Michigan | 38-3217752 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S Employer Identification No.) |
Michigan | 38-0478650 | |||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S Employer Identification No.) |
Registrant | Title of Each Class | Trading Symbol(s) | Name of Exchange on which Registered | |||||||||||||||||
DTE Energy Company (DTE Energy) | Common stock, without par value | DTE | New York Stock Exchange | |||||||||||||||||
DTE Energy | 2017 Series E 5.25% Junior Subordinated Debentures due 2077 | DTW | New York Stock Exchange | |||||||||||||||||
DTE Energy | 2020 Series G 4.375% Junior Subordinated Debentures due 2080 | DTB | New York Stock Exchange | |||||||||||||||||
DTE | New York Stock Exchange | |||||||||||||||||||
DTE Electric Company (DTE Electric) | None | None |
DTE Energy | None | DTE Electric | None |
DTE Energy | Yes | ☒ | No | ☐ | DTE Electric | Yes | ☒ | No | ☐ |
DTE Energy | Yes | ☐ | No | ☒ | DTE Electric | Yes | ☐ | No | ☒ |
DTE Energy | Yes | ☒ | No | ☐ | DTE Electric | Yes | ☒ | No | ☐ |
DTE Energy | Yes | ☒ | No | ☐ | DTE Electric | Yes | ☒ | No | ☐ |
DTE Energy | Large accelerated filer | Accelerated filer | Non-accelerated filer | Smaller reporting company | Emerging growth company | ||||||||||||
☒ | ☐ | ☐ | ☐ | ☐ | |||||||||||||
DTE Electric | Large accelerated filer | Accelerated filer | Non-accelerated filer | Smaller reporting company | Emerging growth company | ||||||||||||
☐ | ☐ | ☒ | ☐ | ☐ |
DTE Energy | Yes | ☒ | No | ☐ | DTE Electric | Yes | ☐ | No | ☒ |
DTE Energy | ☐ | DTE Electric | ☐ |
DTE Energy | ☐ | DTE Electric | ☐ |
DTE Energy | Yes | ☐ | No | ☒ | DTE Electric | Yes | ☐ | No | ☒ |
Registrant | Description | Shares | ||||||||||||
DTE Energy | Common Stock, without par value | |||||||||||||
DTE Electric | Common Stock, $10 par value, indirectly-owned by DTE Energy | 138,632,324 |
Page | |||||||||
ACE | Affordable Clean Energy | |||||||
AFUDC | Allowance for Funds Used During Construction | |||||||
AMT | Alternative Minimum Tax | |||||||
ASU | ||||||||
Accounting Standards Update issued by the FASB | ||||||||
Canadian Dollar (C$) | ||||||||
California Air Resources Board that administers California's Low Carbon Fuel Standard | ||||||||
Carbon emissions | Emissions of carbon containing compounds, including carbon dioxide and methane, that are identified as greenhouse gases | |||||||
CARES Act | Coronavirus Aid, Relief, and Economic Security Act enacted in March 2020 to assist individuals and employers with the impacts of the COVID-19 pandemic, including certain tax relief provisions | |||||||
CCR | Coal Combustion Residuals | |||||||
CFTC | U.S. Commodity Futures Trading Commission | |||||||
Coronavirus disease of 2019 | ||||||||
DOE | U.S. Department of Energy | |||||||
DTE Electric | DTE Electric Company (an indirect wholly-owned subsidiary of DTE Energy) and subsidiary companies | |||||||
DTE Energy | DTE Energy Company, directly or indirectly the parent of DTE Electric, DTE Gas, and numerous non-utility subsidiaries | |||||||
DTE Gas | DTE Gas Company (an indirect wholly-owned subsidiary of DTE Energy) and subsidiary companies | |||||||
DTE Securitization | DTE Electric Securitization Funding I, LLC, a special purpose entity wholly-owned by DTE Electric. The entity was created to issue securitization bonds for certain qualified costs authorized by the MPSC and to recover debt service costs from DTE Electric customers | |||||||
DTE Sustainable Generation | DTE Sustainable Generation Holdings, LLC (an indirect wholly-owned subsidiary of DTE Energy) and subsidiary companies | |||||||
DT Midstream, Inc., formerly DTE Energy's natural gas pipeline, storage, and gathering non-utility business comprising the Gas Storage and Pipelines segment and certain DTE Energy holding company activity in the Corporate and Other segment, which separated from DTE Energy and became an independent public company on July 1, 2021 | ||||||||
EGLE | Michigan Department of Environment, Great Lakes, and Energy, formerly known as Michigan Department of Environmental Quality | |||||||
EGU | Electric Generating Unit | |||||||
ELG | Effluent Limitations Guidelines | |||||||
EPA | U.S. Environmental Protection Agency | |||||||
Equity units | DTE Energy's 2019 equity units issued in | |||||||
Electric Reliability Council of Texas, the independent power market operator responsible for substantially all of the Texas power market. | ||||||||
EWR | Energy Waste Reduction program, which includes a mechanism authorized by the MPSC allowing DTE Electric and DTE Gas to recover through rates certain costs relating to energy waste reduction | |||||||
FASB | Financial Accounting Standards Board | |||||||
FERC | Federal Energy Regulatory Commission | |||||||
Flue Gas Desulfurization | ||||||||
FOV | Finding of Violation | |||||||
FTRs | Financial Transmission Rights are financial instruments that entitle the holder to receive payments related to costs incurred for congestion on the transmission grid | |||||||
GCR | A Gas Cost Recovery mechanism authorized by the MPSC that allows DTE Gas to recover through rates its natural gas costs | |||||||
GHGs | Greenhouse gases | |||||||
Green Bonds | A financing option to fund projects that have a positive environmental impact based upon a specified set of criteria. The proceeds are required to be used for eligible green expenditures | |||||||
IRS | Internal Revenue Service | |||||||
ISO | Independent System Operator | |||||||
LLC | ||||||||
DTE Energy Corporate Services, LLC, a subsidiary of DTE Energy | ||||||||
MGP | Manufactured Gas Plant | |||||||
MISO | Midcontinent Independent System Operator, Inc. | |||||||
MPSC | Michigan Public Service Commission | |||||||
MTM | Mark-to-market | |||||||
NAV | Net Asset Value | |||||||
NEIL | Nuclear Electric Insurance Limited | |||||||
Non-utility | An entity that is not a public utility. Its conditions of service, prices of goods and services, and other operating related matters are not directly regulated by the MPSC | |||||||
NOX | Nitrogen Oxides | |||||||
National Pollutant Discharge Elimination System | ||||||||
NRC | U.S. Nuclear Regulatory Commission | |||||||
City of Detroit's Public Lighting Department | ||||||||
Production tax credits | Tax credits as authorized under | |||||||
PSCR | A Power Supply Cost Recovery mechanism authorized by the MPSC that allows DTE Electric to recover through rates its fuel, fuel-related, and purchased power costs | |||||||
Renewable Energy Credit | ||||||||
REF | Reduced Emissions Fuel | |||||||
Registrants | DTE Energy and DTE Electric | |||||||
Retail access | Michigan legislation provided customers the option of access to alternative suppliers for electricity and natural gas | |||||||
RSN | Remarketable Senior | |||||||
RTO | Regional Transmission Organization | |||||||
SEC | Securities and Exchange Commission | |||||||
SIP | State Implementation Plan | |||||||
SO2 | Sulfur Dioxide | |||||||
Secured Overnight Financing Rate | ||||||||
TCJA | Tax Cuts and Jobs Act of 2017, | |||||||
Topic 606 | FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, as amended | |||||||
Topic 842 | FASB issued ASU No, 2016-02, Leases, as amended | |||||||
TRIA | Terrorism Risk Insurance Program Reauthorization Act of 2015 | |||||||
TRM | A Transitional Reconciliation Mechanism authorized by the MPSC that allows DTE Electric to recover through rates the deferred net incremental revenue requirement associated with the transition of PLD customers to DTE Electric's distribution system | |||||||
USD | United States Dollar ($) | |||||||
VEBA | Voluntary Employees Beneficiary Association | |||||||
VIE | Variable Interest Entity |
Units of Measurement | ||||||||
Bcf | Billion cubic feet of natural gas | |||||||
BTU | ||||||||
British thermal unit, heat value (energy content) of fuel | ||||||||
kWh | Kilowatthour of electricity | |||||||
MDth/d | Million dekatherms per day | |||||||
MMBtu | One million BTU | |||||||
MW | Megawatt of electricity | |||||||
MWh | Megawatt-hour of electricity |
Location by Michigan County | Net Generation Capacity(a) | ||||||
Facility | Year in Service | (MW) | |||||
Fossil-fueled Steam-Electric | |||||||
Belle River(b) | St. Clair | 1984 and 1985 | 1,034 | ||||
Greenwood | St. Clair | 1979 | 785 | ||||
Monroe(c) | Monroe | 1971, 1973, and 1974 | 3,066 | ||||
River Rouge | Wayne | 1958 | 272 | ||||
St. Clair(d) | St. Clair | 1953, 1954, 1961, and 1969 | 1,065 | ||||
Trenton Channel | Wayne | 1968 | 495 | ||||
6,717 | |||||||
Natural gas and Oil-fueled Peaking Units(e) | Various | 1966-1971, 1981, 1999, 2002, and 2003 | 2,033 | ||||
Nuclear-fueled Steam-Electric Fermi 2 | Monroe | 1988 | 1,141 | ||||
Hydroelectric Pumped Storage Ludington(f) | Mason | 1973 | 1,088 | ||||
Renewables(g) | |||||||
Wind Utility | Various | 2011-2016 | 612 | ||||
Wind Non-Utility | Various | 2019 | 88 | ||||
Solar | Various | 2010-2017 | 64 | ||||
764 | |||||||
11,743 |
Location by Michigan County | Net Generation Capacity(a) | |||||||||||||||||||
Facility | Year in Service | (MW) | ||||||||||||||||||
Fossil-fueled Steam-Electric | ||||||||||||||||||||
Coal | ||||||||||||||||||||
Monroe(b) | Monroe | 1971, 1973, and 1974 | 3,066 | |||||||||||||||||
Belle River(c) | St. Clair | 1984 and 1985 | 1,034 | |||||||||||||||||
Natural Gas/Oil | ||||||||||||||||||||
Greenwood | St. Clair | 1979 | 785 | |||||||||||||||||
Natural Gas/Combined Cycle | ||||||||||||||||||||
Blue Water Energy Center | St. Clair | 2022 | 1,127 | |||||||||||||||||
Dearborn | Wayne | 2019 | 35 | |||||||||||||||||
6,047 | ||||||||||||||||||||
Natural gas and Oil-fueled Peaking Units | Various | 1966-1971, 1981, 1999, 2002, and 2003 | 1,998 | |||||||||||||||||
Nuclear-fueled Steam-Electric Fermi 2 | Monroe | 1988 | 1,141 | |||||||||||||||||
Hydroelectric Pumped Storage Ludington(d) | Mason | 1973 | 1,122 | |||||||||||||||||
Renewables(e) | ||||||||||||||||||||
Wind Utility | Various | 2011-2022 | 1,236 | |||||||||||||||||
Wind Non-Utility | Various | 2019 and 2020 | 106 | |||||||||||||||||
Solar Utility | Various | 2010-2021 | 65 | |||||||||||||||||
Solar Non-Utility | Delta | 2019 and 2022 | 2 | |||||||||||||||||
1,409 | ||||||||||||||||||||
11,717 |
Circuit Miles | ||||||
Operating Voltage-Kilovolts (kV) | Overhead | Underground | ||||
4.8 kV to 13.2 kV | 28,509 | 15,389 | ||||
24 kV | 181 | 681 | ||||
40 kV | 2,303 | 381 | ||||
120 kV | 61 | 8 | ||||
31,054 | 16,459 |
Circuit Miles | ||||||||||||||
Operating Voltage-Kilovolts (kV) | Overhead | Underground | ||||||||||||
4.8 kV to 13.2 kV | 28,548 | 15,772 | ||||||||||||
24 kV | 177 | 732 | ||||||||||||
40 kV | 2,353 | 465 | ||||||||||||
120 kV | 59 | 8 | ||||||||||||
31,137 | 16,977 |
Availability (MDth/d) | Contract Expiration | |||||||||||||
Availability (MDth/d) | Contract Expiration | |||||||||||||
Vector Pipeline L.P. | Vector Pipeline L.P. | 18 | 2025 | |||||||||||
Viking Gas Transmission Company | Viking Gas Transmission Company | 21 | 2027 | |||||||||||
Great Lakes Gas Transmission L.P. | 30 | 2023 | Great Lakes Gas Transmission L.P. | 33 | 2028 | |||||||||
Viking Gas Transmission Company | 21 | 2022 | ||||||||||||
Vector Pipeline L.P. (an affiliate) | 20 | 2022 | ||||||||||||
ANR Pipeline Company | 129 | 2028 | ANR Pipeline Company | 174 | 2028 | |||||||||
Panhandle Eastern Pipeline Company | 125 | 2029 | Panhandle Eastern Pipeline Company | 80 | 2029 | |||||||||
NEXUS Pipeline (an affiliate) | 75 | 2033 | ||||||||||||
NEXUS Pipeline | NEXUS Pipeline | 75 | 2033 |
•Renewable Gas Recovery — DTE Vantage has ownership interests in, and operates, twenty-two gas recovery sites in nine states. The sites recover methane from landfills and agricultural businesses and convert the gas to generate electricity and replace fossil fuels in industrial and manufacturing operations. Certain sites also refine the methane to produce pipeline-quality gas and generate environmental attributes, including environmental credits from California's Low Carbon Fuel Standard (LCFS) and the federal Renewable Fuel Standard (RFS), and in some cases may generate tax credits. The gas is then sold to off-takers, along with the environmental attributes, to be used as low carbon transportation fuel. •Wholesale Power and Renewables — DTE Vantage holds ownership interests in, and operates, four renewable generating plants with a capacity of 139 MWs. The electric output is sold under long-term power purchase agreements. Custom Energy Solutions •On-Site Energy — DTE Vantage provides power generation, steam production, chilled water production, wastewater treatment, and compressed air supply to industrial customers. DTE Vantage also provides utility-type services using project assets usually located on or near the customers' premises in the automotive, airport, chemical, and other industries. •Steel and Petroleum Coke — DTE Vantage produces metallurgical coke from a coke battery with a capacity of 1 million tons per year and has an investment in a second coke battery with a capacity of 1.2 million tons per year. DTE Vantage supplies metallurgical and petroleum coke to the steel and other industries. Emerging Ventures •Carbon Capture and Sequestration — DTE Vantage is currently developing multiple carbon capture projects across the United States to help customers reduce their emissions and meet their evolving environmental commitments. This process captures carbon dioxide from industrial emitters and transports it to sequestration sites where it is injected deep underground, preventing release into the atmosphere. |
Business Areas | Location | Service Type | ||||||||||||||
AZ, CA, MI, NC, OH, SD, TX, UT, and | Electric Generation and Renewable Natural Gas | |||||||||||||||
IN, MI, NY, and OH | Electric Distribution, Chilled Water, Wastewater, Steam, Cooling Tower Water, Reverse Osmosis Water, Compressed Air, Mist, and Dust Collectors | |||||||||||||||
Airports | MI and PA | Electricity and Hot and Chilled Water | ||||||||||||||
Chemical Manufacturing | KY and OH | Electricity, Steam, Natural Gas, Compressed Air, and Wastewater | ||||||||||||||
Consumer Manufacturing | OH | Electricity, Steam, Wastewater, and Sewer | ||||||||||||||
Hospital and University | CA and IL | Electricity, Steam, and Chilled Water | ||||||||||||||
NJ | Electricity, Steam, and Chilled Water | |||||||||||||||
2019 | 2018 | 2017 | |||||||||
(In millions) | |||||||||||
Production Tax Credits Generated (Allocated to DTE Energy) | |||||||||||
REF | $ | 72 | $ | 178 | $ | 144 | |||||
Renewables | 8 | 7 | 6 | ||||||||
Renewable Gas Recovery | 3 | 3 | 3 | ||||||||
$ | 83 | $ | 188 | $ | 153 |
DTE Electric | DTE Gas | Total | |||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Water | $ | 27 | $ | — | $ | 27 | |||||||||||||||||
Contaminated and other sites | 7 | 14 | 21 | ||||||||||||||||||||
Coal combustion residuals and effluent limitations guidelines | 423 | — | 423 | ||||||||||||||||||||
Estimated total future expenditures through 2027 | $ | 457 | $ | 14 | $ | 471 | |||||||||||||||||
Estimated 2023 expenditures | $ | 80 | $ | 8 | $ | 88 | |||||||||||||||||
Estimated 2024 expenditures | $ | 141 | $ | 4 | $ | 145 |
DTE Electric | DTE Gas | Non-utility | Total | ||||||||||||
(In millions) | |||||||||||||||
Water | $ | 81 | $ | — | $ | — | $ | 81 | |||||||
Contaminated and other sites | 7 | 15 | — | 22 | |||||||||||
Coal combustion residuals and effluent limitations guidelines | 608 | — | — | 608 | |||||||||||
Estimated total future expenditures through 2026 | $ | 696 | $ | 15 | $ | — | $ | 711 | |||||||
Estimated 2020 expenditures | $ | 35 | $ | 6 | $ | — | $ | 41 | |||||||
Estimated 2021 expenditures | $ | 62 | $ | 4 | $ | — | $ | 66 |
Number of Securities to be Issued Upon Exercise of Outstanding Options | Weighted-Average Exercise Price of Outstanding Options | Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans | |||||||
Plans approved by shareholders | 15,000 | $ | 43.95 | 1,949,254 |
Number of Securities to be Issued Upon Exercise of Outstanding Options | Weighted-Average Exercise Price of Outstanding Options | Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans | |||||||||||||||
Plans approved by shareholders | — | $ | — | 3,496,126 |
Number of Shares Purchased(a) | Average Price Paid per Share(a) | Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Average Price Paid per Share | Maximum Dollar Value that May Yet Be Purchased Under the Plans or Programs | |||||||||||||||||||||||||
10/01/2022 — 10/31/2022 | 8,604 | $ | 107.81 | — | — | — | |||||||||||||||||||||||
11/01/2022 — 11/30/2022 | 2,776 | $ | 115.16 | — | — | — | |||||||||||||||||||||||
12/01/2022 — 12/31/2022 | 4,371 | $ | 116.43 | — | — | — | |||||||||||||||||||||||
Total | 15,751 | — |
Number of Shares Purchased(a) | Average Price Paid per Share(a) | Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Average Price Paid per Share | Maximum Dollar Value that May Yet Be Purchased Under the Plans or Programs | |||||||||||
10/01/2019 — 10/31/2019 | 2,739 | $ | 119.84 | — | — | — | |||||||||
11/01/2019 — 11/30/2019 | 876 | $ | 115.52 | — | — | — | |||||||||
12/01/2019 — 12/31/2019 | — | $ | — | — | — | — | |||||||||
Total | 3,615 | — |
Annual Return Percentage Year Ended December 31, | ||||||||||||||||||||||||||||||||
Company/Index | 2018 | 2019 | 2020 | 2021 | 2022 | |||||||||||||||||||||||||||
DTE Energy Company | 4.19 | 21.36 | (2.90) | 19.42 | 1.27 | |||||||||||||||||||||||||||
S&P 500 Index | (4.39) | 31.48 | 18.39 | 28.68 | (18.13) | |||||||||||||||||||||||||||
S&P 500 Multi-Utilities Index | 1.77 | 24.36 | (5.87) | 14.17 | 0.62 |
Indexed Returns Year Ended December 31, | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Annual Return Percentage Year Ended December 31, | Base Period | ||||||||||||||||||||||||||||||||||||||||||||||||||||
Company/Index | 2015 | 2016 | 2017 | 2018 | 2019 | Company/Index | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | |||||||||||||||||||||||||||||||||||||||||
DTE Energy Company | (3.77 | ) | 26.93 | 14.59 | 4.19 | 21.36 | DTE Energy Company | 100.00 | 104.19 | 126.45 | 122.78 | 146.62 | 148.48 | ||||||||||||||||||||||||||||||||||||||||
S&P 500 Index | 1.38 | 11.95 | 21.82 | (4.39 | ) | 31.48 | S&P 500 Index | 100.00 | 95.61 | 125.70 | 148.81 | 191.49 | 156.78 | ||||||||||||||||||||||||||||||||||||||||
S&P 500 Multi-Utilities Index | (1.73 | ) | 18.56 | 12.09 | 1.77 | 24.36 | S&P 500 Multi-Utilities Index | 100.00 | 101.77 | 126.56 | 119.13 | 136.00 | 136.84 |
Indexed Returns Year Ended December 31, | ||||||||||||||||||
Base Period | ||||||||||||||||||
Company/Index | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | ||||||||||||
DTE Energy Company | 100.00 | 96.23 | 122.14 | 139.96 | 145.83 | 176.98 | ||||||||||||
S&P 500 Index | 100.00 | 101.38 | 113.50 | 138.27 | 132.19 | 173.81 | ||||||||||||
S&P 500 Multi-Utilities Index | 100.00 | 98.27 | 116.51 | 130.59 | 132.89 | 165.27 |
2019 | 2018 | 2017 | 2016 | 2015 | |||||||||||||||
(In millions, except per share amounts) | |||||||||||||||||||
Operating Revenues | $ | 12,669 | $ | 14,212 | $ | 12,607 | $ | 10,630 | $ | 10,337 | |||||||||
Net Income Attributable to DTE Energy Company(a) | $ | 1,169 | $ | 1,120 | $ | 1,134 | $ | 868 | $ | 727 | |||||||||
Diluted Earnings Per Common Share | $ | 6.31 | $ | 6.17 | $ | 6.32 | $ | 4.83 | $ | 4.05 | |||||||||
Financial Information | |||||||||||||||||||
Dividends declared per share of common stock | $ | 3.85 | $ | 3.60 | $ | 3.36 | $ | 3.06 | $ | 2.84 | |||||||||
Total Assets | $ | 41,882 | $ | 36,288 | $ | 33,767 | $ | 32,041 | $ | 28,662 | |||||||||
Long-Term Debt(b) | $ | 15,935 | $ | 12,134 | $ | 12,185 | $ | 11,269 | $ | 8,760 | |||||||||
Shareholders’ equity | $ | 11,672 | $ | 10,237 | $ | 9,512 | $ | 9,011 | $ | 8,772 |
Years Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
(In millions, except per share amounts) | |||||||||||
Net Income Attributable to DTE Energy Company | $ | 1,169 | $ | 1,120 | $ | 1,134 | |||||
Diluted Earnings per Common Share | $ | 6.31 | $ | 6.17 | $ | 6.32 |
Years Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
(In millions, except per share amounts) | |||||||||||||||||
Net Income Attributable to DTE Energy Company — Continuing operations | $ | 1,083 | $ | 796 | $ | 1,054 | |||||||||||
Diluted Earnings per Common Share — Continuing operations | $ | 5.52 | $ | 4.10 | $ | 5.45 |
DTE Electric | DTE Gas | Total | |||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Water | $ | 27 | $ | — | $ | 27 | |||||||||||||||||
Contaminated and other sites | 7 | 14 | 21 | ||||||||||||||||||||
Coal combustion residuals and effluent limitations guidelines | 423 | — | 423 | ||||||||||||||||||||
Estimated total future expenditures through 2027 | $ | 457 | $ | 14 | $ | 471 | |||||||||||||||||
Estimated 2023 expenditures | $ | 80 | $ | 8 | $ | 88 | |||||||||||||||||
Estimated 2024 expenditures | $ | 141 | $ | 4 | $ | 145 |
Number of Securities to be Issued Upon Exercise of Outstanding Options | Weighted-Average Exercise Price of Outstanding Options | Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans | |||||||||||||||
Plans approved by shareholders | — | $ | — | 3,496,126 |
Number of Shares Purchased(a) | Average Price Paid per Share(a) | Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Average Price Paid per Share | Maximum Dollar Value that May Yet Be Purchased Under the Plans or Programs | |||||||||||||||||||||||||
10/01/2022 — 10/31/2022 | 8,604 | $ | 107.81 | — | — | — | |||||||||||||||||||||||
11/01/2022 — 11/30/2022 | 2,776 | $ | 115.16 | — | — | — | |||||||||||||||||||||||
12/01/2022 — 12/31/2022 | 4,371 | $ | 116.43 | — | — | — | |||||||||||||||||||||||
Total | 15,751 | — |
Annual Return Percentage Year Ended December 31, | ||||||||||||||||||||||||||||||||
Company/Index | 2018 | 2019 | 2020 | 2021 | 2022 | |||||||||||||||||||||||||||
DTE Energy Company | 4.19 | 21.36 | (2.90) | 19.42 | 1.27 | |||||||||||||||||||||||||||
S&P 500 Index | (4.39) | 31.48 | 18.39 | 28.68 | (18.13) | |||||||||||||||||||||||||||
S&P 500 Multi-Utilities Index | 1.77 | 24.36 | (5.87) | 14.17 | 0.62 |
Indexed Returns Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||
Base Period | ||||||||||||||||||||||||||||||||||||||
Company/Index | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | ||||||||||||||||||||||||||||||||
DTE Energy Company | 100.00 | 104.19 | 126.45 | 122.78 | 146.62 | 148.48 | ||||||||||||||||||||||||||||||||
S&P 500 Index | 100.00 | 95.61 | 125.70 | 148.81 | 191.49 | 156.78 | ||||||||||||||||||||||||||||||||
S&P 500 Multi-Utilities Index | 100.00 | 101.77 | 126.56 | 119.13 | 136.00 | 136.84 |
2019 | 2018 | 2017 | |||||||||
(In millions) | |||||||||||
Net Income (Loss) Attributable to DTE Energy by Segment | |||||||||||
Electric | $ | 714 | $ | 664 | $ | 606 | |||||
Gas | 185 | 150 | 146 | ||||||||
Gas Storage and Pipelines | 204 | 235 | 275 | ||||||||
Power and Industrial Projects | 133 | 161 | 138 | ||||||||
Energy Trading | 49 | 39 | 72 | ||||||||
Corporate and Other | (116 | ) | (129 | ) | (103 | ) | |||||
Net Income Attributable to DTE Energy Company | $ | 1,169 | $ | 1,120 | $ | 1,134 |
2019 | 2018 | 2017 | |||||||||
(In millions) | |||||||||||
Operating Revenues — Utility operations | $ | 5,224 | $ | 5,298 | $ | 5,102 | |||||
Fuel and purchased power — utility | 1,387 | 1,552 | 1,454 | ||||||||
Utility Margin | 3,837 | 3,746 | 3,648 | ||||||||
Operating Revenues — Non-utility operations | 5 | — | — | ||||||||
Operation and maintenance | 1,434 | 1,437 | 1,382 | ||||||||
Depreciation and amortization | 949 | 836 | 753 | ||||||||
Taxes other than income | 311 | 307 | 302 | ||||||||
Asset (gains) losses and impairments, net | 13 | (1 | ) | — | |||||||
Operating Income | 1,135 | 1,167 | 1,211 | ||||||||
Other (Income) and Deductions | 284 | 310 | 284 | ||||||||
Income Tax Expense | 137 | 193 | 321 | ||||||||
Net Income Attributable to DTE Energy Company | $ | 714 | $ | 664 | $ | 606 |
Years Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
(In millions, except per share amounts) | |||||||||||||||||
Net Income Attributable to DTE Energy Company — Continuing operations | $ | 1,083 | $ | 796 | $ | 1,054 | |||||||||||
Diluted Earnings per Common Share — Continuing operations | $ | 5.52 | $ | 4.10 | $ | 5.45 |
2019 | 2018 | ||||||
(In millions) | |||||||
Implementation of new rates | $ | 183 | $ | 51 | |||
Regulatory mechanism - RPS | 27 | (4 | ) | ||||
Regulatory mechanism - TRM | (11 | ) | 40 | ||||
Base Sales | (23 | ) | (3 | ) | |||
Weather | (109 | ) | 152 | ||||
PSCR disallowance in 2017 | — | 13 | |||||
TCJA rate reduction | — | (156 | ) | ||||
Other regulatory mechanisms and other | 24 | 5 | |||||
Increase in Utility Margin | $ | 91 | $ | 98 |
2019 | 2018 | 2017 | ||||||
(In thousands of MWh) | ||||||||
DTE Electric Sales | ||||||||
Residential | 15,066 | 15,959 | 14,885 | |||||
Commercial | 16,955 | 17,282 | 17,283 | |||||
Industrial | 9,826 | 10,324 | 9,897 | |||||
Other | 226 | 221 | 258 | |||||
42,073 | 43,786 | 42,323 | ||||||
Interconnection sales(a) | 3,046 | 2,796 | 2,623 | |||||
Total DTE Electric Sales | 45,119 | 46,582 | 44,946 | |||||
DTE Electric Deliveries | ||||||||
Retail and wholesale | 42,073 | 43,786 | 42,323 | |||||
Electric retail access, including self-generators(b) | 4,550 | 4,737 | 4,820 | |||||
Total DTE Electric Sales and Deliveries | 46,623 | 48,523 | 47,143 |
2019 | 2018 | 2017 | |||||||||
(In millions) | |||||||||||
Operating Revenues — Utility operations | $ | 1,482 | $ | 1,436 | $ | 1,388 | |||||
Cost of gas — utility | 427 | 446 | 443 | ||||||||
Utility Margin | 1,055 | 990 | 945 | ||||||||
Operation and maintenance | 515 | 502 | 449 | ||||||||
Depreciation and amortization | 144 | 133 | 123 | ||||||||
Taxes other than income | 80 | 73 | 65 | ||||||||
Operating Income | 316 | 282 | 308 | ||||||||
Other (Income) and Deductions | 69 | 65 | 84 | ||||||||
Income Tax Expense | 62 | 67 | 78 | ||||||||
Net Income Attributable to DTE Energy Company | $ | 185 | $ | 150 | $ | 146 |
2019 | 2018 | ||||||
(In millions) | |||||||
Implementation of new rates | $ | 32 | $ | 15 | |||
Midstream storage and transportation revenues | 20 | 15 | |||||
Weather | 8 | 46 | |||||
Regulatory mechanism — RDM | 2 | (3 | ) | ||||
TCJA rate reduction liability | — | (40 | ) | ||||
Other regulatory mechanisms and other | 3 | 12 | |||||
Increase in Utility Margin | $ | 65 | $ | 45 |
2019 | 2018 | 2017 | ||||||
(In Bcf) | ||||||||
Gas Markets | ||||||||
Gas sales | 139 | 135 | 119 | |||||
End-user transportation | 185 | 187 | 165 | |||||
324 | 322 | 284 | ||||||
Intermediate transportation | 497 | 329 | 260 | |||||
Total Gas sales | 821 | 651 | 544 |
2019 | 2018 | 2017 | |||||||||
(In millions) | |||||||||||
Operating Revenues — Non-utility operations | $ | 501 | $ | 485 | $ | 453 | |||||
Cost of gas — Non-utility | 18 | 22 | 30 | ||||||||
Operation and maintenance | 120 | 103 | 83 | ||||||||
Depreciation and amortization | 94 | 82 | 76 | ||||||||
Taxes other than income | 8 | 8 | 8 | ||||||||
Asset (gains) losses and impairments, net | 1 | — | 2 | ||||||||
Operating Income | 260 | 270 | 254 | ||||||||
Other (Income) and Deductions | (34 | ) | (61 | ) | (18 | ) | |||||
Income Tax Expense (Benefit) | 74 | 68 | (30 | ) | |||||||
Net Income | 220 | 263 | 302 | ||||||||
Less: Net Income Attributable to Noncontrolling Interests | 16 | 28 | 27 | ||||||||
Net Income Attributable to DTE Energy Company | $ | 204 | $ | 235 | $ | 275 |
2019 | 2018 | 2017 | |||||||||
(In millions) | |||||||||||
Operating Revenues — Non-utility operations | $ | 1,560 | $ | 2,204 | $ | 2,089 | |||||
Fuel, purchased power, and gas — non-utility | 1,220 | 1,888 | 1,813 | ||||||||
Non-utility Margin | 340 | 316 | 276 | ||||||||
Operation and maintenance | 328 | 363 | 342 | ||||||||
Depreciation and amortization | 69 | 67 | 72 | ||||||||
Taxes other than income | 11 | 12 | 11 | ||||||||
Asset (gains) losses and impairments, net | 1 | 27 | 20 | ||||||||
Operating Loss | (69 | ) | (153 | ) | (169 | ) | |||||
Other (Income) and Deductions | (126 | ) | (89 | ) | (63 | ) | |||||
Income Taxes | |||||||||||
Expense (Benefit) | 20 | (7 | ) | (42 | ) | ||||||
Production Tax Credits | (83 | ) | (188 | ) | (153 | ) | |||||
(63 | ) | (195 | ) | (195 | ) | ||||||
Net Income | 120 | 131 | 89 | ||||||||
Less: Net Loss Attributable to Noncontrolling Interests | (13 | ) | (30 | ) | (49 | ) | |||||
Net Income Attributable to DTE Energy Company | $ | 133 | $ | 161 | $ | 138 |
2019 | |||
(In millions) | |||
Higher prices in the Steel business | $ | 24 | |
Expired contract in the Renewables business | (17 | ) | |
Lower revenue due to sale of membership interests and project terminations in the REF business | (645 | ) | |
Other | (6 | ) | |
$ | (644 | ) | |
2018 | |||
(In millions) | |||
Higher demand due to improved conditions in the Steel business | $ | 59 | |
Higher production in the Renewables business | 25 | ||
Higher production, offset by lower coal prices in the REF business | 18 | ||
Higher sales primarily associated with new contracts in the On-site business | 13 | ||
$ | 115 |
2019 | |||
(In millions) | |||
Higher due to sale of membership interests and project terminations in the REF business | $ | 22 | |
Higher prices in the Steel business | 19 | ||
Expired contract in the Renewables business | (18 | ) | |
Other | 1 | ||
$ | 24 | ||
2018 | |||
(In millions) | |||
Higher production in the Renewables business | $ | 20 | |
Higher sales primarily associated with new contracts in the On-site business | 12 | ||
Higher demand due to improved conditions in the Steel business | 8 | ||
$ | 40 |
DTE Electric | DTE Gas | Total | |||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Water | $ | 27 | $ | — | $ | 27 | |||||||||||||||||
Contaminated and other sites | 7 | 14 | 21 | ||||||||||||||||||||
Coal combustion residuals and effluent limitations guidelines | 423 | — | 423 | ||||||||||||||||||||
Estimated total future expenditures through 2027 | $ | 457 | $ | 14 | $ | 471 | |||||||||||||||||
Estimated 2023 expenditures | $ | 80 | $ | 8 | $ | 88 | |||||||||||||||||
Estimated 2024 expenditures | $ | 141 | $ | 4 | $ | 145 |
Number of Securities to be Issued Upon Exercise of Outstanding Options | Weighted-Average Exercise Price of Outstanding Options | Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans | |||||||||||||||
Plans approved by shareholders | — | $ | — | 3,496,126 |
Number of Shares Purchased(a) | Average Price Paid per Share(a) | Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Average Price Paid per Share | Maximum Dollar Value that May Yet Be Purchased Under the Plans or Programs | |||||||||||||||||||||||||
10/01/2022 — 10/31/2022 | 8,604 | $ | 107.81 | — | — | — | |||||||||||||||||||||||
11/01/2022 — 11/30/2022 | 2,776 | $ | 115.16 | — | — | — | |||||||||||||||||||||||
12/01/2022 — 12/31/2022 | 4,371 | $ | 116.43 | — | — | — | |||||||||||||||||||||||
Total | 15,751 | — |
Annual Return Percentage Year Ended December 31, | ||||||||||||||||||||||||||||||||
Company/Index | 2018 | 2019 | 2020 | 2021 | 2022 | |||||||||||||||||||||||||||
DTE Energy Company | 4.19 | 21.36 | (2.90) | 19.42 | 1.27 | |||||||||||||||||||||||||||
S&P 500 Index | (4.39) | 31.48 | 18.39 | 28.68 | (18.13) | |||||||||||||||||||||||||||
S&P 500 Multi-Utilities Index | 1.77 | 24.36 | (5.87) | 14.17 | 0.62 |
Indexed Returns Year Ended December 31, | ||||||||||||||||||||||||||||||||||||||
Base Period | ||||||||||||||||||||||||||||||||||||||
Company/Index | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | ||||||||||||||||||||||||||||||||
DTE Energy Company | 100.00 | 104.19 | 126.45 | 122.78 | 146.62 | 148.48 | ||||||||||||||||||||||||||||||||
S&P 500 Index | 100.00 | 95.61 | 125.70 | 148.81 | 191.49 | 156.78 | ||||||||||||||||||||||||||||||||
S&P 500 Multi-Utilities Index | 100.00 | 101.77 | 126.56 | 119.13 | 136.00 | 136.84 |
Years Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
(In millions, except per share amounts) | |||||||||||||||||
Net Income Attributable to DTE Energy Company — Continuing operations | $ | 1,083 | $ | 796 | $ | 1,054 | |||||||||||
Diluted Earnings per Common Share — Continuing operations | $ | 5.52 | $ | 4.10 | $ | 5.45 |
2022 | 2021 | 2020 | |||||||||||||||
(In millions) | |||||||||||||||||
Net Income (Loss) Attributable to DTE Energy by Segment | |||||||||||||||||
Electric | $ | 956 | $ | 864 | $ | 777 | |||||||||||
Gas | 272 | 214 | 186 | ||||||||||||||
DTE Vantage | 92 | 168 | 134 | ||||||||||||||
Energy Trading | (92) | (83) | 36 | ||||||||||||||
Corporate and Other | (145) | (367) | (79) | ||||||||||||||
Income From Continuing Operations | 1,083 | 796 | 1,054 | ||||||||||||||
Discontinued Operations | — | 111 | 314 | ||||||||||||||
