Document and Entity Information
Document and Entity Information - USD ($) $ in Billions | 12 Months Ended | ||
Dec. 31, 2022 | Jan. 31, 2023 | Jun. 30, 2022 | |
Entity Information [Line Items] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2022 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Transition Report | false | ||
Entity File Number | 1-11607 | ||
Entity Registrant Name | DTE Energy Co | ||
Entity Incorporation, State or Country Code | MI | ||
Entity Tax Identification Number | 38-3217752 | ||
Entity Address, Address Line One | One Energy Plaza | ||
Entity Address, City or Town | Detroit | ||
Entity Address, State or Province | MI | ||
Entity Address, Postal Zip Code | 48226-1279 | ||
City Area Code | 313 | ||
Local Phone Number | 235-4000 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 24.4 | ||
Entity Common Stock, Shares Outstanding | 205,688,574 | ||
Documents Incorporated by Reference | Certain information in DTE Energy's definitive Proxy Statement for its 2023 Annual Meeting of Common Shareholders to be held May 4, 2023, which will be filed with the Securities and Exchange Commission pursuant to Regulation 14A, not later than 120 days after the end of the Registrants' fiscal year covered by this report on Form 10-K, is incorporated herein by reference to Part III (Items 10, 11, 12, 13, and 14) of this Form 10-K. This combined Form 10-K is filed separately by two registrants: DTE Energy and DTE Electric. Information contained herein relating to any individual registrant is filed by such registrant solely on its own behalf. DTE Electric makes no representation as to information relating exclusively to DTE Energy. DTE Electric, an indirect wholly-owned subsidiary of DTE Energy, meets the conditions set forth in General Instructions I(1)(a) and (b) of Form 10-K and is therefore filing this form with the reduced disclosure format specified in General Instruction I(2) of Form 10-K. | ||
Entity Central Index Key | 0000936340 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Common stock, without par value | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | Common stock, without par value | ||
Trading Symbol | DTE | ||
Security Exchange Name | NYSE | ||
2017 Series E 5.25% Junior Subordinated Debentures due 2077 | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 2017 Series E 5.25% Junior Subordinated Debentures due 2077 | ||
Trading Symbol | DTW | ||
Security Exchange Name | NYSE | ||
2021 Series E 4.375% Junior Subordinated Debentures due 2081 | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 2020 Series G 4.375% Junior Subordinated Debentures due 2080 | ||
Trading Symbol | DTB | ||
Security Exchange Name | NYSE | ||
2021 Series E 4.375% Junior Subordinated Debentures due 2081 | |||
Entity Information [Line Items] | |||
Title of 12(b) Security | 2021 Series E 4.375% Junior Subordinated Debentures due 2081 | ||
Trading Symbol | DTG | ||
Security Exchange Name | NYSE | ||
DTE Electric | |||
Entity Information [Line Items] | |||
Entity File Number | 1-2198 | ||
Entity Registrant Name | DTE Electric Co | ||
Entity Incorporation, State or Country Code | MI | ||
Entity Tax Identification Number | 38-0478650 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 138,632,324 | ||
Entity Central Index Key | 0000028385 |
Audit Information
Audit Information | 12 Months Ended |
Dec. 31, 2022 | |
Auditor [Line Items] | |
Auditor Firm ID | 238 |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | Detroit, Michigan |
DTE Electric | |
Auditor [Line Items] | |
Auditor Firm ID | 238 |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | Detroit, Michigan |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Revenues | |||
Utility operations | $ 8,243 | $ 7,288 | $ 6,845 |
Non-utility operations | 10,985 | 7,676 | 4,578 |
Operating Revenues | 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 |
Operating Expenses | 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 | 0 | 393 | 6 |
Other income | (58) | (254) | (259) |
Other expenses | 66 | 75 | 104 |
Other (Income) and Deductions | 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) | 0 | 117 | 326 |
Net Income | 1,083 | 903 | 1,371 |
Less: Net Income (Loss) Attributable to Noncontrolling Interests | |||
Continuing operations | 0 | (10) | (9) |
Discontinued operations | 0 | 6 | 12 |
Net Income Attributable to DTE Energy Company/DTE Electric Company | $ 1,083 | $ 907 | $ 1,368 |
Basic Earnings per Common Share | |||
Continuing operations (in dollars per share) | $ 5.53 | $ 4.11 | $ 5.46 |
Discontinued operations (in dollars per share) | 0 | 0.57 | 1.63 |
Basic Earnings per Common Share (in dollars per share) | 5.53 | 4.68 | 7.09 |
Diluted Earnings per Common Share | |||
Continuing operations (in dollars per share) | 5.52 | 4.10 | 5.45 |
Discontinued operations (in dollars per share) | 0 | 0.57 | 1.63 |
Diluted Earnings per Common Share (in dollars per share) | $ 5.52 | $ 4.67 | $ 7.08 |
Weighted Average Common Shares Outstanding | |||
Basic (in shares) | 195 | 193 | 193 |
Diluted (in shares) | 196 | 194 | 193 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
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 | 0 | 0 | 1 |
Other comprehensive income | 50 | 15 | 11 |
Comprehensive income | 1,133 | 918 | 1,382 |
Less: Comprehensive income (loss) attributable to noncontrolling interests | 0 | (4) | 3 |
Comprehensive Income Attributable to DTE Energy Company/DTE Electric Company | $ 1,133 | $ 922 | $ 1,379 |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement of Comprehensive Income [Abstract] | |||
Tax effect on benefit obligation | $ 12 | $ 4 | $ 3 |
Tax effect on net unrealized gains (losses) on derivatives | $ 3 | $ 2 | $ 1 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Current Assets | ||
Cash and cash equivalents | $ 33 | $ 28 |
Restricted cash | 10 | 7 |
Accounts receivable (less allowance for doubtful accounts) | ||
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 |
Total Current Assets | 4,180 | 3,317 |
Investments | ||
Nuclear decommissioning trust funds | 1,825 | 2,071 |
Investments in equity method investees | 165 | 187 |
Other | 165 | 194 |
Total Investments | 2,155 | 2,452 |
Property | ||
Property, plant, and equipment | 39,346 | 37,083 |
Accumulated depreciation and amortization | (10,579) | (10,139) |
Property, plant and equipment, net | 28,767 | 26,944 |
Other Assets | ||
Goodwill | 1,993 | 1,993 |
Regulatory assets | 3,886 | 3,482 |
Securitized regulatory assets | 206 | 0 |
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 |
Total Other Assets | 7,581 | 7,006 |
Total Assets | 42,683 | 39,719 |
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 |
Total Current Liabilities | 5,173 | 6,346 |
Long-Term Debt (net of current portion) | ||
Mortgage bonds, notes, and other | 15,807 | 13,629 |
Securitization bonds | 172 | 0 |
Junior subordinated debentures | 883 | 883 |
Finance lease obligations | 11 | 19 |
Total Long-Term Debt (net of current portion) | 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 |
Total Other Liabilities | 10,236 | 10,129 |
Commitments and Contingencies (Notes 9 and 18) | ||
Equity | ||
Common stock | 6,651 | 5,379 |
Retained earnings | 3,808 | 3,438 |
Accumulated other comprehensive loss | (62) | (112) |
Total DTE Energy Company/DTE Electric Company Equity | 10,397 | 8,705 |
Noncontrolling interests | 4 | 8 |
Total Equity | 10,401 | 8,713 |
Total Liabilities and Equity | $ 42,683 | $ 39,719 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Position (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Current Assets: | ||
Allowance for doubtful accounts | $ 79 | $ 92 |
Stockholders' Equity: | ||
Common stock, shares authorized (in shares) | 400,000,000 | 400,000,000 |
Common stock, shares issued (in shares) | 205,632,393 | 193,747,509 |
Common stock, shares outstanding (in shares) | 205,632,393 | 193,747,509 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
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 | 0 | 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 | 0 | |
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 | 0 | 0 | (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) | |
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 | ||
Short-term borrowings, net | (790) | |||
Issuance of common stock | 1,300 | 0 | 2 | |
Repurchase of common stock | (55) | (66) | 0 | |
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 | 0 | 0 | (380) | |
Prepayment costs for extinguishment of long-term debt | 0 | (361) | 0 | |
Transfer of cash to DT Midstream at separation | 0 | (37) | 0 | |
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 | |
Cash paid (received) for: Income taxes | [1] | (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 | $ 0 | $ 3,973 | $ 0 | |
[1]2020 cash received primarily relates to AMT credit and other refunds, of which a portion was accelerated due to the CARES Act |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Millions | Total | Common Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) | Noncontrolling Interests | |
Beginning balance (in shares) at Dec. 31, 2019 | 192,209,000 | |||||
Beginning balance at Dec. 31, 2019 | $ 11,836 | $ 5,233 | $ 6,587 | $ (148) | $ 164 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income (Loss) | 1,371 | 1,368 | 3 | |||
Dividends declared on common stock | (796) | (796) | ||||
Issuance of common stock (in shares) | 192,000 | |||||
Issuance of common stock | 22 | $ 22 | ||||
Contribution of common stock to pension plan (in shares) | 694,000 | |||||
Contribution of common stock to pension plan | 82 | $ 82 | ||||
Other comprehensive income, net of tax | 11 | 11 | ||||
Stock-based compensation, net distributions to noncontrolling interests, and other (in shares) | 676,000 | |||||
Stock-based compensation, net distributions to noncontrolling interests, and other | 63 | $ 69 | (3) | (3) | ||
Ending balance (in shares) at Dec. 31, 2020 | 193,771,000 | |||||
Ending balance at Dec. 31, 2020 | 12,589 | $ 5,406 | 7,156 | (137) | 164 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income (Loss) | 903 | 907 | (4) | |||
Dividends declared on common stock | (752) | (752) | ||||
Repurchase of common stock (in shares) | (529,000) | |||||
Repurchase of common stock | (66) | $ (66) | ||||
Other comprehensive income, net of tax | 15 | 15 | ||||
Stock-based compensation, net distributions to noncontrolling interests, and other (in shares) | 506,000 | |||||
Stock-based compensation, net distributions to noncontrolling interests, and other | 34 | $ 39 | (4) | (1) | ||
Separation of DT Midstream | $ (4,010) | (3,869) | 10 | (151) | ||
Ending balance (in shares) at Dec. 31, 2021 | 193,747,509 | 193,748,000 | ||||
Ending balance at Dec. 31, 2021 | $ 8,713 | $ 5,379 | 3,438 | (112) | 8 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net Income (Loss) | 1,083 | 1,083 | 0 | |||
Dividends declared on common stock | (710) | (710) | ||||
Issuance of common stock (in shares) | [1] | 11,887,000 | ||||
Issuance of common stock | [1] | 1,300 | $ 1,300 | |||
Repurchase of common stock (in shares) | (465,000) | |||||
Repurchase of common stock | (55) | $ (55) | ||||
Other comprehensive income, net of tax | 50 | 50 | ||||
Stock-based compensation, net distributions to noncontrolling interests, and other (in shares) | 462,000 | |||||
Stock-based compensation, net distributions to noncontrolling interests, and other | $ 20 | $ 27 | (3) | (4) | ||
Ending balance (in shares) at Dec. 31, 2022 | 205,632,393 | 205,632,000 | ||||
Ending balance at Dec. 31, 2022 | $ 10,401 | $ 6,651 | $ 3,808 | $ (62) | $ 4 | |
[1]For additional details on the issuance of 11.9 million shares of common stock, refer to the Remarketable Senior Notes section of Note 14 to the Consolidated Financial Statements, "Long-Term Debt." |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Equity (Parenthetical) - $ / shares shares in Thousands | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Statement of Stockholders' Equity [Abstract] | ||||
Dividends declared on common stock (in dollars per share) | $ 3.61 | $ 3.88 | $ 4.12 | |
Common Stock | ||||
Issuance of common stock (in shares) | 11,887 | [1] | 192 | |
[1]For additional details on the issuance of 11.9 million shares of common stock, refer to the Remarketable Senior Notes section of Note 14 to the Consolidated Financial Statements, "Long-Term Debt." |
Consolidated Statements of Op_2
Consolidated Statements of Operations - DTE Electric Company - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Operating Revenues — Utility operations | $ 8,243 | $ 7,288 | $ 6,845 |
Operating Expenses | |||
Fuel, purchased power, and gas — utility | 2,505 | 1,904 | 1,719 |
Taxes other than income | 457 | 431 | 395 |
Asset (gains) losses and impairments, net | (5) | 33 | 37 |
Operating Expenses | 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 |
Other income | (58) | (254) | (259) |
Other expenses | 66 | 75 | 104 |
Other (Income) and Deductions | 636 | 839 | 473 |
Income Before Income Taxes | 1,112 | 656 | 1,082 |
Income Tax Expense | 29 | (130) | 37 |
Net Income Attributable to DTE Energy Company/DTE Electric Company | 1,083 | 907 | 1,368 |
DTE Electric | |||
Operating Revenues — Utility operations | 6,397 | 5,809 | 5,506 |
Operating Expenses | |||
Fuel, purchased power, and gas — 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 |
Operating Expenses | 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) | 0 | (2) |
Non-operating retirement benefits, net | (3) | (2) | (1) |
Other income | (65) | (71) | (87) |
Other expenses | 44 | 37 | 96 |
Other (Income) and Deductions | 338 | 299 | 337 |
Income Before Income Taxes | 981 | 970 | 887 |
Income Tax Expense | 26 | 104 | 109 |
Net Income Attributable to DTE Energy Company/DTE Electric Company | $ 955 | $ 866 | $ 778 |
Consolidated Statements of Co_3
Consolidated Statements of Comprehensive Income - DTE Electric Company - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Net Income | $ 1,083 | $ 907 | $ 1,368 |
Other comprehensive income, net of tax | 50 | 15 | 11 |
Comprehensive Income Attributable to DTE Energy Company/DTE Electric Company | 1,133 | 922 | 1,379 |
DTE Electric | |||
Net Income | 955 | 866 | 778 |
Other comprehensive income, net of tax | 0 | 0 | 0 |
Comprehensive Income Attributable to DTE Energy Company/DTE Electric Company | $ 955 | $ 866 | $ 778 |
Consolidated Statements of Fi_3
Consolidated Statements of Financial Position - DTE Electric Company - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Current Assets | ||
Cash and cash equivalents | $ 33 | $ 28 |
Restricted cash | 10 | 7 |
Accounts receivable (less allowance for doubtful accounts) | ||
Customer | 2,038 | 1,695 |
Other | 144 | 135 |
Inventories | ||
Fuel and gas | 433 | 368 |
Materials, supplies, and other | 509 | 490 |
Regulatory assets | 450 | 195 |
Other | 235 | 218 |
Total Current Assets | 4,180 | 3,317 |
Investments | ||
Nuclear decommissioning trust funds | 1,825 | 2,071 |
Other | 165 | 194 |
Total Investments | 2,155 | 2,452 |
Property | ||
Property, plant, and equipment | 39,346 | 37,083 |
Accumulated depreciation and amortization | (10,579) | (10,139) |
Property, plant and equipment, net | 28,767 | 26,944 |
Other Assets | ||
Regulatory assets | 3,886 | 3,482 |
Securitized regulatory assets | 206 | 0 |
Operating lease right-of-use assets | 89 | 97 |
Other | 234 | 179 |
Total Other Assets | 7,581 | 7,006 |
Total Assets | 42,683 | 39,719 |
Accounts payable | ||
Accrued interest | 154 | 140 |
Current portion long-term debt, including securitization bonds and finance leases | 1,124 | 2,874 |
Regulatory liabilities | 34 | 156 |
Short-term borrowings | ||
Operating lease liabilities | 13 | 14 |
Other | 544 | 581 |
Total Current Liabilities | 5,173 | 6,346 |
Long-Term Debt (net of current portion) | ||
Mortgage bonds, notes, and other | 15,807 | 13,629 |
Securitization bonds | 172 | 0 |
Finance lease obligations | 11 | 19 |
Total Long-Term Debt (net of current portion) | 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 |
Nuclear decommissioning | 282 | 321 |
Operating lease liabilities | 68 | 74 |
Other | 197 | 256 |
Total Other Liabilities | 10,236 | 10,129 |
Commitments and Contingencies (Notes 9 and 18) | ||
Shareholder's Equity | ||
Common stock | 6,651 | 5,379 |
Retained earnings | 3,808 | 3,438 |
Total DTE Energy Company/DTE Electric Company Equity | 10,397 | 8,705 |
Total Liabilities and Equity | 42,683 | 39,719 |
DTE Electric | ||
Current Assets | ||
Cash and cash equivalents | 15 | 9 |
Restricted cash | 9 | 0 |
Accounts receivable (less allowance for doubtful accounts) | ||
Customer | 727 | 694 |
Affiliates | 8 | 36 |
Other | 75 | 40 |
Inventories | ||
Fuel and gas | 167 | 171 |
Materials, supplies, and other | 331 | 316 |
Regulatory assets | 421 | 168 |
Other | 98 | 101 |
Total Current Assets | 1,851 | 1,535 |
Investments | ||
Nuclear decommissioning trust funds | 1,825 | 2,071 |
Other | 44 | 44 |
Total Investments | 1,869 | 2,115 |
Property | ||
Property, plant, and equipment | 30,591 | 28,849 |
Accumulated depreciation and amortization | (8,095) | (7,676) |
Property, plant and equipment, net | 22,496 | 21,173 |
Other Assets | ||
Regulatory assets | 3,219 | 2,968 |
Securitized regulatory assets | 206 | 0 |
Prepaid postretirement costs — affiliates | 345 | 402 |
Operating lease right-of-use assets | 56 | 64 |
Other | 194 | 148 |
Total Other Assets | 4,020 | 3,582 |
Total Assets | 30,236 | 28,405 |
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 |
Total Current Liabilities | 1,902 | 1,643 |
Long-Term Debt (net of current portion) | ||
Mortgage bonds, notes, and other | 9,282 | 8,591 |
Securitization bonds | 172 | 0 |
Finance lease obligations | 1 | 7 |
Total Long-Term Debt (net of current portion) | 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 |
Total Other Liabilities | 9,184 | 9,261 |
Commitments and Contingencies (Notes 9 and 18) | ||
Shareholder's Equity | ||
Common stock | 6,602 | 6,002 |
Retained earnings | 3,093 | 2,901 |
Total DTE Energy Company/DTE Electric Company Equity | 9,695 | 8,903 |
Total Liabilities and Equity | $ 30,236 | $ 28,405 |
Consolidated Statements of Fi_4
Consolidated Statements of Financial Position - DTE Electric Company (Parenthetical) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Current Assets: | ||
Allowance for doubtful accounts | $ 79 | $ 92 |
Stockholders' Equity: | ||
Common stock, shares authorized (in shares) | 400,000,000 | 400,000,000 |
Common stock, shares issued (in shares) | 205,632,393 | 193,747,509 |
Common stock, shares outstanding (in shares) | 205,632,393 | 193,747,509 |
DTE Electric | ||
Current Assets: | ||
Allowance for doubtful accounts | $ 49 | $ 54 |
Stockholders' Equity: | ||
Common stock, par value (in dollars per share) | $ 10 | $ 10 |
Common stock, shares authorized (in shares) | 400,000,000 | 400,000,000 |
Common stock, shares issued (in shares) | 138,632,324 | 138,632,324 |
Common stock, shares outstanding (in shares) | 138,632,324 | 138,632,324 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows - DTE Electric Company - USD ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | ||
Operating Activities | ||||
Net Income | $ 1,083 | $ 907 | $ 1,368 | |
Adjustments to reconcile Net Income to Net cash from operating activities: | ||||
Depreciation and amortization | 1,468 | 1,377 | 1,292 | |
Nuclear fuel amortization | 42 | 58 | 37 | |
Allowance for equity funds used during construction | (29) | (27) | (25) | |
Deferred income taxes | 44 | (32) | 407 | |
Asset (gains) losses and impairments, net | (5) | 50 | 47 | |
Changes in assets and liabilities: | ||||
Accounts receivable, net | (352) | (146) | 111 | |
Inventories | (98) | (153) | 45 | |
Accounts payable | 109 | 308 | 0 | |
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 | ||||
Proceeds from sale of assets | 24 | 3 | 13 | |
Proceeds from Sale and Maturity of Other Investments | 879 | 1,047 | 2,350 | |
Investment in nuclear decommissioning trust funds | (878) | (1,046) | (2,350) | |
Net cash used for investing activities | (3,431) | (3,863) | (4,070) | |
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) | |
Dividends paid on common stock | (685) | (791) | (760) | |
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 | |
Cash paid (received) for: Income taxes | [1] | (3) | (3) | (360) |
Supplemental disclosure of non-cash investing and financing activities | ||||
Plant and equipment expenditures in accounts payable | 435 | 353 | 266 | |
DTE Electric | ||||
Operating Activities | ||||
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 | 0 | 0 | |
Proceeds from Sale and Maturity of Other Investments | 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, Cash Equivalents, and Restricted Cash | 15 | (7) | 4 | |
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period | 9 | 16 | 12 | |
Cash, Cash Equivalents, and Restricted Cash at End of Period | 24 | 9 | 16 | |
Supplemental disclosure of cash information | ||||
Cash paid (received) for: Interest, net of interest capitalized | 350 | 321 | 315 | |
Cash paid (received) for: Income taxes | (33) | 5 | 14 | |
Supplemental disclosure of non-cash investing and financing activities | ||||
Plant and equipment expenditures in accounts payable | $ 335 | $ 286 | $ 174 | |
[1]2020 cash received primarily relates to AMT credit and other refunds, of which a portion was accelerated due to the CARES Act |
Consolidated Statements of Ch_3
Consolidated Statements of Changes in Equity - DTE Electric Company - USD ($) $ in Millions | Total | Common Stock | Retained Earnings | DTE Electric | DTE Electric Common Stock | DTE Electric Additional Paid-in Capital | DTE Electric Retained Earnings |
Beginning balance (in shares) at Dec. 31, 2019 | 192,209,000 | 138,632,000 | |||||
Beginning balance at Dec. 31, 2019 | $ 7,195 | $ 1,386 | $ 3,425 | $ 2,384 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income | $ 1,368 | 778 | 778 | ||||
Dividends declared on common stock | (796) | $ (796) | (539) | (539) | |||
Capital contribution by parent company | 636 | 636 | |||||
Ending balance (in shares) at Dec. 31, 2020 | 193,771,000 | 138,632,000 | |||||
Ending balance at Dec. 31, 2020 | 8,070 | $ 1,386 | 4,061 | 2,623 | |||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income | 907 | 866 | 866 | ||||
Dividends declared on common stock | $ (752) | (752) | (588) | (588) | |||
Capital contribution by parent company | $ 555 | 555 | |||||
Ending balance (in shares) at Dec. 31, 2021 | 193,747,509 | 193,748,000 | 138,632,324 | 138,632,000 | |||
Ending balance at Dec. 31, 2021 | $ 8,705 | $ 8,903 | $ 1,386 | 4,616 | 2,901 | ||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||
Net Income | 1,083 | 955 | 955 | ||||
Dividends declared on common stock | $ (710) | $ (710) | (763) | (763) | |||
Capital contribution by parent company | $ 600 | 600 | |||||
Ending balance (in shares) at Dec. 31, 2022 | 205,632,393 | 205,632,000 | 138,632,324 | 138,632,000 | |||
Ending balance at Dec. 31, 2022 | $ 10,397 | $ 9,695 | $ 1,386 | $ 5,216 | $ 3,093 |
Organization and Basis of Prese
Organization and Basis of Presentation | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Basis of Presentation | ORGANIZATION AND BASIS OF PRESENTATION Corporate Structure DTE Energy owns the following businesses: • DTE Electric is a public utility engaged in the generation, purchase, distribution, and sale of electricity to approximately 2.3 million customers in southeastern Michigan; • DTE Gas is a public utility engaged in the purchase, storage, transportation, distribution, and sale of natural gas to approximately 1.3 million customers throughout Michigan and the sale of storage and transportation capacity; and • Other businesses include 1) DTE Vantage, which is primarily involved in renewable natural gas projects and providing custom energy solutions to industrial, commercial, and institutional customers, and 2) energy marketing and trading operations. DTE Electric and DTE Gas are regulated by the MPSC. Certain activities of DTE Electric and DTE Gas, as well as various other aspects of businesses under DTE Energy, are regulated by the FERC. In addition, the Registrants are regulated by other federal and state regulatory agencies including the NRC, the EPA, EGLE, and for DTE Energy, the CFTC and CARB. Basis of Presentation The accompanying Consolidated Financial Statements of the Registrants are prepared using accounting principles generally accepted in the United States of America. These accounting principles require management to use estimates and assumptions that impact reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities. Actual results may differ from the Registrants' estimates. The information in these combined notes relates to each of the Registrants as noted in the Index of Combined Notes to Consolidated Financial Statements. However, DTE Electric does not make any representation as to information related solely to DTE Energy or the subsidiaries of DTE Energy other than itself. Certain prior year balances for the Registrants were reclassified to match the current year's Consolidated Financial Statements presentation. Separation of DT Midstream On July 1, 2021, DTE Energy completed the separation of DT Midstream, its former natural gas pipeline, storage and gathering non-utility business. Financial results of DT Midstream in prior periods are presented as Income from discontinued operations, net of taxes on DTE Energy's Consolidated Statements of Operations. No adjustments were made to the historical activity within the Consolidated Statements of Comprehensive Income, Consolidated Statements of Cash Flows, or the Consolidated Statements of Changes in Equity. Unless noted otherwise, discussion in the Notes to the Consolidated Financial Statements relate to continuing operations. Refer to Note 4 to the Consolidated Financial Statements, “Discontinued Operations,” for additional information. Principles of Consolidation The Registrants consolidate all majority-owned subsidiaries and investments in entities in which they have controlling influence. Non-majority owned investments are accounted for using the equity method when the Registrants are able to significantly influence the operating policies of the investee. When the Registrants do not influence the operating policies of an investee, the equity investment is valued at cost minus any impairments, if applicable. These Consolidated Financial Statements also reflect the Registrants' proportionate interests in certain jointly-owned utility plants. The Registrants eliminate all intercompany balances and transactions. The Registrants evaluate whether an entity is a VIE whenever reconsideration events occur. The Registrants consolidate VIEs for which they are the primary beneficiary. If a Registrant is not the primary beneficiary and an ownership interest is held, the VIE is accounted for under the equity method of accounting. When assessing the determination of the primary beneficiary, a Registrant considers all relevant facts and circumstances, including: the power, through voting or similar rights, to direct the activities of the VIE that most significantly impact the VIE's economic performance and the obligation to absorb the expected losses and/or the right to receive the expected returns of the VIE. The Registrants perform ongoing reassessments of all VIEs to determine if the primary beneficiary status has changed. Legal entities within the DTE Vantage segment enter into long-term contractual arrangements with customers to supply energy-related products or services. The entities are generally designed to pass-through the commodity risk associated with these contracts to the customers, with DTE Energy retaining operational and customer default risk. These entities generally are VIEs and consolidated when DTE Energy is the primary beneficiary. In addition, DTE Energy has interests in certain VIEs through which control of all significant activities is shared with partners, and therefore are generally accounted for under the equity method. The Registrants hold ownership interests in certain limited partnerships. The limited partnerships include investment funds which support regional development and economic growth, and an operational business providing energy-related products. These entities are generally VIEs as a result of certain characteristics of the limited partnership voting rights. The ownership interests are accounted for under the equity method as the Registrants are not the primary beneficiaries. DTE Energy has variable interests in VIEs through certain of its long-term purchase and sale contracts. DTE Electric has variable interests in VIEs through certain of its long-term purchase contracts. As of December 31, 2022, the carrying amount of assets and liabilities in DTE Energy's Consolidated Statements of Financial Position that relate to its variable interests under long-term purchase and sale contracts are predominantly related to working capital accounts and generally represent the amounts owed by or to DTE Energy for the deliveries associated with the current billing cycle under the contracts. As of December 31, 2022, the carrying amount of assets and liabilities in DTE Electric's Consolidated Statements of Financial Position that relate to its variable interests under long-term purchase contracts are predominantly related to working capital accounts and generally represent the amounts owed by DTE Electric for the deliveries associated with the current billing cycle under the contracts. The Registrants have not provided any significant form of financial support associated with these long-term contracts. There is no material potential exposure to loss as a result of DTE Energy's variable interests through these long-term purchase and sale contracts. In addition, there is no material potential exposure to loss as a result of DTE Electric's variable interests through these long-term purchase contracts. In the first quarter 2022, DTE Electric financed regulatory assets for previously deferred costs related to the River Rouge generation plant and tree trimming surge program through the sale of bonds by a wholly-owned special purpose entity, DTE Securitization. DTE Securitization is a VIE. DTE Electric has the power to direct the most significant activities of DTE Securitization, including performing servicing activities such as billing and collecting surcharge revenue. Accordingly, DTE Electric is the primary beneficiary and DTE Securitization is consolidated by the Registrants. Securitization bond holders have no recourse to the Registrants' assets, except for those held by DTE Securitization. Surcharges collected by DTE Electric to pay for bond servicing and other qualified costs reflect securitization property solely owned by DTE Securitization. These surcharges are remitted to a trustee and are not available to other creditors of the Registrants. The maximum risk exposure for consolidated VIEs is reflected on the Registrants' Consolidated Statements of Financial Position. For non-consolidated VIEs, the maximum risk exposure of the Registrants is generally limited to their investment, notes receivable, and future funding commitments. The following table summarizes the major Consolidated Statements of Financial Position items for consolidated VIEs as of December 31, 2022 and 2021. All assets and liabilities of a consolidated VIE are presented where it has been determined that a consolidated VIE has either (1) assets that can be used only to settle obligations of the VIE or (2) liabilities for which creditors do not have recourse to the general credit of the primary beneficiary. VIEs, in which DTE Energy holds a majority voting interest and is the primary beneficiary, that meet the definition of a business and whose assets can be used for purposes other than the settlement of the VIE's obligations have been excluded from the table below. Amounts for the Registrants' consolidated VIEs are as follows: December 31, 2022 2021 DTE Energy DTE Electric (a) DTE Energy (In millions) ASSETS Cash and cash equivalents $ 14 $ — $ 11 Restricted cash 9 9 6 Securitized regulatory assets 206 206 — Notes receivable 81 — 70 Other current and long-term assets 14 3 8 $ 324 $ 218 $ 95 LIABILITIES Short-term borrowings $ 81 $ — $ 75 Securitization bonds (b) 211 211 — Other current and long-term liabilities 14 9 5 $ 306 $ 220 $ 80 _______________________________________ (a) DTE Electric amounts reflect DTE Securitization, which was a new VIE beginning the first quarter of 2022. See Note 9 to the Consolidated Financial Statements, "Regulatory Matters." (b) Includes $39 million reported in Current portion of long-term debt on the Registrants' Consolidated Statements of Financial Position for the period ended December 31, 2022. Amounts for DTE Energy's non-consolidated VIEs are as follows: December 31, 2022 2021 (In millions) Investments in equity method investees $ 137 $ 172 Notes receivable $ 15 $ 13 Future funding commitments $ 2 $ 3 Equity Method Investments Investments in non-consolidated affiliates that are not controlled by the Registrants, but over which they have significant influence, are accounted for using the equity method. Certain of the equity method investees are also considered VIEs and disclosed in the non-consolidated VIEs table above. At December 31, 2022 and 2021, DTE Energy's Investments in equity method investees were $165 million and $187 million, respectively. The balances are primarily comprised of investments in the DTE Vantage and Corporate and Other segments, of which no investment is individually significant. DTE Vantage investments include projects that deliver energy and utility-type products and services to industrial customers, sell electricity from renewable energy projects under long-term power purchase agreements, and produce and sell metallurgical coke. Corporate and Other holds various ownership interests in limited partnerships that include investment funds supporting regional development and economic growth. For further information by segment, see Note 22 to the Consolidated Financial Statements, "Segment and Related Information." At December 31, 2022 and 2021, DTE Energy's share of the underlying equity in the net assets of the investees exceeded the carrying amounts of Investments in equity method investees by $99 million for both periods. The difference is being amortized over the life of the underlying assets. |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies | SIGNIFICANT ACCOUNTING POLICIES Other Income Other income for the Registrants is recognized for non-operating income such as equity earnings of equity method investees, allowance for equity funds used during construction, contract services, and gains from trading securities, primarily from those held in DTE Energy's rabbi trust. For the prior years, the DTE Vantage segment also recognized Other income in connection with the sale of membership interests in reduced emissions fuel facilities to investors. The following is a summary of DTE Energy's Other income: 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 _______________________________________ (a) Losses from rabbi trust securities are recorded separately to Other expenses on the Consolidated Statements of Operations. The following is a summary of DTE Electric's Other income: 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 _______________________________________ (a) Losses from rabbi trust securities are recorded separately to Other expenses on the Consolidated Statements of Operations. For information on equity earnings of equity method investees by segment, see Note 22 to the Consolidated Financial Statements, "Segment and Related Information." Accounting for ISO Transactions DTE Electric participates in the energy market through MISO. MISO requires that DTE Electric submit hourly day-ahead, real-time, and FTR bids and offers for energy at locations across the MISO region. DTE Electric accounts for MISO transactions on a net hourly basis in each of the day-ahead, real-time, and FTR markets. In any single hour, transactions in each of the MISO energy markets are netted based on MWh to determine if DTE Electric is in a net sale or purchase position. Net purchases are recorded in Fuel, purchased power, and gas — utility and net sales are recorded in Operating Revenues — Utility operations on the Registrants' Consolidated Statements of Operations. The Energy Trading segment participates in the energy markets through various ISOs and RTOs. These markets require that Energy Trading submits hourly day-ahead, real-time bids and offers for energy at locations across each region. Energy Trading submits bids in the annual and monthly auction revenue rights and FTR auctions to the RTOs. Energy Trading accounts for these transactions on a net hourly basis for the day-ahead, real-time, and FTR markets. These transactions are related to trading contracts which, if derivatives, are presented on a net basis in Operating Revenues — Non-utility operations, and if non-derivatives, the realized gains and losses for sales are recorded in Operating Revenues — Non-utility operations and purchases are recorded in Fuel, purchased power, gas, and other — non-utility in the DTE Energy Consolidated Statements of Operations. DTE Electric and Energy Trading record accruals for future net purchases adjustments based on historical experience and reconcile accruals to actual costs when invoices are received from MISO and other ISOs and RTOs. Derivatives Energy Trading classifies derivative transactions as revenue or expense based on the intent of the transaction (buy or sell). Revenues are recorded on a gross or net basis within the income statement depending upon whether it represents a non-trading activity or trading activity, respectively. For additional information, refer to Note 13 to the Consolidated Financial Statements, "Financial and Other Derivative Instruments". Changes in Accumulated Other Comprehensive Income (Loss) Comprehensive income (loss) is the change in common shareholders’ equity during a period from transactions and events from non-owner sources, including Net Income. The amounts recorded to Accumulated other comprehensive income (loss) for DTE Energy include changes in benefit obligations, consisting of deferred actuarial losses and prior service costs, unrealized gains and losses from derivatives accounted for as cash flow hedges, and foreign currency translation adjustments. DTE Energy releases income tax effects from accumulated other comprehensive income when the circumstances upon which they are premised cease to exist. Changes in Accumulated other comprehensive income (loss) are presented in DTE Energy's Consolidated Statements of Changes in Equity and DTE Electric's Consolidated Statements of Changes in Shareholder's Equity, if any. For the years ended December 31, 2022 and 2021, reclassifications out of Accumulated other comprehensive income (loss) were not material. The following table summarizes the changes in DTE Energy's Accumulated other comprehensive income (loss) by component (a) for the years ended December 31, 2022 and 2021: 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) ______________________________________ (a) All amounts are net of tax, except for Foreign currency translation. (b) Benefit obligations activity includes changes in actuarial (gain) loss and prior service cost in DTE Energy's pension and other postretirement benefit plans. Refer to Note 20 to the Consolidated Financial Statements, "Retirement Benefits and Trusteed Assets", for details regarding this activity. For 2022, the change in benefit obligations due to actuarial (gain) loss increased from prior years, primarily due to higher discount rates and other plan changes. Cash, Cash Equivalents, and Restricted Cash Cash and cash equivalents include cash on hand, cash in banks, and temporary investments purchased with remaining maturities of three months or less. Restricted cash includes funds held in separate bank accounts and principally consists of amounts at DTE Securitization to pay for debt service and other qualified costs. Restricted cash designated for payments within one year is classified as a Current Asset. Financing Receivables Financing receivables are primarily composed of trade receivables, notes receivable, and unbilled revenue. The Registrants' financing receivables are stated at net realizable value. DTE Energy had unbilled revenues of $1.2 billion and $1.0 billion at December 31, 2022 and 2021, respectively, including $290 million and $270 million of DTE Electric unbilled revenues, respectively, included in Customer Accounts receivable. The Registrants monitor the credit quality of their financing receivables on a regular basis by reviewing credit quality indicators and monitoring for trigger events, such as a credit rating downgrade or bankruptcy. Credit quality indicators include, but are not limited to, ratings by credit agencies where available, collection history, collateral, counterparty financial statements and other internal metrics. Utilizing such data, the Registrants have determined three internal grades of credit quality. Internal grade 1 includes financing receivables for counterparties where credit rating agencies have ranked the counterparty as investment grade. To the extent credit ratings are not available, the Registrants utilize other credit quality indicators to determine the level of risk associated with the financing receivable. Internal grade 1 may include financing receivables for counterparties for which credit rating agencies have ranked the counterparty as below investment grade; however, due to favorable information on other credit quality indicators, the Registrants have determined the risk level to be similar to that of an investment grade counterparty. Internal grade 2 includes financing receivables for counterparties with limited credit information and those with a higher risk profile based upon credit quality indicators. Internal grade 3 reflects financing receivables for which the counterparties have the greatest level of risk, including those in bankruptcy status. The following represents the Registrants' financing receivables by year of origination, classified by internal grade of credit risk. The related credit quality indicators and risk ratings utilized to develop the internal grades have been updated through December 31, 2022. 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 $ — _______________________________________ (a) For DTE Energy, included in Current Assets — Other and Other Assets — Notes Receivable on the Consolidated Statements of Financial Position. For DTE Electric, included in Current Assets — Other on the Consolidated Statements of Financial Position. The allowance for doubtful accounts on accounts receivable for the utility entities is generally calculated using an aging approach that utilizes rates developed in reserve studies. DTE Electric and DTE Gas establish an allowance for uncollectible accounts based on historical losses and management's assessment of existing and future economic conditions, customer trends and other factors. Customer accounts are generally considered delinquent if the amount billed is not received by the due date, which is typically in 21 days, however, factors such as assistance programs may delay aggressive action. DTE Electric and DTE Gas generally assess late payment fees on trade receivables based on past-due terms with customers. Customer accounts are written off when collection efforts have been exhausted. The time period for write-off is 150 days after service has been terminated. The customer allowance for doubtful accounts for non-utility businesses and other receivables for both utility and non-utility businesses is generally calculated based on specific review of probable future collections based on receivable balances generally in excess of 30 days. Existing and future economic conditions, customer trends and other factors are also considered. Receivables are written off on a specific identification basis and determined based upon the specific circumstances of the associated receivable. Notes receivable for DTE Energy are primarily comprised of finance lease receivables and loans that are included in Notes Receivable and Other current assets on DTE Energy's Consolidated Statements of Financial Position. Notes receivable for DTE Electric are primarily comprised of loans. Notes receivable are typically considered delinquent when payment is not received for periods ranging from 60 to 120 days. The Registrants cease accruing interest (nonaccrual status), consider a note receivable impaired, and establish an allowance for credit loss when it is probable that all principal and interest amounts due will not be collected in accordance with the contractual terms of the note receivable. In determining the allowance for credit losses for notes receivable, the Registrants consider the historical payment experience and other factors that are expected to have a specific impact on the counterparty's ability to pay including existing and future economic conditions. Cash payments received on nonaccrual status notes receivable, that do not bring the account contractually current, are first applied to the contractually owed past due interest, with any remainder applied to principal. Accrual of interest is generally resumed when the note receivable becomes contractually current. The following tables present a roll-forward of the activity for the Registrants' financing receivables credit loss reserves: DTE Energy DTE Electric Trade accounts receivable Other receivables Total Trade and other accounts receivable (In millions) Beginning reserve balance, January 1, 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 Uncollectible expense for the Registrants is primarily comprised of the current period provision for allowance for doubtful accounts and is summarized as follows: Year Ended December 31, 2022 2021 2020 (In millions) DTE Energy $ 55 $ 55 $ 105 DTE Electric $ 35 $ 36 $ 62 There are no material amounts of past due financing receivables for the Registrants as of December 31, 2022. Inventories Inventory related to utility and non-utility operations is valued at the lower of cost or net realizable value, where cost is generally valued using average cost. Inventory primarily includes fuel, gas, materials, and supplies. Other inventories include RECs, emission allowances, and other environmental products in the Energy Trading segment. DTE Gas' natural gas inventory of $44 million and $50 million as of December 31, 2022 and 2021, respectively, is determined using the last-in, first-out (LIFO) method. The replacement cost of gas in inventory exceeded the LIFO cost by $152 million and $136 million at December 31, 2022 and 2021, respectively. Property, Retirement and Maintenance, and Depreciation and Amortization Property is stated at cost and includes construction-related labor, materials, overheads, and AFUDC for utility property. The cost of utility properties retired is charged to accumulated depreciation. Expenditures for maintenance and repairs are charged to expense when incurred. Utility property at DTE Electric and DTE Gas is depreciated over its estimated useful life using straight-line rates approved by the MPSC. DTE Energy's non-utility property is depreciated over its estimated useful life using the straight-line method. Depreciation and amortization expense also includes the amortization of certain regulatory assets and liabilities for the Registrants. The cost of nuclear fuel is capitalized. The amortization of nuclear fuel is included within Fuel, purchased power, and gas — utility in the DTE Energy Consolidated Statements of Operations, and Fuel and purchased power in the DTE Electric Consolidated Statements of Operations, and is recorded using the units-of-production method. See Note 6 to the Consolidated Financial Statements, "Property, Plant, and Equipment." Long-Lived Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. If the carrying amount of the asset exceeds the expected undiscounted future cash flows generated by the asset, an impairment loss is recognized resulting in the asset being written down to its estimated fair value. Assets to be disposed of are reported at the lower of the carrying amount or fair value, less costs to sell. Intangible Assets The Registrants have certain Intangible assets as shown below: December 31, 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 ______________________________________ (a) Reduction in contract intangibles during 2022 primarily relates to the write-off of fully amortized assets at DTE Vantage, including $25 million of gross carrying value and accumulated amortization. (b) Amounts are charged to expense, using average cost, as they are consumed in the operation of the business. DTE Electric intangible assets include the Renewable energy credits above, which are included in Other Assets — Other on the DTE Electric Consolidated Statements of Financial Position. The following table summarizes DTE Energy's estimated contract intangible amortization expense expected to be recognized during each year through 2027: 2023 2024 2025 2026 2027 (In millions) Estimated amortization expense $ 16 $ 16 $ 16 $ 14 $ 14 DTE Energy amortizes contract intangible assets on a straight-line basis over the expected period of benefit. DTE Energy's Intangible assets amortization expense was $16 million in 2022, 2021, and 2020. Cloud Computing Arrangements Effective upon the adoption of ASU No. 2018-15 in January 2020, the Registrants capitalize implementation costs incurred in a cloud computing arrangement that is a service contract consistent with capitalized implementation costs incurred to develop or obtain internal-use software. Capitalized costs are recorded in Other noncurrent assets on the Consolidated Statements of Financial Position and amortization of the costs is reflected in Operation and maintenance within the Consolidated Statements of Operations. Costs are amortized on a straight-line basis over the life of the contract. Contracts primarily involve the implementation or upgrade of cloud-based solutions for generation and distribution operations and customer service support. The following balances for cloud computing costs relate to DTE Energy: 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 The following balances for cloud computing costs relate to DTE Electric: 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 Excise and Sales Taxes The Registrants record the billing of excise and sales taxes as a receivable with an offsetting payable to the applicable taxing authority, with no net impact on the Registrants’ Consolidated Statements of Operations. Deferred Debt Costs The costs related to the issuance of long-term debt are deferred and amortized over the life of each debt issue. The deferred amounts are included as a direct deduction from the carrying amount of each debt issue in Mortgage bonds, notes, and other and Securitization bonds on the Registrants' Consolidated Statements of Financial Position and in Junior subordinated debentures on DTE Energy's Consolidated Statements of Financial Position. In accordance with MPSC regulations applicable to DTE Energy’s electric and gas utilities, the unamortized discount, premium, and expense related to utility debt redeemed with a refinancing are amortized over the life of the replacement issue. Discounts, premiums, and expense on early redemptions of debt associated with DTE Energy's non-utility operations are charged to earnings. Investments in Debt and Equity Securities The Registrants generally record investments in debt and equity securities at market value with unrealized gains or losses included in earnings. Changes in the fair value of Fermi 2 nuclear decommissioning investments are recorded as adjustments to Regulatory assets or liabilities, due to a recovery mechanism from customers. The Registrants' equity investments are reviewed for impairment each reporting period. If the assessment indicates that an impairment exists, a loss is recognized resulting in the equity investment being written down to its estimated fair value. See Note 12 of the Consolidated Financial Statements, "Fair Value." DTE Energy Foundation DTE Energy made charitable contributions to the DTE Energy Foundation of $25 million and $20 million for the years ended December 31, 2021 and 2020, respectively. There were no contributions for the year ended December 31, 2022. The DTE Energy Foundation is a non-consolidated not-for-profit private foundation, the purpose of which is to contribute to and assist charitable organizations. Other Accounting Policies See the following notes for other accounting policies impacting the Registrants’ Consolidated Financial Statements: Note Title 5 Revenue 6 Property, Plant, and Equipment 8 Asset Retirement Obligations 9 Regulatory Matters 10 Income Taxes 12 Fair Value 13 Financial and Other Derivative Instruments 17 Leases 20 Retirement Benefits and Trusteed Assets 21 Stock-Based Compensation 22 Segment and Related Information 23 Related Party Transactions |
New Accounting Pronouncements
New Accounting Pronouncements | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Standards Update and Change in Accounting Principle [Abstract] | |
New Accounting Pronouncements | NEW ACCOUNTING PRONOUNCEMENTS Recently Adopted Pronouncements In July 2021, the FASB issued ASU No. 2021-05, Leases (Topic 842): Lessors – Certain Leases with Variable Lease Payments. The amendments in this update modify lease classification requirements for lessors, providing that lease contracts with variable lease payments that do not depend on a reference index or a rate should be classified as operating leases if they would have been classified as a sales-type or direct financing lease and resulted in the recognition of a selling loss at lease commencement. The Registrants adopted the ASU effective January 1, 2022 using the prospective approach. The adoption of the ASU did not have a significant impact on the Registrants' Consolidated Financial Statements. In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers . The amendments in this update require contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC 606, Revenue from Contracts with Customers . Historically, such amounts were recognized by the acquirer at fair value in acquisition accounting. The Registrants early adopted the ASU effective January 1, 2022, which had no impact on the Registrants' Consolidated Financial Statements for the current period. The Registrants will apply the guidance prospectively to any future business combinations. Recently Issued Pronouncements In March 2022, the FASB issued ASU No. 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. The amendments in this update eliminate the accounting guidance for troubled debt restructurings by creditors that have adopted the Current Expected Credit Loss (“CECL”) model under ASC 326 and enhance the disclosure requirements for loan refinancings and restructurings made with borrowers experiencing financial difficulty. Additionally, the amendments require the disclosure of current period gross write-offs for financing receivables and net investment in leases by year of origination in the vintage disclosures. The ASU is effective for the Registrants for fiscal years beginning after December 15, 2022, and interim periods therein. The Registrants will apply the guidance prospectively after the effective date. In June 2022, the FASB issued ASU No. 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions . The amendments in this update clarify that contractual sale restrictions should not be considered when measuring the fair value of equity securities subject to such restrictions. The amendments also require the disclosure of the fair value of such equity securities, the nature and remaining duration of the restrictions, and the circumstances leading to a lapse in the restrictions. The ASU is effective for the Registrants for fiscal years beginning after December 15, 2023, and interim periods therein. Early adoption is permitted. The Registrants will apply the guidance prospectively after the effective date and do not expect a significant impact based on the current portfolio of equity securities. |
Discontinued Operations
Discontinued Operations | 12 Months Ended |
Dec. 31, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Discontinued Operations | DISCONTINUED OPERATIONS Separation of DT Midstream On July 1, 2021, DTE Energy completed the separation of DT Midstream, its former natural gas pipeline, storage, and gathering non-utility business. The table below reflects the financial results of DT Midstream that are included in discontinued operations within the Consolidated Statements of Operations. These results include the impact of tax-related adjustments and all transaction costs related to the separation. General corporate overhead costs have been excluded and no portion of corporate interest costs were allocated to discontinued operations. Year Ended December 31, 2021 2020 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 _______________________________________ (a) Includes separation transaction costs of $59 million and $8 million for the years ended December 31, 2021 and 2020, respectively, for various legal, accounting and other professional services fees. The following table is a summary of significant non-cash items, capital expenditures, and significant financing activities of discontinued operations included in DTE Energy's Consolidated Statements of Cash Flows: Year Ended December 31, 2021 2020 (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) |
Revenue
Revenue | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | REVENUE Significant Accounting Policy Revenue is measured based upon the consideration specified in a contract with a customer at the time when performance obligations are satisfied. A performance obligation is a promise in a contract to transfer a distinct good or service or a series of distinct goods or services to the customer. The Registrants recognize revenue when performance obligations are satisfied by transferring control over a product or service to a customer. The Registrants have determined control to be transferred when the product is delivered, or the service is provided to the customer. Rates for DTE Electric and DTE Gas include provisions to adjust billings for fluctuations in fuel and purchased power costs, cost of natural gas, and certain other costs. Revenues are adjusted for differences between actual costs subject to reconciliation and the amounts billed in current rates. Under or over recovered revenues related to these cost recovery mechanisms are included in Regulatory assets or liabilities on the Registrants' Consolidated Statements of Financial Position and are recovered or returned to customers through adjustments to the billing factors. For discussion of derivative contracts, see Note 13 to the Consolidated Financial Statements, "Financial and Other Derivative Instruments." Disaggregation of Revenue The following is a summary of revenues disaggregated by segment for DTE Energy: 2022 2021 2020 (In millions) Electric (a) Residential $ 2,911 $ 2,926 $ 2,825 Commercial 1,958 1,908 1,739 Industrial 659 628 592 Other (b) 884 359 364 Total Electric operating revenues $ 6,412 $ 5,821 $ 5,520 Gas Gas sales $ 1,442 $ 1,058 $ 971 End User Transportation 264 233 218 Intermediate Transportation 81 82 79 Other (b) 137 180 146 Total Gas operating revenues $ 1,924 $ 1,553 $ 1,414 Other segment operating revenues DTE Vantage $ 848 $ 1,482 $ 1,224 Energy Trading $ 10,308 $ 6,831 $ 3,863 _______________________________________ (a) Revenues generally represent those of DTE Electric, except $15 million, $12 million, and $14 million of Other revenues related to DTE Sustainable Generation for the years ended December 31, 2022, 2021, and 2020, respectively. (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: 2022 2021 2020 (In millions) Electric — Alternative Revenue Programs $ 35 $ 36 $ 26 Electric — Other revenues $ 19 $ 19 $ 22 Gas — Alternative Revenue Programs $ 9 $ 10 $ 10 Gas — Other revenues $ 7 $ 6 $ 8 DTE Vantage — Leases $ 82 $ 103 $ 99 Energy Trading — Derivatives $ 8,489 $ 5,603 $ 2,690 Nature of Goods and Services The following is a description of principal activities, separated by reportable segments, from which DTE Energy generates revenue. For more detailed information about reportable segments, see Note 22 to the Consolidated Financial Statements, “Segment and Related Information.” The Registrants have contracts with customers which may contain more than one performance obligation. When more than one performance obligation exists in a contract, the consideration under the contract is allocated to the performance obligations based on the relative standalone selling price. DTE Energy generally determines standalone selling prices based on the prices charged to customers or the use of the adjusted market assessment approach. The adjusted market assessment approach involves the evaluation of the market in which DTE Energy sells goods or services and estimating the price that a customer in that market would be willing to pay. Under Topic 606, when a customer simultaneously receives and consumes the product or service provided, revenue is considered to be recognized over time. Alternatively, if it is determined that the criteria for recognition of revenue over time is not met, the revenue is considered to be recognized at a point in time. Electric Electric consists principally of DTE Electric. Electric revenues are primarily comprised of the supply and delivery of electricity, related capacity, and RECs. Revenues are primarily associated with cancellable contracts, with the exception of certain long-term contracts with commercial and industrial customers. Revenues, including estimated unbilled amounts, are generally recognized over time based upon volumes delivered or through the passage of time ratably based upon providing a stand-ready service. The Registrants have determined that the above methods represent a faithful depiction of the transfer of control to the customer. Unbilled revenues are typically determined utilizing approved tariff rates and estimated meter volumes. Estimated unbilled amounts recognized in revenue are subject to adjustment in the following reporting period as actual volumes by customer class are known. Revenues are typically subject to tariff rates based upon customer class and type of service and are billed and received monthly. Tariff rates are determined by the MPSC on a per unit or monthly basis. Gas Gas consists principally of DTE Gas. Gas revenues are primarily comprised of the supply and delivery of natural gas, and other services including storage, transportation, and appliance maintenance. Revenues are primarily associated with cancellable contracts with the exception of certain long-term contracts with commercial and industrial customers. Revenues, including estimated unbilled amounts, are generally recognized over time based upon volumes delivered or through the passage of time ratably based upon providing a stand-ready service. DTE Energy has determined that the above methods represent a faithful depiction of the transfer of control to the customer. Unbilled revenues are typically determined using both estimated meter volumes and estimated usage based upon the number of unbilled days and historical temperatures. Estimated unbilled amounts recognized in revenue are subject to adjustment in the following reporting period as actual volumes by customer class and service type are known. Revenues are typically subject to tariff rates or other rates subject to regulatory oversight and are billed and received monthly. Tariff rates are determined by the MPSC on a per unit or monthly basis. DTE Vantage DTE Vantage revenues include contracts accounted for as leases which are outside of the scope of Topic 606. For performance obligations within the scope of Topic 606, the timing of revenue recognition is dependent upon when control over the associated product or service is transferred. Revenues at DTE Vantage, within the scope of Topic 606, generally consist of sales of blast furnace coke, renewable natural gas and related credits, electricity, equipment maintenance services, and other energy related products and services. Revenues for the sale of blast furnace coke, including estimated unbilled amounts, are recognized at a point in time when the product is delivered, which represents the transfer of control to the customer. Other revenues are generally recognized over time based upon volumes delivered or services provided, or through the passage of time ratably based upon providing a stand-ready service. DTE Energy has determined that the above methods represent a faithful depiction of the transfer of control to the customer. Market based pricing structures exist in such contracts including adjustments for consumer price or other indices. Consideration may consist of both fixed and variable components. Generally, uncertainties in the variable consideration components are resolved, and revenues are known at the time of recognition. Billing terms vary and are generally monthly with payment terms typically within 30 days following billing. Energy Trading Energy Trading revenues consist primarily of derivative contracts outside of the scope of Topic 606. For performance obligations within the scope of Topic 606, the timing of revenue recognition is dependent upon when control over the associated product or service is transferred. Revenues, including estimated unbilled amounts, within the scope of Topic 606 arising from the sale of natural gas, electricity, power capacity, and other energy related products are generally recognized over time based upon volumes delivered or through the passage of time ratably based upon providing a stand-ready service. DTE Energy has determined that the above methods represent a faithful depiction of the transfer of control to the customer. Revenues are known at the time of recognition. Payment for the aforementioned revenues is generally due from customers in the month following delivery. Revenues associated with RECs and other environmental products are recognized at a point in time when control is transferred to the customer which is deemed to be when these products are entered for transfer to the customer in the applicable tracking system. Revenues associated with RECs under a wholesale full requirements power contract are deferred until control has been transferred. The deferred revenues represent a contract liability for which payment has been received and the amounts have been estimated using the adjusted market assessment approach. With the exception of RECs, generally all other performance obligations associated with wholesale full requirements power contracts are satisfied over time in conjunction with the delivery of power. At the time power is delivered, DTE Energy may not have control over the RECs as the RECs are not self-generated and may not yet have been procured resulting in deferred revenues. Deferred Revenue The following is a summary of deferred revenue activity: DTE Energy (In millions) Beginning Balance, January 1, 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 The deferred revenues at DTE Energy generally represent amounts paid by or receivables from customers for which the associated performance obligation has not yet been satisfied. Deferred revenues include amounts associated with REC performance obligations under certain wholesale full requirements power contracts. Deferred revenues associated with RECs are recognized as revenue when control of the RECs has transferred. Other performance obligations associated with deferred revenues include providing products and services related to customer prepayments. Deferred revenues associated with these products and services are recognized when control has transferred to the customer. The following table represents deferred revenue amounts for DTE Energy that are expected to be recognized as revenue in future periods: DTE Energy (In millions) 2023 $ 91 2024 1 2025 1 2026 1 2027 — 2028 and thereafter — $ 94 Transaction Price Allocated to the Remaining Performance Obligations In accordance with optional exemptions available under Topic 606, the Registrants did not disclose the value of unsatisfied performance obligations for (1) contracts with an original expected length of one year or less, (2) with the exception of fixed consideration, contracts for which revenue is recognized at the amount to which the Registrants have the right to invoice for goods provided and services performed, and (3) contracts for which variable consideration relates entirely to an unsatisfied performance obligation. Such contracts consist of varying types of performance obligations across the segments, including the supply and delivery of energy related products and services. Contracts with variable volumes and/or variable pricing, including those with pricing provisions tied to a consumer price or other index, have also been excluded as the related consideration under the contract is variable at inception of the contract. Contract lengths vary from cancellable to multi-year. The Registrants expect to recognize revenue for the following amounts related to fixed consideration associated with remaining performance obligations in each of the future periods noted: DTE Energy DTE Electric (In millions) 2023 $ 255 $ 7 2024 195 7 2025 128 1 2026 71 — 2027 57 — 2028 and thereafter 302 — $ 1,008 $ 15 |
