XML 52 R32.htm IDEA: XBRL DOCUMENT
v3.22.4

Short-Term Credit Arrangements and Borrowings | 12 Months Ended
--- | ---
Dec. 31, 2022
Short-Term Debt [Abstract] |
Short-Term Credit Arrangements and Borrowings | SHORT-TERM CREDIT ARRANGEMENTS AND BORROWINGS DTE Energy, DTE Electric, and DTE Gas have unsecured revolving credit agreements that can be used for general corporate borrowings, but are intended to provide liquidity support for each of the companies’ commercial paper programs. Borrowings under the revolvers are available at prevailing short-term interest rates. DTE Energy also has other facilities to support letter of credit issuance. In June 2022, DTE Energy increased its $70 million letter of credit facility to $375 million and amended the maturity date from July 2023 to June 2023. The facility will support general corporate purposes and has terms consistent with the unsecured revolving credit agreements. The unsecured revolving credit agreements, as amended in October 2022, require a total funded debt to capitalization ratio of no more than 0.70 to 1 for DTE Energy and 0.65 to 1 for DTE Electric and DTE Gas. In the agreements, "total funded debt" means all indebtedness of each respective company and their consolidated subsidiaries, including finance lease obligations, hedge agreements, and guarantees of third parties’ debt, but excluding contingent obligations, nonrecourse and junior subordinated debt, and certain equity-linked securities and, except for calculations at the end of the second quarter, certain DTE Gas short-term debt. "Capitalization" means the sum of (a) total funded debt plus (b) "consolidated net worth," which is equal to consolidated total equity of each respective company and their consolidated subsidiaries (excluding pension effects under certain FASB statements), as determined in accordance with accounting principles generally accepted in the United States of America. At December 31, 2022, the total funded debt to total capitalization ratios for DTE Energy, DTE Electric, and DTE Gas were 0.63 to 1, 0.51 to 1, and 0.49 to 1, respectively, and were in compliance with this financial covenant. The availability under the facilities in place at December 31, 2022 is shown in the following table:
| DTE Energy |  | DTE Electric |  | DTE Gas |  | Total
| (In millions)
Unsecured revolving credit facility, expiring October 2027 | $ | 1,500 |  |  | $ | 800 |  |  | $ | 300 |  |  | $ | 2,600 |
Unsecured Canadian revolving credit facility, expiring May 2023 | 81 |  |  | — |  |  | — |  |  | 81 |
Unsecured letter of credit facility, expiring February 2025 | 150 |  |  | — |  |  | — |  |  | 150 |
Unsecured letter of credit facility, expiring June 2023 | 375 |  |  | — |  |  | — |  |  | 375 |
Unsecured letter of credit facility(a) | 50 |  |  | — |  |  | — |  |  | 50 |
| 2,156 |  |  | 800 |  |  | 300 |  |  | 3,256 |
Amounts outstanding at December 31, 2022 |  |  |  |  |  |  |
Revolver borrowings | 81 |  |  | — |  |  | — |  |  | 81 |
Commercial paper issuances | 271 |  |  | 568 |  |  | 242 |  |  | 1,081 |
Letters of credit | 340 |  |  | — |  |  | — |  |  | 340 |
| 692 |  |  | 568 |  |  | 242 |  |  | 1,502 |
Net availability at December 31, 2022 | $ | 1,464 |  |  | $ | 232 |  |  | $ | 58 |  |  | $ | 1,754 |
_______________________________________ (a)Uncommitted letter of credit facility with automatic renewal provision for each July and therefore no expiration. For DTE Energy, the weighted average interest rate for short-term borrowings was 4.6% and 0.3% at December 31, 2022 and 2021, respectively. For DTE Electric, the weighted average interest rate for short-term borrowings was 4.6% and 0.2% at December 31, 2022 and 2021, respectively. For information related to affiliate short-term borrowings, refer to Note 23 of the Consolidated Financial Statements, "Related Party Transactions." In conjunction with maintaining certain exchange-traded risk management positions, DTE Energy may be required to post collateral with a clearing agent. DTE Energy has a demand financing agreement with its clearing agent which allows the right of setoff with posted collateral. At December 31, 2022, the capacity under the facility was $200 million. The amounts outstanding under demand financing agreements were $166 million and $103 million at December 31, 2022 and 2021, respectively, and were fully offset by posted collateral. Dividend Restrictions Certain of DTE Energy’s credit facilities contain a provision requiring DTE Energy to maintain a total funded debt to capitalization ratio, as defined in the agreements, of no more than 0.70 to 1, which has the effect of limiting the amount of dividends DTE Energy can pay in order to maintain compliance with this provision. At December 31, 2022, the effect of this provision was a restriction on dividend payments to no more than $2.8 billion of DTE Energy's Retained earnings of $3.8 billion. There are no other effective limitations with respect to DTE Energy’s ability to pay dividends.

X
- References No definition available. + Details
Name: | us-gaap_ShortTermBorrowingsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for short-term debt. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI https://asc.fasb.org/topic&trid=2208564 + Details
Name: | us-gaap_ShortTermDebtTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration