1 | -1 |
Natural Gas Commodity Contract [Member] | Operating Revenue [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 1 | -54 | 37 | -51 |
Natural Gas Commodity Contract [Member] | Fuel, purchased power and gas [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | -1 | 50 | -33 | 45 |
Electricity [Member] | Operating Revenue [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | 22 | 17 | 52 | 52 |
Other [Member] | Operating Revenue [Member] | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Derivative Instruments Not Designated as Hedging Instruments, Gain (Loss), Net | $1 | $1 | $1 | $12 |
Financial_and_Other_Derivative6
Financial and Other Derivative Instruments (Details 4) | Sep. 30, 2013 |
dte.volumes | |
Natural Gas Commodity Contract [Member] | |
Derivative [Line Items] | |
Volume of Commodity Contracts | 683,113,433 |
Electricity [Member] | |
Derivative [Line Items] | |
Volume of Commodity Contracts | 59,672,654 |
Foreign currency exchange contracts [Member] | |
Derivative [Line Items] | |
Volume of Commodity Contracts | 48,741,288 |
FTR [Member] | |
Derivative [Line Items] | |
Volume of Commodity Contracts | 13,005,024 |
Financial_and_Other_Derivative7
Financial and Other Derivative Instruments (Details Textuals) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 |
FTR [Member] | FTR [Member] | |||
Derivative [Line Items] | ||||
Interest Rate Cash Flow Hedge Gain (Loss) to be Reclassified During Next 12 Months, Net | $1,000,000 | |||
Letters of Credit Outstanding, Amount | 21,000,000 | 63,000,000 | ||
Cash Collateral Posted Net of Cash Collateral Received | 30,000,000 | |||
Collateral Already Posted, Aggregate Fair Value | 20,000,000 | |||
Cash Collateral Paid or Received for Derivative Assets | 29,000,000 | 0 | ||
Cash Collateral Paid or Received for Derivative Liabilities | 20,000,000 | |||
Cash Collateral Received | 24,000,000 | 24,000,000 | ||
Cash Collateral Paid | 3,000,000 | 4,000,000 | ||
Effect of Derivative Instruments Recoverable Through PSCR Mechanism | 3,000,000 | 7,000,000 | ||
Value of Transactions Company Would Have Been Exposed to if Credit Rating Below Investment Grade | $327,000,000 |
Discontinued_Operations_Discon1
Discontinued Operations Discontinued Operations (Details) (Discontinued Operations [Member], USD $) | 3 Months Ended | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2012 | Sep. 30, 2012 |
Discontinued Operations [Member] | ||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ||
Operating Revenue | $16 | $38 |
Operation and Maintenance | 6 | 16 |
Depreciation, Depletion and Amortization | 6 | 17 |
Taxes, Other | 1 | 2 |
Operating Income (Loss) | 3 | 3 |
Other (Income) and Deductions | -1 | -4 |
Taxes other than Income | 1 | -1 |
Income (Loss) from Discontinued Operations, Net of Tax, Attributable to Parent | $1 | $0 |
Discontinued_Operations_Discon2
Discontinued Operations Discontinued Operations (Details Textuals) | Dec. 31, 2012 |
Discontinued Operations and Disposal Groups [Abstract] | |
Percentage of Equity Sold | 100.00% |
Asset_Retirement_Obligations_D
Asset Retirement Obligations (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset retirement obligations | $1,719 |
Accretion | 79 |
Liabilities Incurred | 1 |
Liabilities Settled | -12 |
Revision in estimated cash flows | 13 |
Asset retirement obligations | $1,800 |
Regulatory_Matters_Details_Tex
Regulatory Matters (Details Textuals) (USD $) | Jul. 29, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Oct. 17, 2013 | Jul. 30, 2012 | Sep. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2013 | Jun. 30, 2013 |
MPSC [Member] | MPSC [Member] | MPSC [Member] | MPSC [Member] | MPSC [Member] | MPSC [Member] | Five Year (Minimum) [Member] | Seven Year (Maximum) [Member] | ||
