Registrant; State of | IRS Employer Identification No. | |||||||||
1-9513 | CMS ENERGY CORPORATION | |||||||||
38-0442310 |
Securities registered pursuant to Section 12(b) of the Act: | ||||||||||||||
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
CMS Energy Corporation Common Stock, $0.01 par value | CMS | New York Stock Exchange | ||||||||||||
CMS Energy Corporation 5.625% Junior Subordinated Notes due 2078 | CMSA | New York Stock Exchange | ||||||||||||
CMS Energy Corporation 5.875% Junior Subordinated Notes due 2078 | CMSC | New York Stock Exchange | ||||||||||||
CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079 | CMSD | New York Stock Exchange | ||||||||||||
Consumers Energy Company Cumulative Preferred Stock, $100 par value: $4.50 Series | CMS-PB | New York Stock Exchange |
Securities registered pursuant to Section 12(g) of the Act: | None |
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. | |||||||||||||||||||||||||||||||||||
CMS Energy Corporation: | Yes | ☒ | No | ☐ | Consumers Energy Company: | Yes | ☒ | No | ☐ |
Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. | |||||||||||||||||||||||||||||||||||
CMS Energy Corporation: | Yes | ☐ | No | ☒ | Consumers Energy Company: | Yes | ☐ | No | ☒ |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. | |||||||||||||||||||||||||||||||||||
CMS Energy Corporation: | Yes | ☒ | No | ☐ | Consumers Energy Company: | Yes | ☒ | No | ☐ |
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S‑T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). | |||||||||||||||||||||||||||||||||||
CMS Energy Corporation: | Yes | ☒ | No | ☐ | Consumers Energy Company: | Yes | ☒ | No | ☐ |
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non‑accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b‑2 of the Exchange Act. | |||||||||||||||||||||||||||||||||||
CMS Energy Corporation: | Consumers Energy Company: | ||||||||||||||||||||||||||||||||||
Large accelerated filer | ☒ | Large accelerated filer | ☐ | ||||||||||||||||||||||||||||||||
Non‑accelerated filer | ☐ | Non‑accelerated filer | ☒ | ||||||||||||||||||||||||||||||||
Accelerated filer | ☐ | Accelerated filer | ☐ | ||||||||||||||||||||||||||||||||
Smaller reporting company | ☐ | Smaller reporting company | ☐ | ||||||||||||||||||||||||||||||||
Emerging growth company | ☐ | Emerging growth company | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. | |||||||||||||||||||||||||||||||||||
CMS Energy Corporation: | ☐ | Consumers Energy Company: | ☐ |
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. | |||||||||||||||||||||||||||||||||||
CMS Energy Corporation: | ☒ | Consumers Energy Company: | ☒ |
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b‑2 of the Exchange Act). | |||||||||||||||||||||||||||||||||||
CMS Energy Corporation: | Yes | ☐ | No | ☒ | Consumers Energy Company: | Yes | ☐ | No | ☒ |
Electric Service Territory | |||||||||||
Gas Service Territory | |||||||||||
Combination Electric and Gas Service Territory | |||||||||||
• | Electric Generation Facilities | ||||||||||
Name and Location (Michigan) | Number of Units and Year Entered Service | 2020 Generation Capacity (MW) | 1 | 2020 Electric Supply (GWh) | |||||||||||||
Coal steam generation | |||||||||||||||||
J.H. Campbell 1 & 2 – West Olive | 2 Units, 1962-1967 | 540 | 1,538 | ||||||||||||||
J.H. Campbell 3 – West Olive2 | 1 Unit, 1980 | 785 | 4,804 | ||||||||||||||
D.E. Karn 1 & 2 – Essexville3 | 2 Units, 1959-1961 | 460 | 1,618 | ||||||||||||||
1,785 | 7,960 | ||||||||||||||||
Oil/Gas steam generation | |||||||||||||||||
D.E. Karn 3 & 4 – Essexville | 2 Units, 1975-1977 | 1,058 | 37 | ||||||||||||||
Hydroelectric | |||||||||||||||||
Ludington – Ludington | 6 Units, 1973 | 975 | 4 | (371) | 5 | ||||||||||||
Conventional hydro generation – various locations | 35 Units, 1906-1949 | 76 | 482 | ||||||||||||||
1,051 | 111 | ||||||||||||||||
Gas combined cycle | |||||||||||||||||
Jackson – Jackson | 1 Unit, 2002 | 547 | 1,786 | ||||||||||||||
Zeeland – Zeeland | 3 Units, 2002 | 534 | 3,465 | ||||||||||||||
1,081 | 5,251 | ||||||||||||||||
Gas combustion turbines | |||||||||||||||||
Zeeland (simple cycle) – Zeeland | 2 Units, 2001 | 318 | 601 | ||||||||||||||
Wind generation | |||||||||||||||||
Cross Winds® Energy Park – Tuscola County | 114 Turbines, 2014, 2018, and 2019 | 39 | 722 | ||||||||||||||
Lake Winds® Energy Park – Mason County | 56 Turbines, 2012 | 16 | 273 | ||||||||||||||
Gratiot Farms Wind Project – Gratiot County | 60 Turbines, 2020 | — | 22 | ||||||||||||||
55 | 1,017 | ||||||||||||||||
Solar generation | |||||||||||||||||
Solar Gardens – Allendale and Kalamazoo | 15,100 Panels, 2016 | 2 | 6 | ||||||||||||||
Total owned generation | 5,350 | 14,983 | |||||||||||||||
Purchased power6 | |||||||||||||||||
Coal generation – T.E.S. Filer City | 60 | 513 | |||||||||||||||
Gas generation – MCV Facility7 | 1,240 | 6,110 | |||||||||||||||
Other gas generation – various locations | 152 | 1,236 | |||||||||||||||
Nuclear generation – Palisades7 | 813 | 6,898 | |||||||||||||||
Wind generation – various locations | 64 | 1,160 | |||||||||||||||
Solar generation – various locations | 4 | 8 | |||||||||||||||
Other renewable generation – various locations | 244 | 1,057 | |||||||||||||||
2,577 | 16,982 | ||||||||||||||||
Net interchange power8 | — | 2,655 | |||||||||||||||
Total purchased and interchange power | 2,577 | 19,637 | |||||||||||||||
Total supply | 7,927 | 34,620 | |||||||||||||||
Less distribution and transmission loss | 2,810 | ||||||||||||||||
Total net bundled sales | 31,810 |
Number of Units and Year Entered Service | 2019 Generation Capacity | 1 | 2019 Electric Supply | ||||
Name and Location (Michigan) | (MW) | (GWh) | |||||
Coal steam generation | |||||||
J.H. Campbell 1 & 2 – West Olive | 2 Units, 1962-1967 | 609 | 3,124 | ||||
J.H. Campbell 3 – West Olive2 | 1 Unit, 1980 | 782 | 4,890 | ||||
D.E. Karn 1 & 2 – Essexville3 | 2 Units, 1959-1961 | 503 | 1,762 | ||||
1,894 | 9,776 | ||||||
Oil/Gas steam generation | |||||||
D.E. Karn 3 & 4 – Essexville | 2 Units, 1975-1977 | 1,135 | 42 | ||||
Hydroelectric | |||||||
Ludington – Ludington | 6 Units, 1973 | 1,097 | 4 | (308 | ) | 5 | |
Conventional hydro generation – various locations | 35 Units, 1906-1949 | 75 | 512 | ||||
1,172 | 204 | ||||||
Gas combined cycle | |||||||
Jackson – Jackson | 1 Unit, 2002 | 547 | 2,177 | ||||
Zeeland – Zeeland | 3 Units, 2002 | 533 | 3,740 | ||||
1,080 | 5,917 | ||||||
Gas combustion turbines | |||||||
Zeeland (simple cycle) – Zeeland | 2 Units, 2001 | 317 | 335 | ||||
Wind generation | |||||||
Cross Winds® Energy Park – Tuscola County | 114 Turbines, 2014, 2018, and 2019 | 29 | 473 | ||||
Lake Winds® Energy Park – Mason County | 56 Turbines, 2012 | 18 | 268 | ||||
47 | 741 | ||||||
Solar generation | |||||||
Solar Gardens – Allendale and Kalamazoo | 15,100 Panels, 2016 | 3 | 5 | ||||
Total owned generation | 5,648 | 17,020 | |||||
Purchased power6 | |||||||
Coal generation – primarily T.E.S. Filer City | 60 | 462 | |||||
Gas generation – MCV Facility7 | 1,240 | 5,677 | |||||
Other gas generation – various locations | 172 | 1,135 | |||||
Nuclear generation – Palisades7 | 813 | 6,946 | |||||
Wind generation – various locations | 61 | 1,156 | |||||
Solar generation – various locations | 3 | 7 | |||||
Other renewable generation – various locations | 244 | 1,224 | |||||
2,593 | 16,607 | ||||||
Net interchange power8 | — | 2,059 | |||||
Total purchased and interchange power | 2,593 | 18,666 | |||||
Total supply | 8,241 | 35,686 | |||||
Less distribution and transmission loss | 2,636 | ||||||
Total net bundled sales | 33,050 |
2Represents Consumers’ share of the capacity of the J.H. Campbell 3 unit, net of the 6.69-percent ownership interest of the Michigan Public Power Agency and Wolverine Power Supply Cooperative, Inc. 3Consumers plans to retire these coal-fueled generating units in 2023. 4Represents Consumers’ 51-percent share of the capacity of Ludington. DTE Electric holds the remaining 49-percent ownership interest. 5Represents Consumers’ share of net pumped-storage generation. The pumped-storage facility consumes electricity to pump water during off-peak hours for storage in order to generate electricity later during peak‑demand hours. 6Represents purchases under long-term PPAs. 7For information about Consumers’ long-term PPAs related to the MCV Facility and Palisades, see Item 8. Financial Statements and Supplementary Data—Notes to the Consolidated Financial Statements—Note 4, Contingencies and Commitments—Contractual Commitments. 8Represents purchases from the MISO energy market. |
GWh | |||||||||||
Years Ended December 31 | 2020 | 2019 | 2018 | ||||||||
Owned generation | |||||||||||
Coal | 7,960 | 9,776 | 9,804 | ||||||||
Gas | 5,883 | 6,289 | 5,272 | ||||||||
Renewable energy | 1,505 | 1,258 | 1,187 | ||||||||
Oil | 6 | 5 | 5 | ||||||||
Net pumped storage1 | (371) | (308) | (325) | ||||||||
Total owned generation | 14,983 | 17,020 | 15,943 | ||||||||
Purchased power2 | |||||||||||
Gas generation | 7,346 | 6,812 | 6,712 | ||||||||
Nuclear generation | 6,898 | 6,946 | 6,749 | ||||||||
Renewable energy generation | 2,225 | 2,387 | 2,379 | ||||||||
Coal generation | 513 | 462 | 511 | ||||||||
Net interchange power3 | 2,655 | 2,059 | 4,953 | ||||||||
Total purchased and interchange power | 19,637 | 18,666 | 21,304 | ||||||||
Total supply | 34,620 | 35,686 | 37,247 |
GWh | ||||||
Years Ended December 31 | 2019 | 2018 | 2017 | |||
Owned generation | ||||||
Coal | 9,776 | 9,804 | 10,098 | |||
Gas | 6,289 | 5,272 | 5,190 | |||
Renewable energy | 1,258 | 1,187 | 1,078 | |||
Oil | 5 | 5 | 12 | |||
Net pumped storage1 | (308 | ) | (325 | ) | (290 | ) |
Total owned generation | 17,020 | 15,943 | 16,088 | |||
Purchased power2 | ||||||
Gas generation | 6,812 | 6,712 | 5,521 | |||
Nuclear generation | 6,946 | 6,749 | 6,780 | |||
Renewable energy generation | 2,387 | 2,379 | 2,288 | |||
Coal generation | 462 | 511 | 491 | |||
Net interchange power3 | 2,059 | 4,953 | 4,384 | |||
Total purchased and interchange power | 18,666 | 21,304 | 19,464 | |||
Total supply | 35,686 | 37,247 | 35,552 |
2Represents purchases under long-term PPAs. 3Represents purchases from the MISO energy market. |
Location | Ownership Interest (%) | Primary Fuel Type | Gross Capacity (MW) | 1 | 2020 Net Generation (GWh) | ||||||||||||
Dearborn, Michigan | 100 | Natural gas | 770 | 5,029 | |||||||||||||
Gaylord, Michigan | 100 | Natural gas | 134 | 4 | |||||||||||||
Paulding County, Ohio | 100 | Wind | 105 | 286 | |||||||||||||
Comstock, Michigan | 100 | Natural gas | 76 | 78 | |||||||||||||
Delta Township, Michigan | 100 | Solar | 24 | 42 | |||||||||||||
Phillips, Wisconsin | 100 | Solar | 3 | 5 | |||||||||||||
Coke County, Texas2 | 51 | Wind | 525 | 537 | |||||||||||||
Filer City, Michigan | 50 | Coal | 73 | 510 | |||||||||||||
New Bern, North Carolina | 50 | Wood waste | 50 | 229 | |||||||||||||
Flint, Michigan | 50 | Wood waste | 40 | 91 | |||||||||||||
Grayling, Michigan | 50 | Wood waste | 38 | 66 | |||||||||||||
Total | 1,838 | 6,877 |
Ownership Interest | Gross Capacity¹ | 2019 Net Generation | ||||
Location | (%) | Primary Fuel Type | (MW) | (GWh) | ||
Dearborn, Michigan | 100 | Natural gas | 770 | 5,363 | ||
Gaylord, Michigan | 100 | Natural gas | 156 | 13 | ||
Paulding County, Ohio | 100 | Wind | 105 | 314 | ||
Comstock, Michigan | 100 | Natural gas | 76 | 61 | ||
Delta Township, Michigan | 100 | Solar | 24 | 37 | ||
Phillips, Wisconsin | 100 | Solar | 3 | 4 | ||
Filer City, Michigan | 50 | Coal | 73 | 452 | ||
New Bern, North Carolina | 50 | Wood waste | 50 | 327 | ||
Flint, Michigan | 50 | Wood waste | 40 | 88 | ||
Grayling, Michigan | 50 | Wood waste | 38 | 171 | ||
Total | 1,335 | 6,830 |
2Began operation in September 2020. |
December 31 | 2020 | 2019 | 2018 | ||||||||
CMS Energy, including Consumers | |||||||||||
Full-time employees | 8,148 | 8,128 | 7,957 | ||||||||
Seasonal employees1 | 603 | 594 | 603 | ||||||||
Part-time employees | 86 | 67 | 65 | ||||||||
Contractors | 508 | 509 | 656 | ||||||||
Total workforce | 9,345 | 9,298 | 9,281 | ||||||||
Consumers | |||||||||||
Full-time employees | 7,617 | 7,642 | 7,504 | ||||||||
Seasonal employees1 | 603 | 594 | 603 | ||||||||
Part-time employees | 10 | 17 | 14 | ||||||||
Contractors | 508 | 509 | 656 | ||||||||
Total workforce | 8,738 | 8,762 | 8,777 |
December 31 | 2019 | 2018 | 2017 | |||
CMS Energy, including Consumers1 | ||||||
Full-time employees | 8,128 | 7,957 | 7,822 | |||
Seasonal employees2 | 594 | 603 | 74 | |||
Part-time employees | 67 | 65 | 56 | |||
Total employees | 8,789 | 8,625 | 7,952 | |||
Consumers1 | ||||||
Full-time employees | 7,642 | 7,504 | 7,408 | |||
Seasonal employees2 | 594 | 603 | 74 | |||
Part-time employees | 17 | 14 | 14 | |||
Total employees | 8,253 | 8,121 | 7,496 |
Name, Age, Position(s) | Period | ||||
CMS Energy | |||||
President, CEO, and | 12/2020 – Present | ||||
Executive Vice President | 1/2020 – 12/2020 | ||||
Senior Vice President | 7/2016 – | ||||
3/2015 – 7/2016 | |||||
Consumers | |||||
President, CEO, and | 12/2020 – Present | ||||
Executive Vice President | 1/2020 – 12/2020 | ||||
Senior Vice President | 7/2016 – | ||||
Chairman of the Board, CEO, and Director | |||||
Rejji P. Hayes (age | |||||
CMS Energy | |||||
Executive Vice President and CFO | 5/2017 – Present | ||||
Consumers | |||||
Executive Vice President and CFO | 5/2017 – Present | ||||
CMS Enterprises | |||||
Executive Vice President, CFO, and Director | 5/2017 – Present | ||||
EnerBank | |||||
Chairman of the Board and Director | 10/2018 – Present | ||||
Jean-Francois Brossoit (age | |||||
CMS Energy | |||||
Senior Vice President | 4/2017 – Present | ||||
Vice President | 11/2016 – 4/2017 | ||||
Consumers | |||||
Senior Vice President | 4/2017 – Present | ||||
Vice President | 11/2016 – 4/2017 |
Name, Age, Position(s) | Period | ||||
Catherine A. Hendrian (age | |||||
CMS Energy | |||||
Senior Vice President | 4/2017 – Present | ||||
Vice President | 3/2015 – 4/2017 | ||||
Director of Human Resources | 10/2012 – 3/2015 | ||||
Consumers | |||||
Senior Vice President | 4/2017 – Present | ||||
Vice President | 3/2015 – 4/2017 | ||||
Director of Human Resources | 10/2012 – 3/2015 | ||||
Brandon J. Hofmeister (age | |||||
CMS Energy | |||||
Senior Vice President | 7/2017 – Present | ||||
Consumers | |||||
Senior Vice President | 7/2017 – Present | ||||
Vice President | 7/2016 – 7/2017 | ||||
Executive Director, Policy Research, Analysis, and Public Affairs | 6/2015 – 7/2016 | ||||
Executive Director, Policy Research and Analysis | 9/2013 – 6/2015 | ||||
CMS Enterprises | |||||
Senior Vice President | 9/2017 – Present | ||||
Shaun M. Johnson (age | |||||
CMS Energy | |||||
Senior Vice President and General Counsel | 5/2019 – Present | ||||
Vice President and Deputy General Counsel | 4/2016 – 5/2019 | ||||
Consumers | |||||
Senior Vice President and General Counsel | 5/2019 – Present | ||||
Vice President and Deputy General Counsel | 4/2016 – 5/2019 | ||||
CMS Enterprises | |||||
Senior Vice President, General Counsel, and Director | 4/2019 – Present | ||||
Vice President and General Counsel | 10/2018 – 4/2019 | ||||
EnerBank | |||||
Senior Vice President and General Counsel | 8/2018 – | ||||
Venkat Dhenuvakonda Rao (age | |||||
CMS Energy | |||||
Senior Vice President | 9/2016 – Present | ||||
Vice President and Treasurer | 7/2012 – 9/2016 | ||||
Consumers | |||||
Senior Vice President | 9/2016 – Present | ||||
Vice President and Treasurer | 7/2012 – 9/2016 | ||||
CMS Enterprises | |||||
Director | 11/2017 – Present | ||||
Senior Vice President | 9/2016 – Present | ||||
Vice President and Treasurer | 7/2012 – 9/2016 | ||||
EnerBank | |||||
Chairman of the Board | 9/2016 – 5/2017 |
Name, Age, Position(s) | Period | ||||
Brian F. Rich (age | |||||
CMS Energy | |||||
Senior Vice President and Chief Customer Officer | 8/2019 – Present | ||||
Senior Vice President and Chief Information Officer | 7/2016 – 8/2019 | ||||
Vice President and Chief Information Officer | 7/2014 – 7/2016 | ||||
Consumers | |||||
Senior Vice President and Chief Customer Officer | 8/2019 – Present | ||||
Senior Vice President and Chief Information Officer | 7/2016 – 8/2019 | ||||
Vice President and Chief Information Officer | 7/2014 – 7/2016 | ||||
LeeRoy Wells, Jr. (age 42) | |||||
CMS Energy | |||||
Senior Vice President | 12/2020 – Present | ||||
Consumers | |||||
Senior Vice President | 12/2020 – Present | ||||
Vice President | 8/2017 – 12/2020 | ||||
Executive Director, Electric Systems Operations and Maintenance | 12/2015 – 8/2017 | ||||
Glenn P. Barba (age | |||||
CMS Energy | |||||
Vice President, Controller, and CAO | 2/2003 – Present | ||||
Consumers | |||||
Vice President, Controller, and CAO | 1/2003 – Present | ||||
CMS Enterprises | |||||
Vice President, Controller, and CAO | 11/2007 – Present |
1Prior to joining CMS Energy and Consumers, Mr. Hayes was executive vice president and CFO for ITC Holdings Corp., a non‑affiliated company, from May 2014 through November 2016. Mr. Hayes started with ITC Holdings Corp. in 2012 as vice president of finance and treasurer. 2Prior to joining CMS Energy and Consumers, Mr. Brossoit was vice president of manufacturing operations for United Technologies Corp., a non‑affiliated company. Mr. Brossoit started with United Technologies Corp. in 2006. 3 |
Prior to joining CMS Energy and Consumers, Mr. Johnson was a partner with Dykema Gossett PLLC, a non‑affiliated company, from 2012 to 2016. Mr. Johnson started with Dykema Gossett PLLC in 2005. |
Five-Year Cumulative Total Return | Five-Year Cumulative Total Return | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Company/Index | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | Company/Index | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||
CMS Energy | $ | 100 | $ | 107 | $ | 128 | $ | 149 | $ | 162 | $ | 210 | CMS Energy | $ | 100 | $ | 119 | $ | 139 | $ | 151 | $ | 196 | $ | 195 | |||||||||||||||||||||||||||||||||||||
S&P 500 Index | 100 | 101 | 113 | 138 | 132 | 174 | S&P 500 Index | 100 | 112 | 136 | 130 | 171 | 203 | |||||||||||||||||||||||||||||||||||||||||||||||||
Dow Jones Utility Index | 100 | 97 | 115 | 130 | 132 | 169 | Dow Jones Utility Index | 100 | 118 | 134 | 137 | 174 | 177 | |||||||||||||||||||||||||||||||||||||||||||||||||
S&P 400 Utilities Index | 100 | 94 | 120 | 133 | 142 | 163 | S&P 400 Utilities Index | 100 | 127 | 141 | 151 | 173 | 149 |
Period | Total Number of Shares Purchased1 | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares That May Yet Be Purchased Under Publicly Announced Plans or Programs | ||||||||||||||||||||||
October 1, 2020 to October 31, 2020 | 406 | $ | 63.78 | — | — | |||||||||||||||||||||
November 1, 2020 to November 30, 2020 | 235 | 63.92 | — | — | ||||||||||||||||||||||
December 1, 2020 to December 31, 2020 | 623 | 59.48 | — | — | ||||||||||||||||||||||
Total | 1,264 | $ | 61.69 | — | — |
Period | Total Number of Shares Purchased1 | Average Price Paid per Share | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs | Maximum Number of Shares That May Yet Be Purchased Under Publicly Announced Plans or Programs | ||||||||||
October 1, 2019 to October 31, 2019 | — | $ | — | — | — | |||||||||
November 1, 2019 to November 30, 2019 | 8,853 | 60.49 | — | — | ||||||||||
December 1, 2019 to December 31, 2019 | 9,734 | 61.53 | — | — | ||||||||||
Total | 18,587 | $ | 61.03 | — | — |
2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||
Operating revenue (in millions) | ($) | 6,680 | 6,845 | 6,873 | 6,583 | 6,399 | ||||||||||||||
Income from equity method investees (in millions) | ($) | 5 | 10 | 9 | 15 | 13 | ||||||||||||||
Net income (in millions) | ($) | 752 | 682 | 659 | 462 | 553 | ||||||||||||||
Income (loss) attributable to noncontrolling interests (in millions) | ($) | (3) | 2 | 2 | 2 | 2 | ||||||||||||||
Net income available to common stockholders (in millions) | ($) | 755 | 680 | 657 | 460 | 551 | ||||||||||||||
Average common shares outstanding (in millions) | 285.0 | 283.0 | 282.2 | 280.0 | 277.9 | |||||||||||||||
Earnings per average common share | ||||||||||||||||||||
– Basic | ($) | 2.65 | 2.40 | 2.33 | 1.64 | 1.99 | ||||||||||||||
– Diluted | ($) | 2.64 | 2.39 | 2.32 | 1.64 | 1.98 | ||||||||||||||
Cash provided by operations (in millions) | ($) | 1,276 | 1,790 | 1,703 | 1,705 | 1,629 | ||||||||||||||
Capital expenditures, excluding assets placed under finance lease (in millions) | ($) | 2,317 | 2,104 | 2,074 | 1,665 | 1,672 | ||||||||||||||
Total assets (in millions) | ($) | 29,666 | 26,837 | 24,529 | 23,050 | 21,622 | ||||||||||||||
Long-term debt, excluding current portion (in millions) | ($) | 13,634 | 11,951 | 10,615 | 9,123 | 8,640 | ||||||||||||||
Non‑current portion of finance leases and other financing (in millions) | ($) | 56 | 76 | 69 | 91 | 110 | ||||||||||||||
Cash dividends declared per common share | ($) | 1.63 | 1.53 | 1.43 | 1.33 | 1.24 | ||||||||||||||
Market price of common stock at year-end | ($) | 61.01 | 62.84 | 49.65 | 47.30 | 41.62 | ||||||||||||||
Book value per common share at year-end | ($) | 19.02 | 17.67 | 16.78 | 15.77 | 15.23 | ||||||||||||||
Total employees at year-end | 8,837 | 8,789 | 8,625 | 7,952 | 7,800 | |||||||||||||||
Electric Utility Statistics | ||||||||||||||||||||
Sales (billions of kWh) | 35 | 37 | 38 | 37 | 38 | |||||||||||||||
Customers (in thousands) | 1,866 | 1,848 | 1,831 | 1,826 | 1,805 | |||||||||||||||
Average sales rate per kWh | (¢) | 11.74 | 11.64 | 11.78 | 11.98 | 11.63 | ||||||||||||||
Gas Utility Statistics | ||||||||||||||||||||
Sales and transportation deliveries (bcf) | 360 | 391 | 386 | 352 | 358 | |||||||||||||||
Customers (in thousands)1 | 1,804 | 1,793 | 1,784 | 1,776 | 1,772 | |||||||||||||||
Average sales rate per mcf | ($) | 7.60 | 7.44 | 7.44 | 7.51 | 7.31 |
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||||
Operating revenue (in millions) | ($) | 6,845 | 6,873 | 6,583 | 6,399 | 6,456 | ||||||||
Income from equity method investees (in millions) | ($) | 10 | 9 | 15 | 13 | 14 | ||||||||
Net income (in millions)¹ | ($) | 682 | 659 | 462 | 553 | 525 | ||||||||
Net income available to common stockholders (in millions) | ($) | 680 | 657 | 460 | 551 | 523 | ||||||||
Average common shares outstanding (in millions) | 283.0 | 282.2 | 280.0 | 277.9 | 275.6 | |||||||||
Earnings per average common share | ||||||||||||||
CMS Energy | — | Basic | ($) | 2.40 | 2.33 | 1.64 | 1.99 | 1.90 | ||||||
— | Diluted | ($) | 2.39 | 2.32 | 1.64 | 1.98 | 1.89 | |||||||
Cash provided by operations (in millions) | ($) | 1,790 | 1,703 | 1,705 | 1,629 | 1,640 | ||||||||
Capital expenditures, excluding assets placed under finance lease (in millions) | ($) | 2,104 | 2,074 | 1,665 | 1,672 | 1,564 | ||||||||
Total assets (in millions) | ($) | 26,837 | 24,529 | 23,050 | 21,622 | 20,299 | ||||||||
Long-term debt, excluding current portion (in millions) | ($) | 11,951 | 10,615 | 9,123 | 8,640 | 8,400 | ||||||||
Non‑current portion of finance leases and other financing (in millions) | ($) | 76 | 69 | 91 | 110 | 118 | ||||||||
Cash dividends declared per common share | ($) | 1.53 | 1.43 | 1.33 | 1.24 | 1.16 | ||||||||
Market price of common stock at year-end | ($) | 62.84 | 49.65 | 47.30 | 41.62 | 36.08 | ||||||||
Book value per common share at year-end | ($) | 17.67 | 16.78 | 15.77 | 15.23 | 14.21 | ||||||||
Total employees at year-end | 8,789 | 8,625 | 7,952 | 7,800 | 7,804 | |||||||||
Electric Utility Statistics | ||||||||||||||
Sales (billions of kWh) | 37 | 38 | 37 | 38 | 37 | |||||||||
Customers (in thousands) | 1,848 | 1,831 | 1,826 | 1,805 | 1,803 | |||||||||
Average sales rate per kWh | (¢) | 11.64 | 11.78 | 11.98 | 11.63 | 11.39 | ||||||||
Gas Utility Statistics | ||||||||||||||
Sales and transportation deliveries (bcf) | 391 | 386 | 352 | 358 | 356 | |||||||||
Customers (in thousands)2 | 1,793 | 1,784 | 1,776 | 1,772 | 1,741 | |||||||||
Average sales rate per mcf | ($) | 7.44 | 7.44 | 7.51 | 7.31 | 7.89 |
2020 | 2019 | 2018 | 2017 | 2016 | ||||||||||||||||
Operating revenue (in millions) | ($) | 6,189 | 6,376 | 6,464 | 6,222 | 6,064 | ||||||||||||||
Net income (in millions) | ($) | 816 | 743 | 705 | 632 | 616 | ||||||||||||||
Net income available to common stockholder (in millions) | ($) | 814 | 741 | 703 | 630 | 614 | ||||||||||||||
Cash provided by operations (in millions) | ($) | 1,218 | 1,601 | 1,449 | 1,715 | 1,681 | ||||||||||||||
Capital expenditures, excluding assets placed under finance lease (in millions) | ($) | 2,170 | 2,085 | 1,822 | 1,632 | 1,656 | ||||||||||||||
Total assets (in millions) | ($) | 25,399 | 23,699 | 22,025 | 21,099 | 19,946 | ||||||||||||||
Long-term debt, excluding current portion (in millions) | ($) | 7,742 | 7,048 | 6,779 | 5,561 | 5,253 | ||||||||||||||
Non‑current portion of finance leases and other financing (in millions) | ($) | 56 | 76 | 69 | 91 | 110 | ||||||||||||||
Total preferred stock (in millions) | ($) | 37 | 37 | 37 | 37 | 37 | ||||||||||||||
Number of preferred stockholders at year-end | 922 | 968 | 1,017 | 1,056 | 1,095 | |||||||||||||||
Total employees at year-end | 8,230 | 8,253 | 8,121 | 7,496 | 7,366 | |||||||||||||||
Electric Utility Statistics | ||||||||||||||||||||
Sales (billions of kWh) | 35 | 37 | 38 | 37 | 38 | |||||||||||||||
Customers (in thousands) | 1,866 | 1,848 | 1,831 | 1,826 | 1,805 | |||||||||||||||
Average sales rate per kWh | (¢) | 11.74 | 11.64 | 11.78 | 11.98 | 11.63 | ||||||||||||||
Gas Utility Statistics | ||||||||||||||||||||
Sales and transportation deliveries (bcf) | 360 | 391 | 386 | 352 | 358 | |||||||||||||||
Customers (in thousands)1 | 1,804 | 1,793 | 1,784 | 1,776 | 1,772 | |||||||||||||||
Average sales rate per mcf | ($) | 7.60 | 7.44 | 7.44 | 7.51 | 7.31 |
2019 | 2018 | 2017 | 2016 | 2015 | ||||||||
Operating revenue (in millions) | ($) | 6,376 | 6,464 | 6,222 | 6,064 | 6,165 | ||||||
Net income (in millions) | ($) | 743 | 705 | 632 | 616 | 594 | ||||||
Net income available to common stockholder (in millions) | ($) | 741 | 703 | 630 | 614 | 592 | ||||||
Cash provided by operations (in millions) | ($) | 1,601 | 1,449 | 1,715 | 1,681 | 1,794 | ||||||
Capital expenditures, excluding assets placed under finance lease (in millions) | ($) | 2,085 | 1,822 | 1,632 | 1,656 | 1,537 | ||||||
Total assets (in millions) | ($) | 23,699 | 22,025 | 21,099 | 19,946 | 18,635 | ||||||
Long-term debt, excluding current portion (in millions) | ($) | 7,048 | 6,779 | 5,561 | 5,253 | 5,183 | ||||||
Non‑current portion of finance leases and other financing (in millions) | ($) | 76 | 69 | 91 | 110 | 118 | ||||||
Total preferred stock (in millions) | ($) | 37 | 37 | 37 | 37 | 37 | ||||||
Number of preferred stockholders at year-end | 968 | 1,017 | 1,056 | 1,095 | 1,156 | |||||||
Total employees at year-end | 8,253 | 8,121 | 7,496 | 7,366 | 7,394 | |||||||
Electric Utility Statistics | ||||||||||||
Sales (billions of kWh) | 37 | 38 | 37 | 38 | 37 | |||||||
Customers (in thousands) | 1,848 | 1,831 | 1,826 | 1,805 | 1,803 | |||||||
Average sales rate per kWh | (¢) | 11.64 | 11.78 | 11.98 | 11.63 | 11.39 | ||||||
Gas Utility Statistics | ||||||||||||
Sales and transportation deliveries (bcf) | 391 | 386 | 352 | 358 | 356 | |||||||
Customers (in thousands)1 | 1,793 | 1,784 | 1,776 | 1,772 | 1,741 | |||||||
Average sales rate per mcf | ($) | 7.44 | 7.44 | 7.51 | 7.31 | 7.89 |
•2019 Gas Rate Case: In December 2019, Consumers filed an application with |
In Millions, Except Per Share Amounts | |||||||||||||||||||||||||||||||||||
Years Ended December 31 | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||
Net Income Available to Common Stockholders | $ | 755 | $ | 680 | $ | 657 | |||||||||||||||||||||||||||||
Basic Earnings Per Average Common Share | $ | 2.65 | $ | 2.40 | $ | 2.33 | |||||||||||||||||||||||||||||
Diluted Earnings Per Average Common Share | $ | 2.64 | $ | 2.39 | $ | 2.32 |
In Millions | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Years Ended December 31 | 2020 | 2019 | Change | 2019 | 2018 | Change | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Electric utility | $ | 554 | $ | 509 | $ | 45 | $ | 509 | $ | 535 | $ | (26) | |||||||||||||||||||||||||||||||||||||||||||||||
Gas utility | 261 | 233 | 28 | 233 | 169 | 64 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Enterprises | 36 | 33 | 3 | 33 | 34 | (1) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
EnerBank | 58 | 49 | 9 | 49 | 38 | 11 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate interest and other | (154) | (144) | (10) | (144) | (119) | (25) | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income Available to Common Stockholders | $ | 755 | $ | 680 | $ | 75 | $ | 680 | $ | 657 | $ | 23 |
In Millions, Except Per Share Amounts | ||||||||||||
Years Ended December 31 | 2019 | 2018 | 2017 | |||||||||
Net Income Available to Common Stockholders | $ | 680 | $ | 657 | $ | 460 | ||||||
Basic Earnings Per Average Common Share | $ | 2.40 | $ | 2.33 | $ | 1.64 | ||||||
Diluted Earnings Per Average Common Share | $ | 2.39 | $ | 2.32 | $ | 1.64 |
In Millions | ||||||||||||||||||||||||
Years Ended December 31 | 2019 | 2018 | Change | 2018 | 2017 | Change | ||||||||||||||||||
Electric utility | $ | 509 | $ | 535 | $ | (26 | ) | $ | 535 | $ | 455 | $ | 80 | |||||||||||
Gas utility | 233 | 169 | 64 | 169 | 173 | (4 | ) | |||||||||||||||||
Enterprises | 33 | 34 | (1 | ) | 34 | (27 | ) | 61 | ||||||||||||||||
EnerBank | 49 | 38 | 11 | 38 | 28 | 10 | ||||||||||||||||||
Corporate interest and other | (144 | ) | (119 | ) | (25 | ) | (119 | ) | (169 | ) | 50 | |||||||||||||
Net Income Available to Common Stockholders | $ | 680 | $ | 657 | $ | 23 | $ | 657 | $ | 460 | $ | 197 |
In Millions | ||||||||
Year Ended December 31, 2018 | $ | 657 | ||||||
Reasons for the change | ||||||||
Consumers electric utility and gas utility | ||||||||
Electric sales | $ | (36 | ) | |||||
Gas sales | 12 | |||||||
Electric rate increase | 56 | |||||||
Gas rate increase | 66 | |||||||
Gain on sale of transmission equipment, net of voluntary gain sharing1 | 13 | |||||||
Lower pipeline integrity expenses | 9 | |||||||
Lower distribution and transmission expenses | 6 | |||||||
Depreciation and amortization | (39 | ) | ||||||
Higher service restoration costs | (28 | ) | ||||||
Absence of 2018 income tax benefit associated with electric cost of removal2 | (26 | ) | ||||||
Higher property tax, reflecting higher capital spending | (14 | ) | ||||||
Absence of 2018 research and development tax credits2 | (9 | ) | ||||||
Absence of 2018 settlement of a property tax appeal related to the J.H. Campbell plant | (7 | ) | ||||||
Other | 35 | $ | 38 | |||||
Enterprises | ||||||||
Gain on sale of transmission equipment1 | 12 | |||||||
Lower expenses from legacy obligations, net | 4 | |||||||
Lower earnings due primarily to lower capacity revenue and higher operating and maintenance costs | (17 | ) | (1 | ) | ||||
EnerBank | ||||||||
Higher earnings based on growth in consumer lending | 11 | |||||||
Corporate interest and other | ||||||||
Absence of 2018 loss on early extinguishment of debt | 12 | |||||||
2019 tax deductions primarily attributable to asset sales | 4 | |||||||
Accrual for legacy legal obligation3 | (22 | ) | ||||||
Higher fixed charges due to higher debt | (18 | ) | ||||||
Higher administrative and other expenses | (1 | ) | (25 | ) | ||||
Year Ended December 31, 2019 | $ | 680 |
In Millions | ||||||||||||||
Year Ended December 31, 2019 | $ | 680 | ||||||||||||
Reasons for the change | ||||||||||||||
Consumers electric utility and gas utility | ||||||||||||||
Electric sales | $ | 16 | ||||||||||||
Gas sales | (39) | |||||||||||||
Electric rate increase, including return on higher renewable capital spending | 19 | |||||||||||||
Gas rate increase | 105 | |||||||||||||
Lower distribution, transmission, generation, and compression expenses | 21 | |||||||||||||
Lower corporate and IT expenses | 20 | |||||||||||||
Lower OPEB expenses | 19 | |||||||||||||
Lower service restoration costs | 16 | |||||||||||||
Gain on sale of electric transmission assets in 2020, net of voluntary gain sharing1 | ||||||||||||||
Higher depreciation and amortization |
Higher donations | (22) | |||||||||||||
Voluntary revenue refund2 |
(21) | ||||||||||||||
(21) | ||||||||||||||
Absence of 2019 gain on sale of electric transmission assets, net of voluntary gain sharing | (13) | |||||||||||||
Other | (1) | |||||||||||||
$ | 73 | |||||||||||||
Enterprises | 3 | |||||||||||||
EnerBank | 9 | |||||||||||||
Corporate interest and | (10) | |||||||||||||
Year Ended December 31, 2020 | $ | 755 |
In Millions | ||||||||
Year Ended December 31, 2018 | $ | 535 | ||||||
