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Commission File Number
|
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Registrants, State of Incorporation, Address, and Telephone Number
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I.R.S. Employer Identification No.
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1-11607
|
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DTE Energy Company
(a Michigan corporation)
One Energy Plaza
Detroit, Michigan 48226-1279
313-235-4000
|
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38-3217752
|
|
|
|
|
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1-2198
|
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DTE Electric Company
(a Michigan corporation)
One Energy Plaza
Detroit, Michigan 48226-1279 313-235-4000 |
|
38-0478650
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Registrant
|
|
Title of Each Class
|
|
Name of Exchange on which Registered
|
DTE Energy Company (DTE Energy)
|
|
Common stock, without par value
|
|
New York Stock Exchange
|
|
|
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DTE Energy
|
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2012 Series C 5.25% Junior Subordinated Debentures due 2062
|
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New York Stock Exchange
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|
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DTE Energy
|
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2016 Series B 5.375% Junior Subordinated Debentures due 2076
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New York Stock Exchange
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DTE Energy
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2016 Series F 6.00% Junior Subordinated Debentures due 2076
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New York Stock Exchange
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|
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DTE Energy
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6.50% Corporate Units
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New York Stock Exchange
|
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DTE Electric Company (DTE Electric)
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None
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None
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DTE Energy
|
Large accelerated filer
x
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Accelerated filer
o
|
Non-accelerated filer
o
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Smaller reporting company
o
|
|
|
(Do not check if a smaller reporting company)
|
||
DTE Electric
|
Large accelerated filer
o
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Accelerated filer
o
|
Non-accelerated filer
x
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Smaller reporting company
o
|
|
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(Do not check if a smaller reporting company)
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Registrant
|
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Description
|
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Shares
|
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DTE Energy
|
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Common Stock, without par value
|
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179,432,999
|
|
|
|
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DTE Electric
|
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Common Stock, $10 par value, directly-owned by DTE Energy
|
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138,632,324
|
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Page
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|
||
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||
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||
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AFUDC
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Allowance for Funds Used During Construction
|
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AGS
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Appalachia Gathering System is a midstream natural gas asset located in Pennsylvania and West Virginia. DTE Energy purchased 100% of AGS in October 2016, and this asset is part of DTE Energy's Gas Storage and Pipelines segment.
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AMV
|
Applicable Market Value
|
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ASU
|
Accounting Standards Update issued by the FASB
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CFTC
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U.S. Commodity Futures Trading Commission
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DOE
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U.S. Department of Energy
|
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DTE Electric
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DTE Electric Company (a direct wholly-owned subsidiary of DTE Energy) and subsidiary companies
|
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DTE Energy
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DTE Energy Company, directly or indirectly the parent of DTE Electric, DTE Gas, and numerous non-utility subsidiaries
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DTE Gas
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DTE Gas Company (an indirect wholly-owned subsidiary of DTE Energy) and subsidiary companies
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EGU
|
Electric Generating Unit
|
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EPA
|
U.S. Environmental Protection Agency
|
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FASB
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Financial Accounting Standards Board
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FERC
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Federal Energy Regulatory Commission
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FOV
|
Finding of Violation
|
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FTRs
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Financial Transmission Rights are financial instruments that entitle the holder to receive payments related to costs incurred for congestion on the transmission grid.
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GCR
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A Gas Cost Recovery mechanism authorized by the MPSC that allows DTE Gas to recover through rates its natural gas costs.
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GHG
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Greenhouse gases
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IRM
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Infrastructure Recovery Mechanism
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IRS
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Internal Revenue Service
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ISO
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Independent System Operator
|
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LIBOR
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London Inter-Bank Offered Rates
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LLC
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DTE Energy Corporate Services, LLC, a subsidiary of DTE Energy
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MDEQ
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Michigan Department of Environmental Quality
|
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MGP
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Manufactured Gas Plant
|
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MISO
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Midcontinent Independent System Operator, Inc.
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MPSC
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Michigan Public Service Commission
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MTM
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Mark-to-market
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NAV
|
Net Asset Value
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NEIL
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Nuclear Electric Insurance Limited
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NEXUS
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NEXUS Gas Transmission, LLC
|
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Non-utility
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An entity that is not a public utility. Its conditions of service, prices of goods and services, and other operating related matters are not directly regulated by the MPSC.
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NOV
|
Notice of Violation
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NRC
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U.S. Nuclear Regulatory Commission
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PLD
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City of Detroit's Public Lighting Department
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Production tax credits
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Tax credits as authorized under Sections 45K and 45 of the Internal Revenue Code that are designed to stimulate investment in and development of alternate fuel sources. The amount of a production tax credit can vary each year as determined by the IRS.
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PSCR
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A Power Supply Cost Recovery mechanism authorized by the MPSC that allows DTE Electric to recover through rates its fuel, fuel-related, and purchased power costs.
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RDM
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A Revenue Decoupling Mechanism authorized by the MPSC that is designed to minimize the impact on revenues of changes in average customer usage.
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REF
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Reduced Emissions Fuel
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Registrants
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DTE Energy and DTE Electric
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Retail access
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Michigan legislation provided customers the option of access to alternative suppliers for electricity and natural gas.
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RSN
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Remarketable Senior Notes
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RTO
|
Regional Transmission Organization
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SEC
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Securities and Exchange Commission
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Securitization
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DTE Electric financed specific stranded costs at lower interest rates through the sale of rate reduction bonds by a wholly-owned special purpose entity, The Detroit Edison Securitization Funding LLC.
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SGG
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Stonewall Gas Gathering is a midstream natural gas asset located in West Virginia. DTE Energy purchased 55% of SGG in October 2016, and this asset is part of DTE Energy's Gas Storage and Pipelines segment.
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Shenango
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Shenango Incorporated is a coke battery plant located in Pittsburgh, PA, that was closed in January 2016 and is included in the Power and Industrial Projects segment.
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TRIA
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Terrorism Risk Insurance Program Reauthorization Act of 2015
|
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TRM
|
A Transitional Reconciliation Mechanism authorized by the MPSC that allows DTE Electric to recover through rates the deferred net incremental revenue requirement associated with the transition of PLD customers to DTE Electric's distribution system.
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VEBA
|
Voluntary Employees Beneficiary Association
|
|
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VIE
|
Variable Interest Entity
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Units of Measurement
|
|
|
|
Bcf
|
Billion cubic feet of natural gas
|
|
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BTU
|
British thermal unit, heat value (energy content) of fuel
|
|
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kWh
|
Kilowatthour of electricity
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MMBtu
|
One million BTU
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MMcf/d
|
Million cubic feet of gas per day
|
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MW
|
Megawatt of electricity
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MWh
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Megawatthour of electricity
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•
|
impact of regulation by the EPA, the FERC, the MPSC, the NRC, and for DTE Energy, the CFTC, as well as other applicable governmental proceedings and regulations, including any associated impact on rate structures;
|
•
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the amount and timing of cost recovery allowed as a result of regulatory proceedings, related appeals, or new legislation, including legislative amendments and retail access programs;
|
•
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economic conditions and population changes in the Registrants' geographic area resulting in changes in demand, customer conservation, and thefts of electricity and, for DTE Energy, natural gas;
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•
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environmental issues, laws, regulations, and the increasing costs of remediation and compliance, including actual and potential new federal and state requirements;
|
•
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health, safety, financial, environmental, and regulatory risks associated with ownership and operation of nuclear facilities;
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•
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changes in the cost and availability of coal and other raw materials, purchased power, and natural gas;
|
•
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volatility in the short-term natural gas storage markets impacting third-party storage revenues related to DTE Energy;
|
•
|
impact of volatility of prices in the oil and gas markets on DTE Energy's gas storage and pipelines operations;
|
•
|
impact of volatility in prices in the international steel markets on DTE Energy's power and industrial projects operations;
|
•
|
volatility in commodity markets, deviations in weather, and related risks impacting the results of DTE Energy's energy trading operations;
|
•
|
changes in the financial condition of DTE Energy's significant customers and strategic partners;
|
•
|
the potential for losses on investments, including nuclear decommissioning and benefit plan assets and the related increases in future expense and contributions;
|
•
|
access to capital markets and the results of other financing efforts which can be affected by credit agency ratings;
|
•
|
instability in capital markets which could impact availability of short and long-term financing;
|
•
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the timing and extent of changes in interest rates;
|
•
|
the level of borrowings;
|
•
|
the potential for increased costs or delays in completion of significant capital projects;
|
•
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changes in, and application of, federal, state, and local tax laws and their interpretations, including the Internal Revenue Code, regulations, rulings, court proceedings, and audits;
|
•
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the effects of weather and other natural phenomena on operations and sales to customers, and purchases from suppliers;
|
•
|
unplanned outages;
|
•
|
the cost of protecting assets against, or damage due to, cyber crime and terrorism;
|
•
|
employee relations and the impact of collective bargaining agreements;
|
•
|
the risk of a major safety incident at an electric distribution or generation facility and, for DTE Energy, a gas storage, transmission, or distribution facility;
|
•
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the availability, cost, coverage, and terms of insurance and stability of insurance providers;
|
•
|
cost reduction efforts and the maximization of plant and distribution system performance;
|
•
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the effects of competition;
|
•
|
changes in and application of accounting standards and financial reporting regulations;
|
•
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changes in federal or state laws and their interpretation with respect to regulation, energy policy, and other business issues;
|
•
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contract disputes, binding arbitration, litigation, and related appeals;
|
•
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implementation of new information systems; and
|
•
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the risks discussed in the Registrants' public filings with the Securities and Exchange Commission.
|
•
|
The Electric segment consists principally of DTE Electric, which is engaged in the generation, purchase, distribution, and sale of electricity to approximately
2.2 million
residential, commercial, and industrial customers in southeastern Michigan.
|
•
|
The 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.
|
•
|
Gas Storage and Pipelines consists of natural gas pipeline, gathering, transportation, and storage businesses.
|
•
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Power and Industrial Projects is comprised primarily of projects that deliver energy and utility-type products and services to industrial, commercial, and institutional customers, produce reduced emissions fuel, and sell electricity from renewable energy projects.
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•
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Energy Trading consists of energy marketing and trading operations.
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•
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Corporate and Other includes various holding company activities, holds certain non-utility debt, and holds energy-related investments.
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2016
|
|
2015
|
|
2014
|
||||||
|
(In millions)
|
||||||||||
Residential
|
$
|
2,477
|
|
|
$
|
2,186
|
|
|
$
|
2,168
|
|
Commercial
|
1,754
|
|
|
1,701
|
|
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1,761
|
|
|||
Industrial
|
654
|
|
|
645
|
|
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767
|
|
|||
Other
(a)
|
290
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|
|
281
|
|
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494
|
|
|||
Subtotal
|
5,175
|
|
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4,813
|
|
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5,190
|
|
|||
Interconnection sales
(b)
|
50
|
|
|
88
|
|
|
93
|
|
|||
Electric segment Operating Revenues
|
$
|
5,225
|
|
|
$
|
4,901
|
|
|
$
|
5,283
|
|
(a)
|
Includes revenue associated with the under or over recoveries of tracking mechanisms and deferred gain amortization of the previously reversed RDM liability.
|
(b)
|
Represents power that is not distributed by DTE Electric.
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Location by
Michigan
|
|
|
|
Net Generation Capacity
(a)
|
|
Facility
|
|
County
|
|
Year in Service
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|
(MW)
|
|
Fossil-fueled Steam-Electric
|
|
|
|
|
|
|
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Belle River
(b)
|
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St. Clair
|
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1984 and 1985
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1,034
|
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Greenwood
|
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St. Clair
|
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1979
|
|
785
|
|
Monroe
(c)
|
|
Monroe
|
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1971, 1973, and 1974
|
|
3,066
|
|
River Rouge
|
|
Wayne
|
|
1958
|
|
272
|
|
St. Clair
|
|
St. Clair
|
|
1953, 1954, 1959, 1961, and 1969
|
|
1,367
|
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Trenton Channel
|
|
Wayne
|
|
1968
|
|
520
|
|
|
|
|
|
|
|
7,044
|
|
Natural gas and Oil-fueled Peaking Units
|
|
Various
|
|
1966-1971, 1981, 1999, 2002, and 2003
|
|
2,033
|
|
Nuclear-fueled Steam-Electric Fermi 2
(d)
|
|
Monroe
|
|
1988
|
|
1,141
|
|
Hydroelectric Pumped Storage Ludington
(e)
|
|
Mason
|
|
1973
|
|
985
|
|
Renewables
(f)
|
|
|
|
|
|
|
|
Wind
|
|
|
|
|
|
|
|
Brookfield Wind Park
|
|
Huron
|
|
2014
|
|
75
|
|
Echo Wind Park
|
|
Huron
|
|
2014
|
|
112
|
|
Gratiot Wind Park
|
|
Gratiot
|
|
2011 and 2012
|
|
102
|
|
Pinnebog Wind Park
|
|
Huron
|
|
2016
|
|
51
|
|
Thumb Wind Project
|
|
Huron and Sanilac
|
|
2012
|
|
110
|
|
|
|
|
|
|
|
450
|
|
Solar
|
|
Various
|
|
2010-2016
|
|
16
|
|
|
|
|
|
|
|
11,669
|
|
(a)
|
Represents summer net rating for all units with the exception of renewable facilities. The summer net rating is based on operating experience, the physical condition of units, environmental control limitations, and customer requirements for steam, which would otherwise be used for electric generation. Wind and solar facilities reflect name plate capacity.
|
(b)
|
The Belle River capability represents DTE Electric’s entitlement to
81%
of the capacity and energy of the plant. See
Note 7
to the Consolidated Financial Statements in Item 8 of this Report, "
Jointly-Owned Utility Plant
."
|
(c)
|
The Monroe generating plant provided 38% of DTE Electric’s total
2016
power plant generation.
|
(d)
|
In December 2016, the NRC approved the extension of the operating license of Fermi 2 which permits the power plant to continue generating electricity until 2045. The original operating license for the plant would have expired in 2025.
|
(e)
|
Represents DTE Electric’s
49%
interest in Ludington with a total capability of
2,010 MW
. See
Note 7
to the Consolidated Financial Statements in Item 8 of this Report, "
Jointly-Owned Utility Plant
."
|
(f)
|
In addition to the owned renewable facilities described above, DTE Electric has long-term contracts for 489 MW of renewable power generated from wind, solar, and biomass facilities.
|
|
|
Circuit Miles
|
||||
Operating Voltage-Kilovolts (kV)
|
|
Overhead
|
|
Underground
|
||
4.8 kV to 13.2 kV
|
|
28,459
|
|
|
14,959
|
|
24 kV
|
|
182
|
|
|
689
|
|
40 kV
|
|
2,297
|
|
|
376
|
|
120 kV
|
|
61
|
|
|
8
|
|
|
|
30,999
|
|
|
16,032
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
(In millions)
|
||||||||||
Gas sales
|
$
|
970
|
|
|
$
|
1,019
|
|
|
$
|
1,233
|
|
End-user transportation
|
189
|
|
|
191
|
|
|
218
|
|
|||
Intermediate transportation
|
50
|
|
|
59
|
|
|
68
|
|
|||
Storage and other
|
115
|
|
|
107
|
|
|
117
|
|
|||
Gas segment Operating Revenues
|
$
|
1,324
|
|
|
$
|
1,376
|
|
|
$
|
1,636
|
|
•
|
Gas sales —
Includes the sale and delivery of natural gas primarily to residential and small-volume commercial and industrial customers.
|
•
|
End-user transportation —
Gas delivery service provided primarily to large-volume commercial and industrial customers. Additionally, the service is provided to residential customers and small-volume commercial and industrial customers who have elected to participate in the gas retail access program. End-user transportation customers purchase natural gas directly from marketers, producers, or brokers and utilize DTE Gas' pipeline network to transport the gas to their facilities or homes.
|
•
|
Intermediate transportation —
Gas delivery service is provided to producers, brokers, and other gas companies that own the natural gas, but are not the ultimate consumers. Intermediate transportation customers use DTE Gas' high-pressure transportation system to transport the natural gas to storage fields, pipeline interconnections, or other locations.
|
•
|
Storage and other —
Includes revenues from natural gas storage, appliance maintenance, facility development, and other energy-related services.
|
|
Availability
(MMcf/d)
|
|
Contract
Expiration
|
Great Lakes Gas Transmission L.P.
|
30
|
|
2018
|
Viking Gas Transmission Company
|
21
|
|
2022
|
Vector Pipeline L.P.
|
50
|
|
2022
|
Trunkline Gas Company
|
51
|
|
2017
|
ANR Pipeline Company
|
154
|
|
2028
|
Panhandle Eastern Pipeline Company
|
95
|
|
2029
|
Property Classification
|
|
% Owned
|
|
Description
|
|
Location
|
Pipelines
|
|
|
|
|
|
|
Appalachia Gathering System
(a)
|
|
100%
|
|
110-mile pipeline delivering Marcellus Shale gas to Texas Eastern Pipeline and Stonewall Gas Gathering system
|
|
PA and WV
|
Stonewall Gas Gathering
(a)
|
|
55%
|
|
68-mile pipeline connecting Appalachia Gathering System to Columbia Pipeline
|
|
WV
|
Bluestone Pipeline
|
|
100%
|
|
55-mile pipeline delivering Marcellus Shale gas to Millennium Pipeline and Tennessee Pipeline
|
|
PA and NY
|
Susquehanna gathering system
|
|
100%
|
|
Gathering system delivering Southwestern Energy's Marcellus Shale gas production to Bluestone Pipeline
|
|
PA
|
Vector Pipeline
|
|
40%
|
|
348-mile pipeline connecting Chicago, Michigan, and Ontario market centers
|
|
IL, IN, MI, and Ontario
|
Millennium Pipeline
|
|
26%
|
|
186-mile pipeline serving markets in the Northeast
|
|
NY
|
Michigan gathering systems
|
|
100%
|
|
Gathers production gas in northern Michigan
|
|
MI
|
Storage
|
|
|
|
|
|
|
Washington 10
|
|
100%
|
|
75 Bcf of storage capacity
|
|
MI
|
Washington 28
|
|
50%
|
|
16 Bcf of storage capacity
|
|
MI
|
(a)
|
In October 2016, DTE Energy closed on an acquisition of midstream natural gas assets that are part of the Gas Storage and Pipelines segment. See
Note 4
to the Consolidated Financial Statements, "
Acquisitions and Exit Activities
," for additional information.
|
•
|
Steel and Petroleum Coke —
Power and Industrial Projects produces metallurgical coke from a coke battery with a capacity of 1.0 million tons per year and has an investment in a second coke battery with a capacity of 1.2 million tons per year. Power and Industrial Projects also provides pulverized coal and petroleum coke to the steel, pulp and paper, and other industries.
|
•
|
On-Site Energy —
Power and Industrial Projects provides power generation, steam production, chilled water production, wastewater treatment, and compressed air supply to industrial customers. Power and Industrial Projects also provides utility-type services using project assets usually located on or near the customers' premises in the automotive, airport, chemical, and other industries.
|
•
|
Wholesale Power and Renewables —
Power and Industrial Projects holds ownership interests in, and operates, four renewable generating plants with a capacity of 191 MWs. The electric output is sold under long-term power purchase agreements. Power and Industrial Projects also develops landfill gas recovery systems that capture the gas and provide local utilities, industries, and consumers with an opportunity to use a competitive, renewable source of energy, in addition to providing environmental benefits by reducing GHG emissions.
|
•
|
Reduced Emissions Fuel —
Power and Industrial Projects has constructed and placed in service REF facilities at eleven sites including facilities located at eight third-party owned coal-fired power plants. DTE Energy has sold membership interests in four of the facilities and entered into lease arrangements in three of the facilities. DTE Energy will continue to optimize these facilities by seeking investors or entering into lease arrangements for facilities operating at DTE Electric and other utility sites. In addition, DTE Energy has entered into an agreement to operate an REF facility owned by an outside party located at a third-party owned coal-fired power plant. The facilities blend a proprietary additive with coal used in coal-fired power plants, resulting in reduced emissions of nitrogen oxide and mercury. Qualifying facilities are eligible to generate tax credits for ten years upon achieving certain criteria. The value of a tax credit is adjusted annually by an inflation factor published by the IRS. The value of the tax credit is reduced if the reference price of coal exceeds certain thresholds. The economic benefit of the REF facilities is dependent upon the generation of production tax credits.
|
Facility
|
|
Location
|
|
Service Type
|
Steel and Petroleum Coke
|
|
|
|
|
Pulverized Coal Operations
|
|
MI
|
|
Pulverized Coal
|
Coke Production
|
|
MI
|
|
Metallurgical Coke Supply
|
Other Investment in Coke Production and Petroleum Coke
|
|
IN and MS
|
|
Metallurgical Coke Supply and Pulverized Petroleum Coke
|
On-Site Energy
|
|
|
|
|
Automotive
|
|
Various sites in MI, IN, OH, and NY
|
|
Electric Distribution, Chilled Water, Waste Water, Steam, Cooling Tower Water, Reverse Osmosis Water, Compressed Air, Mist, and Dust Collectors
|
Airports
|
|
MI and PA
|
|
Electricity and Hot and Chilled Water
|
Chemical Manufacturing
|
|
IL, KY, and OH
|
|
Electricity, Steam, Natural Gas, Compressed Air, and Wastewater
|
Consumer Manufacturing
|
|
OH
|
|
Electricity, Steam, Wastewater, and Sewer
|
Business Park
|
|
PA
|
|
Electricity
|
Hospital
|
|
CA
|
|
Electricity, Steam, and Chilled Water
|
Wholesale Power and Renewables
|
|
|
|
|
Pulp and Paper
|
|
AL
|
|
Electric Generation and Steam
|
Renewables
|
|
CA and MN
|
|
Electric Generation
|
Landfill Gas Recovery
|
|
Various U.S. sites
|
|
Electric Generation and Landfill Gas
|
REF
|
|
MI, OH, OK, IL, PA, and WI
|
|
REF Supply
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
(In millions)
|
||||||||||
Production Tax Credits Generated (Allocated to DTE Energy)
|
|
|
|
|
|
||||||
REF
|
$
|
103
|
|
|
$
|
77
|
|
|
$
|
84
|
|
Power Generation
|
8
|
|
|
11
|
|
|
11
|
|
|||
Landfill Gas Recovery
|
3
|
|
|
3
|
|
|
2
|
|
|||
|
$
|
114
|
|
|
$
|
91
|
|
|
$
|
97
|
|
•
|
Providing operating services to owners of on-site industrial power plants;
|
•
|
Obtaining investors in the REF projects;
|
•
|
Relocating underutilized REF facilities to alternative coal-fired power plants which may provide increased production and emission reduction opportunities in
2017
and future years;
|
•
|
Acquiring and developing landfill gas recovery facilities, renewable energy projects, and other energy projects which may qualify for tax credits.
|
|
DTE Electric
|
|
DTE Gas
|
|
Non-utility
|
|
Total
|
||||||||
|
(In millions)
|
||||||||||||||
Water
|
$
|
90
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
90
|
|
Contaminated and other sites
|
10
|
|
|
45
|
|
|
—
|
|
|
55
|
|
||||
Coal combustion residuals and effluent limitations guidelines
|
295
|
|
|
—
|
|
|
—
|
|
|
295
|
|
||||
Estimated total future expenditures through 2023
|
$
|
395
|
|
|
$
|
45
|
|
|
$
|
—
|
|
|
$
|
440
|
|
Estimated 2017 expenditures
|
$
|
30
|
|
|
$
|
30
|
|
|
$
|
—
|
|
|
$
|
60
|
|
Estimated 2018 expenditures
|
$
|
75
|
|
|
$
|
5
|
|
|
$
|
—
|
|
|
$
|
80
|
|
|
|
|
|
|
|
|
|
Dividends
Paid per Share |
||||||
Year
|
|
Quarter
|
|
High
|
|
Low
|
|
|||||||
2016
|
|
|
|
|
|
|
|
|
||||||
|
|
First
|
|
$
|
91.00
|
|
|
$
|
78.01
|
|
|
$
|
0.7300
|
|
|
|
Second
|
|
$
|
99.13
|
|
|
$
|
84.77
|
|
|
$
|
0.7300
|
|
|
|
Third
|
|
$
|
100.45
|
|
|
$
|
90.61
|
|
|
$
|
0.7700
|
|
|
|
Fourth
|
|
$
|
99.92
|
|
|
$
|
89.66
|
|
|
$
|
0.8250
|
|
2015
|
|
|
|
|
|
|
|
|
||||||
|
|
First
|
|
$
|
92.27
|
|
|
$
|
76.84
|
|
|
$
|
0.6900
|
|
|
|
Second
|
|
$
|
84.27
|
|
|
$
|
73.23
|
|
|
$
|
0.6900
|
|
|
|
Third
|
|
$
|
85.12
|
|
|
$
|
74.53
|
|
|
$
|
0.7300
|
|
|
|
Fourth
|
|
$
|
85.36
|
|
|
$
|
77.35
|
|
|
$
|
0.7300
|
|
|
Number of Securities to be Issued Upon Exercise of Outstanding Options
|
|
Weighted-Average Exercise Price of Outstanding Options
|
|
Number of Securities Remaining Available for Future Issuance Under Equity Compensation Plans
|
||||
Plans approved by shareholders
|
171,517
|
|
|
$
|
41.59
|
|
|
2,301,228
|
|
|
Number of Shares Purchased
(a)
|
|
Average Price
Paid per Share (a) |
|
Number of Shares Purchased as Part of Publicly Announced
Plans or Programs |
|
Average Price Paid per Share
|
|
Maximum Dollar
Value that May Yet Be Purchased Under the Plans or Programs |
||||||
10/01/2016 — 10/31/2016
|
63
|
|
|
$
|
91.81
|
|
|
—
|
|
|
—
|
|
|
—
|
|
11/01/2016 — 11/30/2016
|
3,763
|
|
|
$
|
85.25
|
|
|
—
|
|
|
—
|
|
|
—
|
|
12/01/2016 — 12/31/2016
|
450
|
|
|
$
|
82.03
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total
|
4,276
|
|
|
|
|
|
—
|
|
|
|
|
|
|
|
(a)
|
Represents shares of DTE Energy common stock withheld to satisfy income tax obligations upon the vesting of restricted stock based on the price in effect at the grant date.
|
|
|
Annual Return Percentage
Year Ended December 31, |
|||||||||||||
Company/Index
|
|
2012
|
|
2013
|
|
2014
|
|
2015
|
|
2016
|
|||||
DTE Energy Company
|
|
14.90
|
|
|
14.89
|
|
|
34.61
|
|
|
(3.77
|
)
|
|
26.93
|
|
S&P 500 Index
|
|
16.00
|
|
|
32.39
|
|
|
13.69
|
|
|
1.38
|
|
|
11.95
|
|
S&P 500 Multi-Utilities Index
|
|
4.24
|
|
|
17.88
|
|
|
28.94
|
|
|
(1.73
|
)
|
|
18.56
|
|
|
|
Indexed Returns
Year Ended December 31, |
||||||||||||||||
|
|
Base Period
|
|
|
|
|
|
|
|
|
|
|
||||||
Company/Index
|
|
2011
|
|
2012
|
|
2013
|
|
2014
|
|
2015
|
|
2016
|
||||||
DTE Energy Company
|
|
100
|
|
|
114.90
|
|
|
132.01
|
|
|
177.70
|
|
|
171.00
|
|
|
217.04
|
|
S&P 500 Index
|
|
100
|
|
|
116.00
|
|
|
153.57
|
|
|
174.60
|
|
|
177.01
|
|
|
196.16
|
|
S&P 500 Multi-Utilities Index
|
|
100
|
|
|
104.24
|
|
|
122.88
|
|
|
158.44
|
|
|
155.70
|
|
|
184.59
|
|
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
||||||||||
|
(In millions, except per share amounts)
|
||||||||||||||||||
Operating Revenues
|
$
|
10,630
|
|
|
$
|
10,337
|
|
|
$
|
12,301
|
|
|
$
|
9,661
|
|
|
$
|
8,791
|
|
Net Income Attributable to DTE Energy Company
|
|
|
|
|
|
|
|
|
|
||||||||||
Income from continuing operations attributable to DTE Energy Company
|
$
|
868
|
|
|
$
|
727
|
|
|
$
|
905
|
|
|
$
|
661
|
|
|
$
|
666
|
|
Discontinued operations
(a)
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(56
|
)
|
|||||
Net Income Attributable to DTE Energy Company
|
$
|
868
|
|
|
$
|
727
|
|
|
$
|
905
|
|
|
$
|
661
|
|
|
$
|
610
|
|
Diluted Earnings Per Common Share
|
|
|
|
|
|
|
|
|
|
||||||||||
Income from continuing operations
|
$
|
4.83
|
|
|
$
|
4.05
|
|
|
$
|
5.10
|
|
|
$
|
3.76
|
|
|
$
|
3.88
|
|
Discontinued operations
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.33
|
)
|
|||||
Diluted Earnings Per Common Share
|
$
|
4.83
|
|
|
$
|
4.05
|
|
|
$
|
5.10
|
|
|
$
|
3.76
|
|
|
$
|
3.55
|
|
Financial Information
|
|
|
|
|
|
|
|
|
|
||||||||||
Dividends declared per share of common stock
|
$
|
3.06
|
|
|
$
|
2.84
|
|
|
$
|
2.69
|
|
|
$
|
2.59
|
|
|
$
|
2.42
|
|
Total Assets
(b)(c)
|
$
|
32,041
|
|
|
$
|
28,662
|
|
|
$
|
27,827
|
|
|
$
|
25,864
|
|
|
$
|
26,244
|
|
Long-Term Debt
(b)(c)(d)
|
$
|
11,269
|
|
|
$
|
8,760
|
|
|
$
|
8,271
|
|
|
$
|
7,143
|
|
|
$
|
6,940
|
|
Shareholders’ equity
(c)
|
$
|
9,011
|
|
|
$
|
8,772
|
|
|
$
|
8,327
|
|
|
$
|
7,921
|
|
|
$
|
7,373
|
|
(a)
|
Discontinued operations represents DTE Energy's Unconventional Gas Production business that was sold in 2012 resulting in a $55 million after-tax loss on sale.
|
(b)
|
In 2016, DTE Energy adopted new accounting guidance related to the presentation of debt issuance costs on the Consolidated Statements of Financial Position. As a result of the adoption, Total Assets and Long-Term Debt were adjusted to conform to the new presentation. The effect of the adoption decreased assets and liabilities on the Consolidated Statements of Financial Position for 2015, 2014, 2013, and 2012 by
$75 million
, $72 million, $71 million, and $74 million, respectively. See
Note 3
to the Consolidated Financial Statements in Item 8 of this Report, "
New Accounting Pronouncements
," for additional information related to the new accounting standard.
|
(c)
|
In October 2016, DTE Energy closed on an acquisition of midstream natural gas assets that are part of the Gas Storage and Pipelines segment. See
Note 4
to the Consolidated Financial Statements, "
Acquisitions and Exit Activities
," for additional information.
|
(d)
|
Long-Term Debt includes Capital lease obligations and excludes debt due within one year.
|
|
Years Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
|
(In millions, except per share amounts)
|
||||||||||
Net Income Attributable to DTE Energy Company
|
$
|
868
|
|
|
$
|
727
|
|
|
$
|
905
|
|
Diluted Earnings per Common Share
|
$
|
4.83
|
|
|
$
|
4.05
|
|
|
$
|
5.10
|
|
•
|
electric and gas customer satisfaction;
|
•
|
electric distribution system reliability;
|
•
|
new electric generation;
|
•
|
gas distribution system renewal;
|
•
|
rate competitiveness and affordability;
|
•
|
regulatory stability and investment recovery for the electric and gas utilities;
|
•
|
employee safety and engagement;
|
•
|
cost structure optimization across all business segments;
|
•
|
cash, capital, and liquidity to maintain or improve financial strength; and
|
•
|
investments that integrate assets and leverage skills and expertise.
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
(In millions)
|
||||||||||
Operating Revenues — Utility operations
|
$
|
5,225
|
|
|
$
|
4,901
|
|
|
$
|
5,283
|
|
Fuel and purchased power — utility
|
1,532
|
|
|
1,573
|
|
|
1,705
|
|
|||
Gross Margin
|
3,693
|
|
|
3,328
|
|
|
3,578
|
|
|||
Operation and maintenance
|
1,455
|
|
|
1,344
|
|
|
1,332
|
|
|||
Depreciation and amortization
|
750
|
|
|
637
|
|
|
933
|
|
|||
Taxes other than income
|
284
|
|
|
277
|
|
|
268
|
|
|||
Asset (gains) losses and impairments, net
|
—
|
|
|
—
|
|
|
(1
|
)
|
|||
Operating Income
|
1,204
|
|
|
1,070
|
|
|
1,046
|
|
|||
Other (Income) and Deductions
|
229
|
|
|
238
|
|
|
222
|
|
|||
Income Tax Expense
|
353
|
|
|
290
|
|
|
296
|
|
|||
Segment Net Income Attributable to DTE Energy Company
|
$
|
622
|
|
|
$
|
542
|
|
|
$
|
528
|
|
Reconciliation of Segment Net Income Attributable to DTE Energy Company to DTE Electric Net Income
|
—
|
|
|
2
|
|
|
4
|
|
|||
DTE Electric Net Income Attributable to DTE Energy Company
|
$
|
622
|
|
|
$
|
544
|
|
|
$
|
532
|
|
|
2016
|
|
2015
|
||||
|
(In millions)
|
||||||
Base sales, inclusive of weather effect
|
$
|
232
|
|
|
$
|
24
|
|
Implementation of new rates
|
82
|
|
|
117
|
|
||
Securitization bond and tax surcharge
|
40
|
|
|
(376
|
)
|
||
PSCR disallowance in 2015
|
19
|
|
|
(19
|
)
|
||
Renewable energy program
|
12
|
|
|
3
|
|
||
Amortization of refundable revenue decoupling/deferred gain in 2015
|
(63
|
)
|
|
—
|
|
||
Regulatory mechanisms and other
|
43
|
|
|
1
|
|
||
Increase (decrease) in Electric segment Gross Margin
|
$
|
365
|
|
|
$
|
(250
|
)
|
Reconciliation of Electric segment Gross Margin to DTE Electric Gross Margin
|
—
|
|
|
(1
|
)
|
||
Increase (decrease) in DTE Electric Gross Margin
|
$
|
365
|
|
|
$
|
(251
|
)
|
|
2016
|
|
2015
|
|
2014
|
|||
|
(In thousands of MWh)
|
|||||||
DTE Electric Sales
|
|
|
|
|
|
|||
Residential
|
15,875
|
|
|
15,001
|
|
|
14,940
|
|
Commercial
|
17,521
|
|
|
17,192
|
|
|
16,792
|
|
Industrial
|
10,004
|
|
|
9,690
|
|
|
10,199
|
|
Other
|
264
|
|
|
291
|
|
|
517
|
|
|
43,664
|
|
|
42,174
|
|
|
42,448
|
|
Interconnection sales
(a)
|
2,334
|
|
|
4,108
|
|
|
3,630
|
|
Total DTE Electric Sales
|
45,998
|
|
|
46,282
|
|
|
46,078
|
|
|
|
|
|
|
|
|||
DTE Electric Deliveries
|
|
|
|
|
|
|||
Retail and wholesale
|
43,664
|
|
|
42,174
|
|
|
42,448
|
|
Electric retail access, including self generators
(b)
|
4,936
|
|
|
4,899
|
|
|
5,033
|
|
Total DTE Electric Sales and Deliveries
|
48,600
|
|
|
47,073
|
|
|
47,481
|
|
(a)
|
Represents power that is not distributed by DTE Electric.
|
(b)
|
Represents deliveries for self generators that have purchased power from alternative energy suppliers to supplement their power requirements.
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
(In millions)
|
||||||||||
Operating Revenues — Utility operations
|
$
|
1,324
|
|
|
$
|
1,376
|
|
|
$
|
1,636
|
|
Cost of gas — utility
|
454
|
|
|
526
|
|
|
725
|
|
|||
Gross Margin
|
870
|
|
|
850
|
|
|
911
|
|
|||
Operation and maintenance
|
411
|
|
|
430
|
|
|
456
|
|
|||
Depreciation and amortization
|
106
|
|
|
104
|
|
|
99
|
|
|||
Taxes other than income
|
64
|
|
|
62
|
|
|
61
|
|
|||
Asset (gains) losses and impairments, net
|
4
|
|
|
—
|
|
|
—
|
|
|||
Operating Income
|
285
|
|
|
254
|
|
|
295
|
|
|||
Other (Income) and Deductions
|
70
|
|
|
50
|
|
|
77
|
|
|||
Income Tax Expense
|
77
|
|
|
72
|
|
|
78
|
|
|||
Net Income Attributable to DTE Energy Company
|
$
|
138
|
|
|
$
|
132
|
|
|
$
|
140
|
|
|
2016
|
|
2015
|
||||
|
(In millions)
|
||||||
Implementation of new rates
|
$
|
23
|
|
|
$
|
—
|
|
Infrastructure recovery mechanism
|
12
|
|
|
12
|
|
||
Home protection program
|
4
|
|
|
4
|
|
||
Midstream storage and transportation revenues
|
(2
|
)
|
|
(10
|
)
|
||
Revenue decoupling mechanism
|
(7
|
)
|
|
7
|
|
||
Weather
|
(22
|
)
|
|
(64
|
)
|
||
Other
|
12
|
|
|
(10
|
)
|
||
Increase (decrease) in Gross Margin
|
$
|
20
|
|
|
$
|
(61
|
)
|
|
2016
|
|
2015
|
|
2014
|
|||
|
(In Bcf)
|
|||||||
Gas Markets
|
|
|
|
|
|
|||
Gas sales
|
116
|
|
|
122
|
|
|
138
|
|
End-user transportation
|
182
|
|
|
169
|
|
|
167
|
|
|
298
|
|
|
291
|
|
|
305
|
|
Intermediate transportation
|
214
|
|
|
289
|
|
|
305
|
|
Total Gas sales
|
512
|
|
|
580
|
|
|
610
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
(In millions)
|
||||||||||
Operating Revenues — Non-utility operations
|
$
|
302
|
|
|
$
|
243
|
|
|
$
|
203
|
|
Cost of gas — Non-utility
|
6
|
|
|
—
|
|
|
—
|
|
|||
Operation and maintenance
|
81
|
|
|
58
|
|
|
46
|
|
|||
Depreciation and amortization
|
45
|
|
|
30
|
|
|
34
|
|
|||
Taxes other than income
|
4
|
|
|
5
|
|
|
4
|
|
|||
Asset (gains) losses and impairments, net
|
—
|
|
|
—
|
|
|
1
|
|
|||
Operating Income
|
166
|
|
|
150
|
|
|
118
|
|
|||
Other (Income) and Deductions
|
(31
|
)
|
|
(29
|
)
|
|
(19
|
)
|
|||
Income Tax Expense
|
71
|
|
|
70
|
|
|
53
|
|
|||
Net Income
|
126
|
|
|
109
|
|
|
84
|
|
|||
Less: Net Income Attributable to Noncontrolling Interests
|
7
|
|
|
2
|
|
|
2
|
|
|||
Net Income Attributable to DTE Energy Company
|
$
|
119
|
|
|
$
|
107
|
|
|
$
|
82
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
(In millions)
|
||||||||||
Operating Revenues — Non-utility operations
|
$
|
1,906
|
|
|
$
|
2,224
|
|
|
$
|
2,289
|
|
Fuel, purchased power, and gas — non-utility
|
1,640
|
|
|
1,837
|
|
|
1,913
|
|
|||
Gross Margin
|
266
|
|
|
387
|
|
|
376
|
|
|||
Operation and maintenance
|
320
|
|
|
379
|
|
|
368
|
|
|||
Depreciation and amortization
|
72
|
|
|
78
|
|
|
77
|
|
|||
Taxes other than income
|
13
|
|
|
15
|
|
|
15
|
|
|||
Asset (gains) losses and impairments, net
|
(1
|
)
|
|
106
|
|
|
(12
|
)
|
|||
Operating Loss
|
(138
|
)
|
|
(191
|
)
|
|
(72
|
)
|
|||
Other (Income) and Deductions
|
(52
|
)
|
|
(58
|
)
|
|
(66
|
)
|
|||
Income Taxes
|
|
|
|
|
|
||||||
Benefit
|
(26
|
)
|
|
(49
|
)
|
|
(3
|
)
|
|||
Production Tax Credits
|
(114
|
)
|
|
(91
|
)
|
|
(97
|
)
|
|||
|
(140
|
)
|
|
(140
|
)
|
|
(100
|
)
|
|||
Net Income
|
54
|
|
|
7
|
|
|
94
|
|
|||
Less: Net Income (Loss) Attributable to Noncontrolling Interests
|
(41
|
)
|
|
(9
|
)
|
|
4
|
|
|||
Net Income Attributable to DTE Energy Company
|
$
|
95
|
|
|
$
|
16
|
|
|
$
|
90
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
(In millions)
|
||||||||||
Operating Revenues — Non-utility operations
|
$
|
2,575
|
|
|
$
|
2,459
|
|
|
$
|
3,762
|
|
Purchased power and gas — non-utility
|
2,552
|
|
|
2,417
|
|
|
3,478
|
|
|||
Gross Margin
|
23
|
|
|
42
|
|
|
284
|
|
|||
Operation and maintenance
|
63
|
|
|
67
|
|
|
70
|
|
|||
Depreciation and amortization
|
3
|
|
|
2
|
|
|
1
|
|
|||
Taxes other than income
|
2
|
|
|
4
|
|
|
4
|
|
|||
Operating Income (Loss)
|
(45
|
)
|
|
(31
|
)
|
|
209
|
|
|||
Other (Income) and Deductions
|
29
|
|
|
6
|
|
|
10
|
|
|||
Income Tax Expense (Benefit)
|
(29
|
)
|
|
(15
|
)
|
|
77
|
|
|||
Net Income (Loss) Attributable to DTE Energy Company
|
$
|
(45
|
)
|
|
$
|
(22
|
)
|
|
$
|
122
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
Cash and Cash Equivalents
|
(In millions)
|
||||||||||
Cash Flows From (Used For)
|
|
|
|
|
|
||||||
Operating Activities
|
|
|
|
|
|
||||||
Net Income
|
$
|
834
|
|
|
$
|
720
|
|
|
$
|
911
|
|
Adjustments to reconcile Net Income to Net cash from operating activities:
|
|
|
|
|
|
||||||
Depreciation and amortization
|
976
|
|
|
852
|
|
|
1,145
|
|
|||
Nuclear fuel amortization
|
58
|
|
|
46
|
|
|
48
|
|
|||
Allowance for equity funds used during construction
|
(21
|
)
|
|
(21
|
)
|
|
(21
|
)
|
|||
Deferred income taxes
|
265
|
|
|
237
|
|
|
356
|
|
|||
Asset (gains) losses and impairments, net
|
8
|
|
|
107
|
|
|
(4
|
)
|
|||
Working capital and other
|
(36
|
)
|
|
(25
|
)
|
|
(590
|
)
|
|||
Net cash from operating activities
|
2,084
|
|
|
1,916
|
|
|
1,845
|
|
|||
Investing Activities
|
|
|
|
|
|
||||||
Plant and equipment expenditures — utility
|
(1,898
|
)
|
|
(1,817
|
)
|
|
(1,784
|
)
|
|||
Plant and equipment expenditures — non-utility
|
(147
|
)
|
|
(203
|
)
|
|
(265
|
)
|
|||
Acquisition, net of cash acquired
|
(1,147
|
)
|
|
(241
|
)
|
|
—
|
|
|||
Proceeds from sale of assets
|
6
|
|
|
16
|
|
|
45
|
|
|||
Restricted cash for debt redemption, principally Securitization, net
|
1
|
|
|
97
|
|
|
3
|
|
|||
Contributions to equity method investees
|
(239
|
)
|
|
(98
|
)
|
|
(42
|
)
|
|||
Other
|
36
|
|
|
42
|
|
|
(17
|
)
|
|||
Net cash used for investing activities
|
(3,388
|
)
|
|
(2,204
|
)
|
|
(2,060
|
)
|
|||
Financing Activities
|
|
|
|
|
|
||||||
Issuance of long-term debt, net of issuance costs
|
2,035
|
|
|
956
|
|
|
1,736
|
|
|||
Redemption of long-term debt
|
(807
|
)
|
|
(286
|
)
|
|
(1,237
|
)
|
|||
Repurchase of long-term debt
|
(59
|
)
|
|
—
|
|
|
—
|
|
|||
Issuance of equity units, net of issuance costs
|
654
|
|
|
—
|
|
|
—
|
|
|||
Short-term borrowings, net
|
—
|
|
|
101
|
|
|
267
|
|
|||
Repurchase of common stock
|
(33
|
)
|
|
—
|
|
|
(52
|
)
|
|||
Dividends on common stock
|
(531
|
)
|
|
(501
|
)
|
|
(470
|
)
|
|||
Contributions from noncontrolling interests
|
114
|
|
|
23
|
|
|
—
|
|
|||
Other
|
(14
|
)
|
|
(16
|
)
|
|
(33
|
)
|
|||
Net cash from financing activities
|
1,359
|
|
|
277
|
|
|
211
|
|
|||
Net Increase (Decrease) in Cash and Cash Equivalents
|
$
|
55
|
|
|
$
|
(11
|
)
|
|
$
|
(4
|
)
|
|
Total
|
|
2017
|
|
2018-2019
|
|
2020-2021
|
|
2022 and Thereafter
|
||||||||||
|
(In millions)
|
||||||||||||||||||
Long-term debt:
|
|
|
|
|
|
|
|
|
|
||||||||||
Mortgage bonds, notes, and other
(a)
|
$
|
10,592
|
|
|
$
|
9
|
|
|
$
|
1,908
|
|
|
$
|
1,155
|
|
|
$
|
7,520
|
|
Junior subordinated debentures
(b)
|
780
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
780
|
|
|||||
Capital lease obligations
|
13
|
|
|
6
|
|
|
7
|
|
|
—
|
|
|
—
|
|
|||||
Interest
|
8,432
|
|
|
468
|
|
|
899
|
|
|
797
|
|
|
6,268
|
|
|||||
Stock purchase contract
(c)
|
101
|
|
|
33
|
|
|
68
|
|
|
—
|
|
|
—
|
|
|||||
Operating leases
|
175
|
|
|
33
|
|
|
52
|
|
|
24
|
|
|
66
|
|
|||||
Electric, gas, fuel, transportation, and storage purchase obligations
(d)
|
6,011
|
|
|
2,224
|
|
|
1,325
|
|
|
612
|
|
|
1,850
|
|
|||||
Long-term DTE Electric renewable energy power purchase agreements
(e)(f)
|
1,295
|
|
|
82
|
|
|
164
|
|
|
164
|
|
|
885
|
|
|||||
Other long-term obligations
(g)(h)(i)
|
414
|
|
|
88
|
|
|
307
|
|
|
9
|
|
|
10
|
|
|||||
Total obligations
|
$
|
27,813
|
|
|
$
|
2,943
|
|
|
$
|
4,730
|
|
|
$
|
2,761
|
|
|
$
|
17,379
|
|
(a)
|
Excludes
$10 million
of unamortized debt discount and premium, net and
$67 million
of unamortized debt issuance costs.
|
(b)
|
Excludes
$24 million
of unamortized debt issuance costs.
|
(c)
|
Includes
$3 million
of interest.
|
(d)
|
Excludes amounts associated with full requirements contracts where no stated minimum purchase volume is required.
|
(e)
|
The agreements represent the minimum settlements with suppliers for renewable energy and renewable energy credits under existing contract terms which expire from
2030
through
2035
. DTE Electric's share of plant output ranges from
44%
to
100%
.
|
(f)
|
Excludes a power purchase agreement with a non-utility affiliate of DTE Energy.
|
(g)
|
Includes liabilities for unrecognized tax benefits of
$10 million
.
|
(h)
|
Excludes other long-term liabilities of
$163 million
not directly derived from contracts or other agreements.
|
(i)
|
At
December 31, 2016
, DTE Energy met the minimum pension funding levels required under the Employee Retirement Income Security Act of 1974 (ERISA) and the Pension Protection Act of 2006 for the defined benefit pension plans. DTE Energy may contribute more than the minimum funding requirements for the pension plans and may also make contributions to the other postretirement benefit plans; however, these amounts are not included in the table above as such amounts are discretionary. Planned funding levels are disclosed in the "Capital Resources and Liquidity" and "Critical Accounting Estimates" sections herein and in
Note 20
to the Consolidated Financial Statements in Item 8 of this Report, "
Retirement Benefits and Trusteed Assets
."
|
Reporting Unit
|
|
Goodwill
|
|
Fair Value Reduction %
(a)
|
|
Discount Rate
|
|
Terminal Multiple
(b)
|
|
Valuation Methodology
(c)
|
||||
|
|
(In millions)
|
|
|
|
|
|
|
|
|
||||
Electric
|
|
$
|
1,208
|
|
|
43
|
%
|
|
6
|
%
|
|
10.0x
|
|
DCF, assuming stock sale
|
Gas
|
|
743
|
|
|
37
|
%
|
|
6
|
%
|
|
11.0x
|
|
DCF, assuming stock sale
|
|
Gas Storage and Pipelines
|
|
292
|
|
|
74
|
%
|
|
8
|
%
|
|
12.0x
|
|
DCF, assuming asset sale
|
|
Power and Industrial Projects
(d)
|
|
26
|
|
|
39
|
%
|
|
7
|
%
|
|
11.0x
|
|
DCF, assuming asset sale
(e)
|
|
Energy Trading
|
|
17
|
|
|
66
|
%
|
|
10
|
%
|
|
n/a
(f)
|
|
DCF, assuming asset sale
|
|
|
|
$
|
2,286
|
|
|
|
|
|
|
|
|
|
(a)
|
Percentage by which the fair value of equity of the reporting unit would need to decline to equal its carrying value, including goodwill.
|
(b)
|
Multiple of enterprise value (sum of debt plus equity value) to earnings before interest, taxes, depreciation, and amortization (EBITDA).
|
(c)
|
Discounted cash flows (DCF) incorporated
2017-2021
projected cash flows plus a calculated terminal value.
|
(d)
|
Power and Industrial Projects excludes the Biomass reporting unit, as this unit has no allocated goodwill.
|
(e)
|
Asset sales were assumed, except for Power and Industrial Projects' reduced emissions fuels projects, which assumed stock sales.
|
(f)
|
Due to lack of market comparable information for Energy Trading, DTE Energy capitalized the terminal year cash flows at the weighted average cost of capital (WACC) in lieu of applying a terminal EBITDA multiple.
|
|
Total
|
||
|
(In millions)
|
||
MTM at December 31, 2015
|
$
|
40
|
|
Reclassified to realized upon settlement
|
(4
|
)
|
|
Changes in fair value recorded to income
|
(109
|
)
|
|
Amounts recorded to unrealized income
|
(113
|
)
|
|
Changes in fair value recorded in regulatory liabilities
|
6
|
|
|
Change in collateral held by (for) others
|
(13
|
)
|
|
Option premiums paid (received) and other
|
(6
|
)
|
|
MTM at December 31, 2016
|
$
|
(86
|
)
|
Source of Fair Value
|
|
2017
|
|
2018
|
|
2019
|
|
2020 and Beyond
|
|
Total Fair Value
|
||||||||||
|
|
(In millions)
|
||||||||||||||||||
Level 1
|
|
$
|
(12
|
)
|
|
$
|
(1
|
)
|
|
$
|
4
|
|
|
$
|
(1
|
)
|
|
$
|
(10
|
)
|
Level 2
|
|
(15
|
)
|
|
1
|
|
|
4
|
|
|
1
|
|
|
(9
|
)
|
|||||
Level 3
|
|
(19
|
)
|
|
(7
|
)
|
|
(4
|
)
|
|
(58
|
)
|
|
(88
|
)
|
|||||
MTM before collateral adjustments
|
|
$
|
(46
|
)
|
|
$
|
(7
|
)
|
|
$
|
4
|
|
|
$
|
(58
|
)
|
|
(107
|
)
|
|
Collateral adjustments
|
|
|
|
|
|
|
|
|
|
21
|
|
|||||||||
MTM at December 31, 2016
|
|
|
|
|
|
|
|
|
|
$
|
(86
|
)
|
|
Credit Exposure
Before Cash Collateral |
|
Cash
Collateral |
|
Net Credit
Exposure |
||||||
|
(In millions)
|
||||||||||
Investment Grade
(a)
|
|
|
|
|
|
||||||
A- and Greater
|
$
|
187
|
|
|
$
|
(2
|
)
|
|
$
|
185
|
|
BBB+ and BBB
|
213
|
|
|
—
|
|
|
213
|
|
|||
BBB-
|
41
|
|
|
—
|
|
|
41
|
|
|||
Total Investment Grade
|
441
|
|
|
(2
|
)
|
|
439
|
|
|||
Non-investment grade
(b)
|
3
|
|
|
(1
|
)
|
|
2
|
|
|||
Internally Rated — investment grade
(c)
|
235
|
|
|
—
|
|
|
235
|
|
|||
Internally Rated — non-investment grade
(d)
|
20
|
|
|
(6
|
)
|
|
14
|
|
|||
Total
|
$
|
699
|
|
|
$
|
(9
|
)
|
|
$
|
690
|
|
(a)
|
This category includes counterparties with minimum credit ratings of Baa3 assigned by Moody’s Investors Service (Moody’s) or BBB- assigned by Standard & Poor’s Rating Group, a division of McGraw-Hill Companies, Inc. (Standard & Poor’s). The five largest counterparty exposures, combined, for this category represented approximately
20%
of the total gross credit exposure.
|
(b)
|
This category includes counterparties with credit ratings that are below investment grade. The five largest counterparty exposures, combined, for this category represented less than
1%
of the total gross credit exposure.
|
(c)
|
This category includes counterparties that have not been rated by Moody’s or Standard & Poor’s, but are considered investment grade based on DTE Energy’s evaluation of the counterparty’s creditworthiness. The five largest counterparty exposures, combined, for this category represented approximately
13%
of the total gross credit exposure.
|
(d)
|
This category includes counterparties that have not been rated by Moody’s or Standard & Poor’s, and are considered non-investment grade based on DTE Energy’s evaluation of the counterparty’s creditworthiness. The five largest counterparty exposures, combined, for this category represented approximately
2%
of the total gross credit exposure.
|
|
|
Assuming a
10% Increase in Prices/Rates
|
|
Assuming a
10% Decrease in Prices/Rates
|
|
|
||||||||||||
|
|
As of December 31,
|
|
As of December 31,
|
|
|
||||||||||||
Activity
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
Change in the Fair Value of
|
||||||||
|
|
(In millions)
|
|
|
||||||||||||||
Gas contracts
|
|
$
|
14
|
|
|
$
|
(5
|
)
|
|
$
|
(14
|
)
|
|
$
|
5
|
|
|
Commodity contracts
|
Power contracts
|
|
$
|
18
|
|
|
$
|
16
|
|
|
$
|
(18
|
)
|
|
$
|
(16
|
)
|
|
Commodity contracts
|
Interest rate risk — DTE Energy
|
|
$
|
(529
|
)
|
|
$
|
(372
|
)
|
|
$
|
510
|
|
|
$
|
395
|
|
|
Long-term debt
|
Interest rate risk — DTE Electric
|
|
$
|
(235
|
)
|
|
$
|
(225
|
)
|
|
$
|
252
|
|
|
$
|
243
|
|
|
Long-term debt
|
|
Page
|
Financial Statement Schedule
|
|
|
Year Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
|
(In millions, except per share amounts)
|
||||||||||
Operating Revenues
|
|
|
|
|
|
||||||
Utility operations
|
$
|
6,497
|
|
|
$
|
6,238
|
|
|
$
|
6,884
|
|
Non-utility operations
|
4,133
|
|
|
4,099
|
|
|
5,417
|
|
|||
|
10,630
|
|
|
10,337
|
|
|
12,301
|
|
|||
|
|
|
|
|
|
||||||
Operating Expenses
|
|
|
|
|
|
||||||
Fuel, purchased power, and gas — utility
|
1,968
|
|
|
2,081
|
|
|
2,407
|
|
|||
Fuel, purchased power, and gas — non-utility
|
3,562
|
|
|
3,481
|
|
|
4,615
|
|
|||
Operation and maintenance
|
2,302
|
|
|
2,214
|
|
|
2,204
|
|
|||
Depreciation and amortization
|
976
|
|
|
852
|
|
|
1,145
|
|
|||
Taxes other than income
|
370
|
|
|
364
|
|
|
352
|
|
|||
Asset (gains) losses and impairments, net
|
7
|
|
|
106
|
|
|
(12
|
)
|
|||
|
9,185
|
|
|
9,098
|
|
|
10,711
|
|
|||
Operating Income
|
1,445
|
|
|
1,239
|
|
|
1,590
|
|
|||
|
|
|
|
|
|
||||||
Other (Income) and Deductions
|
|
|
|
|
|
||||||
Interest expense
|
472
|
|
|
450
|
|
|
429
|
|
|||
Interest income
|
(20
|
)
|
|
(13
|
)
|
|
(10
|
)
|
|||
Other income
|
(207
|
)
|
|
(209
|
)
|
|
(196
|
)
|
|||
Other expenses
|
95
|
|
|
61
|
|
|
92
|
|
|||
|
340
|
|
|
289
|
|
|
315
|
|
|||
Income Before Income Taxes
|
1,105
|
|
|
950
|
|
|
1,275
|
|
|||
|
|
|
|
|
|
||||||
Income Tax Expense
|
271
|
|
|
230
|
|
|
364
|
|
|||
|
|
|
|
|
|
||||||
Net Income
|
834
|
|
|
720
|
|
|
911
|
|
|||
|
|
|
|
|
|
||||||
Less: Net Income (Loss) Attributable to Noncontrolling Interests
|
(34
|
)
|
|
(7
|
)
|
|
6
|
|
|||
|
|
|
|
|
|
||||||
Net Income Attributable to DTE Energy Company
|
$
|
868
|
|
|
$
|
727
|
|
|
$
|
905
|
|
|
|
|
|
|
|
||||||
Basic Earnings per Common Share
|
|
|
|
|
|
||||||
Net Income Attributable to DTE Energy Company
|
$
|
4.84
|
|
|
$
|
4.05
|
|
|
$
|
5.11
|
|
|
|
|
|
|
|
||||||
Diluted Earnings per Common Share
|
|
|
|
|
|
||||||
Net Income Attributable to DTE Energy Company
|
$
|
4.83
|
|
|
$
|
4.05
|
|
|
$
|
5.10
|
|
|
|
|
|
|
|
||||||
Weighted Average Common Shares Outstanding
|
|
|
|
|
|
||||||
Basic
|
179
|
|
|
179
|
|
|
177
|
|
|||
Diluted
|
179
|
|
|
179
|
|
|
177
|
|
|||
Dividends Declared per Common Share
|
$
|
3.06
|
|
|
$
|
2.84
|
|
|
$
|
2.69
|
|
|
Year Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
|
(In millions)
|
||||||||||
Net Income
|
$
|
834
|
|
|
$
|
720
|
|
|
$
|
911
|
|
|
|
|
|
|
|
||||||
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
||||||
Benefit obligations, net of taxes of $6, $8, and $(9), respectively
|
11
|
|
|
13
|
|
|
(18
|
)
|
|||
Net unrealized gains on investments during the period, net of taxes of $1, $—, and $1, respectively
|
1
|
|
|
1
|
|
|
1
|
|
|||
Foreign currency translation
|
—
|
|
|
(4
|
)
|
|
(2
|
)
|
|||
Other comprehensive income (loss)
|
12
|
|
|
10
|
|
|
(19
|
)
|
|||
|
|
|
|
|
|
||||||
Comprehensive income
|
846
|
|
|
730
|
|
|
892
|
|
|||
Less comprehensive income (loss) attributable to noncontrolling interests
|
(34
|
)
|
|
(7
|
)
|
|
6
|
|
|||
Comprehensive Income Attributable to DTE Energy Company
|
$
|
880
|
|
|
$
|
737
|
|
|
$
|
886
|
|
|
December 31,
|
||||||
|
2016
|
|
2015
|
||||
|
(In millions)
|
||||||
ASSETS
|
|||||||
Current Assets
|
|
|
|
||||
Cash and cash equivalents
|
$
|
92
|
|
|
$
|
37
|
|
Restricted cash
|
21
|
|
|
23
|
|
||
Accounts receivable (less allowance for doubtful accounts of $41 and $49, respectively)
|
|
|
|
||||
Customer
|
1,522
|
|
|
1,276
|
|
||
Other
|
71
|
|
|
72
|
|
||
Inventories
|
|
|
|
||||
Fuel and gas
|
416
|
|
|
480
|
|
||
Materials and supplies
|
356
|
|
|
323
|
|
||
Derivative assets
|
47
|
|
|
129
|
|
||
Regulatory assets
|
42
|
|
|
32
|
|
||
Other
|
195
|
|
|
203
|
|
||
|
2,762
|
|
|
2,575
|
|
||
Investments
|
|
|
|
||||
Nuclear decommissioning trust funds
|
1,320
|
|
|
1,236
|
|
||
Investments in equity method investees
|
752
|
|
|
514
|
|
||
Other
|
201
|
|
|
186
|
|
||
|
2,273
|
|
|
1,936
|
|
||
Property
|
|
|
|
||||
Property, plant, and equipment
|
30,029
|
|
|
28,121
|
|
||
Accumulated depreciation and amortization
|
(10,299
|
)
|
|
(10,087
|
)
|
||
|
19,730
|
|
|
18,034
|
|
||
Other Assets
|
|
|
|
||||
Goodwill
|
2,286
|
|
|
2,018
|
|
||
Regulatory assets
|
3,871
|
|
|
3,692
|
|
||
Intangible assets
|
842
|
|
|
89
|
|
||
Notes receivable
|
73
|
|
|
85
|
|
||
Derivative assets
|
34
|
|
|
54
|
|
||
Other
|
170
|
|
|
179
|
|
||
|
7,276
|
|
|
6,117
|
|
||
Total Assets
|
$
|
32,041
|
|
|
$
|
28,662
|
|
|
December 31,
|
||||||
|
2016
|
|
2015
|
||||
|
(In millions, except shares)
|
||||||
LIABILITIES AND EQUITY
|
|||||||
Current Liabilities
|
|
|
|
||||
Accounts payable
|
$
|
1,079
|
|
|
$
|
809
|
|
Accrued interest
|
96
|
|
|
89
|
|
||
Dividends payable
|
148
|
|
|
131
|
|
||
Short-term borrowings
|
499
|
|
|
499
|
|
||
Current portion long-term debt, including capital leases
|
14
|
|
|
473
|
|
||
Derivative liabilities
|
69
|
|
|
57
|
|
||
Regulatory liabilities
|
34
|
|
|
41
|
|
||
Other
|
498
|
|
|
429
|
|
||
|
2,437
|
|
|
2,528
|
|
||
Long-Term Debt (net of current portion)
|
|
|
|
||||
Mortgage bonds, notes, and other
|
10,506
|
|
|
8,280
|
|
||
Junior subordinated debentures
|
756
|
|
|
465
|
|
||
Capital lease obligations
|
7
|
|
|
15
|
|
||
|
11,269
|
|
|
8,760
|
|
||
Other Liabilities
|
|
|
|
||||
Deferred income taxes
|
4,162
|
|
|
3,923
|
|
||
Regulatory liabilities
|
555
|
|
|
569
|
|
||
Asset retirement obligations
|
2,197
|
|
|
2,194
|
|
||
Unamortized investment tax credit
|
93
|
|
|
62
|
|
||
Derivative liabilities
|
98
|
|
|
86
|
|
||
Accrued pension liability
|
1,152
|
|
|
1,133
|
|
||
Accrued postretirement liability
|
36
|
|
|
228
|
|
||
Nuclear decommissioning
|
194
|
|
|
177
|
|
||
Other
|
349
|
|
|
207
|
|
||
|
8,836
|
|
|
8,579
|
|
||
Commitments and Contingencies (Notes 9 and 18)
|
|
|
|
||||
|
|
|
|
|
|
||
Equity
|
|
|
|
||||
Common stock, without par value, 400,000,000 shares authorized, and 179,432,581 and 179,470,213 shares issued and outstanding, respectively
|
4,030
|
|
|
4,123
|
|
||
Retained earnings
|
5,114
|
|
|
4,794
|
|
||
Accumulated other comprehensive loss
|
(133
|
)
|
|
(145
|
)
|
||
Total DTE Energy Company Equity
|
9,011
|
|
|
8,772
|
|
||
Noncontrolling interests
|
488
|
|
|
23
|
|
||
Total Equity
|
9,499
|
|
|
8,795
|
|
||
Total Liabilities and Equity
|
$
|
32,041
|
|
|
$
|
28,662
|
|
|
Year Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Operating Activities
|
(In millions)
|
||||||||||
Net Income
|
$
|
834
|
|
|
$
|
720
|
|
|
$
|
911
|
|
Adjustments to reconcile Net Income to net cash from operating activities:
|
|
|
|
|
|
||||||
Depreciation and amortization
|
976
|
|
|
852
|
|
|
1,145
|
|
|||
Nuclear fuel amortization
|
58
|
|
|
46
|
|
|
48
|
|
|||
Allowance for equity funds used during construction
|
(21
|
)
|
|
(21
|
)
|
|
(21
|
)
|
|||
Deferred income taxes
|
265
|
|
|
237
|
|
|
356
|
|
|||
Equity earnings of equity method investees
|
(68
|
)
|
|
(66
|
)
|
|
(48
|
)
|
|||
Dividends from equity method investees
|
68
|
|
|
64
|
|
|
55
|
|
|||
Asset (gains) losses and impairments, net
|
8
|
|
|
107
|
|
|
(4
|
)
|
|||
Changes in assets and liabilities:
|
|
|
|
|
|
||||||
Accounts receivable, net
|
(226
|
)
|
