CMS ENERGY CORP, 10-Q filed on 7/27/2023
Quarterly Report
v3.23.2
Cover Page - shares
 6 Months Ended
Jun. 30, 2023
Jul. 10, 2023
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2023  
Document Transition Report false  
Entity File Number 1-9513  
Entity Registrant Name CMS ENERGY CORPORATION  
Entity Tax Identification Number 38-2726431  
Entity Incorporation, State or Country Code MI  
Entity Address, Address Line One One Energy Plaza  
Entity Address, City or Town Jackson  
Entity Address, State or Province MI  
Entity Address, Postal Zip Code 49201  
City Area Code 517  
Local Phone Number 788‑0550  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   291,726,672
Entity Central Index Key 0000811156  
Document Fiscal Year Focus 2023  
Document Fiscal Period Focus Q2  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Consumers Energy Company    
Document Information [Line Items]    
Entity File Number 1-5611  
Entity Registrant Name CONSUMERS ENERGY COMPANY  
Entity Tax Identification Number 38-0442310  
Entity Incorporation, State or Country Code MI  
Entity Address, Address Line One One Energy Plaza  
Entity Address, City or Town Jackson  
Entity Address, State or Province MI  
Entity Address, Postal Zip Code 49201  
City Area Code 517  
Local Phone Number 788‑0550  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   84,108,789
Entity Central Index Key 0000201533  
CMS Energy Corporation Common Stock, $0.01 par value    
Document Information [Line Items]    
Title of 12(b) Security CMS Energy Corporation Common Stock  
Trading Symbol CMS  
Security Exchange Name NYSE  
CMS Energy Corporation 5.625% Junior Subordinated Notes due 2078    
Document Information [Line Items]    
Title of 12(b) Security CMS Energy Corporation 5.625% Junior Subordinated Notes due 2078  
Trading Symbol CMSA  
Security Exchange Name NYSE  
CMS Energy Corporation 5.875% Junior Subordinated Notes due 2078    
Document Information [Line Items]    
Title of 12(b) Security CMS Energy Corporation 5.875% Junior Subordinated Notes due 2078  
Trading Symbol CMSC  
Security Exchange Name NYSE  
CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079    
Document Information [Line Items]    
Title of 12(b) Security CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079  
Trading Symbol CMSD  
Security Exchange Name NYSE  
CMS Energy Corporation Depositary Shares, each representing a 1/1,000th interest in a share of 4.200% Cumulative Redeemable Perpetual Preferred Stock, Series C    
Document Information [Line Items]    
Title of 12(b) Security CMS Energy Corporation Depositary Shares  
Trading Symbol CMS PRC  
Security Exchange Name NYSE  
Consumers Energy Company Cumulative Preferred Stock, $100 par value: $4.50 Series    
Document Information [Line Items]    
Title of 12(b) Security Consumers Energy Company Cumulative Preferred Stock, $100 par value: $4.50 Series  
Trading Symbol CMS-PB  
Security Exchange Name NYSE  
v3.23.2
CMS Energy Corporation Consolidated Statements of Income (Unaudited) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Operating Revenue $ 1,555 $ 1,920 $ 3,839 $ 4,294
Operating Expenses        
Fuel for electric generation 110 241 247 408
Purchased power – related parties 17 18 36 35
Maintenance and other operating expenses 406 392 837 726
Depreciation and amortization 255 242 608 587
General taxes 97 89 239 221
Total operating expenses 1,311 1,681 3,281 3,599
Operating Income 244 239 558 695
Other Income (Expense)        
Non-operating retirement benefits, net 45 52 90 100
Other income 103 2 118 6
Other expense (2) (11) (6) (15)
Total other income 146 43 202 91
Interest Charges        
Interest on long-term debt 152 122 296 243
Allowance for borrowed funds used during construction (1) 0 (1) (1)
Total interest charges 160 126 307 250
Income Before Income Taxes 230 156 453 536
Income Tax Expense 41 14 70 53
Income From Continuing Operations 189 142 383 483
Income From Discontinued Operations, Net of Tax of $—, $—, $—, and $1 1 0 1 4
Net Income 190 142 384 487
Loss Attributable to Noncontrolling Interests (8) (6) (18) (14)
Net Income Attributable to CMS Energy 198 148 402 501
Preferred Stock Dividends 3 3 5 5
Net Income Available to Common Stockholders $ 195 $ 145 $ 397 $ 496
Basic Earnings Per Average Common Share        
Basic earnings per average common share, income from continuing operations per average common share available to common stockholders (in dollars per share) $ 0.67 $ 0.50 $ 1.36 $ 1.70
Basic earnings per average common share, income from discontinued operations per average common share available to common stockholders (in dollars per share) 0 0 0 0.01
Basic earnings per average common share (in dollars per share) 0.67 0.50 1.36 1.71
Diluted Earnings Per Average Common Share        
Diluted earnings per average common share, income from continuing operations per average common share available to common stockholders (in dollars per share) 0.67 0.50 1.36 1.70
Diluted earnings per average common share, income from discontinued operations per average common share available to common stockholders (in dollars per share) 0 0 0 0.01
Diluted earnings per average common share (in dollars per share) $ 0.67 $ 0.50 $ 1.36 $ 1.71
Related Party        
Interest Charges        
Other interest expense $ 3 $ 3 $ 6 $ 6
Nonrelated Party        
Interest Charges        
Other interest expense 6 1 6 2
Purchased and interchange power        
Operating Expenses        
Cost of goods and services sold 342 483 683 938
Cost of gas sold        
Operating Expenses        
Cost of goods and services sold $ 84 $ 216 $ 631 $ 684
v3.23.2
CMS Energy Corporation Consolidated Statements of Income (Unaudited) (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Income Statement [Abstract]        
Tax effect of discontinued operations $ 0 $ 0 $ 0 $ 1
v3.23.2
CMS Energy Corporation Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Statement of Comprehensive Income [Abstract]        
Net Income $ 190 $ 142 $ 384 $ 487
Retirement Benefits Liability        
Net gain arising during the period 0 0 1 2
Amortization of net actuarial loss, net of tax 1 1 1 2
Amortization of prior service credit (1) 0 (1) 0
Derivatives        
Unrealized gain on derivative instruments, net of tax 0 0 0 2
Reclassification adjustments included in net income 0 (1) 0 (1)
Other Comprehensive Income 0 2 1 7
Comprehensive Income 190 144 385 494
Comprehensive Loss Attributable to Noncontrolling Interests (8) (6) (18) (14)
Comprehensive Income Attributable to CMS Energy $ 198 $ 150 $ 403 $ 508
v3.23.2
CMS Energy Corporation Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Statement of Comprehensive Income [Abstract]        
Net gain (loss) arising during the period, tax $ 0 $ 0 $ 0 $ 1
Amortization of net actuarial loss, tax 0 1 0 1
Amortization of prior service credit, tax 0 0 0 0
Unrealized gain on derivative instruments, tax 0 0 0 1
Reclassification adjustments included in net income , tax $ 0 $ 0 $ 0 $ 0
v3.23.2
CMS Energy Corporation Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash Flows from Operating Activities    
Net Income $ 384 $ 487
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 608 587
Deferred income taxes and investment tax credits 71 39
Other non‑cash operating activities and reconciling adjustments (122) (38)
Changes in assets and liabilities    
Accounts receivable and accrued revenue 474 (80)
Inventories 236 (179)
Accounts payable and accrued rate refunds (189) 53
Other current assets and liabilities 92 117
Other non‑current assets and liabilities 151 73
Net cash provided by operating activities 1,705 1,059
Cash Flows from Investing Activities    
Cost to retire property and other investing activities (82) (51)
Net cash used in investing activities (2,079) (1,139)
Cash Flows from Financing Activities    
Proceeds from issuance of debt 2,405 0
Retirement of debt (1,465) (92)
Issuance of common stock 7 7
Payment of dividends on common and preferred stock (290) (273)
Proceeds from the sale of membership interest in VIE to tax equity investor 0 49
Contribution from noncontrolling interest 6 2
Other financing costs (45) (38)
Net cash provided by (used in) financing activities 598 (300)
Net Increase (Decrease) in Cash and Cash Equivalents, Including Restricted Amounts 224 (380)
Cash and Cash Equivalents, Including Restricted Amounts, Beginning of Period 182 476
Cash and Cash Equivalents, Including Restricted Amounts, End of Period 406 96
Non‑cash transactions    
Capital expenditures not paid 241 162
Capital Expenditures    
Cash Flows from Investing Activities    
