Commission File Number | Registrant; State of Incorporation; Address; and Telephone Number | IRS Employer Identification No. | ||||||
1-9513 | CMS ENERGY CORPORATION | 38-2726431 |
1-5611 | CONSUMERS ENERGY COMPANY | 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 |
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 is a shell company (as defined in Rule 12b‑2 of the Exchange Act). | |||||||||||||||||||||||||||||||||||
CMS Energy Corporation: | Yes | ☐ | No | ☒ | Consumers Energy Company: | Yes | ☐ | No | ☒ |
Indicate the number of shares outstanding of each of the issuer’s classes of common stock at April | |||||||||||||||||||||||||||||||||||
CMS Energy Corporation: | |||||||||||||||||||||||||||||||||||
CMS Energy | |||||||||||||||||||||||||||||||||||
Consumers Energy Company: | |||||||||||||||||||||||||||||||||||
Consumers Common Stock, $10 par value, privately held by CMS Energy Corporation | 84,108,789 |
2016 Energy Law | ||
Michigan’s Public Acts 341 and 342 of 2016 | ||
2020 Form 10‑K | ||
Each of CMS Energy's and Consumers' Annual Report on Form 10‑K for the year ended December 31, 2020 | ||
ABATE | ||
The Association of Businesses Advocating Tariff Equity | ||
AOCI | ||
Accumulated other comprehensive income (loss) | ||
ARO | ||
Asset retirement obligation | ||
ASU | ||
Financial Accounting Standards Board Accounting Standards Update | ||
Aviator Wind | ||
Aviator Wind, LLC, a VIE in which Aviator Wind Equity Holdings holds a Class B membership interest | ||
Aviator Wind Equity Holdings | ||
Aviator Wind Equity Holdings, LLC, a VIE in which Grand River Wind, LLC, a wholly owned subsidiary of CMS Enterprises, has a 51‑percent interest | ||
Bay Harbor | ||
A residential/commercial real estate area located near Petoskey, Michigan, in which CMS Energy sold its interest in 2002 | ||
bcf | ||
Billion cubic feet | ||
CARES Act | ||
Coronavirus Aid, Relief, and Economic Security Act of 2020 | ||
CCR | ||
Coal combustion residual | ||
CDC | ||
U.S. Centers for Disease Control and Prevention | ||
CEO | ||
Chief Executive Officer | ||
CERCLA | ||
The Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended | ||
CFO | ||
Chief Financial Officer | ||
Clean Air Act | ||
Federal Clean Air Act of 1963, as amended | ||
Clean Energy Plan | ||
Consumers’ long-term strategy for delivering clean, reliable, and affordable energy to its customers through the increased use of energy efficiency and customer demand management programs, additional renewable energy generation, and conservation voltage reduction | ||
Clean Water Act | ||
Federal Water Pollution Control Act of 1972, as amended | ||
CMS Energy | ||
CMS Energy Corporation and its consolidated subsidiaries, unless otherwise noted; the parent of Consumers, CMS Enterprises, and EnerBank | ||
CMS Enterprises | ||
CMS Enterprises Company, a wholly owned subsidiary of CMS Energy | ||
CMS Land | ||
CMS Land Company, a wholly owned subsidiary of CMS Capital, L.L.C., a wholly owned subsidiary of CMS Energy | ||
Consumers | ||
Consumers Energy Company and its consolidated subsidiaries, unless otherwise noted; a wholly owned subsidiary of CMS Energy | ||
COVID‑19 | ||
Coronavirus disease 2019, a respiratory illness that was declared a pandemic in March 2020 and to which public and private agencies have responded by instituting social-distancing and other measures designed to slow the spread of the disease | ||
Craven | ||
Craven County Wood Energy Limited Partnership, a VIE in which HYDRA‑CO Enterprises, Inc., a wholly owned subsidiary of CMS Enterprises, has a 50-percent interest | ||
CSAPR | ||
The Cross-State Air Pollution Rule of 2011, as amended | ||
DB Pension Plan A | ||
Defined benefit pension plan of CMS Energy and Consumers, including certain present and former affiliates and subsidiaries, created as of December 31, 2017 for active employees who were covered under the defined benefit pension plan that closed in 2005 | ||
DB Pension Plans | ||
Defined benefit pension plans of CMS Energy and Consumers, comprising DB Pension Plan A and DB Pension Plan B | ||
DB SERP | ||
Defined Benefit Supplemental Executive Retirement Plan | ||
DIG | ||
Dearborn Industrial Generation, L.L.C., a wholly owned subsidiary of Dearborn Industrial Energy, L.L.C., a wholly owned subsidiary of CMS Enterprises | ||
Discount Window | ||
Federal Reserve lending program to depository institutions | ||
Dodd-Frank Act | ||
Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 | ||
EGLE | ||
The Michigan Department of Environment, Great Lakes, and Energy, formerly known as the Michigan Department of Environmental Quality | ||
EnerBank | ||
EnerBank USA, a wholly owned subsidiary of CMS Capital, L.L.C., a wholly owned subsidiary of CMS Energy | ||
energy waste reduction | ||
The reduction of energy consumption through energy efficiency and demand-side energy conservation, as established under the 2016 Energy Law | ||
EPA | ||
U.S. Environmental Protection Agency | ||
EPS | ||
Earnings per share | ||
Exchange Act | ||
Securities Exchange Act of 1934 | ||
FDIC | ||
Federal Deposit Insurance Corporation | ||
Federal Reserve | ||
Federal Reserve System, the central bank of the U.S. | ||
FERC | ||
The Federal Energy Regulatory Commission | ||
FICO | ||
Fair Isaac Corporation, a non-affiliated company providing data analytic services, with a focus on credit scoring services | ||
FTR | ||
Financial transmission right | ||
GAAP | ||
U.S. Generally Accepted Accounting Principles | ||
GCR | ||
Gas cost recovery | ||
Genesee | ||
Genesee Power Station Limited Partnership, a VIE in which HYDRA‑CO Enterprises, Inc., a wholly owned subsidiary of CMS Enterprises, has a 50-percent interest | ||
Grayling | ||
Grayling Generating Station Limited Partnership, a VIE in which HYDRA‑CO Enterprises, Inc., a wholly owned subsidiary of CMS Enterprises, has a 50-percent interest | ||
IRP | ||
Integrated resource plan | ||
IRS | ||
Internal Revenue Service | ||
IT | ||
Information Technology | ||
kWh | ||
Kilowatt-hour, a unit of energy equal to one thousand watt-hours | ||
LIBOR | ||
The London Interbank Offered Rate | ||
Ludington | ||
Ludington pumped-storage plant, jointly owned by Consumers and DTE Electric Company, a non‑affiliated company | ||
MATS | ||
Mercury and Air Toxics Standards, which limit mercury, acid gases, and other toxic pollution from coal‑fueled and oil‑fueled power plants | ||
MCV Partnership | ||
Midland Cogeneration Venture Limited Partnership | ||
MCV PPA | ||
PPA between Consumers and the MCV Partnership | ||
MD&A | ||
Management's Discussion and Analysis of Financial Condition and Results of Operations | ||
METC | ||
Michigan Electric Transmission Company, LLC, a non‑affiliated company | ||
MGP | ||
Manufactured gas plant | ||
Michigan Mercury Rule | ||
Michigan Air Pollution Control Rules of 2009, as amended: Part 15, Emission Limitations and Prohibitions—Mercury | ||
MIOSHA | ||
The Michigan Occupational Safety and Health Administration | ||
MISO | ||
Midcontinent Independent System Operator, Inc. | ||
mothball | ||
To place a generating unit into a state of extended reserve shutdown in which the unit is inactive and unavailable for service for a specified period, during which the unit can be brought back into service after receiving appropriate notification and completing any necessary maintenance or other work; generation owners in MISO must request approval to mothball a unit, and MISO then evaluates the request for reliability impacts | ||
MPSC | ||
Michigan Public Service Commission | ||
MW | ||
Megawatt, a unit of power equal to one million watts | ||
NAAQS | ||
National Ambient Air Quality Standards | ||
NPDES | ||
National Pollutant Discharge Elimination System, a permit system for regulating point sources of pollution under the Clean Water Act | ||
NREPA | ||
Part 201 of Michigan’s Natural Resources and Environmental Protection Act of 1994, as amended | ||
NSR | ||
New Source Review, a construction-permitting program under the Clean Air Act | ||
OPEB | ||
Other Post-Employment Benefits | ||
OPEB Plan | ||
Postretirement health care and life insurance plans of CMS Energy and Consumers, including certain present and former affiliates and subsidiaries | ||
OSHA | ||
The Occupational Safety and Health Administration | ||
PCB | ||
Polychlorinated biphenyl | ||
PHMSA | ||
The U.S. Department of Transportation’s Pipeline and Hazardous Materials Safety Administration | ||
PPA | ||
Power purchase agreement | ||
PSCR | ||
Power supply cost recovery | ||
PURPA | ||
The Public Utility Regulatory Policies Act of 1978 | ||
RCRA | ||
The Federal Resource Conservation and Recovery Act of 1976 | ||
REC | ||
Renewable energy credit | ||
ROA | ||
Retail Open Access, which allows electric generation customers to choose alternative electric suppliers pursuant to Michigan’s Public Acts 141 and 142 of 2000, as amended | ||
SEC | ||
U.S. Securities and Exchange Commission | ||
securitization | ||
A financing method authorized by statute and approved by the MPSC which allows a utility to sell its right to receive a portion of the rate payments received from its customers for the repayment of securitization bonds issued by a special-purpose entity affiliated with such utility | ||
Smart Energy | ||
Consumers’ Smart Energy grid modernization project, which includes the installation of smart meters that transmit and receive data, a two-way communications network, and modifications to Consumers’ existing IT system to manage the data and enable changes to key business processes | ||
TCJA | ||
Tax Cuts and Jobs Act of 2017 | ||
T.E.S. Filer City | ||
T.E.S. Filer City Station Limited Partnership, a VIE in which HYDRA‑CO Enterprises, Inc., a wholly owned subsidiary of CMS Enterprises, has a 50-percent interest | ||
UWUA | ||
Utility Workers Union of America, AFL-CIO | ||
VIE | ||
Variable interest entity | ||
•2021 Electric Rate Case: In March 2021, Consumers filed an application with the MPSC seeking an annual rate increase of $225 million, based on a 10.5 percent authorized return on equity for the projected twelve-month period ending December 31, 2022. The filing requests authority to recover future investments associated with distribution system reliability, solar generation, environmental compliance, and enhanced technology. |
In Millions, Except Per Share Amounts | |||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31 | 2021 | 2020 | Change | ||||||||||||||||||||||||||||||||||||||||||||
Net Income Available to Common Stockholders | $ | 349 | $ | 243 | $ | 106 | |||||||||||||||||||||||||||||||||||||||||
Basic Earnings Per Average Common Share | $ | 1.21 | $ | 0.86 | $ | 0.35 | |||||||||||||||||||||||||||||||||||||||||
Diluted Earnings Per Average Common Share | $ | 1.21 | $ | 0.85 | $ | 0.36 |
In Millions, Except Per Share Amounts | ||||||||||||
Three Months Ended March 31 | 2020 | 2019 | Change | |||||||||
Net Income Available to Common Stockholders | $ | 243 | $ | 213 | $ | 30 | ||||||
Basic Earnings Per Average Common Share | $ | 0.86 | $ | 0.75 | $ | 0.11 | ||||||
Diluted Earnings Per Average Common Share | $ | 0.85 | $ | 0.75 | $ | 0.10 | ||||||
In Millions | ||||||||||||
Three Months Ended March 31 | 2020 | 2019 | Change | |||||||||
Electric utility | $ | 118 | $ | 105 | $ | 13 | ||||||
Gas utility | 117 | 121 | (4 | ) | ||||||||
Enterprises¹ | 20 | 7 | 13 | |||||||||
EnerBank¹ | 14 | 11 | 3 | |||||||||
Corporate interest and other¹ | (26 | ) | (31 | ) | 5 | |||||||
Net Income Available to Common Stockholders | $ | 243 | $ | 213 | $ | 30 |
In Millions | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31 | 2021 | 2020 | Change | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Electric utility | $ | 155 | $ | 118 | $ | 37 | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Gas utility | 181 | 117 | 64 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Enterprises | 14 | 20 | (6) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
EnerBank | 33 | 14 | 19 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Corporate interest and other | (34) | (26) | (8) | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net Income Available to Common Stockholders | $ | 349 | $ | 243 | $ | 106 |
In Millions | |||||||||||||||||||||||||||||
Three Months Ended March 31, 2020 | $ | 243 | |||||||||||||||||||||||||||
Reasons for the change | |||||||||||||||||||||||||||||
Consumers electric utility and gas utility | |||||||||||||||||||||||||||||
Electric sales | $ | 15 | |||||||||||||||||||||||||||
Gas sales | 1 | ||||||||||||||||||||||||||||
Electric rate increase | 30 | ||||||||||||||||||||||||||||
Gas rate increase | 47 | ||||||||||||||||||||||||||||
Lower income tax expense | 17 | ||||||||||||||||||||||||||||
Absence of 2020 voluntary separation plan expenses | 8 | ||||||||||||||||||||||||||||
Lower non-operating retirement benefits expenses | 7 | ||||||||||||||||||||||||||||
Lower service restoration costs | 3 | ||||||||||||||||||||||||||||
Higher depreciation and amortization | (13) | ||||||||||||||||||||||||||||
Higher property tax, reflecting higher capital spending | (7) | ||||||||||||||||||||||||||||