Property, Plant, and Equipment
Property, Plant, and Equipment | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant, and Equipment | PROPERTY, PLANT, AND EQUIPMENT The following is a summary of Property, plant, and equipment by classification as of December 31: 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 AFUDC and Capitalized Interest AFUDC represents the cost of financing construction projects for regulated businesses, including the estimated cost of debt and authorized return-on-equity. The debt component is recorded as a reduction to Interest expense and the equity component is recorded as Other income on the Registrants' Consolidated Statements of Operations. Non-regulated businesses record capitalized interest as a reduction to Interest expense. The AFUDC and capitalized interest rates were as follows for the years ended December 31: 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 % The following is a summary of AFUDC and interest capitalized for the years ended December 31: 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 Depreciation and Amortization The composite depreciation rate for DTE Electric was approximately 4.2% in 2022, 2021 and 2020. The composite depreciation rate for DTE Gas was 2.9% in 2022 and 2021, and 2.8% in 2020. The average estimated useful life for each major class of utility Property, plant, and equipment as of December 31, 2022 follows: Estimated Useful Lives in Years Utility Generation Distribution Storage DTE Electric 34 38 N/A DTE Gas N/A 49 58 The estimated useful lives for DTE Electric's Other utility assets range from 3 to 80 years, while the estimated useful lives for DTE Gas' Transmission and other utility assets range from 3 to 80 years. The estimated useful lives for major classes of DTE Energy's non-utility assets and facilities range from 3 to 50 years. The following is a summary of Depreciation and amortization expense for DTE Energy: 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 The following is a summary of Depreciation and amortization expense for DTE Electric: 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 Capitalized Software Capitalized software costs are classified as Property, plant, and equipment and the related amortization is included in Accumulated depreciation and amortization on the Registrants' Consolidated Statements of Financial Position. The Registrants capitalize the costs associated with computer software developed or obtained for use in their businesses. The Registrants amortize capitalized software costs on a straight-line basis over the expected period of benefit, ranging from 3 to 15 years for both DTE Energy and DTE Electric. The following balances for capitalized software relate to DTE Energy: Year Ended December 31, 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 The following balances for capitalized software relate to DTE Electric: 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 |
Jointly-Owned Utility Plant
Jointly-Owned Utility Plant | 12 Months Ended |
Dec. 31, 2022 | |
Jointly Owned Utility Plant, Net Ownership Amount [Abstract] | |
Jointly-Owned Utility Plant | JOINTLY-OWNED UTILITY PLANT DTE Electric has joint ownership interest in two power plants, Belle River and Ludington Hydroelectric Pumped Storage. DTE Electric’s share of direct expenses of the jointly-owned plants are included in Fuel, purchased power, and gas — utility and Operation and maintenance expenses in the DTE Energy Consolidated Statements of Operations and Fuel and purchased power — utility and Operation and maintenance expenses in the DTE Electric Consolidated Statements of Operations. DTE Electric's ownership information of the two utility plants as of December 31, 2022 was as follows: Belle River Ludington 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 The Michigan Public Power Agency (MPPA) has ownership interests in Belle River Unit No. 1 and other related facilities. The MPPA is entitled to 19% of the total capacity and energy of the plant and is responsible for the same percentage of the plant’s operation, maintenance, and capital improvement costs. Ludington Hydroelectric Pumped Storage Consumers Energy Company has an ownership interest in the Ludington Hydroelectric Pumped Storage Plant. Consumers Energy is entitled to 51% of the total capacity and energy of the plant and is responsible for the same percentage of the plant’s operation, maintenance, and capital improvement costs. For discussion of the ongoing contract dispute related to the Ludington Plant, see Note 18 to the Consolidated Financial Statements, "Commitments and Contingencies." |
Asset Retirement Obligations
Asset Retirement Obligations | 12 Months Ended |
Dec. 31, 2022 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations | ASSET RETIREMENT OBLIGATIONS DTE Electric has a legal retirement obligation for the decommissioning costs for its Fermi 1 and Fermi 2 nuclear plants, dismantlement of facilities located on leased property, and various other operations. DTE Electric has conditional retirement obligations for asbestos and PCB removal at certain of its power plants and various distribution equipment. DTE Gas has conditional retirement obligations for gas pipelines, certain service centers, and compressor and gate stations. The Registrants recognize such obligations as liabilities at fair market value when they are incurred, which generally is at the time the associated assets are placed in service. Fair value is measured using expected future cash outflows discounted at the Registrants' credit-adjusted risk-free rate. For its utility operations, the Registrants recognize in the Consolidated Statements of Operations removal costs in accordance with regulatory treatment. Any differences between costs recognized related to asset retirement and those reflected in rates are recognized as either a Regulatory asset or liability on the Consolidated Statements of Financial Position. If a reasonable estimate of fair value cannot be made in the period in which the retirement obligation is incurred, such as for assets with indeterminate lives, the liability is recognized when a reasonable estimate of fair value can be made. Natural gas storage system and certain other distribution assets for DTE Gas and substations, manholes, and certain other distribution assets for DTE Electric have an indeterminate life. Therefore, no liability has been recorded for these assets. Changes to Asset retirement obligations for 2022, 2021, and 2020 were as follows: 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 DTE Electric (In millions) Asset retirement obligations at January 1 $ 2,932 $ 2,607 $ 2,447 Accretion 172 155 145 Liabilities incurred 22 29 18 Liabilities settled (2) (27) (8) Revision in estimated cash flows 97 168 5 Asset retirement obligations at December 31 $ 3,221 $ 2,932 $ 2,607 Approximately $2.5 billion of the Asset retirement obligations represent nuclear decommissioning liabilities that are funded through a surcharge to electric customers over the life of the Fermi 2 nuclear plant. The NRC has jurisdiction over the decommissioning of nuclear power plants and requires minimum decommissioning funding based upon a formula. The MPSC and FERC regulate the recovery of costs of decommissioning nuclear power plants and both require the use of external trust funds to finance the decommissioning of Fermi 2. Rates approved by the MPSC provide for the recovery of decommissioning costs of Fermi 2 and the disposal of low-level radioactive waste. DTE Electric believes the MPSC collections will be adequate to fund the estimated cost of decommissioning. The decommissioning assets, anticipated earnings thereon, and future revenues from decommissioning collections will be used to decommission Fermi 2. DTE Electric expects the liabilities to be reduced to zero at the conclusion of the decommissioning activities. If amounts remain in the trust funds for Fermi 2 following the completion of the decommissioning activities, those amounts will be disbursed based on rulings by the MPSC and FERC. A portion of the funds recovered through the Fermi 2 decommissioning surcharge and deposited in external trust accounts is designated for the removal of non-radioactive assets and returning the site to greenfield. This removal and greenfielding is not considered a legal liability. Therefore, it is not included in the asset retirement obligation, but is reflected as the Nuclear decommissioning liability. The decommissioning of Fermi 1 is funded by DTE Electric. Contributions to the Fermi 1 trust are discretionary. For additional discussion of Nuclear decommissioning trust fund assets, see Note 12 to the Consolidated Financial Statements, "Fair Value." |
Regulatory Matters
Regulatory Matters | 12 Months Ended |
Dec. 31, 2022 | |
Regulatory Assets and Liabilities Disclosure [Abstract] | |
Regulatory Matters | REGULATORY MATTERS Regulation DTE Electric and DTE Gas are subject to the regulatory jurisdiction of the MPSC, which issues orders pertaining to rates, recovery of certain costs, including the costs of generating facilities and regulatory assets, conditions of service, accounting, and operating-related matters. DTE Electric is also regulated by the FERC with respect to financing authorization, wholesale electric market activities, certain affiliate transactions, the acquisition and disposition of certain generation and other facilities, and, in conjunction with the NERC, compliance with mandatory reliability standards. Regulation results in differences in the application of generally accepted accounting principles between regulated and non-regulated businesses. The Registrants are unable to predict the outcome of any unresolved regulatory matters discussed herein. Resolution of these matters is dependent upon future MPSC and FERC orders and appeals, which may materially impact the Consolidated Financial Statements of the Registrants. Regulatory Assets and Liabilities DTE Electric and DTE Gas are required to record Regulatory assets and liabilities for certain transactions that would have been treated as revenue or expense in non-regulated businesses. Continued applicability of regulatory accounting treatment requires that rates be designed to recover specific costs of providing regulated services and be charged to and collected from customers. Future regulatory changes could result in the discontinuance of this accounting treatment for Regulatory assets and liabilities for some or all of the Registrants' businesses and may require the write-off of the portion of any Regulatory asset or liability that was no longer probable of recovery through regulated rates. Management believes that currently available facts support the continued use of Regulatory assets and liabilities and that all Regulatory assets and liabilities are recoverable or refundable in the current regulatory environment. The following are balances and a brief description of the Registrants' Regulatory assets and liabilities at December 31: DTE Energy DTE Electric 2022 2021 2022 2021 Assets (In millions) Recoverable pension and other postretirement costs Pension $ 1,362 $ 1,372 $ 997 $ 1,056 Other postretirement costs 172 53 60 27 Fermi 2 asset retirement obligation 972 613 972 613 Recoverable undepreciated costs on retired plants 594 667 594 667 Accrued PSCR/GCR revenue 450 160 421 142 Recoverable Michigan income taxes 148 163 121 133 Enhanced tree trimming program deferred costs 90 189 90 189 Energy Waste Reduction incentive 88 79 71 63 Recoverable income taxes related to AFUDC equity 76 68 68 61 Deferred pension costs 63 16 41 — Deferred environmental costs 46 51 — — Unamortized loss on reacquired debt 45 51 34 38 Customer360 deferred costs 42 46 42 46 Non-service pension and other postretirement costs 32 25 — — Nuclear performance evaluation and review committee tracker 26 39 26 39 Removal costs asset 19 — 19 — Advanced distribution management system costs 14 9 14 9 Other recoverable income taxes 14 16 14 16 Transitional Reconciliation Mechanism 13 8 13 8 Energy Waste Reduction 8 20 — — Other 62 32 43 29 4,336 3,677 3,640 3,136 Less amount included in Current Assets (450) (195) (421) (168) $ 3,886 $ 3,482 $ 3,219 $ 2,968 Securitized regulatory assets $ 206 $ — $ 206 $ — DTE Energy DTE Electric 2022 2021 2022 2021 Liabilities (In millions) Refundable federal income taxes $ 1,908 $ 2,117 $ 1,534 $ 1,729 Removal costs liability 371 679 — 283 Negative other postretirement offset 191 150 128 106 Non-service pension and other postretirement costs 154 110 73 54 Renewable energy 21 13 21 13 Energy Waste Reduction 11 27 11 27 Incremental tree trim surge 4 90 4 90 COVID-19 voluntary refund — 30 — 30 Other 47 46 40 43 2,707 3,262 1,811 2,375 Less amount included in Current Liabilities (34) (156) (33) (154) $ 2,673 $ 3,106 $ 1,778 $ 2,221 As noted below, certain Regulatory assets for which costs have been incurred have been included (or are expected to be included, for costs incurred subsequent to the most recently approved rate case) in DTE Electric's or DTE Gas' rate base, thereby providing a return on invested costs (except as noted). Certain other Regulatory assets are not included in rate base but accrue recoverable carrying charges until surcharges to collect the assets are billed. Certain Regulatory assets do not result from cash expenditures and therefore do not represent investments included in rate base or have offsetting liabilities that reduce rate base. ASSETS • Recoverable pension and other postretirement costs — Accounting standards for pension and other postretirement benefit costs require, among other things, the recognition in Other comprehensive income of the actuarial gains or losses and the prior service costs that arise during the period but are not immediately recognized as components of net periodic benefit costs. DTE Electric and DTE Gas record the impact of actuarial gains or losses and prior service costs as Regulatory assets since the traditional rate setting process allows for the recovery of pension and other postretirement costs. The asset will reverse as the deferred items are amortized and recognized as components of net periodic benefit costs. Refer to Note 20 to the Consolidated Financial Statements, "Retirement Benefits and Trusteed Assets," for additional information regarding the changes in pension and other postretirement costs for the period and the impact on Regulatory assets. (a) • 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 asset is required for the future increase in taxes payable related to the equity component of AFUDC that will be recovered from customers through future rates over the remaining life of the related plant. • Deferred pension costs — Effective upon the DTE Gas rate case settlement approved in August 2020 and DTE Electric rate order in November 2022, net pension costs previously recognized in earnings are no longer included as an addition to authorized rates and are being deferred as Regulatory assets. The Regulatory assets will reverse to the extent net pension costs are negative in future years and the net deferred amounts will be reviewed in future rate cases. Refer to Note 20 to the Consolidated Financial Statements, "Retirement Benefits and Trusteed Assets," for additional information regarding net pension costs. • 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. LIABILITIES • Refundable federal income taxes — In December 2017, the TCJA was enacted and reduced the corporate income tax rate, effective January 1, 2018. DTE Electric and DTE Gas remeasured deferred taxes, resulting in a reduction to deferred tax liabilities, to reflect the impact of the TCJA on the cumulative temporary differences expected to reverse after the effective date. Regulatory liabilities were also recorded to offset the impact of the deferred tax remeasurement reflected in rates. • Removal costs liability — The amounts collected from customers to fund future asset removal activities in excess of removal costs incurred. • Negative other postretirement offset — DTE Electric and DTE Gas' negative other postretirement costs are not included as a reduction to their authorized rates; therefore, DTE Electric and DTE Gas are accruing a Regulatory liability to eliminate the impact on earnings of the negative other postretirement expense accrual. The Regulatory liabilities will reverse to the extent DTE Electric and DTE Gas' other postretirement expense is positive in future years. • Non-service pension and other postretirement costs — Upon adoption of ASU 2017-07 on January 1, 2018, certain non-service pension and other postretirement cost activity is no longer credited to Property, Plant & Equipment. Such costs may be recorded to Regulatory liabilities for ratemaking purposes and refunded through credits to amortization expense based on the composite depreciation rate for plant-in-service. • Renewable energy — Amounts collected in excess of renewable energy expenditures, including subscription revenue related to MIGreenPower, DTE Electric's voluntary renewable program providing customers the option to source their energy usage from renewables. • Energy Waste Reduction — Amounts collected in rates in excess of energy waste reduction costs incurred by DTE Electric. • Incremental tree trim surge — One-time voluntary refund approved in the fourth quarter 2021 to be administered by investing in tree trimming, incremental to the enhanced tree trimming program, without seeking future cost recovery. The liability is being relieved based on incremental tree trim expenses incurred during 2022 and final expenses expected to be incurred in 2023. • COVID-19 voluntary refund — One-time refund obligation owed to DTE Electric customers due to certain sales increases driven by the COVID-19 pandemic. Amortization of the liability was completed in 2022 and was used to offset the cost of service related to new plant. 2021 Securitization Filing On June 23, 2021 the MPSC issued a financing order authorizing DTE Electric to issue Securitization bonds for qualified costs of up to $236 million, including $73 million for the net book value of the River Rouge generation plant, $157 million for tree trimming surge program costs, and $6 million for other qualified costs. The financing order further authorized customer charges for the timely recovery of the debt service costs on the Securitization bonds and other ongoing qualified costs. On March 17, 2022, DTE Electric closed on the issuance of Securitization bonds of $236 million. Refer to Note 14 to the Consolidated Financial Statements, “Long-Term Debt,” for additional information regarding the terms of the bonds and use of proceeds. Upon closing the transaction, DTE Electric recognized Securitized regulatory assets of $230 million, which were reclassified from existing Regulatory assets for the net book value of the River Rouge plant and tree trimming surge program. Debt service costs relating to tree trimming will be recovered over a period not to exceed 5 years, while amounts relating to River Rouge will be recovered over a period not to exceed 14 years. 2022 Electric Rate Case Filing DTE Electric filed a rate case with the MPSC on January 21, 2022 requesting an increase in base rates of $388 million based on a projected twelve-month period ending October 31, 2023. The requested increase in base rates was primarily due to an increase in net plant resulting from generation and distribution investments, as well as related increases to depreciation and property tax expenses. The rate filing also requested an increase in return on equity from 9.9% to 10.25% and included projected changes in sales. On November 18, 2022, the MPSC issued an order authorizing an annual revenue increase of $31 million for services rendered on or after November 25, 2022 and a return on equity of 9.9%. The order also disallowed certain capital expenditures previously recorded, for which $8 million has been recorded to Asset (gains) losses and impairments, net within the Consolidated Statements of Operations for the year ended December 31, 2022. The annual revenue increase of $31 million granted in the order included a higher residential sales forecast adopted by the MPSC compared to the DTE Electric projections in the rate case filing. DTE Electric believes the MPSC forecast did not provide sufficient consideration for recent downward trends in residential sales as the temporary increases from the COVID-19 pandemic began diminishing in 2022. Accordingly, DTE Electric filed a petition for rehearing on December 16, 2022 requesting the MPSC to reconsider and adopt an alternate residential sales forecast that more accurately reflects changing trends in customer usage and is consistent with previously authorized forecast methodologies. On February 2, 2023, DTE Electric received an order from the MPSC that denied the rehearing request. DTE Electric is seeking additional rate relief in its 2023 rate case filing that will include projected changes in sales. Refer to the "2023 Electric Rate Case Filing" section below for additional details. Ludington Accounting Application During April 2022, DTE Electric and Consumers Energy Company (“Consumers”) filed a complaint against Toshiba America Energy Systems (“TAES”) and its parent corporation for unsatisfactory performance relating to the overhaul and upgrade of the Ludington Hydroelectric Pumped Storage Plant (“Ludington”). Refer to the Ludington Plant Contract Dispute section of Note 18 to the Consolidated Financial Statements, “Commitments and Contingencies,” for additional information regarding the complaint and ongoing legal proceedings. DTE Electric and Consumers, joint owners of Ludington, believe that certain costs must be incurred in the near term for repairing and/or replacing defective work performed by TAES in order to ensure the continued safe and reliable operation of the plant. In November 2022, DTE Electric and Consumers filed an accounting application with the MPSC for authority to defer these costs as a regulatory asset. DTE Electric and Consumers are seeking the regulatory asset for their respective 49% and 51% shares of these costs, to be offset by any potential litigation proceeds. The parties are also seeking that appropriate recovery and ratemaking treatment may be granted in a future rate case or other proceeding. A response in this filing is currently expected in the first quarter 2023. 2022 DTE Gas Voluntary Refund Application On November 4, 2022, DTE Gas filed an application with the MPSC requesting approval of a one-time voluntary refund to its utility customers not to exceed $20 million, as well as authorization to implement accounting procedures consistent with the refund. The requested refund was due to 2022 financial results, that due to unforeseen circumstances, were expected to exceed those that were initially anticipated. DTE Gas expects the refund will be made in the form of incurring costs that benefit its customers and are incremental to those included in current rates. If such costs are not incurred, the refund will be administered through a bill credit. On December 9, 2022, the MPSC issued an order approving the application and directed DTE Gas to file documentation by December 27, 2022 substantiating the final amount of the customer refund. DTE Gas complied with this request and submitted a letter to the MPSC substantiating a refund amount of $5 million. On December 28, 2022, the MPSC confirmed that DTE Gas complied with the requirement set forth in the December 9th order. Accordingly, DTE Gas recognized a regulatory liability of $5 million and has until February 28, 2023 to confirm the proposed method of the refund. 2023 Electric Rate Case Filing DTE Electric filed a rate case with the MPSC on February 10, 2023 requesting an increase in base rates of $622 million based on a projected twelve-month period ending November 30, 2024, and an increase in return on equity from 9.9% to 10.25%. The requested increase in base rates is primarily due to increased investments in plant involving generation and the electric distribution system, as well as related increases to depreciation and property tax expenses. These investments will support DTE Energy's goals to reduce carbon emissions and improve power reliability. The requested increase in base rates is also due to a projected sales decline from the level included in current rates and inflationary impacts on operating and interest costs. A final MPSC order in this case is expected in December 2023. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | INCOME TAXES Income Tax Summary DTE Energy files a consolidated federal income tax return. DTE Electric is a part of the consolidated federal income tax return of DTE Energy. DTE Energy and its subsidiaries file consolidated and/or separate company income tax returns in various states and localities, including a consolidated return in the State of Michigan. DTE Electric is part of the Michigan consolidated income tax return of DTE Energy. The federal, state and local income tax expense for DTE Electric is determined on an individual company basis with no allocation of tax expenses or benefits from other affiliates of DTE Energy. DTE Electric had income tax receivables with DTE Energy of $1 million and $31 million at December 31, 2022 and 2021, respectively. The Registrants' total Income Tax Expense varied from the statutory federal income tax rate for the following reasons: 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 % 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 % Components of the Registrants' Income Tax Expense were as follows: 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 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 Deferred tax assets and liabilities are recognized for the estimated future tax effect of temporary differences between the tax basis of assets or liabilities and the reported amounts in the Registrants' Consolidated Financial Statements. The Registrants' deferred tax assets (liabilities) were comprised of the following at December 31: DTE Energy DTE Electric 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) Tax credit carry-forwards for DTE Energy include $1.4 billion of general business credits that expire from 2032 through 2042. No valuation allowance is required for the tax credits carry-forward deferred tax asset. DTE Energy has a pre-tax federal net operating loss carry-forward of $1.3 billion as of December 31, 2022. The net operating loss carry-forwards generated in 2015 and 2016 will expire in 2035 and 2036 respectively, and the net operating loss carry-forwards generated in 2018 and subsequent years can be carried forward indefinitely. No valuation allowance is required for the federal net operating loss deferred tax asset. DTE Energy has state and local deferred tax assets related to net operating loss carry-forwards of $97 million and $73 million at December 31, 2022 and 2021, respectively. Most of the state and local net operating loss carry-forwards expire from 2023 through 2042 with the remainder being carried forward indefinitely. DTE Energy has recorded valuation allowances of $58 million and $51 million at December 31, 2022 and 2021, respectively, including $31 million and $29 million for the respective periods related to the state net operating loss carryforwards noted above. The remaining valuation allowances are related to charitable contribution carryforwards. The change in balances in 2022 includes establishing a valuation allowance of $9 million based on a change in expected ability to utilize certain of these charitable contribution carryforwards. In assessing the realizability of deferred tax assets, DTE Energy considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Tax credit carry-forwards for DTE Electric include $487 million of general business credits that expire from 2036 through 2042. No valuation allowance is required for the tax credits carry-forward deferred tax asset. DTE Electric has a pre-tax federal net operating loss carry-forward of $276 million as of December 31, 2022 which can be carried forward indefinitely. No valuation allowance is required for the federal net operating loss deferred tax asset. DTE Electric has $38 million and $15 million in state and local deferred tax assets related to net operating loss carry-forwards at December 31, 2022 and 2021, respectively, which will expire from 2030 through 2042. No valuation allowance is required for the state and local net operating loss deferred tax assets. The above tables exclude unamortized investment tax credits that are shown separately on the Registrants' Consolidated Statements of Financial Position. Investment tax credits are generally deferred and amortized to income over the average life of the related property. Inflation Reduction Act During the third quarter 2022, the Inflation Reduction Act (IRA) was signed into law. The IRA included several new tax provisions, including a corporate alternative minimum tax and various tax incentives for energy and climate initiatives. Enactment of this legislation did not impact the Registrants' financial statements for the period ended December 31, 2022. The Registrants do not expect the legislation to have a significant impact in the near term and continue to assess any potential long-term impacts. Uncertain Tax Positions A reconciliation of the beginning and ending amount of unrecognized tax benefits for the Registrants is as follows: 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 If recognized, all of the Registrants' unrecognized tax benefits would favorably impact their effective tax rate. DTE Energy believes it is reasonably possible that the amount of unrecognized tax benefits may decrease within the next 12 months by $13 million due to anticipated settlements with tax authorities, comprised of $5 million related to a federal refund claim and $8 million related to state exposures. DTE Electric believes it is reasonably possible that the amount of unrecognized tax benefits may decrease within the next 12 months by $13 million due to an anticipated settlement with tax authorities related to state exposures. The Registrants recognize interest and penalties pertaining to income taxes in Interest expense and Other expenses, respectively, on the Consolidated Statements of Operations. Accrued interest pertaining to income taxes for DTE Energy totaled $5 million at December 31, 2022 and 2021. DTE Energy recognized a nominal amount of interest expense related to income taxes in 2022 and 2021 and $1 million in 2020. DTE Energy has not accrued any penalties pertaining to income taxes. Accrued interest pertaining to income taxes for DTE Electric totaled $8 million at December 31, 2022 and $7 million at December 31, 2021. DTE Electric recognized interest expense related to income taxes of $1 million in 2022, 2021, and 2020. DTE Electric has not accrued any penalties pertaining to income taxes. In 2022, DTE Energy, including DTE Electric, settled a federal tax audit for the 2020 tax year. DTE Energy's federal income tax returns for 2021 and subsequent years remain subject to examination by the IRS. DTE Energy's Michigan Business Tax returns for the years 2008-2011 and Michigan Corporate Income Tax returns for the year 2017 and subsequent years remain subject to examination by the State of Michigan. DTE Energy also files tax returns in numerous state and local jurisdictions with varying statutes of limitation. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | EARNINGS PER SHARE Basic earnings per share is calculated by dividing net income, adjusted for income allocated to participating securities, by the weighted average number of common shares outstanding during the period. Diluted earnings per share reflect the dilution that would occur if any potentially dilutive instruments were exercised or converted into common shares. DTE Energy's participating securities are restricted shares under the stock incentive program that contain rights to receive non-forfeitable dividends. Equity units and performance shares do not receive cash dividends; as such, these awards are not considered participating securities. For additional information regarding equity units and performance shares, see Notes 14 and 21 to the Consolidated Financial Statements, "Long-Term Debt" and "Stock-Based Compensation," respectively. The following is a reconciliation of DTE Energy's basic and diluted income per share calculation for the years ended December 31: 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 _______________________________________ (a) Equity units excluded from the calculation of diluted EPS were approximately 11.5 million and 10.3 million for the years ended December 31, 2021 and 2020, respectively, as the dilutive stock price threshold was not met. These equity units were settled in November 2022 resulting in the issuance of common stock. For more information regarding equity units, see Note 14 to the Consolidated Financial Statements, "Long-Term Debt." |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value | FAIR VALUE Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in a principal or most advantageous market. Fair value is a market-based measurement that is determined based on inputs, which refer broadly to assumptions that market participants use in pricing assets or liabilities. These inputs can be readily observable, market corroborated, or generally unobservable inputs. The Registrants make certain assumptions they believe that market participants would use in pricing assets or liabilities, including assumptions about risk, and the risks inherent in the inputs to valuation techniques. Credit risk of the Registrants and their counterparties is incorporated in the valuation of assets and liabilities through the use of credit reserves, the impact of which was immaterial at December 31, 2022 and 2021. The Registrants believe they use valuation techniques that maximize the use of observable market-based inputs and minimize the use of unobservable inputs. A fair value hierarchy has been established that prioritizes the inputs to valuation techniques used to measure fair value in three broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). In some cases, the inputs used to measure fair value might fall in different levels of the fair value hierarchy. All assets and liabilities are required to be classified in their entirety based on the lowest level of input that is significant to the fair value measurement in its entirety. Assessing the significance of a particular input may require judgment considering factors specific to the asset or liability and may affect the valuation of the asset or liability and its placement within the fair value hierarchy. The Registrants classify fair value balances based on the fair value hierarchy defined as follows: • Level 1 — Consists of unadjusted quoted prices in active markets for identical assets or liabilities that the Registrants have the ability to access as of the reporting date. • Level 2 — Consists of inputs other than quoted prices included within Level 1 that are directly observable for the asset or liability or indirectly observable through corroboration with observable market data. • Level 3 — Consists of unobservable inputs for assets or liabilities whose fair value is estimated based on internally developed models or methodologies using inputs that are generally less readily observable and supported by little, if any, market activity at the measurement date. Unobservable inputs are developed based on the best available information and subject to cost-benefit constraints. The following table presents assets and liabilities for DTE Energy measured and recorded at fair value on a recurring basis: December 31, 2022 December 31, 2021 Level 1 Level Level 3 Other (a) Netting (b) Net Balance Level 1 Level 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 _______________________________________ (a) Amounts represent assets valued at NAV as a practical expedient for fair value. (b) Amounts represent the impact of master netting agreements that allow DTE Energy to net gain and loss positions and cash collateral held or placed with the same counterparties. (c) Amounts include $10 million and $1 million of cash equivalents recorded in Restricted cash on DTE Energy's Consolidated Statements of Financial Position at December 31, 2022 and December 31, 2021, respectively. All other amounts are included in Cash and cash equivalents on DTE Energy's Consolidated Statements of Financial Position. (d) Excludes cash surrender value of life insurance investments. (e) For contracts with a clearing agent, DTE Energy nets all activity across commodities. This can result in some individual commodities having a contra balance. The following table presents assets for DTE Electric measured and recorded at fair value on a recurring basis as of: December 31, 2022 December 31, 2021 Level 1 Level 2 Level 3 Other (a) Net Balance Level 1 Level 2 Level 3 Other (a) Net Balance (In millions) Assets Cash equivalents (b) $ 9 $ — $ — $ — $ 9 $ — $ — $ — $ — $ — 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 Equity securities 16 — — — 16 20 — — — 20 Cash equivalents 11 — — — 11 11 — — — 11 Derivative assets — FTRs — — 11 — 11 — — 9 — 9 Total $ 972 $ 400 $ 11 $ 489 $ 1,872 $ 1,169 $ 436 $ 9 $ 497 $ 2,111 Assets Current $ 9 $ — $ 11 $ — $ 20 $ — $ — $ 9 $ — $ 9 Noncurrent 963 400 — 489 1,852 1,169 436 — 497 2,102 Total Assets $ 972 $ 400 $ 11 $ 489 $ 1,872 $ 1,169 $ 436 $ 9 $ 497 $ 2,111 _______________________________________ (a) Amounts represent assets valued at NAV as a practical expedient for fair value. (b) Cash equivalents of $9 million are included in Restricted cash on DTE Electric's Consolidated Statements of Financial Position at December 31, 2022. Cash Equivalents Cash equivalents include investments with maturities of three months or less when purchased. The cash equivalents shown in the fair value table are comprised of short-term investments and money market funds. Nuclear Decommissioning Trusts and Other Investments The nuclear decommissioning trusts and other investments hold debt and equity securities directly and indirectly through commingled funds. Exchange-traded debt and equity securities held directly, as well as publicly traded commingled funds, are valued using quoted market prices in actively traded markets. Non-exchange traded fixed income securities are valued based upon quotations available from brokers or pricing services. Non-publicly traded commingled funds holding exchange-traded equity or debt securities are valued based on stated NAVs. There are no significant restrictions for these funds and investments may be redeemed with 7 to 65 days notice depending on the fund. There is no intention to sell the investment in these commingled funds. Private equity and other assets include a diversified group of funds that are classified as NAV assets. These funds primarily invest in limited partnerships, including private equity, private real estate and private credit. Distributions are received through the liquidation of the underlying fund assets over the life of the funds. There are generally no redemption rights. The limited partner must hold the fund for its life or find a third-party buyer, which may need to be approved by the general partner. The funds are established with varied contractual durations generally in the range of 7 years to 12 years. The fund life can often be extended by several years by the general partner, and further extended with the approval of the limited partners. Unfunded commitments related to these investments totaled $177 million and $199 million as of December 31, 2022 and 2021, respectively. Hedge funds and similar investments utilize a diversified group of strategies that attempt to capture uncorrelated sources of return. These investments include publicly traded mutual funds that are valued using quoted prices in actively traded markets, as well as insurance-linked and asset-backed securities and that are valued using quotations from broker or pricing services. For pricing the nuclear decommissioning trusts and other investments, a primary price source is identified by asset type, class, or issue for each security. The trustee monitors prices supplied by pricing services and may use a supplemental price source or change the primary source of a given security if the trustee determines that another price source is considered preferable. The Registrants have obtained an understanding of how these prices are derived, including the nature and observability of the inputs used in deriving such prices. Derivative Assets and Liabilities Derivative assets and liabilities are comprised of physical and financial derivative contracts, including futures, forwards, options, and swaps that are both exchange-traded and over-the-counter traded contracts. Various inputs are used to value derivatives depending on the type of contract and availability of market data. Exchange-traded derivative contracts are valued using quoted prices in active markets. The Registrants consider the following criteria in determining whether a market is considered active: frequency in which pricing information is updated, variability in pricing between sources or over time, and the availability of public information. Other derivative contracts are valued based upon a variety of inputs including commodity market prices, broker quotes, interest rates, credit ratings, default rates, market-based seasonality, and basis differential factors. The Registrants monitor the prices that are supplied by brokers and pricing services and may use a supplemental price source or change the primary price source of an index if prices become unavailable or another price source is determined to be more representative of fair value. The Registrants have obtained an understanding of how these prices are derived. Additionally, the Registrants selectively corroborate the fair value of their transactions by comparison of market-based price sources. Mathematical valuation models are used for derivatives for which external market data is not readily observable, such as contracts which extend beyond the actively traded reporting period. The Registrants have established a Risk Management Committee whose responsibilities include directly or indirectly ensuring all valuation methods are applied in accordance with predefined policies. The development and maintenance of the Registrants' forward price curves has been assigned to DTE Energy's Risk Management Department, which is separate and distinct from the trading functions within DTE Energy. The following table presents the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis for DTE Energy: Year Ended December 31, 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 _______________________________________ (a) Amounts are reflected in Operating Revenues — Non-utility operations and Fuel, purchased power, gas, and other — non-utility in DTE Energy's Consolidated Statements of Operations. The following table presents the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis for DTE Electric: Year Ended December 31, 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 Derivatives are transferred between levels primarily due to changes in the source data used to construct price curves as a result of changes in market liquidity. Transfers in and transfers out are reflected as if they had occurred at the beginning of the period. There were no transfers from or into Level 3 for DTE Electric during the years ended December 31, 2022 and 2021. The following tables present the unobservable inputs related to DTE Energy's Level 3 assets and liabilities: December 31, 2022 Commodity Contracts Derivative Assets Derivative Liabilities Valuation Techniques Unobservable Input Range Weighted Average (In millions) Natural Gas $ 135 $ (390) Discounted Cash Flow Forward basis price (per MMBtu) $ (1.91) — $ 39.94 /MMBtu $ 0.18 /MMBtu Electricity $ 243 $ (276) Discounted Cash Flow Forward basis price (per MWh) $ (29.41) — $ 15.00 /MWh $ (3.04) /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 The unobservable inputs used in the fair value measurement of the electricity and natural gas commodity types consist of inputs that are less observable due in part to lack of available broker quotes, supported by little, if any, market activity at the measurement date or are based on internally developed models. Certain basis prices (i.e., the difference in pricing between two locations) included in the valuation of natural gas and electricity contracts were deemed unobservable. The weighted average price for unobservable inputs was calculated using the average of forward price curves for natural gas and electricity and the absolute value of monthly volumes. The inputs listed above would have had a direct impact on the fair values of the above security types if they were adjusted. A significant increase (decrease) in the basis price would have resulted in a higher (lower) fair value for long positions, with offsetting impacts to short positions. Fair Value of Financial Instruments The following table presents the carrying amount and fair value of financial instruments for DTE Energy: December 31, 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 _______________________________________ (a) Current portion included in Current Assets — Other on DTE Energy's Consolidated Statements of Financial Position. (b) Included in Current Liabilities — Other and Other Liabilities — Other on DTE Energy's Consolidated Statements of Financial Position. (c) Includes debt due within one year and excludes finance lease obligations. Carrying value also includes unamortized debt discounts and issuance costs. The following table presents the carrying amount and fair value of financial instruments for DTE Electric: December 31, 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 — Other (a) $ 17 $ — $ — $ 17 $ 17 $ — $ — $ 17 Short-term borrowings — affiliates $ 27 $ — $ — $ 27 $ 53 $ — $ — $ 53 Short-term borrowings — other $ 568 $ — $ 568 $ — $ 153 $ — $ 153 $ — Notes payable (b) $ 17 $ — $ — $ 17 $ 27 $ — $ — $ 27 Long-term debt (c) $ 9,696 $ — $ 8,289 $ 128 $ 8,907 $ — $ 9,898 $ 150 _______________________________________ (a) Included in Current Assets — Other on DTE Electric's Consolidated Statements of Financial Position. (b) Included in Current Liabilities — Other and Other Liabilities — Other on DTE Electric's Consolidated Statements of Financial Position. (c) Includes debt due within one year and excludes finance lease obligations. Carrying value also includes unamortized debt discounts and issuance costs. For further fair value information on financial and derivative instruments, see Note 13 to the Consolidated Financial Statements, "Financial and Other Derivative Instruments." Nuclear Decommissioning Trust Funds DTE Electric has a legal obligation to decommission its nuclear power plants following the expiration of its operating licenses. This obligation is reflected as an Asset retirement obligation on DTE Electric's Consolidated Statements of Financial Position. Rates approved by the MPSC provide for the recovery of decommissioning costs of Fermi 2 and the disposal of low-level radioactive waste. See Note 8 to the Consolidated Financial Statements, "Asset Retirement Obligations." The following table summarizes DTE Electric's fair value of the nuclear decommissioning trust fund assets: December 31, 2022 2021 (In millions) Fermi 2 $ 1,807 $ 2,051 Fermi 1 3 3 Low-level radioactive waste 15 17 $ 1,825 $ 2,071 The costs of securities sold are determined on the basis of specific identification. The following table sets forth DTE Electric's gains and losses and proceeds from the sale of securities by the nuclear decommissioning trust funds: Year Ended December 31, 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 Realized gains and losses from the sale of securities and unrealized gains and losses incurred by the Fermi 2 trust are recorded to Regulatory assets and the Nuclear decommissioning liability. Realized gains and losses from the sale of securities and unrealized gains and losses on the low-level radioactive waste funds are recorded to the Nuclear decommissioning liability. The following table sets forth DTE Electric's fair value and unrealized gains and losses for the nuclear decommissioning trust funds: December 31, 2022 December 31, 2021 Fair Unrealized Unrealized Losses Fair Unrealized 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) The following table summarizes the fair value of the fixed income securities held in nuclear decommissioning trust funds by contractual maturity: 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 Fixed income securities held in nuclear decommissioning trust funds include $89 million of non-publicly traded commingled funds that do not have a contractual maturity date. Other Securities At December 31, 2022 and 2021, DTE Energy's securities included in Other investments on the Consolidated Statements of Financial Position were comprised primarily of investments within DTE Energy's rabbi trust. The rabbi trust was established to fund certain non-qualified pension benefits, and therefore changes in market value are recognized in earnings. Gains and losses are allocated from DTE Energy to DTE Electric and are included in Other Income or Other Expense, respectively, in the Registrants' Consolidated Statements of Operations. The following table summarizes the Registrants' gains (losses) related to the trust: Year Ended December 31, 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) |
Financial and Other Derivative
Financial and Other Derivative Instruments | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Financial and Other Derivative Instruments | FINANCIAL AND OTHER DERIVATIVE INSTRUMENTS The Registrants recognize all derivatives at their fair value as Derivative assets or liabilities on their respective Consolidated Statements of Financial Position unless they qualify for certain scope exceptions, including the normal purchases and normal sales exception. Further, derivatives that qualify and are designated for hedge accounting are classified as either hedges of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability (cash flow hedge); or as hedges of the fair value of a recognized asset or liability or of an unrecognized firm commitment (fair value hedge). For cash flow hedges, the derivative gain or loss is deferred in Accumulated other comprehensive income (loss) and later reclassified into earnings when the underlying transaction occurs. For fair value hedges, changes in fair values for the derivative and hedged item are recognized in earnings each period. For derivatives that do not qualify or are not designated for hedge accounting, changes in fair value are recognized in earnings each period. The Registrants' primary market risk exposure is associated with commodity prices, credit, and interest rates. The Registrants have risk management policies to monitor and manage market risks. The Registrants use derivative instruments to manage some of the exposure. DTE Energy uses derivative instruments for trading purposes in its Energy Trading segment. Contracts classified as derivative instruments include electricity, natural gas, oil, certain environmental contracts, forwards, futures, options, swaps, and foreign currency exchange contracts. Items not classified as derivatives include natural gas and environmental inventory, pipeline transportation contracts, some environmental contracts, and natural gas storage assets. DTE Electric — DTE Electric generates, purchases, distributes, and sells electricity. DTE Electric uses forward contracts to manage changes in the price of electricity and fuel. Substantially all of these contracts meet the normal purchases and normal sales exception and are therefore accounted for under the accrual method. Other derivative contracts are MTM and recoverable through the PSCR mechanism when settled. This results in the deferral of unrealized gains and losses as Regulatory assets or liabilities until realized. DTE Gas — DTE Gas purchases, stores, transports, distributes, and sells natural gas, and buys and sells transportation and storage capacity. DTE Gas has fixed-priced contracts for portions of its expected natural gas supply requirements through March 2025. Substantially all of these contracts meet the normal purchases and normal sales exception and are therefore accounted for under the accrual method. Forward transportation and storage contracts are generally not derivatives and are therefore accounted for under the accrual method. DTE Vantage — This segment manages and operates renewable gas recovery projects, power generation assets, and other customer specific energy solutions. Long-term contracts and hedging instruments are used in the marketing and management of the segment assets. These contracts and hedging instruments are generally not derivatives and are therefore accounted for under the accrual method. Energy Trading — Commodity Price Risk — Energy Trading markets and trades electricity, natural gas physical products, and energy financial instruments, and provides energy and asset management services utilizing energy commodity derivative instruments. Forwards, futures, options, and swap agreements are used to manage exposure to the risk of market price and volume fluctuations in its operations. These derivatives are accounted for by recording changes in fair value to earnings unless hedge accounting criteria are met. Energy Trading — Foreign Currency Exchange Risk — Energy Trading has foreign currency exchange forward contracts to economically hedge fixed Canadian dollar commitments existing under natural gas and power purchase and sale contracts and natural gas transportation contracts. Energy Trading enters into these contracts to mitigate price volatility with respect to fluctuations of the Canadian dollar relative to the U.S. dollar. These derivatives are accounted for by recording changes in fair value to earnings unless hedge accounting criteria are met. Corporate and Other — Interest Rate Risk — DTE Energy may use interest rate swaps, treasury locks, and other derivatives to hedge the risk associated with interest rate market volatility. Credit Risk — DTE Energy maintains credit policies that significantly minimize overall credit risk. These policies include an evaluation of potential customers’ and counterparties’ financial condition, including the viability of underlying productive assets, credit rating, collateral requirements, or other credit enhancements such as letters of credit or guarantees. DTE Energy generally uses standardized agreements that allow the netting of positive and negative transactions associated with a single counterparty. DTE Energy maintains a provision for credit losses based on factors surrounding the credit risk of its customers, historical trends, and other information. Based on DTE Energy's credit policies and its December 31, 2022 provision for credit losses, DTE Energy’s exposure to counterparty nonperformance is not expected to have a material adverse effect on DTE Energy's Consolidated Financial Statements. Derivative Activities DTE Energy manages its MTM risk on a portfolio basis based upon the delivery period of its contracts and the individual components of the risks within each contract. Accordingly, it records and manages the energy purchase and sale obligations under its contracts in separate components based on the commodity (e.g. electricity or natural gas), the product (e.g. electricity for delivery during peak or off-peak hours), the delivery location (e.g. by region), the risk profile (e.g. forward or option), and the delivery period (e.g. by month and year). The following describes the categories of activities represented by their operating characteristics and key risks: • Asset Optimization — Represents derivative activity associated with assets owned and contracted by DTE Energy, including forward natural gas purchases and sales, natural gas transportation, and storage capacity. Changes in the value of derivatives in this category typically economically offset changes in the value of underlying non-derivative positions, which do not qualify for fair value accounting. The difference in accounting treatment of derivatives in this category and the underlying non-derivative positions can result in significant earnings volatility. • Marketing and Origination — Represents derivative activity transacted by originating substantially hedged positions with wholesale energy marketers, producers, end-users, utilities, retail aggregators, and alternative energy suppliers. • Fundamentals Based Trading — Represents derivative activity transacted with the intent of taking a view, capturing market price changes, or putting capital at risk. This activity is speculative in nature as opposed to hedging an existing exposure. • Other — Includes derivative activity at DTE Electric related to FTRs. Changes in the value of derivative contracts at DTE Electric are recorded as Derivative assets or liabilities, with an offset to Regulatory assets or liabilities as the settlement value of these contracts will be included in the PSCR mechanism when realized. The following table presents the fair value of derivative instruments for DTE Energy: December 31, 2022 December 31, 2021 Derivative Derivative Derivative Derivative (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) The fair value of derivative instruments at DTE Electric was $11 million and $9 million at December 31, 2022 and 2021, respectively, comprised of FTRs recorded to Current Assets — Other on the Consolidated Statements of Financial Position and not designated as hedging instruments. Certain of DTE Energy's derivative positions are subject to netting arrangements which provide for offsetting of asset and liability positions as well as related cash collateral. Such netting arrangements generally do not have restrictions. Under such netting arrangements, DTE Energy offsets the fair value of derivative instruments with cash collateral received or paid for those contracts executed with the same counterparty, which reduces DTE Energy's Total Assets and Liabilities. Cash collateral is allocated between the fair value of derivative instruments and customer accounts receivable and payable with the same counterparty on a pro-rata basis to the extent there is exposure. Any cash collateral remaining, after the exposure is netted to zero, is reflected in Accounts receivable and Accounts payable as collateral paid or received, respectively. DTE Energy also provides and receives collateral in the form of letters of credit which can be offset against net Derivative assets and liabilities as well as Accounts receivable and payable. DTE Energy had issued letters of credit of $81 million outstanding at December 31, 2022 and $18 million at December 31, 2021, which could be used to offset net Derivative liabilities. Letters of credit received from third parties which could be used to offset net Derivative assets were $82 million and $37 million at December 31, 2022 and 2021, respectively. Such balances of letters of credit are excluded from the tables below and are not netted with the recognized assets and liabilities in DTE Energy's Consolidated Statements of Financial Position. For contracts with certain clearing agents, the fair value of derivative instruments is netted against realized positions with the net balance reflected as either 1) a Derivative asset or liability or 2) an Account receivable or payable. Other than certain clearing agents, Accounts receivable and Accounts payable that are subject to netting arrangements have not been offset against the fair value of Derivative assets and liabilities. The following table presents net cash collateral offsetting arrangements for DTE Energy: December 31, 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) _______________________________________ (a) Amounts are recorded net by counterparty. The following table presents the netting offsets of Derivative assets and liabilities for DTE Energy: 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) The following table presents the netting offsets of Derivative assets and liabilities showing the reconciliation of derivative instruments to DTE Energy's Consolidated Statements of Financial Position: December 31, 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) The effect of derivatives not designated as hedging instruments on DTE Energy's Consolidated Statements of Operations is as follows: Location of Gain (Loss) Recognized in Income on Derivatives Gain (Loss) Recognized in Income on Derivatives for Years Ended December 31, 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) Revenues and energy costs related to trading contracts are presented on a net basis in DTE Energy's Consolidated Statements of Operations. Commodity derivatives used for trading purposes, and financial non-trading commodity derivatives, are accounted for using the MTM method with unrealized and realized gains and losses recorded in Operating Revenues — Non-utility operations. Non-trading physical commodity sale and purchase derivative contracts are generally accounted for using the MTM method with unrealized and realized gains and losses for sales recorded in Operating Revenues — Non-utility operations and purchases recorded in Fuel, purchased power, gas, and other — non-utility. The following represents the cumulative gross volume of DTE Energy's derivative contracts outstanding as of December 31, 2022: Commodity Number of Units Natural gas (MMBtu) 2,099,176,239 Electricity (MWh) 33,018,171 Oil (Gallons) 7,584,000 Foreign currency exchange ($ CAD) 164,965,288 FTR (MWh) 60,482 Renewable Energy Certificates (MWh) 7,340,257 Carbon emissions (Metric Ton) 140,639 Interest rate contracts ($ USD) 800,000,000 Various subsidiaries of DTE Energy have entered into derivative and non-derivative contracts which contain ratings triggers and are guaranteed by DTE Energy. These contracts contain provisions which allow the counterparties to require that DTE Energy post cash or letters of credit as collateral in the event that DTE Energy’s credit rating is downgraded below investment grade. Certain of these provisions (known as "hard triggers") state specific circumstances under which DTE Energy can be required to post collateral upon the occurrence of a credit downgrade, while other provisions (known as "soft triggers") are not as specific. For contracts with soft triggers, it is difficult to estimate the amount of collateral which may be requested by counterparties and/or which DTE Energy may ultimately be required to post. The amount of such collateral which could be requested fluctuates based on commodity prices (primarily natural gas, power, and environmental) and the provisions and maturities of the underlying transactions. As of December 31, 2022, DTE Energy's contractual obligation to post collateral in the form of cash or letters of credit in the event of a downgrade to below investment grade, under both hard trigger and soft trigger provisions, was $571 million. As of December 31, 2022, DTE Energy had $1.8 billion of derivatives in net liability positions, for which hard triggers exist. There is $150 million of collateral that has been posted against such liabilities, including cash and letters of credit. Associated derivative net asset positions for which contractual offset exists were $1.4 billion. The net remaining amount of $247 million is derived from the $571 million noted above. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | LONG-TERM DEBT Long-Term Debt DTE Energy's long-term debt outstanding and interest rates of debt outstanding at December 31 were: 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 _______________________________________ (a) Weighted average interest rate as of December 31, 2022. (b) Bonds are held by DTE Securitization, a special purpose entity consolidated by DTE Electric. Refer to Note 1 to the Consolidated Financial Statements, “Organization and Basis of Presentation,” for additional information regarding DTE Securitization and restrictions related to these bonds. DTE Electric's long-term debt outstanding and interest rates of debt outstanding at December 31 were: Interest Rate (a) Maturity Date 2022 2021 (In millions) Mortgage bonds, notes, and other Long-term debt, principally secured 3.7% 2023 — 2052 $ 9,572 $ 8,988 Unamortized debt discount (22) (19) Unamortized debt issuance costs (65) (62) Long-term debt due within one year (203) (316) $ 9,282 $ 8,591 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 $ — _______________________________________ (a) Weighted average interest rate as of December 31, 2022. (b) Bonds are held by DTE Securitization, a special purpose entity consolidated by DTE Electric. Refer to Note 1 to the Consolidated Financial Statements, “Organization and Basis of Presentation,” for additional information regarding DTE Securitization and restrictions related to these bonds. Debt Issuances In 2022, the following debt was issued: 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 _______________________________________ (a) Proceeds used for the repayment of short-term borrowings, for capital expenditures, and for other general corporate purposes. (b) Bonds were issued as Green Bonds with proceeds to be used for eligible green expenditures, including costs related to the generation of solar and wind energy, purchases of renewable energy from wind and solar power facilities, and energy optimization programs. (c) Proceeds were used to reimburse DTE Electric for qualified costs previously incurred, including the net book value of the River Rouge generation plant, tree trimming surge program costs, and other qualified costs. The securitization financing order from the MPSC required that the net proceeds be subsequently applied by DTE Electric to retire existing debt or equity. Accordingly, DTE Electric used proceeds of $115 million towards retirement of the 2012 Series A Mortgage bonds noted in the Debt Redemptions table below and issued a one-time special dividend of $115 million to DTE Energy. Refer to Note 9 to the Consolidated Financial Statements, “Regulatory Matters,” for additional information. (d) Principal payments on the bonds are being made semi-annually beginning December 2022, with the final payment scheduled for December 2026. (e) Principal payments on the bonds will be made semi-annually beginning June 2027, with the final payment scheduled for December 2035. In June 2022, DTE Energy entered into a $1.125 billion unsecured term loan with a maturity date of December 2023. Any borrowings on the loan were determined to be long-term debt, as the term of the facility exceeds one year. DTE Energy had mandatory draw obligations of at least $400 million within sixty days of closing and a total of $800 million within six months of closing. DTE Energy complied with these obligations, as noted in the table above. These draws are included in the current portion of long-term debt on DTE Energy's Consolidated Statements of Financial Position as of December 31, 2022. Borrowings under the term loan are for the general corporate purposes of DTE Energy and its subsidiaries, bearing interest at SOFR plus 0.90% per annum. Any unused capacity under the loan will terminate if not drawn by June 24, 2023. Other terms of the loan are consistent with DTE Energy's unsecured revolving credit agreements. Refer to Note 16 to the Consolidated Financial Statements, "Short-Term Credit Arrangements and Borrowings," for additional information regarding the unsecured revolving credit agreements. Debt Redemptions In 2022, the following debt was redeemed: 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 The following table shows the Registrants' scheduled debt maturities, excluding any unamortized discount on debt: 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 DTE Electric's scheduled debt maturities. (b) Amounts include DTE Securitization scheduled debt maturities. The following table shows scheduled interest payments related to the Registrants' long-term debt: 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 _______________________________________ (a) Amounts include DTE Electric's scheduled interest payments. (b) Amounts include DTE Securitization scheduled interest payments. Junior Subordinated Debentures DTE Energy has the right to defer interest payments on the Junior Subordinated Debentures. Should DTE Energy exercise this right, it cannot declare or pay dividends on, or redeem, purchase or acquire, any of its capital stock during the deferral period. Any deferred interest payments will bear additional interest at the rate associated with the related debt issue. As of December 31, 2022, no interest payments have been deferred on the Junior Subordinated Debentures. Cross Default Provisions Substantially all of the net utility properties of DTE Electric and DTE Gas are subject to the lien of mortgages. Should DTE Electric or DTE Gas fail to timely pay their indebtedness under these mortgages, such failure may create cross defaults in the indebtedness of DTE Energy. Remarketable Senior Notes In November 2019, DTE Energy issued $1.3 billion of equity units, initially in the form of Corporate Units. Each Corporate Unit consisted of a stock purchase contract and a 1/20 interest in a RSN issued by DTE Energy. The stock purchase contracts obligated the holders to purchase shares of DTE Energy's common stock at a future settlement date. The RSNs were pledged as collateral to secure the purchase of common stock under the related stock purchase contracts. In August 2022, DTE Energy remarketed the $1.3 billion 2019 Series F 2.25% RSNs pursuant to the terms of the 2019 equity units. DTE Energy elected to pull forward the maturity of the notes to November 1, 2024, compared to the original maturity date of November 1, 2025. As a result of the remarketing, the interest rate was reset to 4.22%, payable semi-annually at the new rate beginning August 8, 2022. At December 31, 2022, the notes are included in Mortgage, bonds, notes and other within DTE Energy's Consolidated Statements of Financial Position. DTE Energy did not receive any proceeds for the remarketing. All proceeds belonged to the investors holding the 2019 equity units and were temporarily used to purchase a portfolio of treasury securities. The securities were released on behalf of investors on the related stock purchase contracts settlement date of November 1, 2022 to pay the purchase price to DTE Energy for the issuance of approximately 11.9 million shares of common stock. The proceeds DTE Energy received from the settlement of the purchase contract were primarily used to retire $1.25 billion of maturing debt on November 1, 2022. |