Reasons for the change | ||||||||
Electric deliveries1 and rate increases | ||||||||
Rate increase, including the impacts of the January 2019 order | $ | 83 | ||||||
Lower sales due primarily to unfavorable weather | (65 | ) | ||||||
Effect of new leases accounting standard2 | 12 | |||||||
Other revenues | 6 | $ | 36 | |||||
Maintenance and other operating expenses | ||||||||
Gain on sale of transmission equipment, net of voluntary gain sharing3 | 17 | |||||||
Lower other distribution, transmission, and generation expenses | 13 | |||||||
Litigation settlement | 8 | |||||||
Higher service restoration costs from 2019 winter storms | (38 | ) | — | |||||
Depreciation and amortization | ||||||||
Increased plant in service, reflecting higher capital spending | (31 | ) | ||||||
General taxes | ||||||||
Absence of 2018 settlement of a property tax appeal related to the J.H. Campbell plant | (9 | ) | ||||||
Higher property tax, reflecting higher capital spending | (6 | ) | ||||||
Lower other general taxes | 1 | (14 | ) | |||||
Other income, net of expenses | ||||||||
Lower donations in 2019 | 6 | |||||||
Higher other income, net of expenses | 6 | 12 | ||||||
Interest charges | ||||||||
Effect of new leases accounting standard2 | (12 | ) | ||||||
Lower PSCR and other interest charges | 8 | (4 | ) | |||||
Income taxes | ||||||||
Absence of 2018 income tax benefit associated with cost of removal4 | (26 | ) | ||||||
Absence of 2018 research and development tax credits4 | (8 | ) | ||||||
Lower other income taxes | 9 | (25 | ) | |||||
Year Ended December 31, 2019 | $ | 509 |
In Millions | ||||||||||||||
Year Ended December 31, 2019 | $ | 509 | ||||||||||||
Reasons for the change | ||||||||||||||
Electric deliveries1 and rate increases | ||||||||||||||
Rate increase, including return on higher renewable capital spending | $ | 26 | ||||||||||||
Higher sales due primarily to | 24 |
Higher energy waste reduction program revenues | 19 | |||||||||||||
Voluntary revenue refund2 | ||||||||||||||
$ | 47 | |||||||||||||
Maintenance and | ||||||||||||||
Lower service restoration costs | 21 | |||||||||||||
Lower corporate and |
17 | ||||||||||||||
Gain on sale of transmission assets in 2020, net of voluntary gain sharing3 | ||||||||||||||
Lower distribution, transmission, and generation expenses |
Higher mutual insurance distribution | 7 | |||||||||||||
Higher energy waste reduction program costs | (19) | |||||||||||||
Absence of 2019 gain on sale of transmission assets, net of voluntary gain sharing | (17) | |||||||||||||
Absence of favorable 2019 litigation settlement | (8) | |||||||||||||
Retention benefits related to D.E. Karn4 | (10) | |||||||||||||
Voluntary separation plan expenses | (6) | |||||||||||||
Lower maintenance and other operating expenses | 13 | |||||||||||||
25 | ||||||||||||||
Depreciation and amortization | ||||||||||||||
Increased plant in service, reflecting higher capital spending | (26) | |||||||||||||
General taxes | ||||||||||||||
Higher property tax, reflecting higher capital spending | (12) | |||||||||||||
Other income, net of expenses | ||||||||||||||
Lower OPEB expenses | 13 | |||||||||||||
Higher donations | (19) | |||||||||||||
Higher other income, net of expenses | 2 | |||||||||||||
(4) | ||||||||||||||
Interest charges | (4) | |||||||||||||
Income | ||||||||||||||
Lower tax expense due primarily to research and development tax credits5 | 7 | |||||||||||||
Higher production tax credits attributable primarily to Cross Winds® Energy Park | 7 | |||||||||||||
Higher electric utility pre-tax earnings | (7) | |||||||||||||
Lower other income taxes | 12 | |||||||||||||
19 | ||||||||||||||
Year Ended December 31, 2020 | $ | 554 |
In Millions | ||||||||
Year Ended December 31, 2018 | $ | 169 | ||||||
Reasons for the change | ||||||||
Gas deliveries1 and rate increases | ||||||||
Rate increase, including the impacts of the September 2019 order | $ | 83 | ||||||
Higher sales, due primarily to colder weather | 16 | $ | 99 | |||||
Maintenance and other operating expenses | ||||||||
Lower pipeline integrity expenses | 12 | |||||||
Higher leak repair and survey expenses | (4 | ) | ||||||
Lower maintenance and other operating expenses | 4 | 12 | ||||||
Depreciation and amortization | ||||||||
Increased plant in service, reflecting higher capital spending | (22 | ) | ||||||
General taxes | ||||||||
Higher property tax, reflecting higher capital spending | (14 | ) | ||||||
Other income, net of expenses | ||||||||
Lower donations in 2019 | 4 | |||||||
Higher AFUDC interest income and other income, net of expenses | 7 | 11 | ||||||
Interest charges | (4 | ) | ||||||
Income taxes | ||||||||
Higher gas utility pre-tax earnings | (22 | ) | ||||||
Lower other income taxes | 4 | (18 | ) | |||||
Year Ended December 31, 2019 | $ | 233 |
In Millions | ||||||||||||||
Year Ended December 31, 2019 | $ | 233 | ||||||||||||
Reasons for the change | ||||||||||||||
Gas deliveries1 and rate increases | ||||||||||||||
Rate increase | $ | 141 | ||||||||||||
Lower sales due primarily to | (73) | |||||||||||||
Voluntary revenue refund2 | (12) | |||||||||||||
Disallowance of incremental gas purchased during the Ray Compressor Station fire3 | (7) | |||||||||||||
Lower energy waste reduction program revenues | (3) | |||||||||||||
Higher other revenues | 20 | |||||||||||||
$ | 66 | |||||||||||||
Maintenance and other operating expenses | ||||||||||||||
Lower distribution, transmission, and compression expenses | 15 | |||||||||||||
Lower corporate and IT expenses | 10 | |||||||||||||
Lower energy waste reduction program costs | 3 | |||||||||||||
Voluntary separation plan expenses | (4) | |||||||||||||
Lower maintenance and other operating expenses | 3 | |||||||||||||
27 | ||||||||||||||
Depreciation and amortization | ||||||||||||||
Increased plant in | (22) | |||||||||||||
General taxes | ||||||||||||||
Higher property tax, reflecting higher capital spending | (16) | |||||||||||||
Lower other general taxes | 2 | |||||||||||||
(14) | ||||||||||||||
Other income, net of expenses | ||||||||||||||
Lower OPEB expenses | 12 | |||||||||||||
Higher donations | (11) | |||||||||||||
Lower other income, net of expenses | (4) | |||||||||||||
(3) | ||||||||||||||
Interest charges | (19) | |||||||||||||
Income taxes | ||||||||||||||
Higher gas utility pre-tax earnings | (7) | |||||||||||||
Lower tax expense due primarily to research and | 1 | |||||||||||||
Higher other income taxes | (1) | |||||||||||||
(7) | ||||||||||||||
Year Ended December 31, 2020 | $ | 261 |
In Millions | ||||||
Year Ended December 31, 2018 | $ | 34 | ||||
Reason for the change | ||||||
Gain on sale of transmission equipment1 | $ | 12 | ||||
Lower expenses from legacy obligations, net | 4 | |||||
Lower earnings due primarily to lower capacity revenue and higher operating and maintenance costs | (17 | ) | ||||
Year Ended December 31, 2019 | $ | 33 |
In Millions | ||||||||||||||
Year Ended December 31, 2019 | $ | 33 | ||||||||||||
Reason for the change | ||||||||||||||
Higher earnings due primarily to improved receivables management and DIG operations | $ | 11 | ||||||||||||
Income tax benefit due to restoring previously sequestered alternative minimum tax credits1 | 4 | |||||||||||||
Absence of 2019 gain on sale of transmission equipment | (12) | |||||||||||||
Year Ended December 31, 2020 | $ | 36 |
In Millions | ||||||||||||||
Year Ended December 31, 2019 | $ | 49 | ||||||||||||
Reason for the change | ||||||||||||||
Higher earnings due primarily to growth in consumer lending | $ | 25 | ||||||||||||
Implementation of new credit losses standard1 | (16) | |||||||||||||
Year Ended December 31, 2020 | $ | 58 |
In Millions | ||||||
Year Ended December 31, 2018 | $ | 38 | ||||
Reason for the change | ||||||
Higher earnings based on growth in consumer lending | $ | 11 | ||||
Year Ended December 31, 2019 | $ | 49 |
In Millions | ||||||
Year Ended December 31, 2017 | $ | 28 | ||||
Reasons for the change | ||||||
Reduction of corporate income tax rate due to the impacts of the TCJA1 | $ | 7 | ||||
Deferred income tax adjustment due to the TCJA, primarily the absence of the 2017 adjustment1 | 3 | |||||
Year Ended December 31, 2018 | $ | 38 |
In Millions | ||||||
Year Ended December 31, 2018 | $ | (119 | ) | |||
Reasons for the change | ||||||
Absence of 2018 loss on early extinguishment of debt | $ | 12 | ||||
2019 tax deductions primarily attributable to asset sales | 4 | |||||
Accrual for legacy legal obligation1 | (22 | ) | ||||
Higher fixed charges due to higher debt | (18 | ) | ||||
Higher administrative and other expenses | (1 | ) | ||||
Year Ended December 31, 2019 | $ | (144 | ) |
In Millions | ||||||||||||||
Year Ended December 31, 2019 | $ | (144) | ||||||||||||
Reasons for the change | ||||||||||||||
Absence of 2019 accrual for legacy legal obligation | $ | 22 | ||||||||||||
Income tax benefit due to restoring previously sequestered alternative minimum tax credits1 | 5 | |||||||||||||
Higher fixed charges due to higher debt | (16) | |||||||||||||
Loss on early extinguishment of debt | (12) | |||||||||||||
Absence of 2019 tax benefits recognized as a result of asset sales | (4) | |||||||||||||
Other | (5) | |||||||||||||
Year Ended December 31, 2020 | $ | (154) |
In Millions | ||||||
Year Ended December 31, 2017 | $ | (169 | ) | |||
Reasons for the change | ||||||
Deferred income tax adjustment due to the TCJA, primarily the absence of the 2017 adjustment1 | $ | 55 | ||||
2017 elimination of an intercompany gain on the donation of CMS Energy stock2 | 9 | |||||
Lower fixed charges and administrative and other expenses | 2 | |||||
Lower tax benefit due to the impacts of the TCJA1 | (16 | ) | ||||
Year Ended December 31, 2018 | $ | (119 | ) |
In Millions | ||||
CMS Energy, including Consumers | ||||
Year Ended December 31, 2018 | $ | 1,703 | ||
Reasons for the change | ||||
Higher net income | $ | 23 | ||
Non‑cash transactions1 | (40 | ) | ||
Lower postretirement benefits contributions | 242 | |||
Unfavorable impact of changes in core working capital,2 due primarily to lower accounts payable and lower AMT credit refunds,3 offset partially by higher customer collections and lower gas inventories | (31 | ) | ||
Unfavorable impact of changes in other assets and liabilities, due primarily to refunds to customers related to the TCJA and self-implemented electric rates | (107 | ) | ||
Year Ended December 31, 2019 | $ | 1,790 | ||
Consumers | ||||
Year Ended December 31, 2018 | $ | 1,449 | ||
Reasons for the change | ||||
Higher net income | $ | 38 | ||
Non‑cash transactions1 | (77 | ) | ||
Lower postretirement benefits contributions | 235 | |||
Unfavorable impact of changes in core working capital,2 due primarily to lower accounts payable, offset partially by higher customer collections and lower gas inventories | (16 | ) | ||
Unfavorable impact of changes in other assets and liabilities, due primarily to refunds to customers related to the TCJA and self-implemented electric rates | (28 | ) | ||
Year Ended December 31, 2019 | $ | 1,601 |
In Millions | ||||||||
CMS Energy, including Consumers | ||||||||
Year Ended December 31, 2019 | $ | 1,790 | ||||||
Reasons for the change | ||||||||
Higher net income | 70 | |||||||
Non‑cash transactions1 |
Higher contributions to postretirement benefit plans, primarily to pension plans | (702) | |||||||
Favorable impact of changes in core working capital,2 due primarily to extended payment terms for vendors in 2020 and higher vendor payments in 2019, offset partially by lower customer receipts due to lower electric and gas deliveries | 50 | |||||||
Unfavorable impact of changes in other assets and | (67) |
Year Ended December 31, 2020 | $ | 1,276 | ||||||
Consumers | ||||||||
Year Ended December 31, 2019 | $ | 1,601 | ||||||
Reasons for the change | ||||||||
Higher net income | 73 | |||||||
194 | ||||||||
Higher contributions to postretirement benefit plans, primarily to pension plans | (683) | |||||||
Favorable impact of changes in core working capital,2 due primarily to extended payment terms for vendors in 2020 and higher vendor payments in 2019, offset partially by lower customer receipts due to lower electric and gas deliveries | 40 | |||||||
Unfavorable impact of changes in other assets and liabilities, due primarily to higher property tax payments and higher energy waste reduction spending in excess of collections, offset partially by lower income taxes payments to CMS Energy | (7) | |||||||
Year Ended December 31, 2020 | $ | 1,218 |
In Millions | ||||
CMS Energy, including Consumers | ||||
Year Ended December 31, 2018 | $ | (2,606 | ) | |
Reasons for the change | ||||
Higher capital expenditures at Consumers, offset partially by the absence of the 2018 purchase of a wind generation project | $ | (30 | ) | |
Changes in EnerBank notes receivable, reflecting growth in consumer lending | (94 | ) | ||
Higher purchases of notes receivable by EnerBank | (118 | ) | ||
Absence of 2018 proceeds from DB SERP investments1 | (146 | ) | ||
Proceeds from sale of EnerBank notes receivable | 67 | |||
Proceeds from sale of transmission equipment in 20192 | 97 | |||
Other investing activities, primarily lower costs to retire property | 14 | |||
Year Ended December 31, 2019 | $ | (2,816 | ) | |
Consumers | ||||
Year Ended December 31, 2018 | $ | (1,971 | ) | |
Reasons for the change | ||||
Higher capital expenditures | $ | (263 | ) | |
Proceeds from sale of transmission equipment in 20192 | 77 | |||
Other investing activities, primarily lower costs to retire property | 20 | |||
Year Ended December 31, 2019 | $ | (2,137 | ) |
In Millions | ||||||||
CMS Energy, including Consumers | ||||||||
Year Ended December 31, 2019 | $ | (2,816) | ||||||
Reasons for the change | ||||||||
Higher capital expenditures | (213) | |||||||
Changes in EnerBank notes receivable, reflecting growth in consumer lending | (256) | |||||||
Lower purchases of notes receivable by EnerBank | 326 | |||||||
Higher proceeds from sale of EnerBank notes receivable in 2020 | 130 | |||||||
Lower proceeds from sale of transmission equipment in 20201 | (39) |
Other investing activities | 1 | |||||||
Year Ended December 31, 2020 | $ | (2,867) | ||||||
Consumers | ||||||||
Year Ended December 31, 2019 | $ | (2,137) | ||||||
Reasons for the change | ||||||||
Higher capital expenditures | (85) | |||||||
DB SERP investment in note receivable – related party | (5) | |||||||
Year Ended December 31, 2020 | $ | (2,246) |
In Millions | ||||
CMS Energy, including Consumers | ||||
Year Ended December 31, 2018 | $ | 874 | ||
Reasons for the change | ||||
Lower debt issuances | $ | (616 | ) | |
Lower debt retirements | 585 | |||
Increases in EnerBank certificates of deposit, reflecting higher borrowings | 118 | |||
Lower repayments under Consumers’ commercial paper program | 66 | |||
Lower issuances of common stock under the continuous equity offering program | (29 | ) | ||
Higher payments of dividends on common and preferred stock | (29 | ) | ||
Lower debt prepayment costs | 28 | |||
Other financing activities, primarily lower debt issuance costs and higher customer advances for construction | 11 | |||
Year Ended December 31, 2019 | $ | 1,008 | ||
Consumers | ||||
Year Ended December 31, 2018 | $ | 513 | ||
Reasons for the change | ||||
Lower debt issuances | $ | (1,113 | ) | |
Lower debt retirements | 652 | |||
Lower repayments under Consumers’ commercial paper program | 66 | |||
Higher stockholder contribution from CMS Energy | 425 | |||
Higher payments of dividends on common and preferred stock | (61 | ) | ||
Lower debt prepayment costs | 12 | |||
Other financing activities, primarily lower debt issuance costs and higher customer advances for construction | 14 | |||
Year Ended December 31, 2019 | $ | 508 |
In Millions | ||||||||
CMS Energy, including Consumers | ||||||||
Year Ended December 31, 2019 | $ | 1,008 | ||||||
Reasons for the change | ||||||||
Higher debt issuances | 1,028 | |||||||
Higher debt retirements | (725) | |||||||
Lower borrowings of certificates of deposit at EnerBank | (215) | |||||||
Higher repayments under Consumers’ commercial paper program | (83) | |||||||
Higher issuances of common stock, primarily the settlement of equity forward sale contracts | 241 | |||||||
Higher payments of dividends on common stock | (31) | |||||||
Higher debt prepayment costs | (51) | |||||||
Proceeds from the sale of membership interest in VIE to tax equity investor | 417 | |||||||
Contribution from noncontrolling interest | 31 | |||||||
Other financing activities | (1) | |||||||
Year Ended December 31, 2020 | $ | 1,619 | ||||||
Consumers | ||||||||
Year Ended December 31, 2019 | $ | 508 | ||||||
Reasons for the change | ||||||||
Higher debt issuances | 961 | |||||||
Higher debt retirements | (545) | |||||||
Higher repayments under Consumers’ commercial paper program | (83) | |||||||
Borrowings from CMS Energy | 307 | |||||||
Lower stockholder contribution from CMS Energy | (25) | |||||||
Higher payments of dividends on common stock | (45) | |||||||
Higher debt prepayment costs | (35) | |||||||
Other financing activities, primarily higher debt issuance costs | (8) | |||||||
Year Ended December 31, 2020 | $ | 1,035 |
Credit Agreement | Limit | Actual | ||||||
CMS Energy, parent only | ||||||||
Debt to Capital1 | < 0.70 to | 0.58 to 1.0 |
Consumers | ||||||||
Debt to Capital2 | < 0.65 to | 0.49 to 1.0 |
In Millions | ||||||||||||||||||||||||||||||||
Payments Due | ||||||||||||||||||||||||||||||||
December 31, 2020 | Total | Less Than One Year | One to Three Years | Three to Five Years | More Than Five Years | |||||||||||||||||||||||||||
CMS Energy, including Consumers | ||||||||||||||||||||||||||||||||
Long-term debt | $ | 15,272 | $ | 1,486 | $ | 1,748 | $ | 1,493 | $ | 10,545 | ||||||||||||||||||||||
Interest payments on long-term debt | 12,563 | 499 | 962 | 880 | 10,222 | |||||||||||||||||||||||||||
Finance leases and other financing | 183 | 36 | 40 | 30 | 77 | |||||||||||||||||||||||||||
Operating leases | 52 | 10 | 6 | 2 | 34 | |||||||||||||||||||||||||||
AROs | 1,971 | 43 | 62 | 50 | 1,816 | |||||||||||||||||||||||||||
Deferred investment tax credit | 115 | 5 | 10 | 10 | 90 | |||||||||||||||||||||||||||
Environmental liabilities | 118 | 7 | 40 | 19 | 52 | |||||||||||||||||||||||||||
Long-term payables | 37 | 6 | 23 | 3 | 5 | |||||||||||||||||||||||||||
Purchase obligations | ||||||||||||||||||||||||||||||||
Total PPAs | 8,898 | 1,057 | 1,522 | 1,516 | 4,803 | |||||||||||||||||||||||||||
Other1 | 3,179 | 1,391 | 1,136 | 370 | 282 | |||||||||||||||||||||||||||
Total contractual obligations | $ | 42,388 | $ | 4,540 | $ | 5,549 | $ | 4,373 | $ | 27,926 | ||||||||||||||||||||||
Consumers | ||||||||||||||||||||||||||||||||
Long-term debt | $ | 8,197 | $ | 364 | $ | 682 | $ | 363 | $ | 6,788 | ||||||||||||||||||||||
Interest payments on long-term debt | 6,677 | 281 | 559 | 522 | 5,315 | |||||||||||||||||||||||||||
Finance leases and other financing | 183 | 36 | 40 | 30 | 77 | |||||||||||||||||||||||||||
Operating leases | 43 | 8 | 6 | 2 | 27 | |||||||||||||||||||||||||||
AROs | 1,908 | 43 | 62 | 50 | 1,753 | |||||||||||||||||||||||||||
Deferred investment tax credit | 115 | 5 | 10 | 10 | 90 | |||||||||||||||||||||||||||
Environmental liabilities | 61 | 3 | 32 | 11 | 15 | |||||||||||||||||||||||||||
Purchase obligations | ||||||||||||||||||||||||||||||||
PPAs | ||||||||||||||||||||||||||||||||
MCV PPA | 2,815 | 349 | 698 | 705 | 1,063 | |||||||||||||||||||||||||||
Palisades PPA | 517 | 398 | 119 | — | — | |||||||||||||||||||||||||||
Related-party PPAs2 | 318 | 58 | 116 | 97 | 47 | |||||||||||||||||||||||||||
Other PPAs | 5,248 | 252 | 589 | 714 | 3,693 | |||||||||||||||||||||||||||
Total PPAs | $ | 8,898 | $ | 1,057 | $ | 1,522 | $ | 1,516 | $ | 4,803 | ||||||||||||||||||||||
Other1 | 2,605 | 1,333 | 984 | 284 | 4 | |||||||||||||||||||||||||||
Total contractual obligations | $ | 28,687 | $ | 3,130 | $ | 3,897 | $ | 2,788 | $ | 18,872 |
In Millions | ||||||||||||||||||||
Payments Due | ||||||||||||||||||||
December 31, 2019 | Total | Less Than One Year | One to Three Years | Three to Five Years | More Than Five Years | |||||||||||||||
CMS Energy, including Consumers | ||||||||||||||||||||
Long-term debt | $ | 13,188 | $ | 1,111 | $ | 1,892 | $ | 1,477 | $ | 8,708 | ||||||||||
Interest payments on long-term debt | 10,863 | 480 | 897 | 777 | 8,709 | |||||||||||||||
Finance leases and other financing | 220 | 37 | 59 | 34 | 90 | |||||||||||||||
Operating leases | 67 | 11 | 16 | 5 | 35 | |||||||||||||||
AROs | 1,652 | 75 | 50 | 53 | 1,474 | |||||||||||||||
Deferred investment tax credit | 120 | 5 | 10 | 10 | 95 | |||||||||||||||
Environmental liabilities | 131 | 17 | 36 | 21 | 57 | |||||||||||||||
Long-term payables | 34 | 3 | 22 | 3 | 6 | |||||||||||||||
Purchase obligations | ||||||||||||||||||||
Total PPAs | 9,336 | 1,030 | 1,785 | 1,213 | 5,308 | |||||||||||||||
Other¹ | 3,244 | 1,685 | 971 | 409 | 179 | |||||||||||||||
Total contractual obligations | $ | 38,855 | $ | 4,454 | $ | 5,738 | $ | 4,002 | $ | 24,661 | ||||||||||
Consumers | ||||||||||||||||||||
Long-term debt | $ | 7,322 | $ | 202 | $ | 680 | $ | 686 | $ | 5,754 | ||||||||||
Interest payments on long-term debt | 5,919 | 276 | 538 | 482 | 4,623 | |||||||||||||||
Finance leases and other financing | 220 | 37 | 59 | 34 | 90 | |||||||||||||||
Operating leases | 56 | 9 | 13 | 5 | 29 | |||||||||||||||
AROs | 1,638 | 75 | 50 | 53 | 1,460 | |||||||||||||||
Deferred investment tax credit | 120 | 5 | 10 | 10 | 95 | |||||||||||||||
Environmental liabilities | 73 | 12 | 28 | 13 | 20 | |||||||||||||||
Purchase obligations | ||||||||||||||||||||
PPAs | ||||||||||||||||||||
MCV PPA | 3,295 | 313 | 559 | 426 | 1,997 | |||||||||||||||
Palisades PPA | 899 | 388 | 511 | — | — | |||||||||||||||
Related-party PPAs² | 472 | 71 | 146 | 149 | 106 | |||||||||||||||
Other PPAs | 4,670 | 258 | 569 | 638 | 3,205 | |||||||||||||||
Total PPAs | 9,336 | 1,030 | 1,785 | 1,213 | 5,308 | |||||||||||||||
Other¹ | 2,865 | 1,638 | 890 | 336 | 1 | |||||||||||||||
Total contractual obligations | $ | 27,549 | $ | 3,284 | $ | 4,053 | $ | 2,832 | $ | 17,380 |
In Billions | ||||||||||||||||||||||||||||||||||||||
2021 | 2022 | 2023 | 2024 | 2025 | Total | |||||||||||||||||||||||||||||||||
Consumers | ||||||||||||||||||||||||||||||||||||||
Electric utility operations | $ | 1.4 | $ | 1.8 | $ | 1.6 | $ | 1.5 | $ | 1.6 | $ | 7.9 | ||||||||||||||||||||||||||
Gas utility operations | 1.1 | 1.2 | 1.1 | 1.0 | 0.9 | 5.3 | ||||||||||||||||||||||||||||||||
Total Consumers | $ | 2.5 | $ | 3.0 | $ | 2.7 | $ | 2.5 | $ | 2.5 | $ | 13.2 |
In Billions | ||||||||||||||||||||||||
2020 | 2021 | 2022 | 2023 | 2024 | Total | |||||||||||||||||||
Consumers | ||||||||||||||||||||||||
Electric utility operations | $ | 1.3 | $ | 1.6 | $ | 1.4 | $ | 1.4 | $ | 1.5 | $ | 7.2 | ||||||||||||
Gas utility operations | 0.9 | 1.1 | 0.9 | 1.1 | 1.0 | 5.0 | ||||||||||||||||||
Total Consumers | $ | 2.2 | $ | 2.7 | $ | 2.3 | $ | 2.5 | $ | 2.5 | $ | 12.2 |
In Millions | ||||
Projected Twelve-Month Period Ending September 30 | 2021 | |||
Components of the requested rate increase | ||||
Investment in rate base | $ | 126 | ||
Operating and maintenance costs | 91 | |||
Cost of capital | 26 | |||
Sales | 2 | |||
Total | $ | 245 |
• | Additionally, the MPSC has approved the recovery of demand response costs and an associated financial incentive based on demand response target performance. |
In Millions | |||||||||||||||||||||||||||||
DB Pension Plans | OPEB Plan | ||||||||||||||||||||||||||||
Cost (Credit) | Contribution | Cost (Credit) | Contribution | ||||||||||||||||||||||||||
CMS Energy, including Consumers | |||||||||||||||||||||||||||||
2021 | $ | 17 | $ | — | $ | (113) | $ | — | |||||||||||||||||||||
2022 | 7 | — | (113) | — | |||||||||||||||||||||||||
2023 | (8) | — | (107) | — | |||||||||||||||||||||||||
Consumers1 | |||||||||||||||||||||||||||||
2021 | $ | 19 | $ | — | $ | (105) | $ | — | |||||||||||||||||||||
2022 | 10 | — | (105) | — | |||||||||||||||||||||||||
2023 | (5) | — | (99) | — |
In Millions | |||||||||||||||||
DB Pension Plans | OPEB Plan | ||||||||||||||||
Cost | Contribution¹ | Credit | Contribution | ||||||||||||||
CMS Energy, including Consumers | |||||||||||||||||
2020 | $ | 29 | $ | 531 | $ | (92 | ) | $ | — | ||||||||
2021 | 13 | — | (93 | ) | — | ||||||||||||
2022 | 5 | — | (94 | ) | — | ||||||||||||
Consumers2 | |||||||||||||||||
2020 | $ | 30 | $ | 518 | $ | (86 | ) | $ | — | ||||||||
2021 | 14 | — | (87 | ) | — | ||||||||||||
2022 | 7 | — | (88 | ) | — |
1Consumers’ pension and OPEB costs are recoverable through its general ratemaking process. |
In Millions | In Millions | In Millions | ||||||||||||||||||||
December 31 | 2019 | 2018 | December 31 | 2020 | 2019 | |||||||||||||||||
Fixed-rate financing—potential loss in fair value | Fixed-rate financing—potential loss in fair value | |||||||||||||||||||||
CMS Energy, including Consumers | $ | 558 | $ | 465 | CMS Energy, including Consumers | $ | 634 | $ | 558 | |||||||||||||
Consumers | 355 | 330 | Consumers | 372 | 355 |
In Millions | In Millions | In Millions | ||||||||||||||||||||
December 31 | 2019 | 2018 | December 31 | 2020 | 2019 | |||||||||||||||||
Notes receivable—potential loss in fair value | $ | 61 | $ | 46 | Notes receivable—potential loss in fair value | $ | 77 | $ | 61 |
In Millions, Except Per Share Amounts | In Millions, Except Per Share Amounts | In Millions, Except Per Share Amounts | ||||||||||||||||||||||||||||||
Years Ended December 31 | 2019 | 2018 | 2017 | Years Ended December 31 | 2020 | 2019 | 2018 | |||||||||||||||||||||||||
Operating Revenue | $ | 6,845 | $ | 6,873 | $ | 6,583 | Operating Revenue | $ | 6,680 | $ | 6,845 | $ | 6,873 | |||||||||||||||||||
Operating Expenses | Operating Expenses | |||||||||||||||||||||||||||||||
Fuel for electric generation | 493 | 528 | 505 | Fuel for electric generation | 375 | 493 | 528 | |||||||||||||||||||||||||
Purchased and interchange power | 1,496 | 1,613 | 1,503 | Purchased and interchange power | 1,492 | 1,496 | 1,613 | |||||||||||||||||||||||||
Purchased power – related parties | 75 | 81 | 86 | Purchased power – related parties | 64 | 75 | 81 | |||||||||||||||||||||||||
Cost of gas sold | 769 | 836 | 750 | Cost of gas sold | 577 | 769 | 836 | |||||||||||||||||||||||||
Maintenance and other operating expenses | 1,448 | 1,417 | 1,236 | Maintenance and other operating expenses | 1,403 | 1,448 | 1,417 | |||||||||||||||||||||||||
Depreciation and amortization | 992 | 933 | 881 | Depreciation and amortization | 1,048 | 992 | 933 | |||||||||||||||||||||||||
General taxes | 333 | 303 | 284 | General taxes | 359 | 333 | 303 | |||||||||||||||||||||||||
Total operating expenses | 5,606 | 5,711 | 5,245 | Total operating expenses | 5,318 | 5,606 | 5,711 | |||||||||||||||||||||||||
Operating Income | 1,239 | 1,162 | 1,338 | Operating Income | 1,362 | 1,239 | 1,162 | |||||||||||||||||||||||||
Other Income (Expense) | Other Income (Expense) | |||||||||||||||||||||||||||||||
Interest income | 7 | 11 | 12 | Interest income | 4 | 7 | 11 | |||||||||||||||||||||||||
Interest income – related parties | Interest income – related parties | 7 | 0 | 0 | ||||||||||||||||||||||||||||
Allowance for equity funds used during construction | 10 | 6 | 5 | Allowance for equity funds used during construction | 6 | 10 | 6 | |||||||||||||||||||||||||
Income from equity method investees | 10 | 9 | 15 | Income from equity method investees | 5 | 10 | 9 | |||||||||||||||||||||||||
Nonoperating retirement benefits, net | 91 | 90 | 24 | Nonoperating retirement benefits, net | 118 | 91 | 90 | |||||||||||||||||||||||||
Other income | 4 | 2 | 6 | Other income | 6 | 4 | 2 | |||||||||||||||||||||||||
Other expense | (13 | ) | (48 | ) | (76 | ) | Other expense | (62) | (13) | (48) | ||||||||||||||||||||||
Total other income (expense) | 109 | 70 | (14 | ) | ||||||||||||||||||||||||||||
Total other income | Total other income | 84 | 109 | 70 | ||||||||||||||||||||||||||||
Interest Charges | Interest Charges | |||||||||||||||||||||||||||||||
Interest on long-term debt | 439 | 412 | 406 | Interest on long-term debt | 483 | 439 | 412 | |||||||||||||||||||||||||
Interest expense – related parties | 9 | — | — | Interest expense – related parties | 12 | 9 | 0 | |||||||||||||||||||||||||
Other interest expense | 75 | 49 | 34 | Other interest expense | 68 | 75 | 49 | |||||||||||||||||||||||||
Allowance for borrowed funds used during construction | (4 | ) | (3 | ) | (2 | ) | Allowance for borrowed funds used during construction | (2) | (4) | (3) | ||||||||||||||||||||||
Total interest charges | 519 | 458 | 438 | Total interest charges | 561 | 519 | 458 | |||||||||||||||||||||||||
Income Before Income Taxes | 829 | 774 | 886 | Income Before Income Taxes | 885 | 829 | 774 | |||||||||||||||||||||||||
Income Tax Expense | 147 | 115 | 424 | Income Tax Expense | 133 | 147 | 115 | |||||||||||||||||||||||||
Net Income | 682 | 659 | 462 | Net Income | 752 | 682 | 659 | |||||||||||||||||||||||||
Income Attributable to Noncontrolling Interests | 2 | 2 | 2 | |||||||||||||||||||||||||||||
Income (Loss) Attributable to Noncontrolling Interests | Income (Loss) Attributable to Noncontrolling Interests | (3) | 2 | 2 | ||||||||||||||||||||||||||||
Net Income Available to Common Stockholders | $ | 680 | $ | 657 | $ | 460 | Net Income Available to Common Stockholders | $ | 755 | $ | 680 | $ | 657 | |||||||||||||||||||
Basic Earnings Per Average Common Share | $ | 2.40 | $ | 2.33 | $ | 1.64 | Basic Earnings Per Average Common Share | $ | 2.65 | $ | 2.40 | $ | 2.33 | |||||||||||||||||||
Diluted Earnings Per Average Common Share | $ | 2.39 | $ | 2.32 | $ | 1.64 | Diluted Earnings Per Average Common Share | 2.64 | 2.39 | 2.32 |
In Millions | In Millions | In Millions | ||||||||||||||||||||||||||||||
Years Ended December 31 | 2019 | 2018 | 2017 | Years Ended December 31 | 2020 | 2019 | 2018 | |||||||||||||||||||||||||
Net Income | $ | 682 | $ | 659 | $ | 462 | Net Income | $ | 752 | $ | 682 | $ | 659 | |||||||||||||||||||
Retirement Benefits Liability | Retirement Benefits Liability | |||||||||||||||||||||||||||||||
Net loss arising during the period, net of tax of $(3), $(1), and $(4) | (7 | ) | (4 | ) | (5 | ) | ||||||||||||||||||||||||||
Prior service credit adjustment, net of tax of $-, $-, and $3 | — | (1 | ) | 4 | ||||||||||||||||||||||||||||
Net loss arising during the period, net of tax of $(4), $(3), and $(1) | Net loss arising during the period, net of tax of $(4), $(3), and $(1) | (15) | (7) | (4) | ||||||||||||||||||||||||||||
Settlement arising during the period, net of tax of $0 for all periods | Settlement arising during the period, net of tax of $0 for all periods | 1 | 0 | 0 | ||||||||||||||||||||||||||||
Prior service credit adjustment, net of tax of $0 for all periods | Prior service credit adjustment, net of tax of $0 for all periods | (1) | 0 | (1) | ||||||||||||||||||||||||||||
Amortization of net actuarial loss, net of tax of $1 for all periods | 3 | 4 | 2 | Amortization of net actuarial loss, net of tax of $1 for all periods | 5 | 3 | 4 | |||||||||||||||||||||||||
Amortization of prior service credit, net of tax of $-, $(1), and $- | (2 | ) | (1 | ) | (1 | ) | ||||||||||||||||||||||||||
Amortization of prior service credit, net of tax of $0, $0, and $(1) | Amortization of prior service credit, net of tax of $0, $0, and $(1) | (1) | (2) | (1) | ||||||||||||||||||||||||||||
Derivatives | Derivatives | |||||||||||||||||||||||||||||||
Unrealized loss on derivative instruments, net of tax of $(1), $-, and $- | (3 | ) | (2 | ) | — | |||||||||||||||||||||||||||
Reclassification adjustments included in net income, net of tax of $- for all periods | 1 | — | — | |||||||||||||||||||||||||||||
Unrealized loss on derivative instruments, net of tax of $(2), $(1), and $0 | Unrealized loss on derivative instruments, net of tax of $(2), $(1), and $0 | (4) | (3) | (2) | ||||||||||||||||||||||||||||
Reclassification adjustments included in net income, net of tax of $0 for all periods | Reclassification adjustments included in net income, net of tax of $0 for all periods | 2 | 1 | 0 | ||||||||||||||||||||||||||||
Other Comprehensive Loss | (8 | ) | (4 | ) | — | Other Comprehensive Loss | (13) | (8) | (4) | |||||||||||||||||||||||
Comprehensive Income | 674 | 655 | 462 | Comprehensive Income | 739 | 674 | 655 | |||||||||||||||||||||||||
Comprehensive Income Attributable to Noncontrolling Interests | 2 | 2 | 2 | |||||||||||||||||||||||||||||
Comprehensive Income (Loss) Attributable to Noncontrolling Interests | Comprehensive Income (Loss) Attributable to Noncontrolling Interests | (3) | 2 | 2 | ||||||||||||||||||||||||||||