Higher forestry costs | (5) | ||||||||||||||||||||||||||||
Lower mutual insurance distributions | (4) | ||||||||||||||||||||||||||||
Other | 2 | ||||||||||||||||||||||||||||
$ | 101 | ||||||||||||||||||||||||||||
Enterprises | (6) | ||||||||||||||||||||||||||||
EnerBank | 19 | ||||||||||||||||||||||||||||
Corporate interest and other | (8) | ||||||||||||||||||||||||||||
Three Months Ended March 31, 2021 | $ | 349 |
In Millions | ||||||||
Three Months Ended March 31, 2019 | $ | 213 | ||||||
Reasons for the change | ||||||||
Consumers electric utility and gas utility | ||||||||
Electric sales | $ | (23 | ) | |||||
Gas sales | (37 | ) | ||||||
Electric rate increase | 5 | |||||||
Gas rate increase | 48 | |||||||
Lower service restoration costs | 25 | |||||||
Research and development tax credits | 9 | |||||||
Higher mutual insurance distribution | 5 | |||||||
Depreciation and amortization | (13 | ) | ||||||
Voluntary separation plan expenses | (8 | ) | ||||||
Higher property tax, reflecting higher capital spending | (7 | ) | ||||||
Other | 5 | $ | 9 | |||||
Enterprises | ||||||||
Higher earnings due primarily to improved receivables management and lower operations and maintenance costs | 7 | |||||||
Increased income tax benefit due primarily to production tax credits and restoring previously sequestered alternative minimum tax credits | 6 | 13 | ||||||
EnerBank | ||||||||
Higher earnings based on growth in consumer lending in prior periods | 3 | |||||||
Corporate interest and other | ||||||||
Increased income tax benefit due to restoring previously sequestered alternative minimum tax credits | 5 | |||||||
Lower administrative and other expenses | 3 | |||||||
Higher fixed charges due to higher debt | (3 | ) | 5 | |||||
Three Months Ended March 31, 2020 | $ | 243 |
In Millions | ||||||||
Three Months Ended March 31, 2019 | $ | 105 | ||||||
Reasons for the change | ||||||||
Electric deliveries1 and rate increases | ||||||||
Rate increase, including the impacts of the January 2019 order | $ | 7 | ||||||
Lower sales due primarily to unfavorable weather | (28 | ) | ||||||
Other revenues | (1 | ) | $ | (22 | ) | |||
Maintenance and other operating expenses | ||||||||
Lower service restoration costs | 33 | |||||||
Higher mutual insurance distribution | 7 | |||||||
Absence of favorable 2019 litigation settlement | (8 | ) | ||||||
Voluntary separation plan expenses | (6 | ) | ||||||
Retention benefits related to D.E. Karn2 | (4 | ) | ||||||
Lower maintenance and other operating expenses | 13 | 35 | ||||||
Depreciation and amortization | ||||||||
Increased plant in service, reflecting higher capital spending | (7 | ) | ||||||
General taxes | (1 | ) | ||||||
Other income, net of expenses | 3 | |||||||
Interest charges | (4 | ) | ||||||
Income taxes | ||||||||
Lower tax expense due primarily to research and development tax credits3 | 7 | |||||||
Lower other income taxes | 2 | 9 | ||||||
Three Months Ended March 31, 2020 | $ | 118 |
In Millions | |||||||||||||||||||||||||||||
Three Months Ended March 31, 2020 | $ | 118 | |||||||||||||||||||||||||||
Reasons for the change | |||||||||||||||||||||||||||||
Electric deliveries1 and rate increases | |||||||||||||||||||||||||||||
Rate increase, including return on higher renewable capital spending | $ | 40 | |||||||||||||||||||||||||||
Higher revenue due primarily to | 22 | ||||||||||||||||||||||||||||
Lower other revenues | (3) | ||||||||||||||||||||||||||||
$ | 59 | ||||||||||||||||||||||||||||
Maintenance and other operating expenses | |||||||||||||||||||||||||||||
Absence of 2020 voluntary separation plan expenses | 6 | ||||||||||||||||||||||||||||
Lower service restoration costs | 4 | ||||||||||||||||||||||||||||
Higher forestry costs | (7) | ||||||||||||||||||||||||||||
Lower mutual insurance distribution | (5) | ||||||||||||||||||||||||||||
Higher maintenance and other operating expenses | (5) | ||||||||||||||||||||||||||||
(7) | |||||||||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||||||||
Increased plant in | (9) |
General taxes | |||||||||||||||||||||||||||||
Higher property tax, reflecting higher capital spending | (3) | ||||||||||||||||||||||||||||
Other income, net of expenses | |||||||||||||||||||||||||||||
Lower non-operating retirement benefits expenses | 5 | ||||||||||||||||||||||||||||
Higher other income, net of expenses | 2 | ||||||||||||||||||||||||||||
7 | |||||||||||||||||||||||||||||
Interest charges | 2 | ||||||||||||||||||||||||||||
Income taxes | |||||||||||||||||||||||||||||
Higher production tax credits attributable primarily to new wind generation projects | 6 | ||||||||||||||||||||||||||||
Higher electric utility pre-tax earnings | (13) | ||||||||||||||||||||||||||||
Absence of prior years’ research and development tax credits2 |
(7) | |||||||||||||||||||||||||||||
2 | |||||||||||||||||||||||||||||
(12) | |||||||||||||||||||||||||||||
Three Months Ended March 31, 2021 | $ | 155 |
In Millions | ||||||||
Three Months Ended March 31, 2019 | $ | 121 | ||||||
Reasons for the change | ||||||||
Gas deliveries1 and rate increases | ||||||||
Rate increase, including the impacts of the September 2019 order | $ | 64 | ||||||
Lower sales due primarily to unfavorable weather | (55 | ) | ||||||
Lower energy waste reduction program revenues | (8 | ) | ||||||
Other revenues | 6 | $ | 7 | |||||
Maintenance and other operating expenses | ||||||||
Lower energy waste reduction program costs | 8 | |||||||
Voluntary separation plan expenses | (4 | ) | ||||||
Lower maintenance and other operating expenses | 2 | 6 | ||||||
Depreciation and amortization | ||||||||
Increased plant in service, reflecting higher capital spending | (10 | ) | ||||||
General taxes | ||||||||
Higher property tax, reflecting higher capital spending | (7 | ) | ||||||
Lower other general taxes | 1 | (6 | ) | |||||
Other income, net of expenses | 2 | |||||||
Interest charges | (4 | ) | ||||||
Income taxes | ||||||||
Lower tax expense due primarily to research and development tax credits2 | 1 | |||||||
Three Months Ended March 31, 2020 | $ | 117 |
In Millions | |||||||||||||||||||||||||||||
Three Months Ended March 31, 2020 | $ | 117 | |||||||||||||||||||||||||||
Reasons for the change | |||||||||||||||||||||||||||||
Gas deliveries1 and rate increases | |||||||||||||||||||||||||||||
Rate increase | $ | 63 | |||||||||||||||||||||||||||
Higher energy waste reduction program revenues | 12 | ||||||||||||||||||||||||||||
Higher sales and other revenues | 4 | ||||||||||||||||||||||||||||
$ | 79 | ||||||||||||||||||||||||||||
Maintenance and other operating expenses | |||||||||||||||||||||||||||||
Higher energy waste reduction program costs | (12) | ||||||||||||||||||||||||||||
Absence of 2020 voluntary separation plan expenses | 4 | ||||||||||||||||||||||||||||
Lower maintenance and other operating expenses | 1 | ||||||||||||||||||||||||||||
(7) | |||||||||||||||||||||||||||||
Depreciation and amortization | |||||||||||||||||||||||||||||
Increased plant in | (8) |
General taxes | |||||||||||||||||||||||||||||
Higher property tax, reflecting higher capital spending | (6) | ||||||||||||||||||||||||||||
Lower other general taxes | 1 | ||||||||||||||||||||||||||||
(5) | |||||||||||||||||||||||||||||
Other income, net of expenses | |||||||||||||||||||||||||||||
Lower non-operating retirement benefits expenses | 4 | ||||||||||||||||||||||||||||
Higher other income, net of expenses | 2 | ||||||||||||||||||||||||||||
6 | |||||||||||||||||||||||||||||
Interest charges | (1) | ||||||||||||||||||||||||||||
Income taxes | |||||||||||||||||||||||||||||
Lower income tax expense due primarily to acceleration of tax benefits associated with cost of removal2 | 9 | ||||||||||||||||||||||||||||
Lower income tax expense due primarily to accelerated amortization of excess deferred income taxes2 | 8 | ||||||||||||||||||||||||||||
Higher gas utility pre-tax earnings | (16) | ||||||||||||||||||||||||||||
Absence of prior years’ research and development tax credits2 | (1) | ||||||||||||||||||||||||||||
— | |||||||||||||||||||||||||||||
Three Months Ended March 31, 2021 | $ | 181 |
In Millions | |||||||||||||||||||||||||||||
Three Months Ended March 31, 2020 | $ | 20 | |||||||||||||||||||||||||||
Reason for the change | |||||||||||||||||||||||||||||
Absence of 2020 income tax benefit due to restoring previously sequestered alternative minimum tax credits1 | $ | (4) | |||||||||||||||||||||||||||
Absence of 2020 benefit from improved receivables management, offset partially by improved earnings at DIG | (2) | ||||||||||||||||||||||||||||
Three Months Ended March 31, 2021 | $ | 14 |
In Millions | ||||||
Three Months Ended March 31, 2019 | $ | 7 | ||||
Reasons for the change | ||||||
Higher earnings due primarily to improved receivables management and lower operations and maintenance costs | $ | 7 | ||||
Increased income tax benefit due primarily to production tax credits and restoring previously sequestered alternative minimum tax credits | 6 | |||||
Three Months Ended March 31, 2020 | $ | 20 |
In Millions | ||||||
Three Months Ended March 31, 2019 | $ | 11 | ||||
Reasons for the change | ||||||
Higher earnings based on growth in consumer lending in prior periods | $ | 3 | ||||
Three Months Ended March 31, 2020 | $ | 14 |
In Millions | |||||||||||||||||||||||||||||
Three Months Ended March 31, 2020 | $ | 14 | |||||||||||||||||||||||||||
Reason for the change | |||||||||||||||||||||||||||||
Higher earnings due primarily to growth in consumer lending and favorable credit loss experience | $ | 12 | |||||||||||||||||||||||||||
Gain on sale of notes receivable | 7 | ||||||||||||||||||||||||||||
Three Months Ended March 31, 2021 | $ | 33 |
In Millions | |||||||||||||||||||||||||||||
Three Months Ended March 31, 2020 | $ | (26) | |||||||||||||||||||||||||||
Reasons for the change | |||||||||||||||||||||||||||||
Absence of 2020 income tax benefit due to restoring previously sequestered alternative minimum tax credits1 | $ | (5) | |||||||||||||||||||||||||||
Higher fixed charges due to higher debt | (4) | ||||||||||||||||||||||||||||
Other | 1 | ||||||||||||||||||||||||||||
Three Months Ended March 31, 2021 | $ | (34) |
In Millions | ||||||
Three Months Ended March 31, 2019 | $ | (31 | ) | |||
Reasons for the change | ||||||
Increased income tax benefit due to restoring previously sequestered alternative minimum tax credits | $ | 5 | ||||
Lower administrative and other expenses | 3 | |||||
Higher fixed charges due to higher debt | (3 | ) | ||||
Three Months Ended March 31, 2020 | $ | (26 | ) |
In Millions | ||||
CMS Energy, including Consumers | ||||
Three Months Ended March 31, 2019 | $ | 617 | ||
Reasons for the change | ||||
Higher net income | $ | 30 | ||
Non‑cash transactions1 | 35 | |||
Higher pension contributions | (531 | ) | ||
Favorable impact of changes in core working capital,2 due primarily to higher collections on gas deliveries in 2020 | 41 | |||
Favorable impact of changes in other assets and liabilities, due primarily to the absence of 2019 refunds to customers related to the TCJA, offset partially by a payment to settle litigation | 9 | |||
Three Months Ended March 31, 2020 | $ | 201 | ||
Consumers | ||||
Three Months Ended March 31, 2019 | $ | 619 | ||
Reasons for the change | ||||
Higher net income | $ | 9 | ||
Non-cash transactions1 | 43 | |||
Higher pension contributions | (518 | ) | ||
Favorable impact of changes in core working capital,2 due primarily to higher collections on gas deliveries in 2020 | 82 | |||
Favorable impact of changes in other assets and liabilities, due primarily to the absence of 2019 refunds to customers related to the TCJA, offset partially by higher income tax payments to CMS Energy | 3 | |||
Three Months Ended March 31, 2020 | $ | 238 |
In Millions | ||||||||
CMS Energy, including Consumers | ||||||||
Three Months Ended March 31, 2020 | $ | 201 | ||||||
Reasons for the change | ||||||||
Higher net income | 99 | |||||||
Non‑cash transactions1 | (21) |
Lower pension contributions | 531 | |||||||
Unfavorable impact of changes in core working capital,2 due primarily to higher vendor payments and lower overcollections of PSCR charges in 2021 | (5) | |||||||
Favorable impact of changes in other assets and liabilities, due primarily to the absence of a payment to settle litigation and higher energy waste reduction collections in excess of spending, offset partially by higher payments for environmental remediation activities | 27 | |||||||
Three Months Ended March 31, 2021 | $ | 832 | ||||||
Consumers | ||||||||
Three Months Ended March 31, 2020 | $ | 238 | ||||||
Reasons for the change | ||||||||
Higher net income | 101 | |||||||
Non‑cash transactions1 | 14 | |||||||
Lower pension contributions | 518 | |||||||
Unfavorable impact of changes in core working capital, | (39) | |||||||
Favorable impact of changes in other assets and liabilities, due primarily to lower income tax payments to CMS Energy and higher energy waste reduction collections in excess of spending, offset partially by higher payments for environmental remediation activities | 9 | |||||||
Three Months Ended March 31, 2021 | $ | 841 |
In Millions | ||||||||