Electric [Member] | Electric [Member] | Electric [Member] | Electric [Member] | Gas [Member] | Gas [Member] | ||||
Regulatory Asset and Liability [Line Items] | |||||||||
Years to transition PLD customers to DTE Electric distribution system | 5 years | 7 years | |||||||
Rate increase previously authorized by the MPSC challeged by Court of Appeals affirmed by the MPSC | $8,000,000 | ||||||||
Rate Base Amount related to Advanced Metering Infrasctructure Program reopened related to previously approved order | 55,000,000 | ||||||||
PSCR under-recovery from One Plan Year Prior | 87,000,000 | ||||||||
PSCR Under-Recovery from Two Plan Years Prior | 148,000,000 | ||||||||
Two Plan Years Prior PSCR Reconciliation included amount of Purchased Power Cost Related to Manual Shutdown of Fermi 2 | 30,000,000 | ||||||||
Fermi 2 Production Level of Full Capacity | 68.00% | ||||||||
Monthly Funding Factor for all Michigan Electric utilities participating in Low Income Energy Assistance Fund | 0.99 | ||||||||
Requesting Authority to Refund Uncollectible Expense to Customers | $20,000,000 | ||||||||
Time Period to Refund the UETM Overrecovery | 12 months |
Common_Stock_Details
Common Stock (Details) (Pension Plan, Defined Benefit [Member], USD $) | 3 Months Ended | 9 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Sep. 12, 2013 |
Class of Stock [Line Items] | |||||
Pension Contributions | $250 | ||||
Common Stock [Member] | |||||
Class of Stock [Line Items] | |||||
Pension Contributions | $100 | $50 | $50 | $200 | |
Contribution of Common Stock to Pension Plan Shares | 1,522,301 | 753,579 | 750,075 | ||
Contribution of Common Stock to Pension Plans Amount Per Share | $66.35 | $66.66 | $65.69 |
Earnings_Per_Share_Details
Earnings Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, except Per Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Basic Earnings per Share | ||||
Net Income Attributable to DTE Energy Company | $198 | $227 | $537 | $529 |
Average number of common shares outstanding | 175 | 172 | 174 | 171 |
Weighted average net restricted shares outstanding | 0 | 1 | 1 | 1 |
Dividends declared on common stock | 115 | 106 | 337 | 307 |
Dividends declared - net restricted shares | 1 | 1 | 1 | 2 |
Total distributed earnings | 116 | 107 | 338 | 309 |
Net income less distributed earnings | 82 | 120 | 199 | 220 |
Distributed (dividends per common share) | $0.66 | $0.62 | $1.93 | $1.80 |
Undistributed | $0.47 | $0.70 | $1.14 | $1.29 |
Total Basic Earnings per Common Share | $1.13 | $1.32 | $3.07 | $3.09 |
Diluted Earnings per Share | ||||
Net Income Attributable to DTE Energy Company | 198 | 227 | 537 | 529 |
Average number of common shares outstanding | 175 | 172 | 174 | 171 |
Average incremental shares from assumed exercise of options | 0 | 0 | 0 | 0 |
Common shares for dilutive calculation | 176 | 172 | 175 | 171 |
Weighted average net restricted shares outstanding | 0 | 1 | 1 | 1 |
Dividends declared on common stock | 115 | 106 | 337 | 307 |
Dividends declared - net restricted shares | 1 | 1 | 1 | 2 |
Total distributed earnings | 116 | 107 | 338 | 309 |
Net income less distributed earnings | $82 | $120 | $199 | $220 |
Distributed (dividends per common share) | $0.66 | $0.62 | $1.93 | $1.80 |
Undistributed | $0.47 | $0.69 | $1.14 | $1.28 |
Total Diluted Earnings per Common Share | $1.13 | $1.31 | $3.07 | $3.08 |
LongTerm_Debt_Details
Long-Term Debt (Details) (USD $) | Sep. 30, 2013 | Mar. 31, 2013 |
In Millions, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Face Amount | $775 | |
Electric [Member] | Mortgages [Member] | ||
Debt Instrument [Line Items] | ||
Debt Instrument, Interest Rate, Stated Percentage | 3.65% | 4.00% |