Capital expenditures (excludes assets placed under finance lease) (1,187) (1,088)
Covert Plant Acquisition    
Cash Flows from Investing Activities    
Capital expenditures (excludes assets placed under finance lease) (810) 0
Nonrelated Party    
Cash Flows from Financing Activities    
Increase (decrease) in notes payable $ (20)  
Increase (decrease) in notes payable   $ 45
v3.23.2
CMS Energy Corporation Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Current Assets    
Cash and cash equivalents $ 389 $ 164
Restricted cash and cash equivalents 17 18
Inventories at average cost    
Gas in underground storage 570 840
Materials and supplies 244 212
Generating plant fuel stock 73 65
Deferred property taxes 282 384
Regulatory assets 182 57
Prepayments and other current assets 125 113
Total current assets 2,603 3,433
Plant, Property, and Equipment    
Plant, property, and equipment, gross 31,592 30,491
Less accumulated depreciation and amortization 8,736 8,960
Plant, property, and equipment, net 22,856 21,531
Construction work in progress 1,408 1,182
Total plant, property, and equipment 24,264 22,713
Other Non‑current Assets    
Regulatory assets 3,807 3,595
Accounts receivable 24 23
Investments 72 71
Postretirement benefits 1,274 1,208
Other 221 310
Total other non‑current assets 5,398 5,207
Total Assets 32,265 31,353
Current Liabilities    
Current portion of long-term debt and finance leases 1,132 1,099
Notes payable 0 20
Accrued rate refunds 21 0
Accrued interest 145 122
Accrued taxes 405 538
Regulatory liabilities 88 104
Other current liabilities 187 166
Total current liabilities 2,737 2,985
Non‑current Liabilities    
Long-term debt 13,925 13,122
Non-current portion of finance leases 65 68
Regulatory liabilities 3,922 3,796
Postretirement benefits 106 108
Asset retirement obligations 759 746
Deferred investment tax credit 127 129
Deferred income taxes 2,503 2,407
Other non‑current liabilities 415 397
Total non‑current liabilities 21,822 20,773
Commitments and Contingencies
Common stockholders’ equity    
Common stock 3 3
Other paid-in capital 5,506 5,490
Accumulated other comprehensive loss (51) (52)
Retained earnings 1,463 1,350
Total common stockholders’ equity 6,921 6,791
Cumulative preferred stock 224 224
Total stockholders’ equity 7,145 7,015
Noncontrolling interests 561 580
Total equity 7,706 7,595
Total Liabilities and Equity 32,265 31,353
Nonrelated Party    
Current Assets    
Accounts receivable and accrued revenue, less allowance of $27 in both periods 708 1,564
Current Liabilities    
Accounts payable 752 928
Related Party    
Current Assets    
Accounts receivable – related parties 13 16
Current Liabilities    
Accounts payable $ 7 $ 8
v3.23.2
CMS Energy Corporation Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Accounts receivable and accrued revenue, allowance $ 27 $ 27
Common stock authorized (in shares) 350,000,000.0 350,000,000.0
Common stock outstanding (in shares) 291,700,000 291,300,000
Series C Preferred Stock Depositary Shares    
Preferred stock authorized (in shares) 9,200,000 9,200,000
Preferred stock outstanding (in shares) 9,200,000 9,200,000
v3.23.2
CMS Energy Corporation Consolidated Statements of Changes in Equity (Unaudited) - USD ($)
$ in Millions
Total
Common Stock
Other Paid-in Capital
Accumulated Other Comprehensive Loss
Retirement benefits liability
Derivative instruments
Retained Earnings
Cumulative Preferred Stock
Noncontrolling Interests
Total Equity at Beginning of Period at Dec. 31, 2021 $ 7,188 $ 3 $ 5,406 $ (59) $ (56) $ (3) $ 1,057   $ 557
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Common stock issued     21            
Common stock repurchased     (10)            
Net gain arising during the period 2       2        
Amortization of net actuarial loss 2       2        
Amortization of prior service credit 0       0        
Unrealized gain on derivative instruments 2         2      
Reclassification adjustments included in net income 1         1      
Net Income 487           501   (14)
Dividends declared on common stock             (267)    
Dividends declared on preferred stock             (5)    
Sale of membership interest in VIE to tax equity investor                 49
Contribution from noncontrolling interest                 2
Distributions and other changes in noncontrolling interests                 (1)
Total Equity at End of Period at Jun. 30, 2022 $ 7,471 3 5,417 (52) (52) 0 1,286 $ 224 593
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Dividends declared per common share (in dollars per share) $ 0.9200                
Dividends declared per preferred stock Series C depositary share (in dollars per share) $ 0.5250                
Total Equity at Beginning of Period at Mar. 31, 2022 $ 7,405 3 5,406 (54) (53) (1) 1,275   551
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Common stock issued     11            
Common stock repurchased     0            
Net gain arising during the period 0       0        
Amortization of net actuarial loss 1       1        
Amortization of prior service credit 0       0        
Unrealized gain on derivative instruments 0         0      
Reclassification adjustments included in net income 1         1      
Net Income 142           148   (6)
Dividends declared on common stock             (134)    
Dividends declared on preferred stock             (3)    
Sale of membership interest in VIE to tax equity investor                 49
Contribution from noncontrolling interest                 0
Distributions and other changes in noncontrolling interests                 (1)
Total Equity at End of Period at Jun. 30, 2022 $ 7,471 3 5,417 (52) (52) 0 1,286 224 593
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Dividends declared per common share (in dollars per share) $ 0.4600                
Dividends declared per preferred stock Series C depositary share (in dollars per share) $ 0.2625                
Total Equity at Beginning of Period at Dec. 31, 2022 $ 7,595 3 5,490 (52) (52) 0 1,350   580
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Common stock issued     23            
Common stock repurchased     (7)            
Net gain arising during the period 1       1        
Amortization of net actuarial loss 1       1        
Amortization of prior service credit (1)       (1)        
Unrealized gain on derivative instruments 0         0      
Reclassification adjustments included in net income 0         0      
Net Income 384           402   (18)
Dividends declared on common stock             (284)    
Dividends declared on preferred stock             (5)    
Sale of membership interest in VIE to tax equity investor                 0
Contribution from noncontrolling interest                 6
Distributions and other changes in noncontrolling interests                 (7)
Total Equity at End of Period at Jun. 30, 2023 $ 7,706 3 5,506 (51) (51) 0 1,463 224 561
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Dividends declared per common share (in dollars per share) $ 0.9750                
Dividends declared per preferred stock Series C depositary share (in dollars per share) $ 0.5250                
Total Equity at Beginning of Period at Mar. 31, 2023 $ 7,652 3 5,494 (51) (51) 0 1,410   572
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Common stock issued     12            
Common stock repurchased     0            
Net gain arising during the period 0       0        
Amortization of net actuarial loss 1       1        
Amortization of prior service credit (1)       (1)        
Unrealized gain on derivative instruments 0         0      
Reclassification adjustments included in net income 0         0      
Net Income 190           198   (8)
Dividends declared on common stock             (142)    
Dividends declared on preferred stock             (3)    
Sale of membership interest in VIE to tax equity investor                 0
Contribution from noncontrolling interest                 0
Distributions and other changes in noncontrolling interests                 (3)
Total Equity at End of Period at Jun. 30, 2023 $ 7,706 $ 3 $ 5,506 $ (51) $ (51) $ 0 $ 1,463 $ 224 $ 561
Increase (Decrease) in Stockholders' Equity [Roll Forward]                  
Dividends declared per common share (in dollars per share) $ 0.4875                
Dividends declared per preferred stock Series C depositary share (in dollars per share) $ 0.2625                
v3.23.2
Consumers Energy Company Consolidated Statements of Income (Unaudited) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Operating Revenue $ 1,555 $ 1,920 $ 3,839 $ 4,294
Operating Expenses        
Operating Income 244 239 558 695
Other Income (Expense)        
Non-operating retirement benefits, net 45 52 90 100
Other income 103 2 118 6
Other expense (2) (11) (6) (15)
Total other income 146 43 202 91
Interest Charges        
Interest on long-term debt 152 122 296 243
Allowance for borrowed funds used during construction (1) 0 (1) (1)
Total interest charges 160 126 307 250
Income Before Income Taxes 230 156 453 536
Income Tax Expense 41 14 70 53
Net Income Attributable to CMS Energy 198 148 402 501
Preferred Stock Dividends 3 3 5 5
Net Income Available to Common Stockholders 195 145 397 496
Related Party        
Interest Charges        
Other interest expense 3 3 6 6
Nonrelated Party        
Interest Charges        
Other interest expense 6 1 6 2
Consumers Energy Company        
Operating Revenue 1,485 1,802 3,695 4,085
Operating Expenses        
Fuel for electric generation 85 173 183 297
Purchased and interchange power 326 468 660 905
Purchased power – related parties 17 18 36 35
Cost of gas sold 83 213 629 678
Maintenance and other operating expenses 380 370 789 683
Depreciation and amortization 245 233 589 569
General taxes 94 86 233 215
Total operating expenses 1,230 1,561 3,119 3,382
Operating Income 255 241 576 703
Other Income (Expense)        
Non-operating retirement benefits, net 42 49 85 94
Other income 15 4 27 8
Other expense (1) (11) (5) (14)
Total other income 56 42 107 88
Interest Charges        
Interest on long-term debt 101 75 200 150
Allowance for borrowed funds used during construction (1) 0 (1) (1)
Total interest charges 110 78 212 156
Income Before Income Taxes 201 205 471 635
Income Tax Expense 34 32 72 79
Net Income Attributable to CMS Energy 167 173 399 556
Preferred Stock Dividends 1 1 1 1
Net Income Available to Common Stockholders 166 172 398 555
Consumers Energy Company | Related Party        
Interest Charges        
Other interest expense 4 3 7 6
Consumers Energy Company | Nonrelated Party        
Interest Charges        
Other interest expense $ 6 $ 0 $ 6 $ 1
v3.23.2
Consumers Energy Company Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Net Income $ 198 $ 148 $ 402 $ 501
Retirement Benefits Liability        
Amortization of net actuarial loss, net of tax 1 1 1 2
Other Comprehensive Income 0 2 1 7
Comprehensive Income Attributable to CMS Energy 198 150 403 508
Consumers Energy Company        
Net Income 167 173 399 556
Retirement Benefits Liability        
Amortization of net actuarial loss, net of tax 0 0 0 1
Other Comprehensive Income 0 0 0 1
Comprehensive Income Attributable to CMS Energy $ 167 $ 173 $ 399 $ 557
v3.23.2
Consumers Energy Company Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Amortization of net actuarial loss, tax $ 0 $ 1 $ 0 $ 1
Consumers Energy Company        
Amortization of net actuarial loss, tax $ 0 $ 0 $ 0 $ 0
v3.23.2
Consumers Energy Company Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Cash Flows from Operating Activities    
Net Income $ 402 $ 501
Adjustments to reconcile net income to net cash provided by operating activities    
Deferred income taxes and investment tax credits 71 39
Other non‑cash operating activities and reconciling adjustments (122) (38)
Changes in assets and liabilities    
Accounts receivable and accrued revenue 474 (80)
Inventories 236 (179)
Accounts payable and accrued rate refunds (189) 53
Other current assets and liabilities 92 117
Other non‑current assets and liabilities 151 73
Net cash provided by operating activities 1,705 1,059
Cash Flows from Investing Activities    
Cost to retire property and other investing activities (82) (51)
Net cash used in investing activities (2,079) (1,139)
Cash Flows from Financing Activities    
Proceeds from issuance of debt 2,405 0
Retirement of debt (1,465) (92)
Payment of dividends on common and preferred stock (290) (273)
Other financing costs (45) (38)
Net cash provided by (used in) financing activities 598 (300)
Net Increase (Decrease) in Cash and Cash Equivalents, Including Restricted Amounts 224 (380)
Cash and Cash Equivalents, Including Restricted Amounts, Beginning of Period 182 476
Cash and Cash Equivalents, Including Restricted Amounts, End of Period 406 96
Non‑cash transactions    
Capital expenditures not paid 241 162
Capital Expenditures    
Cash Flows from Investing Activities    
Capital expenditures (excludes assets placed under finance lease) (1,187) (1,088)
Covert Plant Acquisition    
Cash Flows from Investing Activities    
Capital expenditures (excludes assets placed under finance lease) (810) 0
Nonrelated Party    
Cash Flows from Financing Activities    
Increase (decrease) in notes payable (20)  
Increase (decrease) in notes payable   45
Consumers Energy Company    
Cash Flows from Operating Activities    
Net Income 399 556
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 589 569
Deferred income taxes and investment tax credits 73 55
Other non‑cash operating activities and reconciling adjustments (35) (33)
Changes in assets and liabilities    
Accounts receivable and accrued revenue 453 (60)
Inventories 236 (178)
Accounts payable and accrued rate refunds (170) 44
Other current assets and liabilities 75 146
Other non‑current assets and liabilities 139 60
Net cash provided by operating activities 1,759 1,159
Cash Flows from Investing Activities    
Cost to retire property and other investing activities (80) (54)
Net cash used in investing activities (1,971) (1,094)
Cash Flows from Financing Activities    
Proceeds from issuance of debt 1,520 0
Retirement of debt (1,314) (14)
Stockholder contribution 475 685
Payment of dividends on common and preferred stock (306) (434)
Other financing costs (18) (5)
Net cash provided by (used in) financing activities 268 (83)
Net Increase (Decrease) in Cash and Cash Equivalents, Including Restricted Amounts 56 (18)
Cash and Cash Equivalents, Including Restricted Amounts, Beginning of Period 60 44
Cash and Cash Equivalents, Including Restricted Amounts, End of Period 116 26
Non‑cash transactions    
Capital expenditures not paid 228 155
Consumers Energy Company | Capital Expenditures    
Cash Flows from Investing Activities    
Capital expenditures (excludes assets placed under finance lease) (1,081) (1,040)
Consumers Energy Company | Covert Plant Acquisition    
Cash Flows from Investing Activities    
Capital expenditures (excludes assets placed under finance lease) (810) 0
Consumers Energy Company | Nonrelated Party    
Cash Flows from Financing Activities    
Increase (decrease) in notes payable (20)  
Increase (decrease) in notes payable   45
Consumers Energy Company | Related Party    
Cash Flows from Financing Activities    
Increase (decrease) in notes payable $ (69) $ (360)
v3.23.2
Consumers Energy Company Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Current Assets    
Cash and cash equivalents $ 389 $ 164
Restricted cash and cash equivalents 17 18
Inventories at average cost    
Gas in underground storage 570 840
Materials and supplies 244 212
Generating plant fuel stock 73 65
Deferred property taxes 282 384
Regulatory assets 182 57
Prepayments and other current assets 125 113
Total current assets 2,603 3,433
Other Non‑current Assets    
Regulatory assets 3,807 3,595
Accounts receivable 24 23
Postretirement benefits 1,274 1,208
Other 221 310
Total other non‑current assets 5,398 5,207
Total Assets 32,265 31,353
Current Liabilities    
Current portion of long-term debt and finance leases 1,132 1,099
Notes payable 0 20
Accrued rate refunds 21 0
Accrued interest 145 122
Accrued taxes 405 538
Regulatory liabilities 88 104
Other current liabilities 187 166
Total current liabilities 2,737 2,985
Non‑current Liabilities    
Long-term debt 13,925 13,122
Non-current portion of finance leases 65 68
Regulatory liabilities 3,922 3,796
Postretirement benefits 106 108
Asset retirement obligations 759 746
Deferred investment tax credit 127 129
Deferred income taxes 2,503 2,407
Other non‑current liabilities 415 397
Total non‑current liabilities 21,822 20,773
Commitments and Contingencies
Common stockholders’ equity    
Common stock 3 3
Other paid-in capital 5,506 5,490
Accumulated other comprehensive loss (51) (52)
Retained earnings 1,463 1,350
Total common stockholders’ equity 6,921 6,791
Cumulative preferred stock 224 224
Total stockholders’ equity 7,145 7,015
Total Liabilities and Equity 32,265 31,353
Nonrelated Party    
Current Assets    
Accounts receivable and accrued revenue, less allowance of $27 in both periods 708 1,564
Current Liabilities    
Accounts payable 752 928
Related Party    
Current Liabilities    
Accounts payable 7 8
Consumers Energy Company    
Current Assets    
Cash and cash equivalents 99 43
Restricted cash and cash equivalents 17 17
Inventories at average cost    
Gas in underground storage 570 840
Materials and supplies 235 206
Generating plant fuel stock 70 59
Deferred property taxes 282 384
Regulatory assets 182 57
Prepayments and other current assets 107 96
Total current assets 2,256 3,236
Plant, Property, and Equipment    
Plant, property, and equipment, gross 30,445 29,342
Less accumulated depreciation and amortization 8,550 8,791
Plant, property, and equipment, net 21,895 20,551
Construction work in progress 1,126 994
Total plant, property, and equipment 23,021 21,545
Other Non‑current Assets    
Regulatory assets 3,807 3,595
Postretirement benefits 1,187 1,126
Other 190 286
Total other non‑current assets 5,311 5,135
Total Assets 30,588 29,916
Current Liabilities    
Current portion of long-term debt and finance leases 697 1,000
Accrued rate refunds 21 0
Accrued interest 111 90
Accrued taxes 413 556
Regulatory liabilities 88 104
Other current liabilities 161 147
Total current liabilities 2,224 2,871
Non‑current Liabilities    
Non-current portion of finance leases 42 45
Regulatory liabilities 3,922 3,796
Postretirement benefits 78 79
Asset retirement obligations 735 722
Deferred investment tax credit 127 129
Deferred income taxes 2,682 2,585
Other non‑current liabilities 364 342
Total non‑current liabilities 17,641 16,890
Commitments and Contingencies
Common stockholders’ equity    
Common stock 841 841
Other paid-in capital 7,759 7,284
Accumulated other comprehensive loss (15) (15)
Retained earnings 2,101 2,008
Total common stockholders’ equity 10,686 10,118
Cumulative preferred stock 37 37
Total stockholders’ equity 10,723 10,155
Total Liabilities and Equity 30,588 29,916
Consumers Energy Company | Nonrelated Party    
Current Assets    
Accounts receivable and accrued revenue, less allowance of $27 in both periods 686 1,524
Other Non‑current Assets    
Accounts receivable 30 29
Current Liabilities    
Notes payable 0 20
Accounts payable 712 864
Non‑current Liabilities    
Long-term debt 9,456 9,192
Consumers Energy Company | Related Party    
Current Assets    
Accounts and notes receivable – related parties 8 10
Other Non‑current Assets    
Accounts receivable 97 99
Current Liabilities    
Notes payable 6 75
Accounts payable 15 15
Non‑current Liabilities    
Long-term debt $ 235 $ 0
v3.23.2
Consumers Energy Company Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Accounts receivable and accrued revenue, allowance $ 27 $ 27
Common stock authorized (in shares) 350,000,000.0 350,000,000.0
Common stock outstanding (in shares) 291,700,000 291,300,000
Consumers Energy Company    
Accounts receivable and accrued revenue, allowance $ 27 $ 27
Common stock authorized (in shares) 125,000,000.0 125,000,000.0
Common stock outstanding (in shares) 84,100,000 84,100,000
Preferred stock authorized (in shares) 7,500,000 7,500,000
Preferred stock outstanding (in shares) 400,000 400,000
v3.23.2
Consumers Energy Company Consolidated Statements of Changes in Equity (Unaudited) - USD ($)
$ in Millions
Total
Common Stock
Other Paid-in Capital
Accumulated Other Comprehensive Loss
Retirement benefits liability
Retained Earnings
Cumulative Preferred Stock
Consumers Energy Company
Consumers Energy Company
Common Stock
Consumers Energy Company
Other Paid-in Capital
Consumers Energy Company
Accumulated Other Comprehensive Loss
Consumers Energy Company
Retirement benefits liability
Consumers Energy Company
Retained Earnings
Consumers Energy Company
Cumulative Preferred Stock
Total Equity at Beginning of Period at Dec. 31, 2021 $ 7,188 $ 3 $ 5,406 $ (59) $ (56) $ 1,057   $ 9,279 $ 841 $ 6,599   $ (32) $ 1,834 $ 37
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Stockholder contribution                   685        
Amortization of net actuarial loss 2       2     1       1    
Net Income 501             556         556  
Dividends declared on common stock           (267)             (433)  
Dividends declared on preferred stock           (5)             (1)  
Total Equity at End of Period at Jun. 30, 2022 7,471 3 5,417 (52) (52) 1,286 $ 224 10,087 841 7,284 $ (31)   1,956 37
Total Equity at Beginning of Period at Mar. 31, 2022 7,405 3 5,406 (54) (53) 1,275   9,838 841 7,049   (31) 1,942 37
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Stockholder contribution                   235        
Amortization of net actuarial loss 1       1     0       0    
Net Income 148             173         173  
Dividends declared on common stock           (134)             (158)  
Dividends declared on preferred stock           (3)             (1)  
Total Equity at End of Period at Jun. 30, 2022 7,471 3 5,417 (52) (52) 1,286 224 10,087 841 7,284 (31)   1,956 37
Total Equity at Beginning of Period at Dec. 31, 2022 7,595 3 5,490 (52) (52) 1,350   10,155 841 7,284   (15) 2,008 37
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Stockholder contribution                   475        
Amortization of net actuarial loss 1       1     0       0    
Net Income 402             399         399  
Dividends declared on common stock           (284)             (305)  
Dividends declared on preferred stock           (5)             (1)  
Total Equity at End of Period at Jun. 30, 2023 7,706 3 5,506 (51) (51) 1,463 224 10,723 841 7,759 (15)   2,101 37
Total Equity at Beginning of Period at Mar. 31, 2023 7,652 3 5,494 (51) (51) 1,410   10,175 841 7,359   (15) 1,953 37
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Stockholder contribution                   400        
Amortization of net actuarial loss 1       1     0       $ 0    
Net Income 198             167         167  
Dividends declared on common stock           (142)             (18)  
Dividends declared on preferred stock           (3)             (1)  
Total Equity at End of Period at Jun. 30, 2023 $ 7,706 $ 3 $ 5,506 $ (51) $ (51) $ 1,463 $ 224 $ 10,723 $ 841 $ 7,759 $ (15)   $ 2,101 $ 37
v3.23.2
Regulatory Matters
 6 Months Ended
Jun. 30, 2023
Public Utilities, General Disclosures [Line Items]  
Regulatory Matters Regulatory Matters
Regulatory matters are critical to Consumers. The Michigan Attorney General, ABATE, the MPSC Staff, residential customer advocacy groups, environmental organizations, and certain other parties typically participate in MPSC proceedings concerning Consumers, such as Consumers’ rate cases and PSCR and gas cost recovery processes. These parties often challenge various aspects of those proceedings, including the prudence of Consumers’ policies and practices, and seek cost disallowances and other relief. The parties also have appealed significant MPSC orders. Depending upon the specific issues, the outcomes of rate cases and proceedings, including judicial proceedings challenging MPSC orders or other actions, could negatively affect CMS Energy’s and Consumers’ liquidity, financial condition, and results of operations. Consumers cannot predict the outcome of these proceedings.
There are multiple appeals pending that involve various issues concerning cost recovery from customers, the MPSC’s authority to approve voluntary revenue refunds, and other matters. Consumers is unable to predict the outcome of these appeals.
2022 Electric Rate Case: In January 2023, the MPSC approved a settlement agreement authorizing an annual rate increase of $155 million, based on a 9.9-percent authorized return on equity. The MPSC also approved a surcharge for the recovery of $6 million of depreciation, property tax, and interest expense related to distribution investments made in 2021 that exceeded what was authorized in rates in accordance with the December 2020 electric rate order. The new rates became effective January 20, 2023.
Voluntary Refund Mechanism: In December 2022, the MPSC issued an order authorizing Consumers to refund $22 million voluntarily to utility customers. In April 2023, the MPSC approved the refund of $5 million in the form of contributions to programs that assist vulnerable gas customers. In May 2023, the MPSC approved the refund of $9 million in the form of bill assistance to support vulnerable electric customers and the refund of $8 million in the form of incremental vegetation management.
2022 PSCR Underrecovery: Due to rising fuel prices during 2022, the cost of electric generation increased, resulting in higher market prices for electricity. Accordingly, Consumers’ power supply costs for 2022 were significantly higher than those projected in its 2022 PSCR plan. Consumers included a projection of its full-year 2022 underrecovery in the 2023 PSCR plan filed with the MPSC in September 2022.