Comprehensive Income Attributable to CMS Energy | $ | 672 | $ | 653 | $ | 460 | Comprehensive Income Attributable to CMS Energy | $ | 742 | $ | 672 | $ | 653 |
In Millions | ||||||||||||||||||||
Years Ended December 31 | 2020 | 2019 | 2018 | |||||||||||||||||
Cash Flows from Operating Activities | ||||||||||||||||||||
Net income | $ | 752 | $ | 682 | $ | 659 | ||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||||||||||||||
Depreciation and amortization | 1,048 | 992 | 933 | |||||||||||||||||
Deferred income taxes and investment tax credits | 170 | 150 | 182 | |||||||||||||||||
Bad debt expense | 90 | 67 | 54 | |||||||||||||||||
Other non‑cash operating activities and reconciling adjustments | (22) | (58) | 22 | |||||||||||||||||
Postretirement benefits contributions | (712) | (10) | (252) | |||||||||||||||||
Cash provided by (used in) changes in assets and liabilities | ||||||||||||||||||||
Accounts and notes receivable and accrued revenue | (12) | 45 | 15 | |||||||||||||||||
Inventories | 28 | 44 | 14 | |||||||||||||||||
Accounts payable and accrued rate refunds | 54 | (69) | 22 | |||||||||||||||||
Other current and non‑current assets and liabilities | (120) | (53) | 54 | |||||||||||||||||
Net cash provided by operating activities | 1,276 | 1,790 | 1,703 | |||||||||||||||||
Cash Flows from Investing Activities | ||||||||||||||||||||
Capital expenditures (excludes assets placed under finance lease) | (2,317) | (2,104) | (2,074) | |||||||||||||||||
Increase in EnerBank notes receivable | (657) | (401) | (307) | |||||||||||||||||
Purchase of notes receivable by EnerBank | (17) | (343) | (225) | |||||||||||||||||
Proceeds from DB SERP investments | 0 | 0 | 146 | |||||||||||||||||
Proceeds from sale of EnerBank notes receivable | 197 | 67 | 0 | |||||||||||||||||
Proceeds from sale of transmission equipment | 58 | 97 | 0 | |||||||||||||||||
Cost to retire property and other investing activities | (131) | (132) | (146) | |||||||||||||||||
Net cash used in investing activities | (2,867) | (2,816) | (2,606) | |||||||||||||||||
Cash Flows from Financing Activities | ||||||||||||||||||||
Proceeds from issuance of debt | 3,179 | 2,151 | 2,767 | |||||||||||||||||
Retirement of debt | (2,010) | (1,285) | (1,870) | |||||||||||||||||
Increase in EnerBank certificates of deposit | 416 | 631 | 513 | |||||||||||||||||
Decrease in notes payable | (90) | (7) | (73) | |||||||||||||||||
Issuance of common stock, net of issuance costs | 253 | 12 | 41 | |||||||||||||||||
Payment of dividends on common and preferred stock | (467) | (436) | (407) | |||||||||||||||||
Debt prepayment costs | (59) | (8) | (36) | |||||||||||||||||
Proceeds from the sale of membership interest in VIE to tax equity investor | 417 | 0 | 0 | |||||||||||||||||
Contribution from noncontrolling interest | 31 | 0 | 0 | |||||||||||||||||
Other financing costs | (51) | (50) | (61) | |||||||||||||||||
Net cash provided by financing activities | 1,619 | 1,008 | 874 | |||||||||||||||||
Net Increase (Decrease) in Cash and Cash Equivalents, Including Restricted Amounts | 28 | (18) | (29) | |||||||||||||||||
Cash and Cash Equivalents, Including Restricted Amounts, Beginning of Period | 157 | 175 | 204 | |||||||||||||||||
Cash and Cash Equivalents, Including Restricted Amounts, End of Period | $ | 185 | $ | 157 | $ | 175 |
In Millions | ||||||||||||
Years Ended December 31 | 2019 | 2018 | 2017 | |||||||||
Cash Flows from Operating Activities | ||||||||||||
Net income | $ | 682 | $ | 659 | $ | 462 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||||||
Depreciation and amortization | 992 | 933 | 881 | |||||||||
Deferred income taxes and investment tax credits | 150 | 182 | 417 | |||||||||
Bad debt expense | 67 | 54 | 49 | |||||||||
Other non‑cash operating activities and reconciling adjustments | (58 | ) | 22 | 82 | ||||||||
Postretirement benefits contributions | (10 | ) | (252 | ) | (12 | ) | ||||||
Cash provided by (used in) changes in assets and liabilities | ||||||||||||
Accounts and notes receivable and accrued revenue | 45 | 15 | (66 | ) | ||||||||
Inventories | 44 | 14 | (46 | ) | ||||||||
Accounts payable and accrued rate refunds | (69 | ) | 22 | 49 | ||||||||
Other current and non‑current assets and liabilities | (53 | ) | 54 | (111 | ) | |||||||
Net cash provided by operating activities | 1,790 | 1,703 | 1,705 | |||||||||
Cash Flows from Investing Activities | ||||||||||||
Capital expenditures (excludes assets placed under finance lease) | (2,104 | ) | (2,074 | ) | (1,665 | ) | ||||||
Increase in EnerBank notes receivable | (401 | ) | (307 | ) | (138 | ) | ||||||
Purchase of notes receivable by EnerBank | (343 | ) | (225 | ) | — | |||||||
Proceeds from DB SERP investments | — | 146 | — | |||||||||
Proceeds from sale of EnerBank notes receivable | 67 | — | 50 | |||||||||
Proceeds from sale of transmission equipment | 97 | — | — | |||||||||
Cost to retire property and other investing activities | (132 | ) | (146 | ) | (115 | ) | ||||||
Net cash used in investing activities | (2,816 | ) | (2,606 | ) | (1,868 | ) | ||||||
Cash Flows from Financing Activities | ||||||||||||
Proceeds from issuance of debt | 2,151 | 2,767 | 1,633 | |||||||||
Retirement of debt | (1,285 | ) | (1,870 | ) | (980 | ) | ||||||
Increase in EnerBank certificates of deposit | 631 | 513 | 47 | |||||||||
Decrease in notes payable | (7 | ) | (73 | ) | (228 | ) | ||||||
Issuance of common stock | 12 | 41 | 83 | |||||||||
Payment of dividends on common and preferred stock | (436 | ) | (407 | ) | (377 | ) | ||||||
Debt prepayment costs | (8 | ) | (36 | ) | (22 | ) | ||||||
Other financing costs | (50 | ) | (61 | ) | (46 | ) | ||||||
Net cash provided by financing activities | 1,008 | 874 | 110 | |||||||||
Net Decrease in Cash and Cash Equivalents, Including Restricted Amounts | (18 | ) | (29 | ) | (53 | ) | ||||||
Cash and Cash Equivalents, Including Restricted Amounts, Beginning of Period | 175 | 204 | 257 | |||||||||
Cash and Cash Equivalents, Including Restricted Amounts, End of Period | $ | 157 | $ | 175 | $ | 204 |
In Millions | In Millions | In Millions | ||||||||||||||||||||||||||||||
Years Ended December 31 | 2019 | 2018 | 2017 | Years Ended December 31 | 2020 | 2019 | 2018 | |||||||||||||||||||||||||
Other cash flow activities and non‑cash investing and financing activities | ||||||||||||||||||||||||||||||||
Other Cash Flow Activities and Non‑cash Investing and Financing Activities | Other Cash Flow Activities and Non‑cash Investing and Financing Activities | |||||||||||||||||||||||||||||||
Cash transactions | Cash transactions | |||||||||||||||||||||||||||||||
Interest paid (net of amounts capitalized) | $ | 498 | $ | 458 | $ | 418 | Interest paid (net of amounts capitalized) | $ | 549 | $ | 498 | $ | 458 | |||||||||||||||||||
Income taxes paid (refunds received), net | (58 | ) | (123 | ) | 5 | Income taxes paid (refunds received), net | (58) | (58) | (123) | |||||||||||||||||||||||
Non‑cash transactions | ||||||||||||||||||||||||||||||||
Non‑cash transactions | Non‑cash transactions | |||||||||||||||||||||||||||||||
Capital expenditures not paid | 170 | 158 | 172 | Capital expenditures not paid | 141 | 170 | 158 | |||||||||||||||||||||||||
Other assets placed under finance lease | — | — | 3 |
ASSETS | ||||||||||||||
In Millions | ||||||||||||||
December 31 | 2020 | 2019 | ||||||||||||
Current Assets | ||||||||||||||
Cash and cash equivalents | $ | 168 | $ | 140 | ||||||||||
Restricted cash and cash equivalents | 17 | 17 | ||||||||||||
Accounts receivable and accrued revenue, less allowance of $29 in 2020 and $20 in 2019 | 863 | 886 | ||||||||||||
Notes receivable, less allowance of $32 in 2020 and $33 in 2019 | 275 | 242 | ||||||||||||
Accounts receivable – related parties | 19 | 17 | ||||||||||||
Inventories at average cost | ||||||||||||||
Gas in underground storage | 353 | 399 | ||||||||||||
Materials and supplies | 155 | 140 | ||||||||||||
Generating plant fuel stock | 68 | 66 | ||||||||||||
Deferred property taxes | 332 | 305 | ||||||||||||
Regulatory assets | 42 | 33 | ||||||||||||
Prepayments and other current assets | 112 | 86 | ||||||||||||
Total current assets | 2,404 | 2,331 | ||||||||||||
Plant, Property, and Equipment | ||||||||||||||
Plant, property, and equipment, gross | 27,907 | 25,390 | ||||||||||||
Less accumulated depreciation and amortization | 7,953 | 7,360 | ||||||||||||
Plant, property, and equipment, net | 19,954 | 18,030 | ||||||||||||
Construction work in progress | 1,085 | 896 | ||||||||||||
Total plant, property, and equipment | 21,039 | 18,926 | ||||||||||||
Other Non‑current Assets | ||||||||||||||
Regulatory assets | 2,653 | 2,489 | ||||||||||||
Accounts and notes receivable, less allowance of $91 in 2020 and $0 in 2019 | 2,631 | 2,281 | ||||||||||||
Investments | 70 | 71 | ||||||||||||
Other | 869 | 739 | ||||||||||||
Total other non‑current assets | 6,223 | 5,580 | ||||||||||||
Total Assets | $ | 29,666 | $ | 26,837 |
ASSETS | ||||||||
In Millions | ||||||||
December 31 | 2019 | 2018 | ||||||
Current Assets | ||||||||
Cash and cash equivalents | $ | 140 | $ | 153 | ||||
Restricted cash and cash equivalents | 17 | 21 | ||||||
Accounts receivable and accrued revenue, less allowances of $20 in both periods | 886 | 964 | ||||||
Notes receivable, less allowances of $33 in 2019 and $24 in 2018 | 223 | 233 | ||||||
Notes receivable held for sale | 19 | — | ||||||
Accounts receivable – related parties | 17 | 14 | ||||||
Accrued gas revenue | — | 16 | ||||||
Inventories at average cost | ||||||||
Gas in underground storage | 399 | 450 | ||||||
Materials and supplies | 140 | 143 | ||||||
Generating plant fuel stock | 66 | 57 | ||||||
Deferred property taxes | 305 | 279 | ||||||
Regulatory assets | 33 | 37 | ||||||
Prepayments and other current assets | 86 | 101 | ||||||
Total current assets | 2,331 | 2,468 | ||||||
Plant, Property, and Equipment | ||||||||
Plant, property, and equipment, gross | 25,390 | 24,400 | ||||||
Less accumulated depreciation and amortization | 7,360 | 7,037 | ||||||
Plant, property, and equipment, net | 18,030 | 17,363 | ||||||
Construction work in progress | 896 | 763 | ||||||
Total plant, property, and equipment | 18,926 | 18,126 | ||||||
Other Non‑current Assets | ||||||||
Regulatory assets | 2,489 | 1,743 | ||||||
Accounts and notes receivable | 2,281 | 1,645 | ||||||
Investments | 71 | 69 | ||||||
Other | 739 | 478 | ||||||
Total other non‑current assets | 5,580 | 3,935 | ||||||
Total Assets | $ | 26,837 | $ | 24,529 |
LIABILITIES AND EQUITY | LIABILITIES AND EQUITY | LIABILITIES AND EQUITY | ||||||||||||||||||||
In Millions | In Millions | In Millions | ||||||||||||||||||||
December 31 | 2019 | 2018 | December 31 | 2020 | 2019 | |||||||||||||||||
Current Liabilities | Current Liabilities | |||||||||||||||||||||
Current portion of long-term debt, finance leases, and other financing | $ | 1,130 | $ | 996 | Current portion of long-term debt, finance leases, and other financing | $ | 1,506 | $ | 1,130 | |||||||||||||
Notes payable | 90 | 97 | Notes payable | 0 | 90 | |||||||||||||||||
Accounts payable | 622 | 723 | Accounts payable | 671 | 622 | |||||||||||||||||
Accounts payable – related parties | 13 | 10 | Accounts payable – related parties | 7 | 13 | |||||||||||||||||
Accrued rate refunds | 35 | 4 | Accrued rate refunds | 20 | 35 | |||||||||||||||||
Accrued interest | 104 | 94 | Accrued interest | 106 | 104 | |||||||||||||||||
Accrued taxes | 437 | 398 | Accrued taxes | 457 | 437 | |||||||||||||||||
Regulatory liabilities | 87 | 155 | Regulatory liabilities | 151 | 87 | |||||||||||||||||
Other current liabilities | 186 | 147 | Other current liabilities | 156 | 186 | |||||||||||||||||
Total current liabilities | 2,704 | 2,624 | Total current liabilities | 3,074 | 2,704 | |||||||||||||||||
Non‑current Liabilities | ||||||||||||||||||||||
Non‑current Liabilities | Non‑current Liabilities | |||||||||||||||||||||
Long-term debt | 11,951 | 10,615 | Long-term debt | 13,634 | 11,951 | |||||||||||||||||
Non-current portion of finance leases and other financing | 76 | 69 | Non-current portion of finance leases and other financing | 56 | 76 | |||||||||||||||||
Regulatory liabilities | 3,742 | 3,681 | Regulatory liabilities | 3,744 | 3,742 | |||||||||||||||||
Postretirement benefits | 674 | 436 | Postretirement benefits | 152 | 674 | |||||||||||||||||
Asset retirement obligations | 477 | 432 | Asset retirement obligations | 553 | 477 | |||||||||||||||||
Deferred investment tax credit | 120 | 99 | Deferred investment tax credit | 115 | 120 | |||||||||||||||||
Deferred income taxes | 1,655 | 1,487 | Deferred income taxes | 1,863 | 1,655 | |||||||||||||||||
Other non‑current liabilities | 383 | 294 | ||||||||||||||||||||
Total non‑current liabilities | 19,078 | 17,113 | ||||||||||||||||||||
Other non‑current liabilities | Other non‑current liabilities | 398 | 383 | |||||||||||||||||||
Total non‑current liabilities | Total non‑current liabilities | 20,515 | 19,078 | |||||||||||||||||||
Commitments and Contingencies (Notes 3 and 4) | Commitments and Contingencies (Notes 3 and 4) | 0 | 0 | |||||||||||||||||||
Equity | Equity | |||||||||||||||||||||
Common stockholders’ equity | Common stockholders’ equity | |||||||||||||||||||||
Common stock, authorized 350.0 shares; outstanding 283.9 shares in 2019 and 283.4 shares in 2018 | 3 | 3 | ||||||||||||||||||||
Common stock, authorized 350.0 shares; outstanding 288.9 shares in 2020 and 283.9 shares in 2019 | Common stock, authorized 350.0 shares; outstanding 288.9 shares in 2020 and 283.9 shares in 2019 | 3 | 3 | |||||||||||||||||||
Other paid-in capital | 5,113 | 5,088 | Other paid-in capital | 5,365 | 5,113 | |||||||||||||||||
Accumulated other comprehensive loss | (73 | ) | (65 | ) | Accumulated other comprehensive loss | (86) | (73) | |||||||||||||||
Accumulated deficit | (25 | ) | (271 | ) | ||||||||||||||||||
Retained earnings (accumulated deficit) | Retained earnings (accumulated deficit) | 214 | (25) | |||||||||||||||||||
Total common stockholders’ equity | 5,018 | 4,755 | Total common stockholders’ equity | 5,496 | 5,018 | |||||||||||||||||
Noncontrolling interests | 37 | 37 | Noncontrolling interests | 581 | 37 | |||||||||||||||||
Total equity | 5,055 | 4,792 | Total equity | 6,077 | 5,055 | |||||||||||||||||
Total Liabilities and Equity | $ | 26,837 | $ | 24,529 | Total Liabilities and Equity | $ | 29,666 | $ | 26,837 |
In Millions, Except Number of Shares in Thousands and Per Share Amounts | ||||||||||||||||||
Number of Shares | ||||||||||||||||||
Years Ended December 31 | 2019 | 2018 | 2017 | 2019 | 2018 | 2017 | ||||||||||||
Total Equity at Beginning of Period | $ | 4,792 | $ | 4,478 | $ | 4,290 | ||||||||||||
Common Stock | ||||||||||||||||||
At beginning and end of period | 3 | 3 | 3 | |||||||||||||||
Other Paid-in Capital | ||||||||||||||||||
At beginning of period | 283,374 | 281,647 | 279,206 | 5,088 | 5,019 | 4,916 | ||||||||||||
Common stock issued | 710 | 1,554 | 2,492 | 35 | 59 | 102 | ||||||||||||
Common stock repurchased | (181 | ) | (224 | ) | (317 | ) | (10 | ) | (10 | ) | (14 | ) | ||||||
Common stock reissued | 8 | 423 | 360 | — | 20 | 15 | ||||||||||||
Common stock reacquired | (47 | ) | (26 | ) | (94 | ) | — | — | — | |||||||||
At end of period | 283,864 | 283,374 | 281,647 | 5,113 | 5,088 | 5,019 | ||||||||||||
Accumulated Other Comprehensive Loss | ||||||||||||||||||
At beginning of period | (65 | ) | (50 | ) | (50 | ) | ||||||||||||
Retirement benefits liability | ||||||||||||||||||
At beginning of period | (63 | ) | (50 | ) | (50 | ) | ||||||||||||
Cumulative effect of change in accounting principle | — | (11 | ) | — | ||||||||||||||
Net loss arising during the period | (7 | ) | (4 | ) | (5 | ) | ||||||||||||
Prior service credit adjustment | — | (1 | ) | 4 | ||||||||||||||
Amortization of net actuarial loss | 3 | 4 | 2 | |||||||||||||||
Amortization of prior service credit | (2 | ) | (1 | ) | (1 | ) | ||||||||||||
At end of period | (69 | ) | (63 | ) | (50 | ) | ||||||||||||
Derivative instruments | ||||||||||||||||||
At beginning of period | (2 | ) | — | — | ||||||||||||||
Unrealized loss on derivative instruments | (3 | ) | (2 | ) | — | |||||||||||||
Reclassification adjustments included in net income | 1 | — | — | |||||||||||||||
At end of period | (4 | ) | (2 | ) | — | |||||||||||||
At end of period | (73 | ) | (65 | ) | (50 | ) |
In Millions, Except Number of Shares in Thousands and Per Share Amounts | ||||||||||||||||||
Number of Shares | ||||||||||||||||||
Years Ended December 31 | 2019 | 2018 | 2017 | 2019 | 2018 | 2017 | ||||||||||||
Accumulated Deficit | ||||||||||||||||||
At beginning of period | (271 | ) | (531 | ) | (616 | ) | ||||||||||||
Cumulative effect of change in accounting principle | — | 8 | — | |||||||||||||||
Net income attributable to CMS Energy | 680 | 657 | 460 | |||||||||||||||
Dividends declared on common stock | (434 | ) | (405 | ) | (375 | ) | ||||||||||||
At end of period | (25 | ) | (271 | ) | (531 | ) | ||||||||||||
Noncontrolling Interests | ||||||||||||||||||
At beginning of period | 37 | 37 | 37 | |||||||||||||||
Income attributable to noncontrolling interests | 2 | 2 | 2 | |||||||||||||||
Distributions and other changes in noncontrolling interests | (2 | ) | (2 | ) | (2 | ) | ||||||||||||
At end of period | 37 | 37 | 37 | |||||||||||||||
Total Equity at End of Period | $ | 5,055 | $ | 4,792 | $ | 4,478 | ||||||||||||
Dividends declared per common share | $ | 1.53 | $ | 1.43 | $ | 1.33 |
In Millions | ||||||||||||
Years Ended December 31 | 2019 | 2018 | 2017 | |||||||||
Operating Revenue | $ | 6,376 | $ | 6,464 | $ | 6,222 | ||||||
Operating Expenses | ||||||||||||
Fuel for electric generation | 375 | 407 | 398 | |||||||||
Purchased and interchange power | 1,470 | 1,587 | 1,491 | |||||||||
Purchased power – related parties | 75 | 83 | 90 | |||||||||
Cost of gas sold | 754 | 819 | 730 | |||||||||
Maintenance and other operating expenses | 1,275 | 1,287 | 1,113 | |||||||||
Depreciation and amortization | 975 | 921 | 872 | |||||||||
General taxes | 322 | 295 | 276 | |||||||||
Total operating expenses | 5,246 | 5,399 | 4,970 | |||||||||
Operating Income | 1,130 | 1,065 | 1,252 | |||||||||
Other Income (Expense) | ||||||||||||
Interest income | 5 | 8 | 9 | |||||||||
Interest and dividend income – related parties | 5 | 2 | 1 | |||||||||
Allowance for equity funds used during construction | 10 | 6 | 5 | |||||||||
Nonoperating retirement benefits, net | 85 | 83 | 21 | |||||||||
Other income | 3 | 2 | 17 | |||||||||
Other expense | (13 | ) | (30 | ) | (58 | ) | ||||||
Total other income (expense) | 95 | 71 | (5 | ) | ||||||||
Interest Charges | ||||||||||||
Interest on long-term debt | 277 | 276 | 263 | |||||||||
Interest expense – related parties | 9 | — | — | |||||||||
Other interest expense | 15 | 16 | 15 | |||||||||
Allowance for borrowed funds used during construction | (4 | ) | (3 | ) | (2 | ) | ||||||
Total interest charges | 297 | 289 | 276 | |||||||||
Income Before Income Taxes | 928 | 847 | 971 | |||||||||
Income Tax Expense | 185 | 142 | 339 | |||||||||
Net Income | 743 | 705 | 632 | |||||||||
Preferred Stock Dividends | 2 | 2 | 2 | |||||||||
Net Income Available to Common Stockholder | $ | 741 | $ | 703 | $ | 630 |
In Millions | ||||||||||||
Years Ended December 31 | 2019 | 2018 | 2017 | |||||||||
Net Income | $ | 743 | $ | 705 | $ | 632 | ||||||
Retirement Benefits Liability | ||||||||||||
Net gain (loss) arising during the period, net of tax of $(3), $2, and $(1) | (8 | ) | 6 | (4 | ) | |||||||
Amortization of net actuarial loss, net of tax of $- for all periods | 1 | 2 | 1 | |||||||||
Investments | ||||||||||||
Unrealized gain (loss) on investments, net of tax of $-, $-, and $1 | — | (1 | ) | 3 | ||||||||
Reclassification adjustments included in net income, net of tax of $-, $-, and $(6) | — | 1 | (9 | ) | ||||||||
Other Comprehensive Income (Loss) | (7 | ) | 8 | (9 | ) | |||||||
Comprehensive Income | $ | 736 | $ | 713 | $ | 623 |
In Millions | ||||||||||||
Years Ended December 31 | 2019 | 2018 | 2017 | |||||||||
Cash Flows from Operating Activities | ||||||||||||
Net income | $ | 743 | $ | 705 | $ | 632 | ||||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||||||
Depreciation and amortization | 975 | 921 | 872 | |||||||||
Deferred income taxes and investment tax credits | 37 | 123 | 163 | |||||||||
Bad debt expense | 29 | 29 | 29 | |||||||||
Other non‑cash operating activities and reconciling adjustments | (32 | ) | 13 | 59 | ||||||||
Postretirement benefits contributions | (7 | ) | (242 | ) | (8 | ) | ||||||
Cash provided by (used in) changes in assets and liabilities | ||||||||||||
Accounts and notes receivable and accrued revenue | 8 | (26 | ) | (63 | ) | |||||||
Inventories | 40 | 15 | (45 | ) | ||||||||
Accounts payable and accrued rate refunds | (63 | ) | 12 | 43 | ||||||||
Other current and non-current assets and liabilities | (129 | ) | (101 | ) | 33 | |||||||
Net cash provided by operating activities | 1,601 | 1,449 | 1,715 | |||||||||
Cash Flows from Investing Activities | ||||||||||||
Capital expenditures (excludes assets placed under finance lease) | (2,085 | ) | (1,822 | ) | (1,632 | ) | ||||||
Proceeds from DB SERP investments | — | 106 | — | |||||||||
DB SERP investment in note receivable – related party | — | (106 | ) | — | ||||||||
Proceeds from sale of transmission equipment | 77 | — | — | |||||||||
Cost to retire property and other investing activities | (129 | ) | (149 | ) | (119 | ) | ||||||
Net cash used in investing activities | (2,137 | ) | (1,971 | ) | (1,751 | ) | ||||||
Cash Flows from Financing Activities | ||||||||||||
Proceeds from issuance of debt | 993 | 2,106 | 834 | |||||||||
Retirement of debt | (541 | ) | (1,193 | ) | (555 | ) | ||||||
Decrease in notes payable | (7 | ) | (73 | ) | (228 | ) | ||||||
Stockholder contribution | 675 | 250 | 450 | |||||||||
Payment of dividends on common and preferred stock | (594 | ) | (533 | ) | (524 | ) | ||||||
Debt prepayment costs | (8 | ) | (20 | ) | (4 | ) | ||||||
Other financing costs | (10 | ) | (24 | ) | (24 | ) | ||||||
Net cash provided by (used in) financing activities | 508 | 513 | (51 | ) | ||||||||
Net Decrease in Cash and Cash Equivalents, Including Restricted Amounts | (28 | ) | (9 | ) | (87 | ) | ||||||
Cash and Cash Equivalents, Including Restricted Amounts, Beginning of Period | 56 | 65 | 152 | |||||||||
Cash and Cash Equivalents, Including Restricted Amounts, End of Period | $ | 28 | $ | 56 | $ | 65 |
In Millions | ||||||||||||
Years Ended December 31 | 2019 | 2018 | 2017 | |||||||||
Other cash flow activities and non‑cash investing and financing activities | ||||||||||||
Cash transactions | ||||||||||||
Interest paid (net of amounts capitalized) | $ | 279 | $ | 287 | $ | 266 | ||||||
Income taxes paid (refunds received), net | 132 | 156 | (1 | ) | ||||||||
Non‑cash transactions | ||||||||||||
Capital expenditures not paid | 160 | 143 | 160 | |||||||||
Other assets placed under finance lease | — | — | 3 |
ASSETS | ||||||||
In Millions | ||||||||
December 31 | 2019 | 2018 | ||||||
Current Assets | ||||||||
Cash and cash equivalents | $ | 11 | $ | 39 | ||||
Restricted cash and cash equivalents | 17 | 17 | ||||||
Accounts receivable and accrued revenue, less allowances of $20 in both periods | 827 | 855 | ||||||
Accounts and notes receivable – related parties | 9 | 15 | ||||||
Accrued gas revenue | — | 16 | ||||||
Inventories at average cost | ||||||||
Gas in underground storage | 399 | 450 | ||||||
Materials and supplies | 135 | 137 | ||||||
Generating plant fuel stock | 63 | 52 | ||||||
Deferred property taxes | 305 | 279 | ||||||
Regulatory assets | 33 | 37 | ||||||
Prepayments and other current assets | 73 | 83 | ||||||
Total current assets | 1,872 | 1,980 | ||||||
Plant, Property, and Equipment | ||||||||
Plant, property, and equipment, gross | 24,963 | 23,963 | ||||||
Less accumulated depreciation and amortization | 7,272 | 6,958 | ||||||
Plant, property, and equipment, net | 17,691 | 17,005 | ||||||
Construction work in progress | 879 | 756 | ||||||
Total plant, property, and equipment | 18,570 | 17,761 | ||||||
Other Non-current Assets | ||||||||
Regulatory assets | 2,489 | 1,743 | ||||||
Accounts receivable | 29 | 27 | ||||||
Accounts and notes receivable – related parties | 102 | 104 | ||||||
Other | 637 | 410 | ||||||
Total other non-current assets | 3,257 | 2,284 | ||||||
Total Assets | $ | 23,699 | $ | 22,025 |
LIABILITIES AND EQUITY | ||||||||
In Millions | ||||||||
December 31 | 2019 | 2018 | ||||||
Current Liabilities | ||||||||
Current portion of long-term debt, finance leases, and other financing | $ | 221 | $ | 48 | ||||
Notes payable | 90 | 97 | ||||||
Accounts payable | 593 | 685 | ||||||
Accounts payable – related parties | 20 | 14 | ||||||
Accrued rate refunds | 35 | 4 | ||||||
Accrued interest | 67 | 59 | ||||||
Accrued taxes | 481 | 436 | ||||||
Regulatory liabilities | 87 | 155 | ||||||
Other current liabilities | 118 | 120 | ||||||
Total current liabilities | 1,712 | 1,618 | ||||||
Non-current Liabilities | ||||||||
Long-term debt | 7,048 | 6,779 | ||||||
Non-current portion of finance leases and other financing | 76 | 69 | ||||||
Regulatory liabilities | 3,742 | 3,681 | ||||||
Postretirement benefits | 622 | 392 | ||||||
Asset retirement obligations | 474 | 428 | ||||||
Deferred investment tax credit | 120 | 99 | ||||||
Deferred income taxes | 1,864 | 1,809 | ||||||
Other non-current liabilities | 304 | 230 | ||||||
Total non-current liabilities | 14,250 | 13,487 | ||||||
Commitments and Contingencies (Notes 3 and 4) | ||||||||
Equity | ||||||||
Common stockholder’s equity | ||||||||
Common stock, authorized 125.0 shares; outstanding 84.1 shares in both periods | 841 | 841 | ||||||
Other paid-in capital | 5,374 | 4,699 | ||||||
Accumulated other comprehensive loss | (28 | ) | (21 | ) | ||||
Retained earnings | 1,513 | 1,364 | ||||||
Total common stockholder’s equity | 7,700 | 6,883 | ||||||
Cumulative preferred stock, $4.50 series | 37 | 37 | ||||||
Total equity | 7,737 | 6,920 | ||||||
Total Liabilities and Equity | $ | 23,699 | $ | 22,025 |
In Millions, Except Number of Shares in Thousands and Per Share Amounts | In Millions, Except Number of Shares in Thousands and Per Share Amounts | ||||||||||||||||||||||||||||||||||||||||
Number of Shares | |||||||||||||||||||||||||||||||||||||||||
In Millions | |||||||||||||||||||||||||||||||||||||||||
Years Ended December 31 | 2019 | 2018 | 2017 | Years Ended December 31 | 2020 | 2019 | 2018 | 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||
Total Equity at Beginning of Period | $ | 6,920 | $ | 6,488 | $ | 5,939 | Total Equity at Beginning of Period | $ | 5,055 | $ | 4,792 | $ | 4,478 | ||||||||||||||||||||||||||||
Common Stock | Common Stock | ||||||||||||||||||||||||||||||||||||||||
At beginning and end of period | 841 | 841 | 841 | At beginning and end of period | 3 | 3 | 3 | ||||||||||||||||||||||||||||||||||
Other Paid-in Capital | Other Paid-in Capital | ||||||||||||||||||||||||||||||||||||||||
At beginning of period | 4,699 | 4,449 | 3,999 | At beginning of period | 283,864 | 283,374 | 281,647 | 5,113 | 5,088 | 5,019 | |||||||||||||||||||||||||||||||
Stockholder contribution | 675 | 250 | 450 | ||||||||||||||||||||||||||||||||||||||
Common stock issued | Common stock issued | 5,609 | 710 | 1,554 | 265 | 35 | 59 | ||||||||||||||||||||||||||||||||||
Common stock repurchased | Common stock repurchased | (216) | (181) | (224) | (13) | (10) | (10) | ||||||||||||||||||||||||||||||||||
Common stock reissued | Common stock reissued | 12 | 8 | 423 | 1 | 0 | 20 | ||||||||||||||||||||||||||||||||||
Common stock reacquired | Common stock reacquired | (329) | (47) | (26) | (1) | 0 | 0 | ||||||||||||||||||||||||||||||||||
At end of period | 5,374 | 4,699 | 4,449 | At end of period | 288,940 | 283,864 | 283,374 | 5,365 | 5,113 | 5,088 | |||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss | ||||||||||||||||||||||||||||||||||||||||
At beginning of period | (21 | ) | (12 | ) | (3 | ) | At beginning of period | (73) | (65) | (50) | |||||||||||||||||||||||||||||||
Retirement benefits liability | Retirement benefits liability | ||||||||||||||||||||||||||||||||||||||||
At beginning of period | (21 | ) | (24 | ) | (21 | ) | At beginning of period | (69) | (63) | (50) | |||||||||||||||||||||||||||||||
Cumulative effect of change in accounting principle | — | (5 | ) | — | Cumulative effect of change in accounting principle | 0 | 0 | (11) | |||||||||||||||||||||||||||||||||
Net gain (loss) arising during the period | (8 | ) | 6 | (4 | ) | ||||||||||||||||||||||||||||||||||||
Net loss arising during the period | Net loss arising during the period | (15) | (7) | (4) | |||||||||||||||||||||||||||||||||||||
Settlement arising during the period | Settlement arising during the period | 1 | 0 | 0 | |||||||||||||||||||||||||||||||||||||
Prior service credit adjustment | Prior service credit adjustment | (1) | 0 | (1) | |||||||||||||||||||||||||||||||||||||
Amortization of net actuarial loss | 1 | 2 | 1 | Amortization of net actuarial loss | 5 | 3 | 4 | ||||||||||||||||||||||||||||||||||
Amortization of prior service credit | Amortization of prior service credit | (1) | (2) | (1) | |||||||||||||||||||||||||||||||||||||
At end of period | (28 | ) | (21 | ) | (24 | ) | At end of period | (80) | (69) | (63) | |||||||||||||||||||||||||||||||
Investments | |||||||||||||||||||||||||||||||||||||||||
Derivative instruments | Derivative instruments | ||||||||||||||||||||||||||||||||||||||||
At beginning of period | — | 12 | 18 | At beginning of period | (4) | (2) | 0 | ||||||||||||||||||||||||||||||||||
Cumulative effect of change in accounting principle | — | (12 | ) | — | |||||||||||||||||||||||||||||||||||||
Unrealized gain (loss) on investments | — | (1 | ) | 3 | |||||||||||||||||||||||||||||||||||||
Unrealized loss on derivative instruments | Unrealized loss on derivative instruments | (4) | (3) | (2) | |||||||||||||||||||||||||||||||||||||
Reclassification adjustments included in net income | — | 1 | (9 | ) | Reclassification adjustments included in net income | 2 | 1 | 0 | |||||||||||||||||||||||||||||||||
At end of period | — | — | 12 | At end of period | (6) | (4) | (2) | ||||||||||||||||||||||||||||||||||
At end of period | (28 | ) | (21 | ) | (12 | ) | At end of period | (86) | (73) | (65) | |||||||||||||||||||||||||||||||
Retained Earnings | |||||||||||||||||||||||||||||||||||||||||
At beginning of period | 1,364 | 1,173 | 1,065 | ||||||||||||||||||||||||||||||||||||||
Cumulative effect of change in accounting principle | — | 19 | — | ||||||||||||||||||||||||||||||||||||||
Net income | 743 | 705 | 632 | ||||||||||||||||||||||||||||||||||||||
Dividends declared on common stock | (592 | ) | (531 | ) | (522 | ) | |||||||||||||||||||||||||||||||||||
Dividends declared on preferred stock | (2 | ) | (2 | ) | (2 | ) | |||||||||||||||||||||||||||||||||||
At end of period | 1,513 | 1,364 | 1,173 | ||||||||||||||||||||||||||||||||||||||
Cumulative Preferred Stock | |||||||||||||||||||||||||||||||||||||||||
At beginning and end of period | 37 | 37 | 37 | ||||||||||||||||||||||||||||||||||||||
Total Equity at End of Period | $ | 7,737 | $ | 6,920 | $ | 6,488 |
In Millions, Except Number of Shares in Thousands and Per Share Amounts | |||||||||||||||||||||||||||||
Number of Shares | |||||||||||||||||||||||||||||
Years Ended December 31 | 2020 | 2019 | 2018 | 2020 | 2019 | 2018 | |||||||||||||||||||||||
Retained Earnings (Accumulated Deficit) | |||||||||||||||||||||||||||||
At beginning of period | (25) | (271) | (531) | ||||||||||||||||||||||||||
Cumulative effect of change in accounting principle | (51) | 0 | 8 | ||||||||||||||||||||||||||
Net income attributable to CMS Energy | 755 | 680 | 657 | ||||||||||||||||||||||||||
Dividends declared on common stock | (465) | (434) | (405) | ||||||||||||||||||||||||||
At end of period | 214 | (25) | (271) | ||||||||||||||||||||||||||
Noncontrolling Interests | |||||||||||||||||||||||||||||
At beginning of period | 37 | 37 | 37 | ||||||||||||||||||||||||||
Impact of purchase and consolidation of VIE | 101 | 0 | 0 | ||||||||||||||||||||||||||
Sale of membership interest in VIE to tax equity investor | 417 | 0 | 0 | ||||||||||||||||||||||||||
Contribution from noncontrolling interest | 31 | 0 | 0 | ||||||||||||||||||||||||||
Income (loss) attributable to noncontrolling interests | (3) | 2 | 2 | ||||||||||||||||||||||||||
Distributions and other changes in noncontrolling interests | (2) | (2) | (2) | ||||||||||||||||||||||||||
At end of period | 581 | 37 | 37 | ||||||||||||||||||||||||||