Net Income Attributable to DTE Energy Company | $ | 1,083 | $ | 907 | $ | 1,368 |
2022 | 2021 | 2020 | |||||||||||||||
(In millions) | |||||||||||||||||
Operating Revenues — Utility operations | $ | 6,397 | $ | 5,809 | $ | 5,506 | |||||||||||
Fuel and purchased power — utility | 1,978 | 1,531 | 1,386 | ||||||||||||||
Utility Margin | 4,419 | 4,278 | 4,120 | ||||||||||||||
Operating Revenues — Non-utility operations | 15 | 12 | 14 | ||||||||||||||
Operation and maintenance | 1,564 | 1,556 | 1,489 | ||||||||||||||
Depreciation and amortization | 1,218 | 1,122 | 1,057 | ||||||||||||||
Taxes other than income | 339 | 321 | 297 | ||||||||||||||
Asset (gains) losses and impairments, net | 8 | 1 | 41 | ||||||||||||||
Operating Income | 1,305 | 1,290 | 1,250 | ||||||||||||||
Other (Income) and Deductions | 324 | 322 | 365 | ||||||||||||||
Income Tax Expense | 25 | 104 | 108 | ||||||||||||||
Net Income Attributable to DTE Energy Company | $ | 956 | $ | 864 | $ | 777 |
2022 | 2021 | ||||||||||
(In millions) | |||||||||||
Voluntary refunds(a) | $ | 90 | $ | (60) | |||||||
Regulatory mechanism — RPS | 36 | 57 | |||||||||
COVID-19 voluntary refund amortization | 30 | — | |||||||||
Regulatory mechanism — EWR | 29 | 61 | |||||||||
Regulatory mechanism — DTE Securitization | 29 | — | |||||||||
Implementation of new rates | 3 | 71 | |||||||||
Weather | (10) | 14 | |||||||||
Regulatory mechanism — TRM | (20) | 6 | |||||||||
Base sales / rate mix | (68) | 13 | |||||||||
Other | 22 | (4) | |||||||||
Increase in Utility Margin | $ | 141 | $ | 158 |
2022 | 2021 | 2020 | |||||||||||||||
(In thousands of MWh) | |||||||||||||||||
DTE Electric Sales | |||||||||||||||||
Residential | 15,844 | 16,386 | 16,315 | ||||||||||||||
Commercial | 16,296 | 16,393 | 15,648 | ||||||||||||||
Industrial | 8,548 | 8,487 | 8,446 | ||||||||||||||
Other | 210 | 216 | 220 | ||||||||||||||
40,898 | 41,482 | 40,629 | |||||||||||||||
Interconnection sales(a) | 6,615 | 4,263 | 1,808 | ||||||||||||||
Total DTE Electric Sales | 47,513 | 45,745 | 42,437 | ||||||||||||||
DTE Electric Deliveries | |||||||||||||||||
Retail and wholesale | 40,898 | 41,482 | 40,629 | ||||||||||||||
Electric retail access, including self-generators(b) | 4,486 | 4,357 | 3,746 | ||||||||||||||
Total DTE Electric Sales and Deliveries | 45,384 | 45,839 | 44,375 |
2022 | 2021 | 2020 | |||||||||||||||
(In millions) | |||||||||||||||||
Operating Revenues — Utility operations | $ | 1,924 | $ | 1,553 | $ | 1,414 | |||||||||||
Cost of gas — utility | 632 | 422 | 356 | ||||||||||||||
Utility Margin | 1,292 | 1,131 | 1,058 | ||||||||||||||
Operation and maintenance | 552 | 521 | 496 | ||||||||||||||
Depreciation and amortization | 192 | 177 | 157 | ||||||||||||||
Taxes other than income | 101 | 93 | 84 | ||||||||||||||
Asset (gains) losses and impairments, net | — | 4 | 14 | ||||||||||||||
Operating Income | 447 | 336 | 307 | ||||||||||||||
Other (Income) and Deductions | 87 | 84 | 73 | ||||||||||||||
Income Tax Expense | 88 | 38 | 48 | ||||||||||||||
Net Income Attributable to DTE Energy Company | $ | 272 | $ | 214 | $ | 186 |
2022 | 2021 | ||||||||||
(In millions) | |||||||||||
Implementation of new rates | $ | 80 | $ | 75 | |||||||
Weather | 47 | (7) | |||||||||
Base sales | 20 | 7 | |||||||||
Regulatory mechanism — EWR | 8 | 3 | |||||||||
Home protection program | 6 | 6 | |||||||||
Infrastructure recovery mechanism | 1 | (15) | |||||||||
Voluntary refund(a) | (5) | — | |||||||||
Other | 4 | 4 | |||||||||
Increase in Utility Margin | $ | 161 | $ | 73 |
2022 | 2021 | 2020 | |||||||||||||||
(In Bcf) | |||||||||||||||||
Gas Markets | |||||||||||||||||
Gas sales | 145 | 128 | 126 | ||||||||||||||
End-user transportation | 168 | 165 | 180 | ||||||||||||||
313 | 293 | 306 | |||||||||||||||
Intermediate transportation | 527 | 488 | 477 | ||||||||||||||
Total Gas sales | 840 | 781 | 783 |
2022 | 2021 | 2020 | |||||||||||||||
(In millions) | |||||||||||||||||
Operating Revenues — Non-utility operations | $ | 848 | $ | 1,482 | $ | 1,224 | |||||||||||
Fuel, purchased power, and gas — non-utility | 431 | 1,086 | 901 | ||||||||||||||
Non-utility Margin | 417 | 396 | 323 | ||||||||||||||
Operation and maintenance | 267 | 301 | 294 | ||||||||||||||
Depreciation and amortization | 52 | 71 | 72 | ||||||||||||||
Taxes other than income | 10 | 11 | 10 | ||||||||||||||
Asset (gains) losses and impairments, net | (7) | 28 | (18) | ||||||||||||||
Operating Income (Loss) | 95 | (15) | (35) | ||||||||||||||
Other (Income) and Deductions | (15) | (142) | (120) | ||||||||||||||
Income Taxes | |||||||||||||||||
Expense | 27 | 37 | 26 | ||||||||||||||
Production Tax Credits | (9) | (68) | (66) | ||||||||||||||
18 | (31) | (40) | |||||||||||||||
Net Income | 92 | 158 | 125 | ||||||||||||||
Less: Net Loss Attributable to Noncontrolling Interests | — | (10) | (9) | ||||||||||||||
Net Income Attributable to DTE Energy Company | $ | 92 | $ | 168 | $ | 134 |
2022 | |||||
(In millions) | |||||
Closure of the REF business | $ | (766) | |||
Termination of a contract in the Steel business in 2021 | (39) | ||||
Higher sales in the Renewables business | 9 | ||||
New contract in the Renewables business | 18 | ||||
Higher prices partially offset by a terminated contract in the On-site business | 27 | ||||
Higher demand and prices in the Steel business | 117 | ||||
$ | (634) |
2021 | |||||
(In millions) | |||||
Higher production partially offset by the sale of membership interests in the REF business | $ | 175 | |||
Higher demand partially offset by lower prices in the Steel business | 104 | ||||
New projects in the Renewables business | 42 | ||||
Recognition of revenues from termination of a contract in the Steel business | 17 | ||||
Higher volumes partially offset by a terminated contract in the On-site business | 15 | ||||
Closed projects in the Renewables business | (7) | ||||
Site closures in the REF business | (88) | ||||
$ | 258 |
2022 | |||||
(In millions) | |||||
Higher demand and prices in the Steel business | $ | 16 | |||
New contract in the Renewables business | 14 | ||||
Higher sales in the Renewables business | 7 | ||||
Closure of the REF business | 7 | ||||
Termination of a contract in the Steel business in 2021 | (23) | ||||
$ | 21 |
2021 | |||||
(In millions) | |||||
New projects in the Renewables business | $ | 42 | |||
Higher demand partially offset by lower prices in the Steel business | 18 | ||||
Recognition of revenues from termination of a contract in the Steel business | 17 | ||||
Closed projects in the Renewables business | (6) | ||||
Other | 2 | ||||
$ | 73 |
2019 | 2018 | 2017 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
(In millions) | (In millions) | |||||||||||||||||||||||||||
Operating Revenues — Non-utility operations | $ | 4,610 | $ | 5,557 | $ | 4,277 | Operating Revenues — Non-utility operations | $ | 10,308 | $ | 6,831 | $ | 3,863 | |||||||||||||||
Purchased power and gas — non-utility | 4,455 | 5,417 | 4,077 | Purchased power and gas — non-utility | 10,331 | 6,825 | 3,725 | |||||||||||||||||||||
Non-utility Margin | 155 | 140 | 200 | Non-utility Margin | (23) | 6 | 138 | |||||||||||||||||||||
Operation and maintenance | 75 | 75 | 68 | Operation and maintenance | 64 | 81 | 77 | |||||||||||||||||||||
Depreciation and amortization | 6 | 5 | 5 | Depreciation and amortization | 5 | 6 | 5 | |||||||||||||||||||||
Taxes other than income | 4 | 5 | 4 | Taxes other than income | 7 | 5 | 4 | |||||||||||||||||||||
Operating Income | 70 | 55 | 123 | |||||||||||||||||||||||||
Asset (gains) losses and impairments, net | Asset (gains) losses and impairments, net | 2 | — | — | ||||||||||||||||||||||||
Operating Income (Loss) | Operating Income (Loss) | (101) | (86) | 52 | ||||||||||||||||||||||||
Other (Income) and Deductions | 4 | 3 | 2 | Other (Income) and Deductions | 22 | 24 | 4 | |||||||||||||||||||||
Income Tax Expense | 17 | 13 | 49 | |||||||||||||||||||||||||
Net Income Attributable to DTE Energy Company | $ | 49 | $ | 39 | $ | 72 | ||||||||||||||||||||||
Income Tax Expense (Benefit) | Income Tax Expense (Benefit) | (31) | (27) | 12 | ||||||||||||||||||||||||
Net Income (Loss) Attributable to DTE Energy Company | Net Income (Loss) Attributable to DTE Energy Company | $ | (92) | $ | (83) | $ | 36 |
2022 | |||||
(In millions) | |||||
Unrealized Margins(a) | |||||
Favorable results, primarily in power trading, gas full requirements, and gas trading strategies | $ | 46 | |||
Unfavorable results, primarily in gas structured and power full requirements strategies(b) | (88) | ||||
(42) | |||||
Realized Margins(a) | |||||
Favorable results, primarily in gas transportation, gas full requirements, and environmental trading strategies(c) | 92 | ||||
Unfavorable results, primarily in power full requirements and gas trading strategies | (79) | ||||
13 | |||||
Decrease in Non-utility Margin | $ | (29) |
2021 | |||||
(In millions) | |||||
Unrealized Margins(a) | |||||
Favorable results, primarily in gas and power trading strategies | $ | 36 | |||
Unfavorable results, primarily in gas structured, environmental trading, and gas storage strategies (b) | (215) | ||||
(179) | |||||
Realized Margins(a) | |||||
Favorable results, primarily in gas structured and gas transportation strategies(c) | 126 | ||||
Unfavorable results, primarily in power ERCOT trading and power full requirements strategies | (79) | ||||
47 | |||||
Decrease in Non-utility Margin | $ | (132) |
2019 | |||
(In millions) | |||
Unrealized Margins(a) | |||
Favorable results, primarily in gas structured and gas transportation strategies(b) | $ | 104 | |
Unfavorable results, primarily in environmental and gas trading, and power full requirements strategies | (28 | ) | |
76 | |||
Realized Margins(a) | |||
Favorable results, primarily in power full requirements, environmental trading, and gas transportation strategies | 74 | ||
Unfavorable results, primarily in gas structured and gas full requirements strategies(c) | (135 | ) | |
(61 | ) | ||
Increase in Non-utility Margin | $ | 15 |
2018 | |||
(In millions) | |||
Unrealized Margins(a) | |||
Favorable results, primarily in the power trading strategy | $ | 20 | |
Unfavorable results, primarily in gas structured, and power full requirements strategies(b) | (100 | ) | |
(80 | ) | ||
Realized Margins(a) | |||
Favorable results, primarily in the gas structured strategy | 54 | ||
Unfavorable results, primarily in the power full requirements strategy(c) | (34 | ) | |
20 | |||
Decrease in Non-utility Margin | $ | (60 | ) |
2019 | 2018 | 2017 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
(In millions) | (In millions) | |||||||||||||||||||||||||||
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | $ | 76 | $ | 89 | $ | 113 | Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | $ | 35 | $ | 516 | $ | 93 | |||||||||||||||
Net cash from operating activities | 2,649 | 2,680 | 2,117 | Net cash from operating activities | 1,977 | 3,067 | 3,697 | |||||||||||||||||||||
Net cash used for investing activities | (5,732 | ) | (3,347 | ) | (2,562 | ) | Net cash used for investing activities | (3,431) | (3,863) | (4,070) | ||||||||||||||||||
Net cash from financing activities | 3,100 | 654 | 421 | Net cash from financing activities | 1,462 | 315 | 796 | |||||||||||||||||||||
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash | 17 | (13 | ) | (24 | ) | Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash | 8 | (481) | 423 | |||||||||||||||||||
Cash, Cash Equivalents, and Restricted Cash at End of Period | $ | 93 | $ | 76 | $ | 89 | Cash, Cash Equivalents, and Restricted Cash at End of Period | $ | 43 | $ | 35 | $ | 516 |
Note | Title | |||||||
1 | Organization and Basis of Presentation | |||||||
9 | Regulatory Matters | |||||||
10 | Income Taxes | |||||||
13 | Financial and Other Derivative Instruments | |||||||
14 | Long-Term Debt | |||||||
16 | Short-Term Credit Arrangements and Borrowings | |||||||
18 | Commitments and Contingencies | |||||||
20 | Retirement Benefits and Trusteed Assets | |||||||
21 | Stock-Based Compensation |
Total | 2020 | 2021-2022 | 2023-2024 | 2025 and Thereafter | |||||||||||||||
(In millions) | |||||||||||||||||||
Long-term debt: | |||||||||||||||||||
Mortgage bonds, notes, and other(a) | $ | 15,575 | $ | 682 | $ | 3,178 | $ | 2,602 | $ | 9,113 | |||||||||
Junior subordinated debentures(b) | 1,180 | — | — | — | 1,180 | ||||||||||||||
Finance lease obligations | 17 | 5 | 6 | 2 | 4 | ||||||||||||||
Interest | 11,221 | 652 | 1,210 | 1,012 | 8,347 | ||||||||||||||
Stock purchase contract | 156 | 52 | 104 | — | — | ||||||||||||||
Operating leases | 193 | 38 | 56 | 32 | 67 | ||||||||||||||
Electric, gas, fuel, transportation, and storage purchase obligations(c) | 4,720 | 1,849 | 1,406 | 607 | 858 | ||||||||||||||
Long-term DTE Electric renewable energy power purchase agreements(d)(e) | 1,028 | 80 | 160 | 160 | 628 | ||||||||||||||
Other long-term obligations(f)(g)(h) | 1,316 | 1,223 | 60 | 16 | 17 | ||||||||||||||
Total obligations | $ | 35,406 | $ | 4,581 | $ | 6,180 | $ | 4,431 | $ | 20,214 |
Reporting Unit | Goodwill | Fair Value Reduction %(a) | Discount Rate | Valuation Methodology(b)(c) | ||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||
Electric | $ | 1,208 | 38 | % | 7.6 | % | DCF and market multiples analysis | |||||||||||||||||||||||||
Gas | 743 | 29 | % | 7.7 | % | DCF and market multiples analysis | ||||||||||||||||||||||||||
DTE Vantage | 25 | 75 | % | 9.2 | % | DCF and market multiples analysis | ||||||||||||||||||||||||||
Energy Trading | 17 | 94 | % | 10.7 | % | DCF | ||||||||||||||||||||||||||
$ | 1,993 |
Reporting Unit | Goodwill | Fair Value Reduction %(a) | Discount Rate | Valuation Methodology(b)(c) | ||||||||
(In millions) | ||||||||||||
Electric | $ | 1,208 | 55 | % | 5 | % | DCF and market multiples analysis | |||||
Gas | 743 | 51 | % | 5 | % | DCF and market multiples analysis | ||||||
Gas Storage and Pipelines | 299 | 34 | % | 7 | % | DCF and market multiples analysis | ||||||
Power and Industrial Projects | 26 | 69 | % | 7 | % | DCF | ||||||
Energy Trading | 17 | 72 | % | 9 | % | DCF | ||||||
$ | 2,293 |
Percentage by which |
Total | |||
(In millions) | |||
MTM at December 31, 2018 | $ | (23 | ) |
Reclassified to realized upon settlement | (49 | ) | |
Changes in fair value recorded to income | 55 | ||
Amounts recorded to unrealized income | 6 | ||
Changes in fair value recorded in regulatory liabilities | 2 | ||
Option premiums paid (received) and other | — | ||
Amounts recorded in other comprehensive income, pretax | 3 | ||
Change in collateral | 17 | ||
MTM at December 31, 2019 | $ | 5 |
Total | |||||
(In millions) | |||||
MTM at December 31, 2021 | $ | (159) | |||
Reclassified to realized upon settlement | (48) | ||||
Changes in fair value recorded to income | (106) | ||||
Amounts recorded to unrealized income | (154) | ||||
Changes in fair value recorded in Regulatory liabilities | 21 | ||||
Amounts recorded in other comprehensive income, pretax | 3 | ||||
Change in collateral | 65 | ||||
MTM at December 31, 2022 | $ | (224) |
Source of Fair Value | 2023 | 2024 | 2025 | 2026 and Beyond | Total Fair Value | |||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||
Level 1 | $ | 78 | $ | 37 | $ | 12 | $ | 2 | $ | 129 | ||||||||||||||||||||||
Level 2 | 5 | (58) | (17) | (29) | (99) | |||||||||||||||||||||||||||
Level 3 | (101) | (68) | (39) | (69) | (277) | |||||||||||||||||||||||||||
MTM before collateral adjustments | $ | (18) | $ | (89) | $ | (44) | $ | (96) | (247) | |||||||||||||||||||||||
Collateral adjustments | 23 | |||||||||||||||||||||||||||||||
MTM at December 31, 2022 | $ | (224) |
Source of Fair Value | 2020 | 2021 | 2022 | 2023 and Beyond | Total Fair Value | |||||||||||||||
(In millions) | ||||||||||||||||||||
Level 1 | $ | (8 | ) | $ | (5 | ) | $ | (2 | ) | $ | (1 | ) | $ | (16 | ) | |||||
Level 2 | 18 | — | (2 | ) | 1 | 17 | ||||||||||||||
Level 3 | 40 | 6 | 5 | (47 | ) | 4 | ||||||||||||||
MTM before collateral adjustments | $ | 50 | $ | 1 | $ | 1 | $ | (47 | ) | 5 | ||||||||||
Collateral adjustments | — | |||||||||||||||||||
MTM at December 31, 2019 | $ | 5 |
Credit Exposure Before Cash Collateral | Cash Collateral | Net Credit Exposure | Credit Exposure Before Cash Collateral | Cash Collateral | Net Credit Exposure | |||||||||||||||||||||||
(In millions) | (In millions) | |||||||||||||||||||||||||||
Investment Grade(a) | Investment Grade(a) | |||||||||||||||||||||||||||
A- and Greater | $ | 259 | $ | — | $ | 259 | A- and Greater | $ | 525 | $ | — | $ | 525 | |||||||||||||||
BBB+ and BBB | 197 | — | 197 | BBB+ and BBB | 397 | (87) | 310 | |||||||||||||||||||||
BBB- | 34 | — | 34 | BBB- | 92 | — | 92 | |||||||||||||||||||||
Total Investment Grade | 490 | — | 490 | Total Investment Grade | 1,014 | (87) | 927 | |||||||||||||||||||||
Non-investment grade(b) | 5 | — | 5 | Non-investment grade(b) | 39 | (6) | 33 | |||||||||||||||||||||
Internally Rated — investment grade(c) | 324 | (1 | ) | 323 | Internally Rated — investment grade(c) | 749 | (5) | 744 | ||||||||||||||||||||
Internally Rated — non-investment grade(d) | 13 | — | 13 | Internally Rated — non-investment grade(d) | 35 | — | 35 | |||||||||||||||||||||
Total | $ | 832 | $ | (1 | ) | $ | 831 | Total | $ | 1,837 | $ | (98) | $ | 1,739 |
Assuming a 10% Increase in Prices/Rates | Assuming a 10% Decrease in Prices/Rates | Assuming a 10% Increase in Prices/Rates | Assuming a 10% Decrease in Prices/Rates | |||||||||||||||||||||||||||||||||||||||||||||||
As of December 31, | As of December 31, | As of December 31, | As of December 31, | |||||||||||||||||||||||||||||||||||||||||||||||
Activity | 2019 | 2018 | 2019 | 2018 | Change in the Fair Value of | Activity | 2022 | 2021 | 2022 | 2021 | Change in the Fair Value of | |||||||||||||||||||||||||||||||||||||||
(In millions) | (In millions) | |||||||||||||||||||||||||||||||||||||||||||||||||
Gas contracts | $ | 6 | $ | 8 | $ | (6 | ) | $ | (8 | ) | Commodity contracts | Gas contracts | $ | 16 | $ | 33 | $ | (16) | $ | (33) | Commodity contracts | |||||||||||||||||||||||||||||
Power contracts | $ | 4 | $ | 10 | $ | (5 | ) | $ | (10 | ) | Commodity contracts | Power contracts | $ | 4 | $ | 9 | $ | (4) | $ | (10) | Commodity contracts | |||||||||||||||||||||||||||||
Environmental contracts | $ | (3 | ) | $ | — | $ | 3 | $ | — | Commodity contracts | Environmental contracts | $ | (5) | $ | (8) | $ | 5 | $ | 8 | Commodity contracts | ||||||||||||||||||||||||||||||
Oil contracts | Oil contracts | $ | 2 | $ | — | $ | (2) | $ | — | Commodity contracts | ||||||||||||||||||||||||||||||||||||||||
Interest rate risk — DTE Energy | $ | (698 | ) | $ | (596 | ) | $ | 724 | $ | 625 | Long-term debt | Interest rate risk — DTE Energy | $ | (650) | $ | (662) | $ | 699 | $ | 687 | Long-term debt | |||||||||||||||||||||||||||||
Interest rate risk — DTE Electric | $ | (286 | ) | $ | (277 | ) | $ | 305 | $ | 300 | Long-term debt | Interest rate risk — DTE Electric | $ | (419) | $ | (329) | $ | 458 | $ | 348 | Long-term debt |
Page | |||||
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
(In millions, except per share amounts) | |||||||||||
Operating Revenues | |||||||||||
Utility operations | $ | 6,638 | $ | 6,670 | $ | 6,434 | |||||
Non-utility operations | 6,031 | 7,542 | 6,173 | ||||||||
12,669 | 14,212 | 12,607 | |||||||||
Operating Expenses | |||||||||||
Fuel, purchased power, and gas — utility | 1,798 | 1,981 | 1,881 | ||||||||
Fuel, purchased power, and gas — non-utility | 5,053 | 6,630 | 5,283 | ||||||||
Operation and maintenance | 2,419 | 2,451 | 2,270 | ||||||||
Depreciation and amortization | 1,263 | 1,124 | 1,030 | ||||||||
Taxes other than income | 414 | 405 | 391 | ||||||||
Asset (gains) losses and impairments, net | 15 | 27 | 41 | ||||||||
10,962 | 12,618 | 10,896 | |||||||||
Operating Income | 1,707 | 1,594 | 1,711 | ||||||||
Other (Income) and Deductions | |||||||||||
Interest expense | 641 | 559 | 536 | ||||||||
Interest income | (17 | ) | (12 | ) | (12 | ) | |||||
Non-operating retirement benefits, net | 39 | 37 | 65 | ||||||||
Other income | (350 | ) | (333 | ) | (268 | ) | |||||
Other expenses | 70 | 127 | 103 | ||||||||
383 | 378 | 424 | |||||||||
Income Before Income Taxes | 1,324 | 1,216 | 1,287 | ||||||||
Income Tax Expense | 152 | 98 | 175 | ||||||||
Net Income | 1,172 | 1,118 | 1,112 | ||||||||
Less: Net Income (Loss) Attributable to Noncontrolling Interests | 3 | (2 | ) | (22 | ) | ||||||
Net Income Attributable to DTE Energy Company | $ | 1,169 | $ | 1,120 | $ | 1,134 | |||||
Basic Earnings per Common Share | |||||||||||
Net Income Attributable to DTE Energy Company | $ | 6.32 | $ | 6.18 | $ | 6.32 | |||||
Diluted Earnings per Common Share | |||||||||||
Net Income Attributable to DTE Energy Company | $ | 6.31 | $ | 6.17 | $ | 6.32 | |||||
Weighted Average Common Shares Outstanding | |||||||||||
Basic | 185 | 181 | 179 | ||||||||
Diluted | 185 | 181 | 179 |
Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
(In millions, except per share amounts) | |||||||||||||||||
Operating Revenues | |||||||||||||||||
Utility operations | $ | 8,243 | $ | 7,288 | $ | 6,845 | |||||||||||
Non-utility operations | 10,985 | 7,676 | 4,578 | ||||||||||||||
19,228 | 14,964 | 11,423 | |||||||||||||||
Operating Expenses | |||||||||||||||||
Fuel, purchased power, and gas — utility | 2,505 | 1,904 | 1,719 | ||||||||||||||
Fuel, purchased power, gas, and other — non-utility | 10,655 | 7,304 | 4,120 | ||||||||||||||
Operation and maintenance | 2,400 | 2,420 | 2,305 | ||||||||||||||
Depreciation and amortization | 1,468 | 1,377 | 1,292 | ||||||||||||||
Taxes other than income | 457 | 431 | 395 | ||||||||||||||
Asset (gains) losses and impairments, net | (5) | 33 | 37 | ||||||||||||||
17,480 | 13,469 | 9,868 | |||||||||||||||
Operating Income | 1,748 | 1,495 | 1,555 | ||||||||||||||
Other (Income) and Deductions | |||||||||||||||||
Interest expense | 675 | 630 | 601 | ||||||||||||||
Interest income | (46) | (22) | (29) | ||||||||||||||
Non-operating retirement benefits, net | (1) | 17 | 50 | ||||||||||||||
Loss on extinguishment of debt | — | 393 | 6 | ||||||||||||||
Other income | (58) | (254) | (259) | ||||||||||||||
Other expenses | 66 | 75 | 104 | ||||||||||||||
636 | 839 | 473 | |||||||||||||||
Income Before Income Taxes | 1,112 | 656 | 1,082 | ||||||||||||||
Income Tax Expense (Benefit) (Note 10) | 29 | (130) | 37 | ||||||||||||||
Net Income from Continuing Operations | 1,083 | 786 | 1,045 | ||||||||||||||
Net Income from Discontinued Operations, Net of Taxes (Note 4) | — | 117 | 326 | ||||||||||||||
Net Income | 1,083 | 903 | 1,371 | ||||||||||||||
Less: Net Income (Loss) Attributable to Noncontrolling Interests | |||||||||||||||||
Continuing operations | — | (10) | (9) | ||||||||||||||
Discontinued operations | — | 6 | 12 | ||||||||||||||
Net Income Attributable to DTE Energy Company | $ | 1,083 | $ | 907 | $ | 1,368 | |||||||||||
Basic Earnings per Common Share | |||||||||||||||||
Continuing operations | $ | 5.53 | $ | 4.11 | $ | 5.46 | |||||||||||
Discontinued operations | — | 0.57 | 1.63 | ||||||||||||||
Total | $ | 5.53 | $ | 4.68 | $ | 7.09 | |||||||||||
Diluted Earnings per Common Share | |||||||||||||||||
Continuing operations | $ | 5.52 | $ | 4.10 | $ | 5.45 | |||||||||||
Discontinued operations | — | 0.57 | 1.63 | ||||||||||||||
Total | $ | 5.52 | $ | 4.67 | $ | 7.08 | |||||||||||
Weighted Average Common Shares Outstanding | |||||||||||||||||
Basic | 195 | 193 | 193 | ||||||||||||||
Diluted | 196 | 194 | 193 |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
(In millions) | |||||||||||
Net Income | $ | 1,172 | $ | 1,118 | $ | 1,112 | |||||
Other comprehensive income (loss), net of tax: | |||||||||||
Benefit obligations, net of taxes of $2, $2, and $5, respectively | 8 | 8 | 10 | ||||||||
Net unrealized gains (losses) on derivatives during the period, net of taxes of $(4), $—, and $—, respectively | (12 | ) | (1 | ) | 1 | ||||||
Net unrealized gains on investments during the period, net of taxes of $—, $—, and $1, respectively | — | — | 1 | ||||||||
Foreign currency translation | 1 | (2 | ) | 1 | |||||||
Other comprehensive income (loss) | (3 | ) | 5 | 13 | |||||||
Comprehensive income | 1,169 | 1,123 | 1,125 | ||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interests | 3 | (2 | ) | (22 | ) | ||||||
Comprehensive Income Attributable to DTE Energy Company | $ | 1,166 | $ | 1,125 | $ | 1,147 |
Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
(In millions) | |||||||||||||||||
Net Income | $ | 1,083 | $ | 903 | $ | 1,371 | |||||||||||
Other comprehensive income, net of tax: | |||||||||||||||||
Benefit obligations, net of taxes of $12, $4, and $3, respectively | 43 | 8 | 8 | ||||||||||||||
Net unrealized gains on derivatives, net of taxes of $3, $2, and $1, respectively | 7 | 7 | 2 | ||||||||||||||
Foreign currency translation | — | — | 1 | ||||||||||||||
Other comprehensive income | 50 | 15 | 11 | ||||||||||||||
Comprehensive income | 1,133 | 918 | 1,382 | ||||||||||||||
Less: Comprehensive income (loss) attributable to noncontrolling interests | — | (4) | 3 | ||||||||||||||
Comprehensive Income Attributable to DTE Energy Company | $ | 1,133 | $ | 922 | $ | 1,379 |
December 31, | |||||||
2019 | 2018 | ||||||
(In millions) | |||||||
ASSETS | |||||||
Current Assets | |||||||
Cash and cash equivalents | $ | 93 | $ | 71 | |||
Restricted cash | — | 5 | |||||
Accounts receivable (less allowance for doubtful accounts of $91 for both periods) | |||||||
Customer | 1,642 | 1,789 | |||||
Other | 245 | 108 | |||||
Inventories | |||||||
Fuel and gas | 373 | 406 | |||||
Materials and supplies | 386 | 405 | |||||
Derivative assets | 133 | 102 | |||||
Regulatory assets | 5 | 153 | |||||
Other | 209 | 221 | |||||
3,086 | 3,260 | ||||||
Investments | |||||||
Nuclear decommissioning trust funds | 1,661 | 1,378 | |||||
Investments in equity method investees | 1,862 | 1,771 | |||||
Other | 265 | 219 | |||||
3,788 | 3,368 | ||||||
Property | |||||||
Property, plant, and equipment | 35,072 | 31,810 | |||||
Accumulated depreciation and amortization | (9,755 | ) | (10,160 | ) | |||
25,317 | 21,650 | ||||||
Other Assets | |||||||
Goodwill | 2,464 | 2,293 | |||||
Regulatory assets | 4,171 | 4,568 | |||||
Intangible assets | 2,393 | 849 | |||||
Notes receivable | 202 | 64 | |||||
Derivative assets | 41 | 31 | |||||
Prepaid postretirement costs | 69 | 45 | |||||
Operating lease right-of-use assets | 169 | — | |||||
Other | 182 | 160 | |||||
9,691 | 8,010 | ||||||
Total Assets | $ | 41,882 | $ | 36,288 |
December 31, | |||||||||||
2022 | 2021 | ||||||||||
(In millions) | |||||||||||
ASSETS | |||||||||||
Current Assets | |||||||||||
Cash and cash equivalents | $ | 33 | $ | 28 | |||||||
Restricted cash | 10 | 7 | |||||||||
Accounts receivable (less allowance for doubtful accounts of $79 and $92, respectively) | |||||||||||
Customer | 2,038 | 1,695 | |||||||||
Other | 144 | 135 | |||||||||
Inventories | |||||||||||
Fuel and gas | 433 | 368 | |||||||||
Materials, supplies, and other | 509 | 490 | |||||||||
Derivative assets | 328 | 181 | |||||||||
Regulatory assets | 450 | 195 | |||||||||
Other | 235 | 218 | |||||||||
4,180 | 3,317 | ||||||||||
Investments | |||||||||||
Nuclear decommissioning trust funds | 1,825 | 2,071 | |||||||||
Investments in equity method investees | 165 | 187 | |||||||||
Other | 165 | 194 | |||||||||
2,155 | 2,452 | ||||||||||
Property | |||||||||||
Property, plant, and equipment | 39,346 | 37,083 | |||||||||
Accumulated depreciation and amortization | (10,579) | (10,139) | |||||||||
28,767 | 26,944 | ||||||||||
Other Assets | |||||||||||
Goodwill | 1,993 | 1,993 | |||||||||
Regulatory assets | 3,886 | 3,482 | |||||||||
Securitized regulatory assets | 206 | — | |||||||||
Intangible assets | 166 | 177 | |||||||||
Notes receivable | 331 | 310 | |||||||||
Derivative assets | 105 | 90 | |||||||||
Prepaid postretirement costs | 571 | 678 | |||||||||
Operating lease right-of-use assets | 89 | 97 | |||||||||
Other | 234 | 179 | |||||||||
7,581 | 7,006 | ||||||||||
Total Assets | $ | 42,683 | $ | 39,719 |
December 31, | |||||||
2019 | 2018 | ||||||
(In millions, except shares) | |||||||
LIABILITIES AND EQUITY | |||||||
Current Liabilities | |||||||
Accounts payable | $ | 1,076 | $ | 1,329 | |||
Accrued interest | 147 | 127 | |||||
Dividends payable | 195 | 172 | |||||
Short-term borrowings | 828 | 609 | |||||
Current portion long-term debt, including finance leases | 687 | 1,499 | |||||
Derivative liabilities | 83 | 67 | |||||
Regulatory liabilities | 65 | 126 | |||||
Operating lease liabilities | 33 | — | |||||
Acquisition related deferred payment | 379 | — | |||||
Other | 504 | 509 | |||||
3,997 | 4,438 | ||||||
Long-Term Debt (net of current portion) | |||||||
Mortgage bonds, notes, and other | 14,778 | 10,982 | |||||
Junior subordinated debentures | 1,146 | 1,145 | |||||
Finance lease obligations | 11 | 7 | |||||
15,935 | 12,134 | ||||||
Other Liabilities | |||||||
Deferred income taxes | 2,315 | 1,975 | |||||
Regulatory liabilities | 3,264 | 2,922 | |||||
Asset retirement obligations | 2,672 | 2,469 | |||||
Unamortized investment tax credit | 166 | 138 | |||||
Derivative liabilities | 86 | 89 | |||||
Accrued pension liability | 808 | 837 | |||||
Nuclear decommissioning | 249 | 205 | |||||
Operating lease liability | 127 | — | |||||
Other | 427 | 364 | |||||
10,114 | 8,999 | ||||||
Commitments and Contingencies (Notes 10 and 19) | |||||||
Equity | |||||||
Common stock (No par value, 400,000,000 shares authorized, and 192,208,533 and 181,925,281 shares issued and outstanding at December 31, 2019 and December 31, 2018, respectively) | 5,233 | 4,245 | |||||
Retained earnings | 6,587 | 6,112 | |||||
Accumulated other comprehensive loss | (148 | ) | (120 | ) | |||
Total DTE Energy Company Equity | 11,672 | 10,237 | |||||
Noncontrolling interests | 164 | 480 | |||||
Total Equity | 11,836 | 10,717 | |||||
Total Liabilities and Equity | $ | 41,882 | $ | 36,288 |
December 31, | |||||||||||
2022 | 2021 | ||||||||||
(In millions, except shares) | |||||||||||
LIABILITIES AND EQUITY | |||||||||||
Current Liabilities | |||||||||||
Accounts payable | $ | 1,604 | $ | 1,414 | |||||||
Accrued interest | 154 | 140 | |||||||||
Dividends payable | 196 | 171 | |||||||||
Short-term borrowings | 1,162 | 758 | |||||||||
Current portion long-term debt, including securitization bonds and finance leases | 1,124 | 2,874 | |||||||||
Derivative liabilities | 342 | 238 | |||||||||
Regulatory liabilities | 34 | 156 | |||||||||
Operating lease liabilities | 13 | 14 | |||||||||
Other | 544 | 581 | |||||||||
5,173 | 6,346 | ||||||||||
Long-Term Debt (net of current portion) | |||||||||||
Mortgage bonds, notes, and other | 15,807 | 13,629 | |||||||||
Securitization bonds | 172 | — | |||||||||
Junior subordinated debentures | 883 | 883 | |||||||||
Finance lease obligations | 11 | 19 | |||||||||
16,873 | 14,531 | ||||||||||
Other Liabilities | |||||||||||
Deferred income taxes | 2,394 | 2,163 | |||||||||
Regulatory liabilities | 2,673 | 3,106 | |||||||||
Asset retirement obligations | 3,460 | 3,162 | |||||||||
Unamortized investment tax credit | 182 | 158 | |||||||||
Derivative liabilities | 315 | 192 | |||||||||
Accrued pension liability | 378 | 339 | |||||||||
Accrued postretirement liability | 287 | 358 | |||||||||
Nuclear decommissioning | 282 | 321 | |||||||||
Operating lease liabilities | 68 | 74 | |||||||||
Other | 197 | 256 | |||||||||
10,236 | 10,129 | ||||||||||
Commitments and Contingencies (Notes 9 and 18) | |||||||||||
Equity | |||||||||||
Common stock (No par value, 400,000,000 shares authorized, and 205,632,393 and 193,747,509 shares issued and outstanding at December 31, 2022 and December 31, 2021, respectively) | 6,651 | 5,379 | |||||||||
Retained earnings | 3,808 | 3,438 | |||||||||
Accumulated other comprehensive loss | (62) | (112) | |||||||||
Total DTE Energy Company Equity | 10,397 | 8,705 | |||||||||
Noncontrolling interests | 4 | 8 | |||||||||
Total Equity | 10,401 | 8,713 | |||||||||
Total Liabilities and Equity | $ | 42,683 | $ | 39,719 |
Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
(In millions) | |||||||||||||||||
Operating Activities | |||||||||||||||||
Net Income | $ | 1,083 | $ | 903 | $ | 1,371 | |||||||||||
Adjustments to reconcile Net Income to Net cash from operating activities: | |||||||||||||||||
Depreciation and amortization | 1,468 | 1,459 | 1,443 | ||||||||||||||
Nuclear fuel amortization | 42 | 58 | 37 | ||||||||||||||
Allowance for equity funds used during construction | (29) | (27) | (25) | ||||||||||||||
Deferred income taxes | 44 | (32) | 407 | ||||||||||||||
Equity (earnings) losses of equity method investees | 14 | (97) | (132) | ||||||||||||||
Dividends from equity method investees | 4 | 79 | 142 | ||||||||||||||
