|
Commission File Number
|
|
Registrants, State of Incorporation, Address, and Telephone Number
|
|
I.R.S. Employer Identification No.
|
1-11607
|
|
DTE Energy Company
(a Michigan corporation)
One Energy Plaza
Detroit, Michigan 48226-1279
313-235-4000
|
|
38-3217752
|
|
|
|
|
|
1-2198
|
|
DTE Electric Company
(a Michigan corporation)
One Energy Plaza
Detroit, Michigan 48226-1279 313-235-4000 |
|
38-0478650
|
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
|
|
|
|
|
|
DTE Energy
|
|
2012 Series C 5.25% Junior Subordinated Debentures due 2062
|
|
New York Stock Exchange
|
|
|
|
|
|
DTE Energy
|
|
2016 Series B 5.375% Junior Subordinated Debentures due 2076
|
|
New York Stock Exchange
|
|
|
|
|
|
DTE Energy
|
|
2016 Series F 6.00% Junior Subordinated Debentures due 2076
|
|
New York Stock Exchange
|
|
|
|
|
|
DTE Energy
|
|
2017 Series E 5.25% Junior Subordinated Debentures due 2077
|
|
New York Stock Exchange
|
|
|
|
|
|
DTE Energy
|
|
6.50% Corporate Units
|
|
New York Stock Exchange
|
|
|
|
|
|
DTE Electric Company (DTE Electric)
|
|
None
|
|
None
|
DTE Energy
|
None
|
DTE Electric
|
None
|
DTE Energy
|
Yes
x
No
o
|
DTE Electric
|
Yes
x
No
o
|
DTE Energy
|
Yes
o
No
x
|
DTE Electric
|
Yes
o
No
x
|
DTE Energy
|
Yes
x
No
o
|
DTE Electric
|
Yes
x
No
o
|
DTE Energy
|
Yes
x
No
o
|
DTE Electric
|
Yes
x
No
o
|
DTE Energy
|
x
|
DTE Electric
|
x
|
DTE Energy
|
Large accelerated filer
x
|
Accelerated filer
o
|
Non-accelerated filer
o
|
Smaller reporting company
o
|
Emerging growth company
o
|
|
|
|
|
|
|
DTE Electric
|
Large accelerated filer
o
|
Accelerated filer
o
|
Non-accelerated filer
x
|
Smaller reporting company
o
|
Emerging growth company
o
|
DTE Energy
|
Yes
o
No
x
|
DTE Electric
|
Yes
o
No
x
|
Registrant
|
|
Description
|
|
Shares
|
|
DTE Energy
|
|
Common Stock, without par value
|
|
181,923,685
|
|
|
|
|
|
|
|
DTE Electric
|
|
Common Stock, $10 par value, directly-owned by DTE Energy
|
|
138,632,324
|
|
|
|
|
Page
|
|
||
|
||
|
||
|
AFUDC
|
|
Allowance for Funds Used During Construction
|
|
|
|
AGS
|
|
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.
|
|
|
|
AMV
|
|
Applicable Market Value
|
|
|
|
ANPR
|
|
Advanced Notice of Proposed Rulemaking
|
|
|
|
ARO
|
|
Asset Retirement Obligation
|
|
|
|
ASU
|
|
Accounting Standards Update issued by the FASB
|
|
|
|
CCR
|
|
Coal Combustion Residuals
|
|
|
|
CFTC
|
|
U.S. Commodity Futures Trading Commission
|
|
|
|
CON
|
|
Certificate of Necessity
|
|
|
|
DOE
|
|
U.S. Department of Energy
|
|
|
|
DTE Electric
|
|
DTE Electric Company (a direct wholly-owned subsidiary of DTE Energy) and subsidiary companies
|
|
|
|
DTE Energy
|
|
DTE Energy Company, directly or indirectly the parent of DTE Electric, DTE Gas, and numerous non-utility subsidiaries
|
|
|
|
DTE Gas
|
|
DTE Gas Company (an indirect wholly-owned subsidiary of DTE Energy) and subsidiary companies
|
|
|
|
EGU
|
|
Electric Generating Unit
|
|
|
|
ELG
|
|
Effluent Limitations Guidelines
|
|
|
|
EPA
|
|
U.S. Environmental Protection Agency
|
|
|
|
Equity units
|
|
DTE Energy's 2016 equity units issued in October 2016, which were used to finance the October 1, 2016 Gas Storage and Pipelines acquisition.
|
|
|
|
FASB
|
|
Financial Accounting Standards Board
|
|
|
|
FERC
|
|
Federal Energy Regulatory Commission
|
|
|
|
FOV
|
|
Finding of Violation
|
|
|
|
FTRs
|
|
Financial Transmission Rights are financial instruments that entitle the holder to receive payments related to costs incurred for congestion on the transmission grid.
|
|
|
|
GCR
|
|
A Gas Cost Recovery mechanism authorized by the MPSC that allows DTE Gas to recover through rates its natural gas costs.
|
|
|
|
GHGs
|
|
Greenhouse gases
|
|
|
|
Green Bonds
|
|
A financing option to fund projects that have a positive environmental impact based upon a specified set of criteria. The proceeds are required to be used for eligible green expenditures.
|
|
|
|
IRM
|
|
Infrastructure Recovery Mechanism
|
|
|
|
IRS
|
|
Internal Revenue Service
|
|
|
|
ISO
|
|
Independent System Operator
|
|
|
|
LIBOR
|
|
London Inter-Bank Offered Rates
|
|
|
|
LLC
|
|
DTE Energy Corporate Services, LLC, a subsidiary of DTE Energy
|
|
|
|
MDEQ
|
|
Michigan Department of Environmental Quality
|
|
|
|
MGP
|
|
Manufactured Gas Plant
|
|
|
|
MISO
|
|
Midcontinent Independent System Operator, Inc.
|
|
|
|
MPSC
|
|
Michigan Public Service Commission
|
|
|
|
MTM
|
|
Mark-to-market
|
|
|
|
NAV
|
|
Net Asset Value
|
|
|
|
NEIL
|
|
Nuclear Electric Insurance Limited
|
|
|
|
NEXUS
|
|
NEXUS Gas Transmission, LLC, a joint venture in which DTE Energy owns a 50% partnership interest.
|
|
|
|
Non-utility
|
|
An entity that is not a public utility. Its conditions of service, prices of goods and services, and other operating related matters are not directly regulated by the MPSC.
|
|
|
|
NOV
|
|
Notice of Violation
|
|
|
|
NO
X
|
|
Nitrogen Oxides
|
|
|
|
NRC
|
|
U.S. Nuclear Regulatory Commission
|
|
|
|
PG&E
|
|
Pacific Gas and Electric Corporation
|
|
|
|
PLD
|
|
City of Detroit's Public Lighting Department
|
|
|
|
Production tax credits
|
|
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.
|
|
|
|
PSCR
|
|
A Power Supply Cost Recovery mechanism authorized by the MPSC that allows DTE Electric to recover through rates its fuel, fuel-related, and purchased power costs.
|
|
|
|
RDM
|
|
A Revenue Decoupling Mechanism authorized by the MPSC that is designed to minimize the impact on revenues of changes in average customer usage.
|
|
|
|
REC
|
|
Renewable Energy Credit
|
|
|
|
REF
|
|
Reduced Emissions Fuel
|
|
|
|
Registrants
|
|
DTE Energy and DTE Electric
|
|
|
|
Retail access
|
|
Michigan legislation provided customers the option of access to alternative suppliers for electricity and natural gas.
|
|
|
|
RNG
|
|
Renewable Natural Gas
|
|
|
|
RSN
|
|
Remarketable Senior Notes
|
|
|
|
RTO
|
|
Regional Transmission Organization
|
|
|
|
SEC
|
|
Securities and Exchange Commission
|
|
|
|
SGG
|
|
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.
|
|
|
|
Shenango
|
|
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.
|
|
|
|
SO
2
|
|
Sulfur Dioxide
|
|
|
|
TCJA
|
|
Tax Cuts and Jobs Act of 2017
|
|
|
|
TCJA rate reduction liability
|
|
Beginning January 1, 2018, as a result of the change in the corporate tax rate, DTE Electric and DTE Gas have reduced revenue and recorded an offsetting regulatory liability.
|
|
|
|
Topic 606
|
|
FASB issued ASU No. 2014-09, Revenue from Contracts with Customers, as amended
|
|
|
|
TRIA
|
|
Terrorism Risk Insurance Program Reauthorization Act of 2015
|
|
|
|
TRM
|
|
A Transitional Reconciliation Mechanism authorized by the MPSC that allows DTE Electric to recover through rates the deferred net incremental revenue requirement associated with the transition of PLD customers to DTE Electric's distribution system.
|
|
|
|
VEBA
|
|
Voluntary Employees Beneficiary Association
|
|
|
|
VIE
|
|
Variable Interest Entity
|
•
|
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;
|
•
|
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;
|
•
|
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;
|
•
|
the operational failure of electric or gas distribution systems or infrastructure;
|
•
|
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;
|
•
|
the risk of a major safety incident;
|
•
|
environmental issues, laws, regulations, and the increasing costs of remediation and compliance, including actual and potential new federal and state requirements;
|
•
|
the cost of protecting assets against, or damage due to, cyber incidents and terrorism;
|
•
|
health, safety, financial, environmental, and regulatory risks associated with ownership and operation of nuclear facilities;
|
•
|
volatility in the short-term natural gas storage markets impacting third-party storage revenues related to DTE Energy;
|
•
|
volatility in commodity markets, deviations in weather, and related risks impacting the results of DTE Energy's energy trading operations;
|
•
|
changes in the cost and availability of coal and other raw materials, purchased power, and natural gas;
|
•
|
advances in technology that produce power or reduce power consumption;
|
•
|
changes in the financial condition of 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;
|
•
|
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;
|
•
|
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;
|
•
|
the effects of weather and other natural phenomena on operations and sales to customers, and purchases from suppliers;
|
•
|
unplanned outages;
|
•
|
employee relations and the impact of collective bargaining agreements;
|
•
|
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;
|
•
|
the effects of competition;
|
•
|
changes in and application of accounting standards and financial reporting regulations;
|
•
|
changes in federal or state laws and their interpretation with respect to regulation, energy policy, and other business issues;
|
•
|
contract disputes, binding arbitration, litigation, and related appeals; and
|
•
|
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.
|
•
|
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.
|
•
|
Energy Trading consists of energy marketing and trading operations.
|
•
|
Corporate and Other includes various holding company activities, holds certain non-utility debt, and holds energy-related investments.
|
|
|
Location by
Michigan
County
|
|
|
|
Net Generation Capacity
(a)
|
|
Facility
|
|
|
Year in Service
|
|
(MW)
|
||
Fossil-fueled Steam-Electric
|
|
|
|
|
|
|
|
Belle River
(b)
|
|
St. Clair
|
|
1984 and 1985
|
|
1,034
|
|
Greenwood
|
|
St. Clair
|
|
1979
|
|
785
|
|
Monroe
(c)
|
|
Monroe
|
|
1971, 1973, and 1974
|
|
3,066
|
|
River Rouge
|
|
Wayne
|
|
1958
|
|
272
|
|
St. Clair
|
|
St. Clair
|
|
1953, 1954, 1961, and 1969
|
|
1,216
|
|
Trenton Channel
|
|
Wayne
|
|
1968
|
|
495
|
|
|
|
|
|
|
|
6,868
|
|
Natural gas and Oil-fueled Peaking Units
|
|
Various
|
|
1966-1971, 1981, 1999, 2002, and 2003
|
|
2,033
|
|
Nuclear-fueled Steam-Electric Fermi 2
|
|
Monroe
|
|
1988
|
|
1,141
|
|
Hydroelectric Pumped Storage Ludington
(d)
|
|
Mason
|
|
1973
|
|
1,054
|
|
Renewables
(e)
|
|
|
|
|
|
|
|
Wind
(f)
|
|
|
|
|
|
|
|
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
|
|
|
|
|
|
|
|
Utility-Owned SolarCurrents
|
|
Various
|
|
2010-2016
|
|
14
|
|
Utility Scale Solar
|
|
Various
|
|
2017
|
|
50
|
|
|
|
|
|
|
|
64
|
|
|
|
|
|
|
|
11,610
|
|
(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 measured in alternating current.
|
(b)
|
Represents DTE Electric's
81%
interest in Belle River with a total capability of
1,270 MW
. See
Note 7
to the Consolidated Financial Statements in Item 8 of this Report, "
Jointly-Owned Utility Plant
."
|
(c)
|
The Monroe generating plant provided 43% of DTE Electric’s total
2018
power plant generation.
|
(d)
|
Represents DTE Electric’s
49%
interest in Ludington with a total capability of
2,151 MW
. See
Note 7
to the Consolidated Financial Statements in Item 8 of this Report, "
Jointly-Owned Utility Plant
."
|
(e)
|
In addition to the owned renewable facilities described above, DTE Electric has long-term contracts for 481 MW of renewable power generated from wind, solar, and biomass facilities.
|
(f)
|
In December 2018, DTE Electric acquired the majority of the Pine River Wind Park with a Net Generation Capacity of 161 MW located in Gratiot County, which is expected to be placed into service in the first quarter of 2019.
|
|
|
Circuit Miles
|
||||
Operating Voltage-Kilovolts (kV)
|
|
Overhead
|
|
Underground
|
||
4.8 kV to 13.2 kV
|
|
28,498
|
|
|
15,252
|
|
24 kV
|
|
182
|
|
|
686
|
|
40 kV
|
|
2,306
|
|
|
376
|
|
120 kV
|
|
61
|
|
|
8
|
|
|
|
31,047
|
|
|
16,322
|
|
|
Availability
(MDth/d)
|
|
Contract
Expiration
|
Great Lakes Gas Transmission L.P.
|
30
|
|
2022
|
Viking Gas Transmission Company
|
21
|
|
2022
|
Vector Pipeline L.P. (an affiliate)
|
20
|
|
2022
|
ANR Pipeline Company
|
129
|
|
2028
|
Panhandle Eastern Pipeline Company
|
125
|
|
2029
|
NEXUS Pipeline (an affiliate)
|
75
|
|
2033
|
Property Classification
|
|
% Owned
|
|
Description
|
|
Location
|
Pipelines
|
|
|
|
|
|
|
Appalachia Gathering System
|
|
100%
|
|
116-mile pipeline delivering Marcellus Shale gas to Texas Eastern Pipeline and Stonewall Gas Gathering system
|
|
PA and WV
|
Birdsboro Pipeline
|
|
100%
|
|
14-mile pipeline delivering gas supply to the Birdsboro Power Plant
|
|
PA
|
Bluestone Pipeline
|
|
100%
|
|
64-mile pipeline delivering Marcellus Shale gas to Millennium Pipeline and Tennessee Pipeline
|
|
PA and NY
|
Michigan gathering systems
|
|
100%
|
|
590-mile pipeline system in northern Michigan
|
|
MI
|
Millennium Pipeline
|
|
26%
|
|
269-mile pipeline serving markets in the Northeast
|
|
NY
|
NEXUS Pipeline
|
|
50%
|
|
256-mile pipeline to transport Utica and Marcellus shale gas to Ohio, Michigan, and Ontario market centers
|
|
OH and MI
|
Stonewall Gas Gathering
|
|
55%
|
|
68-mile pipeline connecting Appalachia Gathering System to Columbia Pipeline
|
|
WV
|
Susquehanna gathering system
|
|
100%
|
|
203-mile pipeline delivering Southwestern Energy's Marcellus Shale gas production to Bluestone Pipeline
|
|
PA
|
Tioga Gas Gathering
|
|
100%
|
|
3-mile pipeline delivering production gas to Dominion Transmission interconnect
|
|
PA
|
Vector Pipeline
|
|
40%
|
|
348-mile pipeline connecting Chicago, Michigan, and Ontario market centers
|
|
IL, IN, MI, and Ontario
|
Storage
|
|
|
|
|
|
|
Washington 10
|
|
100%
|
|
75 Bcf of storage capacity
|
|
MI
|
Washington 28
|
|
50%
|
|
16 Bcf of storage capacity
|
|
MI
|
•
|
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, five renewable generating plants with a capacity of 217 MWs. The electric output is sold under long-term power purchase agreements.
|
•
|
Renewable Gas Recovery —
Power and Industrial Projects has ownership interests in, and operates, twenty-three gas recovery sites in nine different states. The sites recover methane from landfills and agricultural businesses and convert the gas to generate electricity, replace fossil fuels in industrial and manufacturing operations, or refine to pipeline-quality gas, which can then be used as vehicle fuel.
|
•
|
Reduced Emissions Fuel —
Power and Industrial Projects has constructed and placed in service REF facilities at ten sites including facilities located at seven third-party owned coal-fired power plants. DTE Energy has sold membership interests in five of the facilities and entered into lease arrangements in three of the facilities. In addition, DTE Energy has 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.
|
Business Areas
|
|
Location
|
|
Service Type
|
Industrial Energy Services
|
|
|
|
|
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
|
|
IN, MI, NY, and OH
|
|
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
|
|
KY and OH
|
|
Electricity, Steam, Natural Gas, Compressed Air, and Wastewater
|
Consumer Manufacturing
|
|
OH
|
|
Electricity, Steam, Wastewater, and Sewer
|
Business Park
|
|
PA
|
|
Electricity
|
Hospital and University
|
|
CA and IL
|
|
Electricity, Steam, and Chilled Water
|
Renewable Energy
|
|
|
|
|
Pulp and Paper
|
|
AL
|
|
Electric Generation and Steam
|
Renewables
|
|
CA and MN
|
|
Electric Generation
|
Renewable Gas Recovery
|
|
AZ, CA, MI, NC, NY, OH, TX, UT, and WI
|
|
Electric Generation and Renewable Natural Gas
|
Reduced Emissions Fuel
|
|
MI, OH, IL, PA, TX, and WI
|
|
REF Supply
|
|
2018
|
|
2017
|
|
2016
|
||||||
|
(In millions)
|
||||||||||
Production Tax Credits Generated (Allocated to DTE Energy)
|
|
|
|
|
|
||||||
REF
|
$
|
178
|
|
|
$
|
144
|
|
|
$
|
103
|
|
Renewables
|
7
|
|
|
6
|
|
|
8
|
|
|||
Renewable Gas Recovery
|
3
|
|
|
3
|
|
|
3
|
|
|||
|
$
|
188
|
|
|
$
|
153
|
|
|
$
|
114
|
|
•
|
Providing operating services to owners of on-site industrial power plants;
|
•
|
Acquiring and developing renewable gas recovery facilities, renewable energy projects, and other energy projects.
|
|
DTE Electric
|
|
DTE Gas
|
|
Non-utility
|
|
Total
|
||||||||
|
(In millions)
|
||||||||||||||
Water
|
$
|
60
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
60
|
|
Contaminated and other sites
|
10
|
|
|
25
|
|
|
—
|
|
|
35
|
|
||||
Coal combustion residuals and effluent limitations guidelines
|
515
|
|
|
—
|
|
|
—
|
|
|
515
|
|
||||
Estimated total future expenditures through 2025
|
$
|
585
|
|
|
$
|
25
|
|
|
$
|
—
|
|
|
$
|
610
|
|
Estimated 2019 expenditures
|
$
|
30
|
|
|
$
|
15
|
|
|
$
|
—
|
|
|
$
|
45
|
|
Estimated 2020 expenditures
|
$
|
60
|
|
|
$
|
5
|
|
|
$
|
—
|
|
|
$
|
65
|
|
|
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
|
52,100
|
|
|
$
|
43.30
|
|
|
2,897,674
|
|
|
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 |
||||||
10/01/2018 — 10/31/2018
|
143
|
|
|
$
|
110.14
|
|
|
—
|
|
|
—
|
|
|
—
|
|
11/01/2018 — 11/30/2018
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
12/01/2018 — 12/31/2018
|
—
|
|
|
$
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Total
|
143
|
|
|
|
|
|
—
|
|
|
|
|
|
|
|
(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
|
|
2014
|
|
2015
|
|
2016
|
|
2017
|
|
2018
|
|||||
DTE Energy Company
|
|
34.61
|
|
|
(3.77
|
)
|
|
26.93
|
|
|
14.59
|
|
|
4.19
|
|
S&P 500 Index
|
|
13.69
|
|
|
1.38
|
|
|
11.95
|
|
|
21.82
|
|
|
(4.39
|
)
|
S&P 500 Multi-Utilities Index
|
|
28.94
|
|
|
(1.73
|
)
|
|
18.56
|
|
|
12.09
|
|
|
1.77
|
|
|
|
Indexed Returns
Year Ended December 31, |
||||||||||||||||
|
|
Base Period
|
|
|
|
|
|
|
|
|
|
|
||||||
Company/Index
|
|
2013
|
|
2014
|
|
2015
|
|
2016
|
|
2017
|
|
2018
|
||||||
DTE Energy Company
|
|
100.00
|
|
|
134.61
|
|
|
129.54
|
|
|
164.41
|
|
|
188.40
|
|
|
196.30
|
|
S&P 500 Index
|
|
100.00
|
|
|
113.69
|
|
|
115.26
|
|
|
129.04
|
|
|
157.19
|
|
|
150.29
|
|
S&P 500 Multi-Utilities Index
|
|
100.00
|
|
|
128.94
|
|
|
126.71
|
|
|
150.22
|
|
|
168.38
|
|
|
171.35
|
|
|
2018
|
|
2017
|
|
2016
|
|
2015
|
|
2014
|
||||||||||
|
(In millions, except per share amounts)
|
||||||||||||||||||
Operating Revenues
|
$
|
14,212
|
|
|
$
|
12,607
|
|
|
$
|
10,630
|
|
|
$
|
10,337
|
|
|
$
|
12,301
|
|
Net Income Attributable to DTE Energy Company
(a)
|
$
|
1,120
|
|
|
$
|
1,134
|
|
|
$
|
868
|
|
|
$
|
727
|
|
|
$
|
905
|
|
Diluted Earnings Per Common Share
|
$
|
6.17
|
|
|
$
|
6.32
|
|
|
$
|
4.83
|
|
|
$
|
4.05
|
|
|
$
|
5.10
|
|
Financial Information
|
|
|
|
|
|
|
|
|
|
||||||||||
Dividends declared per share of common stock
|
$
|
3.60
|
|
|
$
|
3.36
|
|
|
$
|
3.06
|
|
|
$
|
2.84
|
|
|
$
|
2.69
|
|
Total Assets
|
$
|
36,288
|
|
|
$
|
33,767
|
|
|
$
|
32,041
|
|
|
$
|
28,662
|
|
|
$
|
27,827
|
|
Long-Term Debt
(b)
|
$
|
12,134
|
|
|
$
|
12,185
|
|
|
$
|
11,269
|
|
|
$
|
8,760
|
|
|
$
|
8,271
|
|
Shareholders’ equity
|
$
|
10,237
|
|
|
$
|
9,512
|
|
|
$
|
9,011
|
|
|
$
|
8,772
|
|
|
$
|
8,327
|
|
(a)
|
The 2017 results include a $105 million net income tax benefit related to the enactment of the TCJA.
|
(b)
|
Long-Term Debt includes Capital lease obligations and excludes debt due within one year.
|
|
Years Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
|
(In millions, except per share amounts)
|
||||||||||
Net Income Attributable to DTE Energy Company
|
$
|
1,120
|
|
|
$
|
1,134
|
|
|
$
|
868
|
|
Diluted Earnings per Common Share
|
$
|
6.17
|
|
|
$
|
6.32
|
|
|
$
|
4.83
|
|
•
|
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.
|
|
2018
|
|
2017
|
|
2016
|
||||||
|
(In millions)
|
||||||||||
Operating Revenues — Utility operations
|
$
|
5,298
|
|
|
$
|
5,102
|
|
|
$
|
5,225
|
|
Fuel and purchased power — utility
|
1,552
|
|
|
1,454
|
|
|
1,532
|
|
|||
Utility Margin
|
3,746
|
|
|
3,648
|
|
|
3,693
|
|
|||
Operation and maintenance
|
1,437
|
|
|
1,382
|
|
|
1,408
|
|
|||
Depreciation and amortization
|
836
|
|
|
753
|
|
|
750
|
|
|||
Taxes other than income
|
307
|
|
|
302
|
|
|
284
|
|
|||
Asset (gains) losses and impairments, net
|
(1
|
)
|
|
—
|
|
|
—
|
|
|||
Operating Income
|
1,167
|
|
|
1,211
|
|
|
1,251
|
|
|||
Other (Income) and Deductions
|
310
|
|
|
284
|
|
|
276
|
|
|||
Income Tax Expense
|
193
|
|
|
321
|
|
|
353
|
|
|||
Net Income Attributable to DTE Energy Company
|
$
|
664
|
|
|
$
|
606
|
|
|
$
|
622
|
|
|
2018
|
|
2017
|
||||
|
(In millions)
|
||||||
Weather
|
$
|
152
|
|
|
$
|
(109
|
)
|
Implementation of new rates
|
51
|
|
|
124
|
|
||
Regulatory mechanism — TRM
|
40
|
|
|
(26
|
)
|
||
PSCR disallowance in 2017
|
13
|
|
|
(13
|
)
|
||
Base sales
|
(3
|
)
|
|
(26
|
)
|
||
TCJA rate reduction
|
(156
|
)
|
|
—
|
|
||
Other regulatory mechanisms and other
|
1
|
|
|
5
|
|
||
Increase (decrease) in Utility Margin
|
$
|
98
|
|
|
$
|
(45
|
)
|
|
2018
|
|
2017
|
|
2016
|
|||
|
(In thousands of MWh)
|
|||||||
DTE Electric Sales
|
|
|
|
|
|
|||
Residential
|
15,959
|
|
|
14,885
|
|
|
15,875
|
|
Commercial
|
17,282
|
|
|
17,283
|
|
|
17,521
|
|
Industrial
|
10,324
|
|
|
9,897
|
|
|
10,004
|
|
Other
|
221
|
|
|
258
|
|
|
264
|
|
|
43,786
|
|
|
42,323
|
|
|
43,664
|
|
Interconnection sales
(a)
|
2,796
|
|
|
2,623
|
|
|
2,334
|
|
Total DTE Electric Sales
|
46,582
|
|
|
44,946
|
|
|
45,998
|
|
|
|
|
|
|
|
|||
DTE Electric Deliveries
|
|
|
|
|
|
|||
Retail and wholesale
|
43,786
|
|
|
42,323
|
|
|
43,664
|
|
Electric retail access, including self-generators
(b)
|
4,737
|
|
|
4,820
|
|
|
4,936
|
|
Total DTE Electric Sales and Deliveries
|
48,523
|
|
|
47,143
|
|
|
48,600
|
|
(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.