Total Equity at End of Period | $ | 6,077 | $ | 5,055 | $ | 4,792 | |||||||||||||||||||||||
Dividends declared per common share | $ | 1.63 | $ | 1.53 | $ | 1.43 |
In Millions | ||||||||||||||||||||
Years Ended December 31 | 2020 | 2019 | 2018 | |||||||||||||||||
Operating Revenue | $ | 6,189 | $ | 6,376 | $ | 6,464 | ||||||||||||||
Operating Expenses | ||||||||||||||||||||
Fuel for electric generation | 286 | 375 | 407 | |||||||||||||||||
Purchased and interchange power | 1,454 | 1,470 | 1,587 | |||||||||||||||||
Purchased power – related parties | 64 | 75 | 83 | |||||||||||||||||
Cost of gas sold | 568 | 754 | 819 | |||||||||||||||||
Maintenance and other operating expenses | 1,224 | 1,275 | 1,287 | |||||||||||||||||
Depreciation and amortization | 1,023 | 975 | 921 | |||||||||||||||||
General taxes | 349 | 322 | 295 | |||||||||||||||||
Total operating expenses | 4,968 | 5,246 | 5,399 | |||||||||||||||||
Operating Income | 1,221 | 1,130 | 1,065 | |||||||||||||||||
Other Income (Expense) | ||||||||||||||||||||
Interest income | 3 | 5 | 8 | |||||||||||||||||
Interest and dividend income – related parties | 5 | 5 | 2 | |||||||||||||||||
Allowance for equity funds used during construction | 6 | 10 | 6 | |||||||||||||||||
Nonoperating retirement benefits, net | 112 | 85 | 83 | |||||||||||||||||
Other income | 5 | 3 | 2 | |||||||||||||||||
Other expense | (43) | (13) | (30) | |||||||||||||||||
Total other income | 88 | 95 | 71 | |||||||||||||||||
Interest Charges | ||||||||||||||||||||
Interest on long-term debt | 299 | 277 | 276 | |||||||||||||||||
Interest expense – related parties | 12 | 9 | 0 | |||||||||||||||||
Other interest expense | 11 | 15 | 16 | |||||||||||||||||
Allowance for borrowed funds used during construction | (2) | (4) | (3) | |||||||||||||||||
Total interest charges | 320 | 297 | 289 | |||||||||||||||||
Income Before Income Taxes | 989 | 928 | 847 | |||||||||||||||||
Income Tax Expense | 173 | 185 | 142 | |||||||||||||||||
Net Income | 816 | 743 | 705 | |||||||||||||||||
Preferred Stock Dividends | 2 | 2 | 2 | |||||||||||||||||
Net Income Available to Common Stockholder | $ | 814 | $ | 741 | $ | 703 |
In Millions | ||||||||||||||||||||
Years Ended December 31 | 2020 | 2019 | 2018 | |||||||||||||||||
Net Income | $ | 816 | $ | 743 | $ | 705 | ||||||||||||||
Retirement Benefits Liability | ||||||||||||||||||||
Net gain (loss) arising during the period, net of tax of $(3), $(3), and $2 | (9) | (8) | 6 | |||||||||||||||||
Amortization of net actuarial loss, net of tax of $1, $0, and $0 | 1 | 1 | 2 | |||||||||||||||||
Investments | ||||||||||||||||||||
Unrealized loss on investments, net of tax of $0 for all periods | 0 | 0 | (1) | |||||||||||||||||
Reclassification adjustments included in net income, net of tax of $0 for all periods | 0 | 0 | 1 | |||||||||||||||||
Other Comprehensive Income (Loss) | (8) | (7) | 8 | |||||||||||||||||
Comprehensive Income | $ | 808 | $ | 736 | $ | 713 |
In Millions | ||||||||||||||||||||
Years Ended December 31 | 2020 | 2019 | 2018 | |||||||||||||||||
Cash Flows from Operating Activities | ||||||||||||||||||||
Net income | $ | 816 | $ | 743 | $ | 705 | ||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||||||||||||||
Depreciation and amortization | 1,023 | 975 | 921 | |||||||||||||||||
Deferred income taxes and investment tax credits | 177 | 37 | 123 | |||||||||||||||||
Bad debt expense | 33 | 29 | 29 | |||||||||||||||||
Other non‑cash operating activities and reconciling adjustments | (30) | (32) | 13 | |||||||||||||||||
Postretirement benefits contributions | (690) | (7) | (242) | |||||||||||||||||
Cash provided by (used in) changes in assets and liabilities | ||||||||||||||||||||
Accounts and notes receivable and accrued revenue | (46) | 8 | (26) | |||||||||||||||||
Inventories | 26 | 40 | 15 | |||||||||||||||||
Accounts payable and accrued rate refunds | 45 | (63) | 12 | |||||||||||||||||
Other current and non-current assets and liabilities | (136) | (129) | (101) | |||||||||||||||||
Net cash provided by operating activities | 1,218 | 1,601 | 1,449 | |||||||||||||||||
Cash Flows from Investing Activities | ||||||||||||||||||||
Capital expenditures (excludes assets placed under finance lease) | (2,170) | (2,085) | (1,822) | |||||||||||||||||
Proceeds from DB SERP investments | 0 | 0 | 106 | |||||||||||||||||
DB SERP investment in note receivable – related party | (5) | 0 | (106) | |||||||||||||||||
Proceeds from sale of transmission equipment | 58 | 77 | 0 | |||||||||||||||||
Cost to retire property and other investing activities | (129) | (129) | (149) | |||||||||||||||||
Net cash used in investing activities | (2,246) | (2,137) | (1,971) | |||||||||||||||||
Cash Flows from Financing Activities | ||||||||||||||||||||
Proceeds from issuance of debt | 1,954 | 993 | 2,106 | |||||||||||||||||
Retirement of debt | (1,086) | (541) | (1,193) | |||||||||||||||||
Decrease in notes payable | (90) | (7) | (73) | |||||||||||||||||
Increase in notes payable – related parties | 307 | 0 | 0 | |||||||||||||||||
Stockholder contribution | 650 | 675 | 250 | |||||||||||||||||
Payment of dividends on common and preferred stock | (639) | (594) | (533) | |||||||||||||||||
Debt prepayment costs | (43) | (8) | (20) | |||||||||||||||||
Other financing costs | (18) | (10) | (24) | |||||||||||||||||
Net cash provided by financing activities | 1,035 | 508 | 513 | |||||||||||||||||
Net Increase (Decrease) in Cash and Cash Equivalents, Including Restricted Amounts | 7 | (28) | (9) | |||||||||||||||||
Cash and Cash Equivalents, Including Restricted Amounts, Beginning of Period | 28 | 56 | 65 | |||||||||||||||||
Cash and Cash Equivalents, Including Restricted Amounts, End of Period | $ | 35 | $ | 28 | $ | 56 |
In Millions | ||||||||||||||||||||
Years Ended December 31 | 2020 | 2019 | 2018 | |||||||||||||||||
Other Cash Flow Activities and Non‑cash Investing and Financing Activities | ||||||||||||||||||||
Cash transactions | ||||||||||||||||||||
Interest paid (net of amounts capitalized) | $ | 305 | $ | 279 | $ | 287 | ||||||||||||||
Income taxes paid | 51 | 132 | 156 | |||||||||||||||||
Non‑cash transactions | ||||||||||||||||||||
Capital expenditures not paid | 130 | 160 | 143 | |||||||||||||||||
ASSETS | ||||||||||||||
In Millions | ||||||||||||||
December 31 | 2020 | 2019 | ||||||||||||
Current Assets | ||||||||||||||
Cash and cash equivalents | $ | 20 | $ | 11 | ||||||||||
Restricted cash and cash equivalents | 15 | 17 | ||||||||||||
Accounts receivable and accrued revenue, less allowance of $29 in 2020 and $20 in 2019 | 828 | 827 | ||||||||||||
Accounts and notes receivable – related parties | 18 | 9 | ||||||||||||
Inventories at average cost | ||||||||||||||
Gas in underground storage | 353 | 399 | ||||||||||||
Materials and supplies | 149 | 135 | ||||||||||||
Generating plant fuel stock | 67 | 63 | ||||||||||||
Deferred property taxes | 332 | 305 | ||||||||||||
Regulatory assets | 42 | 33 | ||||||||||||
Prepayments and other current assets | 68 | 73 | ||||||||||||
Total current assets | 1,892 | 1,872 | ||||||||||||
Plant, Property, and Equipment | ||||||||||||||
Plant, property, and equipment, gross | 26,757 | 24,963 | ||||||||||||
Less accumulated depreciation and amortization | 7,844 | 7,272 | ||||||||||||
Plant, property, and equipment, net | 18,913 | 17,691 | ||||||||||||
Construction work in progress | 1,058 | 879 | ||||||||||||
Total plant, property, and equipment | 19,971 | 18,570 | ||||||||||||
Other Non-current Assets | ||||||||||||||
Regulatory assets | 2,653 | 2,489 | ||||||||||||
Accounts receivable | 25 | 29 | ||||||||||||
Accounts and notes receivable – related parties | 105 | 102 | ||||||||||||
Other | 753 | 637 | ||||||||||||
Total other non-current assets | 3,536 | 3,257 | ||||||||||||
Total Assets | $ | 25,399 | $ | 23,699 |
LIABILITIES AND EQUITY | ||||||||||||||
In Millions | ||||||||||||||
December 31 | 2020 | 2019 | ||||||||||||
Current Liabilities | ||||||||||||||
Current portion of long-term debt, finance leases, and other financing | $ | 384 | $ | 221 | ||||||||||
Notes payable | 0 | 90 | ||||||||||||
Notes payable – related parties | 307 | 0 | ||||||||||||
Accounts payable | 636 | 593 | ||||||||||||
Accounts payable – related parties | 7 | 20 | ||||||||||||
Accrued rate refunds | 20 | 35 | ||||||||||||
Accrued interest | 72 | 67 | ||||||||||||
Accrued taxes | 458 | 481 | ||||||||||||
Regulatory liabilities | 151 | 87 | ||||||||||||
Other current liabilities | 104 | 118 | ||||||||||||
Total current liabilities | 2,139 | 1,712 | ||||||||||||
Non-current Liabilities | ||||||||||||||
Long-term debt | 7,742 | 7,048 | ||||||||||||
Non-current portion of finance leases and other financing | 56 | 76 | ||||||||||||
Regulatory liabilities | 3,744 | 3,742 | ||||||||||||
Postretirement benefits | 112 | 622 | ||||||||||||
Asset retirement obligations | 530 | 474 | ||||||||||||
Deferred investment tax credit | 115 | 120 | ||||||||||||
Deferred income taxes | 2,094 | 1,864 | ||||||||||||
Other non-current liabilities | 311 | 304 | ||||||||||||
Total non-current liabilities | 14,704 | 14,250 | ||||||||||||
Commitments and Contingencies (Notes 3 and 4) | 0 | 0 | ||||||||||||
Equity | ||||||||||||||
Common stockholder’s equity | ||||||||||||||
Common stock, authorized 125.0 shares; outstanding 84.1 shares in both periods | 841 | 841 | ||||||||||||
Other paid-in capital | 6,024 | 5,374 | ||||||||||||
Accumulated other comprehensive loss | (36) | (28) | ||||||||||||
Retained earnings | 1,690 | 1,513 | ||||||||||||
Total common stockholder’s equity | 8,519 | 7,700 | ||||||||||||
Cumulative preferred stock, $4.50 series | 37 | 37 | ||||||||||||
Total equity | 8,556 | 7,737 | ||||||||||||
Total Liabilities and Equity | $ | 25,399 | $ | 23,699 |
In Millions | |||||||||||||||||||||||||||||||||||
Years Ended December 31 | 2020 | 2019 | 2018 | ||||||||||||||||||||||||||||||||
Total Equity at Beginning of Period | $ | 7,737 | $ | 6,920 | $ | 6,488 | |||||||||||||||||||||||||||||
Common Stock | |||||||||||||||||||||||||||||||||||
At beginning and end of period | 841 | 841 | 841 | ||||||||||||||||||||||||||||||||
Other Paid-in Capital | |||||||||||||||||||||||||||||||||||
At beginning of period | 5,374 | 4,699 | 4,449 | ||||||||||||||||||||||||||||||||
Stockholder contribution | 650 | 675 | 250 | ||||||||||||||||||||||||||||||||
At end of period | 6,024 | 5,374 | 4,699 | ||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss | |||||||||||||||||||||||||||||||||||
At beginning of period | (28) | (21) | (12) | ||||||||||||||||||||||||||||||||
Retirement benefits liability | |||||||||||||||||||||||||||||||||||
At beginning of period | (28) | (21) | (24) | ||||||||||||||||||||||||||||||||
Cumulative effect of change in accounting principle | 0 | 0 | (5) | ||||||||||||||||||||||||||||||||
Net gain (loss) arising during the period | (9) | (8) | 6 | ||||||||||||||||||||||||||||||||
Amortization of net actuarial loss | 1 | 1 | 2 | ||||||||||||||||||||||||||||||||
At end of period | (36) | (28) | (21) | ||||||||||||||||||||||||||||||||
Investments | |||||||||||||||||||||||||||||||||||
At beginning of period | 0 | 0 | 12 | ||||||||||||||||||||||||||||||||
Cumulative effect of change in accounting principle | 0 | 0 | (12) | ||||||||||||||||||||||||||||||||
Unrealized loss on investments | 0 | 0 | (1) | ||||||||||||||||||||||||||||||||
Reclassification adjustments included in net income | 0 | 0 | 1 | ||||||||||||||||||||||||||||||||
At end of period | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||
At end of period | (36) | (28) | (21) | ||||||||||||||||||||||||||||||||
Retained Earnings | |||||||||||||||||||||||||||||||||||
At beginning of period | 1,513 | 1,364 | 1,173 | ||||||||||||||||||||||||||||||||
Cumulative effect of change in accounting principle | 0 | 0 | 19 | ||||||||||||||||||||||||||||||||
Net income | 816 | 743 | 705 | ||||||||||||||||||||||||||||||||
Dividends declared on common stock | (637) | (592) | (531) | ||||||||||||||||||||||||||||||||
Dividends declared on preferred stock | (2) | (2) | (2) | ||||||||||||||||||||||||||||||||
At end of period | 1,690 | 1,513 | 1,364 | ||||||||||||||||||||||||||||||||
Cumulative Preferred Stock | |||||||||||||||||||||||||||||||||||
At beginning and end of period | 37 | 37 | 37 | ||||||||||||||||||||||||||||||||
Total Equity at End of Period | $ | 8,556 | $ | 7,737 | $ | 6,920 |
In Millions | ||||||||||||||||||||
December 31 | End of Recovery or Refund Period | 2020 | 2019 | |||||||||||||||||
Regulatory assets | ||||||||||||||||||||
Current | ||||||||||||||||||||
Energy waste reduction plan incentive1 | 2021 | $ | 34 | $ | 33 | |||||||||||||||
Deferred capital spending2 | 2021 | 6 | 0 | |||||||||||||||||
Other | 2021 | 2 | 0 | |||||||||||||||||
Total current regulatory assets | $ | 42 | $ | 33 | ||||||||||||||||
Non-current | ||||||||||||||||||||
Postretirement benefits3 | various | $ | 1,231 | $ | 1,130 | |||||||||||||||
Costs of coal-fueled electric generating units to be retired2 | various | 678 | 667 | |||||||||||||||||
Securitized costs2 | 2029 | 221 | 247 | |||||||||||||||||
ARO4 | various | 216 | 191 | |||||||||||||||||
MGP sites4 | various | 120 | 130 | |||||||||||||||||
Unamortized loss on reacquired debt4 | various | 108 | 70 | |||||||||||||||||
Energy waste reduction plan incentive1 | 2022 | 42 | 34 | |||||||||||||||||
Energy waste reduction plan4 | various | 16 | 10 | |||||||||||||||||
Demand response program4 | various | 10 | 1 | |||||||||||||||||
COVID-19 costs accounting deferral4 | various | 4 | 0 | |||||||||||||||||
Other | various | 7 | 9 | |||||||||||||||||
Total non-current regulatory assets | $ | 2,653 | $ | 2,489 | ||||||||||||||||
Total regulatory assets | $ | 2,695 | $ | 2,522 | ||||||||||||||||
Regulatory liabilities | ||||||||||||||||||||
Current | ||||||||||||||||||||
Income taxes, net | 2021 | $ | 105 | $ | 65 | |||||||||||||||
Reserve for customer refunds | 2021 | 28 | 2 | |||||||||||||||||
Voluntary transmission asset sale gain share | 2021 | 14 | 17 | |||||||||||||||||
Other | 2021 | 4 | 3 | |||||||||||||||||
Total current regulatory liabilities | $ | 151 | $ | 87 | ||||||||||||||||
Non-current | ||||||||||||||||||||
Cost of removal | various | $ | 2,245 | $ | 2,126 | |||||||||||||||
Income taxes, net | various | 1,419 | 1,510 | |||||||||||||||||
Renewable energy grant | 2043 | 49 | 52 | |||||||||||||||||
ARO | various | 11 | 26 | |||||||||||||||||
Renewable energy plan | 2028 | 9 | 17 | |||||||||||||||||
Other | various | 11 | 11 | |||||||||||||||||
Total non-current regulatory liabilities | $ | 3,744 | $ | 3,742 | ||||||||||||||||
Total regulatory liabilities | $ | 3,895 | $ | 3,829 |
In Millions | ||||||||||
December 31 | End of Recovery or Refund Period | 2019 | 2018 | |||||||
Regulatory assets | ||||||||||
Current | ||||||||||
Energy waste reduction plan incentive1 | 2020 | $ | 33 | $ | 32 | |||||
Other | 2019 | — | 5 | |||||||
Total current regulatory assets | $ | 33 | $ | 37 | ||||||
Non-current | ||||||||||
Postretirement benefits2 | various | $ | 1,130 | $ | 1,028 | |||||
Costs of coal-fueled electric generating units to be retired3 | various | 667 | — | |||||||
Securitized costs3 | 2029 | 247 | 273 | |||||||
ARO4 | various | 191 | 175 | |||||||
MGP sites4 | various | 130 | 133 | |||||||
Unamortized loss on reacquired debt4 | various | 70 | 68 | |||||||
Energy waste reduction plan incentive1 | 2021 | 34 | 34 | |||||||
Energy waste reduction plan4 | various | 10 | 26 | |||||||
Deferred capital spending4 | various | 3 | — | |||||||
Gas storage inventory adjustments4 | various | 3 | 4 | |||||||
Other | various | 4 | 2 | |||||||
Total non-current regulatory assets | $ | 2,489 | $ | 1,743 | ||||||
Total regulatory assets | $ | 2,522 | $ | 1,780 | ||||||
Regulatory liabilities | ||||||||||
Current | ||||||||||
Income taxes, net | 2020 | $ | 65 | $ | 18 | |||||
Gain to be shared with customers | 2020 | 17 | — | |||||||
Reserve for customer refunds | 2019 | 2 | 36 | |||||||
TCJA reserve for refund | 2019 | — | 98 | |||||||
Other | 2020 | 3 | 3 | |||||||
Total current regulatory liabilities | $ | 87 | $ | 155 | ||||||
Non-current | ||||||||||
Cost of removal | various | $ | 2,126 | $ | 1,966 | |||||
Income taxes, net | various | 1,510 | 1,537 | |||||||
Renewable energy grant | 2043 | 52 | 54 | |||||||
ARO | various | 26 | 38 | |||||||
Renewable energy plan | 2028 | 17 | 42 | |||||||
TCJA reserve for refund | various | — | 35 | |||||||
Other | various | 11 | 9 | |||||||
Total non-current regulatory liabilities | $ | 3,742 | $ | 3,681 | ||||||
Total regulatory liabilities | $ | 3,829 | $ | 3,836 |
In Millions | ||||||||||||||
December 31 | 2020 | 2019 | ||||||||||||
Liabilities | ||||||||||||||
PSCR overrecoveries | $ | 5 | $ | 33 | ||||||||||
GCR overrecoveries | 15 | 2 | ||||||||||||
Accrued rate refunds | $ | 20 | $ | 35 |
In Millions | ||||||||
December 31 | 2019 | 2018 | ||||||
Assets | ||||||||
GCR underrecoveries | $ | — | $ | 16 | ||||
Accrued gas revenue | $ | — | $ | 16 | ||||
Liabilities | ||||||||
PSCR overrecoveries | $ | 33 | $ | 4 | ||||
GCR overrecoveries | 2 | — | ||||||
Accrued rate refunds | $ | 35 | $ | 4 |
In Millions | ||||||||||||||||||||
2020 | 2021 | 2022 | 2023 | 2024 | ||||||||||||||||
CMS Energy | ||||||||||||||||||||
Long-term leachate disposal and operating and maintenance costs | $ | 5 | $ | 4 | $ | 4 | $ | 4 | $ | 4 |
In Millions | ||||||||||||||||||||||||||||||||
2021 | 2022 | 2023 | 2024 | 2025 | ||||||||||||||||||||||||||||
CMS Energy | ||||||||||||||||||||||||||||||||
Long-term leachate disposal and operating and maintenance costs | $ | 4 | $ | 4 | $ | 4 | $ | 4 | $ | 4 |
In Millions | ||||||||||||||||||||
2020 | 2021 | 2022 | 2023 | 2024 | ||||||||||||||||
Consumers | ||||||||||||||||||||
Remediation and other response activity costs | $ | 12 | $ | 8 | $ | 20 | $ | 11 | $ | 2 |
In Millions | ||||||||||||||||||||||||||||||||
2021 | 2022 | 2023 | 2024 | 2025 | ||||||||||||||||||||||||||||
Consumers | ||||||||||||||||||||||||||||||||
Remediation and other response activity costs | $ | 3 | $ | 9 | $ | 23 | $ | 10 | $ | 1 |
In Millions | ||||||||||||||||||||
Guarantee Description | Issue Date | Expiration Date | Maximum Obligation | Carrying Amount | ||||||||||||||||
CMS Energy, including Consumers | ||||||||||||||||||||
Indemnity obligations from purchase of VIE1 | September 2020 | indefinite | $ | 349 | $ | 0 | ||||||||||||||
Indemnity obligations from stock and asset sale agreements2 | various | indefinite | 153 | 2 | ||||||||||||||||
Guarantee3 | July 2011 | indefinite | 30 | 0 | ||||||||||||||||
Consumers | ||||||||||||||||||||
Guarantee3 | July 2011 | indefinite | $ | 30 | $ | 0 |
In Millions | ||||||||||
Guarantee Description | Issue Date | Expiration Date | Maximum Obligation | Carrying Amount | ||||||
CMS Energy, including Consumers | ||||||||||
Indemnity obligations from stock and asset sale agreements1 | various | indefinite | $ | 153 | $ | 2 | ||||
Guarantees2 | various | indefinite | 36 | — | ||||||
Consumers | ||||||||||
Guarantee2 | July 2011 | indefinite | $ | 30 | $ | — |
3This obligation comprises a guarantee provided by Consumers to the U.S. Department of Energy in connection with a settlement agreement regarding damages resulting from the department’s failure to accept spent nuclear fuel from nuclear power plants formerly owned by Consumers. |
In Millions | In Millions | In Millions | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Payments Due | Payments Due | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | 2020 | 2021 | 2022 | 2023 | 2024 | Beyond 2024 | Total | 2021 | 2022 | 2023 | 2024 | 2025 | Beyond 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CMS Energy, including Consumers | CMS Energy, including Consumers | CMS Energy, including Consumers | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total PPAs | $ | 9,336 | $ | 1,030 | $ | 1,035 | $ | 750 | $ | 608 | $ | 605 | $ | 5,308 | Total PPAs | $ | 8,898 | $ | 1,057 | $ | 791 | $ | 731 | $ | 784 | $ | 732 | $ | 4,803 | |||||||||||||||||||||||||||||||||||||||||||
Other | 3,244 | 1,685 | 520 | 451 | 210 | 199 | 179 | Other | 3,179 | 1,391 | 871 | 265 | 199 | 171 | 282 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumers | Consumers | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
PPAs | PPAs | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
MCV PPA | $ | 3,295 | $ | 313 | $ | 287 | $ | 272 | $ | 225 | $ | 201 | $ | 1,997 | MCV PPA | $ | 2,815 | $ | 349 | $ | 340 | $ | 358 | $ | 376 | $ | 329 | $ | 1,063 | |||||||||||||||||||||||||||||||||||||||||||
Palisades PPA | 899 | 388 | 398 | 113 | — | — | — | Palisades PPA | 517 | 398 | 119 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Related-party PPAs | 472 | 71 | 72 | 74 | 74 | 75 | 106 | Related-party PPAs | 318 | 58 | 58 | 58 | 58 | 39 | 47 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other PPAs | 4,670 | 258 | 278 | 291 | 309 | 329 | 3,205 | Other PPAs | 5,248 | 252 | 274 | 315 | 350 | 364 | 3,693 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total PPAs | $ | 9,336 | $ | 1,030 | $ | 1,035 | $ | 750 | $ | 608 | $ | 605 | $ | 5,308 | Total PPAs | $ | 8,898 | $ | 1,057 | $ | 791 | $ | 731 | $ | 784 | $ | 732 | $ | 4,803 | |||||||||||||||||||||||||||||||||||||||||||
Other | 2,865 | 1,638 | 477 | 413 | 174 | 162 | 1 | Other | 2,605 | 1,333 | 777 | 207 | 154 | 130 | 4 |
In Millions | ||||||||||||||||||||||||||
Interest Rate (%) | Maturity | 2020 | 2019 | |||||||||||||||||||||||
CMS Energy, including Consumers | ||||||||||||||||||||||||||
CMS Energy, parent only | ||||||||||||||||||||||||||
Senior notes | 5.050 | 2022 | $ | 0 | $ | 300 | ||||||||||||||||||||
3.875 | 2024 | 250 | 250 | |||||||||||||||||||||||
3.600 | 2025 | 250 | 250 | |||||||||||||||||||||||
3.000 | 2026 | 300 | 300 | |||||||||||||||||||||||
2.950 | 2027 | 275 | 275 | |||||||||||||||||||||||
3.450 | 2027 | 350 | 350 | |||||||||||||||||||||||
4.700 | 2043 | 250 | 250 | |||||||||||||||||||||||
4.875 | 2044 | 300 | 300 | |||||||||||||||||||||||
$ | 1,975 | $ | 2,275 | |||||||||||||||||||||||
Term loan facility | variable | 1 | 2021 | 200 | 0 | |||||||||||||||||||||
Junior subordinated notes2 | 4.750 | 2050 | 500 | 0 | ||||||||||||||||||||||
3.750 | 2050 | 400 | 0 | |||||||||||||||||||||||
5.625 | 2078 | 200 | 200 | |||||||||||||||||||||||
5.875 | 2078 | 280 | 280 | |||||||||||||||||||||||
5.875 | 2079 | 630 | 630 | |||||||||||||||||||||||
$ | 2,010 | $ | 1,110 | |||||||||||||||||||||||
Total CMS Energy, parent only | $ | 4,185 | $ | 3,385 | ||||||||||||||||||||||
Consumers | 8,197 | 7,322 | ||||||||||||||||||||||||
CMS Enterprises, including subsidiaries | ||||||||||||||||||||||||||
Term loan facility | variable | 3 | 2025 | 85 | 92 | |||||||||||||||||||||
EnerBank | ||||||||||||||||||||||||||
Certificates of deposit | 1.621 | 4 | 2021-2028 | 2,805 | 2,389 | |||||||||||||||||||||
Total principal amount outstanding | $ | 15,272 | $ | 13,188 | ||||||||||||||||||||||
Current amounts | (1,486) | (1,111) | ||||||||||||||||||||||||
Unamortized discounts | (33) | (27) | ||||||||||||||||||||||||
Unamortized issuance costs | (119) | (99) | ||||||||||||||||||||||||
Total long-term debt | $ | 13,634 | $ | 11,951 |
In Millions | ||||||||||||
Interest Rate (%) | Maturity | 2019 | 2018 | |||||||||
CMS Energy, including Consumers | ||||||||||||
CMS Energy, parent only | ||||||||||||
Senior notes | 5.050 | 2022 | $ | 300 | $ | 300 | ||||||
3.875 | 2024 | 250 | 250 | |||||||||
3.600 | 2025 | 250 | 250 | |||||||||
3.000 | 2026 | 300 | 300 | |||||||||
2.950 | 2027 | 275 | 275 | |||||||||
3.450 | 2027 | 350 | 350 | |||||||||
4.700 | 2043 | 250 | 250 | |||||||||
4.875 | 2044 | 300 | 300 | |||||||||
Total senior notes | $ | 2,275 | $ | 2,275 | ||||||||
Term loans and revolving credit agreements | variable | 2019 | — | 180 | ||||||||
variable | 2023 | — | 30 | |||||||||
$ | — | $ | 210 | |||||||||
Junior subordinated notes¹ | 5.625 | 2078 | 200 | 200 | ||||||||
5.875 | 2078 | 280 | 280 | |||||||||
5.875 | 2079 | 630 | — | |||||||||
$ | 1,110 | $ | 480 | |||||||||
Total CMS Energy, parent only | $ | 3,385 | $ | 2,965 | ||||||||
CMS Energy subsidiaries | ||||||||||||
CMS Enterprises, including subsidiaries | ||||||||||||
Term loan facility | variable | 2 | 2025 | $ | 92 | $ | 98 | |||||
EnerBank | ||||||||||||
Certificates of deposit | 2.445 | 3 | 2020-2027 | 2,389 | 1,758 | |||||||
Consumers | 7,322 | 6,862 | ||||||||||
Total principal amount outstanding | $ | 13,188 | $ | 11,683 | ||||||||
Current amounts | (1,111 | ) | (974 | ) | ||||||||
Unamortized discounts | (27 | ) | (21 | ) | ||||||||
Unamortized issuance costs | (99 | ) | (73 | ) | ||||||||
Total long-term debt | $ | 11,951 | $ | 10,615 |
1At December 31, 2020, the interest rate on the balance of this term loan facility was 0.600 percent, based on an interest rate of one-week LIBOR plus 0.500 percent. |
In Millions | |||||||||||||
Interest Rate (%) | Maturity | 2019 | 2018 | ||||||||||
Consumers | |||||||||||||
First mortgage bonds | 5.650 | 2020 | $ | — | $ | 300 | |||||||
3.770 | 2020 | 100 | 100 | ||||||||||
2.850 | 2022 | 375 | 375 | ||||||||||
5.300 | 2022 | 250 | 250 | ||||||||||
3.375 | 2023 | 325 | 325 | ||||||||||
3.125 | 2024 | 250 | 250 | ||||||||||
3.190 | 2024 | 52 | 52 | ||||||||||
3.680 | 2027 | 100 | 100 | ||||||||||
3.390 | 2027 | 35 | 35 | ||||||||||
3.800 | 2028 | 300 | 300 | ||||||||||
3.180 | 2032 | 100 | 100 | ||||||||||
5.800 | 2035 | 175 | 175 | ||||||||||
3.520 | 2037 | 335 | 335 | ||||||||||
4.010 | 2038 | 215 | 215 | ||||||||||
6.170 | 2040 | 50 | 50 | ||||||||||
4.970 | 2040 | 50 | 50 | ||||||||||
4.310 | 2042 | 263 | 263 | ||||||||||
3.950 | 2043 | 425 | 425 | ||||||||||
4.100 | 2045 | 250 | 250 | ||||||||||
3.250 | 2046 | 450 | 450 | ||||||||||
3.950 | 2047 | 350 | 350 | ||||||||||
4.050 | 2048 | 550 | 550 | ||||||||||
4.350 | 2049 | 550 | 550 | ||||||||||
3.750 | 2050 | 300 | — | ||||||||||
3.100 | 2050 | 550 | — | ||||||||||
3.860 | 2052 | 50 | 50 | ||||||||||
4.280 | 2057 | 185 | 185 | ||||||||||
4.350 | 2064 | 250 | 250 | ||||||||||
variable | 1 | 2069 | 76 | — | |||||||||
Total first mortgage bonds | $ | 6,961 | $ | 6,335 | |||||||||
Tax-exempt revenue bonds | variable | 2 | 2035 | 35 | 35 | ||||||||
1.800 | 3 | 2049 | 75 | — | |||||||||
$ | 110 | $ | 35 | ||||||||||
Securitization bonds | 3.220 | 4 | 2025-2029 | 5 | 251 | 277 | |||||||
Revolving credit agreements | variable | 2020-2023 | — | 215 | |||||||||
Total principal amount outstanding | $ | 7,322 | $ | 6,862 | |||||||||
Current amounts | (202 | ) | (26 | ) | |||||||||
Unamortized discounts | (23 | ) | (16 | ) | |||||||||
Unamortized issuance costs | (49 | ) | (41 | ) | |||||||||
Total long-term debt | $ | 7,048 | $ | 6,779 |
In Millions | ||||||||||||||||||||||||||
Interest Rate (%) | Maturity | 2020 | 2019 | |||||||||||||||||||||||
Consumers | ||||||||||||||||||||||||||
First mortgage bonds | 3.770 | 2020 | $ | 0 | $ | 100 | ||||||||||||||||||||
2.850 | 2022 | 0 | 375 | |||||||||||||||||||||||
5.300 | 2022 | 0 | 250 | |||||||||||||||||||||||
0.350 | 2023 | 300 | 0 | |||||||||||||||||||||||
3.375 | 2023 | 325 | 325 | |||||||||||||||||||||||
3.125 | 2024 | 250 | 250 | |||||||||||||||||||||||
3.190 | 2024 | 52 | 52 | |||||||||||||||||||||||
3.680 | 2027 | 100 | 100 | |||||||||||||||||||||||
3.390 | 2027 | 35 | 35 | |||||||||||||||||||||||
3.800 | 2028 | 300 | 300 | |||||||||||||||||||||||
3.180 | 2032 | 100 | 100 | |||||||||||||||||||||||
5.800 | 2035 | 175 | 175 | |||||||||||||||||||||||
3.520 | 2037 | 335 | 335 | |||||||||||||||||||||||
4.010 | 2038 | 215 | 215 | |||||||||||||||||||||||
6.170 | 2040 | 50 | 50 | |||||||||||||||||||||||
4.970 | 2040 | 50 | 50 | |||||||||||||||||||||||
4.310 | 2042 | 263 | 263 | |||||||||||||||||||||||
3.950 | 2043 | 425 | 425 | |||||||||||||||||||||||
4.100 | 2045 | 250 | 250 | |||||||||||||||||||||||
3.250 | 2046 | 450 | 450 | |||||||||||||||||||||||
3.950 | 2047 | 350 | 350 | |||||||||||||||||||||||
4.050 | 2048 | 550 | 550 | |||||||||||||||||||||||
4.350 | 2049 | 550 | 550 | |||||||||||||||||||||||
3.750 | 2050 | 300 | 300 | |||||||||||||||||||||||
3.100 | 2050 | 550 | 550 | |||||||||||||||||||||||
3.500 | 2051 | 575 | 0 | |||||||||||||||||||||||
3.860 | 2052 | 50 | 50 | |||||||||||||||||||||||
4.280 | 2057 | 185 | 185 | |||||||||||||||||||||||
2.500 | 2060 | 525 | 0 | |||||||||||||||||||||||
4.350 | 2064 | 250 | 250 | |||||||||||||||||||||||
variable | 1 | 2069 | 76 | 76 | ||||||||||||||||||||||
variable | 1 | 2070 | 134 | 0 | ||||||||||||||||||||||
variable | 1 | 2070 | 127 | 0 | ||||||||||||||||||||||
$ | 7,897 | $ | 6,961 | |||||||||||||||||||||||
Tax-exempt revenue bonds | variable | 2035 | 0 | 35 | ||||||||||||||||||||||
1.800 | 2 | 2049 | 75 | 75 | ||||||||||||||||||||||
$ | 75 | $ | 110 | |||||||||||||||||||||||
Securitization bonds | 3.250 | 3 | 2025-2029 | 4 | 225 | 251 | ||||||||||||||||||||
Total principal amount outstanding | $ | 8,197 | $ | 7,322 | ||||||||||||||||||||||
Current amounts | (364) | (202) | ||||||||||||||||||||||||
Unamortized discounts | (29) | (23) | ||||||||||||||||||||||||
Unamortized issuance costs | (62) | (49) | ||||||||||||||||||||||||
Total long-term debt | $ | 7,742 | $ | 7,048 |
2The interest rate on these tax‑exempt revenue bonds will reset on October 1, 2024. 3The weighted-average interest rate for Consumers’ securitization bonds issued through its subsidiary, Consumers 2014 Securitization Funding, was 3.250 percent at December 31, 2020 and 3.220 percent at December 31, 2019. 4Principal and interest payments are made semiannually. |
Principal (In Millions) | Interest Rate | Issuance Date | Maturity Date | ||||||||||||||||||||||||||
CMS Energy, parent only | |||||||||||||||||||||||||||||
Term loan facility1 | $ | 300 | variable | February | February 2021 | ||||||||||||||||||||||||
Junior subordinated notes2 | 500 | 4.750 | % | May | June 2050 | ||||||||||||||||||||||||
Junior subordinated notes3 | 400 | 3.750 | % | November | December 2050 | ||||||||||||||||||||||||
Total CMS Energy, parent only | $ | 1,200 | |||||||||||||||||||||||||||
Consumers | |||||||||||||||||||||||||||||
Term loan facility | $ | 300 | variable | January | January 2021 | ||||||||||||||||||||||||
First mortgage bonds | 575 | 3.500 | % | March | August 2051 | ||||||||||||||||||||||||
First mortgage bonds | 525 | 2.500 | % | May | May 2060 | ||||||||||||||||||||||||
First mortgage bonds | 134 | variable | May | May 2070 | |||||||||||||||||||||||||
First mortgage bonds | 127 | variable | October | October 2070 | |||||||||||||||||||||||||
First mortgage bonds | 300 | 0.350 | % | December | June 2023 | ||||||||||||||||||||||||
Total Consumers | $ | 1,961 | |||||||||||||||||||||||||||
Total CMS Energy | $ | 3,161 |
Principal (In Millions) | Interest Rate (%) | Issuance Date | Maturity Date | ||||
CMS Energy, parent only | |||||||
Term loan facility | $ | 300 | variable | January | December 2019 | ||
Junior subordinated notes1 | 630 | 5.875 | February | March 2079 | |||
Term loan facility | 165 | variable | June | June 2020 | |||
Total CMS Energy, parent only | $ | 1,095 | |||||
Consumers | |||||||
First mortgage bonds | $ | 300 | 3.750 | May | February 2050 | ||
First mortgage bonds | 550 | 3.100 | September | August 2050 | |||
First mortgage bonds | 76 | variable | September | September 2069 | |||
Tax-exempt revenue bonds | 75 | 1.800 | October | October 2049 | |||
Total Consumers | $ | 1,001 | |||||
Total CMS Energy | $ | 2,096 |
Principal (In Millions) | Interest Rate | Retirement Date | Maturity Date | ||||||||||||||
CMS Energy, parent only | |||||||||||||||||
Senior notes1 | $ | 300 | 5.050 | % | December | March 2022 | |||||||||||
Total CMS Energy, parent only | $ | 300 | |||||||||||||||
Consumers | |||||||||||||||||
First mortgage bonds | $ | 100 | 3.770 | % | April | October 2020 | |||||||||||
First mortgage bonds | 250 | 5.300 | % | June | September 2022 | ||||||||||||
First mortgage bonds | 375 | 2.850 | % | September | May 2022 | ||||||||||||
Term loan facility | 300 | variable | December | January 2021 | |||||||||||||
Total Consumers | $ | 1,025 | |||||||||||||||
Total CMS Energy | $ | 1,325 |
Principal (In Millions) | Interest Rate (%) | Retirement Date | Maturity Date | |||||
CMS Energy, parent only | ||||||||
Term loan facility | $ | 300 | variable | February | December 2019 | |||
Term loan facility | 180 | variable | February | April 2019 | ||||
Term loan facility | 165 | variable | August-December | June 2020 | ||||
Total CMS Energy, parent only | $ | 645 | ||||||
Consumers | ||||||||
First mortgage bonds | $ | 300 | 5.650 | % | May | April 2020 | ||
Total Consumers | $ | 300 | ||||||
Total CMS Energy | $ | 945 |
In Millions | ||||||||||||||||||||
2020 | 2021 | 2022 | 2023 | 2024 | ||||||||||||||||