Loss on extinguishment of debt | — | 393 | 6 | ||||||||||||||
Asset (gains) losses and impairments, net | (5) | 50 | 47 | ||||||||||||||
Changes in assets and liabilities: | |||||||||||||||||
Accounts receivable, net | (352) | (146) | 111 | ||||||||||||||
Inventories | (98) | (153) | 45 | ||||||||||||||
Prepaid postretirement benefit costs | 107 | (117) | (107) | ||||||||||||||
Accounts payable | 109 | 308 | — | ||||||||||||||
Accrued pension liability | 39 | (458) | (11) | ||||||||||||||
Accrued postretirement liability | (71) | (49) | 22 | ||||||||||||||
Derivative assets and liabilities | 65 | 187 | (23) | ||||||||||||||
Regulatory assets and liabilities | (766) | 862 | 104 | ||||||||||||||
Other current and noncurrent assets and liabilities | 323 | (153) | 260 | ||||||||||||||
Net cash from operating activities | 1,977 | 3,067 | 3,697 | ||||||||||||||
Investing Activities | |||||||||||||||||
Plant and equipment expenditures — utility | (3,311) | (3,633) | (3,241) | ||||||||||||||
Plant and equipment expenditures — non-utility | (67) | (139) | (616) | ||||||||||||||
Acquisitions related to business combinations, net of cash acquired | — | — | (126) | ||||||||||||||
Proceeds from sale of assets | 24 | 3 | 13 | ||||||||||||||
Proceeds from sale of nuclear decommissioning trust fund assets | 879 | 1,047 | 2,350 | ||||||||||||||
Investment in nuclear decommissioning trust funds | (878) | (1,046) | (2,350) | ||||||||||||||
Distributions from equity method investees | 16 | 18 | 24 | ||||||||||||||
Contributions to equity method investees | (13) | (8) | (37) | ||||||||||||||
Notes receivable | (30) | (74) | (85) | ||||||||||||||
Other | (51) | (31) | (2) | ||||||||||||||
Net cash used for investing activities | (3,431) | (3,863) | (4,070) | ||||||||||||||
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Operating Activities | (In millions) | ||||||||||
Net Income | $ | 1,172 | $ | 1,118 | $ | 1,112 | |||||
Adjustments to reconcile Net Income to Net cash from operating activities: | |||||||||||
Depreciation and amortization | 1,263 | 1,124 | 1,030 | ||||||||
Nuclear fuel amortization | 60 | 45 | 53 | ||||||||
Allowance for equity funds used during construction | (24 | ) | (28 | ) | (23 | ) | |||||
Deferred income taxes | 329 | 114 | 196 | ||||||||
Equity earnings of equity method investees | (111 | ) | (132 | ) | (102 | ) | |||||
Dividends from equity method investees | 160 | 74 | 74 | ||||||||
Asset (gains) losses and impairments, net | 14 | 29 | 38 | ||||||||
Changes in assets and liabilities: | |||||||||||
Accounts receivable, net | 49 | (44 | ) | (252 | ) | ||||||
Inventories | 59 | (32 | ) | (4 | ) | ||||||
Prepaid postretirement benefit costs | (24 | ) | (45 | ) | — | ||||||
Accounts payable | (288 | ) | 146 | 129 | |||||||
Accrued pension liability | (29 | ) | (87 | ) | (228 | ) | |||||
Accrued postretirement liability | — | (61 | ) | 25 | |||||||
Derivative assets and liabilities | (28 | ) | 31 | (94 | ) | ||||||
Regulatory assets and liabilities | 160 | 15 | 217 | ||||||||
Other current and noncurrent assets and liabilities | (113 | ) | 413 | (54 | ) | ||||||
Net cash from operating activities | 2,649 | 2,680 | 2,117 | ||||||||
Investing Activities | |||||||||||
Plant and equipment expenditures — utility | (2,724 | ) | (2,439 | ) | (2,037 | ) | |||||
Plant and equipment expenditures — non-utility | (273 | ) | (274 | ) | (213 | ) | |||||
Acquisition, net of cash acquired | (2,470 | ) | — | — | |||||||
Proceeds from sale of nuclear decommissioning trust fund assets | 788 | 1,203 | 1,240 | ||||||||
Investment in nuclear decommissioning trust funds | (794 | ) | (1,188 | ) | (1,226 | ) | |||||
Distributions from equity method investees | 10 | 9 | 10 | ||||||||
Contributions to equity method investees | (149 | ) | (637 | ) | (299 | ) | |||||
Notes receivable | (98 | ) | 2 | 1 | |||||||
Other | (22 | ) | (23 | ) | (38 | ) | |||||
Net cash used for investing activities | (5,732 | ) | (3,347 | ) | (2,562 | ) | |||||
Financing Activities | |||||||||||
Issuance of long-term debt, net of issuance costs | 2,506 | 1,432 | 1,398 | ||||||||
Redemption of long-term debt | (821 | ) | (105 | ) | (385 | ) | |||||
Issuance of equity units, net of issuance costs | 1,265 | — | — | ||||||||
Short-term borrowings, net | 219 | (12 | ) | 122 | |||||||
Issuance of common stock | 1,023 | — | — | ||||||||
Repurchase of common stock | — | — | (51 | ) | |||||||
Dividends on common stock | (692 | ) | (620 | ) | (592 | ) | |||||
Contributions from noncontrolling interests, principally REF entities | 38 | 53 | 50 | ||||||||
Distributions to noncontrolling interests | (59 | ) | (48 | ) | (40 | ) | |||||
Purchases of noncontrolling interest, principally SGG | (300 | ) | — | — | |||||||
Other | (79 | ) | (46 | ) | (81 | ) | |||||
Net cash from financing activities | 3,100 | 654 | 421 | ||||||||
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash | 17 | (13 | ) | (24 | ) | ||||||
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 76 | 89 | 113 | ||||||||
Cash, Cash Equivalents, and Restricted Cash at End of Period | $ | 93 | $ | 76 | $ | 89 | |||||
Supplemental disclosure of cash information | |||||||||||
Cash paid (received) for: | |||||||||||
Interest, net of interest capitalized | $ | 595 | $ | 572 | $ | 495 | |||||
Income taxes | $ | 18 | $ | (26 | ) | $ | 4 | ||||
Supplemental disclosure of non-cash investing and financing activities(a) | |||||||||||
Plant and equipment expenditures in accounts payable | $ | 311 | $ | 307 | $ | 295 | |||||
Premium on equity units | $ | 150 | $ | — | $ | — |
Financing Activities | |||||||||||||||||
Issuance of long-term debt, net of discount and issuance costs | 2,171 | 4,457 | 3,692 | ||||||||||||||
Redemption of long-term debt | (1,587) | (3,522) | (882) | ||||||||||||||
Short-term borrowings, net | 404 | 720 | (790) | ||||||||||||||
Issuance of common stock | 1,300 | — | 2 | ||||||||||||||
Repurchase of common stock | (55) | (66) | — | ||||||||||||||
Dividends paid on common stock | (685) | (791) | (760) | ||||||||||||||
Contributions from noncontrolling interests | 3 | 44 | 36 | ||||||||||||||
Distributions to noncontrolling interests | (7) | (45) | (39) | ||||||||||||||
Acquisition related deferred payment, excluding accretion | — | — | (380) | ||||||||||||||
Prepayment costs for extinguishment of long-term debt | — | (361) | — | ||||||||||||||
Transfer of cash to DT Midstream at separation | — | (37) | — | ||||||||||||||
Other | (82) | (84) | (83) | ||||||||||||||
Net cash from financing activities | 1,462 | 315 | 796 | ||||||||||||||
Net Increase (Decrease) in Cash, Cash Equivalents, and Restricted Cash | 8 | (481) | 423 | ||||||||||||||
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 35 | 516 | 93 | ||||||||||||||
Cash, Cash Equivalents, and Restricted Cash at End of Period | $ | 43 | $ | 35 | $ | 516 | |||||||||||
Supplemental disclosure of cash information | |||||||||||||||||
Cash paid (received) for: | |||||||||||||||||
Interest, net of interest capitalized | $ | 638 | $ | 671 | $ | 679 | |||||||||||
Income taxes(a) | $ | (3) | $ | (3) | $ | (360) | |||||||||||
Supplemental disclosure of non-cash investing and financing activities | |||||||||||||||||
Plant and equipment expenditures in accounts payable | $ | 435 | $ | 353 | $ | 266 | |||||||||||
Separation of DT Midstream net assets, excluding cash transferred | $ | — | $ | 3,973 | $ | — | |||||||||||
Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | ||||||||||||||||||||
Common Stock | ||||||||||||||||||||||
Shares | Amount | Total | ||||||||||||||||||||
(Dollars in millions, shares in thousands) | ||||||||||||||||||||||
Balance, December 31, 2016 | 179,433 | $ | 4,030 | $ | 5,114 | $ | (133 | ) | $ | 488 | $ | 9,499 | ||||||||||
Net Income (Loss) | — | — | 1,134 | — | (22 | ) | 1,112 | |||||||||||||||
Dividends declared on common stock ($3.36 per Common Share) | — | — | (602 | ) | — | — | (602 | ) | ||||||||||||||
Repurchase of common stock | (524 | ) | (51 | ) | — | — | — | (51 | ) | |||||||||||||
Other comprehensive income, net of tax | — | — | — | 13 | — | 13 | ||||||||||||||||
Stock-based compensation, net contributions from noncontrolling interests, and other | 478 | 10 | (3 | ) | — | 12 | 19 | |||||||||||||||
Balance, December 31, 2017 | 179,387 | $ | 3,989 | $ | 5,643 | $ | (120 | ) | $ | 478 | $ | 9,990 | ||||||||||
Implementation of ASU 2016-01 | — | — | 5 | (5 | ) | — | — | |||||||||||||||
Net Income (Loss) | — | — | 1,120 | — | (2 | ) | 1,118 | |||||||||||||||
Dividends declared on common stock ($3.60 per Common Share) | — | — | (653 | ) | — | — | (653 | ) | ||||||||||||||
Issuance of common stock | 255 | 26 | — | — | — | 26 | ||||||||||||||||
Contribution of common stock to pension plan | 1,751 | 175 | — | — | — | 175 | ||||||||||||||||
Other comprehensive income, net of tax | — | — | — | 5 | — | 5 | ||||||||||||||||
Stock-based compensation, net contributions from noncontrolling interests, and other | 532 | 55 | (3 | ) | — | 4 | 56 | |||||||||||||||
Balance, December 31, 2018 | 181,925 | $ | 4,245 | $ | 6,112 | $ | (120 | ) | $ | 480 | $ | 10,717 | ||||||||||
Implementation of ASU 2018-02 | — | — | 25 | (25 | ) | — | — | |||||||||||||||
Net Income | — | — | 1,169 | — | 3 | 1,172 | ||||||||||||||||
Dividends declared on common stock ($3.85 per Common Share) | — | — | (714 | ) | — | — | (714 | ) | ||||||||||||||
Issuance of common stock | 8,634 | 1,014 | — | — | — | 1,014 | ||||||||||||||||
Premium on equity units | — | (150 | ) | — | — | — | (150 | ) | ||||||||||||||
Issuance costs of equity units | — | (30 | ) | — | — | — | (30 | ) | ||||||||||||||
Contribution of common stock to pension plan | 815 | 100 | — | — | — | 100 | ||||||||||||||||
Other comprehensive loss, net of tax | — | — | — | (3 | ) | — | (3 | ) | ||||||||||||||
Purchase of noncontrolling interests, principally SGG | — | (3 | ) | — | — | (297 | ) | (300 | ) | |||||||||||||
Stock-based compensation, net distributions to noncontrolling interests, and other | 835 | 57 | (5 | ) | — | (22 | ) | 30 | ||||||||||||||
Balance, December 31, 2019 | 192,209 | $ | 5,233 | $ | 6,587 | $ | (148 | ) | $ | 164 | $ | 11,836 |
Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | |||||||||||||||||||||||||||||||||
Common Stock | |||||||||||||||||||||||||||||||||||
Shares | Amount | Total | |||||||||||||||||||||||||||||||||
(Dollars in millions, shares in thousands) | |||||||||||||||||||||||||||||||||||
Balance, December 31, 2019 | 192,209 | $ | 5,233 | $ | 6,587 | $ | (148) | $ | 164 | $ | 11,836 | ||||||||||||||||||||||||
Net Income | — | — | 1,368 | — | 3 | 1,371 | |||||||||||||||||||||||||||||
Dividends declared on common stock ($4.12 per Common Share) | — | — | (796) | — | — | (796) | |||||||||||||||||||||||||||||
Issuance of common stock | 192 | 22 | — | — | — | 22 | |||||||||||||||||||||||||||||
Contribution of common stock to pension plan | 694 | 82 | — | — | — | 82 | |||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | 11 | — | 11 | |||||||||||||||||||||||||||||
Stock-based compensation, net distributions to noncontrolling interests, and other | 676 | 69 | (3) | — | (3) | 63 | |||||||||||||||||||||||||||||
Balance, December 31, 2020 | 193,771 | $ | 5,406 | $ | 7,156 | $ | (137) | $ | 164 | $ | 12,589 | ||||||||||||||||||||||||
Net Income (Loss) | — | — | 907 | — | (4) | 903 | |||||||||||||||||||||||||||||
Dividends declared on common stock ($3.88 per Common Share) | — | — | (752) | — | — | (752) | |||||||||||||||||||||||||||||
Repurchase of common stock | (529) | (66) | — | — | — | (66) | |||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | 15 | — | 15 | |||||||||||||||||||||||||||||
Stock-based compensation, net distributions to noncontrolling interests, and other | 506 | 39 | (4) | — | (1) | 34 | |||||||||||||||||||||||||||||
Separation of DT Midstream | — | — | (3,869) | 10 | (151) | (4,010) | |||||||||||||||||||||||||||||
Balance, December 31, 2021 | 193,748 | $ | 5,379 | $ | 3,438 | $ | (112) | $ | 8 | $ | 8,713 | ||||||||||||||||||||||||
Net Income | — | — | 1,083 | — | — | 1,083 | |||||||||||||||||||||||||||||
Dividends declared on common stock ($3.61 per Common Share) | — | — | (710) | — | — | (710) | |||||||||||||||||||||||||||||
Issuance of common stock(a) | 11,887 | 1,300 | — | — | — | 1,300 | |||||||||||||||||||||||||||||
Repurchase of common stock | (465) | (55) | — | — | — | (55) | |||||||||||||||||||||||||||||
Other comprehensive income, net of tax | — | — | — | 50 | — | 50 | |||||||||||||||||||||||||||||
Stock-based compensation, net distributions to noncontrolling interests, and other | 462 | 27 | (3) | — | (4) | 20 | |||||||||||||||||||||||||||||
Balance, December 31, 2022 | 205,632 | $ | 6,651 | $ | 3,808 | $ | (62) | $ | 4 | $ | 10,401 |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
(In millions) | |||||||||||
Operating Revenues | $ | 5,224 | $ | 5,298 | $ | 5,102 | |||||
Operating Expenses | |||||||||||
Fuel and purchased power — utility | 1,390 | 1,552 | 1,454 | ||||||||
Operation and maintenance | 1,452 | 1,470 | 1,428 | ||||||||
Depreciation and amortization | 946 | 836 | 753 | ||||||||
Taxes other than income | 310 | 307 | 302 | ||||||||
Asset (gains) losses and impairments, net | 13 | (1 | ) | — | |||||||
4,111 | 4,164 | 3,937 | |||||||||
Operating Income | 1,113 | 1,134 | 1,165 | ||||||||
Other (Income) and Deductions | |||||||||||
Interest expense | 313 | 283 | 274 | ||||||||
Interest income | (2 | ) | — | — | |||||||
Non-operating retirement benefits, net | (1 | ) | — | — | |||||||
Other income | (107 | ) | (83 | ) | (77 | ) | |||||
Other expenses | 56 | 77 | 40 | ||||||||
259 | 277 | 237 | |||||||||
Income Before Income Taxes | 854 | 857 | 928 | ||||||||
Income Tax Expense | 138 | 193 | 327 | ||||||||
Net Income | $ | 716 | $ | 664 | $ | 601 |
Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
(In millions) | |||||||||||||||||
Operating Revenues — Utility operations | $ | 6,397 | $ | 5,809 | $ | 5,506 | |||||||||||
Operating Expenses | |||||||||||||||||
Fuel and purchased power — utility | 1,990 | 1,541 | 1,397 | ||||||||||||||
Operation and maintenance | 1,538 | 1,569 | 1,505 | ||||||||||||||
Depreciation and amortization | 1,204 | 1,109 | 1,043 | ||||||||||||||
Taxes other than income | 338 | 320 | 296 | ||||||||||||||
Asset (gains) losses and impairments, net | 8 | 1 | 41 | ||||||||||||||
5,078 | 4,540 | 4,282 | |||||||||||||||
Operating Income | 1,319 | 1,269 | 1,224 | ||||||||||||||
Other (Income) and Deductions | |||||||||||||||||
Interest expense | 370 | 335 | 331 | ||||||||||||||
Interest income | (8) | — | (2) | ||||||||||||||
Non-operating retirement benefits, net | (3) | (2) | (1) | ||||||||||||||
Other income | (65) | (71) | (87) | ||||||||||||||
Other expenses | 44 | 37 | 96 | ||||||||||||||
338 | 299 | 337 | |||||||||||||||
Income Before Income Taxes | 981 | 970 | 887 | ||||||||||||||
Income Tax Expense | 26 | 104 | 109 | ||||||||||||||
Net Income | $ | 955 | $ | 866 | $ | 778 |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
(In millions) | |||||||||||
Net Income | $ | 716 | $ | 664 | $ | 601 | |||||
Other comprehensive income, net of tax: | |||||||||||
Net unrealized gains on investments during the period, net of taxes of $—, $—, and $1, respectively | — | — | 1 | ||||||||
Other comprehensive income | — | — | 1 | ||||||||
Comprehensive Income | $ | 716 | $ | 664 | $ | 602 |
Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
(In millions) | |||||||||||||||||
Net Income | $ | 955 | $ | 866 | $ | 778 | |||||||||||
Other comprehensive income | — | — | — | ||||||||||||||
Comprehensive Income | $ | 955 | $ | 866 | $ | 778 |
December 31, | |||||||
2019 | 2018 | ||||||
(In millions) | |||||||
ASSETS | |||||||
Current Assets | |||||||
Cash and cash equivalents | $ | 12 | $ | 18 | |||
Accounts receivable (less allowance for doubtful accounts of $46 and $53, respectively) | |||||||
Customer | 729 | 750 | |||||
Affiliates | 25 | 11 | |||||
Other | 41 | 54 | |||||
Inventories | |||||||
Fuel | 187 | 171 | |||||
Materials and supplies | 280 | 279 | |||||
Regulatory assets | 5 | 148 | |||||
Other | 78 | 89 | |||||
1,357 | 1,520 | ||||||
Investments | |||||||
Nuclear decommissioning trust funds | 1,661 | 1,378 | |||||
Other | 38 | 34 | |||||
1,699 | 1,412 | ||||||
Property | |||||||
Property, plant, and equipment | 24,279 | 22,747 | |||||
Accumulated depreciation and amortization | (6,706 | ) | (7,310 | ) | |||
17,573 | 15,437 | ||||||
Other Assets | |||||||
Regulatory assets | 3,448 | 3,829 | |||||
Intangible assets | 15 | 21 | |||||
Prepaid postretirement costs — affiliates | 266 | 189 | |||||
Operating lease right-of-use assets | 87 | — | |||||
Other | 143 | 121 | |||||
3,959 | 4,160 | ||||||
Total Assets | $ | 24,588 | $ | 22,529 |
December 31, | |||||||||||
2022 | 2021 | ||||||||||
(In millions) | |||||||||||
ASSETS | |||||||||||
Current Assets | |||||||||||
Cash and cash equivalents | $ | 15 | $ | 9 | |||||||
Restricted cash | 9 | — | |||||||||
Accounts receivable (less allowance for doubtful accounts of $49 and $54, respectively) | |||||||||||
Customer | 727 | 694 | |||||||||
Affiliates | 8 | 36 | |||||||||
Other | 75 | 40 | |||||||||
Inventories | |||||||||||
Fuel | 167 | 171 | |||||||||
Materials and supplies | 331 | 316 | |||||||||
Regulatory assets | 421 | 168 | |||||||||
Other | 98 | 101 | |||||||||
1,851 | 1,535 | ||||||||||
Investments | |||||||||||
Nuclear decommissioning trust funds | 1,825 | 2,071 | |||||||||
Other | 44 | 44 | |||||||||
1,869 | 2,115 | ||||||||||
Property | |||||||||||
Property, plant, and equipment | 30,591 | 28,849 | |||||||||
Accumulated depreciation and amortization | (8,095) | (7,676) | |||||||||
22,496 | 21,173 | ||||||||||
Other Assets | |||||||||||
Regulatory assets | 3,219 | 2,968 | |||||||||
Securitized regulatory assets | 206 | — | |||||||||
Prepaid postretirement costs — affiliates | 345 | 402 | |||||||||
Operating lease right-of-use assets | 56 | 64 | |||||||||
Other | 194 | 148 | |||||||||
4,020 | 3,582 | ||||||||||
Total Assets | $ | 30,236 | $ | 28,405 |
December 31, | |||||||
2019 | 2018 | ||||||
(In millions, except shares) | |||||||
LIABILITIES AND SHAREHOLDER'S EQUITY | |||||||
Current Liabilities | |||||||
Accounts payable | |||||||
Affiliates | $ | 59 | $ | 71 | |||
Other | 406 | 441 | |||||
Accrued interest | 84 | 74 | |||||
Current portion long-term debt, including finance leases | 636 | 4 | |||||
Regulatory liabilities | 40 | 98 | |||||
Short-term borrowings | |||||||
Affiliates | 97 | 101 | |||||
Other | 354 | 149 | |||||
Operating lease liabilities | 12 | — | |||||
Other | 155 | 139 | |||||
1,843 | 1,077 | ||||||
Long-Term Debt (net of current portion) | |||||||
Mortgage bonds, notes, and other | 6,548 | 6,538 | |||||
Finance lease obligations | 4 | 7 | |||||
6,552 | 6,545 | ||||||
Other Liabilities | |||||||
Deferred income taxes | 2,355 | 2,246 | |||||
Regulatory liabilities | 2,546 | 2,171 | |||||
Asset retirement obligations | 2,447 | 2,271 | |||||
Unamortized investment tax credit | 166 | 137 | |||||
Nuclear decommissioning | 249 | 205 | |||||
Accrued pension liability — affiliates | 717 | 718 | |||||
Accrued postretirement liability — affiliates | 367 | 278 | |||||
Operating lease liabilities | 67 | — | |||||
Other | 84 | 88 | |||||
8,998 | 8,114 | ||||||
Commitments and Contingencies (Notes 10 and 19) | |||||||
Shareholder's Equity | |||||||
Common stock ($10 par value, 400,000,000 shares authorized, and 138,632,234 shares issued and outstanding for both periods) | 4,811 | 4,631 | |||||
Retained earnings | 2,384 | 2,162 | |||||
Total Shareholder's Equity | 7,195 | 6,793 | |||||
Total Liabilities and Shareholder's Equity | $ | 24,588 | $ | 22,529 |
December 31, | |||||||||||
2022 | 2021 | ||||||||||
(In millions, except shares) | |||||||||||
LIABILITIES AND SHAREHOLDER'S EQUITY | |||||||||||
Current Liabilities | |||||||||||
Accounts payable | |||||||||||
Affiliates | $ | 71 | $ | 83 | |||||||
Other | 637 | 567 | |||||||||
Accrued interest | 105 | 95 | |||||||||
Current portion long-term debt, including securitization bonds and finance leases | 248 | 322 | |||||||||
Regulatory liabilities | 33 | 154 | |||||||||
Short-term borrowings | |||||||||||
Affiliates | 27 | 53 | |||||||||
Other | 568 | 153 | |||||||||
Operating lease liabilities | 9 | 10 | |||||||||
Other | 204 | 206 | |||||||||
1,902 | 1,643 | ||||||||||
Long-Term Debt (net of current portion) | |||||||||||
Mortgage bonds, notes, and other | 9,282 | 8,591 | |||||||||
Securitization bonds | 172 | — | |||||||||
Finance lease liabilities | 1 | 7 | |||||||||
9,455 | 8,598 | ||||||||||
Other Liabilities | |||||||||||
Deferred income taxes | 2,946 | 2,741 | |||||||||
Regulatory liabilities | 1,778 | 2,221 | |||||||||
Asset retirement obligations | 3,221 | 2,932 | |||||||||
Unamortized investment tax credit | 182 | 158 | |||||||||
Nuclear decommissioning | 282 | 321 | |||||||||
Accrued pension liability — affiliates | 387 | 405 | |||||||||
Accrued postretirement liability — affiliates | 275 | 340 | |||||||||
Operating lease liabilities | 39 | 46 | |||||||||
Other | 74 | 97 | |||||||||
9,184 | 9,261 | ||||||||||
Commitments and Contingencies (Notes 9 and 18) | |||||||||||
Shareholder's Equity | |||||||||||
Common stock ($10 par value, 400,000,000 shares authorized, and 138,632,324 shares issued and outstanding for both periods) | 6,602 | 6,002 | |||||||||
Retained earnings | 3,093 | 2,901 | |||||||||
Total Shareholder's Equity | 9,695 | 8,903 | |||||||||
Total Liabilities and Shareholder's Equity | $ | 30,236 | $ | 28,405 |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
Operating Activities | (In millions) | ||||||||||
Net Income | $ | 716 | $ | 664 | $ | 601 | |||||
Adjustments to reconcile Net Income to Net cash from operating activities: | |||||||||||
Depreciation and amortization | 946 | 836 | 753 | ||||||||
Nuclear fuel amortization | 60 | 45 | 53 | ||||||||
Allowance for equity funds used during construction | (22 | ) | (19 | ) | (18 | ) | |||||
Deferred income taxes | 97 | 189 | 345 | ||||||||
Asset (gains) losses and impairments, net | 13 | — | — | ||||||||
Changes in assets and liabilities: | |||||||||||
Accounts receivable, net | 20 | 33 | (80 | ) | |||||||
Inventories | (17 | ) | 15 | 31 | |||||||
Prepaid postretirement benefit costs — affiliates | (77 | ) | (76 | ) | 1 | ||||||
Accounts payable | (57 | ) | 54 | (2 | ) | ||||||
Accrued pension liability — affiliates | (1 | ) | (93 | ) | (197 | ) | |||||
Accrued postretirement liability — affiliates | 89 | (33 | ) | 42 | |||||||
Regulatory assets and liabilities | 139 | 4 | 202 | ||||||||
Other current and noncurrent assets and liabilities | (197 | ) | 101 | (147 | ) | ||||||
Net cash from operating activities | 1,709 | 1,720 | 1,584 | ||||||||
Investing Activities | |||||||||||
Plant and equipment expenditures | (2,200 | ) | (1,989 | ) | (1,574 | ) | |||||
Proceeds from sale of nuclear decommissioning trust fund assets | 788 | 1,203 | 1,240 | ||||||||
Investment in nuclear decommissioning trust funds | (794 | ) | (1,188 | ) | (1,226 | ) | |||||
Other | (21 | ) | (15 | ) | 18 | ||||||
Net cash used for investing activities | (2,227 | ) | (1,989 | ) | (1,542 | ) | |||||
Financing Activities | |||||||||||
Issuance of long-term debt, net of issuance costs | 643 | 519 | 435 | ||||||||
Redemption of long-term debt | — | — | (300 | ) | |||||||
Capital contribution by parent company | 180 | 325 | 100 | ||||||||
Short-term borrowings, net — affiliate | (4 | ) | (15 | ) | (1 | ) | |||||
Short-term borrowings, net — other | 205 | (89 | ) | 176 | |||||||
Dividends on common stock | (494 | ) | (461 | ) | (432 | ) | |||||
Other | (18 | ) | (7 | ) | (18 | ) | |||||
Net cash from (used for) financing activities | 512 | 272 | (40 | ) | |||||||
Net Increase (Decrease) in Cash and Cash Equivalents | (6 | ) | 3 | 2 | |||||||
Cash and Cash Equivalents at Beginning of Period | 18 | 15 | 13 | ||||||||
Cash and Cash Equivalents at End of Period | $ | 12 | $ | 18 | $ | 15 | |||||
Supplemental disclosure of cash information | |||||||||||
Cash paid (received) for: | |||||||||||
Interest, net of interest capitalized | $ | 295 | $ | 283 | $ | 252 | |||||
Income taxes | $ | 46 | $ | — | $ | (16 | ) | ||||
Supplemental disclosure of non-cash investing and financing activities | |||||||||||
Plant and equipment expenditures in accounts payable | $ | 192 | $ | 181 | $ | 191 |
Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
Operating Activities | (In millions) | ||||||||||||||||
Net Income | $ | 955 | $ | 866 | $ | 778 | |||||||||||
Adjustments to reconcile Net Income to Net cash from operating activities: | |||||||||||||||||
Depreciation and amortization | 1,204 | 1,109 | 1,043 | ||||||||||||||
Nuclear fuel amortization | 42 | 58 | 37 | ||||||||||||||
Allowance for equity funds used during construction | (26) | (25) | (23) | ||||||||||||||
Deferred income taxes | 25 | 122 | 89 | ||||||||||||||
Asset (gains) losses and impairments, net | 8 | 1 | 41 | ||||||||||||||
Changes in assets and liabilities: | |||||||||||||||||
Accounts receivable, net | (40) | 68 | (42) | ||||||||||||||
Inventories | (26) | (11) | (12) | ||||||||||||||
Prepaid postretirement benefit costs — affiliates | 57 | (67) | (69) | ||||||||||||||
Accounts payable | 23 | 65 | 20 | ||||||||||||||
Accrued pension liability — affiliates | (18) | (326) | 14 | ||||||||||||||
Accrued postretirement liability — affiliates | (65) | (44) | 17 | ||||||||||||||
Regulatory assets and liabilities | (653) | 716 | 55 | ||||||||||||||
Other current and noncurrent assets and liabilities | 204 | (216) | (43) | ||||||||||||||
Net cash from operating activities | 1,690 | 2,316 | 1,905 | ||||||||||||||
Investing Activities | |||||||||||||||||
Plant and equipment expenditures | (2,626) | (3,017) | (2,674) | ||||||||||||||
Proceeds from sale of assets | 4 | — | — | ||||||||||||||
Proceeds from sale of nuclear decommissioning trust fund assets | 879 | 1,047 | 2,350 | ||||||||||||||
Investment in nuclear decommissioning trust funds | (878) | (1,046) | (2,350) | ||||||||||||||
Notes receivable and other | (44) | (31) | (8) | ||||||||||||||
Net cash used for investing activities | (2,665) | (3,047) | (2,682) | ||||||||||||||
Financing Activities | |||||||||||||||||
Issuance of long-term debt, net of discount and issuance costs | 1,118 | 985 | 1,683 | ||||||||||||||
Redemption of long-term debt | (337) | (321) | (632) | ||||||||||||||
Capital contribution by parent company | 600 | 555 | 636 | ||||||||||||||
Short-term borrowings, net — affiliate | (26) | (48) | 4 | ||||||||||||||
Short-term borrowings, net — other | 415 | 153 | (354) | ||||||||||||||
Dividends paid on common stock | (763) | (588) | (539) | ||||||||||||||
Other | (17) | (12) | (17) | ||||||||||||||
Net cash from financing activities | 990 | 724 | 781 | ||||||||||||||
Net Increase (Decrease) in Cash and Cash Equivalents | 15 | (7) | 4 | ||||||||||||||
Cash and Cash Equivalents at Beginning of Period | 9 | 16 | 12 | ||||||||||||||
Cash and Cash Equivalents at End of Period | $ | 24 | $ | 9 | $ | 16 | |||||||||||
Supplemental disclosure of cash information | |||||||||||||||||
Cash paid (received) for: | |||||||||||||||||
Interest, net of interest capitalized | $ | 350 | $ | 321 | $ | 315 | |||||||||||
Income taxes | $ | (33) | $ | 5 | $ | 14 | |||||||||||
Supplemental disclosure of non-cash investing and financing activities | |||||||||||||||||
Plant and equipment expenditures in accounts payable | $ | 335 | $ | 286 | $ | 174 |
Additional Paid-in Capital | Retained Earnings | Accumulated Other Comprehensive Income | ||||||||||||||||||||
Common Stock | ||||||||||||||||||||||
Shares | Amount | Total | ||||||||||||||||||||
(Dollars in millions, shares in thousands) | ||||||||||||||||||||||
Balance, December 31, 2016 | 138,632 | $ | 1,386 | $ | 2,820 | $ | 1,787 | $ | 2 | $ | 5,995 | |||||||||||
Net Income | — | — | — | 601 | — | 601 | ||||||||||||||||
Dividends declared on common stock | — | — | — | (432 | ) | — | (432 | ) | ||||||||||||||
Other comprehensive income, net of tax | — | — | — | — | 1 | 1 | ||||||||||||||||
Capital contribution by parent company | — | — | 100 | — | — | 100 | ||||||||||||||||
Balance, December 31, 2017 | 138,632 | $ | 1,386 | $ | 2,920 | $ | 1,956 | $ | 3 | $ | 6,265 | |||||||||||
Implementation of ASU 2016-01 | — | — | — | 3 | (3 | ) | — | |||||||||||||||
Net Income | — | — | — | 664 | — | 664 | ||||||||||||||||
Dividends declared on common stock | — | — | — | (461 | ) | — | (461 | ) | ||||||||||||||
Capital contribution by parent company | — | — | 325 | — | — | 325 | ||||||||||||||||
Balance, December 31, 2018 | 138,632 | $ | 1,386 | $ | 3,245 | $ | 2,162 | $ | — | $ | 6,793 | |||||||||||
Net Income | — | — | — | 716 | — | 716 | ||||||||||||||||
Dividends declared on common stock | — | — | — | (494 | ) | — | (494 | ) | ||||||||||||||
Capital contribution by parent company | — | — | 180 | — | — | 180 | ||||||||||||||||
Balance, December 31, 2019 | 138,632 | $ | 1,386 | $ | 3,425 | $ | 2,384 | $ | — | $ | 7,195 |
Additional Paid-in Capital | Retained Earnings | ||||||||||||||||||||||||||||||||||
Common Stock | |||||||||||||||||||||||||||||||||||
Shares | Amount | Total | |||||||||||||||||||||||||||||||||
(Dollars in millions, shares in thousands) | |||||||||||||||||||||||||||||||||||
Balance, December 31, 2019 | 138,632 | $ | 1,386 | $ | 3,425 | $ | 2,384 | $ | 7,195 | ||||||||||||||||||||||||||
Net Income | — | — | — | 778 | 778 | ||||||||||||||||||||||||||||||
Dividends declared on common stock | — | — | — | (539) | (539) | ||||||||||||||||||||||||||||||
Capital contribution by parent company | — | — | 636 | — | 636 | ||||||||||||||||||||||||||||||
Balance, December 31, 2020 | 138,632 | $ | 1,386 | $ | 4,061 | $ | 2,623 | $ | 8,070 | ||||||||||||||||||||||||||
Net Income | — | — | — | 866 | 866 | ||||||||||||||||||||||||||||||
Dividends declared on common stock | — | — | — | (588) | (588) | ||||||||||||||||||||||||||||||
Capital contribution by parent company | — | — | 555 | — | 555 | ||||||||||||||||||||||||||||||
Balance, December 31, 2021 | 138,632 | $ | 1,386 | $ | 4,616 | $ | 2,901 | $ | 8,903 | ||||||||||||||||||||||||||
Net Income | — | — | — | 955 | 955 | ||||||||||||||||||||||||||||||
Dividends declared on common stock | — | — | — | (763) | (763) | ||||||||||||||||||||||||||||||
Capital contribution by parent company | — | — | 600 | — | 600 | ||||||||||||||||||||||||||||||
Balance, December 31, 2022 | 138,632 | $ | 1,386 | $ | 5,216 | $ | 3,093 | $ | 9,695 |
Note 1 | Organization and Basis of Presentation | DTE Energy and DTE Electric | ||||||||||||
Note 2 | Significant Accounting Policies | DTE Energy and DTE Electric | ||||||||||||
Note 3 | New Accounting Pronouncements | DTE Energy and DTE Electric | ||||||||||||
Note 4 | Discontinued Operations | DTE Energy | ||||||||||||
Note 5 | Revenue | DTE Energy and DTE Electric | ||||||||||||
Note | DTE Energy and DTE Electric | |||||||||||||
Note | DTE Energy and DTE Electric | |||||||||||||
Note | DTE Energy and DTE Electric | |||||||||||||
Note | ||||||||||||||
DTE Energy and DTE Electric | ||||||||||||||
Note | ||||||||||||||
DTE Energy and DTE Electric | ||||||||||||||
Note | DTE Energy | |||||||||||||
Note 12 | Fair Value | DTE Energy and DTE Electric | ||||||||||||
Note | DTE Energy and DTE Electric | |||||||||||||
Note | DTE Energy and DTE Electric | |||||||||||||
Note | DTE Energy and DTE Electric | |||||||||||||
Note | ||||||||||||||
DTE Energy and DTE Electric | ||||||||||||||
Note | DTE Energy and DTE Electric | |||||||||||||
Note | DTE Energy and DTE Electric | |||||||||||||
Note | DTE Energy and DTE Electric | |||||||||||||
Note | DTE Energy and DTE Electric | |||||||||||||
Note | DTE Energy and DTE Electric | |||||||||||||
Note | DTE Energy | |||||||||||||
Note 23 | Related Party Transactions | DTE Electric | ||||||||||||
Note 24 | Supplementary Quarterly Financial Information (Unaudited) | DTE Energy and DTE Electric | ||||||||||||
December 31, | ||||||||||||||||||||||||||||||||||||||||
December 31, 2019 | December 31, 2018 | 2022 | 2021 | |||||||||||||||||||||||||||||||||||||
SGG(a) | Other | Total | SGG(a) | Other | Total | DTE Energy | DTE Electric(a) | DTE Energy | ||||||||||||||||||||||||||||||||
(In millions) | (In millions) | |||||||||||||||||||||||||||||||||||||||
ASSETS | ASSETS | |||||||||||||||||||||||||||||||||||||||
Cash and cash equivalents | $ | 16 | $ | 11 | $ | 27 | $ | 25 | $ | 14 | $ | 39 | Cash and cash equivalents | $ | 14 | $ | — | $ | 11 | |||||||||||||||||||||
Restricted cash | — | — | — | — | 5 | 5 | Restricted cash | 9 | 9 | 6 | ||||||||||||||||||||||||||||||
Accounts receivable | 8 | 19 | 27 | 9 | 37 | 46 | ||||||||||||||||||||||||||||||||||