CMS Energy, including Consumers | ||||||||
Three Months Ended March 31, 2020 | $ | (559) | ||||||
Reasons for the change | ||||||||
Lower capital expenditures | 86 | |||||||
Changes in EnerBank notes receivable, reflecting growth in consumer lending | (72) | |||||||
Lower purchases of notes receivable by EnerBank | 6 | |||||||
Proceeds from sale of EnerBank notes receivable in 2021 | 263 | |||||||
Other investing activities, primarily higher costs to retire property | (7) | |||||||
Three Months Ended March 31, 2021 | $ | (283) | ||||||
Consumers | ||||||||
Three Months Ended March 31, 2020 | $ | (542) | ||||||
Reasons for the change | ||||||||
Lower capital expenditures | 87 | |||||||
Other investing activities, primarily higher costs to retire property | (3) | |||||||
Three Months Ended March 31, 2021 | $ | (458) |
In Millions | ||||
CMS Energy, including Consumers | ||||
Three Months Ended March 31, 2019 | $ | (675 | ) | |
Reasons for the change | ||||
Higher capital expenditures | $ | (42 | ) | |
Changes in EnerBank notes receivable, reflecting slower growth in consumer lending in 2020 | 42 | |||
Lower purchases of notes receivable by EnerBank | 113 | |||
Other investing activities, primarily lower costs to retire property | 3 | |||
Three Months Ended March 31, 2020 | $ | (559 | ) | |
Consumers | ||||
Three Months Ended March 31, 2019 | $ | (502 | ) | |
Reasons for the change | ||||
Higher capital expenditures | $ | (44 | ) | |
Other investing activities, primarily lower costs to retire property | 4 | |||
Three Months Ended March 31, 2020 | $ | (542 | ) |
In Millions | ||||||||
CMS Energy, including Consumers | ||||||||
Three Months Ended March 31, 2020 | $ | 1,062 | ||||||
Reasons for the change | ||||||||
Lower debt issuances | (1,198) | |||||||
Lower borrowings of certificates of deposit at EnerBank | (66) | |||||||
Lower repayments under Consumers’ commercial paper program | 90 | |||||||
Lower issuances of common stock | (92) | |||||||
Higher payments of dividends on common stock | (10) | |||||||
Other financing activities, primarily lower debt issuance costs | 4 | |||||||
Three Months Ended March 31, 2021 | $ | (210) | ||||||
Consumers | ||||||||
Three Months Ended March 31, 2020 | $ | 904 | ||||||
Reasons for the change | ||||||||
Lower debt issuances | (873) | |||||||
Lower repayments under Consumers’ commercial paper program | 90 | |||||||
Higher repayments of borrowings from CMS Energy | (250) | |||||||
Lower stockholder contribution from CMS Energy | (200) | |||||||
Higher payments of dividends on common stock | (57) | |||||||
Other financing activities | 2 | |||||||
Three Months Ended March 31, 2021 | $ | (384) |
In Millions | ||||
CMS Energy, including Consumers | ||||
Three Months Ended March 31, 2019 | $ | 150 | ||
Reasons for the change | ||||
Higher debt issuances | $ | 205 | ||
Lower debt retirements | 788 | |||
Changes in EnerBank certificates of deposit, reflecting lower borrowings | (158 | ) | ||
Higher repayments under Consumers’ commercial paper program | (23 | ) | ||
Higher issuances of common stock, primarily the settlement of an equity forward sale contract | 98 | |||
Higher payments of dividends on common stock | (8 | ) | ||
Other financing activities, primarily lower debt issuance costs | 10 | |||
Three Months Ended March 31, 2020 | $ | 1,062 | ||
Consumers | ||||
Three Months Ended March 31, 2019 | $ | (109 | ) | |
Reasons for the change | ||||
Higher debt issuances | $ | 873 | ||
Lower debt retirements | 215 | |||
Higher repayments under Consumers’ commercial paper program | (23 | ) | ||
Higher payments of dividends on common stock | (47 | ) | ||
Other financing activities, primarily higher debt issuance costs | (5 | ) | ||
Three Months Ended March 31, 2020 | $ | 904 |
Actual | ||||||||
CMS Energy, parent only | ||||||||
Debt to Capital1 | < 0.70 to | 0.57 to 1.0 |
Consumers | ||||||||
Debt to Capital2 | < 0.65 to | 0.48 to 1.0 |
• |
In Millions | ||||||||
Projected Twelve-Month Period Ending December 31 | 2022 | |||||||
Components of the requested rate increase | ||||||||
Investment in rate base | $ | 121 | ||||||
Operating and maintenance costs | 76 | |||||||
Cost of capital | 53 | |||||||
Sales and other revenue | (25) | |||||||
Total | $ | 225 |
In Millions | ||||
Projected Twelve-Month Period Ending December 31 | 2021 | |||
Components of the requested rate increase | ||||
Investment in rate base | $ | 181 | ||
Operating and maintenance costs | 108 | |||
Cost of capital | 27 | |||
Sales | (36 | ) | ||
TCJA deferred federal income taxes amortization | (36 | ) | ||
Total | $ | 244 |
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 |
In Millions, Except Per Share Amounts | In Millions, Except Per Share Amounts | In Millions, Except Per Share Amounts | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31 | 2020 | 2019 | Three Months Ended March 31 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||
Operating Revenue | $ | 1,864 | $ | 2,059 | Operating Revenue | $ | 2,083 | $ | 1,864 | ||||||||||||||||||||||||||||||||||
Operating Expenses | Operating Expenses | ||||||||||||||||||||||||||||||||||||||||||
Fuel for electric generation | 103 | 142 | Fuel for electric generation | 138 | 103 | ||||||||||||||||||||||||||||||||||||||
Purchased and interchange power | 357 | 378 | Purchased and interchange power | 377 | 357 | ||||||||||||||||||||||||||||||||||||||
Purchased power – related parties | 18 | 18 | Purchased power – related parties | 18 | 18 | ||||||||||||||||||||||||||||||||||||||
Cost of gas sold | 273 | 404 | Cost of gas sold | 279 | 273 | ||||||||||||||||||||||||||||||||||||||
Maintenance and other operating expenses | 315 | 354 | Maintenance and other operating expenses | 323 | 315 | ||||||||||||||||||||||||||||||||||||||
Depreciation and amortization | 316 | 298 | Depreciation and amortization | 340 | 316 | ||||||||||||||||||||||||||||||||||||||
General taxes | 114 | 106 | General taxes | 123 | 114 | ||||||||||||||||||||||||||||||||||||||
Total operating expenses | 1,496 | 1,700 | Total operating expenses | 1,598 | 1,496 | ||||||||||||||||||||||||||||||||||||||
Operating Income | 368 | 359 | Operating Income | 485 | 368 | ||||||||||||||||||||||||||||||||||||||
Other Income (Expense) | Other Income (Expense) | ||||||||||||||||||||||||||||||||||||||||||
Interest income | 1 | 1 | Interest income | 1 | 1 | ||||||||||||||||||||||||||||||||||||||
Interest income – related parties | 7 | — | Interest income – related parties | 0 | 7 | ||||||||||||||||||||||||||||||||||||||
Allowance for equity funds used during construction | 1 | 2 | Allowance for equity funds used during construction | 1 | 1 | ||||||||||||||||||||||||||||||||||||||
Income (loss) from equity method investees | 3 | (1 | ) | ||||||||||||||||||||||||||||||||||||||||
Nonoperating retirement benefits, net | 31 | 23 | |||||||||||||||||||||||||||||||||||||||||
Income from equity method investees | Income from equity method investees | 2 | 3 | ||||||||||||||||||||||||||||||||||||||||
Non-operating retirement benefits, net | Non-operating retirement benefits, net | 41 | 31 | ||||||||||||||||||||||||||||||||||||||||
Other income | — | 1 | Other income | 1 | 0 | ||||||||||||||||||||||||||||||||||||||
Other expense | (4 | ) | (3 | ) | Other expense | (2) | (4) | ||||||||||||||||||||||||||||||||||||
Total other income | 39 | 23 | Total other income | 44 | 39 | ||||||||||||||||||||||||||||||||||||||
Interest Charges | Interest Charges | ||||||||||||||||||||||||||||||||||||||||||
Interest on long-term debt | 116 | 106 | Interest on long-term debt | 119 | 116 | ||||||||||||||||||||||||||||||||||||||
Interest expense – related parties | 3 | — | Interest expense – related parties | 3 | 3 | ||||||||||||||||||||||||||||||||||||||
Other interest expense | 19 | 16 | Other interest expense | 15 | 19 | ||||||||||||||||||||||||||||||||||||||
Allowance for borrowed funds used during construction | (1 | ) | (1 | ) | Allowance for borrowed funds used during construction | (1) | (1) | ||||||||||||||||||||||||||||||||||||
Total interest charges | 137 | 121 | Total interest charges | 136 | 137 | ||||||||||||||||||||||||||||||||||||||
Income Before Income Taxes | 270 | 261 | Income Before Income Taxes | 393 | 270 | ||||||||||||||||||||||||||||||||||||||
Income Tax Expense | 27 | 48 | Income Tax Expense | 51 | 27 | ||||||||||||||||||||||||||||||||||||||
Net Income | Net Income | 342 | 243 | ||||||||||||||||||||||||||||||||||||||||
Loss Attributable to Noncontrolling Interests | Loss Attributable to Noncontrolling Interests | (7) | 0 | ||||||||||||||||||||||||||||||||||||||||
Net Income Available to Common Stockholders | $ | 243 | $ | 213 | Net Income Available to Common Stockholders | $ | 349 | $ | 243 | ||||||||||||||||||||||||||||||||||
Basic Earnings Per Average Common Share | $ | 0.86 | $ | 0.75 | Basic Earnings Per Average Common Share | $ | 1.21 | $ | 0.86 | ||||||||||||||||||||||||||||||||||
Diluted Earnings Per Average Common Share | $ | 0.85 | $ | 0.75 | Diluted Earnings Per Average Common Share | $ | 1.21 | $ | 0.85 |
In Millions | In Millions | In Millions | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31 | 2020 | 2019 | Three Months Ended March 31 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||
Net Income | $ | 243 | $ | 213 | Net Income | $ | 342 | $ | 243 | ||||||||||||||||||||||||||||||||||
Retirement Benefits Liability | Retirement Benefits Liability | ||||||||||||||||||||||||||||||||||||||||||
Amortization of net actuarial loss, net of tax of $- for both periods | 1 | 1 | |||||||||||||||||||||||||||||||||||||||||
Amortization of prior service credit, net of tax of $- for both periods | — | (1 | ) | ||||||||||||||||||||||||||||||||||||||||
Amortization of net actuarial loss, net of tax of $0 for both periods | Amortization of net actuarial loss, net of tax of $0 for both periods | 1 | 1 | ||||||||||||||||||||||||||||||||||||||||
Derivatives | Derivatives | ||||||||||||||||||||||||||||||||||||||||||
Unrealized loss on derivative instruments, net of tax of $(1) and $- | (4 | ) | (1 | ) | |||||||||||||||||||||||||||||||||||||||
Unrealized gain (loss) on derivative instruments, net of tax of $0 and $(1) | Unrealized gain (loss) on derivative instruments, net of tax of $0 and $(1) | 1 | (4) | ||||||||||||||||||||||||||||||||||||||||
Other Comprehensive Loss | (3 | ) | (1 | ) | |||||||||||||||||||||||||||||||||||||||
Other Comprehensive Income (Loss) | Other Comprehensive Income (Loss) | 2 | (3) | ||||||||||||||||||||||||||||||||||||||||
Comprehensive Income | $ | 240 | $ | 212 | Comprehensive Income | 344 | 240 | ||||||||||||||||||||||||||||||||||||
Comprehensive Loss Attributable to Noncontrolling Interests | Comprehensive Loss Attributable to Noncontrolling Interests | (7) | 0 | ||||||||||||||||||||||||||||||||||||||||
Comprehensive Income Attributable to CMS Energy | Comprehensive Income Attributable to CMS Energy | $ | 351 | $ | 240 |
In Millions | In Millions | In Millions | ||||||||||||||||||||||||||
Three Months Ended March 31 | 2020 | 2019 | Three Months Ended March 31 | 2021 | 2020 | |||||||||||||||||||||||
Cash Flows from Operating Activities | Cash Flows from Operating Activities | |||||||||||||||||||||||||||
Net income | $ | 243 | $ | 213 | Net income | $ | 342 | $ | 243 | |||||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities | Adjustments to reconcile net income to net cash provided by operating activities | |||||||||||||||||||||||||||
Depreciation and amortization | 316 | 298 | Depreciation and amortization | 340 | 316 | |||||||||||||||||||||||
Deferred income taxes and investment tax credits | 67 | 43 | Deferred income taxes and investment tax credits | 48 | 67 | |||||||||||||||||||||||
Other non‑cash operating activities and reconciling adjustments | Other non‑cash operating activities and reconciling adjustments | (17) | 9 | |||||||||||||||||||||||||
Pension contributions | (531 | ) | — | Pension contributions | 0 | (531) | ||||||||||||||||||||||
Other non-cash operating activities and reconciling adjustments | 9 | 16 | ||||||||||||||||||||||||||
Cash provided by (used in) changes in assets and liabilities | ||||||||||||||||||||||||||||
Changes in assets and liabilities | Changes in assets and liabilities | |||||||||||||||||||||||||||
Accounts and notes receivable and accrued revenue | (17 | ) | (61 | ) | Accounts and notes receivable and accrued revenue | 30 | (17) | |||||||||||||||||||||
Inventories | 171 | 209 | Inventories | 168 | 171 | |||||||||||||||||||||||
Accounts payable and accrued rate refunds | (54 | ) | (89 | ) | Accounts payable and accrued rate refunds | (103) | (54) | |||||||||||||||||||||
Other current and non-current assets and liabilities | (3 | ) | (12 | ) | ||||||||||||||||||||||||
Other current and non‑current assets and liabilities | Other current and non‑current assets and liabilities | 24 | (3) | |||||||||||||||||||||||||
Net cash provided by operating activities | 201 | 617 | Net cash provided by operating activities | 832 | 201 | |||||||||||||||||||||||
Cash Flows from Investing Activities | Cash Flows from Investing Activities | |||||||||||||||||||||||||||