|
|
2018
|
|
2017
|
|
2016
|
||||||
|
(In millions)
|
||||||||||
Operating Revenues — Utility operations
|
$
|
1,436
|
|
|
$
|
1,388
|
|
|
$
|
1,324
|
|
Cost of gas — utility
|
446
|
|
|
443
|
|
|
454
|
|
|||
Utility Margin
|
990
|
|
|
945
|
|
|
870
|
|
|||
Operation and maintenance
|
502
|
|
|
449
|
|
|
440
|
|
|||
Depreciation and amortization
|
133
|
|
|
123
|
|
|
106
|
|
|||
Taxes other than income
|
73
|
|
|
65
|
|
|
64
|
|
|||
Asset (gains) losses and impairments, net
|
—
|
|
|
—
|
|
|
4
|
|
|||
Operating Income
|
282
|
|
|
308
|
|
|
256
|
|
|||
Other (Income) and Deductions
|
65
|
|
|
84
|
|
|
41
|
|
|||
Income Tax Expense
|
67
|
|
|
78
|
|
|
77
|
|
|||
Net Income Attributable to DTE Energy Company
|
$
|
150
|
|
|
$
|
146
|
|
|
$
|
138
|
|
|
2018
|
|
2017
|
||||
|
(In millions)
|
||||||
Weather
|
$
|
46
|
|
|
$
|
(6
|
)
|
Implementation of new rates
|
15
|
|
|
80
|
|
||
Midstream storage and transportation revenues
|
15
|
|
|
(5
|
)
|
||
Regulatory mechanism — RDM
|
(3
|
)
|
|
4
|
|
||
TCJA rate reduction
|
(40
|
)
|
|
—
|
|
||
Other regulatory mechanisms and other
|
12
|
|
|
2
|
|
||
Increase in Utility Margin
|
$
|
45
|
|
|
$
|
75
|
|
|
2018
|
|
2017
|
|
2016
|
|||
|
(In Bcf)
|
|||||||
Gas Markets
|
|
|
|
|
|
|||
Gas sales
|
135
|
|
|
119
|
|
|
116
|
|
End-user transportation
|
187
|
|
|
165
|
|
|
182
|
|
|
322
|
|
|
284
|
|
|
298
|
|
Intermediate transportation
|
329
|
|
|
260
|
|
|
214
|
|
Total Gas sales
|
651
|
|
|
544
|
|
|
512
|
|
|
2018
|
|
2017
|
|
2016
|
||||||
|
(In millions)
|
||||||||||
Operating Revenues — Non-utility operations
|
$
|
485
|
|
|
$
|
453
|
|
|
$
|
302
|
|
Cost of gas — Non-utility
|
22
|
|
|
30
|
|
|
6
|
|
|||
Operation and maintenance
|
103
|
|
|
83
|
|
|
81
|
|
|||
Depreciation and amortization
|
82
|
|
|
76
|
|
|
45
|
|
|||
Taxes other than income
|
8
|
|
|
8
|
|
|
4
|
|
|||
Asset (gains) losses and impairments, net
|
—
|
|
|
2
|
|
|
—
|
|
|||
Operating Income
|
270
|
|
|
254
|
|
|
166
|
|
|||
Other (Income) and Deductions
|
(61
|
)
|
|
(18
|
)
|
|
(31
|
)
|
|||
Income Tax Expense (Benefit)
|
68
|
|
|
(30
|
)
|
|
71
|
|
|||
Net Income
|
263
|
|
|
302
|
|
|
126
|
|
|||
Less: Net Income Attributable to Noncontrolling Interests
|
28
|
|
|
27
|
|
|
7
|
|
|||
Net Income Attributable to DTE Energy Company
|
$
|
235
|
|
|
$
|
275
|
|
|
$
|
119
|
|
|
2018
|
|
2017
|
|
2016
|
||||||
|
(In millions)
|
||||||||||
Operating Revenues — Non-utility operations
|
$
|
2,204
|
|
|
$
|
2,089
|
|
|
$
|
1,906
|
|
Fuel, purchased power, and gas — non-utility
|
1,888
|
|
|
1,813
|
|
|
1,640
|
|
|||
Non-utility Margin
|
316
|
|
|
276
|
|
|
266
|
|
|||
Operation and maintenance
|
363
|
|
|
342
|
|
|
317
|
|
|||
Depreciation and amortization
|
67
|
|
|
72
|
|
|
72
|
|
|||
Taxes other than income
|
12
|
|
|
11
|
|
|
13
|
|
|||
Asset (gains) losses and impairments, net
|
27
|
|
|
20
|
|
|
(1
|
)
|
|||
Operating Loss
|
(153
|
)
|
|
(169
|
)
|
|
(135
|
)
|
|||
Other (Income) and Deductions
|
(89
|
)
|
|
(63
|
)
|
|
(49
|
)
|
|||
Income Taxes
|
|
|
|
|
|
||||||
Benefit
|
(7
|
)
|
|
(42
|
)
|
|
(26
|
)
|
|||
Production Tax Credits
|
(188
|
)
|
|
(153
|
)
|
|
(114
|
)
|
|||
|
(195
|
)
|
|
(195
|
)
|
|
(140
|
)
|
|||
Net Income
|
131
|
|
|
89
|
|
|
54
|
|
|||
Less: Net Loss Attributable to Noncontrolling Interests
|
(30
|
)
|
|
(49
|
)
|
|
(41
|
)
|
|||
Net Income Attributable to DTE Energy Company
|
$
|
161
|
|
|
$
|
138
|
|
|
$
|
95
|
|
|
2018
|
||
|
(In millions)
|
||
Higher demand due to improved conditions in the steel business
|
$
|
59
|
|
Higher production in the renewables business
|
25
|
|
|
Higher production, offset by lower coal prices in the REF business
|
18
|
|
|
Higher sales primarily associated with new contracts in the on-site business
|
13
|
|
|
|
$
|
115
|
|
|
|
||
|
2017
|
||
|
(In millions)
|
||
Higher demand due to improved conditions in the steel business
|
$
|
107
|
|
Higher production driven by new projects, offset by lower coal prices in the REF business
|
102
|
|
|
Lower production and one-time recovery in 2016, offset by an acquisition in the renewables business
|
(9
|
)
|
|
Lower sales primarily associated with expired contracts in the on-site business
|
(17
|
)
|
|
|
$
|
183
|
|
|
2018
|
||
|
(In millions)
|
||
Higher production in the renewables business
|
$
|
20
|
|
Higher sales primarily associated with new contracts in the on-site business
|
12
|
|
|
Higher demand due to improved conditions in the steel business
|
8
|
|
|
|
$
|
40
|
|
|
|
||
|
2017
|
||
|
(In millions)
|
||
Higher demand due to improved conditions in the steel business
|
$
|
42
|
|
Lower production and one-time recovery in 2016 in the renewables business
|
(11
|
)
|
|
Lower sales primarily associated with expired contracts in the on-site business
|
(15
|
)
|
|
Other
|
(6
|
)
|
|
|
$
|
10
|
|
|
2018
|
|
2017
|
|
2016
|
||||||
|
(In millions)
|
||||||||||
Operating Revenues — Non-utility operations
|
$
|
5,557
|
|
|
$
|
4,277
|
|
|
$
|
2,575
|
|
Purchased power and gas — non-utility
|
5,417
|
|
|
4,077
|
|
|
2,552
|
|
|||
Non-utility Margin
|
140
|
|
|
200
|
|
|
23
|
|
|||
Operation and maintenance
|
75
|
|
|
68
|
|
|
63
|
|
|||
Depreciation and amortization
|
5
|
|
|
5
|
|
|
3
|
|
|||
Taxes other than income
|
5
|
|
|
4
|
|
|
2
|
|
|||
Operating Income (Loss)
|
55
|
|
|
123
|
|
|
(45
|
)
|
|||
Other (Income) and Deductions
|
3
|
|
|
2
|
|
|
29
|
|
|||
Income Tax Expense (Benefit)
|
13
|
|
|
49
|
|
|
(29
|
)
|
|||
Net Income (Loss) Attributable to DTE Energy Company
|
$
|
39
|
|
|
$
|
72
|
|
|
$
|
(45
|
)
|
|
2018
|
||
|
(In millions)
|
||
Unrealized Margins
(a)
|
|
||
Favorable results, primarily in the power trading strategy
|
$
|
20
|
|
Unfavorable results, primarily in gas structured, and power full requirements strategies
(b)
|
(100
|
)
|
|
|
(80
|
)
|
|
Realized Margins
(a)
|
|
||
Favorable results, primarily in the gas structured strategy
|
54
|
|
|
Unfavorable results, primarily in the power full requirements strategy
(c)
|
(34
|
)
|
|
|
20
|
|
|
Decrease in Non-utility Margin
|
$
|
(60
|
)
|
(a)
|
Natural gas structured transactions typically involve a physical purchase or sale of natural gas in the future and/or natural gas basis financial instruments which are derivatives and a related non-derivative pipeline transportation contract. These gas structured transactions can result in significant earnings volatility as the derivative components are marked-to-market without revaluing the related non-derivative contracts.
|
(b)
|
Amount includes
$74 million
of timing related losses related to gas strategies which will reverse in future periods as the underlying contracts settle.
|
(c)
|
Amount includes
$11 million
of timing related gains related to gas strategies recognized in previous periods that reversed as the underlying contracts settled.
|
|
2017
|
||
|
(In millions)
|
||
Unrealized Margins
(a)
|
|
||
Favorable results, primarily in gas structured and gas full requirements strategies
(b)
|
$
|
113
|
|
Unfavorable results, primarily in power and gas trading and power full requirements strategies
|
(26
|
)
|
|
|
87
|
|
|
Realized Margins
(a)
|
|
||
Favorable results, primarily in gas structured, environmental trading and gas storage strategies
(c)
|
103
|
|
|
Unfavorable results, primarily in the power full requirements strategy
|
(13
|
)
|
|
|
90
|
|
|
Increase in Non-utility Margin
|
$
|
177
|
|
(a)
|
Natural gas structured transactions typically involve a physical purchase or sale of natural gas in the future and/or natural gas basis financial instruments which are derivatives and a related non-derivative pipeline transportation contract. These gas structured transactions can result in significant earnings volatility as the derivative components are marked-to-market without revaluing the related non-derivative contracts.
|
(b)
|
Amount includes
$113 million
of timing related gains related to gas strategies which will reverse in future periods as the underlying contracts settle.
|
(c)
|
Amount includes
$95 million
of timing related losses related to gas strategies recognized in previous periods that reversed as the underlying contracts settled.
|
|
2018
|
|
2017
|
|
2016
|
||||||
Cash and Cash Equivalents
|
(In millions)
|
||||||||||
Cash Flow From (Used For)
|
|
|
|
|
|
||||||
Operating Activities
|
|
|
|
|
|
||||||
Net Income
|
$
|
1,118
|
|
|
$
|
1,112
|
|
|
$
|
834
|
|
Adjustments to reconcile Net Income to Net cash from operating activities:
|
|
|
|
|
|
||||||
Depreciation and amortization
|
1,124
|
|
|
1,030
|
|
|
976
|
|
|||
Nuclear fuel amortization
|
45
|
|
|
53
|
|
|
58
|
|
|||
Allowance for equity funds used during construction
|
(28
|
)
|
|
(23
|
)
|
|
(21
|
)
|
|||
Deferred income taxes
|
114
|
|
|
196
|
|
|
265
|
|
|||
Asset (gains) losses and impairments, net
|
29
|
|
|
38
|
|
|
8
|
|
|||
Working capital and other
|
278
|
|
|
(289
|
)
|
|
(36
|
)
|
|||
Net cash from operating activities
|
2,680
|
|
|
2,117
|
|
|
2,084
|
|
|||
Investing Activities
|
|
|
|
|
|
||||||
Plant and equipment expenditures — utility
|
(2,439
|
)
|
|
(2,037
|
)
|
|
(1,898
|
)
|
|||
Plant and equipment expenditures — non-utility
|
(274
|
)
|
|
(213
|
)
|
|
(147
|
)
|
|||
Acquisition, net of cash acquired
|
—
|
|
|
—
|
|
|
(1,147
|
)
|
|||
Contributions to equity method investees
|
(637
|
)
|
|
(299
|
)
|
|
(239
|
)
|
|||
Other
|
3
|
|
|
(13
|
)
|
|
41
|
|
|||
Net cash used for investing activities
|
(3,347
|
)
|
|
(2,562
|
)
|
|
(3,390
|
)
|
|||
Financing Activities
|
|
|
|
|
|
||||||
Issuance of long-term debt, net of issuance costs
|
1,432
|
|
|
1,398
|
|
|
2,035
|
|
|||
Redemption of long-term debt
|
(105
|
)
|
|
(385
|
)
|
|
(807
|
)
|
|||
Repurchase of long-term debt
|
—
|
|
|
—
|
|
|
(59
|
)
|
|||
Issuance of equity units, net of issuance costs
|
—
|
|
|
—
|
|
|
654
|
|
|||
Short-term borrowings, net
|
(12
|
)
|
|
122
|
|
|
—
|
|
|||
Repurchase of common stock
|
—
|
|
|
(51
|
)
|
|
(33
|
)
|
|||
Dividends on common stock and other
|
(620
|
)
|
|
(592
|
)
|
|
(531
|
)
|
|||
Contributions from noncontrolling interests, principally REF entities
|
53
|
|
|
50
|
|
|
114
|
|
|||
Distributions to noncontrolling interests
|
(48
|
)
|
|
(40
|
)
|
|
(5
|
)
|
|||
Other
|
(46
|
)
|
|
(81
|
)
|
|
(9
|
)
|
|||
Net cash from financing activities
|
654
|
|
|
421
|
|
|
1,359
|
|
|||
Net Increase (Decrease) in Cash, Cash Equivalents, a
nd Restricted Cash
|
$
|
(13
|
)
|
|
$
|
(24
|
)
|
|
$
|
53
|
|
|
Total
|
|
2019
|
|
2020-2021
|
|
2022-2023
|
|
2024 and Thereafter
|
||||||||||
|
(In millions)
|
||||||||||||||||||
Long-term debt:
|
|
|
|
|
|
|
|
|
|
||||||||||
Mortgage bonds, notes, and other
(a)
|
$
|
12,566
|
|
|
$
|
1,495
|
|
|
$
|
1,144
|
|
|
$
|
1,793
|
|
|
$
|
8,134
|
|
Junior subordinated debentures
(b)
|
1,180
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1,180
|
|
|||||
Capital lease obligations
|
11
|
|
|
4
|
|
|
7
|
|
|
—
|
|
|
—
|
|
|||||
Interest
|
10,340
|
|
|
556
|
|
|
1,016
|
|
|
929
|
|
|
7,839
|
|
|||||
Stock purchase contract
|
33
|
|
|
33
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Operating leases
|
154
|
|
|
42
|
|
|
48
|
|
|
19
|
|
|
45
|
|
|||||
Electric, gas, fuel, transportation, and storage purchase obligations
(c)
|
5,509
|
|
|
2,216
|
|
|
1,465
|
|
|
591
|
|
|
1,237
|
|
|||||
Long-term DTE Electric renewable energy power purchase agreements
(d)(e)
|
1,133
|
|
|
100
|
|
|
162
|
|
|
162
|
|
|
709
|
|
|||||
Other long-term obligations
(f)(g)(h)
|
715
|
|
|
375
|
|
|
326
|
|
|
7
|
|
|
7
|
|
|||||
Total obligations
|
$
|
31,641
|
|
|
$
|
4,821
|
|
|
$
|
4,168
|
|
|
$
|
3,501
|
|
|
$
|
19,151
|
|
(a)
|
Excludes
$16 million
of unamortized debt discount and
$73 million
of unamortized debt issuance costs.
|
(b)
|
Excludes
$35 million
of unamortized debt issuance costs.
|
(c)
|
Excludes amounts associated with full requirements contracts where no stated minimum purchase volume is required.
|
(d)
|
The agreements represent the minimum obligations with suppliers for renewable energy and renewable energy credits under existing contract terms which expire from
2030
through
2035
. DTE Electric's share of plant output ranges from
29%
to
100%
.
|
(e)
|
Excludes a power purchase agreement with a non-utility affiliate of DTE Energy.
|
(f)
|
Includes liabilities for unrecognized tax benefits of
$10 million
.
|
(g)
|
Excludes other long-term liabilities of
$172 million
not directly derived from contracts or other agreements.
|
(h)
|
At
December 31, 2018
, 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
|
|
|
35
|
%
|
|
6
|
%
|
|
10.0x
|
|
DCF, assuming stock sale
|
Gas
|
|
743
|
|
|
30
|
%
|
|
7
|
%
|
|
12.0x
|
|
DCF, assuming stock sale
|
|
Gas Storage and Pipelines
|
|
299
|
|
|
19
|
%
|
|
7
|
%
|
|
n/a
(d)
|
|
DCF, assuming asset sale
|
|
Power and Industrial Projects
(e)
|
|
26
|
|
|
18
|
%
|
|
6
|
%
|
|
9.0x
|
|
DCF, assuming asset sale
(f)
|
|
Energy Trading
|
|
17
|
|
|
56
|
%
|
|
12
|
%
|
|
n/a
(g)
|
|
DCF, assuming asset sale
|
|
|
|
$
|
2,293
|
|
|
|
|
|
|
|
|
|
(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
2019-2023
projected cash flows plus a calculated terminal value.
|
(d)
|
Due to the nature of the projected cash flows for Gas Storage and Pipelines, DTE Energy capitalized the terminal year cash flows at the weighted average cost of capital (WACC) less an assumed long-term growth rate of 3.0% in lieu of applying a terminal EBITDA multiple.
|
(e)
|
Power and Industrial Projects excludes the Biomass reporting unit, as this unit has no allocated goodwill.
|
(f)
|
Asset sales were assumed, except for Power and Industrial Projects' reduced emissions fuels projects, which assumed stock sales.
|
(g)
|
Due to lack of market comparable information for Energy Trading, DTE Energy capitalized the terminal year cash flows at the WACC in lieu of applying a terminal EBITDA multiple.