Inventories | — | 74 | 74 | 1 | 92 | 93 | ||||||||||||||||||||||||||||||||||
Property, plant, and equipment, net | 410 | 33 | 443 | 395 | 46 | 441 | ||||||||||||||||||||||||||||||||||
Goodwill | 25 | — | 25 | 25 | — | 25 | ||||||||||||||||||||||||||||||||||
Intangible assets | 542 | — | 542 | 557 | — | 557 | ||||||||||||||||||||||||||||||||||
Securitized regulatory assets | Securitized regulatory assets | 206 | 206 | — | ||||||||||||||||||||||||||||||||||||
Notes receivable | Notes receivable | 81 | — | 70 | ||||||||||||||||||||||||||||||||||||
Other current and long-term assets | 2 | — | 2 | 3 | — | 3 | Other current and long-term assets | 14 | 3 | 8 | ||||||||||||||||||||||||||||||
$ | 1,003 | $ | 137 | $ | 1,140 | $ | 1,015 | $ | 194 | $ | 1,209 | $ | 324 | $ | 218 | $ | 95 | |||||||||||||||||||||||
LIABILITIES | LIABILITIES | |||||||||||||||||||||||||||||||||||||||
Accounts payable and accrued current liabilities | $ | 2 | $ | 13 | $ | 15 | $ | 3 | $ | 31 | $ | 34 | ||||||||||||||||||||||||||||
Short-term borrowings | Short-term borrowings | $ | 81 | $ | — | $ | 75 | |||||||||||||||||||||||||||||||||
Securitization bonds(b) | Securitization bonds(b) | 211 | 211 | — | ||||||||||||||||||||||||||||||||||||
Other current and long-term liabilities | 7 | 7 | 14 | 9 | 10 | 19 | Other current and long-term liabilities | 14 | 9 | 5 | ||||||||||||||||||||||||||||||
$ | 9 | $ | 20 | $ | 29 | $ | 12 | $ | 41 | $ | 53 | $ | 306 | $ | 220 | $ | 80 |
December 31, | |||||||
2019 | 2018 | ||||||
(In millions) | |||||||
Investments in equity method investees | $ | 1,503 | $ | 1,425 | |||
Notes receivable | $ | 21 | $ | 15 | |||
Future funding commitments | $ | 63 | $ | 55 |
December 31, | |||||||||||
2022 | 2021 | ||||||||||
(In millions) | |||||||||||
Investments in equity method investees | $ | 137 | $ | 172 | |||||||
Notes receivable | $ | 15 | $ | 13 | |||||||
Future funding commitments | $ | 2 | $ | 3 |
Investments | % Owned | |||||||||||||
Segment | 2019 | 2018 | 2019 | 2018 | Description | |||||||||
(In millions) | ||||||||||||||
Significant Equity Method Investees | ||||||||||||||
Gas Storage and Pipelines | ||||||||||||||
NEXUS Pipeline | $ | 1,345 | $ | 1,260 | 50% | 50% | 256-mile pipeline to transport Utica and Marcellus shale gas to Ohio, Michigan, and Ontario market centers. Also includes Generation Pipeline, a 23-mile pipeline located in northern Ohio | |||||||
Vector Pipeline | 131 | 123 | 40% | 40% | 348-mile pipeline connecting Chicago, Michigan, and Ontario market centers | |||||||||
Millennium Pipeline | 209 | 202 | 26% | 26% | 263-mile pipeline serving markets in the Northeast | |||||||||
1,685 | 1,585 | |||||||||||||
Other Equity Method Investees | ||||||||||||||
Other Segments | 177 | 186 | ||||||||||||
$ | 1,862 | $ | 1,771 |
December 31, | |||||||
2019 | 2018 | ||||||
(In millions) | |||||||
Current Assets | $ | 374 | $ | 358 | |||
Non-current assets | $ | 5,260 | $ | 5,101 | |||
Current Liabilities | $ | 414 | $ | 391 | |||
Non-current liabilities | $ | 698 | $ | 762 |
December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
(In millions) | |||||||||||
Operating Revenues | $ | 1,210 | $ | 883 | $ | 756 | |||||
Operating Expenses | $ | 853 | $ | 622 | $ | 561 | |||||
Net Income | $ | 313 | $ | 365 | $ | 254 |
2022 | 2021 | 2020 | |||||||||||||||
(In millions) | |||||||||||||||||
Allowance for equity funds used during construction | $ | 29 | $ | 27 | $ | 25 | |||||||||||
Contract services | 28 | 27 | 28 | ||||||||||||||
Gains from rabbi trust securities(a) | 3 | 8 | 28 | ||||||||||||||
Income from REF entities | — | 141 | 139 | ||||||||||||||
Equity earnings (losses) of equity method investees | (14) | 38 | 26 | ||||||||||||||
Other | 12 | 13 | 13 | ||||||||||||||
$ | 58 | $ | 254 | $ | 259 |
2019 | 2018 | 2017 | |||||||||
(In millions) | |||||||||||
Income from REF entities | $ | 130 | $ | 98 | $ | 77 | |||||
Equity earnings of equity method investees | 111 | 132 | 102 | ||||||||
Gains from equity securities | 37 | 6 | 26 | ||||||||
Contract services | 29 | 51 | 19 | ||||||||
Allowance for equity funds used during construction | 24 | 28 | 23 | ||||||||
Other | 19 | 18 | 21 | ||||||||
$ | 350 | $ | 333 | $ | 268 |
2022 | 2021 | 2020 | |||||||||||||||
(In millions) | |||||||||||||||||
Contract services | $ | 27 | $ | 27 | $ | 28 | |||||||||||
Allowance for equity funds used during construction | 26 | 25 | 23 | ||||||||||||||
Gains from rabbi trust securities allocated from DTE Energy(a) | 3 | 8 | 28 | ||||||||||||||
Other | 9 | 11 | 8 | ||||||||||||||
$ | 65 | $ | 71 | $ | 87 |
2019 | 2018 | 2017 | |||||||||
(In millions) | |||||||||||
Gains from equity securities allocated from DTE Energy | $ | 37 | $ | 6 | $ | 26 | |||||
Contract services | 32 | 51 | 21 | ||||||||
Allowance for equity funds used during construction | 22 | 19 | 18 | ||||||||
Other | 16 | 7 | 12 | ||||||||
$ | 107 | $ | 83 | $ | 77 |
Net Unrealized Gain (Loss) on Derivatives | Net Unrealized Loss on Investments | Benefit Obligations(b) | Foreign Currency Translation | Total | |||||||||||||||
(In millions) | |||||||||||||||||||
Balance, December 31, 2017 | $ | (3 | ) | $ | (2 | ) | $ | (110 | ) | $ | (5 | ) | $ | (120 | ) | ||||
Other comprehensive loss before reclassifications | (2 | ) | — | (1 | ) | (2 | ) | (5 | ) | ||||||||||
Amounts reclassified from Accumulated other comprehensive income (loss) | 1 | — | 9 | — | 10 | ||||||||||||||
Net current-period Other comprehensive income (loss) | (1 | ) | — | 8 | (2 | ) | 5 | ||||||||||||
Implementation of ASU 2016-01 | (7 | ) | 2 | — | — | (5 | ) | ||||||||||||
Balance, December 31, 2018 | $ | (11 | ) | $ | — | $ | (102 | ) | $ | (7 | ) | $ | (120 | ) | |||||
Other comprehensive income (loss) before reclassifications | (14 | ) | — | (7 | ) | 1 | (20 | ) | |||||||||||
Amounts reclassified from Accumulated other comprehensive income (loss) | 2 | — | 15 | — | 17 | ||||||||||||||
Net current-period Other comprehensive income (loss) | (12 | ) | — | 8 | 1 | (3 | ) | ||||||||||||
Implementation of ASU 2018-02 | (2 | ) | — | (23 | ) | — | (25 | ) | |||||||||||
Balance, December 31, 2019 | $ | (25 | ) | $ | — | $ | (117 | ) | $ | (6 | ) | $ | (148 | ) |
Net Unrealized Gain (Loss) on Derivatives | Benefit Obligations(b) | Foreign Currency Translation | Total | ||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||
Balance, December 31, 2020 | $ | (23) | $ | (109) | $ | (5) | $ | (137) | |||||||||||||||||||||
Other comprehensive income before reclassifications | 1 | 1 | — | 2 | |||||||||||||||||||||||||
Amounts reclassified from Accumulated other comprehensive loss | 6 | 7 | — | 13 | |||||||||||||||||||||||||
Net current period Other comprehensive income | 7 | 8 | — | 15 | |||||||||||||||||||||||||
Separation of DT Midstream | 5 | — | 5 | 10 | |||||||||||||||||||||||||
Balance, December 31, 2021 | $ | (11) | $ | (101) | $ | — | $ | (112) | |||||||||||||||||||||
Other comprehensive income before reclassifications | 5 | — | — | 5 | |||||||||||||||||||||||||
Amounts reclassified from Accumulated other comprehensive loss | 2 | 43 | — | 45 | |||||||||||||||||||||||||
Net current period Other comprehensive income | 7 | 43 | — | 50 | |||||||||||||||||||||||||
Balance, December 31, 2022 | $ | (4) | $ | (58) | $ | — | $ | (62) |
DTE Energy | DTE Electric | ||||||||||||||||||||||||||||
Year of origination | |||||||||||||||||||||||||||||
2022 | 2021 | 2020 and prior | Total | 2022 and prior | |||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||
Notes receivable | |||||||||||||||||||||||||||||
Internal grade 1 | $ | — | $ | — | $ | 21 | $ | 21 | $ | 17 | |||||||||||||||||||
Internal grade 2 | 40 | 3 | 16 | 59 | — | ||||||||||||||||||||||||
Total notes receivable(a) | $ | 40 | $ | 3 | $ | 37 | $ | 80 | $ | 17 | |||||||||||||||||||
Net investment in leases | |||||||||||||||||||||||||||||
Net investment in leases, internal grade 1 | $ | — | $ | — | $ | 37 | $ | 37 | $ | — | |||||||||||||||||||
Net investment in leases, internal grade 2 | 67 | — | 188 | 255 | — | ||||||||||||||||||||||||
Total net investment in leases(a) | $ | 67 | $ | — | $ | 225 | $ | 292 | $ | — |
DTE Energy | DTE Electric | ||||||||||||||||||||||||||||||||||
Trade accounts receivable | Other receivables | Total | Trade and other accounts receivable | ||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
Beginning reserve balance, January 1, 2022 | $ | 89 | $ | 3 | $ | 92 | $ | 54 | |||||||||||||||||||||||||||
Current period provision | 49 | — | 49 | 33 | |||||||||||||||||||||||||||||||
Write-offs charged against allowance | (105) | (2) | (107) | (66) | |||||||||||||||||||||||||||||||
Recoveries of amounts previously written off | 45 | — | 45 | 28 | |||||||||||||||||||||||||||||||
Ending reserve balance, December 31, 2022 | $ | 78 | $ | 1 | $ | 79 | $ | 49 |
DTE Energy | DTE Electric | ||||||||||||||||||||||||||||||||||
Trade accounts receivable | Other receivables | Total | Trade and other accounts receivable | ||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
Beginning reserve balance, January 1, 2021 | $ | 101 | $ | 3 | $ | 104 | $ | 57 | |||||||||||||||||||||||||||
Current period provision | 53 | 1 | 54 | 36 | |||||||||||||||||||||||||||||||
Write-offs charged against allowance | (126) | (1) | (127) | (77) | |||||||||||||||||||||||||||||||
Recoveries of amounts previously written off | 61 | — | 61 | 38 | |||||||||||||||||||||||||||||||
Ending reserve balance, December 31, 2021 | $ | 89 | $ | 3 | $ | 92 | $ | 54 |
Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
(In millions) | |||||||||||||||||
DTE Energy | $ | 55 | $ | 55 | $ | 105 | |||||||||||
DTE Electric | $ | 35 | $ | 36 | $ | 62 |
December 31, 2019 | December 31, 2018 | ||||||||||||||||||||||||
Useful Lives | Gross Carrying Value | Accumulated Amortization | Net Carrying Value | Gross Carrying Value | Accumulated Amortization | Net Carrying Value | |||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Intangible assets subject to amortization | |||||||||||||||||||||||||
Customer relationships | 25 to 40 years(a) | $ | 2,252 | $ | (66 | ) | $ | 2,186 | $ | 779 | $ | (44 | ) | $ | 735 | ||||||||||
Contract intangibles | 6 to 26 years | 268 | (76 | ) | 192 | 159 | (66 | ) | 93 | ||||||||||||||||
2,520 | (142 | ) | 2,378 | 938 | (110 | ) | 828 | ||||||||||||||||||
DTE Electric renewable energy credits | (b) | 15 | — | 15 | 20 | — | 20 | ||||||||||||||||||
DTE Electric emission allowances | (b) | — | — | — | 1 | — | 1 | ||||||||||||||||||
DTE Electric Long-term intangible assets | 15 | — | 15 | 21 | — | 21 | |||||||||||||||||||
DTE Energy Long-term intangible assets | $ | 2,535 | $ | (142 | ) | $ | 2,393 | $ | 959 | $ | (110 | ) | $ | 849 |
December 31, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||
Useful Lives | Gross Carrying Value | Accumulated Amortization | Net Carrying Value | Gross Carrying Value | Accumulated Amortization | Net Carrying Value | |||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Intangible assets subject to amortization | |||||||||||||||||||||||||||||||||||||||||
Contract intangibles(a) | 12 to 26 years | $ | 246 | $ | (88) | $ | 158 | $ | 271 | $ | (98) | $ | 173 | ||||||||||||||||||||||||||||
Renewable energy credits | 2 | — | 2 | 2 | — | 2 | |||||||||||||||||||||||||||||||||||
Carbon offsets | 6 | — | 6 | 2 | — | 2 | |||||||||||||||||||||||||||||||||||
Intangible assets not subject to amortization(b) | 8 | — | 8 | 4 | — | 4 | |||||||||||||||||||||||||||||||||||
DTE Energy Long-term intangible assets | $ | 254 | $ | (88) | $ | 166 | $ | 275 | $ | (98) | $ | 177 |
2020 | 2021 | 2022 | 2023 | 2024 | |||||||||||||||
(In millions) | |||||||||||||||||||
Estimated amortization expense | $ | 82 | $ | 86 | $ | 86 | $ | 86 | $ | 86 |
2023 | 2024 | 2025 | 2026 | 2027 | |||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||
Estimated amortization expense | $ | 16 | $ | 16 | $ | 16 | $ | 14 | $ | 14 |
Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
(In millions) | |||||||||||||||||
Amortization expense of capitalized cloud computing costs | $ | 4 | $ | 1 | $ | — | |||||||||||
Gross value of capitalized cloud computing costs | $ | 42 | $ | 16 | |||||||||||||
Accumulated amortization of capitalized cloud computing costs | $ | 5 | $ | 1 |
Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
(In millions) | |||||||||||||||||
Amortization expense of capitalized cloud computing costs | $ | 3 | $ | 1 | $ | — | |||||||||||
Gross value of capitalized cloud computing costs | $ | 33 | $ | 12 | |||||||||||||
Accumulated amortization of capitalized cloud computing costs | $ | 4 | $ | 1 |
Note | Title | |||||||
5 | Revenue | |||||||
Property, Plant, and Equipment | ||||||||
8 | Asset Retirement Obligations | |||||||
Regulatory Matters | ||||||||
Income Taxes | ||||||||
Fair Value | ||||||||
Financial and Other Derivative Instruments | ||||||||
Leases | ||||||||
Retirement Benefits and Trusteed Assets | ||||||||
Stock-Based Compensation | ||||||||
22 | Segment and Related Information | |||||||
23 | Related Party Transactions |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | ||||||||||||||||
Operating Revenues — Non-utility operations | $ | 405 | $ | 754 | |||||||||||||
Operating Expenses | |||||||||||||||||
Cost of gas and other — non-utility | 15 | 21 | |||||||||||||||
Operation and maintenance(a) | 123 | 138 | |||||||||||||||
Depreciation and amortization | 82 | 151 | |||||||||||||||
Taxes other than income | 13 | 15 | |||||||||||||||
Asset (gains) losses and impairments, net | 17 | (2) | |||||||||||||||
250 | 323 | ||||||||||||||||
Operating Income | 155 | 431 | |||||||||||||||
Other (Income) and Deductions | |||||||||||||||||
Interest expense | 50 | 113 | |||||||||||||||
Interest income | (4) | (9) | |||||||||||||||
Other income | (62) | (129) | |||||||||||||||
(16) | (25) | ||||||||||||||||
Income from Discontinued Operations Before Income Taxes | 171 | 456 | |||||||||||||||
Income Tax Expense | 54 | 130 | |||||||||||||||
Net Income from Discontinued Operations, Net of Taxes | 117 | 326 | |||||||||||||||
Less: Net Income Attributable to Noncontrolling Interests | 6 | 12 | |||||||||||||||
Net Income from Discontinued Operations | $ | 111 | $ | 314 |
Year Ended December 31, | |||||||||||||||||
2021 | 2020 | ||||||||||||||||
(In millions) | |||||||||||||||||
Operating Activities | |||||||||||||||||
Depreciation and amortization | $ | 82 | $ | 151 | |||||||||||||
Deferred income taxes | 53 | 125 | |||||||||||||||
Equity earnings of equity method investees | (59) | (106) | |||||||||||||||
Asset (gains) losses and impairments, net | 19 | (2) | |||||||||||||||
Investing Activities | |||||||||||||||||
Plant and equipment expenditures — non-utility | (60) | (517) | |||||||||||||||
Financing Activities | |||||||||||||||||
Acquisition related deferred payment, excluding accretion | — | (380) |
(In millions) | |||
Contract intangibles | $ | 109 | |
Property, plant, and equipment, net | 60 | ||
Working capital | 6 | ||
Total | $ | 175 |
(In millions) | |||
Assets | |||
Cash | $ | 62 | |
Accounts receivable | 31 | ||
Property, plant, and equipment, net | 1,035 | ||
Goodwill | 171 | ||
Customer relationship intangibles | 1,473 | ||
Other current assets | 1 | ||
$ | 2,773 | ||
Liabilities | |||
Accounts payable | $ | 26 | |
Acquisition related deferred payment | 378 | ||
Other current liabilities | 2 | ||
Asset retirement obligations | 9 | ||
$ | 415 | ||
Total cash consideration | $ | 2,358 |
2019 | 2018 | 2022 | 2021 | 2020 | ||||||||||||||||||||||||||
(In millions) | (In millions) | |||||||||||||||||||||||||||||
Electric(a) | Electric(a) | |||||||||||||||||||||||||||||
Residential | $ | 2,427 | $ | 2,494 | Residential | $ | 2,911 | $ | 2,926 | $ | 2,825 | |||||||||||||||||||
Commercial | 1,795 | 1,794 | Commercial | 1,958 | 1,908 | 1,739 | ||||||||||||||||||||||||
Industrial | 659 | 690 | Industrial | 659 | 628 | 592 | ||||||||||||||||||||||||
Other(b) | 348 | 320 | Other(b) | 884 | 359 | 364 | ||||||||||||||||||||||||
Total Electric operating revenues(c) | $ | 5,229 | $ | 5,298 | ||||||||||||||||||||||||||
Total Electric operating revenues | Total Electric operating revenues | $ | 6,412 | $ | 5,821 | $ | 5,520 | |||||||||||||||||||||||
Gas | Gas | |||||||||||||||||||||||||||||
Gas sales | $ | 1,043 | $ | 1,055 | Gas sales | $ | 1,442 | $ | 1,058 | $ | 971 | |||||||||||||||||||
End User Transportation | 219 | 232 | End User Transportation | 264 | 233 | 218 | ||||||||||||||||||||||||
Intermediate Transportation | 78 | 58 | Intermediate Transportation | 81 | 82 | 79 | ||||||||||||||||||||||||
Other(b) | 142 | 91 | Other(b) | 137 | 180 | 146 | ||||||||||||||||||||||||
Total Gas operating revenues(d) | $ | 1,482 | $ | 1,436 | ||||||||||||||||||||||||||
Total Gas operating revenues | Total Gas operating revenues | $ | 1,924 | $ | 1,553 | $ | 1,414 | |||||||||||||||||||||||
Other segment operating revenues | Other segment operating revenues | |||||||||||||||||||||||||||||
Gas Storage and Pipelines(e) | $ | 501 | $ | 485 | ||||||||||||||||||||||||||
Power and Industrial Projects(f) | $ | 1,560 | $ | 2,204 | ||||||||||||||||||||||||||
Energy Trading(g) | $ | 4,610 | $ | 5,557 | ||||||||||||||||||||||||||
DTE Vantage | DTE Vantage | $ | 848 | $ | 1,482 | $ | 1,224 | |||||||||||||||||||||||
Energy Trading | Energy Trading | $ | 10,308 | $ | 6,831 | $ | 3,863 |
(a) |
(b)Includes revenue adjustments related to various regulatory mechanisms, including the PSCR at the Electric segment and GCR at the Gas segment. Revenues related to these mechanisms may vary based on changes in the cost of fuel, purchased power, and gas. Revenues included the following which were outside the scope of Topic 606:
|
DTE Energy | |||
(In millions) | |||
Beginning Balance, January 1, 2019 | $ | 74 | |
Increases due to cash received or receivable, excluding amounts recognized as revenue during the period | 51 | ||
Revenue recognized that was included in the deferred revenue balance at the beginning of the period | (50 | ) | |
Ending Balance, December 31, 2019 | $ | 75 |
DTE Energy | |||||
(In millions) | |||||
Beginning Balance, January 1, 2022 | $ | 78 | |||
Increases due to cash received or receivable, excluding amounts recognized as revenue during the period | 91 | ||||
Revenue recognized that was included in the deferred revenue balance at the beginning of the period | (75) | ||||
Ending Balance, December 31, 2022 | $ | 94 |
DTE Energy | |||
(In millions) | |||
2020 | $ | 43 | |
2021 | 6 | ||
2022 | 7 | ||
2023 | 6 | ||
2024 | 3 | ||
2025 and thereafter | 10 | ||
$ | 75 |
DTE Energy | |||||
(In millions) | |||||
2023 | $ | 91 | |||
2024 | 1 | ||||
2025 | 1 | ||||
2026 | 1 | ||||
2027 | — | ||||
2028 and thereafter | — | ||||
$ | 94 |
DTE Energy | DTE Electric | ||||||||||
(In millions) | |||||||||||
2023 | $ | 255 | $ | 7 | |||||||
2024 | 195 | 7 | |||||||||
2025 | 128 | 1 | |||||||||
2026 | 71 | — | |||||||||
2027 | 57 | — | |||||||||
2028 and thereafter | 302 | — | |||||||||
$ | 1,008 | $ | 15 |
DTE Energy | DTE Electric | ||||||
(In millions) | |||||||
2020 | $ | 253 | $ | 8 | |||
2021 | 292 | 8 | |||||
2022 | 232 | 7 | |||||
2023 | 164 | 7 | |||||
2024 | 126 | 7 | |||||
2025 and thereafter | 538 | — | |||||
$ | 1,605 | $ | 37 |
December 31, | |||||||
2019 | 2018 | ||||||
(In millions) | |||||||
DTE Energy | $ | 111 | $ | 140 | |||
DTE Electric | $ | 65 | $ | 85 |
2019 | 2018 | ||||||
(In millions) | |||||||
Balance as of January 1 | $ | 2,293 | $ | 2,293 | |||
Goodwill attributable to Gas Storage and Pipelines 2019 acquisition of Blue Union and LEAP | 171 | — | |||||
Balance at December 31 | $ | 2,464 | $ | 2,293 |
2019 | 2018 | ||||||
Property, plant, and equipment | (In millions) | ||||||
DTE Electric | |||||||
Generation | $ | 12,028 | $ | 11,027 | |||
Distribution | 9,715 | 9,153 | |||||
Other | 2,536 | 2,567 | |||||
Total DTE Electric | 24,279 | 22,747 | |||||
DTE Gas | |||||||
Distribution | 4,164 | 3,823 | |||||
Storage | 570 | 548 | |||||
Transmission and other | 1,244 | 1,204 | |||||
Total DTE Gas | 5,978 | 5,575 | |||||
Non-utility and other | |||||||
Gas Storage and Pipelines | 3,524 | 2,307 | |||||
Power and Industrial Projects | 1,108 | 1,070 | |||||
Other | 183 | 111 | |||||
Non-utility and other | 4,815 | 3,488 | |||||
Total DTE Energy | 35,072 | 31,810 | |||||
Accumulated depreciation and amortization | |||||||
DTE Electric | |||||||
Generation | (3,460 | ) | (3,609 | ) | |||
Distribution | (2,553 | ) | (2,974 | ) | |||
Other | (693 | ) | (727 | ) | |||
Total DTE Electric | (6,706 | ) | (7,310 | ) | |||
DTE Gas | |||||||
Distribution | (1,334 | ) | (1,283 | ) | |||
Storage | (172 | ) | (165 | ) | |||
Transmission and other | (409 | ) | (404 | ) | |||
Total DTE Gas | (1,915 | ) | (1,852 | ) | |||
Non-utility and other | |||||||
Gas Storage and Pipelines | (459 | ) | (390 | ) | |||
Power and Industrial Projects | (604 | ) | (546 | ) | |||
Other | (71 | ) | (62 | ) | |||
Non-utility and other | (1,134 | ) | (998 | ) | |||
Total DTE Energy | (9,755 | ) | (10,160 | ) | |||
Net DTE Energy Property, plant, and equipment | $ | 25,317 | $ | 21,650 | |||
Net DTE Electric Property, plant, and equipment | $ | 17,573 | $ | 15,437 |
2022 | 2021 | ||||||||||
Property, plant, and equipment | (In millions) | ||||||||||
DTE Electric | |||||||||||
Zero carbon generation | |||||||||||
Nuclear | $ | 3,684 | $ | 3,394 | |||||||
Renewables | 2,567 | 2,522 | |||||||||
Fossil and other generation | 8,789 | 8,640 | |||||||||
Distribution | 12,502 | 11,414 | |||||||||
Other | 3,049 | 2,879 | |||||||||
Total DTE Electric | 30,591 | 28,849 | |||||||||
DTE Gas | |||||||||||
Distribution | 5,376 | 4,900 | |||||||||
Storage | 607 | 593 | |||||||||
Transmission and other | 1,534 | 1,415 | |||||||||
Total DTE Gas | 7,517 | 6,908 | |||||||||
DTE Vantage | 1,059 | 1,118 | |||||||||
Other | 179 | 208 | |||||||||
Total DTE Energy | $ | 39,346 | $ | 37,083 | |||||||
Accumulated depreciation and amortization | |||||||||||
DTE Electric | |||||||||||
Zero carbon generation | |||||||||||
Nuclear | $ | (428) | $ | (413) | |||||||
Renewables | (426) | (357) | |||||||||
Fossil and other generation | (3,352) | (3,214) | |||||||||
Distribution | (3,040) | (2,842) | |||||||||
Other | (849) | (850) | |||||||||
Total DTE Electric | (8,095) | (7,676) | |||||||||
DTE Gas | |||||||||||
Distribution | (1,330) | (1,265) | |||||||||
Storage | (163) | (154) | |||||||||
Transmission and other | (461) | (426) | |||||||||
Total DTE Gas | (1,954) | (1,845) | |||||||||
DTE Vantage | (469) | (545) | |||||||||
Other | (61) | (73) | |||||||||
Total DTE Energy | $ | (10,579) | $ | (10,139) | |||||||
Net DTE Energy Property, plant, and equipment | $ | 28,767 | $ | 26,944 | |||||||
Net DTE Electric Property, plant, and equipment | $ | 22,496 | $ | 21,173 |
DTE Energy | DTE Electric | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
(In millions) | |||||||||||||||
Allowance for debt funds used during construction and interest capitalized | $ | 15 | $ | 15 | $ | 10 | $ | 9 | |||||||
Allowance for equity funds used during construction | 24 | 28 | 22 | 19 | |||||||||||
Total | $ | 39 | $ | 43 | $ | 32 | $ | 28 |
2022 | 2021 | 2020 | |||||||||||||||
DTE Electric AFUDC | 5.46 | % | 5.46 | % | 5.47 | % | |||||||||||
DTE Gas AFUDC | 5.41 | % | 5.55 | % | 5.56 | % | |||||||||||
Non-regulated businesses capitalized interest | 3.00 | % | 3.30 | % | 3.90 | % |
2022 | 2021 | 2020 | |||||||||||||||
DTE Energy | (In millions) | ||||||||||||||||
Allowance for debt funds used during construction and interest capitalized | $ | 13 | $ | 12 | $ | 11 | |||||||||||
Allowance for equity funds used during construction | 29 | 27 | 25 | ||||||||||||||
Total | $ | 42 | $ | 39 | $ | 36 |
2022 | 2021 | 2020 | |||||||||||||||
DTE Electric | (In millions) | ||||||||||||||||
Allowance for debt funds used during construction | $ | 11 | $ | 11 | $ | 10 | |||||||||||
Allowance for equity funds used during construction | 26 | 25 | 23 | ||||||||||||||
Total | $ | 37 | $ | 36 | $ | 33 |
Estimated Useful Lives in Years | ||||||
Utility | Generation | Distribution | Storage | |||
DTE Electric | 34 | 38 | N/A | |||
DTE Gas | N/A | 50 | 56 |
Estimated Useful Lives in Years | ||||||||||||||||||||
Utility | Generation | Distribution | Storage | |||||||||||||||||
DTE Electric | 34 | 38 | N/A | |||||||||||||||||
DTE Gas | N/A | 49 | 58 |
2022 | 2021 | 2020 | |||||||||||||||
(In millions) | |||||||||||||||||
Property, plant, and equipment | $ | 1,148 | $ | 1,095 | $ | 1,025 | |||||||||||
Regulatory assets and liabilities | 297 | 259 | 244 | ||||||||||||||
Intangible assets | 16 | 16 | 16 | ||||||||||||||
Other | 7 | 7 | 7 | ||||||||||||||
$ | 1,468 | $ | 1,377 | $ | 1,292 |
2019 | 2018 | 2017 | |||||||||
(In millions) | |||||||||||
Property, plant, and equipment | $ | 997 | $ | 878 | $ | 829 | |||||
Regulatory assets and liabilities | 227 | 212 | 165 | ||||||||
Intangible assets | 33 | 27 | 29 | ||||||||
Other | 6 | 7 | 7 | ||||||||
$ | 1,263 | $ | 1,124 | $ | 1,030 |
2022 | 2021 | 2020 | |||||||||||||||
(In millions) | |||||||||||||||||
Property, plant, and equipment | $ | 951 | $ | 890 | $ | 831 | |||||||||||
Regulatory assets and liabilities | 248 | 214 | 207 | ||||||||||||||
Other | 5 | 5 | 5 | ||||||||||||||
$ | 1,204 | $ | 1,109 | $ | 1,043 |
2019 | 2018 | 2017 | |||||||||
(In millions) | |||||||||||
Property, plant, and equipment | $ | 748 | $ | 652 | $ | 615 | |||||
Regulatory assets and liabilities | 193 | 179 | 133 | ||||||||
Other | 5 | 5 | 5 | ||||||||
$ | 946 | $ | 836 | $ | 753 |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
(In millions) | |||||||||||
Amortization expense of capitalized software | $ | 123 | $ | 108 | $ | 101 | |||||
Gross carrying value of capitalized software | $ | 906 | $ | 905 | |||||||
Accumulated amortization of capitalized software | $ | 520 | $ | 534 |
Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
(In millions) | |||||||||||||||||
Amortization expense of capitalized software | $ | 159 | $ | 145 | $ | 128 | |||||||||||
Gross carrying value of capitalized software | $ | 796 | $ | 920 | |||||||||||||
Accumulated amortization of capitalized software | $ | 406 | $ | 493 |
Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
(In millions) | |||||||||||||||||
Amortization expense of capitalized software | $ | 146 | $ | 132 | $ | 118 | |||||||||||
Gross carrying value of capitalized software | $ | 692 | $ | 826 | |||||||||||||
Accumulated amortization of capitalized software | $ | 343 | $ | 439 |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
(In millions) | |||||||||||
Amortization expense of capitalized software | $ | 112 | $ | 101 | $ | 93 | |||||
Gross carrying value of capitalized software | $ | 811 | $ | 799 | |||||||
Accumulated amortization of capitalized software | $ | 462 | $ | 463 |
Belle River | Ludington Hydroelectric Pumped Storage | ||||||||||
In-service date | 1984-1985 | 1973 | |||||||||
Total plant capacity | 1,270 MW | 2,290 MW | |||||||||
Ownership interest | 81% | 49% | |||||||||
Investment in Property, plant, and equipment (in millions) | $ | 1,992 | $ | 645 | |||||||
Accumulated depreciation (in millions) | $ | 1,051 | $ | 138 |
Belle River | Ludington Hydroelectric Pumped Storage | ||||||
In-service date | 1984-1985 | 1973 | |||||
Total plant capacity | 1,270 MW | 2,220 MW | |||||
Ownership interest | 81% | 49% | |||||
Investment in Property, plant, and equipment (in millions) | $ | 1,903 | $ | 616 | |||
Accumulated depreciation (in millions) | $ | 896 | $ | 193 |
2022 | 2021 | 2020 | |||||||||||||||
DTE Energy | (In millions) | ||||||||||||||||
Asset retirement obligations at January 1 | $ | 3,162 | $ | 2,829 | $ | 2,656 | |||||||||||
Accretion | 184 | 167 | 156 | ||||||||||||||
Liabilities incurred | 24 | 28 | 24 | ||||||||||||||
Liabilities settled | (7) | (30) | (13) | ||||||||||||||
Revision in estimated cash flows | 97 | 168 | 6 | ||||||||||||||
Asset retirement obligations at December 31 | $ | 3,460 | $ | 3,162 | $ | 2,829 |
2022 | 2021 | 2020 | ||||||||||||||||||||||||||
2019 | 2018 | 2017 | ||||||||||||||||||||||||||
DTE Energy | (In millions) | |||||||||||||||||||||||||||
DTE Electric | DTE Electric | (In millions) | ||||||||||||||||||||||||||
Asset retirement obligations at January 1 | $ | 2,469 | $ | 2,320 | $ | 2,197 | Asset retirement obligations at January 1 | $ | 2,932 | $ | 2,607 | $ | 2,447 | |||||||||||||||
Accretion | 149 | 140 | 131 | Accretion | 172 | 155 | 145 | |||||||||||||||||||||
Liabilities incurred | 20 | 27 | 2 | Liabilities incurred | 22 | 29 | 18 | |||||||||||||||||||||
Liabilities settled | (17 | ) | (16 | ) | (6 | ) | Liabilities settled | (2) | (27) | (8) | ||||||||||||||||||
Revision in estimated cash flows | 51 | (2 | ) | (4 | ) | Revision in estimated cash flows | 97 | 168 | 5 | |||||||||||||||||||
Asset retirement obligations at December 31 | $ | 2,672 | $ | 2,469 | $ | 2,320 | Asset retirement obligations at December 31 | $ | 3,221 | $ | 2,932 | $ | 2,607 |
2019 | 2018 | 2017 | |||||||||
DTE Electric | (In millions) | ||||||||||
Asset retirement obligations at January 1 | $ | 2,271 | $ | 2,125 | $ | 2,012 | |||||
Accretion | 138 | 129 | 120 | ||||||||
Liabilities incurred | 1 | 27 | 1 | ||||||||
Liabilities settled | (14 | ) | (8 | ) | (2 | ) | |||||
Revision in estimated cash flows | 51 | (2 | ) | (6 | ) | ||||||
Asset retirement obligations at December 31 | $ | 2,447 | $ | 2,271 | $ | 2,125 |
DTE Energy | DTE Electric | DTE Energy | DTE Electric | |||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||
Assets | (In millions) | Assets | (In millions) | |||||||||||||||||||||||||||||||||||
Recoverable pension and other postretirement costs | Recoverable pension and other postretirement costs | |||||||||||||||||||||||||||||||||||||
Pension | $ | 1,983 | $ | 1,961 | $ | 1,497 | $ | 1,476 | Pension | $ | 1,362 | $ | 1,372 | $ | 997 | $ | 1,056 | |||||||||||||||||||||
Other postretirement costs | 201 | 213 | 131 | 121 | Other postretirement costs | 172 | 53 | 60 | 27 | |||||||||||||||||||||||||||||
Fermi 2 asset retirement obligation | 669 | 778 | 669 | 778 | Fermi 2 asset retirement obligation | 972 | 613 | 972 | 613 | |||||||||||||||||||||||||||||
Recoverable undepreciated costs on retiring plants | 657 | 630 | 657 | 630 | ||||||||||||||||||||||||||||||||||
Recoverable undepreciated costs on retired plants | Recoverable undepreciated costs on retired plants | 594 | 667 | 594 | 667 | |||||||||||||||||||||||||||||||||
Accrued PSCR/GCR revenue | Accrued PSCR/GCR revenue | 450 | 160 | 421 | 142 | |||||||||||||||||||||||||||||||||
Recoverable Michigan income taxes | 189 | 201 | 152 | 161 | Recoverable Michigan income taxes | 148 | 163 | 121 | 133 | |||||||||||||||||||||||||||||
Enhanced tree trimming program deferred costs | Enhanced tree trimming program deferred costs | 90 | 189 | 90 | 189 | |||||||||||||||||||||||||||||||||
Energy Waste Reduction incentive | Energy Waste Reduction incentive | 88 | 79 | 71 | 63 | |||||||||||||||||||||||||||||||||
Recoverable income taxes related to AFUDC equity | Recoverable income taxes related to AFUDC equity | 76 | 68 | 68 | 61 | |||||||||||||||||||||||||||||||||
Deferred pension costs | Deferred pension costs | 63 | 16 | 41 | — | |||||||||||||||||||||||||||||||||
Deferred environmental costs | 66 | 69 | — | — | Deferred environmental costs | 46 | 51 | — | — | |||||||||||||||||||||||||||||
Recoverable income taxes related to AFUDC equity | 56 | 51 | 47 | 41 | ||||||||||||||||||||||||||||||||||
Unamortized loss on reacquired debt | 56 | 60 | 40 | 43 | Unamortized loss on reacquired debt | 45 | 51 | 34 | 38 | |||||||||||||||||||||||||||||
Customer360 deferred costs | 55 | 42 | 55 | 42 | Customer360 deferred costs | 42 | 46 | 42 | 46 | |||||||||||||||||||||||||||||
Energy Waste Reduction incentive | 54 | 49 | 43 | 39 | ||||||||||||||||||||||||||||||||||
Nuclear Performance Evaluation and Review Committee Tracker | 48 | 43 | 48 | 43 | ||||||||||||||||||||||||||||||||||
Enhanced Tree Trimming Program deferred costs | 43 | — | 43 | — | ||||||||||||||||||||||||||||||||||
Non-service pension and other postretirement costs | Non-service pension and other postretirement costs | 32 | 25 | — | — | |||||||||||||||||||||||||||||||||
Nuclear performance evaluation and review committee tracker | Nuclear performance evaluation and review committee tracker | 26 | 39 | 26 | 39 | |||||||||||||||||||||||||||||||||
Removal costs asset | Removal costs asset | 19 | — | 19 | — | |||||||||||||||||||||||||||||||||
Advanced distribution management system costs | Advanced distribution management system costs | 14 | 9 | 14 | 9 | |||||||||||||||||||||||||||||||||
Other recoverable income taxes | 20 | 23 | 20 | 23 | Other recoverable income taxes | 14 | 16 | 14 | 16 | |||||||||||||||||||||||||||||