Debt Instrument, Face Amount | $400 | $375 |
LongTerm_Debt_Details_1
Long-Term Debt (Details 1) (USD $) | 9 Months Ended | 3 Months Ended | |||||||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Jun. 30, 2013 |
DTE Energy [Member] | DTE Energy [Member] | Electric [Member] | Electric [Member] | Electric [Member] | Electric [Member] | Electric [Member] | Gas [Member] | ||
Long-term Debt [Member] | Senior Notes [Member] | Securitization Bonds [Member] | Securitization Bonds [Member] | Tax Exempt Revenue Bonds [Member] | Senior Notes [Member] | Long Term Debt, Other [Member] | Senior Notes [Member] | ||
Extinguishment of Debt [Line Items] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 6.62% | 6.42% | 5.30% | 6.40% | 5.26% | ||||
Extinguishment of Debt, Amount | $855 | $4 | $300 | $89 | $88 | $51 | $250 | $13 | $60 |
LongTerm_Debt_LongTerm_Debt_De
Long-Term Debt Long-Term Debt (Details Textuals) (Gas [Member], Mortgages [Member], USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
Ten Years [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Face Amount, Future Issuance | $50 |
Future Debt Instrument, Interest Rate, Stated Percentage | 3.64% |
Twelve Years [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Face Amount, Future Issuance | 70 |
Future Debt Instrument, Interest Rate, Stated Percentage | 3.74% |
Fifteen Years [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Face Amount, Future Issuance | $50 |
Future Debt Instrument, Interest Rate, Stated Percentage | 3.94% |
ShortTerm_Credit_Arrangements_2
Short-Term Credit Arrangements and Borrowings (Details) (USD $) | Sep. 30, 2013 |
In Millions, unless otherwise specified | |
Availability under combined facilities | |
Line of Credit Facility, Maximum Borrowing Capacity | $1,975 |
Amounts Outstanding | 506 |
Net availability | 1,469 |
DTE Energy [Member] | |
Availability under combined facilities | |
Line of Credit Facility, Maximum Borrowing Capacity | 1,375 |
Amounts Outstanding | 279 |
Net availability | 1,096 |
DTE Electric [Member] | |
Availability under combined facilities | |
Line of Credit Facility, Maximum Borrowing Capacity | 300 |
Amounts Outstanding | 11 |
Net availability | 289 |
DTE Gas [Member] | |
Availability under combined facilities | |
Line of Credit Facility, Maximum Borrowing Capacity | 300 |
Amounts Outstanding | 216 |
Net availability | 84 |
Letter of Credit [Member] | |
Availability under combined facilities | |
Amounts Outstanding | 235 |
Letter of Credit [Member] | Unsecured letter of credit facility expiring in May 2014 [Member] | |
Availability under combined facilities | |
Line of Credit Facility, Maximum Borrowing Capacity | 50 |
Letter of Credit [Member] | Unsecured letter of credit facility expiring in August 2015 [Member] | |
Availability under combined facilities | |
Line of Credit Facility, Maximum Borrowing Capacity | 125 |
Letter of Credit [Member] | DTE Energy [Member] | |
Availability under combined facilities | |
Amounts Outstanding | 235 |
Letter of Credit [Member] | DTE Energy [Member] | Unsecured letter of credit facility expiring in May 2014 [Member] | |
Availability under combined facilities | |
Line of Credit Facility, Maximum Borrowing Capacity | 50 |
Letter of Credit [Member] | DTE Energy [Member] | Unsecured letter of credit facility expiring in August 2015 [Member] | |
Availability under combined facilities | |
Line of Credit Facility, Maximum Borrowing Capacity | 125 |
Letter of Credit [Member] | DTE Electric [Member] | |
Availability under combined facilities | |
Amounts Outstanding | 0 |
Letter of Credit [Member] | DTE Electric [Member] | Unsecured letter of credit facility expiring in May 2014 [Member] | |
Availability under combined facilities | |