|
|
Total
|
||
|
(In millions)
|
||
MTM at December 31, 2017
|
$
|
8
|
|
Reclassified to realized upon settlement
|
74
|
|
|
Changes in fair value recorded to income
|
(81
|
)
|
|
Amounts recorded to unrealized income
|
(7
|
)
|
|
Changes in fair value recorded in regulatory liabilities
|
9
|
|
|
Change in collateral
|
(30
|
)
|
|
Amounts recorded in Other comprehensive income, pretax
|
(3
|
)
|
|
MTM at December 31, 2018
|
$
|
(23
|
)
|
Source of Fair Value
|
|
2019
|
|
2020
|
|
2021
|
|
2022 and Beyond
|
|
Total Fair Value
|
||||||||||
|
|
(In millions)
|
||||||||||||||||||
Level 1
|
|
$
|
4
|
|
|
$
|
(1
|
)
|
|
$
|
(1
|
)
|
|
$
|
—
|
|
|
$
|
2
|
|
Level 2
|
|
20
|
|
|
8
|
|
|
3
|
|
|
5
|
|
|
36
|
|
|||||
Level 3
|
|
21
|
|
|
(7
|
)
|
|
(11
|
)
|
|
(47
|
)
|
|
(44
|
)
|
|||||
MTM before collateral adjustments
|
|
$
|
45
|
|
|
$
|
—
|
|
|
$
|
(9
|
)
|
|
$
|
(42
|
)
|
|
(6
|
)
|
|
Collateral adjustments
|
|
|
|
|
|
|
|
|
|
(17
|
)
|
|||||||||
MTM at December 31, 2018
|
|
|
|
|
|
|
|
|
|
$
|
(23
|
)
|
|
Credit Exposure
Before Cash Collateral |
|
Cash
Collateral |
|
Net Credit
Exposure |
||||||
|
(In millions)
|
||||||||||
Investment Grade
(a)
|
|
|
|
|
|
||||||
A- and Greater
|
$
|
348
|
|
|
$
|
—
|
|
|
$
|
348
|
|
BBB+ and BBB
|
288
|
|
|
—
|
|
|
288
|
|
|||
BBB-
|
49
|
|
|
—
|
|
|
49
|
|
|||
Total Investment Grade
|
685
|
|
|
—
|
|
|
685
|
|
|||
Non-investment grade
(b)
|
3
|
|
|
—
|
|
|
3
|
|
|||
Internally Rated — investment grade
(c)
|
368
|
|
|
(1
|
)
|
|
367
|
|
|||
Internally Rated — non-investment grade
(d)
|
38
|
|
|
(4
|
)
|
|
34
|
|
|||
Total
|
$
|
1,094
|
|
|
$
|
(5
|
)
|
|
$
|
1,089
|
|
(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
16%
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
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
14%
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
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
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
Change in the Fair Value of
|
||||||||
|
|
(In millions)
|
|
|
||||||||||||||
Gas contracts
|
|
$
|
8
|
|
|
$
|
—
|
|
|
$
|
(8
|
)
|
|
$
|
—
|
|
|
Commodity contracts
|
Power contracts
|
|
$
|
10
|
|
|
$
|
5
|
|
|
$
|
(10
|
)
|
|
$
|
(7
|
)
|
|
Commodity contracts
|
Interest rate risk — DTE Energy
|
|
$
|
(596
|
)
|
|
$
|
(576
|
)
|
|
$
|
625
|
|
|
$
|
581
|
|
|
Long-term debt
|
Interest rate risk — DTE Electric
|
|
$
|
(277
|
)
|
|
$
|
(246
|
)
|
|
$
|
300
|
|
|
$
|
263
|
|
|
Long-term debt
|
|
Page
|
Financial Statement Schedule
|
|
|
Year Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
|
(In millions, except per share amounts)
|
||||||||||
Operating Revenues
|
|
|
|
|
|
||||||
Utility operations
|
$
|
6,670
|
|
|
$
|
6,434
|
|
|
$
|
6,497
|
|
Non-utility operations
|
7,542
|
|
|
6,173
|
|
|
4,133
|
|
|||
|
14,212
|
|
|
12,607
|
|
|
10,630
|
|
|||
|
|
|
|
|
|
||||||
Operating Expenses
|
|
|
|
|
|
||||||
Fuel, purchased power, and gas — utility
|
1,981
|
|
|
1,881
|
|
|
1,968
|
|
|||
Fuel, purchased power, and gas — non-utility
|
6,630
|
|
|
5,283
|
|
|
3,562
|
|
|||
Operation and maintenance
|
2,451
|
|
|
2,270
|
|
|
2,261
|
|
|||
Depreciation and amortization
|
1,124
|
|
|
1,030
|
|
|
976
|
|
|||
Taxes other than income
|
405
|
|
|
391
|
|
|
370
|
|
|||
Asset (gains) losses and impairments, net
|
27
|
|
|
41
|
|
|
7
|
|
|||
|
12,618
|
|
|
10,896
|
|
|
9,144
|
|
|||
Operating Income
|
1,594
|
|
|
1,711
|
|
|
1,486
|
|
|||
|
|
|
|
|
|
||||||
Other (Income) and Deductions
|
|
|
|
|
|
||||||
Interest expense
|
559
|
|
|
536
|
|
|
472
|
|
|||
Interest income
|
(12
|
)
|
|
(12
|
)
|
|
(20
|
)
|
|||
Non-operating retirement benefits, net
|
37
|
|
|
65
|
|
|
41
|
|
|||
Other income
|
(333
|
)
|
|
(268
|
)
|
|
(207
|
)
|
|||
Other expenses
|
127
|
|
|
103
|
|
|
95
|
|
|||
|
378
|
|
|
424
|
|
|
381
|
|
|||
Income Before Income Taxes
|
1,216
|
|
|
1,287
|
|
|
1,105
|
|
|||
|
|
|
|
|
|
||||||
Income Tax Expense
|
98
|
|
|
175
|
|
|
271
|
|
|||
|
|
|
|
|
|
||||||
Net Income
|
1,118
|
|
|
1,112
|
|
|
834
|
|
|||
|
|
|
|
|
|
||||||
Less: Net Loss Attributable to Noncontrolling Interests
|
(2
|
)
|
|
(22
|
)
|
|
(34
|
)
|
|||
|
|
|
|
|
|
||||||
Net Income Attributable to DTE Energy Company
|
$
|
1,120
|
|
|
$
|
1,134
|
|
|
$
|
868
|
|
|
|
|
|
|
|
||||||
Basic Earnings per Common Share
|
|
|
|
|
|
||||||
Net Income Attributable to DTE Energy Company
|
$
|
6.18
|
|
|
$
|
6.32
|
|
|
$
|
4.84
|
|
|
|
|
|
|
|
||||||
Diluted Earnings per Common Share
|
|
|
|
|
|
||||||
Net Income Attributable to DTE Energy Company
|
$
|
6.17
|
|
|
$
|
6.32
|
|
|
$
|
4.83
|
|
|
|
|
|
|
|
||||||
Weighted Average Common Shares Outstanding
|
|
|
|
|
|
||||||
Basic
|
181
|
|
|
179
|
|
|
179
|
|
|||
Diluted
|
181
|
|
|
179
|
|
|
179
|
|
|
Year Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
|
(In millions)
|
||||||||||
Net Income
|
$
|
1,118
|
|
|
$
|
1,112
|
|
|
$
|
834
|
|
|
|
|
|
|
|
||||||
Other comprehensive income (loss), net of tax:
|
|
|
|
|
|
||||||
Benefit obligations, net of taxes of $2, $5, and $6, respectively
|
8
|
|
|
10
|
|
|
11
|
|
|||
Net unrealized gains (losses) on derivatives during the period, net of taxes of $— for all periods
|
(1
|
)
|
|
1
|
|
|
—
|
|
|||
Net unrealized gains on investments during the period, net of taxes of $—, $1, and $1, respectively
|
—
|
|
|
1
|
|
|
1
|
|
|||
Foreign currency translation
|
(2
|
)
|
|
1
|
|
|
—
|
|
|||
Other comprehensive income
|
5
|
|
|
13
|
|
|
12
|
|
|||
|
|
|
|
|
|
||||||
Comprehensive income
|
1,123
|
|
|
1,125
|
|
|
846
|
|
|||
Less: Comprehensive loss attributable to noncontrolling interests
|
(2
|
)
|
|
(22
|
)
|
|
(34
|
)
|
|||
Comprehensive Income Attributable to DTE Energy Company
|
$
|
1,125
|
|
|
$
|
1,147
|
|
|
$
|
880
|
|
|
December 31,
|
||||||
|
2018
|
|
2017
|
||||
|
(In millions)
|
||||||
ASSETS
|
|||||||
Current Assets
|
|
|
|
||||
Cash and cash equivalents
|
$
|
71
|
|
|
$
|
66
|
|
Restricted cash
|
5
|
|
|
23
|
|
||
Accounts receivable (less allowance for doubtful accounts of $91 and $49, respectively)
|
|
|
|
||||
Customer
|
1,789
|
|
|
1,758
|
|
||
Other
|
108
|
|
|
98
|
|
||
Inventories
|
|
|
|
||||
Fuel and gas
|
406
|
|
|
399
|
|
||
Materials and supplies
|
405
|
|
|
380
|
|
||
Derivative assets
|
102
|
|
|
103
|
|
||
Regulatory assets
|
153
|
|
|
55
|
|
||
Other
|
221
|
|
|
199
|
|
||
|
3,260
|
|
|
3,081
|
|
||
Investments
|
|
|
|
||||
Nuclear decommissioning trust funds
|
1,378
|
|
|
1,492
|
|
||
Investments in equity method investees
|
1,771
|
|
|
1,073
|
|
||
Other
|
219
|
|
|
232
|
|
||
|
3,368
|
|
|
2,797
|
|
||
Property
|
|
|
|
||||
Property, plant, and equipment
|
31,810
|
|
|
31,424
|
|
||
Accumulated depreciation and amortization
|
(10,160
|
)
|
|
(10,703
|
)
|
||
|
21,650
|
|
|
20,721
|
|
||
Other Assets
|
|
|
|
||||
Goodwill
|
2,293
|
|
|
2,293
|
|
||
Regulatory assets
|
4,568
|
|
|
3,723
|
|
||
Intangible assets
|
849
|
|
|
867
|
|
||
Notes receivable
|
64
|
|
|
73
|
|
||
Derivative assets
|
31
|
|
|
51
|
|
||
Prepaid postretirement costs
|
45
|
|
|
—
|
|
||
Other
|
160
|
|
|
161
|
|
||
|
8,010
|
|
|
7,168
|
|
||
Total Assets
|
$
|
36,288
|
|
|
$
|
33,767
|
|
|
December 31,
|
||||||
|
2018
|
|
2017
|
||||
|
(In millions, except shares)
|
||||||
LIABILITIES AND EQUITY
|
|||||||
Current Liabilities
|
|
|
|
||||
Accounts payable
|
$
|
1,329
|
|
|
$
|
1,171
|
|
Accrued interest
|
127
|
|
|
111
|
|
||
Dividends payable
|
172
|
|
|
158
|
|
||
Short-term borrowings
|
609
|
|
|
621
|
|
||
Current portion long-term debt, including capital leases
|
1,499
|
|
|
109
|
|
||
Derivative liabilities
|
67
|
|
|
99
|
|
||
Regulatory liabilities
|
126
|
|
|
18
|
|
||
Other
|
509
|
|
|
525
|
|
||
|
4,438
|
|
|
2,812
|
|
||
Long-Term Debt (net of current portion)
|
|
|
|
||||
Mortgage bonds, notes, and other
|
10,982
|
|
|
11,039
|
|
||
Junior subordinated debentures
|
1,145
|
|
|
1,145
|
|
||
Capital lease obligations
|
7
|
|
|
1
|
|
||
|
12,134
|
|
|
12,185
|
|
||
Other Liabilities
|
|
|
|
||||
Deferred income taxes
|
1,975
|
|
|
1,888
|
|
||
Regulatory liabilities
|
2,922
|
|
|
2,875
|
|
||
Asset retirement obligations
|
2,469
|
|
|
2,320
|
|
||
Unamortized investment tax credit
|
138
|
|
|
122
|
|
||
Derivative liabilities
|
89
|
|
|
47
|
|
||
Accrued pension liability
|
837
|
|
|
924
|
|
||
Accrued postretirement liability
|
—
|
|
|
61
|
|
||
Nuclear decommissioning
|
205
|
|
|
220
|
|
||
Other
|
364
|
|
|
323
|
|
||
|
8,999
|
|
|
8,780
|
|
||
Commitments and Contingencies (Notes 9 and 18)
|
|
|
|
||||
|
|
|
|
|
|
||
Equity
|
|
|
|
||||
Common stock (No par value, 400,000,000 shares authorized, and 181,925,281 and 179,386,967 shares issued and outstanding at December 31, 2018 and December 31, 2017, respectively)
|
4,245
|
|
|
3,989
|
|
||
Retained earnings
|
6,112
|
|
|
5,643
|
|
||
Accumulated other comprehensive loss
|
(120
|
)
|
|
(120
|
)
|
||
Total DTE Energy Company Equity
|
10,237
|
|
|
9,512
|
|
||
Noncontrolling interests
|
480
|
|
|
478
|
|
||
Total Equity
|
10,717
|
|
|
9,990
|
|
||
Total Liabilities and Equity
|
$
|
36,288
|
|
|
$
|
33,767
|
|
|
Year Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Operating Activities
|
(In millions)
|
||||||||||
Net Income
|
$
|
1,118
|
|
|
$
|
1,112
|
|
|
$
|
834
|
|
Adjustments to reconcile Net Income to Net cash from operating activities:
|
|
|
|
|
|
||||||
Depreciation and amortization
|
1,124
|
|
|
1,030
|
|
|
976
|
|
|||
Nuclear fuel amortization
|
45
|
|
|
53
|
|
|
58
|
|
|||
Allowance for equity funds used during construction
|
(28
|
)
|
|
(23
|
)
|
|
(21
|
)
|
|||
Deferred income taxes
|
114
|
|
|
196
|
|
|
265
|
|
|||
Equity earnings of equity method investees
|
(132
|
)
|
|
(102
|
)
|
|
(68
|
)
|
|||
Dividends from equity method investees
|
74
|
|
|
74
|
|
|
68
|
|
|||
Asset (gains) losses and impairments, net
|
29
|
|
|
38
|
|
|
8
|
|
|||
Changes in assets and liabilities:
|
|
|
|
|
|
||||||
Accounts receivable, net
|
(44
|
)
|
|
(252
|
)
|
|
(226
|
)
|
|||
Inventories
|
(32
|
)
|
|
(4
|
)
|
|
37
|
|
|||
Prepaid postretirement benefit costs
|
(45
|
)
|
|
—
|
|
|
—
|
|
|||
Accounts payable
|
146
|
|
|
129
|
|
|
145
|
|
|||
Accrued pension liability
|
(87
|
)
|
|
(228
|
)
|
|
19
|
|
|||
Accrued postretirement liability
|
(61
|
)
|
|
25
|
|
|
(192
|
)
|
|||
Derivative assets and liabilities
|
31
|
|
|
(94
|
)
|
|
126
|
|
|||
Regulatory assets and liabilities
|
15
|
|
|
217
|
|
|
(40
|
)
|
|||
Other current and noncurrent assets and liabilities
|
413
|
|
|
(54
|
)
|
|
95
|
|
|||
Net cash from operating activities
|
2,680
|
|
|
2,117
|
|
|
2,084
|
|
|||
Investing Activities
|
|
|
|
|
|
||||||
Plant and equipment expenditures — utility
|
(2,439
|
)
|
|
(2,037
|
)
|
|
(1,898
|
)
|
|||
Plant and equipment expenditures — non-utility
|
(274
|
)
|
|
(213
|
)
|
|
(147
|
)
|
|||
Acquisition, net of cash acquired
|
—
|
|
|
—
|
|
|
(1,147
|
)
|
|||
Proceeds from sale of nuclear decommissioning trust fund assets
|
1,203
|
|
|
1,240
|
|
|
1,457
|
|
|||
Investment in nuclear decommissioning trust funds
|
(1,188
|
)
|
|
(1,226
|
)
|
|
(1,463
|
)
|
|||
Distributions from equity method investees
|
9
|
|
|
10
|
|
|
11
|
|
|||
Contributions to equity method investees
|
(637
|
)
|
|
(299
|
)
|
|
(239
|
)
|
|||
Other
|
(21
|
)
|
|
(37
|
)
|
|
36
|
|
|||
Net cash used for investing activities
|
(3,347
|
)
|
|
(2,562
|
)
|
|
(3,390
|
)
|
|||
Financing Activities
|
|
|
|
|
|
||||||
Issuance of long-term debt, net of issuance costs
|
1,432
|
|
|
1,398
|
|
|
2,035
|
|
|||
Redemption of long-term debt
|
(105
|
)
|
|
(385
|
)
|
|
(807
|
)
|
|||
Repurchase of long-term debt
|
—
|
|
|
—
|
|
|
(59
|
)
|
|||
Issuance of equity units, net of issuance costs
|
—
|
|
|
—
|
|
|
654
|
|
|||
Short-term borrowings, net
|
(12
|
)
|
|
122
|
|
|
—
|
|
|||
Repurchase of common stock
|
—
|
|
|
(51
|
)
|
|
(33
|
)
|
|||
Dividends on common stock
|
(620
|
)
|
|
(592
|
)
|
|
(531
|
)
|
|||
Contributions from noncontrolling interests, principally REF entities
|
53
|
|
|
50
|
|
|
114
|
|
|||
Distributions to noncontrolling interests
|
(48
|
)
|
|
(40
|
)
|
|
(5
|
)
|
|||
Other
|
(46
|
)
|
|
(81
|
)
|
|
(9
|
)
|
|||
Net cash from financing activities
|
654
|
|
|
421
|
|
|
1,359
|
|
|||
Net Increase (Decrease) in Cash, Cash Equivalents, a
nd Restricted Cash
|
(13
|
)
|
|
(24
|
)
|
|
53
|
|
|||
Cash, Cash Equivalents, and Restricted Cash at Beginning of Period
|
89
|
|
|
113
|
|
|
60
|
|
|||
Cash, Cash Equivalents, and Restricted Cash at End of Period
|
$
|
76
|
|
|
$
|
89
|
|
|
$
|
113
|
|
|
|
|
|
|
|
||||||
Supplemental disclosure of cash information
|
|
|
|
|
|
||||||
Cash paid (received) for:
|
|
|
|
|
|
||||||
Interest, net of interest capitalized
|
$
|
572
|
|
|
$
|
495
|
|
|
$
|
448
|
|
Income taxes
|
$
|
(26
|
)
|
|
$
|
4
|
|
|
$
|
(1
|
)
|
Supplemental disclosure of non-cash investing and financing activities
|
|
|
|
|
|
||||||
Plant and equipment expenditures in accounts payable
|
$
|
307
|
|
|
$
|
295
|
|
|
$
|
312
|
|
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, 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 ($3.06 per Common Share)
|
—
|
|
|
—
|
|
|
(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
|
|
|||||
Other comprehensive income, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
12
|
|
|
—
|
|
|
12
|
|
|||||
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
|
|
Net Income (Loss)
|
—
|
|
|
—
|
|
|
1,134
|
|
|
—
|
|
|
(22
|
)
|
|
1,112
|
|
|||||
Dividends declared on common stock ($3.36 per Common Share)
|
—
|
|
|
—
|
|
|
(602
|
)
|
|
—
|
|
|
—
|
|
|
(602
|
)
|
|||||
Repurchase of common stock
|
(524
|
)
|
|
(51
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(51
|
)
|
|||||
Other comprehensive income, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
13
|
|
|
—
|
|
|
13
|
|
|||||
Stock-based compensation, net contributions from noncontrolling interests, and other
|
478
|
|
|
10
|
|
|
(3
|
)
|
|
—
|
|
|
12
|
|
|
19
|
|
|||||
Balance, December 31, 2017
|
179,387
|
|
|
$
|
3,989
|
|
|
$
|
5,643
|
|
|
$
|
(120
|
)
|
|
$
|
478
|
|
|
$
|
9,990
|
|
Implementation of ASU 2016-01
|
—
|
|
|
—
|
|
|
5
|
|
|
(5
|
)
|
|
—
|
|
|
—
|
|
|||||
Net Income (Loss)
|
—
|
|
|
—
|
|
|
1,120
|
|
|
—
|
|
|
(2
|
)
|
|
1,118
|
|
|||||
Dividends declared on common stock ($3.60 per Common Share)
|
—
|
|
|
—
|
|
|
(653
|
)
|
|
—
|
|
|
—
|
|
|
(653
|
)
|
|||||
Issuance of common stock
|
255
|
|
|
26
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
26
|
|
|||||
Contribution of common stock to pension plan
|
1,751
|
|
|
175
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
175
|
|
|||||
Other comprehensive income, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
5
|
|
|||||
Stock-based compensation, net contributions from noncontrolling interests, and other
|
532
|
|
|
55
|
|
|
(3
|
)
|
|
—
|
|
|
4
|
|
|
56
|
|
|||||
Balance, December 31, 2018
|
181,925
|
|
|
$
|
4,245
|
|
|
$
|
6,112
|
|
|
$
|
(120
|
)
|
|
$
|
480
|
|
|
$
|
10,717
|
|
|
Year Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
|
(In millions)
|
||||||||||
Operating Revenues — Utility operations
|
$
|
5,298
|
|
|
$
|
5,102
|
|
|
$
|
5,225
|
|
|
|
|
|
|
|
||||||
Operating Expenses
|
|
|
|
|
|
||||||
Fuel and purchased power — utility
|
1,552
|
|
|
1,454
|
|
|
1,532
|
|
|||
Operation and maintenance
|
1,470
|
|
|
1,428
|
|
|
1,455
|
|
|||
Depreciation and amortization
|
836
|
|
|
753
|
|
|
750
|
|
|||
Taxes other than income
|
307
|
|
|
302
|
|
|
284
|
|
|||
Asset (gains) losses and impairments, net
|
(1
|
)
|
|
—
|
|
|
—
|
|
|||
|
4,164
|
|
|
3,937
|
|
|
4,021
|
|
|||
Operating Income
|
1,134
|
|
|
1,165
|
|
|
1,204
|
|
|||
|
|
|
|
|
|
||||||
Other (Income) and Deductions
|
|
|
|
|
|
||||||
Interest expense
|
283
|
|
|
274
|
|
|
264
|
|
|||
Interest income
|
—
|
|
|
—
|
|
|
(8
|
)
|
|||
Other income
|
(83
|
)
|
|
(77
|
)
|
|
(61
|
)
|
|||
Other expenses
|
77
|
|
|
40
|
|
|
34
|
|
|||
|
277
|
|
|
237
|
|
|
229
|
|
|||
Income Before Income Taxes
|
857
|
|
|
928
|
|
|
975
|
|
|||
|
|
|
|
|
|
||||||
Income Tax Expense
|
193
|
|
|
327
|
|
|
353
|
|
|||
|
|
|
|
|
|
||||||
Net Income
|
$
|
664
|
|
|
$
|
601
|
|
|
$
|
622
|
|
|
Year Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
|
(In millions)
|
||||||||||
Net Income
|
$
|
664
|
|
|
$
|
601
|
|
|
$
|
622
|
|
Other comprehensive income, net of tax:
|
|
|
|
|
|
||||||
Net unrealized gains on investments during the period, net of taxes of $—, $1, and $—, respectively
|
—
|
|
|
1
|
|
|
—
|
|
|||
Other comprehensive income
|
—
|
|
|
1
|
|
|
—
|
|
|||
Comprehensive Income
|
$
|
664
|
|
|
$
|
602
|
|
|
$
|
622
|
|
|
December 31,
|
||||||
|
2018
|
|
2017
|
||||
|
(In millions)
|
||||||
ASSETS
|
|||||||
Current Assets
|
|
|
|
||||
Cash and cash equivalents
|
$
|
18
|
|
|
$
|
15
|
|
Accounts receivable (less allowance for doubtful accounts of $53 and $31, respectively)
|
|
|
|
||||
Customer
|
750
|
|
|
791
|
|
||
Affiliates
|
11
|
|
|
20
|
|
||
Other
|
54
|
|
|
37
|
|
||
Inventories
|
|
|
|
||||
Fuel
|
171
|
|
|
190
|
|
||
Materials and supplies
|
279
|
|
|
275
|
|
||
Regulatory assets
|
148
|
|
|
50
|
|
||
Other
|
89
|
|
|
68
|
|
||
|
1,520
|
|
|
1,446
|
|
||
Investments
|
|
|
|
||||
Nuclear decommissioning trust funds
|
1,378
|
|
|
1,492
|
|
||
Other
|
34
|
|
|
36
|
|
||
|
1,412
|
|
|
1,528
|
|
||
Property
|
|
|
|
||||
Property, plant, and equipment
|
22,747
|
|
|
22,972
|
|
||
Accumulated depreciation and amortization
|
(7,310
|
)
|
|
(7,984
|
)
|
||
|
15,437
|
|
|
14,988
|
|
||
Other Assets
|
|
|
|
||||
Regulatory assets
|
3,829
|
|
|
3,005
|
|
||
Intangible assets
|
21
|
|
|
25
|
|
||
Prepaid postretirement costs — affiliates
|
189
|
|
|
113
|
|
||
Other
|
121
|
|
|
123
|
|
||
|
4,160
|
|
|
3,266
|
|
||
Total Assets
|
$
|
22,529
|
|
|
$
|
21,228
|
|
|
December 31,
|
||||||
|
2018
|
|
2017
|
||||
|
(In millions, except shares)
|
||||||
LIABILITIES AND SHAREHOLDER'S EQUITY
|
|||||||
Current Liabilities
|
|
|
|
||||
Accounts payable
|
|
|
|
||||
Affiliates
|
$
|
71
|
|
|
$
|
52
|
|
Other
|
441
|
|
|
416
|
|
||
Accrued interest
|
74
|
|
|
72
|
|
||
Current portion long-term debt, including capital leases
|
4
|
|
|
5
|
|
||
Regulatory liabilities
|
98
|
|
|
17
|
|
||
Short-term borrowings
|
|
|
|
||||
Affiliates
|
101
|
|
|
116
|
|
||
Other
|
149
|
|
|
238
|
|
||
Other
|
139
|
|
|
145
|
|
||
|
1,077
|
|
|
1,061
|
|
||
Long-Term Debt (net of current portion)
|
|
|
|
||||
Mortgage bonds, notes, and other
|
6,538
|
|
|
6,017
|
|
||
Capital lease obligations
|
7
|
|
|
1
|
|
||
|
6,545
|
|
|
6,018
|
|
||
Other Liabilities
|
|
|
|
||||
Deferred income taxes
|
2,246
|
|
|
2,088
|
|
||
Regulatory liabilities
|
2,171
|
|
|
2,137
|
|
||
Asset retirement obligations
|
2,271
|
|
|
2,125
|
|
||
Unamortized investment tax credit
|
137
|
|
|
120
|
|
||
Nuclear decommissioning
|
205
|
|
|
220
|
|
||
Accrued pension liability — affiliates
|
718
|
|
|
811
|
|
||
Accrued postretirement liability — affiliates
|
278
|
|
|
311
|
|
||
Other
|
88
|
|
|
72
|
|
||
|
8,114
|
|
|
7,884
|
|
||
Commitments and Contingencies (Notes 9 and 18)
|
|
|
|
|
|
||
|
|
|
|
||||
Shareholder's Equity
|
|
|
|
||||
Common stock ($10 par value, 400,000,000 shares authorized, and 138,632,234 shares issued and outstanding for both periods)
|
4,631
|
|
|
4,306
|
|
||
Retained earnings
|
2,162
|
|
|
1,956
|
|
||
Accumulated other comprehensive income
|
—
|
|
|
3
|
|
||
Total Shareholder's Equity
|
6,793
|
|
|
6,265
|
|
||
Total Liabilities and Shareholder's Equity
|
$
|
22,529
|
|
|
$
|
21,228
|
|
|
Year Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
Operating Activities
|
(In millions)
|
||||||||||
Net Income
|
$
|
664
|
|
|
$
|
601
|
|
|
$
|
622
|
|
Adjustments to reconcile Net Income to Net cash from operating activities:
|
|
|
|
|
|
||||||
Depreciation and amortization
|
836
|
|
|
753
|
|
|
750
|
|
|||
Nuclear fuel amortization
|
45
|
|
|
53
|
|
|
58
|
|
|||
Allowance for equity funds used during construction
|
(19
|
)
|
|
(18
|
)
|
|
(18
|
)
|
|||
Deferred income taxes
|
189
|
|
|
345
|
|
|
342
|
|
|||
Changes in assets and liabilities:
|
|
|
|
|
|
||||||
Accounts receivable, net
|
33
|
|
|
(80
|
)
|
|
(64
|
)
|
|||
Inventories
|
15
|
|
|
31
|
|
|
26
|
|
|||
Prepaid postretirement benefit costs — affiliates
|
(76
|
)
|
|
1
|
|
|
(90
|
)
|
|||
Accounts payable
|
54
|
|
|
(2
|
)
|
|
59
|
|
|||
Accrued pension liability — affiliates
|
(93
|
)
|
|
(197
|
)
|
|
32
|
|
|||
Accrued postretirement liability — affiliates
|
(33
|
)
|
|
42
|
|
|
(38
|
)
|
|||
Regulatory assets and liabilities
|
4
|
|
|
202
|
|
|
10
|
|
|||
Other current and noncurrent assets and liabilities
|
101
|
|
|
(147
|
)
|
|
(34
|
)
|
|||
Net cash from operating activities
|
1,720
|
|
|
1,584
|
|
|
1,655
|
|
|||
Investing Activities
|
|
|
|
|
|
||||||
Plant and equipment expenditures
|
(1,989
|
)
|
|
(1,574
|
)
|
|
(1,503
|
)
|
|||
Proceeds from sale of nuclear decommissioning trust fund assets
|
1,203
|
|
|
1,240
|
|
|
1,457
|
|
|||
Investment in nuclear decommissioning trust funds
|
(1,188
|
)
|
|
(1,226
|
)
|
|
(1,463
|
)
|
|||
Other
|
(15
|
)
|
|
18
|
|
|
36
|
|
|||
Net cash used for investing activities
|
(1,989
|
)
|
|
(1,542
|
)
|
|
(1,473
|
)
|
|||
Financing Activities
|
|
|
|
|
|
||||||
Issuance of long-term debt, net of issuance costs
|
519
|
|
|
435
|
|
|
355
|
|
|||
Redemption of long-term debt
|
—
|
|
|
(300
|
)
|
|
(10
|
)
|
|||
Repurchase of long-term debt
|
—
|
|
|
—
|
|
|
(59
|
)
|
|||
Capital contribution by parent company
|
325
|
|
|
100
|
|
|
120
|
|
|||
Short-term borrowings, net — affiliate
|
(15
|
)
|
|
(1
|
)
|
|
41
|
|
|||
Short-term borrowings, net — other
|
(89
|
)
|
|
176
|
|
|
(210
|
)
|
|||
Dividends on common stock
|
(461
|
)
|
|
(432
|
)
|
|
(420
|
)
|
|||
Other
|
(7
|
)
|
|
(18
|
)
|
|
(1
|
)
|
|||
Net cash from (used for) financing activities
|
272
|
|
|
(40
|
)
|
|
(184
|
)
|
|||
Net Increase (Decrease) in Cash and Cash Equivalents
|
3
|
|
|
2
|
|
|
(2
|
)
|
|||
Cash and Cash Equivalents at Beginning of Period
|
15
|
|
|
13
|
|
|
15
|
|
|||
Cash and Cash Equivalents at End of Period
|
$
|
18
|
|
|
$
|
15
|
|
|
$
|
13
|
|
|
|
|
|
|
|
||||||
Supplemental disclosure of cash information
|
|
|
|
|
|
||||||
Cash paid (received) for:
|
|
|
|
|
|
||||||
Interest, net of interest capitalized
|
$
|
283
|
|
|
$
|
252
|
|
|
$
|
252
|
|
Income taxes
|
$
|
—
|
|
|
$
|
(16
|
)
|
|
$
|
6
|
|
Supplemental disclosure of non-cash investing and financing activities
|
|
|
|
|
|
||||||
Plant and equipment expenditures in accounts payable
|
$
|
181
|
|
|
$
|
191
|
|
|
$
|
232
|
|
|
|
|
|
|
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, 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
|
|
Net Income
|
—
|
|
|
—
|
|
|
—
|
|
|
601
|
|
|
—
|
|
|
601
|
|
|||||
Dividends declared on common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
(432
|
)
|
|
—
|
|
|
(432
|
)
|
|||||
Other comprehensive income, net of tax
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|||||
Capital contribution by parent company
|
—
|
|
|
—
|
|
|
100
|
|
|
—
|
|
|
—
|
|
|
100
|
|
|||||
Balance, December 31, 2017
|
138,632
|
|
|
$
|
1,386
|
|
|
$
|
2,920
|
|
|
$
|
1,956
|
|
|
$
|
3
|
|
|
$
|
6,265
|
|
Implementation of ASU 2016-01
|
—
|
|
|
—
|
|
|
—
|
|
|
3
|
|
|
(3
|
)
|
|
—
|
|
|||||
Net Income
|
—
|
|
|
—
|
|
|
—
|
|
|
664
|
|
|
—
|
|
|
664
|
|
|||||
Dividends declared on common stock
|
—
|
|
|
—
|
|
|
—
|
|
|
(461
|
)
|
|
—
|
|
|
(461
|
)
|
|||||
Capital contribution by parent company
|
—
|
|
|
—
|
|
|
325
|
|
|
—
|
|
|
—
|
|
|
325
|
|
|||||
Balance, December 31, 2018
|
138,632
|
|
|
$
|
1,386
|
|
|
$
|
3,245
|
|
|
$
|
2,162
|
|
|
$
|
—
|
|
|
$
|
6,793
|
|
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
|
|
Revenue
|
|
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) services related to the gathering, transportation, and storage of natural gas; 2) power and industrial projects; and 3) energy marketing and trading operations.