|
259
|
|
|
48
|
|
|||
Inventories
|
37
|
|
|
1
|
|
|
(177
|
)
|
|||
Accounts payable
|
145
|
|
|
(158
|
)
|
|
128
|
|
|||
Accrued pension liability
|
19
|
|
|
(147
|
)
|
|
627
|
|
|||
Accrued postretirement liability
|
(192
|
)
|
|
(287
|
)
|
|
165
|
|
|||
Derivative assets and liabilities
|
126
|
|
|
47
|
|
|
(199
|
)
|
|||
Regulatory assets and liabilities
|
(40
|
)
|
|
85
|
|
|
(1,177
|
)
|
|||
Other current and noncurrent assets and liabilities
|
95
|
|
|
177
|
|
|
(12
|
)
|
|||
Net cash from operating activities
|
2,084
|
|
|
1,916
|
|
|
1,845
|
|
|||
Investing Activities
|
|
|
|
|
|
||||||
Plant and equipment expenditures — utility
|
(1,898
|
)
|
|
(1,817
|
)
|
|
(1,784
|
)
|
|||
Plant and equipment expenditures — non-utility
|
(147
|
)
|
|
(203
|
)
|
|
(265
|
)
|
|||
Acquisition, net of cash acquired
|
(1,147
|
)
|
|
(241
|
)
|
|
—
|
|
|||
Proceeds from sale of assets
|
6
|
|
|
16
|
|
|
45
|
|
|||
Restricted cash for debt redemption, principally Securitization, net
|
1
|
|
|
97
|
|
|
3
|
|
|||
Proceeds from sale of nuclear decommissioning trust fund assets
|
1,457
|
|
|
885
|
|
|
1,146
|
|
|||
Investment in nuclear decommissioning trust funds
|
(1,463
|
)
|
|
(898
|
)
|
|
(1,156
|
)
|
|||
Distributions from equity method investees
|
11
|
|
|
19
|
|
|
13
|
|
|||
Contributions to equity method investees
|
(239
|
)
|
|
(98
|
)
|
|
(42
|
)
|
|||
Other
|
31
|
|
|
36
|
|
|
(20
|
)
|
|||
Net cash used for investing activities
|
(3,388
|
)
|
|
(2,204
|
)
|
|
(2,060
|
)
|
|||
Financing Activities
|
|
|
|
|
|
||||||
Issuance of long-term debt, net of issuance costs
|
2,035
|
|
|
956
|
|
|
1,736
|
|
|||
Redemption of long-term debt
|
(807
|
)
|
|
(286
|
)
|
|
(1,237
|
)
|
|||
Repurchase of long-term debt
|
(59
|
)
|
|
—
|
|
|
—
|
|
|||
Issuance of equity units, net of issuance costs
|
654
|
|
|
—
|
|
|
—
|
|
|||
Short-term borrowings, net
|
—
|
|
|
101
|
|
|
267
|
|
|||
Repurchase of common stock
|
(33
|
)
|
|
—
|
|
|
(52
|
)
|
|||
Dividends on common stock
|
(531
|
)
|
|
(501
|
)
|
|
(470
|
)
|
|||
Contributions from noncontrolling interests
|
114
|
|
|
23
|
|
|
—
|
|
|||
Other
|
(14
|
)
|
|
(16
|
)
|
|
(33
|
)
|
|||
Net cash from financing activities
|
1,359
|
|
|
277
|
|
|
211
|
|
|||
Net Increase (Decrease) in Cash and Cash Equivalents
|
55
|
|
|
(11
|
)
|
|
(4
|
)
|
|||
Cash and Cash Equivalents at Beginning of Period
|
37
|
|
|
48
|
|
|
52
|
|
|||
Cash and Cash Equivalents at End of Period
|
$
|
92
|
|
|
$
|
37
|
|
|
$
|
48
|
|
|
|
|
|
|
|
||||||
Supplemental disclosure of cash information
|
|
|
|
|
|
||||||
Cash paid (received) for:
|
|
|
|
|
|
||||||
Interest, net of interest capitalized
|
$
|
448
|
|
|
$
|
428
|
|
|
$
|
415
|
|
Income taxes
|
$
|
(1
|
)
|
|
$
|
14
|
|
|
$
|
(35
|
)
|
Supplemental disclosure of non-cash investing and financing activities
|
|
|
|
|
|
||||||
Plant and equipment expenditures in accounts payable
|
$
|
312
|
|
|
$
|
207
|
|
|
$
|
212
|
|
Premium on equity units
|
$
|
98
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
|
Retained Earnings
|
|
Accumulated Other Comprehensive Income (Loss)
|
|
Noncontrolling Interests
|
|
|
|||||||||||
|
Common Stock
|
|
|
|
|
|
||||||||||||||||
|
Shares
|
|
Amount
|
|
|
|
|
Total
|
||||||||||||||
|
(Dollars in millions, shares in thousands)
|
|||||||||||||||||||||
Balance, December 31, 2013
|
177,087
|
|
|
$
|
3,907
|
|
|
$
|
4,150
|
|
|
$
|
(136
|
)
|
|
$
|
33
|
|
|
$
|
7,954
|
|
Net Income
|
—
|
|
|
—
|
|
|
905
|
|
|
—
|
|
|
6
|
|
|
911
|
|
|||||
Dividends declared on common stock
|
—
|
|
|
—
|
|
|
(476
|
)
|
|
—
|
|
|
—
|
|
|
(476
|
)
|
|||||
Repurchase of common stock
|
(713
|
)
|
|
(52
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(52
|
)
|
|||||
Benefit obligations, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
(18
|
)
|
|
—
|
|
|
(18
|
)
|
|||||
Net change in unrealized gains on investments, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|||||
Foreign currency translation
|
—
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
(2
|
)
|
|||||
Stock-based compensation, distributions to noncontrolling interests, and other
|
617
|
|
|
49
|
|
|
(1
|
)
|
|
—
|
|
|
(24
|
)
|
|
24
|
|
|||||
Balance, December 31, 2014
|
176,991
|
|
|
$
|
3,904
|
|
|
$
|
4,578
|
|
|
$
|
(155
|
)
|
|
$
|
15
|
|
|
$
|
8,342
|
|
Net Income (Loss)
|
—
|
|
|
—
|
|
|
727
|
|
|
—
|
|
|
(7
|
)
|
|
720
|
|
|||||
Dividends declared on common stock
|
—
|
|
|
—
|
|
|
(510
|
)
|
|
—
|
|
|
—
|
|
|
(510
|
)
|
|||||
Issuance of common stock
|
105
|
|
|
9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9
|
|
|||||
Contribution of common stock to VEBA Trust
|
1,428
|
|
|
117
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
117
|
|
|||||
Benefit obligations, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
13
|
|
|
—
|
|
|
13
|
|
|||||
Net change in unrealized gains on investments, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|||||
Foreign currency translation
|
—
|
|
|
—
|
|
|
—
|
|
|
(4
|
)
|
|
—
|
|
|
(4
|
)
|
|||||
Stock-based compensation, net contributions from noncontrolling interests, and other
|
946
|
|
|
93
|
|
|
(1
|
)
|
|
—
|
|
|
15
|
|
|
107
|
|
|||||
Balance, December 31, 2015
|
179,470
|
|
|
$
|
4,123
|
|
|
$
|
4,794
|
|
|
$
|
(145
|
)
|
|
$
|
23
|
|
|
$
|
8,795
|
|
Implementation of ASU 2016-09
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|||||
Net Income (Loss)
|
—
|
|
|
—
|
|
|
868
|
|
|
—
|
|
|
(34
|
)
|
|
834
|
|
|||||
Dividends declared on common stock
|
—
|
|
|
—
|
|
|
(548
|
)
|
|
—
|
|
|
—
|
|
|
(548
|
)
|
|||||
Repurchase of common stock
|
(394
|
)
|
|
(33
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(33
|
)
|
|||||
Premium on equity units
|
—
|
|
|
(98
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(98
|
)
|
|||||
Issuance costs of equity units
|
—
|
|
|
(18
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(18
|
)
|
|||||
Acquisition of SGG
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
390
|
|
|
390
|
|
|||||
Benefit obligations, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
11
|
|
|
—
|
|
|
11
|
|
|||||
Net change in unrealized gains on investments, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|||||
Stock-based compensation, net contributions from noncontrolling interests, and other
|
357
|
|
|
56
|
|
|
(3
|
)
|
|
—
|
|
|
109
|
|
|
162
|
|
|||||
Balance, December 31, 2016
|
179,433
|
|
|
$
|
4,030
|
|
|
$
|
5,114
|
|
|
$
|
(133
|
)
|
|
$
|
488
|
|
|
$
|
9,499
|
|
|
Year Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
|
(In millions)
|
||||||||||
Operating Revenues — Utility operations
|
$
|
5,225
|
|
|
$
|
4,900
|
|
|
$
|
5,282
|
|
|
|
|
|
|
|
||||||
Operating Expenses
|
|
|
|
|
|
||||||
Fuel and purchased power — utility
|
1,532
|
|
|
1,574
|
|
|
1,706
|
|
|||
Operation and maintenance
|
1,455
|
|
|
1,342
|
|
|
1,331
|
|
|||
Depreciation and amortization
|
750
|
|
|
633
|
|
|
927
|
|
|||
Taxes other than income
|
284
|
|
|
277
|
|
|
267
|
|
|||
Asset (gains) losses and impairments, net
|
—
|
|
|
—
|
|
|
(1
|
)
|
|||
|
4,021
|
|
|
3,826
|
|
|
4,230
|
|
|||
Operating Income
|
1,204
|
|
|
1,074
|
|
|
1,052
|
|
|||
|
|
|
|
|
|
||||||
Other (Income) and Deductions
|
|
|
|
|
|
||||||
Interest expense
|
264
|
|
|
258
|
|
|
250
|
|
|||
Interest income
|
(8
|
)
|
|
—
|
|
|
(1
|
)
|
|||
Other income
|
(61
|
)
|
|
(60
|
)
|
|
(62
|
)
|
|||
Other expenses
|
34
|
|
|
40
|
|
|
35
|
|
|||
|
229
|
|
|
238
|
|
|
222
|
|
|||
Income Before Income Taxes
|
975
|
|
|
836
|
|
|
830
|
|
|||
|
|
|
|
|
|
||||||
Income Tax Expense
|
353
|
|
|
292
|
|
|
298
|
|
|||
|
|
|
|
|
|
||||||
Net Income
|
$
|
622
|
|
|
$
|
544
|
|
|
$
|
532
|
|
|
Year Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
|
(In millions)
|
||||||||||
Net Income
|
$
|
622
|
|
|
$
|
544
|
|
|
$
|
532
|
|
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
||||||
Transfer of benefit obligations, net of taxes of $18 in 2015
|
—
|
|
|
27
|
|
|
—
|
|
|||
Benefit obligations, net of taxes of $(4) in 2014
|
—
|
|
|
—
|
|
|
(10
|
)
|
|||
Net unrealized gains on investments during the period, net of taxes of $—, $—, and $—, respectively
|
—
|
|
|
1
|
|
|
—
|
|
|||
Other comprehensive income (loss)
|
—
|
|
|
28
|
|
|
(10
|
)
|
|||
Comprehensive Income
|
$
|
622
|
|
|
$
|
572
|
|
|
$
|
522
|
|
|
December 31,
|
||||||
|
2016
|
|
2015
|
||||
|
(In millions)
|
||||||
ASSETS
|
|||||||
Current Assets
|
|
|
|
||||
Cash and cash equivalents
|
$
|
13
|
|
|
$
|
15
|
|
Accounts receivable (less allowance for doubtful accounts of $25 and $28, respectively)
|
|
|
|
||||
Customer
|
728
|
|
|
657
|
|
||
Affiliates
|
12
|
|
|
14
|
|
||
Other
|
29
|
|
|
40
|
|
||
Inventories
|
|
|
|
||||
Fuel
|
225
|
|
|
271
|
|
||
Materials and supplies
|
271
|
|
|
251
|
|
||
Regulatory assets
|
36
|
|
|
17
|
|
||
Other
|
63
|
|
|
66
|
|
||
|
1,377
|
|
|
1,331
|
|
||
Investments
|
|
|
|
||||
Nuclear decommissioning trust funds
|
1,320
|
|
|
1,236
|
|
||
Other
|
36
|
|
|
35
|
|
||
|
1,356
|
|
|
1,271
|
|
||
Property
|
|
|
|
||||
Property, plant, and equipment
|
22,094
|
|
|
21,391
|
|
||
Accumulated depreciation and amortization
|
(7,721
|
)
|
|
(7,646
|
)
|
||
|
14,373
|
|
|
13,745
|
|
||
Other Assets
|
|
|
|
||||
Regulatory assets
|
3,113
|
|
|
2,969
|
|
||
Intangible assets
|
31
|
|
|
34
|
|
||
Prepaid postretirement costs — affiliates
|
114
|
|
|
24
|
|
||
Other
|
125
|
|
|
144
|
|
||
|
3,383
|
|
|
3,171
|
|
||
Total Assets
|
$
|
20,489
|
|
|
$
|
19,518
|
|
|
December 31,
|
||||||
|
2016
|
|
2015
|
||||
|
(In millions, except shares)
|
||||||
LIABILITIES AND SHAREHOLDER'S EQUITY
|
|||||||
Current Liabilities
|
|
|
|
||||
Accounts payable
|
|
|
|
||||
Affiliates
|
$
|
58
|
|
|
$
|
40
|
|
Other
|
452
|
|
|
329
|
|
||
Accrued interest
|
65
|
|
|
62
|
|
||
Current portion long-term debt, including capital leases
|
6
|
|
|
157
|
|
||
Regulatory liabilities
|
27
|
|
|
19
|
|
||
Short-term borrowings
|
|
|
|
||||
Affiliates
|
117
|
|
|
75
|
|
||
Other
|
62
|
|
|
272
|
|
||
Other
|
146
|
|
|
138
|
|
||
|
933
|
|
|
1,092
|
|
||
Long-Term Debt (net of current portion)
|
|
|
|
||||
Mortgage bonds, notes, and other
|
5,878
|
|
|
5,437
|
|
||
Capital lease obligations
|
7
|
|
|
15
|
|
||
|
5,885
|
|
|
5,452
|
|
||
Other Liabilities
|
|
|
|
||||
Deferred income taxes
|
3,793
|
|
|
3,498
|
|
||
Regulatory liabilities
|
229
|
|
|
199
|
|
||
Asset retirement obligations
|
2,012
|
|
|
2,020
|
|
||
Unamortized investment tax credit
|
90
|
|
|
58
|
|
||
Nuclear decommissioning
|
194
|
|
|
177
|
|
||
Accrued pension liability — affiliates
|
1,008
|
|
|
976
|
|
||
Accrued postretirement liability — affiliates
|
269
|
|
|
307
|
|
||
Other
|
81
|
|
|
66
|
|
||
|
7,676
|
|
|
7,301
|
|
||
Commitments and Contingencies (Notes 8 and 17)
|
|
|
|
|
|
||
|
|
|
|
||||
Shareholder's Equity
|
|
|
|
||||
Common stock, $10 par value, 400,000,000 shares authorized, and 138,632,324 shares issued and outstanding
|
4,206
|
|
|
4,086
|
|
||
Retained earnings
|
1,787
|
|
|
1,585
|
|
||
Accumulated other comprehensive income
|
2
|
|
|
2
|
|
||
Total Shareholder's Equity
|
5,995
|
|
|
5,673
|
|
||
Total Liabilities and Shareholder's Equity
|
$
|
20,489
|
|
|
$
|
19,518
|
|
|
Year Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
Operating Activities
|
(In millions)
|
||||||||||
Net Income
|
$
|
622
|
|
|
$
|
544
|
|
|
$
|
532
|
|
Adjustments to reconcile Net Income to net cash from operating activities:
|
|
|
|
|
|
||||||
Depreciation and amortization
|
750
|
|
|
633
|
|
|
927
|
|
|||
Nuclear fuel amortization
|
58
|
|
|
46
|
|
|
48
|
|
|||
Allowance for equity funds used during construction
|
(18
|
)
|
|
(20
|
)
|
|
(21
|
)
|
|||
Deferred income taxes
|
342
|
|
|
320
|
|
|
297
|
|
|||
Asset (gains) losses and impairments, net
|
—
|
|
|
—
|
|
|
(1
|
)
|
|||
Changes in assets and liabilities:
|
|
|
|
|
|
||||||
Accounts receivable, net
|
(64
|
)
|
|
33
|
|
|
33
|
|
|||
Inventories
|
26
|
|
|
(22
|
)
|
|
(97
|
)
|
|||
Prepaid postretirement benefit costs — affiliates
|
(90
|
)
|
|
(24
|
)
|
|
—
|
|
|||
Accounts payable
|
59
|
|
|
(46
|
)
|
|
11
|
|
|||
Accrued pension liability — affiliates
|
32
|
|
|
(224
|
)
|
|
495
|
|
|||
Accrued postretirement liability — affiliates
|
(38
|
)
|
|
(213
|
)
|
|
151
|
|
|||
Regulatory assets and liabilities
|
10
|
|
|
65
|
|
|
(926
|
)
|
|||
Other current and noncurrent assets and liabilities
|
(34
|
)
|
|
58
|
|
|
(65
|
)
|
|||
Net cash from operating activities
|
1,655
|
|
|
1,150
|
|
|
1,384
|
|
|||
Investing Activities
|
|
|
|
|
|
||||||
Plant and equipment expenditures
|
(1,503
|
)
|
|
(1,545
|
)
|
|
(1,561
|
)
|
|||
Acquisitions
|
—
|
|
|
(310
|
)
|
|
—
|
|
|||
Proceeds from sale of assets
|
6
|
|
|
—
|
|
|
—
|
|
|||
Restricted cash for debt redemption, principally Securitization, net
|
—
|
|
|
96
|
|
|
4
|
|
|||
Notes receivable — affiliates
|
—
|
|
|
8
|
|
|
192
|
|
|||
Proceeds from sale of nuclear decommissioning trust fund assets
|
1,457
|
|
|
885
|
|
|
1,146
|
|
|||
Investment in nuclear decommissioning trust funds
|
(1,463
|
)
|
|
(898
|
)
|
|
(1,156
|
)
|
|||
Transfer of Rabbi Trust assets to affiliate
|
—
|
|
|
137
|
|
|
—
|
|
|||
Other
|
30
|
|
|
6
|
|
|
(14
|
)
|
|||
Net cash used for investing activities
|
(1,473
|
)
|
|
(1,621
|
)
|
|
(1,389
|
)
|
|||
Financing Activities
|
|
|
|
|
|
||||||
Issuance of long-term debt, net of issuance costs
|
355
|
|
|
495
|
|
|
942
|
|
|||
Redemption of long-term debt
|
(10
|
)
|
|
(135
|
)
|
|
(837
|
)
|
|||
Repurchase of long-term debt
|
(59
|
)
|
|
—
|
|
|
—
|
|
|||
Capital contribution by parent company
|
120
|
|
|
300
|
|
|
190
|
|
|||
Short-term borrowings, net — affiliate
|
41
|
|
|
(8
|
)
|
|
26
|
|
|||
Short-term borrowings, net — other
|
(210
|
)
|
|
222
|
|
|
50
|
|
|||
Dividends on common stock
|
(420
|
)
|
|
(395
|
)
|
|
(370
|
)
|
|||
Other
|
(1
|
)
|
|
(7
|
)
|
|
(9
|
)
|
|||
Net cash from (used for) financing activities
|
(184
|
)
|
|
472
|
|
|
(8
|
)
|
|||
Net Increase (Decrease) in Cash and Cash Equivalents
|
(2
|
)
|
|
1
|
|
|
(13
|
)
|
|||
Cash and Cash Equivalents at Beginning of Period
|
15
|
|
|
14
|
|
|
27
|
|
|||
Cash and Cash Equivalents at End of Period
|
$
|
13
|
|
|
$
|
15
|
|
|
$
|
14
|
|
|
|
|
|
|
|
||||||
Supplemental disclosure of cash information
|
|
|
|
|
|
||||||
Cash paid (received) for:
|
|
|
|
|
|
||||||
Interest, net of interest capitalized
|
$
|
252
|
|
|
$
|
244
|
|
|
$
|
240
|
|
Income taxes
|
$
|
6
|
|
|
$
|
(53
|
)
|
|
$
|
4
|
|
Supplemental disclosure of non-cash investing and financing activities
|
|
|
|
|
|
||||||
Plant and equipment expenditures in accounts payable
|
$
|
232
|
|
|
$
|
150
|
|
|
$
|
162
|
|
|
|
|
|
|
Additional Paid-in Capital
|
|
Retained Earnings
|
|
Accumulated Other Comprehensive Income (Loss)
|
|
|
|||||||||||
|
Common Stock
|
|
|
|
|
|
||||||||||||||||
|
Shares
|
|
Amount
|
|
|
|
|
Total
|
||||||||||||||
|
(Dollars in millions, shares in thousands)
|
|||||||||||||||||||||
Balance, December 31, 2013
|
138,632
|
|
|
$
|
1,386
|
|
|
$
|
2,210
|
|
|
$
|
1,274
|
|
|
$
|
(16
|
)
|
|
$
|
4,854
|
|
Net Income
|
—
|
|
|
—
|
|
|
—
|
|
|
532
|
|
|
—
|
|
|
532
|
|
|||||
Dividends declared on common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
(370
|
)
|
|
—
|
|
|
(370
|
)
|
|||||
Benefit obligations, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(10
|
)
|
|
(10
|
)
|
|||||
Capital contribution by parent company
|
—
|
|
|
—
|
|
|
190
|
|
|
—
|
|
|
—
|
|
|
190
|
|
|||||
Balance, December 31, 2014
|
138,632
|
|
|
$
|
1,386
|
|
|
$
|
2,400
|
|
|
$
|
1,436
|
|
|
$
|
(26
|
)
|
|
$
|
5,196
|
|
Net Income
|
—
|
|
|
—
|
|
|
—
|
|
|
544
|
|
|
—
|
|
|
544
|
|
|||||
Dividends declared on common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
(395
|
)
|
|
—
|
|
|
(395
|
)
|
|||||
Transfer of benefit obligations, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
27
|
|
|
27
|
|
|||||
Net change in unrealized gains on investments, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|||||
Capital contribution by parent company
|
—
|
|
|
—
|
|
|
300
|
|
|
—
|
|
|
—
|
|
|
300
|
|
|||||
Balance, December 31, 2015
|
138,632
|
|
|
$
|
1,386
|
|
|
$
|
2,700
|
|
|
$
|
1,585
|
|
|
$
|
2
|
|
|
$
|
5,673
|
|
Net Income
|
—
|
|
|
—
|
|
|
—
|
|
|
622
|
|
|
—
|
|
|
622
|
|
|||||
Dividends declared on common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
(420
|
)
|
|
—
|
|
|
(420
|
)
|
|||||
Capital contribution by parent company
|
—
|
|
|
—
|
|
|
120
|
|
|
—
|
|
|
—
|
|
|
120
|
|
|||||
Balance, December 31, 2016
|
138,632
|
|
|
$
|
1,386
|
|
|
$
|
2,820
|
|
|
$
|
1,787
|
|
|
$
|
2
|
|
|
$
|
5,995
|
|
Note 1
|
|
Organization and Basis of Presentation
|
|
DTE Energy and DTE Electric
|
Note 2
|
|
Significant Accounting Policies
|
|
DTE Energy and DTE Electric
|
Note 3
|
|
New Accounting Pronouncements
|
|
DTE Energy and DTE Electric
|
Note 4
|
|
Acquisitions and Exit Activities
|
|
DTE Energy and DTE Electric
|
Note 5
|
|
Goodwill
|
|
DTE Energy
|
Note 6
|
|
Property, Plant, and Equipment
|
|
DTE Energy and DTE Electric
|
Note 7
|
|
Jointly-Owned Utility Plant
|
|
DTE Energy and DTE Electric
|
Note 8
|
|
Asset Retirement Obligations
|
|
DTE Energy and DTE Electric
|
Note 9
|
|
Regulatory Matters
|
|
DTE Energy and DTE Electric
|
Note 10
|
|
Income Taxes
|
|
DTE Energy and DTE Electric
|
Note 11
|
|
Earnings Per Share
|
|
DTE Energy
|
Note 12
|
|
Fair Value
|
|
DTE Energy and DTE Electric
|
Note 13
|
|
Financial and Other Derivative Instruments
|
|
DTE Energy and DTE Electric
|
Note 14
|
|
Long-Term Debt
|
|
DTE Energy and DTE Electric
|
Note 15
|
|
Preferred and Preference Securities
|
|
DTE Energy and DTE Electric
|
Note 16
|
|
Short-Term Credit Arrangements and Borrowings
|
|
DTE Energy and DTE Electric
|
Note 17
|
|
Capital and Operating Leases
|
|
DTE Energy and DTE Electric
|
Note 18
|
|
Commitments and Contingencies
|
|
DTE Energy and DTE Electric
|
Note 19
|
|
Nuclear Operations
|
|
DTE Energy and DTE Electric
|
Note 20
|
|
Retirement Benefits and Trusteed Assets
|
|
DTE Energy and DTE Electric
|
Note 21
|
|
Stock-Based Compensation
|
|
DTE Energy and DTE Electric
|
Note 22
|
|
Segment and Related Information
|
|
DTE Energy
|
Note 23
|
|
Related Party Transactions
|
|
DTE Electric
|
Note 24
|
|
Supplementary Quarterly Financial Information (Unaudited)
|
|
DTE Energy and DTE Electric
|
•
|
DTE Electric is a public utility engaged in the generation, purchase, distribution, and sale of electricity to approximately
2.2 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 involved in 1) natural gas pipelines, gathering, and storage; 2) power and industrial projects; and 3) energy marketing and trading operations.
|
|
December 31, 2016
|
|
December 31, 2015
|
||||||||||||
|
SGG
(a)
|
|
Other
|
|
Total
|
|
Total
|
||||||||
|
(In millions)
|
||||||||||||||
ASSETS
|
|
|
|
|
|
|
|
||||||||
Cash and cash equivalents
|
$
|
36
|
|
|
$
|
27
|
|
|
$
|
63
|
|
|
$
|
14
|
|
Restricted cash
|
—
|
|
|
7
|
|
|
7
|
|
|
8
|
|
||||
Accounts receivable
|
8
|
|
|
34
|
|
|
42
|
|
|
18
|
|
||||
Inventories
|
3
|
|
|
112
|
|
|
115
|
|
|
82
|
|
||||
Property, plant, and equipment, net
|
398
|
|
|
76
|
|
|
474
|
|
|
66
|
|
||||
Goodwill
|
17
|
|
|
—
|
|
|
17
|
|
|
—
|
|
||||
Intangible assets
|
586
|
|
|
—
|
|
|
586
|
|
|
—
|
|
||||
Other current and long-term assets
|
1
|
|
|
1
|
|
|
2
|
|
|
4
|
|
||||
|
$
|
1,049
|
|
|
$
|
257
|
|
|
$
|
1,306
|
|
|
$
|
192
|
|
|
|
|
|
|
|
|
|
||||||||
LIABILITIES
|
|
|
|
|
|
|
|
||||||||
Accounts payable and accrued current liabilities
|
$
|
19
|
|
|
$
|
32
|
|
|
$
|
51
|
|
|
$
|
13
|
|
Current portion long-term debt, including capital leases
|
—
|
|
|
5
|
|
|
5
|
|
|
8
|
|
||||
Mortgage bonds, notes, and other
|
—
|
|
|
5
|
|
|
5
|
|
|
10
|
|
||||
Other current and long-term liabilities
|
2
|
|
|
15
|
|
|
17
|
|
|
6
|
|
||||
|
$
|
21
|
|
|
$
|
57
|
|
|
$
|
78
|
|
|
$
|
37
|
|
|
2016
|
|
2015
|
||||
|
(In millions)
|
||||||
Investment in equity method investees
|
$
|
187
|
|
|
$
|
136
|
|
Notes receivable
|
$
|
15
|
|
|
$
|
15
|
|
Future funding commitments
|
$
|
7
|
|
|
$
|
—
|
|
|
|
Investments
|
|
% Owned
|
|
|
||||||||
Segment
|
|
2016
|
|
2015
|
|
2016
|
|
2015
|
|
Description
|
||||
|
|
(In millions)
|
|
|
|
|
|
|
||||||
Significant Equity Method Investees
|
|
|
|
|
|
|
|
|
|
|
||||
Gas Storage and Pipelines
|
|
|
|
|
|
|
|
|
|
|
||||
NEXUS Pipeline
|
|
$
|
322
|
|
|
$
|
89
|
|
|
50%
|
|
50%
|
|
A proposed 255-mile pipeline to transport Utica and Marcellus shale gas to Ohio, Michigan, and Ontario market centers
|
Vector Pipeline
|
|
100
|
|
|
96
|
|
|
40%
|
|
40%
|
|
348-mile pipeline connecting Chicago, Michigan, and Ontario market centers
|
||
Millennium Pipeline
|
|
116
|
|
|
111
|
|
|
26%
|
|
26%
|
|
186-mile pipeline serving markets in the Northeast
|
||
|
|
538
|
|
|
296
|
|
|
|
|
|
|
|
||
Other Equity Method Investees
|
|
|
|
|
|
|
|
|
|
|
||||
Other Segments
|
|
214
|
|
|
218
|
|
|
|
|
|
|
|
||
|
|
$
|
752
|
|
|
$
|
514
|
|
|
|
|
|
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
(In millions)
|
||||||||||
Income from REF investees
|
$
|
75
|
|
|
$
|
83
|
|
|
$
|
78
|
|
Equity earnings of equity method investees
|
68
|
|
|
66
|
|
|
48
|
|
|||
Contract services
|
21
|
|
|
27
|
|
|
23
|
|
|||
Allowance for equity funds used during construction
|
21
|
|
|
21
|
|
|
21
|
|
|||
Gains from trading securities
|
15
|
|
|
1
|
|
|
14
|
|
|||
Other
|
7
|
|
|
11
|
|
|
12
|
|
|||
|
$
|
207
|
|
|
$
|
209
|
|
|
$
|
196
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
(In millions)
|
||||||||||
Contract services
|
$
|
20
|
|
|
$
|
27
|
|
|
$
|
22
|
|
Allowance for equity funds used during construction
|
18
|
|
|
20
|
|
|
21
|
|
|||
Gains from trading securities allocated from DTE Energy
|
15
|
|
|
1
|
|
|
14
|
|
|||
Equity earnings of equity method investees
|
2
|
|
|
2
|
|
|
1
|
|
|||
Other
|
6
|
|
|
10
|
|
|
4
|
|
|||
|
$
|
61
|
|
|
$
|
60
|
|
|
$
|
62
|
|
|
Net Unrealized Loss on Derivatives
|
|
Net Unrealized Gain/(Loss) on Investments
|
|
Benefit Obligations
(b)
|
|
Foreign Currency Translation
|
|
Total
|
||||||||||
|
(In millions)
|
||||||||||||||||||
Balance, December 31, 2014
|
$
|
(4
|
)
|
|
$
|
(5
|
)
|
|
$
|
(144
|
)
|
|
$
|
(2
|
)
|
|
$
|
(155
|
)
|
Other comprehensive income (loss) before reclassifications
|
—
|
|
|
1
|
|
|
2
|
|
|
(4
|
)
|
|
(1
|
)
|
|||||
Amounts reclassified from Accumulated other comprehensive income
|
—
|
|
|
—
|
|
|
11
|
|
|
—
|
|
|
11
|
|
|||||
Net current-period Other comprehensive income (loss)
|
—
|
|
|
1
|
|
|
13
|
|
|
(4
|
)
|
|
10
|
|
|||||
Balance, December 31, 2015
|
$
|
(4
|
)
|
|
$
|
(4
|
)
|
|
$
|
(131
|
)
|
|
$
|
(6
|
)
|
|
$
|
(145
|
)
|
Other comprehensive loss before reclassifications
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
(3
|
)
|
|||||
Amounts reclassified from Accumulated other comprehensive income
|
—
|
|
|
1
|
|
|
14
|
|
|
—
|
|
|
15
|
|
|||||
Net current-period Other comprehensive income
|
—
|
|
|
1
|
|
|
11
|
|
|
—
|
|
|
12
|
|
|||||
Balance, December 31, 2016
|
$
|
(4
|
)
|
|
$
|
(3
|
)
|
|
$
|
(120
|
)
|
|
$
|
(6
|
)
|
|
$
|
(133
|
)
|
(b)
|
The amounts reclassified from Accumulated other comprehensive income (loss) are included in the computation of the net periodic pension and other postretirement benefit costs (see
Note 20
to the Consolidated Financial Statements "
Retirement Benefits and Trusteed Assets
").
|
|
Net Unrealized Gain on Investments
|
|
Benefit Obligations
(b)
|
|
Total
|
||||||
|
(In millions)
|
||||||||||
Balance, December 31, 2014
|
$
|
1
|
|
|
$
|
(27
|
)
|
|
$
|
(26
|
)
|
Other comprehensive income before reclassifications
|
1
|
|
|
—
|
|
|
1
|
|
|||
Transfer of amounts from Accumulated other comprehensive income to affiliate
|
—
|
|
|
27
|
|
|
27
|
|
|||
Amounts reclassified from Accumulated other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|||
Net current-period Other comprehensive income
|
1
|
|
|
27
|
|
|
28
|
|
|||
Balance, December 31, 2015
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
2
|
|
Other comprehensive income before reclassifications
|
—
|
|
|
—
|
|
|
—
|
|
|||
Amounts reclassified from Accumulated other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|||
Net current-period Other comprehensive income
|
—
|
|
|
—
|
|
|
—
|
|
|||
Balance, December 31, 2016
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
2
|
|
(b)
|
The amounts reclassified from Accumulated other comprehensive income (loss) are included in the computation of the net periodic pension and other postretirement benefit costs (see
Note 20
to the Consolidated Financial Statements "
Retirement Benefits and Trusteed Assets
").