Line of Credit Facility, Maximum Borrowing Capacity | 0 |
Letter of Credit [Member] | DTE Electric [Member] | Unsecured letter of credit facility expiring in August 2015 [Member] | |
Availability under combined facilities | |
Line of Credit Facility, Maximum Borrowing Capacity | 0 |
Letter of Credit [Member] | DTE Gas [Member] | |
Availability under combined facilities | |
Amounts Outstanding | 0 |
Letter of Credit [Member] | DTE Gas [Member] | Unsecured letter of credit facility expiring in May 2014 [Member] | |
Availability under combined facilities | |
Line of Credit Facility, Maximum Borrowing Capacity | 0 |
Letter of Credit [Member] | DTE Gas [Member] | Unsecured letter of credit facility expiring in August 2015 [Member] | |
Availability under combined facilities | |
Line of Credit Facility, Maximum Borrowing Capacity | 0 |
Revolving Credit Facility [Member] | Unsecured revolving credit facility expiring in April 2018 [Member] | |
Availability under combined facilities | |
Line of Credit Facility, Maximum Borrowing Capacity | 1,800 |
Revolving Credit Facility [Member] | DTE Energy [Member] | Unsecured revolving credit facility expiring in April 2018 [Member] | |
Availability under combined facilities | |
Line of Credit Facility, Maximum Borrowing Capacity | 1,200 |
Revolving Credit Facility [Member] | DTE Electric [Member] | Unsecured revolving credit facility expiring in April 2018 [Member] | |
Availability under combined facilities | |
Line of Credit Facility, Maximum Borrowing Capacity | 300 |
Revolving Credit Facility [Member] | DTE Gas [Member] | Unsecured revolving credit facility expiring in April 2018 [Member] | |
Availability under combined facilities | |
Line of Credit Facility, Maximum Borrowing Capacity | 300 |
Commercial Paper [Member] | |
Availability under combined facilities | |
Amounts Outstanding | 271 |
Commercial Paper [Member] | DTE Energy [Member] | |
Availability under combined facilities | |
Amounts Outstanding | 44 |
Commercial Paper [Member] | DTE Electric [Member] | |
Availability under combined facilities | |
Amounts Outstanding | 11 |
Commercial Paper [Member] | DTE Gas [Member] | |
Availability under combined facilities | |
Amounts Outstanding | $216 |
ShortTerm_Credit_Arrangements_3
Short-Term Credit Arrangements and Borrowings (Details Textuals) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Millions, unless otherwise specified | ||
Short-term Debt [Line Items] | ||
Revolving Credit Facilities with a Syndicate Number of Banks | 19 | |
Number of Banks that Provide Percentage of Commitment in any Facility | 1 | |
Maximum Percentage of Commitment to Bank in any Facility | 8.70% | |
Maximum Total Funded Debt to Total Capitalization Ratio | 0.65 | |
Other outstanding letters of credit | $506 | |
DTE Energy [Member] | ||
Short-term Debt [Line Items] | ||
Total Funded Debt to Total Capitalization Ratio, Amount | 0.48 | |
Other outstanding letters of credit | 279 | |
DTE Electric [Member] | ||
Short-term Debt [Line Items] | ||
Total Funded Debt to Total Capitalization Ratio, Amount | 0.53 | |
Other outstanding letters of credit | 11 | |
DTE Gas [Member] | ||
Short-term Debt [Line Items] | ||
Total Funded Debt to Total Capitalization Ratio, Amount | 0.44 | |
Other outstanding letters of credit | 216 | |
Letter of Credit [Member] | ||
Short-term Debt [Line Items] | ||
Other outstanding letters of credit | 235 | |
Letter of Credit [Member] | DTE Energy [Member] | ||
Short-term Debt [Line Items] | ||
Other outstanding letters of credit | 235 | |
Letter of Credit [Member] | DTE Electric [Member] | ||
Short-term Debt [Line Items] | ||
Other outstanding letters of credit | 0 | |
Letter of Credit [Member] | DTE Gas [Member] | ||