|
|
December 31, 2018
|
|
December 31, 2017
|
||||||||||||||||||||
|
SGG
(a)
|
|
Other
|
|
Total
|
|
SGG
(a)
|
|
Other
|
|
Total
|
||||||||||||
|
(In millions)
|
||||||||||||||||||||||
ASSETS
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Cash and cash equivalents
|
$
|
25
|
|
|
$
|
14
|
|
|
$
|
39
|
|
|
$
|
23
|
|
|
$
|
14
|
|
|
$
|
37
|
|
Restricted cash
|
—
|
|
|
5
|
|
|
5
|
|
|
—
|
|
|
8
|
|
|
8
|
|
||||||
Accounts receivable
|
9
|
|
|
37
|
|
|
46
|
|
|
11
|
|
|
42
|
|
|
53
|
|
||||||
Inventories
|
1
|
|
|
92
|
|
|
93
|
|
|
3
|
|
|
114
|
|
|
117
|
|
||||||
Property, plant, and equipment, net
|
395
|
|
|
46
|
|
|
441
|
|
|
400
|
|
|
75
|
|
|
475
|
|
||||||
Goodwill
|
25
|
|
|
—
|
|
|
25
|
|
|
25
|
|
|
—
|
|
|
25
|
|
||||||
Intangible assets
|
557
|
|
|
—
|
|
|
557
|
|
|
572
|
|
|
—
|
|
|
572
|
|
||||||
Other current and long-term assets
|
3
|
|
|
—
|
|
|
3
|
|
|
4
|
|
|
—
|
|
|
4
|
|
||||||
|
$
|
1,015
|
|
|
$
|
194
|
|
|
$
|
1,209
|
|
|
$
|
1,038
|
|
|
$
|
253
|
|
|
$
|
1,291
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
LIABILITIES
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Accounts payable and accrued current liabilities
|
$
|
3
|
|
|
$
|
31
|
|
|
$
|
34
|
|
|
$
|
26
|
|
|
$
|
47
|
|
|
$
|
73
|
|
Current portion long-term debt, including capital leases
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
4
|
|
||||||
Mortgage bonds, notes, and other
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
1
|
|
|
1
|
|
||||||
Other current and long-term liabilities
|
9
|
|
|
10
|
|
|
19
|
|
|
1
|
|
|
16
|
|
|
17
|
|
||||||
|
$
|
12
|
|
|
$
|
41
|
|
|
$
|
53
|
|
|
$
|
27
|
|
|
$
|
68
|
|
|
$
|
95
|
|
(a)
|
Amounts shown are
100%
of SGG's assets and liabilities, of which DTE Energy owns
55%
.
|
|
December 31,
|
||||||
|
2018
|
|
2017
|
||||
|
(In millions)
|
||||||
Investments in equity method investees
|
$
|
1,425
|
|
|
$
|
811
|
|
Notes receivable
|
$
|
15
|
|
|
$
|
17
|
|
Future funding commitments
|
$
|
55
|
|
|
$
|
598
|
|
|
|
Investments
|
|
% Owned
|
|
|
||||||||
Segment
|
|
2018
|
|
2017
|
|
2018
|
|
2017
|
|
Description
|
||||
|
|
(In millions)
|
|
|
|
|
|
|
||||||
Significant Equity Method Investees
|
|
|
|
|
|
|
|
|
|
|
||||
Gas Storage and Pipelines
|
|
|
|
|
|
|
|
|
|
|
||||
NEXUS Pipeline
|
|
$
|
1,260
|
|
|
$
|
640
|
|
|
50%
|
|
50%
|
|
256-mile pipeline to transport Utica and Marcellus shale gas to Ohio, Michigan, and Ontario market centers
|
Vector Pipeline
|
|
123
|
|
|
115
|
|
|
40%
|
|
40%
|
|
348-mile pipeline connecting Chicago, Michigan, and Ontario market centers
|
||
Millennium Pipeline
|
|
202
|
|
|
124
|
|
|
26%
|
|
26%
|
|
269-mile pipeline serving markets in the Northeast
|
||
|
|
1,585
|
|
|
879
|
|
|
|
|
|
|
|
||
Other Equity Method Investees
|
|
|
|
|
|
|
|
|
|
|
||||
Other Segments
|
|
186
|
|
|
194
|
|
|
|
|
|
|
|
||
|
|
$
|
1,771
|
|
|
$
|
1,073
|
|
|
|
|
|
|
|
|
December 31,
|
||||||
|
2018
|
|
2017
|
||||
|
(In millions)
|
||||||
Current Assets
|
$
|
358
|
|
|
$
|
344
|
|
Non-current assets
|
$
|
5,101
|
|
|
$
|
3,576
|
|
Current Liabilities
|
$
|
391
|
|
|
$
|
345
|
|
Non-current liabilities
|
$
|
762
|
|
|
$
|
858
|
|
|
December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
|
(In millions)
|
||||||||||
Operating Revenues
|
$
|
883
|
|
|
$
|
756
|
|
|
$
|
767
|
|
Operating Expenses
|
$
|
622
|
|
|
$
|
561
|
|
|
$
|
526
|
|
Net Income
|
$
|
365
|
|
|
$
|
254
|
|
|
$
|
225
|
|
|
2018
|
|
2017
|
|
2016
|
||||||
|
(In millions)
|
||||||||||
Equity earnings of equity method investees
|
$
|
132
|
|
|
$
|
102
|
|
|
$
|
68
|
|
Income from REF entities
|
98
|
|
|
77
|
|
|
75
|
|
|||
Contract services
|
51
|
|
|
19
|
|
|
21
|
|
|||
Allowance for equity funds used during construction
|
28
|
|
|
23
|
|
|
21
|
|
|||
Gains from trading securities
|
6
|
|
|
26
|
|
|
15
|
|
|||
Other
|
18
|
|
|
21
|
|
|
7
|
|
|||
|
$
|
333
|
|
|
$
|
268
|
|
|
$
|
207
|
|
|
2018
|
|
2017
|
|
2016
|
||||||
|
(In millions)
|
||||||||||
Contract services
|
$
|
51
|
|
|
$
|
21
|
|
|
$
|
20
|
|
Allowance for equity funds used during construction
|
19
|
|
|
18
|
|
|
18
|
|
|||
Gains from trading securities allocated from DTE Energy
|
6
|
|
|
26
|
|
|
15
|
|
|||
Other
|
7
|
|
|
12
|
|
|
8
|
|
|||
|
$
|
83
|
|
|
$
|
77
|
|
|
$
|
61
|
|
|
Net Unrealized Gain (Loss) on Deri
vatives
|
|
Net Unrealized Gain (Loss) on Investments
|
|
Benefit Obligations
(b)
|
|
Foreign Currency Translation
|
|
Total
|
||||||||||
|
(In millions)
|
||||||||||||||||||
Balance, December 31, 2016
|
$
|
(4
|
)
|
|
$
|
(3
|
)
|
|
$
|
(120
|
)
|
|
$
|
(6
|
)
|
|
$
|
(133
|
)
|
Other comprehensive income (loss) before reclassifications
|
—
|
|
|
1
|
|
|
(3
|
)
|
|
1
|
|
|
(1
|
)
|
|||||
Amounts reclassified from Accumulated other comprehensive income
|
1
|
|
|
—
|
|
|
13
|
|
|
—
|
|
|
14
|
|
|||||
Net current-period Other comprehensive income
|
1
|
|
|
1
|
|
|
10
|
|
|
1
|
|
|
13
|
|
|||||
Balance, December 31, 2017
|
$
|
(3
|
)
|
|
$
|
(2
|
)
|
|
$
|
(110
|
)
|
|
$
|
(5
|
)
|
|
$
|
(120
|
)
|
Implementation of ASU 2016-01
|
(7
|
)
|
|
2
|
|
|
—
|
|
|
—
|
|
|
(5
|
)
|
|||||
Other comprehensive loss before reclassifications
|
(2
|
)
|
|
—
|
|
|
(1
|
)
|
|
(2
|
)
|
|
(5
|
)
|
|||||
Amounts reclassified from Accumulated other comprehensive income
|
1
|
|
|
—
|
|
|
9
|
|
|
—
|
|
|
10
|
|
|||||
Net current-period Other comprehensive income
(loss)
|
(8
|
)
|
|
2
|
|
|
8
|
|
|
(2
|
)
|
|
—
|
|
|||||
Balance, December 31, 2018
|
$
|
(11
|
)
|
|
$
|
—
|
|
|
$
|
(102
|
)
|
|
$
|
(7
|
)
|
|
$
|
(120
|
)
|
(a)
|
All amounts are net of tax, except for Foreign currency translation.
|
(b)
|
The amounts reclassified from Accumulated other comprehensive income (loss) are included in the computation of the net periodic pension and other postretirement benefit costs (see
Note 20
to the Consolidated Financial Statements, "
Retirement Benefits and Trusteed Assets
").
|
|
2018
|
|
2017
|
||||
|
(In millions)
|
||||||
Cash and cash equivalents
|
$
|
71
|
|
|
$
|
66
|
|
Restricted cash
|
5
|
|
|
23
|
|
||
Total cash, cash equivalents, and restricted cash shown in the Consolidated Statements of Cash Flows
|
$
|
76
|
|
|
$
|
89
|
|
|
|
|
December 31, 2018
|
|
December 31, 2017
|
||||||||||||||||||||
|
Useful Lives
|
|
Gross Carrying Value
|
|
Accumulated Amortization
|
|
Net Carrying Value
|
|
Gross Carrying Value
|
|
Accumulated Amortization
|
|
Net Carrying Value
|
||||||||||||
|
|
|
(In millions)
|
||||||||||||||||||||||
Intangible assets subject to amortization
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
Customer relationships
|
25 - 40 years
(a)
|
|
$
|
779
|
|
|
$
|
(44
|
)
|
|
$
|
735
|
|
|
$
|
770
|
|
|
$
|
(24
|
)
|
|
$
|
746
|
|
Contract intangibles
|
6 to 26 years
|
|
159
|
|
|
(66
|
)
|
|
93
|
|
|
168
|
|
|
(72
|
)
|
|
96
|
|
||||||
|
|
|
938
|
|
|
(110
|
)
|
|
828
|
|
|
938
|
|
|
(96
|
)
|
|
842
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
DTE Electric renewable energy credits
|
(b)
|
|
20
|
|
|
—
|
|
|
20
|
|
|
24
|
|
|
—
|
|
|
24
|
|
||||||
DTE Electric emission allowances
|
(b)
|
|
1
|
|
|
—
|
|
|
1
|
|
|
1
|
|
|
—
|
|
|
1
|
|
||||||
|
|
|
21
|
|
|
—
|
|
|
21
|
|
|
25
|
|
|
—
|
|
|
25
|
|
||||||
Long-term intangible assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
DTE Electric
|
|
|
$
|
21
|
|
|
$
|
—
|
|
|
$
|
21
|
|
|
$
|
25
|
|
|
$
|
—
|
|
|
$
|
25
|
|
DTE Energy
|
|
|
$
|
959
|
|
|
$
|
(110
|
)
|
|
$
|
849
|
|
|
$
|
963
|
|
|
$
|
(96
|
)
|
|
$
|
867
|
|
(a)
|
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.
|
(b)
|
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.
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
||||||||||
|
(In millions)
|
||||||||||||||||||
Estimated amortization expense
|
$
|
27
|
|
|
$
|
26
|
|
|
$
|
25
|
|
|
$
|
25
|
|
|
$
|
25
|
|
Note
|
|
Title
|
4
|
|
Revenue
|
8
|
|
Asset Retirement Obligations
|
9
|
|
Regulatory Matters
|
10
|
|
Income Taxes
|
12
|
|
Fair Value
|
13
|
|
Financial and Other Derivative Instruments
|
20
|
|
Retirement Benefits and Trusteed Assets
|
21
|
|
Stock-Based Compensation
|
|
2018
|
||
|
(In millions)
|
||
Electric
(a)
|
|
||
Residential
|
$
|
2,494
|
|
Commercial
|
1,794
|
|
|
Industrial
|
690
|
|
|
Other
|
320
|
|
|
Total Electric operating revenues
(b)
|
$
|
5,298
|
|
|
|
||
Gas
|
|
||
Gas sales
|
$
|
1,055
|
|
End User Transportation
|
232
|
|
|
Intermediate Transportation
|
58
|
|
|
Other
|
91
|
|
|
Total Gas operating revenues
(c)
|
$
|
1,436
|
|
|
|
||
Other segment operating revenues
|
|
||
Gas Storage and Pipelines
|
$
|
485
|
|
Power and Industrial Projects
(d)
|
$
|
2,204
|
|
Energy Trading
(e)
|
$
|
5,557
|
|
(a)
|
Revenues under the Electric segment generally represent those of DTE Electric.
|
(b)
|
Includes
$21 million
under Alternative Revenue Programs and
$20 million
of other revenues, which are both outside the scope of Topic 606 for the
year ended
December 31, 2018
.
|
(c)
|
Includes
$2 million
under Alternative Revenue Programs and
$7 million
of other revenues, which are both outside the scope of Topic 606 for the
year ended
December 31, 2018
.
|
(d)
|
Includes revenues outside the scope of Topic 606 primarily related to
$125 million
of contracts accounted for as leases for the
year ended
December 31, 2018
.
|
(e)
|
Includes revenues outside the scope of Topic 606 primarily related to
$4.5 billion
of derivatives for the
year ended
December 31, 2018
.
|
|
DTE Energy
|
||
|
(In millions)
|
||
Beginning Balance, January 1, 2018
|
$
|
56
|
|
Increases due to cash received or receivable, excluding amounts recognized as revenue during the period
|
48
|
|
|
Revenue recognized that was included in the deferred revenue balance at the beginning of the period
|
(30
|
)
|
|
Ending Balance, December 31, 2018
|
$
|
74
|
|
|
DTE Energy
|
||
|
(In millions)
|
||
2019
|
$
|
46
|
|
2020
|
1
|
|
|
2021
|
5
|
|
|
2022
|
7
|
|
|
2023
|
5
|
|
|
2024 and thereafter
|
10
|
|
|
|
$
|
74
|
|
|
DTE Energy
|
|
DTE Electric
|
||||
|
(In millions)
|
||||||
2019
|
$
|
267
|
|
|
$
|
8
|
|
2020
|
263
|
|
|
—
|
|
||
2021
|
219
|
|
|
—
|
|
||
2022
|
172
|
|
|
—
|
|
||
2023
|
139
|
|
|
—
|
|
||
2024 and thereafter
|
658
|
|
|
—
|
|
||
|
$
|
1,718
|
|
|
$
|
8
|
|
|
2018
|
|
2017
|
||||
|
(In millions)
|
||||||
Balance as of January 1
|
$
|
2,293
|
|
|
$
|
2,286
|
|
Goodwill attributable to Gas Storage and Pipelines 2016 acquisition of AGS and SGG
|
—
|
|
|
7
|
|
||
Balance at December 31
|
$
|
2,293
|
|
|
$
|
2,293
|
|
|
2018
|
|
2017
|
||||
Property, plant, and equipment
|
(In millions)
|
||||||
DTE Electric
|
|
|
|
||||
Generation
|
$
|
11,027
|
|
|
$
|
12,166
|
|
Distribution
|
9,153
|
|
|
8,637
|
|
||
Other
|
2,567
|
|
|
2,169
|
|
||
Total DTE Electric
|
22,747
|
|
|
22,972
|
|
||
DTE Gas
|
|
|
|
||||
Distribution
|
3,823
|
|
|
3,523
|
|
||
Storage
|
548
|
|
|
533
|
|
||
Transmission and other
|
1,204
|
|
|
1,118
|
|
||
Total DTE Gas
|
5,575
|
|
|
5,174
|
|
||
Non-utility and other
|
3,488
|
|
|
3,278
|
|
||
Total DTE Energy
|
31,810
|
|
|
31,424
|
|
||
Accumulated depreciation and amortization
|
|
|
|
||||
DTE Electric
|
|
|
|
||||
Generation
|
(3,609
|
)
|
|
(4,403
|
)
|
||
Distribution
|
(2,974
|
)
|
|
(2,914
|
)
|
||
Other
|
(727
|
)
|
|
(667
|
)
|
||
Total DTE Electric
|
(7,310
|
)
|
|
(7,984
|
)
|
||
DTE Gas
|
|
|
|
||||
Distribution
|
(1,283
|
)
|
|
(1,238
|
)
|
||
Storage
|
(165
|
)
|
|
(159
|
)
|
||
Transmission and other
|
(404
|
)
|
|
(384
|
)
|
||
Total DTE Gas
|
(1,852
|
)
|
|
(1,781
|
)
|
||
Non-utility and other
|
(998
|
)
|
|
(938
|
)
|
||
Total DTE Energy
|
(10,160
|
)
|
|
(10,703
|
)
|
||
Net DTE Energy Property, plant, and equipment
|
$
|
21,650
|
|
|
$
|
20,721
|
|
Net DTE Electric Property, plant, and equipment
|
$
|
15,437
|
|
|
$
|
14,988
|
|
|
DTE Energy
|
|
DTE Electric
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
(In millions)
|
||||||||||||||
Allowance for debt funds used during construction and interest capitalized
|
$
|
15
|
|
|
$
|
13
|
|
|
$
|
9
|
|
|
$
|
8
|
|
Allowance for equity funds used during construction
|
28
|
|
|
23
|
|
|
19
|
|
|
18
|
|
||||
Total
|
$
|
43
|
|
|
$
|
36
|
|
|
$
|
28
|
|
|
$
|
26
|
|
|
2018
|
|
2017
|
|
2016
|
||||||
|
(In millions)
|
||||||||||
Property, plant, and equipment
|
$
|
912
|
|
|
$
|
865
|
|
|
$
|
783
|
|
Regulatory assets and liabilities
|
212
|
|
|
165
|
|
|
193
|
|
|||
|
$
|
1,124
|
|
|
$
|
1,030
|
|
|
$
|
976
|
|
|
2018
|
|
2017
|
|
2016
|
||||||
|
(In millions)
|
||||||||||
Property, plant, and equipment
|
$
|
657
|
|
|
$
|
620
|
|
|
$
|
582
|
|
Regulatory assets and liabilities
|
179
|
|
|
133
|
|
|
168
|
|
|||
|
$
|
836
|
|
|
$
|
753
|
|
|
$
|
750
|
|
|
Year Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
|
(In millions)
|
||||||||||
Amortization expense of capitalized software
|
$
|
108
|
|
|
$
|
101
|
|
|
$
|
89
|
|
Gross carrying value of capitalized software
|
$
|
905
|
|
|
$
|
890
|
|
|
|
||
Accumulated amortization of capitalized software
|
$
|
534
|
|
|
$
|
500
|
|
|
|
|
Year Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
|
(In millions)
|
||||||||||
Amortization expense of capitalized software
|
$
|
101
|
|
|
$
|
93
|
|
|
$
|
83
|
|
Gross carrying value of capitalized software
|
$
|
799
|
|
|
$
|
774
|
|
|
|
||
Accumulated amortization of capitalized software
|
$
|
463
|
|
|
$
|
423
|
|
|
|
|
DTE Energy
|
||||||
|
2018
|
|
2017
|
||||
|
(In millions)
|
||||||
Gross property under operating leases
|
$
|
447
|
|
|
$
|
327
|
|
Accumulated amortization of property under operating leases
|
$
|
148
|
|
|
$
|
108
|
|
|
DTE Energy
|
|
DTE Electric
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
(In millions)
|
||||||||||||||
Gross property under capital leases
|
$
|
18
|
|
|
$
|
44
|
|
|
$
|
18
|
|
|
$
|
18
|
|
Accumulated amortization of property under capital leases
|
$
|
7
|
|
|
$
|
38
|
|
|
$
|
7
|
|
|
$
|
12
|
|
|
Belle River
|
|
Ludington
Hydroelectric
Pumped Storage
|
||||
In-service date
|
1984-1985
|
|
1973
|
||||
Ownership interest
|
81%
|
|
49%
|
||||
Investment in Property, plant, and equipment (in millions)
|
$
|
1,819
|
|
|
$
|
586
|
|
Accumulated depreciation (in millions)
|
$
|
1,068
|
|
|
$
|
187
|
|
|
DTE Energy
|
|
DTE Electric
|
||||
|
(In millions)
|
||||||
Asset retirement obligations at December 31, 2017
|
$
|
2,320
|
|
|
$
|
2,125
|
|
Accretion
|
140
|
|
|
129
|
|
||
Liabilities incurred
|
27
|
|
|
27
|
|
||
Liabilities settled
|
(16
|
)
|
|
(8
|
)
|
||
Revision in estimated cash flows
|
(2
|
)
|
|
(2
|
)
|
||
Asset retirement obligations at December 31, 2018
|
$
|
2,469
|
|
|
$
|
2,271
|
|
|
DTE Energy
|
|
DTE Electric
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Assets
|
(In millions)
|
||||||||||||||
Recoverable pension and other postretirement costs
|
|
|
|
|
|
|
|
||||||||
Pension
|
$
|
1,961
|
|
|
$
|
2,000
|
|
|
$
|
1,476
|
|
|
$
|
1,502
|
|
Other postretirement costs
|
213
|
|
|
278
|
|
|
121
|
|
|
211
|
|
||||
Asset retirement obligation
|
778
|
|
|
569
|
|
|
778
|
|
|
569
|
|
||||
Recoverable undepreciated costs on retiring plants
|
630
|
|
|
—
|
|
|
630
|
|
|
—
|
|
||||
Removal costs asset
|
407
|
|
|
299
|
|
|
407
|
|
|
299
|
|
||||
Recoverable Michigan income taxes
|
201
|
|
|
213
|
|
|
161
|
|
|
171
|
|
||||
Accrued PSCR/GCR revenue
|
116
|
|
|
17
|
|
|
116
|
|
|
17
|
|
||||
Deferred environmental costs
|
69
|
|
|
75
|
|
|
—
|
|
|
—
|
|
||||
Unamortized loss on reacquired debt
|
60
|
|
|
65
|
|
|
43
|
|
|
46
|
|
||||
Recoverable income taxes related to AFUDC equity
|
51
|
|
|
41
|
|
|
41
|
|
|
35
|
|
||||
Energy Waste Reduction incentive
|
49
|
|
|
39
|
|
|
39
|
|
|
30
|
|
||||
Nuclear Performance Evaluation and Review Committee Tracker
|
43
|
|
|
22
|
|
|
43
|
|
|
22
|
|
||||
Customer360 deferred costs
|
42
|
|
|
45
|
|
|
42
|
|
|
45
|
|
||||
Other recoverable income taxes
|
23
|
|
|
26
|
|
|
23
|
|
|
26
|
|
||||
Transitional Reconciliation Mechanism
|
21
|
|
|
46
|
|
|
21
|
|
|
46
|
|
||||
Other
|
57
|
|
|
43
|
|
|
36
|
|
|
36
|
|
||||
|
4,721
|
|
|
3,778
|
|
|
3,977
|
|
|
3,055
|
|
||||
Less amount included in Current Assets
|
(153
|
)
|
|
(55
|
)
|
|
(148
|
)
|
|
(50
|
)
|
||||
|
$
|
4,568
|
|
|
$
|
3,723
|
|
|
$
|
3,829
|
|
|
$
|
3,005
|
|
|
DTE Energy
|
|
DTE Electric
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
Liabilities
|
(In millions)
|
||||||||||||||
Refundable federal income taxes
|
$
|
2,410
|
|
|
$
|
2,384
|
|
|
$
|
1,958
|
|
|
$
|
1,946
|
|
Removal costs liability
|
253
|
|
|
265
|
|
|
—
|
|
|
—
|
|
||||
TCJA rate reduction liability
|
118
|
|
|
—
|
|
|
93
|
|
|
—
|
|
||||
Negative other postretirement offset
|
101
|
|
|
80
|
|
|
79
|
|
|
67
|
|
||||
Renewable energy
|
86
|
|
|
112
|
|
|
86
|
|
|
112
|
|
||||
Refundable self-implemented rates
|
26
|
|
|
2
|
|
|
26
|
|
|
2
|
|
||||
Negative pension offset
|
9
|
|
|
21
|
|
|
—
|
|
|
—
|
|
||||
Fermi 2 refueling outage
|
4
|
|
|
15
|
|
|
4
|
|
|
15
|
|
||||
Other
|
41
|
|
|
14
|
|
|
23
|
|
|
12
|
|
||||
|
3,048
|
|
|
2,893
|
|
|
2,269
|
|
|
2,154
|
|
||||
Less amount included in Current Liabilities
|
(126
|
)
|
|
(18
|
)
|
|
(98
|
)
|
|
(17
|
)
|
||||
|
$
|
2,922
|
|
|
$
|
2,875
|
|
|
$
|
2,171
|
|
|
$
|
2,137
|
|
•
|
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 undepreciated costs on retiring plants
— Deferral of estimated remaining balances associated with coal power plants expected to be retired within the 2020 to 2023 time-frame.
|
•
|
Removal costs asset
— Receivable for the recovery of asset removal expenditures in excess of amounts collected from customers.