In January 2023, Consumers filed a motion for a temporary order in its 2023 PSCR plan, requesting that the MPSC approve only a third of the 2022 underrecovery amount for recovery in 2023, with the remaining amount to be recovered equally during 2024 and 2025. The MPSC approved Consumers’ motion in February 2023. Recovering the 2022 underrecovery over three years will provide immediate relief to electric customers, and the financial impact will be neutral to Consumers’ earnings.
Meter Investigation: In July 2023, the MPSC issued an order initiating an investigation into Consumers’ handling of malfunctioning meters and meters requiring transition from 3G to 4G technology, estimated billing, and new service installations. The order directed Consumers to provide information on such meters and their replacement, meter-reading performance, communications with customers and the MPSC regarding these issues, and other information. The MPSC directed the MPSC Staff to analyze this information and make recommendations by the end of September 2023. Consumers cannot predict the outcome of this matter, but it could be subject to regulatory penalties that have an adverse effect on Consumers’ results of operations, financial condition, or liquidity, and Consumers could be subject to increased regulatory scrutiny.
Consumers Energy Company  
Public Utilities, General Disclosures [Line Items]  
Regulatory Matters Regulatory Matters
Regulatory matters are critical to Consumers. The Michigan Attorney General, ABATE, the MPSC Staff, residential customer advocacy groups, environmental organizations, and certain other parties typically participate in MPSC proceedings concerning Consumers, such as Consumers’ rate cases and PSCR and gas cost recovery processes. These parties often challenge various aspects of those proceedings, including the prudence of Consumers’ policies and practices, and seek cost disallowances and other relief. The parties also have appealed significant MPSC orders. Depending upon the specific issues, the outcomes of rate cases and proceedings, including judicial proceedings challenging MPSC orders or other actions, could negatively affect CMS Energy’s and Consumers’ liquidity, financial condition, and results of operations. Consumers cannot predict the outcome of these proceedings.
There are multiple appeals pending that involve various issues concerning cost recovery from customers, the MPSC’s authority to approve voluntary revenue refunds, and other matters. Consumers is unable to predict the outcome of these appeals.
2022 Electric Rate Case: In January 2023, the MPSC approved a settlement agreement authorizing an annual rate increase of $155 million, based on a 9.9-percent authorized return on equity. The MPSC also approved a surcharge for the recovery of $6 million of depreciation, property tax, and interest expense related to distribution investments made in 2021 that exceeded what was authorized in rates in accordance with the December 2020 electric rate order. The new rates became effective January 20, 2023.
Voluntary Refund Mechanism: In December 2022, the MPSC issued an order authorizing Consumers to refund $22 million voluntarily to utility customers. In April 2023, the MPSC approved the refund of $5 million in the form of contributions to programs that assist vulnerable gas customers. In May 2023, the MPSC approved the refund of $9 million in the form of bill assistance to support vulnerable electric customers and the refund of $8 million in the form of incremental vegetation management.
2022 PSCR Underrecovery: Due to rising fuel prices during 2022, the cost of electric generation increased, resulting in higher market prices for electricity. Accordingly, Consumers’ power supply costs for 2022 were significantly higher than those projected in its 2022 PSCR plan. Consumers included a projection of its full-year 2022 underrecovery in the 2023 PSCR plan filed with the MPSC in September 2022.
In January 2023, Consumers filed a motion for a temporary order in its 2023 PSCR plan, requesting that the MPSC approve only a third of the 2022 underrecovery amount for recovery in 2023, with the remaining amount to be recovered equally during 2024 and 2025. The MPSC approved Consumers’ motion in February 2023. Recovering the 2022 underrecovery over three years will provide immediate relief to electric customers, and the financial impact will be neutral to Consumers’ earnings.
Meter Investigation: In July 2023, the MPSC issued an order initiating an investigation into Consumers’ handling of malfunctioning meters and meters requiring transition from 3G to 4G technology, estimated billing, and new service installations. The order directed Consumers to provide information on such meters and their replacement, meter-reading performance, communications with customers and the MPSC regarding these issues, and other information. The MPSC directed the MPSC Staff to analyze this information and make recommendations by the end of September 2023. Consumers cannot predict the outcome of this matter, but it could be subject to regulatory penalties that have an adverse effect on Consumers’ results of operations, financial condition, or liquidity, and Consumers could be subject to increased regulatory scrutiny.
v3.23.2
Contingencies and Commitments
 6 Months Ended
Jun. 30, 2023
Other Commitments [Line Items]  
Contingencies and Commitments Contingencies and Commitments
CMS Energy and Consumers are involved in various matters that give rise to contingent liabilities. Depending on the specific issues, the resolution of these contingencies could negatively affect CMS Energy’s and Consumers’ liquidity, financial condition, and results of operations. In their disclosures of these matters, CMS Energy and Consumers provide an estimate of the possible loss or range of loss when such an estimate can be made. Disclosures stating that CMS Energy or Consumers cannot predict the outcome of a matter indicate that they are unable to estimate a possible loss or range of loss for the matter.
CMS Energy Contingencies
Bay Harbor: CMS Land retained environmental remediation obligations for the collection and treatment of leachate at Bay Harbor after selling its interests in the development in 2002. Leachate is produced when water enters into cement kiln dust piles left over from former cement plant operations at the site. In 2012, CMS Land and EGLE finalized an agreement establishing the final remedies and the future water quality criteria at the site. CMS Land completed all construction necessary to implement the remedies required by the agreement and will continue to maintain and operate a system to discharge treated leachate into Little Traverse Bay under an NPDES permit, which is valid through 2025.
At June 30, 2023, CMS Energy had a recorded liability of $44 million for its remaining obligations for environmental remediation. CMS Energy calculated this liability based on discounted projected costs, using a discount rate of 4.34 percent and an inflation rate of one percent on annual operating and maintenance costs. The undiscounted amount of the remaining obligation is $55 million. CMS Energy
expects to pay the following amounts for long-term leachate disposal and operating and maintenance costs during the remainder of 2023 and in each of the next five years:
In Millions
202320242025202620272028
CMS Energy
Long-term leachate disposal and operating and maintenance costs$2 $4 $4 $4 $4 $4 
CMS Energy’s estimate of response activity costs and the timing of expenditures could change if there are changes in circumstances or assumptions used in calculating the liability. Although a liability for its present estimate of remaining response activity costs has been recorded, CMS Energy cannot predict the ultimate financial impact or outcome of this matter.
Consumers Electric Utility Contingencies
Electric Environmental Matters: Consumers’ operations are subject to environmental laws and regulations. Historically, Consumers has generally been able to recover, in customer rates, the costs to operate its facilities in compliance with these laws and regulations.
Cleanup and Solid Waste: Consumers expects to incur remediation and other response activity costs at a number of sites under NREPA. Consumers believes that these costs should be recoverable in rates, but cannot guarantee that outcome. Consumers estimates its liability for NREPA sites for which it can estimate a range of loss to be between $2 million and $4 million. At June 30, 2023, Consumers had a recorded liability of $2 million, the minimum amount in the range of its estimated probable NREPA liability, as no amount in the range was considered a better estimate than any other amount.
Consumers is a potentially responsible party at a number of contaminated sites administered under CERCLA. CERCLA liability is joint and several. In 2010, Consumers received official notification from the EPA that identified Consumers as a potentially responsible party for cleanup of PCBs at the Kalamazoo River CERCLA site. The notification claimed that the EPA had reason to believe that Consumers disposed of PCBs and arranged for the disposal and treatment of PCB-containing materials at portions of the site. In 2011, Consumers received a follow-up letter from the EPA requesting that Consumers agree to participate in a removal action plan along with several other companies for an area of lower Portage Creek, which is connected to the Kalamazoo River. All parties asked to participate in the removal action plan, including Consumers, declined to accept liability. Until further information is received from the EPA, Consumers is unable to estimate a range of potential liability for cleanup of the river.
Based on its experience, Consumers estimates its share of the total liability for known CERCLA sites to be between $3 million and $8 million. Various factors, including the number and creditworthiness of potentially responsible parties involved with each site, affect Consumers’ share of the total liability. At June 30, 2023, Consumers had a recorded liability of $3 million for its share of the total liability at these sites, the minimum amount in the range of its estimated probable CERCLA liability, as no amount in the range was considered a better estimate than any other amount.
The timing of payments related to Consumers’ remediation and other response activities at its CERCLA and NREPA sites is uncertain. Consumers periodically reviews these cost estimates. A change in the underlying assumptions, such as an increase in the number of sites, different remediation techniques, the nature and extent of contamination, and legal and regulatory requirements, could affect its estimates of NREPA and CERCLA liability.
Ludington Plant Overhaul Contract Dispute: Consumers and DTE Electric, co-owners of Ludington, are parties to a 2010 engineering, procurement, and construction agreement with TAES, under which TAES contracted to perform a major overhaul and upgrade of Ludington. The overhauled Ludington units are operational, but TAES’ work has been defective and non‑conforming. Consumers and DTE Electric have demanded that TAES provide a comprehensive plan to resolve quality control concerns, including adherence to its warranty commitments and other contractual obligations. Consumers and DTE Electric have taken extensive efforts to resolve these issues with TAES, including a formal demand to TAES’ parent, Toshiba Corporation, a non‑affiliated company, under a parent guaranty it provided in the contract. TAES has not provided a comprehensive plan or otherwise met its performance obligations.
In order to enforce the contract, Consumers and DTE Electric filed a complaint against TAES and Toshiba Corporation in the U.S. District Court for the Eastern District of Michigan in April 2022. In June 2022, TAES and Toshiba Corporation filed a motion to dismiss the complaint, along with an answer and counterclaims seeking approximately $15 million in damages related to payments allegedly owed under the parties’ contract. As a co-owner of Ludington, Consumers would be liable for 51 percent of any such damages. In September 2022, the court denied the motion to dismiss filed by TAES and Toshiba Corporation. Consumers believes the counterclaims are without merit, but cannot predict the financial impact or outcome of this matter. An unfavorable outcome could have a material adverse effect on CMS Energy’s and Consumers’ financial condition, results of operations, or liquidity.
In May 2023, the MPSC approved Consumers’ and DTE Electric’s jointly-filed request for authority to defer as a regulatory asset the costs associated with repairing or replacing the defective work performed by TAES while the litigation with TAES and Toshiba Corporation moves forward; such costs will be offset by potential future litigation proceeds received from TAES or Toshiba Corporation. Consumers and DTE Electric will have the opportunity to seek appropriate recovery and ratemaking treatment for amounts recorded as a regulatory asset following resolution of the litigation.
J.H. Campbell 3 Plant Retirement Contract Dispute: In May 2022, Consumers filed a complaint against Wolverine Power. in the Ottawa County Circuit Court and requested a ruling that Consumers has sole authority to decide to retire the J.H. Campbell 3 coal-fueled generating unit under the unit’s Joint Ownership and Operating Agreement. In July 2022, Wolverine Power filed an answer, affirmative defenses, and a counterclaim seeking approximately $37 million in damages allegedly caused by Consumers’ decision to retire the unit before the end of its useful life. In October 2022, the state circuit court judge found that Consumers may, in its sole discretion, retire the J.H. Campbell 3 coal-fueled generating unit, provided that Consumers continues to operate and make necessary improvements to the unit while the litigation concerning Wolverine Power’s claim for damages is pending. In May 2023, the circuit court judge issued an order granting Consumers’ Motion for Clarification confirming that Consumers may continue to operate and invest in J.H. Campbell 3 consistent with the May 2025 retirement date. Consumers believes Wolverine Power’s claim has no merit, but cannot predict the final impact or outcome on this matter. An unfavorable outcome could have a material adverse effect on CMS Energy’s and Consumers’ financial condition, results of operations, or liquidity.
Consumers Gas Utility Contingencies
Gas Environmental Matters: Consumers expects to incur remediation and other response activity costs at a number of sites under NREPA. These sites include 23 former MGP facilities. Consumers operated the facilities on these sites for some part of their operating lives. For some of these sites, Consumers has no present ownership interest or may own only a portion of the original site.
At June 30, 2023, Consumers had a recorded liability of $62 million for its remaining obligations for these sites. Consumers expects to pay the following amounts for remediation and other response activity costs during the remainder of 2023 and in each of the next five years:
In Millions
202320242025202620272028
Consumers
Remediation and other response activity costs$3 $2 $2 $6 $9 $23 
Consumers periodically reviews these cost estimates. Any significant change in the underlying assumptions, such as an increase in the number of sites, changes in remediation techniques, or legal and regulatory requirements, could affect Consumers’ estimates of annual response activity costs and the MGP liability.
Pursuant to orders issued by the MPSC, Consumers defers its MGP-related remediation costs and recovers them from its customers over a ten-year period. At June 30, 2023, Consumers had a regulatory asset of $103 million related to the MGP sites.
Consumers estimates that its liability to perform remediation and other response activities at NREPA sites other than the MGP sites could reach $3 million. At June 30, 2023, Consumers had a recorded liability of less than $1 million, the minimum amount in the range of its estimated probable liability, as no amount in the range was considered a better estimate than any other amount.
Guarantees
Presented in the following table are CMS Energy’s and Consumers’ guarantees at June 30, 2023:
In Millions
Guarantee DescriptionIssue DateExpiration DateMaximum ObligationCarrying Amount
CMS Energy, including Consumers
Indemnity obligations from sale of membership interests in VIEs1
variousindefinite$308 $— 
Indemnity obligations from stock and asset sale agreements2
variousindefinite154 2 
Guarantee3
2011indefinite30 — 
Consumers
Guarantee3
2011indefinite$30 $— 
1These obligations arose from the sale of membership interests in NWO Holdco and Aviator Wind to tax equity investors. NorthStar Clean Energy provided certain indemnity obligations that protect the tax equity investors against losses incurred as a result of breaches of representations and warranties under the associated limited liability company agreements. These obligations are generally capped at an amount equal to the tax equity investor’s capital contributions plus a specified return, less any distributions and tax benefits it receives, in connection with its membership interest. For any indemnity obligations related to Aviator Wind, NorthStar Clean Energy would recover 49 percent of any amounts paid to the tax equity investor from the other owner of Aviator Wind Equity Holdings. Additionally, Aviator Wind holds insurance coverage that would partially protect against losses incurred as a result of certain failures to qualify for production tax credits. For further details on NorthStar Clean Energy’s ownership interest in NWO Holdco and Aviator Wind, see Note 11, Variable Interest Entities.
2These obligations arose from stock and asset sale agreements under which CMS Energy or a subsidiary of CMS Energy indemnified the purchaser for losses resulting from various matters, including claims related to taxes. The maximum obligation amount is mostly related to an Equatorial Guinea tax claim.
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.
Additionally, in the normal course of business, CMS Energy, Consumers, and certain other subsidiaries of CMS Energy have entered into various agreements containing tax and other indemnity provisions for which they are unable to estimate the maximum potential obligation. CMS Energy and Consumers consider the likelihood that they would be required to perform or incur substantial losses related to these indemnities and those disclosed in the table to be remote.
Other Contingencies
In addition to the matters disclosed in this Note and Note 1, Regulatory Matters, there are certain other lawsuits and administrative proceedings before various courts and governmental agencies, as well as unasserted claims that may result in such proceedings, arising in the ordinary course of business to which CMS Energy, Consumers, and certain other subsidiaries of CMS Energy are parties. These other lawsuits, proceedings, and unasserted claims may involve personal injury, property damage, contracts, environmental matters, federal and state taxes, rates, licensing, employment, and other matters. Further, CMS Energy and Consumers occasionally self-report certain regulatory non‑compliance matters that may or may not eventually result in administrative proceedings. CMS Energy and Consumers believe that the outcome of any one of these proceedings and potential claims will not have a material negative effect on their consolidated results of operations, financial condition, or liquidity.
Consumers Energy Company  
Other Commitments [Line Items]  
Contingencies and Commitments Contingencies and Commitments
CMS Energy and Consumers are involved in various matters that give rise to contingent liabilities. Depending on the specific issues, the resolution of these contingencies could negatively affect CMS Energy’s and Consumers’ liquidity, financial condition, and results of operations. In their disclosures of these matters, CMS Energy and Consumers provide an estimate of the possible loss or range of loss when such an estimate can be made. Disclosures stating that CMS Energy or Consumers cannot predict the outcome of a matter indicate that they are unable to estimate a possible loss or range of loss for the matter.