Preferred and Preference Securi
Preferred and Preference Securities | 12 Months Ended |
Dec. 31, 2022 | |
Preferred Stock, Number of Shares, Par Value and Other Disclosure [Abstract] | |
Preferred and Preference Securities | PREFERRED AND PREFERENCE SECURITIES As of December 31, 2022, the amount of authorized and unissued stock is as follows: Company Type of Stock Par Value Shares Authorized DTE Energy Preferred $ — 5,000,000 DTE Electric Preferred $ 100 6,747,484 DTE Electric Preference $ 1 30,000,000 DTE Gas Preferred $ 1 7,000,000 DTE Gas Preference $ 1 4,000,000 |
Short-Term Credit Arrangements
Short-Term Credit Arrangements and Borrowings | 12 Months Ended |
Dec. 31, 2022 | |
Short-Term Debt [Abstract] | |
Short-Term Credit Arrangements and Borrowings | SHORT-TERM CREDIT ARRANGEMENTS AND BORROWINGS DTE Energy, DTE Electric, and DTE Gas have unsecured revolving credit agreements that can be used for general corporate borrowings, but are intended to provide liquidity support for each of the companies’ commercial paper programs. Borrowings under the revolvers are available at prevailing short-term interest rates. DTE Energy also has other facilities to support letter of credit issuance. In June 2022, DTE Energy increased its $70 million letter of credit facility to $375 million and amended the maturity date from July 2023 to June 2023. The facility will support general corporate purposes and has terms consistent with the unsecured revolving credit agreements. The unsecured revolving credit agreements, as amended in October 2022, require a total funded debt to capitalization ratio of no more than 0.70 to 1 for DTE Energy and 0.65 to 1 for DTE Electric and DTE Gas. In the agreements, "total funded debt" means all indebtedness of each respective company and their consolidated subsidiaries, including finance lease obligations, hedge agreements, and guarantees of third parties’ debt, but excluding contingent obligations, nonrecourse and junior subordinated debt, and certain equity-linked securities and, except for calculations at the end of the second quarter, certain DTE Gas short-term debt. "Capitalization" means the sum of (a) total funded debt plus (b) "consolidated net worth," which is equal to consolidated total equity of each respective company and their consolidated subsidiaries (excluding pension effects under certain FASB statements), as determined in accordance with accounting principles generally accepted in the United States of America. At December 31, 2022, the total funded debt to total capitalization ratios for DTE Energy, DTE Electric, and DTE Gas were 0.63 to 1, 0.51 to 1, and 0.49 to 1, respectively, and were in compliance with this financial covenant. The availability under the facilities in place at December 31, 2022 is shown in the following table: 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 _______________________________________ (a) Uncommitted letter of credit facility with automatic renewal provision for each July and therefore no expiration. For DTE Energy, the weighted average interest rate for short-term borrowings was 4.6% and 0.3% at December 31, 2022 and 2021, respectively. For DTE Electric, the weighted average interest rate for short-term borrowings was 4.6% and 0.2% at December 31, 2022 and 2021, respectively. For information related to affiliate short-term borrowings, refer to Note 23 of the Consolidated Financial Statements, "Related Party Transactions." In conjunction with maintaining certain exchange-traded risk management positions, DTE Energy may be required to post collateral with a clearing agent. DTE Energy has a demand financing agreement with its clearing agent which allows the right of setoff with posted collateral. At December 31, 2022, the capacity under the facility was $200 million. The amounts outstanding under demand financing agreements were $166 million and $103 million at December 31, 2022 and 2021, respectively, and were fully offset by posted collateral. Dividend Restrictions Certain of DTE Energy’s credit facilities contain a provision requiring DTE Energy to maintain a total funded debt to capitalization ratio, as defined in the agreements, of no more than 0.70 to 1, which has the effect of limiting the amount of dividends DTE Energy can pay in order to maintain compliance with this provision. At December 31, 2022, the effect of this provision was a restriction on dividend payments to no more than $2.8 billion of DTE Energy's Retained earnings of $3.8 billion. There are no other effective limitations with respect to DTE Energy’s ability to pay dividends. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Leases | LEASES Lessee Leases at DTE Energy are primarily comprised of various forms of equipment, computer hardware, coal railcars, production facilities, buildings, and certain easement leases with terms ranging from approximately 2 to 40 years. Leases at DTE Electric are primarily comprised of various forms of equipment, computer hardware, coal railcars, and certain easement leases with terms ranging from approximately 2 to 40 years. A lease is deemed to exist when the Registrants have the right to control the use of identified property, plant or equipment, as conveyed through a contract, for a certain period of time and consideration paid. The right to control is deemed to occur when the Registrants have the right to obtain substantially all of the economic benefits of the identified assets and the right to direct the use of such assets. Lease liabilities are determined utilizing a discount rate to determine the present values of lease payments. Topic 842 requires the use of the rate implicit in the lease when it is readily determinable. When the rate implicit in the lease is not readily determinable, the incremental borrowing rate is used. The Registrants have determined their respective incremental borrowing rates based upon the rate of interest that would have been paid on a collateralized basis over similar tenors to that of the leases. The incremental borrowing rates for DTE Electric and DTE Gas have been determined utilizing respective secured borrowing rates for first mortgage bonds with like tenors of remaining lease terms. Incremental borrowing rates for non-utility entities have been determined utilizing an implied secured borrowing rate based upon an unsecured rate for a similar tenor of remaining lease terms, which is then adjusted for the estimated impact of collateral. Certain leases of the Registrants contain escalation clauses whereby the payments are adjusted for consumer price or labor indices. DTE Energy has leases with non-index based escalation clauses for fixed dollar or percentage increases. DTE Electric has leases with non-index based escalation clauses for fixed dollar increases. DTE Energy also has leases with variable payments based upon usage of, or revenues associated with, the leased assets. DTE Electric also has leases with variable payments based upon the usage of the leased assets. Certain leases of easements and coal railcars contain provisions whereby the Registrants have the option to terminate the lease agreement by giving notice of such termination during the time frames specified in the respective lease. The Registrants have considered such provisions in the determination of the lease term when it is reasonably certain that the lease would be terminated. The Registrants have certain leases which contain purchase options. Based upon the nature of the leased property and terms of the purchase options, the Registrants have determined it is not reasonably certain that such purchase options will be utilized. Thus, the impact of the purchase options has not been included in the determination of right-of-use assets and lease liabilities for the subject leases. The Registrants have certain leases which contain renewal options. Where the renewal options were deemed reasonably certain to occur, the impacts of such options were included in the determination of the right of use assets and lease liabilities. The Registrants have agreements with lease and non-lease components, which are generally accounted for separately. Consideration in a lease is allocated between lease and non-lease components based upon the estimated relative standalone prices. The Registrants have certain coal railcar leases for which non-lease and lease components are accounted for as a single lease component, as permitted under Topic 842. The following is a summary of the components of lease cost for the years ended December 31: DTE Energy DTE Electric 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 The Registrants have elected not to apply the recognition requirements of Topic 842 to leases with a term of 12 months or less. DTE Energy and DTE Electric record operating, variable, and short-term lease costs as Operating Expenses on the Consolidated Statements of Operations, except for certain amounts that may be capitalized to Other Assets. The following is a summary of other information related to leases for the years ended December 31: DTE Energy DTE Electric 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 % The Registrants' future minimum lease payments under leases for remaining periods as of December 31, 2022 are as follows: 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 Finance leases reported on the Consolidated Statements of Financial Position are as follows for the years ended December 31: 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 Lessor During the first quarter 2022, DTE Energy completed construction of and began operating certain energy infrastructure assets for a large industrial customer under a long-term agreement, where the assets will transfer to the customer at the end of the contract term in 2040. DTE Energy has accounted for a portion of the agreement as a finance lease arrangement, recognizing an additional net investment of $33 million. During the third quarter 2022, DTE Energy completed construction of and began operating energy infrastructure assets for another large industrial customer in Canada. Under the long-term agreement, the customer will have the option to purchase the assets at the end of the initial contract term in 2042. The customer may also elect to extend the term in 5 year increments and may purchase the assets during the extension period. DTE Energy has accounted for a portion of the agreement as a finance lease arrangement, recognizing an additional net investment of $67 million, subject to foreign currency translation adjustments. DTE Energy also leases various assets under operating leases for a pipeline, energy facilities and related equipment. Such leases are comprised of both fixed payments and variable payments which are contingent on volumes, with terms ranging from 2 to 24 years. Generally, the operating leases do not have renewal provisions or options to purchase the assets at the end of the lease. The operating leases generally do not have termination for convenience provisions. Termination may be allowed under specific circumstances stated in the lease contract, such as under an event of default. Certain of the finance and operating leases have lease terms that extend to the end of the estimated economic life of the leased assets, thereby resulting in no residual value. Any remaining residual values under the finance and operating leases are expected to be recovered through rates, renewals or new lease contracts. Residual values have been determined using the estimated economic life of the leased assets. The finance and operating leases do not contain residual value guarantees. Certain of the operating leases have both lease and non-lease components. The lease and non-lease components are allocated based upon estimated relative standalone selling prices. A lease is deemed to exist when the Registrants have provided other parties with the right to control the use of identified property, plant or equipment, as conveyed through a contract, for a certain period of time and consideration received. The right to control is deemed to occur when the Registrants have provided other parties with the right to obtain substantially all of the economic benefits of the identified assets and the right to direct the use of such assets. DTE Energy’s lease income associated with operating leases, including the line items in which it was included on the Consolidated Statements of Operations, was as follows: 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 _______________________________________ (a) Decrease in 2022 is due to the closure of the REF business. DTE Energy’s minimum future rental revenues under operating leases for remaining periods as of December 31, 2022 are as follows: DTE Energy (In millions) 2023 $ 15 2024 15 2025 15 2026 11 2027 10 2028 and thereafter 41 $ 107 Depreciation expense associated with DTE Energy's property under operating leases was $11 million, $22 million, and $24 million for the years ended December 31, 2022, 2021, and 2020 respectively. The following is a summary of property under operating leases for DTE Energy as of December 31: 2022 2021 (In millions) Gross property under operating leases $ 282 $ 341 Accumulated amortization of property under operating leases $ 128 $ 181 The components of DTE Energy’s net investment in finance leases for remaining periods as of December 31, 2022 are as follows: 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 Interest income recognized under finance leases was $24 million, $17 million, and $16 million for the years ended December 31, 2022, 2021, and 2020, respectively. During 2020, DTE Energy also recognized $11 million of profit from the sale of membership interests in the REF business accounted for as a finance lease arrangement. |
Leases | LEASES Lessee Leases at DTE Energy are primarily comprised of various forms of equipment, computer hardware, coal railcars, production facilities, buildings, and certain easement leases with terms ranging from approximately 2 to 40 years. Leases at DTE Electric are primarily comprised of various forms of equipment, computer hardware, coal railcars, and certain easement leases with terms ranging from approximately 2 to 40 years. A lease is deemed to exist when the Registrants have the right to control the use of identified property, plant or equipment, as conveyed through a contract, for a certain period of time and consideration paid. The right to control is deemed to occur when the Registrants have the right to obtain substantially all of the economic benefits of the identified assets and the right to direct the use of such assets. Lease liabilities are determined utilizing a discount rate to determine the present values of lease payments. Topic 842 requires the use of the rate implicit in the lease when it is readily determinable. When the rate implicit in the lease is not readily determinable, the incremental borrowing rate is used. The Registrants have determined their respective incremental borrowing rates based upon the rate of interest that would have been paid on a collateralized basis over similar tenors to that of the leases. The incremental borrowing rates for DTE Electric and DTE Gas have been determined utilizing respective secured borrowing rates for first mortgage bonds with like tenors of remaining lease terms. Incremental borrowing rates for non-utility entities have been determined utilizing an implied secured borrowing rate based upon an unsecured rate for a similar tenor of remaining lease terms, which is then adjusted for the estimated impact of collateral. Certain leases of the Registrants contain escalation clauses whereby the payments are adjusted for consumer price or labor indices. DTE Energy has leases with non-index based escalation clauses for fixed dollar or percentage increases. DTE Electric has leases with non-index based escalation clauses for fixed dollar increases. DTE Energy also has leases with variable payments based upon usage of, or revenues associated with, the leased assets. DTE Electric also has leases with variable payments based upon the usage of the leased assets. Certain leases of easements and coal railcars contain provisions whereby the Registrants have the option to terminate the lease agreement by giving notice of such termination during the time frames specified in the respective lease. The Registrants have considered such provisions in the determination of the lease term when it is reasonably certain that the lease would be terminated. The Registrants have certain leases which contain purchase options. Based upon the nature of the leased property and terms of the purchase options, the Registrants have determined it is not reasonably certain that such purchase options will be utilized. Thus, the impact of the purchase options has not been included in the determination of right-of-use assets and lease liabilities for the subject leases. The Registrants have certain leases which contain renewal options. Where the renewal options were deemed reasonably certain to occur, the impacts of such options were included in the determination of the right of use assets and lease liabilities. The Registrants have agreements with lease and non-lease components, which are generally accounted for separately. Consideration in a lease is allocated between lease and non-lease components based upon the estimated relative standalone prices. The Registrants have certain coal railcar leases for which non-lease and lease components are accounted for as a single lease component, as permitted under Topic 842. The following is a summary of the components of lease cost for the years ended December 31: DTE Energy DTE Electric 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 The Registrants have elected not to apply the recognition requirements of Topic 842 to leases with a term of 12 months or less. DTE Energy and DTE Electric record operating, variable, and short-term lease costs as Operating Expenses on the Consolidated Statements of Operations, except for certain amounts that may be capitalized to Other Assets. The following is a summary of other information related to leases for the years ended December 31: DTE Energy DTE Electric 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 % The Registrants' future minimum lease payments under leases for remaining periods as of December 31, 2022 are as follows: 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 Finance leases reported on the Consolidated Statements of Financial Position are as follows for the years ended December 31: 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 Lessor During the first quarter 2022, DTE Energy completed construction of and began operating certain energy infrastructure assets for a large industrial customer under a long-term agreement, where the assets will transfer to the customer at the end of the contract term in 2040. DTE Energy has accounted for a portion of the agreement as a finance lease arrangement, recognizing an additional net investment of $33 million. During the third quarter 2022, DTE Energy completed construction of and began operating energy infrastructure assets for another large industrial customer in Canada. Under the long-term agreement, the customer will have the option to purchase the assets at the end of the initial contract term in 2042. The customer may also elect to extend the term in 5 year increments and may purchase the assets during the extension period. DTE Energy has accounted for a portion of the agreement as a finance lease arrangement, recognizing an additional net investment of $67 million, subject to foreign currency translation adjustments. DTE Energy also leases various assets under operating leases for a pipeline, energy facilities and related equipment. Such leases are comprised of both fixed payments and variable payments which are contingent on volumes, with terms ranging from 2 to 24 years. Generally, the operating leases do not have renewal provisions or options to purchase the assets at the end of the lease. The operating leases generally do not have termination for convenience provisions. Termination may be allowed under specific circumstances stated in the lease contract, such as under an event of default. Certain of the finance and operating leases have lease terms that extend to the end of the estimated economic life of the leased assets, thereby resulting in no residual value. Any remaining residual values under the finance and operating leases are expected to be recovered through rates, renewals or new lease contracts. Residual values have been determined using the estimated economic life of the leased assets. The finance and operating leases do not contain residual value guarantees. Certain of the operating leases have both lease and non-lease components. The lease and non-lease components are allocated based upon estimated relative standalone selling prices. A lease is deemed to exist when the Registrants have provided other parties with the right to control the use of identified property, plant or equipment, as conveyed through a contract, for a certain period of time and consideration received. The right to control is deemed to occur when the Registrants have provided other parties with the right to obtain substantially all of the economic benefits of the identified assets and the right to direct the use of such assets. DTE Energy’s lease income associated with operating leases, including the line items in which it was included on the Consolidated Statements of Operations, was as follows: 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 _______________________________________ (a) Decrease in 2022 is due to the closure of the REF business. DTE Energy’s minimum future rental revenues under operating leases for remaining periods as of December 31, 2022 are as follows: DTE Energy (In millions) 2023 $ 15 2024 15 2025 15 2026 11 2027 10 2028 and thereafter 41 $ 107 Depreciation expense associated with DTE Energy's property under operating leases was $11 million, $22 million, and $24 million for the years ended December 31, 2022, 2021, and 2020 respectively. The following is a summary of property under operating leases for DTE Energy as of December 31: 2022 2021 (In millions) Gross property under operating leases $ 282 $ 341 Accumulated amortization of property under operating leases $ 128 $ 181 The components of DTE Energy’s net investment in finance leases for remaining periods as of December 31, 2022 are as follows: 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 Interest income recognized under finance leases was $24 million, $17 million, and $16 million for the years ended December 31, 2022, 2021, and 2020, respectively. During 2020, DTE Energy also recognized $11 million of profit from the sale of membership interests in the REF business accounted for as a finance lease arrangement. |
Leases | LEASES Lessee Leases at DTE Energy are primarily comprised of various forms of equipment, computer hardware, coal railcars, production facilities, buildings, and certain easement leases with terms ranging from approximately 2 to 40 years. Leases at DTE Electric are primarily comprised of various forms of equipment, computer hardware, coal railcars, and certain easement leases with terms ranging from approximately 2 to 40 years. A lease is deemed to exist when the Registrants have the right to control the use of identified property, plant or equipment, as conveyed through a contract, for a certain period of time and consideration paid. The right to control is deemed to occur when the Registrants have the right to obtain substantially all of the economic benefits of the identified assets and the right to direct the use of such assets. Lease liabilities are determined utilizing a discount rate to determine the present values of lease payments. Topic 842 requires the use of the rate implicit in the lease when it is readily determinable. When the rate implicit in the lease is not readily determinable, the incremental borrowing rate is used. The Registrants have determined their respective incremental borrowing rates based upon the rate of interest that would have been paid on a collateralized basis over similar tenors to that of the leases. The incremental borrowing rates for DTE Electric and DTE Gas have been determined utilizing respective secured borrowing rates for first mortgage bonds with like tenors of remaining lease terms. Incremental borrowing rates for non-utility entities have been determined utilizing an implied secured borrowing rate based upon an unsecured rate for a similar tenor of remaining lease terms, which is then adjusted for the estimated impact of collateral. Certain leases of the Registrants contain escalation clauses whereby the payments are adjusted for consumer price or labor indices. DTE Energy has leases with non-index based escalation clauses for fixed dollar or percentage increases. DTE Electric has leases with non-index based escalation clauses for fixed dollar increases. DTE Energy also has leases with variable payments based upon usage of, or revenues associated with, the leased assets. DTE Electric also has leases with variable payments based upon the usage of the leased assets. Certain leases of easements and coal railcars contain provisions whereby the Registrants have the option to terminate the lease agreement by giving notice of such termination during the time frames specified in the respective lease. The Registrants have considered such provisions in the determination of the lease term when it is reasonably certain that the lease would be terminated. The Registrants have certain leases which contain purchase options. Based upon the nature of the leased property and terms of the purchase options, the Registrants have determined it is not reasonably certain that such purchase options will be utilized. Thus, the impact of the purchase options has not been included in the determination of right-of-use assets and lease liabilities for the subject leases. The Registrants have certain leases which contain renewal options. Where the renewal options were deemed reasonably certain to occur, the impacts of such options were included in the determination of the right of use assets and lease liabilities. The Registrants have agreements with lease and non-lease components, which are generally accounted for separately. Consideration in a lease is allocated between lease and non-lease components based upon the estimated relative standalone prices. The Registrants have certain coal railcar leases for which non-lease and lease components are accounted for as a single lease component, as permitted under Topic 842. The following is a summary of the components of lease cost for the years ended December 31: DTE Energy DTE Electric 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 The Registrants have elected not to apply the recognition requirements of Topic 842 to leases with a term of 12 months or less. DTE Energy and DTE Electric record operating, variable, and short-term lease costs as Operating Expenses on the Consolidated Statements of Operations, except for certain amounts that may be capitalized to Other Assets. The following is a summary of other information related to leases for the years ended December 31: DTE Energy DTE Electric 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 % The Registrants' future minimum lease payments under leases for remaining periods as of December 31, 2022 are as follows: 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 Finance leases reported on the Consolidated Statements of Financial Position are as follows for the years ended December 31: 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 Lessor During the first quarter 2022, DTE Energy completed construction of and began operating certain energy infrastructure assets for a large industrial customer under a long-term agreement, where the assets will transfer to the customer at the end of the contract term in 2040. DTE Energy has accounted for a portion of the agreement as a finance lease arrangement, recognizing an additional net investment of $33 million. During the third quarter 2022, DTE Energy completed construction of and began operating energy infrastructure assets for another large industrial customer in Canada. Under the long-term agreement, the customer will have the option to purchase the assets at the end of the initial contract term in 2042. The customer may also elect to extend the term in 5 year increments and may purchase the assets during the extension period. DTE Energy has accounted for a portion of the agreement as a finance lease arrangement, recognizing an additional net investment of $67 million, subject to foreign currency translation adjustments. DTE Energy also leases various assets under operating leases for a pipeline, energy facilities and related equipment. Such leases are comprised of both fixed payments and variable payments which are contingent on volumes, with terms ranging from 2 to 24 years. Generally, the operating leases do not have renewal provisions or options to purchase the assets at the end of the lease. The operating leases generally do not have termination for convenience provisions. Termination may be allowed under specific circumstances stated in the lease contract, such as under an event of default. Certain of the finance and operating leases have lease terms that extend to the end of the estimated economic life of the leased assets, thereby resulting in no residual value. Any remaining residual values under the finance and operating leases are expected to be recovered through rates, renewals or new lease contracts. Residual values have been determined using the estimated economic life of the leased assets. The finance and operating leases do not contain residual value guarantees. Certain of the operating leases have both lease and non-lease components. The lease and non-lease components are allocated based upon estimated relative standalone selling prices. A lease is deemed to exist when the Registrants have provided other parties with the right to control the use of identified property, plant or equipment, as conveyed through a contract, for a certain period of time and consideration received. The right to control is deemed to occur when the Registrants have provided other parties with the right to obtain substantially all of the economic benefits of the identified assets and the right to direct the use of such assets. DTE Energy’s lease income associated with operating leases, including the line items in which it was included on the Consolidated Statements of Operations, was as follows: 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 _______________________________________ (a) Decrease in 2022 is due to the closure of the REF business. DTE Energy’s minimum future rental revenues under operating leases for remaining periods as of December 31, 2022 are as follows: DTE Energy (In millions) 2023 $ 15 2024 15 2025 15 2026 11 2027 10 2028 and thereafter 41 $ 107 Depreciation expense associated with DTE Energy's property under operating leases was $11 million, $22 million, and $24 million for the years ended December 31, 2022, 2021, and 2020 respectively. The following is a summary of property under operating leases for DTE Energy as of December 31: 2022 2021 (In millions) Gross property under operating leases $ 282 $ 341 Accumulated amortization of property under operating leases $ 128 $ 181 The components of DTE Energy’s net investment in finance leases for remaining periods as of December 31, 2022 are as follows: 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 Interest income recognized under finance leases was $24 million, $17 million, and $16 million for the years ended December 31, 2022, 2021, and 2020, respectively. During 2020, DTE Energy also recognized $11 million of profit from the sale of membership interests in the REF business accounted for as a finance lease arrangement. |
Leases | LEASES Lessee Leases at DTE Energy are primarily comprised of various forms of equipment, computer hardware, coal railcars, production facilities, buildings, and certain easement leases with terms ranging from approximately 2 to 40 years. Leases at DTE Electric are primarily comprised of various forms of equipment, computer hardware, coal railcars, and certain easement leases with terms ranging from approximately 2 to 40 years. A lease is deemed to exist when the Registrants have the right to control the use of identified property, plant or equipment, as conveyed through a contract, for a certain period of time and consideration paid. The right to control is deemed to occur when the Registrants have the right to obtain substantially all of the economic benefits of the identified assets and the right to direct the use of such assets. Lease liabilities are determined utilizing a discount rate to determine the present values of lease payments. Topic 842 requires the use of the rate implicit in the lease when it is readily determinable. When the rate implicit in the lease is not readily determinable, the incremental borrowing rate is used. The Registrants have determined their respective incremental borrowing rates based upon the rate of interest that would have been paid on a collateralized basis over similar tenors to that of the leases. The incremental borrowing rates for DTE Electric and DTE Gas have been determined utilizing respective secured borrowing rates for first mortgage bonds with like tenors of remaining lease terms. Incremental borrowing rates for non-utility entities have been determined utilizing an implied secured borrowing rate based upon an unsecured rate for a similar tenor of remaining lease terms, which is then adjusted for the estimated impact of collateral. Certain leases of the Registrants contain escalation clauses whereby the payments are adjusted for consumer price or labor indices. DTE Energy has leases with non-index based escalation clauses for fixed dollar or percentage increases. DTE Electric has leases with non-index based escalation clauses for fixed dollar increases. DTE Energy also has leases with variable payments based upon usage of, or revenues associated with, the leased assets. DTE Electric also has leases with variable payments based upon the usage of the leased assets. Certain leases of easements and coal railcars contain provisions whereby the Registrants have the option to terminate the lease agreement by giving notice of such termination during the time frames specified in the respective lease. The Registrants have considered such provisions in the determination of the lease term when it is reasonably certain that the lease would be terminated. The Registrants have certain leases which contain purchase options. Based upon the nature of the leased property and terms of the purchase options, the Registrants have determined it is not reasonably certain that such purchase options will be utilized. Thus, the impact of the purchase options has not been included in the determination of right-of-use assets and lease liabilities for the subject leases. The Registrants have certain leases which contain renewal options. Where the renewal options were deemed reasonably certain to occur, the impacts of such options were included in the determination of the right of use assets and lease liabilities. The Registrants have agreements with lease and non-lease components, which are generally accounted for separately. Consideration in a lease is allocated between lease and non-lease components based upon the estimated relative standalone prices. The Registrants have certain coal railcar leases for which non-lease and lease components are accounted for as a single lease component, as permitted under Topic 842. The following is a summary of the components of lease cost for the years ended December 31: DTE Energy DTE Electric 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 The Registrants have elected not to apply the recognition requirements of Topic 842 to leases with a term of 12 months or less. DTE Energy and DTE Electric record operating, variable, and short-term lease costs as Operating Expenses on the Consolidated Statements of Operations, except for certain amounts that may be capitalized to Other Assets. The following is a summary of other information related to leases for the years ended December 31: DTE Energy DTE Electric 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 % The Registrants' future minimum lease payments under leases for remaining periods as of December 31, 2022 are as follows: 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 Finance leases reported on the Consolidated Statements of Financial Position are as follows for the years ended December 31: 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 Lessor During the first quarter 2022, DTE Energy completed construction of and began operating certain energy infrastructure assets for a large industrial customer under a long-term agreement, where the assets will transfer to the customer at the end of the contract term in 2040. DTE Energy has accounted for a portion of the agreement as a finance lease arrangement, recognizing an additional net investment of $33 million. During the third quarter 2022, DTE Energy completed construction of and began operating energy infrastructure assets for another large industrial customer in Canada. Under the long-term agreement, the customer will have the option to purchase the assets at the end of the initial contract term in 2042. The customer may also elect to extend the term in 5 year increments and may purchase the assets during the extension period. DTE Energy has accounted for a portion of the agreement as a finance lease arrangement, recognizing an additional net investment of $67 million, subject to foreign currency translation adjustments. DTE Energy also leases various assets under operating leases for a pipeline, energy facilities and related equipment. Such leases are comprised of both fixed payments and variable payments which are contingent on volumes, with terms ranging from 2 to 24 years. Generally, the operating leases do not have renewal provisions or options to purchase the assets at the end of the lease. The operating leases generally do not have termination for convenience provisions. Termination may be allowed under specific circumstances stated in the lease contract, such as under an event of default. Certain of the finance and operating leases have lease terms that extend to the end of the estimated economic life of the leased assets, thereby resulting in no residual value. Any remaining residual values under the finance and operating leases are expected to be recovered through rates, renewals or new lease contracts. Residual values have been determined using the estimated economic life of the leased assets. The finance and operating leases do not contain residual value guarantees. Certain of the operating leases have both lease and non-lease components. The lease and non-lease components are allocated based upon estimated relative standalone selling prices. A lease is deemed to exist when the Registrants have provided other parties with the right to control the use of identified property, plant or equipment, as conveyed through a contract, for a certain period of time and consideration received. The right to control is deemed to occur when the Registrants have provided other parties with the right to obtain substantially all of the economic benefits of the identified assets and the right to direct the use of such assets. DTE Energy’s lease income associated with operating leases, including the line items in which it was included on the Consolidated Statements of Operations, was as follows: 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 _______________________________________ (a) Decrease in 2022 is due to the closure of the REF business. DTE Energy’s minimum future rental revenues under operating leases for remaining periods as of December 31, 2022 are as follows: DTE Energy (In millions) 2023 $ 15 2024 15 2025 15 2026 11 2027 10 2028 and thereafter 41 $ 107 Depreciation expense associated with DTE Energy's property under operating leases was $11 million, $22 million, and $24 million for the years ended December 31, 2022, 2021, and 2020 respectively. The following is a summary of property under operating leases for DTE Energy as of December 31: 2022 2021 (In millions) Gross property under operating leases $ 282 $ 341 Accumulated amortization of property under operating leases $ 128 $ 181 The components of DTE Energy’s net investment in finance leases for remaining periods as of December 31, 2022 are as follows: 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 Interest income recognized under finance leases was $24 million, $17 million, and $16 million for the years ended December 31, 2022, 2021, and 2020, respectively. During 2020, DTE Energy also recognized $11 million of profit from the sale of membership interests in the REF business accounted for as a finance lease arrangement. |
Leases | LEASES Lessee Leases at DTE Energy are primarily comprised of various forms of equipment, computer hardware, coal railcars, production facilities, buildings, and certain easement leases with terms ranging from approximately 2 to 40 years. Leases at DTE Electric are primarily comprised of various forms of equipment, computer hardware, coal railcars, and certain easement leases with terms ranging from approximately 2 to 40 years. A lease is deemed to exist when the Registrants have the right to control the use of identified property, plant or equipment, as conveyed through a contract, for a certain period of time and consideration paid. The right to control is deemed to occur when the Registrants have the right to obtain substantially all of the economic benefits of the identified assets and the right to direct the use of such assets. Lease liabilities are determined utilizing a discount rate to determine the present values of lease payments. Topic 842 requires the use of the rate implicit in the lease when it is readily determinable. When the rate implicit in the lease is not readily determinable, the incremental borrowing rate is used. The Registrants have determined their respective incremental borrowing rates based upon the rate of interest that would have been paid on a collateralized basis over similar tenors to that of the leases. The incremental borrowing rates for DTE Electric and DTE Gas have been determined utilizing respective secured borrowing rates for first mortgage bonds with like tenors of remaining lease terms. Incremental borrowing rates for non-utility entities have been determined utilizing an implied secured borrowing rate based upon an unsecured rate for a similar tenor of remaining lease terms, which is then adjusted for the estimated impact of collateral. Certain leases of the Registrants contain escalation clauses whereby the payments are adjusted for consumer price or labor indices. DTE Energy has leases with non-index based escalation clauses for fixed dollar or percentage increases. DTE Electric has leases with non-index based escalation clauses for fixed dollar increases. DTE Energy also has leases with variable payments based upon usage of, or revenues associated with, the leased assets. DTE Electric also has leases with variable payments based upon the usage of the leased assets. Certain leases of easements and coal railcars contain provisions whereby the Registrants have the option to terminate the lease agreement by giving notice of such termination during the time frames specified in the respective lease. The Registrants have considered such provisions in the determination of the lease term when it is reasonably certain that the lease would be terminated. The Registrants have certain leases which contain purchase options. Based upon the nature of the leased property and terms of the purchase options, the Registrants have determined it is not reasonably certain that such purchase options will be utilized. Thus, the impact of the purchase options has not been included in the determination of right-of-use assets and lease liabilities for the subject leases. The Registrants have certain leases which contain renewal options. Where the renewal options were deemed reasonably certain to occur, the impacts of such options were included in the determination of the right of use assets and lease liabilities. The Registrants have agreements with lease and non-lease components, which are generally accounted for separately. Consideration in a lease is allocated between lease and non-lease components based upon the estimated relative standalone prices. The Registrants have certain coal railcar leases for which non-lease and lease components are accounted for as a single lease component, as permitted under Topic 842. The following is a summary of the components of lease cost for the years ended December 31: DTE Energy DTE Electric 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 The Registrants have elected not to apply the recognition requirements of Topic 842 to leases with a term of 12 months or less. DTE Energy and DTE Electric record operating, variable, and short-term lease costs as Operating Expenses on the Consolidated Statements of Operations, except for certain amounts that may be capitalized to Other Assets. The following is a summary of other information related to leases for the years ended December 31: DTE Energy DTE Electric 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 % The Registrants' future minimum lease payments under leases for remaining periods as of December 31, 2022 are as follows: 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 Finance leases reported on the Consolidated Statements of Financial Position are as follows for the years ended December 31: 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 Lessor During the first quarter 2022, DTE Energy completed construction of and began operating certain energy infrastructure assets for a large industrial customer under a long-term agreement, where the assets will transfer to the customer at the end of the contract term in 2040. DTE Energy has accounted for a portion of the agreement as a finance lease arrangement, recognizing an additional net investment of $33 million. During the third quarter 2022, DTE Energy completed construction of and began operating energy infrastructure assets for another large industrial customer in Canada. Under the long-term agreement, the customer will have the option to purchase the assets at the end of the initial contract term in 2042. The customer may also elect to extend the term in 5 year increments and may purchase the assets during the extension period. DTE Energy has accounted for a portion of the agreement as a finance lease arrangement, recognizing an additional net investment of $67 million, subject to foreign currency translation adjustments. DTE Energy also leases various assets under operating leases for a pipeline, energy facilities and related equipment. Such leases are comprised of both fixed payments and variable payments which are contingent on volumes, with terms ranging from 2 to 24 years. Generally, the operating leases do not have renewal provisions or options to purchase the assets at the end of the lease. The operating leases generally do not have termination for convenience provisions. Termination may be allowed under specific circumstances stated in the lease contract, such as under an event of default. Certain of the finance and operating leases have lease terms that extend to the end of the estimated economic life of the leased assets, thereby resulting in no residual value. Any remaining residual values under the finance and operating leases are expected to be recovered through rates, renewals or new lease contracts. Residual values have been determined using the estimated economic life of the leased assets. The finance and operating leases do not contain residual value guarantees. Certain of the operating leases have both lease and non-lease components. The lease and non-lease components are allocated based upon estimated relative standalone selling prices. A lease is deemed to exist when the Registrants have provided other parties with the right to control the use of identified property, plant or equipment, as conveyed through a contract, for a certain period of time and consideration received. The right to control is deemed to occur when the Registrants have provided other parties with the right to obtain substantially all of the economic benefits of the identified assets and the right to direct the use of such assets. DTE Energy’s lease income associated with operating leases, including the line items in which it was included on the Consolidated Statements of Operations, was as follows: 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 _______________________________________ (a) Decrease in 2022 is due to the closure of the REF business. DTE Energy’s minimum future rental revenues under operating leases for remaining periods as of December 31, 2022 are as follows: DTE Energy (In millions) 2023 $ 15 2024 15 2025 15 2026 11 2027 10 2028 and thereafter 41 $ 107 Depreciation expense associated with DTE Energy's property under operating leases was $11 million, $22 million, and $24 million for the years ended December 31, 2022, 2021, and 2020 respectively. The following is a summary of property under operating leases for DTE Energy as of December 31: 2022 2021 (In millions) Gross property under operating leases $ 282 $ 341 Accumulated amortization of property under operating leases $ 128 $ 181 The components of DTE Energy’s net investment in finance leases for remaining periods as of December 31, 2022 are as follows: 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 Interest income recognized under finance leases was $24 million, $17 million, and $16 million for the years ended December 31, 2022, 2021, and 2020, respectively. During 2020, DTE Energy also recognized $11 million of profit from the sale of membership interests in the REF business accounted for as a finance lease arrangement. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | COMMITMENTS AND CONTINGENCIES Environmental DTE Electric Air — DTE Electric is subject to the EPA ozone and fine particulate transport and acid rain regulations that limit power plant emissions of SO 2 and NO X . The EPA and the State of Michigan have also issued emission reduction regulations relating to ozone, fine particulate, regional haze, mercury, and other air pollution. These rules have led to controls on fossil-fueled power plants to reduce SO 2 , NO X , mercury, and other emissions. Additional rule making may occur over the next few years which could require additional controls for SO 2 , NO X , and other hazardous air pollutants. In 2015, the EPA finalized National Ambient Air Quality Standards ("NAAQS") for ground level ozone. In October 2016, the State of Michigan recommended to the EPA which areas of the State are not attaining the standards. In August 2018, the EPA designated southeast Michigan as "marginal non-attainment" with the 2015 ozone NAAQS. In January 2022, after collecting several years of data, the State submitted a request to the EPA for redesignation of the southeast Michigan ozone non-attainment area to attainment, and to accept their maintenance plan and emission inventories as a revision to the Michigan SIP. On March 14, 2022, the EPA published a proposal in the Federal Register to formally redesignate the southeast Michigan ozone non-attainment areas to attainment with the 2015 ozone NAAQS. The redesignation includes a public comment period. Measured 2022 ozone values exceeded the 2015 NAAQS and the redesignation being finalized is unlikely. Until a final SIP is developed, DTE Electric cannot predict the financial impact of this proposal. The EPA has implemented regulatory actions under the Clean Air Act to address emissions of GHGs from the utility sector and other sectors of the economy. Among these actions, in 2015 the EPA finalized performance standards for emissions of carbon dioxide from new and existing fossil-fuel fired EGUs. The performance standards for existing EGUs, known as the EPA Clean Power Plan, were challenged by petitioners and stayed by the U.S. Supreme Court in February 2016 pending final review by the courts. On October 10, 2017, the EPA, under a new administration, proposed to rescind the Clean Power Plan, and in August 2018, the EPA proposed revised emission guidelines for GHGs from existing EGUs. On June 19, 2019, the EPA Administrator officially repealed the Clean Power Plan and finalized its replacement, named the ACE rule. The ACE rule was vacated and remanded back to the EPA in a D.C. Circuit Court decision on January 19, 2021. The Supreme Court granted a petition for certiorari in October 2021 and issued a decision on June 30, 2022 that reversed the January 2021 decision of the D.C. Circuit Court and remands the case for further proceedings. The next steps taken by the EPA with respect to regulation of GHGs from EGUs remain uncertain. While DTE Energy is reviewing the impacts of this ruling and subsequent responses from federal and state regulators, the ruling does not impact the plans for our utilities to reduce carbon emissions and achieve net zero emissions by 2050. In addition to the GHG standards for existing EGUs, in December 2018, the EPA issued proposed revisions to the carbon dioxide performance standards for new, modified, or reconstructed fossil-fuel fired EGUs. The rule was finalized on January 13, 2021 and immediately challenged. An order vacating the rule was filed by the D.C. Circuit Court of Appeals on April 5, 2021. The carbon standards for new sources are not expected to have a material impact on DTE Electric, since DTE Electric has no plans to build new coal-fired generation and any potential new, modified, or reconstructed gas generation is expected to be able to comply with the respective standards. Pending or future legislation or other regulatory actions could have a material impact on DTE Electric's operations and financial position and the rates charged to its customers. Potential impacts include expenditures for environmental equipment beyond what is currently planned, financing costs related to additional capital expenditures, the purchase of emission credits from market sources, higher costs of purchased power, and the retirement of facilities where control equipment is not economical. DTE Electric would seek to recover these incremental costs through increased rates charged to its utility customers, as authorized by the MPSC. To comply with air pollution requirements, DTE Electric has spent approximately $2.4 billion. DTE Electric does not anticipate additional capital expenditures for air pollution requirements, subject to the results of future rulemakings. Water — In response to EPA regulations and in accordance with the Clean Water Act section 316(b), DTE Electric was required to examine alternatives for reducing the environmental impacts of the cooling water intake structures at several of its facilities. A final rule became effective in October 2014 which required studies to be completed and submitted as part of the NPDES permit application process to determine the type of technology needed to reduce impacts to fish. DTE Electric has completed the required studies and submitted reports for most of its generation plants, and a final study is in-process for Monroe power plant. Final compliance for the installation of any required technology to reduce the impacts of water intake structures will be determined by the state on a case by case, site specific basis. DTE Electric is currently evaluating the compliance options and working with the State of Michigan on determining whether any controls are needed. These evaluations/studies may require modifications to some existing intake structures. It is not possible to quantify the impact of this rule making at this time. As part of the Monroe power plant NPDES permit, EGLE has added requirements to evaluate the thermal discharge of the facility as it relates to Clean Water Act section 316(a) regulations. DTE Electric will evaluate the impacts of the thermal discharge on a balanced indigenous biological community and submit a biological demonstration study plan to EGLE. After approval by EGLE and completion of field sampling, data will be processed and compiled into a comprehensive report. At the present time, DTE Electric cannot predict the outcome of this evaluation or financial impact. Contaminated and Other Sites — Prior to the construction of major interstate natural gas pipelines, gas for heating and other uses was manufactured locally from processes involving coal, coke, or oil. The facilities, which produced gas, have been designated as MGP sites. DTE Electric conducted remedial investigations at contaminated sites, including three former MGP sites. Cleanup of one of the MGP sites is complete, and that site is closed. The investigations have revealed contamination related to the by-products of gas manufacturing at each MGP site. In addition to the MGP sites, DTE Electric is also in the process of cleaning up other contaminated sites, including the area surrounding an ash landfill, electrical distribution substations, electric generating power plants, and underground and above ground storage tank locations. The findings of these investigations indicated that the estimated cost to remediate these sites is expected to be incurred over the next several years. At December 31, 2022 and 2021, DTE Electric had $10 million and $14 million, respectively, accrued for remediation. These costs are not discounted to their present value. Any change in assumptions, such as remediation techniques, nature and extent of contamination, and regulatory requirements, could impact the estimate of remedial action costs for the sites and affect DTE Electric’s financial position and cash flows. DTE Electric believes the likelihood of a material change to the accrued amount is remote based on current knowledge of the conditions at each site. Coal Combustion Residuals and Effluent Limitations Guidelines — A final EPA rule for the disposal of coal combustion residuals, commonly known as coal ash, became effective in October 2015, and was revised in August 2016, July 2018, August 2020, and November 2020. The rule is based on the continued listing of coal ash as a non-hazardous waste and relies on various self-implementation design and performance standards. DTE Electric owns and operates three permitted engineered coal ash storage facilities to dispose of coal ash from coal-fired power plants and operates a number of smaller impoundments at its power plants subject to certain provisions in the CCR rule. At certain facilities, the rule currently requires ongoing sampling and testing of monitoring wells, compliance with groundwater standards, and the closure of basins at the end of the useful life of the associated power plant. On August 28, 2020, the CCR rule "A Holistic Approach to Closure Part A: Deadline to Initiate Closure and Enhancing Public Access to Information" was published in the Federal Register and required all unlined impoundments (including units previously classified as "clay-lined") to initiate closure as soon as technically feasible, but no later than April 11, 2021. Additionally, the rule amends certain reporting requirements and CCR website requirements. On November 12, 2020, an additional revision to the CCR Rule "A Holistic Approach to Closure Part B: Alternate Demonstration for Unlined Surface Impoundments" was published in the Federal Register that provides a process to determine if certain unlined impoundments consisting of an alternative liner system may be as protective as the current liners specified in the CCR rule, and therefore may continue to operate. DTE Electric submitted applications to the EPA that support continued use of all impoundments through their active lives. The forced closure date of April 11, 2021 was effectively delayed, pending the EPA completing review of the applications. On September 1, 2022, DTE Electric ceased receipt of CCR and non-CCR waste streams at the St. Clair power plant bottom ash basins and initiated closure. Therefore, DTE Electric withdrew the Part A rule demonstration for St. Clair, as it was no longer necessary for the EPA to issue an extension of the April 11, 2021 deadline to cease receipt of waste. On January 25, 2023, DTE Electric received notice of the EPA's proposed denial of Part B applications. DTE Electric will provide additional information to the EPA in the public comment period. If the EPA's final decision remains unchanged, DTE Electric does not expect the denied applications to have a significant operational or financial impact; however, DTE Electric is continuing to review and analyze potential outcomes of this matter. At the State level, legislation was signed by the Governor in December 2018 and provides for further regulation of the CCR program in Michigan. Additionally, the statutory revision provides the basis of a CCR program that EGLE has submitted to the EPA for approval to fully regulate the CCR program in Michigan in lieu of a Federal permit program. The EPA is currently working with EGLE in reviewing the submitted State program, and DTE Electric will work with EGLE to implement the State program that may be approved in the future. On April 12, 2017, the EPA granted a petition for reconsideration of the 2015 ELG Rule. On October 13, 2020, the EPA finalized the ELG Reconsideration Rule which revised the regulations from the 2015 ELG rule for FGD wastewater and bottom ash transport water only. The Reconsideration Rule re-establishes the technology-based effluent limitations guidelines and standards applicable to FGD wastewater and bottom ash transport water. The EPA set the applicability dates for bottom ash transport water "as soon as possible" beginning October 13, 2021 and no later than December 31, 2025. FGD wastewater retrofits must be completed "as soon as possible" beginning October 13, 2021 and no later than December 31, 2025 or December 31, 2028 if a permittee decides to pursue the Voluntary Incentives Program (VIP) subcategory for FGD wastewater. If a facility applies for the VIP, they must meet more stringent standards, but are allowed an extended time period to meet the compliance requirements. The Reconsideration Rule also provides additional compliance opportunities by finalizing low utilization and cessation of coal burning subcategories. The Reconsideration Rule provides new opportunities for DTE Electric to evaluate existing ELG compliance strategies and make any necessary adjustments to ensure full compliance with the ELGs in a cost-effective manner. Compliance schedules for individual facilities and individual waste streams are determined through issuance of new NPDES permits by the State of Michigan. The State of Michigan has issued an NPDES permit for the Belle River power plant establishing compliance deadlines based on the 2020 Reconsideration Rule. On October 11, 2021, in consideration of the deadlines above, DTE Electric submitted the appropriate documentation titled the Notice of Planned Participation (NOPP) to the State of Michigan that formally announced the intent to pursue compliance subcategories as ELG compliance options: the cessation of coal at the Belle River power plant no later than December 31, 2028 and the VIP for FGD wastewater at Monroe power plant by December 31, 2028. On August 3, 2021, the EPA initiated a new ELG rule making that will revisit some of the compliance requirements that were established in the 2020 Reconsideration Rule. The EPA plans to release a new proposed rule in the first quarter of 2023. The 2020 Reconsideration Rule remains in effect until that time. DTE Electric continues to evaluate compliance strategies, technologies, and system designs for both FGD wastewater and bottom ash transport water system to achieve compliance with the EPA rules at the Monroe power plant. DTE Electric has estimated the impact of the CCR and ELG rules to be $488 million of capital expenditures, including $423 million for 2023 through 2027. DTE Gas Contaminated and Other Sites — DTE Gas owns or previously owned 14 former MGP sites. Investigations have revealed contamination related to the by-products of gas manufacturing at each site. Cleanup of eight MGP sites is complete and those sites are closed. DTE Gas has also completed partial closure of four additional sites. Cleanup activities associated with the remaining sites will continue over the next several years. The MPSC has established a cost deferral and rate recovery mechanism for investigation and remediation costs incurred at former MGP sites. In addition to the MGP sites, DTE Gas is also in the process of cleaning up other contaminated sites, including gate stations, gas pipeline releases, and underground storage tank locations. As of December 31, 2022 and 2021, DTE Gas had $23 million and $24 million, respectively, accrued for remediation. These costs are not discounted to their present value. Any change in assumptions, such as remediation techniques, nature and extent of contamination, and regulatory requirements, could impact the estimate of remedial action costs for the sites and affect DTE Gas' financial position and cash flows. DTE Gas anticipates the cost amortization methodology approved by the MPSC, which allows for amortization of the MGP costs over a ten-year period beginning with the year subsequent to the year the MGP costs were incurred, will prevent the associated investigation and remediation costs from having a material adverse impact on DTE Gas' results of operations. Non-utility DTE Energy's non-utility businesses are subject to a number of environmental laws and regulations dealing with the protection of the environment from various pollutants. In March 2019, the EPA issued an FOV to EES Coke Battery, LLC ("EES Coke"), the Michigan coke battery facility that is a wholly-owned subsidiary of DTE Energy, alleging that the 2008 and 2014 permits issued by EGLE did not comply with the Clean Air Act. In September 2020, the EPA issued another FOV alleging EES Coke's 2018 and 2019 SO2 emissions exceeded projections and hence violated non-attainment new source review permitting requirements. EES Coke evaluated the EPA's alleged violations and believes that the permits approved by EGLE complied with the Clean Air Act. EES Coke responded to the EPA's September 2020 allegations demonstrating its actual emissions are compliant with non-attainment new source review requirements. On June 1, 2022, the U.S. Department of Justice, on behalf of the EPA, filed a complaint against EES Coke in the U.S. District Court for the Eastern District of Michigan alleging that EES Coke failed to comply with non-attainment new source review requirements under the Clean Air Act when it applied for the 2014 permit. In November 2022, the Sierra Club and City of River Rouge were granted intervention. At the present time, DTE Energy cannot predict the outcome or financial impact of this matter. Separately, in December 2021, EGLE issued a Notice of Violation to EES Coke alleging excess visible emissions from pushing operations. In January 2022, EES Coke provided EGLE a response describing the corrective actions taken to prevent future recurrences. At the present time, EES Coke cannot predict the outcome or financial impact of this matter. Other In 2010, the EPA finalized a new one-hour SO 2 ambient air quality standard that requires states to submit plans and associated timelines for non-attainment areas that demonstrate attainment with the new SO 2 standard in phases. Phase 1 addresses non-attainment areas designated based on ambient monitoring data. Phase 2 addresses non-attainment areas with large sources of SO 2 and modeled concentrations exceeding the National Ambient Air Quality Standards for SO 2 . Phase 3 addresses smaller sources of SO 2 with modeled or monitored exceedances of the new SO 2 standard. Michigan's Phase 1 non-attainment area includes DTE Energy facilities in southwest Detroit and areas of Wayne County. Modeling runs by EGLE suggest that emission reductions may be required by significant sources of SO 2 emissions in these areas, including DTE Electric power plants and DTE Energy's Michigan coke battery facility. As part of Michigan's SIP process, DTE Energy has worked with EGLE to develop air permits reflecting significant SO 2 emission reductions that, in combination with other non-DTE Energy sources' emission reduction strategies, will help the State attain the standard and sustain its attainment. The Michigan SIP was completed and submitted to the EPA on May 31, 2016 and supplemented on June 30, 2016. On March 19, 2021, the EPA published in the Federal Register partial approval and partial disapproval of Michigan's Detroit SO 2 non-attainment area plan. On June 1, 2022, the EPA published a Federal Implementation Plan (FIP) which aligned with the partial approval and partial disapproval of the State's plan. The proposed FIP underwent a public comment period and was finalized on September 30, 2022. No DTE Electric sources were materially impacted by the final FIP. Michigan's Phase 2 non-attainment area includes DTE Electric facilities in St. Clair County. The EPA approved a clean data determination request submitted by EGLE. This determination suspends certain planning requirements and sanctions for the non-attainment area for as long as the area continues to attain the 2010 SO2 air quality standards, but this does not automatically redesignate the area to attainment. Until the area is officially redesignated as attainment, DTE Energy is unable to determine the impacts. REF Guarantees DTE Energy has provided certain guarantees and indemnities in conjunction with the sales of interests in or lease of its REF facilities. The guarantees cover potential commercial, environmental, and tax-related obligations that will survive until 90 days after expiration of all applicable statutes of limitations. DTE Energy estimates that its maximum potential liability under these guarantees at December 31, 2022 was $601 million. Payments under these guarantees are considered remote. Other Guarantees In certain limited circumstances, the Registrants enter into contractual guarantees. The Registrants may guarantee another entity’s obligation in the event it fails to perform and may provide guarantees in certain indemnification agreements. The Registrants may also provide indirect guarantees for the indebtedness of others. DTE Energy’s guarantees are not individually material with maximum potential payments totaling $40 million at December 31, 2022. Payments under these guarantees are considered remote. The Registrants are periodically required to obtain performance surety bonds in support of obligations to various governmental entities and other companies in connection with its operations. As of December 31, 2022, DTE Energy had $414 million of performance bonds outstanding, including $119 million for DTE Electric. Performance bonds are not individually material, except for $250 million of bonds supporting Energy Trading operations. These bonds are meant to provide counterparties with additional assurance that Energy Trading will meet its contractual obligations for various commercial transactions. The terms of the bonds align with those of the underlying Energy Trading contracts and are estimated to be outstanding approximately 1 to 3 years. In the event that any performance bonds are called for nonperformance, the Registrants would be obligated to reimburse the issuer of the performance bond. The Registrants are released from the performance bonds as the contractual performance is completed and does not believe that a material amount of any currently outstanding performance bonds will be called. Labor Contracts There are several bargaining units for DTE Energy subsidiaries' approximately 5,050 represented employees, including DTE Electric's approximately 2,600 represented employees. This represents 49% and 56% of DTE Energy's and DTE Electric's total employees, respectively. Of these represented employees, approximately 3% and 5% have contracts expiring within one year for DTE Energy and DTE Electric, respectively. Purchase Commitments As of December 31, 2022, the Registrants were party to numerous long-term purchase commitments relating to a variety of goods and services required for their businesses. These agreements primarily consist of fuel supply commitments and renewable energy contracts for the Registrants, as well as energy trading contracts for DTE Energy. The Registrants estimate the following commitments from 2023 through 2051, as detailed in the following tables: 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 _______________________________________ (a) The agreements represent the minimum obligations with suppliers for renewable energy and renewable energy credits under existing contract terms which expire from 2030 through 2047. DTE Electric's share of plant output ranges from 28% to 100%. Purchase commitments for DTE Electric include affiliate agreements with DTE Sustainable Generation that are eliminated in consolidation for DTE Energy. (b) Excludes amounts associated with full requirements contracts where no stated minimum purchase volume is required. Utility capital expenditures and expenditures for non-utility businesses will be approximately $4.2 billion and $3.2 billion in 2023 for DTE Energy and DTE Electric, respectively. The Registrants have made certain commitments in connection with the estimated 2023 annual capital expenditures. Ludington Plant Contract Dispute DTE Electric and Consumers Energy Company ("Consumers"), joint owners of the Ludington Hydroelectric Pumped Storage plant ("Ludington"), are parties to a 2010 engineering, procurement, and construction contract with Toshiba America Energy Systems ("TAES"), under which TAES is charged with performing a major overhaul and upgrade of Ludington. TAES' performance has been unsatisfactory and resulted in overhaul project delays. DTE Electric and Consumers have demanded that TAES provide a comprehensive plan to resolve quality control concerns, including adherence to its warranty commitments and other contractual obligations. DTE Electric and Consumers have taken extensive efforts to resolve these issues with TAES, including a formal demand to TAES' parent, Toshiba Corporation, under a parent guaranty it provided in the contract. TAES has not provided a comprehensive plan or otherwise met its performance obligations. In order to enforce the contract, DTE Electric and Consumers filed a complaint against TAES and Toshiba Corporation in the U.S. District Court for the Eastern District of Michigan in April 2022. In June 2022, TAES and Toshiba Corporation filed a motion to dismiss the complaint, along with counterclaims seeking approximately $15 million in damages related to payments allegedly owed under the parties' contract. During September 2022, the motion to dismiss the complaint was denied. DTE Electric believes the outstanding counterclaims are without merit, but would be liable for 49% of the damages if approved. In October 2022, the combined parties submitted a joint discovery plan to proceed with the litigation process and a potential trial during the second half of 2024. DTE Electric cannot predict the financial impact or outcome of this matter. Refer to the Ludington Accounting Application section within Note 9 to the Consolidated Financial Statements, "Regulatory Matters," for additional information regarding costs to address TAES defective work and potential regulatory accounting treatment. Other Contingencies The Registrants are involved in certain other legal, regulatory, administrative, and environmental proceedings before various courts, arbitration panels, and governmental agencies concerning claims arising in the ordinary course of business. These proceedings include certain contract disputes, additional environmental reviews and investigations, audits, inquiries from various regulators, and pending judicial matters. The Registrants cannot predict the final disposition of such proceedings. The Registrants regularly review legal matters and record provisions for claims that they can estimate and are considered probable of loss. The resolution of these pending proceedings is not expected to have a material effect on the Registrants' Consolidated Financial Statements in the periods they are resolved. For a discussion of contingencies related to regulatory matters and derivatives, see Notes 9 and 13 to the Consolidated Financial Statements, "Regulatory Matters" and "Financial and Other Derivative Instruments," respectively. |
Nuclear Operations
Nuclear Operations | 12 Months Ended |
Dec. 31, 2022 | |
Nuclear Operations [Abstract] | |
Nuclear Operations | NUCLEAR OPERATIONS Property Insurance DTE Electric maintains property insurance policies specifically for the Fermi 2 plant. These policies cover such items as replacement power and property damage. NEIL is the primary supplier of the insurance policies. DTE Electric maintains a policy for extra expenses, including replacement power costs necessitated by Fermi 2’s unavailability due to an insured event. This policy has a 12-week waiting period and provides an aggregate $490 million of coverage over a three-year period. DTE Electric has $1.5 billion in primary coverage and $1.25 billion of excess coverage for stabilization, decontamination, debris removal, repair and/or replacement of property, and decommissioning. The combined coverage limit for total property damage is $2.75 billion. The total limit for property damage for non-nuclear events is $1.8 billion and an aggregate of $328 million of coverage for extra expenses over a two-year period. On December 20, 2019, the Terrorism Risk Insurance Program Reauthorization Act of 2019 was signed, extending TRIA through December 31, 2027. For multiple terrorism losses caused by acts of terrorism not covered under the TRIA occurring within one year after the first loss from terrorism, the NEIL policies would make available to all insured entities up to $3.2 billion, plus any amounts recovered from reinsurance, government indemnity, or other sources to cover losses. Under NEIL policies, DTE Electric could be liable for maximum assessments of up to $39 million per event if the loss associated with any one event at any nuclear plant should exceed the accumulated funds available to NEIL. Public Liability Insurance As required by federal law, DTE Electric maintains $450 million of public liability insurance for a nuclear incident. Further, under the Price-Anderson Amendments Act of 2005, deferred premium charges up to $138 million could be levied against each licensed nuclear facility, but not more than $20 million per year per facility. Thus, deferred premium charges could be levied against all owners of licensed nuclear facilities in the event of a nuclear incident at any of these facilities. Nuclear Fuel Disposal Costs In accordance with the Federal Nuclear Waste Policy Act of 1982, DTE Electric has a contract with the DOE for the future storage and disposal of spent nuclear fuel from Fermi 2 that required DTE Electric to pay the DOE a fee of 1 mill per kWh of Fermi 2 electricity generated and sold. The fee was a component of nuclear fuel expense. The 1 mill per kWh DOE fee was reduced to zero effective May 16, 2014. The DOE's Yucca Mountain Nuclear Waste Repository program for the acceptance and disposal of spent nuclear fuel was terminated in 2011. DTE Electric is a party in the litigation against the DOE for both past and future costs associated with the DOE's failure to accept spent nuclear fuel under the timetable set forth in the Federal Nuclear Waste Policy Act of 1982. In July 2012, DTE Electric executed a settlement agreement with the federal government for costs associated with the DOE's delay in acceptance of spent nuclear fuel from Fermi 2 for permanent storage. The settlement agreement, including extensions, has provided for a claims process and payment of delay-related costs experienced by DTE Electric through 2022, with additional extensions expected in 2023. DTE Electric's claims are being settled and paid on a timely basis. The settlement proceeds reduce the cost of the dry cask storage facility assets and provide reimbursement for related operating expenses. DTE Electric currently employs a spent nuclear fuel storage strategy utilizing a fuel pool and a dry cask storage facility. The spent nuclear fuel storage strategy is expected to provide sufficient spent fuel storage capability for the life of the plant as defined by DTE Electric's operating license agreement. The federal government continues to maintain its legal obligation to accept spent nuclear fuel from Fermi 2 for permanent storage. Issues relating to long-term waste disposal policy and to the disposition of funds contributed by DTE Electric ratepayers to the federal waste fund await future governmental action. |
Retirement Benefits and Trustee
Retirement Benefits and Trusteed Assets | 12 Months Ended |
Dec. 31, 2022 | |
Retirement Benefits [Abstract] | |
Retirement Benefits and Trusteed Assets | RETIREMENT BENEFITS AND TRUSTEED ASSETS DTE Energy's subsidiary, DTE Energy Corporate Services, LLC, sponsors defined benefit pension plans and other postretirement benefit plans covering certain employees of the Registrants. Plan participants of all plans are solely DTE Energy and affiliate participants. The table below represents the pension and other postretirement benefit plans of each Registrant at December 31, 2022: Registrants DTE Energy DTE Electric Qualified Pension Plans DTE Energy Company Retirement Plan X X DTE Gas Company Retirement Plan for Employees Covered by Collective Bargaining Agreements X Shenango Inc. Pension Plan (a) X Non-qualified Pension Plans DTE Energy Company Supplemental Retirement Plan (b) X X DTE Energy Company Executive Supplemental Retirement Plan (b) X X DTE Energy Company Supplemental Severance Benefit Plan X Other Postretirement Benefit Plans The DTE Energy Company Comprehensive Non-Health Welfare Plan X X The DTE Energy Company Comprehensive Retiree Group Health Care Plan X X DTE Supplemental Retiree Benefit Plan X X DTE Energy Company Retiree Reimbursement Arrangement Plan X X _____________________________________ (a) Sponsored by Shenango, LLC (b) Sponsored by DTE Energy Company DTE Electric participates in various plans that provide pension and other postretirement benefits for DTE Energy and its affiliates. The plans are primarily sponsored by the LLC. DTE Electric accounts for its participation in DTE Energy's qualified and non-qualified pension plans by applying multiemployer accounting. DTE Electric accounts for its participation in other postretirement benefit plans by applying multiple-employer accounting. Within multiemployer and multiple-employer plans, participants pool plan assets for investment purposes and to reduce the cost of plan administration. The primary difference between plan types is that assets contributed in multiemployer plans can be used to provide benefits for all participating employers, while assets contributed within a multiple-employer plan are restricted for use by the contributing employer. As a result of multiemployer accounting treatment, capitalized costs associated with these plans are reflected in Property, plant, and equipment in DTE Electric's Consolidated Statements of Financial Position. The same capitalized costs are reflected as Regulatory assets and liabilities in DTE Energy's Consolidated Statements of Financial Position. For service costs recognized in earnings, these costs have historically been presented in Operation and maintenance in the Registrants' Consolidated Statements of Operations. For non-service costs recognized in earnings, these costs have historically been presented in Other (Income) and Deductions — Non-operating retirement benefits, net in DTE Energy's Consolidated Statements of Operations and Operation and maintenance in the DTE Electric Consolidated Statements of Operations. In November 2022, DTE Electric received a rate order from the MPSC approving the deferral of service costs and non-service costs that were previously being recognized in earnings. Therefore, the Registrants are recording these costs as Regulatory assets beginning in December 2022. Pension Plan Benefits DTE Energy has qualified defined benefit retirement plans for eligible represented and non-represented employees. The plans are noncontributory and provide traditional retirement benefits based on the employee's years of benefit service, average final compensation, and age at retirement. In addition, certain represented and non-represented employees are covered under cash balance provisions that determine benefits on annual employer contributions and interest credits. DTE Energy also maintains supplemental non-qualified, noncontributory, retirement benefit plans for certain management employees. These plans provide for benefits that supplement those provided by DTE Energy’s other retirement plans. Net pension cost for DTE Energy includes the following components: 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 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) The following table reconciles the obligations, assets, and funded status of the plans as well as the amounts recognized as prepaid pension cost or pension liability in DTE Energy's Consolidated Statements of Financial Position at December 31: DTE Energy 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 ______________________________________ (a) See Note 9 to the Consolidated Financial Statements, "Regulatory Matters." The decrease in DTE Energy's pension benefit obligation for the year ended December 31, 2022 was primarily due to an actuarial gain driven by an increase in discount rates, as well as settlements arising from higher lump-sum payments to retirees during the year. The decrease in the pension benefit obligation in 2021 was primarily due to an actuarial gain driven by an increase in discount rates. The Registrants’ policy is to fund pension costs by contributing amounts consistent with the provisions of the Pension Protection Act of 2006, and additional amounts when it deems appropriate. In 2022, DTE Gas transferred $50 million of qualified pension plan funds to DTE Electric in exchange for cash consideration. There were no other transfers or contributions made to the qualified pension plans in 2022 and 2021. DTE Energy and DTE Electric had contributions of $92 million and $60 million in 2020, respectively. DTE Energy anticipates an additional transfer of up to $50 million of qualified pension plan funds from DTE Gas to DTE Electric in 2023. DTE Energy does not anticipate making any contributions to the qualified pension plans in 2023, subject to management discretion and any changes in financial market conditions. DTE Energy's subsidiaries are responsible for their share of qualified and non-qualified pension benefit costs. DTE Electric's allocated portion of pension benefit costs included in regulatory assets, operation and maintenance expense, other income and deductions, and capital expenditures were $101 million, $107 million, and $106 million for the years ended December 31, 2022, 2021, and 2020, respectively. These amounts include recognized contractual termination benefit charges, curtailment gains, and settlement charges. At December 31, 2022, the benefits related to DTE Energy's qualified and non-qualified pension plans expected to be paid in each of the next five years and in the aggregate for the five fiscal years thereafter are as follows: (In millions) 2023 $ 344 2024 319 2025 328 2026 323 2027 323 2028-2032 1,616 Total $ 3,253 Assumptions used in determining the projected benefit obligation and net pension costs of DTE Energy are: 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% DTE Energy employs a formal process in determining the long-term rate of return for various asset classes. Management reviews historic financial market risks and returns and long-term historic relationships between the asset classes of equities, fixed income, and other assets, consistent with the widely accepted capital market principle that asset classes with higher volatility generate a greater return over the long-term. Current market factors such as inflation, interest rates, asset class risks, and asset class returns are evaluated and considered before long-term capital market assumptions are determined. The long-term portfolio return is also established employing a consistent formal process, with due consideration of diversification, active investment management, and rebalancing. Peer data is reviewed to check for reasonableness. As a result of this process, the Registrants have a long-term rate of return assumption for the pension plans of 7.60% for 2023. The Registrants believe this rate is a reasonable assumption for the long-term rate of return on plan assets given the current investment strategy. The DTE Energy Company Affiliates Employee Benefit Plans Master Trust employs a liability driven investment program whereby the characteristics of plan liabilities are considered when determining investment policy. Risk tolerance is established through consideration of future plan cash flows, plan funded status, and corporate financial considerations. The investment portfolio contains a diversified blend of equity, fixed income, and other investments. Furthermore, equity investments are diversified across U.S. and non-U.S. stocks and large and small market capitalizations. Fixed income investments generally include U.S. Treasuries, other governmental debt, diversified corporate bonds, bank loans, and mortgage-backed securities. Other investments are used to enhance long-term returns while improving portfolio diversification. Derivatives may be utilized in a risk controlled manner, to potentially increase the portfolio beyond the market value of invested assets and/or reduce portfolio investment risk. Investment risk is measured and monitored on an ongoing basis through annual liability measurements, periodic asset/liability studies, and quarterly investment portfolio reviews. Target allocations for DTE Energy's pension plan assets as of December 31, 2022 are listed below: 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 % The following table provides the fair value measurement amounts for DTE Energy's pension plan assets at December 31, 2022 and 2021 (a) : 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 _______________________________________ (a) For a description of levels within the fair value hierarchy, see Note 12 to the Consolidated Financial Statements, "Fair Value." (b) Amounts represent assets valued at NAV as a practical expedient for fair value. (c) This category predominantly represents certain short-term fixed income securities and money market investments that are managed in separate accounts or commingled funds. Pricing for investments in this category is obtained from quoted prices in actively traded markets. (d) This category represents portfolios of large, medium and small capitalization domestic equities. Investments in this category include exchange-traded securities for which unadjusted quoted prices can be obtained and exchange-traded securities held in a commingled fund classified as NAV assets. (e) This category primarily consists of portfolios of non-U.S. developed and emerging market equities. Investments in this category include exchange-traded securities for which unadjusted quoted prices can be obtained and exchange-traded securities held in a commingled fund classified as NAV assets. (f) This category includes U.S. Treasuries, bonds, and other governmental debt. Pricing for investments in this category is obtained from quoted prices in actively traded markets and quotations from broker or pricing services. (g) This category primarily consists of corporate bonds from diversified industries, bank loans, and mortgage backed securities. Pricing for investments in this category is obtained from quotations from broker or pricing services. (h) This category utilizes a diversified group of strategies that attempt to capture uncorrelated sources of return and includes publicly traded mutual funds, insurance-linked and asset-backed securities, commingled funds and limited partnership funds. Pricing for mutual funds in this category is obtained from quoted prices in actively traded markets. Pricing for insurance-linked and asset-backed securities is obtained from quotations from broker or pricing services. Commingled funds and limited partnership funds are classified as NAV assets. (i) This category includes a diversified group of funds and strategies that primarily invests in private equity partnerships. This category also includes investments in private real estate and private debt. All investments in this category are classified as NAV assets. The pension trust holds debt and equity securities directly and indirectly through commingled funds. Exchange-traded debt and equity securities held directly, as well as publicly traded commingled funds, are valued using quoted market prices in actively traded markets. Non-publicly traded commingled funds hold exchange-traded equity or debt securities and are valued based on stated NAVs. Non-exchange traded fixed income securities are valued by the trustee based upon quotations available from brokers or pricing services. A primary price source is identified by asset type, class, or issue for each security. The trustee monitors prices supplied by pricing services and may use a supplemental price source or change the primary price source of a given security if the trustee challenges an assigned price and determines that another price source is considered preferable. DTE Energy has obtained an understanding of how these prices are derived, including the nature and observability of the inputs used in deriving such prices. Other Postretirement Benefits The Registrants participate in defined benefit plans sponsored by the LLC that provide certain other postretirement health care and life insurance benefits for employees who are eligible for these benefits. The Registrants' policy is to fund certain trusts to meet its other postretirement benefit obligations. DTE Energy did not make any contributions to these trusts during 2022 and does not anticipate making any contributions to the trusts in 2023. DTE Energy and DTE Electric offer a defined contribution VEBA for eligible represented and non-represented employees, in lieu of defined benefit post-employment health care benefits. The Registrants allocate a fixed amount per year to an account in a defined contribution VEBA for each employee. These accounts are managed either by the Registrant (for non-represented and certain represented groups) or by the Utility Workers of America for Local 223 employees. The following table provides contributions to the VEBA in: 2022 2021 2020 (In millions) DTE Energy $ 16 $ 18 $ 15 DTE Electric $ 7 $ 8 $ 7 The Registrants also contribute a fixed amount to a Retiree Reimbursement Account for certain non-represented and represented retirees, spouses, and surviving spouses when the youngest of the retiree's covered household becomes eligible for Medicare Part A based on age. The amount of the annual allocation to each participant is determined by the employee's retirement date and increases each year for each eligible participant at the lower of the rate of medical inflation or 2%. Net other postretirement credit for DTE Energy includes the following components: 2022 2021 2020 (In millions) Service cost $ 27 $ 30 $ 26 Interest cost 48 46 56 Expected return on plan assets (126) (129) (128) Amortization of: Net actuarial loss 4 13 16 Prior service credit (19) (19) (19) Net other postretirement credit $ (66) $ (59) $ (49) 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) Net other postretirement credit for DTE Electric includes the following components: 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) 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) The following table reconciles the obligations, assets, and funded status of the plans including amounts recorded as Accrued postretirement liability in the Registrants' Consolidated Statements of Financial Position at December 31: DTE Energy DTE Electric 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 ______________________________________ (a) See Note 9 to the Consolidated Financial Statements, "Regulatory Matters." The decreases in the Registrants' other postretirement benefit obligations for the years ended December 31, 2022 and 2021 were primarily due to actuarial gains driven by increases in discount rates for both periods. The following table reflects other postretirement benefit plans with accumulated postretirement benefit obligations in excess of plan assets as of December 31: DTE Energy DTE Electric 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 At December 31, 2022, the benefits expected to be paid, including prescription drug benefits, in each of the next five years and in the aggregate for the five fiscal years thereafter for the Registrants are as follows: DTE Energy DTE Electric (In millions) 2023 $ 84 $ 64 2024 89 67 2025 90 68 2026 91 69 2027 94 71 2028-2032 488 371 Total $ 936 $ 710 Assumptions used in determining the accumulated postretirement benefit obligation and net other postretirement benefit costs of the Registrants are: 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 The process used in determining the long-term rate of return on assets for the other postretirement benefit plans is similar to that previously described for the pension plans. As a result of this process, the Registrants have a long-term rate of return assumption for the other postretirement benefit plans of 7.20% for 2023. The Registrants believe this rate is a reasonable assumption for the long-term rate of return on plan assets given the current investment strategy. The DTE Energy Company Master VEBA Trust employs a liability driven investment program whereby the characteristics of plan liabilities are considered when determining investment policy. Risk tolerance is established through consideration of future plan cash flows, plan funded status, and corporate financial considerations. The investment portfolio contains a diversified blend of equity, fixed income, and other investments. Furthermore, equity investments are diversified across U.S. and non-U.S. stocks and large and small market capitalizations. Fixed income investments generally include U.S. Treasuries, other governmental debt, diversified corporate bonds, bank loans, and mortgage-backed securities. Other investments are used to enhance long-term returns while improving portfolio diversification. Derivatives may be utilized in a risk controlled manner to potentially increase the portfolio beyond the market value of invested assets and/or reduce portfolio investment risk. Investment risk is measured and monitored on an ongoing basis through annual liability measurements, periodic asset/liability studies, and quarterly investment portfolio reviews. Target allocations for the Registrants' other postretirement benefit plan assets as of December 31, 2022 are listed below: U.S. Large Cap Equity Securities 5 % U.S. Small Cap and Mid Cap Equity Securities 1 Non-U.S. Equity Securities 4 Fixed Income Securities 61 Hedge Funds and Similar Investments 9 Private Equity and Other 20 100 % The following tables provide the fair value measurement amounts for the Registrants' other postretirement benefit plan assets at December 31, 2022 and 2021 (a) : December 31, 2022 December 31, 2021 Level 1 Level 2 Other (b) Total Level 1 Level 2 Other (b) Total (In millions) DTE Energy asset category: Short-term Investments (c) $ 35 $ — $ — $ 35 $ 39 $ — $ — $ 39 Equity Securities Domestic (d) — — 78 78 27 — 199 226 International (e) 9 — 61 70 27 — 141 168 Fixed Income Securities Governmental (f) 264 32 — 296 343 32 — 375 Corporate (g) — 396 194 590 — 355 271 626 Hedge Funds and Similar Investments (h) 31 22 94 147 58 26 120 204 Private Equity and Other (i) — — 361 361 — — 383 383 DTE Energy Total $ 339 $ 450 $ 788 $ 1,577 $ 494 $ 413 $ 1,114 $ 2,021 DTE Electric asset category: Short-term Investments (c) $ 23 $ — $ — $ 23 $ 26 $ — $ — $ 26 Equity Securities Domestic (d) — — 50 50 18 — 132 150 International (e) 5 — 39 44 18 — 93 111 Fixed Income Securities Governmental (f) 178 21 — 199 230 21 — 251 Corporate (g) — 262 134 396 — 235 187 422 Hedge Funds and Similar Investments (h) 20 15 63 98 39 17 81 137 Private Equity and Other (i) — — 242 242 — — 258 258 DTE Electric Total $ 226 $ 298 $ 528 $ 1,052 $ 331 $ 273 $ 751 $ 1,355 _______________________________________ (a) For a description of levels within the fair value hierarchy see Note 12 to the Consolidated Financial Statements, "Fair Value." (b) Amounts represent assets valued at NAV as a practical expedient for fair value. (c) This category predominantly represents certain short-term fixed income securities and money market investments that are managed in separate accounts or commingled funds. Pricing for investments in this category is obtained from quoted prices in actively traded markets. (d) This category represents portfolios of large, medium and small capitalization domestic equities. Investments in this category include exchange-traded securities for which unadjusted quoted prices can be obtained and exchange-traded securities held in a commingled fund classified as NAV assets. (e) This category primarily consists of portfolios of non-U.S. developed and emerging market equities. Investments in this category include exchange-traded securities for which unadjusted quoted prices can be obtained and exchange-traded securities held in a commingled fund classified as NAV assets. (f) This category includes U.S. Treasuries, bonds and other governmental debt. Pricing for investments in this category is obtained from quoted prices in actively traded markets and quotations from broker or pricing services. (g) This category primarily consists of corporate bonds from diversified industries, bank loans, and mortgage backed securities. Pricing for investments in this category is obtained from quotations from broker or pricing services. Non-exchange traded securities and exchange-traded securities held in commingled funds are classified as NAV assets. (h) This category utilizes a diversified group of strategies that attempt to capture uncorrelated sources of return and includes publicly traded mutual funds, insurance-linked and asset-backed securities, commingled funds and limited partnership funds. Pricing for mutual funds in this category is obtained from quoted prices in actively traded markets. Pricing for insurance-linked and asset-backed securities is obtained from quotations from broker or pricing services. Commingled funds and limited partnership funds are classified as NAV assets. (i) This category includes a diversified group of funds and strategies that primarily invests in private equity partnerships. This category also includes investments in private real estate and private debt. All investments in this category are classified as NAV assets. The DTE Energy Company Master VEBA Trust holds debt and equity securities directly and indirectly through commingled funds. Exchange-traded debt and equity securities held directly, as well as publicly traded commingled funds, are valued using quoted market prices in actively traded markets. Non-publicly traded commingled funds hold exchange-traded equity or debt securities and are valued based on NAVs. Non-exchange traded fixed income securities are valued by the trustee based upon quotations available from brokers or pricing services. A primary price source is identified by asset type, class, or issue for each security. The trustee monitors prices supplied by pricing services and may use a supplemental price source or change the primary price source of a given security if the trustee challenges an assigned price and determines that another price source is considered preferable. The Registrants have obtained an understanding of how these prices are derived, including the nature and observability of the inputs used in deriving such prices. Defined Contribution Plans The Registrants also sponsor defined contribution retirement savings plans. Participation in one of these plans is available to substantially all represented and non-represented employees. For substantially all employees, the Registrants match employee contributions up to certain predefined limits based upon eligible compensation and the employee’s contribution rate. Additionally, for eligible represented and non-represented employees who do not participate in the Pension Plans, the Registrants annually contribute an amount equivalent to 4% (8% for certain DTE Gas represented employees) of an employee's eligible pay to the employee's defined contribution retirement savings plan. For DTE Energy, the cost of these plans was $73 million, $70 million, and $73 million for the years ended December 31, 2022, 2021, and 2020, respectively. For DTE Electric, the cost of these plans was $35 million, $34 million, and $34 million for the years ended December 31, 2022, 2021, and 2020, respectively. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Stock-Based Compensation | STOCK-BASED COMPENSATION DTE Energy’s stock incentive program permits the grant of incentive stock options, non-qualifying stock options, stock awards, performance shares, and performance units to employees and members of its Board of Directors. As a result of a stock award, a settlement of an award of performance shares, or by exercise of a participant’s stock option, DTE Energy may deliver common stock from its authorized but unissued common stock and/or from outstanding common stock acquired by or on behalf of DTE Energy in the name of the participant. Key provisions of the stock incentive program are: • Authorized limit is 20,162,716 shares of common stock; • Prohibits the grant of a stock option with an exercise price that is less than the fair market value of DTE Energy’s stock on the date of the grant; and • Imposes the following award limits to a single participant in a single calendar year, (1) options for more than 500,000 shares of common stock; (2) stock awards for more than 150,000 shares of common stock; (3) performance share awards for more than 300,000 shares of common stock (based on the maximum payout under the award); or (4) more than 1,000,000 performance units, which have a face amount of $1.00 each. DTE Energy records compensation expense at fair value over the vesting period for all awards it grants. The following table summarizes the components of stock-based compensation for DTE Energy: 2022 2021 2020 (In millions) Stock-based compensation expense $ 62 $ 71 $ 63 Tax benefit $ 11 $ 13 $ 12 Restricted Stock Awards Stock awards granted under the plan are restricted for varying periods, generally for three years. Participants have all rights of a shareholder with respect to a stock award, including the right to receive dividends and vote the shares. Prior to vesting in stock awards, the participant: (i) may not sell, transfer, pledge, exchange, or otherwise dispose of shares; (ii) shall not retain custody of the share certificates; and (iii) will deliver to DTE Energy a stock power with respect to each stock award upon request. The stock awards are recorded at cost that approximates fair value on the date of grant. The cost is amortized to compensation expense over the vesting period. The fair value of awards vested were not material for the years ended December 31, 2022, 2021, and 2020. Compensation cost charged against income was $15 million, $14 million, and $13 million for the years ended December 31, 2022, 2021, and 2020, respectively. Performance Share Awards Performance shares awarded under the plan are for a specified number of shares of DTE Energy common stock that entitle the holder to receive a cash payment, shares of DTE Energy common stock, or a combination thereof. The final value of the award is determined by the achievement of certain performance objectives and market conditions. The awards vest at the end of a specified period, usually three years. Awards granted in 2022, 2021, and 2020 were primarily deemed to be equity awards. The DTE Energy stock price and number of probable shares attributable to market conditions for such equity awards are fair valued only at the grant date. DTE Energy accounts for performance share awards by accruing compensation expense over the vesting period based on: (i) the number of shares expected to be paid which is based on the probable achievement of performance objectives; and (ii) the closing stock price market value. The settlement of the award is based on the closing price at the settlement date. DTE Energy recorded activity relating to performance share awards as follows: 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 _______________________________________ (a) Sum of awards settled in cash and stock approximates the intrinsic value of the awards. During the vesting period, the recipient of a performance share award has no shareholder rights. During the period beginning on the date the performance shares are awarded and ending on the certification date of the performance objectives, the number of performance shares awarded will be increased, assuming full dividend reinvestment at the fair market value on the dividend payment date. The cumulative number of performance shares will be adjusted to determine the final payment based on the performance objectives achieved. Performance share awards are nontransferable and are subject to risk of forfeiture. The following table summarizes DTE Energy’s performance share activity for the period ended December 31, 2022: Performance Shares Weighted Average 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 Unrecognized Compensation Costs As of December 31, 2022, DTE Energy's total unrecognized compensation cost related to non-vested stock incentive plan arrangements and the weighted average recognition period was as follows: Unrecognized Weighted Average (In millions) (In years) Stock awards $ 20 1.50 Performance shares 50 1.14 $ 70 1.22 Allocated Stock-Based Compensation DTE Electric received an allocation of costs from DTE Energy associated with stock-based compensation. DTE Electric's allocation for 2022, 2021, and 2020 for stock-based compensation expense was $40 million, $45 million, and $37 million, respectively. |
Segment and Related Information
Segment and Related Information | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Segment and Related Information | SEGMENT AND RELATED INFORMATION DTE Energy sets strategic goals, allocates resources, and evaluates performance based on the following structure: Electric segment consists principally of DTE Electric, which is engaged in the generation, purchase, distribution, and sale of electricity to approximately 2.3 million residential, commercial, and industrial customers in southeastern Michigan. Gas segment consists principally of DTE Gas, which is engaged in the purchase, storage, transportation, distribution, and sale of natural gas to approximately 1.3 million residential, commercial, and industrial customers throughout Michigan and the sale of storage and transportation capacity. DTE Vantage is comprised primarily of renewable energy projects that sell electricity and pipeline-quality gas and projects that deliver custom energy solutions to industrial, commercial, and institutional customers. DTE Vantage formerly included projects that produced reduced emissions fuel; however, these projects were closed as planned in 2022 upon REF facilities exhausting their eligibility for generating production tax credits. Energy Trading consists of energy marketing and trading operations. Corporate and Other includes various holding company activities, holds certain non-utility debt, and holds certain investments, including funds supporting regional development and economic growth. On July 1, 2021, DTE Energy completed the separation of DT Midstream, which was comprised of the former Gas Storage and Pipelines segment and also certain holding company activity within the Corporate and Other segment. Amounts relating to DT Midstream have been classified as discontinued operations, and Gas Storage and Pipelines is no longer a reportable segment of DTE Energy. Refer to Note 4 to the Consolidated Financial Statements, “Discontinued Operations,” for additional information. Inter-segment billing for goods and services exchanged between segments is based upon tariffed or market-based prices of the provider. Such billing primarily consists of power sales, sale and transportation of natural gas, and renewable natural gas sales in the segments below, as well as charges from Electric to other segments for use of the shared capital assets of DTE Electric. For the prior periods, inter-segment billing also included the sale of reduced emissions fuel at DTE Vantage. 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 _______________________________________ (a) Inter-segment billing for the Electric segment includes $6 million, $4 million, and $2 million relating to Non-utility operations for the years ended December 31, 2022, 2021, and 2020, respectively. All inter-segment transactions and balances are eliminated in consolidation for DTE Energy. Centrally incurred costs such as labor and overheads are assigned directly to DTE Energy's business segments or allocated based on various cost drivers, depending on the nature of service provided. The federal income tax provisions or benefits of DTE Energy’s subsidiaries are determined on an individual company basis and recognize the tax benefit of tax credits and net operating losses, if applicable. The state and local income tax provisions of the utility subsidiaries are also determined on an individual company basis and recognize the tax benefit of various tax credits and net operating losses, if applicable. The subsidiaries record federal, state, and local income taxes payable to or receivable from DTE Energy based on the federal, state, and local tax provisions of each company. The Reclassifications and Eliminations group below also includes the reclassification of deferred tax assets, which are netted against deferred tax liabilities for presentation on the DTE Energy Consolidated Statements of Financial Position. Refer to Note 10 to the Consolidated Financial Statements, "Income Taxes," for additional information regarding the Registrants' deferred taxes. Financial data of DTE Energy's business segments follows: Electric Gas DTE Vantage Energy Corporate Reclassifications 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 Corporate and Other (a) Reclassifications Total from Discontinued Total (In millions) 2021 Operating Revenues — Utility operations $ 5,809 1,553 — — — (74) $ 7,288 Operating Revenues — Non-utility operations $ 12 — 1,482 6,831 2 (651) $ 7,676 Depreciation and amortization $ 1,122 177 71 6 1 — $ 1,377 Interest expense $ 338 81 28 5 270 (92) $ 630 Interest income $ — (6) (23) (1) (84) 92 $ (22) Equity earnings of equity method investees $ — 1 8 — 29 — $ 38 Income Tax Expense (Benefit) $ 104 38 (31) (27) (214) — $ (130) Net Income (Loss) Attributable to DTE Energy Company $ 864 214 168 (83) (367) — $ 796 111 $ 907 Investment in equity method investees $ 6 13 118 — 50 — $ 187 Capital expenditures and acquisitions $ 3,016 621 69 6 — — $ 3,712 60 $ 3,772 Goodwill $ 1,208 743 25 17 — — $ 1,993 Total Assets $ 28,524 6,729 983 1,174 4,281 (1,972) $ 39,719 — $ 39,719 _______________________________________ (a) Corporate and Other results include significant one-time items resulting from the separation of DT Midstream, including a loss on debt extinguishment of $376 million following the settlement of intercompany borrowings with DT Midstream and optional redemption of DTE Energy long-term debt. DTE Energy also recognized a tax benefit of $85 million for the remeasurement of state deferred tax liabilities following the separation of DT Midstream. Electric Gas DTE Vantage Energy Corporate Reclassifications Total from Discontinued Total (In millions) 2020 Operating Revenues — Utility operations $ 5,506 1,414 — — — (75) $ 6,845 Operating Revenues — Non-utility operations $ 14 — 1,224 3,863 2 (525) $ 4,578 Depreciation and amortization $ 1,057 157 72 5 1 — $ 1,292 Interest expense $ 337 80 37 6 325 (184) $ 601 Interest income $ (4) (5) (22) (2) (180) 184 $ (29) Equity 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 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | RELATED PARTY TRANSACTIONS DTE Electric has agreements with affiliated companies to buy and sell power, and for the purchase and transportation of fuel for use at its natural gas-fired combined cycle plant and other generation facilities. DTE Electric also has agreements with certain DTE Energy affiliates where it charges the affiliates for their use of the shared capital assets of DTE Electric. Various other corporate support expenses are accumulated by a shared services company and charged to various subsidiaries of DTE Energy, including DTE Electric. The following is a summary of DTE Electric's transactions with affiliated companies: 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 DTE Electric's Accounts receivable and Accounts payable related to Affiliates are payable upon demand and are generally settled in cash within a monthly business cycle. Notes receivable and Short-term borrowings related to Affiliates are subject to a credit agreement with DTE Energy whereby short-term excess cash or cash shortfalls are remitted to or funded by DTE Energy. This credit arrangement involves the charge and payment of interest based on monthly commercial paper rates. The weighted average interest rate for DTE Electric's affiliate borrowings was 4.4% and 0.2% at December 31, 2022 and 2021, respectively. Refer to DTE Electric's Consolidated Statements of Financial Position for affiliate balances at December 31, 2022 and 2021. DTE Electric made charitable contributions to the DTE Energy Foundation of $2 million and $20 million for the years ended 2021 and 2020, respectively. There were no contributions for the year ended December 31, 2022. The DTE Energy Foundation is a non-consolidated not-for-profit private foundation, the purpose of which is to contribute to and assist charitable organizations. DTE Electric records federal, state, and local income taxes payable to or receivable from DTE Energy based on its federal, state, and local tax provisions. Refer to Note 10 to the Consolidated Financial Statements, "Income Taxes," for additional information. For a discussion of other related party transactions impacting DTE Electric, see Notes 20 and 21 to the Consolidated Financial Statements, "Retirement Benefits and Trusteed Assets" and "Stock-Based Compensation," respectively. |
Supplementary Quarterly Financi
Supplementary Quarterly Financial Information (Unaudited) | 12 Months Ended |
Dec. 31, 2022 | |
Quarterly Financial Information Disclosure [Abstract] | |
Supplementary Quarterly Financial Information (Unaudited) | SUPPLEMENTARY QUARTERLY FINANCIAL INFORMATION (UNAUDITED)The Registrants have adopted the SEC amendment to Regulation S-K Item 302(a) which requires disclosure of supplemental quarterly financial data only if material retrospective adjustments have been applied. Disclosure is not required for the current period as no retrospective adjustments have been applied. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying Consolidated Financial Statements of the Registrants are prepared using accounting principles generally accepted in the United States of America. These accounting principles require management to use estimates and assumptions that impact reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities. Actual results may differ from the Registrants' estimates. The information in these combined notes relates to each of the Registrants as noted in the Index of Combined Notes to Consolidated Financial Statements. However, DTE Electric does not make any representation as to information related solely to DTE Energy or the subsidiaries of DTE Energy other than itself. Certain prior year balances for the Registrants were reclassified to match the current year's Consolidated Financial Statements presentation. Separation of DT Midstream On July 1, 2021, DTE Energy completed the separation of DT Midstream, its former natural gas pipeline, storage and gathering non-utility business. Financial results of DT Midstream in prior periods are presented as Income from discontinued operations, net of taxes on DTE Energy's Consolidated Statements of Operations. |