Capital expenditures (excludes assets placed under finance lease) | (523 | ) | (481 | ) | Capital expenditures (excludes assets placed under finance lease) | (437) | (523) | |||||||||||||||||||||
Increase in EnerBank notes receivable | (4 | ) | (46 | ) | Increase in EnerBank notes receivable | (76) | (4) | |||||||||||||||||||||
Purchase of notes receivable by EnerBank | (8 | ) | (121 | ) | Purchase of notes receivable by EnerBank | (2) | (8) | |||||||||||||||||||||
Proceeds from sale of EnerBank notes receivable | Proceeds from sale of EnerBank notes receivable | 263 | 0 | |||||||||||||||||||||||||
Cost to retire property and other investing activities | (24 | ) | (27 | ) | Cost to retire property and other investing activities | (31) | (24) | |||||||||||||||||||||
Net cash used in investing activities | (559 | ) | (675 | ) | Net cash used in investing activities | (283) | (559) | |||||||||||||||||||||
Cash Flows from Financing Activities | Cash Flows from Financing Activities | |||||||||||||||||||||||||||
Proceeds from issuance of debt | 1,198 | 993 | Proceeds from issuance of debt | 0 | 1,198 | |||||||||||||||||||||||
Retirement of debt | (2 | ) | (790 | ) | Retirement of debt | (2) | (2) | |||||||||||||||||||||
Increase (decrease) in EnerBank certificates of deposit | (7 | ) | 151 | |||||||||||||||||||||||||
Decrease in EnerBank certificates of deposit | Decrease in EnerBank certificates of deposit | (73) | (7) | |||||||||||||||||||||||||
Decrease in notes payable | (90 | ) | (67 | ) | Decrease in notes payable | 0 | (90) | |||||||||||||||||||||
Issuance of common stock, net of issuance costs | 101 | 3 | Issuance of common stock, net of issuance costs | 9 | 101 | |||||||||||||||||||||||
Payment of dividends on common stock | (116 | ) | (108 | ) | Payment of dividends on common stock | (126) | (116) | |||||||||||||||||||||
Other financing costs | (22 | ) | (32 | ) | Other financing costs | (18) | (22) | |||||||||||||||||||||
Net cash provided by financing activities | 1,062 | 150 | ||||||||||||||||||||||||||
Net cash provided by (used in) financing activities | Net cash provided by (used in) financing activities | (210) | 1,062 | |||||||||||||||||||||||||
Net Increase in Cash and Cash Equivalents, Including Restricted Amounts | 704 | 92 | Net Increase in Cash and Cash Equivalents, Including Restricted Amounts | 339 | 704 | |||||||||||||||||||||||
Cash and Cash Equivalents, Including Restricted Amounts, Beginning of Period | 157 | 175 | Cash and Cash Equivalents, Including Restricted Amounts, Beginning of Period | 185 | 157 | |||||||||||||||||||||||
Cash and Cash Equivalents, Including Restricted Amounts, End of Period | $ | 861 | $ | 267 | Cash and Cash Equivalents, Including Restricted Amounts, End of Period | $ | 524 | $ | 861 | |||||||||||||||||||
Other Non-cash Investing and Financing Activities | ||||||||||||||||||||||||||||
Non-cash transactions | ||||||||||||||||||||||||||||
Other Non‑cash Investing and Financing Activities | Other Non‑cash Investing and Financing Activities | |||||||||||||||||||||||||||
Non‑cash transactions | Non‑cash transactions | |||||||||||||||||||||||||||
Capital expenditures not paid | $ | 95 | $ | 99 | Capital expenditures not paid | $ | 87 | $ | 95 |
ASSETS | ||||||||
In Millions | ||||||||
March 31 2020 | December 31 2019 | |||||||
Current Assets | ||||||||
Cash and cash equivalents | $ | 834 | $ | 140 | ||||
Restricted cash and cash equivalents | 27 | 17 | ||||||
Accounts receivable and accrued revenue, less allowance of $22 in 2020 and $20 in 2019 | 884 | 886 | ||||||
Notes receivable, less allowance of $33 in both periods | 241 | 223 | ||||||
Notes receivable held for sale | — | 19 | ||||||
Accounts and notes receivable – related parties | 25 | 17 | ||||||
Accrued gas revenue | 1 | — | ||||||
Inventories at average cost | ||||||||
Gas in underground storage | 225 | 399 | ||||||
Materials and supplies | 143 | 140 | ||||||
Generating plant fuel stock | 66 | 66 | ||||||
Deferred property taxes | 246 | 305 | ||||||
Regulatory assets | 24 | 33 | ||||||
Prepayments and other current assets | 101 | 86 | ||||||
Total current assets | 2,817 | 2,331 | ||||||
Plant, Property, and Equipment | ||||||||
Plant, property, and equipment, gross | 25,675 | 25,390 | ||||||
Less accumulated depreciation and amortization | 7,563 | 7,360 | ||||||
Plant, property, and equipment, net | 18,112 | 18,030 | ||||||
Construction work in progress | 1,032 | 896 | ||||||
Total plant, property, and equipment | 19,144 | 18,926 | ||||||
Other Non-current Assets | ||||||||
Regulatory assets | 2,465 | 2,489 | ||||||
Accounts and notes receivable, less allowance of $66 in 2020 and $- in 2019 | 2,226 | 2,281 | ||||||
Investments | 72 | 71 | ||||||
Other | 723 | 739 | ||||||
Total other non-current assets | 5,486 | 5,580 | ||||||
Total Assets | $ | 27,447 | $ | 26,837 |
ASSETS | ||||||||||||||
In Millions | ||||||||||||||
March 31 2021 | December 31 2020 | |||||||||||||
Current Assets | ||||||||||||||
Cash and cash equivalents | $ | 496 | $ | 168 | ||||||||||
Restricted cash and cash equivalents | 28 | 17 | ||||||||||||
Accounts receivable and accrued revenue, less allowance of $27 in 2021 and $29 in 2020 | 839 | 863 | ||||||||||||
Notes receivable, less allowance of $29 in 2021 and $32 in 2020 | 284 | 275 | ||||||||||||
Accounts receivable – related parties | 17 | 19 | ||||||||||||
Inventories at average cost | ||||||||||||||
Gas in underground storage | 195 | 353 | ||||||||||||
Materials and supplies | 162 | 155 | ||||||||||||
Generating plant fuel stock | 50 | 68 | ||||||||||||
Deferred property taxes | 267 | 332 | ||||||||||||
Regulatory assets | 30 | 42 | ||||||||||||
Prepayments and other current assets | 145 | 112 | ||||||||||||
Total current assets | 2,513 | 2,404 | ||||||||||||
Plant, Property, and Equipment | ||||||||||||||
Plant, property, and equipment, gross | 28,457 | 27,907 | ||||||||||||
Less accumulated depreciation and amortization | 8,178 | 7,953 | ||||||||||||
Plant, property, and equipment, net | 20,279 | 19,954 | ||||||||||||
Construction work in progress | 928 | 1,085 | ||||||||||||
Total plant, property, and equipment | 21,207 | 21,039 | ||||||||||||
Other Non‑current Assets | ||||||||||||||
Regulatory assets | 2,613 | 2,653 | ||||||||||||
Accounts and notes receivable, less allowance of $89 in 2021 and $91 in 2020 | 2,445 | 2,631 | ||||||||||||
Investments | 72 | 70 | ||||||||||||
Other | 873 | 869 | ||||||||||||
Total other non‑current assets | 6,003 | 6,223 | ||||||||||||
Total Assets | $ | 29,723 | $ | 29,666 |
LIABILITIES AND EQUITY | LIABILITIES AND EQUITY | LIABILITIES AND EQUITY | ||||||||||||||||||||
In Millions | In Millions | In Millions | ||||||||||||||||||||
March 31 2020 | December 31 2019 | March 31 2021 | December 31 2020 | |||||||||||||||||||
Current Liabilities | Current Liabilities | |||||||||||||||||||||
Current portion of long-term debt, finance leases, and other financing | $ | 1,721 | $ | 1,130 | Current portion of long-term debt, finance leases, and other financing | $ | 1,506 | $ | 1,506 | |||||||||||||
Notes payable | — | 90 | ||||||||||||||||||||
Accounts payable | 490 | 622 | Accounts payable | 538 | 671 | |||||||||||||||||
Accounts payable – related parties | 7 | 13 | Accounts payable – related parties | 7 | 7 | |||||||||||||||||
Accrued rate refunds | 42 | 35 | Accrued rate refunds | 2 | 20 | |||||||||||||||||
Accrued interest | 100 | 104 | Accrued interest | 113 | 106 | |||||||||||||||||
Accrued taxes | 330 | 437 | Accrued taxes | 360 | 457 | |||||||||||||||||
Regulatory liabilities | 88 | 87 | Regulatory liabilities | 204 | 151 | |||||||||||||||||
Other current liabilities | 162 | 186 | Other current liabilities | 155 | 156 | |||||||||||||||||
Total current liabilities | 2,940 | 2,704 | Total current liabilities | 2,885 | 3,074 | |||||||||||||||||
Non-current Liabilities | ||||||||||||||||||||||
Non‑current Liabilities | Non‑current Liabilities | |||||||||||||||||||||
Long-term debt | 12,545 | 11,951 | Long-term debt | 13,561 | 13,634 | |||||||||||||||||
Non-current portion of finance leases and other financing | 71 | 76 | Non-current portion of finance leases and other financing | 51 | 56 | |||||||||||||||||
Regulatory liabilities | 3,807 | 3,742 | Regulatory liabilities | 3,772 | 3,744 | |||||||||||||||||
Postretirement benefits | 141 | 674 | Postretirement benefits | 151 | 152 | |||||||||||||||||
Asset retirement obligations | 485 | 477 | Asset retirement obligations | 564 | 553 | |||||||||||||||||
Deferred investment tax credit | 119 | 120 | Deferred investment tax credit | 114 | 115 | |||||||||||||||||
Deferred income taxes | 1,722 | 1,655 | Deferred income taxes | 1,926 | 1,863 | |||||||||||||||||
Other non-current liabilities | 395 | 383 | ||||||||||||||||||||
Total non-current liabilities | 19,285 | 19,078 | ||||||||||||||||||||
Other non‑current liabilities | Other non‑current liabilities | 397 | 398 | |||||||||||||||||||
Total non‑current liabilities | Total non‑current liabilities | 20,536 | 20,515 | |||||||||||||||||||
Commitments and Contingencies (Notes 2 and 3) | ||||||||||||||||||||||
Commitments and Contingencies (Notes 1 and 2) | Commitments and Contingencies (Notes 1 and 2) | 0 | 0 | |||||||||||||||||||
Equity | Equity | |||||||||||||||||||||
Common stockholders’ equity | Common stockholders’ equity | |||||||||||||||||||||
Common stock, authorized 350.0 shares; outstanding 286.2 shares in 2020 and 283.9 shares in 2019 | 3 | 3 | ||||||||||||||||||||
Common stock, authorized 350.0 shares; outstanding 289.5 shares in 2021 and 288.9 shares in 2020 | Common stock, authorized 350.0 shares; outstanding 289.5 shares in 2021 and 288.9 shares in 2020 | 3 | 3 | |||||||||||||||||||
Other paid-in capital | 5,207 | 5,113 | Other paid-in capital | 5,371 | 5,365 | |||||||||||||||||
Accumulated other comprehensive loss | (76 | ) | (73 | ) | Accumulated other comprehensive loss | (84) | (86) | |||||||||||||||
Retained earnings (accumulated deficit) | 51 | (25 | ) | |||||||||||||||||||
Retained earnings | Retained earnings | 437 | 214 | |||||||||||||||||||
Total common stockholders’ equity | 5,185 | 5,018 | Total common stockholders’ equity | 5,727 | 5,496 | |||||||||||||||||
Noncontrolling interests | 37 | 37 | Noncontrolling interests | 575 | 581 | |||||||||||||||||
Total equity | 5,222 | 5,055 | Total equity | 6,302 | 6,077 | |||||||||||||||||
Total Liabilities and Equity | $ | 27,447 | $ | 26,837 | Total Liabilities and Equity | $ | 29,723 | $ | 29,666 |
In Millions, Except Per Share Amounts | ||||||||
Three Months Ended March 31 | 2020 | 2019 | ||||||
Total Equity at Beginning of Period | $ | 5,055 | $ | 4,792 | ||||
Common Stock | ||||||||
At beginning and end of period | 3 | 3 | ||||||
Other Paid-in Capital | ||||||||
At beginning of period | 5,113 | 5,088 | ||||||
Common stock issued | 106 | 7 | ||||||
Common stock repurchased | (12 | ) | (8 | ) | ||||
At end of period | 5,207 | 5,087 | ||||||
Accumulated Other Comprehensive Loss | ||||||||
At beginning of period | (73 | ) | (65 | ) | ||||
Retirement benefits liability | ||||||||
At beginning of period | (69 | ) | (63 | ) | ||||
Amortization of net actuarial loss | 1 | 1 | ||||||
Amortization of prior service credit | — | (1 | ) | |||||
At end of period | (68 | ) | (63 | ) | ||||
Derivative instruments | ||||||||
At beginning of period | (4 | ) | (2 | ) | ||||
Unrealized loss on derivative instruments | (4 | ) | (1 | ) | ||||
At end of period | (8 | ) | (3 | ) | ||||
At end of period | (76 | ) | (66 | ) | ||||
Retained Earnings (Accumulated Deficit) | ||||||||
At beginning of period | (25 | ) | (271 | ) | ||||
Cumulative effect of change in accounting principle | (51 | ) | — | |||||
Net income attributable to CMS Energy | 243 | 213 | ||||||
Dividends declared on common stock | (116 | ) | (108 | ) | ||||
At end of period | 51 | (166 | ) | |||||
Noncontrolling Interests | ||||||||
At beginning and end of period | 37 | 37 | ||||||
Total Equity at End of Period | $ | 5,222 | $ | 4,895 | ||||
Dividends Declared Per Common Share | $ | 0.4075 | $ | 0.3825 | ||||
The accompanying notes are an integral part of these statements. |
In Millions | ||||||||
Three Months Ended March 31 | 2020 | 2019 | ||||||
Operating Revenue | $ | 1,744 | $ | 1,943 | ||||
Operating Expenses | ||||||||
Fuel for electric generation | 79 | 106 | ||||||
Purchased and interchange power | 347 | 374 | ||||||
Purchased power – related parties | 18 | 18 | ||||||
Cost of gas sold | 270 | 401 | ||||||
Maintenance and other operating expenses | 278 | 319 | ||||||
Depreciation and amortization | 312 | 294 | ||||||
General taxes | 111 | 103 | ||||||
Total operating expenses | 1,415 | 1,615 | ||||||
Operating Income | 329 | 328 | ||||||
Other Income (Expense) | ||||||||
Interest income | 1 | 1 | ||||||
Interest and dividend income – related parties | 1 | 1 | ||||||
Allowance for equity funds used during construction | 1 | 2 | ||||||
Nonoperating retirement benefits, net | 29 | 21 | ||||||
Other income | — | 1 | ||||||
Other expense | (3 | ) | (3 | ) | ||||
Total other income | 29 | 23 | ||||||
Interest Charges | ||||||||
Interest on long-term debt | 74 | 69 | ||||||