Non-service pension and other postretirement costs | 15 | 10 | — | — | ||||||||||||||||||||||||||||||||||
Transitional Reconciliation Mechanism | 10 | 21 | 10 | 21 | Transitional Reconciliation Mechanism | 13 | 8 | 13 | 8 | |||||||||||||||||||||||||||||
Accrued PSCR/GCR revenue | 3 | 116 | 3 | 116 | ||||||||||||||||||||||||||||||||||
Removal costs asset | — | 407 | — | 407 | ||||||||||||||||||||||||||||||||||
Energy Waste Reduction | Energy Waste Reduction | 8 | 20 | — | — | |||||||||||||||||||||||||||||||||
Other | 51 | 47 | 38 | 36 | Other | 62 | 32 | 43 | 29 | |||||||||||||||||||||||||||||
4,176 | 4,721 | 3,453 | 3,977 | 4,336 | 3,677 | 3,640 | 3,136 | |||||||||||||||||||||||||||||||
Less amount included in Current Assets | (5 | ) | (153 | ) | (5 | ) | (148 | ) | Less amount included in Current Assets | (450) | (195) | (421) | (168) | |||||||||||||||||||||||||
$ | 4,171 | $ | 4,568 | $ | 3,448 | $ | 3,829 | $ | 3,886 | $ | 3,482 | $ | 3,219 | $ | 2,968 | |||||||||||||||||||||||
Securitized regulatory assets | Securitized regulatory assets | $ | 206 | $ | — | $ | 206 | $ | — |
DTE Energy | DTE Electric | DTE Energy | DTE Electric | |||||||||||||||||||||||||||||||||||
2019 | 2018 | 2019 | 2018 | 2022 | 2021 | 2022 | 2021 | |||||||||||||||||||||||||||||||
Liabilities | (In millions) | Liabilities | (In millions) | |||||||||||||||||||||||||||||||||||
Refundable federal income taxes | $ | 2,359 | $ | 2,410 | $ | 1,911 | $ | 1,958 | Refundable federal income taxes | $ | 1,908 | $ | 2,117 | $ | 1,534 | $ | 1,729 | |||||||||||||||||||||
Removal costs liability | 700 | 253 | 483 | — | Removal costs liability | 371 | 679 | — | 283 | |||||||||||||||||||||||||||||
Negative other postretirement offset | 93 | 101 | 69 | 79 | Negative other postretirement offset | 191 | 150 | 128 | 106 | |||||||||||||||||||||||||||||
Non-service pension and other postretirement costs | Non-service pension and other postretirement costs | 154 | 110 | 73 | 54 | |||||||||||||||||||||||||||||||||
Renewable energy | 54 | 86 | 54 | 86 | Renewable energy | 21 | 13 | 21 | 13 | |||||||||||||||||||||||||||||
Non-service pension and other postretirement costs | 46 | 22 | 21 | 11 | ||||||||||||||||||||||||||||||||||
Accrued PSCR/GCR refund | 23 | — | — | — | ||||||||||||||||||||||||||||||||||
TCJA rate reduction liability | 1 | 118 | — | 93 | ||||||||||||||||||||||||||||||||||
Energy Waste Reduction | Energy Waste Reduction | 11 | 27 | 11 | 27 | |||||||||||||||||||||||||||||||||
Incremental tree trim surge | Incremental tree trim surge | 4 | 90 | 4 | 90 | |||||||||||||||||||||||||||||||||
COVID-19 voluntary refund | COVID-19 voluntary refund | — | 30 | — | 30 | |||||||||||||||||||||||||||||||||
Other | 53 | 58 | 48 | 42 | Other | 47 | 46 | 40 | 43 | |||||||||||||||||||||||||||||
3,329 | 3,048 | 2,586 | 2,269 | 2,707 | 3,262 | 1,811 | 2,375 | |||||||||||||||||||||||||||||||
Less amount included in Current Liabilities | (65 | ) | (126 | ) | (40 | ) | (98 | ) | Less amount included in Current Liabilities | (34) | (156) | (33) | (154) | |||||||||||||||||||||||||
$ | 3,264 | $ | 2,922 | $ | 2,546 | $ | 2,171 | $ | 2,673 | $ | 3,106 | $ | 1,778 | $ | 2,221 |
•Recoverable pension and other postretirement costs — Accounting standards for pension and other postretirement benefit costs require, among other things, the recognition in Other comprehensive income of the actuarial gains or losses and the prior service costs that arise during the period but •Fermi 2 asset retirement obligation — Obligation for Fermi 2 decommissioning costs. The asset captures the timing differences between expense recognition and current recovery in rates and will reverse over the remaining life of the related plant.(a) •Recoverable undepreciated costs on retired plants — Deferral of undepreciated costs associated with the St. Clair and Trenton Channel coal-fired power plants, which were retired in 2022. The prior year balance also includes the $73 million undepreciated cost of the River Rouge power plant, which was approved for securitization and recovery by the MPSC in 2021 and reclassified to 'Securitized regulatory assets' in 2022. Refer to the "2021 Securitization Filing" section below for additional information. Remaining undepreciated costs associated with the St. Clair and Trenton Channel power plants are expected to be recovered through a future securitization filing. •Accrued PSCR/GCR revenue — Receivable for the temporary under-recovery of and carrying costs on fuel and purchased power costs incurred by DTE Electric which are recoverable through the PSCR mechanism and temporary under-recovery of and carrying costs on gas costs incurred by DTE Gas which are recoverable through the GCR mechanism. •Recoverable Michigan income taxes — The State of Michigan enacted a corporate income tax resulting in the establishment of state deferred tax liabilities for DTE Energy's utilities. Offsetting Regulatory assets were also recorded as the impacts of the deferred tax liabilities will be reflected in rates as the related taxable temporary differences reverse and flow through current income tax expense. •Enhanced tree trimming program deferred costs — The MPSC approved the deferral of costs for a tree trimming surge through 2024, aimed at reducing the number and duration of customer interruptions. The prior year balance includes $157 million of costs that were approved for securitization and recovery by the MPSC in 2021 and reclassified to 'Securitized regulatory assets' in 2022. Refer to the "2021 Securitization Filing" section below for additional information. Additional tree trim surge costs are expected to be recovered through a future securitization filing. •Energy Waste Reduction incentive — DTE Electric and DTE Gas operate MPSC approved energy waste reduction programs designed to reduce overall energy usage by their customers. The utilities are eligible to earn an incentive by exceeding statutory savings targets. The utilities have consistently exceeded the savings targets and recognize the incentive as a Regulatory asset in the period earned.(a) •Recoverable income taxes related to AFUDC equity — Accounting standards for income taxes require recognition of a deferred tax liability for the equity component of AFUDC. A Regulatory |
•Deferred environmental costs — The MPSC approved the deferral of investigation and remediation costs associated with DTE Gas' former MGP sites. Amortization of deferred costs is over a ten-year period beginning in the year after costs were incurred, with recovery (net of any insurance proceeds) through base rate filings.(a) •Unamortized loss on reacquired debt — The unamortized discount, premium, and expense related to debt redeemed with a refinancing are deferred, amortized, and recovered over the life of the replacement issue. •Customer360 deferred costs — The MPSC approved the deferral and amortization of certain costs associated with implementing Customer360, an integrated software application that enables improved interface among customer service, billing, meter reading, credit and collections, device management, account management, and retail access. Amortization of deferred costs over a 15-year amortization period began after the billing system was put into operation during the second quarter of 2017. The deferred costs are recorded as Regulatory Assets at DTE Electric and DTE Gas receives an intercompany charge for their proportionate share of amortization expense. •Non-service pension and other postretirement costs — Upon adoption of ASU 2017-07 on January 1, 2018, certain non-service pension and other postretirement costs are no longer capitalized into Property, Plant & Equipment. Such costs may be recorded to Regulatory assets for ratemaking purposes and recovered as amortization expense based on the composite depreciation rate for plant-in-service. •Nuclear performance evaluation and review committee tracker — Deferral and amortization of certain costs associated with oversight and review of DTE Electric's nuclear power generation program, including safety and regulatory compliance, nuclear leadership, nuclear facilities, and operational and financial performance, pursuant to MPSC authorization. Deferrals are amortized over a five-year period with recovery through base rate filings. •Removal costs asset — Receivable for the recovery of asset removal expenditures in excess of amounts collected from customers.(a) •Advanced distribution management system — Program comprised of new hardware and software designed to improve the monitoring and safe operation of the electrical system, including emergency response. The program includes various upgrades for which costs are being separately deferred and amortized over respective 15 year periods, with recovery through base filings. •Other recoverable income taxes — Income tax receivable from DTE Electric's customers representing the difference in property-related deferred income taxes and amounts previously reflected in DTE Electric's rates. This asset will reverse over the remaining life of the related plant. •Transitional Reconciliation Mechanism — The MPSC approved the recovery of the deferred net incremental revenue requirement associated with the transition of PLD customers to DTE Electric's distribution system effective July 1, 2014. Annual reconciliations are filed and surcharges are implemented to recover approved amounts. •Energy Waste Reduction — Receivable for the under-recovery of energy waste reduction costs incurred by DTE Gas which are recoverable through a surcharge.(a) •Securitized regulatory assets — Remaining undepreciated cost of the River Rouge power plant and tree trim surge costs that were approved for securitization and recovery in the MPSC's June 2021 order. Securitization bond surcharges will recover the tree trimming costs over a period not to exceed 5 years and River Rouge costs over a period not to exceed 14 years. Refer to the "2021 Securitization Filing" section below for additional information. |
(a)Regulatory assets not earning a return or accruing carrying charges. |
2022 | 2021 | 2020 | |||||||||||||||
DTE Energy | (In millions) | ||||||||||||||||
Income Before Income Taxes | $ | 1,112 | $ | 656 | $ | 1,082 | |||||||||||
Income tax expense at 21% statutory rate | $ | 234 | $ | 138 | $ | 227 | |||||||||||
TCJA regulatory liability amortization | (155) | (103) | (76) | ||||||||||||||
Production tax credits | (91) | (138) | (121) | ||||||||||||||
Net operating loss carryback | (5) | — | (34) | ||||||||||||||
State deferred tax remeasurement due to separation of DT Midstream, net of federal benefit | — | (85) | — | ||||||||||||||
Enactment of West Virginia income tax legislation, net of federal benefit | — | 8 | — | ||||||||||||||
Deferred intercompany gain | — | 9 | — | ||||||||||||||
Valuation allowance on charitable contribution carryforwards | 9 | 18 | 3 | ||||||||||||||
State and local income taxes, excluding items above, net of federal benefit | 42 | 30 | 47 | ||||||||||||||
Other, net | (5) | (7) | (9) | ||||||||||||||
Income Tax Expense (Benefit) | $ | 29 | $ | (130) | $ | 37 | |||||||||||
Effective income tax rate | 2.6 | % | (19.9) | % | 3.4 | % |
2019 | 2018 | 2017 | |||||||||
DTE Energy | (In millions) | ||||||||||
Income Before Income Taxes | $ | 1,324 | $ | 1,216 | $ | 1,287 | |||||
Income tax expense at statutory rate - 21% in 2019 and 2018 - 35% in 2017 | $ | 278 | $ | 255 | $ | 450 | |||||
Production tax credits | (128 | ) | (223 | ) | (189 | ) | |||||
Investment tax credits | (4 | ) | (4 | ) | (4 | ) | |||||
TCJA regulatory liability amortization | (38 | ) | — | — | |||||||
Depreciation | 2 | 2 | (4 | ) | |||||||
Noncontrolling interests | — | 2 | 8 | ||||||||
AFUDC equity | (4 | ) | (14 | ) | (18 | ) | |||||
Employee Stock Ownership Plan dividends | (3 | ) | (3 | ) | (5 | ) | |||||
Stock based compensation | (7 | ) | (3 | ) | (14 | ) | |||||
State and local income taxes, net of federal benefit | 48 | 60 | 51 | ||||||||
Enactment of the Tax Cuts and Jobs Act | — | 21 | (105 | ) | |||||||
Other, net | 8 | 5 | 5 | ||||||||
Income Tax Expense | $ | 152 | $ | 98 | $ | 175 | |||||
Effective income tax rate | 11.5 | % | 8.1 | % | 13.6 | % |
2022 | 2021 | 2020 | |||||||||||||||
DTE Electric | (In millions) | ||||||||||||||||
Income Before Income Taxes | $ | 981 | $ | 970 | $ | 887 | |||||||||||
Income tax expense at 21% statutory rate | $ | 206 | $ | 204 | $ | 186 | |||||||||||
TCJA regulatory liability amortization | (145) | (73) | (62) | ||||||||||||||
Production tax credits | (83) | (70) | (55) | ||||||||||||||
State and local income taxes, excluding items above, net of federal benefit | 56 | 54 | 50 | ||||||||||||||
Other, net | (8) | (11) | (10) | ||||||||||||||
Income Tax Expense | $ | 26 | $ | 104 | $ | 109 | |||||||||||
Effective income tax rate | 2.7 | % | 10.7 | % | 12.3 | % |
2019 | 2018 | 2017 | |||||||||
DTE Electric | (In millions) | ||||||||||
Income Before Income Taxes | $ | 854 | $ | 857 | $ | 928 | |||||
Income tax expense at statutory rate - 21% in 2019 and 2018 - 35% in 2017 | $ | 179 | $ | 180 | $ | 325 | |||||
Production tax credits | (45 | ) | (35 | ) | (36 | ) | |||||
Investment tax credits | (4 | ) | (3 | ) | (4 | ) | |||||
TCJA regulatory liability amortization | (35 | ) | — | — | |||||||
Depreciation | 2 | 2 | 3 | ||||||||
AFUDC equity | (4 | ) | (3 | ) | (5 | ) | |||||
Employee Stock Ownership Plan dividends | (2 | ) | (2 | ) | (3 | ) | |||||
State and local income taxes, net of federal benefit | 49 | 49 | 48 | ||||||||
Enactment of the Tax Cuts and Jobs Act | — | 7 | — | ||||||||
Other, net | (2 | ) | (2 | ) | (1 | ) | |||||
Income Tax Expense | $ | 138 | $ | 193 | $ | 327 | |||||
Effective income tax rate | 16.2 | % | 22.5 | % | 35.2 | % |
2019 | 2018 | 2017 | |||||||||
DTE Energy | (In millions) | ||||||||||
Current income tax expense (benefit) | |||||||||||
Federal | $ | (184 | ) | $ | (17 | ) | $ | (22 | ) | ||
State and other income tax | 7 | 1 | 1 | ||||||||
Total current income taxes | (177 | ) | (16 | ) | (21 | ) | |||||
Deferred income tax expense | |||||||||||
Federal | 275 | 38 | 118 | ||||||||
State and other income tax | 54 | 76 | 78 | ||||||||
Total deferred income taxes | 329 | 114 | 196 | ||||||||
$ | 152 | $ | 98 | $ | 175 |
2022 | 2021 | 2020 | |||||||||||||||
DTE Energy | (In millions) | ||||||||||||||||
Current income tax expense (benefit) | |||||||||||||||||
Federal | $ | (13) | $ | (33) | $ | (249) | |||||||||||
State and other income tax | (2) | (12) | 4 | ||||||||||||||
Total current income taxes | (15) | (45) | (245) | ||||||||||||||
Deferred income tax expense (benefit) | |||||||||||||||||
Federal | (13) | (42) | 227 | ||||||||||||||
State and other income tax | 57 | (43) | 55 | ||||||||||||||
Total deferred income taxes | 44 | (85) | 282 | ||||||||||||||
$ | 29 | $ | (130) | $ | 37 |
2019 | 2018 | 2017 | |||||||||
DTE Electric | (In millions) | ||||||||||
Current income tax expense (benefit) | |||||||||||
Federal | $ | 25 | $ | — | $ | (17 | ) | ||||
State and other income tax | 16 | 4 | (1 | ) | |||||||
Total current income taxes | 41 | 4 | (18 | ) | |||||||
Deferred income tax expense | |||||||||||
Federal | 51 | 131 | 270 | ||||||||
State and other income tax | 46 | 58 | 75 | ||||||||
Total deferred income taxes | 97 | 189 | 345 | ||||||||
$ | 138 | $ | 193 | $ | 327 |
2022 | 2021 | 2020 | |||||||||||||||
DTE Electric | (In millions) | ||||||||||||||||
Current income tax expense (benefit) | |||||||||||||||||
Federal | $ | 1 | $ | (11) | $ | 15 | |||||||||||
State and other income tax | — | (7) | 5 | ||||||||||||||
Total current income taxes | 1 | (18) | 20 | ||||||||||||||
Deferred income tax expense (benefit) | |||||||||||||||||
Federal | (46) | 47 | 30 | ||||||||||||||
State and other income tax | 71 | 75 | 59 | ||||||||||||||
Total deferred income taxes | 25 | 122 | 89 | ||||||||||||||
$ | 26 | $ | 104 | $ | 109 |
DTE Energy | DTE Electric | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Property, plant, and equipment | $ | (3,897) | $ | (3,826) | $ | (3,188) | $ | (3,164) | |||||||||||||||
Regulatory assets and liabilities | (493) | (124) | (589) | (230) | |||||||||||||||||||
Tax credit carry-forwards | 1,378 | 1,260 | 487 | 379 | |||||||||||||||||||
Pension and benefits | 111 | 102 | 103 | 127 | |||||||||||||||||||
Federal net operating loss carry-forward | 266 | 199 | 58 | 5 | |||||||||||||||||||
State and local net operating loss carry-forwards | 97 | 73 | 38 | 15 | |||||||||||||||||||
Investments in equity method investees | 65 | 59 | — | (1) | |||||||||||||||||||
Other | 137 | 145 | 145 | 128 | |||||||||||||||||||
(2,336) | (2,112) | (2,946) | (2,741) | ||||||||||||||||||||
Less: Valuation allowance | (58) | (51) | — | — | |||||||||||||||||||
Long-term deferred income tax liabilities | $ | (2,394) | $ | (2,163) | $ | (2,946) | $ | (2,741) | |||||||||||||||
Deferred income tax assets | $ | 2,317 | $ | 2,224 | $ | 1,081 | $ | 988 | |||||||||||||||
Deferred income tax liabilities | (4,711) | (4,387) | (4,027) | (3,729) | |||||||||||||||||||
$ | (2,394) | $ | (2,163) | $ | (2,946) | $ | (2,741) |
DTE Energy | DTE Electric | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
(In millions) | |||||||||||||||
Property, plant, and equipment | $ | (3,755 | ) | $ | (3,462 | ) | $ | (2,956 | ) | $ | (2,840 | ) | |||
Regulatory assets and liabilities | (47 | ) | (54 | ) | 4 | (3 | ) | ||||||||
Tax credit carry-forwards | 1,161 | 1,178 | 252 | 250 | |||||||||||
Pension and benefits | 300 | 311 | 258 | 258 | |||||||||||
Federal net operating loss carry-forward | 276 | 117 | — | 2 | |||||||||||
State and local net operating loss carry-forwards | 117 | 59 | — | 1 | |||||||||||
Investments in equity method investees | (465 | ) | (216 | ) | — | (1 | ) | ||||||||
Other | 138 | 125 | 87 | 87 | |||||||||||
(2,275 | ) | (1,942 | ) | (2,355 | ) | (2,246 | ) | ||||||||
Less valuation allowance | (40 | ) | (33 | ) | — | — | |||||||||
Long-term deferred income tax liabilities | $ | (2,315 | ) | $ | (1,975 | ) | $ | (2,355 | ) | $ | (2,246 | ) | |||
Deferred income tax assets | $ | 2,264 | $ | 2,021 | $ | 865 | $ | 855 | |||||||
Deferred income tax liabilities | (4,579 | ) | (3,996 | ) | (3,220 | ) | (3,101 | ) | |||||||
$ | (2,315 | ) | $ | (1,975 | ) | $ | (2,355 | ) | $ | (2,246 | ) |
2019 | 2018 | 2017 | |||||||||
DTE Energy | (In millions) | ||||||||||
Balance at January 1 | $ | 10 | $ | 10 | $ | 10 | |||||
Additions for tax positions of prior years | — | — | — | ||||||||
Balance at December 31 | $ | 10 | $ | 10 | $ | 10 |
2022 | 2021 | 2020 | |||||||||||||||
DTE Energy | (In millions) | ||||||||||||||||
Balance at January 1 | $ | 10 | $ | 10 | $ | 10 | |||||||||||
Additions for tax positions of prior years | 5 | — | — | ||||||||||||||
Reductions for tax positions of prior years | (2) | — | — | ||||||||||||||
Balance at December 31 | $ | 13 | $ | 10 | $ | 10 |
2022 | 2021 | 2020 | |||||||||||||||
DTE Electric | (In millions) | ||||||||||||||||
Balance at January 1 | $ | 13 | $ | 13 | $ | 13 | |||||||||||
Additions for tax positions of prior years | — | — | — | ||||||||||||||
Reductions for tax positions of prior years | — | — | — | ||||||||||||||
Balance at December 31 | $ | 13 | $ | 13 | $ | 13 |
2019 | 2018 | 2017 | |||||||||
DTE Electric | (In millions) | ||||||||||
Balance at January 1 | $ | 13 | $ | 13 | $ | 13 | |||||
Additions for tax positions of prior years | — | — | — | ||||||||
Balance at December 31 | $ | 13 | $ | 13 | $ | 13 |
2022 | 2021 | 2020 | |||||||||||||||
(In millions, except per share amounts) | |||||||||||||||||
Basic Earnings per Share | |||||||||||||||||
Net Income Attributable to DTE Energy Company — continuing operations | $ | 1,083 | $ | 796 | $ | 1,054 | |||||||||||
Less: Allocation of earnings to net restricted stock awards | 3 | 2 | 2 | ||||||||||||||
$ | 1,080 | $ | 794 | $ | 1,052 | ||||||||||||
Net Income Attributable to DTE Energy Company — discontinued operations | — | 111 | 314 | ||||||||||||||
Net income available to common shareholders — basic | $ | 1,080 | $ | 905 | $ | 1,366 | |||||||||||
Average number of common shares outstanding — basic | 195 | 193 | 193 | ||||||||||||||
Income from continuing operations | $ | 5.53 | $ | 4.11 | $ | 5.46 | |||||||||||
Income from discontinued operations | — | 0.57 | 1.63 | ||||||||||||||
Basic Earnings per Common Share | $ | 5.53 | $ | 4.68 | $ | 7.09 | |||||||||||
Diluted Earnings per Share | |||||||||||||||||
Net Income Attributable to DTE Energy Company — continuing operations | $ | 1,083 | $ | 796 | $ | 1,054 | |||||||||||
Less: Allocation of earnings to net restricted stock awards | 3 | 2 | 2 | ||||||||||||||
$ | 1,080 | $ | 794 | $ | 1,052 | ||||||||||||
Net Income Attributable to DTE Energy Company — discontinued operations | — | 111 | 314 | ||||||||||||||
Net income available to common shareholders — diluted | $ | 1,080 | $ | 905 | $ | 1,366 | |||||||||||
Average number of common shares outstanding — basic | 195 | 193 | 193 | ||||||||||||||
Average dilutive equity units and performance share awards | 1 | 1 | — | ||||||||||||||
Average number of common shares outstanding — diluted | 196 | 194 | 193 | ||||||||||||||
Income from continuing operations | $ | 5.52 | $ | 4.10 | $ | 5.45 | |||||||||||
Income from discontinued operations | — | 0.57 | 1.63 | ||||||||||||||
Diluted Earnings per Common Share(a) | $ | 5.52 | $ | 4.67 | $ | 7.08 |
2019 | 2018 | 2017 | |||||||||
(In millions, except per share amounts) | |||||||||||
Basic Earnings per Share | |||||||||||
Net Income Attributable to DTE Energy Company | $ | 1,169 | $ | 1,120 | $ | 1,134 | |||||
Less: Allocation of earnings to net restricted stock awards | (2 | ) | (2 | ) | (2 | ) | |||||
Net income available to common shareholders — basic | $ | 1,167 | $ | 1,118 | $ | 1,132 | |||||
Average number of common shares outstanding — basic | 185 | 181 | 179 | ||||||||
Basic Earnings per Common Share | $ | 6.32 | $ | 6.18 | $ | 6.32 | |||||
Diluted Earnings per Share | |||||||||||
Net Income Attributable to DTE Energy Company | $ | 1,169 | $ | 1,120 | $ | 1,134 | |||||
Less: Allocation of earnings to net restricted stock awards | (2 | ) | (2 | ) | (2 | ) | |||||
Net income available to common shareholders — diluted | $ | 1,167 | $ | 1,118 | $ | 1,132 | |||||
Average number of common shares outstanding - diluted | 185 | 181 | 179 | ||||||||
Diluted Earnings per Common Share(a) | $ | 6.31 | $ | 6.17 | $ | 6.32 |
•Level 1 — Consists of unadjusted quoted prices in active markets for identical assets or liabilities that the Registrants have the ability to access as of the reporting date. •Level 2 — Consists of inputs other than quoted prices included within Level 1 that are directly observable for the asset or liability or indirectly observable through corroboration with observable market data. • |
Level 3 — Consists of unobservable inputs for assets or liabilities whose fair value is estimated based on internally developed models or methodologies using inputs that are generally less readily observable and supported by little, if any, market activity at the measurement date. Unobservable inputs are developed based on the best available information and subject to cost-benefit constraints. |
December 31, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Other (a) | Netting (b) | Net Balance | Level 1 | Level 2 | Level 3 | Other (a) | Netting (b) | Net Balance | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents(c) | $ | 10 | $ | — | $ | — | $ | — | $ | — | $ | 10 | $ | 4 | $ | — | $ | — | $ | — | $ | — | $ | 4 | |||||||||||||||||||||||||||||||||||||||||||||||
Nuclear decommissioning trusts | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities | 701 | — | — | 138 | — | 839 | 917 | — | — | 190 | — | 1,107 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed income securities | 115 | 359 | — | 89 | — | 563 | 124 | 418 | — | 102 | — | 644 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Private equity and other | — | — | — | 262 | — | 262 | — | — | — | 205 | — | 205 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hedge funds and similar investments | 78 | 41 | — | — | — | 119 | 58 | 18 | — | — | — | 76 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents | 42 | — | — | — | — | 42 | 39 | — | — | — | — | 39 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other investments(d) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities | 56 | — | — | — | — | 56 | 68 | — | — | — | — | 68 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed income securities | 7 | — | — | — | — | 7 | 7 | — | — | — | — | 7 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents | 72 | — | — | — | — | 72 | 86 | — | — | — | — | 86 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commodity contracts(e) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Natural gas | 426 | 183 | 135 | — | (649) | 95 | 273 | 115 | 66 | — | (394) | 60 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Electricity | — | 720 | 243 | — | (643) | 320 | — | 500 | 143 | — | (441) | 202 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Environmental & Other | — | 201 | 12 | — | (196) | 17 | — | 285 | 9 | — | (285) | 9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other contracts | — | 2 | — | — | (1) | 1 | — | — | — | — | — | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total derivative assets | 426 | 1,106 | 390 | — | (1,489) | 433 | 273 | 900 | 218 | — | (1,120) | 271 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,507 | $ | 1,506 | $ | 390 | $ | 489 | $ | (1,489) | $ | 2,403 | $ | 1,576 | $ | 1,336 | $ | 218 | $ | 497 | $ | (1,120) | $ | 2,507 | |||||||||||||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commodity contracts(e) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Natural gas | $ | (297) | $ | (331) | $ | (390) | $ | — | $ | 645 | $ | (373) | $ | (177) | $ | (172) | $ | (245) | $ | — | $ | 347 | $ | (247) | |||||||||||||||||||||||||||||||||||||||||||||||
Electricity | — | (659) | (276) | — | 665 | (270) | — | (434) | (188) | — | 443 | (179) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Environmental & Other | — | (213) | (1) | — | 201 | (13) | — | (288) | — | — | 288 | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other contracts | — | (2) | — | — | 1 | (1) | — | (4) | — | — | — | (4) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | (297) | $ | (1,205) | $ | (667) | $ | — | $ | 1,512 | $ | (657) | $ | (177) | $ | (898) | $ | (433) | $ | — | $ | 1,078 | $ | (430) | |||||||||||||||||||||||||||||||||||||||||||||||
Net Assets (Liabilities) at end of period | $ | 1,210 | $ | 301 | $ | (277) | $ | 489 | $ | 23 | $ | 1,746 | $ | 1,399 | $ | 438 | $ | (215) | $ | 497 | $ | (42) | $ | 2,077 | |||||||||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | $ | 360 | $ | 881 | $ | 286 | $ | — | $ | (1,189) | $ | 338 | $ | 227 | $ | 646 | $ | 166 | $ | — | $ | (854) | $ | 185 | |||||||||||||||||||||||||||||||||||||||||||||||
Noncurrent | 1,147 | 625 | 104 | 489 | (300) | 2,065 | 1,349 | 690 | 52 | 497 | (266) | 2,322 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Assets | $ | 1,507 | $ | 1,506 | $ | 390 | $ | 489 | $ | (1,489) | $ | 2,403 | $ | 1,576 | $ | 1,336 | $ | 218 | $ | 497 | $ | (1,120) | $ | 2,507 | |||||||||||||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | $ | (273) | $ | (876) | $ | (386) | $ | — | $ | 1,193 | $ | (342) | $ | (168) | $ | (609) | $ | (260) | $ | — | $ | 799 | $ | (238) | |||||||||||||||||||||||||||||||||||||||||||||||
Noncurrent | (24) | (329) | (281) | — | 319 | (315) | (9) | (289) | (173) | — | 279 | (192) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Liabilities | $ | (297) | $ | (1,205) | $ | (667) | $ | — | $ | 1,512 | $ | (657) | $ | (177) | $ | (898) | $ | (433) | $ | — | $ | 1,078 | $ | (430) | |||||||||||||||||||||||||||||||||||||||||||||||
Net Assets (Liabilities) at end of period | $ | 1,210 | $ | 301 | $ | (277) | $ | 489 | $ | 23 | $ | 1,746 | $ | 1,399 | $ | 438 | $ | (215) | $ | 497 | $ | (42) | $ | 2,077 |
December 31, 2019 | December 31, 2018 | ||||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Other(b) | Netting(c) | Net Balance | Level 1 | Level 2 | Level 3 | Other(b) | Netting(c) | Net Balance | ||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents(d) | $ | 15 | $ | — | $ | — | $ | — | $ | — | $ | 15 | $ | 16 | $ | 2 | $ | — | $ | — | $ | — | $ | 18 | |||||||||||||||||||||||
Nuclear decommissioning trusts | |||||||||||||||||||||||||||||||||||||||||||||||
Equity securities | 1,046 | — | — | — | — | 1,046 | 851 | — | — | — | — | 851 | |||||||||||||||||||||||||||||||||||
Fixed income securities | 160 | 378 | — | — | — | 538 | 12 | 490 | — | — | — | 502 | |||||||||||||||||||||||||||||||||||
Private equity and other | — | — | — | 43 | — | 43 | — | — | — | 20 | — | 20 | |||||||||||||||||||||||||||||||||||
Cash equivalents | 34 | — | — | — | — | 34 | 5 | — | — | — | — | 5 | |||||||||||||||||||||||||||||||||||
Other investments(e) | |||||||||||||||||||||||||||||||||||||||||||||||
Equity securities | 140 | — | — | — | — | 140 | 110 | — | — | — | — | 110 | |||||||||||||||||||||||||||||||||||
Fixed income securities | 79 | — | — | — | — | 79 | 69 | — | — | — | — | 69 | |||||||||||||||||||||||||||||||||||
Cash equivalents | 4 | — | — | — | — | 4 | 4 | — | — | — | — | 4 | |||||||||||||||||||||||||||||||||||
Derivative assets | |||||||||||||||||||||||||||||||||||||||||||||||
Commodity contracts | |||||||||||||||||||||||||||||||||||||||||||||||
Natural gas | 205 | 76 | 74 | — | (266 | ) | 89 | 199 | 87 | 63 | — | (277 | ) | 72 | |||||||||||||||||||||||||||||||||
Electricity | — | 223 | 83 | — | (225 | ) | 81 | — | 247 | 56 | — | (252 | ) | 51 | |||||||||||||||||||||||||||||||||
Environmental & Other | — | 110 | 3 | — | (110 | ) | 3 | — | — | 7 | — | (1 | ) | 6 | |||||||||||||||||||||||||||||||||
Foreign currency exchange contracts | — | 1 | — | — | — | 1 | — | 4 | — | — | — | 4 | |||||||||||||||||||||||||||||||||||
Total derivative assets | 205 | 410 | 160 | — | (601 | ) | 174 | 199 | 338 | 126 | — | (530 | ) | 133 | |||||||||||||||||||||||||||||||||
Total | $ | 1,683 | $ | 788 | $ | 160 | $ | 43 | $ | (601 | ) | $ | 2,073 | $ | 1,266 | $ | 830 | $ | 126 | $ | 20 | $ | (530 | ) | $ | 1,712 | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||
Derivative liabilities | |||||||||||||||||||||||||||||||||||||||||||||||
Commodity contracts | |||||||||||||||||||||||||||||||||||||||||||||||
Natural gas | $ | (221 | ) | $ | (41 | ) | $ | (89 | ) | $ | — | $ | 266 | $ | (85 | ) | $ | (197 | ) | $ | (71 | ) | $ | (112 | ) | $ | — | $ | 272 | $ | (108 | ) | |||||||||||||||
Electricity | — | (231 | ) | (67 | ) | — | 225 | (73 | ) | — | (227 | ) | (58 | ) | — | 240 | (45 | ) | |||||||||||||||||||||||||||||
Environmental & Other | — | (121 | ) | — | — | 110 | (11 | ) | — | (1 | ) | — | — | 1 | — | ||||||||||||||||||||||||||||||||
Interest rate contracts | — | — | — | — | — | — | — | (3 | ) | — | — | — | (3 | ) | |||||||||||||||||||||||||||||||||
Total | $ | (221 | ) | $ | (393 | ) | $ | (156 | ) | $ | — | $ | 601 | $ | (169 | ) | $ | (197 | ) | $ | (302 | ) | $ | (170 | ) | $ | — | $ | 513 | $ | (156 | ) | |||||||||||||||
Net Assets (Liabilities) at end of period | $ | 1,462 | $ | 395 | $ | 4 | $ | 43 | $ | — | $ | 1,904 | $ | 1,069 | $ | 528 | $ | (44 | ) | $ | 20 | $ | (17 | ) | $ | 1,556 | |||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||
Current | $ | 218 | $ | 320 | $ | 123 | $ | — | $ | (513 | ) | $ | 148 | $ | 212 | $ | 273 | $ | 96 | $ | — | $ | (461 | ) | $ | 120 | |||||||||||||||||||||
Noncurrent | 1,465 | 468 | 37 | 43 | (88 | ) | 1,925 | 1,054 | 557 | 30 | 20 | (69 | ) | 1,592 | |||||||||||||||||||||||||||||||||
Total Assets | $ | 1,683 | $ | 788 | $ | 160 | $ | 43 | $ | (601 | ) | $ | 2,073 | $ | 1,266 | $ | 830 | $ | 126 | $ | 20 | $ | (530 | ) | $ | 1,712 | |||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||
Current | $ | (211 | ) | $ | (300 | ) | $ | (85 | ) | $ | — | $ | 513 | $ | (83 | ) | $ | (191 | ) | $ | (251 | ) | $ | (76 | ) | $ | — | $ | 451 | $ | (67 | ) | |||||||||||||||
Noncurrent | (10 | ) | (93 | ) | (71 | ) | — | 88 | (86 | ) | (6 | ) | (51 | ) | (94 | ) | — | 62 | (89 | ) | |||||||||||||||||||||||||||
Total Liabilities | $ | (221 | ) | $ | (393 | ) | $ | (156 | ) | $ | — | $ | 601 | $ | (169 | ) | $ | (197 | ) | $ | (302 | ) | $ | (170 | ) | $ | — | $ | 513 | $ | (156 | ) | |||||||||||||||
Net Assets (Liabilities) at end of period | $ | 1,462 | $ | 395 | $ | 4 | $ | 43 | $ | — | $ | 1,904 | $ | 1,069 | $ | 528 | $ | (44 | ) | $ | 20 | $ | (17 | ) | $ | 1,556 |