Principles of Consolidation | Principles of Consolidation The Registrants consolidate all majority-owned subsidiaries and investments in entities in which they have controlling influence. Non-majority owned investments are accounted for using the equity method when the Registrants are able to significantly influence the operating policies of the investee. When the Registrants do not influence the operating policies of an investee, the equity investment is valued at cost minus any impairments, if applicable. These Consolidated Financial Statements also reflect the Registrants' proportionate interests in certain jointly-owned utility plants. The Registrants eliminate all intercompany balances and transactions. The Registrants evaluate whether an entity is a VIE whenever reconsideration events occur. The Registrants consolidate VIEs for which they are the primary beneficiary. If a Registrant is not the primary beneficiary and an ownership interest is held, the VIE is accounted for under the equity method of accounting. When assessing the determination of the primary beneficiary, a Registrant considers all relevant facts and circumstances, including: the power, through voting or similar rights, to direct the activities of the VIE that most significantly impact the VIE's economic performance and the obligation to absorb the expected losses and/or the right to receive the expected returns of the VIE. The Registrants perform ongoing reassessments of all VIEs to determine if the primary beneficiary status has changed. Legal entities within the DTE Vantage segment enter into long-term contractual arrangements with customers to supply energy-related products or services. The entities are generally designed to pass-through the commodity risk associated with these contracts to the customers, with DTE Energy retaining operational and customer default risk. These entities generally are VIEs and consolidated when DTE Energy is the primary beneficiary. In addition, DTE Energy has interests in certain VIEs through which control of all significant activities is shared with partners, and therefore are generally accounted for under the equity method. The Registrants hold ownership interests in certain limited partnerships. The limited partnerships include investment funds which support regional development and economic growth, and an operational business providing energy-related products. These entities are generally VIEs as a result of certain characteristics of the limited partnership voting rights. The ownership interests are accounted for under the equity method as the Registrants are not the primary beneficiaries. DTE Energy has variable interests in VIEs through certain of its long-term purchase and sale contracts. DTE Electric has variable interests in VIEs through certain of its long-term purchase contracts. As of December 31, 2022, the carrying amount of assets and liabilities in DTE Energy's Consolidated Statements of Financial Position that relate to its variable interests under long-term purchase and sale contracts are predominantly related to working capital accounts and generally represent the amounts owed by or to DTE Energy for the deliveries associated with the current billing cycle under the contracts. As of December 31, 2022, the carrying amount of assets and liabilities in DTE Electric's Consolidated Statements of Financial Position that relate to its variable interests under long-term purchase contracts are predominantly related to working capital accounts and generally represent the amounts owed by DTE Electric for the deliveries associated with the current billing cycle under the contracts. The Registrants have not provided any significant form of financial support associated with these long-term contracts. There is no material potential exposure to loss as a result of DTE Energy's variable interests through these long-term purchase and sale contracts. In addition, there is no material potential exposure to loss as a result of DTE Electric's variable interests through these long-term purchase contracts. In the first quarter 2022, DTE Electric financed regulatory assets for previously deferred costs related to the River Rouge generation plant and tree trimming surge program through the sale of bonds by a wholly-owned special purpose entity, DTE Securitization. DTE Securitization is a VIE. DTE Electric has the power to direct the most significant activities of DTE Securitization, including performing servicing activities such as billing and collecting surcharge revenue. Accordingly, DTE Electric is the primary beneficiary and DTE Securitization is consolidated by the Registrants. Securitization bond holders have no recourse to the Registrants' assets, except for those held by DTE Securitization. Surcharges collected by DTE Electric to pay for bond servicing and other qualified costs reflect securitization property solely owned by DTE Securitization. These surcharges are remitted to a trustee and are not available to other creditors of the Registrants. The maximum risk exposure for consolidated VIEs is reflected on the Registrants' Consolidated Statements of Financial Position. For non-consolidated VIEs, the maximum risk exposure of the Registrants is generally limited to their investment, notes receivable, and future funding commitments. |
Other Income | Other Income Other income for the Registrants is recognized for non-operating income such as equity earnings of equity method investees, allowance for equity funds used during construction, contract services, and gains from trading securities, primarily from those held in DTE Energy's rabbi trust. For the prior years, the DTE Vantage segment also recognized Other income in connection with the sale of membership interests in reduced emissions fuel facilities to investors. |
Accounting for ISO Transactions | Accounting for ISO Transactions DTE Electric participates in the energy market through MISO. MISO requires that DTE Electric submit hourly day-ahead, real-time, and FTR bids and offers for energy at locations across the MISO region. DTE Electric accounts for MISO transactions on a net hourly basis in each of the day-ahead, real-time, and FTR markets. In any single hour, transactions in each of the MISO energy markets are netted based on MWh to determine if DTE Electric is in a net sale or purchase position. Net purchases are recorded in Fuel, purchased power, and gas — utility and net sales are recorded in Operating Revenues — Utility operations on the Registrants' Consolidated Statements of Operations. The Energy Trading segment participates in the energy markets through various ISOs and RTOs. These markets require that Energy Trading submits hourly day-ahead, real-time bids and offers for energy at locations across each region. Energy Trading submits bids in the annual and monthly auction revenue rights and FTR auctions to the RTOs. Energy Trading accounts for these transactions on a net hourly basis for the day-ahead, real-time, and FTR markets. These transactions are related to trading contracts which, if derivatives, are presented on a net basis in Operating Revenues — Non-utility operations, and if non-derivatives, the realized gains and losses for sales are recorded in Operating Revenues — Non-utility operations and purchases are recorded in Fuel, purchased power, gas, and other — non-utility in the DTE Energy Consolidated Statements of Operations. DTE Electric and Energy Trading record accruals for future net purchases adjustments based on historical experience and reconcile accruals to actual costs when invoices are received from MISO and other ISOs and RTOs. |
Derivatives | DerivativesEnergy Trading classifies derivative transactions as revenue or expense based on the intent of the transaction (buy or sell). Revenues are recorded on a gross or net basis within the income statement depending upon whether it represents a non-trading activity or trading activity, respectively. The Registrants recognize all derivatives at their fair value as Derivative assets or liabilities on their respective Consolidated Statements of Financial Position unless they qualify for certain scope exceptions, including the normal purchases and normal sales exception. Further, derivatives that qualify and are designated for hedge accounting are classified as either hedges of a forecasted transaction or the variability of cash flows to be received or paid related to a recognized asset or liability (cash flow hedge); or as hedges of the fair value of a recognized asset or liability or of an unrecognized firm commitment (fair value hedge). For cash flow hedges, the derivative gain or loss is deferred in Accumulated other comprehensive income (loss) and later reclassified into earnings when the underlying transaction occurs. For fair value hedges, changes in fair values for the derivative and hedged item are recognized in earnings each period. For derivatives that do not qualify or are not designated for hedge accounting, changes in fair value are recognized in earnings each period. The Registrants' primary market risk exposure is associated with commodity prices, credit, and interest rates. The Registrants have risk management policies to monitor and manage market risks. The Registrants use derivative instruments to manage some of the exposure. DTE Energy uses derivative instruments for trading purposes in its Energy Trading segment. Contracts classified as derivative instruments include electricity, natural gas, oil, certain environmental contracts, forwards, futures, options, swaps, and foreign currency exchange contracts. Items not classified as derivatives include natural gas and environmental inventory, pipeline transportation contracts, some environmental contracts, and natural gas storage assets. DTE Electric — DTE Electric generates, purchases, distributes, and sells electricity. DTE Electric uses forward contracts to manage changes in the price of electricity and fuel. Substantially all of these contracts meet the normal purchases and normal sales exception and are therefore accounted for under the accrual method. Other derivative contracts are MTM and recoverable through the PSCR mechanism when settled. This results in the deferral of unrealized gains and losses as Regulatory assets or liabilities until realized. DTE Gas — DTE Gas purchases, stores, transports, distributes, and sells natural gas, and buys and sells transportation and storage capacity. DTE Gas has fixed-priced contracts for portions of its expected natural gas supply requirements through March 2025. Substantially all of these contracts meet the normal purchases and normal sales exception and are therefore accounted for under the accrual method. Forward transportation and storage contracts are generally not derivatives and are therefore accounted for under the accrual method. DTE Vantage — This segment manages and operates renewable gas recovery projects, power generation assets, and other customer specific energy solutions. Long-term contracts and hedging instruments are used in the marketing and management of the segment assets. These contracts and hedging instruments are generally not derivatives and are therefore accounted for under the accrual method. Energy Trading — Commodity Price Risk — Energy Trading markets and trades electricity, natural gas physical products, and energy financial instruments, and provides energy and asset management services utilizing energy commodity derivative instruments. Forwards, futures, options, and swap agreements are used to manage exposure to the risk of market price and volume fluctuations in its operations. These derivatives are accounted for by recording changes in fair value to earnings unless hedge accounting criteria are met. Energy Trading — Foreign Currency Exchange Risk — Energy Trading has foreign currency exchange forward contracts to economically hedge fixed Canadian dollar commitments existing under natural gas and power purchase and sale contracts and natural gas transportation contracts. Energy Trading enters into these contracts to mitigate price volatility with respect to fluctuations of the Canadian dollar relative to the U.S. dollar. These derivatives are accounted for by recording changes in fair value to earnings unless hedge accounting criteria are met. Corporate and Other — Interest Rate Risk — DTE Energy may use interest rate swaps, treasury locks, and other derivatives to hedge the risk associated with interest rate market volatility. Credit Risk — DTE Energy maintains credit policies that significantly minimize overall credit risk. These policies include an evaluation of potential customers’ and counterparties’ financial condition, including the viability of underlying productive assets, credit rating, collateral requirements, or other credit enhancements such as letters of credit or guarantees. DTE Energy generally uses standardized agreements that allow the netting of positive and negative transactions associated with a single counterparty. DTE Energy maintains a provision for credit losses based on factors surrounding the credit risk of its customers, historical trends, and other information. Based on DTE Energy's credit policies and its December 31, 2022 provision for credit losses, DTE Energy’s exposure to counterparty nonperformance is not expected to have a material adverse effect on DTE Energy's Consolidated Financial Statements. |
Changes in Accumulated Other Comprehensive Income (Loss) | Changes in Accumulated Other Comprehensive Income (Loss) Comprehensive income (loss) is the change in common shareholders’ equity during a period from transactions and events from non-owner sources, including Net Income. The amounts recorded to Accumulated other comprehensive income (loss) for DTE Energy include changes in benefit obligations, consisting of deferred actuarial losses and prior service costs, unrealized gains and losses from derivatives accounted for as cash flow hedges, and foreign currency translation adjustments. DTE Energy releases income tax effects from accumulated other comprehensive income when the circumstances upon which they are premised cease to exist. |
Cash, Cash Equivalents, and Restricted Cash | Cash, Cash Equivalents, and Restricted Cash Cash and cash equivalents include cash on hand, cash in banks, and temporary investments purchased with remaining maturities of three months or less. Restricted cash includes funds held in separate bank accounts and principally consists of amounts at DTE Securitization to pay for debt service and other qualified costs. Restricted cash designated for payments within one year is classified as a Current Asset. |
Financing Receivables | Financing Receivables Financing receivables are primarily composed of trade receivables, notes receivable, and unbilled revenue. The Registrants' financing receivables are stated at net realizable value. DTE Energy had unbilled revenues of $1.2 billion and $1.0 billion at December 31, 2022 and 2021, respectively, including $290 million and $270 million of DTE Electric unbilled revenues, respectively, included in Customer Accounts receivable. The Registrants monitor the credit quality of their financing receivables on a regular basis by reviewing credit quality indicators and monitoring for trigger events, such as a credit rating downgrade or bankruptcy. Credit quality indicators include, but are not limited to, ratings by credit agencies where available, collection history, collateral, counterparty financial statements and other internal metrics. Utilizing such data, the Registrants have determined three internal grades of credit quality. Internal grade 1 includes financing receivables for counterparties where credit rating agencies have ranked the counterparty as investment grade. To the extent credit ratings are not available, the Registrants utilize other credit quality indicators to determine the level of risk associated with the financing receivable. Internal grade 1 may include financing receivables for counterparties for which credit rating agencies have ranked the counterparty as below investment grade; however, due to favorable information on other credit quality indicators, the Registrants have determined the risk level to be similar to that of an investment grade counterparty. Internal grade 2 includes financing receivables for counterparties with limited credit information and those with a higher risk profile based upon credit quality indicators. Internal grade 3 reflects financing receivables for which the counterparties have the greatest level of risk, including those in bankruptcy status. The following represents the Registrants' financing receivables by year of origination, classified by internal grade of credit risk. The related credit quality indicators and risk ratings utilized to develop the internal grades have been updated through December 31, 2022. 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 $ — _______________________________________ (a) For DTE Energy, included in Current Assets — Other and Other Assets — Notes Receivable on the Consolidated Statements of Financial Position. For DTE Electric, included in Current Assets — Other on the Consolidated Statements of Financial Position. The allowance for doubtful accounts on accounts receivable for the utility entities is generally calculated using an aging approach that utilizes rates developed in reserve studies. DTE Electric and DTE Gas establish an allowance for uncollectible accounts based on historical losses and management's assessment of existing and future economic conditions, customer trends and other factors. Customer accounts are generally considered delinquent if the amount billed is not received by the due date, which is typically in 21 days, however, factors such as assistance programs may delay aggressive action. DTE Electric and DTE Gas generally assess late payment fees on trade receivables based on past-due terms with customers. Customer accounts are written off when collection efforts have been exhausted. The time period for write-off is 150 days after service has been terminated. The customer allowance for doubtful accounts for non-utility businesses and other receivables for both utility and non-utility businesses is generally calculated based on specific review of probable future collections based on receivable balances generally in excess of 30 days. Existing and future economic conditions, customer trends and other factors are also considered. Receivables are written off on a specific identification basis and determined based upon the specific circumstances of the associated receivable. Notes receivable for DTE Energy are primarily comprised of finance lease receivables and loans that are included in Notes Receivable and Other current assets on DTE Energy's Consolidated Statements of Financial Position. Notes receivable for DTE Electric are primarily comprised of loans. Notes receivable are typically considered delinquent when payment is not received for periods ranging from 60 to 120 days. The Registrants cease accruing interest (nonaccrual status), consider a note receivable impaired, and establish an allowance for credit loss when it is probable that all principal and interest amounts due will not be collected in accordance with the contractual terms of the note receivable. In determining the allowance for credit losses for notes receivable, the Registrants consider the historical payment experience and other factors that are expected to have a specific impact on the counterparty's ability to pay including existing and future economic conditions. Cash payments received on nonaccrual status notes receivable, that do not bring the account contractually current, are first applied to the contractually owed past due interest, with any remainder applied to principal. Accrual of interest is generally resumed when the note receivable becomes contractually current. The following tables present a roll-forward of the activity for the Registrants' financing receivables credit loss reserves: DTE Energy DTE Electric Trade accounts receivable Other receivables Total Trade and other accounts receivable (In millions) Beginning reserve balance, January 1, 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 Uncollectible expense for the Registrants is primarily comprised of the current period provision for allowance for doubtful accounts and is summarized as follows: Year Ended December 31, 2022 2021 2020 (In millions) DTE Energy $ 55 $ 55 $ 105 DTE Electric $ 35 $ 36 $ 62 There are no material amounts of past due financing receivables for the Registrants as of December 31, 2022. |
Inventories | Inventories Inventory related to utility and non-utility operations is valued at the lower of cost or net realizable value, where cost is generally valued using average cost. Inventory primarily includes fuel, gas, materials, and supplies. Other inventories include RECs, emission allowances, and other environmental products in the Energy Trading segment. |
Property, Retirement and Maintenance, and Depreciation and Amortization | Property, Retirement and Maintenance, and Depreciation and Amortization Property is stated at cost and includes construction-related labor, materials, overheads, and AFUDC for utility property. The cost of utility properties retired is charged to accumulated depreciation. Expenditures for maintenance and repairs are charged to expense when incurred. Utility property at DTE Electric and DTE Gas is depreciated over its estimated useful life using straight-line rates approved by the MPSC. DTE Energy's non-utility property is depreciated over its estimated useful life using the straight-line method. Depreciation and amortization expense also includes the amortization of certain regulatory assets and liabilities for the Registrants. The cost of nuclear fuel is capitalized. The amortization of nuclear fuel is included within Fuel, purchased power, and gas — utility in the DTE Energy Consolidated Statements of Operations, and Fuel and purchased power in the DTE Electric Consolidated Statements of Operations, and is recorded using the units-of-production method. |
Long-Lived Assets | Long-Lived Assets Long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate the carrying amount of an asset may not be recoverable. If the carrying amount of the asset exceeds the expected undiscounted future cash flows generated by the asset, an impairment loss is recognized resulting in the asset being written down to its estimated fair value. Assets to be disposed of are reported at the lower of the carrying amount or fair value, less costs to sell. |
Intangible Assets | DTE Energy amortizes contract intangible assets on a straight-line basis over the expected period of benefit. |
Cloud Computing Arrangements | Cloud Computing Arrangements Effective upon the adoption of ASU No. 2018-15 in January 2020, the Registrants capitalize implementation costs incurred in a cloud computing arrangement that is a service contract consistent with capitalized implementation costs incurred to develop or obtain internal-use software. Capitalized costs are recorded in Other noncurrent assets on the Consolidated Statements of Financial Position and amortization of the costs is reflected in Operation and maintenance within the Consolidated Statements of Operations. Costs are amortized on a straight-line basis over the life of the contract. Contracts primarily involve the implementation or upgrade of cloud-based solutions for generation and distribution operations and customer service support. |
Excise and Sales Taxes and Income Taxes | Excise and Sales Taxes The Registrants record the billing of excise and sales taxes as a receivable with an offsetting payable to the applicable taxing authority, with no net impact on the Registrants’ Consolidated Statements of Operations. |
Deferred Debt Costs | Deferred Debt Costs The costs related to the issuance of long-term debt are deferred and amortized over the life of each debt issue. The deferred amounts are included as a direct deduction from the carrying amount of each debt issue in Mortgage bonds, notes, and other and Securitization bonds on the Registrants' Consolidated Statements of Financial Position and in Junior subordinated debentures on DTE Energy's Consolidated Statements of Financial Position. In accordance with MPSC regulations applicable to DTE Energy’s electric and gas utilities, the unamortized discount, premium, and expense related to utility debt redeemed with a refinancing are amortized over the life of the replacement issue. Discounts, premiums, and expense on early redemptions of debt associated with DTE Energy's non-utility operations are charged to earnings. |
Investments in Debt and Equity Securities | Investments in Debt and Equity SecuritiesThe Registrants generally record investments in debt and equity securities at market value with unrealized gains or losses included in earnings. Changes in the fair value of Fermi 2 nuclear decommissioning investments are recorded as adjustments to Regulatory assets or liabilities, due to a recovery mechanism from customers. The Registrants' equity investments are reviewed for impairment each reporting period. If the assessment indicates that an impairment exists, a loss is recognized resulting in the equity investment being written down to its estimated fair value. |
DTE Energy Foundation | DTE Energy Foundation DTE Energy made charitable contributions to the DTE Energy Foundation of $25 million and $20 million for the years ended December 31, 2021 and 2020, respectively. There were no contributions for the year ended December 31, 2022. The DTE Energy Foundation is a non-consolidated not-for-profit private foundation, the purpose of which is to contribute to and assist charitable organizations. |
New Accounting Pronouncements | Recently Adopted Pronouncements In July 2021, the FASB issued ASU No. 2021-05, Leases (Topic 842): Lessors – Certain Leases with Variable Lease Payments. The amendments in this update modify lease classification requirements for lessors, providing that lease contracts with variable lease payments that do not depend on a reference index or a rate should be classified as operating leases if they would have been classified as a sales-type or direct financing lease and resulted in the recognition of a selling loss at lease commencement. The Registrants adopted the ASU effective January 1, 2022 using the prospective approach. The adoption of the ASU did not have a significant impact on the Registrants' Consolidated Financial Statements. In October 2021, the FASB issued ASU No. 2021-08, Business Combinations (Topic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers . The amendments in this update require contract assets and contract liabilities acquired in a business combination to be recognized and measured by the acquirer on the acquisition date in accordance with ASC 606, Revenue from Contracts with Customers . Historically, such amounts were recognized by the acquirer at fair value in acquisition accounting. The Registrants early adopted the ASU effective January 1, 2022, which had no impact on the Registrants' Consolidated Financial Statements for the current period. The Registrants will apply the guidance prospectively to any future business combinations. Recently Issued Pronouncements In March 2022, the FASB issued ASU No. 2022-02, Financial Instruments – Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures. The amendments in this update eliminate the accounting guidance for troubled debt restructurings by creditors that have adopted the Current Expected Credit Loss (“CECL”) model under ASC 326 and enhance the disclosure requirements for loan refinancings and restructurings made with borrowers experiencing financial difficulty. Additionally, the amendments require the disclosure of current period gross write-offs for financing receivables and net investment in leases by year of origination in the vintage disclosures. The ASU is effective for the Registrants for fiscal years beginning after December 15, 2022, and interim periods therein. The Registrants will apply the guidance prospectively after the effective date. In June 2022, the FASB issued ASU No. 2022-03, Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions . The amendments in this update clarify that contractual sale restrictions should not be considered when measuring the fair value of equity securities subject to such restrictions. The amendments also require the disclosure of the fair value of such equity securities, the nature and remaining duration of the restrictions, and the circumstances leading to a lapse in the restrictions. The ASU is effective for the Registrants for fiscal years beginning after December 15, 2023, and interim periods therein. Early adoption is permitted. The Registrants will apply the guidance prospectively after the effective date and do not expect a significant impact based on the current portfolio of equity securities. |
Revenue | Revenue is measured based upon the consideration specified in a contract with a customer at the time when performance obligations are satisfied. A performance obligation is a promise in a contract to transfer a distinct good or service or a series of distinct goods or services to the customer. The Registrants recognize revenue when performance obligations are satisfied by transferring control over a product or service to a customer. The Registrants have determined control to be transferred when the product is delivered, or the service is provided to the customer. Rates for DTE Electric and DTE Gas include provisions to adjust billings for fluctuations in fuel and purchased power costs, cost of natural gas, and certain other costs. Revenues are adjusted for differences between actual costs subject to reconciliation and the amounts billed in current rates. Under or over recovered revenues related to these cost recovery mechanisms are included in Regulatory assets or liabilities on the Registrants' Consolidated Statements of Financial Position and are recovered or returned to customers through adjustments to the billing factors. |
Asset Retirement Obligations | DTE Electric has a legal retirement obligation for the decommissioning costs for its Fermi 1 and Fermi 2 nuclear plants, dismantlement of facilities located on leased property, and various other operations. DTE Electric has conditional retirement obligations for asbestos and PCB removal at certain of its power plants and various distribution equipment. DTE Gas has conditional retirement obligations for gas pipelines, certain service centers, and compressor and gate stations. The Registrants recognize such obligations as liabilities at fair market value when they are incurred, which generally is at the time the associated assets are placed in service. Fair value is measured using expected future cash outflows discounted at the Registrants' credit-adjusted risk-free rate. For its utility operations, the Registrants recognize in the Consolidated Statements of Operations removal costs in accordance with regulatory treatment. Any differences between costs recognized related to asset retirement and those reflected in rates are recognized as either a Regulatory asset or liability on the Consolidated Statements of Financial Position. If a reasonable estimate of fair value cannot be made in the period in which the retirement obligation is incurred, such as for assets with indeterminate lives, the liability is recognized when a reasonable estimate of fair value can be made. Natural gas storage system and certain other distribution assets for DTE Gas and substations, manholes, and certain other distribution assets for DTE Electric have an indeterminate life. Therefore, no liability has been recorded for these assets. |
Regulatory Assets and Liabilities | Regulatory Assets and Liabilities DTE Electric and DTE Gas are required to record Regulatory assets and liabilities for certain transactions that would have been treated as revenue or expense in non-regulated businesses. Continued applicability of regulatory accounting treatment requires that rates be designed to recover specific costs of providing regulated services and be charged to and collected from customers. Future regulatory changes could result in the discontinuance of this accounting treatment for Regulatory assets and liabilities for some or all of the Registrants' businesses and may require the write-off of the portion of any Regulatory asset or liability that was no longer probable of recovery through regulated rates. Management believes that currently available facts support the continued use of Regulatory assets and liabilities and that all Regulatory assets and liabilities are recoverable or refundable in the current regulatory environment. |
Fair Value Measurement | Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date in a principal or most advantageous market. Fair value is a market-based measurement that is determined based on inputs, which refer broadly to assumptions that market participants use in pricing assets or liabilities. These inputs can be readily observable, market corroborated, or generally unobservable inputs. The Registrants make certain assumptions they believe that market participants would use in pricing assets or liabilities, including assumptions about risk, and the risks inherent in the inputs to valuation techniques. Credit risk of the Registrants and their counterparties is incorporated in the valuation of assets and liabilities through the use of credit reserves, the impact of which was immaterial at December 31, 2022 and 2021. The Registrants believe they use valuation techniques that maximize the use of observable market-based inputs and minimize the use of unobservable inputs. A fair value hierarchy has been established that prioritizes the inputs to valuation techniques used to measure fair value in three broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). In some cases, the inputs used to measure fair value might fall in different levels of the fair value hierarchy. All assets and liabilities are required to be classified in their entirety based on the lowest level of input that is significant to the fair value measurement in its entirety. Assessing the significance of a particular input may require judgment considering factors specific to the asset or liability and may affect the valuation of the asset or liability and its placement within the fair value hierarchy. The Registrants classify fair value balances based on the fair value hierarchy defined as follows: • Level 1 — Consists of unadjusted quoted prices in active markets for identical assets or liabilities that the Registrants have the ability to access as of the reporting date. • Level 2 — Consists of inputs other than quoted prices included within Level 1 that are directly observable for the asset or liability or indirectly observable through corroboration with observable market data. • Level 3 — Consists of unobservable inputs for assets or liabilities whose fair value is estimated based on internally developed models or methodologies using inputs that are generally less readily observable and supported by little, if any, market activity at the measurement date. Unobservable inputs are developed based on the best available information and subject to cost-benefit constraints. |
Nuclear Decommissioning Trusts and Other Investments | Nuclear Decommissioning Trusts and Other Investments The nuclear decommissioning trusts and other investments hold debt and equity securities directly and indirectly through commingled funds. Exchange-traded debt and equity securities held directly, as well as publicly traded commingled funds, are valued using quoted market prices in actively traded markets. Non-exchange traded fixed income securities are valued based upon quotations available from brokers or pricing services. Non-publicly traded commingled funds holding exchange-traded equity or debt securities are valued based on stated NAVs. There are no significant restrictions for these funds and investments may be redeemed with 7 to 65 days notice depending on the fund. There is no intention to sell the investment in these commingled funds. Private equity and other assets include a diversified group of funds that are classified as NAV assets. These funds primarily invest in limited partnerships, including private equity, private real estate and private credit. Distributions are received through the liquidation of the underlying fund assets over the life of the funds. There are generally no redemption rights. The limited partner must hold the fund for its life or find a third-party buyer, which may need to be approved by the general partner. The funds are established with varied contractual durations generally in the range of 7 years to 12 years. The fund life can often be extended by several years by the general partner, and further extended with the approval of the limited partners. Unfunded commitments related to these investments totaled $177 million and $199 million as of December 31, 2022 and 2021, respectively. Hedge funds and similar investments utilize a diversified group of strategies that attempt to capture uncorrelated sources of return. These investments include publicly traded mutual funds that are valued using quoted prices in actively traded markets, as well as insurance-linked and asset-backed securities and that are valued using quotations from broker or pricing services. |
Derivative Assets and Liabilities | Derivative Assets and Liabilities Derivative assets and liabilities are comprised of physical and financial derivative contracts, including futures, forwards, options, and swaps that are both exchange-traded and over-the-counter traded contracts. Various inputs are used to value derivatives depending on the type of contract and availability of market data. Exchange-traded derivative contracts are valued using quoted prices in active markets. The Registrants consider the following criteria in determining whether a market is considered active: frequency in which pricing information is updated, variability in pricing between sources or over time, and the availability of public information. Other derivative contracts are valued based upon a variety of inputs including commodity market prices, broker quotes, interest rates, credit ratings, default rates, market-based seasonality, and basis differential factors. The Registrants monitor the prices that are supplied by brokers and pricing services and may use a supplemental price source or change the primary price source of an index if prices become unavailable or another price source is determined to be more representative of fair value. The Registrants have obtained an understanding of how these prices are derived. Additionally, the Registrants selectively corroborate the fair value of their transactions by comparison of market-based price sources. Mathematical valuation models are used for derivatives for which external market data is not readily observable, such as contracts which extend beyond the actively traded reporting period. The Registrants have established a Risk Management Committee whose responsibilities include directly or indirectly ensuring all valuation methods are applied in accordance with predefined policies. The development and maintenance of the Registrants' forward price curves has been assigned to DTE Energy's Risk Management Department, which is separate and distinct from the trading functions within DTE Energy. |
Fair Value Transfer | Derivatives are transferred between levels primarily due to changes in the source data used to construct price curves as a result of changes in market liquidity. Transfers in and transfers out are reflected as if they had occurred at the beginning of the period. |
Derivatives, Offsetting Fair Value Amounts | Certain of DTE Energy's derivative positions are subject to netting arrangements which provide for offsetting of asset and liability positions as well as related cash collateral. Such netting arrangements generally do not have restrictions. Under such netting arrangements, DTE Energy offsets the fair value of derivative instruments with cash collateral received or paid for those contracts executed with the same counterparty, which reduces DTE Energy's Total Assets and Liabilities. Cash collateral is allocated between the fair value of derivative instruments and customer accounts receivable and payable with the same counterparty on a pro-rata basis to the extent there is exposure. Any cash collateral remaining, after the exposure is netted to zero, is reflected in Accounts receivable and Accounts payable as collateral paid or received, respectively. DTE Energy also provides and receives collateral in the form of letters of credit which can be offset against net Derivative assets and liabilities as well as Accounts receivable and payable. DTE Energy had issued letters of credit of $81 million outstanding at December 31, 2022 and $18 million at December 31, 2021, which could be used to offset net Derivative liabilities. Letters of credit received from third parties which could be used to offset net Derivative assets were $82 million and $37 million at December 31, 2022 and 2021, respectively. Such balances of letters of credit are excluded from the tables below and are not netted with the recognized assets and liabilities in DTE Energy's Consolidated Statements of Financial Position. For contracts with certain clearing agents, the fair value of derivative instruments is netted against realized positions with the net balance reflected as either 1) a Derivative asset or liability or 2) an Account receivable or payable. Other than certain clearing agents, Accounts receivable and Accounts payable that are subject to netting arrangements have not been offset against the fair value of Derivative assets and liabilities. |
Derivatives, Methods of Accounting | Revenues and energy costs related to trading contracts are presented on a net basis in DTE Energy's Consolidated Statements of Operations. Commodity derivatives used for trading purposes, and financial non-trading commodity derivatives, are accounted for using the MTM method with unrealized and realized gains and losses recorded in Operating Revenues — Non-utility operations. Non-trading physical commodity sale and purchase derivative contracts are generally accounted for using the MTM method with unrealized and realized gains and losses for sales recorded in Operating Revenues — Non-utility operations and purchases recorded in Fuel, purchased power, gas, and other — non-utility. |
Lessee | Lessee Leases at DTE Energy are primarily comprised of various forms of equipment, computer hardware, coal railcars, production facilities, buildings, and certain easement leases with terms ranging from approximately 2 to 40 years. Leases at DTE Electric are primarily comprised of various forms of equipment, computer hardware, coal railcars, and certain easement leases with terms ranging from approximately 2 to 40 years. A lease is deemed to exist when the Registrants have the right to control the use of identified property, plant or equipment, as conveyed through a contract, for a certain period of time and consideration paid. The right to control is deemed to occur when the Registrants have the right to obtain substantially all of the economic benefits of the identified assets and the right to direct the use of such assets. Lease liabilities are determined utilizing a discount rate to determine the present values of lease payments. Topic 842 requires the use of the rate implicit in the lease when it is readily determinable. When the rate implicit in the lease is not readily determinable, the incremental borrowing rate is used. The Registrants have determined their respective incremental borrowing rates based upon the rate of interest that would have been paid on a collateralized basis over similar tenors to that of the leases. The incremental borrowing rates for DTE Electric and DTE Gas have been determined utilizing respective secured borrowing rates for first mortgage bonds with like tenors of remaining lease terms. Incremental borrowing rates for non-utility entities have been determined utilizing an implied secured borrowing rate based upon an unsecured rate for a similar tenor of remaining lease terms, which is then adjusted for the estimated impact of collateral. Certain leases of the Registrants contain escalation clauses whereby the payments are adjusted for consumer price or labor indices. DTE Energy has leases with non-index based escalation clauses for fixed dollar or percentage increases. DTE Electric has leases with non-index based escalation clauses for fixed dollar increases. DTE Energy also has leases with variable payments based upon usage of, or revenues associated with, the leased assets. DTE Electric also has leases with variable payments based upon the usage of the leased assets. Certain leases of easements and coal railcars contain provisions whereby the Registrants have the option to terminate the lease agreement by giving notice of such termination during the time frames specified in the respective lease. The Registrants have considered such provisions in the determination of the lease term when it is reasonably certain that the lease would be terminated. The Registrants have certain leases which contain purchase options. Based upon the nature of the leased property and terms of the purchase options, the Registrants have determined it is not reasonably certain that such purchase options will be utilized. Thus, the impact of the purchase options has not been included in the determination of right-of-use assets and lease liabilities for the subject leases. The Registrants have certain leases which contain renewal options. Where the renewal options were deemed reasonably certain to occur, the impacts of such options were included in the determination of the right of use assets and lease liabilities. The Registrants have agreements with lease and non-lease components, which are generally accounted for separately. Consideration in a lease is allocated between lease and non-lease components based upon the estimated relative standalone prices. The Registrants have certain coal railcar leases for which non-lease and lease components are accounted for as a single lease component, as permitted under Topic 842. |
Lessor | Lessor During the first quarter 2022, DTE Energy completed construction of and began operating certain energy infrastructure assets for a large industrial customer under a long-term agreement, where the assets will transfer to the customer at the end of the contract term in 2040. DTE Energy has accounted for a portion of the agreement as a finance lease arrangement, recognizing an additional net investment of $33 million. During the third quarter 2022, DTE Energy completed construction of and began operating energy infrastructure assets for another large industrial customer in Canada. Under the long-term agreement, the customer will have the option to purchase the assets at the end of the initial contract term in 2042. The customer may also elect to extend the term in 5 year increments and may purchase the assets during the extension period. DTE Energy has accounted for a portion of the agreement as a finance lease arrangement, recognizing an additional net investment of $67 million, subject to foreign currency translation adjustments. DTE Energy also leases various assets under operating leases for a pipeline, energy facilities and related equipment. Such leases are comprised of both fixed payments and variable payments which are contingent on volumes, with terms ranging from 2 to 24 years. Generally, the operating leases do not have renewal provisions or options to purchase the assets at the end of the lease. The operating leases generally do not have termination for convenience provisions. Termination may be allowed under specific circumstances stated in the lease contract, such as under an event of default. Certain of the finance and operating leases have lease terms that extend to the end of the estimated economic life of the leased assets, thereby resulting in no residual value. Any remaining residual values under the finance and operating leases are expected to be recovered through rates, renewals or new lease contracts. Residual values have been determined using the estimated economic life of the leased assets. The finance and operating leases do not contain residual value guarantees. Certain of the operating leases have both lease and non-lease components. The lease and non-lease components are allocated based upon estimated relative standalone selling prices. |
Stock-Based Compensation | DTE Energy records compensation expense at fair value over the vesting period for all awards it grants. |
Organization and Basis of Pre_2
Organization and Basis of Presentation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Schedule of Variable Interest Entities | The following table summarizes the major Consolidated Statements of Financial Position items for consolidated VIEs as of December 31, 2022 and 2021. All assets and liabilities of a consolidated VIE are presented where it has been determined that a consolidated VIE has either (1) assets that can be used only to settle obligations of the VIE or (2) liabilities for which creditors do not have recourse to the general credit of the primary beneficiary. VIEs, in which DTE Energy holds a majority voting interest and is the primary beneficiary, that meet the definition of a business and whose assets can be used for purposes other than the settlement of the VIE's obligations have been excluded from the table below. Amounts for the Registrants' consolidated VIEs are as follows: December 31, 2022 2021 DTE Energy DTE Electric (a) DTE Energy (In millions) ASSETS Cash and cash equivalents $ 14 $ — $ 11 Restricted cash 9 9 6 Securitized regulatory assets 206 206 — Notes receivable 81 — 70 Other current and long-term assets 14 3 8 $ 324 $ 218 $ 95 LIABILITIES Short-term borrowings $ 81 $ — $ 75 Securitization bonds (b) 211 211 — Other current and long-term liabilities 14 9 5 $ 306 $ 220 $ 80 _______________________________________ (a) DTE Electric amounts reflect DTE Securitization, which was a new VIE beginning the first quarter of 2022. See Note 9 to the Consolidated Financial Statements, "Regulatory Matters." (b) Includes $39 million reported in Current portion of long-term debt on the Registrants' Consolidated Statements of Financial Position for the period ended December 31, 2022. |
Summary of Amounts For Nonconsolidated Variable Interest Entities | Amounts for DTE Energy's non-consolidated VIEs are as follows: December 31, 2022 2021 (In millions) Investments in equity method investees $ 137 $ 172 Notes receivable $ 15 $ 13 Future funding commitments $ 2 $ 3 |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Accounting Policies [Abstract] | |
Schedule of Other Income | The following is a summary of DTE Energy's Other income: 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 _______________________________________ (a) Losses from rabbi trust securities are recorded separately to Other expenses on the Consolidated Statements of Operations. The following is a summary of DTE Electric's Other income: 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 _______________________________________ (a) Losses from rabbi trust securities are recorded separately to Other expenses on the Consolidated Statements of Operations. |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table summarizes the changes in DTE Energy's Accumulated other comprehensive income (loss) by component (a) for the years ended December 31, 2022 and 2021: 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) ______________________________________ (a) All amounts are net of tax, except for Foreign currency translation. (b) Benefit obligations activity includes changes in actuarial (gain) loss and prior service cost in DTE Energy's pension and other postretirement benefit plans. Refer to Note 20 to the Consolidated Financial Statements, "Retirement Benefits and Trusteed Assets", for details regarding this activity. For 2022, the change in benefit obligations due to actuarial (gain) loss increased from prior years, primarily due to higher discount rates and other plan changes. |
Schedule of Financing Receivables Classified by Internal Grade of Credit Risk | The following represents the Registrants' financing receivables by year of origination, classified by internal grade of credit risk. The related credit quality indicators and risk ratings utilized to develop the internal grades have been updated through December 31, 2022. 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 $ — _______________________________________ (a) For DTE Energy, included in Current Assets — Other and Other Assets — Notes Receivable on the Consolidated Statements of Financial Position. For DTE Electric, included in Current Assets — Other on the Consolidated Statements of Financial Position. |
Schedule of Roll-Forward of Activity for Financing Receivables Credit Loss Reserves | The following tables present a roll-forward of the activity for the Registrants' financing receivables credit loss reserves: DTE Energy DTE Electric Trade accounts receivable Other receivables Total Trade and other accounts receivable (In millions) Beginning reserve balance, January 1, 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 |
Schedule of Uncollectible Expense | Uncollectible expense for the Registrants is primarily comprised of the current period provision for allowance for doubtful accounts and is summarized as follows: Year Ended December 31, 2022 2021 2020 (In millions) DTE Energy $ 55 $ 55 $ 105 DTE Electric $ 35 $ 36 $ 62 |
Schedule of Finite-Lived Intangible Assets | The Registrants have certain Intangible assets as shown below: 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 ______________________________________ (a) Reduction in contract intangibles during 2022 primarily relates to the write-off of fully amortized assets at DTE Vantage, including $25 million of gross carrying value and accumulated amortization. (b) Amounts are charged to expense, using average cost, as they are consumed in the operation of the business. DTE Electric intangible assets include the Renewable energy credits above, which are included in Other Assets — Other on the DTE Electric Consolidated Statements of Financial Position. |
Schedule of Indefinite-Lived Intangible Assets | The Registrants have certain Intangible assets as shown below: December 31, 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 ______________________________________ (a) Reduction in contract intangibles during 2022 primarily relates to the write-off of fully amortized assets at DTE Vantage, including $25 million of gross carrying value and accumulated amortization. (b) Amounts are charged to expense, using average cost, as they are consumed in the operation of the business. DTE Electric intangible assets include the Renewable energy credits above, which are included in Other Assets — Other on the DTE Electric Consolidated Statements of Financial Position. |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense | The following table summarizes DTE Energy's estimated contract intangible amortization expense expected to be recognized during each year through 2027: 2023 2024 2025 2026 2027 (In millions) Estimated amortization expense $ 16 $ 16 $ 16 $ 14 $ 14 |
Schedule of Capitalized Cloud Computing Costs | The following balances for cloud computing costs relate to DTE Energy: 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 The following balances for cloud computing costs relate to DTE Electric: 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 |
Schedule of Accounting Policies | See the following notes for other accounting policies impacting the Registrants’ Consolidated Financial Statements: Note Title 5 Revenue 6 Property, Plant, and Equipment 8 Asset Retirement Obligations 9 Regulatory Matters 10 Income Taxes 12 Fair Value 13 Financial and Other Derivative Instruments 17 Leases 20 Retirement Benefits and Trusteed Assets 21 Stock-Based Compensation 22 Segment and Related Information 23 Related Party Transactions |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations | The table below reflects the financial results of DT Midstream that are included in discontinued operations within the Consolidated Statements of Operations. These results include the impact of tax-related adjustments and all transaction costs related to the separation. General corporate overhead costs have been excluded and no portion of corporate interest costs were allocated to discontinued operations. Year Ended December 31, 2021 2020 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 _______________________________________ (a) Includes separation transaction costs of $59 million and $8 million for the years ended December 31, 2021 and 2020, respectively, for various legal, accounting and other professional services fees. The following table is a summary of significant non-cash items, capital expenditures, and significant financing activities of discontinued operations included in DTE Energy's Consolidated Statements of Cash Flows: Year Ended December 31, 2021 2020 (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) |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Revenue from Contract with Customer [Abstract] | |
Disaggregation of Revenue | The following is a summary of revenues disaggregated by segment for DTE Energy: 2022 2021 2020 (In millions) Electric (a) Residential $ 2,911 $ 2,926 $ 2,825 Commercial 1,958 1,908 1,739 Industrial 659 628 592 Other (b) 884 359 364 Total Electric operating revenues $ 6,412 $ 5,821 $ 5,520 Gas Gas sales $ 1,442 $ 1,058 $ 971 End User Transportation 264 233 218 Intermediate Transportation 81 82 79 Other (b) 137 180 146 Total Gas operating revenues $ 1,924 $ 1,553 $ 1,414 Other segment operating revenues DTE Vantage $ 848 $ 1,482 $ 1,224 Energy Trading $ 10,308 $ 6,831 $ 3,863 _______________________________________ (a) Revenues generally represent those of DTE Electric, except $15 million, $12 million, and $14 million of Other revenues related to DTE Sustainable Generation for the years ended December 31, 2022, 2021, and 2020, respectively. (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: 2022 2021 2020 (In millions) Electric — Alternative Revenue Programs $ 35 $ 36 $ 26 Electric — Other revenues $ 19 $ 19 $ 22 Gas — Alternative Revenue Programs $ 9 $ 10 $ 10 Gas — Other revenues $ 7 $ 6 $ 8 DTE Vantage — Leases $ 82 $ 103 $ 99 Energy Trading — Derivatives $ 8,489 $ 5,603 $ 2,690 |
Summary of Deferred Revenue Activity | The following is a summary of deferred revenue activity: 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 |
Deferred Revenue Amounts Expected to be Recognized as Revenue in Future Periods | The following table represents deferred revenue amounts for DTE Energy that are expected to be recognized as revenue in future periods: DTE Energy (In millions) 2023 $ 91 2024 1 2025 1 2026 1 2027 — 2028 and thereafter — $ 94 The Registrants expect to recognize revenue for the following amounts related to fixed consideration associated with remaining performance obligations in each of the future periods noted: DTE Energy DTE Electric (In millions) 2023 $ 255 $ 7 2024 195 7 2025 128 1 2026 71 — 2027 57 — 2028 and thereafter 302 — $ 1,008 $ 15 |
Property, Plant, and Equipment
Property, Plant, and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Property, Plant and Equipment [Abstract] | |
PP&E by Classification, Summary of Depreciation and Amortization | The following is a summary of Property, plant, and equipment by classification as of December 31: 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 The following is a summary of Depreciation and amortization expense for DTE Energy: 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 The following is a summary of Depreciation and amortization expense for DTE Electric: 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 |
Schedule of AFUDC and Capitalized Interest Rates | The AFUDC and capitalized interest rates were as follows for the years ended December 31: 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 % |
Schedule of AFUDC and Interest Capitalized | The following is a summary of AFUDC and interest capitalized for the years ended December 31: 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 |
Schedule of Utility Property, Plant, and Equipment | The average estimated useful life for each major class of utility Property, plant, and equipment as of December 31, 2022 follows: Estimated Useful Lives in Years Utility Generation Distribution Storage DTE Electric 34 38 N/A DTE Gas N/A 49 58 |
Schedule of Capitalized Software | The following balances for capitalized software relate to DTE Energy: Year Ended December 31, 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 The following balances for capitalized software relate to DTE Electric: 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 |
Jointly-Owned Utility Plant (Ta
Jointly-Owned Utility Plant (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Jointly Owned Utility Plant, Net Ownership Amount [Abstract] | |
Schedule of Jointly-Owned Utility Plants | DTE Electric's ownership information of the two utility plants as of December 31, 2022 was as follows: Belle River Ludington 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 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of Change in Asset Retirement Obligations | Changes to Asset retirement obligations for 2022, 2021, and 2020 were as follows: 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 DTE Electric (In millions) Asset retirement obligations at January 1 $ 2,932 $ 2,607 $ 2,447 Accretion 172 155 145 Liabilities incurred 22 29 18 Liabilities settled (2) (27) (8) Revision in estimated cash flows 97 168 5 Asset retirement obligations at December 31 $ 3,221 $ 2,932 $ 2,607 |
Regulatory Matters (Tables)
Regulatory Matters (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Regulatory Assets and Liabilities Disclosure [Abstract] | |
Schedule of Regulatory Assets | The following are balances and a brief description of the Registrants' Regulatory assets and liabilities at December 31: DTE Energy DTE Electric 2022 2021 2022 2021 Assets (In millions) Recoverable pension and other postretirement costs Pension $ 1,362 $ 1,372 $ 997 $ 1,056 Other postretirement costs 172 53 60 27 Fermi 2 asset retirement obligation 972 613 972 613 Recoverable undepreciated costs on retired plants 594 667 594 667 Accrued PSCR/GCR revenue 450 160 421 142 Recoverable Michigan income taxes 148 163 121 133 Enhanced tree trimming program deferred costs 90 189 90 189 Energy Waste Reduction incentive 88 79 71 63 Recoverable income taxes related to AFUDC equity 76 68 68 61 Deferred pension costs 63 16 41 — Deferred environmental costs 46 51 — — Unamortized loss on reacquired debt 45 51 34 38 Customer360 deferred costs 42 46 42 46 Non-service pension and other postretirement costs 32 25 — — Nuclear performance evaluation and review committee tracker 26 39 26 39 Removal costs asset 19 — 19 — Advanced distribution management system costs 14 9 14 9 Other recoverable income taxes 14 16 14 16 Transitional Reconciliation Mechanism 13 8 13 8 Energy Waste Reduction 8 20 — — Other 62 32 43 29 4,336 3,677 3,640 3,136 Less amount included in Current Assets (450) (195) (421) (168) $ 3,886 $ 3,482 $ 3,219 $ 2,968 Securitized regulatory assets $ 206 $ — $ 206 $ — |
Schedule of Regulatory Liabilities | DTE Energy DTE Electric 2022 2021 2022 2021 Liabilities (In millions) Refundable federal income taxes $ 1,908 $ 2,117 $ 1,534 $ 1,729 Removal costs liability 371 679 — 283 Negative other postretirement offset 191 150 128 106 Non-service pension and other postretirement costs 154 110 73 54 Renewable energy 21 13 21 13 Energy Waste Reduction 11 27 11 27 Incremental tree trim surge 4 90 4 90 COVID-19 voluntary refund — 30 — 30 Other 47 46 40 43 2,707 3,262 1,811 2,375 Less amount included in Current Liabilities (34) (156) (33) (154) $ 2,673 $ 3,106 $ 1,778 $ 2,221 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Schedule of Effective Income Tax Rate Reconciliation | The Registrants' total Income Tax Expense varied from the statutory federal income tax rate for the following reasons: 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 % 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 % |
Schedule of Components of Income Tax Expense (Benefit) | Components of the Registrants' Income Tax Expense were as follows: 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 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 |
Schedule of Deferred Tax Assets and Liabilities | The Registrants' deferred tax assets (liabilities) were comprised of the following at December 31: DTE Energy DTE Electric 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) |