Interest expense – related parties | 3 | — | ||||||
Other interest expense | 3 | 3 | ||||||
Allowance for borrowed funds used during construction | (1 | ) | (1 | ) | ||||
Total interest charges | 79 | 71 | ||||||
Income Before Income Taxes | 279 | 280 | ||||||
Income Tax Expense | 44 | 54 | ||||||
Net Income Available to Common Stockholder | $ | 235 | $ | 226 |
In Millions, Except Per Share Amounts | ||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||||||
Total Equity at Beginning of Period | $ | 6,077 | $ | 5,055 | ||||||||||||||||||||||||||||||||||||||||
Common Stock | ||||||||||||||||||||||||||||||||||||||||||||
At beginning and end of period | 3 | 3 | ||||||||||||||||||||||||||||||||||||||||||
Other Paid-in Capital | ||||||||||||||||||||||||||||||||||||||||||||
At beginning of period | 5,365 | 5,113 | ||||||||||||||||||||||||||||||||||||||||||
Common stock issued | 15 | 106 | ||||||||||||||||||||||||||||||||||||||||||
Common stock repurchased | (9) | (12) | ||||||||||||||||||||||||||||||||||||||||||
At end of period | 5,371 | 5,207 | ||||||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss | ||||||||||||||||||||||||||||||||||||||||||||
At beginning of period | (86) | (73) | ||||||||||||||||||||||||||||||||||||||||||
Retirement benefits liability | ||||||||||||||||||||||||||||||||||||||||||||
At beginning of period | (80) | (69) | ||||||||||||||||||||||||||||||||||||||||||
Amortization of net actuarial loss | 1 | 1 | ||||||||||||||||||||||||||||||||||||||||||
At end of period | (79) | (68) | ||||||||||||||||||||||||||||||||||||||||||
Derivative instruments | ||||||||||||||||||||||||||||||||||||||||||||
At beginning of period | (6) | (4) | ||||||||||||||||||||||||||||||||||||||||||
Unrealized gain (loss) on derivative instruments | 1 | (4) | ||||||||||||||||||||||||||||||||||||||||||
At end of period | (5) | (8) | ||||||||||||||||||||||||||||||||||||||||||
At end of period | (84) | (76) | ||||||||||||||||||||||||||||||||||||||||||
Retained Earnings | ||||||||||||||||||||||||||||||||||||||||||||
At beginning of period | 214 | (25) | ||||||||||||||||||||||||||||||||||||||||||
Cumulative effect of change in accounting principle | 0 | (51) | ||||||||||||||||||||||||||||||||||||||||||
Net income attributable to CMS Energy | 349 | 243 | ||||||||||||||||||||||||||||||||||||||||||
Dividends declared on common stock | (126) | (116) | ||||||||||||||||||||||||||||||||||||||||||
At end of period | 437 | 51 | ||||||||||||||||||||||||||||||||||||||||||
Noncontrolling Interests | ||||||||||||||||||||||||||||||||||||||||||||
At beginning of period | 581 | 37 | ||||||||||||||||||||||||||||||||||||||||||
Contribution from noncontrolling interest | 1 | 0 | ||||||||||||||||||||||||||||||||||||||||||
Loss attributable to noncontrolling interests | (7) | 0 | ||||||||||||||||||||||||||||||||||||||||||
At end of period | 575 | 37 | ||||||||||||||||||||||||||||||||||||||||||
Total Equity at End of Period | $ | 6,302 | $ | 5,222 | ||||||||||||||||||||||||||||||||||||||||
Dividends declared per common share | $ | 0.4350 | $ | 0.4075 |
In Millions | ||||||||
Three Months Ended March 31 | 2020 | 2019 | ||||||
Net Income | $ | 235 | $ | 226 | ||||
Retirement Benefits Liability | ||||||||
Amortization of net actuarial loss, net of tax of $1 and $- | — | — | ||||||
Other Comprehensive Income | — | — | ||||||
Comprehensive Income | $ | 235 | $ | 226 |
In Millions | |||||||||||||||||||||||||||||||||||
Three Months Ended March 31 | 2021 | 2020 | |||||||||||||||||||||||||||||||||
Operating Revenue | $ | 1,937 | $ | 1,744 | |||||||||||||||||||||||||||||||
Operating Expenses | |||||||||||||||||||||||||||||||||||
Fuel for electric generation | 106 | 79 | |||||||||||||||||||||||||||||||||
Purchased and interchange power | 367 | 347 | |||||||||||||||||||||||||||||||||
Purchased power – related parties | 18 | 18 | |||||||||||||||||||||||||||||||||
Cost of gas sold | 278 | 270 | |||||||||||||||||||||||||||||||||
Maintenance and other operating expenses | 292 | 278 | |||||||||||||||||||||||||||||||||
Depreciation and amortization | 329 | 312 | |||||||||||||||||||||||||||||||||
General taxes | 118 | 111 | |||||||||||||||||||||||||||||||||
Total operating expenses | 1,508 | 1,415 | |||||||||||||||||||||||||||||||||
Operating Income | 429 | 329 | |||||||||||||||||||||||||||||||||
Other Income (Expense) | |||||||||||||||||||||||||||||||||||
Interest income | 1 | 1 | |||||||||||||||||||||||||||||||||
Interest and dividend income – related parties | 1 | 1 | |||||||||||||||||||||||||||||||||
Allowance for equity funds used during construction | 1 | 1 | |||||||||||||||||||||||||||||||||
Non-operating retirement benefits, net | 38 | 29 | |||||||||||||||||||||||||||||||||
Other income | 1 | 0 | |||||||||||||||||||||||||||||||||
Other expense | (2) | (3) | |||||||||||||||||||||||||||||||||
Total other income | 40 | 29 | |||||||||||||||||||||||||||||||||
Interest Charges | |||||||||||||||||||||||||||||||||||
Interest on long-term debt | 73 | 74 | |||||||||||||||||||||||||||||||||
Interest expense – related parties | 3 | 3 | |||||||||||||||||||||||||||||||||
Other interest expense | 2 | 3 | |||||||||||||||||||||||||||||||||
Allowance for borrowed funds used during construction | (1) | (1) | |||||||||||||||||||||||||||||||||
Total interest charges | 77 | 79 | |||||||||||||||||||||||||||||||||
Income Before Income Taxes | 392 | 279 | |||||||||||||||||||||||||||||||||
Income Tax Expense | 56 | 44 | |||||||||||||||||||||||||||||||||
Net Income Available to Common Stockholder | $ | 336 | $ | 235 |
In Millions | ||||||||
Three Months Ended March 31 | 2020 | 2019 | ||||||
Cash Flows from Operating Activities | ||||||||
Net income | $ | 235 | $ | 226 | ||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||
Depreciation and amortization | 312 | 294 | ||||||
Deferred income taxes and investment tax credits | 44 | 17 | ||||||
Pension contributions | (518 | ) | — | |||||
Other non-cash operating activities and reconciling adjustments | — | 2 | ||||||
Cash provided by (used in) changes in assets and liabilities | ||||||||
Accounts and notes receivable and accrued revenue | 31 | (59 | ) | |||||
Inventories | 170 | 204 | ||||||
Accounts payable and accrued rate refunds | (54 | ) | (80 | ) | ||||
Other current and non-current assets and liabilities | 18 | 15 | ||||||
Net cash provided by operating activities | 238 | 619 | ||||||
Cash Flows from Investing Activities | ||||||||
Capital expenditures (excludes assets placed under finance lease) | (520 | ) | (476 | ) | ||||
Cost to retire property and other investing activities | (22 | ) | (26 | ) | ||||
Net cash used in investing activities | (542 | ) | (502 | ) | ||||
Cash Flows from Financing Activities | ||||||||
Proceeds from issuance of debt | 873 | — | ||||||
Retirement of debt | — | (215 | ) | |||||
Decrease in notes payable | (90 | ) | (67 | ) | ||||
Stockholder contribution | 350 | 350 | ||||||
Payment of dividends on common stock | (219 | ) | (172 | ) | ||||
Other financing costs | (10 | ) | (5 | ) | ||||
Net cash provided by (used in) financing activities | 904 | (109 | ) | |||||
Net Increase in Cash and Cash Equivalents, Including Restricted Amounts | 600 | 8 | ||||||
Cash and Cash Equivalents, Including Restricted Amounts, Beginning of Period | 28 | 56 | ||||||
Cash and Cash Equivalents, Including Restricted Amounts, End of Period | $ | 628 | $ | 64 | ||||
Other Non-cash Investing and Financing Activities | ||||||||
Non-cash transactions | ||||||||
Capital expenditures not paid | $ | 85 | $ | 85 |
In Millions | |||||||||||||||||||||||||||||||||||
Three Months Ended March 31 | 2021 | 2020 | |||||||||||||||||||||||||||||||||
Net Income | $ | 336 | $ | 235 | |||||||||||||||||||||||||||||||
Retirement Benefits Liability | |||||||||||||||||||||||||||||||||||
Amortization of net actuarial loss, net of tax of $0 and $1 | 0 | 0 | |||||||||||||||||||||||||||||||||
Other Comprehensive Income | 0 | 0 | |||||||||||||||||||||||||||||||||
Comprehensive Income | $ | 336 | $ | 235 |
ASSETS | ||||||||
In Millions | ||||||||
March 31 2020 | December 31 2019 | |||||||
Current Assets | ||||||||
Cash and cash equivalents | $ | 604 | $ | 11 | ||||
Restricted cash and cash equivalents | 24 | 17 | ||||||
Accounts receivable and accrued revenue, less allowance of $22 in 2020 and $20 in 2019 | 785 | 827 | ||||||
Accounts and notes receivable – related parties | 8 | 9 | ||||||
Accrued gas revenue | 1 | — | ||||||
Inventories at average cost | ||||||||
Gas in underground storage | 225 | 399 | ||||||
Materials and supplies | 137 | 135 | ||||||
Generating plant fuel stock | 64 | 63 | ||||||
Deferred property taxes | 246 | 305 | ||||||
Regulatory assets | 24 | 33 | ||||||
Prepayments and other current assets | 85 | 73 | ||||||
Total current assets | 2,203 | 1,872 | ||||||
Plant, Property, and Equipment | ||||||||
Plant, property, and equipment, gross | 25,246 | 24,963 | ||||||
Less accumulated depreciation and amortization | 7,471 | 7,272 | ||||||
Plant, property, and equipment, net | 17,775 | 17,691 | ||||||
Construction work in progress | 1,013 | 879 | ||||||
Total plant, property, and equipment | 18,788 | 18,570 | ||||||
Other Non-current Assets | ||||||||
Regulatory assets | 2,465 | 2,489 | ||||||
Accounts receivable | 29 | 29 | ||||||
Accounts and notes receivable – related parties | 102 | 102 | ||||||
Other | 619 | 637 | ||||||
Total other non-current assets | 3,215 | 3,257 | ||||||
Total Assets | $ | 24,206 | $ | 23,699 |
LIABILITIES AND EQUITY | ||||||||
In Millions | ||||||||
March 31 2020 | December 31 2019 | |||||||
Current Liabilities | ||||||||
Current portion of long-term debt, finance leases, and other financing | $ | 521 | $ | 221 | ||||
Notes payable | — | 90 | ||||||
Accounts payable | 458 | 593 | ||||||
Accounts payable – related parties | 16 | 20 | ||||||
Accrued rate refunds | 42 | 35 | ||||||
Accrued interest | 78 | 67 | ||||||
Accrued taxes | 363 | 481 | ||||||
Regulatory liabilities | 88 | 87 | ||||||
Other current liabilities | 105 | 118 | ||||||
Total current liabilities | 1,671 | 1,712 | ||||||
Non-current Liabilities | ||||||||
Long-term debt | 7,616 | 7,048 | ||||||
Non-current portion of finance leases and other financing | 71 | 76 | ||||||
Regulatory liabilities | 3,807 | 3,742 | ||||||
Postretirement benefits | 103 | 622 | ||||||
Asset retirement obligations | 482 | 474 | ||||||
Deferred investment tax credit | 119 | 120 | ||||||
Deferred income taxes | 1,923 | 1,864 | ||||||
Other non-current liabilities | 311 | 304 | ||||||
Total non-current liabilities | 14,432 | 14,250 | ||||||
Commitments and Contingencies (Notes 2 and 3) | ||||||||
Equity | ||||||||
Common stockholder’s equity | ||||||||
Common stock, authorized 125.0 shares; outstanding 84.1 shares in both periods | 841 | 841 | ||||||
Other paid-in capital | 5,724 | 5,374 | ||||||
Accumulated other comprehensive loss | (28 | ) | (28 | ) | ||||
Retained earnings | 1,529 | 1,513 | ||||||
Total common stockholder’s equity | 8,066 | 7,700 | ||||||
Cumulative preferred stock, $4.50 series | 37 | 37 | ||||||
Total equity | 8,103 | 7,737 | ||||||
Total Liabilities and Equity | $ | 24,206 | $ | 23,699 |
In Millions | ||||||||||||||||||||
Three Months Ended March 31 | 2021 | 2020 | ||||||||||||||||||
Cash Flows from Operating Activities | ||||||||||||||||||||
Net income | $ | 336 | $ | 235 | ||||||||||||||||
Adjustments to reconcile net income to net cash provided by operating activities | ||||||||||||||||||||
Depreciation and amortization | 329 | 312 | ||||||||||||||||||
Deferred income taxes and investment tax credits | 51 | 44 | ||||||||||||||||||
Other non‑cash operating activities and reconciling adjustments | (10) | 0 | ||||||||||||||||||
Pension contributions | 0 | (518) | ||||||||||||||||||
Changes in assets and liabilities | ||||||||||||||||||||
Accounts and notes receivable and accrued revenue | 39 | 31 | ||||||||||||||||||
Inventories | 168 | 170 | ||||||||||||||||||
Accounts payable and accrued rate refunds | (99) | (54) | ||||||||||||||||||
Other current and non-current assets and liabilities | 27 | 18 | ||||||||||||||||||
Net cash provided by operating activities | 841 | 238 | ||||||||||||||||||
Cash Flows from Investing Activities | ||||||||||||||||||||
Capital expenditures (excludes assets placed under finance lease) | (433) | (520) | ||||||||||||||||||
Cost to retire property and other investing activities | (25) | (22) | ||||||||||||||||||
Net cash used in investing activities | (458) | (542) | ||||||||||||||||||
Cash Flows from Financing Activities | ||||||||||||||||||||
Proceeds from issuance of debt | 0 | 873 | ||||||||||||||||||
Decrease in notes payable | 0 | (90) | ||||||||||||||||||
Decrease in notes payable – related parties | (250) | 0 | ||||||||||||||||||
Stockholder contribution | 150 | 350 | ||||||||||||||||||
Payment of dividends on common stock | (276) | (219) | ||||||||||||||||||
Other financing costs | (8) | (10) | ||||||||||||||||||
Net cash provided by (used in) financing activities | (384) | 904 | ||||||||||||||||||
Net Increase (Decrease) in Cash and Cash Equivalents, Including Restricted Amounts | (1) | 600 | ||||||||||||||||||