|
|
|
|
December 31, 2016
|
|
December 31, 2015
|
||||||||||||||||||||
|
Useful Lives
|
|
Gross Carrying Value
|
|
Accumulated Amortization
|
|
Net Carrying Value
|
|
Gross Carrying Value
|
|
Accumulated Amortization
|
|
Net Carrying Value
|
||||||||||||
|
|
|
(In millions)
|
||||||||||||||||||||||
Intangible assets subject to amortization
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Customer relationships
(a)
|
40 years
(b)
|
|
$
|
770
|
|
|
$
|
(5
|
)
|
|
$
|
765
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Contract intangibles
|
6 to 26 years
|
|
111
|
|
|
(65
|
)
|
|
46
|
|
|
117
|
|
|
(62
|
)
|
|
55
|
|
||||||
|
|
|
881
|
|
|
(70
|
)
|
|
811
|
|
|
117
|
|
|
(62
|
)
|
|
55
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
DTE Electric renewable energy credits
|
(c)
|
|
30
|
|
|
—
|
|
|
30
|
|
|
38
|
|
|
—
|
|
|
38
|
|
||||||
DTE Electric emission allowances
|
(c)
|
|
1
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
1
|
|
||||||
|
|
|
31
|
|
|
—
|
|
|
31
|
|
|
39
|
|
|
—
|
|
|
39
|
|
||||||
Less current DTE Electric intangible assets
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
5
|
|
||||||
Long-term intangible assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
DTE Electric
|
|
|
$
|
31
|
|
|
$
|
—
|
|
|
$
|
31
|
|
|
$
|
34
|
|
|
$
|
—
|
|
|
$
|
34
|
|
DTE Energy
|
|
|
$
|
912
|
|
|
$
|
(70
|
)
|
|
$
|
842
|
|
|
$
|
151
|
|
|
$
|
(62
|
)
|
|
$
|
89
|
|
(a)
|
In October 2016, DTE Energy acquired midstream natural gas assets that are part of the Gas Storage and Pipelines segment. The intangible assets recorded as a result of the acquisition pertain to existing customer relationships. See
Note 4
to the Consolidated Financial Statements, "
Acquisitions and Exit Activities
," for additional information.
|
(b)
|
The useful life of the customer relationship intangible assets is based on the number of years in which the assets are expected to economically contribute to the business. The expected economic benefit incorporates existing customer contracts and expected renewal rates based on the estimated volume and production lives of gas resources in the region.
|
(c)
|
Emission allowances and renewable energy credits are charged to expense, using average cost, as the allowances and credits are consumed in the operation of the business.
|
|
2017
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
||||||||||
|
(In millions)
|
||||||||||||||||||
Estimated amortization expense
|
$
|
26
|
|
|
$
|
26
|
|
|
$
|
26
|
|
|
$
|
24
|
|
|
$
|
21
|
|
Note
|
|
Title
|
8
|
|
Asset Retirement Obligations
|
9
|
|
Regulatory Matters
|
10
|
|
Income Taxes
|
12
|
|
Fair Value
|
13
|
|
Financial and Other Derivative Instruments
|
21
|
|
Stock-Based Compensation
|
|
2015
|
||
|
(In millions)
|
||
Fuel, purchased power, and gas — non-utility
|
$
|
5
|
|
Operation and maintenance
|
10
|
|
|
Asset (gains) losses and impairments, net
|
96
|
|
|
Total Exit Activity Charges
|
$
|
111
|
|
|
2016
|
|
2015
|
||||
|
(In millions)
|
||||||
Balance as of January 1
|
$
|
2,018
|
|
|
$
|
2,018
|
|
Goodwill attributable to Gas Storage and Pipelines acquisition
|
268
|
|
|
—
|
|
||
Balance at December 31
|
$
|
2,286
|
|
|
$
|
2,018
|
|
|
2016
|
|
2015
|
||||
Property, plant, and equipment
|
(In millions)
|
||||||
DTE Electric
|
|
|
|
||||
Generation
|
$
|
11,990
|
|
|
$
|
11,767
|
|
Distribution
|
8,134
|
|
|
7,816
|
|
||
Other
|
1,970
|
|
|
1,808
|
|
||
Total DTE Electric
|
22,094
|
|
|
21,391
|
|
||
DTE Gas
|
|
|
|
||||
Distribution
|
3,382
|
|
|
3,124
|
|
||
Storage
|
503
|
|
|
453
|
|
||
Transmission and other
|
925
|
|
|
890
|
|
||
Total DTE Gas
|
4,810
|
|
|
4,467
|
|
||
Non-utility and other
|
3,125
|
|
|
2,263
|
|
||
Total DTE Energy
|
30,029
|
|
|
28,121
|
|
||
Accumulated depreciation and amortization
|
|
|
|
||||
DTE Electric
|
|
|
|
||||
Generation
|
(4,364
|
)
|
|
(4,346
|
)
|
||
Distribution
|
(2,769
|
)
|
|
(2,707
|
)
|
||
Other
|
(588
|
)
|
|
(593
|
)
|
||
Total DTE Electric
|
(7,721
|
)
|
|
(7,646
|
)
|
||
DTE Gas
|
|
|
|
||||
Distribution
|
(1,198
|
)
|
|
(1,163
|
)
|
||
Storage
|
(152
|
)
|
|
(147
|
)
|
||
Transmission and other
|
(370
|
)
|
|
(370
|
)
|
||
Total DTE Gas
|
(1,720
|
)
|
|
(1,680
|
)
|
||
Non-utility and other
|
(858
|
)
|
|
(761
|
)
|
||
Total DTE Energy
|
(10,299
|
)
|
|
(10,087
|
)
|
||
Net DTE Energy Property, plant, and equipment
|
$
|
19,730
|
|
|
$
|
18,034
|
|
Net DTE Electric Property, plant, and equipment
|
$
|
14,373
|
|
|
$
|
13,745
|
|
|
DTE Energy
|
|
DTE Electric
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
(In millions)
|
||||||||||||||
Allowance for debt funds used during construction and interest capitalized
|
$
|
10
|
|
|
$
|
13
|
|
|
$
|
8
|
|
|
$
|
11
|
|
Allowance for equity funds used during construction
|
21
|
|
|
21
|
|
|
18
|
|
|
20
|
|
||||
Total
|
$
|
31
|
|
|
$
|
34
|
|
|
$
|
26
|
|
|
$
|
31
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
(In millions)
|
||||||||||
Property, plant, and equipment
|
$
|
783
|
|
|
$
|
740
|
|
|
$
|
683
|
|
Regulatory assets and liabilities
|
193
|
|
|
150
|
|
|
159
|
|
|||
Securitized regulatory assets
(a)
|
—
|
|
|
(38
|
)
|
|
303
|
|
|||
|
$
|
976
|
|
|
$
|
852
|
|
|
$
|
1,145
|
|
(a)
|
Securitization surcharges ended in December 2014 with remaining over recovery refunded to customers in 2015. Securitization bonds were paid and Securitization regulatory assets amortization was completed in 2015. The
$38 million
credit represents the final adjustments to close out the Securitization program.
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
(In millions)
|
||||||||||
Property, plant, and equipment
|
$
|
582
|
|
|
$
|
545
|
|
|
$
|
489
|
|
Regulatory assets and liabilities
|
168
|
|
|
126
|
|
|
135
|
|
|||
Securitized regulatory assets
(a)
|
—
|
|
|
(38
|
)
|
|
303
|
|
|||
|
$
|
750
|
|
|
$
|
633
|
|
|
$
|
927
|
|
(a)
|
Securitization surcharges ended in December 2014 with remaining over recovery refunded to customers in 2015. Securitization bonds were paid and Securitization regulatory assets amortization was completed in 2015. The
$38 million
credit represents the final adjustments to close out the Securitization program.
|
|
Year Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
|
(In millions)
|
||||||||||
Amortization expense of capitalized software
|
$
|
89
|
|
|
$
|
98
|
|
|
$
|
77
|
|
Gross carrying value of capitalized software
|
$
|
715
|
|
|
$
|
770
|
|
|
|
||
Accumulated amortization of capitalized software
|
$
|
435
|
|
|
$
|
439
|
|
|
|
|
Year Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
|
(In millions)
|
||||||||||
Amortization expense of capitalized software
|
$
|
83
|
|
|
$
|
80
|
|
|
$
|
71
|
|
Gross carrying value of capitalized software
|
$
|
610
|
|
|
$
|
664
|
|
|
|
||
Accumulated amortization of capitalized software
|
$
|
365
|
|
|
$
|
369
|
|
|
|
|
DTE Energy
|
|
DTE Electric
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
(In millions)
|
||||||||||||||
Gross property under capital leases
|
$
|
44
|
|
|
$
|
48
|
|
|
$
|
18
|
|
|
$
|
22
|
|
Accumulated amortization of property under capital leases
|
$
|
32
|
|
|
$
|
26
|
|
|
$
|
6
|
|
|
$
|
1
|
|
|
Belle River
|
|
Ludington
Hydroelectric
Pumped Storage
|
||||
In service date
|
1984-1985
|
|
1973
|
||||
Total plant capacity
|
1,270 MW
|
|
2,010 MW
|
||||
Ownership interest
|
(a)
|
|
49%
|
||||
Investment in Property, plant, and equipment (in millions)
|
$
|
1,807
|
|
|
$
|
504
|
|
Accumulated depreciation (in millions)
|
$
|
1,049
|
|
|
$
|
184
|
|
(a)
|
DTE Electric's ownership interest is
63%
in Unit No. 1,
81%
of the facilities applicable to Belle River used jointly by the Belle River and St. Clair Power Plants and
75%
in common facilities used at Unit No. 2.
|
|
DTE Energy
|
|
DTE Electric
|
||||
|
(In millions)
|
||||||
Asset retirement obligations at December 31, 2015
|
$
|
2,194
|
|
|
$
|
2,020
|
|
Accretion
|
129
|
|
|
119
|
|
||
Liabilities incurred
|
5
|
|
|
—
|
|
||
Liabilities settled
|
(6
|
)
|
|
(4
|
)
|
||
Revision in estimated cash flows
(a)
|
(125
|
)
|
|
(123
|
)
|
||
Asset retirement obligations at December 31, 2016
|
$
|
2,197
|
|
|
$
|
2,012
|
|
(a)
|
The revision in estimated cash flows was principally attributed to the extension of the operating license of Fermi 2 which permits the power plant to continue generating electricity until 2045. The extension approved by the NRC was received in December 2016. The original operating license for the plant would have expired in 2025.
|
|
DTE Energy
|
|
DTE Electric
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Assets
|
(In millions)
|
||||||||||||||
Recoverable pension and other postretirement costs
|
|
|
|
|
|
|
|
||||||||
Pension
|
$
|
2,159
|
|
|
$
|
2,112
|
|
|
$
|
1,642
|
|
|
$
|
1,592
|
|
Other postretirement costs
|
286
|
|
|
256
|
|
|
207
|
|
|
198
|
|
||||
Asset retirement obligation
|
613
|
|
|
565
|
|
|
613
|
|
|
565
|
|
||||
Recoverable Michigan income taxes
|
231
|
|
|
248
|
|
|
187
|
|
|
203
|
|
||||
Removal costs asset
|
193
|
|
|
118
|
|
|
193
|
|
|
118
|
|
||||
Deferred environmental costs
|
78
|
|
|
54
|
|
|
—
|
|
|
—
|
|
||||
Recoverable income taxes related to AFUDC equity
|
59
|
|
|
49
|
|
|
53
|
|
|
44
|
|
||||
Unamortized loss on reacquired debt
|
59
|
|
|
63
|
|
|
39
|
|
|
41
|
|
||||
Other recoverable income taxes
|
57
|
|
|
61
|
|
|
57
|
|
|
61
|
|
||||
Customer360 deferred costs
|
33
|
|
|
16
|
|
|
33
|
|
|
16
|
|
||||
Transitional Reconciliation Mechanism
|
30
|
|
|
43
|
|
|
30
|
|
|
43
|
|
||||
Accrued PSCR/GCR revenue
|
22
|
|
|
12
|
|
|
19
|
|
|
—
|
|
||||
Cost to achieve Performance Excellence Process
|
12
|
|
|
33
|
|
|
10
|
|
|
28
|
|
||||
Other
|
81
|
|
|
94
|
|
|
66
|
|
|
77
|
|
||||
|
3,913
|
|
|
3,724
|
|
|
3,149
|
|
|
2,986
|
|
||||
Less amount included in Current Assets
|
(42
|
)
|
|
(32
|
)
|
|
(36
|
)
|
|
(17
|
)
|
||||
|
$
|
3,871
|
|
|
$
|
3,692
|
|
|
$
|
3,113
|
|
|
$
|
2,969
|
|
|
DTE Energy
|
|
DTE Electric
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
Liabilities
|
(In millions)
|
||||||||||||||
Removal costs liability
|
$
|
266
|
|
|
$
|
291
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Renewable energy
|
145
|
|
|
197
|
|
|
145
|
|
|
197
|
|
||||
Negative other postretirement offset
|
56
|
|
|
—
|
|
|
55
|
|
|
—
|
|
||||
Negative pension offset
|
36
|
|
|
46
|
|
|
—
|
|
|
—
|
|
||||
Fermi 2 refueling outage
|
27
|
|
|
4
|
|
|
27
|
|
|
4
|
|
||||
Refundable self-implemented rates
|
27
|
|
|
—
|
|
|
27
|
|
|
—
|
|
||||
Refundable income taxes
|
11
|
|
|
23
|
|
|
—
|
|
|
—
|
|
||||
Accrued PSCR/GCR refund
|
7
|
|
|
37
|
|
|
—
|
|
|
15
|
|
||||
Energy optimization
|
4
|
|
|
10
|
|
|
—
|
|
|
—
|
|
||||
Other
|
10
|
|
|
2
|
|
|
2
|
|
|
2
|
|
||||
|
589
|
|
|
610
|
|
|
256
|
|
|
218
|
|
||||
Less amount included in Current Liabilities
|
(34
|
)
|
|
(41
|
)
|
|
(27
|
)
|
|
(19
|
)
|
||||
|
$
|
555
|
|
|
$
|
569
|
|
|
$
|
229
|
|
|
$
|
199
|
|
•
|
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 that 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 a Regulatory asset 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.
(a)
|
•
|
Asset retirement obligation
— This obligation is 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 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.
|
•
|
Removal costs asset
— Receivable for the recovery of asset removal expenditures in excess of amounts collected from customers.
(a)
|
•
|
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)
|
•
|
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.
|
•
|
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.
|
•
|
Other recoverable income taxes
— Income taxes 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.
|
•
|
Customer360 deferred costs
— The MPSC approved the deferral and amortization of certain costs associated with implementing Customer360, which is an integrated software application that enables improved interface among customer service, billing, meter reading, credit and collections, device management, account management, and retail access. The approved
15
-year amortization period will begin after the billing system is put into operation in the second quarter of 2017.
|
•
|
Transitional Reconciliation Mechanism
(
TRM)
— 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 will be filed and surcharges will be implemented to recover approved amounts.
|
•
|
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.
|
•
|
Cost to achieve Performance Excellence Process (PEP)
— The MPSC authorized the deferral of costs to implement the PEP. These costs consist of employee severance, project management, and consultant support. These costs are amortized over a
ten
-year period beginning with the year subsequent to the year the costs were deferred.
|
•
|
Removal costs liability
— The amount collected from customers for the funding of future asset removal activities.
|
•
|
Renewable energy —
Amounts collected in rates in excess of renewable energy expenditures.
|
•
|
Negative other postretirement offset
— Effective with base rate orders received in December 2015 and December 2016 for DTE Electric and DTE Gas, respectively, 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 accrued. The Regulatory liabilities will reverse to the extent DTE Electric and DTE Gas' other postretirement expense is positive in future years.
|
•
|
Negative pension offset —
DTE Gas' negative pension costs are not included as a reduction to its authorized rates; therefore, DTE Gas is accruing a Regulatory liability to eliminate the impact on earnings of the negative pension expense accrued. This Regulatory liability will reverse to the extent DTE Gas' pension expense is positive in future years.
|
•
|
Fermi 2 refueling outage
— Accrued liability for refueling outage at Fermi 2 pursuant to MPSC authorization.
|
•
|
Refundable self-implemented rates
— Amounts refundable to customers for base rates implemented from August 1, 2016 to December 31, 2016 in excess of amounts authorized in the January 2017 DTE Electric rate order from the MPSC.
|
•
|
Refundable income taxes
— Income taxes refundable to DTE Gas' customers representing the difference in property-related deferred income taxes payable and amounts recognized pursuant to MPSC authorization.
|
•
|
Accrued PSCR/GCR refund
— Liability for the temporary over-recovery of and a return on power supply costs and transmission costs incurred by DTE Electric which are recoverable through the PSCR mechanism and temporary over-recovery of and a return on gas costs incurred by DTE Gas which are recoverable through the GCR mechanism.
|
•
|
Energy optimization (EO)
— Amounts collected in rates in excess of energy optimization expenditures.
|
|
2016
|
|
2015
|
|
2014
|
||||||
DTE Energy
|
(In millions)
|
||||||||||
Income Before Income Taxes
|
$
|
1,105
|
|
|
$
|
950
|
|
|
$
|
1,275
|
|
Income tax expense at 35% statutory rate
|
$
|
387
|
|
|
$
|
333
|
|
|
$
|
446
|
|
Production tax credits
|
(145
|
)
|
|
(122
|
)
|
|
(119
|
)
|
|||
Investment tax credits
|
(5
|
)
|
|
(7
|
)
|
|
(6
|
)
|
|||
Depreciation
|
(4
|
)
|
|
(4
|
)
|
|
(4
|
)
|
|||
Noncontrolling Interests
|
12
|
|
|
2
|
|
|
(2
|
)
|
|||
AFUDC Equity
|
(10
|
)
|
|
(8
|
)
|
|
(7
|
)
|
|||
Employee Stock Ownership Plan dividends
|
(5
|
)
|
|
(5
|
)
|
|
(4
|
)
|
|||
Subsidiary stock loss
|
(10
|
)
|
|
—
|
|
|
—
|
|
|||
State and local income taxes, net of federal benefit
|
58
|
|
|
35
|
|
|
51
|
|
|||
Enactment of New York Corporate Income Tax Legislation, net of federal benefit
|
—
|
|
|
—
|
|
|
8
|
|
|||
Other, net
|
(7
|
)
|
|
6
|
|
|
1
|
|
|||
Income Tax Expense
|
$
|
271
|
|
|
$
|
230
|
|
|
$
|
364
|
|
Effective income tax rate
|
24.5
|
%
|
|
24.2
|
%
|
|
28.5
|
%
|
|
2016
|
|
2015
|
|
2014
|
||||||
DTE Electric
|
(In millions)
|
||||||||||
Income Before Income Taxes
|
$
|
975
|
|
|
$
|
836
|
|
|
$
|
830
|
|
Income tax expense at 35% statutory rate
|
$
|
341
|
|
|
$
|
293
|
|
|
$
|
291
|
|
Production tax credits
|
(30
|
)
|
|
(31
|
)
|
|
(22
|
)
|
|||
Investment tax credits
|
(4
|
)
|
|
(5
|
)
|
|
(5
|
)
|
|||
Depreciation
|
3
|
|
|
3
|
|
|
3
|
|
|||
AFUDC Equity
|
(6
|
)
|
|
(7
|
)
|
|
(7
|
)
|
|||
Employee Stock Ownership Plan dividends
|
(3
|
)
|
|
(3
|
)
|
|
(3
|
)
|
|||
Domestic production activities deduction
|
—
|
|
|
—
|
|
|
(2
|
)
|
|||
State and local income taxes, net of federal benefit
|
56
|
|
|
43
|
|
|
43
|
|
|||
Other, net
|
(4
|
)
|
|
(1
|
)
|
|
—
|
|
|||
Income Tax Expense
|
$
|
353
|
|
|
$
|
292
|
|
|
$
|
298
|
|
Effective income tax rate
|
36.2
|
%
|
|
34.9
|
%
|
|
35.9
|
%
|
|
2016
|
|
2015
|
|
2014
|
||||||
DTE Energy
|
(In millions)
|
||||||||||
Current income tax expense (benefit)
|
|
|
|
|
|
||||||
Federal
|
$
|
(1
|
)
|
|
$
|
(3
|
)
|
|
$
|
(16
|
)
|
State and other income tax
|
7
|
|
|
(4
|
)
|
|
24
|
|
|||
Total current income taxes
|
6
|
|
|
(7
|
)
|
|
8
|
|
|||
Deferred income tax expense
|
|
|
|
|
|
||||||
Federal
|
184
|
|
|
178
|
|
|
289
|
|
|||
State and other income tax
|
81
|
|
|
59
|
|
|
67
|
|
|||
Total deferred income taxes
|
265
|
|
|
237
|
|
|
356
|
|
|||
|
$
|
271
|
|
|
$
|
230
|
|
|
$
|
364
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
DTE Electric
|
(In millions)
|
||||||||||
Current income tax expense (benefit)
|
|
|
|
|
|
||||||
Federal
|
$
|
—
|
|
|
$
|
(26
|
)
|
|
$
|
(19
|
)
|
State and other income tax
|
11
|
|
|
(2
|
)
|
|
20
|
|
|||
Total current income taxes
|
11
|
|
|
(28
|
)
|
|
1
|
|
|||
Deferred income tax expense
|
|
|
|
|
|
||||||
Federal
|
268
|
|
|
252
|
|
|
251
|
|
|||
State and other income tax
|
74
|
|
|
68
|
|
|
46
|
|
|||
Total deferred income taxes
|
342
|
|
|
320
|
|
|
297
|
|
|||
|
$
|
353
|
|
|
$
|
292
|
|
|
$
|
298
|
|
|
DTE Energy
|
|
DTE Electric
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
(In millions)
|
||||||||||||||
Property, plant, and equipment
|
$
|
(4,596
|
)
|
|
$
|
(4,211
|
)
|
|
$
|
(3,702
|
)
|
|
$
|
(3,468
|
)
|
Securitized regulatory assets
|
—
|
|
|
5
|
|
|
—
|
|
|
5
|
|
||||
Tax credit carry-forwards
|
643
|
|
|
465
|
|
|
116
|
|
|
53
|
|
||||
Pension and benefits
|
(324
|
)
|
|
(301
|
)
|
|
(222
|
)
|
|
(193
|
)
|
||||
Federal net operating loss carry-forward
|
190
|
|
|
177
|
|
|
42
|
|
|
142
|
|
||||
State and local net operating loss carry-forwards
|
59
|
|
|
63
|
|
|
1
|
|
|
16
|
|
||||
Investments in equity method investees
|
(109
|
)
|
|
(82
|
)
|
|
—
|
|
|
—
|
|
||||
Other
|
11
|
|
|
(4
|
)
|
|
(28
|
)
|
|
(53
|
)
|
||||
|
(4,126
|
)
|
|
(3,888
|
)
|
|
(3,793
|
)
|
|
(3,498
|
)
|
||||
Less valuation allowance
|
(36
|
)
|
|
(35
|
)
|
|
—
|
|
|
—
|
|
||||
Long-term deferred income tax liabilities
|
$
|
(4,162
|
)
|
|
$
|
(3,923
|
)
|
|
$
|
(3,793
|
)
|
|
$
|
(3,498
|
)
|
|
|
|
|
|
|
|
|
||||||||
Deferred income tax assets
|
$
|
1,463
|
|
|
$
|
1,088
|
|
|
$
|
569
|
|
|
$
|
453
|
|
Deferred income tax liabilities
|
(5,625
|
)
|
|
(5,011
|
)
|
|
(4,362
|
)
|
|
(3,951
|
)
|
||||
|
$
|
(4,162
|
)
|
|
$
|
(3,923
|
)
|
|
$
|
(3,793
|
)
|
|
$
|
(3,498
|
)
|
|
2016
|
|
2015
|
|
2014
|
||||||
DTE Energy
|
(In millions)
|
||||||||||
Balance at January 1
|
$
|
3
|
|
|
$
|
9
|
|
|
$
|
10
|
|
Additions for tax positions of prior years
|
7
|
|
|
—
|
|
|
—
|
|
|||
Lapse of statute of limitations
|
—
|
|
|
(6
|
)
|
|
(1
|
)
|
|||
Balance at December 31
|
$
|
10
|
|
|
$
|
3
|
|
|
$
|
9
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
DTE Electric
|
(In millions)
|
||||||||||
Balance at January 1
|
$
|
4
|
|
|
$
|
4
|
|
|
$
|
4
|
|
Additions for tax positions of prior years
|
9
|
|
|
—
|
|
|
—
|
|
|||
Balance at December 31
|
$
|
13
|
|
|
$
|
4
|
|
|
$
|
4
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
(In millions, except per share amounts)
|
||||||||||
Basic Earnings per Share
|
|
|
|
|
|
||||||
Net Income Attributable to DTE Energy Company
|
$
|
868
|
|
|
$
|
727
|
|
|
$
|
905
|
|
Less allocation of earnings to net restricted stock awards
|
(2
|
)
|
|
(2
|
)
|
|
(1
|
)
|
|||
Net income available to common shareholders — basic
|
$
|
866
|
|
|
$
|
725
|
|
|
$
|
904
|
|
|
|
|
|
|
|
||||||
Average number of common shares outstanding
|
179
|
|
|
179
|
|
|
177
|
|
|||
Basic Earnings per Common Share
|
$
|
4.84
|
|
|
$
|
4.05
|
|
|
$
|
5.11
|
|
|
|
|
|
|
|
||||||
Diluted Earnings per Share
|
|
|
|
|
|
||||||
Net Income Attributable to DTE Energy Company
|
$
|
868
|
|
|
$
|
727
|
|
|
$
|
905
|
|
Less allocation of earnings to net restricted stock awards
|
(2
|
)
|
|
(2
|
)
|
|
(1
|
)
|
|||
Net income available to common shareholders — diluted
|
$
|
866
|
|
|
$
|
725
|
|
|
$
|
904
|
|
|
|
|
|
|
|
||||||
Average number of common shares outstanding
|
179
|
|
|
179
|
|
|
177
|
|
|||
Diluted Earnings per Common Share
(a)
|
$
|
4.83
|
|
|
$
|
4.05
|
|
|
$
|
5.10
|
|
(a)
|
The 2016 Equity Units are potentially dilutive securities but were excluded from the calculation of diluted EPS for the
year ended
December 31, 2016
, as the dilutive stock price threshold was not met.
|
•
|
Level 1
— Consists of unadjusted quoted prices in active markets for identical assets or liabilities that the Registrants have the ability to access as of the reporting date.
|
•
|
Level 2
— Consists of inputs other than quoted prices included within Level 1 that are directly observable for the asset or liability or indirectly observable through corroboration with observable market data.
|
•
|
Level 3
— Consists of unobservable inputs for assets or liabilities whose fair value is estimated based on internally developed models or methodologies using inputs that are generally less readily observable and supported by little, if any, market activity at the measurement date. Unobservable inputs are developed based on the best available information and subject to cost-benefit constraints.
|
|
December 31, 2016
|
|
December 31, 2015
|
||||||||||||||||||||||||||||||||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Other
(b)
|
|
Netting
(c)
|
|
Net Balance
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Other
(b)
|
|
Netting
(c)
|
|
Net Balance
|
||||||||||||||||||||||||
|
(In millions)
|
||||||||||||||||||||||||||||||||||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Cash equivalents
(d)
|
$
|
14
|
|
|
$
|
3
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
17
|
|
|
$
|
13
|
|
|
$
|
3
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
16
|
|
Nuclear decommissioning trusts
|
906
|
|
|
414
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,320
|
|
|
759
|
|
|
473
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
1,236
|
|
||||||||||||
Other investments
(e)
|
165
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
165
|
|
|
149
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
149
|
|
||||||||||||
Derivative assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Commodity Contracts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Natural Gas
|
216
|
|
|
79
|
|
|
53
|
|
|
—
|
|
|
(306
|
)
|
|
42
|
|
|
193
|
|
|
91
|
|
|
103
|
|
|
—
|
|
|
(285
|
)
|
|
102
|
|
||||||||||||
Electricity
|
—
|
|
|
154
|
|
|
39
|
|
|
—
|
|
|
(157
|
)
|
|
36
|
|
|
—
|
|
|
239
|
|
|
68
|
|
|
—
|
|
|
(232
|
)
|
|
75
|
|
||||||||||||
Other
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
2
|
|
|
2
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
(2
|
)
|
|
3
|
|
||||||||||||
Foreign currency exchange contracts
|
—
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|
(5
|
)
|
|
1
|
|
|
—
|
|
|
12
|
|
|
—
|
|
|
—
|
|
|
(9
|
)
|
|
3
|
|
||||||||||||
Total derivative assets
|
216
|
|
|
239
|
|
|
94
|
|
|
—
|
|
|
(468
|
)
|
|
81
|
|
|
195
|
|
|
342
|
|
|
174
|
|
|
—
|
|
|
(528
|
)
|
|
183
|
|
||||||||||||
Total
|
$
|
1,301
|
|
|
$
|
656
|
|
|
$
|
94
|
|
|
$
|
—
|
|
|
$
|
(468
|
)
|
|
$
|
1,583
|
|
|
$
|
1,116
|
|
|
$
|
818
|
|
|
$
|
174
|
|
|
$
|
4
|
|
|
$
|
(528
|
)
|
|
$
|
1,584
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Derivative liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Commodity Contracts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Natural Gas
|
$
|
(226
|
)
|
|
$
|
(86
|
)
|
|
$
|
(149
|
)
|
|
$
|
—
|
|
|
$
|
321
|
|
|
$
|
(140
|
)
|
|
$
|
(218
|
)
|
|
$
|
(57
|
)
|
|
$
|
(108
|
)
|
|
$
|
—
|
|
|
$
|
294
|
|
|
$
|
(89
|
)
|
Electricity
|
—
|
|
|
(159
|
)
|
|
(30
|
)
|
|
—
|
|
|
163
|
|
|
(26
|
)
|
|
—
|
|
|
(243
|
)
|
|
(62
|
)
|
|
—
|
|
|
253
|
|
|
(52
|
)
|
||||||||||||
Other
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
2
|
|
|
(1
|
)
|
|
(2
|
)
|
|
—
|
|
|
(8
|
)
|
|
—
|
|
|
8
|
|
|
(2
|
)
|
||||||||||||
Foreign currency exchange contracts
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
(7
|
)
|
|
—
|
|
|
—
|
|
|
7
|
|
|
—
|
|
||||||||||||
Total derivative liabilities
|
(226
|
)
|
|
(248
|
)
|
|
(182
|
)
|
|
—
|
|
|
489
|
|
|
(167
|
)
|
|
(220
|
)
|
|
(307
|
)
|
|
(178
|
)
|
|
—
|
|
|
562
|
|
|
(143
|
)
|
||||||||||||
Total
|
$
|
(226
|
)
|
|
$
|
(248
|
)
|
|
$
|
(182
|
)
|
|
$
|
—
|
|
|
$
|
489
|
|
|
$
|
(167
|
)
|
|
$
|
(220
|
)
|
|
$
|
(307
|
)
|
|
$
|
(178
|
)
|
|
$
|
—
|
|
|
$
|
562
|
|
|
$
|
(143
|
)
|
Net Assets (Liabilities) at the end of the period
|
$
|
1,075
|
|
|
$
|
408
|
|
|
$
|
(88
|
)
|
|
$
|
—
|
|
|
$
|
21
|
|
|
$
|
1,416
|
|
|
$
|
896
|
|
|
$
|
511
|
|
|
$
|
(4
|
)
|
|
$
|
4
|
|
|
$
|
34
|
|
|
$
|
1,441
|
|
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Current
|
$
|
205
|
|
|
$
|
199
|
|
|
$
|
60
|
|
|
$
|
—
|
|
|
$
|
(400
|
)
|
|
$
|
64
|
|
|
$
|
174
|
|
|
$
|
284
|
|
|
$
|
128
|
|
|
$
|
—
|
|
|
$
|
(441
|
)
|
|
$
|
145
|
|
Noncurrent
|
1,096
|
|
|
457
|
|
|
34
|
|
|
—
|
|
|
(68
|
)
|
|
1,519
|
|
|
942
|
|
|
534
|
|
|
46
|
|
|
4
|
|
|
(87
|
)
|
|
1,439
|
|
||||||||||||
Total Assets
|
$
|
1,301
|
|
|
$
|
656
|
|
|
$
|
94
|
|
|
$
|
—
|
|
|
$
|
(468
|
)
|
|
$
|
1,583
|
|
|
$
|
1,116
|
|
|
$
|
818
|
|
|
$
|
174
|
|
|
$
|
4
|
|
|
$
|
(528
|
)
|
|
$
|
1,584
|
|
Liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Current
|
$
|
(203
|
)
|
|
$
|
(211
|
)
|
|
$
|
(79
|
)
|
|
$
|
—
|
|
|
$
|
424
|
|
|
$
|
(69
|
)
|
|
$
|
(174
|
)
|
|
$
|
(260
|
)
|
|
$
|
(87
|
)
|
|
$
|
—
|
|
|
$
|
464
|
|
|
$
|
(57
|
)
|
Noncurrent
|
(23
|
)
|
|
(37
|
)
|
|
(103
|
)
|
|
—
|
|
|
65
|
|
|
(98
|
)
|
|
(46
|
)
|
|
(47
|
)
|
|
(91
|
)
|
|
—
|
|
|
98
|
|
|
(86
|
)
|
||||||||||||
Total Liabilities
|
$
|
(226
|
)
|
|
$
|
(248
|
)
|
|
$
|
(182
|
)
|
|
$
|
—
|
|
|
$
|
489
|
|
|
$
|
(167
|
)
|
|
$
|
(220
|
)
|
|
$
|
(307
|
)
|
|
$
|
(178
|
)
|
|
$
|
—
|
|
|
$
|
562
|
|
|
$
|
(143
|
)
|
Net Assets (Liabilities) at the end of the period
|
$
|
1,075
|
|
|
$
|
408
|
|
|
$
|
(88
|
)
|
|
$
|
—
|
|
|
$
|
21
|
|
|
$
|
1,416
|
|
|
$
|
896
|
|
|
$
|
511
|
|
|
$
|
(4
|
)
|
|
$
|
4
|
|
|
$
|
34
|
|
|
$
|
1,441
|
|
(a)
|
Certain
December 31, 2015
balances have been adjusted for the adoption of accounting guidance which removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share (or its equivalent) practical expedient. See
Note 3
to the Consolidated Financial Statements, "
New Accounting Pronouncements
," for additional information related to the new accounting standard.