Short-term Debt [Line Items] | ||
Other outstanding letters of credit | 0 | |
Demand Financing Agreement with Newedge plus letter of credit [Member] | DTE Energy [Member] | ||
Short-term Debt [Line Items] | ||
Financing Agreement, Maximum Borrowing Capacity | 140 | |
Demand Financing Agreement with Newedge [Member] | DTE Energy [Member] | ||
Short-term Debt [Line Items] | ||
Financing Agreement, Maximum Borrowing Capacity | 100 | |
Financing Agreement, Amount Outstanding | 75 | 65 |
Maximum Additional Margin Financing | 50 | |
Other outstanding letters of credit [Member] | Letter of Credit [Member] | DTE Energy [Member] | ||
Short-term Debt [Line Items] | ||
Other outstanding letters of credit | 47 | |
Demand Financing Agreement with Newedge letter of credit to raise capacity [Member] | Letter of Credit [Member] | DTE Energy [Member] | ||
Short-term Debt [Line Items] | ||
Financing Agreement, Maximum Borrowing Capacity | $40 |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details Textuals) (USD $) | 9 Months Ended | 9 Months Ended | 9 Months Ended | 9 Months Ended | 12 Months Ended | |||||||
Sep. 30, 2013 | Aug. 31, 2013 | Dec. 31, 2010 | Sep. 30, 2013 | Dec. 31, 2012 | Aug. 31, 2012 | Sep. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Dec. 31, 2011 | |
dte_instances | Electric [Member] | Electric [Member] | Electric [Member] | Gas [Member] | Gas [Member] | Synthetic Fuel [Member] | Emissions [Member] | Other Guarantees [Member] | Eight Year [Member] | |||
facilities | facilities | |||||||||||
kWh | ||||||||||||
dte_instances | ||||||||||||
Loss Contingencies [Line Items] | ||||||||||||
Environmental Capital Expenditures Through Current Year | $1,900,000,000 | |||||||||||
Environmental Capital Expenditures in Current Year | 190,000,000 | |||||||||||
Environmental Capital Expenditures In Future Years | 1,800,000,000 | |||||||||||
EPA is Alleging Detroit Edison Power Plants Violated New Source Performance Standards | 5 | |||||||||||
Number of NOVs/FOVs currently being discussed with the EPA | 2 | |||||||||||
Sierra Club is Alleging DTE Electric Coal Fired Power Plants Violated the Clean Air Act | 4 | |||||||||||
Exceedances of Opacity Standard | 1,499 | |||||||||||
Period of excess opacity of air emissions at alleged facilities | 6 minutes | |||||||||||
2004 EPA proposed compliance timeline in years | 8 years | |||||||||||
Number of Former MGP Sites | 3 | 15 | ||||||||||
Accrual for Environmental Loss Contingencies, Gross | 9,000,000 | 9,000,000 | 29,000,000 | 29,000,000 | ||||||||
Number of Options to Regulate Coal Ash Residue | 2 | |||||||||||
Period Gas Utility Can Amortize MGP Costs | 10 years | |||||||||||
Number of NOVs | 2 | |||||||||||
Possible Environmental Capital Expenditures to Comply with Requirements | 7,000,000 | |||||||||||
EPA Sulfur Dioxide Ambient Air Quality Standard | 1 hour | |||||||||||
Waiting Period of Policy | P12W | |||||||||||
Insurance Coverage for Extra ExpenseWhen to Necessitate Power Plant when Unavailable | 490,000,000 | |||||||||||
Period of Coverage of Policy for Extra Expenses | 3 years | |||||||||||
Primary Coverage | 500,000,000 | |||||||||||
Coverage for Stabilization Decontamination Debris Removal Repair and Replacement of Property and Decommissioning | 2,250,000,000 | |||||||||||
Combined Coverage Limit for Total Property Damage | 2,750,000,000 | |||||||||||
Insurance Deductible for Nuclear Power Plant | 1,000,000 | |||||||||||
Total Limit for Property Damage for Non-Nuclear Events | 1,800,000,000 | |||||||||||
Limit for Property Damage for Non-Nuclear Events Aggregate of Extra Expenses | 327,000,000 | |||||||||||
Limit for Property Damage for Non-Nuclear Events Aggregate of Extra Expenses of Period | 2 years | |||||||||||