CMS Energy, including Consumers | ||||||||||||||||||||
Long-term debt | $ | 1,111 | $ | 538 | $ | 1,354 | $ | 669 | $ | 808 | ||||||||||
Consumers | ||||||||||||||||||||
Long-term debt | $ | 202 | $ | 27 | $ | 653 | $ | 354 | $ | 332 |
In Millions | ||||||||||||||||||||||||||||||||
2021 | 2022 | 2023 | 2024 | 2025 | ||||||||||||||||||||||||||||
CMS Energy, including Consumers | ||||||||||||||||||||||||||||||||
Long-term debt | ||||||||||||||||||||||||||||||||
CMS Energy, parent only | $ | 200 | $ | 0 | $ | 0 | $ | 250 | $ | 250 | ||||||||||||||||||||||
Consumers | 364 | 28 | 654 | 332 | 31 | |||||||||||||||||||||||||||
CMS Enterprises, including subsidiaries | 7 | 8 | 9 | 10 | 51 | |||||||||||||||||||||||||||
EnerBank | 915 | 572 | 477 | 325 | 244 | |||||||||||||||||||||||||||
Total CMS Energy | $ | 1,486 | $ | 608 | $ | 1,140 | $ | 917 | $ | 576 | ||||||||||||||||||||||
Consumers | ||||||||||||||||||||||||||||||||
Long-term debt | $ | 364 | $ | 28 | $ | 654 | $ | 332 | $ | 31 |
In Millions | |||||||||||||||||||||||||||||
Expiration Date | Amount of Facility | Amount Borrowed | Letters of Credit Outstanding | Amount Available | |||||||||||||||||||||||||
CMS Energy, parent only | |||||||||||||||||||||||||||||
June 5, 20231 | $ | 550 | $ | 0 | $ | 18 | $ | 532 | |||||||||||||||||||||
CMS Enterprises, including subsidiaries | |||||||||||||||||||||||||||||
September 25, 20252 | $ | 39 | $ | 0 | $ | 39 | $ | 0 | |||||||||||||||||||||
September 30, 20253 | 18 | 0 | 8 | 10 | |||||||||||||||||||||||||
Consumers4 | |||||||||||||||||||||||||||||
June 5, 2023 | $ | 850 | $ | 0 | $ | 7 | $ | 843 | |||||||||||||||||||||
November 19, 2022 | 250 | 0 | 1 | 249 | |||||||||||||||||||||||||
April 18, 2022 | 30 | 0 | 30 | 0 |
In Millions | ||||||||||||||||
Expiration Date | Amount of Facility | Amount Borrowed | Letters of Credit Outstanding | Amount Available | ||||||||||||
CMS Energy, parent only | ||||||||||||||||
June 5, 20231 | $ | 550 | $ | — | $ | 6 | $ | 544 | ||||||||
CMS Enterprises, including subsidiaries | ||||||||||||||||
September 30, 20252 | $ | 18 | $ | — | $ | 8 | $ | 10 | ||||||||
Consumers3 | ||||||||||||||||
June 5, 2023 | $ | 850 | $ | — | $ | 7 | $ | 843 | ||||||||
November 19, 2021 | 250 | — | 10 | 240 | ||||||||||||
April 18, 2022 | 30 | — | 30 | — |
2This letter of credit facility is available to Aviator Wind Equity Holdings. For more information regarding the acquisition of Aviator Wind Equity Holdings, see Note 21, Variable Interest Entities. 3Under this facility, $8 million is available solely for the purpose of issuing letters of credit. Obligations under this facility are secured by the collateral accounts with the lending bank. There were 0 borrowings under this facility during the year ended December 31, 2020. 4Obligations under these facilities are secured by first mortgage bonds of Consumers. During the year ended December 31, 2020, Consumers’ average borrowings totaled less than $1 million with a weighted-average interest rate of 1.425 percent. |
Contract Date | Maturity Date | Number of Shares | Initial Forward Price Per Share | ||||
November 16, 2018 | May 16, 2020 | 2,017,783 | $ | 49.06 | |||
November 20, 2018 | May 20, 2020 | 777,899 | 50.91 | ||||
February 21, 2019 | August 21, 2020 | 2,083,340 | 52.27 |
Forward Price Per Share | ||||||||||||||||||||
Contract Date | Maturity Date | Number of Shares | Initial | December 31, 2020 | ||||||||||||||||
September 15, 2020 | December 31, 2021 | 846,759 | $ | 61.04 | $ | 60.53 | ||||||||||||||
December 22, 2020 | June 22, 2022 | 115,595 | 61.81 | 61.81 |
Par Value | Optional Redemption Price | Number of Shares Authorized | Number of Shares Outstanding | |||||||||
Cumulative, with no mandatory redemption | $ | 100 | $ | 110 | 7,500,000 | 373,148 |
Par Value | Optional Redemption Price | Number of Shares Authorized | Number of Shares Outstanding | |||||||||||||||||
Cumulative, with no mandatory redemption | $ | 100 | $ | 110 | 7,500,000 | 373,148 |
In Millions | |||||||||||||||||||||||||||||
CMS Energy, including Consumers | Consumers | ||||||||||||||||||||||||||||
December 31 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||
Assets1 | |||||||||||||||||||||||||||||
Restricted cash equivalents | $ | 17 | $ | 17 | $ | 15 | $ | 17 | |||||||||||||||||||||
CMS Energy common stock | — | — | 0 | 1 | |||||||||||||||||||||||||
Nonqualified deferred compensation plan assets | 23 | 18 | 18 | 14 | |||||||||||||||||||||||||
Derivative instruments | 1 | 1 | 1 | 1 | |||||||||||||||||||||||||
Total assets | $ | 41 | $ | 36 | $ | 34 | $ | 33 | |||||||||||||||||||||
Liabilities1 | |||||||||||||||||||||||||||||
Nonqualified deferred compensation plan liabilities | $ | 23 | $ | 18 | $ | 18 | $ | 14 | |||||||||||||||||||||
Derivative instruments | 17 | 8 | 0 | 0 | |||||||||||||||||||||||||
Total liabilities | $ | 40 | $ | 26 | $ | 18 | $ | 14 |
In Millions | |||||||||||||||||
CMS Energy, including Consumers | Consumers | ||||||||||||||||
December 31 | 2019 | 2018 | 2019 | 2018 | |||||||||||||
Assets1 | |||||||||||||||||
Cash equivalents | $ | — | $ | 27 | $ | — | $ | — | |||||||||
Restricted cash and cash equivalents | 17 | 21 | 17 | 17 | |||||||||||||
CMS Energy common stock | — | — | 1 | 1 | |||||||||||||
Nonqualified deferred compensation plan assets | 18 | 14 | 14 | 10 | |||||||||||||
Other non-current assets | — | 1 | — | — | |||||||||||||
Derivative instruments | 1 | 1 | 1 | 1 | |||||||||||||
Total | $ | 36 | $ | 64 | $ | 33 | $ | 29 | |||||||||
Liabilities1 | |||||||||||||||||
Nonqualified deferred compensation plan liabilities | $ | 18 | $ | 14 | $ | 14 | $ | 10 | |||||||||
Derivative instruments | 8 | 3 | — | — | |||||||||||||
Total | $ | 26 | $ | 17 | $ | 14 | $ | 10 |
In Millions | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Carrying Amount | Fair Value | Carrying Amount | Fair Value | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total | Level | Total | Level | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
1 | 2 | 3 | 1 | 2 | 3 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CMS Energy, including Consumers | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term receivables1 | $ | 17 | $ | 17 | $ | 0 | $ | 0 | $ | 17 | $ | 20 | $ | 20 | $ | 0 | $ | 0 | $ | 20 | |||||||||||||||||||||||||||||||||||||||||||||
Notes receivable2 | 2,887 | 3,248 | 0 | 0 | 3,248 | 2,500 | 2,652 | 0 | 0 | 2,652 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities held to maturity3 | 28 | 29 | 0 | 29 | 0 | 26 | 26 | 0 | 26 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt4 | 15,120 | 17,512 | 1,249 | 14,178 | 2,085 | 13,062 | 14,185 | 1,197 | 11,048 | 1,940 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term payables5 | 33 | 35 | 0 | 0 | 35 | 30 | 32 | 0 | 0 | 32 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumers | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term receivables1 | $ | 17 | $ | 17 | $ | 0 | $ | 0 | $ | 17 | $ | 20 | $ | 20 | $ | 0 | $ | 0 | $ | 20 | |||||||||||||||||||||||||||||||||||||||||||||
Notes receivable – related party6 | 107 | 107 | 0 | 0 | 107 | 103 | 103 | 0 | 0 | 103 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt7 | 8,106 | 9,801 | 0 | 7,716 | 2,085 | 7,250 | 8,010 | 0 | 6,070 | 1,940 |
In Millions | |||||||||||||||||||||||||||||||||||||||||
December 31, 2019 | December 31, 2018 | ||||||||||||||||||||||||||||||||||||||||
Fair Value | Fair Value | ||||||||||||||||||||||||||||||||||||||||
Carrying | Level | Carrying | Level | ||||||||||||||||||||||||||||||||||||||
Amount | Total | 1 | 2 | 3 | Amount | Total | 1 | 2 | 3 | ||||||||||||||||||||||||||||||||
CMS Energy, including Consumers | |||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||
Long-term receivables1 | $ | 20 | $ | 20 | $ | — | $ | — | $ | 20 | $ | 22 | $ | 22 | $ | — | $ | — | $ | 22 | |||||||||||||||||||||
Notes receivable2 | 2,500 | 2,652 | — | — | 2,652 | 1,857 | 1,967 | — | — | 1,967 | |||||||||||||||||||||||||||||||
Securities held to maturity | 26 | 26 | — | 26 | — | 22 | 21 | — | 21 | — | |||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||
Long-term debt3 | 13,062 | 14,185 | 1,197 | 11,048 | 1,940 | 11,589 | 11,630 | 459 | 9,404 | 1,767 | |||||||||||||||||||||||||||||||
Long-term payables4 | 30 | 32 | — | — | 32 | 27 | 27 | — | — | 27 | |||||||||||||||||||||||||||||||
Consumers | |||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||
Long-term receivables1 | $ | 20 | $ | 20 | $ | — | $ | — | $ | 20 | $ | 22 | $ | 22 | $ | — | $ | — | $ | 22 | |||||||||||||||||||||
Notes receivable – related party5 | 103 | 103 | — | — | 103 | 106 | 106 | — | — | 106 | |||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||
Long-term debt6 | 7,250 | 8,010 | — | 6,070 | 1,940 | 6,805 | 6,833 | — | 5,066 | 1,767 |
In Millions | ||||||||||||
Years Ended December 31 | 2019 | 2018 | 2017 | |||||||||
CMS Energy, including Consumers | ||||||||||||
Proceeds from sales of investment securities | $ | — | $ | 142 | $ | 145 | ||||||
Consumers | ||||||||||||
Proceeds from sales of investment securities | $ | — | $ | 103 | $ | 105 |
In Millions | |||||||||||||||||||||||||||||||||
December 31, 2019 | December 31, 2018 | ||||||||||||||||||||||||||||||||
Cost | Unrealized Gains | Unrealized Losses | Fair Value | Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||||||||||||||||
CMS Energy | |||||||||||||||||||||||||||||||||
Debt securities | $ | 26 | $ | — | $ | — | $ | 26 | $ | 22 | $ | — | $ | 1 | $ | 21 |
In Millions | ||||||||
December 31 | 2019 | 2018 | ||||||
CMS Energy, including Consumers | ||||||||
Current | ||||||||
EnerBank notes receivable, net of allowance for loan losses | $ | 223 | $ | 233 | ||||
EnerBank notes receivable held for sale | 19 | — | ||||||
Non‑current | ||||||||
EnerBank notes receivable | 2,258 | 1,624 | ||||||
Total notes receivable | $ | 2,500 | $ | 1,857 | ||||
Consumers | ||||||||
Current | ||||||||
DB SERP note receivable – related party | $ | 7 | $ | 7 | ||||
Non‑current | ||||||||
DB SERP note receivable – related party | 96 | 99 | ||||||
Total notes receivable | $ | 103 | $ | 106 |
In Millions | ||||||||||||||
December 31 | 2020 | 2019 | ||||||||||||
CMS Energy, including Consumers | ||||||||||||||
Current | ||||||||||||||
EnerBank notes receivable, net of allowance for loan losses | $ | 275 | $ | 242 | ||||||||||
Non‑current | ||||||||||||||
EnerBank notes receivable, net of allowance for loan losses | 2,612 | 2,258 | ||||||||||||
Total notes receivable | $ | 2,887 | $ | 2,500 | ||||||||||
Consumers | ||||||||||||||
Current | ||||||||||||||
DB SERP note receivable – related party | $ | 7 | $ | 7 | ||||||||||
Non‑current | ||||||||||||||
DB SERP note receivable – related party | 100 | 96 | ||||||||||||
Total notes receivable | $ | 107 | $ | 103 |
In Millions | ||||||||||||||
Years Ended December 31 | 2020 | 2019 | ||||||||||||
Balance at beginning of period | $ | 33 | $ | 24 | ||||||||||
Effects of new accounting standard1 | 62 | 0 | ||||||||||||
Provision for loan losses | 60 | 38 | ||||||||||||
Charge-offs | (39) | (35) | ||||||||||||
Recoveries | 7 | 6 | ||||||||||||
Balance at end of period | $ | 123 | $ | 33 |
In Millions | ||||||||
Years Ended December 31 | 2019 | 2018 | ||||||
Balance at beginning of period | $ | 24 | $ | 20 | ||||
Charge-offs | (35 | ) | (24 | ) | ||||
Recoveries | 6 | 3 | ||||||
Provision for loan losses | 38 | 25 | ||||||
Balance at end of period | $ | 33 | $ | 24 |
In Millions | |||||||||||||||||
December 31 | Estimated Depreciable Life in Years | 2020 | 2019 | ||||||||||||||
CMS Energy, including Consumers | |||||||||||||||||
Plant, property, and equipment, gross | |||||||||||||||||
Consumers | 3 - 125 | $ | 26,757 | $ | 24,963 | ||||||||||||
Enterprises | |||||||||||||||||
Independent power production1 | 3 - 40 | 1,112 | 403 | ||||||||||||||
Other | 3 - 5 | 1 | 2 | ||||||||||||||
EnerBank | 1 - 7 | 37 | 22 | ||||||||||||||
Plant, property, and equipment, gross | $ | 27,907 | $ | 25,390 | |||||||||||||
Construction work in progress | 1,085 | 896 | |||||||||||||||
Accumulated depreciation and amortization | (7,953) | (7,360) | |||||||||||||||
Total plant, property, and equipment2 | $ | 21,039 | $ | 18,926 | |||||||||||||
Consumers | |||||||||||||||||
Plant, property, and equipment, gross | |||||||||||||||||
Electric | |||||||||||||||||
Generation | 22 - 125 | $ | 6,376 | $ | 5,942 | ||||||||||||
Distribution | 20 - 75 | 9,130 | 8,519 | ||||||||||||||
Transmission | 46 - 75 | 0 | 113 | ||||||||||||||
Other | 5 - 50 | 1,326 | 1,258 | ||||||||||||||
Assets under finance leases and other financing3 | 323 | 326 | |||||||||||||||
Gas | |||||||||||||||||
Distribution | 20 - 85 | 5,702 | 5,235 | ||||||||||||||
Transmission | 17 - 75 | 2,003 | 1,752 | ||||||||||||||
Underground storage facilities4 | 27 - 75 | 1,046 | 987 | ||||||||||||||
Other | 5 - 50 | 817 | 797 | ||||||||||||||
Assets under finance leases3 | 13 | 14 | |||||||||||||||
Other non-utility property | 3 - 51 | 21 | 20 | ||||||||||||||
Plant, property, and equipment, gross | $ | 26,757 | $ | 24,963 | |||||||||||||
Construction work in progress | 1,058 | 879 | |||||||||||||||
Accumulated depreciation and amortization | (7,844) | (7,272) | |||||||||||||||
Total plant, property, and equipment2 | $ | 19,971 | $ | 18,570 |
In Millions | |||||||||||
December 31 | Estimated Depreciable Life in Years | 2019 | 2018 | ||||||||
CMS Energy, including Consumers | |||||||||||
Plant, property, and equipment, gross | |||||||||||
Consumers | 3 | — | 125 | $ | 24,963 | $ | 23,963 | ||||
Enterprises | |||||||||||
Independent power production1 | 3 | — | 40 | 403 | 410 | ||||||
Other | 3 | — | 5 | 2 | 2 | ||||||
EnerBank | 1 | — | 7 | 22 | 25 | ||||||
Plant, property, and equipment, gross | $ | 25,390 | $ | 24,400 | |||||||
Construction work in progress | 896 | 763 | |||||||||
Accumulated depreciation and amortization | (7,360 | ) | (7,037 | ) | |||||||
Total plant, property, and equipment | $ | 18,926 | $ | 18,126 | |||||||
Consumers | |||||||||||
Plant, property, and equipment, gross | |||||||||||
Electric | |||||||||||
Generation | 22 | — | 125 | $ | 5,942 | $ | 6,305 | ||||
Distribution | 20 | — | 75 | 8,519 | 7,957 | ||||||
Transmission | 46 | — | 75 | 113 | 154 | ||||||
Other | 5 | — | 50 | 1,258 | 1,316 | ||||||
Assets under finance leases and other financing2 | 326 | 295 | |||||||||
Gas | |||||||||||
Distribution | 20 | — | 85 | 5,235 | 4,651 | ||||||
Transmission | 17 | — | 75 | 1,752 | 1,521 | ||||||
Underground storage facilities3 | 27 | — | 75 | 987 | 910 | ||||||
Other | 5 | — | 50 | 797 | 823 | ||||||
Assets under finance leases2 | 14 | 14 | |||||||||
Other non‑utility property | 3 | — | 51 | 20 | 17 | ||||||
Plant, property, and equipment, gross | $ | 24,963 | $ | 23,963 | |||||||
Construction work in progress | 879 | 756 | |||||||||
Accumulated depreciation and amortization | (7,272 | ) | (6,958 | ) | |||||||
Total plant, property, and equipment4 | $ | 18,570 | $ | 17,761 |
3For information regarding the amortization terms of Consumers’ assets under finance leases and other financing, see Note 10, Leases and Palisades Financing. 4Underground storage includes base natural gas of $26 million at December 31, 2020 and 2019. Base natural gas is not subject to depreciation. |
In Millions | ||||||||||||||||||||||||||||||||
Description | Amortization Life in Years | December 31, 2020 | December 31, 2019 | |||||||||||||||||||||||||||||
Gross Cost1 | Accumulated Amortization | Gross Cost1 | Accumulated Amortization | |||||||||||||||||||||||||||||
CMS Energy, including Consumers | ||||||||||||||||||||||||||||||||
Software development | 1 - 15 | $ | 883 | $ | 577 | $ | 882 | $ | 529 | |||||||||||||||||||||||
Rights of way | 50 - 85 | 197 | 57 | 180 | 55 | |||||||||||||||||||||||||||
Franchises and consents | 5 - 50 | 16 | 10 | 16 | 9 | |||||||||||||||||||||||||||
Leasehold improvements | various2 | 10 | 7 | 9 | 7 | |||||||||||||||||||||||||||
Other intangibles | various | 28 | 16 | 27 | 15 | |||||||||||||||||||||||||||
Total | $ | 1,134 | $ | 667 | $ | 1,114 | $ | 615 | ||||||||||||||||||||||||
Consumers | ||||||||||||||||||||||||||||||||
Software development | 3 - 15 | $ | 856 | $ | 568 | $ | 869 | $ | 521 | |||||||||||||||||||||||
Rights of way | 50 - 85 | 197 | 57 | 180 | 55 | |||||||||||||||||||||||||||
Franchises and consents | 5 - 50 | 16 | 10 | 16 | 9 | |||||||||||||||||||||||||||
Leasehold improvements | various2 | 10 | 7 | 9 | 7 | |||||||||||||||||||||||||||
Other intangibles | various | 25 | 16 | 26 | 15 | |||||||||||||||||||||||||||
Total | $ | 1,104 | $ | 658 | $ | 1,100 | $ | 607 |
In Millions | ||||||||||||||||||||
December 31, 2019 | December 31, 2018 | |||||||||||||||||||
Description | Amortization Life in Years | Gross Cost¹ | Accumulated Amortization | Gross Cost¹ | Accumulated Amortization | |||||||||||||||
CMS Energy, including Consumers | ||||||||||||||||||||
Software development | 1 | — | 15 | $ | 882 | $ | 529 | $ | 1,024 | $ | 603 | |||||||||
Rights of way | 50 | — | 85 | 180 | 55 | 167 | 52 | |||||||||||||
Franchises and consents | 5 | — | 50 | 16 | 9 | 15 | 9 | |||||||||||||
Leasehold improvements | various² | 9 | 7 | 9 | 7 | |||||||||||||||
Other intangibles | various | 27 | 15 | 27 | 15 | |||||||||||||||
Total | $ | 1,114 | $ | 615 | $ | 1,242 | $ | 686 | ||||||||||||
Consumers | ||||||||||||||||||||
Software development | 3 | — | 15 | $ | 869 | $ | 521 | $ | 1,009 | $ | 595 | |||||||||
Rights of way | 50 | — | 85 | 180 | 55 | 167 | 52 | |||||||||||||
Franchises and consents | 5 | — | 50 | 16 | 9 | 15 | 9 | |||||||||||||
Leasehold improvements | various² | 9 | 7 | 9 | 7 | |||||||||||||||
Other intangibles | various | 26 | 15 | 26 | 15 | |||||||||||||||
Total | $ | 1,100 | $ | 607 | $ | 1,226 | $ | 678 |
2Leasehold improvements are amortized over the life of the lease, which may change whenever the lease is renewed or extended. |
Years Ended December 31 | 2019 | 2018 | 2017 | |||
Electric | 6.4 | % | 6.9 | % | 6.8 | % |
Gas | 5.8 | 5.9 | 6.0 |
Years Ended December 31 | 2020 | 2019 | 2018 | ||||||||
Electric | 6.9 | % | 6.4 | % | 6.9 | % | |||||
Gas | 5.7 | 5.8 | 5.9 |
In Millions | ||||||||
Years Ended December 31 | 2019 | 2018 | ||||||
Consumers | ||||||||
Balance at beginning of period | $ | 309 | $ | 312 | ||||
Additions | 26 | — | ||||||
Net retirements and other adjustments | 5 | (3 | ) | |||||
Balance at end of period | $ | 340 | $ | 309 |
In Millions | ||||||||||||||
Years Ended December 31 | 2020 | 2019 | ||||||||||||
Consumers | ||||||||||||||
Balance at beginning of period | $ | 340 | $ | 309 | ||||||||||
Additions | 0 | 26 | ||||||||||||
Net retirements and other adjustments | (4) | 5 | ||||||||||||
Balance at end of period | $ | 336 | $ | 340 |
In Millions | ||||||||
December 31 | 2019 | 2018 | ||||||
CMS Energy, including Consumers | ||||||||
Utility plant assets | $ | 7,269 | $ | 6,956 | ||||
Non‑utility plant assets | 91 | 81 | ||||||
Consumers | ||||||||
Utility plant assets | $ | 7,269 | $ | 6,956 | ||||
Non‑utility plant assets | 3 | 2 |
In Millions | ||||||||||||||
Years Ended December 31 | 2020 | 2019 | ||||||||||||
CMS Energy, including Consumers | ||||||||||||||
Utility plant assets | $ | 7,841 | $ | 7,269 | ||||||||||
Non-utility plant assets | 112 | 91 | ||||||||||||
Consumers | ||||||||||||||
Utility plant assets | $ | 7,841 | $ | 7,269 | ||||||||||
Non-utility plant assets | 3 | 3 |
Years Ended December 31 | 2019 | 2018 | 2017 | ||||||
Electric utility property | 3.9 | % | 3.9 | % | 3.9 | % | |||
Gas utility property | 2.9 | 2.9 | 2.9 | ||||||
Other property | 10.0 | 10.1 | 10.0 |
Years Ended December 31 | 2020 | 2019 | 2018 | ||||||||
Electric utility property | 3.9 | % | 3.9 | % | 3.9 | % | |||||
Gas utility property | 2.9 | 2.9 | 2.9 | ||||||||
Other property | 9.8 | 10.0 | 10.1 |
In Millions | ||||||||||||
Years Ended December 31 | 2019 | 2018 | 2017 | |||||||||
CMS Energy, including Consumers | ||||||||||||
Depreciation expense – plant, property, and equipment | $ | 842 | $ | 778 | $ | 739 | ||||||
Amortization expense | ||||||||||||
Software | 121 | 127 | 114 | |||||||||
Other intangible assets | 3 | 3 | 3 | |||||||||
Securitized regulatory assets | 26 | 25 | 25 | |||||||||
Total depreciation and amortization expense | $ | 992 | $ | 933 | $ | 881 | ||||||
Consumers | ||||||||||||
Depreciation expense – plant, property, and equipment | $ | 827 | $ | 768 | $ | 732 | ||||||
Amortization expense | ||||||||||||
Software | 119 | 125 | 112 | |||||||||
Other intangible assets | 3 | 3 | 3 | |||||||||
Securitized regulatory assets | 26 | 25 | 25 | |||||||||
Total depreciation and amortization expense | $ | 975 | $ | 921 | $ | 872 |
In Millions | ||||||||||||||||||||
Years Ended December 31 | 2020 | 2019 | 2018 | |||||||||||||||||
CMS Energy, including Consumers | ||||||||||||||||||||
Depreciation expense – plant, property, and equipment | $ | 902 | $ | 842 | $ | 778 | ||||||||||||||
Amortization expense | ||||||||||||||||||||
Software | 116 | 121 | 127 | |||||||||||||||||
Other intangible assets | 4 | 3 | 3 | |||||||||||||||||
Securitized regulatory assets | 26 | 26 | 25 | |||||||||||||||||
Total depreciation and amortization expense | $ | 1,048 | $ | 992 | $ | 933 | ||||||||||||||
Consumers | ||||||||||||||||||||
Depreciation expense – plant, property, and equipment | $ | 881 | $ | 827 | $ | 768 | ||||||||||||||
Amortization expense | ||||||||||||||||||||
Software | 112 | 119 | 125 | |||||||||||||||||
Other intangible assets | 4 | 3 | 3 | |||||||||||||||||
Securitized regulatory assets | 26 | 26 | 25 | |||||||||||||||||
Total depreciation and amortization expense | $ | 1,023 | $ | 975 | $ | 921 |
In Millions | In Millions | In Millions | ||||||||||||||||||||||||||||||||||||||||||||||||||
2020 | 2021 | 2022 | 2023 | 2024 | 2021 | 2022 | 2023 | 2024 | 2025 | |||||||||||||||||||||||||||||||||||||||||||
CMS Energy, including Consumers | CMS Energy, including Consumers | |||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible asset amortization expense | $ | 118 | $ | 112 | $ | 107 | $ | 87 | $ | 70 | Intangible asset amortization expense | $ | 120 | $ | 115 | $ | 100 | $ | 89 | $ | 86 | |||||||||||||||||||||||||||||||
Consumers | Consumers | |||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible asset amortization expense | $ | 116 | $ | 110 | $ | 106 | $ | 87 | $ | 70 | Intangible asset amortization expense | $ | 115 | $ | 111 | $ | 97 | $ | 86 | $ | 85 |
In Millions, Except Ownership Share | ||||||||||||
J.H. Campbell Unit 3 | Ludington | Other | ||||||||||
Ownership share | 93.3 | % | 51.0 | % | various | |||||||
Utility plant in service | $ | 1,731 | $ | 486 | $ | 233 | ||||||
Accumulated depreciation | (753 | ) | (166 | ) | (68 | ) | ||||||
Construction work in progress | 16 | 64 | 15 | |||||||||
Net investment | $ | 994 | $ | 384 | $ | 180 |
In Millions, Except Ownership Share | ||||||||||||||||||||
J.H. Campbell Unit 3 | Ludington | Other | ||||||||||||||||||
Ownership share | 93.3 | % | 51.0 | % | various | |||||||||||||||
Utility plant in service | $ | 1,743 | $ | 489 | $ | 381 | ||||||||||||||
Accumulated depreciation | (822) | (188) | (107) | |||||||||||||||||
Construction work in progress | 12 | 78 | 12 | |||||||||||||||||
Net investment | $ | 933 | $ | 379 | $ | 286 |
In Millions, Except as Noted | |||||||||||||||||||||||||||||
CMS Energy, including Consumers | Consumers | ||||||||||||||||||||||||||||
December 31 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||
Operating leases | |||||||||||||||||||||||||||||
Right-of-use assets1 | $ | 34 | $ | 47 | $ | 28 | $ | 40 | |||||||||||||||||||||
Lease liabilities | |||||||||||||||||||||||||||||
Current lease liabilities2 | 9 | 9 | 7 | 8 | |||||||||||||||||||||||||
Non-current lease liabilities3 | 25 | 37 | 21 | 32 | |||||||||||||||||||||||||
Finance leases | |||||||||||||||||||||||||||||
Right-of-use assets | $ | 65 | $ | 71 | $ | 65 | $ | 71 | |||||||||||||||||||||
Lease liabilities4 | |||||||||||||||||||||||||||||
Current lease liabilities | 7 | 6 | 7 | 6 | |||||||||||||||||||||||||
Non-current lease liabilities | 53 | 60 | 53 | 60 | |||||||||||||||||||||||||
Weighted-average remaining lease term (in years) | |||||||||||||||||||||||||||||
Operating leases | 19 | 17 | 18 | 14 | |||||||||||||||||||||||||
Finance leases | 12 | 12 | 12 | 12 | |||||||||||||||||||||||||
Weighted-average discount rate | |||||||||||||||||||||||||||||
Operating leases | 3.9 | % | 3.8 | % | 3.8 | % | 3.7 | % | |||||||||||||||||||||
Finance leases5 | 1.8 | % | 1.9 | % | 1.8 | % | 1.9 | % |
In Millions, Except as Noted | ||||||||
December 31, 2019 | CMS Energy, including Consumers | Consumers | ||||||
Operating leases | ||||||||
Right-of-use assets1 | $ | 47 | $ | 40 | ||||
Lease liabilities | ||||||||
Current lease liabilities2 | 9 | 8 | ||||||
Non‑current lease liabilities3 | 37 | 32 | ||||||
Finance leases | ||||||||
Right-of-use assets | $ | 71 | $ | 71 | ||||
Lease liabilities4 | ||||||||
Current lease liabilities | 6 | 6 | ||||||
Non‑current lease liabilities | 60 | 60 | ||||||
Weighted-average remaining lease term (in years) | ||||||||
Operating leases | 17 | 14 | ||||||
Finance leases | 12 | 12 | ||||||
Weighted-average discount rate | ||||||||
Operating leases | 3.8 | % | 3.7 | % | ||||
Finance leases5 | 1.9 | 1.9 |
In Millions | ||||||||
Year Ended December 31, 2019 | CMS Energy, including Consumers | Consumers | ||||||
Operating lease costs | $ | 11 | $ | 9 | ||||
Finance lease costs | ||||||||
Amortization of right-of-use assets | 6 | 6 | ||||||
Interest on lease liabilities | 18 | 18 | ||||||
Variable lease costs | 95 | 95 | ||||||
Total lease costs | $ | 130 | $ | 128 |
In Millions | ||||||||||||||||||||
Years Ended December 31 | 2020 | 2019 | ||||||||||||||||||
CMS Energy, including Consumers | ||||||||||||||||||||
Operating lease costs | $ | 10 | $ | 11 | ||||||||||||||||
Finance lease costs | ||||||||||||||||||||
Amortization of right-of-use assets | 6 | 6 | ||||||||||||||||||
Interest on lease liabilities | 17 | 18 | ||||||||||||||||||
Variable lease costs | 94 | 95 | ||||||||||||||||||
Short-term lease costs | 17 | 16 | ||||||||||||||||||
Total lease costs | $ | 144 | $ | 146 | ||||||||||||||||
Consumers | ||||||||||||||||||||
Operating lease costs | $ | 9 | $ | 9 | ||||||||||||||||
Finance lease costs | ||||||||||||||||||||
Amortization of right-of-use assets | 6 | 6 | ||||||||||||||||||
Interest on lease liabilities | 17 | 18 | ||||||||||||||||||
Variable lease costs | 94 | 95 | ||||||||||||||||||
Short-term lease costs | 16 | 16 | ||||||||||||||||||
Total lease costs | $ | 142 | $ | 144 |
In Millions | In Millions | In Millions | ||||||||||||||||||||||||||
Year Ended December 31, 2019 | CMS Energy, including Consumers | Consumers | ||||||||||||||||||||||||||
Years Ended December 31 | Years Ended December 31 | 2020 | 2019 | |||||||||||||||||||||||||
CMS Energy, including Consumers | CMS Energy, including Consumers | |||||||||||||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities | Cash paid for amounts included in the measurement of lease liabilities | |||||||||||||||||||||||||||
Cash used in operating activities for operating leases | $ | 11 | $ | 9 | Cash used in operating activities for operating leases | $ | 11 | $ | 11 | |||||||||||||||||||
Cash used in operating activities for finance leases | 18 | 18 | Cash used in operating activities for finance leases | 17 | 18 | |||||||||||||||||||||||
Cash used in financing activities for finance leases | 7 | 7 | Cash used in financing activities for finance leases | 6 | 7 | |||||||||||||||||||||||
Consumers | Consumers | |||||||||||||||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities | Cash paid for amounts included in the measurement of lease liabilities | |||||||||||||||||||||||||||
Cash used in operating activities for operating leases | Cash used in operating activities for operating leases | $ | 9 | $ | 9 | |||||||||||||||||||||||
Cash used in operating activities for finance leases | Cash used in operating activities for finance leases | 17 | 18 | |||||||||||||||||||||||||
Cash used in financing activities for finance leases | Cash used in financing activities for finance leases | 6 | 7 |
In Millions | ||||||||||||||||
Finance Leases | ||||||||||||||||
December 31, 2019 | Operating Leases | Pipelines and PPAs | Other | Total | ||||||||||||
CMS Energy, including Consumers | ||||||||||||||||
2020 | $ | 11 | $ | 17 | $ | 6 | $ | 23 | ||||||||
2021 | 11 | 17 | 6 | 23 | ||||||||||||
2022 | 5 | 14 | 5 | 19 | ||||||||||||
2023 | 3 | 13 | 5 | 18 | ||||||||||||
2024 | 2 | 13 | 3 | 16 | ||||||||||||
2025 and thereafter | 35 | 78 | 12 | 90 | ||||||||||||
Total minimum lease payments | $ | 67 | $ | 152 | $ | 37 | $ | 189 | ||||||||
Less discount | 21 | 119 | 4 | 123 | ||||||||||||
Present value of minimum lease payments | $ | 46 | $ | 33 | $ | 33 | $ | 66 | ||||||||
Consumers | ||||||||||||||||
2020 | $ | 9 | $ | 17 | $ | 6 | $ | 23 | ||||||||
2021 | 9 | 17 | 6 | 23 | ||||||||||||
2022 | 4 | 14 | 5 | 19 | ||||||||||||
2023 | 3 | 13 | 5 | 18 | ||||||||||||
2024 | 2 | 13 | 3 | 16 | ||||||||||||
2025 and thereafter | 29 | 78 | 12 | 90 | ||||||||||||
Total minimum lease payments | $ | 56 | $ | 152 | $ | 37 | $ | 189 | ||||||||
Less discount | 16 | 119 | 4 | 123 | ||||||||||||
Present value of minimum lease payments | $ | 40 | $ | 33 | $ | 33 | $ | 66 |
In Millions | ||||||||||||||||||||||||||
Finance Leases | ||||||||||||||||||||||||||
December 31, 2020 | Operating Leases | Pipelines and PPAs | Other | Total | ||||||||||||||||||||||
CMS Energy, including Consumers | ||||||||||||||||||||||||||
2021 | $ | 10 | $ | 17 | $ | 5 | $ | 22 | ||||||||||||||||||
2022 | 4 | 14 | 5 | 19 | ||||||||||||||||||||||
2023 | 2 | 13 | 5 | 18 | ||||||||||||||||||||||
2024 | 1 | 13 | 3 | 16 | ||||||||||||||||||||||
2025 | 1 | 13 | 1 | 14 | ||||||||||||||||||||||
2026 and thereafter | 34 | 66 | 11 | 77 | ||||||||||||||||||||||
Total minimum lease payments | $ | 52 | $ | 136 | $ | 30 | $ | 166 | ||||||||||||||||||
Less discount | 18 | 103 | 3 | 106 | ||||||||||||||||||||||
Present value of minimum lease payments | $ | 34 | $ | 33 | $ | 27 | $ | 60 | ||||||||||||||||||
Consumers | ||||||||||||||||||||||||||
2021 | $ | 8 | $ | 17 | $ | 5 | $ | 22 | ||||||||||||||||||
2022 | 4 | 14 | 5 | 19 | ||||||||||||||||||||||
2023 | 2 | 13 | 5 | 18 | ||||||||||||||||||||||
2024 | 1 | 13 | 3 | 16 | ||||||||||||||||||||||
2025 | 1 | 13 | 1 | 14 | ||||||||||||||||||||||
2026 and thereafter | 27 | 66 | 11 | 77 | ||||||||||||||||||||||
Total minimum lease payments | $ | 43 | $ | 136 | $ | 30 | $ | 166 | ||||||||||||||||||
Less discount | 15 | 103 | 3 | 106 | ||||||||||||||||||||||
Present value of minimum lease payments | $ | 28 | $ | 33 | $ | 27 | $ | 60 |
In Millions | ||||
December 31, 2019 | ||||
2020 | $ | 55 | ||
2021 | 55 | |||
2022 | 48 | |||
2023 | 43 | |||
2024 | 43 | |||
2025 and thereafter | 62 | |||
Total minimum lease payments | $ | 306 |
In Millions | ||||||||
December 31, 2020 | ||||||||
2021 | $ | 54 | ||||||
2022 | 48 | |||||||
2023 | 43 | |||||||
2024 | 43 | |||||||
2025 | 44 | |||||||
2026 and thereafter | 18 | |||||||
Total minimum lease payments | $ | 250 |
In Millions | ||||
December 31, 2019 | ||||
2020 | $ | 14 | ||
2021 | 14 | |||
2022 | 3 | |||
Total minimum payments | $ | 31 | ||
Less discount | 2 | |||
Financing obligation | $ | 29 | ||
Less current portion | 13 | |||
Non-current portion | $ | 16 |
In Millions | ||||||||
December 31, 2020 | ||||||||
2021 | $ | 14 | ||||||
2022 | 3 | |||||||
Total minimum payments | $ | 17 | ||||||
Less discount | 1 | |||||||
Financing obligation | $ | 16 | ||||||
Less current portion | 13 | |||||||
Non-current portion | $ | 3 |
Company and ARO Description | In-Service Date | Long-Lived Assets | ||||||
CMS Energy, including Consumers | ||||||||
Closure of coal ash disposal areas | various | Generating plants coal ash areas | ||||||
Gas distribution cut, purge, and cap | various | Gas distribution mains and services | ||||||
Asbestos abatement | 1973 | Electric and gas utility plant | ||||||
Closure of renewable generation assets | various | Wind and solar generation facilities | ||||||
Gas wells plug and abandon | various | Gas transmission and storage | ||||||
Consumers | ||||||||
Closure of coal ash disposal areas | various | Generating plants coal ash areas | ||||||
Gas distribution cut, purge, and cap | various | Gas distribution mains and services | ||||||
Asbestos abatement | 1973 | Electric and gas utility plant | ||||||
Closure of renewable generation assets | various | Wind and solar generation facilities | ||||||
Gas wells plug and abandon | various | Gas transmission and storage |
In Millions | ||||||||||||||||||||||||||||||||||||||