(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.
|
•
|
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.
|
•
|
Deferred environmental costs
— The MPSC approved the deferral of investigation and remediation costs associated with DTE Gas' former MGP sites. Amortization of deferred costs is over a
ten
-year period beginning in the year after costs were incurred, with recovery (net of any insurance proceeds) through base rate filings.
(a)
|
•
|
Unamortized loss on reacquired debt
— The unamortized discount, premium, and expense related to debt redeemed with a refinancing are deferred, amortized, and recovered over the life of the replacement issue.
|
•
|
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.
|
•
|
Energy Waste Reduction incentive
— DTE Electric and DTE Gas operate MPSC approved energy waste reduction programs designed to reduce overall energy usage by their customers. The utilities are eligible to earn an incentive by exceeding statutory savings targets. The utilities have consistently exceeded the savings targets and recognize the incentive as a regulatory asset in the period earned.
(a)
|
•
|
Nuclear Performance Evaluation and Review Committee Tracker
— Deferral and amortization of certain costs associated with oversight and review of DTE Electric's nuclear power generation program, including safety and regulatory compliance, nuclear leadership, nuclear facilities, as well as operation and financial performance, pursuant to the MPSC authorization. The approved
five
-year amortization period began January 1, 2018, with recovery (net of carrying costs) through base rate filings.
|
•
|
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. Amortization of deferred costs over a
15
-year amortization period began after the billing system was put into operation during the second quarter of 2017.
|
•
|
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.
|
•
|
Transitional Reconciliation Mechanism
— The MPSC approved the recovery of the deferred net incremental revenue requirement associated with the transition of PLD customers to DTE Electric's distribution system, effective July 1, 2014. Annual reconciliations will be filed and surcharges will be implemented to recover approved amounts.
|
(a)
|
Regulatory assets not earning a return or accruing carrying charges.
|
•
|
Refundable federal income taxes
— DTE Electric and DTE Gas' remeasurement of deferred taxes due to the enactment of the TCJA, which reflects the net impact of the tax rate change on cumulative temporary differences expected to reverse after the effective date of January 1, 2018. Refer to "2017 Tax Reform" section below for additional information.
|
•
|
Removal costs liability
— The amount collected from customers for the funding of future asset removal activities.
|
•
|
TCJA rate reduction liability
— Due to the change in the corporate Federal income tax rate from 35% to 21%, DTE Electric and DTE Gas reduced rates charged to customers during 2018. A regulatory liability equal to the difference between revenues billed based on a 35% rate, and revenues based on a 21% rate, was accrued for the period January 1, 2018 through the date the lower rates were implemented. The refund of the liability will commence on January 1, 2019 through June 30, 2019.
|
•
|
Negative other postretirement offset
— DTE Electric and DTE Gas' negative other postretirement costs are not included as a reduction to their authorized rates; therefore, DTE Electric and DTE Gas are accruing a Regulatory liability to eliminate the impact on earnings of the negative other postretirement expense accrual. The Regulatory liabilities will reverse to the extent DTE Electric and DTE Gas' other postretirement expense is positive in future years.
|
•
|
Renewable energy —
Amounts collected in rates in excess of renewable energy expenditures.
|
•
|
Refundable self-implemented rates
— Amounts refundable to customers for base rates implemented from November 1, 2017 to May 1, 2018 in excess of amounts authorized in the June 2018 DTE Electric rate order from the MPSC.
|
•
|
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.
|
|
2018
|
|
2017
|
|
2016
|
||||||
DTE Energy
|
(In millions)
|
||||||||||
Income Before Income Taxes
|
$
|
1,216
|
|
|
$
|
1,287
|
|
|
$
|
1,105
|
|
Income tax expense at statutory rate - 21% in 2018 - 35% in 2017 and 2016
|
$
|
255
|
|
|
$
|
450
|
|
|
$
|
387
|
|
Production tax credits
|
(223
|
)
|
|
(189
|
)
|
|
(145
|
)
|
|||
Investment tax credits
|
(4
|
)
|
|
(4
|
)
|
|
(5
|
)
|
|||
Depreciation
|
2
|
|
|
(4
|
)
|
|
(4
|
)
|
|||
Noncontrolling interests
|
2
|
|
|
8
|
|
|
12
|
|
|||
AFUDC equity
|
(14
|
)
|
|
(18
|
)
|
|
(10
|
)
|
|||
Employee Stock Ownership Plan dividends
|
(3
|
)
|
|
(5
|
)
|
|
(5
|
)
|
|||
Stock based compensation
|
(3
|
)
|
|
(14
|
)
|
|
—
|
|
|||
Subsidiary stock loss
|
—
|
|
|
—
|
|
|
(10
|
)
|
|||
State and local income taxes, net of federal benefit
|
60
|
|
|
51
|
|
|
58
|
|
|||
Enactment of the Tax Cuts and Jobs Act
|
21
|
|
|
(105
|
)
|
|
—
|
|
|||
Other, net
|
5
|
|
|
5
|
|
|
(7
|
)
|
|||
Income Tax Expense
|
$
|
98
|
|
|
$
|
175
|
|
|
$
|
271
|
|
Effective income tax rate
|
8.1
|
%
|
|
13.6
|
%
|
|
24.5
|
%
|
|
2018
|
|
2017
|
|
2016
|
||||||
DTE Electric
|
(In millions)
|
||||||||||
Income Before Income Taxes
|
$
|
857
|
|
|
$
|
928
|
|
|
$
|
975
|
|
Income tax expense at statutory rate - 21% in 2018 - 35% in 2017 and 2016
|
$
|
180
|
|
|
$
|
325
|
|
|
$
|
341
|
|
Production tax credits
|
(35
|
)
|
|
(36
|
)
|
|
(30
|
)
|
|||
Investment tax credits
|
(3
|
)
|
|
(4
|
)
|
|
(4
|
)
|
|||
Depreciation
|
2
|
|
|
3
|
|
|
3
|
|
|||
AFUDC equity
|
(3
|
)
|
|
(5
|
)
|
|
(6
|
)
|
|||
Employee Stock Ownership Plan dividends
|
(2
|
)
|
|
(3
|
)
|
|
(3
|
)
|
|||
State and local income taxes, net of federal benefit
|
49
|
|
|
48
|
|
|
56
|
|
|||
Enactment of the Tax Cuts and Jobs Act
|
7
|
|
|
—
|
|
|
—
|
|
|||
Other, net
|
(2
|
)
|
|
(1
|
)
|
|
(4
|
)
|
|||
Income Tax Expense
|
$
|
193
|
|
|
$
|
327
|
|
|
$
|
353
|
|
Effective income tax rate
|
22.5
|
%
|
|
35.2
|
%
|
|
36.2
|
%
|
|
2018
|
|
2017
|
|
2016
|
||||||
DTE Energy
|
(In millions)
|
||||||||||
Current income tax expense (benefit)
|
|
|
|
|
|
||||||
Federal
|
$
|
(17
|
)
|
|
$
|
(22
|
)
|
|
$
|
(1
|
)
|
State and other income tax
|
1
|
|
|
1
|
|
|
7
|
|
|||
Total current income taxes
|
(16
|
)
|
|
(21
|
)
|
|
6
|
|
|||
Deferred income tax expense
|
|
|
|
|
|
||||||
Federal
|
38
|
|
|
118
|
|
|
184
|
|
|||
State and other income tax
|
76
|
|
|
78
|
|
|
81
|
|
|||
Total deferred income taxes
|
114
|
|
|
196
|
|
|
265
|
|
|||
|
$
|
98
|
|
|
$
|
175
|
|
|
$
|
271
|
|
|
2018
|
|
2017
|
|
2016
|
||||||
DTE Electric
|
(In millions)
|
||||||||||
Current income tax expense (benefit)
|
|
|
|
|
|
||||||
Federal
|
$
|
—
|
|
|
$
|
(17
|
)
|
|
$
|
—
|
|
State and other income tax
|
4
|
|
|
(1
|
)
|
|
11
|
|
|||
Total current income taxes
|
4
|
|
|
(18
|
)
|
|
11
|
|
|||
Deferred income tax expense
|
|
|
|
|
|
||||||
Federal
|
131
|
|
|
270
|
|
|
268
|
|
|||
State and other income tax
|
58
|
|
|
75
|
|
|
74
|
|
|||
Total deferred income taxes
|
189
|
|
|
345
|
|
|
342
|
|
|||
|
$
|
193
|
|
|
$
|
327
|
|
|
$
|
353
|
|
|
DTE Energy
|
|
DTE Electric
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
(In millions)
|
||||||||||||||
Property, plant, and equipment
|
$
|
(3,462
|
)
|
|
$
|
(3,276
|
)
|
|
$
|
(2,840
|
)
|
|
$
|
(2,698
|
)
|
Regulatory assets and liabilities
|
(54
|
)
|
|
(94
|
)
|
|
(3
|
)
|
|
(31
|
)
|
||||
Tax credit carry-forwards
|
1,178
|
|
|
947
|
|
|
250
|
|
|
193
|
|
||||
Pension and benefits
|
311
|
|
|
334
|
|
|
258
|
|
|
302
|
|
||||
Federal net operating loss carry-forward
|
117
|
|
|
83
|
|
|
2
|
|
|
47
|
|
||||
State and local net operating loss carry-forwards
|
59
|
|
|
70
|
|
|
1
|
|
|
5
|
|
||||
Investments in equity method investees
|
(216
|
)
|
|
(82
|
)
|
|
(1
|
)
|
|
—
|
|
||||
Other
|
125
|
|
|
170
|
|
|
87
|
|
|
94
|
|
||||
|
(1,942
|
)
|
|
(1,848
|
)
|
|
(2,246
|
)
|
|
(2,088
|
)
|
||||
Less valuation allowance
|
(33
|
)
|
|
(40
|
)
|
|
—
|
|
|
—
|
|
||||
Long-term deferred income tax liabilities
|
$
|
(1,975
|
)
|
|
$
|
(1,888
|
)
|
|
$
|
(2,246
|
)
|
|
$
|
(2,088
|
)
|
|
|
|
|
|
|
|
|
||||||||
Deferred income tax assets
|
$
|
2,021
|
|
|
$
|
1,814
|
|
|
$
|
855
|
|
|
$
|
830
|
|
Deferred income tax liabilities
|
(3,996
|
)
|
|
(3,702
|
)
|
|
(3,101
|
)
|
|
(2,918
|
)
|
||||
|
$
|
(1,975
|
)
|
|
$
|
(1,888
|
)
|
|
$
|
(2,246
|
)
|
|
$
|
(2,088
|
)
|
|
2018
|
|
2017
|
|
2016
|
||||||
DTE Energy
|
(In millions)
|
||||||||||
Balance at January 1
|
$
|
10
|
|
|
$
|
10
|
|
|
$
|
3
|
|
Additions for tax positions of prior years
|
—
|
|
|
—
|
|
|
7
|
|
|||
Balance at December 31
|
$
|
10
|
|
|
$
|
10
|
|
|
$
|
10
|
|
|
2018
|
|
2017
|
|
2016
|
||||||
DTE Electric
|
(In millions)
|
||||||||||
Balance at January 1
|
$
|
13
|
|
|
$
|
13
|
|
|
$
|
4
|
|
Additions for tax positions of prior years
|
—
|
|
|
—
|
|
|
9
|
|
|||
Balance at December 31
|
$
|
13
|
|
|
$
|
13
|
|
|
$
|
13
|
|
|
2018
|
|
2017
|
|
2016
|
||||||
|
(In millions, except per share amounts)
|
||||||||||
Basic Earnings per Share
|
|
|
|
|
|
||||||
Net Income Attributable to DTE Energy Company
|
$
|
1,120
|
|
|
$
|
1,134
|
|
|
$
|
868
|
|
Less: Allocation of earnings to net restricted stock awards
|
(2
|
)
|
|
(2
|
)
|
|
(2
|
)
|
|||
Net income available to common shareholders — basic
|
$
|
1,118
|
|
|
$
|
1,132
|
|
|
$
|
866
|
|
|
|
|
|
|
|
||||||
Average number of common shares outstanding — basic
|
181
|
|
|
179
|
|
|
179
|
|
|||
Basic Earnings per Common Share
|
$
|
6.18
|
|
|
$
|
6.32
|
|
|
$
|
4.84
|
|
|
|
|
|
|
|
||||||
Diluted Earnings per Share
|
|
|
|
|
|
||||||
Net Income Attributable to DTE Energy Company
|
$
|
1,120
|
|
|
$
|
1,134
|
|
|
$
|
868
|
|
Less: Allocation of earnings to net restricted stock awards
|
(2
|
)
|
|
(2
|
)
|
|
(2
|
)
|
|||
Net income available to common shareholders — diluted
|
$
|
1,118
|
|
|
$
|
1,132
|
|
|
$
|
866
|
|
|
|
|
|
|
|
||||||
Average number of common shares outstanding — diluted
|
181
|
|
|
179
|
|
|
179
|
|
|||
Diluted Earnings per Common Share
(a)
|
$
|
6.17
|
|
|
$
|
6.32
|
|
|
$
|
4.83
|
|
(a)
|
The 2016 Equity Units excluded from the calculation of diluted EPS were approximately
6.3 million
for the
years ended
December 31, 2018
and
2017
as the dilutive stock price threshold was not met. For more information, see
Note 14
to the Consolidated Financial Statements, "
Long-Term Debt
."
|
•
|
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, 2018
|
|
December 31, 2017
|
||||||||||||||||||||||||||||||||||||||||||||
|
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)
|
$
|
16
|
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
18
|
|
|
$
|
16
|
|
|
$
|
3
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
19
|
|
Nuclear decommissioning trusts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Equity securities
|
851
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
851
|
|
|
978
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
978
|
|
||||||||||||
Fixed income securities
|
12
|
|
|
490
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
502
|
|
|
18
|
|
|
477
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
495
|
|
||||||||||||
Private equity and other
|
—
|
|
|
—
|
|
|
—
|
|
|
20
|
|
|
—
|
|
|
20
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
5
|
|
||||||||||||
Cash equivalents
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
14
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
14
|
|
||||||||||||
Other investments
(e)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
Equity securities
|
110
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
110
|
|
|
118
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
118
|
|
||||||||||||
Fixed income securities
|
69
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
69
|
|
|
72
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
72
|
|
||||||||||||
Cash equivalents
|
4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4
|
|
||||||||||||
Derivative assets:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Commodity Contracts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Natural Gas
|
199
|
|
|
87
|
|
|
63
|
|
|
—
|
|
|
(277
|
)
|
|
72
|
|
|
148
|
|
|
112
|
|
|
97
|
|
|
—
|
|
|
(256
|
)
|
|
101
|
|
||||||||||||
Electricity
|
—
|
|
|
247
|
|
|
56
|
|
|
—
|
|
|
(252
|
)
|
|
51
|
|
|
—
|
|
|
243
|
|
|
42
|
|
|
—
|
|
|
(241
|
)
|
|
44
|
|
||||||||||||
Other
|
—
|
|
|
—
|
|
|
7
|
|
|
—
|
|
|
(1
|
)
|
|
6
|
|
|
—
|
|
|
—
|
|
|
9
|
|
|
—
|
|
|
—
|
|
|
9
|
|
||||||||||||
Foreign currency exchange contracts
|
—
|
|
|
4
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
||||||||||||
Total derivative assets
|
199
|
|
|
338
|
|
|
126
|
|
|
—
|
|
|
(530
|
)
|
|
133
|
|
|
148
|
|
|
356
|
|
|
148
|
|
|
—
|
|
|
(498
|
)
|
|
154
|
|
||||||||||||
Total
|
$
|
1,266
|
|
|
$
|
830
|
|
|
$
|
126
|
|
|
$
|
20
|
|
|
$
|
(530
|
)
|
|
$
|
1,712
|
|
|
$
|
1,368
|
|
|
$
|
836
|
|
|
$
|
148
|
|
|
$
|
5
|
|
|
$
|
(498
|
)
|
|
$
|
1,859
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Derivative liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Commodity Contracts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Natural Gas
|
$
|
(197
|
)
|
|
$
|
(71
|
)
|
|
$
|
(112
|
)
|
|
$
|
—
|
|
|
$
|
272
|
|
|
$
|
(108
|
)
|
|
$
|
(141
|
)
|
|
$
|
(111
|
)
|
|
$
|
(126
|
)
|
|
$
|
—
|
|
|
$
|
263
|
|
|
$
|
(115
|
)
|
Electricity
|
—
|
|
|
(227
|
)
|
|
(58
|
)
|
|
—
|
|
|
240
|
|
|
(45
|
)
|
|
—
|
|
|
(245
|
)
|
|
(30
|
)
|
|
—
|
|
|
246
|
|
|
(29
|
)
|
||||||||||||
Other
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
|
1
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(1
|
)
|
|
—
|
|
|
1
|
|
|
—
|
|
||||||||||||
Interest rate contracts
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||||||
Foreign currency exchange contracts
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
1
|
|
|
(2
|
)
|
||||||||||||
Total derivative liabilities
|
(197
|
)
|
|
(302
|
)
|
|
(170
|
)
|
|
—
|
|
|
513
|
|
|
(156
|
)
|
|
(141
|
)
|
|
(359
|
)
|
|
(157
|
)
|
|
—
|
|
|
511
|
|
|
(146
|
)
|
||||||||||||
Total
|
$
|
(197
|
)
|
|
$
|
(302
|
)
|
|
$
|
(170
|
)
|
|
$
|
—
|
|
|
$
|
513
|
|
|
$
|
(156
|
)
|
|
$
|
(141
|
)
|
|
$
|
(359
|
)
|
|
$
|
(157
|
)
|
|
$
|
—
|
|
|
$
|
511
|
|
|
$
|
(146
|
)
|
Net Assets (Liabilities) at end of period
|
$
|
1,069
|
|
|
$
|
528
|
|
|
$
|
(44
|
)
|
|
$
|
20
|
|
|
$
|
(17
|
)
|
|
$
|
1,556
|
|
|
$
|
1,227
|
|
|
$
|
477
|
|
|
$
|
(9
|
)
|
|
$
|
5
|
|
|
$
|
13
|
|
|
$
|
1,713
|
|
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Current
|
$
|
212
|
|
|
$
|
273
|
|
|
$
|
96
|
|
|
$
|
—
|
|
|
$
|
(461
|
)
|
|
$
|
120
|
|
|
$
|
157
|
|
|
$
|
298
|
|
|
$
|
104
|
|
|
$
|
—
|
|
|
$
|
(437
|
)
|
|
$
|
122
|
|
Noncurrent
|
1,054
|
|
|
557
|
|
|
30
|
|
|
20
|
|
|
(69
|
)
|
|
1,592
|
|
|
1,211
|
|
|
538
|
|
|
44
|
|
|
5
|
|
|
(61
|
)
|
|
1,737
|
|
||||||||||||
Total Assets
|
$
|
1,266
|
|
|
$
|
830
|
|
|
$
|
126
|
|
|
$
|
20
|
|
|
$
|
(530
|
)
|
|
$
|
1,712
|
|
|
$
|
1,368
|
|
|
$
|
836
|
|
|
$
|
148
|
|
|
$
|
5
|
|
|
$
|
(498
|
)
|
|
$
|
1,859
|
|
Liabilities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
Current
|
$
|
(191
|
)
|
|
$
|
(251
|
)
|
|
$
|
(76
|
)
|
|
$
|
—
|
|
|
$
|
451
|
|
|
$
|
(67
|
)
|
|
$
|
(137
|
)
|
|
$
|
(313
|
)
|
|
$
|
(108
|
)
|
|
$
|
—
|
|
|
$
|
459
|
|
|
$
|
(99
|
)
|
Noncurrent
|
(6
|
)
|
|
(51
|
)
|
|
(94
|
)
|
|
—
|
|
|
62
|
|
|
(89
|
)
|
|
(4
|
)
|
|
(46
|
)
|
|
(49
|
)
|
|
—
|
|
|
52
|
|
|
(47
|
)
|
||||||||||||
Total Liabilities
|
$
|
(197
|
)
|
|
$
|
(302
|
)
|
|
$
|
(170
|
)
|
|
$
|
—
|
|
|
$
|
513
|
|
|
$
|
(156
|
)
|
|
$
|
(141
|
)
|
|
$
|
(359
|
)
|
|
$
|
(157
|
)
|
|
$
|
—
|
|
|
$
|
511
|
|
|
$
|
(146
|
)
|
Net Assets (Liabilities) at end of period
|
$
|
1,069
|
|
|
$
|
528
|
|
|
$
|
(44
|
)
|
|
$
|
20
|
|
|
$
|
(17
|
)
|
|
$
|
1,556
|
|
|
$
|
1,227
|
|
|
$
|
477
|
|
|
$
|
(9
|
)
|
|
$
|
5
|
|
|
$
|
13
|
|
|
$
|
1,713
|
|
(a)
|
See footnotes on following page.
|
(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, 2018
, the
$18 million
consisted of
$3 million
,
$5 million
, and
$10 million
of cash equivalents included in Cash and Cash equivalents, Restricted cash, and Other investments on DTE Energy's Consolidated Statements of Financial Position, respectively. At
December 31, 2017
, the
$19 million
consisted of
$8 million
and
$11 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, 2018
|
|
December 31, 2017
|
|||||||||||||||||||||||||||||||||||
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Other
(a)
|
|
Net Balance
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Other
|
Net Balance
|
||||||||||||||||||||
|
(In millions)
|
|||||||||||||||||||||||||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Cash equivalents
(b)
|
$
|
8
|
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
10
|
|
|
$
|
8
|
|
|
$
|
3
|
|
|
$
|
—
|
|
|
$
|
—
|
|
$
|
11
|
|
Nuclear decommissioning trusts
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Equity securities
|
851
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
851
|
|
|
978
|
|
|
—
|
|
|
—
|
|
|
—
|
|
978
|
|
||||||||||
Fixed income securities
|
12
|
|
|
490
|
|
|
—
|
|
|
—
|
|
|
502
|
|
|
18
|
|
|
477
|
|
|
—
|
|
|
—
|
|
495
|
|
||||||||||
Private equity and other
|
—
|
|
|
—
|
|
|
—
|
|
|
20
|
|
|
20
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
5
|
|
||||||||||
Cash equivalents
|
5
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
14
|
|
|
—
|
|
|
—
|
|
|
—
|
|
14
|
|
||||||||||
Other investments
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Equity securities
|
10
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
10
|
|
|
11
|
|
|
—
|
|
|
—
|
|
|
—
|
|
11
|
|
||||||||||
Derivative assets — FTRs
|
—
|
|
|
—
|
|
|
6
|
|
|
—
|
|
|
6
|
|
|
—
|
|
|
—
|
|
|
9
|
|
|
—
|
|
9
|
|
||||||||||
Total
|
$
|
886
|
|
|
$
|
492
|
|
|
$
|
6
|
|
|
$
|
20
|
|
|
$
|
1,404
|
|
|
$
|
1,029
|
|
|
$
|
480
|
|
|
$
|
9
|
|
|
$
|
5
|
|
$
|
1,523
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
Current
|
$
|
8
|
|
|
$
|
2
|
|
|
$
|
6
|
|
|
$
|
—
|
|
|
$
|
16
|
|
|
$
|
8
|
|
|
$
|
3
|
|
|
$
|
9
|
|
|
$
|
—
|
|
$
|
20
|
|
Noncurrent
|
878
|
|
|
490
|
|
|
—
|
|
|
20
|
|
|
1,388
|
|
|
1,021
|
|
|
477
|
|
|
—
|
|
|
5
|
|
1,503
|
|
||||||||||
Total Assets
|
$
|
886
|
|
|
$
|
492
|
|
|
$
|
6
|
|
|
$
|
20
|
|
|
$
|
1,404
|
|
|
$
|
1,029
|
|
|
$
|
480
|
|
|
$
|
9
|
|
|
$
|
5
|
|
$
|
1,523
|
|
(a)
|
Amounts represent assets valued at NAV as a practical expedient for fair value.
|
(b)
|
At
December 31, 2018
, the
$10 million
consisted of cash equivalents included in Other investments on DTE Electric's Consolidated Statements of Financial Position. At
December 31, 2017
, the
$11 million
consisted of cash equivalents included in Other investments on DTE Electric's Consolidated Statements of Financial Position.