Time Period for TRIA Insurance After the First Loss from Terrorism | 1 year | |||||||||||
NEIL Policies Against Terrorism Loss | 3,200,000,000 | |||||||||||
Amount per Event Loss Associated with Nuclear Power Plants | 34,000,000 | |||||||||||
Maintenance of Public Liability Insurance for Nuclear Power Plants | 375,000,000 | |||||||||||
Aggregate Limit of Liabilities Arises From Terrorist Act Outside Scope of Trials Subject to One Industry | 300,000,000 | |||||||||||
Deferred Premium Charged Leviied Against Each Licensed Nuclear Facility | 127,300,000 | |||||||||||
Limit Deferred Premium Charges Per Year | 19,000,000 | |||||||||||
Company Obligated to Pay DOE Fee of Fermi 2 Electricity Generated and Sold | 1 | |||||||||||
Settlement Provided for Delay-Related Costs | 48,000,000 | |||||||||||
Days Obligations will Survive After Expiration of All Applicable Statutes of Limiations | 90 days | 90 days | ||||||||||
Guarantor Obligations, Maximum Exposure, Undiscounted | 1,200,000,000 | 125,000,000 | 60,000,000 | |||||||||
Performance Bonds Outstanding | 41,000,000 | |||||||||||
Long-term Purchase Commitment, Amount | 6,200,000,000 | |||||||||||
Purchase Obligation, Future Minimum Payments, Remainder of Fiscal Year | 2,100,000,000 | |||||||||||
Bankruptcy Claims, Accounts Receivable under Review by Management | $20,000,000 |
Retirement_Benefits_and_Truste2
Retirement Benefits and Trusteed Assets (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Pension Plan, Defined Benefit [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service Cost | $22 | $20 | $71 | $61 |
Interest Cost | 49 | 51 | 144 | 153 |
Expected Return on Plan Assets | -67 | -61 | -200 | -183 |
Amortization of Net Actuarial Losses | 55 | 48 | 156 | 133 |
Amortization of Prior Service Cost (Credit) | 0 | 0 | 0 | 0 |
Amortization of Net Transition Liability | 0 | 0 | ||
Settlements | 0 | 2 | ||
Net Periodic Benefit Cost | 59 | 58 | 171 | 166 |
Other Postretirement Benefit Plan, Defined Benefit [Member] | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Service Cost | 9 | 15 | 37 | 51 |
Interest Cost | 21 | 29 | 66 | 90 |
Expected Return on Plan Assets | -28 | -23 | -82 | -69 |
Amortization of Net Actuarial Losses | 16 | 21 | 48 | 60 |
Amortization of Prior Service Cost (Credit) | -36 | -6 | -95 | -20 |
Amortization of Net Transition Liability | 0 | 1 | ||
Settlements | 0 | 0 | ||
Net Periodic Benefit Cost | ($18) | $36 | ($26) | $113 |
Retirement_Benefits_and_Truste3
Retirement Benefits and Trusteed Assets Retirement Benefits and Trusteed Assets (Details Textuals) (USD $) | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | 9 Months Ended | ||||||||||
Sep. 30, 2013 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2013 | |
Other Postretirement Benefit Plan, Defined Benefit [Member] | Other Postretirement Benefit Plan, Defined Benefit [Member] | Other Postretirement Benefit Plan, Defined Benefit [Member] | Other Postretirement Benefit Plan, Defined Benefit [Member] | Other Postretirement Benefit Plan, Defined Benefit [Member] | Other Postretirement Benefit Plan, Defined Benefit [Member] | Pension Plan, Defined Benefit [Member] | Pension Plan, Defined Benefit [Member] | Pension Plan, Defined Benefit [Member] | Pension Plan, Defined Benefit [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | ||||
Pension Plan, Defined Benefit [Member] | Pension Plan, Defined Benefit [Member] | Pension Plan, Defined Benefit [Member] | Pension Plan, Defined Benefit [Member] | ||||||||||||||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |||||||||||||||||
Service Cost | $9,000,000 | $15,000,000 | $37,000,000 | $51,000,000 | $22,000,000 | $20,000,000 | $71,000,000 | $61,000,000 | |||||||||