CMS Energy Contingencies
Bay Harbor: CMS Land retained environmental remediation obligations for the collection and treatment of leachate at Bay Harbor after selling its interests in the development in 2002. Leachate is produced when water enters into cement kiln dust piles left over from former cement plant operations at the site. In 2012, CMS Land and EGLE finalized an agreement establishing the final remedies and the future water quality criteria at the site. CMS Land completed all construction necessary to implement the remedies required by the agreement and will continue to maintain and operate a system to discharge treated leachate into Little Traverse Bay under an NPDES permit, which is valid through 2025.
At June 30, 2023, CMS Energy had a recorded liability of $44 million for its remaining obligations for environmental remediation. CMS Energy calculated this liability based on discounted projected costs, using a discount rate of 4.34 percent and an inflation rate of one percent on annual operating and maintenance costs. The undiscounted amount of the remaining obligation is $55 million. CMS Energy
expects to pay the following amounts for long-term leachate disposal and operating and maintenance costs during the remainder of 2023 and in each of the next five years:
In Millions
202320242025202620272028
CMS Energy
Long-term leachate disposal and operating and maintenance costs$2 $4 $4 $4 $4 $4 
CMS Energy’s estimate of response activity costs and the timing of expenditures could change if there are changes in circumstances or assumptions used in calculating the liability. Although a liability for its present estimate of remaining response activity costs has been recorded, CMS Energy cannot predict the ultimate financial impact or outcome of this matter.
Consumers Electric Utility Contingencies
Electric Environmental Matters: Consumers’ operations are subject to environmental laws and regulations. Historically, Consumers has generally been able to recover, in customer rates, the costs to operate its facilities in compliance with these laws and regulations.
Cleanup and Solid Waste: Consumers expects to incur remediation and other response activity costs at a number of sites under NREPA. Consumers believes that these costs should be recoverable in rates, but cannot guarantee that outcome. Consumers estimates its liability for NREPA sites for which it can estimate a range of loss to be between $2 million and $4 million. At June 30, 2023, Consumers had a recorded liability of $2 million, the minimum amount in the range of its estimated probable NREPA liability, as no amount in the range was considered a better estimate than any other amount.
Consumers is a potentially responsible party at a number of contaminated sites administered under CERCLA. CERCLA liability is joint and several. In 2010, Consumers received official notification from the EPA that identified Consumers as a potentially responsible party for cleanup of PCBs at the Kalamazoo River CERCLA site. The notification claimed that the EPA had reason to believe that Consumers disposed of PCBs and arranged for the disposal and treatment of PCB-containing materials at portions of the site. In 2011, Consumers received a follow-up letter from the EPA requesting that Consumers agree to participate in a removal action plan along with several other companies for an area of lower Portage Creek, which is connected to the Kalamazoo River. All parties asked to participate in the removal action plan, including Consumers, declined to accept liability. Until further information is received from the EPA, Consumers is unable to estimate a range of potential liability for cleanup of the river.
Based on its experience, Consumers estimates its share of the total liability for known CERCLA sites to be between $3 million and $8 million. Various factors, including the number and creditworthiness of potentially responsible parties involved with each site, affect Consumers’ share of the total liability. At June 30, 2023, Consumers had a recorded liability of $3 million for its share of the total liability at these sites, the minimum amount in the range of its estimated probable CERCLA liability, as no amount in the range was considered a better estimate than any other amount.
The timing of payments related to Consumers’ remediation and other response activities at its CERCLA and NREPA sites is uncertain. Consumers periodically reviews these cost estimates. A change in the underlying assumptions, such as an increase in the number of sites, different remediation techniques, the nature and extent of contamination, and legal and regulatory requirements, could affect its estimates of NREPA and CERCLA liability.
Ludington Plant Overhaul Contract Dispute: Consumers and DTE Electric, co-owners of Ludington, are parties to a 2010 engineering, procurement, and construction agreement with TAES, under which TAES contracted to perform a major overhaul and upgrade of Ludington. The overhauled Ludington units are operational, but TAES’ work has been defective and non‑conforming. Consumers and DTE Electric have demanded that TAES provide a comprehensive plan to resolve quality control concerns, including adherence to its warranty commitments and other contractual obligations. Consumers and DTE Electric have taken extensive efforts to resolve these issues with TAES, including a formal demand to TAES’ parent, Toshiba Corporation, a non‑affiliated company, under a parent guaranty it provided in the contract. TAES has not provided a comprehensive plan or otherwise met its performance obligations.
In order to enforce the contract, Consumers and DTE Electric filed a complaint against TAES and Toshiba Corporation in the U.S. District Court for the Eastern District of Michigan in April 2022. In June 2022, TAES and Toshiba Corporation filed a motion to dismiss the complaint, along with an answer and counterclaims seeking approximately $15 million in damages related to payments allegedly owed under the parties’ contract. As a co-owner of Ludington, Consumers would be liable for 51 percent of any such damages. In September 2022, the court denied the motion to dismiss filed by TAES and Toshiba Corporation. Consumers believes the counterclaims are without merit, but cannot predict the financial impact or outcome of this matter. An unfavorable outcome could have a material adverse effect on CMS Energy’s and Consumers’ financial condition, results of operations, or liquidity.
In May 2023, the MPSC approved Consumers’ and DTE Electric’s jointly-filed request for authority to defer as a regulatory asset the costs associated with repairing or replacing the defective work performed by TAES while the litigation with TAES and Toshiba Corporation moves forward; such costs will be offset by potential future litigation proceeds received from TAES or Toshiba Corporation. Consumers and DTE Electric will have the opportunity to seek appropriate recovery and ratemaking treatment for amounts recorded as a regulatory asset following resolution of the litigation.
J.H. Campbell 3 Plant Retirement Contract Dispute: In May 2022, Consumers filed a complaint against Wolverine Power. in the Ottawa County Circuit Court and requested a ruling that Consumers has sole authority to decide to retire the J.H. Campbell 3 coal-fueled generating unit under the unit’s Joint Ownership and Operating Agreement. In July 2022, Wolverine Power filed an answer, affirmative defenses, and a counterclaim seeking approximately $37 million in damages allegedly caused by Consumers’ decision to retire the unit before the end of its useful life. In October 2022, the state circuit court judge found that Consumers may, in its sole discretion, retire the J.H. Campbell 3 coal-fueled generating unit, provided that Consumers continues to operate and make necessary improvements to the unit while the litigation concerning Wolverine Power’s claim for damages is pending. In May 2023, the circuit court judge issued an order granting Consumers’ Motion for Clarification confirming that Consumers may continue to operate and invest in J.H. Campbell 3 consistent with the May 2025 retirement date. Consumers believes Wolverine Power’s claim has no merit, but cannot predict the final impact or outcome on this matter. An unfavorable outcome could have a material adverse effect on CMS Energy’s and Consumers’ financial condition, results of operations, or liquidity.
Consumers Gas Utility Contingencies
Gas Environmental Matters: Consumers expects to incur remediation and other response activity costs at a number of sites under NREPA. These sites include 23 former MGP facilities. Consumers operated the facilities on these sites for some part of their operating lives. For some of these sites, Consumers has no present ownership interest or may own only a portion of the original site.
At June 30, 2023, Consumers had a recorded liability of $62 million for its remaining obligations for these sites. Consumers expects to pay the following amounts for remediation and other response activity costs during the remainder of 2023 and in each of the next five years:
In Millions
202320242025202620272028
Consumers
Remediation and other response activity costs$3 $2 $2 $6 $9 $23 
Consumers periodically reviews these cost estimates. Any significant change in the underlying assumptions, such as an increase in the number of sites, changes in remediation techniques, or legal and regulatory requirements, could affect Consumers’ estimates of annual response activity costs and the MGP liability.
Pursuant to orders issued by the MPSC, Consumers defers its MGP-related remediation costs and recovers them from its customers over a ten-year period. At June 30, 2023, Consumers had a regulatory asset of $103 million related to the MGP sites.
Consumers estimates that its liability to perform remediation and other response activities at NREPA sites other than the MGP sites could reach $3 million. At June 30, 2023, Consumers had a recorded liability of less than $1 million, the minimum amount in the range of its estimated probable liability, as no amount in the range was considered a better estimate than any other amount.