|
|
Year Ended December 31, 2018
|
|
Year Ended December 31, 2017
|
||||||||||||||||||||||||||||
|
Natural Gas
|
|
Electricity
|
|
Other
|
|
Total
|
|
Natural Gas
|
|
Electricity
|
|
Other
|
|
Total
|
||||||||||||||||
|
(In millions)
|
||||||||||||||||||||||||||||||
Net Assets (Liabilities) as of January 1
|
$
|
(29
|
)
|
|
$
|
12
|
|
|
$
|
8
|
|
|
$
|
(9
|
)
|
|
$
|
(96
|
)
|
|
$
|
9
|
|
|
$
|
(1
|
)
|
|
$
|
(88
|
)
|
Transfers into Level 3 from Level 2
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Transfers from Level 3 into Level 2
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Total gains (losses)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Included in earnings
|
(146
|
)
|
|
29
|
|
|
1
|
|
|
(116
|
)
|
|
(29
|
)
|
|
109
|
|
|
2
|
|
|
82
|
|
||||||||
Recorded in Regulatory liabilities
|
—
|
|
|
—
|
|
|
9
|
|
|
9
|
|
|
—
|
|
|
—
|
|
|
25
|
|
|
25
|
|
||||||||
Purchases, issuances, and settlements:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Purchases
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Issuances
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||||
Settlements
|
129
|
|
|
(43
|
)
|
|
(11
|
)
|
|
75
|
|
|
96
|
|
|
(106
|
)
|
|
(18
|
)
|
|
(28
|
)
|
||||||||
Net Assets (Liabilities) as of December 31
|
$
|
(49
|
)
|
|
$
|
(2
|
)
|
|
$
|
7
|
|
|
$
|
(44
|
)
|
|
$
|
(29
|
)
|
|
$
|
12
|
|
|
$
|
8
|
|
|
$
|
(9
|
)
|
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, 2018 and 2017 and reflected in Operating Revenues — Non-utility operations and Fuel, purchased power, and gas — non-utility in DTE Energy's Consolidated Statements of Operations
|
$
|
(119
|
)
|
|
$
|
15
|
|
|
$
|
(16
|
)
|
|
$
|
(120
|
)
|
|
$
|
(30
|
)
|
|
$
|
50
|
|
|
$
|
1
|
|
|
$
|
21
|
|
|
Year Ended December 31,
|
||||||
|
2018
|
|
2017
|
||||
|
(In millions)
|
||||||
Net Assets as of January 1
|
$
|
9
|
|
|
$
|
2
|
|
Change in fair value recorded in Regulatory liabilities
|
9
|
|
|
25
|
|
||
Purchases, issuances, and settlements:
|
|
|
|
||||
Settlements
|
(12
|
)
|
|
(18
|
)
|
||
Net Assets as of December 31
|
$
|
6
|
|
|
$
|
9
|
|
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, 2018 and 2017 and reflected in DTE Electric's Consolidated Statements of Financial Position
|
$
|
6
|
|
|
$
|
9
|
|
|
December 31, 2018
|
|
December 31, 2017
|
||||||||||||||||||||||||||||
|
Carrying
|
|
Fair Value
|
|
Carrying
|
|
Fair Value
|
||||||||||||||||||||||||
|
Amount
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
|
Amount
|
|
Level 1
|
|
Level 2
|
|
Level 3
|
||||||||||||||||
|
(In millions)
|
||||||||||||||||||||||||||||||
Notes receivable
(a)
, excluding capital leases
|
$
|
40
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
40
|
|
|
$
|
38
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
38
|
|
Dividends payable
|
$
|
172
|
|
|
$
|
172
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
158
|
|
|
$
|
158
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Short-term borrowings
|
$
|
609
|
|
|
$
|
—
|
|
|
$
|
609
|
|
|
$
|
—
|
|
|
$
|
621
|
|
|
$
|
—
|
|
|
$
|
621
|
|
|
$
|
—
|
|
Notes payable — Other
(b)
, excluding capital leases
|
$
|
41
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
41
|
|
|
$
|
12
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
12
|
|
Long-term debt
(c)
|
$
|
13,622
|
|
|
$
|
1,796
|
|
|
$
|
10,712
|
|
|
$
|
1,317
|
|
|
$
|
12,288
|
|
|
$
|
1,939
|
|
|
$
|
10,571
|
|
|
$
|
764
|
|
(a)
|
Current portion included in Current Assets — Other on DTE Energy's Consolidated Statements of Financial Position.
|
(b)
|
Included in Current Liabilities — Other and Other Liabilities — Other on DTE Energy's Consolidated Statements of Financial Position.
|
(c)
|
Includes debt due within one year, unamortized debt discounts, and issuance costs. Excludes Capital lease obligations.
|
|
December 31, 2018
|
|
December 31, 2017
|
||||||||||||||||||||||||||||
|
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
|
$
|
6
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
6
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Short-term borrowings — affiliates
|
$
|
101
|
|
|
$
|
—
|
|
|
|
|
$
|
101
|
|
|
$
|
116
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
116
|
|
||
Short-term borrowings — other
|
$
|
149
|
|
|
$
|
—
|
|
|
$
|
149
|
|
|
$
|
—
|
|
|
238
|
|
|
$
|
—
|
|
|
$
|
238
|
|
|
$
|
—
|
|
|
Notes payable — Other
(a)
, excluding capital leases
|
$
|
21
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
21
|
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
2
|
|
Long-term debt
(b)
|
$
|
6,538
|
|
|
$
|
—
|
|
|
$
|
6,552
|
|
|
$
|
161
|
|
|
$
|
6,017
|
|
|
$
|
—
|
|
|
$
|
6,441
|
|
|
$
|
171
|
|
(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,
|
||||||
|
2018
|
|
2017
|
||||
|
(In millions)
|
||||||
Fermi 2
|
$
|
1,372
|
|
|
$
|
1,475
|
|
Fermi 1
|
3
|
|
|
3
|
|
||
Low-level radioactive waste
|
3
|
|
|
14
|
|
||
|
$
|
1,378
|
|
|
$
|
1,492
|
|
|
Year Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
|
(In millions)
|
||||||||||
Realized gains
|
$
|
65
|
|
|
$
|
83
|
|
|
$
|
74
|
|
Realized losses
|
$
|
(42
|
)
|
|
$
|
(29
|
)
|
|
$
|
(63
|
)
|
Proceeds from sale of securities
|
$
|
1,203
|
|
|
$
|
1,240
|
|
|
$
|
1,457
|
|
|
December 31, 2018
|
|
December 31, 2017
|
||||||||||||||||||||
|
Fair
Value |
|
Unrealized
Gains |
|
Unrealized Losses
|
|
Fair
Value |
|
Unrealized
Gains |
|
Unrealized Losses
|
||||||||||||
|
(In millions)
|
||||||||||||||||||||||
Equity securities
|
$
|
851
|
|
|
$
|
235
|
|
|
$
|
(79
|
)
|
|
$
|
978
|
|
|
$
|
320
|
|
|
$
|
(32
|
)
|
Fixed income securities
|
502
|
|
|
7
|
|
|
(8
|
)
|
|
495
|
|
|
13
|
|
|
(3
|
)
|
||||||
Private equity and other
|
20
|
|
|
—
|
|
|
—
|
|
|
5
|
|
|
—
|
|
|
—
|
|
||||||
Cash equivalents
|
5
|
|
|
—
|
|
|
—
|
|
|
14
|
|
|
—
|
|
|
—
|
|
||||||
|
$
|
1,378
|
|
|
$
|
242
|
|
|
$
|
(87
|
)
|
|
$
|
1,492
|
|
|
$
|
333
|
|
|
$
|
(35
|
)
|
|
December 31, 2018
|
||
|
(In millions)
|
||
Due within one year
|
$
|
29
|
|
Due after one through five years
|
89
|
|
|
Due after five through ten years
|
113
|
|
|
Due after ten years
|
271
|
|
|
|
$
|
502
|
|
•
|
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, 2018
|
|
December 31, 2017
|
||||||||||||
|
Derivative
Assets |
|
Derivative
Liabilities |
|
Derivative
Assets |
|
Derivative
Liabilities |
||||||||
|
(In millions)
|
||||||||||||||
Derivatives designated as hedging instruments
|
|
|
|
|
|
|
|
||||||||
Interest rate contracts
|
$
|
—
|
|
|
$
|
(3
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
Derivatives not designated as hedging instruments
|
|
|
|
|
|
|
|
||||||||
Commodity contracts
|
|
|
|
|
|
|
|
||||||||
Natural gas
|
$
|
349
|
|
|
$
|
(380
|
)
|
|
$
|
357
|
|
|
$
|
(378
|
)
|
Electricity
|
303
|
|
|
(285
|
)
|
|
285
|
|
|
(275
|
)
|
||||
Other
|
7
|
|
|
(1
|
)
|
|
9
|
|
|
(1
|
)
|
||||
Foreign currency exchange contracts
|
4
|
|
|
—
|
|
|
1
|
|
|
(3
|
)
|
||||
Total derivatives not designated as hedging instruments
|
$
|
663
|
|
|
$
|
(666
|
)
|
|
$
|
652
|
|
|
$
|
(657
|
)
|
|
|
|
|
|
|
|
|
||||||||
Current
|
$
|
563
|
|
|
$
|
(518
|
)
|
|
$
|
540
|
|
|
$
|
(558
|
)
|
Noncurrent
|
100
|
|
|
(151
|
)
|
|
112
|
|
|
(99
|
)
|
||||
Total derivatives
|
$
|
663
|
|
|
$
|
(669
|
)
|
|
$
|
652
|
|
|
$
|
(657
|
)
|
|
December 31,
|
||||||
|
2018
|
|
2017
|
||||
|
(In millions)
|
||||||
FTRs — Other current assets
|
$
|
6
|
|
|
$
|
9
|
|
Total derivatives not designated as hedging instruments
|
$
|
6
|
|
|
$
|
9
|
|
|
December 31, 2018
|
|
December 31, 2017
|
||||||||||||||||||||
|
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
|
$
|
349
|
|
|
$
|
(277
|
)
|
|
$
|
72
|
|
|
$
|
357
|
|
|
$
|
(256
|
)
|
|
$
|
101
|
|
Electricity
|
303
|
|
|
(252
|
)
|
|
51
|
|
|
285
|
|
|
(241
|
)
|
|
44
|
|
||||||
Other
|
7
|
|
|
(1
|
)
|
|
6
|
|
|
9
|
|
|
—
|
|
|
9
|
|
||||||
Foreign currency exchange contracts
|
4
|
|
|
—
|
|
|
4
|
|
|
1
|
|
|
(1
|
)
|
|
—
|
|
||||||
Total derivative assets
|
$
|
663
|
|
|
$
|
(530
|
)
|
|
$
|
133
|
|
|
$
|
652
|
|
|
$
|
(498
|
)
|
|
$
|
154
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Derivative liabilities
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Commodity contracts
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Natural gas
|
$
|
(380
|
)
|
|
$
|
272
|
|
|
$
|
(108
|
)
|
|
$
|
(378
|
)
|
|
$
|
263
|
|
|
$
|
(115
|
)
|
Electricity
|
(285
|
)
|
|
240
|
|
|
(45
|
)
|
|
(275
|
)
|
|
246
|
|
|
(29
|
)
|
||||||
Other
|
(1
|
)
|
|
1
|
|
|
—
|
|
|
(1
|
)
|
|
1
|
|
|
—
|
|
||||||
Interest rate contracts
|
(3
|
)
|
|
—
|
|
|
(3
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
||||||
Foreign currency exchange contracts
|
—
|
|
|
—
|
|
|
—
|
|
|
(3
|
)
|
|
1
|
|
|
(2
|
)
|
||||||
Total derivative liabilities
|
$
|
(669
|
)
|
|
$
|
513
|
|
|
$
|
(156
|
)
|
|
$
|
(657
|
)
|
|
$
|
511
|
|
|
$
|
(146
|
)
|
|
December 31, 2018
|
|
December 31, 2017
|
||||||||||||||||||||||||||||
|
Derivative Assets
|
|
Derivative Liabilities
|
|
Derivative Assets
|
|
Derivative Liabilities
|
||||||||||||||||||||||||
|
Current
|
|
Noncurrent
|
|
Current
|
|
Noncurrent
|
|
Current
|
|
Noncurrent
|
|
Current
|
|
Noncurrent
|
||||||||||||||||
|
(In millions)
|
||||||||||||||||||||||||||||||
Total fair value of derivatives
|
$
|
563
|
|
|
$
|
100
|
|
|
$
|
(518
|
)
|
|
$
|
(151
|
)
|
|
$
|
540
|
|
|
$
|
112
|
|
|
$
|
(558
|
)
|
|
$
|
(99
|
)
|
Counterparty netting
|
(451
|
)
|
|
(62
|
)
|
|
451
|
|
|
62
|
|
|
(437
|
)
|
|
(52
|
)
|
|
437
|
|
|
52
|
|
||||||||
Collateral adjustment
|
(10
|
)
|
|
(7
|
)
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(9
|
)
|
|
22
|
|
|
—
|
|
||||||||
Total derivatives as reported
|
$
|
102
|
|
|
$
|
31
|
|
|
$
|
(67
|
)
|
|
$
|
(89
|
)
|
|
$
|
103
|
|
|
$
|
51
|
|
|
$
|
(99
|
)
|
|
$
|
(47
|
)
|
|
|
Location of Gain (Loss) Recognized in Income on Derivatives
|
|
Gain (Loss) Recognized in Income on Derivatives for Years Ended December 31,
|
||||||||||
|
|
|
2018
|
|
2017
|
|
2016
|
|||||||
|
|
|
|
(In millions)
|
||||||||||
Derivatives not Designated as Hedging Instruments
|
|
|
|
|
|
|
|
|
||||||
Commodity contracts
|
|
|
|
|
|
|
|
|
||||||
Natural gas
|
|
Operating Revenues — Non-utility operations
|
|
$
|
(42
|
)
|
|
$
|
(74
|
)
|
|
$
|
(153
|
)
|
Natural gas
|
|
Fuel, purchased power, and gas — non-utility
|
|
(94
|
)
|
|
97
|
|
|
(2
|
)
|
|||
Electricity
|
|
Operating Revenues — Non-utility operations
|
|
49
|
|
|
105
|
|
|
43
|
|
|||
Other
|
|
Operating Revenues — Non-utility operations
|
|
(1
|
)
|
|
2
|
|
|
5
|
|
|||
Foreign currency exchange contracts
|
|
Operating Revenues — Non-utility operations
|
|
7
|
|
|
(2
|
)
|
|
(2
|
)
|
|||
Total
|
|
|
|
$
|
(81
|
)
|
|
$
|
128
|
|
|
$
|
(109
|
)
|
Commodity
|
|
Number of Units
|
|
Natural Gas (MMBtu)
|
|
2,171,541,994
|
|
Electricity (MWh)
|
|
36,163,761
|
|
Foreign Currency Exchange (Canadian dollars)
|
|
101,975,644
|
|
|
Interest Rate
(a)
|
|
Maturity Date
|
|
2018
|
|
2017
|
||||
|
|
|
|
|
(In millions)
|
||||||
Mortgage bonds, notes, and other
|
|
|
|
|
|
|
|
||||
DTE Energy Debt, Unsecured
|
3.2%
|
|
2019 — 2033
|
|
$
|
4,425
|
|
|
$
|
3,825
|
|
DTE Electric Taxable Debt, Principally Secured
|
4.3%
|
|
2020 — 2048
|
|
6,280
|
|
|
5,755
|
|
||
DTE Electric Tax-Exempt Revenue Bonds
(b)
|
4.3%
|
|
2020 — 2030
|
|
310
|
|
|
310
|
|
||
DTE Gas Taxable Debt, Principally Secured
|
4.5%
|
|
2019 — 2048
|
|
1,550
|
|
|
1,330
|
|
||
Other Long-Term Debt, including Non-Recourse Debt
|
|
|
|
|
1
|
|
|
7
|
|
||
|
|
|
|
|
12,566
|
|
|
11,227
|
|
||
Unamortized debt discount and premium, net
|
|
|
|
|
(16
|
)
|
|
(15
|
)
|
||
Unamortized debt issuance costs
|
|
|
|
|
(73
|
)
|
|
(69
|
)
|
||
Long-term debt due within one year
|
|
|
|
|
(1,495
|
)
|
|
(104
|
)
|
||
|
|
|
|
|
$
|
10,982
|
|
|
$
|
11,039
|
|
Junior Subordinated Debentures
|
|
|
|
|
|
|
|
||||
Subordinated Debentures
|
5.5%
|
|
2062 — 2077
|
|
$
|
1,180
|
|
|
$
|
1,180
|
|
Unamortized debt issuance costs
|
|
|
|
|
(35
|
)
|
|
(35
|
)
|
||
|
|
|
|
|
$
|
1,145
|
|
|
$
|
1,145
|
|
(a)
|
Weighted average interest rate as of
December 31, 2018
.
|
(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.
|
|
Interest Rate
(a)
|
|
Maturity Date
|
|
2018
|
|
2017
|
||||
|
|
|
|
|
(In millions)
|
||||||
Mortgage bonds, notes, and other
|
|
|
|
|
|
|
|
||||
Taxable Debt, Principally Secured
|
4.3%
|
|
2020 — 2048
|
|
$
|
6,280
|
|
|
$
|
5,755
|
|
Tax-Exempt Revenue Bonds
(b)
|
4.3%
|
|
2020 — 2030
|
|
310
|
|
|
310
|
|
||
|
|
|
|
|
6,590
|
|
|
6,065
|
|
||
Unamortized debt discount
|
|
|
|
|
(11
|
)
|
|
(10
|
)
|
||
Unamortized debt issuance costs
|
|
|
|
|
(41
|
)
|
|
(38
|
)
|
||
|
|
|
|
|
$
|
6,538
|
|
|
$
|
6,017
|
|
(a)
|
Weighted average interest rate as of
December 31, 2018
.
|
(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.
|
Company
|
|
Month
|
|
Type
|
|
Interest Rate
|
|
Maturity Date
|
|
Amount
|
||
|
|
|
|
|
|
|
|
|
|
(In millions)
|
||
DTE Electric
|
|
May
|
|
Mortgage Bonds
(a)
|
|
4.05%
|
|
2048
|
|
$
|
525
|
|
DTE Energy
|
|
August
|
|
Senior Notes
(b)
|
|
3.70%
|
|
2023
|
|
600
|
|
|
DTE Gas
|
|
August
|
|
Mortgage Bonds
(b)
|
|
3.81%
|
|
2028
|
|
195
|
|
|
DTE Gas
|
|
August
|
|
Mortgage Bonds
(b)
|
|
4.14%
|
|
2048
|
|
125
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
1,445
|
|
(a)
|
Bonds were issued as Green Bonds and the proceeds will be used to finance expenditures for solar and wind energy, payments under power purchase agreements for solar and wind energy, and energy optimization programs.
|
(b)
|
Proceeds were used for the repayment of short-term borrowings and general corporate purposes.
|
Company
|
|
Month
|
|
Type
|
|
Interest Rate
|
|
Maturity Date
|
|
Amount
|
||
|
|
|
|
|
|
|
|
|
|
(In millions)
|
||
DTE Gas
|
|
April
|
|
Senior Notes
|
|
6.04%
|
|
2018
|
|
$
|
100
|
|
DTE Energy
|
|
Various
|
|
Other Long-Term Debt
|
|
Various
|
|
2018
|
|
5
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
105
|
|
|
2019
|
|
2020
|
|
2021
|
|
2022
|
|
2023
|
|
2024 and Thereafter
|
|
Total
|
||||||||||||||
|
(In millions)
|
||||||||||||||||||||||||||
DTE Energy
(a)
|
$
|
1,495
|
|
|
$
|
682
|
|
|
$
|
462
|
|
|
$
|
616
|
|
|
$
|
1,177
|
|
|
$
|
9,314
|
|
|
$
|
13,746
|
|
DTE Electric
|
$
|
—
|
|
|
$
|
632
|
|
|
$
|
462
|
|
|
$
|
316
|
|
|
$
|
202
|
|
|
$
|
4,978
|
|
|
$
|
6,590
|
|
(a)
|
Amounts include DTE Electric's scheduled debt maturities.
|
|
Interest Rate
|
|
Maturity Date
|
|
Amount
|
||
|
|
|
|
|
(In millions)
|
||
2012 Series C
|
5.25%
|
|
2062
|
|
$
|
200
|
|
2016 Series B
|
5.375%
|
|
2076
|
|
300
|
|
|
2016 Series F
|
6.00%
|
|
2076
|
|
280
|
|
|
2017 Series E
|
5.25%
|
|
2077
|
|
400
|
|
|
|
|
|
|
|
$
|
1,180
|
|
•
|
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
|
|
Stock Purchase Contract Liability
(a)
|
|
RSN Maturity Date
|
||||||
(In millions, except interest rates)
|
||||||||||||||||||||||
10/5/2016
|
|
13.5
|
|
$
|
654
|
|
|
$
|
675
|
|
|
1.5%
|
|
5.0%
|
|
10/1/2019
|
|
$
|
98
|
|
|
10/1/2024
|
(a)
|
Payments of
$33 million
and
$32 million
were made in 2018 and 2017, respectively. The stock purchase contract liability, exclusive of interest, was
$33 million
and
$66 million
at
December 31, 2018
and
2017
, respectively.
|
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 2019
|
$
|
150
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
150
|
|
Unsecured letter of credit facility, expiring in September 2019
|
70
|
|
|
—
|
|
|
—
|
|
|
70
|
|
||||
Unsecured revolving credit facility, expiring April 2022
|
1,200
|
|
|
400
|
|
|
300
|
|
|
1,900
|
|
||||
|
1,420
|
|
|
400
|
|
|
300
|
|
|
2,120
|
|
||||
Amounts outstanding at December 31, 2018
|
|
|
|
|
|
|
|
||||||||
Commercial paper issuances
|
271
|
|
|
149
|
|
|
189
|
|
|
609
|
|
||||
Letters of credit
|
168
|
|
|
—
|
|
|
—
|
|
|
168
|
|
||||
|
439
|
|
|
149
|
|
|
189
|
|
|
777
|
|
||||
Net availability at December 31, 2018
|
$
|
981
|
|
|
$
|
251
|
|
|
$
|
111
|
|
|
$
|
1,343
|
|
|
DTE Energy
|
|
DTE Electric
|
||||
|
(In millions)
|
||||||
2019
|
$
|
42
|
|
|
$
|
17
|
|
2020
|
30
|
|
|
12
|
|
||
2021
|
18
|
|
|
10
|
|
||
2022
|
11
|
|
|
7
|
|
||
2023
|
8
|
|
|
5
|
|
||
2024 and thereafter
|
45
|
|
|
29
|
|
||
Total minimum lease payments
|
$
|
154
|
|
|
$
|
80
|
|
|
DTE Energy
|
||
|
(In millions)
|
||
2019
|
$
|
66
|
|
2020
|
66
|
|
|
2021
|
64
|
|
|
2022
|
20
|
|
|
2023
|
20
|
|
|
2024 and thereafter
|
196
|
|
|
Total minimum future rental revenue under non-cancelable operating leases
|
$
|
432
|
|
|
DTE Energy
|
||
|
(In millions)
|
||
2019
|
$
|
10
|
|
2020
|
9
|
|
|
2021
|
—
|
|
|
2022
|
—
|
|
|
2023
|
—
|
|
|
2024 and thereafter
|
1
|
|
|
Total minimum future lease receipts
|
20
|
|
|
Residual value of leased pipeline
|
40
|
|
|
Less unearned income
|
(9
|
)
|
|
Net investment in capital lease
|
51
|
|
|
Less current portion
|
(5
|
)
|
|
|
$
|
46
|
|
|
DTE Energy
|
|
DTE Electric
|
||||
|
(In millions)
|
||||||
2019
|
$
|
2,691
|
|
|
$
|
777
|
|
2020
|
1,311
|
|
|
541
|
|
||
2021
|
632
|
|
|
171
|
|
||
2022
|
409
|
|
|
88
|
|
||
2023
|
351
|
|
|
85
|
|
||
2024 and thereafter
|
1,953
|
|
|
737
|
|
||
|
$
|
7,347
|
|
|
$
|
2,399
|
|
|
Registrants
|
||
|
DTE Energy
|
|
DTE Electric
|
Qualified Pension Plans
|
|
|
|
DTE Energy Company Retirement Plan
|
X
|
|
X
|
DTE Gas Company Retirement Plan for Employees Covered by Collective Bargaining Agreements
|
X
|
|
|
Shenango Inc. Pension Plan
|
X
|
|
|
Nonqualified Pension Plans
|
|
|
|
DTE Energy Company Supplemental Retirement Plan
|
X
|
|
X
|
DTE Energy Company Executive Supplemental Retirement Plan
(a)
|
X
|
|
X
|
DTE Energy Company Supplemental Severance Benefit Plan
|
X
|
|
|
Other Postretirement Benefit Plans
|
|
|
|
The DTE Energy Company Comprehensive Non-Health Welfare Plan
|
X
|
|
X
|
The DTE Energy Company Comprehensive Retiree Group Health Care Plan
|
X
|
|
X
|
DTE Supplemental Retiree Benefit Plan
|
X
|
|
X
|
DTE Energy Company Retiree Reimbursement Arrangement Plan
|
X
|
|
X
|
(a)
|
Sponsored by the DTE Energy subsidiary, DTE Energy Holding Company.