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending amount of unrecognized tax benefits for the Registrants is as follows: 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 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted | The following is a reconciliation of DTE Energy's basic and diluted income per share calculation for the years ended December 31: 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 _______________________________________ (a) Equity units excluded from the calculation of diluted EPS were approximately 11.5 million and 10.3 million for the years ended December 31, 2021 and 2020, respectively, as the dilutive stock price threshold was not met. These equity units were settled in November 2022 resulting in the issuance of common stock. For more information regarding equity units, see Note 14 to the Consolidated Financial Statements, "Long-Term Debt." |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Assets and Liabilities Recorded at Fair Value on a Recurring Basis | The following table presents assets and liabilities for DTE Energy measured and recorded at fair value on a recurring basis: December 31, 2022 December 31, 2021 Level 1 Level Level 3 Other (a) Netting (b) Net Balance Level 1 Level 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 _______________________________________ (a) Amounts represent assets valued at NAV as a practical expedient for fair value. (b) Amounts represent the impact of master netting agreements that allow DTE Energy to net gain and loss positions and cash collateral held or placed with the same counterparties. (c) Amounts include $10 million and $1 million of cash equivalents recorded in Restricted cash on DTE Energy's Consolidated Statements of Financial Position at December 31, 2022 and December 31, 2021, respectively. All other amounts are included in Cash and cash equivalents on DTE Energy's Consolidated Statements of Financial Position. (d) Excludes cash surrender value of life insurance investments. (e) For contracts with a clearing agent, DTE Energy nets all activity across commodities. This can result in some individual commodities having a contra balance. The following table presents assets for DTE Electric measured and recorded at fair value on a recurring basis as of: December 31, 2022 December 31, 2021 Level 1 Level 2 Level 3 Other (a) Net Balance Level 1 Level 2 Level 3 Other (a) Net Balance (In millions) Assets Cash equivalents (b) $ 9 $ — $ — $ — $ 9 $ — $ — $ — $ — $ — 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 Equity securities 16 — — — 16 20 — — — 20 Cash equivalents 11 — — — 11 11 — — — 11 Derivative assets — FTRs — — 11 — 11 — — 9 — 9 Total $ 972 $ 400 $ 11 $ 489 $ 1,872 $ 1,169 $ 436 $ 9 $ 497 $ 2,111 Assets Current $ 9 $ — $ 11 $ — $ 20 $ — $ — $ 9 $ — $ 9 Noncurrent 963 400 — 489 1,852 1,169 436 — 497 2,102 Total Assets $ 972 $ 400 $ 11 $ 489 $ 1,872 $ 1,169 $ 436 $ 9 $ 497 $ 2,111 _______________________________________ (a) Amounts represent assets valued at NAV as a practical expedient for fair value. (b) Cash equivalents of $9 million are included in Restricted cash on DTE Electric's Consolidated Statements of Financial Position at December 31, 2022. |
Reconciliation of Level 3 Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following table presents the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis for DTE Energy: Year Ended December 31, 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 _______________________________________ (a) Amounts are reflected in Operating Revenues — Non-utility operations and Fuel, purchased power, gas, and other — non-utility in DTE Energy's Consolidated Statements of Operations. The following table presents the fair value reconciliation of Level 3 assets and liabilities measured at fair value on a recurring basis for DTE Electric: Year Ended December 31, 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 |
Unobservable Inputs Related to Level 3 Assets and Liabilities | The following tables present the unobservable inputs related to DTE Energy's Level 3 assets and liabilities: December 31, 2022 Commodity Contracts Derivative Assets Derivative Liabilities Valuation Techniques Unobservable Input Range Weighted Average (In millions) Natural Gas $ 135 $ (390) Discounted Cash Flow Forward basis price (per MMBtu) $ (1.91) — $ 39.94 /MMBtu $ 0.18 /MMBtu Electricity $ 243 $ (276) Discounted Cash Flow Forward basis price (per MWh) $ (29.41) — $ 15.00 /MWh $ (3.04) /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 |
Carrying Amount of Fair Value of Financial Instruments | The following table presents the carrying amount and fair value of financial instruments for DTE Energy: December 31, 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 _______________________________________ (a) Current portion included in Current Assets — Other on DTE Energy's Consolidated Statements of Financial Position. (b) Included in Current Liabilities — Other and Other Liabilities — Other on DTE Energy's Consolidated Statements of Financial Position. (c) Includes debt due within one year and excludes finance lease obligations. Carrying value also includes unamortized debt discounts and issuance costs. The following table presents the carrying amount and fair value of financial instruments for DTE Electric: December 31, 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 — Other (a) $ 17 $ — $ — $ 17 $ 17 $ — $ — $ 17 Short-term borrowings — affiliates $ 27 $ — $ — $ 27 $ 53 $ — $ — $ 53 Short-term borrowings — other $ 568 $ — $ 568 $ — $ 153 $ — $ 153 $ — Notes payable (b) $ 17 $ — $ — $ 17 $ 27 $ — $ — $ 27 Long-term debt (c) $ 9,696 $ — $ 8,289 $ 128 $ 8,907 $ — $ 9,898 $ 150 _______________________________________ (a) Included in Current Assets — Other on DTE Electric's Consolidated Statements of Financial Position. (b) Included in Current Liabilities — Other and Other Liabilities — Other on DTE Electric's Consolidated Statements of Financial Position. (c) Includes debt due within one year and excludes finance lease obligations. Carrying value also includes unamortized debt discounts and issuance costs. |
Fair Value of Nuclear Decommissioning Trust Fund Assets | The following table summarizes DTE Electric's fair value of the nuclear decommissioning trust fund assets: December 31, 2022 2021 (In millions) Fermi 2 $ 1,807 $ 2,051 Fermi 1 3 3 Low-level radioactive waste 15 17 $ 1,825 $ 2,071 |
Schedule of Realized Gains and Losses and Proceeds from Sale of Securities by Nuclear Decommissioning Trust Funds | The following table sets forth DTE Electric's gains and losses and proceeds from the sale of securities by the nuclear decommissioning trust funds: Year Ended December 31, 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 |
Fair Value and Unrealized Gains and Losses for Nuclear Decommissioning Trust Funds | The following table sets forth DTE Electric's fair value and unrealized gains and losses for the nuclear decommissioning trust funds: December 31, 2022 December 31, 2021 Fair Unrealized Unrealized Losses Fair Unrealized 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) |
Fair Value of the Fixed Income Securities Held in Nuclear Decommissioning Trust Funds | The following table summarizes the fair value of the fixed income securities held in nuclear decommissioning trust funds by contractual maturity: December 31, 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 |
Summary of Gains (Losses) Related to the Trust | The following table summarizes the Registrants' gains (losses) related to the trust: 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) |
Financial and Other Derivativ_2
Financial and Other Derivative Instruments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Fair Value of Derivative Instruments | The following table presents the fair value of derivative instruments for DTE Energy: December 31, 2022 December 31, 2021 Derivative Derivative Derivative Derivative (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) |
Offsetting Assets | The following table presents net cash collateral offsetting arrangements for DTE Energy: 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) _______________________________________ (a) Amounts are recorded net by counterparty. The following table presents the netting offsets of Derivative assets and liabilities for DTE Energy: 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) |
Offsetting Liabilities | The following table presents net cash collateral offsetting arrangements for DTE Energy: 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) _______________________________________ (a) Amounts are recorded net by counterparty. The following table presents the netting offsets of Derivative assets and liabilities for DTE Energy: 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) |
Netting Offsets of Derivative Assets and Liabilities Reconciliation to the Statements of Financial Position | The following table presents the netting offsets of Derivative assets and liabilities showing the reconciliation of derivative instruments to DTE Energy's Consolidated Statements of Financial Position: December 31, 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) |
Gain (Loss) Recognized in Income on Derivatives | The effect of derivatives not designated as hedging instruments on DTE Energy's Consolidated Statements of Operations is as follows: Location of Gain (Loss) Recognized in Income on Derivatives Gain (Loss) Recognized in Income on Derivatives for Years Ended December 31, 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) |
Volume of Commodity Contracts | The following represents the cumulative gross volume of DTE Energy's derivative contracts outstanding as of December 31, 2022: Commodity Number of Units Natural gas (MMBtu) 2,099,176,239 Electricity (MWh) 33,018,171 Oil (Gallons) 7,584,000 Foreign currency exchange ($ CAD) 164,965,288 FTR (MWh) 60,482 Renewable Energy Certificates (MWh) 7,340,257 Carbon emissions (Metric Ton) 140,639 Interest rate contracts ($ USD) 800,000,000 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Debt Disclosure [Abstract] | |
Schedule of Long-term Debt Instruments | DTE Energy's long-term debt outstanding and interest rates of debt outstanding at December 31 were: 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 _______________________________________ (a) Weighted average interest rate as of December 31, 2022. (b) Bonds are held by DTE Securitization, a special purpose entity consolidated by DTE Electric. Refer to Note 1 to the Consolidated Financial Statements, “Organization and Basis of Presentation,” for additional information regarding DTE Securitization and restrictions related to these bonds. DTE Electric's long-term debt outstanding and interest rates of debt outstanding at December 31 were: Interest Rate (a) Maturity Date 2022 2021 (In millions) Mortgage bonds, notes, and other Long-term debt, principally secured 3.7% 2023 — 2052 $ 9,572 $ 8,988 Unamortized debt discount (22) (19) Unamortized debt issuance costs (65) (62) Long-term debt due within one year (203) (316) $ 9,282 $ 8,591 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 $ — _______________________________________ (a) Weighted average interest rate as of December 31, 2022. (b) Bonds are held by DTE Securitization, a special purpose entity consolidated by DTE Electric. Refer to Note 1 to the Consolidated Financial Statements, “Organization and Basis of Presentation,” for additional information regarding DTE Securitization and restrictions related to these bonds. |
Schedule of Debt Issued | In 2022, the following debt was issued: 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 _______________________________________ (a) Proceeds used for the repayment of short-term borrowings, for capital expenditures, and for other general corporate purposes. (b) Bonds were issued as Green Bonds with proceeds to be used for eligible green expenditures, including costs related to the generation of solar and wind energy, purchases of renewable energy from wind and solar power facilities, and energy optimization programs. (c) Proceeds were used to reimburse DTE Electric for qualified costs previously incurred, including the net book value of the River Rouge generation plant, tree trimming surge program costs, and other qualified costs. The securitization financing order from the MPSC required that the net proceeds be subsequently applied by DTE Electric to retire existing debt or equity. Accordingly, DTE Electric used proceeds of $115 million towards retirement of the 2012 Series A Mortgage bonds noted in the Debt Redemptions table below and issued a one-time special dividend of $115 million to DTE Energy. Refer to Note 9 to the Consolidated Financial Statements, “Regulatory Matters,” for additional information. (d) Principal payments on the bonds are being made semi-annually beginning December 2022, with the final payment scheduled for December 2026. (e) Principal payments on the bonds will be made semi-annually beginning June 2027, with the final payment scheduled for December 2035. |
Schedule of Debt Redeemed | In 2022, the following debt was redeemed: 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 |
Schedule of Maturities of Long-term Debt | The following table shows the Registrants' scheduled debt maturities, excluding any unamortized discount on debt: 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 DTE Electric's scheduled debt maturities. (b) Amounts include DTE Securitization scheduled debt maturities. |
Scheduled Interest Payments Related to Long-term Debt | The following table shows scheduled interest payments related to the Registrants' long-term debt: 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 _______________________________________ (a) Amounts include DTE Electric's scheduled interest payments. (b) Amounts include DTE Securitization scheduled interest payments. |
Preferred and Preference Secu_2
Preferred and Preference Securities (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Preferred Stock, Number of Shares, Par Value and Other Disclosure [Abstract] | |
Schedule of Preferred and Preference Securities | As of December 31, 2022, the amount of authorized and unissued stock is as follows: Company Type of Stock Par Value Shares Authorized DTE Energy Preferred $ — 5,000,000 DTE Electric Preferred $ 100 6,747,484 DTE Electric Preference $ 1 30,000,000 DTE Gas Preferred $ 1 7,000,000 DTE Gas Preference $ 1 4,000,000 |
Short-Term Credit Arrangement_2
Short-Term Credit Arrangements and Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Short-Term Debt [Abstract] | |
Schedule of Line of Credit Facilities | The availability under the facilities in place at December 31, 2022 is shown in the following table: 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 _______________________________________ (a) Uncommitted letter of credit facility with automatic renewal provision for each July and therefore no expiration. |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Leases [Abstract] | |
Components of Lease Cost and Other Information Related to Leases | The following is a summary of the components of lease cost for the years ended December 31: DTE Energy DTE Electric 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 The following is a summary of other information related to leases for the years ended December 31: 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 % |
Schedule of Maturities of Operating Leases | The Registrants' future minimum lease payments under leases for remaining periods as of December 31, 2022 are as follows: 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 |
Schedule of Maturities of Finance Leases | The Registrants' future minimum lease payments under leases for remaining periods as of December 31, 2022 are as follows: 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 |
Schedule of Finance Leases Reported on Consolidated Statement of Financial Position | Finance leases reported on the Consolidated Statements of Financial Position are as follows for the years ended December 31: DTE Energy DTE Electric 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 |
Schedule of Lease Income Associated with Operating Leases | DTE Energy’s lease income associated with operating leases, including the line items in which it was included on the Consolidated Statements of Operations, was as follows: 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 _______________________________________ (a) Decrease in 2022 is due to the closure of the REF business. |
Schedule of Minimum Future Rental Revenues under Operating Leases | DTE Energy’s minimum future rental revenues under operating leases for remaining periods as of December 31, 2022 are as follows: DTE Energy (In millions) 2023 $ 15 2024 15 2025 15 2026 11 2027 10 2028 and thereafter 41 $ 107 |
Schedule of Property under Operating Leases | The following is a summary of property under operating leases for DTE Energy as of December 31: 2022 2021 (In millions) Gross property under operating leases $ 282 $ 341 Accumulated amortization of property under operating leases $ 128 $ 181 |
Components of Net Investment in Finance Leases | The components of DTE Energy’s net investment in finance leases for remaining periods as of December 31, 2022 are as follows: 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 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Long-term Purchase Commitments | The Registrants estimate the following commitments from 2023 through 2051, as detailed in the following tables: 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 _______________________________________ (a) The agreements represent the minimum obligations with suppliers for renewable energy and renewable energy credits under existing contract terms which expire from 2030 through 2047. DTE Electric's share of plant output ranges from 28% to 100%. Purchase commitments for DTE Electric include affiliate agreements with DTE Sustainable Generation that are eliminated in consolidation for DTE Energy. (b) Excludes amounts associated with full requirements contracts where no stated minimum purchase volume is required. |
Retirement Benefits and Trust_2
Retirement Benefits and Trusteed Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule of Defined Benefit Plans Disclosures | The table below represents the pension and other postretirement benefit plans of each Registrant at December 31, 2022: Registrants DTE Energy DTE Electric Qualified Pension Plans DTE Energy Company Retirement Plan X X DTE Gas Company Retirement Plan for Employees Covered by Collective Bargaining Agreements X Shenango Inc. Pension Plan (a) X Non-qualified Pension Plans DTE Energy Company Supplemental Retirement Plan (b) X X DTE Energy Company Executive Supplemental Retirement Plan (b) X X DTE Energy Company Supplemental Severance Benefit Plan X Other Postretirement Benefit Plans The DTE Energy Company Comprehensive Non-Health Welfare Plan X X The DTE Energy Company Comprehensive Retiree Group Health Care Plan X X DTE Supplemental Retiree Benefit Plan X X DTE Energy Company Retiree Reimbursement Arrangement Plan X X _____________________________________ (a) Sponsored by Shenango, LLC (b) Sponsored by DTE Energy Company |
Pension Plan | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule of Defined Benefit Plans Disclosures | The following table reconciles the obligations, assets, and funded status of the plans as well as the amounts recognized as prepaid pension cost or pension liability in DTE Energy's Consolidated Statements of Financial Position at December 31: DTE Energy 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 ______________________________________ (a) See Note 9 to the Consolidated Financial Statements, "Regulatory Matters." |
Schedule of Net Benefit Costs | Net pension cost for DTE Energy includes the following components: 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 |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | 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) |
Schedule of Expected Benefit Payments | At December 31, 2022, the benefits related to DTE Energy's qualified and non-qualified pension plans expected to be paid in each of the next five years and in the aggregate for the five fiscal years thereafter are as follows: (In millions) 2023 $ 344 2024 319 2025 328 2026 323 2027 323 2028-2032 1,616 Total $ 3,253 |
Schedule of Assumptions Used | Assumptions used in determining the projected benefit obligation and net pension costs of DTE Energy are: 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% |
Schedule of Allocation of Plan Assets | Target allocations for DTE Energy's pension plan assets as of December 31, 2022 are listed below: 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 % The following table provides the fair value measurement amounts for DTE Energy's pension plan assets at December 31, 2022 and 2021 (a) : 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 _______________________________________ (a) For a description of levels within the fair value hierarchy, see Note 12 to the Consolidated Financial Statements, "Fair Value." (b) Amounts represent assets valued at NAV as a practical expedient for fair value. (c) This category predominantly represents certain short-term fixed income securities and money market investments that are managed in separate accounts or commingled funds. Pricing for investments in this category is obtained from quoted prices in actively traded markets. (d) This category represents portfolios of large, medium and small capitalization domestic equities. Investments in this category include exchange-traded securities for which unadjusted quoted prices can be obtained and exchange-traded securities held in a commingled fund classified as NAV assets. (e) This category primarily consists of portfolios of non-U.S. developed and emerging market equities. Investments in this category include exchange-traded securities for which unadjusted quoted prices can be obtained and exchange-traded securities held in a commingled fund classified as NAV assets. (f) This category includes U.S. Treasuries, bonds, and other governmental debt. Pricing for investments in this category is obtained from quoted prices in actively traded markets and quotations from broker or pricing services. (g) This category primarily consists of corporate bonds from diversified industries, bank loans, and mortgage backed securities. Pricing for investments in this category is obtained from quotations from broker or pricing services. (h) This category utilizes a diversified group of strategies that attempt to capture uncorrelated sources of return and includes publicly traded mutual funds, insurance-linked and asset-backed securities, commingled funds and limited partnership funds. Pricing for mutual funds in this category is obtained from quoted prices in actively traded markets. Pricing for insurance-linked and asset-backed securities is obtained from quotations from broker or pricing services. Commingled funds and limited partnership funds are classified as NAV assets. (i) This category includes a diversified group of funds and strategies that primarily invests in private equity partnerships. This category also includes investments in private real estate and private debt. All investments in this category are classified as NAV assets. |
Other postretirement benefit plan | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule of Defined Benefit Plans Disclosures | The following table reconciles the obligations, assets, and funded status of the plans including amounts recorded as Accrued postretirement liability in the Registrants' Consolidated Statements of Financial Position at December 31: DTE Energy DTE Electric 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 ______________________________________ (a) See Note 9 to the Consolidated Financial Statements, "Regulatory Matters." |
Schedule of Net Benefit Costs | Net other postretirement credit for DTE Energy includes the following components: 2022 2021 2020 (In millions) Service cost $ 27 $ 30 $ 26 Interest cost 48 46 56 Expected return on plan assets (126) (129) (128) Amortization of: Net actuarial loss 4 13 16 Prior service credit (19) (19) (19) Net other postretirement credit $ (66) $ (59) $ (49) Net other postretirement credit for DTE Electric includes the following components: 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) |
Schedule of Amounts Recognized in Other Comprehensive Income (Loss) | 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 (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) |
Schedule of Expected Benefit Payments | At December 31, 2022, the benefits expected to be paid, including prescription drug benefits, in each of the next five years and in the aggregate for the five fiscal years thereafter for the Registrants are as follows: DTE Energy DTE Electric (In millions) 2023 $ 84 $ 64 2024 89 67 2025 90 68 2026 91 69 2027 94 71 2028-2032 488 371 Total $ 936 $ 710 |
Schedule of Assumptions Used | Assumptions used in determining the accumulated postretirement benefit obligation and net other postretirement benefit costs of the Registrants are: 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 |
Schedule of Allocation of Plan Assets | Target allocations for the Registrants' other postretirement benefit plan assets as of December 31, 2022 are listed below: U.S. Large Cap Equity Securities 5 % U.S. Small Cap and Mid Cap Equity Securities 1 Non-U.S. Equity Securities 4 Fixed Income Securities 61 Hedge Funds and Similar Investments 9 Private Equity and Other 20 100 % The following tables provide the fair value measurement amounts for the Registrants' other postretirement benefit plan assets at December 31, 2022 and 2021 (a) : December 31, 2022 December 31, 2021 Level 1 Level 2 Other (b) Total Level 1 Level 2 Other (b) Total (In millions) DTE Energy asset category: Short-term Investments (c) $ 35 $ — $ — $ 35 $ 39 $ — $ — $ 39 Equity Securities Domestic (d) — — 78 78 27 — 199 226 International (e) 9 — 61 70 27 — 141 168 Fixed Income Securities Governmental (f) 264 32 — 296 343 32 — 375 Corporate (g) — 396 194 590 — 355 271 626 Hedge Funds and Similar Investments (h) 31 22 94 147 58 26 120 204 Private Equity and Other (i) — — 361 361 — — 383 383 DTE Energy Total $ 339 $ 450 $ 788 $ 1,577 $ 494 $ 413 $ 1,114 $ 2,021 DTE Electric asset category: Short-term Investments (c) $ 23 $ — $ — $ 23 $ 26 $ — $ — $ 26 Equity Securities Domestic (d) — — 50 50 18 — 132 150 International (e) 5 — 39 44 18 — 93 111 Fixed Income Securities Governmental (f) 178 21 — 199 230 21 — 251 Corporate (g) — 262 134 396 — 235 187 422 Hedge Funds and Similar Investments (h) 20 15 63 98 39 17 81 137 Private Equity and Other (i) — — 242 242 — — 258 258 DTE Electric Total $ 226 $ 298 $ 528 $ 1,052 $ 331 $ 273 $ 751 $ 1,355 _______________________________________ (a) For a description of levels within the fair value hierarchy see Note 12 to the Consolidated Financial Statements, "Fair Value." (b) Amounts represent assets valued at NAV as a practical expedient for fair value. (c) This category predominantly represents certain short-term fixed income securities and money market investments that are managed in separate accounts or commingled funds. Pricing for investments in this category is obtained from quoted prices in actively traded markets. (d) This category represents portfolios of large, medium and small capitalization domestic equities. Investments in this category include exchange-traded securities for which unadjusted quoted prices can be obtained and exchange-traded securities held in a commingled fund classified as NAV assets. (e) This category primarily consists of portfolios of non-U.S. developed and emerging market equities. Investments in this category include exchange-traded securities for which unadjusted quoted prices can be obtained and exchange-traded securities held in a commingled fund classified as NAV assets. (f) This category includes U.S. Treasuries, bonds and other governmental debt. Pricing for investments in this category is obtained from quoted prices in actively traded markets and quotations from broker or pricing services. (g) This category primarily consists of corporate bonds from diversified industries, bank loans, and mortgage backed securities. Pricing for investments in this category is obtained from quotations from broker or pricing services. Non-exchange traded securities and exchange-traded securities held in commingled funds are classified as NAV assets. (h) This category utilizes a diversified group of strategies that attempt to capture uncorrelated sources of return and includes publicly traded mutual funds, insurance-linked and asset-backed securities, commingled funds and limited partnership funds. Pricing for mutual funds in this category is obtained from quoted prices in actively traded markets. Pricing for insurance-linked and asset-backed securities is obtained from quotations from broker or pricing services. Commingled funds and limited partnership funds are classified as NAV assets. (i) This category includes a diversified group of funds and strategies that primarily invests in private equity partnerships. This category also includes investments in private real estate and private debt. All investments in this category are classified as NAV assets. |
Schedule of Accumulated Benefit Obligations in Excess of Plan Assets | The following table reflects other postretirement benefit plans with accumulated postretirement benefit obligations in excess of plan assets as of December 31: DTE Energy DTE Electric 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 |
Retiree healthcare plan (VEBA) | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |
Schedule of VEBA Contributions | The following table provides contributions to the VEBA in: 2022 2021 2020 (In millions) DTE Energy $ 16 $ 18 $ 15 DTE Electric $ 7 $ 8 $ 7 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Share-Based Payment Arrangement, Noncash Expense [Abstract] | |
Schedule of Components of Stock-Based Compensation | The following table summarizes the components of stock-based compensation for DTE Energy: 2022 2021 2020 (In millions) Stock-based compensation expense $ 62 $ 71 $ 63 Tax benefit $ 11 $ 13 $ 12 |
Schedule of Activity Relating to Performance Share Awards | DTE Energy recorded activity relating to performance share awards as follows: 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 _______________________________________ (a) Sum of awards settled in cash and stock approximates the intrinsic value of the awards. |
Schedule of Stock-based Compensation, Performance Shares Activity Rollforward | The following table summarizes DTE Energy’s performance share activity for the period ended December 31, 2022: Performance Shares Weighted Average 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 |
Schedule of Unrecognized Compensation Cost, Non-Vested Awards | As of December 31, 2022, DTE Energy's total unrecognized compensation cost related to non-vested stock incentive plan arrangements and the weighted average recognition period was as follows: Unrecognized Weighted Average (In millions) (In years) Stock awards $ 20 1.50 Performance shares 50 1.14 $ 70 1.22 |
Segment and Related Informati_2
Segment and Related Information (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Segment Reporting [Abstract] | |
Financial Data of Business Segments | Inter-segment billing for goods and services exchanged between segments is based upon tariffed or market-based prices of the provider. Such billing primarily consists of power sales, sale and transportation of natural gas, and renewable natural gas sales in the segments below, as well as charges from Electric to other segments for use of the shared capital assets of DTE Electric. For the prior periods, inter-segment billing also included the sale of reduced emissions fuel at DTE Vantage. 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 _______________________________________ (a) Inter-segment billing for the Electric segment includes $6 million, $4 million, and $2 million relating to Non-utility operations for the years ended December 31, 2022, 2021, and 2020, respectively. Financial data of DTE Energy's business segments follows: Electric Gas DTE Vantage Energy Corporate Reclassifications 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 Corporate and Other (a) Reclassifications Total from Discontinued Total (In millions) 2021 Operating Revenues — Utility operations $ 5,809 1,553 — — — (74) $ 7,288 Operating Revenues — Non-utility operations $ 12 — 1,482 6,831 2 (651) $ 7,676 Depreciation and amortization $ 1,122 177 71 6 1 — $ 1,377 Interest expense $ 338 81 28 5 270 (92) $ 630 Interest income $ — (6) (23) (1) (84) 92 $ (22) Equity earnings of equity method investees $ — 1 8 — 29 — $ 38 Income Tax Expense (Benefit) $ 104 38 (31) (27) (214) — $ (130) Net Income (Loss) Attributable to DTE Energy Company $ 864 214 168 (83) (367) — $ 796 111 $ 907 Investment in equity method investees $ 6 13 118 — 50 — $ 187 Capital expenditures and acquisitions $ 3,016 621 69 6 — — $ 3,712 60 $ 3,772 Goodwill $ 1,208 743 25 17 — — $ 1,993 Total Assets $ 28,524 6,729 983 1,174 4,281 (1,972) $ 39,719 — $ 39,719 _______________________________________ (a) Corporate and Other results include significant one-time items resulting from the separation of DT Midstream, including a loss on debt extinguishment of $376 million following the settlement of intercompany borrowings with DT Midstream and optional redemption of DTE Energy long-term debt. DTE Energy also recognized a tax benefit of $85 million for the remeasurement of state deferred tax liabilities following the separation of DT Midstream. Electric Gas DTE Vantage Energy Corporate Reclassifications Total from Discontinued Total (In millions) 2020 Operating Revenues — Utility operations $ 5,506 1,414 — — — (75) $ 6,845 Operating Revenues — Non-utility operations $ 14 — 1,224 3,863 2 (525) $ 4,578 Depreciation and amortization $ 1,057 157 72 5 1 — $ 1,292 Interest expense $ 337 80 37 6 325 (184) $ 601 Interest income $ (4) (5) (22) (2) (180) 184 $ (29) Equity 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 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Related Party Transactions [Abstract] | |
Summary of Related Party Transactions | The following is a summary of DTE Electric's transactions with affiliated companies: 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 |
Organization and Basis of Pre_3
Organization and Basis of Presentation (Details Textuals) customer in Millions, $ in Millions | Dec. 31, 2022 USD ($) customer | Dec. 31, 2021 USD ($) |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||
Number of electric utility customers | customer | 2.3 | |
Number of gas utility customers | customer | 1.3 | |
Variable Interest Entity [Line Items] | ||
Material potential exposure | $ 0 | |
Investments in equity method investees | 165 | $ 187 |
Amount in excess of carrying amount | 99 | $ 99 |
DTE Electric | ||
Variable Interest Entity [Line Items] | ||
Material potential exposure | $ 0 |
Organization and Basis of Pre_4
Organization and Basis of Presentation (Consolidated Variable Interest Entities) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
ASSETS | |||
Cash and cash equivalents | $ 33 | $ 28 | |
Restricted cash | 10 | 7 | |
Securitized regulatory assets | 206 | 0 | |
Total Assets | 42,683 | 39,719 | $ 45,496 |
LIABILITIES | |||
Short-term borrowings | 1,162 | 758 | |
DTE Electric | |||
ASSETS | |||
Cash and cash equivalents | 15 | 9 | |
Restricted cash | 9 | 0 | |
Securitized regulatory assets | 206 | 0 | |
Total Assets | 30,236 | 28,405 | |
Variable interest entity, primary beneficiary | |||
ASSETS | |||
Cash and cash equivalents | 14 | 11 | |
Restricted cash | 9 | 6 | |
Securitized regulatory assets | 206 | 0 | |
Notes receivable | 81 | 70 | |
Other current and long-term assets | 14 | 8 | |
Total Assets | 324 | 95 | |
LIABILITIES | |||
Short-term borrowings | 81 | 75 | |
Securitization bonds | 211 | 0 | |
Other current and long-term liabilities | 14 | 5 | |
Total liabilities | 306 | 80 | |
Current portion of securitization bonds | 39 | ||
Variable interest entity, primary beneficiary | DTE Electric | |||
ASSETS | |||
Cash and cash equivalents | 0 | ||
Restricted cash | 9 | ||
Securitized regulatory assets | 206 | ||
Notes receivable | 0 | ||
Other current and long-term assets | 3 | ||
Total Assets | 218 | ||
LIABILITIES | |||
Short-term borrowings | 0 | ||
Securitization bonds | 211 | ||
Other current and long-term liabilities | 9 | ||
Total liabilities | $ 220 | ||
Current portion of securitization bonds | $ 39 |
Organization and Basis of Pre_5
Organization and Basis of Presentation (Non-Consolidated Variable Interest Entities) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Variable Interest Entity [Line Items] | ||
Investments in equity method investees | $ 165 | $ 187 |
Notes receivable | 331 | 310 |
Variable interest entity, nonconsolidated | ||
Variable Interest Entity [Line Items] | ||
Investments in equity method investees | 137 | 172 |
Notes receivable | 15 | 13 |
Future funding commitments | $ 2 | $ 3 |
Significant Accounting Polici_4
Significant Accounting Policies (Schedule of Other Income) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Schedule of Other Nonoperating Income, by Component [Line Items] | |||
Allowance for equity funds used during construction | $ 29 | $ 27 | $ 25 |
Contract services | 28 | 27 | 28 |
Gains from rabbi trust securities | 3 | 8 | 28 |
Income from REF entities | 0 | 141 | 139 |
Equity earnings (losses) of equity method investees | (14) | 38 | 26 |
Other | 12 | 13 | 13 |
Other income | 58 | 254 | 259 |
DTE Electric | |||
Schedule of Other Nonoperating Income, by Component [Line Items] | |||
Allowance for equity funds used during construction | 26 | 25 | 23 |
Contract services | 27 | 27 | 28 |
Gains from rabbi trust securities | 3 | 8 | 28 |
Other | 9 | 11 | 8 |
Other income | $ 65 | $ 71 | $ 87 |
Significant Accounting Polici_5
Significant Accounting Policies (Accumulated Other Comprehensive Loss) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | $ 8,713 | $ 12,589 | $ 11,836 |
Other comprehensive income | 50 | 15 | 11 |
Separation of DT Midstream | (4,010) | ||
Ending balance | 10,401 | 8,713 | 12,589 |
AOCI including portion attributable to noncontrolling interest | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (112) | (137) | |
Other comprehensive income before reclassifications | 5 | 2 | |
Amounts reclassified from Accumulated other comprehensive loss | 45 | 13 | |
Other comprehensive income | 50 | 15 | |
Separation of DT Midstream | 10 | ||
Ending balance | (62) | (112) | (137) |
Net Unrealized Gain (Loss) on Derivatives | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (11) | (23) | |
Other comprehensive income before reclassifications | 5 | 1 | |
Amounts reclassified from Accumulated other comprehensive loss | 2 | 6 | |
Other comprehensive income | 7 | 7 | |
Separation of DT Midstream | 5 | ||
Ending balance | (4) | (11) | (23) |
Benefit Obligations | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | (101) | (109) | |
Other comprehensive income before reclassifications | 0 | 1 | |
Amounts reclassified from Accumulated other comprehensive loss | 43 | 7 | |
Other comprehensive income | 43 | 8 | |
Separation of DT Midstream | 0 | ||
Ending balance | (58) | (101) | (109) |
Foreign Currency Translation | |||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Roll Forward] | |||
Beginning balance | 0 | (5) | |
Other comprehensive income before reclassifications | 0 | 0 | |
Amounts reclassified from Accumulated other comprehensive loss | 0 | 0 | |
Other comprehensive income | 0 | 0 | |
Separation of DT Midstream | 5 | ||
Ending balance | $ 0 | $ 0 | $ (5) |
Significant Accounting Polici_6
Significant Accounting Policies (Details Textuals) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Significant Accounting Policies [Line Items] | |||
Unbilled revenues | $ 2,038,000,000 | $ 1,695,000,000 | |
Specific review of probable future collections based on receivable balances, threshold duration | 30 days | ||
Intangible assets amortization expense | $ 16,000,000 | 16,000,000 | $ 16,000,000 |
Excise and sales taxes net impact on statement of operations | 0 | ||
Charitable contributions | 0 | 25,000,000 | $ 20,000,000 |
Natural gas inventory | |||
Significant Accounting Policies [Line Items] | |||
LIFO inventory amount | 44,000,000 | 50,000,000 | |
Excess of replacement costs over stated LIFO value | 152,000,000 | 136,000,000 | |
Notes receivable | |||
Significant Accounting Policies [Line Items] | |||
Financing receivables | 80,000,000 | ||
Past due | |||
Significant Accounting Policies [Line Items] | |||
Financing receivables | $ 0 | ||
Minimum | Notes receivable | |||
Significant Accounting Policies [Line Items] | |||
Number of days after which receivable is considered delinquent | 60 days | ||
Maximum | Notes receivable | |||
Significant Accounting Policies [Line Items] | |||
Number of days after which receivable is considered delinquent | 120 days | ||
DTE Electric and DTE Gas | |||
Significant Accounting Policies [Line Items] | |||
Threshold period past due for write-off of trade accounts receivable | 150 days | ||
DTE Electric and DTE Gas | Accounts Receivable | |||
Significant Accounting Policies [Line Items] | |||
Number of days after which receivable is considered delinquent | 21 days | ||
DTE Electric | |||
Significant Accounting Policies [Line Items] | |||
Unbilled revenues | $ 727,000,000 | 694,000,000 | |
DTE Electric | Notes receivable | |||
Significant Accounting Policies [Line Items] | |||
Financing receivables | 17,000,000 | ||
Unbilled revenues | |||
Significant Accounting Policies [Line Items] | |||
Unbilled revenues | 1,200,000,000 | 1,000,000,000 | |
Unbilled revenues | DTE Electric | |||
Significant Accounting Policies [Line Items] | |||
Unbilled revenues | $ 290,000,000 | $ 270,000,000 |
Significant Accounting Polici_7
Significant Accounting Policies (Financing Receivables Classified by Internal Grade of Credit Risk) (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Notes receivable | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2022 | $ 40 |
2021 | 3 |
2020 and prior | 37 |
Total | 80 |
Notes receivable | DTE Electric | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Total | 17 |
Notes receivable | Internal grade 1 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2022 | 0 |
2021 | 0 |
2020 and prior | 21 |
Total | 21 |
Notes receivable | Internal grade 1 | DTE Electric | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Total | 17 |
Notes receivable | Internal grade 2 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2022 | 40 |
2021 | 3 |
2020 and prior | 16 |
Total | 59 |
Notes receivable | Internal grade 2 | DTE Electric | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Total | 0 |
Net investment in leases | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2022 | 67 |
2021 | 0 |
2020 and prior | 225 |
Total | 292 |
Net investment in leases | DTE Electric | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Total | 0 |
Net investment in leases | Internal grade 1 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2022 | 0 |
2021 | 0 |
2020 and prior | 37 |
Total | 37 |
Net investment in leases | Internal grade 1 | DTE Electric | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Total | 0 |
Net investment in leases | Internal grade 2 | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
2022 | 67 |
2021 | 0 |
2020 and prior | 188 |
Total | 255 |
Net investment in leases | Internal grade 2 | DTE Electric | |
Financing Receivable, Credit Quality Indicator [Line Items] | |
Total | $ 0 |
Significant Accounting Polici_8
Significant Accounting Policies (Roll-Forward of Activity for Financing Receivables Credit Loss Reserves) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | $ 92 | $ 104 |
Current period provision | 49 | 54 |
Write-offs charged against allowance | (107) | (127) |
Recoveries of amounts previously written off | 45 | 61 |
Ending balance | 79 | 92 |
DTE Electric | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 54 | 57 |
Current period provision | 33 | 36 |
Write-offs charged against allowance | (66) | (77) |
Recoveries of amounts previously written off | 28 | 38 |
Ending balance | 49 | 54 |
Trade accounts receivable | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 89 | 101 |
Current period provision | 49 | 53 |
Write-offs charged against allowance | (105) | (126) |
Recoveries of amounts previously written off | 45 | 61 |
Ending balance | 78 | 89 |
Other receivables | ||
Financing Receivable, Allowance for Credit Loss [Roll Forward] | ||
Beginning balance | 3 | 3 |
Current period provision | 0 | 1 |
Write-offs charged against allowance | (2) | (1) |
Recoveries of amounts previously written off | 0 | 0 |
Ending balance | $ 1 | $ 3 |
Significant Accounting Polici_9
Significant Accounting Policies (Uncollectible Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Uncollectible expense | $ 55 | $ 55 | $ 105 |
DTE Electric | |||
Accounts, Notes, Loans and Financing Receivable [Line Items] | |||
Uncollectible expense | $ 35 | $ 36 | $ 62 |
Significant Accounting Polic_10
Significant Accounting Policies (Intangible Assets) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Finite-Lived Intangible Assets [Line Items] | ||
Accumulated Amortization | $ (88) | $ (98) |
Indefinite-lived Intangible Assets [Line Items] | ||
Intangible assets not subject to amortization | 8 | 4 |
Long-term intangible assets | ||
Gross Carrying Value | 254 | 275 |
Accumulated Amortization | (88) | (98) |
Net Carrying Value | 166 | 177 |
Renewable energy credits | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Intangible assets not subject to amortization | 2 | 2 |
Carbon offsets | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Intangible assets not subject to amortization | 6 | 2 |
Contract intangibles | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 246 | 271 |
Accumulated Amortization | (88) | (98) |
Net Carrying Value | 158 | 173 |
Long-term intangible assets | ||
Accumulated Amortization | (88) | $ (98) |
Contract intangibles | DTE Vantage | ||
Finite-Lived Intangible Assets [Line Items] | ||
Write-off of fully amortized assets, gross carrying value | 25 | |
Write-off of fully amortized assets, accumulated amortization | $ 25 | |
Contract intangibles | Minimum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Lives | 12 years | |
Contract intangibles | Maximum | ||
Finite-Lived Intangible Assets [Line Items] | ||
Useful Lives | 26 years |
Significant Accounting Polic_11
Significant Accounting Policies (Future Amortization Expense Intangible Assets) (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Estimated amortization expense | |
2023 | $ 16 |
2024 | 16 |
2025 | 16 |
2026 | 14 |
2027 | $ 14 |
Significant Accounting Polic_12
Significant Accounting Policies (Cloud Computing Costs) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Significant Accounting Policies [Line Items] | |||
Amortization expense of capitalized cloud computing costs | $ 4 | $ 1 | $ 0 |
Gross value of capitalized cloud computing costs | 42 | 16 | |
Accumulated amortization of capitalized cloud computing costs | 5 | 1 | |
DTE Electric | |||
Significant Accounting Policies [Line Items] | |||
Amortization expense of capitalized cloud computing costs | 3 | 1 | $ 0 |
Gross value of capitalized cloud computing costs | 33 | 12 | |
Accumulated amortization of capitalized cloud computing costs | $ 4 | $ 1 |
Discontinued Operations (Financ
Discontinued Operations (Financial Results That Have Been Reclassified from Continuing Operations and Included in Discontinued Operations) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Other (Income) and Deductions | |||
Net Income from Discontinued Operations, Net of Taxes | $ 0 | $ 117 | $ 326 |
Less: Net Income Attributable to Noncontrolling Interests | 0 | 6 | 12 |
Net Income from Discontinued Operations | $ 0 | 111 | 314 |
Transaction costs | 59 | 8 | |
DT Midstream | Discontinued operations, spinoff | |||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | |||
Operating Revenues — Non-utility operations | 405 | 754 | |
Operating Expenses | |||
Cost of gas and other — non-utility | 15 | 21 | |
Operation and maintenance | 123 | 138 | |
Depreciation and amortization | 82 | 151 | |
Taxes other than income | 13 | 15 | |
Asset (gains) losses and impairments, net | 17 | (2) | |
Operating Expenses | 250 | 323 | |
Operating Income | 155 | 431 | |
Other (Income) and Deductions | |||
Interest expense | 50 | 113 | |
Interest income | (4) | (9) | |
Other income | (62) | (129) | |
Other (Income) and Deductions | (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 |
Discontinued Operations (Signif
Discontinued Operations (Significant Non-cash Items, Capital Expenditures, and Significant Financing Activities of Discontinued Operations) (Details) - DT Midstream - Discontinued operations, spinoff - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
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 | $ 0 | $ (380) |
Revenue (Disaggregation of Reve
Revenue (Disaggregation of Revenue by Segment) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 19,228 | $ 14,964 | $ 11,423 |
Electric | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 6,412 | 5,821 | 5,520 |
Electric | Residential | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 2,911 | 2,926 | 2,825 |
Electric | Commercial | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 1,958 | 1,908 | 1,739 |
Electric | Industrial | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 659 | 628 | 592 |
Electric | Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 884 | 359 | 364 |
Electric | Other | DTE Sustainable Generation | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 15 | 12 | 14 |
Gas | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 1,924 | 1,553 | 1,414 |
Gas | Other | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 137 | 180 | 146 |
Gas | Gas sales | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 1,442 | 1,058 | 971 |
Gas | End User Transportation | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 264 | 233 | 218 |
Gas | Intermediate Transportation | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 81 | 82 | 79 |
DTE Vantage | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | 848 | 1,482 | 1,224 |
Energy Trading | |||
Disaggregation of Revenue [Line Items] | |||
Revenues | $ 10,308 | $ 6,831 | $ 3,863 |
Revenue (Revenues Outside the S
Revenue (Revenues Outside the Scope of Topic 606) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disaggregation of Revenue [Line Items] | |||
Leases | $ 82 | $ 198 | $ 181 |
Derivative, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Regulated and Unregulated Operating Revenue | Regulated and Unregulated Operating Revenue | Regulated and Unregulated Operating Revenue |
Electric | |||
Disaggregation of Revenue [Line Items] | |||
Alternative Revenue Program | $ 35 | $ 36 | $ 26 |
Other revenues | 19 | 19 | 22 |
Gas | |||
Disaggregation of Revenue [Line Items] | |||
Alternative Revenue Program | 9 | 10 | 10 |
Other revenues | 7 | 6 | 8 |
DTE Vantage | |||
Disaggregation of Revenue [Line Items] | |||
Leases | 82 | 103 | 99 |
Energy Trading | |||
Disaggregation of Revenue [Line Items] | |||
Derivatives | $ 8,489 | $ 5,603 | $ 2,690 |
Revenue (Details Textuals)
Revenue (Details Textuals) | 12 Months Ended |
Dec. 31, 2022 | |
DTE Vantage | |
Revenue from External Customer [Line Items] | |
Payment terms | 30 days |
Revenue (Deferred Revenue) (Det
Revenue (Deferred Revenue) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Contract Liability [Roll Forward] | |
Beginning Balance | $ 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 | $ 94 |
Revenue (Expected Recognition o
Revenue (Expected Recognition of Deferred Revenue) (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 94 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 91 |
Remaining performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 1 |
Remaining performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 1 |
Remaining performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 1 |
Remaining performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 0 |
Remaining performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 0 |
Remaining performance obligation, expected timing of satisfaction |
Revenue (Expected Recognition_2
Revenue (Expected Recognition of Deferred Revenue for fixed consideration) (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 94 |
Fixed Consideration | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | 1,008 |
Fixed Consideration | DTE Electric | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | 15 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 91 |
Remaining performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | Fixed Consideration | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 255 |
Remaining performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-01-01 | Fixed Consideration | DTE Electric | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 7 |
Remaining performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 1 |
Remaining performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | Fixed Consideration | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 195 |
Remaining performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-01-01 | Fixed Consideration | DTE Electric | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 7 |
Remaining performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 1 |
Remaining performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | Fixed Consideration | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 128 |
Remaining performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2025-01-01 | Fixed Consideration | DTE Electric | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 1 |
Remaining performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 1 |
Remaining performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | Fixed Consideration | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 71 |
Remaining performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2026-01-01 | Fixed Consideration | DTE Electric | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 0 |
Remaining performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 0 |
Remaining performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | Fixed Consideration | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 57 |
Remaining performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2027-01-01 | Fixed Consideration | DTE Electric | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 0 |
Remaining performance obligation, expected timing of satisfaction | 1 year |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 0 |
Remaining performance obligation, expected timing of satisfaction | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | Fixed Consideration | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 302 |
Remaining performance obligation, expected timing of satisfaction | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2028-01-01 | Fixed Consideration | DTE Electric | |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |
Remaining performance obligation | $ 0 |
Remaining performance obligation, expected timing of satisfaction |
Property, Plant, and Equipmen_2
Property, Plant, and Equipment (Summary of Property by Classification) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Property, Plant, and Equipment [Line Items] | ||
Property, plant, and equipment | $ 39,346 | $ 37,083 |
Accumulated depreciation and amortization | (10,579) | (10,139) |
Net property, plant, and equipment | 28,767 | 26,944 |
DTE Vantage | ||
Property, Plant, and Equipment [Line Items] | ||
Property, plant, and equipment | 1,059 | 1,118 |
Accumulated depreciation and amortization | (469) | (545) |
Other | ||
Property, Plant, and Equipment [Line Items] | ||
Property, plant, and equipment | 179 | 208 |
Accumulated depreciation and amortization | (61) | (73) |
DTE Electric | ||
Property, Plant, and Equipment [Line Items] | ||
Property, plant, and equipment | 30,591 | 28,849 |
Accumulated depreciation and amortization | (8,095) | (7,676) |
Net property, plant, and equipment | 22,496 | 21,173 |
DTE Electric | Nuclear | ||
Property, Plant, and Equipment [Line Items] | ||
Property, plant, and equipment | 3,684 | 3,394 |
Accumulated depreciation and amortization | (428) | (413) |
DTE Electric | Renewables | ||
Property, Plant, and Equipment [Line Items] | ||
Property, plant, and equipment | 2,567 | 2,522 |
Accumulated depreciation and amortization | (426) | (357) |
DTE Electric | Fossil and other generation | ||
Property, Plant, and Equipment [Line Items] | ||
Property, plant, and equipment | 8,789 | 8,640 |
Accumulated depreciation and amortization | (3,352) | (3,214) |
DTE Electric | Distribution | ||
Property, Plant, and Equipment [Line Items] | ||
Property, plant, and equipment | 12,502 | 11,414 |
Accumulated depreciation and amortization | (3,040) | (2,842) |
DTE Electric | Other | ||
Property, Plant, and Equipment [Line Items] | ||
Property, plant, and equipment | 3,049 | 2,879 |
Accumulated depreciation and amortization | (849) | (850) |
DTE Gas | ||
Property, Plant, and Equipment [Line Items] | ||
Property, plant, and equipment | 7,517 | 6,908 |
Accumulated depreciation and amortization | (1,954) | (1,845) |
DTE Gas | Distribution | ||
Property, Plant, and Equipment [Line Items] | ||
Property, plant, and equipment | 5,376 | 4,900 |
Accumulated depreciation and amortization | (1,330) | (1,265) |
DTE Gas | Storage | ||
Property, Plant, and Equipment [Line Items] | ||
Property, plant, and equipment | 607 | 593 |
Accumulated depreciation and amortization | (163) | (154) |
DTE Gas | Transmission and other | ||
Property, Plant, and Equipment [Line Items] | ||
Property, plant, and equipment | 1,534 | 1,415 |
Accumulated depreciation and amortization | $ (461) | $ (426) |
Property, Plant, and Equipmen_3
Property, Plant, and Equipment (Schedule of AFUDC and Capitalized Interest Rates (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant, and Equipment [Line Items] | |||
Non-regulated businesses capitalized interest | 3% | 3.30% | 3.90% |
DTE Electric | |||
Property, Plant, and Equipment [Line Items] | |||
AFUDC | 5.46% | 5.46% | 5.47% |
DTE Gas | |||
Property, Plant, and Equipment [Line Items] | |||
AFUDC | 5.41% | 5.55% | 5.56% |
Property, Plant, and Equipmen_4
Property, Plant, and Equipment (Schedule of AFUDC and Interest Capitalized) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |||
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 |
DTE Electric | |||
Property, Plant, and Equipment [Line Items] | |||
Allowance for debt funds used during construction | 11 | 11 | 10 |
Allowance for equity funds used during construction | 26 | 25 | 23 |
Total | $ 37 | $ 36 | $ 33 |
Property, Plant, and Equipmen_5
Property, Plant, and Equipment (Details Textuals) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Minimum | Non-utility | |||
Public Utility Property, Plant, and Equipment [Line Items] | |||
Property plant and equipment, useful life | 3 years | ||
Minimum | Capitalized software | |||
Public Utility Property, Plant, and Equipment [Line Items] | |||
Property plant and equipment, useful life | 3 years | ||
Maximum | Non-utility | |||
Public Utility Property, Plant, and Equipment [Line Items] | |||
Property plant and equipment, useful life | 50 years | ||
Maximum | Capitalized software | |||
Public Utility Property, Plant, and Equipment [Line Items] | |||
Property plant and equipment, useful life | 15 years | ||
DTE Electric | Minimum | Other | |||
Public Utility Property, Plant, and Equipment [Line Items] | |||
Property plant and equipment, useful life | 3 years | ||
DTE Electric | Minimum | Capitalized software | |||
Public Utility Property, Plant, and Equipment [Line Items] | |||
Property plant and equipment, useful life | 3 years | ||
DTE Electric | Maximum | Other | |||
Public Utility Property, Plant, and Equipment [Line Items] | |||
Property plant and equipment, useful life | 80 years | ||
DTE Electric | Maximum | Capitalized software | |||
Public Utility Property, Plant, and Equipment [Line Items] | |||
Property plant and equipment, useful life | 15 years | ||
DTE Gas | Minimum | Transmission and other | |||
Public Utility Property, Plant, and Equipment [Line Items] | |||
Property plant and equipment, useful life | 3 years | ||
DTE Gas | Maximum | Transmission and other | |||
Public Utility Property, Plant, and Equipment [Line Items] | |||
Property plant and equipment, useful life | 80 years | ||
DTE Electric | |||
Public Utility Property, Plant, and Equipment [Line Items] | |||
Composite depreciation rate for plants in service | 4.20% | 4.20% | 4.20% |
DTE Gas | |||
Public Utility Property, Plant, and Equipment [Line Items] | |||
Composite depreciation rate for plants in service | 2.90% | 2.90% | 2.80% |
Property, Plant, and Equipmen_6
Property, Plant, and Equipment (Average Estimated Useful Life of Each Major Class) (Details) | 12 Months Ended |
Dec. 31, 2022 | |
DTE Electric | |
Public Utility Property, Plant, and Equipment [Line Items] | |
Useful Life - Generation | 34 years |
Useful Life - Distribution | 38 years |
DTE Gas | |
Public Utility Property, Plant, and Equipment [Line Items] | |
Useful Life - Distribution | 49 years |
Useful Life - Storage | 58 years |
Property, Plant, and Equipmen_7
Property, Plant, and Equipment (Depreciation and Amortization) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant, and Equipment [Line Items] | |||
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 |
Depreciation and amortization | 1,468 | 1,377 | 1,292 |
DTE Electric | |||
Property, Plant, and Equipment [Line Items] | |||
Property, plant, and equipment | 951 | 890 | 831 |
Regulatory assets and liabilities | 248 | 214 | 207 |
Other | 5 | 5 | 5 |
Depreciation and amortization | $ 1,204 | $ 1,109 | $ 1,043 |
Property, Plant, and Equipmen_8
Property, Plant, and Equipment (Capitalized Software) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Property, Plant, and Equipment [Line Items] | |||
Amortization expense of capitalized software | $ 159 | $ 145 | $ 128 |
Gross carrying value of capitalized software | 796 | 920 | |
Accumulated amortization of capitalized software | 406 | 493 | |
DTE Electric | |||
Property, Plant, and Equipment [Line Items] | |||
Amortization expense of capitalized software | 146 | 132 | $ 118 |
Gross carrying value of capitalized software | 692 | 826 | |
Accumulated amortization of capitalized software | $ 343 | $ 439 |
Jointly-Owned Utility Plant (De
Jointly-Owned Utility Plant (Details Textuals) | Dec. 31, 2022 plant |
Belle River Unit 1 | |
Jointly-Owned Utility Plant Interests [Line Items] | |
Percent of the total capacity and energy of the plant | 19% |
Ludington Hydroelectric Pumped Storage | |
Jointly-Owned Utility Plant Interests [Line Items] | |
Percent of the total capacity and energy of the plant | 51% |
DTE Electric | |
Jointly-Owned Utility Plant Interests [Line Items] | |
Number of power plants owned | 2 |
Jointly-Owned Utility Plant (Ow
Jointly-Owned Utility Plant (Ownership Information) (Details) - DTE Electric $ in Millions | Dec. 31, 2022 USD ($) MW | Nov. 30, 2022 |
Belle River | ||
Jointly-Owned Utility Plant Interests [Line Items] | ||
Total plant capacity | MW | 1,270 | |
Ownership interest | 81% | |
Investment in Property, plant, and equipment (in millions) | $ 1,992 | |
Accumulated depreciation (in millions) | $ 1,051 | |
Ludington Hydroelectric Pumped Storage | ||
Jointly-Owned Utility Plant Interests [Line Items] | ||
Total plant capacity | MW | 2,290 | |
Ownership interest | 49% | 49% |
Investment in Property, plant, and equipment (in millions) | $ 645 | |
Accumulated depreciation (in millions) | $ 138 |
Asset Retirement Obligations (R
Asset Retirement Obligations (Rollforward) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||
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 |
DTE Electric | |||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||
Asset retirement obligations at January 1 | 2,932 | 2,607 | 2,447 |
Accretion | 172 | 155 | 145 |
Liabilities incurred | 22 | 29 | 18 |
Liabilities settled | (2) | (27) | (8) |
Revision in estimated cash flows | 97 | 168 | 5 |
Asset retirement obligations at December 31 | $ 3,221 | $ 2,932 | $ 2,607 |
Asset Retirement Obligations (D
Asset Retirement Obligations (Details Textuals) - Fermi 2 | Dec. 31, 2022 USD ($) |
Asset Retirement Obligations [Line Items] | |
Nuclear decommissioning liabilities funded through surcharge and included in ARO balance | $ 2,500,000,000 |
Liabilities balance upon completion of decommissioning | $ 0 |
Regulatory Matters (Schedule of
Regulatory Matters (Schedule of Regulatory Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Mar. 17, 2022 | Dec. 31, 2021 |
Regulatory Assets [Line Items] | |||
Regulatory assets | $ 4,336 | $ 3,677 | |
Less amount included in Current Assets | (450) | (195) | |
Regulatory assets, noncurrent | 3,886 | 3,482 | |
Securitized regulatory assets | 206 | 0 | |
Pension | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 1,362 | 1,372 | |
Other postretirement costs | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 172 | 53 | |
Fermi 2 asset retirement obligation | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 972 | 613 | |
Recoverable undepreciated costs on retired plants | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 594 | 667 | |
Accrued PSCR/GCR revenue | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 450 | 160 | |
Recoverable Michigan income taxes | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 148 | 163 | |
Enhanced tree trimming program deferred costs | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 90 | 189 | |
Energy Waste Reduction incentive | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 88 | 79 | |
Recoverable income taxes related to AFUDC equity | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 76 | 68 | |
Deferred pension costs | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 63 | 16 | |
Deferred environmental costs | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 46 | 51 | |
Unamortized loss on reacquired debt | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 45 | 51 | |
Customer360 deferred costs | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 42 | 46 | |