December 31, 2019 | December 31, 2018 | December 31, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Level 3 | Other(a) | Net Balance | Level 1 | Level 2 | Level 3 | Other(a) | Net Balance | Level 1 | Level 2 | Level 3 | Other(a) | Net Balance | Level 1 | Level 2 | Level 3 | Other(a) | Net Balance | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | (In millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents(b) | $ | 11 | $ | — | $ | — | $ | — | $ | 11 | $ | 8 | $ | 2 | $ | — | $ | — | $ | 10 | Cash equivalents(b) | $ | 9 | $ | — | $ | — | $ | — | $ | 9 | $ | — | $ | — | $ | — | $ | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Nuclear decommissioning trusts | Nuclear decommissioning trusts | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities | 1,046 | — | — | — | 1,046 | 851 | — | — | — | 851 | Equity securities | 701 | — | — | 138 | 839 | 917 | — | — | 190 | 1,107 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed income securities | 160 | 378 | — | — | 538 | 12 | 490 | — | — | 502 | Fixed income securities | 115 | 359 | — | 89 | 563 | 124 | 418 | — | 102 | 644 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Private equity and other | — | — | — | 43 | 43 | — | — | — | 20 | 20 | Private equity and other | — | — | — | 262 | 262 | — | — | — | 205 | 205 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hedge funds and similar investments | Hedge funds and similar investments | 78 | 41 | — | — | 119 | 58 | 18 | — | — | 76 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents | 34 | — | — | — | 34 | 5 | — | — | — | 5 | Cash equivalents | 42 | — | — | — | 42 | 39 | — | — | — | 39 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other investments | Other investments | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity securities | 13 | — | — | — | 13 | 10 | — | — | — | 10 | Equity securities | 16 | — | — | — | 16 | 20 | — | — | — | 20 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash equivalents | Cash equivalents | 11 | — | — | — | 11 | 11 | — | — | — | 11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Derivative assets — FTRs | — | — | 3 | — | 3 | — | — | 6 | — | 6 | Derivative assets — FTRs | — | — | 11 | — | 11 | — | — | 9 | — | 9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | $ | 1,264 | $ | 378 | $ | 3 | $ | 43 | $ | 1,688 | $ | 886 | $ | 492 | $ | 6 | $ | 20 | $ | 1,404 | Total | $ | 972 | $ | 400 | $ | 11 | $ | 489 | $ | 1,872 | $ | 1,169 | $ | 436 | $ | 9 | $ | 497 | $ | 2,111 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Current | $ | 11 | $ | — | $ | 3 | $ | — | $ | 14 | $ | 8 | $ | 2 | $ | 6 | $ | — | $ | 16 | Current | $ | 9 | $ | — | $ | 11 | $ | — | $ | 20 | $ | — | $ | — | $ | 9 | $ | — | $ | 9 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Noncurrent | 1,253 | 378 | — | 43 | 1,674 | 878 | 490 | — | 20 | 1,388 | Noncurrent | 963 | 400 | — | 489 | 1,852 | 1,169 | 436 | — | 497 | 2,102 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total Assets | $ | 1,264 | $ | 378 | $ | 3 | $ | 43 | $ | 1,688 | $ | 886 | $ | 492 | $ | 6 | $ | 20 | $ | 1,404 | Total Assets | $ | 972 | $ | 400 | $ | 11 | $ | 489 | $ | 1,872 | $ | 1,169 | $ | 436 | $ | 9 | $ | 497 | $ | 2,111 |
Year Ended December 31, 2022 | Year Ended December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
Natural Gas | Electricity | Other | Total | Natural Gas | Electricity | Other | Total | ||||||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Net Assets (Liabilities) as of January 1 | $ | (179) | $ | (45) | $ | 9 | $ | (215) | $ | (16) | $ | 10 | $ | 4 | $ | (2) | |||||||||||||||||||||||||||||||
Transfers from Level 3 into Level 2 | 5 | 1 | — | 6 | — | — | — | — | |||||||||||||||||||||||||||||||||||||||
Total gains (losses) | |||||||||||||||||||||||||||||||||||||||||||||||
Included in earnings(a) | (410) | 97 | 2 | (311) | (343) | 54 | — | (289) | |||||||||||||||||||||||||||||||||||||||
Recorded in Regulatory liabilities | — | — | 21 | 21 | — | — | 19 | 19 | |||||||||||||||||||||||||||||||||||||||
Purchases, issuances, and settlements: | |||||||||||||||||||||||||||||||||||||||||||||||
Settlements | 329 | (86) | (21) | 222 | 180 | (109) | (14) | 57 | |||||||||||||||||||||||||||||||||||||||
Net Assets (Liabilities) as of December 31 | $ | (255) | $ | (33) | $ | 11 | $ | (277) | $ | (179) | $ | (45) | $ | 9 | $ | (215) | |||||||||||||||||||||||||||||||
Total gains (losses) included in Net Income attributed to the change in unrealized gains (losses) related to assets and liabilities held at December 31(a) | $ | (215) | $ | 50 | $ | (111) | $ | (276) | $ | (208) | $ | 4 | $ | (72) | $ | (276) | |||||||||||||||||||||||||||||||
Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at December 31 | $ | — | $ | — | $ | 11 | $ | 11 | $ | — | $ | — | $ | 9 | $ | 9 |
Year Ended December 31, 2019 | Year Ended December 31, 2018 | ||||||||||||||||||||||||||||||
Natural Gas | Electricity | Other | Total | Natural Gas | Electricity | Other | Total | ||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||
Net Assets (Liabilities) as of January 1 | $ | (49 | ) | $ | (2 | ) | $ | 7 | $ | (44 | ) | $ | (29 | ) | $ | 12 | $ | 8 | $ | (9 | ) | ||||||||||
Transfers from Level 3 into Level 2 | — | — | — | — | (3 | ) | — | — | (3 | ) | |||||||||||||||||||||
Total gains (losses) | |||||||||||||||||||||||||||||||
Included in earnings | 15 | 77 | (1 | ) | 91 | (146 | ) | 29 | 1 | (116 | ) | ||||||||||||||||||||
Recorded in Regulatory liabilities | — | — | 2 | 2 | — | — | 9 | 9 | |||||||||||||||||||||||
Purchases, issuances, and settlements: | |||||||||||||||||||||||||||||||
Settlements | 19 | (59 | ) | (5 | ) | (45 | ) | 129 | (43 | ) | (11 | ) | 75 | ||||||||||||||||||
Net Assets (Liabilities) as of December 31 | $ | (15 | ) | $ | 16 | $ | 3 | $ | 4 | $ | (49 | ) | $ | (2 | ) | $ | 7 | $ | (44 | ) | |||||||||||
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 December 31, 2019 and 2018 and reflected in Operating Revenues — Non-utility operations and Fuel, purchased power, and gas — non-utility in DTE Energy's Consolidated Statements of Operations | $ | (1 | ) | $ | 59 | $ | (38 | ) | $ | 20 | $ | (119 | ) | $ | 15 | $ | (16 | ) | $ | (120 | ) |
Year Ended December 31, | |||||||
2019 | 2018 | ||||||
(In millions) | |||||||
Net Assets as of January 1 | $ | 6 | $ | 9 | |||
Change in fair value recorded in Regulatory liabilities | 2 | 9 | |||||
Purchases, issuances, and settlements: | |||||||
Settlements | (5 | ) | (12 | ) | |||
Net Assets as of December 31 | $ | 3 | $ | 6 | |||
The amount of total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at December 31, 2019 and 2018 and reflected in DTE Electric's Consolidated Statements of Financial Position | $ | 3 | $ | 6 |
Year Ended December 31, | |||||||||||
2022 | 2021 | ||||||||||
(In millions) | |||||||||||
Net Assets as of January 1 | $ | 9 | $ | 4 | |||||||
Total gains recorded in Regulatory liabilities | 21 | 19 | |||||||||
Purchases, issuances, and settlements: | |||||||||||
Settlements | (19) | (14) | |||||||||
Net Assets as of December 31 | $ | 11 | $ | 9 | |||||||
Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at December 31 | $ | 11 | $ | 9 |
December 31, 2019 | December 31, 2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commodity Contracts | Derivative Assets | Derivative Liabilities | Valuation Techniques | Unobservable Input | Range | Weighted Average | Commodity Contracts | Derivative Assets | Derivative Liabilities | Valuation Techniques | Unobservable Input | Range | Weighted Average | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | (In millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Natural Gas | $ | 74 | $ | (89 | ) | Discounted Cash Flow | Forward basis price (per MMBtu) | $ | (1.78 | ) | — | $ | 5.78 | /MMBtu | $ | (0.09 | )/MMBtu | Natural Gas | $ | 135 | $ | (390) | Discounted Cash Flow | Forward basis price (per MMBtu) | $ | (1.91) | — | $ | 39.94 | /MMBtu | $ | 0.18 | /MMBtu | |||||||||||||||||||||||||||||||||||||||
Electricity | $ | 83 | $ | (67 | ) | Discounted Cash Flow | Forward basis price (per MWh) | $ | (10 | ) | — | $ | 6 | /MWh | $ | — | Electricity | $ | 243 | $ | (276) | Discounted Cash Flow | Forward basis price (per MWh) | $ | (29.41) | — | $ | 15.00 | /MWh | $ | (3.04) | /MWh |
December 31, 2018 | |||||||||||||||||||||||||
Commodity Contracts | Derivative Assets | Derivative Liabilities | Valuation Techniques | Unobservable Input | Range | Weighted Average | |||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
Natural Gas | $ | 63 | $ | (112 | ) | Discounted Cash Flow | Forward basis price (per MMBtu) | $ | (2.15 | ) | — | $ | 5.59 | /MMBtu | $ | (0.10 | )/MMBtu | ||||||||
Electricity | $ | 56 | $ | (58 | ) | Discounted Cash Flow | Forward basis price (per MWh) | $ | (7 | ) | — | $ | 9 | /MWh | $ | 1 | /MWh |
December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||
Commodity Contracts | Derivative Assets | Derivative Liabilities | Valuation Techniques | Unobservable Input | Range | Weighted Average | |||||||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Natural Gas | $ | 66 | $ | (245) | Discounted Cash Flow | Forward basis price (per MMBtu) | $ | (1.36) | — | $ | 3.82 | /MMBtu | $ | (0.04) | /MMBtu | ||||||||||||||||||||||||||||||||
Electricity | $ | 143 | $ | (188) | Discounted Cash Flow | Forward basis price (per MWh) | $ | (11.70) | — | $ | 6.65 | /MWh | $ | (2.01) | /MWh |
December 31, 2019 | December 31, 2018 | ||||||||||||||||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | ||||||||||||||||||||||||||||
Amount | Level 1 | Level 2 | Level 3 | Amount | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||
Notes receivable — Other(a), excluding lessor finance leases | $ | 184 | $ | — | $ | — | $ | 184 | $ | 40 | $ | — | $ | — | $ | 40 | |||||||||||||||
Dividends payable | $ | 195 | $ | 195 | $ | — | $ | — | $ | 172 | $ | 172 | $ | — | $ | — | |||||||||||||||
Short-term borrowings | $ | 828 | $ | — | $ | 828 | $ | — | $ | 609 | $ | — | $ | 609 | $ | — | |||||||||||||||
Notes payable — Other(b), excluding lessee finance leases | $ | 25 | $ | — | $ | — | $ | 25 | $ | 41 | $ | — | $ | — | $ | 41 | |||||||||||||||
Long-term debt(c) | $ | 16,606 | $ | 2,572 | $ | 14,207 | $ | 1,252 | $ | 13,622 | $ | 1,796 | $ | 10,712 | $ | 1,317 |
December 31, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | ||||||||||||||||||||||||||||||||||||||||||||
Amount | Level 1 | Level 2 | Level 3 | Amount | Level 1 | Level 2 | Level 3 | ||||||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Notes receivable(a), excluding lessor finance leases | $ | 80 | $ | — | $ | — | $ | 82 | $ | 150 | $ | — | $ | — | $ | 167 | |||||||||||||||||||||||||||||||
Short-term borrowings | $ | 1,162 | $ | — | $ | 1,162 | $ | — | $ | 758 | $ | — | $ | 758 | $ | — | |||||||||||||||||||||||||||||||
Notes payable(b) | $ | 18 | $ | — | $ | — | $ | 18 | $ | 27 | $ | — | $ | — | $ | 27 | |||||||||||||||||||||||||||||||
Long-term debt(c) | $ | 17,978 | $ | 710 | $ | 14,084 | $ | 1,199 | $ | 17,378 | $ | 2,284 | $ | 15,425 | $ | 1,207 |
December 31, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2019 | December 31, 2018 | Carrying | Fair Value | Carrying | Fair Value | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying | Fair Value | Carrying | Fair Value | Amount | Level 1 | Level 2 | Level 3 | Amount | Level 1 | Level 2 | Level 3 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amount | Level 1 | Level 2 | Level 3 | Amount | Level 1 | Level 2 | Level 3 | (In millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes receivable — Other(a), excluding lessor finance leases | $ | 9 | $ | — | $ | — | $ | 9 | $ | 6 | $ | — | $ | — | $ | 6 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes receivable — Other(a) | Notes receivable — Other(a) | $ | 17 | $ | — | $ | — | $ | 17 | $ | 17 | $ | — | $ | — | $ | 17 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings — affiliates | $ | 97 | $ | — | $ | — | $ | 97 | $ | 101 | $ | — | $ | — | $ | 101 | Short-term borrowings — affiliates | $ | 27 | $ | — | $ | — | $ | 27 | $ | 53 | $ | — | $ | — | $ | 53 | |||||||||||||||||||||||||||||||||||||||||||||
Short-term borrowings — other | $ | 354 | $ | — | $ | 354 | $ | — | 149 | $ | — | $ | 149 | $ | — | Short-term borrowings — other | $ | 568 | $ | — | $ | 568 | $ | — | $ | 153 | $ | — | $ | 153 | $ | — | ||||||||||||||||||||||||||||||||||||||||||||||
Notes payable — Other(b), excluding lessee finance leases | $ | 21 | $ | — | $ | — | $ | 21 | $ | 21 | $ | — | $ | — | $ | 21 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes payable(b) | Notes payable(b) | $ | 17 | $ | — | $ | — | $ | 17 | $ | 27 | $ | — | $ | — | $ | 27 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt(c) | $ | 7,180 | $ | — | $ | 7,916 | $ | 173 | $ | 6,538 | $ | — | $ | 6,552 | $ | 161 | Long-term debt(c) | $ | 9,696 | $ | — | $ | 8,289 | $ | 128 | $ | 8,907 | $ | — | $ | 9,898 | $ | 150 |
December 31, | |||||||||||
2022 | 2021 | ||||||||||
(In millions) | |||||||||||
Fermi 2 | $ | 1,807 | $ | 2,051 | |||||||
Fermi 1 | 3 | 3 | |||||||||
Low-level radioactive waste | 15 | 17 | |||||||||
$ | 1,825 | $ | 2,071 |
December 31, | |||||||
2019 | 2018 | ||||||
(In millions) | |||||||
Fermi 2 | $ | 1,650 | $ | 1,372 | |||
Fermi 1 | 3 | 3 | |||||
Low-level radioactive waste | 8 | 3 | |||||
$ | 1,661 | $ | 1,378 |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
(In millions) | |||||||||||
Realized gains | $ | 56 | $ | 65 | $ | 83 | |||||
Realized losses | $ | (31 | ) | $ | (42 | ) | $ | (29 | ) | ||
Proceeds from sale of securities | $ | 788 | $ | 1,203 | $ | 1,240 |
Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
(In millions) | |||||||||||||||||
Realized gains | $ | 71 | $ | 95 | $ | 192 | |||||||||||
Realized losses | $ | (53) | $ | (12) | $ | (111) | |||||||||||
Proceeds from sale of securities | $ | 879 | $ | 1,047 | $ | 2,350 |
December 31, 2019 | December 31, 2018 | ||||||||||||||||||||||
Fair Value | Unrealized Gains | Unrealized Losses | Fair Value | Unrealized Gains | Unrealized Losses | ||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Equity securities | $ | 1,046 | $ | 396 | $ | (39 | ) | $ | 851 | $ | 235 | $ | (79 | ) | |||||||||
Fixed income securities | 538 | 24 | (1 | ) | 502 | 7 | (8 | ) | |||||||||||||||
Private equity and other | 43 | — | — | 20 | — | — | |||||||||||||||||
Cash equivalents | 34 | — | — | 5 | — | — | |||||||||||||||||
$ | 1,661 | $ | 420 | $ | (40 | ) | $ | 1,378 | $ | 242 | $ | (87 | ) |
December 31, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||
Fair Value | Unrealized Gains | Unrealized Losses | Fair Value | Unrealized Gains | Unrealized Losses | ||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
Equity securities | $ | 839 | $ | 342 | $ | (23) | $ | 1,107 | $ | 546 | $ | (9) | |||||||||||||||||||||||
Fixed income securities | 563 | 1 | (56) | 644 | 23 | (6) | |||||||||||||||||||||||||||||
Private equity and other | 262 | 63 | (5) | 205 | 58 | (8) | |||||||||||||||||||||||||||||
Hedge funds and similar investments | 119 | — | (18) | 76 | 1 | (2) | |||||||||||||||||||||||||||||
Cash equivalents | 42 | — | — | 39 | — | — | |||||||||||||||||||||||||||||
$ | 1,825 | $ | 406 | $ | (102) | $ | 2,071 | $ | 628 | $ | (25) |
December 31, 2022 | |||||
(In millions) | |||||
Due within one year | $ | 19 | |||
Due after one through five years | 112 | ||||
Due after five through ten years | 97 | ||||
Due after ten years | 246 | ||||
$ | 474 |
December 31, 2019 | |||
(In millions) | |||
Due within one year | $ | 15 | |
Due after one through five years | 102 | ||
Due after five through ten years | 109 | ||
Due after ten years | 312 | ||
$ | 538 |
Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
(In millions) | |||||||||||||||||
Gains (losses) related to equity securities | $ | (4) | $ | 7 | $ | (1) | |||||||||||
Gains (losses) related to fixed income securities | (1) | — | (2) | ||||||||||||||
$ | (5) | $ | 7 | $ | (3) |
•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 |
December 31, 2019 | December 31, 2018 | ||||||||||||||
Derivative Assets | Derivative Liabilities | Derivative Assets | Derivative Liabilities | ||||||||||||
(In millions) | |||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||
Interest rate contracts | $ | — | $ | — | $ | — | $ | (3 | ) | ||||||
Derivatives not designated as hedging instruments | |||||||||||||||
Commodity contracts | |||||||||||||||
Natural gas | $ | 355 | $ | (351 | ) | $ | 349 | $ | (380 | ) | |||||
Electricity | 306 | (298 | ) | 303 | (285 | ) | |||||||||
Environmental & Other | 113 | (121 | ) | 7 | (1 | ) | |||||||||
Foreign currency exchange contracts | 1 | — | 4 | — | |||||||||||
Total derivatives not designated as hedging instruments | $ | 775 | $ | (770 | ) | $ | 663 | $ | (666 | ) | |||||
Current | $ | 646 | $ | (596 | ) | $ | 563 | $ | (518 | ) | |||||
Noncurrent | 129 | (174 | ) | 100 | (151 | ) | |||||||||
Total derivatives | $ | 775 | $ | (770 | ) | $ | 663 | $ | (669 | ) |
December 31, | |||||||
2019 | 2018 | ||||||
(In millions) | |||||||
FTRs — Other current assets | $ | 3 | $ | 6 | |||
Total derivatives not designated as hedging instruments | $ | 3 | $ | 6 |
December 31, 2022 | December 31, 2021 | ||||||||||||||||||||||
Derivative Assets | Derivative Liabilities | Derivative Assets | Derivative Liabilities | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Derivatives designated as hedging instruments | |||||||||||||||||||||||
Interest rate contracts | $ | 1 | $ | — | $ | — | $ | — | |||||||||||||||
Foreign currency exchange contracts | — | (2) | — | (4) | |||||||||||||||||||
Total derivatives designated as hedging instruments | $ | 1 | $ | (2) | $ | — | $ | (4) | |||||||||||||||
Derivatives not designated as hedging instruments | |||||||||||||||||||||||
Commodity contracts | |||||||||||||||||||||||
Natural gas | $ | 744 | $ | (1,018) | $ | 454 | $ | (594) | |||||||||||||||
Electricity | 963 | (935) | 643 | (622) | |||||||||||||||||||
Environmental & Other | 213 | (214) | 294 | (288) | |||||||||||||||||||
Foreign currency exchange contracts | 1 | — | — | — | |||||||||||||||||||
Total derivatives not designated as hedging instruments | $ | 1,921 | $ | (2,167) | $ | 1,391 | $ | (1,504) | |||||||||||||||
Current | $ | 1,517 | $ | (1,535) | $ | 1,035 | $ | (1,037) | |||||||||||||||
Noncurrent | 405 | (634) | 356 | (471) | |||||||||||||||||||
Total derivatives | $ | 1,922 | $ | (2,169) | $ | 1,391 | $ | (1,508) |
December 31, | |||||||
2019 | 2018 | ||||||
(In millions) | |||||||
Cash collateral netted against Derivative assets | $ | — | $ | (17 | ) | ||
Cash collateral recorded in Accounts receivable(a) | 13 | 10 | |||||
Cash collateral recorded in Accounts payable(a) | (3 | ) | (6 | ) | |||
Total net cash collateral posted (received) | $ | 10 | $ | (13 | ) |
December 31, | |||||||||||
2022 | 2021 | ||||||||||
(In millions) | |||||||||||
Cash collateral netted against Derivative assets | $ | (90) | $ | (90) | |||||||
Cash collateral netted against Derivative liabilities | 113 | 48 | |||||||||
Cash collateral recorded in Accounts receivable(a) | 77 | 55 | |||||||||
Cash collateral recorded in Accounts payable(a) | (27) | (21) | |||||||||
Total net cash collateral posted (received) | $ | 73 | $ | (8) |
December 31, 2019 | December 31, 2018 | ||||||||||||||||||||||
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 | $ | 355 | $ | (266 | ) | $ | 89 | $ | 349 | $ | (277 | ) | $ | 72 | |||||||||
Electricity | 306 | (225 | ) | 81 | 303 | (252 | ) | 51 | |||||||||||||||
Environmental & Other | 113 | (110 | ) | 3 | 7 | (1 | ) | 6 | |||||||||||||||
Foreign currency exchange contracts | 1 | — | 1 | 4 | — | 4 | |||||||||||||||||
Total derivative assets | $ | 775 | $ | (601 | ) | $ | 174 | $ | 663 | $ | (530 | ) | $ | 133 | |||||||||
Derivative liabilities | |||||||||||||||||||||||
Commodity contracts | |||||||||||||||||||||||
Natural gas | $ | (351 | ) | $ | 266 | $ | (85 | ) | $ | (380 | ) | $ | 272 | $ | (108 | ) | |||||||
Electricity | (298 | ) | 225 | (73 | ) | (285 | ) | 240 | (45 | ) | |||||||||||||
Environmental & Other | (121 | ) | 110 | (11 | ) | (1 | ) | 1 | — | ||||||||||||||
Interest rate contracts | — | — | — | (3 | ) | — | (3 | ) | |||||||||||||||
Total derivative liabilities | $ | (770 | ) | $ | 601 | $ | (169 | ) | $ | (669 | ) | $ | 513 | $ | (156 | ) |
December 31, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||
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 | $ | 744 | $ | (649) | $ | 95 | $ | 454 | $ | (394) | $ | 60 | |||||||||||||||||||||||
Electricity | 963 | (643) | 320 | 643 | (441) | 202 | |||||||||||||||||||||||||||||
Environmental & Other | 213 | (196) | 17 | 294 | (285) | 9 | |||||||||||||||||||||||||||||
Interest rate contracts | 1 | — | 1 | — | — | — | |||||||||||||||||||||||||||||
Foreign currency exchange contracts | 1 | (1) | — | — | — | — | |||||||||||||||||||||||||||||
Total derivative assets | $ | 1,922 | $ | (1,489) | $ | 433 | $ | 1,391 | $ | (1,120) | $ | 271 | |||||||||||||||||||||||
Derivative liabilities | |||||||||||||||||||||||||||||||||||
Commodity contracts | |||||||||||||||||||||||||||||||||||
Natural gas | $ | (1,018) | $ | 645 | $ | (373) | $ | (594) | $ | 347 | $ | (247) | |||||||||||||||||||||||
Electricity | (935) | 665 | (270) | (622) | 443 | (179) | |||||||||||||||||||||||||||||
Environmental & Other | (214) | 201 | (13) | (288) | 288 | — | |||||||||||||||||||||||||||||
Foreign currency exchange contracts | (2) | 1 | (1) | (4) | — | (4) | |||||||||||||||||||||||||||||
Total derivative liabilities | $ | (2,169) | $ | 1,512 | $ | (657) | $ | (1,508) | $ | 1,078 | $ | (430) |
December 31, 2019 | December 31, 2018 | ||||||||||||||||||||||||||||||
Derivative Assets | Derivative Liabilities | Derivative Assets | Derivative Liabilities | ||||||||||||||||||||||||||||
Current | Noncurrent | Current | Noncurrent | Current | Noncurrent | Current | Noncurrent | ||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||
Total fair value of derivatives | $ | 646 | $ | 129 | $ | (596 | ) | $ | (174 | ) | $ | 563 | $ | 100 | $ | (518 | ) | $ | (151 | ) | |||||||||||
Counterparty netting | (513 | ) | (88 | ) | 513 | 88 | (451 | ) | (62 | ) | 451 | 62 | |||||||||||||||||||
Collateral adjustment | — | — | — | — | (10 | ) | (7 | ) | — | — | |||||||||||||||||||||
Total derivatives as reported | $ | 133 | $ | 41 | $ | (83 | ) | $ | (86 | ) | $ | 102 | $ | 31 | $ | (67 | ) | $ | (89 | ) |
December 31, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||
Derivative Assets | Derivative Liabilities | Derivative Assets | Derivative Liabilities | ||||||||||||||||||||||||||||||||||||||||||||
Current | Noncurrent | Current | Noncurrent | Current | Noncurrent | Current | Noncurrent | ||||||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||||||||
Total fair value of derivatives | $ | 1,517 | $ | 405 | $ | (1,535) | $ | (634) | $ | 1,035 | $ | 356 | $ | (1,037) | $ | (471) | |||||||||||||||||||||||||||||||
Counterparty netting | (1,127) | (272) | 1,127 | 272 | (791) | (239) | 791 | 239 | |||||||||||||||||||||||||||||||||||||||
Collateral adjustment | (62) | (28) | 66 | 47 | (63) | (27) | 8 | 40 | |||||||||||||||||||||||||||||||||||||||
Total derivatives as reported | $ | 328 | $ | 105 | $ | (342) | $ | (315) | $ | 181 | $ | 90 | $ | (238) | $ | (192) |
Location of Gain (Loss) Recognized in Income on Derivatives | Gain (Loss) Recognized in Income on Derivatives for Years Ended December 31, | |||||||||||||
2019 | 2018 | 2017 | ||||||||||||
(In millions) | ||||||||||||||
Commodity contracts | ||||||||||||||
Natural gas | Operating Revenues — Non-utility operations | $ | 44 | $ | (42 | ) | $ | (74 | ) | |||||
Natural gas | Fuel, purchased power, and gas — non-utility | (5 | ) | (94 | ) | 97 | ||||||||
Electricity | Operating Revenues — Non-utility operations | 44 | 49 | 105 | ||||||||||
Environmental & Other | Operating Revenues — Non-utility operations | (26 | ) | (1 | ) | 2 | ||||||||
Foreign currency exchange contracts | Operating Revenues — Non-utility operations | (2 | ) | 7 | (2 | ) | ||||||||
Total | $ | 55 | $ | (81 | ) | $ | 128 |
Location of Gain (Loss) Recognized in Income on Derivatives | Gain (Loss) Recognized in Income on Derivatives for Years Ended December 31, | |||||||||||||||||||||||||
2022 | 2021 | 2020 | ||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||
Commodity contracts | ||||||||||||||||||||||||||
Natural gas | Operating Revenues — Non-utility operations | $ | (235) | $ | (224) | $ | (70) | |||||||||||||||||||
Natural gas | Fuel, purchased power, gas, and other — non-utility | (108) | (89) | 20 | ||||||||||||||||||||||
Electricity | Operating Revenues — Non-utility operations | 221 | 169 | 91 | ||||||||||||||||||||||
Environmental & Other | Operating Revenues — Non-utility operations | 13 | (40) | (118) | ||||||||||||||||||||||
Foreign currency exchange contracts | Operating Revenues — Non-utility operations | 3 | — | (6) | ||||||||||||||||||||||
Total | $ | (106) | $ | (184) | $ | (83) |
Commodity | Number of Units | |||||||
Natural gas (MMBtu) | ||||||||
Electricity (MWh) | ||||||||
Oil (Gallons) | 7,584,000 | |||||||
Foreign currency exchange | ||||||||
FTR (MWh) | 60,482 | |||||||
Renewable Energy Certificates (MWh) | 7,340,257 | |||||||
Carbon emissions (Metric Ton) | 140,639 | |||||||
Interest rate contracts ($ USD) | 800,000,000 |
Interest Rate(a) | Maturity Date | 2019 | 2018 | ||||||||
(In millions) | |||||||||||
Mortgage bonds, notes, and other | |||||||||||
DTE Energy Debt, Unsecured | 3.2% | 2022 — 2033 | $ | 6,625 | $ | 4,425 | |||||
DTE Electric Taxable Debt, Principally Secured | 4.2% | 2020 — 2049 | 6,930 | 6,280 | |||||||
DTE Electric Tax-Exempt Revenue Bonds(b) | 4.3% | 2020 — 2030 | 310 | 310 | |||||||
DTE Gas Taxable Debt, Principally Secured | 4.3% | 2020 — 2049 | 1,710 | 1,550 | |||||||
Other Long-Term Debt, including Non-Recourse Debt | — | 1 | |||||||||
15,575 | 12,566 | ||||||||||
Unamortized debt discount | (24 | ) | (16 | ) | |||||||
Unamortized debt issuance costs | (91 | ) | (73 | ) | |||||||
Long-term debt due within one year | (682 | ) | (1,495 | ) | |||||||
$ | 14,778 | $ | 10,982 | ||||||||
Junior Subordinated Debentures | |||||||||||
Subordinated Debentures | 5.5% | 2062 — 2077 | $ | 1,180 | $ | 1,180 | |||||
Unamortized debt issuance costs | (34 | ) | (35 | ) | |||||||
$ | 1,146 | $ | 1,145 |
Interest Rate(a) | Maturity Date | 2022 | 2021 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Mortgage bonds, notes, and other | |||||||||||||||||||||||
DTE Energy debt, unsecured | 3.4% | 2023 — 2030 | $ | 5,105 | $ | 5,555 | |||||||||||||||||
DTE Electric debt, principally secured | 3.7% | 2023 — 2052 | 9,572 | 8,988 | |||||||||||||||||||
DTE Gas debt, principally secured | 4.0% | 2023 — 2052 | 2,325 | 2,065 | |||||||||||||||||||
17,002 | 16,608 | ||||||||||||||||||||||
Unamortized debt discount | (26) | (23) | |||||||||||||||||||||
Unamortized debt issuance costs | (92) | (90) | |||||||||||||||||||||
Long-term debt due within one year | (1,077) | (2,866) | |||||||||||||||||||||
$ | 15,807 | $ | 13,629 | ||||||||||||||||||||
Securitization bonds(b) | |||||||||||||||||||||||
DTE Electric securitization bonds | 2.8% | 2027 — 2036 | $ | 215 | $ | — | |||||||||||||||||
Unamortized debt issuance costs | (4) | ||||||||||||||||||||||
Long-term debt due within one year | (39) | — | |||||||||||||||||||||
$ | 172 | $ | — | ||||||||||||||||||||
Junior Subordinated Debentures | |||||||||||||||||||||||
Subordinated debentures | 4.8% | 2077 — 2081 | $ | 910 | $ | 910 | |||||||||||||||||
Unamortized debt issuance costs | (27) | (27) | |||||||||||||||||||||
$ | 883 | $ | 883 |
Interest Rate(a) | Maturity Date | 2019 | 2018 | Interest Rate(a) | Maturity Date | 2022 | 2021 | |||||||||||||||||||||||||||
(In millions) | (In millions) | |||||||||||||||||||||||||||||||||
Mortgage bonds, notes, and other | Mortgage bonds, notes, and other | |||||||||||||||||||||||||||||||||
Taxable Debt, Principally Secured | 4.2% | 2020 — 2049 | $ | 6,930 | $ | 6,280 | ||||||||||||||||||||||||||||
Tax-Exempt Revenue Bonds(b) | 4.3% | 2020 — 2030 | 310 | 310 | ||||||||||||||||||||||||||||||
Long-term debt, principally secured | Long-term debt, principally secured | 3.7% | 2023 — 2052 | $ | 9,572 | $ | 8,988 | |||||||||||||||||||||||||||
7,240 | 6,590 | |||||||||||||||||||||||||||||||||
Unamortized debt discount | (15 | ) | (11 | ) | Unamortized debt discount | (22) | (19) | |||||||||||||||||||||||||||
Unamortized debt issuance costs | (45 | ) | (41 | ) | Unamortized debt issuance costs | (65) | (62) | |||||||||||||||||||||||||||
Long-term debt due within one year | (632 | ) | — | Long-term debt due within one year | (203) | (316) | ||||||||||||||||||||||||||||
$ | 6,548 | $ | 6,538 | $ | 9,282 | $ | 8,591 | |||||||||||||||||||||||||||
Securitization bonds(b) | Securitization bonds(b) | |||||||||||||||||||||||||||||||||
DTE Electric securitization bonds | DTE Electric securitization bonds | 2.8% | 2027 — 2036 | $ | 215 | $ | — | |||||||||||||||||||||||||||
Unamortized debt issuance costs | Unamortized debt issuance costs | (4) | ||||||||||||||||||||||||||||||||
Long-term debt due within one year | Long-term debt due within one year | (39) | — | |||||||||||||||||||||||||||||||
$ | 172 | $ | — |
Company | Month | Type | Interest Rate | Maturity Date | Amount | |||||||
(In millions) | ||||||||||||
DTE Electric | February | Mortgage Bonds(a) | 3.95% | 2049 | $ | 650 | ||||||
DTE Energy | June | Senior Notes(b) | 2.60% | 2022 | 300 | |||||||
DTE Energy | June | Senior Notes(b) | 3.40% | 2029 | 500 | |||||||
DTE Gas | October | Mortgage Bonds(b) | 2.95% | 2029 | 140 | |||||||
DTE Gas | October | Mortgage Bonds(b) | 3.72% | 2049 | 140 | |||||||
DTE Energy | November | Senior Notes(c) | 2.25% | 2022 | 500 | |||||||
DTE Energy | November | Senior Notes(c) | 2.95% | 2030 | 300 | |||||||
DTE Energy | November | Equity Units(c) | (d) | 2025 | 1,300 | |||||||
$ | 3,830 |
Company | Month | Type | Interest Rate | Maturity Date | Amount | |||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||
DTE Electric | February | Mortgage bonds(a) | 3.00% | 2032 | $ | 500 | ||||||||||||||||||||||||||
DTE Electric | February | Mortgage bonds(b) | 3.65% | 2052 | 400 | |||||||||||||||||||||||||||
DTE Electric | March | Securitization bonds(c) | 2.64% | 2027(d) | 184 | |||||||||||||||||||||||||||
DTE Electric | March | Securitization bonds(c) | 3.11% | 2036(e) | 52 | |||||||||||||||||||||||||||
DTE Energy | August | Term loan facility draw | Variable | 2023 | 400 | |||||||||||||||||||||||||||
DTE Gas | September | Mortgage bonds(a) | 4.76% | 2032 | 130 | |||||||||||||||||||||||||||
DTE Gas | September | Mortgage bonds(a) | 5.05% | 2052 | 130 | |||||||||||||||||||||||||||
DTE Energy | November | Term loan facility draw | Variable | 2023 | 200 | |||||||||||||||||||||||||||
DTE Energy | December | Term loan facility draw | Variable | 2023 | 200 | |||||||||||||||||||||||||||
$ | 2,196 |
Company | Month | Type | Interest Rate | Maturity Date | Amount | |||||||||||||||||||||||||||
(In millions) | ||||||||||||||||||||||||||||||||
DTE Electric | March | Mortgage bonds | 2.65% | 2022 | $ | 250 | ||||||||||||||||||||||||||
DTE Electric | September | Mortgage bonds | 6.95% | 2022 | 66 | |||||||||||||||||||||||||||
DTE Energy | November | Senior Notes | 2.25% | 2022 | 500 | |||||||||||||||||||||||||||
DTE Energy | November | Senior Notes | 0.55% | 2022 | 750 | |||||||||||||||||||||||||||
DTE Electric | December | Securitization Bonds | 2.64% | 2022 | 21 | |||||||||||||||||||||||||||
$ | 1,587 |
Company | Month | Type | Interest Rate | Maturity Date | Amount | |||||||
(In millions) | ||||||||||||
DTE Energy | October | Senior Notes | 1.50% | 2019 | $ | 400 | ||||||
DTE Gas | October | Senior Notes | 5.00% | 2019 | 120 | |||||||
DTE Energy | December | Senior Notes | 2.40% | 2019 | 300 | |||||||
DTE Energy | Various | Other long-term debt | Various | 2019 | 1 | |||||||
$ | 821 |
2020 | 2021 | 2022 | 2023 | 2024 | 2025 and Thereafter | Total | |||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||
DTE Energy(a) | $ | 682 | $ | 462 | $ | 2,716 | $ | 1,177 | $ | 1,425 | $ | 10,293 | $ | 16,755 | |||||||||||||
DTE Electric | $ | 632 | $ | 462 | $ | 316 | $ | 202 | $ | 400 | $ | 5,228 | $ | 7,240 |
2023 | 2024 | 2025 | 2026 | 2027 | 2028 and Thereafter | Total | |||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
DTE Energy(a)(b) | $ | 1,116 | $ | 2,416 | $ | 1,261 | $ | 819 | $ | 196 | $ | 12,319 | $ | 18,127 | |||||||||||||||||||||||||||
DTE Electric(b) | $ | 242 | $ | 440 | $ | 391 | $ | 219 | $ | 5 | $ | 8,490 | $ | 9,787 |
(a)Amounts include |
2023 | 2024 | 2025 | 2026 | 2027 | 2028 and Thereafter | Total | |||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
DTE Energy(a)(b) | $ | 669 | $ | 601 | $ | 511 | $ | 495 | $ | 469 | $ | 7,712 | $ | 10,457 | |||||||||||||||||||||||||||
DTE Electric(b) | $ | 357 | $ | 340 | $ | 325 | $ | 316 | $ | 310 | $ | 4,375 | $ | 6,023 |
Issuance Date | Units Issued | Total Net Proceeds | Total Long-Term Debt | RSN Annual Interest Rate | Stock Purchase Contract Annual Rate | Stock Purchase Settlement Date | Stock Purchase Contract Liability | RSN Maturity Date | ||||||||||||||
(In millions, except interest rates) | ||||||||||||||||||||||
11/1/19 | 26 | $ | 1,268 | $ | 1,300 | 2.25% | 4.0% | 11/1/2022 | $ | 150 | 11/1/2025 |
Company | Type of Stock | Par Value | Shares Authorized | |||||||||||||||||
DTE Energy | Preferred | $ | — | 5,000,000 | ||||||||||||||||
DTE Electric | Preferred | $ | 100 | 6,747,484 | ||||||||||||||||
DTE Electric | Preference | $ | 1 | 30,000,000 | ||||||||||||||||
DTE Gas | Preferred | $ | 1 | 7,000,000 | ||||||||||||||||
DTE Gas | Preference | $ | 1 | 4,000,000 |
DTE Energy | DTE Electric | DTE Gas | Total | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Unsecured revolving credit facility, expiring October 2027 | $ | 1,500 | $ | 800 | $ | 300 | $ | 2,600 | |||||||||||||||
Unsecured Canadian revolving credit facility, expiring May 2023 | 81 | — | — | 81 | |||||||||||||||||||
Unsecured letter of credit facility, expiring February 2025 | 150 | — | — | 150 | |||||||||||||||||||
Unsecured letter of credit facility, expiring June 2023 | 375 | — | — | 375 | |||||||||||||||||||
Unsecured letter of credit facility(a) | 50 | — | — | 50 | |||||||||||||||||||
2,156 | 800 | 300 | 3,256 | ||||||||||||||||||||
Amounts outstanding at December 31, 2022 | |||||||||||||||||||||||
Revolver borrowings | 81 | — | — | 81 | |||||||||||||||||||
Commercial paper issuances | 271 | 568 | 242 | 1,081 | |||||||||||||||||||
Letters of credit | 340 | — | — | 340 | |||||||||||||||||||
692 | 568 | 242 | 1,502 | ||||||||||||||||||||
Net availability at December 31, 2022 | $ | 1,464 | $ | 232 | $ | 58 | $ | 1,754 |
DTE Energy | DTE Electric | DTE Gas | Total | ||||||||||||
(In millions) | |||||||||||||||
Unsecured letter of credit facility, expiring in February 2021 | $ | 150 | $ | — | $ | — | $ | 150 | |||||||
Unsecured letter of credit facility, expiring in August 2021 | 110 | — | — | 110 | |||||||||||
Unsecured revolving credit facility, expiring April 2024 | 1,500 | 500 | 300 | 2,300 | |||||||||||
1,760 | 500 | 300 | 2,560 | ||||||||||||
Amounts outstanding at December 31, 2019 | |||||||||||||||
Commercial paper issuances | 280 | 354 | 194 | 828 | |||||||||||
Letters of credit | 229 | — | — | 229 | |||||||||||
509 | 354 | 194 | 1,057 | ||||||||||||
Net availability at December 31, 2019 | $ | 1,251 | $ | 146 | $ | 106 | $ | 1,503 |
DTE Energy | DTE Electric | ||||||
(In millions) | |||||||
Operating lease cost | $ | 41 | $ | 17 | |||
Finance lease cost: | |||||||
Amortization of right-of-use assets | 4 | 4 | |||||
Interest of lease liabilities | — | — | |||||
Total finance lease cost | 4 | 4 | |||||
Variable lease cost | 10 | — | |||||
Short-term lease cost | 10 | 3 | |||||
$ | 65 | $ | 24 |
DTE Energy | DTE Electric | ||||||||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2022 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||
Operating lease cost | $ | 18 | $ | 19 | $ | 21 | $ | 12 | $ | 14 | $ | 14 | |||||||||||||||||||||||||||||
Finance lease cost: | |||||||||||||||||||||||||||||||||||||||||
Amortization of right-of-use assets | 7 | 7 | 5 | 6 | 6 | 4 | |||||||||||||||||||||||||||||||||||
Interest of lease liabilities | 1 | 1 | — | — | — | — | |||||||||||||||||||||||||||||||||||
Total finance lease cost | 8 | 8 | 5 | 6 | 6 | 4 | |||||||||||||||||||||||||||||||||||
Variable lease cost | 9 | 9 | 10 | — | — | — | |||||||||||||||||||||||||||||||||||
Short-term lease cost | 19 | 14 | 11 | 10 | 6 | 6 | |||||||||||||||||||||||||||||||||||
$ | 54 | $ | 50 | $ | 47 | $ | 28 | $ | 26 | $ | 24 |
DTE Energy | DTE Electric | ||||||||||||||||||||||||||||||||||
2022 | 2021 | 2020 | 2022 | 2021 | 2020 | ||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||
Supplemental Cash Flows Information | |||||||||||||||||||||||||||||||||||
Cash paid for amounts included in the measurement of these liabilities: | |||||||||||||||||||||||||||||||||||
Operating cash flows for finance leases | $ | 8 | $ | 8 | $ | 3 | $ | 7 | $ | 7 | $ | 2 | |||||||||||||||||||||||
Operating cash flows for operating leases | $ | 17 | $ | 19 | $ | 22 | $ | 12 | $ | 14 | $ | 14 | |||||||||||||||||||||||
Right-of-use assets obtained in exchange for lease obligations: | |||||||||||||||||||||||||||||||||||
Operating leases | $ | 5 | $ | 5 | $ | 2 | $ | 2 | $ | 1 | $ | — | |||||||||||||||||||||||
Finance leases | $ | 3 | $ | 3 | $ | 19 | $ | 1 | $ | 1 | $ | 14 | |||||||||||||||||||||||
Weighted Average Remaining Lease Term (Years) | |||||||||||||||||||||||||||||||||||
Operating leases | 12.8 | 12.7 | 12.1 | 11.1 | 10.3 | 10.4 | |||||||||||||||||||||||||||||
Finance leases | 8.2 | 7.8 | 7.6 | 1.1 | 2.1 | 3.1 | |||||||||||||||||||||||||||||
Weighted Average Discount Rate | |||||||||||||||||||||||||||||||||||
Operating leases | 3.7 | % | 3.6 | % | 3.6 | % | 3.4 | % | 3.4 | % | 3.3 | % | |||||||||||||||||||||||
Finance leases | 2.4 | % | 2.2 | % | 2.0 | % | 1.0 | % | 1.0 | % | 1.0 | % |
DTE Energy | DTE Electric | ||||||
(In millions) | |||||||
Supplemental Cash Flows Information | |||||||
Cash paid for amounts included in the measurement of these liabilities: | |||||||
Operating cash flows for finance leases | $ | 5 | $ | 5 | |||
Operating cash flows for operating leases | $ | 40 | $ | 16 | |||
Right-of-use assets obtained in exchange for lease obligations: | |||||||
Operating leases | $ | 68 | $ | 27 | |||
Finance leases | $ | 8 | $ | — | |||
Weighted Average Remaining Lease Term | |||||||
Operating leases | 9.7 years | 10.6 years | |||||
Finance leases | 9.1 years | 2.0 years | |||||
Weighted Average Discount Rate | |||||||
Operating leases | 3.5% | 3.3% | |||||
Finance leases | 3.1% | 3.1% |
DTE Energy | DTE Electric | ||||||||||||||
Operating Leases | Finance Leases | Operating Leases | Finance Leases | ||||||||||||
(In millions) | |||||||||||||||
2020 | $ | 38 | $ | 5 | $ | 14 | $ | 3 | |||||||
2021 | 30 | 5 | 13 | 4 | |||||||||||
2022 | 26 | 1 | 12 | — | |||||||||||
2023 | 20 | 1 | 10 | — | |||||||||||
2024 | 12 | 1 | 8 | — | |||||||||||
2025 and thereafter | 67 | 4 | 38 | — | |||||||||||
Total future minimum lease payments | 193 | 17 | 95 | 7 | |||||||||||
Imputed interest | (33 | ) | (2 | ) | (16 | ) | — | ||||||||
$ | 160 | $ | 15 | $ | 79 | $ | 7 |
DTE Energy | DTE Electric | ||||||||||||||||||||||
Operating Leases | Finance Leases | Operating Leases | Finance Leases | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
2023 | $ | 14 | $ | 8 | $ | 10 | $ | 6 | |||||||||||||||
2024 | 12 | 3 | 8 | 1 | |||||||||||||||||||
2025 | 9 | 1 | 6 | — | |||||||||||||||||||
2026 | 8 | 1 | 5 | — | |||||||||||||||||||
2027 | 7 | 1 | 4 | — | |||||||||||||||||||
2028 and thereafter | 51 | 7 | 25 | — | |||||||||||||||||||
Total future minimum lease payments | 101 | 21 | 58 | 7 | |||||||||||||||||||
Imputed interest | (20) | (2) | (10) | — | |||||||||||||||||||
Lease liabilities | $ | 81 | $ | 19 | $ | 48 | $ | 7 |
DTE Energy | DTE Electric | ||||||
December 31, 2019 | |||||||
(In millions) | |||||||
Right-of-use assets, within Property, plant, and equipment, net | $ | 15 | $ | 7 | |||
Current lease liabilities, within Current Liabilities — Other | $ | 4 | $ | 3 |
DTE Energy | DTE Electric | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Right-of-use assets, within Property, plant, and equipment, net | $ | 19 | $ | 26 | $ | 6 | $ | 12 | |||||||||||||||
Current lease liabilities, within Current portion of long-term debt | $ | 8 | $ | 8 | $ | 6 | $ | 6 | |||||||||||||||
Long-term lease liabilities | $ | 11 | $ | 19 | $ | 1 | $ | 7 |
DTE Energy | DTE Electric | ||||||
(In millions) | |||||||
2019 | $ | 42 | $ | 17 | |||
2020 | 30 | 12 | |||||
2021 | 18 | 10 | |||||
2022 | 11 | 7 | |||||
2023 | 8 | 5 | |||||
2024 and thereafter | 45 | 29 | |||||
$ | 154 | $ | 80 |
DTE Energy | DTE Electric | ||||||
(In millions) | |||||||
Gross property under capital leases | $ | 18 | $ | 18 | |||
Accumulated amortization of property under capital leases | $ | 7 | $ | 7 |
2022 | 2021 | 2020 | |||||||||||||||
(In millions) | |||||||||||||||||
Fixed payments | $ | 15 | $ | 67 | $ | 57 | |||||||||||
Variable payments | 67 | 131 | 124 | ||||||||||||||
$ | 82 | $ | 198 | $ | 181 | ||||||||||||
Operating revenues | $ | 82 | $ | 103 | $ | 99 | |||||||||||
Other income(a) | — | 95 | 82 | ||||||||||||||
$ | 82 | $ | 198 | $ | 181 |
DTE Energy | |||
(In millions) | |||
Fixed payments(a) | $ | 65 | |
Variable payments(a) | 128 | ||
$ | 193 |
DTE Energy | |||
(In millions) | |||
2020 | $ | 64 | |
2021 | 62 | ||
2022 | 22 | ||
2023 | 22 | ||
2024 | 22 | ||
2025 and thereafter | 194 | ||
$ | 386 |
DTE Energy | |||||
(In millions) | |||||
2023 | $ | 15 | |||
2024 | 15 | ||||
2025 | 15 | ||||
2026 | 11 | ||||
2027 | 10 | ||||
2028 and thereafter | 41 | ||||
$ | 107 |
2022 | 2021 | ||||||||||
(In millions) | |||||||||||
Gross property under operating leases | $ | 282 | $ | 341 | |||||||
Accumulated amortization of property under operating leases | $ | 128 | $ | 181 |
DTE Energy | |||
(In millions) | |||
Gross property under operating leases | $ | 445 | |
Accumulated amortization of property under operating leases | $ | 173 |
DTE Energy | |||
(In millions) | |||
2020 | $ | 9 | |
2021 | 4 | ||
2022 | 4 | ||
2023 | 5 | ||
2024 | 5 | ||
2025 and thereafter | 55 | ||
Total minimum future lease receipts | 82 | ||
Residual value of leased pipeline | 19 | ||
Less unearned income | 55 | ||
Net investment in finance lease | 46 | ||
Less current portion | 5 | ||
$ | 41 |
DTE Energy | |||||||||||
(In millions) | |||||||||||
2023 | $ | 34 | |||||||||
2024 | 34 | ||||||||||
2025 | 34 | ||||||||||
2026 | 34 | ||||||||||
2027 | 33 | ||||||||||
2028 and thereafter | 421 | ||||||||||
Total minimum future lease receipts | 590 | ||||||||||
Residual value of leased pipeline | 17 | ||||||||||
Less unearned income | 315 | ||||||||||
Net investment in finance lease | 292 | ||||||||||
Less current portion | 7 | ||||||||||
$ | 285 |
DTE Energy | |||
(In millions) | |||
2019 | $ | 66 | |
2020 | 66 | ||
2021 | 64 | ||
2022 | 20 | ||
2023 | 20 | ||
2024 and thereafter | 196 | ||
$ | 432 |
DTE Energy | |||
(In millions) | |||
2019 | $ | 10 | |
2020 | 9 | ||
2021 | — | ||
2022 | — | ||
2023 | — | ||
2024 and thereafter | 1 | ||
Total minimum future lease receipts | 20 | ||
Residual value of leased pipeline | 40 | ||
Less unearned income | 9 | ||
Net investment in capital lease | 51 | ||
Less current portion | 5 | ||
$ | 46 |
DTE Energy | |||
(In millions) | |||
Gross property under operating leases | $ | 447 | |
Accumulated amortization of property under operating leases | $ | 148 |
2023 | 2024 | 2025 | 2026 | 2027 | 2028 and Thereafter | Total | |||||||||||||||||||||||||||||||||||
DTE Energy | (In millions) | ||||||||||||||||||||||||||||||||||||||||
Long-term power purchase agreements(a) | $ | 88 | $ | 104 | $ | 103 | $ | 103 | $ | 104 | $ | 885 | $ | 1,387 | |||||||||||||||||||||||||||
Other purchase commitments(b) | 4,039 | 2,101 | 959 | 549 | 400 | 1,019 | 9,067 | ||||||||||||||||||||||||||||||||||
Total commitments | $ | 4,127 | $ | 2,205 | $ | 1,062 | $ | 652 | $ | 504 | $ | 1,904 | $ | 10,454 | |||||||||||||||||||||||||||
2023 | 2024 | 2025 | 2026 | 2027 | 2028 and Thereafter | Total | |||||||||||||||||||||||||||||||||||
DTE Electric | (In millions) | ||||||||||||||||||||||||||||||||||||||||
Long-term power purchase agreements(a) | $ | 93 | $ | 109 | $ | 108 | $ | 109 | $ | 109 | $ | 900 | $ | 1,428 | |||||||||||||||||||||||||||
Other purchase commitments(b) | 703 | 524 | 332 | 124 | 80 | 203 | 1,966 | ||||||||||||||||||||||||||||||||||
Total commitments | $ | 796 | $ | 633 | $ | 440 | $ | 233 | $ | 189 | $ | 1,103 | $ | 3,394 |
DTE Energy | DTE Electric | ||||||
(In millions) | |||||||
2020 | $ | 3,152 | $ | 1,556 | |||
2021 | 1,055 | 299 | |||||
2022 | 561 | 95 | |||||
2023 | 418 | 96 | |||||
2024 | 365 | 96 | |||||
2025 and thereafter | 1,503 | 688 | |||||
$ | 7,054 | $ | 2,830 |
Registrants | |||||||||||
DTE Energy | DTE Electric | ||||||||||
Qualified Pension Plans | |||||||||||
DTE Energy Company Retirement Plan | X | X | |||||||||
DTE Gas Company Retirement Plan for Employees Covered by Collective Bargaining Agreements | X | ||||||||||
Shenango Inc. Pension Plan(a) | X | ||||||||||
DTE Energy Company Supplemental Retirement Plan(b) | X | X | |||||||||
DTE Energy Company Executive Supplemental Retirement Plan | X | X | |||||||||
DTE Energy Company Supplemental Severance Benefit Plan | X | ||||||||||
Other Postretirement Benefit Plans | |||||||||||
The DTE Energy Company Comprehensive Non-Health Welfare Plan | X | X | |||||||||
The DTE Energy Company Comprehensive Retiree Group Health Care Plan | X | X | |||||||||
DTE Supplemental Retiree Benefit Plan | X | X | |||||||||
DTE Energy Company Retiree Reimbursement Arrangement Plan | X | X |
(b)Sponsored by |
2022 | 2021 | 2020 | |||||||||||||||
(In millions) | |||||||||||||||||
Service cost | $ | 95 | $ | 108 | $ | 99 | |||||||||||
Interest cost | 166 | 158 | 186 | ||||||||||||||
Expected return on plan assets | (346) | (339) | (334) | ||||||||||||||
Amortization of: | |||||||||||||||||
Net actuarial loss | 115 | 196 | 171 | ||||||||||||||
Prior service cost (credit) | (1) | — | 1 | ||||||||||||||
Settlements | 94 | 16 | 25 | ||||||||||||||
Net pension cost | $ | 123 | $ | 139 | $ | 148 |
2019 | 2018 | 2017 | |||||||||
(In millions) | |||||||||||
Service cost | $ | 84 | $ | 99 | $ | 92 | |||||
Interest cost | 219 | 202 | 214 | ||||||||
Expected return on plan assets | (325 | ) | (329 | ) | (311 | ) | |||||
Amortization of: | |||||||||||
Net actuarial loss | 133 | 176 | 176 | ||||||||
Prior service cost | 1 | — | 1 | ||||||||
Net pension cost | $ | 112 | $ | 148 | $ | 172 |
2022 | 2021 | ||||||||||
(In millions) | |||||||||||
Other changes in plan assets and benefit obligations recognized in Regulatory assets and Other comprehensive income (loss) | |||||||||||
Net actuarial (gain) loss | $ | 156 | $ | (376) | |||||||
Amortization of net actuarial loss and settlements | (209) | (209) | |||||||||
Prior service cost | — | 4 | |||||||||
Amortization of prior service (cost) credit | 1 | (3) | |||||||||
Total recognized in Regulatory assets and Other comprehensive income (loss) | $ | (52) | $ | (584) | |||||||
Total recognized in net periodic pension cost, Regulatory assets, and Other comprehensive income (loss) | $ | 71 | $ | (445) |
2019 | 2018 | ||||||
(In millions) | |||||||
Other changes in plan assets and benefit obligations recognized in Regulatory assets and Other comprehensive income (loss) | |||||||
Net actuarial loss | $ | 156 | $ | 125 | |||
Amortization of net actuarial loss | (133 | ) | (176 | ) | |||
Amortization of prior service cost | (1 | ) | — | ||||
Total recognized in Regulatory assets and Other comprehensive income (loss) | $ | 22 | $ | (51 | ) | ||
Total recognized in net periodic pension cost, Regulatory assets, and Other comprehensive income (loss) | $ | 134 | $ | 97 | |||
Estimated amounts to be amortized from Regulatory assets and Accumulated other comprehensive income (loss) into net periodic benefit cost during next fiscal year | |||||||
Net actuarial loss | $ | 171 | $ | 131 | |||
Prior service cost | $ | 1 | $ | 1 |
DTE Energy | |||||||||||
2022 | 2021 | ||||||||||
(In millions) | |||||||||||
Accumulated benefit obligation, end of year | $ | 4,078 | $ | 5,448 | |||||||
Change in projected benefit obligation | |||||||||||
Projected benefit obligation, beginning of year | $ | 5,857 | $ | 6,304 | |||||||
Service cost | 95 | 108 | |||||||||
Interest cost | 166 | 158 | |||||||||
Plan amendments | — | 4 | |||||||||
Actuarial gain | (1,252) | (255) | |||||||||
Benefits paid | (278) | (414) | |||||||||
Settlements | (279) | (48) | |||||||||
Projected benefit obligation, end of year | $ | 4,309 | $ | 5,857 | |||||||
Change in plan assets | |||||||||||
Plan assets at fair value, beginning of year | $ | 5,507 | $ | 5,497 | |||||||
Actual return on plan assets | (1,062) | 460 | |||||||||
Company contributions | 9 | 12 | |||||||||
Benefits paid | (278) | (414) | |||||||||
Settlements | (279) | (48) | |||||||||
Plan assets at fair value, end of year | $ | 3,897 | $ | 5,507 | |||||||
Funded status | $ | (412) | $ | (350) | |||||||
Amount recorded as: | |||||||||||
Current liabilities | $ | (34) | $ | (11) | |||||||
Noncurrent liabilities | (378) | (339) | |||||||||
$ | (412) | $ | (350) | ||||||||
Amounts recognized in Accumulated other comprehensive income (loss), pre-tax | |||||||||||
Net actuarial loss | $ | 85 | $ | 126 | |||||||
Prior service cost | — | 1 | |||||||||
$ | 85 | $ | 127 | ||||||||
Amounts recognized in Regulatory assets(a) | |||||||||||
Net actuarial loss | $ | 1,369 | $ | 1,381 | |||||||
Prior service credit | (7) | (9) | |||||||||
$ | 1,362 | $ | 1,372 |
DTE Energy | |||||||
2019 | 2018 | ||||||
(In millions) | |||||||
Accumulated benefit obligation, end of year | $ | 5,387 | $ | 4,779 | |||
Change in projected benefit obligation | |||||||
Projected benefit obligation, beginning of year | $ | 5,124 | $ | 5,576 | |||
Service cost | 84 | 99 | |||||
Interest cost | 219 | 202 | |||||
Actuarial (gain) loss | 719 | (438 | ) | ||||
Benefits paid | (336 | ) | (315 | ) | |||
Projected benefit obligation, end of year | $ | 5,810 | $ | 5,124 | |||
Change in plan assets | |||||||
Plan assets at fair value, beginning of year | $ | 4,273 | $ | 4,636 | |||
Actual return on plan assets | 888 | (233 | ) | ||||
Company contributions | 168 | 185 | |||||
Benefits paid | (336 | ) | (315 | ) | |||
Plan assets at fair value, end of year | $ | 4,993 | $ | 4,273 | |||
Funded status | $ | (817 | ) | $ | (851 | ) | |
Amount recorded as: | |||||||
Current liabilities | $ | (9 | ) | $ | (14 | ) | |
Noncurrent liabilities | (808 | ) | (837 | ) | |||
$ | (817 | ) | $ | (851 | ) | ||
Amounts recognized in Accumulated other comprehensive income (loss), pre-tax | |||||||
Net actuarial loss | $ | 153 | $ | 152 | |||
Prior service cost | 4 | 5 | |||||
$ | 157 | $ | 157 | ||||
Amounts recognized in Regulatory assets(a) | |||||||
Net actuarial loss | $ | 1,995 | $ | 1,973 | |||
Prior service credit | (12 | ) | (12 | ) | |||
$ | 1,983 | $ | 1,961 |
2019 | 2018 | 2017 | |||||||||
(In millions) | |||||||||||
DTE Energy | $ | 150 | $ | 175 | $ | 223 | |||||
DTE Electric | $ | 100 | $ | 175 | $ | 185 |
Date | Number of Shares | Price per Share | Amount | |||||
(In millions) | ||||||||
March 5, 2019 | 814,597 | $122.76 | $ | 100 |
(In millions) | |||
2020 | $ | 311 | |
2021 | 319 | ||
2022 | 324 | ||
2023 | 330 | ||
2024 | 334 | ||
2025-2029 | 1,723 | ||
Total | $ | 3,341 |
(In millions) | |||||
2023 | $ | 344 | |||
2024 | 319 | ||||
2025 | 328 | ||||
2026 | 323 | ||||
2027 | 323 | ||||
2028-2032 | 1,616 | ||||
Total | $ | 3,253 |
2019 | 2018 | 2017 | |||
Projected benefit obligation | |||||
Discount rate | 3.28% | 4.40% | 3.70% | ||
Rate of compensation increase | 4.98% | 4.98% | 4.98% | ||
Net pension costs | |||||
Discount rate | 4.40% | 3.70% | 4.25% | ||
Rate of compensation increase | 4.98% | 4.98% | 4.65% | ||
Expected long-term rate of return on plan assets | 7.30% | 7.50% | 7.50% |
2022 | 2021 | 2020 | |||||||||||||||
Projected benefit obligation | |||||||||||||||||
Discount rate | 5.19% | 2.91% | 2.57% | ||||||||||||||
Rate of compensation increase | 3.80% | 3.80% | 3.80% | ||||||||||||||
Cash balance interest crediting rate | 3.40% | 2.40% | 2.00% | ||||||||||||||
Net pension costs | |||||||||||||||||
Discount rate | 2.91% | 2.57% | 3.28% | ||||||||||||||
Rate of compensation increase | 3.80% | 3.80% | 3.85% | ||||||||||||||
Expected long-term rate of return on plan assets | 6.80% | 7.00% | 7.10% | ||||||||||||||
Cash balance interest crediting rate | 2.40% | 2.00% | 3.30% |
December 31, 2019 | December 31, 2018 | ||||||||||||||||||||||||||||||
Level 1 | Level 2 | Other(b) | Total | Level 1 | Level 2 | Other(b) | Total | ||||||||||||||||||||||||
DTE Energy asset category: | (In millions) | ||||||||||||||||||||||||||||||
Short-term Investments(c) | $ | 99 | $ | — | $ | — | $ | 99 | $ | — | $ | 27 | $ | — | $ | 27 | |||||||||||||||
Equity Securities | |||||||||||||||||||||||||||||||
Domestic(d) | 172 | — | 870 | 1,042 | 729 | 4 | — | 733 | |||||||||||||||||||||||
International(e) | 387 | — | 322 | 709 | 337 | 9 | 240 | 586 | |||||||||||||||||||||||
Fixed Income Securities | |||||||||||||||||||||||||||||||
Governmental(f) | 569 | — | — | 569 | — | 868 | — | 868 | |||||||||||||||||||||||
Corporate(g) | — | 1,452 | — | 1,452 | 6 | 1,024 | — | 1,030 | |||||||||||||||||||||||
Hedge Funds and Similar Investments(h) | 169 | — | 502 | 671 | 88 | — | 542 | 630 | |||||||||||||||||||||||
Private Equity and Other(i) | — | — | 451 | 451 | — | — | 399 | 399 | |||||||||||||||||||||||
DTE Energy Total | $ | 1,396 | $ | 1,452 | $ | 2,145 | $ | 4,993 | $ | 1,160 | $ | 1,932 | $ | 1,181 | $ | 4,273 |
U.S. Large Capitalization (Cap) Equity Securities | 15 | % | |||
U.S. Small Cap and Mid Cap Equity Securities | 3 | ||||
Non-U.S. Equity Securities | 12 | ||||
Fixed Income Securities | 48 | ||||
Hedge Funds and Similar Investments | 9 | ||||
Private Equity and Other | 13 | ||||
100 | % |
December 31, 2022 | December 31, 2021 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Other(b) | Total | Level 1 | Level 2 | Other(b) | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||
DTE Energy asset category: | (In millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term Investments(c) | $ | 77 | $ | — | $ | — | $ | 77 | $ | 112 | $ | — | $ | — | $ | 112 | |||||||||||||||||||||||||||||||||||||||||||
Equity Securities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Domestic(d) | — | — | 483 | 483 | 155 | — | 758 | 913 | |||||||||||||||||||||||||||||||||||||||||||||||||||
International(e) | 65 | — | 416 | 481 | 88 | — | 588 | 676 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed Income Securities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Governmental(f) | 506 | 77 | — | 583 | 943 | 83 | — | 1,026 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate(g) | — | 1,203 | — | 1,203 | — | 1,466 | — | 1,466 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Hedge Funds and Similar Investments(h) | 86 | 50 | 185 | 321 | 139 | 63 | 365 | 567 | |||||||||||||||||||||||||||||||||||||||||||||||||||
Private Equity and Other(i) | — | — | 749 | 749 | — | — | 747 | 747 | |||||||||||||||||||||||||||||||||||||||||||||||||||
DTE Energy Total | $ | 734 | $ | 1,330 | $ | 1,833 | $ | 3,897 | $ | 1,437 | $ | 1,612 | $ | 2,458 | $ | 5,507 |
2022 | 2021 | 2020 | |||||||||||||||
(In millions) | |||||||||||||||||
DTE Energy | $ | 16 | $ | 18 | $ | 15 | |||||||||||
DTE Electric | $ | 7 | $ | 8 | $ | 7 |
2019 | 2018 | 2017 | 2022 | 2021 | 2020 | |||||||||||||||||||||||
(In millions) | (In millions) | |||||||||||||||||||||||||||
Service cost | $ | 22 | $ | 27 | $ | 27 | Service cost | $ | 27 | $ | 30 | $ | 26 | |||||||||||||||
Interest cost | 70 | 69 | 73 | Interest cost | 48 | 46 | 56 | |||||||||||||||||||||
Expected return on plan assets | (96 | ) | (143 | ) | (130 | ) | Expected return on plan assets | (126) | (129) | (128) | ||||||||||||||||||
Amortization of: | Amortization of: | |||||||||||||||||||||||||||
Net actuarial loss | 12 | 11 | 13 | Net actuarial loss | 4 | 13 | 16 | |||||||||||||||||||||
Prior service credit | (9 | ) | — | (14 | ) | Prior service credit | (19) | (19) | (19) | |||||||||||||||||||
Net other postretirement credit | $ | (1 | ) | $ | (36 | ) | $ | (31 | ) | Net other postretirement credit | $ | (66) | $ | (59) | $ | (49) |
2019 | 2018 | ||||||
(In millions) | |||||||
Other changes in plan assets and accumulated postretirement benefit obligation recognized in Regulatory assets and Other comprehensive income (loss) | |||||||
Net actuarial (gain) loss | $ | 34 | $ | (8 | ) | ||
Amortization of net actuarial loss | (12 | ) | (11 | ) | |||
Prior service credit | (53 | ) | (44 | ) | |||
Amortization of prior service credit | 9 | — | |||||
Total recognized in Regulatory assets and Other comprehensive income (loss) | $ | (22 | ) | $ | (63 | ) | |
Total recognized in net periodic benefit cost, Regulatory assets, and Other comprehensive income (loss) | $ | (23 | ) | $ | (99 | ) | |
Estimated amounts to be amortized from Regulatory assets and Accumulated other comprehensive income (loss) into net periodic benefit cost during next fiscal year | |||||||
Net actuarial loss | $ | 16 | $ | 12 | |||
Prior service credit | $ | (19 | ) | $ | (9 | ) |
2022 | 2021 | ||||||||||
(In millions) | |||||||||||
Other changes in plan assets and accumulated postretirement benefit obligation recognized in Regulatory assets and Other comprehensive income (loss) | |||||||||||
Net actuarial (gain) loss | $ | 90 | $ | (113) | |||||||
Amortization of net actuarial loss | (4) | (13) | |||||||||
Prior service cost | 1 | 1 | |||||||||
Amortization of prior service credit | 19 | 19 | |||||||||
Total recognized in Regulatory assets and Other comprehensive income (loss) | $ | 106 | $ | (106) | |||||||
Total recognized in net periodic benefit cost, Regulatory assets, and Other comprehensive income (loss) | $ | 40 | $ | (165) |
2022 | 2021 | 2020 | |||||||||||||||
(In millions) | |||||||||||||||||
Service cost | $ | 20 | $ | 23 | $ | 20 | |||||||||||
Interest cost | 37 | 35 | 43 | ||||||||||||||
Expected return on plan assets | (85) | (86) | (87) | ||||||||||||||
Amortization of: | |||||||||||||||||
Net actuarial loss | 5 | 11 | 11 | ||||||||||||||
Prior service credit | (14) | (14) | (14) | ||||||||||||||
Net other postretirement credit | $ | (37) | $ | (31) | $ | (27) |
2019 | 2018 | 2017 | |||||||||
(In millions) | |||||||||||
Service cost | $ | 16 | $ | 20 | $ | 20 | |||||
Interest cost | 53 | 53 | 56 | ||||||||
Expected return on plan assets | (65 | ) | (98 | ) | (90 | ) | |||||
Amortization of: | |||||||||||
Net actuarial loss | 5 | 8 | 8 | ||||||||
Prior service credit | (7 | ) | — | (10 | ) | ||||||
Net other postretirement cost (credit) | $ | 2 | $ | (17 | ) | $ | (16 | ) |
2022 | 2021 | ||||||||||
(In millions) | |||||||||||
Other changes in plan assets and accumulated postretirement benefit obligation recognized in Regulatory assets | |||||||||||
Net actuarial (gain) loss | $ | 24 | $ | (84) | |||||||
Amortization of net actuarial loss | (5) | (11) | |||||||||
Amortization of prior service credit | 14 | 14 | |||||||||
Total recognized in Regulatory assets | $ | 33 | $ | (81) | |||||||
Total recognized in net periodic benefit cost and Regulatory assets | $ | (4) | $ | (112) |
2019 | 2018 | ||||||
(In millions) | |||||||
Other changes in plan assets and accumulated postretirement benefit obligation recognized in Regulatory assets | |||||||
Net actuarial (gain) loss | $ | 41 | $ | (46 | ) | ||
Amortization of net actuarial loss | (5 | ) | (8 | ) | |||
Prior service cost | (33 | ) | — | ||||
Amortization of prior service (cost) credit | 7 | (35 | ) | ||||
Total recognized in Regulatory assets | $ | 10 | $ | (89 | ) | ||
Total recognized in net periodic benefit cost and Regulatory assets | $ | 12 | $ | (106 | ) | ||
Estimated amounts to be amortized from Regulatory assets into net periodic benefit cost during next fiscal year | |||||||
Net actuarial loss | $ | 11 | $ | 5 | |||
Prior service credit | $ | (14 | ) | $ | (7 | ) |
DTE Energy | DTE Electric | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Change in accumulated postretirement benefit obligation | |||||||||||||||||||||||
Accumulated postretirement benefit obligation, beginning of year | $ | 1,702 | $ | 1,807 | $ | 1,293 | $ | 1,369 | |||||||||||||||
Service cost | 27 | 30 | 20 | 23 | |||||||||||||||||||
Interest cost | 48 | 46 | 37 | 35 | |||||||||||||||||||
Plan amendments | — | 1 | — | — | |||||||||||||||||||
Actuarial gain | (395) | (100) | (301) | (73) | |||||||||||||||||||
Benefits paid | (89) | (82) | (67) | (61) | |||||||||||||||||||
Accumulated postretirement benefit obligation, end of year | $ | 1,293 | $ | 1,702 | $ | 982 | $ | 1,293 | |||||||||||||||
Change in plan assets | |||||||||||||||||||||||
Plan assets at fair value, beginning of year | $ | 2,021 | $ | 1,960 | $ | 1,355 | $ | 1,320 | |||||||||||||||
Actual return on plan assets | (359) | 142 | (239) | 96 | |||||||||||||||||||
Benefits paid | (85) | (81) | (64) | (61) | |||||||||||||||||||
Plan assets at fair value, end of year | $ | 1,577 | $ | 2,021 | $ | 1,052 | $ | 1,355 | |||||||||||||||
Funded status | $ | 284 | $ | 319 | $ | 70 | $ | 62 | |||||||||||||||
Amount recorded as: | |||||||||||||||||||||||
Noncurrent assets | $ | 571 | $ | 678 | $ | 345 | $ | 402 | |||||||||||||||
Current liabilities | — | (1) | — | — | |||||||||||||||||||
Noncurrent liabilities | (287) | (358) | (275) | (340) | |||||||||||||||||||
$ | 284 | $ | 319 | $ | 70 | $ | 62 | ||||||||||||||||
Amounts recognized in Accumulated other comprehensive income (loss), pre-tax | |||||||||||||||||||||||
Net actuarial gain | $ | (14) | $ | (1) | $ | — | $ | — | |||||||||||||||
Amounts recognized in Regulatory assets(a) | |||||||||||||||||||||||
Net actuarial loss | $ | 201 | $ | 102 | $ | 80 | $ | 61 | |||||||||||||||
Prior service credit | (29) | (49) | (20) | (34) | |||||||||||||||||||
$ | 172 | $ | 53 | $ | 60 | $ | 27 |
DTE Energy | DTE Electric | ||||||||||||||
2019 | 2018 | 2019 | 2018 | ||||||||||||
(In millions) | |||||||||||||||
Change in accumulated postretirement benefit obligation | |||||||||||||||
Accumulated postretirement benefit obligation, beginning of year | $ | 1,645 | $ | 1,910 | $ | 1,247 | $ | 1,470 | |||||||
Service cost | 22 | 27 | 16 | 20 | |||||||||||
Interest cost | 70 | 69 | 53 | 53 | |||||||||||
Plan amendments | (53 | ) | (44 | ) | (33 | ) | (35 | ) | |||||||
Actuarial (gain) loss | 153 | (227 | ) | 118 | (196 | ) | |||||||||
Benefits paid | (86 | ) | (90 | ) | (64 | ) | (65 | ) | |||||||
Accumulated postretirement benefit obligation, end of year | $ | 1,751 | $ | 1,645 | $ | 1,337 | $ | 1,247 | |||||||
Change in plan assets | |||||||||||||||
Plan assets at fair value, beginning of year | $ | 1,689 | $ | 1,848 | $ | 1,158 | $ | 1,272 | |||||||
Actual return on plan assets | 215 | (75 | ) | 141 | (52 | ) | |||||||||
Benefits paid | (85 | ) | (84 | ) | (63 | ) | (62 | ) | |||||||
Plan assets at fair value, end of year | $ | 1,819 | $ | 1,689 | $ | 1,236 | $ | 1,158 | |||||||
Funded status | $ | 68 | $ | 44 | $ | (101 | ) | $ | (89 | ) | |||||
Amount recorded as: | |||||||||||||||
Noncurrent assets | $ | 69 | $ | 45 | $ | 266 | $ | 189 | |||||||
Current liabilities | (1 | ) | (1 | ) | — | — | |||||||||
Noncurrent liabilities | — | — | (367 | ) | (278 | ) | |||||||||
$ | 68 | $ | 44 | $ | (101 | ) | $ | (89 | ) | ||||||
Amounts recognized in Accumulated other comprehensive income (loss), pre-tax | |||||||||||||||
Net actuarial (gain) loss | $ | (8 | ) | $ | 1 | $ | — | $ | — | ||||||
$ | (8 | ) | $ | 1 | $ | — | $ | — | |||||||
Amounts recognized in Regulatory assets(a) | |||||||||||||||
Net actuarial loss | $ | 289 | $ | 257 | $ | 193 | $ | 156 | |||||||
Prior service credit | (88 | ) | (44 | ) | (62 | ) | (35 | ) | |||||||
$ | 201 | $ | 213 | $ | 131 | $ | 121 |
DTE Energy | DTE Electric | ||||||||||||||||||||||
2022 | 2021 | 2022 | 2021 | ||||||||||||||||||||
(In millions) | |||||||||||||||||||||||
Accumulated postretirement benefit obligation | $ | 625 | $ | 822 | $ | 591 | $ | 775 | |||||||||||||||
Fair value of plan assets | 338 | 463 | 316 | 435 | |||||||||||||||||||
Accumulated postretirement benefit obligation in excess of plan assets | $ | 287 | $ | 359 | $ | 275 | $ | 340 |
DTE Energy | DTE Electric | ||||||
(In millions) | |||||||
2020 | $ | 84 | $ | 64 | |||
2021 | 88 | 67 | |||||
2022 | 92 | 70 | |||||
2023 | 94 | 72 | |||||
2024 | 96 | 73 | |||||
2025-2029 | 496 | 378 | |||||
Total | $ | 950 | $ | 724 |
DTE Energy | DTE Electric | ||||||||||
(In millions) | |||||||||||
2023 | $ | 84 | $ | 64 | |||||||
2024 | 89 | 67 | |||||||||
2025 | 90 | 68 | |||||||||
2026 | 91 | 69 | |||||||||
2027 | 94 | 71 | |||||||||
2028-2032 | 488 | 371 | |||||||||
Total | $ | 936 | $ | 710 |
2019 | 2018 | 2017 | |||
Accumulated postretirement benefit obligation | |||||
Discount rate | 3.29% | 4.40% | 3.70% | ||
Health care trend rate pre- and post- 65 | 6.75 / 7.25% | 6.75 / 7.25% | 6.75 / 7.25% | ||
Ultimate health care trend rate | 4.50% | 4.50% | 4.50% | ||
Year in which ultimate reached pre- and post- 65 | 2032 | 2031 | 2030 | ||
Other postretirement benefit costs | |||||
Discount rate | 4.40% | 3.70% | 4.25% | ||