|
|
2018
|
|
2017
|
|
2016
|
||||||
|
(In millions)
|
||||||||||
Service cost
|
$
|
99
|
|
|
$
|
92
|
|
|
$
|
92
|
|
Interest cost
|
202
|
|
|
214
|
|
|
219
|
|
|||
Expected return on plan assets
|
(329
|
)
|
|
(311
|
)
|
|
(309
|
)
|
|||
Amortization of:
|
|
|
|
|
|
||||||
Net actuarial loss
|
176
|
|
|
176
|
|
|
164
|
|
|||
Prior service cost
|
—
|
|
|
1
|
|
|
1
|
|
|||
Net pension cost
|
$
|
148
|
|
|
$
|
172
|
|
|
$
|
167
|
|
|
2018
|
|
2017
|
||||
|
(In millions)
|
||||||
Other changes in plan assets and benefit obligations recognized in Regulatory assets and Other comprehensive income (loss)
|
|
|
|
||||
Net actuarial loss
|
$
|
125
|
|
|
$
|
27
|
|
Amortization of net actuarial loss
|
(176
|
)
|
|
(176
|
)
|
||
Prior service credit
|
—
|
|
|
(11
|
)
|
||
Amortization of prior service cost
|
—
|
|
|
(1
|
)
|
||
Total recognized in Regulatory assets and Other comprehensive income (loss)
|
$
|
(51
|
)
|
|
$
|
(161
|
)
|
Total recognized in net periodic pension cost, Regulatory assets, and Other comprehensive income (loss)
|
$
|
97
|
|
|
$
|
11
|
|
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
|
$
|
131
|
|
|
$
|
178
|
|
Prior service cost
|
$
|
1
|
|
|
$
|
—
|
|
|
DTE Energy
|
||||||
|
2018
|
|
2017
|
||||
|
(In millions)
|
||||||
Accumulated benefit obligation, end of year
|
$
|
4,779
|
|
|
$
|
5,149
|
|
Change in projected benefit obligation
|
|
|
|
||||
Projected benefit obligation, beginning of year
|
$
|
5,576
|
|
|
$
|
5,171
|
|
Service cost
|
99
|
|
|
92
|
|
||
Interest cost
|
202
|
|
|
214
|
|
||
Plan amendments
|
—
|
|
|
(11
|
)
|
||
Actuarial (gain) loss
|
(438
|
)
|
|
391
|
|
||
Benefits paid
|
(315
|
)
|
|
(281
|
)
|
||
Projected benefit obligation, end of year
|
$
|
5,124
|
|
|
$
|
5,576
|
|
Change in plan assets
|
|
|
|
||||
Plan assets at fair value, beginning of year
|
$
|
4,636
|
|
|
$
|
4,012
|
|
Actual return on plan assets
|
(233
|
)
|
|
674
|
|
||
Company contributions
|
185
|
|
|
231
|
|
||
Benefits paid
|
(315
|
)
|
|
(281
|
)
|
||
Plan assets at fair value, end of year
|
$
|
4,273
|
|
|
$
|
4,636
|
|
Funded status
|
$
|
(851
|
)
|
|
$
|
(940
|
)
|
Amount recorded as:
|
|
|
|
||||
Current liabilities
|
$
|
(14
|
)
|
|
$
|
(16
|
)
|
Noncurrent liabilities
|
(837
|
)
|
|
(924
|
)
|
||
|
$
|
(851
|
)
|
|
$
|
(940
|
)
|
Amounts recognized in Accumulated other comprehensive income (loss), pre-tax
|
|
|
|
||||
Net actuarial loss
|
$
|
152
|
|
|
$
|
163
|
|
Prior service cost
|
5
|
|
|
6
|
|
||
|
$
|
157
|
|
|
$
|
169
|
|
Amounts recognized in Regulatory assets
(a)
|
|
|
|
||||
Net actuarial loss
|
$
|
1,973
|
|
|
$
|
2,014
|
|
Prior service credit
|
(12
|
)
|
|
(14
|
)
|
||
|
$
|
1,961
|
|
|
$
|
2,000
|
|
(a)
|
See
Note 9
to the Consolidated Financial Statements, "
Regulatory Matters
."
|
|
2018
|
|
2017
|
|
2016
|
||||||
|
(In millions)
|
||||||||||
DTE Energy
|
$
|
175
|
|
|
$
|
223
|
|
|
$
|
179
|
|
DTE Electric
|
175
|
|
|
185
|
|
|
145
|
|
Date
|
|
Number of Shares
|
|
Price per Share
|
|
Amount
|
||
|
|
|
|
|
|
(In millions)
|
||
March 7, 2018
|
|
1,751,401
|
|
$99.92
|
|
$
|
175
|
|
U.S. Large Capitalization (Cap) Equity Securities
|
16
|
%
|
U.S. Small Cap and Mid Cap Equity Securities
|
4
|
|
Non-U.S. Equity Securities
|
15
|
|
Fixed Income Securities
|
42
|
|
Hedge Funds and Similar Investments
|
15
|
|
Private Equity and Other
|
8
|
|
|
100
|
%
|
|
December 31, 2018
|
|
December 31, 2017
|
||||||||||||||||||||||||||||
|
Level 1
|
|
Level 2
|
|
Other
(b)
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Other
(b)
|
|
Total
|
||||||||||||||||
|
(In millions)
|
||||||||||||||||||||||||||||||
DTE Energy asset category:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Short-term Investments
(c)
|
$
|
—
|
|
|
$
|
27
|
|
|
$
|
—
|
|
|
$
|
27
|
|
|
$
|
—
|
|
|
$
|
114
|
|
|
$
|
—
|
|
|
$
|
114
|
|
Equity Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
U.S. Large Cap
(d)
|
606
|
|
|
3
|
|
|
—
|
|
|
609
|
|
|
821
|
|
|
5
|
|
|
—
|
|
|
826
|
|
||||||||
U.S. Small Cap and Mid Cap
(e)
|
123
|
|
|
1
|
|
|
—
|
|
|
124
|
|
|
229
|
|
|
5
|
|
|
—
|
|
|
234
|
|
||||||||
Non-U.S.
(f)
|
337
|
|
|
9
|
|
|
240
|
|
|
586
|
|
|
529
|
|
|
13
|
|
|
280
|
|
|
822
|
|
||||||||
Fixed Income Securities
(g)
|
6
|
|
|
1,892
|
|
|
—
|
|
|
1,898
|
|
|
1
|
|
|
1,453
|
|
|
—
|
|
|
1,454
|
|
||||||||
Hedge Funds and Similar Investments
(h)
|
88
|
|
|
—
|
|
|
542
|
|
|
630
|
|
|
265
|
|
|
—
|
|
|
593
|
|
|
858
|
|
||||||||
Private Equity and Other
(i)
|
—
|
|
|
—
|
|
|
399
|
|
|
399
|
|
|
—
|
|
|
—
|
|
|
328
|
|
|
328
|
|
||||||||
Securities Lending
(j)
|
(22
|
)
|
|
(8
|
)
|
|
—
|
|
|
(30
|
)
|
|
(53
|
)
|
|
(13
|
)
|
|
—
|
|
|
(66
|
)
|
||||||||
Securities Lending Collateral
(j)
|
22
|
|
|
8
|
|
|
—
|
|
|
30
|
|
|
53
|
|
|
13
|
|
|
—
|
|
|
66
|
|
||||||||
DTE Energy Total
|
$
|
1,160
|
|
|
$
|
1,932
|
|
|
$
|
1,181
|
|
|
$
|
4,273
|
|
|
$
|
1,845
|
|
|
$
|
1,590
|
|
|
$
|
1,201
|
|
|
$
|
4,636
|
|
(a)
|
For a description of levels within the fair value hierarchy, see
Note 12
to the Consolidated Financial Statements, "
Fair Value
."
|
(b)
|
Amounts represent assets valued at NAV as a practical expedient for fair value.
|
(c)
|
This category predominantly represents certain short-term fixed income securities and money market investments that are managed in separate accounts or commingled funds. Pricing for investments in this category are obtained from quoted prices in actively traded markets or valuations from brokers or pricing services.
|
(d)
|
This category represents portfolios of large capitalization domestic equities. Investments in this category are exchange-traded securities whereby unadjusted quoted prices can be obtained.
|
(e)
|
This category represents portfolios of small and medium capitalization domestic equities. Investments in this category are exchange-traded securities whereby unadjusted quoted prices can be obtained.
|
(f)
|
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 quoted prices can be obtained. Exchange-traded securities held in a commingled fund are classified as NAV assets.
|
(g)
|
This category includes corporate bonds from diversified industries, U.S. Treasuries, other governmental debt, 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.
|
(h)
|
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.
|
(i)
|
This category includes a diversified group of funds and strategies that primarily invests in private equity partnerships. This category also includes investments in real estate and private debt. All pricing for investments in this category are classified as NAV assets.
|
(j)
|
DTE Energy has a securities lending program with a third-party agent. The program allows the agent to lend certain securities from DTE Energy's pension 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.
|
|
2018
|
|
2017
|
|
2016
|
||||||
|
(In millions)
|
||||||||||
Service cost
|
$
|
27
|
|
|
$
|
27
|
|
|
$
|
27
|
|
Interest cost
|
69
|
|
|
73
|
|
|
80
|
|
|||
Expected return on plan assets
|
(143
|
)
|
|
(130
|
)
|
|
(129
|
)
|
|||
Amortization of:
|
|
|
|
|
|
||||||
Net actuarial loss
|
11
|
|
|
13
|
|
|
30
|
|
|||
Prior service credit
|
—
|
|
|
(14
|
)
|
|
(118
|
)
|
|||
Other
|
—
|
|
|
—
|
|
|
(1
|
)
|
|||
Net other postretirement credit
|
$
|
(36
|
)
|
|
$
|
(31
|
)
|
|
$
|
(111
|
)
|
|
2018
|
|
2017
|
||||
|
(In millions)
|
||||||
Other changes in plan assets and accumulated postretirement benefit obligation recognized in Regulatory assets and Other comprehensive income (loss)
|
|
|
|
||||
Net actuarial gain
|
$
|
(8
|
)
|
|
$
|
(21
|
)
|
Amortization of net actuarial loss
|
(11
|
)
|
|
(13
|
)
|
||
Prior service credit
|
(44
|
)
|
|
(1
|
)
|
||
Amortization of prior service credit
|
—
|
|
|
14
|
|
||
Total recognized in Regulatory assets and Other comprehensive income (loss)
|
$
|
(63
|
)
|
|
$
|
(21
|
)
|
Total recognized in net periodic benefit cost, Regulatory assets, and Other comprehensive income (loss)
|
$
|
(99
|
)
|
|
$
|
(52
|
)
|
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
|
$
|
12
|
|
|
$
|
11
|
|
Prior service credit
|
$
|
(9
|
)
|
|
$
|
(1
|
)
|
|
2018
|
|
2017
|
|
2016
|
||||||
|
(In millions)
|
||||||||||
Service cost
|
$
|
20
|
|
|
$
|
20
|
|
|
$
|
20
|
|
Interest cost
|
53
|
|
|
56
|
|
|
61
|
|
|||
Expected return on plan assets
|
(98
|
)
|
|
(90
|
)
|
|
(90
|
)
|
|||
Amortization of:
|
|
|
|
|
|
||||||
Net actuarial loss
|
8
|
|
|
8
|
|
|
21
|
|
|||
Prior service credit
|
—
|
|
|
(10
|
)
|
|
(89
|
)
|
|||
Net other postretirement credit
|
$
|
(17
|
)
|
|
$
|
(16
|
)
|
|
$
|
(77
|
)
|
|
2018
|
|
2017
|
||||
|
(In millions)
|
||||||
Other changes in plan assets and accumulated postretirement benefit obligation recognized in Regulatory assets
|
|
|
|
||||
Net actuarial (gai
n) loss
|
$
|
(46
|
)
|
|
$
|
2
|
|
Amortization of net actuarial loss
|
(8
|
)
|
|
(8
|
)
|
||
Amortization of prior service (cost) credit
|
(35
|
)
|
|
10
|
|
||
Total recognized in Regulatory assets
|
$
|
(89
|
)
|
|
$
|
4
|
|
Total recognized in net periodic benefit cost and Regulatory assets
|
$
|
(106
|
)
|
|
$
|
(12
|
)
|
Estimated amounts to be amortized from Regulatory assets into net periodic benefit cost during next fiscal year
|
|
|
|
||||
Net actuarial loss
|
$
|
5
|
|
|
$
|
8
|
|
Prior service credit
|
$
|
(7
|
)
|
|
$
|
—
|
|
|
DTE Energy
|
|
DTE Electric
|
||||||||||||
|
2018
|
|
2017
|
|
2018
|
|
2017
|
||||||||
|
(In millions)
|
||||||||||||||
Change in accumulated postretirement benefit obligation
|
|
|
|
|
|
|
|
||||||||
Accumulated postretirement benefit obligation, beginning of year
|
$
|
1,910
|
|
|
$
|
1,795
|
|
|
$
|
1,470
|
|
|
$
|
1,373
|
|
Service cost
|
27
|
|
|
27
|
|
|
20
|
|
|
20
|
|
||||
Interest cost
|
69
|
|
|
73
|
|
|
53
|
|
|
56
|
|
||||
Plan amendments
|
(44
|
)
|
|
—
|
|
|
(35
|
)
|
|
—
|
|
||||
Actuarial (gai
n) loss
|
(227
|
)
|
|
101
|
|
|
(196
|
)
|
|
84
|
|
||||
Benefits paid
|
(90
|
)
|
|
(86
|
)
|
|
(65
|
)
|
|
(63
|
)
|
||||
Accumulated postretirement benefit obligation, end of year
|
$
|
1,645
|
|
|
$
|
1,910
|
|
|
$
|
1,247
|
|
|
$
|
1,470
|
|
Change in plan assets
|
|
|
|
|
|
|
|
||||||||
Plan assets at fair value, beginning of year
|
$
|
1,848
|
|
|
$
|
1,758
|
|
|
$
|
1,272
|
|
|
$
|
1,218
|
|
Actual return on plan assets
|
(75
|
)
|
|
252
|
|
|
(52
|
)
|
|
172
|
|
||||
Benefits paid
|
(84
|
)
|
|
(162
|
)
|
|
(62
|
)
|
|
(118
|
)
|
||||
Plan assets at fair value, end of year
|
$
|
1,689
|
|
|
$
|
1,848
|
|
|
$
|
1,158
|
|
|
$
|
1,272
|
|
Funded status
|
$
|
44
|
|
|
$
|
(62
|
)
|
|
$
|
(89
|
)
|
|
$
|
(198
|
)
|
Amount recorded as:
|
|
|
|
|
|
|
|
||||||||
Noncurrent assets
|
$
|
45
|
|
|
$
|
—
|
|
|
$
|
189
|
|
|
$
|
113
|
|
Current liabilities
|
(1
|
)
|
|
(1
|
)
|
|
—
|
|
|
—
|
|
||||
Noncurrent liabilities
|
—
|
|
|
(61
|
)
|
|
(278
|
)
|
|
(311
|
)
|
||||
|
$
|
44
|
|
|
$
|
(62
|
)
|
|
$
|
(89
|
)
|
|
$
|
(198
|
)
|
Amounts recognized in Accumulated other comprehensive income (loss), pre-tax
|
|
|
|
|
|
|
|
||||||||
Net actuarial (gain) loss
|
$
|
1
|
|
|
$
|
(1
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
1
|
|
|
$
|
(1
|
)
|
|
$
|
—
|
|
|
$
|
—
|
|
Amounts recognized in Regulatory assets
(a)
|
|
|
|
|
|
|
|
||||||||
Net actuarial loss
|
$
|
257
|
|
|
$
|
279
|
|
|
$
|
156
|
|
|
$
|
211
|
|
Prior service credit
|
(44
|
)
|
|
(1
|
)
|
|
(35
|
)
|
|
—
|
|
||||
|
$
|
213
|
|
|
$
|
278
|
|
|
$
|
121
|
|
|
$
|
211
|
|
(a)
|
See
Note 9
to the Consolidated Financial Statements, "
Regulatory Matters
."
|
|
DTE Energy
|
|
DTE Electric
|
||||
|
(In millions)
|
||||||
2019
|
$
|
88
|
|
|
$
|
66
|
|
2020
|
92
|
|
|
70
|
|
||
2021
|
96
|
|
|
73
|
|
||
2022
|
100
|
|
|
75
|
|
||
2023
|
102
|
|
|
77
|
|
||
2024-2028
|
532
|
|
|
402
|
|
||
Total
|
$
|
1,010
|
|
|
$
|
763
|
|
|
2018
|
|
2017
|
|
2016
|
Accumulated postretirement benefit obligation
|
|
|
|
|
|
Discount rate
|
4.40%
|
|
3.70%
|
|
4.25%
|
Health care trend rate pre- and post- 65
|
6.75 / 7.25%
|
|
6.75 / 7.25%
|
|
6.50 / 6.75%
|
Ultimate health care trend rate
|
4.50%
|
|
4.50%
|
|
4.50%
|
Year in which ultimate reached pre- and post- 65
|
2031
|
|
2030
|
|
2028
|
Other postretirement benefit costs
|
|
|
|
|
|
Discount rate
|
3.70%
|
|
4.25%
|
|
4.50%
|
Expected long-term rate of return on plan assets
|
7.75%
|
|
7.75%
|
|
8.00%
|
Health care trend rate pre- and post- 65
|
6.75 / 7.25%
|
|
6.50 / 6.75%
|
|
6.25 / 6.75%
|
Ultimate health care trend rate
|
4.50%
|
|
4.50%
|
|
4.50%
|
Year in which ultimate reached pre- and post- 65
|
2030
|
|
2028
|
|
2027
|
U.S. Large Cap Equity Securities
|
16
|
%
|
U.S. Small Cap and Mid Cap Equity Securities
|
4
|
|
Non-U.S. Equity Securities
|
19
|
|
Fixed Income Securities
|
28
|
|
Hedge Funds and Similar Investments
|
19
|
|
Private Equity and Other
|
14
|
|
|
100
|
%
|
|
December 31, 2018
|
|
December 31, 2017
|
||||||||||||||||||||||||||||
|
Level 1
|
|
Level 2
|
|
Other
(b)
|
|
Total
|
|
Level 1
|
|
Level 2
|
|
Other
(b)
|
|
Total
|
||||||||||||||||
DTE Energy asset category:
|
(In millions)
|
||||||||||||||||||||||||||||||
Short-term Investments
(c)
|
$
|
14
|
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
16
|
|
|
$
|
13
|
|
|
$
|
2
|
|
|
$
|
—
|
|
|
$
|
15
|
|
Equity Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
U.S. Large Cap
(d)
|
225
|
|
|
—
|
|
|
—
|
|
|
225
|
|
|
284
|
|
|
—
|
|
|
—
|
|
|
284
|
|
||||||||
U.S. Small Cap and Mid Cap
(e)
|
75
|
|
|
—
|
|
|
—
|
|
|
75
|
|
|
131
|
|
|
—
|
|
|
—
|
|
|
131
|
|
||||||||
Non-U.S.
(f)
|
234
|
|
|
—
|
|
|
67
|
|
|
301
|
|
|
288
|
|
|
1
|
|
|
77
|
|
|
366
|
|
||||||||
Fixed Income Securities
(g)
|
11
|
|
|
350
|
|
|
130
|
|
|
491
|
|
|
29
|
|
|
324
|
|
|
130
|
|
|
483
|
|
||||||||
Hedge Funds and Similar Investments
(h)
|
97
|
|
|
—
|
|
|
203
|
|
|
300
|
|
|
116
|
|
|
—
|
|
|
219
|
|
|
335
|
|
||||||||
Private Equity and Other
(i)
|
—
|
|
|
—
|
|
|
281
|
|
|
281
|
|
|
—
|
|
|
—
|
|
|
234
|
|
|
234
|
|
||||||||
Securities Lending
(j)
|
(21
|
)
|
|
(1
|
)
|
|
—
|
|
|
(22
|
)
|
|
(39
|
)
|
|
(1
|
)
|
|
—
|
|
|
(40
|
)
|
||||||||
Securities Lending Collateral
(j)
|
21
|
|
|
1
|
|
|
—
|
|
|
22
|
|
|
39
|
|
|
1
|
|
|
—
|
|
|
40
|
|
||||||||
DTE Energy Total
|
$
|
656
|
|
|
$
|
352
|
|
|
$
|
681
|
|
|
$
|
1,689
|
|
|
$
|
861
|
|
|
$
|
327
|
|
|
$
|
660
|
|
|
$
|
1,848
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
DTE Electric asset category:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
Short-term Investments
(c)
|
$
|
10
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
11
|
|
|
$
|
9
|
|
|
$
|
1
|
|
|
$
|
—
|
|
|
$
|
10
|
|
Equity Securities
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
U.S. Large Cap
(d)
|
154
|
|
|
—
|
|
|
—
|
|
|
154
|
|
|
195
|
|
|
—
|
|
|
—
|
|
|
195
|
|
||||||||
U.S. Small Cap and Mid Cap
(e)
|
52
|
|
|
—
|
|
|
—
|
|
|
52
|
|
|
91
|
|
|
—
|
|
|
—
|
|
|
91
|
|
||||||||
Non-U.S.
(f)
|
163
|
|
|
—
|
|
|
45
|
|
|
208
|
|
|
200
|
|
|
1
|
|
|
52
|
|
|
253
|
|
||||||||
Fixed Income Securities
(g)
|
7
|
|
|
232
|
|
|
92
|
|
|
331
|
|
|
20
|
|
|
218
|
|
|
92
|
|
|
330
|
|
||||||||
Hedge Funds and Similar Investments
(h)
|
68
|
|
|
—
|
|
|
139
|
|
|
207
|
|
|
80
|
|
|
—
|
|
|
150
|
|
|
230
|
|
||||||||
Private Equity and Other
(i)
|
—
|
|
|
—
|
|
|
195
|
|
|
195
|
|
|
—
|
|
|
—
|
|
|
163
|
|
|
163
|
|
||||||||
Securities Lending
(j)
|
(15
|
)
|
|
—
|
|
|
—
|
|
|
(15
|
)
|
|
(27
|
)
|
|
(1
|
)
|
|
—
|
|
|
(28
|
)
|
||||||||
Securities Lending Collateral
(j)
|
15
|
|
|
—
|
|
|
—
|
|
|
15
|
|
|
27
|
|
|
1
|
|
|
—
|
|
|
28
|
|
||||||||
DTE Electric Total
|
$
|
454
|
|
|
$
|
233
|
|
|
$
|
471
|
|
|
$
|
1,158
|
|
|
$
|
595
|
|
|
$
|
220
|
|
|
$
|
457
|
|
|
$
|
1,272
|
|
(a)
|
For a description of levels within the fair value hierarchy see
Note 12
to the Consolidated Financial Statements, "
Fair Value
."
|
(b)
|
Amounts represent assets valued at NAV as a practical expedient for fair value.
|
(c)
|
This category predominantly represents certain short-term fixed income securities and money market investments that are managed in separate accounts or commingled funds. Pricing for investments in this category are obtained from quoted prices in actively traded markets or valuations from brokers or pricing services.
|
(d)
|
This category represents portfolios of large capitalization domestic equities. Investments in this category are exchange-traded securities whereby unadjusted quoted prices can be obtained.
|
(e)
|
This category represents portfolios of small and medium capitalization domestic equities. Investments in this category are exchange-traded securities whereby unadjusted quoted prices can be obtained.
|
(f)
|
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 quoted prices can be obtained. Exchange-traded securities held in a commingled fund are classified as NAV assets.
|
(g)
|
This category includes corporate bonds from diversified industries, U.S. Treasuries, other governmental debt, 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.
|
(h)
|
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.
|
(i)
|
This category includes a diversified group of funds and strategies that primarily invests in private equity partnerships. This category also includes investments in real estate and private debt. All investments in this category are classified as NAV assets.
|
(j)
|
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
16,500,000
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.