Non-service pension and other postretirement costs | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 32 | 25 | |
Nuclear performance evaluation and review committee tracker | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 26 | 39 | |
Removal costs asset | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 19 | 0 | |
Advanced distribution management system costs | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 14 | 9 | |
Other recoverable income taxes | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 14 | 16 | |
Transitional Reconciliation Mechanism | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 13 | 8 | |
Energy Waste Reduction | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 8 | 20 | |
Other | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 62 | 32 | |
DTE Electric | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 3,640 | 3,136 | |
Less amount included in Current Assets | (421) | (168) | |
Regulatory assets, noncurrent | 3,219 | 2,968 | |
Securitized regulatory assets | 206 | $ 230 | 0 |
DTE Electric | Pension | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 997 | 1,056 | |
DTE Electric | Other postretirement costs | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 60 | 27 | |
DTE Electric | Fermi 2 asset retirement obligation | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 972 | 613 | |
DTE Electric | Recoverable undepreciated costs on retired plants | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 594 | 667 | |
DTE Electric | Accrued PSCR/GCR revenue | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 421 | 142 | |
DTE Electric | Recoverable Michigan income taxes | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 121 | 133 | |
DTE Electric | Enhanced tree trimming program deferred costs | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 90 | 189 | |
DTE Electric | Energy Waste Reduction incentive | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 71 | 63 | |
DTE Electric | Recoverable income taxes related to AFUDC equity | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 68 | 61 | |
DTE Electric | Deferred pension costs | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 41 | 0 | |
DTE Electric | Deferred environmental costs | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 0 | 0 | |
DTE Electric | Unamortized loss on reacquired debt | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 34 | 38 | |
DTE Electric | Customer360 deferred costs | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 42 | 46 | |
DTE Electric | Non-service pension and other postretirement costs | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 0 | 0 | |
DTE Electric | Nuclear performance evaluation and review committee tracker | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 26 | 39 | |
DTE Electric | Removal costs asset | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 19 | 0 | |
DTE Electric | Advanced distribution management system costs | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 14 | 9 | |
DTE Electric | Other recoverable income taxes | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 14 | 16 | |
DTE Electric | Transitional Reconciliation Mechanism | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 13 | 8 | |
DTE Electric | Energy Waste Reduction | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | 0 | 0 | |
DTE Electric | Other | |||
Regulatory Assets [Line Items] | |||
Regulatory assets | $ 43 | $ 29 |
Regulatory Matters (Schedule _2
Regulatory Matters (Schedule of Regulatory Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | $ 2,707 | $ 3,262 |
Less amount included in Current Liabilities | (34) | (156) |
Regulatory liabilities, noncurrent | 2,673 | 3,106 |
Refundable federal income taxes | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 1,908 | 2,117 |
Removal costs liability | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 371 | 679 |
Negative other postretirement offset | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 191 | 150 |
Non-service pension and other postretirement costs | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 154 | 110 |
Renewable energy | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 21 | 13 |
Energy Waste Reduction | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 11 | 27 |
Incremental tree trim surge | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 4 | 90 |
COVID-19 voluntary refund | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 0 | 30 |
Other | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 47 | 46 |
DTE Electric | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 1,811 | 2,375 |
Less amount included in Current Liabilities | (33) | (154) |
Regulatory liabilities, noncurrent | 1,778 | 2,221 |
DTE Electric | Refundable federal income taxes | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 1,534 | 1,729 |
DTE Electric | Removal costs liability | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 0 | 283 |
DTE Electric | Negative other postretirement offset | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 128 | 106 |
DTE Electric | Non-service pension and other postretirement costs | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 73 | 54 |
DTE Electric | Renewable energy | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 21 | 13 |
DTE Electric | Energy Waste Reduction | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 11 | 27 |
DTE Electric | Incremental tree trim surge | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 4 | 90 |
DTE Electric | COVID-19 voluntary refund | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | 0 | 30 |
DTE Electric | Other | ||
Regulatory Liabilities [Line Items] | ||
Regulatory liabilities | $ 40 | $ 43 |
Regulatory Matters (Details Tex
Regulatory Matters (Details Textuals) - USD ($) $ in Millions | 12 Months Ended | ||||||||||
Feb. 10, 2023 | Nov. 18, 2022 | Mar. 17, 2022 | Jan. 21, 2022 | Dec. 31, 2022 | Dec. 28, 2022 | Dec. 27, 2022 | Nov. 30, 2022 | Nov. 04, 2022 | Dec. 31, 2021 | Jun. 23, 2021 | |
Regulatory Assets [Line Items] | |||||||||||
Deferral of investigation and remediation of costs associated with gas utilities former MGP sites | 10 years | ||||||||||
Long-term debt issued | $ 2,196 | ||||||||||
Securitized regulatory assets | 206 | $ 0 | |||||||||
Regulatory liability | 2,707 | 3,262 | |||||||||
DTE Electric | |||||||||||
Regulatory Assets [Line Items] | |||||||||||
Securitized regulatory assets | $ 230 | 206 | 0 | ||||||||
Regulatory liability | $ 1,811 | $ 2,375 | |||||||||
DTE Electric | Ludington Hydroelectric Pumped Storage | |||||||||||
Regulatory Assets [Line Items] | |||||||||||
Ownership interest | 49% | 49% | |||||||||
DTE Electric | Securitization Bonds | |||||||||||
Regulatory Assets [Line Items] | |||||||||||
Long-term debt issued | $ 236 | ||||||||||
DTE Electric | MPSC | |||||||||||
Regulatory Assets [Line Items] | |||||||||||
Authorized issuance of securitization bonds of qualified costs, maximum | $ 236 | ||||||||||
DTE Electric | MPSC | Net book value of River Rouge generation plant | |||||||||||
Regulatory Assets [Line Items] | |||||||||||
Authorized issuance of securitization bonds of qualified costs, maximum | 73 | ||||||||||
DTE Electric | MPSC | Tree trimming surge program costs | |||||||||||
Regulatory Assets [Line Items] | |||||||||||
Authorized issuance of securitization bonds of qualified costs, maximum | 157 | ||||||||||
DTE Electric | MPSC | Other | |||||||||||
Regulatory Assets [Line Items] | |||||||||||
Authorized issuance of securitization bonds of qualified costs, maximum | 6 | ||||||||||
DTE Electric | MPSC | 2022 Electric Rate Case Filing | |||||||||||
Regulatory Assets [Line Items] | |||||||||||
Requested rate increase | $ 388 | ||||||||||
Approved return on equity, percent | 9.90% | 9.90% | |||||||||
Requested return on equity, percent | 10.25% | ||||||||||
Approved revenue increase | $ 31 | ||||||||||
Disallowed capital expenditures | $ 8 | ||||||||||
DTE Electric | MPSC | DTE Electric Rate Case Filing 2023 | Subsequent Event | |||||||||||
Regulatory Assets [Line Items] | |||||||||||
Requested rate increase | $ 622 | ||||||||||
Approved return on equity, percent | 9.90% | ||||||||||
Requested return on equity, percent | 10.25% | ||||||||||
DTE Gas | MPSC | 2022 DTE Gas Voluntary Refund Application | 2022 Voluntary Refund | |||||||||||
Regulatory Assets [Line Items] | |||||||||||
Requested regulatory liability | $ 5 | ||||||||||
Regulatory liability | $ 5 | ||||||||||
DTE Gas | MPSC | Maximum | 2022 DTE Gas Voluntary Refund Application | 2022 Voluntary Refund | |||||||||||
Regulatory Assets [Line Items] | |||||||||||
Requested regulatory liability | $ 20 | ||||||||||
Consumers Energy Company | Ludington Hydroelectric Pumped Storage | |||||||||||
Regulatory Assets [Line Items] | |||||||||||
Ownership interest | 51% | ||||||||||
River Rouge | DTE Electric | Maximum | |||||||||||
Regulatory Assets [Line Items] | |||||||||||
Amortization period for regulatory asset | 14 years | ||||||||||
River Rouge | DTE Electric | MPSC | |||||||||||
Regulatory Assets [Line Items] | |||||||||||
Authorized issuance of securitization bonds of qualified costs, maximum | 73 | ||||||||||
Tree Trimming | DTE Electric | Maximum | |||||||||||
Regulatory Assets [Line Items] | |||||||||||
Amortization period for regulatory asset | 5 years | ||||||||||
Tree Trimming | DTE Electric | MPSC | |||||||||||
Regulatory Assets [Line Items] | |||||||||||
Authorized issuance of securitization bonds of qualified costs, maximum | $ 157 | ||||||||||
Customer360 deferred costs | |||||||||||
Regulatory Assets [Line Items] | |||||||||||
Approved amortization period | 15 years | ||||||||||
Nuclear performance evaluation and review committee tracker | |||||||||||
Regulatory Assets [Line Items] | |||||||||||
Approved amortization period | 5 years | ||||||||||
Advanced distribution management system costs | |||||||||||
Regulatory Assets [Line Items] | |||||||||||
Amortization period for regulatory asset | 15 years |
Income Taxes (Details Textuals)
Income Taxes (Details Textuals) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Entity Information [Line Items] | |||
Deferred tax asset, general business tax credit carryforwards | $ 1,400,000,000 | ||
State and local net operating loss carry-forwards | 97,000,000 | $ 73,000,000 | |
Valuation allowance | 58,000,000 | 51,000,000 | |
Reasonably possible decrease in unrecognized tax benefits in the next 12 months | 13,000,000 | ||
Accrued interest on income taxes | 5,000,000 | 5,000,000 | |
Interest expense on income taxes | 0 | 0 | $ 1,000,000 |
Penalties accrued on income taxes | 0 | 0 | |
State and local net operating loss carry-forwards | |||
Entity Information [Line Items] | |||
Valuation allowance | 31,000,000 | 29,000,000 | |
Charitable contribution carryforwards | |||
Entity Information [Line Items] | |||
Increase in valuation allowance | 9,000,000 | ||
Federal | |||
Entity Information [Line Items] | |||
Net operating loss carry-forwards | 1,300,000,000 | ||
Reasonably possible decrease in unrecognized tax benefits in the next 12 months | 5,000,000 | ||
State | |||
Entity Information [Line Items] | |||
Reasonably possible decrease in unrecognized tax benefits in the next 12 months | 8,000,000 | ||
DTE Electric | |||
Entity Information [Line Items] | |||
Income tax receivable from related party | 1,000,000 | 31,000,000 | |
State and local net operating loss carry-forwards | 38,000,000 | 15,000,000 | |
Valuation allowance | 0 | 0 | |
Accrued interest on income taxes | 8,000,000 | 7,000,000 | |
Interest expense on income taxes | 1,000,000 | 1,000,000 | $ 1,000,000 |
Penalties accrued on income taxes | 0 | $ 0 | |
DTE Electric | General Business Credits | |||
Entity Information [Line Items] | |||
Tax credit carry-forward | 487,000,000 | ||
DTE Electric | Federal | |||
Entity Information [Line Items] | |||
Net operating loss carry-forwards | 276,000,000 | ||
DTE Electric | State | |||
Entity Information [Line Items] | |||
Reasonably possible decrease in unrecognized tax benefits in the next 12 months | $ 13,000,000 |
Income Taxes (Reconciliation of
Income Taxes (Reconciliation of Income Tax Expense to the Statutory Federal Income Tax Rate) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
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) | 0 | (34) |
State deferred tax remeasurement due to separation of DT Midstream, net of federal benefit | 0 | (85) | 0 |
Enactment of West Virginia income tax legislation, net of federal benefit | 0 | 8 | 0 |
Deferred intercompany gain | 0 | 9 | 0 |
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 | 2.60% | (19.90%) | 3.40% |
DTE Electric | |||
Effective Income Tax Rate Reconciliation, Amount [Abstract] | |||
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 (Benefit) | $ 26 | $ 104 | $ 109 |
Effective income tax rate | 2.70% | 10.70% | 12.30% |
Income Taxes (Components of Inc
Income Taxes (Components of Income Tax Expense) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
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 |
Income Tax Expense (Benefit) | 29 | (130) | 37 |
DTE Electric | |||
Current income tax expense (benefit) | |||
Federal | 1 | (11) | 15 |
State and other income tax | 0 | (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 |
Income Tax Expense (Benefit) | $ 26 | $ 104 | $ 109 |
Income Taxes (Deferred Tax Asse
Income Taxes (Deferred Tax Assets (Liabilities)) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Components of Deferred Tax Assets and Liabilities [Abstract] | ||
Property, plant, and equipment | $ (3,897) | $ (3,826) |
Regulatory assets and liabilities | (493) | (124) |
Tax credit carry-forwards | 1,378 | 1,260 |
Pension and benefits | 111 | 102 |
Federal net operating loss carry-forward | 266 | 199 |
State and local net operating loss carry-forwards | 97 | 73 |
Investments in equity method investees | 65 | 59 |
Other | 137 | 145 |
Deferred tax assets (liabilities) | (2,336) | (2,112) |
Less: Valuation allowance | (58) | (51) |
Long-term deferred income tax liabilities | (2,394) | (2,163) |
Deferred income tax assets | 2,317 | 2,224 |
Deferred income tax liabilities | (4,711) | (4,387) |
DTE Electric | ||
Components of Deferred Tax Assets and Liabilities [Abstract] | ||
Property, plant, and equipment | (3,188) | (3,164) |
Regulatory assets and liabilities | (589) | (230) |
Tax credit carry-forwards | 487 | 379 |
Pension and benefits | 103 | 127 |
Federal net operating loss carry-forward | 58 | 5 |
State and local net operating loss carry-forwards | 38 | 15 |
Investments in equity method investees | 0 | (1) |
Other | 145 | 128 |
Deferred tax assets (liabilities) | (2,946) | (2,741) |
Less: Valuation allowance | 0 | 0 |
Long-term deferred income tax liabilities | (2,946) | (2,741) |
Deferred income tax assets | 1,081 | 988 |
Deferred income tax liabilities | $ (4,027) | $ (3,729) |
Income Taxes (Reconciliation _2
Income Taxes (Reconciliation of Unrecognized Tax Benefits) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized tax benefits, beginning balance | $ 10 | $ 10 | $ 10 |
Additions for tax positions of prior years | 5 | 0 | 0 |
Reductions for tax positions of prior years | (2) | 0 | 0 |
Unrecognized tax benefits, ending balance | 13 | 10 | 10 |
DTE Electric | |||
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | |||
Unrecognized tax benefits, beginning balance | 13 | 13 | 13 |
Additions for tax positions of prior years | 0 | 0 | 0 |
Reductions for tax positions of prior years | 0 | 0 | 0 |
Unrecognized tax benefits, ending balance | $ 13 | $ 13 | $ 13 |
Earnings Per Share (Details)
Earnings Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
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 |
Net income from continuing operations available to common shareholders — basic | 1,080 | 794 | 1,052 |
Net Income Attributable to DTE Energy Company — discontinued operations | 0 | 111 | 314 |
Net income available to common shareholders — basic | $ 1,080 | $ 905 | $ 1,366 |
Average number of common shares outstanding — basic (in shares) | 195 | 193 | 193 |
Income from continuing operations (in dollars per share) | $ 5.53 | $ 4.11 | $ 5.46 |
Income (loss) from discontinued operations (in dollars per share) | 0 | 0.57 | 1.63 |
Basic Earnings per Common Share (in dollars per 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 |
Net income from continuing operations available to common shareholders — diluted | 1,080 | 794 | 1,052 |
Net Income Attributable to DTE Energy Company — discontinued operations | 0 | 111 | 314 |
Net income available to common shareholders — diluted | $ 1,080 | $ 905 | $ 1,366 |
Average number of common shares outstanding — basic (in shares) | 195 | 193 | 193 |
Average dilutive equity units and performance share awards (in shares) | 1 | 1 | 0 |
Average number of common shares outstanding — diluted (in shares) | 196 | 194 | 193 |
Income from continuing operations (in dollars per share) | $ 5.52 | $ 4.10 | $ 5.45 |
Income from discontinued operations (in dollars per share) | 0 | 0.57 | 1.63 |
Diluted Earnings per Common Share (in dollars per share) | $ 5.52 | $ 4.67 | $ 7.08 |
Antidilutive securities excluded from computation of earnings per share (in shares) | 11.5 | 10.3 |
Fair Value (Assets and Liabilit
Fair Value (Assets and Liabilities Recorded at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Derivative assets | ||
Derivative assets, gross | $ 1,922 | $ 1,391 |
Derivative assets, netting | $ (1,489) | $ (1,120) |
Derivative Asset, Statement of Financial Position [Extensible Enumeration] | Derivative Asset, Current, Derivative Asset, Noncurrent | Derivative Asset, Current, Derivative Asset, Noncurrent |
Liabilities | ||
Derivative liabilities, gross | $ (2,169) | $ (1,508) |
Derivative liabilities, netting | 1,512 | 1,078 |
DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 1,825 | 2,071 |
Current liabilities | ||
Liabilities | ||
Derivative liabilities, gross | (1,535) | (1,037) |
Noncurrent liabilities | ||
Liabilities | ||
Derivative liabilities, gross | (634) | (471) |
Natural Gas | ||
Derivative assets | ||
Derivative assets, gross | 744 | 454 |
Derivative assets, netting | (649) | (394) |
Liabilities | ||
Derivative liabilities, gross | (1,018) | (594) |
Derivative liabilities, netting | 645 | 347 |
Electricity | ||
Derivative assets | ||
Derivative assets, gross | 963 | 643 |
Derivative assets, netting | (643) | (441) |
Liabilities | ||
Derivative liabilities, gross | (935) | (622) |
Derivative liabilities, netting | 665 | 443 |
Environmental & Other | ||
Derivative assets | ||
Derivative assets, gross | 213 | 294 |
Derivative assets, netting | (196) | (285) |
Liabilities | ||
Derivative liabilities, gross | (214) | (288) |
Derivative liabilities, netting | 201 | 288 |
Cash equivalents | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 42 | 39 |
Private equity and other | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 262 | 205 |
Hedge Funds and Similar Investments | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 119 | 76 |
Equity securities | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 839 | 1,107 |
Fixed income securities | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 563 | 644 |
Recurring | ||
Assets | ||
Cash equivalents | 10 | 4 |
Derivative assets | ||
Derivative assets, netting | (1,489) | (1,120) |
Derivative assets, net | 433 | 271 |
Total assets | 2,403 | 2,507 |
Liabilities | ||
Derivative liabilities, netting | 1,512 | 1,078 |
Total Liabilities | (657) | (430) |
Net Assets (Liabilities) at end of period | 1,746 | 2,077 |
Net Assets (Liabilities) at the end of the period, netting | 23 | (42) |
Recurring | DTE Electric | ||
Assets | ||
Cash equivalents | 9 | 0 |
Derivative assets | ||
Total assets | 1,872 | 2,111 |
Recurring | Current assets | ||
Derivative assets | ||
Derivative assets, netting | (1,189) | (854) |
Total assets | 338 | 185 |
Recurring | Current assets | DTE Electric | ||
Derivative assets | ||
Total assets | 20 | 9 |
Recurring | Noncurrent assets | ||
Derivative assets | ||
Derivative assets, netting | (300) | (266) |
Total assets | 2,065 | 2,322 |
Recurring | Noncurrent assets | DTE Electric | ||
Derivative assets | ||
Total assets | 1,852 | 2,102 |
Recurring | Current liabilities | ||
Liabilities | ||
Derivative liabilities, netting | 1,193 | 799 |
Total Liabilities | (342) | (238) |
Recurring | Noncurrent liabilities | ||
Liabilities | ||
Derivative liabilities, netting | 319 | 279 |
Total Liabilities | (315) | (192) |
Recurring | Restricted cash | ||
Assets | ||
Cash equivalents | 10 | 1 |
Recurring | Restricted cash | DTE Electric | ||
Assets | ||
Cash equivalents | 9 | |
Recurring | Natural Gas | ||
Derivative assets | ||
Derivative assets, netting | (649) | (394) |
Derivative assets, net | 95 | 60 |
Liabilities | ||
Derivative liabilities, netting | 645 | 347 |
Derivative liabilities, net | (373) | (247) |
Recurring | Electricity | ||
Derivative assets | ||
Derivative assets, netting | (643) | (441) |
Derivative assets, net | 320 | 202 |
Liabilities | ||
Derivative liabilities, netting | 665 | 443 |
Derivative liabilities, net | (270) | (179) |
Recurring | Environmental & Other | ||
Derivative assets | ||
Derivative assets, netting | (196) | (285) |
Derivative assets, net | 17 | 9 |
Liabilities | ||
Derivative liabilities, netting | 201 | 288 |
Derivative liabilities, net | (13) | 0 |
Recurring | Other contracts | ||
Derivative assets | ||
Derivative assets, netting | (1) | 0 |
Derivative assets, net | 1 | 0 |
Liabilities | ||
Derivative liabilities, netting | 1 | 0 |
Derivative liabilities, net | (1) | (4) |
Recurring | Derivative assets — FTRs | DTE Electric | ||
Derivative assets | ||
Derivative assets, net | 11 | 9 |
Recurring | Cash equivalents | ||
Assets | ||
Nuclear decommissioning trusts | 42 | 39 |
Other investments | 72 | 86 |
Recurring | Cash equivalents | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 42 | 39 |
Other investments | 11 | 11 |
Recurring | Private equity and other | ||
Assets | ||
Nuclear decommissioning trusts | 262 | 205 |
Recurring | Private equity and other | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 262 | 205 |
Recurring | Hedge Funds and Similar Investments | ||
Assets | ||
Nuclear decommissioning trusts | 119 | 76 |
Recurring | Hedge Funds and Similar Investments | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 119 | 76 |
Recurring | Equity securities | ||
Assets | ||
Nuclear decommissioning trusts | 839 | 1,107 |
Other investments | 56 | 68 |
Recurring | Equity securities | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 839 | 1,107 |
Other investments | 16 | 20 |
Recurring | Fixed income securities | ||
Assets | ||
Nuclear decommissioning trusts | 563 | 644 |
Other investments | 7 | 7 |
Recurring | Fixed income securities | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 563 | 644 |
Recurring | Level 1 | ||
Assets | ||
Cash equivalents | 10 | 4 |
Derivative assets | ||
Derivative assets, gross | 426 | 273 |
Total assets | 1,507 | 1,576 |
Liabilities | ||
Total Liabilities | (297) | (177) |
Net Assets (Liabilities) at end of period | 1,210 | 1,399 |
Recurring | Level 1 | DTE Electric | ||
Assets | ||
Cash equivalents | 9 | 0 |
Derivative assets | ||
Total assets | 972 | 1,169 |
Recurring | Level 1 | Current assets | ||
Derivative assets | ||
Total assets | 360 | 227 |
Recurring | Level 1 | Current assets | DTE Electric | ||
Derivative assets | ||
Total assets | 9 | 0 |
Recurring | Level 1 | Noncurrent assets | ||
Derivative assets | ||
Total assets | 1,147 | 1,349 |
Recurring | Level 1 | Noncurrent assets | DTE Electric | ||
Derivative assets | ||
Total assets | 963 | 1,169 |
Recurring | Level 1 | Current liabilities | ||
Liabilities | ||
Total Liabilities | (273) | (168) |
Recurring | Level 1 | Noncurrent liabilities | ||
Liabilities | ||
Total Liabilities | (24) | (9) |
Recurring | Level 1 | Natural Gas | ||
Derivative assets | ||
Derivative assets, gross | 426 | 273 |
Liabilities | ||
Derivative liabilities, gross | (297) | (177) |
Recurring | Level 1 | Electricity | ||
Derivative assets | ||
Derivative assets, gross | 0 | 0 |
Liabilities | ||
Derivative liabilities, gross | 0 | 0 |
Recurring | Level 1 | Environmental & Other | ||
Derivative assets | ||
Derivative assets, gross | 0 | 0 |
Liabilities | ||
Derivative liabilities, gross | 0 | 0 |
Recurring | Level 1 | Other contracts | ||
Derivative assets | ||
Derivative assets, gross | 0 | 0 |
Liabilities | ||
Derivative liabilities, gross | 0 | 0 |
Recurring | Level 1 | Derivative assets — FTRs | DTE Electric | ||
Derivative assets | ||
Derivative assets, net | 0 | 0 |
Recurring | Level 1 | Cash equivalents | ||
Assets | ||
Nuclear decommissioning trusts | 42 | 39 |
Other investments | 72 | 86 |
Recurring | Level 1 | Cash equivalents | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 42 | 39 |
Other investments | 11 | 11 |
Recurring | Level 1 | Private equity and other | ||
Assets | ||
Nuclear decommissioning trusts | 0 | 0 |
Recurring | Level 1 | Private equity and other | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 0 | 0 |
Recurring | Level 1 | Hedge Funds and Similar Investments | ||
Assets | ||
Nuclear decommissioning trusts | 78 | 58 |
Recurring | Level 1 | Hedge Funds and Similar Investments | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 78 | 58 |
Recurring | Level 1 | Equity securities | ||
Assets | ||
Nuclear decommissioning trusts | 701 | 917 |
Other investments | 56 | 68 |
Recurring | Level 1 | Equity securities | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 701 | 917 |
Other investments | 16 | 20 |
Recurring | Level 1 | Fixed income securities | ||
Assets | ||
Nuclear decommissioning trusts | 115 | 124 |
Other investments | 7 | 7 |
Recurring | Level 1 | Fixed income securities | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 115 | 124 |
Recurring | Level 2 | ||
Assets | ||
Cash equivalents | 0 | 0 |
Derivative assets | ||
Derivative assets, gross | 1,106 | 900 |
Total assets | 1,506 | 1,336 |
Liabilities | ||
Total Liabilities | (1,205) | (898) |
Net Assets (Liabilities) at end of period | 301 | 438 |
Recurring | Level 2 | DTE Electric | ||
Assets | ||
Cash equivalents | 0 | 0 |
Derivative assets | ||
Total assets | 400 | 436 |
Recurring | Level 2 | Current assets | ||
Derivative assets | ||
Total assets | 881 | 646 |
Recurring | Level 2 | Current assets | DTE Electric | ||
Derivative assets | ||
Total assets | 0 | 0 |
Recurring | Level 2 | Noncurrent assets | ||
Derivative assets | ||
Total assets | 625 | 690 |
Recurring | Level 2 | Noncurrent assets | DTE Electric | ||
Derivative assets | ||
Total assets | 400 | 436 |
Recurring | Level 2 | Current liabilities | ||
Liabilities | ||
Total Liabilities | (876) | (609) |
Recurring | Level 2 | Noncurrent liabilities | ||
Liabilities | ||
Total Liabilities | (329) | (289) |
Recurring | Level 2 | Natural Gas | ||
Derivative assets | ||
Derivative assets, gross | 183 | 115 |
Liabilities | ||
Derivative liabilities, gross | (331) | (172) |
Recurring | Level 2 | Electricity | ||
Derivative assets | ||
Derivative assets, gross | 720 | 500 |
Liabilities | ||
Derivative liabilities, gross | (659) | (434) |
Recurring | Level 2 | Environmental & Other | ||
Derivative assets | ||
Derivative assets, gross | 201 | 285 |
Liabilities | ||
Derivative liabilities, gross | (213) | (288) |
Recurring | Level 2 | Other contracts | ||
Derivative assets | ||
Derivative assets, gross | 2 | 0 |
Liabilities | ||
Derivative liabilities, gross | (2) | (4) |
Recurring | Level 2 | Derivative assets — FTRs | DTE Electric | ||
Derivative assets | ||
Derivative assets, net | 0 | 0 |
Recurring | Level 2 | Cash equivalents | ||
Assets | ||
Nuclear decommissioning trusts | 0 | 0 |
Other investments | 0 | 0 |
Recurring | Level 2 | Cash equivalents | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 0 | 0 |
Other investments | 0 | 0 |
Recurring | Level 2 | Private equity and other | ||
Assets | ||
Nuclear decommissioning trusts | 0 | 0 |
Recurring | Level 2 | Private equity and other | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 0 | 0 |
Recurring | Level 2 | Hedge Funds and Similar Investments | ||
Assets | ||
Nuclear decommissioning trusts | 41 | 18 |
Recurring | Level 2 | Hedge Funds and Similar Investments | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 41 | 18 |
Recurring | Level 2 | Equity securities | ||
Assets | ||
Nuclear decommissioning trusts | 0 | 0 |
Other investments | 0 | 0 |
Recurring | Level 2 | Equity securities | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 0 | 0 |
Other investments | 0 | 0 |
Recurring | Level 2 | Fixed income securities | ||
Assets | ||
Nuclear decommissioning trusts | 359 | 418 |
Other investments | 0 | 0 |
Recurring | Level 2 | Fixed income securities | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 359 | 418 |
Recurring | Level 3 | ||
Assets | ||
Cash equivalents | 0 | 0 |
Derivative assets | ||
Derivative assets, gross | 390 | 218 |
Total assets | 390 | 218 |
Liabilities | ||
Total Liabilities | (667) | (433) |
Net Assets (Liabilities) at end of period | (277) | (215) |
Recurring | Level 3 | DTE Electric | ||
Assets | ||
Cash equivalents | 0 | 0 |
Derivative assets | ||
Total assets | 11 | 9 |
Recurring | Level 3 | Current assets | ||
Derivative assets | ||
Total assets | 286 | 166 |
Recurring | Level 3 | Current assets | DTE Electric | ||
Derivative assets | ||
Total assets | 11 | 9 |
Recurring | Level 3 | Noncurrent assets | ||
Derivative assets | ||
Total assets | 104 | 52 |
Recurring | Level 3 | Noncurrent assets | DTE Electric | ||
Derivative assets | ||
Total assets | 0 | 0 |
Recurring | Level 3 | Current liabilities | ||
Liabilities | ||
Total Liabilities | (386) | (260) |
Recurring | Level 3 | Noncurrent liabilities | ||
Liabilities | ||
Total Liabilities | (281) | (173) |
Recurring | Level 3 | Natural Gas | ||
Derivative assets | ||
Derivative assets, gross | 135 | 66 |
Liabilities | ||
Derivative liabilities, gross | (390) | (245) |
Recurring | Level 3 | Electricity | ||
Derivative assets | ||
Derivative assets, gross | 243 | 143 |
Liabilities | ||
Derivative liabilities, gross | (276) | (188) |
Recurring | Level 3 | Environmental & Other | ||
Derivative assets | ||
Derivative assets, gross | 12 | 9 |
Liabilities | ||
Derivative liabilities, gross | (1) | 0 |
Recurring | Level 3 | Other contracts | ||
Derivative assets | ||
Derivative assets, gross | 0 | 0 |
Liabilities | ||
Derivative liabilities, gross | 0 | 0 |
Recurring | Level 3 | Derivative assets — FTRs | DTE Electric | ||
Derivative assets | ||
Derivative assets, net | 11 | 9 |
Recurring | Level 3 | Cash equivalents | ||
Assets | ||
Nuclear decommissioning trusts | 0 | 0 |
Other investments | 0 | 0 |
Recurring | Level 3 | Cash equivalents | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 0 | 0 |
Other investments | 0 | 0 |
Recurring | Level 3 | Private equity and other | ||
Assets | ||
Nuclear decommissioning trusts | 0 | 0 |
Recurring | Level 3 | Private equity and other | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 0 | 0 |
Recurring | Level 3 | Hedge Funds and Similar Investments | ||
Assets | ||
Nuclear decommissioning trusts | 0 | 0 |
Recurring | Level 3 | Hedge Funds and Similar Investments | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 0 | 0 |
Recurring | Level 3 | Equity securities | ||
Assets | ||
Nuclear decommissioning trusts | 0 | 0 |
Other investments | 0 | 0 |
Recurring | Level 3 | Equity securities | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 0 | 0 |
Other investments | 0 | 0 |
Recurring | Level 3 | Fixed income securities | ||
Assets | ||
Nuclear decommissioning trusts | 0 | 0 |
Other investments | 0 | 0 |
Recurring | Level 3 | Fixed income securities | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 0 | 0 |
Recurring | Other | ||
Derivative assets | ||
Total assets | 489 | 497 |
Liabilities | ||
Net Assets (Liabilities) at end of period | 489 | 497 |
Recurring | Other | DTE Electric | ||
Derivative assets | ||
Total assets | 489 | 497 |
Recurring | Other | Noncurrent assets | ||
Derivative assets | ||
Total assets | 489 | 497 |
Recurring | Other | Noncurrent assets | DTE Electric | ||
Derivative assets | ||
Total assets | 489 | 497 |
Recurring | Other | Private equity and other | ||
Assets | ||
Nuclear decommissioning trusts | 262 | 205 |
Recurring | Other | Private equity and other | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 262 | 205 |
Recurring | Other | Equity securities | ||
Assets | ||
Nuclear decommissioning trusts | 138 | 190 |
Recurring | Other | Equity securities | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | 138 | 190 |
Recurring | Other | Fixed income securities | ||
Assets | ||
Nuclear decommissioning trusts | 89 | 102 |
Recurring | Other | Fixed income securities | DTE Electric | ||
Assets | ||
Nuclear decommissioning trusts | $ 89 | $ 102 |
Fair Value (Details Textuals)
Fair Value (Details Textuals) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Nuclear decommissioning trusts | Fixed Income Securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Securities with no contractual maturity date | $ 89 | |
Private Equity and Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Unfunded commitments related to investments classified as NAV assets | $ 177 | $ 199 |
Minimum | Equity or debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, redemption notice period | 7 days | |
Minimum | Private Equity and Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments classified as NAV assets, general contractual durations | 7 years | |
Maximum | Equity or debt securities | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments, redemption notice period | 65 days | |
Maximum | Private Equity and Other | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Investments classified as NAV assets, general contractual durations | 12 years |
Fair Value (Reconciliation of L
Fair Value (Reconciliation of Level 3 Assets and Liabilities at Fair Value on a Recurring Basis) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Fair Value, Net Derivative Asset (Liability), Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Non-utility operations, Fuel, purchased power, and gas — utility | Non-utility operations, Fuel, purchased power, and gas — utility |
Purchases, issuances, and settlements: | ||
Fair Value, Asset, Recurring Basis, Still Held, Unrealized Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration] | Non-utility operations, Fuel, purchased power, and gas — utility | Non-utility operations, Fuel, purchased power, and gas — utility |
Recurring | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Net Assets (Liabilities) as of January 1 | $ (215) | $ (2) |
Transfers from Level 3 into Level 2 | 6 | 0 |
Total gains (losses) | ||
Included in earnings | (311) | (289) |
Recorded in Regulatory liabilities | 21 | 19 |
Purchases, issuances, and settlements: | ||
Settlements | 222 | 57 |
Net Assets (Liabilities) as of December 31 | (277) | (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 | (276) | (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 | 9 |
Recurring | Natural Gas | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Net Assets (Liabilities) as of January 1 | (179) | (16) |
Transfers from Level 3 into Level 2 | 5 | 0 |
Total gains (losses) | ||
Included in earnings | (410) | (343) |
Recorded in Regulatory liabilities | 0 | 0 |
Purchases, issuances, and settlements: | ||
Settlements | 329 | 180 |
Net Assets (Liabilities) as of December 31 | (255) | (179) |
Total gains (losses) included in Net Income attributed to the change in unrealized gains (losses) related to assets and liabilities held at December 31 | (215) | (208) |
Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at December 31 | 0 | 0 |
Recurring | Electricity | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Net Assets (Liabilities) as of January 1 | (45) | 10 |
Transfers from Level 3 into Level 2 | 1 | 0 |
Total gains (losses) | ||
Included in earnings | 97 | 54 |
Recorded in Regulatory liabilities | 0 | 0 |
Purchases, issuances, and settlements: | ||
Settlements | (86) | (109) |
Net Assets (Liabilities) as of December 31 | (33) | (45) |
Total gains (losses) included in Net Income attributed to the change in unrealized gains (losses) related to assets and liabilities held at December 31 | 50 | 4 |
Total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at December 31 | 0 | 0 |
Recurring | Other | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Net Assets (Liabilities) as of January 1 | 9 | 4 |
Transfers from Level 3 into Level 2 | 0 | 0 |
Total gains (losses) | ||
Included in earnings | 2 | 0 |
Recorded in Regulatory liabilities | 21 | 19 |
Purchases, issuances, and settlements: | ||
Settlements | (21) | (14) |
Net Assets (Liabilities) as of December 31 | 11 | 9 |
Total gains (losses) included in Net Income attributed to the change in unrealized gains (losses) related to assets and liabilities held at December 31 | (111) | (72) |
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 |
Recurring | DTE Electric | ||
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation [Roll Forward] | ||
Net Assets (Liabilities) as of January 1 | 9 | 4 |
Total gains (losses) | ||
Recorded in Regulatory liabilities | 21 | 19 |
Purchases, issuances, and settlements: | ||
Settlements | (19) | (14) |
Net Assets (Liabilities) 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 |
Fair Value (Unobservable Inputs
Fair Value (Unobservable Inputs related to Level 3 Assets and Liabilities) (Details) $ in Millions | Dec. 31, 2022 USD ($) $ / MMBTU $ / MWh | Dec. 31, 2021 USD ($) $ / MMBTU $ / MWh |
Unobservable Input Valuation Techniques [Line Items] | ||
Derivative Assets | $ 1,922 | $ 1,391 |
Derivative Liabilities | (2,169) | (1,508) |
Natural Gas | ||
Unobservable Input Valuation Techniques [Line Items] | ||
Derivative Assets | 744 | 454 |
Derivative Liabilities | (1,018) | (594) |
Electricity | ||
Unobservable Input Valuation Techniques [Line Items] | ||
Derivative Assets | 963 | 643 |
Derivative Liabilities | $ (935) | $ (622) |
Level 3 | Discounted Cash Flow | Forward basis price | Natural Gas | Minimum | ||
Unobservable Input Valuation Techniques [Line Items] | ||
Forward basis price | $ / MMBTU | (1.91) | (1.36) |
Level 3 | Discounted Cash Flow | Forward basis price | Natural Gas | Maximum | ||
Unobservable Input Valuation Techniques [Line Items] | ||
Forward basis price | $ / MMBTU | 39.94 | 3.82 |
Level 3 | Discounted Cash Flow | Forward basis price | Natural Gas | Weighted Average | ||
Unobservable Input Valuation Techniques [Line Items] | ||
Forward basis price | $ / MMBTU | 0.18 | (0.04) |
Level 3 | Discounted Cash Flow | Forward basis price | Electricity | Minimum | ||
Unobservable Input Valuation Techniques [Line Items] | ||
Forward basis price | $ / MWh | (29.41) | (11.70) |
Level 3 | Discounted Cash Flow | Forward basis price | Electricity | Maximum | ||
Unobservable Input Valuation Techniques [Line Items] | ||
Forward basis price | $ / MWh | 15 | 6.65 |
Level 3 | Discounted Cash Flow | Forward basis price | Electricity | Weighted Average | ||
Unobservable Input Valuation Techniques [Line Items] | ||
Forward basis price | $ / MWh | (3.04) | (2.01) |
Recurring | Level 3 | ||
Unobservable Input Valuation Techniques [Line Items] | ||
Derivative Assets | $ 390 | $ 218 |
Recurring | Level 3 | Natural Gas | ||
Unobservable Input Valuation Techniques [Line Items] | ||
Derivative Assets | 135 | 66 |
Derivative Liabilities | (390) | (245) |
Recurring | Level 3 | Electricity | ||
Unobservable Input Valuation Techniques [Line Items] | ||
Derivative Assets | 243 | 143 |
Derivative Liabilities | $ (276) | $ (188) |
Fair Value (Fair Value of Finan
Fair Value (Fair Value of Financial Instruments) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Carrying Amount | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes receivable | $ 80 | $ 150 |
Short-term borrowings | 1,162 | 758 |
Notes payable | 18 | 27 |
Long-term debt | 17,978 | 17,378 |
Carrying Amount | DTE Electric | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes receivable | 17 | 17 |
Short-term borrowings | 568 | 153 |
Notes payable | 17 | 27 |
Long-term debt | 9,696 | 8,907 |
Carrying Amount | DTE Electric | Affiliated entity | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term borrowings | 27 | 53 |
Fair Value | Level 1 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes receivable | 0 | 0 |
Short-term borrowings | 0 | 0 |
Notes payable | 0 | 0 |
Long-term debt | 710 | 2,284 |
Fair Value | Level 1 | DTE Electric | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes receivable | 0 | 0 |
Short-term borrowings | 0 | 0 |
Notes payable | 0 | 0 |
Long-term debt | 0 | 0 |
Fair Value | Level 1 | DTE Electric | Affiliated entity | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term borrowings | 0 | 0 |
Fair Value | Level 2 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes receivable | 0 | 0 |
Short-term borrowings | 1,162 | 758 |
Notes payable | 0 | 0 |
Long-term debt | 14,084 | 15,425 |
Fair Value | Level 2 | DTE Electric | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes receivable | 0 | 0 |
Short-term borrowings | 568 | 153 |
Notes payable | 0 | 0 |
Long-term debt | 8,289 | 9,898 |
Fair Value | Level 2 | DTE Electric | Affiliated entity | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term borrowings | 0 | 0 |
Fair Value | Level 3 | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes receivable | 82 | 167 |
Short-term borrowings | 0 | 0 |
Notes payable | 18 | 27 |
Long-term debt | 1,199 | 1,207 |
Fair Value | Level 3 | DTE Electric | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Notes receivable | 17 | 17 |
Short-term borrowings | 0 | 0 |
Notes payable | 17 | 27 |
Long-term debt | 128 | 150 |
Fair Value | Level 3 | DTE Electric | Affiliated entity | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Short-term borrowings | $ 27 | $ 53 |
Fair Value (Fair Value of Nucle
Fair Value (Fair Value of Nuclear Decommissioning Trust Fund Assets) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Nuclear decommissioning trust funds | $ 1,825 | $ 2,071 |
DTE Electric | ||
Debt Securities, Available-for-sale [Line Items] | ||
Nuclear decommissioning trust funds | 1,825 | 2,071 |
DTE Electric | Nuclear decommissioning trusts | ||
Debt Securities, Available-for-sale [Line Items] | ||
Nuclear decommissioning trust funds | 1,825 | 2,071 |
DTE Electric | Nuclear decommissioning trusts | Fermi 2 | ||
Debt Securities, Available-for-sale [Line Items] | ||
Nuclear decommissioning trust funds | 1,807 | 2,051 |
DTE Electric | Nuclear decommissioning trusts | Fermi 1 | ||
Debt Securities, Available-for-sale [Line Items] | ||
Nuclear decommissioning trust funds | 3 | 3 |
DTE Electric | Nuclear decommissioning trusts | Low-level radioactive waste | ||
Debt Securities, Available-for-sale [Line Items] | ||
Nuclear decommissioning trust funds | $ 15 | $ 17 |
Fair Value (Gains and Losses an
Fair Value (Gains and Losses and Proceeds from the Sale of Securities by the Nuclear Decommissioning Trust Funds) (Details) - DTE Electric - Nuclear decommissioning trusts - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Securities, Available-for-sale [Line Items] | |||
Realized gains | $ 71 | $ 95 | $ 192 |
Realized losses | (53) | (12) | (111) |
Proceeds from sale of securities | $ 879 | $ 1,047 | $ 2,350 |
Fair Value (Fair Value and Unre
Fair Value (Fair Value and Unrealized Gains and Losses for the Nuclear Decommissioning Trust Funds) (Details) - DTE Electric - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | $ 1,825 | $ 2,071 |
Unrealized Gains | 406 | 628 |
Unrealized Losses | (102) | (25) |
Cash equivalents | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 42 | 39 |
Private Equity and Other | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 262 | 205 |
Unrealized Gains | 63 | 58 |
Unrealized Losses | (5) | (8) |
Hedge Funds and Similar Investments | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 119 | 76 |
Unrealized Gains | 0 | 1 |
Unrealized Losses | (18) | (2) |
Equity securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 839 | 1,107 |
Unrealized Gains | 342 | 546 |
Unrealized Losses | (23) | (9) |
Fixed Income Securities | ||
Debt Securities, Available-for-sale [Line Items] | ||
Fair Value | 563 | 644 |
Unrealized Gains | 1 | 23 |
Unrealized Losses | $ (56) | $ (6) |
Fair Value (Fair Value of Fixed
Fair Value (Fair Value of Fixed Income Securities Held in Nuclear Decommissioning Trust Funds (Details) - Nuclear decommissioning trusts - Fixed Income Securities $ in Millions | Dec. 31, 2022 USD ($) |
Debt Securities, Available-for-sale [Line Items] | |
Due within one year | $ 19 |
Due after one through five years | 112 |
Due after five through ten years | 97 |
Due after ten years | 246 |
Fixed income securities total | $ 474 |
Fair Value (Gains (Losses) Rela
Fair Value (Gains (Losses) Related to the Trust) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Rabbi Trust | |||
Schedule of Investments [Line Items] | |||
Gains (losses) related to the trust | $ (5) | $ 7 | $ (3) |
Equity securities | |||
Schedule of Investments [Line Items] | |||
Gains (losses) related to the trust | (4) | 7 | (1) |
Fixed Income Securities | |||
Schedule of Investments [Line Items] | |||
Gains (losses) related to the trust | $ (1) | $ 0 | $ (2) |
Financial and Other Derivativ_3
Financial and Other Derivative Instruments (Fair Value of Derivative Instruments) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | $ 1,922 | $ 1,391 |
Derivative Liabilities | (2,169) | (1,508) |
Current derivative asset | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 1,517 | 1,035 |
Noncurrent derivative asset | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 405 | 356 |
Current derivative liability | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | (1,535) | (1,037) |
Noncurrent derivative liability | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Liabilities | (634) | (471) |
Interest rate contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 1 | 0 |
Foreign currency exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 1 | 0 |
Derivative Liabilities | (2) | (4) |
Natural gas | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 744 | 454 |
Derivative Liabilities | (1,018) | (594) |
Electricity | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 963 | 643 |
Derivative Liabilities | (935) | (622) |
Environmental & Other | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 213 | 294 |
Derivative Liabilities | (214) | (288) |
Derivatives designated as hedging instruments | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 1 | 0 |
Derivative Liabilities | (2) | (4) |
Derivatives designated as hedging instruments | Interest rate contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 1 | 0 |
Derivative Liabilities | 0 | 0 |
Derivatives designated as hedging instruments | Foreign currency exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 0 | 0 |
Derivative Liabilities | (2) | (4) |
Derivatives not designated as hedging instruments | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 1,921 | 1,391 |
Derivative Liabilities | (2,167) | (1,504) |
Derivatives not designated as hedging instruments | Foreign currency exchange contracts | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 1 | 0 |
Derivative Liabilities | 0 | 0 |
Derivatives not designated as hedging instruments | Natural gas | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 744 | 454 |
Derivative Liabilities | (1,018) | (594) |
Derivatives not designated as hedging instruments | Electricity | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 963 | 643 |
Derivative Liabilities | (935) | (622) |
Derivatives not designated as hedging instruments | Environmental & Other | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 213 | 294 |
Derivative Liabilities | $ (214) | $ (288) |
Financial and Other Derivativ_4
Financial and Other Derivative Instruments (Details Textuals) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | $ 1,922 | $ 1,391 |
Letters of credit that could be used to offset net derivative liabilities | 81 | 18 |
Letters of credit that could be used to offset net derivative assets | 82 | 37 |
Additional collateral, aggregate fair value | 571 | |
Derivative net liability position aggregate fair value | 1,800 | |
Collateral already posted fair value | 150 | |
Derivative, net asset position, fair value | 1,400 | |
Remaining amount of offsets to derivative net liability positions for hard and soft trigger provisions | 247 | |
Derivatives not designated as hedging instruments | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | 1,921 | 1,391 |
FTRs | Derivatives not designated as hedging instruments | DTE Electric | Other current assets | ||
Derivatives, Fair Value [Line Items] | ||
Derivative Assets | $ 11 | $ 9 |
Financial and Other Derivativ_5
Financial and Other Derivative Instruments (Net Cash Collateral Offsetting Arrangements) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ||
Cash collateral netted against Derivative assets | $ (90) | $ (90) |
Cash collateral netted against Derivative liabilities | 113 | 48 |
Cash collateral recorded in Accounts receivable | 77 | 55 |
Cash collateral recorded in Accounts payable | (27) | (21) |
Total net cash collateral posted (received) | $ 73 | $ (8) |
Financial and Other Derivativ_6
Financial and Other Derivative Instruments (Netting Offsets of Derivative Assets and Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Derivative assets | ||
Gross Amounts of Recognized Assets (Liabilities) | $ 1,922 | $ 1,391 |
Gross Amounts Offset in the Consolidated Statements of Financial Position | (1,489) | (1,120) |
Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position | 433 | 271 |
Derivative liabilities | ||
Gross Amounts of Recognized Assets (Liabilities) | (2,169) | (1,508) |
Gross Amounts Offset in the Consolidated Statements of Financial Position | 1,512 | 1,078 |
Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position | (657) | (430) |
Natural gas | ||
Derivative assets | ||
Gross Amounts of Recognized Assets (Liabilities) | 744 | 454 |
Gross Amounts Offset in the Consolidated Statements of Financial Position | (649) | (394) |
Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position | 95 | 60 |
Derivative liabilities | ||
Gross Amounts of Recognized Assets (Liabilities) | (1,018) | (594) |
Gross Amounts Offset in the Consolidated Statements of Financial Position | 645 | 347 |
Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position | (373) | (247) |
Electricity | ||
Derivative assets | ||
Gross Amounts of Recognized Assets (Liabilities) | 963 | 643 |
Gross Amounts Offset in the Consolidated Statements of Financial Position | (643) | (441) |
Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position | 320 | 202 |
Derivative liabilities | ||
Gross Amounts of Recognized Assets (Liabilities) | (935) | (622) |
Gross Amounts Offset in the Consolidated Statements of Financial Position | 665 | 443 |
Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position | (270) | (179) |
Environmental & Other | ||
Derivative assets | ||
Gross Amounts of Recognized Assets (Liabilities) | 213 | 294 |
Gross Amounts Offset in the Consolidated Statements of Financial Position | (196) | (285) |
Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position | 17 | 9 |
Derivative liabilities | ||
Gross Amounts of Recognized Assets (Liabilities) | (214) | (288) |
Gross Amounts Offset in the Consolidated Statements of Financial Position | 201 | 288 |
Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position | (13) | 0 |
Interest rate contracts | ||
Derivative assets | ||
Gross Amounts of Recognized Assets (Liabilities) | 1 | 0 |
Gross Amounts Offset in the Consolidated Statements of Financial Position | 0 | 0 |
Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position | 1 | 0 |
Foreign currency exchange contracts | ||
Derivative assets | ||
Gross Amounts of Recognized Assets (Liabilities) | 1 | 0 |
Gross Amounts Offset in the Consolidated Statements of Financial Position | (1) | 0 |
Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position | 0 | 0 |
Derivative liabilities | ||
Gross Amounts of Recognized Assets (Liabilities) | (2) | (4) |
Gross Amounts Offset in the Consolidated Statements of Financial Position | 1 | 0 |
Net Amounts of Assets (Liabilities) Presented in the Consolidated Statements of Financial Position | $ (1) | $ (4) |
Financial and Other Derivativ_7
Financial and Other Derivative Instruments (Netting Offsets Reconciliation to Balance Sheet) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Derivative Assets | ||
Derivative Assets | $ 1,922 | $ 1,391 |
Collateral adjustment | (90) | (90) |
Derivative asset, current | 328 | 181 |
Derivative assets, noncurrent | 105 | 90 |
Derivative Liabilities | ||
Derivative Liabilities | (2,169) | (1,508) |
Collateral adjustment | 113 | 48 |
Derivative liabilities, current | (342) | (238) |
Derivative liabilities, noncurrent | (315) | (192) |
Current derivative asset | ||
Derivative Assets | ||
Derivative Assets | 1,517 | 1,035 |
Counterparty netting | (1,127) | (791) |
Collateral adjustment | (62) | (63) |
Noncurrent derivative asset | ||
Derivative Assets | ||
Derivative Assets | 405 | 356 |
Counterparty netting | (272) | (239) |
Collateral adjustment | (28) | (27) |
Current derivative liability | ||
Derivative Liabilities | ||
Derivative Liabilities | (1,535) | (1,037) |
Counterparty netting | 1,127 | 791 |
Collateral adjustment | 66 | 8 |
Noncurrent derivative liability | ||
Derivative Liabilities | ||
Derivative Liabilities | (634) | (471) |
Counterparty netting | 272 | 239 |
Collateral adjustment | $ 47 | $ 40 |
Financial and Other Derivativ_8
Financial and Other Derivative Instruments (Effect of Derivatives not Designated as Hedging Instruments on the Consolidated Statement of Operations) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Recognized in Income on Derivatives | $ (106) | $ (184) | $ (83) |
Natural gas | Operating Revenues — Non-utility operations | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Recognized in Income on Derivatives | (235) | (224) | (70) |
Natural gas | Fuel, purchased power, gas, and other — non-utility | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Recognized in Income on Derivatives | (108) | (89) | 20 |
Electricity | Operating Revenues — Non-utility operations | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Recognized in Income on Derivatives | 221 | 169 | 91 |
Environmental & Other | Operating Revenues — Non-utility operations | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Recognized in Income on Derivatives | 13 | (40) | (118) |
Foreign currency exchange contracts | Operating Revenues — Non-utility operations | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Recognized in Income on Derivatives | $ 3 | $ 0 | $ (6) |
Financial and Other Derivativ_9
Financial and Other Derivative Instruments (Cumulative Gross Volume of Derivative Contracts Outstanding) (Details) - 12 months ended Dec. 31, 2022 | CAD ($) MWh MMBTU T gal | USD ($) |
Natural gas (MMBtu) | ||
Derivative [Line Items] | ||
Commodity, energy measure | MMBTU | 2,099,176,239 | |
Electricity (MWh) | ||
Derivative [Line Items] | ||
Commodity, energy measure | 33,018,171 | |
Oil (Gallons) | ||
Derivative [Line Items] | ||
Commodity, volume measure | gal | 7,584,000 | |
Foreign currency exchange ($ CAD) | ||
Derivative [Line Items] | ||
Commodity, monetary measure | $ | $ 164,965,288 | |
FTR (MWh) | ||
Derivative [Line Items] | ||
Commodity, energy measure | 60,482 | |
Renewable Energy Certificates (MWh) | ||
Derivative [Line Items] | ||
Commodity, energy measure | 7,340,257 | |
Carbon emissions (Metric Ton) | ||
Derivative [Line Items] | ||
Commodity, mass measure | T | 140,639 | |
Interest rate contracts ($ USD) | ||
Derivative [Line Items] | ||
Commodity, monetary measure | $ | $ 800,000,000 |
Long-Term Debt (Long Term Debt
Long-Term Debt (Long Term Debt Outstanding and Interest Rates) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Debt Instrument [Line Items] | ||
Long-term debt, total | $ 18,127 | |
Mortgage Bonds, Notes and Other | ||
Debt Instrument [Line Items] | ||
Long-term debt, gross | 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) |
Long-term debt (net of current portion) | $ 15,807 | 13,629 |
Unsecured | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.40% | |
Long-term debt, gross | $ 5,105 | 5,555 |
Securitization Bonds | ||
Debt Instrument [Line Items] | ||
Unamortized debt issuance costs | (4) | |
Long-term debt due within one year | (39) | 0 |
Long-term debt (net of current portion) | $ 172 | 0 |
Junior Subordinated Debentures | ||
Debt Instrument [Line Items] | ||
Interest rate | 4.80% | |
Long-term debt, gross | $ 910 | 910 |
Unamortized debt issuance costs | (27) | (27) |
Long-term debt, total | 883 | 883 |
DTE Electric | ||
Debt Instrument [Line Items] | ||
Long-term debt due within one year | (203) | (316) |
Long-term debt, total | 9,787 | |
DTE Electric | Mortgage Bonds, Notes and Other | ||
Debt Instrument [Line Items] | ||
Unamortized debt discount | (22) | (19) |
Unamortized debt issuance costs | (65) | (62) |
Long-term debt (net of current portion) | $ 9,282 | 8,591 |
DTE Electric | Principally Secured | ||
Debt Instrument [Line Items] | ||
Interest rate | 3.70% | |
Long-term debt, gross | $ 9,572 | 8,988 |
DTE Electric | Securitization Bonds | ||
Debt Instrument [Line Items] | ||
Interest rate | 2.80% | |
Long-term debt, gross | $ 215 | 0 |
Unamortized debt issuance costs | (4) | |
Long-term debt due within one year | (39) | 0 |
Long-term debt (net of current portion) | $ 172 | 0 |
DTE Gas | Principally Secured | ||
Debt Instrument [Line Items] | ||
Interest rate | 4% | |
Long-term debt, gross | $ 2,325 | $ 2,065 |
Long-Term Debt (Debt Issuances)
Long-Term Debt (Debt Issuances) (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||||||||
Nov. 01, 2022 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Nov. 30, 2022 | Sep. 30, 2022 | Aug. 31, 2022 | Mar. 17, 2022 | Feb. 28, 2022 | |
Debt Instrument [Line Items] | ||||||||||
Amount | $ 2,196 | |||||||||
Redemption of long-term debt | $ 1,250 | 1,587 | $ 3,522 | $ 882 | ||||||
Unsecured | June 2022 Unsecured Term Loan Maturing In December 2023 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Amount | 200 | $ 200 | $ 400 | |||||||
DTE Electric | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Redemption of long-term debt | $ 337 | $ 321 | $ 632 | |||||||
DTE Electric | DTE Energy | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Payments of special dividend | $ 115 | |||||||||
DTE Electric | Securitization Bonds | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Amount | $ 236 | |||||||||
DTE Electric | Securitization Bonds | March 2022 2.64% Securitization Bonds Due 2027 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest Rate | 2.64% | |||||||||
Amount | $ 184 | |||||||||
DTE Electric | Securitization Bonds | March 2022 3.11% Securitization Bonds Due 2036 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest Rate | 3.11% | |||||||||
Amount | $ 52 | |||||||||
DTE Electric | Mortgage Bonds | February 2022 3.00% Mortgage Bonds Maturing in 2032 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest Rate | 3% | |||||||||
Amount | $ 500 | |||||||||
DTE Electric | Mortgage Bonds | February 2022 3.65% Mortgage Bonds Maturing In 2052 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest Rate | 3.65% | |||||||||
Amount | $ 400 | |||||||||
DTE Electric | Mortgage Bonds | 2012 Series A Mortgage Bonds | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Redemption of long-term debt | $ 115 | |||||||||
DTE Gas | Mortgage Bonds | September 2022 4.76% Mortgage Bonds Due 2032 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest Rate | 4.76% | |||||||||
Amount | $ 130 | |||||||||
DTE Gas | Mortgage Bonds | September 2022 5.05% Mortgage Bonds Due 2052 | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Interest Rate | 5.05% | |||||||||
Amount | $ 130 |
Long-Term Debt (Details Textual
Long-Term Debt (Details Textuals) - USD ($) shares in Thousands | 1 Months Ended | 12 Months Ended | ||||||||
Nov. 01, 2022 | Jun. 30, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Nov. 30, 2022 | Aug. 31, 2022 | Aug. 08, 2022 | Nov. 30, 2019 | ||
Debt Instrument [Line Items] | ||||||||||
Long-term debt issued | $ 2,196,000,000 | |||||||||
Retirement of debt | $ 1,250,000,000 | $ 1,587,000,000 | $ 3,522,000,000 | $ 882,000,000 | ||||||
Common Stock | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Issuance of common stock (in shares) | 11,900 | 11,887 | [1] | 192 | ||||||
Equity units subject to mandatory redemption | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Equity units, percentage interest in attached debt instrument | 0.05% | |||||||||
June 2022 Unsecured Term Loan Maturing In December 2023 | Unsecured | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Unused borrowing capacity | $ 1,125,000,000 | |||||||||
Minimum mandatory draw obligation within sixty days of closing | 400,000,000 | |||||||||
Minimum total mandatory draw obligation within six months of closing | $ 800,000,000 | |||||||||
Long-term debt issued | $ 200,000,000 | $ 200,000,000 | $ 400,000,000 | |||||||
June 2022 Unsecured Term Loan Maturing In December 2023 | Unsecured | Secured Overnight Financing Rate (SOFR) | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Basis spread on variable rate | 0.90% | |||||||||
November 2019 Series F 2.25% RSNs Maturing 2025 | Equity Units | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Long-term debt issued | $ 1,300,000,000 | $ 1,300,000,000 | ||||||||
Interest rate | 4.22% | 2.25% | ||||||||
[1]For additional details on the issuance of 11.9 million shares of common stock, refer to the Remarketable Senior Notes section of Note 14 to the Consolidated Financial Statements, "Long-Term Debt." |
Long-Term Debt (Debt Redemption
Long-Term Debt (Debt Redemptions) (Details) - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | ||||||
Nov. 01, 2022 | Dec. 31, 2022 | Nov. 30, 2022 | Sep. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Debt Instrument, Redemption [Line Items] | ||||||||
Amount | $ 1,250 | $ 1,587 | $ 3,522 | $ 882 | ||||
Senior Notes | 2.25% Senior Notes | ||||||||
Debt Instrument, Redemption [Line Items] | ||||||||
Interest Rate | 2.25% | |||||||
Amount | $ 500 | |||||||
Senior Notes | 0.55% Senior Notes | ||||||||
Debt Instrument, Redemption [Line Items] | ||||||||
Interest Rate | 0.55% | |||||||
Amount | $ 750 | |||||||
Securitization Bonds | 2.64% Securitization Bonds | ||||||||
Debt Instrument, Redemption [Line Items] | ||||||||
Interest Rate | 2.64% | 2.64% | ||||||
Amount | $ 21 | |||||||
DTE Electric | ||||||||
Debt Instrument, Redemption [Line Items] | ||||||||
Amount | $ 337 | $ 321 | $ 632 | |||||
DTE Electric | Mortgage Bonds | 2.65% Mortgage Bonds | ||||||||
Debt Instrument, Redemption [Line Items] | ||||||||
Interest Rate | 2.65% | |||||||
Amount | $ 250 | |||||||
DTE Electric | Mortgage Bonds | 6.95% Mortgage Bonds | ||||||||
Debt Instrument, Redemption [Line Items] | ||||||||
Interest Rate | 6.95% | |||||||
Amount | $ 66 |
Long-Term Debt (Scheduled Debt
Long-Term Debt (Scheduled Debt Maturities) (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Maturities of Long-term Debt [Abstract] | |
2023 | $ 1,116 |
2024 | 2,416 |
2025 | 1,261 |
2026 | 819 |
2027 | 196 |
2028 and Thereafter | 12,319 |
Long-term debt, total | 18,127 |
DTE Electric | |
Maturities of Long-term Debt [Abstract] | |
2023 | 242 |
2024 | 440 |
2025 | 391 |
2026 | 219 |
2027 | 5 |
2028 and Thereafter | 8,490 |
Long-term debt, total | $ 9,787 |
Long-Term Debt (Scheduled Inter
Long-Term Debt (Scheduled Interest Payments) (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Debt Instrument [Line Items] | |
2023 | $ 669 |
2024 | 601 |
2025 | 511 |
2026 | 495 |
2027 | 469 |
2028 and Thereafter | 7,712 |
Total | 10,457 |
DTE Electric | |
Debt Instrument [Line Items] | |
2023 | 357 |
2024 | 340 |
2025 | 325 |
2026 | 316 |
2027 | 310 |
2028 and Thereafter | 4,375 |
Total | $ 6,023 |
Preferred and Preference Secu_3
Preferred and Preference Securities (Details) | Dec. 31, 2022 $ / shares shares |
DTE Electric | |
Preferred and Preferenced Securities [Line Items] | |
Preferred stock, par value (in dollars per share) | $ / shares | $ 100 |
Preferred stock, shares authorized (in shares) | shares | 6,747,484 |
Preference stock, par value (in dollars per share) | $ / shares | $ 1 |
Preference stock shares authorized (in shares) | shares | 30,000,000 |
DTE Gas | |
Preferred and Preferenced Securities [Line Items] | |
Preferred stock, par value (in dollars per share) | $ / shares | $ 1 |
Preferred stock, shares authorized (in shares) | shares | 7,000,000 |
Preference stock, par value (in dollars per share) | $ / shares | $ 1 |
Preference stock shares authorized (in shares) | shares | 4,000,000 |
DTE Energy | |
Preferred and Preferenced Securities [Line Items] | |
Preferred stock, par value (in dollars per share) | $ / shares | $ 0 |
Preferred stock, shares authorized (in shares) | shares | 5,000,000 |
Short-Term Credit Arrangement_3
Short-Term Credit Arrangements and Borrowings (Details Textuals) | Dec. 31, 2022 USD ($) | Jun. 30, 2022 USD ($) | May 31, 2022 USD ($) | Dec. 31, 2021 USD ($) |
Short-term Debt [Line Items] | ||||
Maximum borrowing capacity | $ 3,256,000,000 | |||
Weighted average interest rate | 4.60% | 0.30% | ||