|
(b)
|
Amounts represent assets valued at NAV as a practical expedient for fair value.
|
(c)
|
Amounts represent the impact of master netting agreements that allow DTE Energy to net gain and loss positions and cash collateral held or placed with the same counterparties.
|
(d)
|
At
December 31, 2016
, available-for-sale securities of
$17 million
included
$7 million
and
$10 million
of cash equivalents included in Restricted cash and Other investments on DTE Energy's Consolidated Statements of Financial Position, respectively. At
December 31, 2015
, available-for-sale securities of
$16 million
, included
$8 million
and
$8 million
of cash equivalents included in Restricted cash and Other investments on DTE Energy's Consolidated Statements of Financial Position, respectively.
|
(e)
|
Excludes cash surrender value of life insurance investments.
|
|
December 31, 2016
|
|
December 31, 2015
|
||||||||||||||||||||||||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Other
(b)
|
|
Net Balance
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Other
(b)
|
|
Net Balance
|
||||||||||||||||||||
|
(In millions)
|
||||||||||||||||||||||||||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Cash equivalents
(c)
|
$
|
8
|
|
|
$
|
3
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
11
|
|
|
$
|
5
|
|
|
$
|
3
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
8
|
|
Nuclear decommissioning trusts
|
906
|
|
|
414
|
|
|
—
|
|
|
—
|
|
|
1,320
|
|
|
759
|
|
|
473
|
|
|
—
|
|
|
4
|
|
|
1,236
|
|
||||||||||
Other investments
|
9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
9
|
|
|
8
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
8
|
|
||||||||||
Derivative assets — FTRs
|
—
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
3
|
|
||||||||||
Total
|
$
|
923
|
|
|
$
|
417
|
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
1,342
|
|
|
$
|
772
|
|
|
$
|
476
|
|
|
$
|
3
|
|
|
$
|
4
|
|
|
$
|
1,255
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Current
|
$
|
8
|
|
|
$
|
3
|
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
13
|
|
|
$
|
5
|
|
|
$
|
3
|
|
|
$
|
3
|
|
|
$
|
—
|
|
|
$
|
11
|
|
Noncurrent
|
915
|
|
|
414
|
|
|
—
|
|
|
—
|
|
|
1,329
|
|
|
767
|
|
|
473
|
|
|
—
|
|
|
4
|
|
|
1,244
|
|
||||||||||
Total Assets
|
$
|
923
|
|
|
$
|
417
|
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
1,342
|
|
|
$
|
772
|
|
|
$
|
476
|
|
|
$
|
3
|
|
|
$
|
4
|
|
|
$
|
1,255
|
|
(a)
|
Certain
December 31, 2015
balances have been adjusted for the adoption of accounting guidance which removes the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share (or its equivalent) practical expedient. See
Note 3
to the Consolidated Financial Statements, "
New Accounting Pronouncements
," for additional information related to the new accounting standard.
|
(b)
|
Amounts represent assets valued at NAV as a practical expedient for fair value.
|
(c)
|
At
December 31, 2016
, available-for-sale securities of
$11 million
consisted of cash equivalents included in Other investments on DTE Electric's Consolidated Statements of Financial Position. At
December 31, 2015
, available-for-sale securities of
$8 million
consisted of cash equivalents included in Other investments on DTE Electric's Consolidated Statements of Financial Position.
|
|
Year Ended December 31, 2016
|
|
Year Ended December 31, 2015
|
||||||||||||||||||||||||||||
|
Natural Gas
|
|
Electricity
|
|
Other
|
|
Total
|
|
Natural Gas
|
|
Electricity
|
|
Other
|
|
Total
|
||||||||||||||||
|
(In millions)
|
||||||||||||||||||||||||||||||
Net Assets (Liabilities) as of January 1
|
$
|
(5
|
)
|
|
$
|
6
|
|
|
$
|
(5
|
)
|
|
$
|
(4
|
)
|
|
$
|
30
|
|
|
$
|
(5
|
)
|
|
$
|
(1
|
)
|
|
$
|
24
|
|
Transfers into Level 3 from Level 2
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Transfers from Level 3 into Level 2
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Total gains (losses):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Included in earnings
|
(159
|
)
|
|
(2
|
)
|
|
1
|
|
|
(160
|
)
|
|
(44
|
)
|
|
44
|
|
|
(8
|
)
|
|
(8
|
)
|
||||||||
Recorded in Regulatory liabilities
|
—
|
|
|
—
|
|
|
6
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|
12
|
|
|
12
|
|
||||||||
Purchases, issuances, and settlements:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Purchases
|
—
|
|
|
1
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
2
|
|
|
—
|
|
|
2
|
|
||||||||
Settlements
|
68
|
|
|
4
|
|
|
(3
|
)
|
|
69
|
|
|
9
|
|
|
(35
|
)
|
|
(8
|
)
|
|
(34
|
)
|
||||||||
Net Assets (Liabilities) as of December 31
|
$
|
(96
|
)
|
|
$
|
9
|
|
|
$
|
(1
|
)
|
|
$
|
(88
|
)
|
|
$
|
(5
|
)
|
|
$
|
6
|
|
|
$
|
(5
|
)
|
|
$
|
(4
|
)
|
The amount of total gains (losses) included in Net Income attributed to the change in unrealized gains (losses) related to assets and liabilities held at December 31, 2016 and 2015 and reflected in Operating Revenues — Non-utility operations and Fuel, purchased power, and gas — non-utility in DTE Energy's Consolidated Statements of Operations
|
$
|
(166
|
)
|
|
$
|
7
|
|
|
$
|
2
|
|
|
$
|
(157
|
)
|
|
$
|
(135
|
)
|
|
$
|
13
|
|
|
$
|
(7
|
)
|
|
$
|
(129
|
)
|
|
Year Ended December 31,
|
||||||
|
2016
|
|
2015
|
||||
|
(In millions)
|
||||||
Net Assets as of January 1
|
$
|
3
|
|
|
$
|
3
|
|
Change in fair value recorded in Regulatory liabilities
|
6
|
|
|
12
|
|
||
Purchases, issuances, and settlements:
|
|
|
|
||||
Settlements
|
(7
|
)
|
|
(12
|
)
|
||
Net Assets as of December 31
|
$
|
2
|
|
|
$
|
3
|
|
The amount of total gains (losses) included in Regulatory liabilities attributed to the change in unrealized gains (losses) related to assets and liabilities held at December 31, 2016 and 2015 and reflected in DTE Electric's Consolidated Statements of Financial Position
|
$
|
2
|
|
|
$
|
3
|
|
|
December 31, 2016
|
|
December 31, 2015
|
||||||||||||||||||||||||||||
|
Carrying
|
|
Fair Value
|
|
Carrying
|
|
Fair Value
|
||||||||||||||||||||||||
|
Amount
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Amount
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||||||||
|
(In millions)
|
||||||||||||||||||||||||||||||
Notes receivable, excluding capital leases
|
$
|
36
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
36
|
|
|
$
|
32
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
32
|
|
Dividends payable
|
$
|
148
|
|
|
$
|
148
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
131
|
|
|
$
|
131
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Short-term borrowings
|
$
|
499
|
|
|
$
|
—
|
|
|
$
|
499
|
|
|
$
|
—
|
|
|
$
|
499
|
|
|
$
|
—
|
|
|
$
|
499
|
|
|
$
|
—
|
|
Notes payable — Other
(a)
|
$
|
17
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
17
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Long-term debt
(b)
|
$
|
11,270
|
|
|
$
|
1,465
|
|
|
$
|
9,384
|
|
|
$
|
1,056
|
|
|
$
|
9,210
|
|
|
$
|
496
|
|
|
$
|
8,136
|
|
|
$
|
1,203
|
|
(a)
|
Included in Current Liabilities — Other and Other Liabilities — Other on DTE Energy's Consolidated Statements of Financial Position.
|
(b)
|
Includes debt due within one year, unamortized debt discounts, premiums, and issuance costs. Excludes Capital lease obligations.
|
|
December 31, 2016
|
|
December 31, 2015
|
||||||||||||||||||||||||||||
|
Carrying
|
|
Fair Value
|
|
Carrying
|
|
Fair Value
|
||||||||||||||||||||||||
|
Amount
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Amount
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||||||||
|
(In millions)
|
||||||||||||||||||||||||||||||
Notes receivable, excluding capital leases
|
$
|
5
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5
|
|
|
$
|
5
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5
|
|
Short-term borrowings — affiliates
|
$
|
117
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
117
|
|
|
$
|
75
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
75
|
|
Short-term borrowings — other
|
$
|
62
|
|
|
$
|
—
|
|
|
$
|
62
|
|
|
$
|
—
|
|
|
272
|
|
|
$
|
—
|
|
|
$
|
272
|
|
|
$
|
—
|
|
|
Notes payable — Other
(a)
|
$
|
6
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
6
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Long-term debt
(b)
|
$
|
5,878
|
|
|
$
|
—
|
|
|
$
|
6,026
|
|
|
$
|
264
|
|
|
$
|
5,588
|
|
|
$
|
—
|
|
|
$
|
5,432
|
|
|
$
|
545
|
|
(a)
|
Included in Current Liabilities — Other and Other Liabilities — Other on DTE Electric's Consolidated Statements of Financial Position.
|
(b)
|
Includes debt due within one year, unamortized debt discounts, and issuance costs. Excludes Capital lease obligations.
|
|
December 31, 2016
|
|
December 31, 2015
|
||||
|
(In millions)
|
||||||
Fermi 2
|
$
|
1,291
|
|
|
$
|
1,211
|
|
Fermi 1
|
3
|
|
|
3
|
|
||
Low-level radioactive waste
|
26
|
|
|
22
|
|
||
|
$
|
1,320
|
|
|
$
|
1,236
|
|
|
Year Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
|
(In millions)
|
||||||||||
Realized gains
|
$
|
74
|
|
|
$
|
39
|
|
|
$
|
54
|
|
Realized losses
|
$
|
(63
|
)
|
|
$
|
(33
|
)
|
|
$
|
(33
|
)
|
Proceeds from sale of securities
|
$
|
1,457
|
|
|
$
|
885
|
|
|
$
|
1,146
|
|
|
December 31, 2016
|
|
December 31, 2015
|
||||||||||||||||||||
|
Fair
Value |
|
Unrealized
Gains |
|
Unrealized Losses
|
|
Fair
Value |
|
Unrealized
Gains |
|
Unrealized Losses
|
||||||||||||
|
(In millions)
|
||||||||||||||||||||||
Equity securities
|
$
|
887
|
|
|
$
|
222
|
|
|
$
|
(46
|
)
|
|
$
|
731
|
|
|
$
|
195
|
|
|
$
|
(68
|
)
|
Debt securities
|
425
|
|
|
11
|
|
|
(5
|
)
|
|
499
|
|
|
16
|
|
|
(4
|
)
|
||||||
Cash and cash equivalents
|
8
|
|
|
—
|
|
|
—
|
|
|
6
|
|
|
—
|
|
|
—
|
|
||||||
|
$
|
1,320
|
|
|
$
|
233
|
|
|
$
|
(51
|
)
|
|
$
|
1,236
|
|
|
$
|
211
|
|
|
$
|
(72
|
)
|
•
|
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.
|
|
December 31, 2016
|
|
December 31, 2015
|
||||||||||||
|
Derivative
Assets |
|
Derivative
Liabilities |
|
Derivative
Assets |
|
Derivative
Liabilities |
||||||||
|
(In millions)
|
||||||||||||||
Derivatives not designated as hedging instruments:
|
|
|
|
|
|
|
|
||||||||
Commodity Contracts:
|
|
|
|
|
|
|
|
|
|
||||||
Natural Gas
|
$
|
348
|
|
|
$
|
(461
|
)
|
|
$
|
387
|
|
|
$
|
(383
|
)
|
Electricity
|
193
|
|
|
(189
|
)
|
|
307
|
|
|
(305
|
)
|
||||
Other
|
2
|
|
|
(3
|
)
|
|
5
|
|
|
(10
|
)
|
||||
Foreign currency exchange contracts
|
6
|
|
|
(3
|
)
|
|
12
|
|
|
(7
|
)
|
||||
Total derivatives not designated as hedging instruments
|
$
|
549
|
|
|
$
|
(656
|
)
|
|
$
|
711
|
|
|
$
|
(705
|
)
|
|
|
|
|
|
|
|
|
||||||||
Current
|
$
|
447
|
|
|
$
|
(493
|
)
|
|
$
|
570
|
|
|
$
|
(521
|
)
|
Noncurrent
|
102
|
|
|
(163
|
)
|
|
141
|
|
|
(184
|
)
|
||||
Total derivatives
|
$
|
549
|
|
|
$
|
(656
|
)
|
|
$
|
711
|
|
|
$
|
(705
|
)
|
|
December 31,
|
||||||
|
2016
|
|
2015
|
||||
|
(In millions)
|
||||||
FTRs — Other current assets
|
$
|
2
|
|
|
$
|
3
|
|
Total derivatives not designated as hedging instruments
|
$
|
2
|
|
|
$
|
3
|
|
|
December 31, 2016
|
|
December 31, 2015
|
||||||||||||||||||||
|
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
|
$
|
348
|
|
|
$
|
(306
|
)
|
|
$
|
42
|
|
|
$
|
387
|
|
|
$
|
(285
|
)
|
|
$
|
102
|
|
Electricity
|
193
|
|
|
(157
|
)
|
|
36
|
|
|
307
|
|
|
(232
|
)
|
|
75
|
|
||||||
Other
|
2
|
|
|
—
|
|
|
2
|
|
|
5
|
|
|
(2
|
)
|
|
3
|
|
||||||
Foreign currency exchange contracts
|
6
|
|
|
(5
|
)
|
|
1
|
|
|
12
|
|
|
(9
|
)
|
|
3
|
|
||||||
Total derivative assets
|
$
|
549
|
|
|
$
|
(468
|
)
|
|
$
|
81
|
|
|
$
|
711
|
|
|
$
|
(528
|
)
|
|
$
|
183
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Derivative liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commodity Contracts:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Natural Gas
|
$
|
(461
|
)
|
|
$
|
321
|
|
|
$
|
(140
|
)
|
|
$
|
(383
|
)
|
|
$
|
294
|
|
|
$
|
(89
|
)
|
Electricity
|
(189
|
)
|
|
163
|
|
|
(26
|
)
|
|
(305
|
)
|
|
253
|
|
|
(52
|
)
|
||||||
Other
|
(3
|
)
|
|
2
|
|
|
(1
|
)
|
|
(10
|
)
|
|
8
|
|
|
(2
|
)
|
||||||
Foreign currency exchange contracts
|
(3
|
)
|
|
3
|
|
|
—
|
|
|
(7
|
)
|
|
7
|
|
|
—
|
|
||||||
Total derivative liabilities
|
$
|
(656
|
)
|
|
$
|
489
|
|
|
$
|
(167
|
)
|
|
$
|
(705
|
)
|
|
$
|
562
|
|
|
$
|
(143
|
)
|
|
December 31, 2016
|
|
December 31, 2015
|
||||||||||||||||||||||||||||
|
Derivative Assets
|
|
Derivative Liabilities
|
|
Derivative Assets
|
|
Derivative Liabilities
|
||||||||||||||||||||||||
|
Current
|
|
Noncurrent
|
|
Current
|
|
Noncurrent
|
|
Current
|
|
Noncurrent
|
|
Current
|
|
Noncurrent
|
||||||||||||||||
|
(In millions)
|
||||||||||||||||||||||||||||||
Total fair value of derivatives
|
$
|
447
|
|
|
$
|
102
|
|
|
$
|
(493
|
)
|
|
$
|
(163
|
)
|
|
$
|
570
|
|
|
$
|
141
|
|
|
$
|
(521
|
)
|
|
$
|
(184
|
)
|
Counterparty netting
|
(396
|
)
|
|
(65
|
)
|
|
396
|
|
|
65
|
|
|
(441
|
)
|
|
(85
|
)
|
|
441
|
|
|
85
|
|
||||||||
Collateral adjustment
|
(4
|
)
|
|
(3
|
)
|
|
28
|
|
|
—
|
|
|
—
|
|
|
(2
|
)
|
|
23
|
|
|
13
|
|
||||||||
Total derivatives as reported
|
$
|
47
|
|
|
$
|
34
|
|
|
$
|
(69
|
)
|
|
$
|
(98
|
)
|
|
$
|
129
|
|
|
$
|
54
|
|
|
$
|
(57
|
)
|
|
$
|
(86
|
)
|
|
|
Location of Gain
(Loss) Recognized in Income on Derivatives |
|
Gain (Loss) Recognized in
Income on Derivatives for Years Ended December 31, |
||||||
Derivatives not Designated as Hedging Instruments
|
|
|
2016
|
|
2015
|
|||||
|
|
|
|
(In millions)
|
||||||
Commodity Contracts:
|
|
|
|
|
|
|
||||
Natural Gas
|
|
Operating Revenues — Non-utility operations
|
|
$
|
(153
|
)
|
|
$
|
(34
|
)
|
Natural Gas
|
|
Fuel, purchased power, and gas — non-utility
|
|
(2
|
)
|
|
(44
|
)
|
||
Electricity
|
|
Operating Revenues — Non-utility operations
|
|
43
|
|
|
54
|
|
||
Other
|
|
Operating Revenues — Non-utility operations
|
|
5
|
|
|
(7
|
)
|
||
Foreign currency exchange contracts
|
|
Operating Revenues — Non-utility operations
|
|
(2
|
)
|
|
3
|
|
||
Total
|
|
|
|
$
|
(109
|
)
|
|
$
|
(28
|
)
|
Commodity
|
|
Number of Units
|
|
Natural Gas (MMBtu)
|
|
1,753,295,124
|
|
Electricity (MWh)
|
|
30,831,794
|
|
Oil (Gallons)
|
|
14,112,000
|
|
Foreign Currency Exchange (Canadian dollars)
|
|
79,565,807
|
|
|
Rate
(a)
|
|
Maturity Date
|
|
2016
|
|
2015
|
||||
|
|
|
|
|
(In millions)
|
||||||
Mortgage bonds, notes, and other
|
|
|
|
|
|
|
|
||||
DTE Energy Debt, Unsecured
|
3.0%
|
|
2019 — 2033
|
|
$
|
3,325
|
|
|
$
|
1,950
|
|
DTE Electric Taxable Debt, Principally Secured
|
4.4%
|
|
2018 — 2046
|
|
5,615
|
|
|
5,325
|
|
||
DTE Electric Tax-Exempt Revenue Bonds
(b)
|
4.3%
|
|
2020 — 2029
|
|
310
|
|
|
310
|
|
||
DTE Gas Taxable Debt, Principally Secured
|
4.9%
|
|
2018 — 2046
|
|
1,250
|
|
|
1,125
|
|
||
Other Long-Term Debt, including Non-Recourse Debt
|
|
|
|
|
92
|
|
|
105
|
|
||
Total Long-Term Debt
|
|
|
|
|
10,592
|
|
|
8,815
|
|
||
Unamortized debt discount and premium, net
|
|
|
|
|
(10
|
)
|
|
(10
|
)
|
||
Unamortized debt issuance costs
(c)
|
|
|
|
|
(67
|
)
|
|
(60
|
)
|
||
Long-term debt due within one year
|
|
|
|
|
(9
|
)
|
|
(465
|
)
|
||
|
|
|
|
|
$
|
10,506
|
|
|
$
|
8,280
|
|
Junior Subordinated Debentures
|
|
|
|
|
|
|
|
||||
Subordinated debentures
|
5.6%
|
|
2062 — 2076
|
|
$
|
780
|
|
|
$
|
480
|
|
Unamortized debt issuance costs
(c)
|
|
|
|
|
(24
|
)
|
|
(15
|
)
|
||
|
|
|
|
|
$
|
756
|
|
|
$
|
465
|
|
(a)
|
Weighted average interest rate as of
December 31, 2016
.
|
(b)
|
DTE Electric Tax-Exempt Revenue Bonds are issued by a public body that loans the proceeds to DTE Electric on terms substantially mirroring the Revenue Bonds.
|
(c)
|
Certain
December 31, 2015
balances have been adjusted for the adoption of accounting guidance related to simplifying the presentation of debt issuance costs. See
Note 3
to the Consolidated Financial Statements, "
New Accounting Pronouncements
," for additional information related to the new accounting standard.
|
|
Rate
(a)
|
|
Maturity Date
|
|
2016
|
|
2015
|
||||
|
|
|
|
|
(In millions)
|
||||||
Mortgage bonds, notes, and other
|
|
|
|
|
|
|
|
||||
Taxable Debt, Principally Secured
|
4.4%
|
|
2018 — 2046
|
|
$
|
5,615
|
|
|
$
|
5,325
|
|
Tax-Exempt Revenue Bonds
(b)
|
4.3%
|
|
2020 — 2029
|
|
310
|
|
|
310
|
|
||
Total Long-Term Debt
|
|
|
|
|
5,925
|
|
|
5,635
|
|
||
Unamortized debt discount
|
|
|
|
|
(10
|
)
|
|
(11
|
)
|
||
Unamortized debt issuance costs
(c)
|
|
|
|
|
(37
|
)
|
|
(36
|
)
|
||
Long-term debt due within one year
|
|
|
|
|
—
|
|
|
(151
|
)
|
||
|
|
|
|
|
$
|
5,878
|
|
|
$
|
5,437
|
|
(a)
|
Weighted average interest rate as of
December 31, 2016
.
|
(b)
|
Tax-Exempt Revenue Bonds are issued by a public body that loans the proceeds to DTE Electric on terms substantially mirroring the Revenue Bonds.
|
(c)
|
Certain
December 31, 2015
balances have been adjusted for the adoption of accounting guidance related to simplifying the presentation of debt issuance costs. See
Note 3
to the Consolidated Financial Statements, "
New Accounting Pronouncements
," for additional information related to the new accounting standard.
|
Company
|
|
Month
|
|
Type
|
|
Interest Rate
|
|
Maturity
|
|
Amount
|
||
|
|
|
|
|
|
|
|
|
|
(In millions)
|
||
DTE Electric
|
|
May
|
|
Mortgage Bonds
(a)
|
|
3.70%
|
|
2046
|
|
$
|
300
|
|
DTE Energy
|
|
May
|
|
Junior Subordinated Debentures
(b)
|
|
5.375%
|
|
2076
|
|
300
|
|
|
DTE Energy
|
|
October
|
|
Equity Units
(c)
|
|
(d)
|
|
2024
|
|
675
|
|
|
DTE Energy
|
|
October
|
|
Senior Notes
(c)
|
|
2.85%
|
|
2026
|
|
600
|
|
|
DTE Energy
|
|
October
|
|
Senior Notes
(e)
|
|
1.50%
|
|
2019
|
|
400
|
|
|
DTE Energy
|
|
December
|
|
Junior Subordinated Debentures
(f)
|
|
6.00%
|
|
2076
|
|
280
|
|
|
DTE Gas
|
|
December
|
|
Mortgage Bonds
(a)
|
|
4.07%
|
|
2046
|
|
125
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
2,680
|
|
(a)
|
Proceeds were used for repayment of short-term borrowings and general corporate purposes.
|
(b)
|
Proceeds were used for repayment of long-term debt and general corporate purposes.
|
(c)
|
Proceeds were used for the acquisition, see "Acquisition Financing" below for more information.
|
(d)
|
See "Acquisition Financing" below for more information regarding the rates associated with the Equity Units.
|
(e)
|
Proceeds were used for the acquisition and general corporate purposes, see "Acquisition Financing" below for more information.
|
(f)
|
Proceeds were used for the repayment of Junior Subordinated Debentures.
|
Company
|
|
Month
|
|
Type
|
|
Interest Rate
|
|
Maturity
|
|
Amount
|
||
|
|
|
|
|
|
|
|
|
|
(In millions)
|
||
DTE Electric
|
|
March
|
|
Mortgage Bonds
|
|
7.904%
|
|
2016
|
|
$
|
10
|
|
DTE Energy
|
|
June
|
|
Senior Notes
|
|
6.35%
|
|
2016
|
|
300
|
|
|
DTE Energy
|
|
December
|
|
Junior Subordinated Debentures
|
|
6.50%
|
|
2061
|
|
280
|
|
|
DTE Energy
|
|
December
|
|
Senior Secured Term Loan
(a)
|
|
8.75%
(b)
|
|
2022
|
|
204
|
|
|
DTE Energy
|
|
Various
|
|
Other Long-Term Debt
|
|
Various
|
|
2016
|
|
13
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
807
|
|
(a)
|
Debt was assumed as part of the Gas Storage and Pipelines acquisition. See
Note 4
of the Consolidated Financial Statements, "
Acquisitions and Exit Activities
".
|
(b)
|
Senior Security Term Loan bore interest at LIBOR (subject to a
1%
floor) +
7.75%
.
|
|
2017
|
|
2018
|
|
2019
|
|
2020
|
|
2021
|
|
2022 and Thereafter
|
|
Total
|
||||||||||||||
|
(In millions)
|
||||||||||||||||||||||||||
DTE Energy
(a)
|
$
|
9
|
|
|
$
|
406
|
|
|
$
|
1,502
|
|
|
$
|
688
|
|
|
$
|
467
|
|
|
$
|
8,300
|
|
|
$
|
11,372
|
|
DTE Electric
|
$
|
—
|
|
|
$
|
300
|
|
|
$
|
—
|
|
|
$
|
632
|
|
|
$
|
462
|
|
|
$
|
4,531
|
|
|
$
|
5,925
|
|
(a)
|
Amounts include DTE Electric's scheduled debt maturities.
|
•
|
if the AMV of DTE Energy’s common stock, which is the average volume-weighted average price of DTE Energy’s common stock for the trading days during the 20 consecutive scheduled trading day period ending on the third scheduled trading day immediately preceding the stock purchase contract settlement date, is equal to or greater than
$116.31
,
0.4299
shares of common stock;
|
•
|
if the AMV is less than
$116.31
but greater than $
93.05
, a number of shares of common stock equal to
$50
divided by the AMV, rounded to the nearest
1/10,000th
of a share; and
|
•
|
if the AMV is less than or equal to
$93.05
,
0.5373
shares of common stock.