|
|
2018
|
|
2017
|
|
2016
|
||||||
|
(In millions)
|
||||||||||
Stock-based compensation expense
|
$
|
64
|
|
|
$
|
58
|
|
|
$
|
61
|
|
Tax benefit
|
$
|
13
|
|
|
$
|
23
|
|
|
$
|
24
|
|
Stock-based compensation cost capitalized in Property, plant, and equipment
|
$
|
11
|
|
|
$
|
9
|
|
|
$
|
10
|
|
|
Number of Options
|
|
Weighted Average Exercise Price
|
|
Aggregate Intrinsic
Value (In millions) |
|||||
Options outstanding and exercisable at December 31, 2017
|
105,994
|
|
|
$
|
42.95
|
|
|
|
||
Exercised
|
(53,894
|
)
|
|
$
|
42.62
|
|
|
|
||
Options outstanding and exercisable at December 31, 2018
|
52,100
|
|
|
$
|
43.30
|
|
|
$
|
4
|
|
Range of Exercise Prices
|
|
Number of Options
|
|
Weighted Average
Exercise Price |
|
Weighted Average
Remaining Contractual Life (Years) |
|||||||||
$
|
27.00
|
—
|
|
$
|
38.00
|
|
|
2,100
|
|
|
$
|
27.70
|
|
|
0.16
|
$
|
42.01
|
—
|
|
$
|
45.00
|
|
|
50,000
|
|
|
$
|
43.95
|
|
|
1.15
|
|
|
|
|
52,100
|
|
|
$
|
43.30
|
|
|
1.11
|
|
2018
|
|
2017
|
|
2016
|
||||||
Fair value of awards vested (in millions)
|
$
|
11
|
|
|
$
|
10
|
|
|
$
|
9
|
|
Restricted common shares awarded
|
109,393
|
|
|
136,825
|
|
|
145,240
|
|
|||
Weighted average market price of shares awarded
|
$
|
105.80
|
|
|
$
|
99.53
|
|
|
$
|
87.28
|
|
Compensation cost charged against income (in millions)
|
$
|
11
|
|
|
$
|
11
|
|
|
$
|
11
|
|
|
Restricted
Stock |
|
Weighted Average
Grant Date Fair Value |
|||
Balance at December 31, 2017
|
365,764
|
|
|
$
|
90.26
|
|
Grants
|
109,393
|
|
|
$
|
105.80
|
|
Forfeitures
|
(21,939
|
)
|
|
$
|
98.59
|
|
Vested and issued
|
(125,813
|
)
|
|
$
|
85.24
|
|
Balance at December 31, 2018
|
327,405
|
|
|
$
|
96.79
|
|
|
2018
|
|
2017
|
|
2016
|
||||||
|
(In millions)
|
||||||||||
Compensation expense
|
$
|
53
|
|
|
$
|
47
|
|
|
$
|
50
|
|
Cash settlements
(a)
|
$
|
13
|
|
|
$
|
15
|
|
|
$
|
7
|
|
Stock settlements
(a)
|
$
|
39
|
|
|
$
|
66
|
|
|
$
|
38
|
|
(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, 2017
|
1,324,401
|
|
|
$
|
90.31
|
|
Grants
|
437,508
|
|
|
$
|
105.64
|
|
Forfeitures
|
(56,435
|
)
|
|
$
|
96.02
|
|
Payouts
|
(418,788
|
)
|
|
$
|
84.84
|
|
Balance at December 31, 2018
|
1,286,686
|
|
|
$
|
97.17
|
|
|
Unrecognized
Compensation Cost |
|
Weighted Average
to be Recognized |
||
|
(In millions)
|
|
(In years)
|
||
Stock awards
|
$
|
12
|
|
|
1.03
|
Performance shares
|
59
|
|
|
1.04
|
|
|
$
|
71
|
|
|
1.04
|
|
Year Ended December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
|
(In millions)
|
||||||||||
Electric
|
$
|
52
|
|
|
$
|
48
|
|
|
$
|
43
|
|
Gas
|
12
|
|
|
8
|
|
|
9
|
|
|||
Gas Storage and Pipelines
|
36
|
|
|
42
|
|
|
9
|
|
|||
Power and Industrial Projects
|
642
|
|
|
569
|
|
|
602
|
|
|||
Energy Trading
|
27
|
|
|
35
|
|
|
39
|
|
|||
Corporate and Other
|
2
|
|
|
2
|
|
|
2
|
|
|||
|
$
|
771
|
|
|
$
|
704
|
|
|
$
|
704
|
|
|
Electric
|
|
Gas
|
|
Gas Storage and Pipelines
|
|
Power and Industrial Projects
|
|
Energy Trading
|
|
Corporate and Other
|
|
Reclassifications
and Eliminations |
|
Total
|
||||||||||
|
(In millions)
|
||||||||||||||||||||||||
2018
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating Revenues — Utility operations
|
$
|
5,298
|
|
|
1,436
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(64
|
)
|
|
$
|
6,670
|
|
Operating Revenues — Non-utility operations
|
$
|
—
|
|
|
—
|
|
|
485
|
|
|
2,204
|
|
|
5,557
|
|
|
3
|
|
|
(707
|
)
|
|
$
|
7,542
|
|
Depreciation and amortization
|
$
|
836
|
|
|
133
|
|
|
82
|
|
|
67
|
|
|
5
|
|
|
1
|
|
|
—
|
|
|
$
|
1,124
|
|
Interest expense
|
$
|
283
|
|
|
70
|
|
|
68
|
|
|
31
|
|
|
6
|
|
|
220
|
|
|
(119
|
)
|
|
$
|
559
|
|
Interest income
|
$
|
—
|
|
|
(6
|
)
|
|
(9
|
)
|
|
(9
|
)
|
|
(3
|
)
|
|
(104
|
)
|
|
119
|
|
|
$
|
(12
|
)
|
Equity in earnings of equity method investees
|
$
|
—
|
|
|
2
|
|
|
123
|
|
|
3
|
|
|
—
|
|
|
4
|
|
|
—
|
|
|
$
|
132
|
|
Income Tax Expense (Benefit)
|
$
|
193
|
|
|
67
|
|
|
68
|
|
|
(195
|
)
|
|
13
|
|
|
(48
|
)
|
|
—
|
|
|
$
|
98
|
|
Net Income (Loss) Attributable to DTE Energy Company
|
$
|
664
|
|
|
150
|
|
|
235
|
|
|
161
|
|
|
39
|
|
|
(129
|
)
|
|
—
|
|
|
$
|
1,120
|
|
Investment in equity method investees
|
$
|
7
|
|
|
12
|
|
|
1,585
|
|
|
134
|
|
|
—
|
|
|
33
|
|
|
—
|
|
|
$
|
1,771
|
|
Capital expenditures and acquisitions
|
$
|
1,979
|
|
|
460
|
|
|
176
|
|
|
91
|
|
|
5
|
|
|
2
|
|
|
—
|
|
|
$
|
2,713
|
|
Goodwill
|
$
|
1,208
|
|
|
743
|
|
|
299
|
|
|
26
|
|
|
17
|
|
|
—
|
|
|
—
|
|
|
$
|
2,293
|
|
Total Assets
|
$
|
22,501
|
|
|
5,378
|
|
|
3,161
|
|
|
495
|
|
|
909
|
|
|
6,153
|
|
|
(2,309
|
)
|
|
$
|
36,288
|
|
|
Electric
|
|
Gas
|
|
Gas Storage and Pipelines
|
|
Power and Industrial Projects
|
|
Energy Trading
|
|
Corporate and Other
|
|
Reclassifications
and Eliminations |
|
Total
|
||||||||||
|
(In millions)
|
||||||||||||||||||||||||
2017
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating Revenues — Utility operations
|
$
|
5,102
|
|
|
1,388
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(56
|
)
|
|
$
|
6,434
|
|
Operating Revenues — Non-utility operations
|
$
|
—
|
|
|
—
|
|
|
453
|
|
|
2,089
|
|
|
4,277
|
|
|
2
|
|
|
(648
|
)
|
|
$
|
6,173
|
|
Depreciation and amortization
|
$
|
753
|
|
|
123
|
|
|
76
|
|
|
72
|
|
|
5
|
|
|
1
|
|
|
—
|
|
|
$
|
1,030
|
|
Interest expense
|
$
|
274
|
|
|
65
|
|
|
77
|
|
|
29
|
|
|
5
|
|
|
192
|
|
|
(106
|
)
|
|
$
|
536
|
|
Interest income
|
$
|
—
|
|
|
(7
|
)
|
|
(14
|
)
|
|
(7
|
)
|
|
(2
|
)
|
|
(88
|
)
|
|
106
|
|
|
$
|
(12
|
)
|
Equity in earnings of equity method investees
|
$
|
1
|
|
|
2
|
|
|
90
|
|
|
9
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
$
|
102
|
|
Income Tax Expense (Benefit)
|
$
|
321
|
|
|
78
|
|
|
(30
|
)
|
|
(195
|
)
|
|
49
|
|
|
(48
|
)
|
|
—
|
|
|
$
|
175
|
|
Net Income (Loss) Attributable to DTE Energy Company
|
$
|
606
|
|
|
146
|
|
|
275
|
|
|
138
|
|
|
72
|
|
|
(103
|
)
|
|
—
|
|
|
$
|
1,134
|
|
Investment in equity method investees
|
$
|
7
|
|
|
11
|
|
|
879
|
|
|
150
|
|
|
—
|
|
|
26
|
|
|
—
|
|
|
$
|
1,073
|
|
Capital expenditures and acquisitions
|
$
|
1,574
|
|
|
463
|
|
|
137
|
|
|
56
|
|
|
7
|
|
|
13
|
|
|
—
|
|
|
$
|
2,250
|
|
Goodwill
|
$
|
1,208
|
|
|
743
|
|
|
299
|
|
|
26
|
|
|
17
|
|
|
—
|
|
|
—
|
|
|
$
|
2,293
|
|
Total Assets
|
$
|
21,163
|
|
|
5,072
|
|
|
2,594
|
|
|
593
|
|
|
725
|
|
|
5,324
|
|
|
(1,704
|
)
|
|
$
|
33,767
|
|
(a)
|
Includes Income Tax Expense (Benefit) of
$(5) million
,
$(115) million
,
$(21) million
,
$2 million
, and
$34 million
for Electric — non-utility, Gas Storage and Pipelines, Power and Industrial Projects, Energy Trading, and Corporate and Other, respectively, related to the enactment of the TCJA.
|
|
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
|
|
|
2018
|
|
2017
|
|
2016
|
||||||
|
(In millions)
|
||||||||||
Revenues
|
|
|
|
|
|
||||||
Energy sales
|
$
|
9
|
|
|
$
|
9
|
|
|
$
|
10
|
|
Other services
|
$
|
(4
|
)
|
|
$
|
(4
|
)
|
|
$
|
(1
|
)
|
Shared capital assets
|
$
|
43
|
|
|
$
|
39
|
|
|
$
|
33
|
|
Costs
|
|
|
|
|
|
||||||
Fuel and purchased power
|
$
|
7
|
|
|
$
|
6
|
|
|
$
|
10
|
|
Other services and interest
|
$
|
33
|
|
|
$
|
(2
|
)
|
|
$
|
(1
|
)
|
Corporate expenses, net
|
$
|
377
|
|
|
$
|
370
|
|
|
$
|
370
|
|
Other
|
|
|
|
|
|
||||||
Dividends declared
|
$
|
461
|
|
|
$
|
432
|
|
|
$
|
420
|
|
Dividends paid
|
$
|
461
|
|
|
$
|
432
|
|
|
$
|
420
|
|
Capital contribution from DTE Energy
|
$
|
325
|
|
|
$
|
100
|
|
|
$
|
120
|
|
Note
|
|
Title
|
1
|
|
Organization and Basis of Presentation
|
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)
|
||||||||||||||||||
2018
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating Revenues
|
$
|
3,753
|
|
|
$
|
3,159
|
|
|
$
|
3,550
|
|
|
$
|
3,750
|
|
|
$
|
14,212
|
|
Operating Income
|
$
|
504
|
|
|
$
|
329
|
|
|
$
|
429
|
|
|
$
|
332
|
|
|
$
|
1,594
|
|
Net Income Attributable to DTE Energy Company
|
$
|
361
|
|
|
$
|
234
|
|
|
$
|
334
|
|
|
$
|
191
|
|
|
$
|
1,120
|
|
Basic Earnings per Share
|
$
|
2.01
|
|
|
$
|
1.29
|
|
|
$
|
1.84
|
|
|
$
|
1.05
|
|
|
$
|
6.18
|
|
Diluted Earnings per Share
|
$
|
2.00
|
|
|
$
|
1.29
|
|
|
$
|
1.84
|
|
|
$
|
1.05
|
|
|
$
|
6.17
|
|
2017
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating Revenues
|
$
|
3,236
|
|
|
$
|
2,855
|
|
|
$
|
3,245
|
|
|
$
|
3,271
|
|
|
$
|
12,607
|
|
Operating Income
(a)
|
$
|
585
|
|
|
$
|
320
|
|
|
$
|
434
|
|
|
$
|
372
|
|
|
$
|
1,711
|
|
Net Income Attributable to DTE Energy Company
(b)
|
$
|
400
|
|
|
$
|
177
|
|
|
$
|
270
|
|
|
$
|
287
|
|
|
$
|
1,134
|
|
Basic Earnings per Share
|
$
|
2.23
|
|
|
$
|
0.99
|
|
|
$
|
1.51
|
|
|
$
|
1.60
|
|
|
$
|
6.32
|
|
Diluted Earnings per Share
|
$
|
2.23
|
|
|
$
|
0.99
|
|
|
$
|
1.51
|
|
|
$
|
1.60
|
|
|
$
|
6.32
|
|
(a)
|
Pursuant to the implementation of ASU 2017-07, amounts previously included in Operating Income
—
Operation and maintenance were reclassified to Other (Income) and Deductions
—
Non-operating retirement benefits, net on DTE Energy's Consolidated Statements of Operations.
|
(b)
|
Includes a net Income Tax Benefit of
$(105) million
related to the enactment of the TCJA in the fourth quarter.
|
|
First
Quarter |
|
Second
Quarter |
|
Third
Quarter |
|
Fourth
Quarter |
|
Year
|
||||||||||
|
(In millions)
|
||||||||||||||||||
2018
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating Revenues
|
$
|
1,205
|
|
|
$
|
1,276
|
|
|
$
|
1,521
|
|
|
$
|
1,296
|
|
|
$
|
5,298
|
|
Operating Income
|
$
|
253
|
|
|
$
|
269
|
|
|
$
|
444
|
|
|
$
|
168
|
|
|
$
|
1,134
|
|
Net Income
|
$
|
140
|
|
|
$
|
163
|
|
|
$
|
305
|
|
|
$
|
56
|
|
|
$
|
664
|
|
2017
|
|
|
|
|
|
|
|
|
|
||||||||||
Operating Revenues
|
$
|
1,175
|
|
|
$
|
1,218
|
|
|
$
|
1,434
|
|
|
$
|
1,275
|
|
|
$
|
5,102
|
|
Operating Income
|
$
|
217
|
|
|
$
|
272
|
|
|
$
|
395
|
|
|
$
|
281
|
|
|
$
|
1,165
|
|
Net Income
|
$
|
106
|
|
|
$
|
138
|
|
|
$
|
219
|
|
|
$
|
138
|
|
|
$
|
601
|
|
|
2018
|
|
2017
|
||||
Audit fees
(a)
|
$
|
1,393,500
|
|
|
$
|
1,428,500
|
|
Audit-related fees
(b)
|
52,000
|
|
|
12,000
|
|
||
Total
|
$
|
1,445,500
|
|
|
$
|
1,440,500
|
|
(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
|
|
Description
|
|
DTE
Energy
|
|
DTE
Electric
|
|
|
|
|
|
|
|
4(a)
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
|
Exhibit Number
|
|
Description
|
|
DTE
Energy
|
|
DTE
Electric
|
|
|
|
|
|
|
|
4(b)
|
|
Mortgage and Deed of Trust, dated as of October 1, 1924, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit B-1 to Detroit Edison's Registration Statement on Form A-2 (File No. 2-1630)) and indentures supplemental thereto, dated as of dates indicated below, and filed as exhibits to the filings set forth below:
|
|
X
|
|
X
|
|
|
|
|
|
|
|
|
|
Supplemental Indenture, dated as of December 1, 1940, to the Mortgage and Deed of Trust, dated as of October 1, 1924, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit B-14 to Detroit Edison's Registration Statement on Form A-2 (File No. 2-4609)). (amendment)
|
|
X
|
|
X
|
|
|
|
|
|
|
|
|
|
Supplemental Indenture, dated as of September 1, 1947, to the Mortgage and Deed of Trust, dated as of October 1, 1924, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit B-20 to Detroit Edison's Registration Statement on Form S-1 (File No. 2-7136)). (amendment)
|
|
X
|
|
X
|
|
|
|
|
|
|
|
|
|
Supplemental Indenture, dated as of March 1, 1950, to the Mortgage and Deed of Trust, dated as of October 1, 1924, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit B-22 to Detroit Edison's Registration Statement on Form S-1 (File No. 2-8290)). (amendment)
|
|
X
|
|
X
|
|
|
|
|
|
|
|
|
|
Supplemental Indenture, dated as of November 15, 1951, to the Mortgage and Deed of Trust, dated as of October 1, 1924, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit B-23 to Detroit Edison's Registration Statement on Form S-1 (File No. 2-9226)). (amendment)
|
|
X
|
|
X
|
|
|
|
|
|
|
|
|
|
Supplemental Indenture, dated as of August 15, 1957, to the Mortgage and Deed of Trust, dated as of October 1, 1924, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 3-B-30 to Detroit Edison's Form 8-K dated September 11, 1957). (amendment)
|
|
X
|
|
X
|
|
|
|
|
|
|
|
|
|
Supplemental Indenture, dated as of December 1, 1966, to the Mortgage and Deed of Trust, dated as of October 1, 1924, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 2-B-32 to Detroit Edison's Registration Statement on Form S-9 (File No. 2-25664)). (amendment)
|
|
X
|
|
X
|
|
|
|
|
|
|
|
|
|
|
X
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
X
|
|
|
|
|
|
|
|
|
Exhibit Number
|
|
Description
|
|
DTE
Energy
|
|
DTE
Electric
|
|
|
|
|
|
|
|
|
|
|
X
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
X
|
|
|
|
|
|
|
|
|
Exhibit Number
|
|
Description
|
|
DTE
Energy
|
|
DTE
Electric
|
|
|
|
|
|
|
|
|
|
|
X
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
X
|
|
|
|
|
|
|
|
|
4(c)
|
|
Collateral Trust Indenture, dated as of June 30, 1993, between The Detroit Edison Company and The Bank of New York Mellon Trust Company, N.A., as successor trustee (Exhibit 4-152 to Detroit Edison's Registration Statement (File No. 33-50325)) and indentures supplemental thereto, dated as of dates indicated below, and filed as exhibits to the filings set forth below:
|
|
X
|
|
X
|
|
|
|
|
|
|
|
|
|
|
X
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
X
|
|
|
|
|
|
|
|
|
Exhibit Number
|
|
Description
|
|
DTE
Energy
|
|
DTE
Electric
|
|
|
|
|
|
|
|
|
|
|
X
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
X
|
|
|
|
|
|
|
|
|
4(d)
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
Exhibit Number
|
|
Description
|
|
DTE
Energy
|
|
DTE
Electric
|
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
4(e)
|
|
Indenture of Mortgage and Deed of Trust dated as of March 1, 1944 (Exhibit 7-D to Michigan Consolidated Gas Company Registration Statement No. 2-5252) and indentures supplemental thereto, dated as of dates indicated below, and filed as exhibits to the filings set forth below:
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
Exhibit Number
|
|
Description
|
|
DTE
Energy
|
|
DTE
Electric
|
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
10(a)
|
|
|
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)
|
|
|
X
|
|
X
|
|
|
|
|
|
|
|
|
10(d)
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
10(e)
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
10(f)
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
10(g)
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
10(h)
|
|
|
X
|
|
X
|
|
|
|
|
|
|
|
|
10(i)
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
10(j)
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
10(k)
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
10(l)
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
Exhibit Number
|
|
Description
|
|
DTE
Energy
|
|
DTE
Electric
|
|
|
|
|
|
|
|
10(m)
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
10(n)
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
10(o)
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
10(p)
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
10(q)
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
10(r)
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
10(s)
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
Exhibit Number
|
|
Description
|
|
DTE
Energy
|
|
DTE
Electric
|
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
10(t)
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
10(u)
|
|
|
X
|
|
X
|
|
|
|
|
|
|
|
|
|
|
|
X
|
|
X
|
|
|
|
|
|
|
|
|
10(v)
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
10(w)
|
|
|
X
|
|
|
|
|
|
|
|
|
|
|
10(x)
|
|
|
|
X
|
|
|
|
Year Ending December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
|
(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
|
|
|
$
|
41
|
|
|
$
|
49
|
|
Additions:
|
|
|
|
|
|
||||||
Charged to costs and expenses
|
140
|
|
|
80
|
|
|
78
|
|
|||
Charged to other accounts
(a)
|
55
|
|
|
26
|
|
|
18
|
|
|||
Deductions
(b)
|
(153
|
)
|
|
(98
|
)
|
|
(104
|
)
|
|||
Balance at End of Period
|
$
|
91
|
|
|
$
|
49
|
|
|
$
|
41
|
|
(a)
|
Collection of accounts previously written off.
|
(b)
|
Uncollectible accounts written off.
|
|
Year Ending December 31,
|
||||||||||
|
2018
|
|
2017
|
|
2016
|
||||||
|
(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
|
$
|
31
|
|
|
$
|
25
|
|
|
$
|
28
|
|
Additions:
|
|
|
|
|
|
|
|
|
|||
Charged to costs and expenses
|
85
|
|
|
55
|
|
|
49
|
|
|||
Charged to other accounts
(a)
|
36
|
|
|
14
|
|
|
8
|
|
|||
Deductions
(b)
|
(99
|
)
|
|
(63
|
)
|
|
(60
|
)
|
|||
Balance at End of Period
|
$
|
53
|
|
|
$
|
31
|
|
|
$
|
25
|
|
(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/ JEFFREY A. JEWELL
|
|
By:
|
/S/ RUTH G. SHAW
|
|
Jeffrey A. Jewell
Vice President, Controller, and Chief Accounting Officer (Principal Accounting Officer) |
|
|
Ruth G. Shaw, Director
|
|
|
|
|
|
By:
|
/S/ DAVID A. BRANDON
|
|
By:
|
/S/ ROBERT C. SKAGGS, JR.
|
|
David A. Brandon, Director
|
|
|
Robert C. Skaggs, Jr., Director
|
|
|
|
|
|
By:
|
/S/ W. FRANK FOUNTAIN, JR.
|
|
By:
|
/S/ DAVID A. THOMAS
|
|
W. Frank Fountain, Jr., Director
|
|
|
David A. Thomas, Director
|
|
|
|
|
|
By:
|
/S/ CHARLES G. MCCLURE JR.
|
|
By:
|
/S/ JAMES H. VANDENBERGHE
|
|
Charles G. McClure Jr., Director
|
|
|
James H. Vandenberghe, Director
|
|
|
|
|
|
By:
|
/S/ GAIL J. MCGOVERN
|
|
By:
|
/S/ VALERIE M. WILLIAMS
|
|
Gail J. McGovern, Director
|
|
|
Valerie M. Williams, Director
|
|
|
|
|
|
By:
|
/S/ MARK A. MURRAY
|
|
|
|
|
Mark A. Murray, Director
|
|
|
|
|
|
|
|
|
By:
|
/S/ JAMES B. NICHOLSON
|
|
|
|
|
James B. Nicholson, 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
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By:
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/S/ PETER B. OLEKSIAK
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Gerard M. Anderson
Chairman of the Board, Chief Executive Officer, and Director (Principal Executive Officer) |
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Peter B. Oleksiak
Senior Vice President, Chief Financial Officer, and Director (Principal Financial Officer) |
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By:
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/S/ JEFFREY A. JEWELL
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By:
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/S/ BRUCE D. PETERSON
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Jeffrey A. Jewell
Vice President, Controller, and Chief Accounting Officer
(Principal Accounting Officer)
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Bruce D. Peterson, Director
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By:
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/S/ LISA A. MUSCHONG
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Lisa A. Muschong, Director
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Subsidiary
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State of Incorporation
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1.
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DTE Electric Company
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Michigan
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2.
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DTE Enterprises, Inc.
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Michigan
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3.
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DTE Pipeline Company
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Michigan
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4.
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DTE Gas Enterprises, LLC
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Michigan
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5.
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DTE Gas Company
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Michigan
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6.
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DTE Energy Resources, LLC
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Delaware
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7.
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DTE Gas Holdings, Inc.
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Michigan
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8.
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DTE Energy Services, Inc.
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Michigan
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1.
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I have reviewed this Annual Report on Form 10-K of DTE Energy Company;
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2.
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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;
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3.
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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;
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4.
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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:
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a.
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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;
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b.
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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;
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c.
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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
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d.
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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
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5.
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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/ GERARD M. ANDERSON
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Date:
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February 7, 2019
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Gerard M. Anderson
Chairman of the Board and
Chief Executive Officer of DTE Energy Company
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1.
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I have reviewed this Annual Report on Form 10-K of DTE Energy Company;
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2.
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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;
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3.
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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;
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4.
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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:
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a.
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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;
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b.
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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;
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c.
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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
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d.
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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
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5.
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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 7, 2019
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Peter B. Oleksiak
Senior Vice President and
Chief Financial Officer of DTE Energy Company
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1.
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I have reviewed this Annual Report on Form 10-K of DTE Electric Company;
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2.
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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;
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3.
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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;
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4.
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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:
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a.
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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;
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b.
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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;
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c.
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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
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d.
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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
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5.
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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/ GERARD M. ANDERSON
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Date:
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February 7, 2019
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Gerard M. Anderson
Chairman of the Board and
Chief Executive Officer of DTE Electric Company
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1.
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I have reviewed this Annual Report on Form 10-K of DTE Electric Company;
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2.
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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;
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3.
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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;
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4.
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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:
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a.
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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;
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b.
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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;
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c.
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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
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d.
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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
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5.
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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.
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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 7, 2019
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Peter B. Oleksiak
Senior Vice President and
Chief Financial Officer of DTE Electric Company
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(1)
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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)
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the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of DTE Energy Company.
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Date:
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February 7, 2019
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/S/ GERARD M. ANDERSON
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Gerard M. Anderson
Chairman of the Board and
Chief Executive Officer of DTE Energy Company
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(1)
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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)
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the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of DTE Energy Company.
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Date:
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February 7, 2019
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/S/ PETER B. OLEKSIAK
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Peter B. Oleksiak
Senior Vice President and
Chief Financial Officer of DTE Energy Company
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(1)
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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)
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the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of DTE Electric Company.
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Date:
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February 7, 2019
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/S/ GERARD M. ANDERSON
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Gerard M. Anderson
Chairman of the Board and
Chief Executive Officer of DTE Electric Company
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(1)
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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)
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the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of DTE Electric Company.
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Date:
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February 7, 2019
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/S/ PETER B. OLEKSIAK
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Peter B. Oleksiak
Senior Vice President and
Chief Financial Officer of DTE Electric Company
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