Cash and Cash Equivalents, Including Restricted Amounts, Beginning of Period | 35 | 28 | ||||||||||||||||||
Cash and Cash Equivalents, Including Restricted Amounts, End of Period | $ | 34 | $ | 628 | ||||||||||||||||
Other Non‑cash Investing and Financing Activities | ||||||||||||||||||||
Non‑cash transactions | ||||||||||||||||||||
Capital expenditures not paid | $ | 84 | $ | 85 | ||||||||||||||||
ASSETS | ||||||||||||||
In Millions | ||||||||||||||
March 31 2021 | December 31 2020 | |||||||||||||
Current Assets | ||||||||||||||
Cash and cash equivalents | $ | 9 | $ | 20 | ||||||||||
Restricted cash and cash equivalents | 25 | 15 | ||||||||||||
Accounts receivable and accrued revenue, less allowance of $27 in 2021 and $29 in 2020 | 801 | 828 | ||||||||||||
Accounts and notes receivable – related parties | 9 | 18 | ||||||||||||
Inventories at average cost | ||||||||||||||
Gas in underground storage | 195 | 353 | ||||||||||||
Materials and supplies | 156 | 149 | ||||||||||||
Generating plant fuel stock | 49 | 67 | ||||||||||||
Deferred property taxes | 267 | 332 | ||||||||||||
Regulatory assets | 30 | 42 | ||||||||||||
Prepayments and other current assets | 119 | 68 | ||||||||||||
Total current assets | 1,660 | 1,892 | ||||||||||||
Plant, Property, and Equipment | ||||||||||||||
Plant, property, and equipment, gross | 27,299 | 26,757 | ||||||||||||
Less accumulated depreciation and amortization | 8,058 | 7,844 | ||||||||||||
Plant, property, and equipment, net | 19,241 | 18,913 | ||||||||||||
Construction work in progress | 887 | 1,058 | ||||||||||||
Total plant, property, and equipment | 20,128 | 19,971 | ||||||||||||
Other Non-current Assets | ||||||||||||||
Regulatory assets | 2,613 | 2,653 | ||||||||||||
Accounts receivable | 25 | 25 | ||||||||||||
Accounts and notes receivable – related parties | 104 | 105 | ||||||||||||
Other | 750 | 753 | ||||||||||||
Total other non-current assets | 3,492 | 3,536 | ||||||||||||
Total Assets | $ | 25,280 | $ | 25,399 |
LIABILITIES AND EQUITY | ||||||||||||||
In Millions | ||||||||||||||
March 31 2021 | December 31 2020 | |||||||||||||
Current Liabilities | ||||||||||||||
Current portion of long-term debt, finance leases, and other financing | $ | 384 | $ | 384 | ||||||||||
Notes payable – related parties | 57 | 307 | ||||||||||||
Accounts payable | 501 | 636 | ||||||||||||
Accounts payable – related parties | 12 | 7 | ||||||||||||
Accrued rate refunds | 2 | 20 | ||||||||||||
Accrued interest | 79 | 72 | ||||||||||||
Accrued taxes | 364 | 458 | ||||||||||||
Regulatory liabilities | 204 | 151 | ||||||||||||
Other current liabilities | 106 | 104 | ||||||||||||
Total current liabilities | 1,709 | 2,139 | ||||||||||||
Non-current Liabilities | ||||||||||||||
Long-term debt | 7,743 | 7,742 | ||||||||||||
Non-current portion of finance leases and other financing | 51 | 56 | ||||||||||||
Regulatory liabilities | 3,772 | 3,744 | ||||||||||||
Postretirement benefits | 111 | 112 | ||||||||||||
Asset retirement obligations | 541 | 530 | ||||||||||||
Deferred investment tax credit | 114 | 115 | ||||||||||||
Deferred income taxes | 2,159 | 2,094 | ||||||||||||
Other non-current liabilities | 314 | 311 | ||||||||||||
Total non-current liabilities | 14,805 | 14,704 | ||||||||||||
Commitments and Contingencies (Notes 1 and 2) | 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 | 6,174 | 6,024 | ||||||||||||
Accumulated other comprehensive loss | (36) | (36) | ||||||||||||
Retained earnings | 1,750 | 1,690 | ||||||||||||
Total common stockholder’s equity | 8,729 | 8,519 | ||||||||||||
Cumulative preferred stock, $4.50 series | 37 | 37 | ||||||||||||
Total equity | 8,766 | 8,556 | ||||||||||||
Total Liabilities and Equity | $ | 25,280 | $ | 25,399 |
In Millions | In Millions | In Millions | |||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31 | 2020 | 2019 | Three Months Ended March 31 | 2021 | 2020 | ||||||||||||||||||||||||||||||||||||||
Total Equity at Beginning of Period | $ | 7,737 | $ | 6,920 | Total Equity at Beginning of Period | $ | 8,556 | $ | 7,737 | ||||||||||||||||||||||||||||||||||
Common Stock | Common Stock | ||||||||||||||||||||||||||||||||||||||||||
At beginning and end of period | 841 | 841 | At beginning and end of period | 841 | 841 | ||||||||||||||||||||||||||||||||||||||
Other Paid-in Capital | Other Paid-in Capital | ||||||||||||||||||||||||||||||||||||||||||
At beginning of period | 5,374 | 4,699 | At beginning of period | 6,024 | 5,374 | ||||||||||||||||||||||||||||||||||||||
Stockholder contribution | 350 | 350 | Stockholder contribution | 150 | 350 | ||||||||||||||||||||||||||||||||||||||
At end of period | 5,724 | 5,049 | At end of period | 6,174 | 5,724 | ||||||||||||||||||||||||||||||||||||||
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss | ||||||||||||||||||||||||||||||||||||||||||
Retirement benefits liability | Retirement benefits liability | ||||||||||||||||||||||||||||||||||||||||||
At beginning and end of period | (28 | ) | (21 | ) | At beginning and end of period | (36) | (28) | ||||||||||||||||||||||||||||||||||||
At beginning and end of period | (28 | ) | (21 | ) | At beginning and end of period | (36) | (28) | ||||||||||||||||||||||||||||||||||||
Retained Earnings | Retained Earnings | ||||||||||||||||||||||||||||||||||||||||||
At beginning of period | 1,513 | 1,364 | At beginning of period | 1,690 | 1,513 | ||||||||||||||||||||||||||||||||||||||
Net income | 235 | 226 | Net income | 336 | 235 | ||||||||||||||||||||||||||||||||||||||
Dividends declared on common stock | (219 | ) | (172 | ) | Dividends declared on common stock | (276) | (219) | ||||||||||||||||||||||||||||||||||||
At end of period | 1,529 | 1,418 | At end of period | 1,750 | 1,529 | ||||||||||||||||||||||||||||||||||||||
Preferred Stock | |||||||||||||||||||||||||||||||||||||||||||
Cumulative Preferred Stock | Cumulative Preferred Stock | ||||||||||||||||||||||||||||||||||||||||||
At beginning and end of period | 37 | 37 | At beginning and end of period | 37 | 37 | ||||||||||||||||||||||||||||||||||||||
Total Equity at End of Period | $ | 8,103 | $ | 7,324 | Total Equity at End of Period | $ | 8,766 | $ | 8,103 |
In Millions | ||||||||||||||||||||||||
2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |||||||||||||||||||
CMS Energy | ||||||||||||||||||||||||
Long‑term leachate disposal and operating and maintenance costs | $ | 4 | $ | 4 | $ | 4 | $ | 4 | $ | 4 | $ | 4 |
In Millions | ||||||||||||||||||||||||||||||||||||||
2021 | 2022 | 2023 | 2024 | 2025 | 2026 | |||||||||||||||||||||||||||||||||
CMS Energy | ||||||||||||||||||||||||||||||||||||||
Long-term leachate disposal and operating and maintenance costs | $ | 3 | $ | 4 | $ | 4 | $ | 4 | $ | 4 | $ | 4 |
In Millions | ||||||||||||||||||||||||
2020 | 2021 | 2022 | 2023 | 2024 | 2025 | |||||||||||||||||||
Consumers | ||||||||||||||||||||||||
Remediation and other response activity costs | $ | 12 | $ | 8 | $ | 20 | $ | 11 | $ | 2 | $ | 2 |
In Millions | ||||||||||||||||||||||||||||||||||||||
2021 | 2022 | 2023 | 2024 | 2025 | 2026 | |||||||||||||||||||||||||||||||||
Consumers | ||||||||||||||||||||||||||||||||||||||
Remediation and other response activity costs | $ | 3 | $ | 9 | $ | 23 | $ | 11 | $ | 2 | $ | 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 | $ | 341 | $ | 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 | ||||
Guarantee² | July 2011 | indefinite | 30 | — | ||||||
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. |
Principal (In Millions) | Interest Rate | Issuance Date | Maturity Date | |||||
CMS Energy, parent only | ||||||||
Term loan facility¹ | $ | 300 | variable | February | February 2021 | |||
Total CMS Energy, parent only | $ | 300 | ||||||
Consumers | ||||||||
Term loan facility² | $ | 300 | variable | January | January 2021 | |||
First mortgage bonds | 575 | 3.50 | % | March | August 2051 | |||
Total Consumers | $ | 875 | ||||||
Total CMS Energy | $ | 1,175 |
In Millions | ||||||||||||||||||||||||||
Expiration Date | Amount of Facility | Amount Borrowed | Letters of Credit Outstanding | Amount Available | ||||||||||||||||||||||
CMS Energy, parent only | ||||||||||||||||||||||||||
June 5, 2023 | $ | 550 | $ | 0 | $ | 18 | $ | 532 | ||||||||||||||||||
CMS Enterprises, including subsidiaries | ||||||||||||||||||||||||||
September 25, 20251 | $ | 39 | $ | 0 | $ | 39 | $ | 0 | ||||||||||||||||||
September 30, 20252 | 18 | 0 | 8 | 10 | ||||||||||||||||||||||
Consumers3 | ||||||||||||||||||||||||||
June 5, 2023 | $ | 850 | $ | 0 | $ | 12 | $ | 838 | ||||||||||||||||||
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 | $ | 25 | $ | 4 | $ | 521 | ||||||||
CMS Enterprises, including subsidiaries | ||||||||||||||||
September 30, 2025² | $ | 18 | $ | — | $ | 8 | $ | 10 | ||||||||
Consumers³ | ||||||||||||||||
June 5, 2023 | $ | 850 | $ | — | $ | 7 | $ | 843 | ||||||||
November 19, 2021 | 250 | — | 8 | 242 | ||||||||||||
April 18, 2022 | 30 | — | 30 | — |
Contract Date | Maturity Date | Number of Shares | Initial Forward Price Per Share | ||||
November 20, 2018 | March 31, 2021 | 777,899 | $ | 50.91 | |||
February 21, 2019 | March 31, 2021 | 2,083,340 | 52.27 |
Forward Price Per Share | ||||||||||||||||||||
Contract Date | Maturity Date | Number of Shares | Initial | March 31, 2021 | ||||||||||||||||
September 15, 2020 | June 30, 2022 | 846,759 | $ | 61.04 | $ | 60.01 | ||||||||||||||
December 22, 2020 | June 22, 2022 | 115,595 | 61.81 | 61.31 |
In Millions | |||||||||||||||||||||||||||||
CMS Energy, including Consumers | Consumers | ||||||||||||||||||||||||||||
March 31 2021 | December 31 2020 | March 31 2021 | December 31 2020 | ||||||||||||||||||||||||||
Assets1 | |||||||||||||||||||||||||||||
Restricted cash equivalents | $ | 28 | $ | 17 | $ | 25 | $ | 15 | |||||||||||||||||||||
Nonqualified deferred compensation plan assets | 24 | 23 | 19 | 18 | |||||||||||||||||||||||||
Derivative instruments | 0 | 1 | 0 | 1 | |||||||||||||||||||||||||
Total assets | $ | 52 | $ | 41 | $ | 44 | $ | 34 | |||||||||||||||||||||
Liabilities1 | |||||||||||||||||||||||||||||
Nonqualified deferred compensation plan liabilities | $ | 24 | $ | 23 | $ | 19 | $ | 18 | |||||||||||||||||||||
Derivative instruments | 14 | 17 | 0 | 0 | |||||||||||||||||||||||||
Total liabilities | $ | 38 | $ | 40 | $ | 19 | $ | 18 |
In Millions | |||||||||||||||||
CMS Energy, including Consumers | Consumers | ||||||||||||||||
March 31 2020 | December 31 2019 | March 31 2020 | December 31 2019 | ||||||||||||||
Assets¹ | |||||||||||||||||
Cash equivalents | $ | 91 | $ | — | $ | — | $ | — | |||||||||
Restricted cash and cash equivalents | 27 | 17 | 24 | 17 | |||||||||||||
CMS Energy common stock | — | — | 1 | 1 | |||||||||||||
Nonqualified deferred compensation plan assets | 17 | 18 | 13 | 14 | |||||||||||||
Derivative instruments | — | 1 | — | 1 | |||||||||||||
Total | $ | 135 | $ | 36 | $ | 38 | $ | 33 | |||||||||
Liabilities¹ | |||||||||||||||||
Nonqualified deferred compensation plan liabilities | $ | 17 | $ | 18 | $ | 13 | $ | 14 | |||||||||
Derivative instruments | 19 | 8 | — | — | |||||||||||||
Total | $ | 36 | $ | 26 | $ | 13 | $ | 14 |
In Millions | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
March 31, 2021 | December 31, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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 | $ | 16 | $ | 16 | $ | 0 | $ | 0 | $ | 16 | $ | 17 | $ | 17 | $ | 0 | $ | 0 | $ | 17 | |||||||||||||||||||||||||||||||||||||||||||||
Notes receivable2 | 2,710 | 3,006 | 0 | 0 | 3,006 | 2,887 | 3,248 | 0 | 0 | 3,248 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Securities held to maturity3 | 34 | 34 | 0 | 34 | 0 | 28 | 29 | 0 | 29 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt4 | 15,046 | 16,233 | 1,206 | 13,108 | 1,919 | 15,120 | 17,512 | 1,249 | 14,178 | 2,085 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term payables5 | 33 | 35 | 0 | 0 | 35 | 33 | 35 | 0 | 0 | 35 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumers | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term receivables1 | $ | 16 | $ | 16 | $ | 0 | $ | 0 | $ | 16 | $ | 17 | $ | 17 | $ | 0 | $ | 0 | $ | 17 | |||||||||||||||||||||||||||||||||||||||||||||
Notes receivable – related party6 | 106 | 106 | 0 | 0 | 106 | 107 | 107 | 0 | 0 | 107 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Long-term debt7 | 8,107 | 8,815 | 0 | 6,896 | 1,919 | 8,106 | 9,801 | 0 | 7,716 | 2,085 |
In Millions | |||||||||||||||||||||||||||||||||||||||||
March 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||||||||||
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 | $ | 19 | $ | 19 | $ | — | $ | — | $ | 19 | $ | 20 | $ | 20 | $ | — | $ | — | $ | 20 | |||||||||||||||||||||
Notes receivable2 | 2,444 | 2,721 | — | — | 2,721 | 2,500 | 2,652 | — | — | 2,652 | |||||||||||||||||||||||||||||||
Securities held to maturity | 28 | 28 | — | 28 | — | 26 | 26 | — | 26 | — | |||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||
Long-term debt3 | 14,247 | 15,353 | 1,113 | 12,269 | 1,971 | 13,062 | 14,185 | 1,197 | 11,048 | 1,940 | |||||||||||||||||||||||||||||||
Long-term payables4 | 31 | 30 | — | — | 30 | 30 | 32 | — | — | 32 | |||||||||||||||||||||||||||||||