|
Issuance Date
|
|
Units Issued
|
|
Total Net Proceeds
|
|
Total Long-Term Debt
|
|
RSN Annual Interest Rate
|
|
Stock Purchase Contract Annual Rate
|
|
Stock Purchase Settlement Date
|
|
RSN Maturity Date
|
||||
(In millions, except interest rates)
|
||||||||||||||||||
10/5/2016
|
|
13.5
|
|
$
|
654
|
|
|
$
|
675
|
|
|
1.5%
|
|
5.0%
|
|
10/1/2019
|
|
10/1/2024
|
Company
|
|
Type of Stock
|
|
Par Value
|
|
Shares Authorized
|
|||
DTE Energy
|
|
Preferred
|
|
$
|
—
|
|
|
5,000,000
|
|
DTE Electric
|
|
Preferred
|
|
$
|
100
|
|
|
6,747,484
|
|
DTE Electric
|
|
Preference
|
|
$
|
1
|
|
|
30,000,000
|
|
DTE Gas
|
|
Preferred
|
|
$
|
1
|
|
|
7,000,000
|
|
DTE Gas
|
|
Preference
|
|
$
|
1
|
|
|
4,000,000
|
|
|
DTE Energy
|
|
DTE Electric
|
|
DTE Gas
|
|
Total
|
||||||||
|
(In millions)
|
||||||||||||||
Unsecured letter of credit facility, expiring in February 2017
|
$
|
100
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
100
|
|
Unsecured letter of credit facility, expiring in September 2017
|
70
|
|
|
—
|
|
|
—
|
|
|
70
|
|
||||
Unsecured revolving credit facility, expiring April 2021
|
1,200
|
|
|
400
|
|
|
300
|
|
|
1,900
|
|
||||
|
1,370
|
|
|
400
|
|
|
300
|
|
|
2,070
|
|
||||
Amounts outstanding at December 31, 2016
|
|
|
|
|
|
|
|
||||||||
Commercial paper issuances
|
257
|
|
|
62
|
|
|
180
|
|
|
499
|
|
||||
Letters of credit
|
154
|
|
|
—
|
|
|
—
|
|
|
154
|
|
||||
|
411
|
|
|
62
|
|
|
180
|
|
|
653
|
|
||||
Net availability at December 31, 2016
|
$
|
959
|
|
|
$
|
338
|
|
|
$
|
120
|
|
|
$
|
1,417
|
|
|
DTE Energy
|
|
DTE Electric
|
||||
|
(In millions)
|
||||||
2017
|
$
|
33
|
|
|
$
|
18
|
|
2018
|
28
|
|
|
15
|
|
||
2019
|
24
|
|
|
14
|
|
||
2020
|
13
|
|
|
10
|
|
||
2021
|
11
|
|
|
9
|
|
||
2022 and thereafter
|
66
|
|
|
31
|
|
||
Total minimum lease payments
|
$
|
175
|
|
|
$
|
97
|
|
|
DTE Energy
|
||
|
(In millions)
|
||
2017
|
$
|
12
|
|
2018
|
12
|
|
|
2019
|
11
|
|
|
2020
|
9
|
|
|
2021
|
—
|
|
|
2022 and thereafter
|
—
|
|
|
Total minimum future lease receipts
|
44
|
|
|
Residual value of leased pipeline
|
40
|
|
|
Less unearned income
|
(20
|
)
|
|
Net investment in capital lease
|
64
|
|
|
Less current portion
|
(7
|
)
|
|
|
$
|
57
|
|
|
DTE Energy
|
|
DTE Electric
|
||||
|
(In millions)
|
||||||
2017
|
$
|
2,394
|
|
|
$
|
515
|
|
2018
|
1,226
|
|
|
520
|
|
||
2019
|
570
|
|
|
165
|
|
||
2020
|
412
|
|
|
104
|
|
||
2021
|
373
|
|
|
104
|
|
||
2022 and thereafter
|
2,745
|
|
|
904
|
|
||
|
$
|
7,720
|
|
|
$
|
2,312
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
(In millions)
|
||||||||||
Service cost
|
$
|
92
|
|
|
$
|
100
|
|
|
$
|
83
|
|
Interest cost
|
219
|
|
|
210
|
|
|
212
|
|
|||
Expected return on plan assets
|
(309
|
)
|
|
(296
|
)
|
|
(273
|
)
|
|||
Amortization of:
|
|
|
|
|
|
||||||
Net actuarial loss
|
164
|
|
|
205
|
|
|
157
|
|
|||
Prior service cost
|
1
|
|
|
—
|
|
|
—
|
|
|||
Other
|
—
|
|
|
2
|
|
|
—
|
|
|||
Net pension cost
|
$
|
167
|
|
|
$
|
221
|
|
|
$
|
179
|
|
|
2016
|
|
2015
|
||||
|
(In millions)
|
||||||
Other changes in plan assets and benefit obligations recognized in Regulatory assets and Other comprehensive income (loss)
|
|
|
|
||||
Net actuarial loss
|
$
|
197
|
|
|
$
|
19
|
|
Amortization of net actuarial loss
|
(164
|
)
|
|
(205
|
)
|
||
Prior service credit
|
7
|
|
|
—
|
|
||
Amortization of prior service cost
|
(1
|
)
|
|
—
|
|
||
Total recognized in Regulatory assets and Other comprehensive income (loss)
|
$
|
39
|
|
|
$
|
(186
|
)
|
Total recognized in net periodic pension cost, Regulatory assets, and Other comprehensive income (loss)
|
$
|
206
|
|
|
$
|
35
|
|
Estimated amounts to be amortized from Regulatory assets and Accumulated other comprehensive income (loss) into net periodic benefit cost during next fiscal year
|
|
|
|
||||
Net actuarial loss
|
$
|
172
|
|
|
$
|
162
|
|
Prior service cost
|
$
|
1
|
|
|
$
|
—
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
(In millions)
|
||||||||||
Service cost
|
$
|
71
|
|
|
$
|
77
|
|
|
$
|
64
|
|
Interest cost
|
166
|
|
|
160
|
|
|
162
|
|
|||
Expected return on plan assets
|
(220
|
)
|
|
(210
|
)
|
|
(194
|
)
|
|||
Amortization of:
|
|
|
|
|
|
||||||
Net actuarial loss
|
118
|
|
|
147
|
|
|
110
|
|
|||
Prior service cost
|
1
|
|
|
1
|
|
|
2
|
|
|||
Other
|
—
|
|
|
1
|
|
|
—
|
|
|||
Net pension cost
|
$
|
136
|
|
|
$
|
176
|
|
|
$
|
144
|
|
|
2016
|
|
2015
|
||||
|
(In millions)
|
||||||
Other changes in plan assets and benefit obligations recognized in Regulatory assets and Other comprehensive income (loss)
|
|
|
|
||||
Net actuarial (gain) loss
|
$
|
167
|
|
|
$
|
(13
|
)
|
Amortization of net actuarial loss
|
(115
|
)
|
|
(147
|
)
|
||
Prior service credit
|
(1
|
)
|
|
—
|
|
||
Amortization of prior service cost
|
(1
|
)
|
|
(1
|
)
|
||
Total recognized in Regulatory assets and Other comprehensive income (loss)
|
$
|
50
|
|
|
$
|
(161
|
)
|
Total recognized in net periodic pension cost, Regulatory assets, and Other comprehensive income (loss)
|
$
|
186
|
|
|
$
|
15
|
|
Estimated amounts to be amortized from Regulatory assets and Accumulated other comprehensive income (loss) into net periodic benefit cost during next fiscal year
|
|
|
|
||||
Net actuarial loss
|
$
|
122
|
|
|
$
|
115
|
|
Prior service cost
|
$
|
1
|
|
|
$
|
1
|
|
|
DTE Energy
|
|
DTE Electric
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
(In millions)
|
||||||||||||||
Accumulated benefit obligation, end of year
|
$
|
4,753
|
|
|
$
|
4,569
|
|
|
$
|
3,548
|
|
|
$
|
3,401
|
|
Change in projected benefit obligation
|
|
|
|
|
|
|
|
||||||||
Projected benefit obligation, beginning of year
|
$
|
4,971
|
|
|
$
|
5,269
|
|
|
$
|
3,685
|
|
|
$
|
4,018
|
|
Service cost
|
92
|
|
|
100
|
|
|
69
|
|
|
75
|
|
||||
Interest cost
|
219
|
|
|
210
|
|
|
162
|
|
|
156
|
|
||||
Plan amendments
|
7
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
||||
Actuarial (gain) loss
|
141
|
|
|
(357
|
)
|
|
124
|
|
|
(273
|
)
|
||||
Transfer due to plan sponsorship change
|
—
|
|
|
—
|
|
|
—
|
|
|
(99
|
)
|
||||
Special termination benefits
|
—
|
|
|
2
|
|
|
—
|
|
|
—
|
|
||||
Benefits paid
|
(259
|
)
|
|
(253
|
)
|
|
(194
|
)
|
|
(192
|
)
|
||||
Projected benefit obligation, end of year
|
$
|
5,171
|
|
|
$
|
4,971
|
|
|
$
|
3,845
|
|
|
$
|
3,685
|
|
Change in plan assets
|
|
|
|
|
|
|
|
||||||||
Plan assets at fair value, beginning of year
|
$
|
3,832
|
|
|
$
|
3,981
|
|
|
$
|
2,709
|
|
|
$
|
2,812
|
|
Actual return on plan assets
|
253
|
|
|
(79
|
)
|
|
177
|
|
|
(56
|
)
|
||||
Company contributions
|
186
|
|
|
183
|
|
|
145
|
|
|
145
|
|
||||
Benefits paid
|
(259
|
)
|
|
(253
|
)
|
|
(194
|
)
|
|
(192
|
)
|
||||
Plan assets at fair value, end of year
|
$
|
4,012
|
|
|
$
|
3,832
|
|
|
$
|
2,837
|
|
|
$
|
2,709
|
|
Funded status of the plans
|
$
|
(1,159
|
)
|
|
$
|
(1,139
|
)
|
|
$
|
(1,008
|
)
|
|
$
|
(976
|
)
|
Amount recorded as:
|
|
|
|
|
|
|
|
||||||||
Current liabilities
|
$
|
(7
|
)
|
|
$
|
(6
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
Noncurrent liabilities
|
(1,152
|
)
|
|
(1,133
|
)
|
|
(1,008
|
)
|
|
(976
|
)
|
||||
|
$
|
(1,159
|
)
|
|
$
|
(1,139
|
)
|
|
$
|
(1,008
|
)
|
|
$
|
(976
|
)
|
Amounts recognized in Accumulated other comprehensive income (loss), pre-tax
|
|
|
|
|
|
|
|
||||||||
Net actuarial loss
|
$
|
163
|
|
|
$
|
180
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Prior service cost (credit)
|
8
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||
|
$
|
171
|
|
|
$
|
179
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Amounts recognized in Regulatory assets
(a)
|
|
|
|
|
|
|
|
||||||||
Net actuarial loss
|
$
|
2,163
|
|
|
$
|
2,113
|
|
|
$
|
1,641
|
|
|
$
|
1,588
|
|
Prior service cost (credit)
|
(4
|
)
|
|
(1
|
)
|
|
1
|
|
|
4
|
|
||||
|
$
|
2,159
|
|
|
$
|
2,112
|
|
|
$
|
1,642
|
|
|
$
|
1,592
|
|
|
DTE Energy
|
|
DTE Electric
|
||||
|
(In millions)
|
||||||
2017
|
$
|
285
|
|
|
$
|
218
|
|
2018
|
297
|
|
|
225
|
|
||
2019
|
306
|
|
|
232
|
|
||
2020
|
315
|
|
|
239
|
|
||
2021
|
322
|
|
|
245
|
|
||
2022-2026
|
1,695
|
|
|
1,272
|
|
||
Total
|
$
|
3,220
|
|
|
$
|
2,431
|
|
U.S. Large Capitalization (Cap) Equity Securities
|
22
|
%
|
U.S. Small Cap and Mid Cap Equity Securities
|
5
|
|
Non-U.S. Equity Securities
|
20
|
|
Fixed Income Securities
|
25
|
|
Hedge Funds and Similar Investments
|
20
|
|
Private Equity and Other
|
8
|
|
|
100
|
%
|
|
December 31, 2016
|
|
December 31, 2015
|
||||||||||||||||||||||||||||
|
Level 1
|
|
Level 2
|
|
Other
(c)
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Other
(c)
|
|
Total
|
||||||||||||||||
|
(In millions)
|
||||||||||||||||||||||||||||||
DTE Energy asset category:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Short-term Investments
(d)
|
$
|
—
|
|
|
$
|
22
|
|
|
$
|
—
|
|
|
$
|
22
|
|
|
$
|
23
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
23
|
|
Equity Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
U.S. Large Cap
(e)
|
875
|
|
|
5
|
|
|
—
|
|
|
880
|
|
|
842
|
|
|
—
|
|
|
—
|
|
|
842
|
|
||||||||
U.S. Small Cap and Mid Cap
(f)
|
229
|
|
|
3
|
|
|
—
|
|
|
232
|
|
|
219
|
|
|
—
|
|
|
—
|
|
|
219
|
|
||||||||
Non-U.S.
(g)
|
479
|
|
|
18
|
|
|
269
|
|
|
766
|
|
|
510
|
|
|
—
|
|
|
251
|
|
|
761
|
|
||||||||
Fixed Income Securities
(h)
|
1
|
|
|
1,037
|
|
|
52
|
|
|
1,090
|
|
|
5
|
|
|
974
|
|
|
50
|
|
|
1,029
|
|
||||||||
Hedge Funds and Similar Investments
(i)
|
231
|
|
|
—
|
|
|
578
|
|
|
809
|
|
|
220
|
|
|
—
|
|
|
548
|
|
|
768
|
|
||||||||
Private Equity and Other
(j)
|
—
|
|
|
—
|
|
|
213
|
|
|
213
|
|
|
—
|
|
|
—
|
|
|
190
|
|
|
190
|
|
||||||||
Securities Lending
(k)
|
(53
|
)
|
|
(25
|
)
|
|
—
|
|
|
(78
|
)
|
|
(129
|
)
|
|
(25
|
)
|
|
—
|
|
|
(154
|
)
|
||||||||
Securities Lending Collateral
(k)
|
53
|
|
|
25
|
|
|
—
|
|
|
78
|
|
|
129
|
|
|
25
|
|
|
—
|
|
|
154
|
|
||||||||
DTE Energy Total
|
$
|
1,815
|
|
|
$
|
1,085
|
|
|
$
|
1,112
|
|
|
$
|
4,012
|
|
|
$
|
1,819
|
|
|
$
|
974
|
|
|
$
|
1,039
|
|
|
$
|
3,832
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
DTE Electric asset category:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Short-term Investments
(d)
|
$
|
—
|
|
|
$
|
16
|
|
|
$
|
—
|
|
|
$
|
16
|
|
|
$
|
16
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
16
|
|
Equity Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
U.S. Large Cap
(e)
|
622
|
|
|
4
|
|
|
—
|
|
|
626
|
|
|
599
|
|
|
—
|
|
|
—
|
|
|
599
|
|
||||||||
U.S. Small Cap and Mid Cap
(f)
|
165
|
|
|
2
|
|
|
—
|
|
|
167
|
|
|
157
|
|
|
—
|
|
|
—
|
|
|
157
|
|
||||||||
Non-U.S.
(g)
|
344
|
|
|
13
|
|
|
191
|
|
|
548
|
|
|
367
|
|
|
—
|
|
|
178
|
|
|
545
|
|
||||||||
Fixed Income Securities
(h)
|
—
|
|
|
745
|
|
|
—
|
|
|
745
|
|
|
4
|
|
|
699
|
|
|
—
|
|
|
703
|
|
||||||||
Hedge Funds and Similar Investments
(i)
|
166
|
|
|
—
|
|
|
416
|
|
|
582
|
|
|
158
|
|
|
—
|
|
|
394
|
|
|
552
|
|
||||||||
Private Equity and Other
(j)
|
—
|
|
|
—
|
|
|
153
|
|
|
153
|
|
|
—
|
|
|
—
|
|
|
137
|
|
|
137
|
|
||||||||
Securities Lending
(k)
|
(38
|
)
|
|
(18
|
)
|
|
—
|
|
|
(56
|
)
|
|
(93
|
)
|
|
(18
|
)
|
|
—
|
|
|
(111
|
)
|
||||||||
Securities Lending Collateral
(k)
|
38
|
|
|
18
|
|
|
—
|
|
|
56
|
|
|
93
|
|
|
18
|
|
|
—
|
|
|
111
|
|
||||||||
DTE Electric Total
|
$
|
1,297
|
|
|
$
|
780
|
|
|
$
|
760
|
|
|
$
|
2,837
|
|
|
$
|
1,301
|
|
|
$
|
699
|
|
|
$
|
709
|
|
|
$
|
2,709
|
|
(a)
|
For a description of levels within the fair value hierarchy, see
Note 12
to the Consolidated Financial Statements, "
Fair Value
."
|
(b)
|
Certain
December 31, 2015
balances have been adjusted for the adoption of accounting guidance which eliminates the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share (or its equivalent) practical expedient. See
Note 3
to the Consolidated Financial Statements, "
New Accounting Pronouncements
," for additional information related to the new accounting standard.
|
(c)
|
Amounts represent assets valued at NAV as a practical expedient for fair value.
|
(d)
|
This category predominantly represents certain short-term fixed income securities and money market investments that are managed in separate accounts or commingled funds. Pricing for investments in this category are obtained from quoted prices in actively traded markets or valuations from brokers or pricing services.
|
(e)
|
This category represents portfolios of large capitalization domestic equities. Investments in this category are exchange-traded securities whereby unadjusted quote prices can be obtained.
|
(f)
|
This category represents portfolios of small and medium capitalization domestic equities. Investments in this category are exchange-traded securities whereby unadjusted quote prices can be obtained.
|
(g)
|
This category primarily consists of portfolios of non-U.S. developed and emerging market equities. Investments in this category are exchange-traded securities whereby unadjusted quote prices can be obtained. Exchange-traded securities held in a commingled fund are classified as NAV assets.
|
(h)
|
This category includes corporate bonds from diversified industries, U.S. Treasuries, and mortgage-backed securities. Pricing for investments in this category is obtained from quoted prices in actively traded markets and quotations from broker or pricing services. Non-exchange traded securities and exchange-traded securities held in commingled funds are classified as NAV assets.
|
(i)
|
This category utilizes a diversified group of strategies that attempt to capture financial market inefficiencies and includes publicly traded mutual funds, commingled funds and limited partnership funds. Pricing for mutual funds in this category is obtained from quoted prices in actively traded markets. Commingled funds or limited partnership funds are classified as NAV assets.
|
(j)
|
This category includes a diversified group of funds and strategies that primarily invests in private equity partnerships. This category also includes investments in timber and private mezzanine debt. All pricing for investments in this category are classified as NAV assets.
|
(k)
|
The Registrants have a securities lending program with a third-party agent. The program allows the agent to lend certain securities from the Registrants' pension trusts to selected entities against receipt of collateral (in the form of cash) as provided for and determined in accordance with their securities lending agency agreements.
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
(In millions)
|
||||||||||
Service cost
|
$
|
27
|
|
|
$
|
34
|
|
|
$
|
34
|
|
Interest cost
|
80
|
|
|
81
|
|
|
89
|
|
|||
Expected return on plan assets
|
(129
|
)
|
|
(131
|
)
|
|
(122
|
)
|
|||
Amortization of:
|
|
|
|
|
|
|
|
|
|||
Net actuarial loss
|
30
|
|
|
43
|
|
|
20
|
|
|||
Prior service credit
|
(118
|
)
|
|
(126
|
)
|
|
(144
|
)
|
|||
Other
|
(1
|
)
|
|
—
|
|
|
—
|
|
|||
Net other postretirement credit
|
$
|
(111
|
)
|
|
$
|
(99
|
)
|
|
$
|
(123
|
)
|
|
2016
|
|
2015
|
||||
|
(In millions)
|
||||||
Other changes in plan assets and accumulated postretirement benefit obligation recognized in Regulatory assets and Other comprehensive income (loss)
|
|
|
|
||||
Net actuarial gain
|
$
|
(68
|
)
|
|
$
|
(68
|
)
|
Amortization of net actuarial loss
|
(30
|
)
|
|
(43
|
)
|
||
Amortization of prior service credit
|
119
|
|
|
126
|
|
||
Total recognized in Regulatory assets and Other comprehensive income (loss)
|
$
|
21
|
|
|
$
|
15
|
|
Total recognized in net periodic benefit cost, Regulatory assets, and Other comprehensive income (loss)
|
$
|
(90
|
)
|
|
$
|
(84
|
)
|
Estimated amounts to be amortized from Regulatory assets and Accumulated other comprehensive income (loss) into net periodic benefit cost during next fiscal year
|
|
|
|
||||
Net actuarial loss
|
$
|
16
|
|
|
$
|
32
|
|
Prior service credit
|
$
|
(14
|
)
|
|
$
|
(118
|
)
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
(In millions)
|
||||||||||
Service cost
|
$
|
20
|
|
|
$
|
25
|
|
|
$
|
26
|
|
Interest cost
|
61
|
|
|
62
|
|
|
68
|
|
|||
Expected return on plan assets
|
(90
|
)
|
|
(90
|
)
|
|
(85
|
)
|
|||
Amortization of:
|
|
|
|
|
|
||||||
Net actuarial loss
|
21
|
|
|
31
|
|
|
14
|
|
|||
Prior service credit
|
(89
|
)
|
|
(95
|
)
|
|
(109
|
)
|
|||
Net other postretirement credit
|
$
|
(77
|
)
|
|
$
|
(67
|
)
|
|
$
|
(86
|
)
|
|
2016
|
|
2015
|
||||
|
(In millions)
|
||||||
Other changes in plan assets and accumulated postretirement benefit obligation recognized in Regulatory assets
|
|
|
|
||||
Net actuarial gain
|
$
|
(59
|
)
|
|
$
|
(57
|
)
|
Amortization of net actuarial loss
|
(21
|
)
|
|
(31
|
)
|
||
Amortization of prior service credit
|
89
|
|
|
95
|
|
||
Total recognized in Regulatory assets
|
$
|
9
|
|
|
$
|
7
|
|
Total recognized in net periodic benefit cost and Regulatory assets
|
$
|
(68
|
)
|
|
$
|
(60
|
)
|
Estimated amounts to be amortized from Regulatory assets into net periodic benefit cost during next fiscal year
|
|
|
|
||||
Net actuarial loss
|
$
|
10
|
|
|
$
|
22
|
|
Prior service credit
|
$
|
(10
|
)
|
|
$
|
(89
|
)
|
|
DTE Energy
|
|
DTE Electric
|
||||||||||||
|
2016
|
|
2015
|
|
2016
|
|
2015
|
||||||||
|
(In millions)
|
||||||||||||||
Change in accumulated postretirement benefit obligation
|
|
|
|
|
|
|
|
||||||||
Accumulated postretirement benefit obligation, beginning of year
|
$
|
1,846
|
|
|
$
|
2,044
|
|
|
$
|
1,414
|
|
|
$
|
1,558
|
|
Service cost
|
27
|
|
|
34
|
|
|
20
|
|
|
25
|
|
||||
Interest cost
|
80
|
|
|
81
|
|
|
61
|
|
|
62
|
|
||||
Actuarial gain
|
(75
|
)
|
|
(224
|
)
|
|
(62
|
)
|
|
(166
|
)
|
||||
Benefits paid
|
(83
|
)
|
|
(89
|
)
|
|
(60
|
)
|
|
(65
|
)
|
||||
Accumulated postretirement benefit obligation, end of year
|
$
|
1,795
|
|
|
$
|
1,846
|
|
|
$
|
1,373
|
|
|
$
|
1,414
|
|
Change in plan assets
|
|
|
|
|
|
|
|
||||||||
Plan assets at fair value, beginning of year
|
$
|
1,617
|
|
|
$
|
1,528
|
|
|
$
|
1,131
|
|
|
$
|
1,038
|
|
Actual return on plan assets
|
122
|
|
|
(25
|
)
|
|
87
|
|
|
(19
|
)
|
||||
Company contributions
|
20
|
|
|
199
|
|
|
—
|
|
|
175
|
|
||||
Benefits paid
|
(1
|
)
|
|
(85
|
)
|
|
—
|
|
|
(63
|
)
|
||||
Plan assets at fair value, end of year
|
$
|
1,758
|
|
|
$
|
1,617
|
|
|
$
|
1,218
|
|
|
$
|
1,131
|
|
Funded status, end of year
|
$
|
(37
|
)
|
|
$
|
(229
|
)
|
|
$
|
(155
|
)
|
|
$
|
(283
|
)
|
Amount recorded as:
|
|
|
|
|
|
|
|
||||||||
Noncurrent assets
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
114
|
|
|
$
|
24
|
|
Current liabilities
|
(1
|
)
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||
Noncurrent liabilities
|
(36
|
)
|
|
(228
|
)
|
|
(269
|
)
|
|
(307
|
)
|
||||
|
$
|
(37
|
)
|
|
$
|
(229
|
)
|
|
$
|
(155
|
)
|
|
$
|
(283
|
)
|
Amounts recognized in Accumulated other comprehensive income (loss), pre-tax
|
|
|
|
|
|
|
|
||||||||
Net actuarial loss
|
$
|
12
|
|
|
$
|
24
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Prior service credit
|
—
|
|
|
(2
|
)
|
|
—
|
|
|
—
|
|
||||
|
$
|
12
|
|
|
$
|
22
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Amounts recognized in Regulatory assets
(a)
|
|
|
|
|
|
|
|
||||||||
Net actuarial loss
|
$
|
300
|
|
|
$
|
387
|
|
|
$
|
217
|
|
|
$
|
297
|
|
Prior service credit
|
(14
|
)
|
|
(131
|
)
|
|
(10
|
)
|
|
(99
|
)
|
||||
|
$
|
286
|
|
|
$
|
256
|
|
|
$
|
207
|
|
|
$
|
198
|
|
|
DTE Energy
|
|
DTE Electric
|
||||
|
(In millions)
|
||||||
2017
|
$
|
96
|
|
|
$
|
74
|
|
2018
|
101
|
|
|
79
|
|
||
2019
|
106
|
|
|
82
|
|
||
2020
|
110
|
|
|
85
|
|
||
2021
|
114
|
|
|
88
|
|
||
2022-2026
|
595
|
|
|
457
|
|
||
Total
|
$
|
1,122
|
|
|
$
|
865
|
|
|
2016
|
|
2015
|
|
2014
|
Accumulated postretirement benefit obligation
|
|
|
|
|
|
Discount rate
|
4.25%
|
|
4.50%
|
|
4.10%
|
Health care trend rate pre- and post- 65
|
6.50 / 6.75%
|
|
6.25 / 6.75%
|
|
7.50 / 6.50%
|
Ultimate health care trend rate
|
4.50%
|
|
4.50%
|
|
4.50%
|
Year in which ultimate reached pre- and post- 65
|
2028
|
|
2027
|
|
2025 / 2024
|
Other postretirement benefit costs
|
|
|
|
|
|
Discount rate
|
4.50%
|
|
4.10%
|
|
4.95%
|
Expected long-term rate of return on plan assets
|
8.00%
|
|
8.00%
|
|
8.00%
|
Health care trend rate pre- and post- 65
|
6.25 / 6.75%
|
|
7.50 / 6.50%
|
|
7.50 / 6.50%
|
Ultimate health care trend rate
|
4.50%
|
|
4.50%
|
|
4.50%
|
Year in which ultimate reached pre- and post- 65
|
2027
|
|
2025 / 2024
|
|
2025 / 2024
|
U.S. Large Cap Equity Securities
|
17
|
%
|
U.S. Small Cap and Mid Cap Equity Securities
|
4
|
|
Non-U.S. Equity Securities
|
20
|
|
Fixed Income Securities
|
25
|
|
Hedge Funds and Similar Investments
|
20
|
|
Private Equity and Other
|
14
|
|
|
100
|
%
|
|
December 31, 2016
|
|
December 31, 2015
|
||||||||||||||||||||||||||||
|
Level 1
|
|
Level 2
|
|
Other
(c)
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Other
(c)
|
|
Total
|
||||||||||||||||
DTE Energy asset category:
|
(In millions)
|
||||||||||||||||||||||||||||||
Short-term Investments
(d)
|
$
|
39
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
40
|
|
|
$
|
7
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
7
|
|
Equity Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
U.S. Large Cap
(e)
|
284
|
|
|
—
|
|
|
—
|
|
|
284
|
|
|
264
|
|
|
—
|
|
|
—
|
|
|
264
|
|
||||||||
U.S. Small Cap and Mid Cap
(f)
|
156
|
|
|
—
|
|
|
—
|
|
|
156
|
|
|
138
|
|
|
—
|
|
|
—
|
|
|
138
|
|
||||||||
Non-U.S.
(g)
|
262
|
|
|
1
|
|
|
61
|
|
|
324
|
|
|
262
|
|
|
—
|
|
|
55
|
|
|
317
|
|
||||||||
Fixed Income Securities
(h)
|
15
|
|
|
299
|
|
|
125
|
|
|
439
|
|
|
23
|
|
|
275
|
|
|
115
|
|
|
413
|
|
||||||||
Hedge Funds and Similar Investments
(i)
|
114
|
|
|
—
|
|
|
224
|
|
|
338
|
|
|
109
|
|
|
—
|
|
|
216
|
|
|
325
|
|
||||||||
Private Equity and Other
(j)
|
—
|
|
|
—
|
|
|
177
|
|
|
177
|
|
|
—
|
|
|
—
|
|
|
153
|
|
|
153
|
|
||||||||
Securities Lending
(k)
|
(28
|
)
|
|
(3
|
)
|
|
—
|
|
|
(31
|
)
|
|
(122
|
)
|
|
(6
|
)
|
|
—
|
|
|
(128
|
)
|
||||||||
Securities Lending Collateral
(k)
|
28
|
|
|
3
|
|
|
—
|
|
|
31
|
|
|
122
|
|
|
6
|
|
|
—
|
|
|
128
|
|
||||||||
DTE Energy Total
|
$
|
870
|
|
|
$
|
301
|
|
|
$
|
587
|
|
|
$
|
1,758
|
|
|
$
|
803
|
|
|
$
|
275
|
|
|
$
|
539
|
|
|
$
|
1,617
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
DTE Electric asset category:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Short-term Investments
(d)
|
$
|
28
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
29
|
|
|
$
|
5
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
5
|
|
Equity Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
U.S. Large Cap
(e)
|
195
|
|
|
—
|
|
|
—
|
|
|
195
|
|
|
183
|
|
|
—
|
|
|
—
|
|
|
183
|
|
||||||||
U.S. Small Cap and Mid Cap
(f)
|
109
|
|
|
—
|
|
|
—
|
|
|
109
|
|
|
97
|
|
|
—
|
|
|
—
|
|
|
97
|
|
||||||||
Non-U.S.
(g)
|
182
|
|
|
1
|
|
|
41
|
|
|
224
|
|
|
184
|
|
|
—
|
|
|
37
|
|
|
221
|
|
||||||||
Fixed Income Securities
(h)
|
10
|
|
|
203
|
|
|
90
|
|
|
303
|
|
|
17
|
|
|
189
|
|
|
83
|
|
|
289
|
|
||||||||
Hedge Funds and Similar Investments
(i)
|
80
|
|
|
—
|
|
|
154
|
|
|
234
|
|
|
76
|
|
|
—
|
|
|
151
|
|
|
227
|
|
||||||||
Private Equity and Other
(j)
|
—
|
|
|
—
|
|
|
124
|
|
|
124
|
|
|
—
|
|
|
—
|
|
|
109
|
|
|
109
|
|
||||||||
Securities Lending
(k)
|
(20
|
)
|
|
(1
|
)
|
|
—
|
|
|
(21
|
)
|
|
(87
|
)
|
|
(4
|
)
|
|
—
|
|
|
(91
|
)
|
||||||||
Securities Lending Collateral
(k)
|
20
|
|
|
1
|
|
|
—
|
|
|
21
|
|
|
87
|
|
|
4
|
|
|
—
|
|
|
91
|
|
||||||||
DTE Electric Total
|
$
|
604
|
|
|
$
|
205
|
|
|
$
|
409
|
|
|
$
|
1,218
|
|
|
$
|
562
|
|
|
$
|
189
|
|
|
$
|
380
|
|
|
$
|
1,131
|
|
(a)
|
For a description of levels within the fair value hierarchy see
Note 12
to the Consolidated Financial Statements, "
Fair Value
."
|
(b)
|
Certain
December 31, 2015
balances have been adjusted for the adoption of accounting guidance which eliminates the requirement to categorize within the fair value hierarchy all investments for which fair value is measured using the net asset value per share (or its equivalent) practical expedient. See
Note 3
to the Consolidated Financial Statements, "
New Accounting Pronouncements
," for additional information related to the new accounting standard.
|
(c)
|
Amounts represent assets valued at NAV as a practical expedient for fair value.
|
(d)
|
This category predominantly represents certain short-term fixed income securities and money market investments that are managed in separate accounts or commingled funds. Pricing for investments in this category are obtained from quoted prices in actively traded markets or valuations from brokers or pricing services.
|
(e)
|
This category represents portfolios of large capitalization domestic equities. Investments in this category are exchange-traded securities whereby unadjusted quote prices can be obtained.
|
(f)
|
This category represents portfolios of small and medium capitalization domestic equities. Investments in this category are exchange-traded securities whereby unadjusted quote prices can be obtained.
|
(g)
|
This category primarily consists of portfolios of non-U.S. developed and emerging market equities. Investments in this category are exchange-traded securities whereby unadjusted quote prices can be obtained. Exchange-traded securities held in a commingled fund are classified as NAV assets.
|
(h)
|
This category includes corporate bonds from diversified industries, U.S. Treasuries, bank loans, and mortgage backed securities. Pricing for investments in this category is obtained from quoted prices in actively traded markets and quotations from broker or pricing services. Non-exchange traded securities and exchange-traded securities held in commingled funds are classified as NAV assets.
|
(i)
|
This category utilizes a diversified group of strategies that attempt to capture financial market inefficiencies and includes publicly traded mutual funds, commingled funds and limited partnership funds. Pricing for mutual funds in this category is obtained from quoted prices in actively traded markets. Commingled funds and limited partnership funds are classified as NAV assets.
|
(j)
|
This category includes a diversified group of funds and strategies that primarily invests in private equity partnerships. This category also includes investments in timber and private mezzanine debt. All investments in this category are classified as NAV assets.
|
(k)
|
The Registrants have a securities lending program with a third-party agent. The program allows the agent to lend certain securities from the Registrants' VEBA trust to selected entities against receipt of collateral (in the form of cash) as provided for and determined in accordance with their securities lending agency agreements.
|
•
|
Authorized limit is
14,500,000
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.