Company and ARO Description | ARO Liability 12/31/2019 | Incurred | Settled | Accretion | Cash Flow Revisions | ARO Liability 12/31/2020 | ||||||||||||||||||||||||||||||||
CMS Energy, including Consumers | ||||||||||||||||||||||||||||||||||||||
Consumers | $ | 474 | $ | 46 | $ | (41) | $ | 23 | $ | 28 | $ | 530 | ||||||||||||||||||||||||||
Renewable generation assets | 3 | 19 | 0 | 1 | 0 | 23 | ||||||||||||||||||||||||||||||||
Total CMS Energy | $ | 477 | $ | 65 | $ | (41) | $ | 24 | $ | 28 | $ | 553 | ||||||||||||||||||||||||||
Consumers | ||||||||||||||||||||||||||||||||||||||
Coal ash disposal areas | $ | 166 | $ | 0 | $ | (24) | $ | 6 | $ | 0 | $ | 148 | ||||||||||||||||||||||||||
Gas distribution cut, purge, and cap | 231 | 1 | (5) | 13 | 0 | 240 | ||||||||||||||||||||||||||||||||
Asbestos abatement | 34 | 0 | 0 | 2 | 0 | 36 | ||||||||||||||||||||||||||||||||
Renewable generation assets | 21 | 24 | 0 | 1 | 28 | 74 | ||||||||||||||||||||||||||||||||
Gas wells plug and abandon | 22 | 16 | (7) | 1 | 0 | 32 | ||||||||||||||||||||||||||||||||
Cable under Straits of Mackinac1 | 0 | 5 | (5) | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||
Total Consumers | $ | 474 | $ | 46 | $ | (41) | $ | 23 | $ | 28 | $ | 530 |
In Millions | ||||||||||||||||||||||||||||||||||||||
Company and ARO Description | ARO Liability 12/31/2018 | Incurred | Settled | Accretion | Cash Flow Revisions | ARO Liability 12/31/2019 | ||||||||||||||||||||||||||||||||
CMS Energy, including Consumers | ||||||||||||||||||||||||||||||||||||||
Consumers | $ | 428 | $ | 55 | $ | (37) | $ | 21 | $ | 7 | $ | 474 | ||||||||||||||||||||||||||
Gas treating plant and gas wells | 1 | 0 | (1) | 0 | 0 | 0 | ||||||||||||||||||||||||||||||||
Renewable generation assets | 3 | 0 | 0 | 0 | 0 | 3 | ||||||||||||||||||||||||||||||||
Total CMS Energy | $ | 432 | $ | 55 | $ | (38) | $ | 21 | $ | 7 | $ | 477 | ||||||||||||||||||||||||||
Consumers | ||||||||||||||||||||||||||||||||||||||
Coal ash disposal areas | $ | 179 | $ | 0 | $ | (27) | $ | 7 | $ | 7 | $ | 166 | ||||||||||||||||||||||||||
Gas distribution cut, purge, and cap | 205 | 22 | (8) | 12 | 0 | 231 | ||||||||||||||||||||||||||||||||
Asbestos abatement | 33 | 0 | (1) | 2 | 0 | 34 | ||||||||||||||||||||||||||||||||
Renewable generation assets | 11 | 10 | 0 | 0 | 0 | 21 | ||||||||||||||||||||||||||||||||
Gas wells plug and abandon | 0 | 23 | (1) | 0 | 0 | 22 | ||||||||||||||||||||||||||||||||
Total Consumers | $ | 428 | $ | 55 | $ | (37) | $ | 21 | $ | 7 | $ | 474 |
In Millions | ||||||||||||||||||||||||
Company and ARO Description | ARO Liability 12/31/2018 | Incurred | Settled | Accretion | Cash Flow Revisions | ARO Liability 12/31/2019 | ||||||||||||||||||
CMS Energy, including Consumers | ||||||||||||||||||||||||
Consumers | $ | 428 | $ | 55 | $ | (37 | ) | $ | 21 | $ | 7 | $ | 474 | |||||||||||
Gas treating plant and gas wells | 1 | — | (1 | ) | — | — | — | |||||||||||||||||
Renewable generation assets | 3 | — | — | — | — | 3 | ||||||||||||||||||
Total CMS Energy | $ | 432 | $ | 55 | $ | (38 | ) | $ | 21 | $ | 7 | $ | 477 | |||||||||||
Consumers | ||||||||||||||||||||||||
Coal ash disposal areas | $ | 179 | $ | — | $ | (27 | ) | $ | 7 | $ | 7 | $ | 166 | |||||||||||
Gas distribution cut, purge, and cap | 205 | 22 | (8 | ) | 12 | — | 231 | |||||||||||||||||
Asbestos abatement | 33 | — | (1 | ) | 2 | — | 34 | |||||||||||||||||
Renewable generation assets | 11 | 10 | — | — | — | 21 | ||||||||||||||||||
Gas wells plug and abandon | — | 23 | (1 | ) | — | — | 22 | |||||||||||||||||
Total Consumers | $ | 428 | $ | 55 | $ | (37 | ) | $ | 21 | $ | 7 | $ | 474 |
In Millions | ||||||||||||||||||||||||
Company and ARO Description | ARO Liability 12/31/2017 | Incurred | Settled | Accretion | Cash Flow Revisions | ARO Liability 12/31/2018 | ||||||||||||||||||
CMS Energy, including Consumers | ||||||||||||||||||||||||
Consumers | $ | 429 | $ | 17 | $ | (40 | ) | $ | 22 | $ | — | $ | 428 | |||||||||||
Gas treating plant and gas wells | 1 | — | — | — | — | 1 | ||||||||||||||||||
Renewable generation assets | — | 3 | — | — | — | 3 | ||||||||||||||||||
Total CMS Energy | $ | 430 | $ | 20 | $ | (40 | ) | $ | 22 | $ | — | $ | 432 | |||||||||||
Consumers | ||||||||||||||||||||||||
Coal ash disposal areas | $ | 191 | $ | — | $ | (20 | ) | $ | 8 | $ | — | $ | 179 | |||||||||||
Gas distribution cut, purge, and cap | 186 | 17 | (9 | ) | 11 | — | 205 | |||||||||||||||||
Asbestos abatement | 42 | — | (11 | ) | 2 | — | 33 | |||||||||||||||||
Renewable generation assets | 10 | — | — | 1 | — | 11 | ||||||||||||||||||
Total Consumers | $ | 429 | $ | 17 | $ | (40 | ) | $ | 22 | $ | — | $ | 428 |
In Millions | ||||||||
Years Ended December 31 | 2019 | 2018 | ||||||
CMS Energy, including Consumers | ||||||||
Trust assets | $ | 143 | $ | 147 | ||||
ABO | 149 | 137 | ||||||
Contributions | — | 8 | ||||||
Consumers | ||||||||
Trust assets | $ | 104 | $ | 106 | ||||
ABO | 107 | 98 | ||||||
Contributions | — | 5 |
In Millions | ||||||||||||||
Years Ended December 31 | 2020 | 2019 | ||||||||||||
CMS Energy, including Consumers | ||||||||||||||
Trust assets | $ | 146 | $ | 143 | ||||||||||
ABO | 159 | 149 | ||||||||||||
Contributions | 8 | 0 | ||||||||||||
Consumers | ||||||||||||||
Trust assets | $ | 107 | $ | 104 | ||||||||||
ABO | 115 | 107 | ||||||||||||
Contributions | 5 | 0 |
December 31 | 2020 | 2019 | 2018 | ||||||||
CMS Energy, including Consumers | |||||||||||
Weighted average for benefit obligations1 | |||||||||||
Discount rate2 | |||||||||||
DB Pension Plan A | 2.73 | % | 3.37 | % | 4.48 | % | |||||
DB Pension Plan B | 2.41 | 3.17 | 4.32 | ||||||||
DB SERP | 2.40 | 3.15 | 4.32 | ||||||||
OPEB Plan | 2.69 | 3.32 | 4.42 | ||||||||
Rate of compensation increase | |||||||||||
DB Pension Plan A | 3.70 | 3.50 | 3.50 | ||||||||
DB SERP | 5.50 | 5.50 | 5.50 | ||||||||
Weighted average for net periodic benefit cost1 | |||||||||||
Service cost discount rate2,3 | |||||||||||
DB Pension Plan A | 3.44 | % | 4.55 | % | 3.85 | % | |||||
DB SERP | 3.46 | 4.58 | 3.83 | ||||||||
OPEB Plan | 3.57 | 4.63 | 3.93 | ||||||||
Interest cost discount rate2,3 | |||||||||||
DB Pension Plan A | 2.92 | 4.08 | 3.39 | ||||||||
DB Pension Plan B | 2.74 | 3.93 | 3.24 | ||||||||
DB SERP | 2.74 | 3.94 | 3.26 | ||||||||
OPEB Plan | 2.88 | 4.03 | 3.35 | ||||||||
Expected long-term rate of return on plan assets4 | |||||||||||
DB Pension Plans | 6.75 | 7.00 | 7.00 | ||||||||
OPEB Plan | 6.75 | 7.00 | 7.00 | ||||||||
Rate of compensation increase | |||||||||||
DB Pension Plan A | 3.50 | 3.50 | 3.50 | ||||||||
DB SERP | 5.50 | 5.50 | 5.50 |
December 31 | 2019 | 2018 | 2017 | |||
CMS Energy, including Consumers | ||||||
Weighted average for benefit obligations1 | ||||||
Discount rate2 | ||||||
DB Pension Plan A | 3.37 | % | 4.48 | % | 3.78 | % |
DB Pension Plan B | 3.17 | 4.32 | 3.64 | |||
DB SERP | 3.15 | 4.32 | 3.65 | |||
OPEB Plan | 3.32 | 4.42 | 3.74 | |||
Rate of compensation increase | ||||||
DB Pension Plan A | 3.50 | 3.50 | 3.50 | |||
DB SERP | 5.50 | 5.50 | 5.50 | |||
Weighted average for net periodic benefit cost1 | ||||||
Service cost discount rate2,3 | ||||||
DB Pension Plan A4 | 4.55 | 3.85 | ||||
DB SERP | 4.58 | 3.83 | 4.51 | |||
OPEB Plan | 4.63 | 3.93 | 4.89 | |||
Interest cost discount rate2,3 | ||||||
DB Pension Plan A4 | 4.08 | 3.39 | ||||
DB Pension Plan B4 | 3.93 | 3.24 | ||||
DB SERP | 3.94 | 3.26 | 3.51 | |||
OPEB Plan | 4.03 | 3.35 | 3.79 | |||
Expected long-term rate of return on plan assets5 | ||||||
DB Pension Plans | 7.00 | 7.00 | 7.25 | |||
OPEB Plan | 7.00 | 7.00 | 7.25 | |||
Rate of compensation increase | ||||||
DB Pension Plan A4 | 3.50 | 3.50 | ||||
DB SERP | 5.50 | 5.50 | 5.50 |
In Millions | |||||||||||||||||||||||||
DB Pension Plans and DB SERP | OPEB Plan | ||||||||||||||||||||||||
Years Ended December 31 | 2019 | 2018 | 2017 | 2019 | 2018 | 2017 | |||||||||||||||||||
CMS Energy, including Consumers | |||||||||||||||||||||||||
Net periodic cost (credit) | |||||||||||||||||||||||||
Service cost | $ | 41 | $ | 48 | $ | 45 | $ | 14 | $ | 17 | $ | 19 | |||||||||||||
Interest cost | 103 | 95 | 93 | 41 | 34 | 51 | |||||||||||||||||||
Expected return on plan assets | (162 | ) | (149 | ) | (153 | ) | (88 | ) | (97 | ) | (90 | ) | |||||||||||||
Amortization of: | |||||||||||||||||||||||||
Net loss | 50 | 76 | 82 | 26 | 15 | 29 | |||||||||||||||||||
Prior service cost (credit) | 1 | 3 | 5 | (62 | ) | (67 | ) | (40 | ) | ||||||||||||||||
Net periodic cost (credit) | $ | 33 | $ | 73 | $ | 72 | $ | (69 | ) | $ | (98 | ) | $ | (31 | ) | ||||||||||
Consumers | |||||||||||||||||||||||||
Net periodic cost (credit) | |||||||||||||||||||||||||
Service cost | $ | 40 | $ | 47 | $ | 44 | $ | 13 | $ | 16 | $ | 19 | |||||||||||||
Interest cost | 97 | 88 | 90 | 40 | 33 | 49 | |||||||||||||||||||
Expected return on plan assets | (153 | ) | (139 | ) | (149 | ) | (82 | ) | (91 | ) | (84 | ) | |||||||||||||
Amortization of: | |||||||||||||||||||||||||
Net loss | 47 | 73 | 79 | 26 | 16 | 29 | |||||||||||||||||||
Prior service cost (credit) | 1 | 3 | 4 | (61 | ) | (65 | ) | (39 | ) | ||||||||||||||||
Net periodic cost (credit) | $ | 32 | $ | 72 | $ | 68 | $ | (64 | ) | $ | (91 | ) | $ | (26 | ) |
In Millions | |||||||||||||||||||||||||||||||||||||||||
DB Pension Plans and DB SERP | OPEB Plan | ||||||||||||||||||||||||||||||||||||||||
Years Ended December 31 | 2020 | 2019 | 2018 | 2020 | 2019 | 2018 | |||||||||||||||||||||||||||||||||||
CMS Energy, including Consumers | |||||||||||||||||||||||||||||||||||||||||
Net periodic cost (credit) | |||||||||||||||||||||||||||||||||||||||||
Service cost | $ | 50 | $ | 41 | $ | 48 | $ | 16 | $ | 14 | $ | 17 | |||||||||||||||||||||||||||||
Interest cost | 83 | 103 | 95 | 33 | 41 | 34 | |||||||||||||||||||||||||||||||||||
Settlement loss | 1 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||
Expected return on plan assets | (191) | (162) | (149) | (100) | (88) | (97) | |||||||||||||||||||||||||||||||||||
Amortization of: | |||||||||||||||||||||||||||||||||||||||||
Net loss | 95 | 50 | 76 | 15 | 26 | 15 | |||||||||||||||||||||||||||||||||||
Prior service cost (credit) | 1 | 1 | 3 | (56) | (62) | (67) | |||||||||||||||||||||||||||||||||||
Settlement loss | 2 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||
Net periodic cost (credit) | $ | 41 | $ | 33 | $ | 73 | $ | (92) | $ | (69) | $ | (98) | |||||||||||||||||||||||||||||
Consumers | |||||||||||||||||||||||||||||||||||||||||
Net periodic cost (credit) | |||||||||||||||||||||||||||||||||||||||||
Service cost | $ | 49 | $ | 40 | $ | 47 | $ | 15 | $ | 13 | $ | 16 | |||||||||||||||||||||||||||||
Interest cost | 78 | 97 | 88 | 31 | 40 | 33 | |||||||||||||||||||||||||||||||||||
Expected return on plan assets | (181) | (153) | (139) | (93) | (82) | (91) | |||||||||||||||||||||||||||||||||||
Amortization of: | |||||||||||||||||||||||||||||||||||||||||
Net loss | 90 | 47 | 73 | 15 | 26 | 16 | |||||||||||||||||||||||||||||||||||
Prior service cost (credit) | 1 | 1 | 3 | (54) | (61) | (65) | |||||||||||||||||||||||||||||||||||
Settlement loss | 2 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||
Net periodic cost (credit) | $ | 39 | $ | 32 | $ | 72 | $ | (86) | $ | (64) | $ | (91) |
In Millions | |||||||||||||||||||||||||||||||||||||||||||||||
DB Pension Plans | DB SERP | OPEB Plan | |||||||||||||||||||||||||||||||||||||||||||||
Years Ended December 31 | 2020 | 2019 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||||||||||||||||||
CMS Energy, including Consumers | |||||||||||||||||||||||||||||||||||||||||||||||
Benefit obligation at beginning of period | $ | 2,973 | $ | 2,512 | $ | 150 | $ | 140 | $ | 1,165 | $ | 1,045 | |||||||||||||||||||||||||||||||||||
Service cost | 50 | 41 | 0 | 0 | 16 | 14 | |||||||||||||||||||||||||||||||||||||||||
Interest cost | 79 | 98 | 4 | 5 | 33 | 41 | |||||||||||||||||||||||||||||||||||||||||
Plan amendments | 24 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||
Actuarial loss | 355 | 1 | 476 | 1 | 16 | 15 | 39 | 1 | 110 | 1 | |||||||||||||||||||||||||||||||||||||
Benefits paid | (215) | (154) | (10) | (10) | (48) | (45) | |||||||||||||||||||||||||||||||||||||||||
Benefit obligation at end of period | $ | 3,266 | $ | 2,973 | $ | 160 | $ | 150 | $ | 1,205 | $ | 1,165 | |||||||||||||||||||||||||||||||||||
Plan assets at fair value at beginning of period | $ | 2,546 | $ | 2,247 | $ | 0 | $ | 0 | $ | 1,509 | $ | 1,280 | |||||||||||||||||||||||||||||||||||
Actual return on plan assets | 371 | 453 | 0 | 0 | 182 | 273 | |||||||||||||||||||||||||||||||||||||||||
Company contribution | 700 | 0 | 10 | 10 | 1 | 0 | |||||||||||||||||||||||||||||||||||||||||
Actual benefits paid | (215) | (154) | (10) | (10) | (47) | (44) | |||||||||||||||||||||||||||||||||||||||||
Plan assets at fair value at end of period | $ | 3,402 | $ | 2,546 | $ | 0 | $ | 0 | $ | 1,645 | $ | 1,509 | |||||||||||||||||||||||||||||||||||
Funded status | $ | 136 | 2 | $ | (427) | 2 | $ | (160) | $ | (150) | $ | 440 | $ | 344 | |||||||||||||||||||||||||||||||||
Consumers | |||||||||||||||||||||||||||||||||||||||||||||||
Benefit obligation at beginning of period | $ | 109 | $ | 101 | $ | 1,120 | $ | 1,004 | |||||||||||||||||||||||||||||||||||||||
Service cost | 0 | 0 | 15 | 13 | |||||||||||||||||||||||||||||||||||||||||||
Interest cost | 3 | 4 | 31 | 40 | |||||||||||||||||||||||||||||||||||||||||||
Actuarial loss | 12 | 11 | 37 | 1 | 106 | 1 | |||||||||||||||||||||||||||||||||||||||||
Benefits paid | (7) | (7) | (45) | (43) | |||||||||||||||||||||||||||||||||||||||||||
Benefit obligation at end of period | $ | 117 | $ | 109 | $ | 1,158 | $ | 1,120 | |||||||||||||||||||||||||||||||||||||||
Plan assets at fair value at beginning of period | $ | 0 | $ | 0 | $ | 1,410 | $ | 1,197 | |||||||||||||||||||||||||||||||||||||||
Actual return on plan assets | 0 | 0 | 169 | 255 | |||||||||||||||||||||||||||||||||||||||||||
Company contribution | 7 | 7 | 1 | 0 | |||||||||||||||||||||||||||||||||||||||||||
Actual benefits paid | (7) | (7) | (45) | (42) | |||||||||||||||||||||||||||||||||||||||||||
Plan assets at fair value at end of period | $ | 0 | $ | 0 | $ | 1,535 | $ | 1,410 | |||||||||||||||||||||||||||||||||||||||
Funded status | $ | (117) | $ | (109) | $ | 377 | $ | 290 |
In Millions | |||||||||||||||||||||||||||
DB Pension Plans | DB SERP | OPEB Plan | |||||||||||||||||||||||||
Years Ended December 31 | 2019 | 2018 | 2019 | 2018 | 2019 | 2018 | |||||||||||||||||||||
CMS Energy, including Consumers | |||||||||||||||||||||||||||
Benefit obligation at beginning of period | $ | 2,512 | $ | 2,780 | $ | 140 | $ | 154 | $ | 1,045 | $ | 1,097 | |||||||||||||||
Service cost | 41 | 48 | — | — | 14 | 17 | |||||||||||||||||||||
Interest cost | 98 | 90 | 5 | 5 | 41 | 34 | |||||||||||||||||||||
Plan amendments | — | — | — | — | — | 26 | |||||||||||||||||||||
Actuarial loss (gain) | 476 | 1 | (258 | ) | 1 | 15 | (10 | ) | 110 | 1 | (74 | ) | 1 | ||||||||||||||
Benefits paid | (154 | ) | (148 | ) | (10 | ) | (9 | ) | (45 | ) | (55 | ) | |||||||||||||||
Benefit obligation at end of period | $ | 2,973 | $ | 2,512 | $ | 150 | $ | 140 | $ | 1,165 | $ | 1,045 | |||||||||||||||
Plan assets at fair value at beginning of period | $ | 2,247 | $ | 2,305 | $ | — | $ | — | $ | 1,280 | $ | 1,420 | |||||||||||||||
Actual return on plan assets | 453 | (150 | ) | — | — | 273 | (86 | ) | |||||||||||||||||||
Company contribution | — | 240 | 10 | 9 | — | — | |||||||||||||||||||||
Actual benefits paid | (154 | ) | (148 | ) | (10 | ) | (9 | ) | (44 | ) | (54 | ) | |||||||||||||||
Plan assets at fair value at end of period | $ | 2,546 | $ | 2,247 | $ | — | $ | — | $ | 1,509 | $ | 1,280 | |||||||||||||||
Funded status | $ | (427 | ) | 2 | $ | (265 | ) | 2 | $ | (150 | ) | $ | (140 | ) | $ | 344 | $ | 235 | |||||||||
Consumers | |||||||||||||||||||||||||||
Benefit obligation at beginning of period | $ | 101 | $ | 112 | $ | 1,004 | $ | 1,053 | |||||||||||||||||||
Service cost | — | — | 13 | 16 | |||||||||||||||||||||||
Interest cost | 4 | 4 | 40 | 33 | |||||||||||||||||||||||
Plan amendments | — | — | — | 25 | |||||||||||||||||||||||
Actuarial loss (gain) | 11 | (8 | ) | 106 | 1 | (70 | ) | 1 | |||||||||||||||||||
Benefits paid | (7 | ) | (7 | ) | (43 | ) | (53 | ) | |||||||||||||||||||
Benefit obligation at end of period | $ | 109 | $ | 101 | $ | 1,120 | $ | 1,004 | |||||||||||||||||||
Plan assets at fair value at beginning of period | $ | — | $ | — | $ | 1,197 | $ | 1,329 | |||||||||||||||||||
Actual return on plan assets | — | — | 255 | (80 | ) | ||||||||||||||||||||||
Company contribution | 7 | 7 | — | — | |||||||||||||||||||||||
Actual benefits paid | (7 | ) | (7 | ) | (42 | ) | (52 | ) | |||||||||||||||||||
Plan assets at fair value at end of period | $ | — | $ | — | $ | 1,410 | $ | 1,197 | |||||||||||||||||||
Funded status | $ | (109 | ) | $ | (101 | ) | $ | 290 | $ | 193 |
In Millions | ||||||||
December 31 | 2019 | 2018 | ||||||
CMS Energy, including Consumers | ||||||||
Non‑current assets | ||||||||
DB Pension Plans | $ | 104 | $ | 38 | ||||
OPEB Plan | 344 | 235 | ||||||
Current liabilities | ||||||||
DB SERP | 10 | 10 | ||||||
Non‑current liabilities | ||||||||
DB Pension Plans | 531 | 303 | ||||||
DB SERP | 140 | 130 | ||||||
Consumers | ||||||||
Non‑current assets | ||||||||
DB Pension Plans | $ | 109 | $ | 49 | ||||
OPEB Plan | 290 | 193 | ||||||
Current liabilities | ||||||||
DB SERP | 7 | 7 | ||||||
Non‑current liabilities | ||||||||
DB Pension Plans | 517 | 295 | ||||||
DB SERP | 102 | 94 |
In Millions | ||||||||||||||
December 31 | 2020 | 2019 | ||||||||||||
CMS Energy, including Consumers | ||||||||||||||
Non-current assets | ||||||||||||||
DB Pension Plans | $ | 136 | $ | 104 | ||||||||||
OPEB Plan | 440 | 344 | ||||||||||||
Current liabilities | ||||||||||||||
DB SERP | 10 | 10 | ||||||||||||
Non-current liabilities | ||||||||||||||
DB Pension Plans | 0 | 531 | ||||||||||||
DB SERP | 150 | 140 | ||||||||||||
Consumers | ||||||||||||||
Non-current assets | ||||||||||||||
DB Pension Plans | $ | 138 | $ | 109 | ||||||||||
OPEB Plan | 377 | 290 | ||||||||||||
Current liabilities | ||||||||||||||
DB SERP | 7 | 7 | ||||||||||||
Non-current liabilities | ||||||||||||||
DB Pension Plans | 0 | 517 | ||||||||||||
DB SERP | 110 | 102 | ||||||||||||
In Millions | ||||||||
December 31 | 2019 | |||||||
CMS Energy, including Consumers | ||||||||
PBO | $ | 1,736 | ||||||
ABO | 1,398 | |||||||
Fair value of plan assets | 1,205 |
In Millions | ||||||||
December 31 | 2019 | 2018 | ||||||
CMS Energy, including Consumers | ||||||||
PBO | $ | 1,736 | $ | 1,363 | ||||
ABO | 1,398 | 1,091 | ||||||
Fair value of plan assets | 1,205 | 1,059 |
In Millions | |||||||||||||||||
DB Pension Plans and DB SERP | OPEB Plan | ||||||||||||||||
Years Ended December 31 | 2019 | 2018 | 2019 | 2018 | |||||||||||||
CMS Energy, including Consumers | |||||||||||||||||
Regulatory assets | |||||||||||||||||
Net loss | $ | 1,114 | $ | 978 | $ | 308 | $ | 402 | |||||||||
Prior service cost (credit) | 8 | 9 | (300 | ) | (361 | ) | |||||||||||
Regulatory assets | $ | 1,122 | $ | 987 | $ | 8 | $ | 41 | |||||||||
AOCI | |||||||||||||||||
Net loss (gain) | 105 | 90 | (6 | ) | 2 | ||||||||||||
Prior service credit | — | — | (8 | ) | (9 | ) | |||||||||||
Total amounts recognized in regulatory assets and AOCI | $ | 1,227 | $ | 1,077 | $ | (6 | ) | $ | 34 | ||||||||
Consumers | |||||||||||||||||
Regulatory assets | |||||||||||||||||
Net loss | $ | 1,114 | $ | 978 | $ | 308 | $ | 402 | |||||||||
Prior service cost (credit) | 8 | 9 | (300 | ) | (361 | ) | |||||||||||
Regulatory assets | $ | 1,122 | $ | 987 | $ | 8 | $ | 41 | |||||||||
AOCI | |||||||||||||||||
Net loss | 36 | 27 | — | — | |||||||||||||
Total amounts recognized in regulatory assets and AOCI | $ | 1,158 | $ | 1,014 | $ | 8 | $ | 41 |
In Millions | |||||||||||||||||||||||||||||
DB Pension Plans and DB SERP | OPEB Plan | ||||||||||||||||||||||||||||
December 31 | 2020 | 2019 | 2020 | 2019 | |||||||||||||||||||||||||
CMS Energy, including Consumers | |||||||||||||||||||||||||||||
Regulatory assets | |||||||||||||||||||||||||||||
Net loss | $ | 1,194 | $ | 1,114 | $ | 254 | $ | 308 | |||||||||||||||||||||
Prior service cost (credit) | 29 | 8 | (246) | (300) | |||||||||||||||||||||||||
Regulatory assets | $ | 1,223 | $ | 1,122 | $ | 8 | $ | 8 | |||||||||||||||||||||
AOCI | |||||||||||||||||||||||||||||
Net loss (gain) | 120 | 105 | (10) | (6) | |||||||||||||||||||||||||
Prior service cost (credit) | 1 | 0 | (6) | (8) | |||||||||||||||||||||||||
Total amounts recognized in regulatory assets and AOCI | $ | 1,344 | $ | 1,227 | $ | (8) | $ | (6) | |||||||||||||||||||||
Consumers | |||||||||||||||||||||||||||||
Regulatory assets | |||||||||||||||||||||||||||||
Net loss | $ | 1,194 | $ | 1,114 | $ | 254 | $ | 308 | |||||||||||||||||||||
Prior service cost (credit) | 29 | 8 | (246) | (300) | |||||||||||||||||||||||||
Regulatory assets | $ | 1,223 | $ | 1,122 | $ | 8 | $ | 8 | |||||||||||||||||||||
AOCI | |||||||||||||||||||||||||||||
Net loss | 47 | 36 | 0 | 0 | |||||||||||||||||||||||||
Total amounts recognized in regulatory assets and AOCI | $ | 1,270 | $ | 1,158 | $ | 8 | $ | 8 |
In Millions | |||||||||||||||||||||||||||||||||||||||||
DB Pension Plans | |||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Total | Level 1 | Level 2 | ||||||||||||||||||||||||||||||||||||
CMS Energy, including Consumers | |||||||||||||||||||||||||||||||||||||||||
Cash and short-term investments | $ | 115 | $ | 115 | $ | — | $ | 44 | $ | 44 | $ | — | |||||||||||||||||||||||||||||
U.S. government and agencies securities | 150 | — | 150 | 66 | — | 66 | |||||||||||||||||||||||||||||||||||
Corporate debt | 540 | — | 540 | 493 | — | 493 | |||||||||||||||||||||||||||||||||||
State and municipal bonds | 11 | — | 11 | 17 | — | 17 | |||||||||||||||||||||||||||||||||||
Foreign corporate bonds | 41 | — | 41 | 33 | — | 33 | |||||||||||||||||||||||||||||||||||
Mutual funds | 971 | 971 | — | 640 | 640 | — | |||||||||||||||||||||||||||||||||||
$ | 1,828 | $ | 1,086 | $ | 742 | $ | 1,293 | $ | 684 | $ | 609 | ||||||||||||||||||||||||||||||
Pooled funds | 1,574 | 1,253 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 3,402 | $ | 2,546 |
In Millions | |||||||||||||||||||||||||
DB Pension Plans | |||||||||||||||||||||||||
December 31, 2019 | December 31, 2018 | ||||||||||||||||||||||||
Total | Level 1 | Level 2 | Total | Level 1 | Level 2 | ||||||||||||||||||||
CMS Energy, including Consumers | |||||||||||||||||||||||||
Cash and short-term investments | $ | 44 | $ | 44 | $ | — | $ | 242 | $ | 242 | $ | — | |||||||||||||
U.S. government and agencies securities | 66 | — | 66 | 11 | — | 11 | |||||||||||||||||||
Corporate debt | 493 | — | 493 | 400 | — | 400 | |||||||||||||||||||
State and municipal bonds | 17 | — | 17 | 6 | — | 6 | |||||||||||||||||||
Foreign corporate bonds | 33 | — | 33 | 35 | — | 35 | |||||||||||||||||||
Mutual funds | 640 | 640 | — | 552 | 552 | — | |||||||||||||||||||
$ | 1,293 | $ | 684 | $ | 609 | $ | 1,246 | $ | 794 | $ | 452 | ||||||||||||||
Pooled funds | 1,253 | 1,001 | |||||||||||||||||||||||
Total | $ | 2,546 | $ | 2,247 |
In Millions | |||||||||||||||||||||||||
OPEB Plan | |||||||||||||||||||||||||
December 31, 2019 | December 31, 2018 | ||||||||||||||||||||||||
Total | Level 1 | Level 2 | Total | Level 1 | Level 2 | ||||||||||||||||||||
CMS Energy, including Consumers | |||||||||||||||||||||||||
Cash and short-term investments | $ | 9 | $ | 9 | $ | — | $ | 36 | $ | 36 | $ | — | |||||||||||||
U.S. government and agencies securities | 10 | — | 10 | 2 | — | 2 | |||||||||||||||||||
Corporate debt | 71 | — | 71 | 55 | — | 55 | |||||||||||||||||||
State and municipal bonds | 2 | — | 2 | 1 | — | 1 | |||||||||||||||||||
Foreign corporate bonds | 5 | — | 5 | 5 | — | 5 | |||||||||||||||||||
Common stocks | 55 | 55 | — | 41 | 41 | — | |||||||||||||||||||
Mutual funds | 713 | 713 | — | 594 | 594 | — | |||||||||||||||||||
$ | 865 | $ | 777 | $ | 88 | $ | 734 | $ | 671 | $ | 63 | ||||||||||||||
Pooled funds | 644 | 546 | |||||||||||||||||||||||
Total | $ | 1,509 | $ | 1,280 |
In Millions | |||||||||||||||||||||||||||||||||||||||||
OPEB Plan | |||||||||||||||||||||||||||||||||||||||||
December 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||
Total | Level 1 | Level 2 | Total | Level 1 | Level 2 | ||||||||||||||||||||||||||||||||||||
CMS Energy, including Consumers | |||||||||||||||||||||||||||||||||||||||||
Cash and short-term investments | $ | 33 | $ | 33 | $ | — | $ | 9 | $ | 9 | $ | — | |||||||||||||||||||||||||||||
U.S. government and agencies securities | 18 | — | 18 | 10 | — | 10 | |||||||||||||||||||||||||||||||||||
Corporate debt | 64 | — | 64 | 71 | — | 71 | |||||||||||||||||||||||||||||||||||
State and municipal bonds | 2 | — | 2 | 2 | — | 2 | |||||||||||||||||||||||||||||||||||
Foreign corporate bonds | 5 | — | 5 | 5 | — | 5 | |||||||||||||||||||||||||||||||||||
Common stocks | 66 | 66 | — | 55 | 55 | — | |||||||||||||||||||||||||||||||||||
Mutual funds | 807 | 807 | — | 713 | 713 | — | |||||||||||||||||||||||||||||||||||
$ | 995 | $ | 906 | $ | 89 | $ | 865 | $ | 777 | $ | 88 | ||||||||||||||||||||||||||||||
Pooled funds | 650 | 644 | |||||||||||||||||||||||||||||||||||||||
Total | $ | 1,645 | $ | 1,509 |
DB Pension Plans | OPEB Plan | |||||
Equity securities | 55 | % | 48 | % | ||
Fixed-income securities | 39 | 33 | ||||
Multi-asset investments | 6 | 19 | ||||
100 | % | 100 | % |
DB Pension Plans | OPEB Plan | |||||||||||||
Equity securities | 55.0 | % | 50.0 | % | ||||||||||
Fixed-income securities | 34.0 | 30.0 | ||||||||||||
Multi-asset investments | 11.0 | 20.0 | ||||||||||||
100.0 | % | 100.0 | % |
In Millions | ||||||||
Years Ended December 31 | 2019 | 2018 | ||||||
CMS Energy, including Consumers | ||||||||
DB Pension Plans | $ | — | $ | 240 | ||||
Consumers | ||||||||
DB Pension Plans | $ | — | $ | 234 |
In Millions | ||||||||||||||
Years Ended December 31 | 2020 | 2019 | ||||||||||||
CMS Energy, including Consumers | ||||||||||||||
DB Pension Plans | $ | 700 | $ | 0 | ||||||||||
OPEB Plan | 1 | 0 | ||||||||||||
Consumers | ||||||||||||||
DB Pension Plans | $ | 682 | $ | 0 | ||||||||||
OPEB Plan | 1 | 0 |
In Millions | ||||||||||||
DB Pension Plans | DB SERP | OPEB Plan | ||||||||||
CMS Energy, including Consumers | ||||||||||||
2020 | $ | 174 | $ | 10 | $ | 58 | ||||||
2021 | 176 | 10 | 60 | |||||||||
2022 | 177 | 10 | 62 | |||||||||
2023 | 177 | 10 | 63 | |||||||||
2024 | 175 | 10 | 64 | |||||||||
2025-2029 | 870 | 46 | 319 | |||||||||
Consumers | ||||||||||||
2020 | $ | 165 | $ | 7 | $ | 56 | ||||||
2021 | 166 | 7 | 58 | |||||||||
2022 | 167 | 7 | 59 | |||||||||
2023 | 167 | 7 | 60 | |||||||||
2024 | 166 | 7 | 61 | |||||||||
2025-2029 | 825 | 32 | 305 |
In Millions | ||||||||||||||||||||
DB Pension Plans | DB SERP | OPEB Plan | ||||||||||||||||||
CMS Energy, including Consumers | ||||||||||||||||||||
2021 | $ | 191 | $ | 10 | $ | 52 | ||||||||||||||
2022 | 188 | 10 | 54 | |||||||||||||||||
2023 | 184 | 10 | 56 | |||||||||||||||||
2024 | 182 | 10 | 57 | |||||||||||||||||
2025 | 182 | 10 | 58 | |||||||||||||||||
2026-2030 | 890 | 46 | 299 | |||||||||||||||||
Consumers | ||||||||||||||||||||
2021 | $ | 181 | $ | 7 | $ | 50 | ||||||||||||||
2022 | 178 | 7 | 52 | |||||||||||||||||
2023 | 175 | 7 | 53 | |||||||||||||||||
2024 | 173 | 7 | 55 | |||||||||||||||||
2025 | 172 | 7 | 56 | |||||||||||||||||
2026-2030 | 845 | 32 | 286 |
CMS Energy, including Consumers | Consumers | ||||||||||||||||||||||
Year Ended December 31, 2020 | Number of Shares | Weighted-Average Grant Date Fair Value per Share | Number of Shares | Weighted-Average Grant Date Fair Value per Share | |||||||||||||||||||
Nonvested at beginning of period | 1,186,962 | $ | 44.56 | 1,138,182 | $ | 44.57 | |||||||||||||||||
Granted | |||||||||||||||||||||||
Restricted stock | 512,326 | 45.56 | 490,346 | 45.53 | |||||||||||||||||||
Restricted stock units | 15,074 | 49.76 | 14,409 | 49.70 | |||||||||||||||||||
Vested | |||||||||||||||||||||||
Restricted stock | (551,897) | 30.98 | (532,833) | 31.04 | |||||||||||||||||||
Restricted stock units | (15,234) | 49.24 | (14,517) | 49.50 | |||||||||||||||||||
Forfeited – restricted stock | (329,874) | 51.22 | (314,056) | 51.22 | |||||||||||||||||||
Nonvested at end of period | 817,357 | $ | 51.68 | 781,531 | $ | 51.73 |
CMS Energy, including Consumers | Consumers | |||||||||||||
Year Ended December 31, 2019 | Number of Shares | Weighted-Average Grant Date Fair Value per Share | Number of Shares | Weighted-Average Grant Date Fair Value per Share | ||||||||||
Nonvested at beginning of period | 1,211,229 | $ | 39.70 | 1,158,836 | $ | 39.71 | ||||||||
Granted | ||||||||||||||
Restricted stock | 488,594 | 43.57 | 464,485 | 43.57 | ||||||||||
Restricted stock units | 14,899 | 50.35 | 14,050 | 51.15 | ||||||||||
Vested | ||||||||||||||
Restricted stock | (468,308 | ) | 31.09 | (447,214 | ) | 31.11 | ||||||||
Restricted stock units | (12,503 | ) | 41.59 | (11,836 | ) | 42.35 | ||||||||
Forfeited – restricted stock | (46,949 | ) | 45.81 | (40,139 | ) | 45.69 | ||||||||
Nonvested at end of period | 1,186,962 | $ | 44.56 | 1,138,182 | $ | 44.57 |
Year Ended December 31, 2019 | CMS Energy, including Consumers | Consumers | ||
Granted | ||||
Time-lapse awards | 119,167 | 113,627 | ||
Market-based awards | 144,963 | 137,636 | ||
Performance-based awards | 144,963 | 137,636 | ||
Director restricted stock units | 13,575 | 13,005 | ||
Dividend equivalents on market-based awards | 12,779 | 12,176 | ||
Dividend equivalents on performance-based awards | 15,899 | 15,145 | ||
Dividend equivalents on restricted stock units | 1,324 | 1,045 | ||
Additional market-based shares based on achievement of condition | 15,320 | 14,550 | ||
Additional performance-based shares based on achievement of condition | 35,503 | 33,715 | ||
Total granted | 503,493 | 478,535 |
Year Ended December 31, 2020 | CMS Energy, including Consumers | Consumers | ||||||
Granted | ||||||||
Time-lapse awards | 106,520 | 101,439 | ||||||
Market-based awards | 123,246 | 118,011 | ||||||
Performance-based awards | 123,246 | 118,011 | ||||||
Restricted stock units | 13,405 | 12,800 | ||||||
Dividends on market-based awards | 17,937 | 17,152 | ||||||
Dividends on performance-based awards | 17,505 | 16,736 | ||||||
Dividends on restricted stock units | 1,669 | 1,609 | ||||||
Additional market-based shares based on achievement of condition | 71,678 | 68,857 | ||||||
Additional performance-based shares based on achievement of condition | 52,194 | 50,140 | ||||||
Total granted | 527,400 | 504,755 |
Years Ended December 31 | 2019 | 2018 | 2017 | |||
Expected volatility | 14.9 | % | 16.7 | % | 18.0 | % |
Expected dividend yield | 2.8 | 2.8 | 3.0 | |||
Risk-free rate | 2.5 | 2.1 | 1.5 |
Years Ended December 31 | 2020 | 2019 | 2018 | ||||||||
Expected volatility | 14.2 | % | 14.9 | % | 16.7 | % | |||||
Expected dividend yield | 2.4 | 2.8 | 2.8 | ||||||||
Risk-free rate | 1.6 | 2.5 | 2.1 |
Years Ended December 31 | 2019 | 2018 | 2017 | |||||||||
CMS Energy, including Consumers | ||||||||||||
Weighted-average grant-date fair value per share | ||||||||||||
Restricted stock granted | $ | 43.57 | $ | 26.49 | $ | 28.61 | ||||||
Restricted stock units granted | 50.35 | 41.77 | 41.98 | |||||||||
Consumers | ||||||||||||
Weighted-average grant-date fair value per share | ||||||||||||
Restricted stock granted | $ | 43.57 | $ | 26.51 | $ | 28.67 | ||||||
Restricted stock units granted | 51.15 | 42.01 | 41.97 |
In Millions | ||||||||||||||||||||
Years Ended December 31 | 2020 | 2019 | 2018 | |||||||||||||||||
CMS Energy, including Consumers | ||||||||||||||||||||
Weighted-average grant-date fair value per share | ||||||||||||||||||||
Restricted stock granted | $ | 45.56 | $ | 43.57 | $ | 26.49 | ||||||||||||||
Restricted stock units granted | 49.76 | 50.35 | 41.77 | |||||||||||||||||
Consumers | ||||||||||||||||||||
Weighted-average grant-date fair value per share | ||||||||||||||||||||
Restricted stock granted | $ | 45.53 | $ | 43.57 | $ | 26.51 | ||||||||||||||
Restricted stock units granted | 49.70 | 51.15 | 42.01 |
In Millions | ||||||||||||
Years Ended December 31 | 2019 | 2018 | 2017 | |||||||||
CMS Energy, including Consumers | ||||||||||||
Fair value of shares that vested during the year | $ | 26 | $ | 27 | $ | 37 | ||||||
Compensation expense recognized | 22 | 17 | 17 | |||||||||
Income tax benefit recognized | 1 | 1 | 7 | |||||||||
Consumers | ||||||||||||
Fair value of shares that vested during the year | $ | 25 | $ | 26 | $ | 35 | ||||||
Compensation expense recognized | 21 | 16 | 16 | |||||||||
Income tax benefit recognized | 1 | 1 | 7 |
In Millions | ||||||||||||||||||||