Consumers | |||||||||||||||||||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||||||||||||||||||
Long-term receivables1 | $ | 19 | $ | 19 | $ | — | $ | — | $ | 19 | $ | 20 | $ | 20 | $ | — | $ | — | $ | 20 | |||||||||||||||||||||
Notes receivable – related party5 | 103 | 103 | — | — | 103 | 103 | 103 | — | — | 103 | |||||||||||||||||||||||||||||||
Liabilities | |||||||||||||||||||||||||||||||||||||||||
Long-term debt6 | 8,118 | 8,939 | — | 6,968 | 1,971 | 7,250 | 8,010 | — | 6,070 | 1,940 |
1 |
Includes current portion |
In Millions | |||||||||||||||||||||||||||||||||
March 31, 2020 | December 31, 2019 | ||||||||||||||||||||||||||||||||
Cost | Unrealized Gains | Unrealized Losses | Fair Value | Cost | Unrealized Gains | Unrealized Losses | Fair Value | ||||||||||||||||||||||||||
CMS Energy | |||||||||||||||||||||||||||||||||
Debt securities | $ | 28 | $ | — | $ | — | $ | 28 | $ | 26 | $ | — | $ | — | $ | 26 |
In Millions | ||||||||
March 31, 2020 | December 31, 2019 | |||||||
CMS Energy, including Consumers | ||||||||
Current | ||||||||
EnerBank notes receivable, net of allowance for loan losses | $ | 241 | $ | 223 | ||||
EnerBank notes receivable held for sale | — | 19 | ||||||
Non‑current | ||||||||
EnerBank notes receivable, net of allowance for loan losses | 2,203 | 2,258 | ||||||
Total notes receivable | $ | 2,444 | $ | 2,500 | ||||
Consumers | ||||||||
Current | ||||||||
DB SERP note receivable – related party | $ | 7 | $ | 7 | ||||
Non‑current | ||||||||
DB SERP note receivable – related party | 96 | 96 | ||||||
Total notes receivable | $ | 103 | $ | 103 |
In Millions | ||||||||||||||
March 31, 2021 | December 31, 2020 | |||||||||||||
CMS Energy, including Consumers | ||||||||||||||
Current | ||||||||||||||
EnerBank notes receivable, net of allowance for loan losses | $ | 284 | $ | 275 | ||||||||||
Non‑current | ||||||||||||||
EnerBank notes receivable, net of allowance for loan losses | 2,426 | 2,612 | ||||||||||||
Total notes receivable | $ | 2,710 | $ | 2,887 | ||||||||||
Consumers | ||||||||||||||
Current | ||||||||||||||
DB SERP note receivable – related party | $ | 7 | $ | 7 | ||||||||||
Non‑current | ||||||||||||||
DB SERP note receivable – related party | 99 | 100 | ||||||||||||
Total notes receivable | $ | 106 | $ | 107 |
In Millions | |||||||||||||||||||||||||||||
Three Months Ended March 31 | 2021 | 2020 | |||||||||||||||||||||||||||
Balance at beginning of period | $ | 123 | $ | 33 | |||||||||||||||||||||||||
Effects of new accounting standard1 | 0 | 62 | |||||||||||||||||||||||||||
Provision for loan losses | 5 | 13 | |||||||||||||||||||||||||||
Charge-offs | (12) | (11) | |||||||||||||||||||||||||||
Recoveries | 2 | 2 | |||||||||||||||||||||||||||
Balance at end of period | $ | 118 | $ | 99 |
In Millions | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
DB Pension Plans | OPEB Plan | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31 | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
CMS Energy, including Consumers | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net periodic cost (credit) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Service cost | $ | 14 | $ | 12 | $ | 4 | $ | 4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest cost | 15 | 21 | 6 | 8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expected return on plan assets | (52) | (48) | (27) | (25) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | 25 | 22 | 2 | 4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prior service cost (credit) | 1 | 0 | (13) | (14) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Settlement loss | 1 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net periodic cost (credit) | $ | 4 | $ | 7 | $ | (28) | $ | (23) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumers | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net periodic cost (credit) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Service cost | $ | 13 | $ | 12 | $ | 4 | $ | 4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Interest cost | 14 | 20 | 6 | 8 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Expected return on plan assets | (49) | (45) | (25) | (23) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Amortization of: | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net loss | 25 | 21 | 2 | 4 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Prior service cost (credit) | 1 | 0 | (13) | (14) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Settlement loss | 1 | 0 | 0 | 0 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Net periodic cost (credit) | $ | 5 | $ | 8 | $ | (26) | $ | (21) |
In Millions | |||||||||||||||||
DB Pension Plans | OPEB Plan | ||||||||||||||||
Three Months Ended March 31 | 2020 | 2019 | 2020 | 2019 | |||||||||||||
CMS Energy, including Consumers | |||||||||||||||||
Net periodic cost (credit) | |||||||||||||||||
Service cost | $ | 12 | $ | 10 | $ | 4 | $ | 4 | |||||||||
Interest cost | 21 | 25 | 8 | 10 | |||||||||||||
Expected return on plan assets | (48 | ) | (40 | ) | (25 | ) | (22 | ) | |||||||||
Amortization of: | |||||||||||||||||
Net loss | 22 | 12 | 4 | 7 | |||||||||||||
Prior service credit | — | — | (14 | ) | (16 | ) | |||||||||||
Net periodic cost (credit) | $ | 7 | $ | 7 | $ | (23 | ) | $ | (17 | ) | |||||||
Consumers | |||||||||||||||||
Net periodic cost (credit) | |||||||||||||||||
Service cost | $ | 12 | $ | 10 | $ | 4 | $ | 3 | |||||||||
Interest cost | 20 | 23 | 8 | 10 | |||||||||||||
Expected return on plan assets | (45 | ) | (38 | ) | (23 | ) | (21 | ) | |||||||||
Amortization of: | |||||||||||||||||
Net loss | 21 | 12 | 4 | 7 | |||||||||||||
Prior service credit | — | — | (14 | ) | (15 | ) | |||||||||||
Net periodic cost (credit) | $ | 8 | $ | 7 | $ | (21 | ) | $ | (16 | ) |
Three Months Ended March 31 | 2021 | 2020 | ||||||||||||||||||||||||||||||
CMS Energy, including Consumers | ||||||||||||||||||||||||||||||||
U.S. federal income tax rate | 21.0 | % | 21.0 | % | ||||||||||||||||||||||||||||
Increase (decrease) in income taxes from: | ||||||||||||||||||||||||||||||||
State and local income taxes, net of federal effect | 5.1 | 4.6 | ||||||||||||||||||||||||||||||
TCJA excess deferred taxes1 | (5.3) | (3.9) | ||||||||||||||||||||||||||||||
Production tax credits | (4.7) | (2.8) | ||||||||||||||||||||||||||||||
Accelerated flow-through of regulatory tax benefits2 | (3.0) | (1.5) | ||||||||||||||||||||||||||||||
Research and development tax credits, net3 | (0.3) | (3.4) | ||||||||||||||||||||||||||||||
Refund of alternative minimum tax sequestration4 | 0 | (3.3) | ||||||||||||||||||||||||||||||
Other, net | 0.2 | (0.7) | ||||||||||||||||||||||||||||||
Effective tax rate | 13.0 | % | 10.0 | % | ||||||||||||||||||||||||||||
Consumers | ||||||||||||||||||||||||||||||||
U.S. federal income tax rate | 21.0 | % | 21.0 | % | ||||||||||||||||||||||||||||
Increase (decrease) in income taxes from: | ||||||||||||||||||||||||||||||||
State and local income taxes, net of federal effect | 5.1 | 4.9 | ||||||||||||||||||||||||||||||
TCJA excess deferred taxes1 | (5.1) | (3.4) | ||||||||||||||||||||||||||||||
Accelerated flow-through of regulatory tax benefits2 | (3.7) | (1.9) | ||||||||||||||||||||||||||||||
Production tax credits | (2.6) | (1.4) | ||||||||||||||||||||||||||||||
Research and development tax credits, net3 | (0.2) | (3.1) | ||||||||||||||||||||||||||||||
Other, net | (0.2) | (0.3) | ||||||||||||||||||||||||||||||
Effective tax rate | 14.3 | % | 15.8 | % |
Three Months Ended March 31 | 2020 | 2019 | ||||
CMS Energy, including Consumers | ||||||
U.S. federal income tax rate | 21.0 | % | 21.0 | % | ||
Increase (decrease) in income taxes from: | ||||||
State and local income taxes, net of federal effect | 4.6 | 5.4 | ||||
TCJA excess deferred taxes¹ | (3.9 | ) | (3.5 | ) | ||
Research and development tax credits, net² | (3.4 | ) | (0.2 | ) | ||
Alternative minimum tax sequestration³ | (3.3 | ) | — | |||
Production tax credits | (2.8 | ) | (2.4 | ) | ||
Accelerated flow-through of regulatory tax benefits4 | (1.5 | ) | (1.5 | ) | ||
Other, net | (0.7 | ) | (0.4 | ) | ||
Effective tax rate | 10.0 | % | 18.4 | % | ||
Consumers | ||||||
U.S. federal income tax rate | 21.0 | % | 21.0 | % | ||
Increase (decrease) in income taxes from: | ||||||
State and local income taxes, net of federal effect | 4.9 | 5.6 | ||||
TCJA excess deferred taxes¹ | (3.4 | ) | (3.3 | ) | ||
Research and development tax credits, net² | (3.1 | ) | (0.2 | ) | ||
Production tax credits | (1.4 | ) | (1.0 | ) | ||
Accelerated flow-through of regulatory tax benefits4 | (1.9 | ) | (2.5 | ) | ||
Other, net | (0.3 | ) | (0.3 | ) | ||
Effective tax rate | 15.8 | % | 19.3 | % |
In Millions, Except Per Share Amounts | ||||||||
Three Months Ended March 31 | 2020 | 2019 | ||||||
Income available to common stockholders | ||||||||
Net income available to common stockholders – basic and diluted | $ | 243 | $ | 213 | ||||
Average common shares outstanding | ||||||||
Weighted-average shares – basic | 283.3 | 282.8 | ||||||
Add dilutive nonvested stock awards | 0.8 | 0.6 | ||||||
Add dilutive forward equity sale contracts | 1.1 | 0.2 | ||||||
Weighted-average shares – diluted | 285.2 | 283.6 | ||||||
Net income per average common share available to common stockholders | ||||||||
Basic | $ | 0.86 | $ | 0.75 | ||||
Diluted | 0.85 | 0.75 |
In Millions, Except Per Share Amounts | |||||||||||||||||||||||||||||||||||
Three Months Ended March 31 | 2021 | 2020 | |||||||||||||||||||||||||||||||||
Income available to common stockholders | |||||||||||||||||||||||||||||||||||
Net income | $ | 342 | $ | 243 | |||||||||||||||||||||||||||||||
Less loss attributable to noncontrolling interests | (7) | 0 | |||||||||||||||||||||||||||||||||
Net income available to common stockholders – basic and diluted | $ | 349 | $ | 243 | |||||||||||||||||||||||||||||||
Average common shares outstanding | |||||||||||||||||||||||||||||||||||
Weighted-average shares – basic | 288.6 | 283.3 | |||||||||||||||||||||||||||||||||
Add dilutive nonvested stock awards | 0.5 | 0.8 | |||||||||||||||||||||||||||||||||
Add dilutive forward equity sale contracts | 0 | 1.1 | |||||||||||||||||||||||||||||||||
Weighted-average shares – diluted | 289.1 | 285.2 | |||||||||||||||||||||||||||||||||
Net income per average common share available to common stockholders | |||||||||||||||||||||||||||||||||||
Basic | $ | 1.21 | $ | 0.86 | |||||||||||||||||||||||||||||||
Diluted | 1.21 | 0.85 |
In Millions | In Millions | In Millions | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2020 | Electric Utility | Gas Utility | Enterprises¹ | EnerBank | Consolidated | |||||||||||||||||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2021 | Three Months Ended March 31, 2021 | Electric Utility | Gas Utility | Enterprises1 | EnerBank | Consolidated | ||||||||||||||||||||||||||||||||||||||||||||||||||||
CMS Energy, including Consumers | CMS Energy, including Consumers | CMS Energy, including Consumers | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumers utility revenue | $ | 1,025 | $ | 714 | $ | — | $ | — | $ | 1,739 | Consumers utility revenue | $ | 1,131 | $ | 801 | $ | — | $ | — | $ | 1,932 | |||||||||||||||||||||||||||||||||||||
Other | — | — | 19 | — | 19 | Other | — | — | 30 | — | 30 | |||||||||||||||||||||||||||||||||||||||||||||||
Revenue recognized from contracts with customers | $ | 1,025 | $ | 714 | $ | 19 | $ | — | $ | 1,758 | Revenue recognized from contracts with customers | $ | 1,131 | $ | 801 | $ | 30 | $ | — | $ | 1,962 | |||||||||||||||||||||||||||||||||||||
Leasing income | ��� | — | 39 | — | 39 | Leasing income | — | — | 46 | — | 46 | |||||||||||||||||||||||||||||||||||||||||||||||
Financing income | 3 | 2 | — | 62 | 67 | Financing income | 3 | 2 | — | 70 | 75 | |||||||||||||||||||||||||||||||||||||||||||||||
Total operating revenue – CMS Energy | $ | 1,028 | $ | 716 | $ | 58 | $ | 62 | $ | 1,864 | Total operating revenue – CMS Energy | $ | 1,134 | $ | 803 | $ | 76 | $ | 70 | $ | 2,083 | |||||||||||||||||||||||||||||||||||||
Consumers | Consumers | Consumers | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Consumers utility revenue | Consumers utility revenue | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Residential | $ | 481 | $ | 493 | $ | — | $ | — | $ | 974 | Residential | $ | 568 | $ | 554 | $ | 1,122 | |||||||||||||||||||||||||||||||||||||||||
Commercial | 339 | 149 | — | — | 488 | Commercial | 345 | 163 | 508 | |||||||||||||||||||||||||||||||||||||||||||||||||
Industrial | 140 | 20 | — | — | 160 | Industrial | 138 | 23 | 161 | |||||||||||||||||||||||||||||||||||||||||||||||||
Other | 65 | 52 | — | — | 117 | Other | 80 | 61 | 141 | |||||||||||||||||||||||||||||||||||||||||||||||||
Revenue recognized from contracts with customers | $ | 1,025 | $ | 714 | $ | — | $ | — | $ | 1,739 | Revenue recognized from contracts with customers | $ | 1,131 | $ | 801 | $ | 1,932 | |||||||||||||||||||||||||||||||||||||||||
Financing income | 3 | 2 | — | — | 5 | Financing income | 3 | 2 | 5 | |||||||||||||||||||||||||||||||||||||||||||||||||