Dividend restriction | $ 2,800,000,000 | |||
Retained earnings | 3,808,000,000 | $ 3,438,000,000 | ||
Effective limitations | 0 | |||
DTE Electric | ||||
Short-term Debt [Line Items] | ||||
Maximum borrowing capacity | $ 800,000,000 | |||
Total funded debt to capitalization ratio | 0.51 | |||
Weighted average interest rate | 4.60% | 0.20% | ||
Retained earnings | $ 3,093,000,000 | $ 2,901,000,000 | ||
DTE Electric | Maximum | ||||
Short-term Debt [Line Items] | ||||
Total funded debt to capitalization ratio | 0.65 | |||
DTE Gas | ||||
Short-term Debt [Line Items] | ||||
Maximum borrowing capacity | $ 300,000,000 | |||
Total funded debt to capitalization ratio | 0.49 | |||
DTE Gas | Maximum | ||||
Short-term Debt [Line Items] | ||||
Total funded debt to capitalization ratio | 0.65 | |||
Unsecured Letter Of Credit Facility, Expiring In June 2023 | Letters of credit | ||||
Short-term Debt [Line Items] | ||||
Maximum borrowing capacity | $ 375,000,000 | |||
Unsecured Letter Of Credit Facility, Expiring In June 2023 | Letters of credit | DTE Electric | ||||
Short-term Debt [Line Items] | ||||
Maximum borrowing capacity | 0 | |||
Unsecured Letter Of Credit Facility, Expiring In June 2023 | Letters of credit | DTE Gas | ||||
Short-term Debt [Line Items] | ||||
Maximum borrowing capacity | 0 | |||
DTE Energy | ||||
Short-term Debt [Line Items] | ||||
Maximum borrowing capacity | $ 2,156,000,000 | |||
Total funded debt to capitalization ratio | 0.63 | |||
DTE Energy | Maximum | ||||
Short-term Debt [Line Items] | ||||
Total funded debt to capitalization ratio | 0.70 | |||
DTE Energy | Demand financing agreement | ||||
Short-term Debt [Line Items] | ||||
Maximum borrowing capacity | $ 200,000,000 | |||
Amount outstanding | 166,000,000 | $ 103,000,000 | ||
DTE Energy | Unsecured Letter Of Credit Facility, Expiring In June 2023 | Letters of credit | ||||
Short-term Debt [Line Items] | ||||
Maximum borrowing capacity | $ 375,000,000 | $ 375,000,000 | $ 70,000,000 |
Short-Term Credit Arrangement_4
Short-Term Credit Arrangements and Borrowings (Schedule of Borrowings) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Jun. 30, 2022 | May 31, 2022 |
Line Of Credit Facility [Line Items] | |||
Line of credit facility, maximum borrowing capacity | $ 3,256 | ||
Amounts outstanding | 1,502 | ||
Net availability | 1,754 | ||
DTE Electric | |||
Line Of Credit Facility [Line Items] | |||
Line of credit facility, maximum borrowing capacity | 800 | ||
Amounts outstanding | 568 | ||
Net availability | 232 | ||
DTE Gas | |||
Line Of Credit Facility [Line Items] | |||
Line of credit facility, maximum borrowing capacity | 300 | ||
Amounts outstanding | 242 | ||
Net availability | 58 | ||
DTE Energy | |||
Line Of Credit Facility [Line Items] | |||
Line of credit facility, maximum borrowing capacity | 2,156 | ||
Amounts outstanding | 692 | ||
Net availability | 1,464 | ||
Revolving credit facility | |||
Line Of Credit Facility [Line Items] | |||
Amounts outstanding | 81 | ||
Revolving credit facility | DTE Electric | |||
Line Of Credit Facility [Line Items] | |||
Amounts outstanding | 0 | ||
Revolving credit facility | DTE Gas | |||
Line Of Credit Facility [Line Items] | |||
Amounts outstanding | 0 | ||
Revolving credit facility | DTE Energy | |||
Line Of Credit Facility [Line Items] | |||
Amounts outstanding | 81 | ||
Revolving credit facility | Unsecured revolving credit facility, expiring October 2027 | |||
Line Of Credit Facility [Line Items] | |||
Line of credit facility, maximum borrowing capacity | 2,600 | ||
Revolving credit facility | Unsecured revolving credit facility, expiring October 2027 | DTE Electric | |||
Line Of Credit Facility [Line Items] | |||
Line of credit facility, maximum borrowing capacity | 800 | ||
Revolving credit facility | Unsecured revolving credit facility, expiring October 2027 | DTE Gas | |||
Line Of Credit Facility [Line Items] | |||
Line of credit facility, maximum borrowing capacity | 300 | ||
Revolving credit facility | Unsecured revolving credit facility, expiring October 2027 | DTE Energy | |||
Line Of Credit Facility [Line Items] | |||
Line of credit facility, maximum borrowing capacity | 1,500 | ||
Revolving credit facility | Unsecured Canadian revolving credit facility, expiring May 2023 | |||
Line Of Credit Facility [Line Items] | |||
Line of credit facility, maximum borrowing capacity | 81 | ||
Revolving credit facility | Unsecured Canadian revolving credit facility, expiring May 2023 | DTE Electric | |||
Line Of Credit Facility [Line Items] | |||
Line of credit facility, maximum borrowing capacity | 0 | ||
Revolving credit facility | Unsecured Canadian revolving credit facility, expiring May 2023 | DTE Gas | |||
Line Of Credit Facility [Line Items] | |||
Line of credit facility, maximum borrowing capacity | 0 | ||
Revolving credit facility | Unsecured Canadian revolving credit facility, expiring May 2023 | DTE Energy | |||
Line Of Credit Facility [Line Items] | |||
Line of credit facility, maximum borrowing capacity | 81 | ||
Letters of credit | |||
Line Of Credit Facility [Line Items] | |||
Amounts outstanding | 340 | ||
Letters of credit | DTE Electric | |||
Line Of Credit Facility [Line Items] | |||
Amounts outstanding | 0 | ||
Letters of credit | DTE Gas | |||
Line Of Credit Facility [Line Items] | |||
Amounts outstanding | 0 | ||
Letters of credit | DTE Energy | |||
Line Of Credit Facility [Line Items] | |||
Amounts outstanding | 340 | ||
Letters of credit | Unsecured letter of credit facility, expiring February 2025 | |||
Line Of Credit Facility [Line Items] | |||
Line of credit facility, maximum borrowing capacity | 150 | ||
Letters of credit | Unsecured letter of credit facility, expiring February 2025 | DTE Electric | |||
Line Of Credit Facility [Line Items] | |||
Line of credit facility, maximum borrowing capacity | 0 | ||
Letters of credit | Unsecured letter of credit facility, expiring February 2025 | DTE Gas | |||
Line Of Credit Facility [Line Items] | |||
Line of credit facility, maximum borrowing capacity | 0 | ||
Letters of credit | Unsecured letter of credit facility, expiring February 2025 | DTE Energy | |||
Line Of Credit Facility [Line Items] | |||
Line of credit facility, maximum borrowing capacity | 150 | ||
Letters of credit | Unsecured letter of credit facility, expiring June 2023 | |||
Line Of Credit Facility [Line Items] | |||
Line of credit facility, maximum borrowing capacity | 375 | ||
Letters of credit | Unsecured letter of credit facility, expiring June 2023 | DTE Electric | |||
Line Of Credit Facility [Line Items] | |||
Line of credit facility, maximum borrowing capacity | 0 | ||
Letters of credit | Unsecured letter of credit facility, expiring June 2023 | DTE Gas | |||
Line Of Credit Facility [Line Items] | |||
Line of credit facility, maximum borrowing capacity | 0 | ||
Letters of credit | Unsecured letter of credit facility, expiring June 2023 | DTE Energy | |||
Line Of Credit Facility [Line Items] | |||
Line of credit facility, maximum borrowing capacity | 375 | $ 375 | $ 70 |
Letters of credit | Unsecured letter of credit facility | |||
Line Of Credit Facility [Line Items] | |||
Line of credit facility, maximum borrowing capacity | 50 | ||
Letters of credit | Unsecured letter of credit facility | DTE Electric | |||
Line Of Credit Facility [Line Items] | |||
Line of credit facility, maximum borrowing capacity | 0 | ||
Letters of credit | Unsecured letter of credit facility | DTE Gas | |||
Line Of Credit Facility [Line Items] | |||
Line of credit facility, maximum borrowing capacity | 0 | ||
Letters of credit | Unsecured letter of credit facility | DTE Energy | |||
Line Of Credit Facility [Line Items] | |||
Line of credit facility, maximum borrowing capacity | 50 | ||
Commercial paper issuances | |||
Line Of Credit Facility [Line Items] | |||
Amounts outstanding | 1,081 | ||
Commercial paper issuances | DTE Electric | |||
Line Of Credit Facility [Line Items] | |||
Amounts outstanding | 568 | ||
Commercial paper issuances | DTE Gas | |||
Line Of Credit Facility [Line Items] | |||
Amounts outstanding | 242 | ||
Commercial paper issuances | DTE Energy | |||
Line Of Credit Facility [Line Items] | |||
Amounts outstanding | $ 271 |
Leases (Details Textuals)
Leases (Details Textuals) - USD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2022 | Mar. 31, 2022 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Lessee, Lease, Description [Line Items] | |||||
Additional net investment in finance leases | $ 67 | $ 33 | |||
Finance lease extension term | 5 years | ||||
Depreciation expense associated with property under operating leases | $ 11 | $ 22 | $ 24 | ||
Interest income recognized under finance leases | $ 24 | $ 17 | 16 | ||
Profit from the sale of membership interests | $ 11 | ||||
Minimum | |||||
Lessee, Lease, Description [Line Items] | |||||
Lease terms | 2 years | ||||
Term of operating lease contracts | 2 years | ||||
Maximum | |||||
Lessee, Lease, Description [Line Items] | |||||
Lease terms | 40 years | ||||
Term of operating lease contracts | 24 years | ||||
DTE Electric | Minimum | |||||
Lessee, Lease, Description [Line Items] | |||||
Lease terms | 2 years | ||||
DTE Electric | Maximum | |||||
Lessee, Lease, Description [Line Items] | |||||
Lease terms | 40 years |
Leases (Components of Lease Cos
Leases (Components of Lease Cost) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Lessee, Lease, Description [Line Items] | |||
Operating lease cost | $ 18 | $ 19 | $ 21 |
Finance lease cost: | |||
Amortization of right-of-use assets | 7 | 7 | 5 |
Interest of lease liabilities | 1 | 1 | 0 |
Total finance lease cost | 8 | 8 | 5 |
Variable lease cost | 9 | 9 | 10 |
Short-term lease cost | 19 | 14 | 11 |
Total lease cost | 54 | 50 | 47 |
DTE Electric | |||
Lessee, Lease, Description [Line Items] | |||
Operating lease cost | 12 | 14 | 14 |
Finance lease cost: | |||
Amortization of right-of-use assets | 6 | 6 | 4 |
Interest of lease liabilities | 0 | 0 | 0 |
Total finance lease cost | 6 | 6 | 4 |
Variable lease cost | 0 | 0 | 0 |
Short-term lease cost | 10 | 6 | 6 |
Total lease cost | $ 28 | $ 26 | $ 24 |
Leases (Other Information) (Det
Leases (Other Information) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Cash paid for amounts included in the measurement of these liabilities: | |||
Operating cash flows for finance leases | $ 8 | $ 8 | $ 3 |
Operating cash flows for operating leases | 17 | 19 | 22 |
Right-of-use assets obtained in exchange for lease obligations: | |||
Operating leases | 5 | 5 | 2 |
Finance leases | $ 3 | $ 3 | $ 19 |
Weighted Average Remaining Lease Term (Years) | |||
Operating leases | 12 years 9 months 18 days | 12 years 8 months 12 days | 12 years 1 month 6 days |
Finance leases | 8 years 2 months 12 days | 7 years 9 months 18 days | 7 years 7 months 6 days |
Weighted Average Discount Rate | |||
Operating leases | 3.70% | 3.60% | 3.60% |
Finance leases | 2.40% | 2.20% | 2% |
DTE Electric | |||
Cash paid for amounts included in the measurement of these liabilities: | |||
Operating cash flows for finance leases | $ 7 | $ 7 | $ 2 |
Operating cash flows for operating leases | 12 | 14 | 14 |
Right-of-use assets obtained in exchange for lease obligations: | |||
Operating leases | 2 | 1 | 0 |
Finance leases | $ 1 | $ 1 | $ 14 |
Weighted Average Remaining Lease Term (Years) | |||
Operating leases | 11 years 1 month 6 days | 10 years 3 months 18 days | 10 years 4 months 24 days |
Finance leases | 1 year 1 month 6 days | 2 years 1 month 6 days | 3 years 1 month 6 days |
Weighted Average Discount Rate | |||
Operating leases | 3.40% | 3.40% | 3.30% |
Finance leases | 1% | 1% | 1% |
Leases (Future Minimum Lease Pa
Leases (Future Minimum Lease Payments) (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Operating Leases | |
2023 | $ 14 |
2024 | 12 |
2025 | 9 |
2026 | 8 |
2027 | 7 |
2028 and thereafter | 51 |
Total future minimum lease payments | 101 |
Imputed interest | (20) |
Lease liabilities | 81 |
Finance Leases | |
2023 | 8 |
2024 | 3 |
2025 | 1 |
2026 | 1 |
2027 | 1 |
2028 and thereafter | 7 |
Total future minimum lease payments | 21 |
Imputed interest | (2) |
Lease liabilities | 19 |
DTE Electric | |
Operating Leases | |
2023 | 10 |
2024 | 8 |
2025 | 6 |
2026 | 5 |
2027 | 4 |
2028 and thereafter | 25 |
Total future minimum lease payments | 58 |
Imputed interest | (10) |
Lease liabilities | 48 |
Finance Leases | |
2023 | 6 |
2024 | 1 |
2025 | 0 |
2026 | 0 |
2027 | 0 |
2028 and thereafter | 0 |
Total future minimum lease payments | 7 |
Imputed interest | 0 |
Lease liabilities | $ 7 |
Leases (Finance Leases Reported
Leases (Finance Leases Reported on Consolidated Statements of Financial Position) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Lessee, Lease, Description [Line Items] | ||
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, Plant and Equipment, Net | Property, Plant and Equipment, Net |
Right-of-use assets, within Property, plant, and equipment, net | $ 19 | $ 26 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Long-Term Debt and Lease Obligation, Current | Long-Term Debt and Lease Obligation, Current |
Current lease liabilities, within Current portion of long-term debt | $ 8 | $ 8 |
Long-term lease liabilities | $ 11 | $ 19 |
DTE Electric | ||
Lessee, Lease, Description [Line Items] | ||
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, Plant and Equipment, Net | Property, Plant and Equipment, Net |
Right-of-use assets, within Property, plant, and equipment, net | $ 6 | $ 12 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Long-Term Debt and Lease Obligation, Current | Long-Term Debt and Lease Obligation, Current |
Current lease liabilities, within Current portion of long-term debt | $ 6 | $ 6 |
Long-term lease liabilities | $ 1 | $ 7 |
Leases (Lease Income Associated
Leases (Lease Income Associated with Operating Leases) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Lessor, Lease, Description [Line Items] | |||
Fixed payments | $ 15 | $ 67 | $ 57 |
Variable payments | 67 | 131 | 124 |
Total lease income under operating leases | $ 82 | $ 198 | $ 181 |
Operating Revenues | |||
Lessor, Lease, Description [Line Items] | |||
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Nonoperating Income, Regulated and Unregulated Operating Revenue | Other Nonoperating Income, Regulated and Unregulated Operating Revenue | Other Nonoperating Income, Regulated and Unregulated Operating Revenue |
Total lease income under operating leases | $ 82 | $ 103 | $ 99 |
Other Income | |||
Lessor, Lease, Description [Line Items] | |||
Operating Lease, Lease Income, Statement of Income or Comprehensive Income [Extensible Enumeration] | Other Nonoperating Income, Regulated and Unregulated Operating Revenue | Other Nonoperating Income, Regulated and Unregulated Operating Revenue | Other Nonoperating Income, Regulated and Unregulated Operating Revenue |
Total lease income under operating leases | $ 0 | $ 95 | $ 82 |
Leases (Minimum Future Rental R
Leases (Minimum Future Rental Revenues under Operating Leases) (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Leases [Abstract] | |
2023 | $ 15 |
2024 | 15 |
2025 | 15 |
2026 | 11 |
2027 | 10 |
2028 and thereafter | 41 |
Total minimum future rental revenues under operating leases | $ 107 |
Leases (Property under Operatin
Leases (Property under Operating Leases) (Details) - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Leases [Abstract] | ||
Gross property under operating leases | $ 282 | $ 341 |
Accumulated amortization of property under operating leases | $ 128 | $ 181 |
Leases (Components of Net Inves
Leases (Components of Net Investment in Finance Leases) (Details) $ in Millions | Dec. 31, 2022 USD ($) |
Leases [Abstract] | |
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 |
Net investment in finance lease, noncurrent | $ 285 |
Commitments and Contingencies_2
Commitments and Contingencies (Details Textuals) | 1 Months Ended | 12 Months Ended | |
Jun. 30, 2022 USD ($) | Dec. 31, 2022 USD ($) employee site facility | Dec. 31, 2021 USD ($) | |
Loss Contingencies [Line Items] | |||
Capital expenditures estimated for next year | $ 4,200,000,000 | ||
Labor force concentration risk | Workforce subject to collective bargaining arrangements | |||
Loss Contingencies [Line Items] | |||
Approximate number of employees | employee | 5,050 | ||
Percentage of total employees | 49% | ||
Labor force concentration risk | Workforce subject to collective bargaining arrangements expiring within one year | |||
Loss Contingencies [Line Items] | |||
Percentage of total employees | 3% | ||
Reduced emissions fuel guarantees | |||
Loss Contingencies [Line Items] | |||
Number of days after expiration of statutes of limitations | 90 days | ||
Maximum potential liability | $ 601,000,000 | ||
Other guarantees | |||
Loss Contingencies [Line Items] | |||
Maximum potential liability | 40,000,000 | ||
Performance surety bonds | |||
Loss Contingencies [Line Items] | |||
Performance bonds outstanding | 414,000,000 | ||
Performance surety bonds | Energy Trading | |||
Loss Contingencies [Line Items] | |||
Performance bonds outstanding | $ 250,000,000 | ||
Performance surety bonds | Energy Trading | Minimum | |||
Loss Contingencies [Line Items] | |||
Performance bonds term | 1 year | ||
Performance surety bonds | Energy Trading | Maximum | |||
Loss Contingencies [Line Items] | |||
Performance bonds term | 3 years | ||
DTE Electric | |||
Loss Contingencies [Line Items] | |||
Environmental capital expenditures | $ 2,400,000,000 | ||
Estimated capital expenditures | $ 0 | ||
Number of former MGP sites | site | 3 | ||
Accrued for remediation related to the sites | $ 10,000,000 | $ 14,000,000 | |
Number of permitted engineered coal ash storage facilities owned | facility | 3 | ||
Capital expenditures estimated for next year | $ 3,200,000,000 | ||
DTE Electric | Ludington Plant Contract Dispute | Pending Litigation | |||
Loss Contingencies [Line Items] | |||
Damages sought, percentage liable | 49% | ||
DTE Electric | Labor force concentration risk | Workforce subject to collective bargaining arrangements | |||
Loss Contingencies [Line Items] | |||
Approximate number of employees | employee | 2,600 | ||
Percentage of total employees | 56% | ||
DTE Electric | Labor force concentration risk | Workforce subject to collective bargaining arrangements expiring within one year | |||
Loss Contingencies [Line Items] | |||
Percentage of total employees | 5% | ||
DTE Electric | Performance surety bonds | |||
Loss Contingencies [Line Items] | |||
Performance bonds outstanding | $ 119,000,000 | ||
DTE Gas | |||
Loss Contingencies [Line Items] | |||
Number of former MGP sites | site | 14 | ||
Accrued for remediation related to the sites | $ 23,000,000 | $ 24,000,000 | |
Amortization period for MGP costs (in years) | 10 years | ||
DTE Gas | Cleanup completed and site closed | |||
Loss Contingencies [Line Items] | |||
Number of former MGP sites | site | 8 | ||
DTE Gas | Partial closure completed | |||
Loss Contingencies [Line Items] | |||
Number of former MGP sites | site | 4 | ||
Toshiba America Energy Systems and Toshiba Corporation | DTE Electric and Consumers Energy Company | Ludington Plant Contract Dispute | Pending Litigation | |||
Loss Contingencies [Line Items] | |||
Damages sought | $ 15,000,000 | ||
Reduction of Carbon Emissions by 2050 | |||
Loss Contingencies [Line Items] | |||
Goal of net carbon emissions, percentage | 0% | ||
CCR and ELG Rules | DTE Electric | |||
Loss Contingencies [Line Items] | |||
Estimated impact of the CCR and ELG rules | $ 488,000,000 | ||
Estimated impact of the CCR and ELG rules for 2023 through 2027 | $ 423,000,000 |
Commitments and Contingencies_3
Commitments and Contingencies (Purchase Commitments) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Entity Information [Line Items] | |
2023 | $ 4,127 |
2024 | 2,205 |
2025 | 1,062 |
2026 | 652 |
2027 | 504 |
2028 and thereafter | 1,904 |
Total | 10,454 |
Long-term power purchase agreements | |
Entity Information [Line Items] | |
2023 | 88 |
2024 | 104 |
2025 | 103 |
2026 | 103 |
2027 | 104 |
2028 and thereafter | 885 |
Total | 1,387 |
Other purchase commitments | |
Entity Information [Line Items] | |
2023 | 4,039 |
2024 | 2,101 |
2025 | 959 |
2026 | 549 |
2027 | 400 |
2028 and thereafter | 1,019 |
Total | 9,067 |
DTE Electric | |
Entity Information [Line Items] | |
2023 | 796 |
2024 | 633 |
2025 | 440 |
2026 | 233 |
2027 | 189 |
2028 and thereafter | 1,103 |
Total | 3,394 |
DTE Electric | Long-term power purchase agreements | |
Entity Information [Line Items] | |
2023 | 93 |
2024 | 109 |
2025 | 108 |
2026 | 109 |
2027 | 109 |
2028 and thereafter | 900 |
Total | 1,428 |
DTE Electric | Other purchase commitments | |
Entity Information [Line Items] | |
2023 | 703 |
2024 | 524 |
2025 | 332 |
2026 | 124 |
2027 | 80 |
2028 and thereafter | 203 |
Total | $ 1,966 |
DTE Electric | Minimum | |
Entity Information [Line Items] | |
Share of plant output | 28% |
DTE Electric | Maximum | |
Entity Information [Line Items] | |
Share of plant output | 100% |
Nuclear Operations (Details)
Nuclear Operations (Details) - DTE Electric $ in Millions | 4 Months Ended | 12 Months Ended | |
May 16, 2014 kWh | May 15, 2014 $ / MWh | Dec. 31, 2022 USD ($) | |
Entity Information [Line Items] | |||
Policy waiting period | 84 days | ||
Insurance coverage for extra expense when power plant unavailable | $ 490 | ||
Period of coverage of policy for extra expenses | 3 years | ||
Primary coverage for stabilization, decontamination, debris removal, repair and/or replacement of property, and decommissioning | $ 1,500 | ||
Excess coverage for stabilization, decontamination, debris removal, repair and/or replacement of property, and decommissioning | 1,250 | ||
Combined coverage limit for total property damage | 2,750 | ||
Total limit for property damage for non-nuclear events | 1,800 | ||
Limit of coverage for aggregate extra expenses for non-nuclear events | $ 328 | ||
Period of coverage for extra expenses | 2 years | ||
Time period for TRIA after the first loss from terrorism | 1 year | ||
NEIL policies against terrorism loss, amount made available to all insured entities (up to) | $ 3,200 | ||
Maximum assessment if loss amount exceeds funds available | 39 | ||
Public liability insurance for a nuclear incident | 450 | ||
Maximum deferred premium charges that could be levied against each licensed nuclear facility | 138 | ||
Limit of deferred premium charges per year per facility | $ 20 | ||
Company obligated to pay DOE fee of Fermi 2 electricity generated and sold (in dollars per MWh) | $ / MWh | 1 | ||
New DOE fee for Fermi 2 electricity generated and sold (KWh) | kWh | 0 |
Retirement Benefits and Trust_3
Retirement Benefits and Trusteed Assets (Pension Plan - Pension Cost Inclusions) (Details) - Pension plan - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan, Net Periodic Benefit Cost (Credit) [Abstract] | |||
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) | 0 | 1 |
Settlements | 94 | 16 | 25 |
Net pension cost/other postretirement cost (credit) | $ 123 | $ 139 | $ 148 |
Retirement Benefits and Trust_4
Retirement Benefits and Trusteed Assets (Pension Plan - Other Changes in Plan Assets and Benefit Obligations recognized in Reg Assets and OCI) (Details) - Pension plan - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
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 | 0 | 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) |
Retirement Benefits and Trust_5
Retirement Benefits and Trusteed Assets (Pension Plan - Reconciliation of Obligations, Assets and Funded Status of Plans) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Change in projected benefit obligation | |||
Plan amendments | $ 0 | $ 4 | |
Amounts recognized in Regulatory assets | |||
Regulatory assets | 4,336 | 3,677 | |
Pension plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans [Line Items] | |||
Accumulated benefit obligation, end of year | 4,078 | 5,448 | |
Change in projected benefit obligation | |||
Projected/Accumulated postretirement benefit obligation, beginning of year | 5,857 | 6,304 | |
Service cost | 95 | 108 | $ 99 |
Interest cost | 166 | 158 | 186 |
Actuarial gain | (1,252) | (255) | |
Benefits paid | (278) | (414) | |
Settlements | (279) | (48) | |
Projected/Accumulated postretirement benefit obligation, end of year | 4,309 | 5,857 | 6,304 |
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 | $ 5,497 |
Funded status | (412) | (350) | |
Amount recorded as: | |||
Current liabilities | (34) | (11) | |
Noncurrent liabilities | (378) | (339) | |
Defined benefit plans liabilities | (412) | (350) | |
Amounts recognized in Accumulated other comprehensive income (loss), pre-tax | |||
Net actuarial loss | 85 | 126 | |
Prior service cost | 0 | 1 | |
Amounts recognized in Accumulated other comprehensive income (loss), pre-tax | 85 | 127 | |
Amounts recognized in Regulatory assets | |||
Net actuarial loss | 1,369 | 1,381 | |
Prior service credit | (7) | (9) | |
Regulatory assets | $ 1,362 | $ 1,372 |
Retirement Benefits and Trust_6
Retirement Benefits and Trusteed Assets (Details Textuals) - USD ($) | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Annual contributions per employee, percentage | 4% | |||
Defined contribution plan cost | $ 73,000,000 | $ 70,000,000 | $ 73,000,000 | |
DTE Electric | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Defined contribution plan cost | $ 35,000,000 | 34,000,000 | 34,000,000 | |
DTE Gas | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Annual contributions per employee, percentage | 8% | |||
Pension plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Company contributions | $ 9,000,000 | 12,000,000 | ||
Expected return on plan assets for next fiscal year | 7.60% | |||
Pension plan | Qualified Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Company contributions | 92,000,000 | |||
Estimated future employer contributions in next fiscal year | $ 0 | |||
Pension plan | DTE Electric | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Allocated pension benefit costs | 101,000,000 | $ 107,000,000 | 106,000,000 | |
Pension plan | DTE Electric | Qualified Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Pension funds transferred to (from) plan | 50,000,000 | |||
Company contributions | $ 60,000,000 | |||
Pension plan | DTE Gas | Qualified Plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Pension funds transferred to (from) plan | $ (50,000,000) | |||
Pension plan | Maximum | DTE Electric | Qualified Plan | Forecast | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Pension funds transferred to (from) plan | $ 50,000,000 | |||
Pension plan | Maximum | DTE Gas | Qualified Plan | Forecast | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Pension funds transferred to (from) plan | $ (50,000,000) | |||
Other postretirement benefit plan | ||||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ||||
Expected return on plan assets for next fiscal year | 7.20% | |||
Retiree health care allowance will increase at lower of the rate of medical inflation or a set percentage | 2% |
Retirement Benefits and Trust_7
Retirement Benefits and Trusteed Assets (Pension Plan - Contributions) (Details) - Pension Plan - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Cash contributions to qualified pension plans | $ 9 | $ 12 | |
Qualified Plan | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Cash contributions to qualified pension plans | $ 92 | ||
Qualified Plan | DTE Electric | |||
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | |||
Cash contributions to qualified pension plans | $ 60 |
Retirement Benefits and Trust_8
Retirement Benefits and Trusteed Assets (Pension Plan - Benefits related to Qualified and Nonqualified Pension Plans Expected to be paid) (Details) - Pension plan $ in Millions | Dec. 31, 2022 USD ($) |
Defined Benefit Plan, Expected Future Benefit Payment [Abstract] | |
2023 | $ 344 |
2024 | 319 |
2025 | 328 |
2026 | 323 |
2027 | 323 |
2028-2032 | 1,616 |
Total | $ 3,253 |
Retirement Benefits and Trust_9
Retirement Benefits and Trusteed Assets (Pension Plan - Assumptions used in Determining the PBO and Net Pension Costs) (Details) - Pension plan | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 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% |
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% | 7.10% |
Cash balance interest crediting rate | 2.40% | 2% | 3.30% |
Retirement Benefits and Trus_10
Retirement Benefits and Trusteed Assets (Pension Plan - Target Allocations of Plan Assets) (Details) - Pension plan | Dec. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation percentage of assets | 100% |
U.S. Large Capitalization (Cap) Equity Securities | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation percentage of assets | 15% |
U.S. Small Cap and Mid Cap Equity Securities | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation percentage of assets | 3% |
Non-U.S. Equity Securities | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation percentage of assets | 12% |
Fixed Income Securities | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation percentage of assets | 48% |
Hedge Funds and Similar Investments | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation percentage of assets | 9% |
Private Equity and Other | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation percentage of assets | 13% |
Retirement Benefits and Trus_11
Retirement Benefits and Trusteed Assets (Pension Plan - Fair Value Measurements) (Details) - Pension Plan - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | $ 3,897 | $ 5,507 | $ 5,497 |
Short-term Investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 77 | 112 | |
Equity Securities, Domestic | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 483 | 913 | |
Equity Securities, International | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 481 | 676 | |
Fixed Income Securities, Governmental | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 583 | 1,026 | |
Fixed Income Securities, Corporate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 1,203 | 1,466 | |
Hedge Funds and Similar Investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 321 | 567 | |
Private Equity and Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 749 | 747 | |
Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 734 | 1,437 | |
Level 1 | Short-term Investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 77 | 112 | |
Level 1 | Equity Securities, Domestic | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0 | 155 | |
Level 1 | Equity Securities, International | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 65 | 88 | |
Level 1 | Fixed Income Securities, Governmental | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 506 | 943 | |
Level 1 | Fixed Income Securities, Corporate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0 | 0 | |
Level 1 | Hedge Funds and Similar Investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 86 | 139 | |
Level 1 | Private Equity and Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0 | 0 | |
Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 1,330 | 1,612 | |
Level 2 | Short-term Investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0 | 0 | |
Level 2 | Equity Securities, Domestic | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0 | 0 | |
Level 2 | Equity Securities, International | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0 | 0 | |
Level 2 | Fixed Income Securities, Governmental | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 77 | 83 | |
Level 2 | Fixed Income Securities, Corporate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 1,203 | 1,466 | |
Level 2 | Hedge Funds and Similar Investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 50 | 63 | |
Level 2 | Private Equity and Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0 | 0 | |
Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 1,833 | 2,458 | |
Other | Short-term Investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0 | 0 | |
Other | Equity Securities, Domestic | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 483 | 758 | |
Other | Equity Securities, International | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 416 | 588 | |
Other | Fixed Income Securities, Governmental | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0 | 0 | |
Other | Fixed Income Securities, Corporate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0 | 0 | |
Other | Hedge Funds and Similar Investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 185 | 365 | |
Other | Private Equity and Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | $ 749 | $ 747 |
Retirement Benefits and Trus_12
Retirement Benefits and Trusteed Assets (OPEB - Contributions to the VEBA) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Contribution Plan Disclosure [Line Items] | |||
Contributions | $ 73 | $ 70 | $ 73 |
DTE Electric | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Contributions | 35 | 34 | 34 |
Retiree healthcare plan (VEBA) | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Contributions | 16 | 18 | 15 |
Retiree healthcare plan (VEBA) | DTE Electric | |||
Defined Contribution Plan Disclosure [Line Items] | |||
Contributions | $ 7 | $ 8 | $ 7 |
Retirement Benefits and Trus_13
Retirement Benefits and Trusteed Assets (OPEB - Postretirement Cost Inclusions) (Details) - Other postretirement benefit plan - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Defined Benefit Plan Disclosure [Line Items] | |||
Service cost | $ 27 | $ 30 | $ 26 |
Interest cost | 48 | 46 | 56 |
Expected return on plan assets | (126) | (129) | (128) |
Amortization of: | |||
Net actuarial loss | 4 | 13 | 16 |
Prior service credit | (19) | (19) | (19) |
Net pension cost/other postretirement cost (credit) | (66) | (59) | (49) |
DTE Electric | |||
Defined Benefit Plan Disclosure [Line Items] | |||
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 pension cost/other postretirement cost (credit) | $ (37) | $ (31) | $ (27) |
Retirement Benefits and Trus_14
Retirement Benefits and Trusteed Assets (OPEB - Other Changes in Plan Assets and APBO Recognized in Regulatory Assets and OCI) (Details) - Other postretirement benefit plan - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
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 and settlements | (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 pension cost, Regulatory assets, and Other comprehensive income (loss) | 40 | (165) |
DTE Electric | ||
Other changes in plan assets and accumulated postretirement benefit obligation recognized in Regulatory assets and Other comprehensive income (loss) | ||
Net actuarial (gain) loss | 24 | (84) |
Amortization of net actuarial loss and settlements | (5) | (11) |
Amortization of prior service credit | 14 | 14 |
Total recognized in Regulatory assets and Other comprehensive income (loss) | 33 | (81) |
Total recognized in net periodic pension cost, Regulatory assets, and Other comprehensive income (loss) | $ (4) | $ (112) |
Retirement Benefits and Trus_15
Retirement Benefits and Trusteed Assets (OPEB - Reconciliation of Obligations, Assets and Funded Status of Plans) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Change in accumulated postretirement benefit obligation | |||
Plan amendments | $ 0 | $ 4 | |
Amounts recognized in Regulatory assets | |||
Regulatory assets | 4,336 | 3,677 | |
Other postretirement benefit plan | |||
Change in accumulated postretirement benefit obligation | |||
Projected/Accumulated postretirement benefit obligation, beginning of year | 1,702 | 1,807 | |
Service cost | 27 | 30 | $ 26 |
Interest cost | 48 | 46 | 56 |
Plan amendments | 0 | 1 | |
Actuarial gain | (395) | (100) | |
Benefits paid | (89) | (82) | |
Projected/Accumulated postretirement benefit obligation, end of year | 1,293 | 1,702 | 1,807 |
Change in plan assets | |||
Plan assets at fair value, beginning of year | 2,021 | 1,960 | |
Actual return on plan assets | (359) | 142 | |
Benefits paid | (85) | (81) | |
Plan assets at fair value, end of year | 1,577 | 2,021 | 1,960 |
Funded status | 284 | 319 | |
Amount recorded as: | |||
Noncurrent assets | 571 | 678 | |
Current liabilities | 0 | (1) | |
Noncurrent liabilities | (287) | (358) | |
Defined benefit plans assets (liabilities) | 284 | 319 | |
Amounts recognized in Accumulated other comprehensive income (loss), pre-tax | |||
Net actuarial gain | (14) | (1) | |
Amounts recognized in Regulatory assets | |||
Net actuarial loss | 201 | 102 | |
Prior service credit | (29) | (49) | |
Regulatory assets | 172 | 53 | |
DTE Electric | |||
Amounts recognized in Regulatory assets | |||
Regulatory assets | 3,640 | 3,136 | |
DTE Electric | Other postretirement benefit plan | |||
Change in accumulated postretirement benefit obligation | |||
Projected/Accumulated postretirement benefit obligation, beginning of year | 1,293 | 1,369 | |
Service cost | 20 | 23 | 20 |
Interest cost | 37 | 35 | 43 |
Plan amendments | 0 | 0 | |
Actuarial gain | (301) | (73) | |
Benefits paid | (67) | (61) | |
Projected/Accumulated postretirement benefit obligation, end of year | 982 | 1,293 | 1,369 |
Change in plan assets | |||
Plan assets at fair value, beginning of year | 1,355 | 1,320 | |
Actual return on plan assets | (239) | 96 | |
Benefits paid | (64) | (61) | |
Plan assets at fair value, end of year | 1,052 | 1,355 | $ 1,320 |
Funded status | 70 | 62 | |
Amount recorded as: | |||
Noncurrent assets | 345 | 402 | |
Current liabilities | 0 | 0 | |
Noncurrent liabilities | (275) | (340) | |
Defined benefit plans assets (liabilities) | 70 | 62 | |
Amounts recognized in Accumulated other comprehensive income (loss), pre-tax | |||
Net actuarial gain | 0 | 0 | |
Amounts recognized in Regulatory assets | |||
Net actuarial loss | 80 | 61 | |
Prior service credit | (20) | (34) | |
Regulatory assets | $ 60 | $ 27 |
Retirement Benefits and Trus_16
Retirement Benefits and Trusteed Assets (OPEB - Accumulated Postretirement Obligations in Excess of Plan Assets) (Details) - Other postretirement benefit plan - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 |
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated postretirement benefit obligation | $ 625 | $ 822 |
Fair value of plan assets | 338 | 463 |
Accumulated postretirement benefit obligation in excess of plan assets | 287 | 359 |
DTE Electric | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Accumulated postretirement benefit obligation | 591 | 775 |
Fair value of plan assets | 316 | 435 |
Accumulated postretirement benefit obligation in excess of plan assets | $ 275 | $ 340 |
Retirement Benefits and Trus_17
Retirement Benefits and Trusteed Assets (OPEB - Benefits related to Qualified and Nonqualified Pension Plans Expected to be paid in the Next Ten Years) (Details) - Other postretirement benefit plan $ in Millions | Dec. 31, 2022 USD ($) |
Defined Benefit Plan Disclosure [Line Items] | |
2023 | $ 84 |
2024 | 89 |
2025 | 90 |
2026 | 91 |
2027 | 94 |
2028-2032 | 488 |
Total | 936 |
DTE Electric | |
Defined Benefit Plan Disclosure [Line Items] | |
2023 | 64 |
2024 | 67 |
2025 | 68 |
2026 | 69 |
2027 | 71 |
2028-2032 | 371 |
Total | $ 710 |
Retirement Benefits and Trus_18
Retirement Benefits and Trusteed Assets (OPEB - Assumptions used in Determining the PBO and Net Pension Costs) (Details) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Accumulated postretirement benefit obligation | |||
Ultimate health care trend rate | 4.50% | ||
Other postretirement benefit costs | |||
Ultimate health care trend rate | 4.50% | ||
Other postretirement benefit plan | |||
Accumulated postretirement benefit obligation | |||
Discount rate | 5.19% | 2.91% | 2.58% |
Health care trend rate pre- 65 | 6.75% | 6.75% | 6.75% |
Health care trend post- 65 | 7.25% | 7.25% | 7.25% |
Ultimate health care trend rate | 4.50% | 4.50% | 4.50% |
Other postretirement benefit costs | |||
Discount rate | 2.91% | 2.58% | 3.29% |
Expected long-term rate of return on plan assets | 6.40% | 6.70% | 7.20% |
Health care trend rate pre- 65 | 6.75% | 6.75% | 6.75% |
Health care trend post- 65 | 7.25% | 7.25% | 7.25% |
Ultimate health care trend rate | 4.50% | 4.50% | 4.50% |
Retirement Benefits and Trus_19
Retirement Benefits and Trusteed Assets (OPEB - Target Allocations of Plan Assets) (Details) - Other postretirement benefit plan | Dec. 31, 2022 |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation percentage of assets | 100% |
U.S. Large Cap Equity Securities | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation percentage of assets | 5% |
U.S. Small Cap and Mid Cap Equity Securities | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation percentage of assets | 1% |
Non-U.S. Equity Securities | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation percentage of assets | 4% |
Fixed Income Securities | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation percentage of assets | 61% |
Hedge Funds and Similar Investments | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation percentage of assets | 9% |
Private Equity and Other | |
Defined Benefit Plan Disclosure [Line Items] | |
Target allocation percentage of assets | 20% |
Retirement Benefits and Trus_20
Retirement Benefits and Trusteed Assets (OPEB - Fair Value Measurements) (Details) - Other postretirement benefit plan - USD ($) $ in Millions | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | $ 1,577 | $ 2,021 | $ 1,960 |
Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 339 | 494 | |
Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 450 | 413 | |
Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 788 | 1,114 | |
Short-term Investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 35 | 39 | |
Short-term Investments | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 35 | 39 | |
Short-term Investments | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0 | 0 | |
Short-term Investments | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0 | 0 | |
Equity Securities, Domestic | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 78 | 226 | |
Equity Securities, Domestic | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0 | 27 | |
Equity Securities, Domestic | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0 | 0 | |
Equity Securities, Domestic | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 78 | 199 | |
Equity Securities, International | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 70 | 168 | |
Equity Securities, International | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 9 | 27 | |
Equity Securities, International | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0 | 0 | |
Equity Securities, International | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 61 | 141 | |
Fixed Income Securities, Governmental | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 296 | 375 | |
Fixed Income Securities, Governmental | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 264 | 343 | |
Fixed Income Securities, Governmental | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 32 | 32 | |
Fixed Income Securities, Governmental | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0 | 0 | |
Fixed Income Securities, Corporate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 590 | 626 | |
Fixed Income Securities, Corporate | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0 | 0 | |
Fixed Income Securities, Corporate | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 396 | 355 | |
Fixed Income Securities, Corporate | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 194 | 271 | |
Hedge Funds and Similar Investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 147 | 204 | |
Hedge Funds and Similar Investments | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 31 | 58 | |
Hedge Funds and Similar Investments | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 22 | 26 | |
Hedge Funds and Similar Investments | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 94 | 120 | |
Private Equity and Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 361 | 383 | |
Private Equity and Other | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0 | 0 | |
Private Equity and Other | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0 | 0 | |
Private Equity and Other | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 361 | 383 | |
DTE Electric | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 1,052 | 1,355 | $ 1,320 |
DTE Electric | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 226 | 331 | |
DTE Electric | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 298 | 273 | |
DTE Electric | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 528 | 751 | |
DTE Electric | Short-term Investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 23 | 26 | |
DTE Electric | Short-term Investments | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 23 | 26 | |
DTE Electric | Short-term Investments | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0 | 0 | |
DTE Electric | Short-term Investments | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0 | 0 | |
DTE Electric | Equity Securities, Domestic | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 50 | 150 | |
DTE Electric | Equity Securities, Domestic | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0 | 18 | |
DTE Electric | Equity Securities, Domestic | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0 | 0 | |
DTE Electric | Equity Securities, Domestic | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 50 | 132 | |
DTE Electric | Equity Securities, International | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 44 | 111 | |
DTE Electric | Equity Securities, International | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 5 | 18 | |
DTE Electric | Equity Securities, International | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0 | 0 | |
DTE Electric | Equity Securities, International | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 39 | 93 | |
DTE Electric | Fixed Income Securities, Governmental | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 199 | 251 | |
DTE Electric | Fixed Income Securities, Governmental | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 178 | 230 | |
DTE Electric | Fixed Income Securities, Governmental | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 21 | 21 | |
DTE Electric | Fixed Income Securities, Governmental | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0 | 0 | |
DTE Electric | Fixed Income Securities, Corporate | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 396 | 422 | |
DTE Electric | Fixed Income Securities, Corporate | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0 | 0 | |
DTE Electric | Fixed Income Securities, Corporate | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 262 | 235 | |
DTE Electric | Fixed Income Securities, Corporate | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 134 | 187 | |
DTE Electric | Hedge Funds and Similar Investments | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 98 | 137 | |
DTE Electric | Hedge Funds and Similar Investments | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 20 | 39 | |
DTE Electric | Hedge Funds and Similar Investments | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 15 | 17 | |
DTE Electric | Hedge Funds and Similar Investments | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 63 | 81 | |
DTE Electric | Private Equity and Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 242 | 258 | |
DTE Electric | Private Equity and Other | Level 1 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0 | 0 | |
DTE Electric | Private Equity and Other | Level 2 | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | 0 | 0 | |
DTE Electric | Private Equity and Other | Other | |||
Defined Benefit Plan Disclosure [Line Items] | |||
Plan assets at fair value | $ 242 | $ 258 |
Stock-Based Compensation (Detai
Stock-Based Compensation (Details Textuals) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Authorized limit of common stock shares (in shares) | 20,162,716 | ||
Performance units price per unit (in dollars per share) | $ / shares | 1 | ||
DTE Electric | DTE Energy | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Compensation cost charged against income (in millions) | $ | $ 40 | $ 45 | $ 37 |
Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum award per employee (in shares) | 500,000 | ||
Restricted Stock Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum award per employee (in shares) | 150,000 | ||
Award vesting period | 3 years | ||
Compensation cost charged against income (in millions) | $ | $ 15 | $ 14 | $ 13 |
Performance Share Awards | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum award per employee (in shares) | 300,000 | ||
Award vesting period | 3 years | ||
Performance Units | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Maximum award per employee (in shares) | 1,000,000 |
Stock-Based Compensation (Compo
Stock-Based Compensation (Components of Stock Based Compensation) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Components of stock based-compensation [Abstract] | |||
Stock-based compensation expense | $ 62 | $ 71 | $ 63 |
Tax benefit | $ 11 | $ 13 | $ 12 |
Stock-Based Compensation (Activ
Stock-Based Compensation (Activity Relating to Performance Share Awards) (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Compensation Expense Recorded [Line Items] | |||
Compensation expense | $ 62 | $ 71 | $ 63 |
Performance Share Awards | |||
Compensation Expense Recorded [Line Items] | |||
Weighted grant date fair value of awards granted (in dollars per share) | $ 120.25 | $ 118.43 | $ 129.68 |
Awards settled in cash | $ 10 | $ 12 | $ 21 |
Awards settled in stock | 72 | 74 | 53 |
Compensation expense | $ 47 | $ 58 | $ 50 |
Stock-Based Compensation (Perfo
Stock-Based Compensation (Performance Share Awards Activity) (Details) - Performance shares - $ / shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Performance Shares | |||
Balance at beginning of period (in shares) | 1,102,617 | ||
Grants (in shares) | 393,789 | ||
Forfeitures (in shares) | (69,370) | ||
Payouts (in shares) | (408,979) | ||
Balance at end of period (in shares) | 1,018,057 | 1,102,617 | |
Weighted Average Grant Date Fair Value | |||
Balance at beginning of period (in dollars per share) | $ 120.33 | ||
Grants (in dollars per share) | 120.25 | $ 118.43 | $ 129.68 |
Forfeitures (in dollars per share) | 111.89 | ||
Payouts (in dollars per share) | 120.23 | ||
Balance at end of period (in dollars per share) | $ 120.91 | $ 120.33 |
Stock-Based Compensation (Unrec
Stock-Based Compensation (Unrecognized Compensation Costs) (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Share Based Compensation Unrecognized and Non-Vested Cost [Line Items] | |
Unrecognized Compensation Cost | $ 70 |
Weighted Average to be Recognized | 1 year 2 months 19 days |
Stock awards | |
Share Based Compensation Unrecognized and Non-Vested Cost [Line Items] | |
Unrecognized Compensation Cost | $ 20 |
Weighted Average to be Recognized | 1 year 6 months |
Performance shares | |
Share Based Compensation Unrecognized and Non-Vested Cost [Line Items] | |
Unrecognized Compensation Cost | $ 50 |
Weighted Average to be Recognized | 1 year 1 month 20 days |
Segment and Related Informati_3
Segment and Related Information (Details Textuals) customer in Millions, $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 USD ($) customer | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) | |
Segment Reporting [Abstract] | |||
Number of electric utility customers | customer | 2.3 | ||
Number of gas utility customers | customer | 1.3 | ||
Segment Reporting Information [Line Items] | |||
Operating Revenues — Non-utility operations | $ 10,985 | $ 7,676 | $ 4,578 |
Continuing operations | |||
Segment Reporting Information [Line Items] | |||
Operating Revenues — Non-utility operations | 7,676 | 4,578 | |
Reclassifications and Eliminations | |||
Segment Reporting Information [Line Items] | |||
Operating Revenues — Non-utility operations | $ (186) | ||
Reclassifications and Eliminations | Continuing operations | |||
Segment Reporting Information [Line Items] | |||
Operating Revenues — Non-utility operations | (651) | (525) | |
Reclassifications and Eliminations | Gas Storage and Pipelines | Continuing operations | |||
Segment Reporting Information [Line Items] | |||
Operating Revenues — Non-utility operations | $ 14 | $ 26 |
Segment and Related Informati_4
Segment and Related Information (Inter-Segment Billing) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Operating Revenues | $ (19,228) | $ (14,964) | $ (11,423) |
Operating Revenues — Non-utility operations | (10,985) | (7,676) | (4,578) |
Electric | |||
Segment Reporting Information [Line Items] | |||
Operating Revenues | (6,412) | (5,821) | (5,520) |
Gas | |||
Segment Reporting Information [Line Items] | |||
Operating Revenues | (1,924) | (1,553) | (1,414) |
DTE Vantage | |||
Segment Reporting Information [Line Items] | |||
Operating Revenues | (848) | (1,482) | (1,224) |
Energy Trading | |||
Segment Reporting Information [Line Items] | |||
Operating Revenues | (10,308) | (6,831) | (3,863) |
Reclassifications and Eliminations | |||
Segment Reporting Information [Line Items] | |||
Operating Revenues | 264 | 711 | 574 |
Operating Revenues — Non-utility operations | 186 | ||
Reclassifications and Eliminations | Electric | |||
Segment Reporting Information [Line Items] | |||
Operating Revenues | 71 | 64 | 61 |
Operating Revenues — Non-utility operations | 6 | 4 | 2 |
Reclassifications and Eliminations | Gas | |||
Segment Reporting Information [Line Items] | |||
Operating Revenues | 13 | 14 | 16 |
Reclassifications and Eliminations | DTE Vantage | |||
Segment Reporting Information [Line Items] | |||
Operating Revenues | 78 | 575 | 464 |
Reclassifications and Eliminations | Energy Trading | |||
Segment Reporting Information [Line Items] | |||
Operating Revenues | 102 | 56 | 31 |
Reclassifications and Eliminations | Corporate and Other | |||
Segment Reporting Information [Line Items] | |||
Operating Revenues | $ 0 | $ 2 | $ 2 |
Segment and Related Informati_5
Segment and Related Information (Financial Data) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Operating Revenues — Utility operations | $ 8,243 | $ 7,288 | $ 6,845 |
Operating Revenues — Non-utility operations | 10,985 | 7,676 | 4,578 |
Depreciation and amortization | 1,468 | 1,377 | 1,292 |
Interest expense | 675 | 630 | 601 |
Interest income | (46) | (22) | (29) |
Equity earnings (losses) of equity method investees | (14) | 38 | 26 |
Income Tax Expense (Benefit) | 29 | (130) | 37 |
Net Income (Loss) Attributable to DTE Energy Company | 1,083 | 907 | 1,368 |
Investments in equity method investees | 165 | 187 | |
Capital expenditures and acquisitions | 3,378 | 3,772 | 3,983 |
Goodwill | 1,993 | 1,993 | |
Total Assets | 42,683 | 39,719 | 45,496 |
Loss on extinguishment of debt | 0 | 393 | 6 |
Continuing operations | |||
Segment Reporting Information [Line Items] | |||
Operating Revenues — Utility operations | 7,288 | 6,845 | |
Operating Revenues — Non-utility operations | 7,676 | 4,578 | |
Depreciation and amortization | 1,377 | 1,292 | |
Interest expense | 630 | 601 | |
Interest income | (22) | (29) | |
Equity earnings (losses) of equity method investees | 38 | 26 | |
Income Tax Expense (Benefit) | (130) | 37 | |
Net Income (Loss) Attributable to DTE Energy Company | 796 | 1,054 | |
Investments in equity method investees | 187 | 177 | |
Capital expenditures and acquisitions | 3,712 | 3,466 | |
Goodwill | 1,993 | 1,993 | |
Total Assets | 39,719 | 37,420 | |
Discontinued operations | |||
Segment Reporting Information [Line Items] | |||
Net Income (Loss) Attributable to DTE Energy Company | 111 | 314 | |
Capital expenditures and acquisitions | 60 | 517 | |
Total Assets | 0 | 8,076 | |
Operating Segments | Electric | |||
Segment Reporting Information [Line Items] | |||
Operating Revenues — Utility operations | 6,397 | ||
Operating Revenues — Non-utility operations | 15 | ||
Depreciation and amortization | 1,218 | ||
Interest expense | 372 | ||
Interest income | (8) | ||
Equity earnings (losses) of equity method investees | 0 | ||
Income Tax Expense (Benefit) | 25 | ||
Net Income (Loss) Attributable to DTE Energy Company | 956 | ||
Investments in equity method investees | 6 | ||
Capital expenditures and acquisitions | 2,620 | ||
Goodwill | 1,208 | ||
Total Assets | 30,342 | ||
Operating Segments | Electric | Continuing operations | |||
Segment Reporting Information [Line Items] | |||
Operating Revenues — Utility operations | 5,809 | 5,506 | |
Operating Revenues — Non-utility operations | 12 | 14 | |
Depreciation and amortization | 1,122 | 1,057 | |
Interest expense | 338 | 337 | |
Interest income | 0 | (4) | |
Equity earnings (losses) of equity method investees | 0 | 0 | |
Income Tax Expense (Benefit) | 104 | 108 | |
Net Income (Loss) Attributable to DTE Energy Company | 864 | 777 | |
Investments in equity method investees | 6 | 6 | |
Capital expenditures and acquisitions | 3,016 | 2,701 | |
Goodwill | 1,208 | 1,208 | |
Total Assets | 28,524 | 26,588 | |
Operating Segments | Gas | |||
Segment Reporting Information [Line Items] | |||
Operating Revenues — Utility operations | 1,924 | ||
Operating Revenues — Non-utility operations | 0 | ||
Depreciation and amortization | 192 | ||
Interest expense | 91 | ||
Interest income | (8) | ||
Equity earnings (losses) of equity method investees | 2 | ||
Income Tax Expense (Benefit) | 88 | ||
Net Income (Loss) Attributable to DTE Energy Company | 272 | ||
Investments in equity method investees | 15 | ||
Capital expenditures and acquisitions | 693 | ||
Goodwill | 743 | ||
Total Assets | 7,321 | ||
Operating Segments | Gas | Continuing operations | |||
Segment Reporting Information [Line Items] | |||
Operating Revenues — Utility operations | 1,553 | 1,414 | |
Operating Revenues — Non-utility operations | 0 | 0 | |
Depreciation and amortization | 177 | 157 | |
Interest expense | 81 | 80 | |
Interest income | (6) | (5) | |
Equity earnings (losses) of equity method investees | 1 | 1 | |
Income Tax Expense (Benefit) | 38 | 48 | |
Net Income (Loss) Attributable to DTE Energy Company | 214 | 186 | |
Investments in equity method investees | 13 | 12 | |
Capital expenditures and acquisitions | 621 | 574 | |
Goodwill | 743 | 743 | |
Total Assets | 6,729 | 6,339 | |
Operating Segments | DTE Vantage | |||
Segment Reporting Information [Line Items] | |||
Operating Revenues — Utility operations | 0 | ||
Operating Revenues — Non-utility operations | 848 | ||
Depreciation and amortization | 52 | ||
Interest expense | 15 | ||
Interest income | (28) | ||
Equity earnings (losses) of equity method investees | 0 | ||
Income Tax Expense (Benefit) | 18 | ||
Net Income (Loss) Attributable to DTE Energy Company | 92 | ||
Investments in equity method investees | 111 | ||
Capital expenditures and acquisitions | 62 | ||
Goodwill | 25 | ||
Total Assets | 1,077 | ||
Operating Segments | DTE Vantage | Continuing operations | |||
Segment Reporting Information [Line Items] | |||
Operating Revenues — Utility operations | 0 | 0 | |
Operating Revenues — Non-utility operations | 1,482 | 1,224 | |
Depreciation and amortization | 71 | 72 | |
Interest expense | 28 | 37 | |
Interest income | (23) | (22) | |
Equity earnings (losses) of equity method investees | 8 | 17 | |
Income Tax Expense (Benefit) | (31) | (40) | |
Net Income (Loss) Attributable to DTE Energy Company | 168 | 134 | |
Investments in equity method investees | 118 | 125 | |
Capital expenditures and acquisitions | 69 | 186 | |
Goodwill | 25 | 25 | |
Total Assets | 983 | 696 | |
Operating Segments | Energy Trading | |||
Segment Reporting Information [Line Items] | |||
Operating Revenues — Utility operations | 0 | ||
Operating Revenues — Non-utility operations | 10,308 | ||
Depreciation and amortization | 5 | ||
Interest expense | 17 | ||
Interest income | (6) | ||
Equity earnings (losses) of equity method investees | 0 | ||
Income Tax Expense (Benefit) | (31) | ||
Net Income (Loss) Attributable to DTE Energy Company | (92) | ||
Investments in equity method investees | 0 | ||
Capital expenditures and acquisitions | 3 | ||
Goodwill | 17 | ||
Total Assets | 1,385 | ||
Operating Segments | Energy Trading | Continuing operations | |||
Segment Reporting Information [Line Items] | |||
Operating Revenues — Utility operations | 0 | 0 | |
Operating Revenues — Non-utility operations | 6,831 | 3,863 | |
Depreciation and amortization | 6 | 5 | |
Interest expense | 5 | 6 | |
Interest income | (1) | (2) | |
Equity earnings (losses) of equity method investees | 0 | 0 | |
Income Tax Expense (Benefit) | (27) | 12 | |
Net Income (Loss) Attributable to DTE Energy Company | (83) | 36 | |
Investments in equity method investees | 0 | 0 | |
Capital expenditures and acquisitions | 6 | 5 | |
Goodwill | 17 | 17 | |
Total Assets | 1,174 | 807 | |
Operating Segments | Corporate and Other | |||
Segment Reporting Information [Line Items] | |||
Operating Revenues — Utility operations | 0 | ||
Operating Revenues — Non-utility operations | 0 | ||
Depreciation and amortization | 1 | ||
Interest expense | 210 | ||
Interest income | (26) | ||
Equity earnings (losses) of equity method investees | (16) | ||
Income Tax Expense (Benefit) | (71) | ||
Net Income (Loss) Attributable to DTE Energy Company | (145) | ||
Investments in equity method investees | 33 | ||
Capital expenditures and acquisitions | 0 | ||
Goodwill | 0 | ||
Total Assets | 4,409 | ||
Loss on extinguishment of debt | 376 | ||
Deferred tax benefit for deferred tax remeasurement | 85 | ||
Operating Segments | Corporate and Other | Continuing operations | |||
Segment Reporting Information [Line Items] | |||
Operating Revenues — Utility operations | 0 | 0 | |
Operating Revenues — Non-utility operations | 2 | 2 | |
Depreciation and amortization | 1 | 1 | |
Interest expense | 270 | 325 | |
Interest income | (84) | (180) | |
Equity earnings (losses) of equity method investees | 29 | 8 | |
Income Tax Expense (Benefit) | (214) | (91) | |
Net Income (Loss) Attributable to DTE Energy Company | (367) | (79) | |
Investments in equity method investees | 50 | 34 | |
Capital expenditures and acquisitions | 0 | 0 | |
Goodwill | 0 | 0 | |
Total Assets | 4,281 | 5,063 | |
Reclassifications and Eliminations | |||
Segment Reporting Information [Line Items] | |||
Operating Revenues — Utility operations | (78) | ||
Operating Revenues — Non-utility operations | (186) | ||
Depreciation and amortization | 0 | ||
Interest expense | (30) | ||
Interest income | 30 | ||
Equity earnings (losses) of equity method investees | 0 | ||
Income Tax Expense (Benefit) | 0 | ||
Net Income (Loss) Attributable to DTE Energy Company | 0 | ||
Investments in equity method investees | 0 | ||
Capital expenditures and acquisitions | 0 | ||
Goodwill | 0 | ||
Total Assets | (1,851) | ||
Reclassifications and Eliminations | Continuing operations | |||
Segment Reporting Information [Line Items] | |||
Operating Revenues — Utility operations | (74) | (75) | |
Operating Revenues — Non-utility operations | (651) | (525) | |
Depreciation and amortization | 0 | 0 | |
Interest expense | (92) | (184) | |
Interest income | 92 | 184 | |
Equity earnings (losses) of equity method investees | 0 | 0 | |
Income Tax Expense (Benefit) | 0 | 0 | |
Net Income (Loss) Attributable to DTE Energy Company | 0 | 0 | |
Investments in equity method investees | 0 | 0 | |
Capital expenditures and acquisitions | 0 | 0 | |
Goodwill | 0 | 0 | |
Total Assets | (1,972) | (2,073) | |
Reclassifications and Eliminations | Electric | |||
Segment Reporting Information [Line Items] | |||
Operating Revenues — Non-utility operations | $ (6) | $ (4) | $ (2) |
Related Party Transactions (DTE
Related Party Transactions (DTE Electric Transactions with Affiliated Companies) (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Related Party Transaction [Line Items] | |||
Dividends declared | $ 710,000,000 | $ 752,000,000 | $ 796,000,000 |
Dividends paid | $ 685,000,000 | $ 791,000,000 | 760,000,000 |
Affiliated entity | |||
Related Party Transaction [Line Items] | |||
Weighted average interest rate | 4.40% | 0.20% | |
DTE Electric | |||
Related Party Transaction [Line Items] | |||
Dividends declared | $ 763,000,000 | $ 588,000,000 | 539,000,000 |
Dividends paid | 763,000,000 | 588,000,000 | 539,000,000 |
DTE Electric | Energy sales | |||
Related Party Transaction [Line Items] | |||
Revenues and Other Income | 8,000,000 | 9,000,000 | 8,000,000 |
DTE Electric | Other services and interest | |||
Related Party Transaction [Line Items] | |||
Other services and interest | 0 | 2,000,000 | 2,000,000 |
Costs | 1,000,000 | 0 | 1,000,000 |
DTE Electric | Shared capital assets | |||
Related Party Transaction [Line Items] | |||
Revenues and Other Income | 57,000,000 | 49,000,000 | 47,000,000 |
DTE Electric | Fuel and purchased power | |||
Related Party Transaction [Line Items] | |||
Costs | 58,000,000 | 13,000,000 | 16,000,000 |
DTE Electric | Corporate expenses | |||
Related Party Transaction [Line Items] | |||
Costs | 379,000,000 | 391,000,000 | 367,000,000 |
DTE Electric | DTE Energy | |||
Related Party Transaction [Line Items] | |||
Dividends declared | 763,000,000 | 588,000,000 | 539,000,000 |
Dividends paid | 763,000,000 | 588,000,000 | 539,000,000 |
Capital contribution from DTE Energy | 600,000,000 | 555,000,000 | 636,000,000 |
DTE Electric | DTE Energy Foundation | |||
Related Party Transaction [Line Items] | |||
Charitable contributions to foundation | $ 0 | $ 2,000,000 | $ 20,000,000 |