Years Ended December 31 | 2020 | 2019 | 2018 | |||||||||||||||||
CMS Energy, including Consumers | ||||||||||||||||||||
Fair value of shares that vested during the year | $ | 22 | $ | 26 | $ | 27 | ||||||||||||||
Compensation expense recognized | 11 | 22 | 17 | |||||||||||||||||
Income tax benefit recognized | 3 | 1 | 1 | |||||||||||||||||
Consumers | ||||||||||||||||||||
Fair value of shares that vested during the year | $ | 21 | $ | 25 | $ | 26 | ||||||||||||||
Compensation expense recognized | 10 | 21 | 16 | |||||||||||||||||
Income tax benefit recognized | 3 | 1 | 1 |
In Millions, Except Tax Rate | ||||||||||||||||||||
Years Ended December 31 | 2020 | 2019 | 2018 | |||||||||||||||||
CMS Energy, including Consumers | ||||||||||||||||||||
Income from continuing operations before income taxes | $ | 885 | $ | 829 | $ | 774 | ||||||||||||||
Income tax expense at statutory rate | 186 | 174 | 163 | |||||||||||||||||
Increase (decrease) in income taxes from: | ||||||||||||||||||||
State and local income taxes, net of federal effect | 46 | 48 | 46 | |||||||||||||||||
TCJA excess deferred taxes1 | (35) | (31) | (26) | |||||||||||||||||
Production tax credits | (28) | (20) | (14) | |||||||||||||||||
Accelerated flow-through of regulatory tax benefits2 | (13) | (13) | (39) | |||||||||||||||||
Research and development tax credits, net3 | (11) | (2) | (11) | |||||||||||||||||
Refund of alternative minimum tax sequestration4 | (9) | 0 | 0 | |||||||||||||||||
Other, net | (3) | (9) | (4) | |||||||||||||||||
Income tax expense | $ | 133 | $ | 147 | $ | 115 | ||||||||||||||
Effective tax rate | 15.0 | % | 17.7 | % | 14.9 | % | ||||||||||||||
Consumers | ||||||||||||||||||||
Income from continuing operations before income taxes | $ | 989 | $ | 928 | $ | 847 | ||||||||||||||
Income tax expense at statutory rate | 208 | 195 | 178 | |||||||||||||||||
Increase (decrease) in income taxes from: | ||||||||||||||||||||
State and local income taxes, net of federal effect | 47 | 53 | 51 | |||||||||||||||||
TCJA excess deferred taxes1 | (35) | (31) | (26) | |||||||||||||||||
Accelerated flow-through of regulatory tax benefits2 | (13) | (13) | (39) | |||||||||||||||||
Production tax credits | (19) | (12) | (12) | |||||||||||||||||
Research and development tax credits, net3 | (11) | (2) | (11) | |||||||||||||||||
Other, net | (4) | (5) | 1 | |||||||||||||||||
Income tax expense | $ | 173 | $ | 185 | $ | 142 | ||||||||||||||
Effective tax rate | 17.5 | % | 19.9 | % | 16.8 | % |
In Millions, Except Tax Rate | ||||||||||||
Years Ended December 31 | 2019 | 2018 | 2017 | |||||||||
CMS Energy, including Consumers | ||||||||||||
Income from continuing operations before income taxes | $ | 829 | $ | 774 | $ | 886 | ||||||
Income tax expense at statutory rate | 174 | 163 | 310 | |||||||||
Increase (decrease) in income taxes from: | ||||||||||||
State and local income taxes, net of federal effect1 | 48 | 46 | 26 | |||||||||
TCJA excess deferred taxes2 | (31 | ) | (26 | ) | — | |||||||
Production tax credits | (20 | ) | (14 | ) | (8 | ) | ||||||
Accelerated flow-through of regulatory tax benefits3 | (13 | ) | (39 | ) | (39 | ) | ||||||
Research and development tax credits, net4 | (2 | ) | (11 | ) | (1 | ) | ||||||
Impact of the TCJA5 | — | (4 | ) | 148 | ||||||||
Other, net | (9 | ) | — | (12 | ) | |||||||
Income tax expense | $ | 147 | $ | 115 | $ | 424 | ||||||
Effective tax rate | 17.7 | % | 14.9 | % | 47.9 | % | ||||||
Consumers | ||||||||||||
Income from continuing operations before income taxes | $ | 928 | $ | 847 | $ | 971 | ||||||
Income tax expense at statutory rate | 195 | 178 | 340 | |||||||||
Increase (decrease) in income taxes from: | ||||||||||||
State and local income taxes, net of federal effect1 | 53 | 51 | 30 | |||||||||
TCJA excess deferred taxes2 | (31 | ) | (26 | ) | — | |||||||
Accelerated flow-through of regulatory tax benefits3 | (13 | ) | (39 | ) | (39 | ) | ||||||
Production tax credits | (12 | ) | (12 | ) | (8 | ) | ||||||
Research and development tax credits, net4 | (2 | ) | (11 | ) | (1 | ) | ||||||
Impact of the TCJA5 | — | 1 | 33 | |||||||||
Other, net | (5 | ) | — | (16 | ) | |||||||
Income tax expense | $ | 185 | $ | 142 | $ | 339 | ||||||
Effective tax rate | 19.9 | % | 16.8 | % | 34.9 | % |
2In 2013, the MPSC issued an order authorizing Consumers to accelerate the flow-through to electric and gas customers of certain income tax benefits associated primarily with the cost of removal of plant placed |
In Millions | In Millions | In Millions | ||||||||||||||||||||||||||||||
Years Ended December 31 | 2019 | 2018 | 2017 | Years Ended December 31 | 2020 | 2019 | 2018 | |||||||||||||||||||||||||
CMS Energy, including Consumers | CMS Energy, including Consumers | |||||||||||||||||||||||||||||||
Current income taxes | Current income taxes | |||||||||||||||||||||||||||||||
Federal | $ | (31 | ) | $ | (67 | ) | $ | — | Federal | $ | (35) | $ | (31) | $ | (67) | |||||||||||||||||
State and local | 28 | — | 6 | State and local | (2) | 28 | 0 | |||||||||||||||||||||||||
$ | (3 | ) | $ | (67 | ) | $ | 6 | $ | (37) | $ | (3) | $ | (67) | |||||||||||||||||||
Deferred income taxes | Deferred income taxes | |||||||||||||||||||||||||||||||
Federal | $ | 97 | $ | 112 | $ | 368 | Federal | 115 | 97 | 112 | ||||||||||||||||||||||
State and local | 32 | 58 | 36 | State and local | 60 | 32 | 58 | |||||||||||||||||||||||||
$ | 129 | $ | 170 | $ | 404 | $ | 175 | $ | 129 | $ | 170 | |||||||||||||||||||||
Deferred income tax credit | 21 | 12 | 14 | Deferred income tax credit | (5) | 21 | 12 | |||||||||||||||||||||||||
Tax expense | $ | 147 | $ | 115 | $ | 424 | Tax expense | $ | 133 | $ | 147 | $ | 115 | |||||||||||||||||||
Consumers | Consumers | |||||||||||||||||||||||||||||||
Current income taxes | Current income taxes | |||||||||||||||||||||||||||||||
Federal | $ | 107 | $ | 6 | $ | 159 | Federal | $ | 3 | $ | 107 | $ | 6 | |||||||||||||||||||
State and local | 41 | 13 | 17 | State and local | (7) | 41 | 13 | |||||||||||||||||||||||||
$ | 148 | $ | 19 | $ | 176 | $ | (4) | $ | 148 | $ | 19 | |||||||||||||||||||||
Deferred income taxes | Deferred income taxes | |||||||||||||||||||||||||||||||
Federal | $ | (10 | ) | $ | 60 | $ | 120 | Federal | 115 | (10) | 60 | |||||||||||||||||||||
State and local | 26 | 51 | 29 | State and local | 67 | 26 | 51 | |||||||||||||||||||||||||
$ | 16 | $ | 111 | $ | 149 | $ | 182 | $ | 16 | $ | 111 | |||||||||||||||||||||
Deferred income tax credit | 21 | 12 | 14 | Deferred income tax credit | (5) | 21 | 12 | |||||||||||||||||||||||||
Tax expense | $ | 185 | $ | 142 | $ | 339 | Tax expense | $ | 173 | $ | 185 | $ | 142 |
In Millions | ||||||||
December 31 | 2019 | 2018 | ||||||
CMS Energy, including Consumers | ||||||||
Deferred income tax assets | ||||||||
Tax loss and credit carryforwards | $ | 239 | $ | 385 | ||||
Net regulatory tax liability | 385 | 395 | ||||||
Reserves and accruals | 43 | 39 | ||||||
Total deferred income tax assets | $ | 667 | $ | 819 | ||||
Valuation allowance | (2 | ) | (8 | ) | ||||
Total deferred income tax assets, net of valuation allowance | $ | 665 | $ | 811 | ||||
Deferred income tax liabilities | ||||||||
Plant, property, and equipment | $ | (2,033 | ) | $ | (1,955 | ) | ||
Employee benefits | (172 | ) | (165 | ) | ||||
Securitized costs | (59 | ) | (65 | ) | ||||
Gas inventory | (32 | ) | (35 | ) | ||||
Other | (24 | ) | (78 | ) | ||||
Total deferred income tax liabilities | $ | (2,320 | ) | $ | (2,298 | ) | ||
Total net deferred income tax liabilities | $ | (1,655 | ) | $ | (1,487 | ) | ||
Consumers | ||||||||
Deferred income tax assets | ||||||||
Net regulatory tax liability | $ | 385 | $ | 395 | ||||
Tax loss and credit carryforwards | 20 | 64 | ||||||
Reserves and accruals | 24 | 21 | ||||||
Total deferred income tax assets | $ | 429 | $ | 480 | ||||
Deferred income tax liabilities | ||||||||
Plant, property, and equipment | $ | (1,995 | ) | $ | (1,943 | ) | ||
Employee benefits | (178 | ) | (172 | ) | ||||
Securitized costs | (59 | ) | (65 | ) | ||||
Gas inventory | (32 | ) | (35 | ) | ||||
Other | (29 | ) | (74 | ) | ||||
Total deferred income tax liabilities | $ | (2,293 | ) | $ | (2,289 | ) | ||
Total net deferred income tax liabilities | $ | (1,864 | ) | $ | (1,809 | ) |
In Millions | ||||||||||||||
December 31 | 2020 | 2019 | ||||||||||||
CMS Energy, including Consumers | ||||||||||||||
Deferred income tax assets | ||||||||||||||
Tax loss and credit carryforwards | $ | 483 | $ | 239 | ||||||||||
Net regulatory tax liability | 372 | 385 | ||||||||||||
Reserves and accruals | 62 | 43 | ||||||||||||
Total deferred income tax assets | $ | 917 | $ | 667 | ||||||||||
Valuation allowance | (1) | (2) | ||||||||||||
Total deferred income tax assets, net of valuation allowance | $ | 916 | $ | 665 | ||||||||||
Deferred income tax liabilities | ||||||||||||||
Plant, property, and equipment | $ | (2,287) | $ | (2,033) | ||||||||||
Employee benefits | (364) | (172) | ||||||||||||
Securitized costs | (53) | (59) | ||||||||||||
Gas inventory | (24) | (32) | ||||||||||||
Other | (51) | (24) | ||||||||||||
Total deferred income tax liabilities | $ | (2,779) | $ | (2,320) | ||||||||||
Total net deferred income tax liabilities | $ | (1,863) | $ | (1,655) | ||||||||||
Consumers | ||||||||||||||
Deferred income tax assets | ||||||||||||||
Net regulatory tax liability | $ | 372 | $ | 385 | ||||||||||
Tax loss and credit carryforwards | 216 | 20 | ||||||||||||
Reserves and accruals | 24 | 24 | ||||||||||||
Total deferred income tax assets | $ | 612 | $ | 429 | ||||||||||
Deferred income tax liabilities | ||||||||||||||
Plant, property, and equipment | $ | (2,230) | $ | (1,995) | ||||||||||
Employee benefits | (365) | (178) | ||||||||||||
Securitized costs | (53) | (59) | ||||||||||||
Gas inventory | (24) | (32) | ||||||||||||
Other | (34) | (29) | ||||||||||||
Total deferred income tax liabilities | $ | (2,706) | $ | (2,293) | ||||||||||
Total net deferred income tax liabilities | $ | (2,094) | $ | (1,864) |
In Millions | |||||||||
Gross Amount | Tax Attribute | Expiration | |||||||
CMS Energy, including Consumers | |||||||||
Local net operating loss carryforwards | $ | 389 | $ | 4 | 2023 – 2036 | ||||
General business credits | 206 | 206 | 2026 – 2039 | ||||||
Alternative minimum tax credits | 29 | 29 | Not applicable | ||||||
Total tax attributes | $ | 239 | |||||||
Consumers | |||||||||
General business credits | $ | 20 | $ | 20 | 2027 – 2039 | ||||
Total tax attributes | $ | 20 |
In Millions | |||||||||||||||||
Gross Amount | Tax Attribute | Expiration | |||||||||||||||
CMS Energy, including Consumers | |||||||||||||||||
Federal net operating loss carryforwards | $ | 747 | $ | 157 | None | ||||||||||||
State net operating loss carryforwards | 1,241 | 78 | 2030 | ||||||||||||||
Local net operating loss carryforwards | 346 | 3 | 2024 – 2040 | ||||||||||||||
General business credits | 245 | 245 | 2026 – 2040 | ||||||||||||||
Total tax attributes | $ | 483 | |||||||||||||||
Consumers | |||||||||||||||||
Federal net operating loss carryforwards | $ | 505 | $ | 106 | None | ||||||||||||
State net operating loss carryforwards | 1,026 | 61 | 2030 | ||||||||||||||
General business credits | 49 | 49 | 2027 – 2040 | ||||||||||||||
Total tax attributes | $ | 216 |
In Millions | ||||||||||||
Years Ended December 31 | 2019 | 2018 | 2017 | |||||||||
CMS Energy, including Consumers | ||||||||||||
Balance at beginning of period | $ | 19 | $ | 14 | $ | 5 | ||||||
Additions for current-year tax positions | 1 | 1 | 10 | |||||||||
Additions for prior-year tax positions | 3 | 4 | — | |||||||||
Reductions for prior-year tax positions | — | — | (1 | ) | ||||||||
Balance at end of period | $ | 23 | $ | 19 | $ | 14 | ||||||
Consumers | ||||||||||||
Balance at beginning of period | $ | 28 | $ | 21 | $ | 5 | ||||||
Additions for current-year tax positions | 1 | 2 | 17 | |||||||||
Additions for prior-year tax positions | 5 | 5 | — | |||||||||
Reductions for prior-year tax positions | — | — | (1 | ) | ||||||||
Balance at end of period | $ | 34 | $ | 28 | $ | 21 |
In Millions | ||||||||||||||||||||
Years Ended December 31 | 2020 | 2019 | 2018 | |||||||||||||||||
CMS Energy, including Consumers | ||||||||||||||||||||
Balance at beginning of period | $ | 23 | $ | 19 | $ | 14 | ||||||||||||||
Additions for current-year tax positions | 1 | 1 | 1 | |||||||||||||||||
Additions for prior-year tax positions | 3 | 3 | 4 | |||||||||||||||||
Reductions for prior-year tax positions | (2) | 0 | 0 | |||||||||||||||||
Balance at end of period | $ | 25 | $ | 23 | $ | 19 | ||||||||||||||
Consumers | ||||||||||||||||||||
Balance at beginning of period | $ | 34 | $ | 28 | $ | 21 | ||||||||||||||
Additions for current-year tax positions | 1 | 1 | 2 | |||||||||||||||||
Additions for prior-year tax positions | 4 | 5 | 5 | |||||||||||||||||
Reductions for prior-year tax positions | (8) | 0 | 0 | |||||||||||||||||
Balance at end of period | $ | 31 | $ | 34 | $ | 28 |
In Millions, Except Per Share Amounts | ||||||||||||
Years Ended December 31 | 2019 | 2018 | 2017 | |||||||||
Income available to common stockholders | ||||||||||||
Net income | $ | 682 | $ | 659 | $ | 462 | ||||||
Less income attributable to noncontrolling interests | 2 | 2 | 2 | |||||||||
Net income available to common stockholders – basic and diluted | $ | 680 | $ | 657 | $ | 460 | ||||||
Average common shares outstanding | ||||||||||||
Weighted-average shares – basic | 283.0 | 282.2 | 280.0 | |||||||||
Add dilutive nonvested stock awards | 0.7 | 0.7 | 0.8 | |||||||||
Add dilutive forward equity sale contracts | 0.6 | — | — | |||||||||
Weighted-average shares – diluted | 284.3 | 282.9 | 280.8 | |||||||||
Net income per average common share available to common stockholders | ||||||||||||
Basic | $ | 2.40 | $ | 2.33 | $ | 1.64 | ||||||
Diluted | 2.39 | 2.32 | 1.64 |
In Millions, Except Per Share Amounts | ||||||||||||||||||||
Years Ended December 31 | 2020 | 2019 | 2018 | |||||||||||||||||
Income available to common stockholders | ||||||||||||||||||||
Net income | $ | 752 | $ | 682 | $ | 659 | ||||||||||||||
Less income (loss) attributable to noncontrolling interests | (3) | 2 | 2 | |||||||||||||||||
Net income available to common stockholders – basic and diluted | $ | 755 | $ | 680 | $ | 657 | ||||||||||||||
Average common shares outstanding | ||||||||||||||||||||
Weighted-average shares – basic | 285.0 | 283.0 | 282.2 | |||||||||||||||||
Add dilutive nonvested stock awards | 0.7 | 0.7 | 0.7 | |||||||||||||||||
Add dilutive forward equity sale contracts | 0.6 | 0.6 | 0 | |||||||||||||||||
Weighted-average shares – diluted | 286.3 | 284.3 | 282.9 | |||||||||||||||||
Net income per average common share available to common stockholders | ||||||||||||||||||||
Basic | $ | 2.65 | $ | 2.40 | $ | 2.33 | ||||||||||||||
Diluted | 2.64 | 2.39 | 2.32 |
In Millions | ||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2020 | Electric Utility | Gas Utility | Enterprises1 | EnerBank | Consolidated | |||||||||||||||||||||||||||||||||
CMS Energy, including Consumers | ||||||||||||||||||||||||||||||||||||||
Consumers utility revenue | $ | 4,348 | $ | 1,809 | $ | — | $ | — | $ | 6,157 | ||||||||||||||||||||||||||||
Other | — | — | 81 | — | 81 | |||||||||||||||||||||||||||||||||
Revenue recognized from contracts with customers | $ | 4,348 | $ | 1,809 | $ | 81 | $ | — | $ | 6,238 | ||||||||||||||||||||||||||||
Leasing income | — | — | 148 | — | 148 | |||||||||||||||||||||||||||||||||
Financing income | 11 | 6 | — | 262 | 279 | |||||||||||||||||||||||||||||||||
Consumers alternative-revenue programs | 29 | 14 | — | — | 43 | |||||||||||||||||||||||||||||||||
Consumers revenues to be refunded | (16) | (12) | — | — | (28) | |||||||||||||||||||||||||||||||||
Total operating revenue – CMS Energy | $ | 4,372 | $ | 1,817 | $ | 229 | $ | 262 | $ | 6,680 | ||||||||||||||||||||||||||||
Consumers | ||||||||||||||||||||||||||||||||||||||
Consumers utility revenue | ||||||||||||||||||||||||||||||||||||||
Residential | $ | 2,109 | $ | 1,232 | $ | 3,341 | ||||||||||||||||||||||||||||||||
Commercial | 1,444 | 337 | 1,781 | |||||||||||||||||||||||||||||||||||
Industrial | 570 | 46 | 616 | |||||||||||||||||||||||||||||||||||
Other | 225 | 194 | 419 | |||||||||||||||||||||||||||||||||||
Revenue recognized from contracts with customers | $ | 4,348 | $ | 1,809 | $ | 6,157 | ||||||||||||||||||||||||||||||||
Financing income | 11 | 6 | 17 | |||||||||||||||||||||||||||||||||||
Alternative-revenue programs | 29 | 14 | 43 | |||||||||||||||||||||||||||||||||||
Revenues to be refunded | (16) | (12) | (28) | |||||||||||||||||||||||||||||||||||
Total operating revenue – Consumers | $ | 4,372 | $ | 1,817 | $ | 6,189 |
In Millions | ||||||||||||||||||||
Year Ended December 31, 2019 | Electric Utility | Gas Utility | Enterprises1 | EnerBank | Consolidated | |||||||||||||||
CMS Energy, including Consumers | ||||||||||||||||||||
Consumers utility revenue | $ | 4,407 | $ | 1,922 | $ | — | $ | — | $ | 6,329 | ||||||||||
Other | — | — | 74 | — | 74 | |||||||||||||||
Revenue recognized from contracts with customers | $ | 4,407 | $ | 1,922 | $ | 74 | $ | — | $ | 6,403 | ||||||||||
Leasing income | — | — | 174 | — | 174 | |||||||||||||||
Financing income | 9 | 5 | — | 221 | 235 | |||||||||||||||
Consumers alternative-revenue programs | 23 | 10 | — | — | 33 | |||||||||||||||
Total operating revenue – CMS Energy | $ | 4,439 | $ | 1,937 | $ | 248 | $ | 221 | $ | 6,845 | ||||||||||
Consumers | ||||||||||||||||||||
Consumers utility revenue | ||||||||||||||||||||
Residential | $ | 1,988 | $ | 1,316 | $ | — | $ | — | $ | 3,304 | ||||||||||
Commercial | 1,502 | 372 | — | — | 1,874 | |||||||||||||||
Industrial | 669 | 51 | — | — | 720 | |||||||||||||||
Other | 248 | 183 | — | — | 431 | |||||||||||||||
Revenue recognized from contracts with customers | $ | 4,407 | $ | 1,922 | $ | — | $ | — | $ | 6,329 | ||||||||||
Financing income | 9 | 5 | — | — | 14 | |||||||||||||||
Alternative-revenue programs | 23 | 10 | — | — | 33 | |||||||||||||||
Total operating revenue – Consumers | $ | 4,439 | $ | 1,937 | $ | — | $ | — | $ | 6,376 |
In Millions | ||||||||||||||||||||||||||||||||||||||
Year Ended December 31, 2019 | Electric Utility | Gas Utility | Enterprises1 | EnerBank | Consolidated | |||||||||||||||||||||||||||||||||
CMS Energy, including Consumers | ||||||||||||||||||||||||||||||||||||||
Consumers utility revenue | $ | 4,407 | $ | 1,922 | $ | — | $ | — | $ | 6,329 | ||||||||||||||||||||||||||||
Other | — | — | 74 | — | 74 | |||||||||||||||||||||||||||||||||
Revenue recognized from contracts with customers | $ | 4,407 | $ | 1,922 | $ | 74 | $ | — | $ | 6,403 | ||||||||||||||||||||||||||||
Leasing income | — | — | 174 | — | 174 | |||||||||||||||||||||||||||||||||
Financing income | 9 | 5 | — | 221 | 235 | |||||||||||||||||||||||||||||||||
Consumers alternative-revenue programs | 23 | 10 | — | — | 33 | |||||||||||||||||||||||||||||||||
Total operating revenue – CMS Energy | $ | 4,439 | $ | 1,937 | $ | 248 | $ | 221 | $ | 6,845 | ||||||||||||||||||||||||||||
Consumers | ||||||||||||||||||||||||||||||||||||||
Consumers utility revenue | ||||||||||||||||||||||||||||||||||||||
Residential | $ | 1,988 | $ | 1,316 | $ | 3,304 | ||||||||||||||||||||||||||||||||
Commercial | 1,502 | 372 | 1,874 | |||||||||||||||||||||||||||||||||||
Industrial | 669 | 51 | 720 | |||||||||||||||||||||||||||||||||||
Other | 248 | 183 | 431 | |||||||||||||||||||||||||||||||||||
Revenue recognized from contracts with customers | $ | 4,407 | $ | 1,922 | $ | 6,329 | ||||||||||||||||||||||||||||||||
Financing income | 9 | 5 | 14 | |||||||||||||||||||||||||||||||||||
Alternative-revenue programs | 23 | 10 | 33 | |||||||||||||||||||||||||||||||||||
Total operating revenue – Consumers | $ | 4,439 | $ | 1,937 | $ | 6,376 |
In Millions | ||||||||||||||||||||
Year Ended December 31, 2018 | Electric Utility | Gas Utility | Enterprises1 | EnerBank | Consolidated | |||||||||||||||
CMS Energy, including Consumers | ||||||||||||||||||||
Consumers utility revenue | $ | 4,528 | $ | 1,882 | $ | — | $ | — | $ | 6,410 | ||||||||||
Other | — | — | 92 | — | 92 | |||||||||||||||
Revenue recognized from contracts with customers | $ | 4,528 | $ | 1,882 | $ | 92 | $ | — | $ | 6,502 | ||||||||||
Leasing income | — | — | 160 | — | 160 | |||||||||||||||
Financing income | 10 | 5 | — | 157 | 172 | |||||||||||||||
Consumers alternative-revenue programs | 23 | 16 | — | — | 39 | |||||||||||||||
Total operating revenue – CMS Energy | $ | 4,561 | $ | 1,903 | $ | 252 | $ | 157 | $ | 6,873 | ||||||||||
Consumers | ||||||||||||||||||||
Consumers utility revenue | ||||||||||||||||||||
Residential | $ | 2,049 | $ | 1,284 | $ | — | $ | — | $ | 3,333 | ||||||||||
Commercial | 1,545 | 367 | — | — | 1,912 | |||||||||||||||
Industrial | 674 | 55 | — | — | 729 | |||||||||||||||
Other | 260 | 176 | — | — | 436 | |||||||||||||||
Revenue recognized from contracts with customers | $ | 4,528 | $ | 1,882 | $ | — | $ | — | $ | 6,410 | ||||||||||
Financing income | 10 | 5 | — | — | 15 | |||||||||||||||
Alternative-revenue programs | 23 | 16 | — | ��� | 39 | |||||||||||||||
Total operating revenue – Consumers | $ | 4,561 | $ | 1,903 | $ | — | $ | — | $ | 6,464 |
1Amounts represent the enterprises segment’s operating revenue from independent power production and its sales of energy commodities. |
In Millions | ||||||||||||
Years Ended December 31 | 2019 | 2018 | 2017 | |||||||||
CMS Energy, including Consumers | ||||||||||||
Donations | $ | (3 | ) | $ | (13 | ) | $ | (31 | ) | |||
Civic and political expenditures | (6 | ) | (6 | ) | (27 | ) | ||||||
Loss on reacquired and extinguished debt | — | (16 | ) | (18 | ) | |||||||
All other | (4 | ) | (13 | ) | — | |||||||
Total other expense – CMS Energy | $ | (13 | ) | $ | (48 | ) | $ | (76 | ) | |||
Consumers | ||||||||||||
Donations | $ | (3 | ) | $ | (13 | ) | $ | (31 | ) | |||
Civic and political expenditures | (6 | ) | (6 | ) | (27 | ) | ||||||
All other | (4 | ) | (11 | ) | — | |||||||
Total other expense – Consumers | $ | (13 | ) | $ | (30 | ) | $ | (58 | ) |
In Millions | ||||||||||||||||||||
Years Ended December 31 | 2020 | 2019 | 2018 | |||||||||||||||||
CMS Energy, including Consumers | ||||||||||||||||||||
Other expense | ||||||||||||||||||||
Donations | $ | (35) | $ | (3) | $ | (13) | ||||||||||||||
Civic and political expenditures | (5) | (6) | (6) | |||||||||||||||||
Loss on reacquired and extinguished debt | (16) | 0 | (16) | |||||||||||||||||
All other | (6) | (4) | (13) | |||||||||||||||||
Total other expense – CMS Energy | $ | (62) | $ | (13) | $ | (48) | ||||||||||||||
Consumers | ||||||||||||||||||||
Other expense | ||||||||||||||||||||
Donations | $ | (33) | $ | (3) | $ | (13) | ||||||||||||||
Civic and political expenditures | (5) | (6) | (6) | |||||||||||||||||
All other | (5) | (4) | (11) | |||||||||||||||||
Total other expense – Consumers | $ | (43) | $ | (13) | $ | (30) |
In Millions | ||||||||
December 31 | 2019 | 2018 | ||||||
CMS Energy, including Consumers | ||||||||
Cash and cash equivalents | $ | 140 | $ | 153 | ||||
Restricted cash and cash equivalents | 17 | 21 | ||||||
Other non‑current assets | — | 1 | ||||||
Cash and cash equivalents, including restricted amounts | $ | 157 | $ | 175 | ||||
Consumers | ||||||||
Cash and cash equivalents | $ | 11 | $ | 39 | ||||
Restricted cash and cash equivalents | 17 | 17 | ||||||
Cash and cash equivalents, including restricted amounts | $ | 28 | $ | 56 |
In Millions | ||||||||||||||
December 31 | 2020 | 2019 | ||||||||||||
CMS Energy, including Consumers | ||||||||||||||
Cash and cash equivalents | $ | 168 | $ | 140 | ||||||||||
Restricted cash and cash equivalents | 17 | 17 | ||||||||||||
Cash and cash equivalents, including restricted amounts | $ | 185 | $ | 157 | ||||||||||
Consumers | ||||||||||||||
Cash and cash equivalents | $ | 20 | $ | 11 | ||||||||||
Restricted cash and cash equivalents | 15 | 17 | ||||||||||||
Cash and cash equivalents, including restricted amounts | $ | 35 | $ | 28 |
In Millions | ||||||||||||||||||||
Years Ended December 31 | 2020 | 2019 | 2018 | |||||||||||||||||
CMS Energy, including Consumers | ||||||||||||||||||||
Operating revenue | ||||||||||||||||||||
Electric utility | $ | 4,372 | $ | 4,439 | $ | 4,561 | ||||||||||||||
Gas utility | 1,817 | 1,937 | 1,903 | |||||||||||||||||
Enterprises | 229 | 248 | 252 | |||||||||||||||||
EnerBank | 262 | 221 | 157 | |||||||||||||||||
Total operating revenue – CMS Energy | $ | 6,680 | $ | 6,845 | $ | 6,873 | ||||||||||||||
Consumers | ||||||||||||||||||||
Operating revenue | ||||||||||||||||||||
Electric utility | $ | 4,372 | $ | 4,439 | $ | 4,561 | ||||||||||||||
Gas utility | 1,817 | 1,937 | 1,903 | |||||||||||||||||
Total operating revenue – Consumers | $ | 6,189 | $ | 6,376 | $ | 6,464 | ||||||||||||||
CMS Energy, including Consumers | ||||||||||||||||||||
Depreciation and amortization | ||||||||||||||||||||
Electric utility | $ | 739 | $ | 713 | $ | 682 | ||||||||||||||
Gas utility | 283 | 261 | 239 | |||||||||||||||||
Enterprises | 20 | 14 | 8 | |||||||||||||||||
EnerBank | 5 | 3 | 4 | |||||||||||||||||
Other reconciling items | 1 | 1 | 0 | |||||||||||||||||
Total depreciation and amortization – CMS Energy | $ | 1,048 | $ | 992 | $ | 933 | ||||||||||||||
Consumers | ||||||||||||||||||||
Depreciation and amortization | ||||||||||||||||||||
Electric utility | $ | 739 | $ | 713 | $ | 682 | ||||||||||||||
Gas utility | 283 | 261 | 239 | |||||||||||||||||
Other reconciling items | 1 | 1 | 0 | |||||||||||||||||
Total depreciation and amortization – Consumers | $ | 1,023 | $ | 975 | $ | 921 | ||||||||||||||
CMS Energy, including Consumers | ||||||||||||||||||||
Income from equity method investees1 | ||||||||||||||||||||
Enterprises | $ | 5 | $ | 10 | $ | 9 | ||||||||||||||
Total income from equity method investees – CMS Energy | $ | 5 | $ | 10 | $ | 9 | ||||||||||||||
CMS Energy, including Consumers | ||||||||||||||||||||
Interest charges | ||||||||||||||||||||
Electric utility | $ | 217 | $ | 213 | $ | 209 | ||||||||||||||
Gas utility | 102 | 83 | 79 | |||||||||||||||||
Enterprises | 7 | 7 | 2 | |||||||||||||||||
EnerBank | 56 | 59 | 32 | |||||||||||||||||
Other reconciling items | 179 | 157 | 136 | |||||||||||||||||
Total interest charges – CMS Energy | $ | 561 | $ | 519 | $ | 458 |
In Millions | ||||||||||||
Years Ended December 31 | 2019 | 2018 | 2017 | |||||||||
CMS Energy, including Consumers | ||||||||||||
Operating revenue | ||||||||||||
Electric utility | $ | 4,439 | $ | 4,561 | $ | 4,448 | ||||||
Gas utility | 1,937 | 1,903 | 1,774 | |||||||||
Enterprises | 248 | 252 | 229 | |||||||||
EnerBank | 221 | 157 | 132 | |||||||||
Total operating revenue – CMS Energy | $ | 6,845 | $ | 6,873 | $ | 6,583 | ||||||
Consumers | ||||||||||||
Operating revenue | ||||||||||||
Electric utility | $ | 4,439 | $ | 4,561 | $ | 4,448 | ||||||
Gas utility | 1,937 | 1,903 | 1,774 | |||||||||
Total operating revenue – Consumers | $ | 6,376 | $ | 6,464 | $ | 6,222 | ||||||
CMS Energy, including Consumers | ||||||||||||
Depreciation and amortization | ||||||||||||
Electric utility | $ | 713 | $ | 682 | $ | 654 | ||||||
Gas utility | 261 | 239 | 218 | |||||||||
Enterprises | 14 | 8 | 6 | |||||||||
EnerBank | 3 | 4 | 3 | |||||||||
Other reconciling items | 1 | — | — | |||||||||
Total depreciation and amortization – CMS Energy | $ | 992 | $ | 933 | $ | 881 | ||||||
Consumers | ||||||||||||
Depreciation and amortization | ||||||||||||
Electric utility | $ | 713 | $ | 682 | $ | 654 | ||||||
Gas utility | 261 | 239 | 218 | |||||||||
Other reconciling items | 1 | — | — | |||||||||
Total depreciation and amortization – Consumers | $ | 975 | $ | 921 | $ | 872 | ||||||
CMS Energy, including Consumers | ||||||||||||
Income from equity method investees¹ | ||||||||||||
Enterprises | $ | 10 | $ | 9 | $ | 15 | ||||||
Total income from equity method investees – CMS Energy | $ | 10 | $ | 9 | $ | 15 | ||||||
CMS Energy, including Consumers | ||||||||||||
Interest charges | ||||||||||||
Electric utility | $ | 213 | $ | 209 | $ | 201 | ||||||
Gas utility | 83 | 79 | 74 | |||||||||
Enterprises | 7 | 2 | — | |||||||||
EnerBank | 59 | 32 | 19 | |||||||||
Other reconciling items | 157 | 136 | 144 | |||||||||
Total interest charges – CMS Energy | $ | 519 | $ | 458 | $ | 438 |
In Millions | ||||||||||||
Years Ended December 31 | 2019 | 2018 | 2017 | |||||||||
Consumers | ||||||||||||
Interest charges | ||||||||||||
Electric utility | $ | 213 | $ | 209 | $ | 201 | ||||||
Gas utility | 83 | 79 | 74 | |||||||||
Other reconciling items | 1 | 1 | 1 | |||||||||
Total interest charges – Consumers | $ | 297 | $ | 289 | $ | 276 | ||||||
CMS Energy, including Consumers | ||||||||||||
Income tax expense (benefit) | ||||||||||||
Electric utility | $ | 134 | $ | 109 | $ | 245 | ||||||
Gas utility | 51 | 33 | 96 | |||||||||
Enterprises | 2 | 2 | 72 | |||||||||
EnerBank | 16 | 12 | 22 | |||||||||
Other reconciling items | (56 | ) | (41 | ) | (11 | ) | ||||||
Total income tax expense – CMS Energy | $ | 147 | $ | 115 | $ | 424 | ||||||
Consumers | ||||||||||||
Income tax expense (benefit) | ||||||||||||
Electric utility | $ | 134 | $ | 109 | $ | 245 | ||||||
Gas utility | 51 | 33 | 96 | |||||||||
Other reconciling items | — | — | (2 | ) | ||||||||
Total income tax expense – Consumers | $ | 185 | $ | 142 | $ | 339 | ||||||
CMS Energy, including Consumers | ||||||||||||
Net income (loss) available to common stockholders | ||||||||||||
Electric utility | $ | 509 | $ | 535 | $ | 455 | ||||||
Gas utility | 233 | 169 | 173 | |||||||||
Enterprises | 33 | 34 | (27 | ) | ||||||||
EnerBank | 49 | 38 | 28 | |||||||||
Other reconciling items | (144 | ) | (119 | ) | (169 | ) | ||||||
Total net income available to common stockholders – CMS Energy | $ | 680 | $ | 657 | $ | 460 | ||||||
Consumers | ||||||||||||
Net income (loss) available to common stockholder | ||||||||||||
Electric utility | $ | 509 | $ | 535 | $ | 455 | ||||||
Gas utility | 233 | 169 | 173 | |||||||||
Other reconciling items | (1 | ) | (1 | ) | 2 | |||||||
Total net income available to common stockholder – Consumers | $ | 741 | $ | 703 | $ | 630 | ||||||
CMS Energy, including Consumers | ||||||||||||
Plant, property, and equipment, gross | ||||||||||||
Electric utility2,3 | $ | 16,158 | $ | 16,027 | $ | 15,221 | ||||||
Gas utility² | 8,785 | 7,919 | 7,080 | |||||||||
Enterprises | 405 | 412 | 167 | |||||||||
EnerBank | 22 | 25 | 21 | |||||||||
Other reconciling items | 20 | 17 | 17 | |||||||||
Total plant, property, and equipment, gross – CMS Energy | $ | 25,390 | $ | 24,400 | $ | 22,506 |
In Millions | ||||||||||||||||||||
Years Ended December 31 | 2020 | 2019 | 2018 | |||||||||||||||||
Consumers | ||||||||||||||||||||
Interest charges | ||||||||||||||||||||
Electric utility | $ | 217 | $ | 213 | $ | 209 | ||||||||||||||
Gas utility | 102 | 83 | 79 | |||||||||||||||||
Other reconciling items | 1 | 1 | 1 | |||||||||||||||||
Total interest charges – Consumers | $ | 320 | $ | 297 | $ | 289 | ||||||||||||||
CMS Energy, including Consumers | ||||||||||||||||||||
Income tax expense (benefit) | ||||||||||||||||||||
Electric utility | $ | 115 | $ | 134 | $ | 109 | ||||||||||||||
Gas utility | 58 | 51 | 33 | |||||||||||||||||
Enterprises | (4) | 2 | 2 | |||||||||||||||||
EnerBank | 17 | 16 | 12 | |||||||||||||||||
Other reconciling items | (53) | (56) | (41) | |||||||||||||||||
Total income tax expense – CMS Energy | $ | 133 | $ | 147 | $ | 115 | ||||||||||||||
Consumers | ||||||||||||||||||||
Income tax expense | ||||||||||||||||||||
Electric utility | $ | 115 | $ | 134 | $ | 109 | ||||||||||||||
Gas utility | 58 | 51 | 33 | |||||||||||||||||
Total income tax expense – Consumers | $ | 173 | $ | 185 | $ | 142 | ||||||||||||||
CMS Energy, including Consumers | ||||||||||||||||||||
Net income (loss) available to common stockholders | ||||||||||||||||||||
Electric utility | $ | 554 | $ | 509 | $ | 535 | ||||||||||||||
Gas utility | 261 | 233 | 169 | |||||||||||||||||
Enterprises | 36 | 33 | 34 | |||||||||||||||||
EnerBank | 58 | 49 | 38 | |||||||||||||||||
Other reconciling items | (154) | (144) | (119) | |||||||||||||||||
Total net income available to common stockholders – CMS Energy | $ | 755 | $ | 680 | $ | 657 | ||||||||||||||
Consumers | ||||||||||||||||||||
Net income (loss) available to common stockholder | ||||||||||||||||||||
Electric utility | $ | 554 | $ | 509 | $ | 535 | ||||||||||||||
Gas utility | 261 | 233 | 169 | |||||||||||||||||
Other reconciling items | (1) | (1) | (1) | |||||||||||||||||
Total net income available to common stockholder – Consumers | $ | 814 | $ | 741 | $ | 703 | ||||||||||||||
CMS Energy, including Consumers | ||||||||||||||||||||