Total operating revenue – Consumers | $ | 1,028 | $ | 716 | $ | — | $ | — | $ | 1,744 | Total operating revenue – Consumers | $ | 1,134 | $ | 803 | $ | 1,937 |
1Amounts represent the enterprises segment’s operating revenue from independent power production and its sales of energy commodities. The enterprises segment’s sales of energy commodities are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. The enterprises segment’s leasing income included variable lease payments of $33 million for the three months ended March 31, 2021. |
In Millions | ||||||||||||||||||||||||||||||||||||||
Three Months Ended March 31, 2020 | Electric Utility | Gas Utility | Enterprises1 | EnerBank | Consolidated | |||||||||||||||||||||||||||||||||
CMS Energy, including Consumers | ||||||||||||||||||||||||||||||||||||||
Consumers utility revenue | $ | 1,025 | $ | 714 | $ | — | $ | — | $ | 1,739 | ||||||||||||||||||||||||||||
Other | — | — | 19 | — | 19 | |||||||||||||||||||||||||||||||||
Revenue recognized from contracts with customers | $ | 1,025 | $ | 714 | $ | 19 | $ | — | $ | 1,758 | ||||||||||||||||||||||||||||
Leasing income | — | — | 39 | — | 39 | |||||||||||||||||||||||||||||||||
Financing income | 3 | 2 | — | 62 | 67 | |||||||||||||||||||||||||||||||||
Total operating revenue – CMS Energy | $ | 1,028 | $ | 716 | $ | 58 | $ | 62 | $ | 1,864 | ||||||||||||||||||||||||||||
Consumers | ||||||||||||||||||||||||||||||||||||||
Consumers utility revenue | ||||||||||||||||||||||||||||||||||||||
Residential | $ | 481 | $ | 493 | $ | 974 | ||||||||||||||||||||||||||||||||
Commercial | 339 | 149 | 488 | |||||||||||||||||||||||||||||||||||
Industrial | 140 | 20 | 160 | |||||||||||||||||||||||||||||||||||
Other | 65 | 52 | 117 | |||||||||||||||||||||||||||||||||||
Revenue recognized from contracts with customers | $ | 1,025 | $ | 714 | $ | 1,739 | ||||||||||||||||||||||||||||||||
Financing income | 3 | 2 | 5 | |||||||||||||||||||||||||||||||||||
Total operating revenue – Consumers | $ | 1,028 | $ | 716 | $ | 1,744 |
In Millions | ||||||||||||||||||||
Three Months Ended March 31, 2019 | Electric Utility | Gas Utility | Enterprises¹ | EnerBank | Consolidated | |||||||||||||||
CMS Energy, including Consumers | ||||||||||||||||||||
Consumers utility revenue | $ | 1,100 | $ | 838 | $ | — | $ | — | $ | 1,938 | ||||||||||
Other | — | — | 19 | — | 19 | |||||||||||||||
Revenue recognized from contracts with customers | $ | 1,100 | $ | 838 | $ | 19 | $ | — | $ | 1,957 | ||||||||||
Leasing income | — | — | 48 | — | 48 | |||||||||||||||
Financing income | 3 | 2 | — | 49 | 54 | |||||||||||||||
Total operating revenue – CMS Energy | $ | 1,103 | $ | 840 | $ | 67 | $ | 49 | $ | 2,059 | ||||||||||
Consumers | ||||||||||||||||||||
Consumers utility revenue | ||||||||||||||||||||
Residential | $ | 523 | $ | 589 | $ | — | $ | — | $ | 1,112 | ||||||||||
Commercial | 351 | 174 | — | — | 525 | |||||||||||||||
Industrial | 162 | 25 | — | — | 187 | |||||||||||||||
Other | 64 | 50 | — | — | 114 | |||||||||||||||
Revenue recognized from contracts with customers | $ | 1,100 | $ | 838 | $ | — | $ | — | $ | 1,938 | ||||||||||
Financing income | 3 | 2 | — | — | 5 | |||||||||||||||
Total operating revenue – Consumers | $ | 1,103 | $ | 840 | $ | — | $ | — | $ | 1,943 |
In Millions | ||||||||
March 31, 2020 | December 31, 2019 | |||||||
CMS Energy, including Consumers | ||||||||
Cash and cash equivalents | $ | 834 | $ | 140 | ||||
Restricted cash and cash equivalents | 27 | 17 | ||||||
Cash and cash equivalents, including restricted amounts | $ | 861 | $ | 157 | ||||
Consumers | ||||||||
Cash and cash equivalents | $ | 604 | $ | 11 | ||||
Restricted cash and cash equivalents | 24 | 17 | ||||||
Cash and cash equivalents, including restricted amounts | $ | 628 | $ | 28 |
In Millions | ||||||||||||||
March 31, 2021 | December 31, 2020 | |||||||||||||
CMS Energy, including Consumers | ||||||||||||||
Cash and cash equivalents | $ | 496 | $ | 168 | ||||||||||
Restricted cash and cash equivalents | 28 | 17 | ||||||||||||
Cash and cash equivalents, including restricted amounts | $ | 524 | $ | 185 | ||||||||||
Consumers | ||||||||||||||
Cash and cash equivalents | $ | 9 | $ | 20 | ||||||||||
Restricted cash and cash equivalents | 25 | 15 | ||||||||||||
Cash and cash equivalents, including restricted amounts | $ | 34 | $ | 35 |
In Millions | ||||||||
Three Months Ended March 31 | 2020 | 2019 | ||||||
CMS Energy, including Consumers | ||||||||
Operating revenue | ||||||||
Electric utility | $ | 1,028 | $ | 1,103 | ||||
Gas utility | 716 | 840 | ||||||
Enterprises | 58 | 67 | ||||||
EnerBank | 62 | 49 | ||||||
Total operating revenue – CMS Energy | $ | 1,864 | $ | 2,059 | ||||
Consumers | ||||||||
Operating revenue | ||||||||
Electric utility | $ | 1,028 | $ | 1,103 | ||||
Gas utility | 716 | 840 | ||||||
Total operating revenue – Consumers | $ | 1,744 | $ | 1,943 | ||||
CMS Energy, including Consumers | ||||||||
Net income (loss) available to common stockholders | ||||||||
Electric utility | $ | 118 | $ | 105 | ||||
Gas utility | �� | 117 | 121 | |||||
Enterprises¹ | 20 | 7 | ||||||
EnerBank¹ | 14 | 11 | ||||||
Other reconciling items¹ | (26 | ) | (31 | ) | ||||
Total net income available to common stockholders – CMS Energy | $ | 243 | $ | 213 | ||||
Consumers | ||||||||
Net income available to common stockholder | ||||||||
Electric utility | $ | 118 | $ | 105 | ||||
Gas utility | 117 | 121 | ||||||
Total net income available to common stockholder – Consumers | $ | 235 | $ | 226 |
In Millions | ||||||||
March 31, 2020 | December 31, 2019 | |||||||
CMS Energy, including Consumers | ||||||||
Plant, property, and equipment, gross | ||||||||
Electric utility¹ | $ | 16,338 | $ | 16,158 | ||||
Gas utility¹ | 8,887 | 8,785 | ||||||
Enterprises | 407 | 405 | ||||||
EnerBank | 22 | 22 | ||||||
Other reconciling items | 21 | 20 | ||||||
Total plant, property, and equipment, gross – CMS Energy | $ | 25,675 | $ | 25,390 | ||||
Consumers | ||||||||
Plant, property, and equipment, gross | ||||||||
Electric utility¹ | $ | 16,338 | $ | 16,158 | ||||
Gas utility¹ | 8,887 | 8,785 | ||||||
Other reconciling items | 21 | 20 | ||||||
Total plant, property, and equipment, gross – Consumers | $ | 25,246 | $ | 24,963 | ||||
CMS Energy, including Consumers | ||||||||
Total assets | ||||||||
Electric utility¹ | $ | 15,397 | $ | 14,911 | ||||
Gas utility¹ | 8,678 | 8,659 | ||||||
Enterprises | 553 | 527 | ||||||
EnerBank | 2,640 | 2,692 | ||||||
Other reconciling items | 179 | 48 | ||||||
Total assets – CMS Energy | $ | 27,447 | $ | 26,837 | ||||
Consumers | ||||||||
Total assets | ||||||||
Electric utility¹ | $ | 15,459 | $ | 14,973 | ||||
Gas utility¹ | 8,725 | 8,706 | ||||||
Other reconciling items | 22 | 20 | ||||||
Total assets – Consumers | $ | 24,206 | $ | 23,699 |
In Millions | ||||
March 31, 2020 | ||||
Retention benefit liability at beginning of period | $ | 4 | ||
Costs incurred and charged to expense | 4 | |||
Retention benefit liability at the end of the period¹ | $ | 8 |
In Millions | |||||||||||||||||||||||||||||||||||
Three Months Ended March 31 | 2021 | 2020 | |||||||||||||||||||||||||||||||||
CMS Energy, including Consumers | |||||||||||||||||||||||||||||||||||
Operating revenue | |||||||||||||||||||||||||||||||||||
Electric utility | $ | 1,134 | $ | 1,028 | |||||||||||||||||||||||||||||||
Gas utility | 803 | 716 | |||||||||||||||||||||||||||||||||
Enterprises | 76 | 58 | |||||||||||||||||||||||||||||||||
EnerBank | 70 | 62 | |||||||||||||||||||||||||||||||||
Total operating revenue – CMS Energy | $ | 2,083 | $ | 1,864 | |||||||||||||||||||||||||||||||
Consumers | |||||||||||||||||||||||||||||||||||
Operating revenue | |||||||||||||||||||||||||||||||||||
Electric utility | $ | 1,134 | $ | 1,028 | |||||||||||||||||||||||||||||||
Gas utility | 803 | 716 | |||||||||||||||||||||||||||||||||
Total operating revenue – Consumers | $ | 1,937 | $ | 1,744 | |||||||||||||||||||||||||||||||
CMS Energy, including Consumers | |||||||||||||||||||||||||||||||||||
Net income (loss) available to common stockholders | |||||||||||||||||||||||||||||||||||
Electric utility | $ | 155 | $ | 118 | |||||||||||||||||||||||||||||||
Gas utility | 181 | 117 | |||||||||||||||||||||||||||||||||
Enterprises | 14 | 20 | |||||||||||||||||||||||||||||||||
EnerBank | 33 | 14 | |||||||||||||||||||||||||||||||||
Other reconciling items | (34) | (26) | |||||||||||||||||||||||||||||||||
Total net income available to common stockholders – CMS Energy | $ | 349 | $ | 243 | |||||||||||||||||||||||||||||||
Consumers | |||||||||||||||||||||||||||||||||||
Net income available to common stockholder | |||||||||||||||||||||||||||||||||||
Electric utility | $ | 155 | $ | 118 | |||||||||||||||||||||||||||||||
Gas utility | 181 | 117 | |||||||||||||||||||||||||||||||||
Total net income available to common stockholder – Consumers | $ | 336 | $ | 235 |
In Millions | ||||||||||||||||||||
March 31, 2021 | December 31, 2020 | |||||||||||||||||||
CMS Energy, including Consumers | ||||||||||||||||||||
Plant, property, and equipment, gross | ||||||||||||||||||||
Electric utility1 | $ | 17,574 | $ | 17,155 | ||||||||||||||||
Gas utility1 | 9,703 | 9,581 | ||||||||||||||||||
Enterprises | 1,118 | 1,113 | ||||||||||||||||||
EnerBank | 40 | 37 | ||||||||||||||||||
Other reconciling items | 22 | 21 | ||||||||||||||||||
Total plant, property, and equipment, gross – CMS Energy | $ | 28,457 | $ | 27,907 | ||||||||||||||||
Consumers | ||||||||||||||||||||
Plant, property, and equipment, gross | ||||||||||||||||||||
Electric utility1 | $ | 17,574 | $ | 17,155 | ||||||||||||||||
Gas utility1 | 9,703 | 9,581 | ||||||||||||||||||
Other reconciling items | 22 | 21 | ||||||||||||||||||
Total plant, property, and equipment, gross – Consumers | $ | 27,299 | $ | 26,757 | ||||||||||||||||
CMS Energy, including Consumers | ||||||||||||||||||||
Total assets | ||||||||||||||||||||
Electric utility1 | $ | 15,906 | $ | 15,829 | ||||||||||||||||
Gas utility1 | 9,244 | 9,429 | ||||||||||||||||||
Enterprises | 1,275 | 1,276 | ||||||||||||||||||
EnerBank | 3,073 | 3,109 | ||||||||||||||||||
Other reconciling items | 225 | 23 | ||||||||||||||||||
Total assets – CMS Energy | $ | 29,723 | $ | 29,666 | ||||||||||||||||
Consumers | ||||||||||||||||||||
Total assets | ||||||||||||||||||||
Electric utility1 | $ | 15,969 | $ | 15,893 | ||||||||||||||||
Gas utility1 | 9,292 | 9,477 | ||||||||||||||||||
Other reconciling items | 19 | 29 | ||||||||||||||||||
Total assets – Consumers | $ | 25,280 | $ | 25,399 |
In Millions | ||||||||||||||
March 31, 2021 | December 31, 2020 | |||||||||||||
Current | ||||||||||||||
Cash and cash equivalents | $ | 8 | $ | 7 | ||||||||||
Accounts receivable | 9 | 5 | ||||||||||||
Prepayments and other current assets | 1 | 1 | ||||||||||||
Non-current | ||||||||||||||
Plant, property, and equipment, net | 686 | 692 | ||||||||||||
Total assets1 | $ | 704 | $ | 705 | ||||||||||
Current | ||||||||||||||
Accounts payable | $ | 6 | $ | 3 | ||||||||||
Non-current | ||||||||||||||
Asset retirement obligations | 19 | 19 | ||||||||||||
Total liabilities | $ | 25 | $ | 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 Consumers1 | ||||||||
Operating and management contract | ||||||||
Genesee | Wood waste-fueled power generator | Long-term PPA between partnership and Consumers | ||||||
Reduced dispatch agreement with Consumers1 | ||||||||
Operating and management contract | ||||||||
Craven | Wood waste-fueled power generator | Operating and management contract | ||||||
In Millions | |||||||||||||||||||||||||||||
Three Months Ended March 31 | 2021 | 2020 | |||||||||||||||||||||||||||
Retention benefit liability at beginning of period | $ | 11 | $ | 4 | |||||||||||||||||||||||||
Costs incurred and charged to maintenance and other operating expenses | 0 | 4 | |||||||||||||||||||||||||||
Costs deferred as a regulatory asset | 2 | 0 | |||||||||||||||||||||||||||
Retention benefit liability at the end of the period1 | $ | 13 | $ | 8 |
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 | ||||||||||||||||||||||
January 1, 2021 to January 31, 2021 | 87,722 | $ | 58.62 | — | — | |||||||||||||||||||||
February 1, 2021 to February 28, 2021 | 1,579 | 55.75 | — | — | ||||||||||||||||||||||
March 1, 2021 to March 31, 2021 | 58,919 | 58.35 | — | — | ||||||||||||||||||||||
Total | 148,220 | $ | 58.48 | — | — |
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 | |||||||||
January 1, 2020 to January 31, 2020 | 120,145 | $ | 65.65 | — | — | ||||||||
February 1, 2020 to February 29, 2020 | 1,183 | 68.51 | — | — | |||||||||
March 1, 2020 to March 31, 2020 | 78,722 | 49.57 | — | — | |||||||||
Total | 200,050 | $ | 59.34 | — | — |
Exhibits | Description | |||||||
31.1 | — | |||||||
31.2 | — | |||||||
31.3 | — | |||||||
31.4 | — | |||||||
32.1 | — | |||||||
32.2 | — |
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 | ||||||
— |
83 |
CMS ENERGY CORPORATION | ||||||||
Dated: April | By: | /s/ Rejji P. Hayes | ||||||
Rejji P. Hayes | ||||||||
Executive Vice President and Chief Financial Officer | ||||||||
CONSUMERS ENERGY COMPANY | ||||||||
Dated: April | By: | /s/ Rejji P. Hayes | ||||||
Rejji P. Hayes | ||||||||
Executive Vice President and Chief Financial Officer |