Expected long-term rate of return on plan assets | 7.30% | 7.75% | 7.75% | ||
Health care trend rate pre- and post- 65 | 6.75 / 7.25% | 6.75 / 7.25% | 6.50 / 6.75% | ||
Ultimate health care trend rate | 4.50% | 4.50% | 4.50% | ||
Year in which ultimate reached pre- and post- 65 | 2031 | 2030 | 2028 |
2022 | 2021 | 2020 | |||||||||||||||
Accumulated postretirement benefit obligation | |||||||||||||||||
Discount rate | 5.19% | 2.91% | 2.58% | ||||||||||||||
Health care trend rate pre- and post- 65 | 6.75 / 7.25% | 6.75 / 7.25% | 6.75 / 7.25% | ||||||||||||||
Ultimate health care trend rate | 4.50% | 4.50% | 4.50% | ||||||||||||||
Year in which ultimate reached pre- and post- 65 | 2035 | 2034 | 2033 | ||||||||||||||
Other postretirement benefit costs | |||||||||||||||||
Discount rate | 2.91% | 2.58% | 3.29% | ||||||||||||||
Expected long-term rate of return on plan assets | 6.40% | 6.70% | 7.20% | ||||||||||||||
Health care trend rate pre- and post- 65 | 6.75 / 7.25% | 6.75 / 7.25% | 6.75 / 7.25% | ||||||||||||||
Ultimate health care trend rate | 4.50% | 4.50% | 4.50% | ||||||||||||||
Year in which ultimate reached pre- and post- 65 | 2034 | 2033 | 2032 |
U.S. Large Cap Equity Securities | % | ||||
U.S. Small Cap and Mid Cap Equity Securities | |||||
Non-U.S. Equity Securities | |||||
Fixed Income Securities | |||||
Hedge Funds and Similar Investments | |||||
Private Equity and Other | |||||
100 | % |
December 31, 2022 | December 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2019 | December 31, 2018 | Level 1 | Level 2 | Other(b) | Total | Level 1 | Level 2 | Other(b) | Total | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Level 1 | Level 2 | Other(b) | Total | Level 1 | Level 2 | Other(b) | Total | (In millions) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DTE Energy asset category: | (In millions) | DTE Energy asset category: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term Investments(c) | $ | 80 | $ | — | $ | — | $ | 80 | $ | 14 | $ | 2 | $ | — | $ | 16 | Short-term Investments(c) | $ | 35 | $ | — | $ | — | $ | 35 | $ | 39 | $ | — | $ | — | $ | 39 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Securities | Equity Securities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Domestic(d) | 51 | — | 273 | 324 | 300 | — | — | 300 | Domestic(d) | — | — | 78 | 78 | 27 | — | 199 | 226 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
International(e) | 182 | — | 89 | 271 | 234 | — | 67 | 301 | International(e) | 9 | — | 61 | 70 | 27 | — | 141 | 168 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed Income Securities | Fixed Income Securities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Governmental(f) | 74 | — | — | 74 | — | 85 | — | 85 | Governmental(f) | 264 | 32 | — | 296 | 343 | 32 | — | 375 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate(g) | — | 256 | 251 | 507 | 11 | 265 | 130 | 406 | Corporate(g) | — | 396 | 194 | 590 | — | 355 | 271 | 626 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hedge Funds and Similar Investments(h) | 71 | — | 182 | 253 | 97 | — | 203 | 300 | Hedge Funds and Similar Investments(h) | 31 | 22 | 94 | 147 | 58 | 26 | 120 | 204 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Private Equity and Other(i) | — | — | 310 | 310 | — | — | 281 | 281 | Private Equity and Other(i) | — | — | 361 | 361 | — | — | 383 | 383 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DTE Energy Total | $ | 458 | $ | 256 | $ | 1,105 | $ | 1,819 | $ | 656 | $ | 352 | $ | 681 | $ | 1,689 | DTE Energy Total | $ | 339 | $ | 450 | $ | 788 | $ | 1,577 | $ | 494 | $ | 413 | $ | 1,114 | $ | 2,021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DTE Electric asset category: | DTE Electric asset category: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short-term Investments(c) | $ | 55 | $ | — | $ | — | $ | 55 | $ | 10 | $ | 1 | $ | — | $ | 11 | Short-term Investments(c) | $ | 23 | $ | — | $ | — | $ | 23 | $ | 26 | $ | — | $ | — | $ | 26 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity Securities | Equity Securities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Domestic(d) | 34 | — | 185 | 219 | 206 | — | — | 206 | Domestic(d) | — | — | 50 | 50 | 18 | — | 132 | 150 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
International(e) | 124 | — | 60 | 184 | 163 | — | 45 | 208 | International(e) | 5 | — | 39 | 44 | 18 | — | 93 | 111 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fixed Income Securities | Fixed Income Securities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Governmental(f) | 48 | — | — | 48 | — | 53 | — | 53 | Governmental(f) | 178 | 21 | — | 199 | 230 | 21 | — | 251 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate(g) | — | 168 | 176 | 344 | 7 | 179 | 92 | 278 | Corporate(g) | — | 262 | 134 | 396 | — | 235 | 187 | 422 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Hedge Funds and Similar Investments(h) | 49 | — | 123 | 172 | 68 | — | 139 | 207 | Hedge Funds and Similar Investments(h) | 20 | 15 | 63 | 98 | 39 | 17 | 81 | 137 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Private Equity and Other(i) | — | — | 214 | 214 | — | — | 195 | 195 | Private Equity and Other(i) | — | — | 242 | 242 | — | — | 258 | 258 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DTE Electric Total | $ | 310 | $ | 168 | $ | 758 | $ | 1,236 | $ | 454 | $ | 233 | $ | 471 | $ | 1,158 | DTE Electric Total | $ | 226 | $ | 298 | $ | 528 | $ | 1,052 | $ | 331 | $ | 273 | $ | 751 | $ | 1,355 |
2019 | 2018 | 2017 | |||||||||
(In millions) | |||||||||||
Stock-based compensation expense | $ | 71 | $ | 64 | $ | 58 | |||||
Tax benefit | $ | 13 | $ | 13 | $ | 23 | |||||
Stock-based compensation cost capitalized in Property, plant, and equipment | $ | 16 | $ | 11 | $ | 9 |
2022 | 2021 | 2020 | |||||||||||||||
(In millions) | |||||||||||||||||
Stock-based compensation expense | $ | 62 | $ | 71 | $ | 63 | |||||||||||
Tax benefit | $ | 11 | $ | 13 | $ | 12 | |||||||||||
2019 | 2018 | 2017 | |||||||||
(In millions) | |||||||||||
Compensation expense | $ | 60 | $ | 53 | $ | 47 | |||||
Cash settlements(a) | $ | 19 | $ | 13 | $ | 15 | |||||
Stock settlements(a) | $ | 79 | $ | 39 | $ | 66 |
2022 | 2021 | 2020 | |||||||||||||||
(In millions, except per share amounts) | |||||||||||||||||
Weighted average grant date fair value of awards granted (per share) | $ | 120.25 | $ | 118.43 | $ | 129.68 | |||||||||||
Awards settled in cash(a) | $ | 10 | $ | 12 | $ | 21 | |||||||||||
Awards settled in stock(a) | $ | 72 | $ | 74 | $ | 53 | |||||||||||
Compensation expense | $ | 47 | $ | 58 | $ | 50 |
Performance Shares | Weighted Average Grant Date Fair Value | ||||||||||
Balance at December 31, 2021 | 1,102,617 | $ | 120.33 | ||||||||
Grants | 393,789 | $ | 120.25 | ||||||||
Forfeitures | (69,370) | $ | 111.89 | ||||||||
Payouts | (408,979) | $ | 120.23 | ||||||||
Balance at December 31, 2022 | 1,018,057 | $ | 120.91 |
Performance Shares | Weighted Average Grant Date Fair Value | |||||
Balance at December 31, 2018 | 1,286,686 | $ | 97.17 | |||
Grants | 446,579 | $ | 115.85 | |||
Forfeitures | (44,044 | ) | $ | 102.42 | ||
Payouts | (463,190 | ) | $ | 88.53 | ||
Balance at December 31, 2019 | 1,226,031 | $ | 107.35 |
Unrecognized Compensation Cost | Weighted Average to be Recognized | ||||
(In millions) | (In years) | ||||
Stock awards | $ | 19 | 1.57 | ||
Performance shares | 62 | 1.05 | |||
$ | 81 | 1.17 |
Unrecognized Compensation Cost | Weighted Average to be Recognized | ||||||||||
(In millions) | (In years) | ||||||||||
Stock awards | $ | 20 | 1.50 | ||||||||
Performance shares | 50 | 1.14 | |||||||||
$ | 70 | 1.22 |
Year Ended December 31, | |||||||||||||||||
2022 | 2021 | 2020 | |||||||||||||||
(In millions) | |||||||||||||||||
Electric(a) | $ | 71 | $ | 64 | $ | 61 | |||||||||||
Gas | 13 | 14 | 16 | ||||||||||||||
DTE Vantage | 78 | 575 | 464 | ||||||||||||||
Energy Trading | 102 | 56 | 31 | ||||||||||||||
Corporate and Other | — | 2 | 2 | ||||||||||||||
$ | 264 | $ | 711 | $ | 574 |
Electric | Gas | DTE Vantage | Energy Trading | Corporate and Other | Reclassifications and Eliminations | Total | |||||||||||||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2022 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Revenues — Utility operations | $ | 6,397 | 1,924 | — | — | — | (78) | $ | 8,243 | ||||||||||||||||||||||||||||||||||||||||||||
Operating Revenues — Non-utility operations | $ | 15 | — | 848 | 10,308 | — | (186) | $ | 10,985 | ||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | $ | 1,218 | 192 | 52 | 5 | 1 | — | $ | 1,468 | ||||||||||||||||||||||||||||||||||||||||||||
Interest expense | $ | 372 | 91 | 15 | 17 | 210 | (30) | $ | 675 | ||||||||||||||||||||||||||||||||||||||||||||
Interest income | $ | (8) | (8) | (28) | (6) | (26) | 30 | $ | (46) | ||||||||||||||||||||||||||||||||||||||||||||
Equity earnings (losses) of equity method investees | $ | — | 2 | — | — | (16) | — | $ | (14) | ||||||||||||||||||||||||||||||||||||||||||||
Income Tax Expense (Benefit) | $ | 25 | 88 | 18 | (31) | (71) | — | $ | 29 | ||||||||||||||||||||||||||||||||||||||||||||
Net Income (Loss) Attributable to DTE Energy Company | $ | 956 | 272 | 92 | (92) | (145) | — | $ | 1,083 | ||||||||||||||||||||||||||||||||||||||||||||
Investment in equity method investees | $ | 6 | 15 | 111 | — | 33 | — | $ | 165 | ||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures and acquisitions | $ | 2,620 | 693 | 62 | 3 | — | — | $ | 3,378 | ||||||||||||||||||||||||||||||||||||||||||||
Goodwill | $ | 1,208 | 743 | 25 | 17 | — | — | $ | 1,993 | ||||||||||||||||||||||||||||||||||||||||||||
Total Assets | $ | 30,342 | 7,321 | 1,077 | 1,385 | 4,409 | (1,851) | $ | 42,683 |
Electric | Gas | DTE Vantage | Energy Trading | Corporate and Other(a) | Reclassifications and Eliminations | Total from Continuing Operations | Discontinued Operations | Total | |||||||||||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Revenues — Utility operations | $ | 5,809 | 1,553 | — | — | — | (74) | $ | 7,288 | ||||||||||||||||||||||||||||||||||||||||||||
Operating Revenues — Non-utility operations | $ | 12 | — | 1,482 | 6,831 | 2 | (651) | $ | 7,676 | ||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | $ | 1,122 | 177 | 71 | 6 | 1 | — | $ | 1,377 | ||||||||||||||||||||||||||||||||||||||||||||
Interest expense | $ | 338 | 81 | 28 | 5 | 270 | (92) | $ | 630 | ||||||||||||||||||||||||||||||||||||||||||||
Interest income | $ | — | (6) | (23) | (1) | (84) | 92 | $ | (22) | ||||||||||||||||||||||||||||||||||||||||||||
Equity earnings of equity method investees | $ | — | 1 | 8 | — | 29 | — | $ | 38 | ||||||||||||||||||||||||||||||||||||||||||||
Income Tax Expense (Benefit) | $ | 104 | 38 | (31) | (27) | (214) | — | $ | (130) | ||||||||||||||||||||||||||||||||||||||||||||
Net Income (Loss) Attributable to DTE Energy Company | $ | 864 | 214 | 168 | (83) | (367) | — | $ | 796 | 111 | $ | 907 | |||||||||||||||||||||||||||||||||||||||||
Investment in equity method investees | $ | 6 | 13 | 118 | — | 50 | — | $ | 187 | ||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures and acquisitions | $ | 3,016 | 621 | 69 | 6 | — | — | $ | 3,712 | 60 | $ | 3,772 | |||||||||||||||||||||||||||||||||||||||||
Goodwill | $ | 1,208 | 743 | 25 | 17 | — | — | $ | 1,993 | ||||||||||||||||||||||||||||||||||||||||||||
Total Assets | $ | 28,524 | 6,729 | 983 | 1,174 | 4,281 | (1,972) | $ | 39,719 | — | $ | 39,719 |
Year Ended December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
(In millions) | |||||||||||
Electric | $ | 56 | $ | 52 | $ | 48 | |||||
Gas | 12 | 12 | 8 | ||||||||
Gas Storage and Pipelines | 27 | 36 | 42 | ||||||||
Power and Industrial Projects | 596 | 642 | 569 | ||||||||
Energy Trading | 22 | 27 | 35 | ||||||||
Corporate and Other | 2 | 2 | 2 | ||||||||
$ | 715 | $ | 771 | $ | 704 |
Electric | Gas | DTE Vantage | Energy Trading | Corporate and Other | Reclassifications and Eliminations | Total from Continuing Operations | Discontinued Operations | Total | |||||||||||||||||||||||||||||||||||||||||||||
(In millions) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Operating Revenues — Utility operations | $ | 5,506 | 1,414 | — | — | — | (75) | $ | 6,845 | ||||||||||||||||||||||||||||||||||||||||||||
Operating Revenues — Non-utility operations | $ | 14 | — | 1,224 | 3,863 | 2 | (525) | $ | 4,578 | ||||||||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | $ | 1,057 | 157 | 72 | 5 | 1 | — | $ | 1,292 | ||||||||||||||||||||||||||||||||||||||||||||
Interest expense | $ | 337 | 80 | 37 | 6 | 325 | (184) | $ | 601 | ||||||||||||||||||||||||||||||||||||||||||||
Interest income | $ | (4) | (5) | (22) | (2) | (180) | 184 | $ | (29) | ||||||||||||||||||||||||||||||||||||||||||||
Equity earnings of equity method investees | $ | — | 1 | 17 | — | 8 | — | $ | 26 | ||||||||||||||||||||||||||||||||||||||||||||
Income Tax Expense (Benefit) | $ | 108 | 48 | (40) | 12 | (91) | — | $ | 37 | ||||||||||||||||||||||||||||||||||||||||||||
Net Income (Loss) Attributable to DTE Energy Company | $ | 777 | 186 | 134 | 36 | (79) | — | $ | 1,054 | 314 | $ | 1,368 | |||||||||||||||||||||||||||||||||||||||||
Investment in equity method investees | $ | 6 | 12 | 125 | — | 34 | — | $ | 177 | ||||||||||||||||||||||||||||||||||||||||||||
Capital expenditures and acquisitions | $ | 2,701 | 574 | 186 | 5 | — | — | $ | 3,466 | 517 | $ | 3,983 | |||||||||||||||||||||||||||||||||||||||||
Goodwill | $ | 1,208 | 743 | 25 | 17 | — | — | $ | 1,993 | ||||||||||||||||||||||||||||||||||||||||||||
Total Assets | $ | 26,588 | 6,339 | 696 | 807 | 5,063 | (2,073) | $ | 37,420 | 8,076 | $ | 45,496 |
Electric | Gas | Gas Storage and Pipelines | Power and Industrial Projects | Energy Trading | Corporate and Other | Reclassifications and Eliminations | Total | ||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
2019 | |||||||||||||||||||||||||
Operating Revenues — Utility operations | $ | 5,224 | 1,482 | — | — | — | — | (68 | ) | $ | 6,638 | ||||||||||||||
Operating Revenues — Non-utility operations | $ | 5 | — | 501 | 1,560 | 4,610 | 2 | (647 | ) | $ | 6,031 | ||||||||||||||
Depreciation and amortization | $ | 949 | 144 | 94 | 69 | 6 | 1 | — | $ | 1,263 | |||||||||||||||
Interest expense | $ | 315 | 78 | 73 | 33 | 8 | 266 | (132 | ) | $ | 641 | ||||||||||||||
Interest income | $ | (2 | ) | (6 | ) | (8 | ) | (9 | ) | (4 | ) | (120 | ) | 132 | $ | (17 | ) | ||||||||
Equity in earnings of equity method investees | $ | 1 | 2 | 97 | 14 | — | (3 | ) | — | $ | 111 | ||||||||||||||
Income Tax Expense (Benefit) | $ | 137 | 62 | 74 | (63 | ) | 17 | (75 | ) | — | $ | 152 | |||||||||||||
Net Income (Loss) Attributable to DTE Energy Company | $ | 714 | 185 | 204 | 133 | 49 | (116 | ) | — | $ | 1,169 | ||||||||||||||
Investment in equity method investees | $ | 5 | 11 | 1,685 | 130 | — | 31 | — | $ | 1,862 | |||||||||||||||
Capital expenditures and acquisitions | $ | 2,368 | 530 | 2,510 | 54 | 5 | — | — | $ | 5,467 | |||||||||||||||
Goodwill | $ | 1,208 | 743 | 470 | 26 | 17 | — | — | $ | 2,464 | |||||||||||||||
Total Assets | $ | 24,617 | 5,717 | 4,832 | 537 | 798 | 7,679 | (2,298 | ) | $ | 41,882 |
Electric | Gas | Gas Storage and Pipelines | Power and Industrial Projects | Energy Trading | Corporate and Other | Reclassifications and Eliminations | Total | ||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
2018 | |||||||||||||||||||||||||
Operating Revenues — Utility operations | $ | 5,298 | 1,436 | — | — | — | — | (64 | ) | $ | 6,670 | ||||||||||||||
Operating Revenues — Non-utility operations | $ | — | 485 | 2,204 | 5,557 | 3 | (707 | ) | $ | 7,542 | |||||||||||||||
Depreciation and amortization | $ | 836 | 133 | 82 | 67 | 5 | 1 | — | $ | 1,124 | |||||||||||||||
Interest expense | $ | 283 | 70 | 68 | 31 | 6 | 220 | (119 | ) | $ | 559 | ||||||||||||||
Interest income | $ | — | (6 | ) | (9 | ) | (9 | ) | (3 | ) | (104 | ) | 119 | $ | (12 | ) | |||||||||
Equity in earnings of equity method investees | $ | — | 2 | 123 | 3 | — | 4 | — | $ | 132 | |||||||||||||||
Income Tax Expense (Benefit) | $ | 193 | 67 | 68 | (195 | ) | 13 | (48 | ) | — | $ | 98 | |||||||||||||
Net Income (Loss) Attributable to DTE Energy Company | $ | 664 | 150 | 235 | 161 | 39 | (129 | ) | — | $ | 1,120 | ||||||||||||||
Investment in equity method investees | $ | 7 | 12 | 1,585 | 134 | — | 33 | — | $ | 1,771 | |||||||||||||||
Capital expenditures and acquisitions | $ | 1,979 | 460 | 176 | 91 | 5 | 2 | — | $ | 2,713 | |||||||||||||||
Goodwill | $ | 1,208 | 743 | 299 | 26 | 17 | — | — | $ | 2,293 | |||||||||||||||
Total Assets | $ | 22,501 | 5,378 | 3,161 | 495 | 909 | 6,153 | (2,309 | ) | $ | 36,288 |
Electric | Gas | Gas Storage and Pipelines | Power and Industrial Projects | Energy Trading | Corporate and Other | Reclassifications and Eliminations | Total | ||||||||||||||||||
(In millions) | |||||||||||||||||||||||||
2017 | |||||||||||||||||||||||||
Operating Revenues — Utility operations | $ | 5,102 | 1,388 | — | — | — | — | (56 | ) | $ | 6,434 | ||||||||||||||
Operating Revenues — Non-utility operations | $ | — | — | 453 | 2,089 | 4,277 | 2 | (648 | ) | $ | 6,173 | ||||||||||||||
Depreciation and amortization | $ | 753 | 123 | 76 | 72 | 5 | 1 | — | $ | 1,030 | |||||||||||||||
Interest expense | $ | 274 | 65 | 77 | 29 | 5 | 192 | (106 | ) | $ | 536 | ||||||||||||||
Interest income | $ | — | (7 | ) | (14 | ) | (7 | ) | (2 | ) | (88 | ) | 106 | $ | (12 | ) | |||||||||
Equity in earnings of equity method investees | $ | 1 | 2 | 90 | 9 | — | — | — | $ | 102 | |||||||||||||||
Income Tax Expense (Benefit)(a) | $ | 321 | 78 | (30 | ) | (195 | ) | 49 | (48 | ) | — | $ | 175 | ||||||||||||
Net Income (Loss) Attributable to DTE Energy Company | $ | 606 | 146 | 275 | 138 | 72 | (103 | ) | — | $ | 1,134 | ||||||||||||||
Investment in equity method investees | $ | 7 | 11 | 879 | 150 | — | 26 | — | $ | 1,073 | |||||||||||||||
Capital expenditures and acquisitions | $ | 1,574 | 463 | 137 | 56 | 7 | 13 | — | $ | 2,250 | |||||||||||||||
Goodwill | $ | 1,208 | 743 | 299 | 26 | 17 | — | — | $ | 2,293 | |||||||||||||||
Total Assets | $ | 21,163 | 5,072 | 2,594 | 593 | 725 | 5,324 | (1,704 | ) | $ | 33,767 |
2019 | 2018 | 2017 | |||||||||
(In millions) | |||||||||||
Revenues | |||||||||||
Energy sales | $ | 10 | $ | 9 | $ | 9 | |||||
Other services | $ | 5 | $ | 4 | $ | 4 | |||||
Shared capital assets | $ | 47 | $ | 43 | $ | 39 | |||||
Costs | |||||||||||
Fuel and purchased power | $ | 9 | $ | 7 | $ | 6 | |||||
Other services and interest | $ | 23 | $ | 33 | $ | (2 | ) | ||||
Corporate expenses, net | $ | 372 | $ | 377 | $ | 370 | |||||
Other | |||||||||||
Dividends declared | $ | 494 | $ | 461 | $ | 432 | |||||
Dividends paid | $ | 494 | $ | 461 | $ | 432 | |||||
Capital contribution from DTE Energy | $ | 180 | $ | 325 | $ | 100 |
2022 | 2021 | 2020 | |||||||||||||||
(In millions) | |||||||||||||||||
Revenues and Other Income | |||||||||||||||||
Energy sales | $ | 8 | $ | 9 | $ | 8 | |||||||||||
Other services and interest | $ | — | $ | 2 | $ | 2 | |||||||||||
Shared capital assets | $ | 57 | $ | 49 | $ | 47 | |||||||||||
Costs | |||||||||||||||||
Fuel and purchased power | $ | 58 | $ | 13 | $ | 16 | |||||||||||
Other services and interest | $ | 1 | $ | — | $ | 1 | |||||||||||
Corporate expenses | $ | 379 | $ | 391 | $ | 367 | |||||||||||
Other | |||||||||||||||||
Dividends declared | $ | 763 | $ | 588 | $ | 539 | |||||||||||
Dividends paid | $ | 763 | $ | 588 | $ | 539 | |||||||||||
Capital contribution from DTE Energy | $ | 600 | $ | 555 | $ | 636 |
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Year | |||||||||||||||
(In millions, except per share amounts) | |||||||||||||||||||
2019 | |||||||||||||||||||
Operating Revenues | $ | 3,514 | $ | 2,888 | $ | 3,119 | $ | 3,148 | $ | 12,669 | |||||||||
Operating Income | $ | 542 | $ | 300 | $ | 450 | $ | 415 | $ | 1,707 | |||||||||
Net Income Attributable to DTE Energy Company | $ | 401 | $ | 182 | $ | 319 | $ | 267 | $ | 1,169 | |||||||||
Basic Earnings per Share | $ | 2.20 | $ | 0.99 | $ | 1.74 | $ | 1.40 | $ | 6.32 | |||||||||
Diluted Earnings per Share | $ | 2.19 | $ | 0.99 | $ | 1.73 | $ | 1.40 | $ | 6.31 | |||||||||
2018 | |||||||||||||||||||
Operating Revenues | $ | 3,753 | $ | 3,159 | $ | 3,550 | $ | 3,750 | $ | 14,212 | |||||||||
Operating Income | $ | 504 | $ | 329 | $ | 429 | $ | 332 | $ | 1,594 | |||||||||
Net Income Attributable to DTE Energy Company | $ | 361 | $ | 234 | $ | 334 | $ | 191 | $ | 1,120 | |||||||||
Basic Earnings per Share | $ | 2.01 | $ | 1.29 | $ | 1.84 | $ | 1.05 | $ | 6.18 | |||||||||
Diluted Earnings per Share | $ | 2.00 | $ | 1.29 | $ | 1.84 | $ | 1.05 | $ | 6.17 |
First Quarter | Second Quarter | Third Quarter | Fourth Quarter | Year | |||||||||||||||
(In millions) | |||||||||||||||||||
2019 | |||||||||||||||||||
Operating Revenues | $ | 1,235 | $ | 1,190 | $ | 1,519 | $ | 1,280 | $ | 5,224 | |||||||||
Operating Income | $ | 226 | $ | 223 | $ | 440 | $ | 224 | $ | 1,113 | |||||||||
Net Income | $ | 147 | $ | 133 | $ | 307 | $ | 129 | $ | 716 | |||||||||
2018 | |||||||||||||||||||
Operating Revenues | $ | 1,205 | $ | 1,276 | $ | 1,521 | $ | 1,296 | $ | 5,298 | |||||||||
Operating Income | $ | 253 | $ | 269 | $ | 444 | $ | 168 | $ | 1,134 | |||||||||
Net Income | $ | 140 | $ | 163 | $ | 305 | $ | 56 | $ | 664 |
2019 | 2018 | 2022 | 2021 | |||||||||||||||
Audit fees(a) | $ | 1,408,900 | $ | 1,393,500 | Audit fees(a) | $ | 1,535,000 | $ | 1,579,000 | |||||||||
Audit-related fees(b) | 52,000 | 52,000 | Audit-related fees(b) | 267,000 | 87,000 | |||||||||||||
Total | $ | 1,460,900 | $ | 1,445,500 | Total | $ | 1,802,000 | $ | 1,666,000 |
Description | DTE Energy | DTE Electric |
(i) Exhibits filed herewith: | ||||||||
Subsidiaries of DTE Energy | X | |||||||||||||||||||
Consent of PricewaterhouseCoopers LLP | X | |||||||||||||||||||
Consent of PricewaterhouseCoopers LLP | X | |||||||||||||||||||
Chief Executive Officer Section 302 Form 10-K Certification of Periodic Report | X | |||||||||||||||||||
Chief Financial Officer Section 302 Form 10-K Certification of Periodic Report | X | |||||||||||||||||||
Chief Executive Officer Section 302 Form 10-K Certification of Periodic Report | X | |||||||||||||||||||
Chief Financial Officer Section 302 Form 10-K Certification of Periodic Report | X | |||||||||||||||||||
101.INS | XBRL Instance Document | X | X | |||||||||||||||||
101.SCH | XBRL Taxonomy Extension Schema | X | X | |||||||||||||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase | X | X | |||||||||||||||||
101.DEF | XBRL Taxonomy Extension Definition Database | X | X | |||||||||||||||||
101.LAB | XBRL Taxonomy Extension Label Linkbase | X | X | |||||||||||||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase | X | X | |||||||||||||||||
104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101) | X | X | |||||||||||||||||
(ii) Exhibits furnished herewith: | ||||||||||||||||||||
Chief Executive Officer Section 906 Form 10-K Certification of Periodic Report | X | |||||||||||||||||||
Chief Financial Officer Section 906 Form 10-K Certification of Periodic Report | X | |||||||||||||||||||
Chief Executive Officer Section 906 Form 10-K Certification of Periodic Report | X | |||||||||||||||||||
Chief Financial Officer Section 906 Form 10-K Certification of Periodic Report | X |
(iii) Exhibits incorporated by reference: | ||||||||||||||||||||||||||
Certain exhibits listed below refer to "The Detroit Edison Company" and "Michigan Consolidated Gas Company" and were effective prior to the change to DTE Electric Company and DTE Gas Company, respectively, effective January 1, 2013. | ||||||||||||||||||||||||||
3(a) | X | |||||||||||||||||||||||||
3(b) | X | |||||||||||||||||||||||||
3(c) | X | |||||||||||||||||||||||||
Description | DTE Energy | DTE Electric | ||||||||||||||||||
3(d) | X | |||||||||||||||||||
4(a) | X | |||||||||||||||||||
X | ||||||||||||||||||||
X | ||||||||||||||||||||
Exhibit Number | Description | DTE Energy | DTE Electric | |||||||||||||||||
X | ||||||||||||||||||||
X | ||||||||||||||||||||
X | ||||||||||||||||||||
4(b) | Mortgage and Deed of Trust, dated as of October 1, 1924, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit B-1 to Detroit Edison's Registration Statement on Form A-2 (File No. 2-1630)) and indentures supplemental thereto, dated as of dates indicated below, and filed as exhibits to the filings set forth below: | X | X | |||||||||||||||||
Supplemental Indenture, dated as of December 1, 1940, to the Mortgage and Deed of Trust, dated as of October 1, 1924, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit B-14 to Detroit Edison's Registration Statement on Form A-2 (File No. 2-4609)). (amendment) | X | X | ||||||||||||||||||
Supplemental Indenture, dated as of September 1, 1947, to the Mortgage and Deed of Trust, dated as of October 1, 1924, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit B-20 to Detroit Edison's Registration Statement on Form S-1 (File No. 2-7136)). (amendment) | X | X | ||||||||||||||||||
Supplemental Indenture, dated as of March 1, 1950, to the Mortgage and Deed of Trust, dated as of October 1, 1924, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit B-22 to Detroit Edison's Registration Statement on Form S-1 (File No. 2-8290)). (amendment) | X | X | ||||||||||||||||||
Supplemental Indenture, dated as of November 15, 1951, to the Mortgage and Deed of Trust, dated as of October 1, 1924, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit B-23 to Detroit Edison's Registration Statement on Form S-1 (File No. 2-9226)). (amendment) | X | X | ||||||||||||||||||
Supplemental Indenture, dated as of August 15, 1957, to the Mortgage and Deed of Trust, dated as of October 1, 1924, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 3-B-30 to Detroit Edison's Form 8-K dated September 11, 1957). (amendment) | X | X | ||||||||||||||||||
Supplemental Indenture, dated as of December 1, 1966, to the Mortgage and Deed of Trust, dated as of October 1, 1924, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 2-B-32 to Detroit Edison's Registration Statement on Form S-9 (File No. 2-25664)). (amendment) | X | X | ||||||||||||||||||
X | X | |||||||||||||||||||
X | X | |||||||||||||||||||
X | X | |||||||||||||||||||
X | X | |||||||||||||||||||
Exhibit Number | Description | DTE Energy | DTE Electric | |||||||||||||||||
X | X | |||||||||||||||||||
X | X | |||||||||||||||||||
X | X | |||||||||||||||||||
X | X | |||||||||||||||||||
X | X | |||||||||||||||||||
Exhibit Number | Description | DTE Energy | DTE Electric | |||||||||||||||||
X | X | |||||||||||||||||||
X | X | |||||||||||||||||||
X | X | |||||||||||||||||||
X | X | |||||||||||||||||||
X | X | |||||||||||||||||||
X | X | |||||||||||||||||||
X | X | |||||||||||||||||||
X | X | |||||||||||||||||||
4(c) | Collateral Trust Indenture, dated as of June 30, 1993, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4-152 to Detroit Edison's Registration Statement (File No. 33-50325)) and indentures supplemental thereto, dated as of dates indicated below, and filed as exhibits to the filings set forth below: | X | X | |||||||||||||||||
X | X | |||||||||||||||||||
X | X | |||||||||||||||||||
X | X | |||||||||||||||||||
Exhibit Number | Description | DTE Energy | DTE Electric | |||||||||||||||||
X | X | |||||||||||||||||||
X | X | |||||||||||||||||||
X | X | |||||||||||||||||||
X | X | |||||||||||||||||||
X | ||||||||||||||||||||
X | ||||||||||||||||||||
X | ||||||||||||||||||||
X | ||||||||||||||||||||
4(e) | ||||||||||||||||||||
Indenture of Mortgage and Deed of Trust dated as of March 1, 1944 (Exhibit 7-D to Michigan Consolidated Gas Company Registration Statement No. 2-5252) and indentures supplemental thereto, dated as of dates indicated below, and filed as exhibits to the filings set forth below: | X | |||||||||||||||||||
X | ||||||||||||||||||||
X | ||||||||||||||||||||
Fortieth Supplemental Indenture, dated as of June 1, 2008 to Indenture of Mortgage and Deed of Trust dated as of March 1, 1944 between Michigan Consolidated Gas Company and Citibank, N.A., trustee (Exhibit 4-242 to DTE Energy’s Form 10-Q for the quarter ended June 30, 2008). (2008 Series F Collateral Bonds) | X | |||||||||||||||||||
Exhibit Number | Description | DTE Energy | DTE Electric | |||||||||||||||||
X | ||||||||||||||||||||
X | ||||||||||||||||||||
X | ||||||||||||||||||||
X | ||||||||||||||||||||
X | ||||||||||||||||||||
X | ||||||||||||||||||||
X | ||||||||||||||||||||
X | ||||||||||||||||||||
X | ||||||||||||||||||||
X | ||||||||||||||||||||
X | ||||||||||||||||||||
10(a) | X | |||||||||||||||||||
10(b) | ||||||||||||||||||||
X | ||||||||||||||||||||
X | ||||||||||||||||||||
X | ||||||||||||||||||||
Description | DTE Energy | DTE Electric | ||||||||||||||||||
X | ||||||||||||||||||||
10(e) | ||||||||||||||||||||
X | ||||||||||||||||||||
X | ||||||||||||||||||||
X | ||||||||||||||||||||
X | ||||||||||||||||||||
X | ||||||||||||||||||||
X | ||||||||||||||||||||
10(f) | X | |||||||||||||||||||
X | ||||||||||||||||||||
X | ||||||||||||||||||||
X | ||||||||||||||||||||
X | ||||||||||||||||||||
10(g) | X | |||||||||||||||||||
X | ||||||||||||||||||||
10(h) | X | |||||||||||||||||||
X | ||||||||||||||||||||
10(i) | X | |||||||||||||||||||
Exhibit Number | Description | DTE Energy | DTE Electric | |||||||||||||||||
10(j) | X | |||||||||||||||||||
X | ||||||||||||||||||||
10(k) | X | |||||||||||||||||||
10(l) | ||||||||||||||||||||
X | ||||||||||||||||||||
X | ||||||||||||||||||||
X | X | |||||||||||||||||||
10(o) | Form of Change-in-Control Severance Agreement, dated as of March 3, 2014, between DTE Energy Company and each of | X | ||||||||||||||||||
X | ||||||||||||||||||||
Energy Company and Tracy J. Myrick (Exhibit 10-90 to DTE Energy’s Form 10-Q for the quarter ended June 30, 2014) | ||||||||||||||||||||||
X | ||||||||||||||||||||||
10(q) | X |
Year Ending December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
(In millions) | |||||||||||
Allowance for Doubtful Accounts (shown as deduction from Accounts receivable in DTE Energy's Consolidated Statements of Financial Position) | |||||||||||
Balance at Beginning of Period | $ | 91 | $ | 49 | $ | 41 | |||||
Additions: | |||||||||||
Charged to costs and expenses | 111 | 140 | 80 | ||||||||
Charged to other accounts(a) | 56 | 55 | 26 | ||||||||
Deductions(b) | (167 | ) | (153 | ) | (98 | ) | |||||
Balance at End of Period | $ | 91 | $ | 91 | $ | 49 |
Year Ending December 31, | |||||||||||
2019 | 2018 | 2017 | |||||||||
(In millions) | |||||||||||
Allowance for Doubtful Accounts (shown as deduction from Accounts receivable in DTE Electric's Consolidated Statements of Financial Position) | |||||||||||
Balance at Beginning of Period | $ | 53 | $ | 31 | $ | 25 | |||||
Additions: | |||||||||||
Charged to costs and expenses | 65 | 85 | 55 | ||||||||
Charged to other accounts(a) | 36 | 36 | 14 | ||||||||
Deductions(b) | (108 | ) | (99 | ) | (63 | ) | |||||
Balance at End of Period | $ | 46 | $ | 53 | $ | 31 |
DTE ENERGY COMPANY | ||||||||
(Registrant) | ||||||||
By: | ||||||||
/S/ GERARDO NORCIA | ||||||||
Gerardo Norcia Chairman, President, and Chief Executive Officer |
By: | /S/ GERARDO NORCIA | By: | /S/ | |||||||||||
Gerardo Norcia Chairman, President, Chief Executive Officer, and Director (Principal Executive Officer) | Senior Vice President and Chief Financial Officer (Principal Financial Officer) | |||||||||||||
By: | /S/ | |||||||||||||
Chief Accounting Officer (Principal Accounting Officer) | ||||||||||||||
By: | /S/ | By: | /S/ ROBERT C. SKAGGS, JR. | |||||||||||
Robert C. Skaggs, Jr., Director | ||||||||||||||
By: | ||||||||||||||
/S/ CHARLES G. MCCLURE JR. | By: | /S/ | ||||||||||||
Charles G. McClure Jr., Director | ||||||||||||||
By: | /S/ GAIL J. MCGOVERN | By: | /S/ GARY TORGOW | |||||||||||
Gail J. McGovern, Director | Gary Torgow, Director | |||||||||||||
By: | /S/ MARK A. MURRAY | By: | /S/ JAMES H. VANDENBERGHE | |||||||||||
Mark A. Murray, Director | James H. Vandenberghe, Director | |||||||||||||
By: | /S/ RUTH G. SHAW | By: | /S/ VALERIE M. WILLIAMS | |||||||||||
Valerie M. Williams, Director | ||||||||||||||
DTE ELECTRIC COMPANY | ||||||||
(Registrant) | ||||||||
By: | ||||||||
/S/ GERARDO NORCIA | ||||||||
Gerardo Norcia Chief Executive Officer |
By: | /S/ GERARDO NORCIA | By: | /S/ | |||||||||||
Gerardo Norcia President, Chief Executive Officer and Director (Principal Executive Officer) | Senior Vice President, (Principal Financial Officer) | |||||||||||||
By: | /S/ | By: | /S/ JOANN CHAVEZ | |||||||||||
Chief Accounting Officer (Principal Accounting Officer) | JoAnn Chavez, Director | |||||||||||||
By: | /S/ LISA A. MUSCHONG | |||||||||||||
Lisa A. Muschong, Director | ||||||||||||||