Plant, property, and equipment, gross | ||||||||||||||||||||
Electric utility2,3 | $ | 17,155 | $ | 16,158 | $ | 16,027 | ||||||||||||||
Gas utility2 | 9,581 | 8,785 | 7,919 | |||||||||||||||||
Enterprises | 1,113 | 405 | 412 | |||||||||||||||||
EnerBank | 37 | 22 | 25 | |||||||||||||||||
Other reconciling items | 21 | 20 | 17 | |||||||||||||||||
Total plant, property, and equipment, gross – CMS Energy | $ | 27,907 | $ | 25,390 | $ | 24,400 |
In Millions | ||||||||||||||||||||
Years Ended December 31 | 2020 | 2019 | 2018 | |||||||||||||||||
Consumers | ||||||||||||||||||||
Plant, property, and equipment, gross | ||||||||||||||||||||
Electric utility2,3 | $ | 17,155 | $ | 16,158 | $ | 16,027 | ||||||||||||||
Gas utility2 | 9,581 | 8,785 | 7,919 | |||||||||||||||||
Other reconciling items | 21 | 20 | 17 | |||||||||||||||||
Total plant, property, and equipment, gross – Consumers | $ | 26,757 | $ | 24,963 | $ | 23,963 | ||||||||||||||
CMS Energy, including Consumers | ||||||||||||||||||||
Investments in equity method investees1 | ||||||||||||||||||||
Enterprises | $ | 70 | $ | 71 | $ | 69 | ||||||||||||||
Total investments in equity method investees – CMS Energy | $ | 70 | $ | 71 | $ | 69 | ||||||||||||||
CMS Energy, including Consumers | ||||||||||||||||||||
Total assets | ||||||||||||||||||||
Electric utility2 | $ | 15,829 | $ | 14,911 | $ | 14,079 | ||||||||||||||
Gas utility2 | 9,429 | 8,659 | 7,806 | |||||||||||||||||
Enterprises | 1,276 | 527 | 540 | |||||||||||||||||
EnerBank | 3,109 | 2,692 | 2,006 | |||||||||||||||||
Other reconciling items | 23 | 48 | 98 | |||||||||||||||||
Total assets – CMS Energy | $ | 29,666 | $ | 26,837 | $ | 24,529 | ||||||||||||||
Consumers | ||||||||||||||||||||
Total assets | ||||||||||||||||||||
Electric utility2 | $ | 15,893 | $ | 14,973 | $ | 14,143 | ||||||||||||||
Gas utility2 | 9,477 | 8,706 | 7,853 | |||||||||||||||||
Other reconciling items | 29 | 20 | 29 | |||||||||||||||||
Total assets – Consumers | $ | 25,399 | $ | 23,699 | $ | 22,025 | ||||||||||||||
CMS Energy, including Consumers | ||||||||||||||||||||
Capital expenditures4 | ||||||||||||||||||||
Electric utility5 | $ | 1,281 | $ | 1,162 | $ | 865 | ||||||||||||||
Gas utility5 | 885 | 971 | 958 | |||||||||||||||||
Enterprises | 108 | 5 | 246 | |||||||||||||||||
EnerBank | 5 | 8 | 10 | |||||||||||||||||
Other reconciling items | 1 | 1 | 2 | |||||||||||||||||
Total capital expenditures – CMS Energy | $ | 2,280 | $ | 2,147 | $ | 2,081 | ||||||||||||||
Consumers | ||||||||||||||||||||
Capital expenditures4 | ||||||||||||||||||||
Electric utility5 | $ | 1,281 | $ | 1,162 | $ | 865 | ||||||||||||||
Gas utility5 | 885 | 971 | 958 | |||||||||||||||||
Other reconciling items | 1 | 1 | 2 | |||||||||||||||||
Total capital expenditures – Consumers | $ | 2,167 | $ | 2,134 | $ | 1,825 |
In Millions | ||||||||||||
Years Ended December 31 | 2019 | 2018 | 2017 | |||||||||
Consumers | ||||||||||||
Plant, property, and equipment, gross | ||||||||||||
Electric utility2,3 | $ | 16,158 | $ | 16,027 | $ | 15,221 | ||||||
Gas utility² | 8,785 | 7,919 | 7,080 | |||||||||
Other reconciling items | 20 | 17 | 17 | |||||||||
Total plant, property, and equipment, gross – Consumers | $ | 24,963 | $ | 23,963 | $ | 22,318 | ||||||
CMS Energy, including Consumers | ||||||||||||
Investments in equity method investees¹ | ||||||||||||
Enterprises | $ | 71 | $ | 69 | $ | 64 | ||||||
Total investments in equity method investees – CMS Energy | $ | 71 | $ | 69 | $ | 64 | ||||||
CMS Energy, including Consumers | ||||||||||||
Total assets | ||||||||||||
Electric utility² | $ | 14,911 | $ | 14,079 | $ | 13,906 | ||||||
Gas utility² | 8,659 | 7,806 | 7,139 | |||||||||
Enterprises | 527 | 540 | 342 | |||||||||
EnerBank | 2,692 | 2,006 | 1,453 | |||||||||
Other reconciling items | 48 | 98 | 210 | |||||||||
Total assets – CMS Energy | $ | 26,837 | $ | 24,529 | $ | 23,050 | ||||||
Consumers | ||||||||||||
Total assets | ||||||||||||
Electric utility² | $ | 14,973 | $ | 14,143 | $ | 13,907 | ||||||
Gas utility² | 8,706 | 7,853 | 7,139 | |||||||||
Other reconciling items | 20 | 29 | 53 | |||||||||
Total assets – Consumers | $ | 23,699 | $ | 22,025 | $ | 21,099 | ||||||
CMS Energy, including Consumers | ||||||||||||
Capital expenditures4 | ||||||||||||
Electric utility5 | $ | 1,162 | $ | 865 | $ | 882 | ||||||
Gas utility5 | 971 | 958 | 800 | |||||||||
Enterprises | 5 | 246 | 33 | |||||||||
EnerBank | 8 | 10 | 6 | |||||||||
Other reconciling items | 1 | 2 | 1 | |||||||||
Total capital expenditures – CMS Energy | $ | 2,147 | $ | 2,081 | $ | 1,722 | ||||||
Consumers | ||||||||||||
Capital expenditures4 | ||||||||||||
Electric utility5 | $ | 1,162 | $ | 865 | $ | 882 | ||||||
Gas utility5 | 971 | 958 | 800 | |||||||||
Other reconciling items | 1 | 2 | 1 | |||||||||
Total capital expenditures – Consumers | $ | 2,134 | $ | 1,825 | $ | 1,683 |
4Amounts include assets placed under finance lease. 5Amounts include a portion of Consumers’ capital expenditures for plant and equipment attributable to both the electric and gas utility businesses. 20: Related-Party Transactions—Consumers |
In Millions | |||||||||||||
Description | Related Party | 2019 | 2018 | 2017 | |||||||||
Purchases of capacity and energy | Affiliates of CMS Enterprises | $ | 75 | $ | 83 | $ | 90 |
In Millions | |||||||||||||||||||||||
Description | Related Party | 2020 | 2019 | 2018 | |||||||||||||||||||
Purchases of capacity and energy | Affiliates of CMS Enterprises | $ | 64 | $ | 75 | $ | 83 |
December 31 | 2020 | |||||||||||||
Current | ||||||||||||||
Cash and cash equivalents | $ | 7 | ||||||||||||
Accounts receivable | 5 | |||||||||||||
Prepayments and other current assets | 1 | |||||||||||||
Non-current | ||||||||||||||
Plant, property, and equipment, net | 692 | |||||||||||||
Total assets1 | $ | 705 | ||||||||||||
Current | ||||||||||||||
Accounts payable | $ | 3 | ||||||||||||
Non-current | ||||||||||||||
Asset retirement obligations | 19 | |||||||||||||
Total liabilities | $ | 22 |
Name | Nature of the Entity | Nature of CMS Energy’s Involvement | ||||||
T.E.S. Filer City | Coal-fueled power generator | Long-term PPA between partnership and Consumers | ||||||
Employee assignment agreement | ||||||||
Grayling | Wood waste-fueled power generator | Long-term PPA between partnership and Consumers | ||||||
Reduced dispatch agreement with | ||||||||
Operating and management contract | ||||||||
Genesee | Wood waste-fueled power generator | Long-term PPA between partnership and Consumers | ||||||
Reduced dispatch agreement with | ||||||||
Operating and management contract | ||||||||
Craven | Wood waste-fueled power generator | Operating and management contract | ||||||
179 |
In Millions | ||||||||||||||
Years Ended December 31 | 2020 | 2019 | ||||||||||||
Retention benefit liability at beginning of period | $ | 4 | $ | 0 | ||||||||||
Costs incurred and charged to maintenance and other operating expenses | 13 | 3 | ||||||||||||
Costs incurred and capitalized | 2 | 1 | ||||||||||||
Costs paid or settled | (8) | 0 | ||||||||||||
Retention benefit liability at the end of the period1 | $ | 11 | $ | 4 |
In Millions, Except Per Share Amounts | ||||||||||||||||||||||||||
2020 | ||||||||||||||||||||||||||
Three Months Ended | March 31 | June 30 | September 30 | December 31 | ||||||||||||||||||||||
CMS Energy, including Consumers | ||||||||||||||||||||||||||
Operating revenue | $ | 1,864 | $ | 1,443 | $ | 1,575 | $ | 1,798 | ||||||||||||||||||
Operating income | 368 | 273 | 369 | 352 | ||||||||||||||||||||||
Net income | 243 | 137 | 210 | 162 | ||||||||||||||||||||||
Income (loss) attributable to noncontrolling interests | 0 | 1 | (8) | 4 | ||||||||||||||||||||||
Net income available to common stockholders | 243 | 136 | 218 | 158 | ||||||||||||||||||||||
Basic earnings per average common share1 | 0.86 | 0.48 | 0.76 | 0.55 | ||||||||||||||||||||||
Diluted earnings per average common share1 | 0.85 | 0.48 | 0.76 | 0.55 | ||||||||||||||||||||||
Consumers | ||||||||||||||||||||||||||
Operating revenue | $ | 1,744 | $ | 1,330 | $ | 1,450 | $ | 1,665 | ||||||||||||||||||
Operating income | 329 | 246 | 338 | 308 | ||||||||||||||||||||||
Net income | 235 | 160 | 230 | 191 | ||||||||||||||||||||||
Preferred stock dividends | 0 | 1 | 0 | 1 | ||||||||||||||||||||||
Net income available to common stockholder | 235 | 159 | 230 | 190 |
In Millions, Except Per Share Amounts | ||||||||||||||||||||||||||
2019 | ||||||||||||||||||||||||||
Three Months Ended | March 31 | June 30 | September 30 | December 31 | ||||||||||||||||||||||
CMS Energy, including Consumers | ||||||||||||||||||||||||||
Operating revenue | $ | 2,059 | $ | 1,445 | $ | 1,546 | $ | 1,795 | ||||||||||||||||||
Operating income | 359 | 218 | 351 | 311 | ||||||||||||||||||||||
Net income | 213 | 94 | 207 | 168 | ||||||||||||||||||||||
Income attributable to noncontrolling interests | 0 | 1 | 0 | 1 | ||||||||||||||||||||||
Net income available to common stockholders | 213 | 93 | 207 | 167 | ||||||||||||||||||||||
Basic earnings per average common share1 | 0.75 | 0.33 | 0.73 | 0.59 | ||||||||||||||||||||||
Diluted earnings per average common share1 | 0.75 | 0.33 | 0.73 | 0.58 | ||||||||||||||||||||||
Consumers | ||||||||||||||||||||||||||
Operating revenue | $ | 1,943 | $ | 1,334 | $ | 1,429 | $ | 1,670 | ||||||||||||||||||
Operating income | 328 | 175 | 319 | 308 | ||||||||||||||||||||||
Net income | 226 | 98 | 213 | 206 | ||||||||||||||||||||||
Preferred stock dividends | 0 | 1 | 0 | 1 | ||||||||||||||||||||||
Net income available to common stockholder | 226 | 97 | 213 | 205 |
In Millions, Except Per Share Amounts | ||||||||||||||||
2019 | ||||||||||||||||
Quarters Ended | March 31 | June 30 | Sept 30 | Dec 31 | ||||||||||||
CMS Energy, including Consumers | ||||||||||||||||
Operating revenue | $ | 2,059 | $ | 1,445 | $ | 1,546 | $ | 1,795 | ||||||||
Operating income | 359 | 218 | 351 | 311 | ||||||||||||
Net income | 213 | 94 | 207 | 168 | ||||||||||||
Income attributable to noncontrolling interests | — | 1 | — | 1 | ||||||||||||
Net income available to common stockholders | 213 | 93 | 207 | 167 | ||||||||||||
Basic earnings per average common share¹ | 0.75 | 0.33 | 0.73 | 0.59 | ||||||||||||
Diluted earnings per average common share¹ | 0.75 | 0.33 | 0.73 | 0.58 | ||||||||||||
Consumers | ||||||||||||||||
Operating revenue | $ | 1,943 | $ | 1,334 | $ | 1,429 | $ | 1,670 | ||||||||
Operating income | 328 | 175 | 319 | 308 | ||||||||||||
Net income | 226 | 98 | 213 | 206 | ||||||||||||
Preferred stock dividends | — | 1 | — | 1 | ||||||||||||
Net income available to common stockholder | 226 | 97 | 213 | 205 |
In Millions, Except Per Share Amounts | ||||||||||||||||
2018 | ||||||||||||||||
Quarters Ended | March 31 | June 30 | Sept 30 | Dec 31 | ||||||||||||
CMS Energy, including Consumers | ||||||||||||||||
Operating revenue | $ | 1,953 | $ | 1,492 | $ | 1,599 | $ | 1,829 | ||||||||
Operating income | 363 | 255 | 294 | 250 | ||||||||||||
Net income | 241 | 140 | 169 | 109 | ||||||||||||
Income attributable to noncontrolling interests | — | 1 | — | 1 | ||||||||||||
Net income available to common stockholders | 241 | 139 | 169 | 108 | ||||||||||||
Basic earnings per average common share¹ | 0.86 | 0.49 | 0.60 | 0.38 | ||||||||||||
Diluted earnings per average common share¹ | 0.86 | 0.49 | 0.59 | 0.38 | ||||||||||||
Consumers | ||||||||||||||||
Operating revenue | $ | 1,855 | $ | 1,395 | $ | 1,502 | $ | 1,712 | ||||||||
Operating income | 334 | 229 | 271 | 231 | ||||||||||||
Net income | 242 | 152 | 180 | 131 | ||||||||||||
Preferred stock dividends | — | 1 | — | 1 | ||||||||||||
Net income available to common stockholder | 242 | 151 | 180 | 130 |
(a) | (c) | ||||||||||||||||||
Plan Category | Number of securities to be issued upon exercise of outstanding options, warrants, and rights | Weighted-average | exercise price of outstanding options, warrants, and rights | Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) | |||||||||||||||
Equity compensation plan approved by shareholders | — | $ | — |
•Consolidated Balance Sheets of CMS Energy at December 31, 2020 and 2019 • |
•Report of Independent Registered Public Accounting Firm for CMS Energy •Report of Independent Registered Public Accounting Firm |
•Schedule I — Condensed Financial Information of Registrant, •Schedule II — Valuation and Qualifying Accounts and Reserves of CMS Energy for the years ended December 31, 2020, 2019, and 2018 •Schedule II — Valuation and Qualifying Accounts and Reserves of Consumers for the years ended December 31, 2020, 2019, and 2018 |
In Millions | In Millions | In Millions | ||||||||||||||||||||||||||||||
Years Ended December 31 | 2019 | 2018 | 2017 | Years Ended December 31 | 2020 | 2019 | 2018 | |||||||||||||||||||||||||
Operating Expenses | Operating Expenses | |||||||||||||||||||||||||||||||
Other operating expenses | $ | (38 | ) | $ | (7 | ) | $ | (9 | ) | Other operating expenses | $ | (6) | $ | (38) | $ | (7) | ||||||||||||||||
Total operating expenses | (38 | ) | (7 | ) | (9 | ) | Total operating expenses | (6) | (38) | (7) | ||||||||||||||||||||||
Operating Loss | (38 | ) | (7 | ) | (9 | ) | Operating Loss | (6) | (38) | (7) | ||||||||||||||||||||||
Other Income (Expense) | Other Income (Expense) | |||||||||||||||||||||||||||||||
Equity earnings of subsidiaries | 826 | 780 | 633 | Equity earnings of subsidiaries | 909 | 826 | 780 | |||||||||||||||||||||||||
Nonoperating retirement benefits, net | (1 | ) | (1 | ) | (1 | ) | Nonoperating retirement benefits, net | (1) | (1) | (1) | ||||||||||||||||||||||
Interest income | 1 | 2 | 1 | Interest income | 1 | 1 | 2 | |||||||||||||||||||||||||
Other income | 1 | — | 2 | Other income | 1 | 1 | 0 | |||||||||||||||||||||||||
Other expense | — | (17 | ) | (31 | ) | Other expense | (19) | 0 | (17) | |||||||||||||||||||||||
Total other income | 827 | 764 | 604 | Total other income | 891 | 827 | 764 | |||||||||||||||||||||||||
Interest Charges | Interest Charges | |||||||||||||||||||||||||||||||
Interest on long-term debt | 156 | 135 | 143 | Interest on long-term debt | 178 | 156 | 135 | |||||||||||||||||||||||||
Intercompany interest expense and other | 10 | 7 | 3 | Intercompany interest expense and other | 7 | 10 | 7 | |||||||||||||||||||||||||
Total interest charges | 166 | 142 | 146 | Total interest charges | 185 | 166 | 142 | |||||||||||||||||||||||||
Income Before Income Taxes | 623 | 615 | 449 | Income Before Income Taxes | 700 | 623 | 615 | |||||||||||||||||||||||||
Income Tax Benefit | (57 | ) | (42 | ) | (11 | ) | Income Tax Benefit | (55) | (57) | (42) | ||||||||||||||||||||||
Net Income Available to Common Stockholders | $ | 680 | $ | 657 | $ | 460 | Net Income Available to Common Stockholders | $ | 755 | $ | 680 | $ | 657 |
In Millions | In Millions | In Millions | ||||||||||||||||||||||||||||||
Years Ended December 31 | 2019 | 2018 | 2017 | Years Ended December 31 | 2020 | 2019 | 2018 | |||||||||||||||||||||||||
Cash Flows from Operating Activities | Cash Flows from Operating Activities | |||||||||||||||||||||||||||||||
Net cash provided by operating activities | $ | 697 | $ | 702 | $ | 433 | Net cash provided by operating activities | $ | 507 | $ | 697 | $ | 702 | |||||||||||||||||||
Cash Flows from Investing Activities | Cash Flows from Investing Activities | |||||||||||||||||||||||||||||||
Investment in subsidiaries | (683 | ) | (363 | ) | (447 | ) | Investment in subsidiaries | (657) | (683) | (363) | ||||||||||||||||||||||
Increase in notes receivable – intercompany | Increase in notes receivable – intercompany | (307) | 0 | 0 | ||||||||||||||||||||||||||||
Proceeds from DB SERP investments | — | 22 | — | Proceeds from DB SERP investments | 0 | 0 | 22 | |||||||||||||||||||||||||
Net cash used in investing activities | (683 | ) | (341 | ) | (447 | ) | Net cash used in investing activities | (964) | (683) | (341) | ||||||||||||||||||||||
Cash Flows from Financing Activities | Cash Flows from Financing Activities | |||||||||||||||||||||||||||||||
Proceeds from issuance of debt | 1,158 | 560 | 799 | Proceeds from issuance of debt | 1,225 | 1,158 | 560 | |||||||||||||||||||||||||
Issuance of common stock | 12 | 41 | 83 | Issuance of common stock | 253 | 12 | 41 | |||||||||||||||||||||||||
Retirement of long-term debt | (738 | ) | (675 | ) | (425 | ) | Retirement of long-term debt | (425) | (738) | (675) | ||||||||||||||||||||||
Debt prepayment costs | — | (16 | ) | (18 | ) | Debt prepayment costs | (16) | 0 | (16) | |||||||||||||||||||||||
Payment of dividends on common stock | (434 | ) | (405 | ) | (375 | ) | Payment of dividends on common stock | (465) | (434) | (405) | ||||||||||||||||||||||
Debt issuance costs and financing fees | (18 | ) | (8 | ) | (3 | ) | Debt issuance costs and financing fees | (10) | (18) | (8) | ||||||||||||||||||||||
Change in notes payable – intercompany | 6 | 142 | (47 | ) | Change in notes payable – intercompany | (105) | 6 | 142 | ||||||||||||||||||||||||
Net cash provided by (used in) financing activities | (14 | ) | (361 | ) | 14 | Net cash provided by (used in) financing activities | 457 | (14) | (361) | |||||||||||||||||||||||
Net Increase in Cash and Cash Equivalents, Including Restricted Amounts | — | — | — | Net Increase in Cash and Cash Equivalents, Including Restricted Amounts | 0 | 0 | 0 | |||||||||||||||||||||||||
Cash and Cash Equivalents, Including Restricted Amounts, Beginning of Period | — | — | — | Cash and Cash Equivalents, Including Restricted Amounts, Beginning of Period | 0 | 0 | 0 | |||||||||||||||||||||||||
Cash and Cash Equivalents, Including Restricted Amounts, End of Period | $ | — | $ | — | $ | — | Cash and Cash Equivalents, Including Restricted Amounts, End of Period | $ | 0 | $ | 0 | $ | 0 |
ASSETS | ||||||||||||||
In Millions | ||||||||||||||
December 31 | 2020 | 2019 | ||||||||||||
Current Assets | ||||||||||||||
Notes and accrued interest receivable – intercompany | $ | 358 | $ | 2 | ||||||||||
Accounts receivable – intercompany and related parties | 3 | 9 | ||||||||||||
Federal income tax receivable | 0 | 18 | ||||||||||||
Accrued taxes | 48 | 0 | ||||||||||||
Prepayments and other current assets | 1 | 1 | ||||||||||||
Total current assets | 410 | 30 | ||||||||||||
Other Non‑current Assets | ||||||||||||||
Deferred income taxes | 91 | 126 | ||||||||||||
Investments in subsidiaries | 9,372 | 8,526 | ||||||||||||
Other investments | 5 | 4 | ||||||||||||
Other | 5 | 16 | ||||||||||||
Total other non‑current assets | 9,473 | 8,672 | ||||||||||||
Total Assets | $ | 9,883 | $ | 8,702 |
ASSETS | ||||||||
In Millions | ||||||||
December 31 | 2019 | 2018 | ||||||
Current Assets | ||||||||
Notes and accrued interest receivable | $ | 2 | $ | 2 | ||||
Accounts receivable – intercompany and related parties | 9 | 7 | ||||||
Federal income tax receivable | 18 | 44 | ||||||
Accrued taxes | — | 26 | ||||||
Prepayments and other current assets | 1 | 1 | ||||||
Total current assets | 30 | 80 | ||||||
Other Non‑current Assets | ||||||||
Deferred income taxes | 126 | 180 | ||||||
Investments in subsidiaries | 8,526 | 7,706 | ||||||
Other investments | 4 | 3 | ||||||
Other | 16 | 10 | ||||||
Total other non‑current assets | 8,672 | 7,899 | ||||||
Total Assets | $ | 8,702 | $ | 7,979 |
LIABILITIES AND EQUITY | LIABILITIES AND EQUITY | LIABILITIES AND EQUITY | ||||||||||||||||||||
In Millions | In Millions | In Millions | ||||||||||||||||||||
December 31 | 2019 | 2018 | December 31 | 2020 | 2019 | |||||||||||||||||
Current Liabilities | Current Liabilities | |||||||||||||||||||||
Current portion of long-term debt | $ | — | $ | 180 | Current portion of long-term debt | $ | 200 | $ | 0 | |||||||||||||
Accounts and notes payable – intercompany | 123 | 113 | Accounts and notes payable – intercompany | 69 | 123 | |||||||||||||||||
Accrued interest, including intercompany | 34 | 32 | Accrued interest, including intercompany | 33 | 34 | |||||||||||||||||
Accrued taxes | 5 | — | Accrued taxes | 0 | 5 | |||||||||||||||||
Other current liabilities | 38 | 7 | Other current liabilities | 9 | 38 | |||||||||||||||||
Total current liabilities | 200 | 332 | Total current liabilities | 311 | 200 | |||||||||||||||||
Non‑current Liabilities | ||||||||||||||||||||||
Non‑current Liabilities | Non‑current Liabilities | |||||||||||||||||||||
Long-term debt | 3,334 | 2,750 | Long-term debt | 3,926 | 3,334 | |||||||||||||||||
Notes payable – intercompany | 112 | 116 | Notes payable – intercompany | 116 | 112 | |||||||||||||||||
Postretirement benefits | 21 | 17 | Postretirement benefits | 21 | 21 | |||||||||||||||||
Other non‑current liabilities | 17 | 9 | ||||||||||||||||||||
Total non‑current liabilities | 3,484 | 2,892 | ||||||||||||||||||||
Other non‑current liabilities | Other non‑current liabilities | 13 | 17 | |||||||||||||||||||
Total non‑current liabilities | Total non‑current liabilities | 4,076 | 3,484 | |||||||||||||||||||
Equity | Equity | |||||||||||||||||||||
Common stockholders’ equity | 5,018 | 4,755 | Common stockholders’ equity | 5,496 | 5,018 | |||||||||||||||||
Total Liabilities and Equity | $ | 8,702 | $ | 7,979 | Total Liabilities and Equity | $ | 9,883 | $ | 8,702 |
• |
4: Note Payable—Intercompany |
In Millions | ||||||||||||||||||||||||||||||||
Description | Balance at Beginning of Period | Charged to Expense | Charged to Other Accounts2 | Deductions | Balance at End of Period | |||||||||||||||||||||||||||
Allowance for uncollectible accounts1 | ||||||||||||||||||||||||||||||||
2020 | $ | 20 | $ | 33 | $ | 0 | $ | 24 | $ | 29 | ||||||||||||||||||||||
2019 | 20 | 29 | 0 | 29 | 20 | |||||||||||||||||||||||||||
2018 | 20 | 29 | 0 | 29 | 20 | |||||||||||||||||||||||||||
Deferred tax valuation allowance | ||||||||||||||||||||||||||||||||
2020 | $ | 2 | $ | 0 | $ | 0 | $ | 1 | $ | 1 | ||||||||||||||||||||||
2019 | 8 | 0 | 0 | 6 | 2 | |||||||||||||||||||||||||||
2018 | 15 | 2 | 0 | 9 | 8 | |||||||||||||||||||||||||||
Allowance for notes receivable1 | ||||||||||||||||||||||||||||||||
2020 | $ | 33 | $ | 60 | $ | 62 | $ | 32 | $ | 123 | ||||||||||||||||||||||
2019 | 24 | 38 | 0 | 29 | 33 | |||||||||||||||||||||||||||
2018 | 20 | 25 | 0 | 21 | 24 |
In Millions | ||||||||||||||||||||
Description | Balance at Beginning of Period | Charged to Expense | Charged to Other Accounts | Deductions | Balance at End of Period | |||||||||||||||
Allowance for uncollectible accounts1 | ||||||||||||||||||||
2019 | $ | 20 | $ | 29 | $ | — | $ | 29 | $ | 20 | ||||||||||
2018 | 20 | 29 | — | 29 | 20 | |||||||||||||||
2017 | 24 | 29 | — | 33 | 20 | |||||||||||||||
Deferred tax valuation allowance | ||||||||||||||||||||
2019 | $ | 8 | $ | — | $ | — | $ | 6 | $ | 2 | ||||||||||
2018 | 15 | 2 | — | 9 | 8 | |||||||||||||||
2017 | 5 | 10 | — | — | 15 | |||||||||||||||
Allowance for notes receivable1 | ||||||||||||||||||||
2019 | $ | 24 | $ | 38 | $ | — | $ | 29 | $ | 33 | ||||||||||
2018 | 20 | 25 | — | 21 | 24 | |||||||||||||||
2017 | 16 | 20 | — | 16 | 20 |
2On January 1, 2020, in accordance with ASU 2016‑13, Measurement of Credit Losses on Financial Instruments, CMS Energy adjusted the allowance for loan losses associated with its notes receivable, recording an offsetting adjustment to retained earnings. For further details, see Item 8. Financial Statements and Supplementary Data—Notes to the Consolidated Financial Statements—Note 2, New Accounting Standards and Note 8, Notes Receivable. |
In Millions | ||||||||||||||||||||||||||||||||
Description | Balance at Beginning of Period | Charged to Expense | Charged to Other Accounts | Deductions | Balance at End of Period | |||||||||||||||||||||||||||
Allowance for uncollectible accounts1 | ||||||||||||||||||||||||||||||||
2020 | $ | 20 | $ | 33 | $ | 0 | $ | 24 | $ | 29 | ||||||||||||||||||||||
2019 | 20 | 29 | 0 | 29 | 20 | |||||||||||||||||||||||||||
2018 | 20 | 29 | 0 | 29 | 20 | |||||||||||||||||||||||||||
In Millions | ||||||||||||||||||||
Description | Balance at Beginning of Period | Charged to Expense | Charged to Other Accounts | Deductions | Balance at End of Period | |||||||||||||||
Allowance for uncollectible accounts1 | ||||||||||||||||||||
2019 | $ | 20 | $ | 29 | $ | — | $ | 29 | $ | 20 | ||||||||||
2018 | 20 | 29 | — | 29 | 20 | |||||||||||||||
2017 | 24 | 29 | — | 33 | 20 |
Previously Filed | ||||||||||||||
Exhibits | With File Number | As Exhibit Number | Description | |||||||||||
3.11 | 1-9513 | (3)(a) | — | |||||||||||
3.21 | 1-9513 | 3.2 | — | |||||||||||
3.3 | 1-5611 | 3(c) | — | |||||||||||
3.4 | 1-5611 | 3.2 | — | |||||||||||
4.1 | 2-65973 | (b)(1)–4 | — | Indenture dated as of September 1, 1945 between Consumers and Chemical Bank (successor to Manufacturers Hanover Trust Company), as Trustee, including therein indentures supplemental thereto through the Forty-third Supplemental Indenture dated as of May 1, 1979 (Form S-16 filed November 13, 1979) | ||||||||||
Indentures Supplemental thereto: | ||||||||||||||
4.1.a | 1-5611 | 4.2 | — | |||||||||||
4.1.b | 1-5611 | 4.1 | — | |||||||||||
4.1.c | 1-5611 | 4.1 | — | |||||||||||
4.1.d | 1-5611 | 4.1 | — | |||||||||||
4.1.e | 1-5611 | 4.1 | — | |||||||||||
4.1.f | 1-5611 | 4.1 | — | |||||||||||
4.1.g | 1-5611 | 4.1 | — | |||||||||||
4.1.h | 1-5611 | 4.1 | — | |||||||||||
4.1.i | 1-5611 | 4.1 | — |
Previously Filed | ||||
Exhibits | With File Number | As Exhibit Number | Description | |
3.11 | 1-9513 | (3)(a) | — | |
3.21 | 1-9513 | 3.2 | — | |
3.3 | 1-5611 | 3(c) | — | |
3.4 | 1-5611 | 3.2 | — | |
4.1 | 2-65973 | (b)(1)–4 | — | Indenture dated as of September 1, 1945 between Consumers and Chemical Bank (successor to Manufacturers Hanover Trust Company), as Trustee, including therein indentures supplemental thereto through the Forty-third Supplemental Indenture dated as of May 1, 1979 (Form S-16 filed November 13, 1979) |
Indentures Supplemental thereto: | ||||
4.1.a | 1-5611 | 4.2 | — | |
4.1.b | 1-5611 | 4.1 | — | |
4.1.c | 1-5611 | 4.1 | — | |
4.1.d | 1-5611 | 4.1 | — | |
4.1.e | 1-5611 | 4.1 | — | |
4.1.f | 1-5611 | 4.1 | — | |
4.1.g | 1-5611 | 4.1 | — | |
4.1.h | 1-5611 | 4.1 | — |
Previously Filed | ||||||||||||||
Exhibits | With File Number | As Exhibit Number | Description | |||||||||||
4.1.j | 1-5611 | 4.1 | — | |||||||||||
1-5611 | 4.1 | — | ||||||||||||
1-5611 | 4.1 | — | ||||||||||||
1-5611 | 4.1 | — | ||||||||||||
1-5611 | 4.1 | — | ||||||||||||
1-5611 | 4.1 | — | ||||||||||||
1-5611 | 4.1 | — | ||||||||||||
1-5611 | 4.1 | — | ||||||||||||
1-5611 | 4.1 | — | ||||||||||||
1-5611 | 4.1 | — | ||||||||||||
1-5611 | 4.1 | — | ||||||||||||
1-5611 | 4.1 | — | ||||||||||||
1-5611 | 4.1 | — | ||||||||||||
1-5611 | 4.1 | — | ||||||||||||
1-5611 | 4.3 | — | ||||||||||||
4.1.y | 1-5611 | 4.1 | — | |||||||||||
4.1.z | 1-5611 | 4.1 | — | |||||||||||
4.1.aa | 1-5611 | 4.1 | — | |||||||||||
4.1.bb | 1-5611 | 4.1 | — | |||||||||||
4.1.cc | 1-5611 | 4.1 | — | |||||||||||
4.2 | 1-5611 | (4)(b) | — | |||||||||||
4.3 | 1-5611 | (4)(c) | — | |||||||||||
4.41 | 33-47629 | (4)(a) | — | Indenture dated as of September 15, 1992 between CMS Energy and NBD Bank, as Trustee (Form S-3 filed May 1, 1992) | ||||||||||
Indentures Supplemental thereto: | ||||||||||||||
4.4.a1 | 1-9513 | 4.1 | — | |||||||||||
1-9513 | 4.1 | — | ||||||||||||
1-9513 | 4.2 | — | ||||||||||||
1-9513 | 4.1 | — | ||||||||||||
1-9513 | 4.1 | — | ||||||||||||
1-9513 | 4.1 | — | ||||||||||||
1-9513 | 4.1 | — |
Previously Filed | ||||||||||||||
Exhibits | With File Number | As Exhibit Number | Description | |||||||||||
4.51 | 1-9513 | (4a) | — | |||||||||||
Indentures Supplemental thereto: | ||||||||||||||
4.5.a1 | 1-9513 | 4.5.a | — | |||||||||||
4.5.b1 | 1-9513 | 4.1 | — | |||||||||||
4.5.c1 | 1-9513 | 4.1 | — | |||||||||||
4.5.d1 | 1-9513 | 4.1 | — | |||||||||||
4.5.e1 | 1-9513 | 4.1 | — | |||||||||||
4.5.f1 | 1-9513 | 4.1 | — | |||||||||||
4.61 | 1-9513 | 4.6 | — | |||||||||||
4.7 | 1-5611 | 4.7 | — | |||||||||||
10.12 | 1-9513 | 10.1 | — | |||||||||||
10.22 | 1-9513 | 10.3 | — | |||||||||||
10.32 | 1-9513 | 10.5 | — | |||||||||||
10.42 | 1-9513 | 10.6 | — | |||||||||||
10.52 | 1-9513 | 10.7 | — | |||||||||||
10.62 | 1-9513 | 10.6 | — | |||||||||||
10.71 | 1-9513 | (10)(y) | — | Environmental Agreement dated as of June 1, 1990 made by CMS Energy to The Connecticut National Bank and Others (Form 10-K for the fiscal year ended December 31, 1990) | ||||||||||
10.81,2 | 1-9513 | (10)(a) | — | |||||||||||
10.92 | 1-5611 | (10)(b) | — |
Previously Filed | ||||||||||||||
Exhibits | With File Number | As Exhibit Number | Description | |||||||||||
10.102 | 1-9513 | 10.2 | — | |||||||||||
10.112 | 1-9513 | 10.1 | — | |||||||||||
10.122 | 1-5611 | 10.12 | — | |||||||||||
10.131,2 | 1-9513 | 10.3 | — | |||||||||||
10.141 | 1-9513 | 10.1 | — | |||||||||||
10.14.a1 | 1-9513 | 10.2 | — | |||||||||||
10.15 | 1-5611 | 10.2 | — | |||||||||||
10.16 | 1-5611 | 10.1 | — | |||||||||||
10.16.a | 1-5611 | 10.1 | — | |||||||||||
10.16.b | 1-5611 | 10.1 | — | |||||||||||
10.172 | 1-9513 | 10.1 | — | |||||||||||
10.18 | 1-5611 | 10.1 | — | |||||||||||
21.1 | — | |||||||||||||
23.1 | — | |||||||||||||
23.2 | — |
Previously Filed | ||||||||||||||
Exhibits | With File Number | As Exhibit Number | Description | |||||||||||
— | ||||||||||||||
31.2 | — | |||||||||||||
31.3 | — | |||||||||||||
— | ||||||||||||||
32.1 | — | |||||||||||||
32.2 | — | |||||||||||||
— | ||||||||||||||
Previously Filed | ||||
Exhibits | With File Number | As Exhibit Number | Description | |
10.132 | — | |||
10.141 | 1-9513 | 10.1 | — | |
10.15 | 1-5611 | 10.2 | — | |
10.16 | 1-5611 | 10.1 | — | |
10.16.a | 1-5611 | 10.1 | — | |
10.172 | 1-9513 | 10.1 | — | |
10.18 | 1-5611 | 10.1 | — | |
21.1 | — | |||
23.1 | — | |||
23.2 | — | |||
31.1 | — | |||
31.2 | — | |||
31.3 | — | |||
31.4 | — | |||
32.1 | — | |||
32.2 | — | |||
99.11 | 333-221134 | 99.1 | — |
101.INS | — | Inline XBRL Instance Document | ||||||||||||
101.SCH | — | Inline XBRL Taxonomy Extension Schema | ||||||||||||
101.CAL | — | Inline XBRL Taxonomy Extension Calculation Linkbase | ||||||||||||
101.DEF | — | Inline XBRL Taxonomy Extension Definition Linkbase | ||||||||||||
101.LAB | — | Inline XBRL Taxonomy Extension Labels Linkbase | ||||||||||||
101.PRE | — | Inline XBRL Taxonomy Extension Presentation Linkbase | ||||||||||||
104 | — | Cover Page Interactive Data File (the cover page XBRL tags are embedded in the Inline XBRL document) |
1Obligations of CMS Energy or its subsidiaries, but not of Consumers. 2Management contract or compensatory plan or arrangement. |
/s/ | |||||||||||
Name: | |||||||||||
Title: | President and Chief Executive Officer | ||||||||||
Date: | February |
/s/ Garrick J. Rochow | /s/ Kurt L. Darrow | |||||||
Garrick J. Rochow | Kurt L. Darrow, Director | |||||||
President, Chief Executive Officer, and Director | ||||||||
(Principal Executive Officer) | /s/ William D. Harvey | |||||||
William D. Harvey, Director | ||||||||
/s/ Rejji P. Hayes | ||||||||
Rejji P. Hayes | John G. Russell, Director | |||||||
Executive Vice President and Chief Financial Officer | ||||||||
/s/ Suzanne F. Shank | ||||||||
(Principal Financial Officer) | Suzanne F. Shank, Director | |||||||
/s/ Myrna M. Soto | ||||||||
/s/ Glenn P. Barba | Myrna M. Soto, Director | |||||||
Glenn P. Barba | ||||||||
Vice President, Controller, and Chief Accounting Officer | ||||||||
/s/ John G. Sznewajs | ||||||||
John G. Sznewajs, Director | ||||||||
(Controller) | ||||||||
/s/ Ronald J. Tanski | ||||||||
Ronald J. Tanski, Director | ||||||||
/s/ Jon E. Barfield | /s/ | |||||||
Jon E. Barfield, Director | ||||||||
/s/ Deborah H. Butler | ||||||||
Deborah H. Butler, Director | ||||||||
/s/ | |||||||||||
Name: | |||||||||||
Title: | President and Chief Executive Officer | ||||||||||
Date: | February |
/s/ Garrick J. Rochow | /s/ Kurt L. Darrow | |||||||
Garrick J. Rochow | Kurt L. Darrow, Director | |||||||
President, Chief Executive Officer, and Director | ||||||||
(Principal Executive Officer) | /s/ William D. Harvey | |||||||
William D. Harvey, Director | ||||||||
/s/ Rejji P. Hayes | ||||||||
Rejji P. Hayes | John G. Russell, Director | |||||||
Executive Vice President and Chief Financial Officer | ||||||||
/s/ Suzanne F. Shank | ||||||||
(Principal Financial Officer) | Suzanne F. Shank, Director | |||||||
/s/ Myrna M. Soto | ||||||||
/s/ Glenn P. Barba | Myrna M. Soto, Director | |||||||
Glenn P. Barba | ||||||||
Vice President, Controller, and Chief Accounting Officer | ||||||||
/s/ John G. Sznewajs | ||||||||
John G. Sznewajs, Director | ||||||||
(Controller) | ||||||||
/s/ Ronald J. Tanski | ||||||||
Ronald J. Tanski, Director | ||||||||
/s/ Jon E. Barfield | /s/ | |||||||
Jon E. Barfield, Director | ||||||||
/s/ Deborah H. Butler | ||||||||
Deborah H. Butler, Director | ||||||||