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
(In millions)
|
||||||||||
Stock-based compensation expense
|
$
|
61
|
|
|
$
|
34
|
|
|
$
|
103
|
|
Tax benefit
|
$
|
24
|
|
|
$
|
13
|
|
|
$
|
40
|
|
Stock-based compensation cost capitalized in Property, plant, and equipment
|
$
|
10
|
|
|
$
|
5
|
|
|
$
|
16
|
|
|
Number of Options
|
|
Weighted Average Exercise Price
|
|
Aggregate Intrinsic
Value (In millions) |
|||||
Options outstanding at December 31, 2015
|
262,282
|
|
|
$
|
42.52
|
|
|
|
||
Exercised
|
(90,765
|
)
|
|
$
|
44.29
|
|
|
|
||
Options outstanding and exercisable at December 31, 2016
|
171,517
|
|
|
$
|
41.59
|
|
|
$
|
9
|
|
Range of Exercise Prices
|
|
Number of Options
|
|
Weighted Average
Exercise Price |
|
Weighted Average
Remaining Contractual Life (Years) |
|||||||||
$
|
27.00
|
—
|
|
$
|
38.00
|
|
|
19,583
|
|
|
$
|
27.70
|
|
|
2.41
|
$
|
38.01
|
—
|
|
$
|
42.00
|
|
|
49,334
|
|
|
$
|
41.79
|
|
|
1.41
|
$
|
42.01
|
—
|
|
$
|
45.00
|
|
|
97,500
|
|
|
$
|
43.95
|
|
|
3.41
|
$
|
45.01
|
—
|
|
$
|
50.00
|
|
|
5,100
|
|
|
$
|
47.75
|
|
|
0.40
|
|
|
|
|
171,517
|
|
|
$
|
41.59
|
|
|
2.63
|
|
2016
|
|
2015
|
|
2014
|
||||||
Fair value of awards vested (in millions)
|
$
|
9
|
|
|
$
|
9
|
|
|
$
|
11
|
|
Restricted common shares awarded
|
145,240
|
|
|
144,300
|
|
|
159,590
|
|
|||
Weighted average market price of shares awarded
|
$
|
87.28
|
|
|
$
|
83.43
|
|
|
$
|
70.09
|
|
Compensation cost charged against income (in millions)
|
$
|
11
|
|
|
$
|
10
|
|
|
$
|
10
|
|
|
Restricted
Stock |
|
Weighted Average
Grant Date Fair Value |
|||
Balance at December 31, 2015
|
382,444
|
|
|
$
|
73.26
|
|
Grants
|
145,240
|
|
|
$
|
87.28
|
|
Forfeitures
|
(12,315
|
)
|
|
$
|
80.99
|
|
Vested and issued
|
(130,084
|
)
|
|
$
|
66.78
|
|
Balance at December 31, 2016
|
385,285
|
|
|
$
|
80.10
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
(In millions)
|
||||||||||
Compensation expense
|
$
|
50
|
|
|
$
|
24
|
|
|
$
|
93
|
|
Cash settlements
(a)
|
$
|
7
|
|
|
$
|
13
|
|
|
$
|
11
|
|
Stock settlements
(a)
|
$
|
38
|
|
|
$
|
71
|
|
|
$
|
61
|
|
(a)
|
Sum of cash and stock settlements approximates the intrinsic value of the awards.
|
|
Performance Shares
|
|
Weighted Average
Grant Date Fair Value |
|||
Balance at December 31, 2015
|
1,442,218
|
|
|
$
|
75.85
|
|
Grants
|
517,104
|
|
|
$
|
87.35
|
|
Forfeitures
|
(57,120
|
)
|
|
$
|
81.39
|
|
Payouts
|
(509,690
|
)
|
|
$
|
—
|
|
Balance at December 31, 2016
|
1,392,512
|
|
|
$
|
79.97
|
|
|
Unrecognized
Compensation Cost |
|
Weighted Average
to be Recognized |
||
|
(In millions)
|
|
(In years)
|
||
Stock awards
|
$
|
12
|
|
|
1.09
|
Performance shares
|
41
|
|
|
1.06
|
|
|
$
|
53
|
|
|
1.07
|
|
Year Ended December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
|
(In millions)
|
||||||||||
Electric
|
$
|
43
|
|
|
$
|
36
|
|
|
$
|
29
|
|
Gas
|
9
|
|
|
3
|
|
|
6
|
|
|||
Gas Storage and Pipelines
|
9
|
|
|
8
|
|
|
9
|
|
|||
Power and Industrial Projects
|
602
|
|
|
785
|
|
|
794
|
|
|||
Energy Trading
|
39
|
|
|
32
|
|
|
33
|
|
|||
Corporate and Other
|
2
|
|
|
4
|
|
|
3
|
|
|||
|
$
|
704
|
|
|
$
|
868
|
|
|
$
|
874
|
|
|
Electric
|
|
Gas
|
|
Gas Storage and Pipelines
|
|
Power and Industrial Projects
|
|
Energy Trading
|
|
Corporate and Other
|
|
Reclassifications
and Eliminations |
|
Total
|
||||||||||
|
(In millions)
|
||||||||||||||||||||||||
2016
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating Revenues — Utility operations
|
$
|
5,225
|
|
|
1,324
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(52
|
)
|
|
$
|
6,497
|
|
Operating Revenues — Non-utility operations
|
$
|
—
|
|
|
—
|
|
|
302
|
|
|
1,906
|
|
|
2,575
|
|
|
2
|
|
|
(652
|
)
|
|
$
|
4,133
|
|
Depreciation and amortization
|
$
|
750
|
|
|
106
|
|
|
45
|
|
|
72
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
$
|
976
|
|
Interest expense
|
$
|
264
|
|
|
60
|
|
|
39
|
|
|
32
|
|
|
6
|
|
|
148
|
|
|
(77
|
)
|
|
$
|
472
|
|
Interest income
|
$
|
(8
|
)
|
|
(6
|
)
|
|
(9
|
)
|
|
(8
|
)
|
|
(1
|
)
|
|
(65
|
)
|
|
77
|
|
|
$
|
(20
|
)
|
Equity in earnings of equity method investees
|
$
|
2
|
|
|
6
|
|
|
60
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
$
|
68
|
|
Income Tax Expense (Benefit)
|
$
|
353
|
|
|
77
|
|
|
71
|
|
|
(140
|
)
|
|
(29
|
)
|
|
(61
|
)
|
|
—
|
|
|
$
|
271
|
|
Net Income (Loss) Attributable to DTE Energy Company
|
$
|
622
|
|
|
138
|
|
|
119
|
|
|
95
|
|
|
(45
|
)
|
|
(61
|
)
|
|
—
|
|
|
$
|
868
|
|
Investment in equity method investees
|
$
|
11
|
|
|
10
|
|
|
538
|
|
|
166
|
|
|
—
|
|
|
27
|
|
|
—
|
|
|
$
|
752
|
|
Capital expenditures and acquisitions
|
$
|
1,503
|
|
|
395
|
|
|
1,322
|
|
|
39
|
|
|
7
|
|
|
3
|
|
|
—
|
|
|
$
|
3,269
|
|
Goodwill
|
$
|
1,208
|
|
|
743
|
|
|
292
|
|
|
26
|
|
|
17
|
|
|
—
|
|
|
—
|
|
|
$
|
2,286
|
|
Total Assets
|
$
|
20,417
|
|
|
4,729
|
|
|
2,417
|
|
|
683
|
|
|
660
|
|
|
4,648
|
|
|
(1,513
|
)
|
|
$
|
32,041
|
|
|
Electric
|
|
Gas
|
|
Gas Storage and Pipelines
|
|
Power and Industrial Projects
|
|
Energy Trading
|
|
Corporate and Other
|
|
Reclassifications
and Eliminations |
|
Total
|
||||||||||
|
(In millions)
|
||||||||||||||||||||||||
2015
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating Revenues — Utility operations
|
$
|
4,901
|
|
|
1,376
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(39
|
)
|
|
$
|
6,238
|
|
Operating Revenues — Non-utility operations
|
$
|
—
|
|
|
—
|
|
|
243
|
|
|
2,224
|
|
|
2,459
|
|
|
2
|
|
|
(829
|
)
|
|
$
|
4,099
|
|
Depreciation and amortization
|
$
|
637
|
|
|
104
|
|
|
30
|
|
|
78
|
|
|
2
|
|
|
1
|
|
|
—
|
|
|
$
|
852
|
|
Interest expense
|
$
|
258
|
|
|
62
|
|
|
24
|
|
|
32
|
|
|
6
|
|
|
132
|
|
|
(64
|
)
|
|
$
|
450
|
|
Interest income
|
$
|
—
|
|
|
(7
|
)
|
|
(8
|
)
|
|
(8
|
)
|
|
(2
|
)
|
|
(52
|
)
|
|
64
|
|
|
$
|
(13
|
)
|
Equity in earnings of equity method investees
|
$
|
2
|
|
|
6
|
|
|
47
|
|
|
8
|
|
|
—
|
|
|
3
|
|
|
—
|
|
|
$
|
66
|
|
Income Tax Expense (Benefit)
|
$
|
290
|
|
|
72
|
|
|
70
|
|
|
(140
|
)
|
|
(15
|
)
|
|
(47
|
)
|
|
—
|
|
|
$
|
230
|
|
Net Income (Loss) Attributable to DTE Energy Company
|
$
|
542
|
|
|
132
|
|
|
107
|
|
|
16
|
|
|
(22
|
)
|
|
(48
|
)
|
|
—
|
|
|
$
|
727
|
|
Investment in equity method investees
|
$
|
10
|
|
|
9
|
|
|
296
|
|
|
183
|
|
|
—
|
|
|
16
|
|
|
—
|
|
|
$
|
514
|
|
Capital expenditures and acquisitions
|
$
|
1,785
|
|
|
273
|
|
|
161
|
|
|
36
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|
$
|
2,261
|
|
Goodwill
|
$
|
1,208
|
|
|
743
|
|
|
24
|
|
|
26
|
|
|
17
|
|
|
—
|
|
|
—
|
|
|
$
|
2,018
|
|
Total Assets
|
$
|
19,503
|
|
|
4,294
|
|
|
1,047
|
|
|
860
|
|
|
590
|
|
|
3,496
|
|
|
(1,128
|
)
|
|
$
|
28,662
|
|
|
Electric
|
|
Gas
|
|
Gas Storage and Pipelines
|
|
Power and Industrial Projects
|
|
Energy Trading
|
|
Corporate and Other
|
|
Reclassifications
and Eliminations |
|
Total
|
||||||||||
|
(In millions)
|
||||||||||||||||||||||||
2014
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating Revenues — Utility operations
|
$
|
5,283
|
|
|
1,636
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(35
|
)
|
|
$
|
6,884
|
|
Operating Revenues — Non-utility operations
|
$
|
—
|
|
|
—
|
|
|
203
|
|
|
2,289
|
|
|
3,762
|
|
|
2
|
|
|
(839
|
)
|
|
$
|
5,417
|
|
Depreciation and amortization
|
$
|
933
|
|
|
99
|
|
|
34
|
|
|
77
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
$
|
1,145
|
|
Interest expense
|
$
|
250
|
|
|
57
|
|
|
22
|
|
|
28
|
|
|
7
|
|
|
122
|
|
|
(57
|
)
|
|
$
|
429
|
|
Interest income
|
$
|
(1
|
)
|
|
(7
|
)
|
|
(6
|
)
|
|
(5
|
)
|
|
—
|
|
|
(48
|
)
|
|
57
|
|
|
$
|
(10
|
)
|
Equity in earnings of equity method investees
|
$
|
1
|
|
|
7
|
|
|
35
|
|
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
$
|
48
|
|
Income Tax Expense (Benefit)
|
$
|
296
|
|
|
78
|
|
|
53
|
|
|
(100
|
)
|
|
77
|
|
|
(40
|
)
|
|
—
|
|
|
$
|
364
|
|
Net Income (Loss) Attributable to DTE Energy Company
|
$
|
528
|
|
|
140
|
|
|
82
|
|
|
90
|
|
|
122
|
|
|
(57
|
)
|
|
—
|
|
|
$
|
905
|
|
Investment in equity method investees
|
$
|
8
|
|
|
10
|
|
|
224
|
|
|
184
|
|
|
—
|
|
|
8
|
|
|
—
|
|
|
$
|
434
|
|
Capital expenditures and acquisitions
|
$
|
1,561
|
|
|
224
|
|
|
184
|
|
|
77
|
|
|
3
|
|
|
—
|
|
|
—
|
|
|
$
|
2,049
|
|
Goodwill
|
$
|
1,208
|
|
|
743
|
|
|
24
|
|
|
26
|
|
|
17
|
|
|
—
|
|
|
—
|
|
|
$
|
2,018
|
|
Total Assets
|
$
|
18,678
|
|
|
4,242
|
|
|
883
|
|
|
998
|
|
|
755
|
|
|
3,177
|
|
|
(906
|
)
|
|
$
|
27,827
|
|
|
2016
|
|
2015
|
|
2014
|
||||||
|
(In millions)
|
||||||||||
Revenues
|
|
|
|
|
|
||||||
Energy sales
|
$
|
10
|
|
|
$
|
2
|
|
|
$
|
2
|
|
Other services
|
$
|
(1
|
)
|
|
$
|
6
|
|
|
$
|
5
|
|
Shared capital assets
|
$
|
33
|
|
|
$
|
33
|
|
|
$
|
26
|
|
Costs
|
|
|
|
|
|
||||||
Fuel and purchased power
|
$
|
10
|
|
|
$
|
9
|
|
|
$
|
4
|
|
Other services and interest
|
$
|
(1
|
)
|
|
$
|
2
|
|
|
$
|
(1
|
)
|
Corporate expenses, net
|
$
|
370
|
|
|
$
|
334
|
|
|
$
|
304
|
|
Other
|
|
|
|
|
|
||||||
Dividends declared
|
$
|
420
|
|
|
$
|
395
|
|
|
$
|
370
|
|
Dividends paid
|
$
|
420
|
|
|
$
|
395
|
|
|
$
|
370
|
|
Capital contribution from DTE Energy
|
$
|
120
|
|
|
$
|
300
|
|
|
$
|
190
|
|
Note
|
|
Title
|
4
|
|
Acquisitions and Exit Activities
|
20
|
|
Retirement Benefits and Trusteed Assets
|
21
|
|
Stock-Based Compensation
|
|
First
Quarter |
|
Second
Quarter |
|
Third
Quarter |
|
Fourth
Quarter |
|
Year
|
||||||||||
|
(In millions, except per share amounts)
|
||||||||||||||||||
2016
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating Revenues
|
$
|
2,566
|
|
|
$
|
2,262
|
|
|
$
|
2,928
|
|
|
$
|
2,874
|
|
|
$
|
10,630
|
|
Operating Income
|
$
|
381
|
|
|
$
|
256
|
|
|
$
|
507
|
|
|
$
|
301
|
|
|
$
|
1,445
|
|
Net Income Attributable to DTE Energy Company
|
$
|
247
|
|
|
$
|
152
|
|
|
$
|
338
|
|
|
$
|
131
|
|
|
$
|
868
|
|
Basic Earnings per Share
|
$
|
1.38
|
|
|
$
|
0.84
|
|
|
$
|
1.88
|
|
|
$
|
0.73
|
|
|
$
|
4.84
|
|
Diluted Earnings per Share
|
$
|
1.37
|
|
|
$
|
0.84
|
|
|
$
|
1.88
|
|
|
$
|
0.73
|
|
|
$
|
4.83
|
|
2015
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating Revenues
|
$
|
2,984
|
|
|
$
|
2,268
|
|
|
$
|
2,598
|
|
|
$
|
2,487
|
|
|
$
|
10,337
|
|
Operating Income
|
$
|
461
|
|
|
$
|
204
|
|
|
$
|
440
|
|
|
$
|
134
|
|
|
$
|
1,239
|
|
Net Income Attributable to DTE Energy Company
|
$
|
273
|
|
|
$
|
109
|
|
|
$
|
265
|
|
|
$
|
80
|
|
|
$
|
727
|
|
Basic Earnings per Share
|
$
|
1.53
|
|
|
$
|
0.61
|
|
|
$
|
1.47
|
|
|
$
|
0.45
|
|
|
$
|
4.05
|
|
Diluted Earnings per Share
|
$
|
1.53
|
|
|
$
|
0.61
|
|
|
$
|
1.47
|
|
|
$
|
0.45
|
|
|
$
|
4.05
|
|
|
First
Quarter |
|
Second
Quarter |
|
Third
Quarter |
|
Fourth
Quarter |
|
Year
|
||||||||||
|
(In millions)
|
||||||||||||||||||
2016
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating Revenues
|
$
|
1,153
|
|
|
$
|
1,215
|
|
|
$
|
1,608
|
|
|
$
|
1,249
|
|
|
$
|
5,225
|
|
Operating Income
|
$
|
245
|
|
|
$
|
265
|
|
|
$
|
501
|
|
|
$
|
193
|
|
|
$
|
1,204
|
|
Net Income
|
$
|
127
|
|
|
$
|
135
|
|
|
$
|
285
|
|
|
$
|
75
|
|
|
$
|
622
|
|
2015
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating Revenues
|
$
|
1,203
|
|
|
$
|
1,147
|
|
|
$
|
1,385
|
|
|
$
|
1,165
|
|
|
$
|
4,900
|
|
Operating Income
|
$
|
268
|
|
|
$
|
214
|
|
|
$
|
400
|
|
|
$
|
192
|
|
|
$
|
1,074
|
|
Net Income
|
$
|
137
|
|
|
$
|
99
|
|
|
$
|
216
|
|
|
$
|
92
|
|
|
$
|
544
|
|
|
2016
|
|
2015
|
||||
Audit fees
(a)
|
$
|
1,330,268
|
|
|
$
|
1,329,245
|
|
Audit-related fees
(b)
|
12,000
|
|
|
12,000
|
|
||
Total
|
$
|
1,342,268
|
|
|
$
|
1,341,245
|
|
(a)
|
Represents the aggregate fees for the audits of DTE Electric’s annual financial statements included in the Annual Reports on Form 10-K and for the reviews of the financial statements included in the Quarterly Reports on Form 10-Q.
|
(b)
|
Represents the aggregate fees billed for audit-related services for various attest services.
|
A.
|
The following documents are filed as part of this Annual Report on Form 10-K.
|
(1)
|
Consolidated Financial Statements. See “Item 8 — Financial Statements and Supplementary Data.”
|
(2)
|
Financial statement schedule. See “Item 8 — Financial Statements and Supplementary Data.”
|
(3)
|
Exhibits.
|
Exhibit Number
|
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Description
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DTE
Energy
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DTE
Electric
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3(a)
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Amended Bylaws of DTE Energy Company, as amended through September 17, 2015 (Exhibit 3.1 to DTE Energy’s Form 8-K dated September 17, 2015)
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X
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3(b)
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Amended and Restated Articles of Incorporation of DTE Energy Company, dated December 13, 1995 and as amended from time to time (Exhibit 3-1 to DTE Energy’s Form 8-K dated May 6, 2010).
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X
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3(c)
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Articles of Incorporation of DTE Electric Company, as amended effective January 1, 2013. (Exhibit 3-1 to DTE Electric's Form 8-K filed January 2, 2013).
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X
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3(d)
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Bylaws of The Detroit Edison Company, as amended through September 22, 1999. (Exhibit 3-14 to DTE Electric's Form 10-Q for the quarter ended September 30, 1999).
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X
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4(a)
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Amended and Restated Indenture, dated as of April 9, 2001, between DTE Energy Company and The Bank of New York, as trustee (Exhibit 4.1 to Registration Statement on Form S-3 (File No. 333-58834)) and indentures supplemental thereto, dated as of dates indicated below, and filed as exhibits to the filings set forth below:
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X
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Supplemental Indenture, dated as of April 1, 2003, between DTE Energy Company and The Bank of New York, as trustee (Exhibit 4(o) to DTE Energy’s Form 10-Q for the quarter ended March 31, 2003). (2003 Series A 6 3/8% Senior Notes due 2033)
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X
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Supplemental Indenture, dated as of September 1, 2012, between DTE Energy Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4-275 to DTE Energy’s Form 8-K dated October 1, 2012). (2012 Series C 5.25% Junior Subordinated Debentures due 2062)
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X
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Supplemental Indenture, dated as of December 1, 2013, between DTE Energy and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4-282 to DTE Energy’s Form 10-K for the year ended December 31, 2013). (2013 Series F Senior Notes due 2023)
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X
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Supplemental Indenture, dated as of May 1, 2014, between DTE Energy Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4-284 to DTE Energy’s Form 10-Q for the quarter ended June 30, 2014). (2014 Series C due 2024)
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X
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Supplemental Indenture, dated as of November 1, 2014, between DTE Energy Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4-287 to DTE Energy’s Form 10-K for the year ended December 31, 2014). (2014 Series G due 2019)
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X
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Supplemental Indenture, dated as of May 15, 2016, between DTE Energy Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4.1 to DTE Energy’s Form 8-K dated May 27, 2016). (2016 Series B)
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X
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Supplemental Indenture, dated as of June 1, 2016, between DTE Energy Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4-294 to DTE Energy’s Form 10-Q for the quarter ended June 30, 2016). (2015 Series BR)
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X
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Supplemental Indenture, dated as of September 1, 2016, to the Amended and Restated Indenture, dated as of April 9, 2001, by and between DTE Energy Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4.1 to DTE Energy's Form 8-K dated October 5, 2016). (2016 Series C)
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X
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Supplemental Indenture, dated as of October 1, 2016, to the Amended and Restated Indenture, dated as of April 9, 2001, by and between DTE Energy Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4.2 to DTE Energy’s Form 8-K dated October 5, 2016). (2016 Series D and E)
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X
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Supplemental Indenture, dated as of December 1, 2016, to the Amended and Restated Indenture, dated as of April 9, 2001, by and between DTE Energy Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4.1 to DTE Energy’s Form 8-K dated December 7, 2016). (2016 Series F)
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X
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Exhibit Number
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Description
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DTE
Energy
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DTE
Electric
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4(b)
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Mortgage and Deed of Trust, dated as of October 1, 1924, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit B-1 to Detroit Edison's Registration Statement on Form A-2 (File No. 2-1630)) and indentures supplemental thereto, dated as of dates indicated below, and filed as exhibits to the filings set forth below:
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X
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X
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Supplemental Indenture, dated as of December 1, 1940, to the Mortgage and Deed of Trust, dated as of October 1, 1924, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit B-14 to Detroit Edison's Registration Statement on Form A-2 (File No. 2-4609)). (amendment)
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X
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X
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Supplemental Indenture, dated as of September 1, 1947, to the Mortgage and Deed of Trust, dated as of October 1, 1924, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit B-20 to Detroit Edison's Registration Statement on Form S-1 (File No. 2-7136)). (amendment)
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X
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X
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Supplemental Indenture, dated as of March 1, 1950, to the Mortgage and Deed of Trust, dated as of October 1, 1924, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit B-22 to Detroit Edison's Registration Statement on Form S-1 (File No. 2-8290)). (amendment)
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X
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X
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Supplemental Indenture, dated as of November 15, 1951, to the Mortgage and Deed of Trust, dated as of October 1, 1924, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit B-23 to Detroit Edison's Registration Statement on Form S-1 (File No. 2-9226)). (amendment)
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X
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X
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Supplemental Indenture, dated as of August 15, 1957, to the Mortgage and Deed of Trust, dated as of October 1, 1924, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 3-B-30 to Detroit Edison's Form 8-K dated September 11, 1957). (amendment)
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X
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X
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Supplemental Indenture, dated as of December 1, 1966, to the Mortgage and Deed of Trust, dated as of October 1, 1924, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 2-B-32 to Detroit Edison's Registration Statement on Form S-9 (File No. 2-25664)). (amendment)
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X
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X
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Supplemental Indenture, dated as of May 1, 1991, to the Mortgage and Deed of Trust, dated as of October 1, 1924, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4-178 to Detroit Edison's Form 10-K for the year ended December 31, 1996). (1991 Series CP)
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X
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X
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Supplemental Indenture, dated as of May 15, 1991, to the Mortgage and Deed of Trust, dated as of October 1, 1924, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4-179 to Detroit Edison's Form 10-K for the year ended December 31, 1996). (1991 Series DP)
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X
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X
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Supplemental Indenture, dated as of February 29, 1992, to the Mortgage and Deed of Trust, dated as of October 1, 1924, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4-187 to Detroit Edison's Form 10-Q for the quarter ended March 31, 1998). (1992 Series AP)
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X
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X
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Supplemental Indenture, dated as of April 26, 1993, to the Mortgage and Deed of Trust, dated as of October 1, 1924, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4-215 to Detroit Edison's Form 10-K for the year ended December 31, 2000). (amendment)
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X
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X
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Supplemental Indenture, dated as of September 17, 2002, to the Mortgage and Deed of Trust, dated as of October 1, 1924, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4.1 to Detroit Edison's Registration Statement on Form S-3 (File No. 333-100000)). (amendment and successor trustee)
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X
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X
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Supplemental Indenture, dated as of October 15, 2002, to the Mortgage and Deed of Trust, dated as of October 1, 1924, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4-230 to Detroit Edison's Form 10-Q for the quarter ended September 30, 2002). (2002 Series B)
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X
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X
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Exhibit Number
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Description
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DTE
Energy
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DTE
Electric
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Supplemental Indenture, dated as of April 1, 2005, to the Mortgage and Deed of Trust, dated as of October 1, 1924, between Detroit Edison and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4.3 to Detroit Edison's Registration Statement on Form S-4 (File No. 333-123926)). (2005 Series BR)
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X
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X
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Supplemental Indenture, dated as of September 15, 2005, to the Mortgage and Deed of Trust, dated as of October 1, 1924, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4.2 to Detroit Edison's Form 8-K dated September 29, 2005). (2005 Series C)
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X
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X
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Supplemental Indenture, dated as of September 30, 2005, to the Mortgage and Deed of Trust, dated as of October 1, 1924, between Detroit Edison and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4-248 to Detroit Edison's Form 10-Q for the quarter ended September 30, 2005). (2005 Series E)
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X
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X
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Supplemental Indenture, dated as of May 15, 2006, to the Mortgage and Deed of Trust, dated as of October 1, 1924, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4-250 to Detroit Edison's Form 10-Q for the quarter ended June 30, 2006). (2006 Series A)
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X
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X
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Supplemental Indenture, dated as of December 1, 2007, to the Mortgage and Deed of Trust, dated as of October 1, 1924, between The Detroit Edison Company and J.P. Morgan Trust Company, National Association, as successor trustee (Exhibit 4.2 to Detroit Edison's Form 8-K dated December 18, 2007). (2007 Series A)
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X
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X
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Supplemental Indenture, dated as of May 1, 2008 to Mortgage and Deed of Trust, dated as of October 1, 1924 between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4-253 to Detroit Edison's Form 10-Q for the quarter ended June 30, 2008). (2008 Series ET)
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X
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X
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Supplemental Indenture, dated as of June 1, 2008 to Mortgage and Deed of Trust, dated as of October 1, 1924 between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4-255 to Detroit Edison's Form 10-Q for the quarter ended June 30, 2008). (2008 Series G)
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X
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X
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Supplemental Indenture, dated as of July 1, 2008 to Mortgage and Deed of Trust, dated as of October 1, 1924 between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4-257 to Detroit Edison's Form 10-Q for the quarter ended June 30, 2008). (2008 Series KT)
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X
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X
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Supplemental Indenture, dated as of August 1, 2010, to the Mortgage and Deed of Trust, dated as of October 1, 1924, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4-269 to Detroit Edison's Form 10-Q for the quarter ended September 30, 2010). (2010 Series B)
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X
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X
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Supplemental Indenture, dated as of September 1, 2010, to the Mortgage and Deed of Trust, dated as of October 1, 1924, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4-271 to Detroit Edison's Form 10-Q for the quarter ended September 30, 2010). (2010 Series A)
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X
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X
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Supplemental Indenture, dated as of May 15, 2011, to the Mortgage and Deed of Trust, dated as of October 1, 1924, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A. as successor trustee (Exhibit 4-275 to Detroit Edison's Form 10-Q for the quarter ended June 30, 2011). (2011 Series B)
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X
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X
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Supplemental Indenture, dated as of August 1, 2011, to the Mortgage and Deed of Trust, dated as of October 1, 1924, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A. as successor trustee (Exhibit 4-276 to Detroit Edison's Form 10-Q for the quarter ended September 30, 2011). (2011 Series GT)
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X
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X
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Supplemental Indenture, dated as of August 15, 2011, to the Mortgage and Deed of Trust, dated as of October 1, 1924, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A. as successor trustee (Exhibit 4-277 to Detroit Edison's Form 10-Q for the quarter ended September 30, 2011). (2011 Series D, 2011 Series E, 2011 Series F)
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X
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X
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Exhibit Number
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Description
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DTE
Energy
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DTE
Electric
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Supplemental Indenture, dated as of September 1, 2011, to the Mortgage and Deed of Trust, dated as of October 1, 1924, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A. as successor trustee (Exhibit 4-278 to Detroit Edison's Form 10-Q for the quarter ended September 30, 2011). (2011 Series H)
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X
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X
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Supplemental Indenture dated as of June 20, 2012, to the Mortgage and Deed of Trust, dated as of October 1, 1924, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4-279 to Detroit Edison's Form 10-Q for the quarter ended June 30, 2012). (2012 Series A and B)
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X
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X
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Supplemental Indenture, dated as of March 15, 2013, to the Mortgage and Deed of Trust dated as of October 1, 1924, between DTE Electric Company and The Bank of New York Mellon, N.A., as successor trustee (Exhibit 4-280 to DTE Electric Form 10-Q for the quarter ended March 31, 2013). (2013 Series A)
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X
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X
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Supplemental Indenture, dated as of August 1, 2013, to the Mortgage and Deed of Trust, dated as of October 1, 1924, between DTE Electric Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4-281 to DTE Electric’s Form 10-Q for the quarter ended September 30, 2013). (2013 Series B)
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X
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X
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Supplemental Indenture, dated as of June 1, 2014, to the Mortgage and Deed of Trust dated as of October 1, 1924, between DTE Electric Company and The Bank of New York Mellon, N.A., as successor trustee (Exhibit 4-282 to DTE Electric's Form 10-Q for the quarter ended June 30, 2014). (2014 Series A and B)
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X
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X
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Supplemental Indenture, dated as of July 1, 2014, to the Mortgage and Deed of Trust dated as of October 1, 1924, between DTE Electric Company and The Bank of New York Mellon, N.A., as successor trustee (Exhibit 4-283 to DTE Electric's Form 10-Q for the quarter ended June 30, 2014). (2014 Series D and E)
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X
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X
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Supplemental Indenture, dated as of March 1, 2015, to the Mortgage and Deed of Trust dated as of October 1, 1924, between DTE Electric Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee. (Exhibit 4-289 to DTE Electric's Form 10-Q for the quarter ended March 31, 2015). (2015 Series A)
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X
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X
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Supplemental Indenture, dated as of May 1, 2016, to the Mortgage and Deed of Trust dated as of October 1, 1924, between DTE Electric Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee. (Exhibit 4-293 to DTE Electric's Form 10-Q for the quarter ended June 30, 2016). (2016 Series A)
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X
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X
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4(c)
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Collateral Trust Indenture, dated as of June 30, 1993, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4-152 to Detroit Edison's Registration Statement (File No. 33-50325)) and indentures supplemental thereto, dated as of dates indicated below, and filed as exhibits to the filings set forth below:
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X
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X
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Tenth Supplemental Indenture, dated as of October 23, 2002, to the Collateral Trust Indenture, dated as of June 30, 1993, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4-231 to Detroit Edison's Form 10-Q for the quarter ended September 30, 2002). (6.35% Senior Notes due 2032)
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X
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X
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Sixteenth Supplemental Indenture, dated as of April 1, 2005, to the Collateral Trust Indenture, dated as of June 30, 1993, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4.1 to Detroit Edison's Registration Statement on Form S-4 (File No. 333-123926)). (2005 Series BR 5.45% Senior Notes due 2035)
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X
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X
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Eighteenth Supplemental Indenture, dated as of September 15, 2005, to the Collateral Trust Indenture, dated as of June 30, 1993, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4.1 to Detroit Edison's Form 8-K dated September 29, 2005). (2005 Series C 5.19% Senior Notes due October 1, 2023)
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X
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X