Pension Contributions | 250,000,000 | 100,000,000 | 50,000,000 | 50,000,000 | 200,000,000 | ||||||||||||
Estimated Future Employer Contributions in Current Fiscal Year | 120,000,000 | 25,000,000 | |||||||||||||||
Contributions by Employer | 145,000,000 | ||||||||||||||||
Retiree Health Care Allowance | 3,250 | ||||||||||||||||
Assumptions Used Calculating Benefit Obligation, Discount Rate | 4.30% | 4.15% | |||||||||||||||
Remeasurement Reduction to Post Retirement Benefit Obligation | 258,000,000 | 439,000,000 | |||||||||||||||
Remeasurement Reduction to Post Retirement Benefit Obligation Liability | 721,000,000 | 1,200,000,000 | |||||||||||||||
Remeasurement Decrease in Benefit Cost for Postretirement Plans | 69,000,000 | ||||||||||||||||
Annual Decrease in Other Postretirement Benefits Costs due to Remeasurement | $40,000,000 |
StockBased_Compensation_Detail
Stock-Based Compensation (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||||
Stock-based compensation expense | $18 | $21 | $81 | $61 |
Tax benefit | 7 | 8 | 31 | 23 |
Stock-based compensation cost capitalized in property, plant and equipment | $1 | $1 | $5 | $3 |
StockBased_Compensation_Detail1
Stock-Based Compensation (Details 1) (USD $) | 9 Months Ended |
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |
Options outstanding | 1,192,670 |
Exercised | 399,139 |
Forfeitured or expired | 10,370 |
Options outstanding | 783,161 |
Options exercisable | 783,161 |
Weighted Average Exercise Price Per Share - Options outstanding | $41.86 |
Weighted Average Exercise Price Per Share - Exercised | $40.54 |
Weighted Average Exercise Price Per Share - Forfeitured or expired | $41.46 |
Weighted Average Exercise Price Per Share - Options outstanding | $42.54 |
Weighted Average Exercise Price Per Share - Options exercisable | $42.54 |
Aggregate Intrinsic Value - Options outstanding | $20 |
Aggregate Intrinsic Value - Options exercisable | $20 |
StockBased_Compensation_StockB
Stock-Based Compensation Stock-Based Compensation (Details 2) (USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Restricted Stock Award Activity Forfeitures | -10,370 |
Restricted Stock [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 597,648 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 127,785 |
Restricted Stock Award Activity Forfeitures | -5,621 |
Restricted Stock Award Activity Vested and Issued | -218,600 |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 501,212 |
Weighted Average Grant Date Fair Value Per Share Balance | 48.33 |
Weighted Average Grant Date Fair Value, Grants | 64.72 |
Weighted Average Grant Date Fair Value, Forfeitures | 53.53 |
Weighted Average Fair Value Per Share, Vested and issued | 45.39 |
Weighted Average Grant Date Fair Value Per Share Balance | 53.71 |
Performance Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 1,634,364 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 549,360 |
Restricted Stock Award Activity Forfeitures | -36,168 |
Share Based Compensation Arrangements Other than options payout in period | -548,624 |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding, Number | 1,598,932 |
StockBased_Compensation_Detail2
Stock-Based Compensation (Details Textuals) (USD $) | 9 Months Ended | |
In Millions, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Share-based Compensation [Abstract] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | 4 years 2 months 2 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Number | 200,844 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Total Intrinsic Value | $11 | $21 |
Stock or Unit Option Plan Expense | 0 | 0.5 |
Unrecognized Compensation Cost | $72 | |
Weighted Average to be Recognized | 1 year 2 months 6 days |
Segment_Information_Details
Segment Information (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Operating Revenues | $2,387 | $2,190 | $7,128 | $6,442 |
Operating Segments [Member] | Electric [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Operating Revenues | 1,458 | 1,543 | 3,942 | 4,031 |
Operating Segments [Member] | Gas [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Operating Revenues | 161 | 160 | 1,013 | 883 |
Operating Segments [Member] | Gas Storage and Pipelines [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Operating Revenues | 34 | 21 | 92 | 73 |
Operating Segments [Member] | Power and Industrial Projects [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Operating Revenues | 512 | 477 | 1,431 | 1,375 |
Operating Segments [Member] | Energy Trading [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Operating Revenues | 463 | 223 | 1,307 | 723 |
Operating Segments [Member] | Corporate and Other [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Operating Revenues | 1 | 0 | 2 | 2 |
Intersegment Eliminations [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Inter-segment Revenues | 242 | 234 | 659 | 645 |
Intersegment Eliminations [Member] | Electric [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Inter-segment Revenues | 6 | 7 | 19 | 22 |
Intersegment Eliminations [Member] | Gas [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Inter-segment Revenues | 2 | 1 | 4 | 3 |
Intersegment Eliminations [Member] | Gas Storage and Pipelines [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Inter-segment Revenues | -2 | 1 | 2 | 5 |
Intersegment Eliminations [Member] | Power and Industrial Projects [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Inter-segment Revenues | 231 | 225 | 621 | 608 |
Intersegment Eliminations [Member] | Energy Trading [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Inter-segment Revenues | 13 | 10 | 36 | 34 |
Intersegment Eliminations [Member] | Corporate and Other [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Inter-segment Revenues | -8 | -11 | -23 | -28 |
Intersegment Eliminations [Member] | Discontinued Operations [Member] | ||||
Segment Reporting, Revenue Reconciling Item [Line Items] | ||||
Inter-segment Revenues | $0 | $1 | $0 | $1 |
Segment_Information_Details_1
Segment Information (Details 1) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Net Income (Loss) Attributable to Parent | $198 | $227 | $537 | $529 |
Electric [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Net Income (Loss) Attributable to Parent | 179 | 194 | 383 | 417 |
Gas [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Net Income (Loss) Attributable to Parent | -13 | 4 | 91 | 60 |
Gas Storage and Pipelines [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Net Income (Loss) Attributable to Parent | 16 | 14 | 49 | 48 |
Power and Industrial Projects [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Net Income (Loss) Attributable to Parent | 27 | 22 | 46 | 40 |
Energy Trading [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Net Income (Loss) Attributable to Parent | -6 | 1 | -1 | 3 |
Corporate and Other [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Net Income (Loss) Attributable to Parent | -5 | -9 | -31 | -39 |
Discontinued Operations [Member] | ||||
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items] | ||||
Net Income (Loss) Attributable to Parent | $0 | $1 | $0 | $0 |
Segment_Information_Details_Te
Segment Information (Details Textuals) | Sep. 30, 2013 |
customers | |
Entity Information [Line Items] | |
Number of Electric Customers | 2,100,000 |
Number of Gas Customers | 1,200,000 |
Number of Citizens Gas Customers | 17,000 |