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Exhibit Number
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Description
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DTE
Energy
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DTE
Electric
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Nineteenth Supplemental Indenture, dated as of September 30, 2005, to the Collateral Trust Indenture, dated as of June 30, 1993, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4-247 to Detroit Edison's Form 10-Q for the quarter ended September 30, 2005). (2005 Series E 5.70% Senior Notes due 2037)
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X
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X
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Twentieth Supplemental Indenture, dated as of May 15, 2006, to the Collateral Trust Indenture dated as of June 30, 1993, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4-249 to Detroit Edison's Form 10-Q for the quarter ended June 30, 2006). (2006 Series A Senior Notes due 2036)
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X
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X
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Twenty-second Supplemental Indenture, dated as of December 1, 2007, to the Collateral Trust Indenture, dated as of June 30, 1993, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4.1 to Detroit Edison's Form 8-K dated December 18, 2007). (2007 Series A Senior Notes due 2038)
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X
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X
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Twenty-fourth Supplemental Indenture, dated as of May 1, 2008 to the Collateral Trust Indenture, dated as of June 30, 1993 between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A. as successor trustee (Exhibit 4-254 to Detroit Edison's Form 10-Q for the quarter ended June 30, 2008). (2008 Series ET Variable Rate Senior Notes due 2029)
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X
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X
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Twenty-fifth Supplemental Indenture, dated as of June 1, 2008 to the Collateral Trust Indenture, dated as of June 30, 1993 between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4-256 to Detroit Edison's Form 10-Q for the quarter ended June 30, 2008). (2008 Series G 5.60% Senior Notes due 2018)
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X
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X
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Twenty-sixth Supplemental Indenture, dated as of July 1, 2008 to the Collateral Trust Indenture, dated as of June 30, 1993 between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4-258 to Detroit Edison's Form 10-Q for the quarter ended June 30, 2008). (2008 Series KT Variable Rate Senior Notes due 2020)
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X
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X
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Thirty-first Supplemental Indenture, dated as of August 1, 2010 to the Collateral Trust Indenture, dated as of June 1, 1993 between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4-270 to Detroit Edison's Form 10-Q for the quarter ended September 30, 2010). (2010 Series B 3.45% Senior Notes due 2020)
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X
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X
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Thirty-second Supplemental Indenture, dated as of September 1, 2010, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4-272 to Detroit Edison's Form 10-Q for the quarter ended September 30, 2010). (2010 Series A 4.89% Senior Notes due 2020)
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X
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X
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|
|
4(d)
|
|
Indenture dated as of June 1, 1998 between Michigan Consolidated Gas Company and Citibank, N.A., as trustee, related to Senior Debt Securities (Exhibit 4-1 to Michigan Consolidated Gas Company Registration Statement on Form S-3 (File No. 333-63370)) and indentures supplemental thereto, dated as of dates indicated below, and filed as exhibits to the filings set forth below:
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
Fourth Supplemental Indenture dated as of February 15, 2003, to the Indenture dated as of June 1, 1998 between Michigan Consolidated Gas Company and Citibank, N.A., trustee (Exhibit 4-3 to Michigan Consolidated Gas Company Form 10-Q for the quarter ended March 31, 2003). (5.70% Senior Notes, 2003 Series A due 2033)
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
Fifth Supplemental Indenture dated as of October 1, 2004, to the Indenture dated as of June 1, 1998 between Michigan Consolidated Gas Company and Citibank, N.A., trustee (Exhibit 4-6 to Michigan Consolidated Gas Company Form 10-Q for the quarter ended September 31, 2004). (5.00% Senior Notes, 2004 Series E due 2019)
|
|
X
|
|
|
|
|
|
|
|
|
|
Exhibit Number
|
|
Description
|
|
DTE
Energy
|
|
DTE
Electric
|
|
|
|
|
|
|
|
|
|
Sixth Supplemental Indenture dated as of April 1, 2008, to the Indenture dated as of June 1, 1998 between Michigan Consolidated Gas Company and Citibank, N.A., trustee (Exhibit 4-241 to DTE Energy’s Form 10-Q for the quarter ended March 31, 2008). (6.04% Senior Notes, 2008 Series B due 2018 and 6.44% Senior Notes, 2008 Series C due 2023)
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
Seventh Supplemental Indenture, dated as of June 1, 2008 to Indenture dated as of June 1, 1998 between Michigan Consolidated Gas Company and Citibank, N.A., trustee (Exhibit 4-243 to DTE Energy’s Form 10-Q for the quarter ended June 30, 2008). (6.78% Senior Notes, 2008 Series F due 2028)
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
Eighth Supplemental Indenture, dated as of August 1, 2008 to Indenture dated as of June 1, 1998 between Michigan Consolidated Gas Company and Citibank, N.A., trustee (Exhibit 4-251 to DTE Energy’s Form 10-Q for the quarter ended September 30, 2008). (6.36% Senior Notes, 2008 Series I due 2020)
|
|
X
|
|
|
|
|
|
|
|
|
|
4(e)
|
|
Indenture of Mortgage and Deed of Trust dated as of March 1, 1944 (Exhibit 7-D to Michigan Consolidated Gas Company Registration Statement No. 2-5252) and indentures supplemental thereto, dated as of dates indicated below, and filed as exhibits to the filings set forth below:
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
Thirty-seventh Supplemental Indenture dated as of February 15, 2003 to Indenture of Mortgage and Deed of Trust dated as of March 1, 1944 between Michigan Consolidated Gas Company and Citibank, N.A., trustee (Exhibit 4-4 to Michigan Consolidated Gas Company Form 10-Q for the quarter ended March 31, 2003). (5.70% collateral bonds due 2033)
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
Thirty-eighth Supplemental Indenture dated as of October 1, 2004 to Indenture of Mortgage and Deed of Trust dated as of March 1, 1944 between Michigan Consolidated Gas Company and Citibank, N.A., trustee (Exhibit 4-5 to Michigan Consolidated Gas Company Form 10-Q for the quarter ended September 31, 2004). (2004 Series E collateral bonds)
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
Thirty-ninth Supplemental Indenture, dated as of April 1, 2008 to Indenture of Mortgage and Deed of Trust dated as of March 1, 1944 between Michigan Consolidated Gas Company and Citibank, N.A., trustee (Exhibit 4-240 to DTE Energy’s Form 10-Q for the quarter ended March 31, 2008). (2008 Series B and C Collateral Bonds)
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
Fortieth Supplemental Indenture, dated as of June 1, 2008 to Indenture of Mortgage and Deed of Trust dated as of March 1, 1944 between Michigan Consolidated Gas Company and Citibank, N.A., trustee (Exhibit 4-242 to DTE Energy’s Form 10-Q for the quarter ended June 30, 2008). (2008 Series F Collateral Bonds)
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
Forty-first Supplemental Indenture, dated as of August 1, 2008 to Indenture of Mortgage and Deed of Trust dated as of March 1, 1944 between Michigan Consolidated Gas Company and Citibank, N.A., trustee (Exhibit 4-250 to DTE Energy’s Form 10-Q for the quarter ended September 30, 2008). (2008 Series I Collateral Bonds)
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
Forty-third Supplemental Indenture, dated as of December 1, 2012 to Indenture of Mortgage and Deed of Trust dated as of March 1, 1944 between Michigan Consolidated Gas Company and Citibank, N.A., trustee (Exhibit 4-279 to DTE Energy’s Form 10-K for the year ended December 31, 2012). (2012 First Mortgage Bonds Series D)
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
Forty-fourth Supplemental Indenture, dated as of December 1, 2013 to Indenture of Mortgage and Deed of Trust dated March 1, 1944 between DTE Gas Company and Citibank, N.A., (Exhibit 4-283 to DTE Energy’s Form 10-K for the year ended December 31, 2013). (2013 First Mortgage Bonds Series C, D, and E)
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
Forty-fifth Supplemental Indenture, dated as of December 1, 2014 to Indenture of Mortgage and Deed of Trust dated as of March 1, 1944 between DTE Gas Company and Citibank, N.A. (Exhibit 4-288 to DTE Energy’s Form 10-K for the year ended December 31, 2014). (2014 First Mortgage Bonds Series F)
|
|
X
|
|
|
|
|
|
|
|
|
|
Exhibit Number
|
|
Description
|
|
DTE
Energy
|
|
DTE
Electric
|
|
|
|
|
|
|
|
|
|
Forty-sixth Supplemental Indenture, dated as of August 1, 2015 to Indenture of Mortgage and Deed of Trust dated as of March 1, 1944 between DTE Gas Company and Citibank, N.A. (Exhibit 4-292 to DTE Energy’s Form 10-Q for the quarter ended September 30, 2015). (2015 First Mortgage Bonds Series C and D)
|
|
X
|
|
|
|
|
|
|
|
|
|
10(a)
|
|
Form of Indemnification Agreement between DTE Energy Company and each of Gerard M. Anderson, Steven E. Kurmas, David E. Meador, Gerardo Norcia, Peter B. Oleksiak, Bruce D. Peterson, and non-employee Directors (Exhibit 10-1 to DTE Energy’s Form 8-K dated December 6, 2007)
|
|
X
|
|
|
|
|
|
|
|
|
|
10(b)
|
|
Certain arrangements pertaining to the employment of Gerard M. Anderson with The Detroit Edison Company, dated October 6, 1993 (Exhibit 10-48 to The Detroit Edison Company's Form 10-K for the year ended December 31, 1993)
|
|
X
|
|
X
|
|
|
|
|
|
|
|
10(c)
|
|
Certain arrangements pertaining to the employment of David E. Meador with The Detroit Edison Company, dated January 14, 1997 (Exhibit 10-5 to The Detroit Edison Company’s Form 10-K for the year ended December 31, 1996)
|
|
X
|
|
X
|
|
|
|
|
|
|
|
10(d)
|
|
Certain arrangements pertaining to the employment of Bruce D. Peterson, dated May 22, 2002 (Exhibit 10-48 to DTE Energy’s Form 10-Q for the quarter ended June 30, 2002)
|
|
X
|
|
|
|
|
|
|
|
|
|
10(e)
|
|
DTE Energy Company Annual Incentive Plan (Exhibit 10-44 to DTE Energy’s Form 10-Q for the quarter ended March 31, 2001)
|
|
X
|
|
|
|
|
|
|
|
|
|
10(f)
|
|
Amended and Restated DTE Energy Company Long-Term Incentive Plan (as Amended February 6, 2014) (Exhibit 10-88 to DTE Energy’s Form 10-Q for the quarter ended March 31, 2014)
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
First Amendment to DTE Energy Company Long-Term Incentive Plan Amended and Restated Effective May 1, 2014, dated as of February 4, 2016 (Exhibit 10.99 to DTE Energy's Form 10-K for the year ended December 31, 2015)
|
|
X
|
|
|
|
|
|
|
|
|
|
10(g)
|
|
DTE Energy Company Retirement Plan for Non-Employee Directors' Fees (as Amended and Restated effective as of December 31, 1998) (Exhibit 10-31 to DTE Energy’s Form 10-K for the year ended December 31, 1998)
|
|
X
|
|
|
|
|
|
|
|
|
|
10(h)
|
|
The Detroit Edison Company Supplemental Long-Term Disability Plan, dated January 27, 1997 (Exhibit 10-4 to The Detroit Edison Company’s Form 10-K for the year ended December 31, 1996)
|
|
X
|
|
X
|
|
|
|
|
|
|
|
10(i)
|
|
Description of Executive Life Insurance Plan (Exhibit 10-47 to DTE Energy’s Form 10-Q for the quarter ended June 30, 2002)
|
|
X
|
|
|
|
|
|
|
|
|
|
10(j)
|
|
DTE Energy Affiliates Nonqualified Plans Master Trust, effective as of August 15, 2013 (Exhibit 10-87 to DTE Energy’s Form 10-Q for the quarter ended September 30, 2013)
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
First Amendment to DTE Energy Affiliates Nonqualified Plans Master Trust, effective as of March 15, 2015 (Exhibit 10-94 to DTE Energy’s Form 10-Q for the quarter ended March 15, 2015)
|
|
X
|
|
|
|
|
|
|
|
|
|
10(k)
|
|
Form of Director Restricted Stock Agreement (Exhibit 10.1 to DTE Energy’s Form 8-K dated June 23, 2005)
|
|
X
|
|
|
|
|
|
|
|
|
|
10(l)
|
|
Form of Director Restricted Stock Agreement pursuant to the DTE Energy Company Long-Term Incentive Plan (Exhibit 10.1 to DTE Energy’s Form 8-K dated June 29, 2006)
|
|
X
|
|
|
|
|
|
|
|
|
|
10(m)
|
|
DTE Energy Company Executive Supplemental Retirement Plan as Amended and Restated, effective as of January 1, 2005 (Exhibit 10.75 to DTE Energy’s Form 10-K for the year ended December 31, 2008)
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
First Amendment to the DTE Energy Company Executive Supplemental Retirement Plan (Amended and Restated Effective January 1, 2005) dated as of December 2, 2009 (Exhibit 10.1 to DTE Energy’s Form 8-K dated December 8, 2009)
|
|
X
|
|
|
|
|
|
|
|
|
|
Exhibit Number
|
|
Description
|
|
DTE
Energy
|
|
DTE
Electric
|
|
|
|
|
|
|
|
|
|
Second Amendment to the DTE Energy Company Executive Supplemental Retirement Plan (Amended and Restated Effective January 1, 2005) dated as of May 5, 2011 (Exhibit 10.80 to DTE Energy’s Form 10-Q for the quarter ended March 31, 2012)
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
Third Amendment to the DTE Energy Company Executive Supplemental Retirement Plan (Amended and Restated Effective January 1, 2005) dated as of February 3, 2016 (Exhibit 10.96 to DTE Energy's Form 10-K for the year ended December 31, 2015)
|
|
X
|
|
|
|
|
|
|
|
|
|
10(n)
|
|
DTE Energy Company Supplemental Retirement Plan as Amended and Restated, effective as of January 1, 2005 (Exhibit 10.76 to DTE Energy’s Form 10-K for the year ended December 31, 2008)
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
First Amendment to the DTE Energy Company Supplemental Retirement Plan (Amended and Restated, effective as of January 1, 2005) dated as of March 19, 2013 (Exhibit 10.92 to Form DTE Energy’s 10-K for the year ended December 31, 2014)
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
Second Amendment to the DTE Energy Company Supplemental Retirement Plan (Amended and Restated, effective as of January 1, 2005) dated as of November 11, 2014 (Exhibit 10.93 to DTE Energy’s Form 10-K for the year ended December 31, 2014)
|
|
X
|
|
|
|
|
|
|
|
|
|
10(o)
|
|
DTE Energy Company Supplemental Savings Plan as Amended and Restated, effective as of January 1, 2005 (Exhibit 10.77 to DTE Energy’s Form 10-K for the year ended December 31, 2008)
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
Second Amendment to the DTE Energy Supplemental Savings Plan dated as of November 13, 2012 (Exhibit 10.81 to DTE Energy’s Form 10-K for the year ended December 31, 2012)
|
|
X
|
|
|
|
|
|
|
|
|
|
10(p)
|
|
DTE Energy Company Executive Deferred Compensation Plan as Amended and Restated, effective as of January 1, 2005 (Exhibit 10.78 to DTE Energy’s Form 10-K for the year ended December 31, 2008)
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
First Amendment to DTE Energy Company Executive Deferred Compensation Plan as Amended and Restated, effective as of January 1, 2005, dated as of February 4, 2016 (Exhibit 10.98 to DTE Energy’s Form 10-K for the year ended December 31, 2015)
|
|
X
|
|
|
|
|
|
|
|
|
|
10(q)
|
|
DTE Energy Company Plan for Deferring the Payment of Directors' Fees as Amended and Restated, effective as of January 1, 2005 (Exhibit 10.79 to DTE Energy’s Form 10-K for the year ended December 31, 2008)
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
First Amendment, dated as of June 25, 2015, to the DTE Energy Company Plan for Deferring the Payment of Directors’ Fees (as Amended and Restated effective as of January 1, 2005) (Exhibit 10.95 to DTE Energy’s Form 10-Q for the quarter ended June 30, 2015)
|
|
X
|
|
|
|
|
|
|
|
|
|
10(r)
|
|
DTE Energy Company Deferred Stock Compensation Plan for Non-Employee Directors as Amended and Restated, effective January 1, 2005 (Exhibit 10.80 to DTE Energy’s Form 10-K for the year ended December 31, 2008)
|
|
X
|
|
|
|
|
|
|
|
|
|
10(s)
|
|
Form of Third Amended and Restated DTE Energy Company Five-Year Credit Agreement, dated as of October 21, 2011 and amended and restated as of April 16, 2015, by and among DTE Energy Company, the lenders party thereto, Citibank, N.A., as Administrative Agent, and Barclays Bank PLC, The Bank of Nova Scotia and JPMorgan Chase Bank, N.A. as Co-Syndication Agents (Exhibit 10.01 to DTE Energy Company's Form 8-K filed on April 21, 2015)
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
Request for Extension of Termination Date, dated as of March 17, 2016, to the Third Amended and Restated Five-Year Credit Agreement, dated as of October 21, 2011, amended and restated as of April 5, 2013, and amended and restated as of April 16, 2015, by and among DTE Energy, the lenders party thereto, Citibank, N.A., as Administrative Agent, and Barclays Bank PLC, The Bank of Nova Scotia and JPMorgan Chase Bank, N.A, as Co-Syndication Agents (Exhibit 10.101 to DTE Energy’s Form 10-Q for the quarter ended June 30, 2016)
|
|
X
|
|
|
|
|
|
|
|
|
|
Exhibit Number
|
|
Description
|
|
DTE
Energy
|
|
DTE
Electric
|
|
|
|
|
|
|
|
10(t)
|
|
Form of Third Amended and Restated DTE Gas Company Five-Year Credit Agreement, dated as of October 21, 2011 and amended and restated as of April 16, 2015, by and among DTE Gas Company, the lenders party thereto, JPMorgan Chase Bank, N.A., as Administrative Agent, and Barclays Bank PLC, Citibank, N.A., and Bank of America, N.A., as Co-Syndication Agents (Exhibit 10.02 to DTE Energy Company's Form 8-K filed on April 21, 2015)
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
Request for Extension of Termination Date, dated as of March 17, 2016, to the Third Amended and Restated Five-Year Credit Agreement, dated as of October 21, 2011, amended and restated as of April 5, 2013, and amended and restated as of April 16, 2015, by and among DTE Gas the lenders party thereto, JPMorgan Chase Bank, N.A., as Administrative Agent, and Barclays Bank PLC, Citibank, N.A. and Bank of America, N.A., as Co-Syndication Agents (Exhibit 10.102 to DTE Energy’s Form 10-Q for the quarter ended June 30, 2016)
|
|
X
|
|
|
|
|
|
|
|
|
|
10(u)
|
|
Form of Third Amended and Restated DTE Electric Company Five-Year Credit Agreement, dated as of October 21, 2011 and amended and restated as of April 16, 2015, by and among DTE Electric Company, the lenders party thereto, Barclays Bank PLC, as Administrative Agent, and Citibank N.A., JPMorgan Chase Bank, N.A., and Wells Fargo Bank, National Association as Co-Syndication Agents (Exhibit 10.01 to DTE Energy Company's and DTE Electric Company's Form 8-K filed on April 21, 2015)
|
|
X
|
|
X
|
|
|
|
|
|
|
|
|
|
Request for Extension of Termination Date, dated as of March 17, 2016, to the Third Amended and Restated Five-Year Credit Agreement, dated as of October 21, 2011, amended and restated as of April 5, 2013, and further amended and restated as of April 16, 2015, by and among DTE Electric Company, the lenders party thereto, Barclays Bank PLC., as Administrative Agent, and Citibank, N.A., JPMorgan Chase Bank, N.A. and Wells Fargo Bank, National Association as Co-Syndication Agents (Exhibit 10.103 to DTE Energy’s Form 10-Q for the quarter ended June 30, 2016)
|
|
X
|
|
X
|
|
|
|
|
|
|
|
10(v)
|
|
Form of Change-in-Control Agreement, dated as of March 3, 2014, between DTE Energy Company and each of Gerard M. Anderson, Steven E. Kurmas, Trevor F. Lauer, David E. Meador, Peter B. Oleksiak, Gerardo Norcia, Bruce D. Peterson and Larry E. Steward (Exhibit 10.1 to DTE Energy Company’s Form 8-K filed on March 3, 2014)
|
|
X
|
|
|
|
|
|
|
|
|
|
10(w)
|
|
Form of Change-In-Control Severance Agreement dated as of July 1, 2014, between DTE Energy Company and Donna M. England (Exhibit 10-90 to DTE Energy’s Form 10-Q for the quarter ended June 30, 2014)
|
|
X
|
|
|
|
|
|
|
|
|
|
10(x)
|
|
Form of Change-In-Control Severance Agreement dated as of July 1, 2014, between DTE Energy Company and each of Lisa A. Muschong, David Ruud and Mark W. Stiers (Exhibit 10-91 to DTE Energy’s Form 10-Q for the quarter ended June 30, 2014)
|
|
X
|
|
|
|
|
|
|
|
|
|
10(y)
|
|
First Amendment to DTE Energy Company Executive Performance Plan Effective May 7, 2015, dated as of February 3, 2016 (Exhibit 10.97 to DTE Energy's Form 10-K for the year ended December 31, 2015)
|
|
X
|
|
|
|
Year Ending December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
|
(In millions)
|
||||||||||
Allowance for Doubtful Accounts (shown as deduction from Accounts receivable in DTE Energy's Consolidated Statements of Financial Position)
|
|
|
|
|
|
||||||
Balance at Beginning of Period
|
$
|
49
|
|
|
$
|
54
|
|
|
$
|
55
|
|
Additions:
|
|
|
|
|
|
||||||
Charged to costs and expenses
|
78
|
|
|
93
|
|
|
95
|
|
|||
Charged to other accounts
(a)
|
18
|
|
|
14
|
|
|
20
|
|
|||
Deductions
(b)
|
(104
|
)
|
|
(112
|
)
|
|
(116
|
)
|
|||
Balance at End of Period
|
$
|
41
|
|
|
$
|
49
|
|
|
$
|
54
|
|
(a)
|
Collection of accounts previously written off.
|
(b)
|
Uncollectible accounts written off.
|
|
Year Ending December 31,
|
||||||||||
|
2016
|
|
2015
|
|
2014
|
||||||
|
(In millions)
|
||||||||||
Allowance for Doubtful Accounts (shown as deduction from Accounts receivable in DTE Electric's Consolidated Statements of Financial Position)
|
|
|
|
|
|
||||||
Balance at Beginning of Period
|
$
|
28
|
|
|
$
|
29
|
|
|
$
|
28
|
|
Additions:
|
|
|
|
|
|
|
|
|
|||
Charged to costs and expenses
|
49
|
|
|
51
|
|
|
50
|
|
|||
Charged to other accounts
(a)
|
8
|
|
|
6
|
|
|
10
|
|
|||
Deductions
(b)
|
(60
|
)
|
|
(58
|
)
|
|
(59
|
)
|
|||
Balance at End of Period
|
$
|
25
|
|
|
$
|
28
|
|
|
$
|
29
|
|
(a)
|
Collection of accounts previously written off.
|
(b)
|
Uncollectible accounts written off.
|
|
|
DTE ENERGY COMPANY
|
|
|
(Registrant)
|
|
|
|
|
|
|
|
By:
|
/S/ GERARD M. ANDERSON
|
|
|
Gerard M. Anderson
Chairman of the Board and Chief Executive Officer |
By:
|
/S/ GERARD M. ANDERSON
|
|
By:
|
/S/ PETER B. OLEKSIAK
|
|
Gerard M. Anderson
Chairman of the Board, Chief Executive Officer and Director (Principal Executive Officer) |
|
|
Peter B. Oleksiak
Senior Vice President and Chief Financial Officer (Principal Financial Officer) |
|
|
|
|
|
By:
|
/S/ DONNA M. ENGLAND
|
|
By:
|
/S/ JAMES B. NICHOLSON
|
|
Donna M. England
Chief Accounting Officer (Principal Accounting Officer) |
|
|
James B. Nicholson, Director
|
|
|
|
|
|
By:
|
/S/ DAVID A. BRANDON
|
|
By:
|
/S/ CHARLES W. PRYOR, JR.
|
|
David A. Brandon, Director
|
|
|
Charles W. Pryor, Jr., Director
|
|
|
|
|
|
By:
|
/S/ W. FRANK FOUNTAIN, JR.
|
|
By:
|
/S/ JOSUE ROBLES, JR.
|
|
W. Frank Fountain, Jr., Director
|
|
|
Josue Robles, Jr., Director
|
|
|
|
|
|
By:
|
/S/ CHARLES G. MCCLURE JR.
|
|
By:
|
/S/ RUTH G. SHAW
|
|
Charles G. McClure Jr., Director
|
|
|
Ruth G. Shaw, Director
|
|
|
|
|
|
By:
|
/S/ GAIL J. MCGOVERN
|
|
By:
|
/S/ DAVID A. THOMAS
|
|
Gail J. McGovern, Director
|
|
|
David A. Thomas, Director
|
|
|
|
|
|
By:
|
/S/ MARK A. MURRAY
|
|
By:
|
/S/ JAMES H. VANDENBERGHE
|
|
Mark A. Murray, Director
|
|
|
James H. Vandenberghe, Director
|
|
|
DTE ELECTRIC COMPANY
|
|
|
(Registrant)
|
|
|
|
|
|
|
|
By:
|
/S/ GERARD M. ANDERSON
|
|
|
Gerard M. Anderson
Chairman of the Board and Chief Executive Officer |
By:
|
/S/ GERARD M. ANDERSON
|
|
By:
|
/S/ PETER B. OLEKSIAK
|
|
Gerard M. Anderson
Chairman of the Board,
Chief Executive Officer and Director
(Principal Executive Officer)
|
|
|
Peter B. Oleksiak
Senior Vice President and Chief Financial Officer (Principal Financial Officer) |
|
|
|
|
|
By:
|
/S/ DONNA M. ENGLAND
|
|
By:
|
/S/ LISA A. MUSCHONG
|
|
Donna M. England
Chief Accounting Officer
(Principal Accounting Officer)
|
|
|
Lisa A. Muschong, Director
|
|
|
|
|
|
By:
|
/S/ DAVID E. MEADOR
|
|
By:
|
/S/ BRUCE D. PETERSON
|
|
David E. Meador, Director
|
|
|
Bruce D. Peterson, Director
|
Designation of Series
|
Amount
Initially Issued |
Amount
Outstanding |
|||||
First Mortgage Bonds
|
|
|
|||||
|
|
|
|||||
2012 Series D First Mortgage Bonds
|
|
$70,000,000
|
|
|
$70,000,000
|
|
|
2013 Series C First Mortgage Bonds
|
|
$50,000,000
|
|
|
$50,000,000
|
|
|
2013 Series D First Mortgage Bonds
|
|
$70,000,000
|
|
|
$70,000,000
|
|
|
2013 Series E First Mortgage Bonds
|
|
$50,000,000
|
|
|
$50,000,000
|
|
|
2014 Series F First Mortgage Bonds
2015 Series C First Mortgage Bonds
2015 Series D First Mortgage Bonds
|
$150,000,000
$40,000,000
$125,000,000
|
|
$150,000,000
$40,000,000
$125,000,000
|
|
|||
|
|
|
|||||
Collateral Bonds
|
|
|
|||||
(Senior Notes)
|
|
|
|
||||
|
|
|
|||||
5.70% Collateral Bonds due 2033
|
|
$200,000,000
|
|
|
$200,000,000
|
|
|
2004 Series E Collateral Bonds
|
|
$120,000,000
|
|
|
$120,000,000
|
|
|
2008 Series B Collateral Bonds
|
|
$100,000,000
|
|
|
$100,000,000
|
|
|
2008 Series C Collateral Bonds
|
|
$25,000,000
|
|
|
$25,000,000
|
|
|
2008 Series F Collateral Bonds
|
|
$75,000,000
|
|
|
$75,000,000
|
|
|
2008 Series I Collateral Bonds
|
|
$50,000,000
|
|
|
$50,000,000
|
|
County
|
RECORDED
|
LIBER/
INSTRUMENT NO.
|
Page
|
Barry County Register of Deeds
|
8/28/15
|
2015-008544
|
|
Benzie County Register of Deeds
|
9/16/15
|
2015R-03923
|
|
Charlevoix County Register of Deeds
|
8/27/15
|
1103
|
813
|
Cheboygan County Register of Deeds
|
8/27/15
|
1289
|
325
|
Chippewa County Register of Deeds
|
8/27/15
|
1212
|
939
|
Clare County Register of Deeds
|
8/27/15
|
1295
|
306
|
Clinton County Register of Deeds
|
8/27/15
|
5232097
|
|
Crawford County Register of Deeds
|
8/27/15
|
723
|
887
|
Delta County Register of Deeds
|
8/27/15
|
1138
|
988
|
Dickinson County Register of Deeds
|
8/27/15
|
825
|
1
|
Emmet County Register of Deeds
|
8/27/15
|
1178
|
993
|
Gladwin County Register of Deeds
|
8/27/15
|
1056
|
836
|
Grand Traverse County Register of Deeds
|
8/27/15
|
2015R-15305
|
|
Gratiot County Register of Deeds
|
8/27/15
|
977
|
520
|
Ionia County Register of Deeds
|
8/27/15
|
639
|
576
|
Iosco County Register of Deeds
|
8/27/15
|
1137
|
779
|
Iron County Register of Deeds
|
8/27/15
|
659
|
521
|
Isabella County Register of Deeds
|
8/27/15
|
1709
|
292
|
Jackson County Register of Deeds
|
8/27/15
|
2061
|
1250
|
Kalkaska County Register of Deeds
|
8/27/15
|
3126331
|
|
Kent County Register of Deeds
|
8/27/15
|
20150827-0075853
|
|
Lake County Register of Deeds
|
8/27/15
|
379
|
742
|
Leelanau County Register of Deeds
|
8/27/15
|
1237
|
929
|
Lenawee County Register of Deeds
|
8/27/15
|
2513
|
23
|
Livingston County Register of Deeds
|
8/27/15
|
2015R-027170
|
|
Macomb County Register of Deeds
|
10/8/15
|
23663
|
228
|
Manistee County Register of Deeds
|
8/27/15
|
2015R004686
|
|
Marquette County Register of Deeds
|
8/27/15
|
2015R-08503
|
|
Mason County Register of Deeds
|
8/27/15
|
2015R04825
|
|
Mecosta County Register of Deeds
|
8/28/15
|
857
|
1068
|
Menominee County Register of Deeds
|
8/27/15
|
769
|
69
|
Missaukee County Register of Deeds
|
8/27/15
|
2015-02900
|
|
Monroe County Register of Deeds
|
8/27/15
|
2015R17460
|
|
Montcalm County Register of Deeds
|
8/27/15
|
2015R-10402
|
|
Montmorency County Register of Deeds
|
8/27/15
|
350
|
18
|
Muskegon County Register of Deeds
|
8/27/15
|
4064
|
97
|
Newaygo County Register of Deeds
|
8/27/15
|
458
|
9945
|
Oakland County Register of Deeds
|
8/28/15
|
48547
|
586
|
County
|
RECORDED
|
LIBER/
INSTRUMENT NO.
|
Page
|
Oceana County Register of Deeds
|
8/27/15
|
2015
|
14101
|
Ogemaw County Register of Deeds
|
8/27/15
|
3129887
|
|
Osceola County Register of Deeds
|
8/27/15
|
947
|
413
|
Oscoda County Register of Deeds
|
8/27/15
|
215-01915
|
|
Otsego County Register of Deeds
|
8/27/15
|
1383
|
660
|
Ottawa County Register of Deeds
|
8/28/15
|
2015-0033073
|
|
Presque Isle County Register of Deeds
|
8/27/15
|
567
|
931
|
Roscommon County Register of Deeds
|
8/31/15
|
1153
|
1
|
St. Clair County Register of Deeds
|
8/27/15
|
4634
|
482
|
Saginaw County Register of Deeds
|
8/27/15
|
2827
|
1061
|
Shiawassee County Register of Deeds
|
8/27/15
|
1214
|
57
|
Washtenaw County Register of Deeds
|
8/27/15
|
5112
|
457
|
Wayne County Register of Deeds
|
8/27/15
|
52441
|
745
|
Wexford County Register of Deeds
|
8/27/15
|
675
|
2705
|
|
Year Ended December 31,
|
||||||||||||||||||
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
||||||||||
|
(In millions)
|
||||||||||||||||||
Earnings:
|
|
|
|
|
|
|
|
|
|
||||||||||
Pretax earnings
|
$
|
1,105
|
|
|
$
|
950
|
|
|
$
|
1,275
|
|
|
$
|
922
|
|
|
$
|
960
|
|
Adjustments
|
23
|
|
|
(3
|
)
|
|
(15
|
)
|
|
(26
|
)
|
|
71
|
|
|||||
Fixed charges
|
493
|
|
|
473
|
|
|
453
|
|
|
461
|
|
|
463
|
|
|||||
Net earnings
|
$
|
1,621
|
|
|
$
|
1,420
|
|
|
$
|
1,713
|
|
|
$
|
1,357
|
|
|
$
|
1,494
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Fixed Charges:
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense
|
$
|
468
|
|
|
$
|
446
|
|
|
$
|
424
|
|
|
$
|
432
|
|
|
$
|
441
|
|
Adjustments
|
25
|
|
|
27
|
|
|
29
|
|
|
29
|
|
|
22
|
|
|||||
Fixed charges
|
$
|
493
|
|
|
$
|
473
|
|
|
$
|
453
|
|
|
$
|
461
|
|
|
$
|
463
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Ratio of earnings to fixed charges
|
3.29
|
|
|
3.00
|
|
|
3.78
|
|
|
2.94
|
|
|
3.23
|
|
|
Year Ended December 31,
|
||||||||||||||||||
|
2016
|
|
2015
|
|
2014
|
|
2013
|
|
2012
|
||||||||||
|
(In millions)
|
||||||||||||||||||
Earnings:
|
|
|
|
|
|
|
|
|
|
||||||||||
Pretax earnings
|
$
|
975
|
|
|
$
|
836
|
|
|
$
|
830
|
|
|
$
|
741
|
|
|
$
|
768
|
|
Adjustments
|
(8
|
)
|
|
(11
|
)
|
|
(11
|
)
|
|
(7
|
)
|
|
(7
|
)
|
|||||
Fixed charges
|
278
|
|
|
277
|
|
|
267
|
|
|
281
|
|
|
286
|
|
|||||
Net earnings
|
$
|
1,245
|
|
|
$
|
1,102
|
|
|
$
|
1,086
|
|
|
$
|
1,015
|
|
|
$
|
1,047
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Fixed Charges:
|
|
|
|
|
|
|
|
|
|
||||||||||
Interest expense
|
$
|
261
|
|
|
$
|
255
|
|
|
$
|
247
|
|
|
$
|
264
|
|
|
$
|
269
|
|
Adjustments
|
17
|
|
|
22
|
|
|
20
|
|
|
17
|
|
|
17
|
|
|||||
Fixed charges
|
$
|
278
|
|
|
$
|
277
|
|
|
$
|
267
|
|
|
$
|
281
|
|
|
$
|
286
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Ratio of earnings to fixed charges
|
4.48
|
|
|
3.98
|
|
|
4.07
|
|
|
3.61
|
|
|
3.66
|
|
Subsidiary
|
|
State of Incorporation
|
|
1.
|
DTE Electric Company
|
|
Michigan
|
2.
|
DTE Enterprises, Inc.
|
|
Michigan
|
3.
|
DTE Gas Company
|
|
Michigan
|
1.
|
I have reviewed this Annual Report on Form 10-K of DTE Energy Company;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a.
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b.
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c.
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d.
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
a.
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
b.
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
/S/ GERARD M. ANDERSON
|
Date:
|
February 9, 2017
|
Gerard M. Anderson
Chairman of the Board and
Chief Executive Officer of DTE Energy Company
|
|
|
1.
|
I have reviewed this Annual Report on Form 10-K of DTE Energy Company;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a.
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b.
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c.
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d.
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
a.
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
b.
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
/S/ PETER B. OLEKSIAK
|
Date:
|
February 9, 2017
|
Peter B. Oleksiak
Senior Vice President and
Chief Financial Officer of DTE Energy Company
|
|
|
1.
|
I have reviewed this Annual Report on Form 10-K of DTE Electric Company;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a.
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b.
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c.
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d.
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
|
a.
|
All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
|
b.
|
Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
|
/S/ GERARD M. ANDERSON
|
Date:
|
February 9, 2017
|
Gerard M. Anderson
Chairman of the Board and
Chief Executive Officer of DTE Electric Company
|
|
|
1.
|
I have reviewed this Annual Report on Form 10-K of DTE Electric Company;
|
2.
|
Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
|
3.
|
Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
|
4.
|
The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
|
a.
|
Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
|
b.
|
Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
|
c.
|
Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
|
d.
|
Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
|
5.
|
The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
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a.
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All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
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b.
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Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
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/S/ PETER B. OLEKSIAK
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Date:
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February 9, 2017
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Peter B. Oleksiak
Senior Vice President and
Chief Financial Officer of DTE Electric Company
|
|
|
(1)
|
the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
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(2)
|
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of DTE Energy Company.
|
Date:
|
February 9, 2017
|
/S/ GERARD M. ANDERSON
|
|
|
Gerard M. Anderson
Chairman of the Board and
Chief Executive Officer of DTE Energy Company
|
|
(1)
|
the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of DTE Energy Company.
|
Date:
|
February 9, 2017
|
/S/ PETER B. OLEKSIAK
|
|
|
Peter B. Oleksiak
Senior Vice President and
Chief Financial Officer of DTE Energy Company
|
|
(1)
|
the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of DTE Electric Company.
|
Date:
|
February 9, 2017
|
/S/ GERARD M. ANDERSON
|
|
|
Gerard M. Anderson
Chairman of the Board and
Chief Executive Officer of DTE Electric Company
|
|
(1)
|
the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
|
(2)
|
the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of DTE Electric Company.
|
Date:
|
February 9, 2017
|
/S/ PETER B. OLEKSIAK
|
|
|
Peter B. Oleksiak
Senior Vice President and
Chief Financial Officer of DTE Electric Company
|
|