Guarantees
Presented in the following table are CMS Energy’s and Consumers’ guarantees at June 30, 2023:
In Millions
Guarantee DescriptionIssue DateExpiration DateMaximum ObligationCarrying Amount
CMS Energy, including Consumers
Indemnity obligations from sale of membership interests in VIEs1
variousindefinite$308 $— 
Indemnity obligations from stock and asset sale agreements2
variousindefinite154 2 
Guarantee3
2011indefinite30 — 
Consumers
Guarantee3
2011indefinite$30 $— 
1These obligations arose from the sale of membership interests in NWO Holdco and Aviator Wind to tax equity investors. NorthStar Clean Energy provided certain indemnity obligations that protect the tax equity investors against losses incurred as a result of breaches of representations and warranties under the associated limited liability company agreements. These obligations are generally capped at an amount equal to the tax equity investor’s capital contributions plus a specified return, less any distributions and tax benefits it receives, in connection with its membership interest. For any indemnity obligations related to Aviator Wind, NorthStar Clean Energy would recover 49 percent of any amounts paid to the tax equity investor from the other owner of Aviator Wind Equity Holdings. Additionally, Aviator Wind holds insurance coverage that would partially protect against losses incurred as a result of certain failures to qualify for production tax credits. For further details on NorthStar Clean Energy’s ownership interest in NWO Holdco and Aviator Wind, see Note 11, Variable Interest Entities.
2These obligations arose from stock and asset sale agreements under which CMS Energy or a subsidiary of CMS Energy indemnified the purchaser for losses resulting from various matters, including claims related to taxes. The maximum obligation amount is mostly related to an Equatorial Guinea tax claim.
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.
Additionally, in the normal course of business, CMS Energy, Consumers, and certain other subsidiaries of CMS Energy have entered into various agreements containing tax and other indemnity provisions for which they are unable to estimate the maximum potential obligation. CMS Energy and Consumers consider the likelihood that they would be required to perform or incur substantial losses related to these indemnities and those disclosed in the table to be remote.
Other Contingencies
In addition to the matters disclosed in this Note and Note 1, Regulatory Matters, there are certain other lawsuits and administrative proceedings before various courts and governmental agencies, as well as unasserted claims that may result in such proceedings, arising in the ordinary course of business to which CMS Energy, Consumers, and certain other subsidiaries of CMS Energy are parties. These other lawsuits, proceedings, and unasserted claims may involve personal injury, property damage, contracts, environmental matters, federal and state taxes, rates, licensing, employment, and other matters. Further, CMS Energy and Consumers occasionally self-report certain regulatory non‑compliance matters that may or may not eventually result in administrative proceedings. CMS Energy and Consumers believe that the outcome of any one of these proceedings and potential claims will not have a material negative effect on their consolidated results of operations, financial condition, or liquidity.
v3.23.2
Financings and Capitalization
 6 Months Ended
Jun. 30, 2023
Debt Instrument [Line Items]  
Financings and Capitalization Financings and Capitalization
Financings: Presented in the following table is a summary of major long-term debt issuances during the six months ended June 30, 2023:
Principal
(In Millions)		Interest Rate (%)Issuance DateMaturity Date
CMS Energy, parent only
Convertible senior notes$800 3.375 May 2023May 2028
Total CMS Energy, parent only$800 
NorthStar Clean Energy, including subsidiaries
Term loan facility1
$85 variableFebruary 2023December 2023
Total NorthStar Clean Energy, including subsidiaries$85 
Consumers
First mortgage bonds$425 4.650 January 2023March 2028
First mortgage bonds700 4.625 February 2023May 2033
First mortgage bonds115 5.240 May 2023May 2026
First mortgage bonds50 5.070 May 2023May 2029
First mortgage bonds95 5.170 May 2023May 2032
First mortgage bonds140 5.380 May 2023May 2037
Total Consumers$1,525 
Total CMS Energy$2,410 
1    In December 2022, a subsidiary of NorthStar Clean Energy entered into a $185 million unsecured term loan credit agreement. Under this credit agreement, a subsidiary of NorthStar Clean Energy borrowed $85 million in 2023. As of June 30, 2023, there was $185 million of loans outstanding bearing an interest rate of 6.102 percent under the unsecured term loan credit agreement.
Issuance of Convertible Senior Notes: In May 2023, CMS Energy issued an aggregate principal amount of $800 million convertible senior notes that bear an interest rate of 3.375 percent and mature in May 2028 unless redeemed, repurchased, or converted earlier. Unamortized debt costs associated with this issuance were $13 million at June 30, 2023. The convertible senior notes rank equal in right of payment to any of CMS Energy’s unsecured indebtedness that is not subordinated. There are no sinking fund requirements for the notes.
Holders of the convertible senior notes may convert their notes at their option in accordance with the conditions outlined in the related indenture. CMS Energy will settle conversions of the notes by paying cash up to the aggregate principal amount of the notes to be converted and paying or delivering, as the case may be, cash, shares of CMS Energy common stock, or a combination of cash and shares of CMS Energy common stock, at its election, in respect of the remainder, if any, of its conversion obligation in excess of the aggregate principal amount of the notes being converted. The conversion rate for the notes is initially 13.5194 shares of common stock per $1,000 principal amount of notes which is equivalent to an initial conversion price of approximately $73.97 per share of common stock. The conversion rate will be subject to adjustment for anti-dilutive events and fundamental change and redemption provisions as described in the related indenture.
CMS Energy may redeem for cash all or any portion of the notes, at its option, on or after May 6, 2026 if the last reported sale price of its common stock has been at least 130 percent of the conversion price then
in effect for at least 20 trading days during any 30 consecutive trading day period. Holders of the convertible senior notes may require CMS Energy to repurchase for cash all or any portion of their notes if a fundamental change, as outlined in the related indenture, occurs. In both cases, CMS Energy will redeem or repurchase the notes at a price equal to 100 percent of the principal amount of the notes to be redeemed or repurchased, plus accrued and unpaid interest. Presented in the following table is a summary of major long-term debt retirements during the six months ended June 30, 2023:
Principal
(In Millions)		Interest Rate (%)Retirement DateMaturity Date
Consumers
Term loan facility$1,000 variableFebruary 2023January 2024
First mortgage bonds300 0.350June 2023June 2023
CMS Energy’s Purchase of Consumers’ First Mortgage Bonds: In May 2023, CMS Energy purchased the following Consumers’ first mortgage bonds for $150 million:
Principal
(In Millions)
Interest Rate
(%)
First mortgage bonds due 2052$88 2.650 
First mortgage bonds due 2060150 2.500 
On a consolidated basis, CMS Energy’s repurchase of Consumers’ first mortgage bonds was accounted for as a debt extinguishment and resulted in a pre-tax gain of $84 million, which was recorded in other income on its consolidated statements of income.
Consumers’ outstanding debt held by its parent as a result of CMS Energy’s repurchase of Consumers’ first mortgage bonds was $235 million, net of unamortized discount and fees, which was recorded as long-term debt – related parties on Consumers’ consolidated balance sheet at June 30, 2023.
Credit Facilities: The following credit facilities with banks were available at June 30, 2023:
In Millions
Expiration DateAmount of FacilityAmount BorrowedLetters of Credit OutstandingAmount Available
CMS Energy, parent only
December 14, 20271
$550 $— $21 $529 
September 22, 2024
50 — 50 — 
NorthStar Clean Energy, including subsidiaries
September 25, 20252
$37 $— $37 $— 
Consumers3
December 14, 2027
$1,100 $— $27 $1,073 
November 18, 2024
250 — 27 223 
1There were no borrowings under this facility during the six months ended June 30, 2023.
2This letter of credit facility is available to Aviator Wind Equity Holdings. For more information regarding Aviator Wind Equity Holdings, see Note 11, Variable Interest Entities.
3Obligations under these facilities are secured by first mortgage bonds of Consumers. There were no borrowings under these facilities during the six months ended June 30, 2023.Regulatory Authorization for Financings: Consumers is required to maintain FERC authorization for financings. Any long-term issuances during the authorization period are exempt from FERC’s competitive bidding and negotiated placement requirements. In March 2023, FERC granted Consumers the authority to issue securities between April 1, 2023 and March 31, 2025.
Short-term Borrowings: Under Consumers’ commercial paper program, Consumers may issue, in one or more placements, investment-grade commercial paper notes with maturities of up to 365 days at market interest rates. These issuances are supported by Consumers’ revolving credit facilities and may have an aggregate principal amount outstanding of up to $500 million. While the amount of outstanding commercial paper does not reduce the available capacity of the revolving credit facilities, Consumers does not intend to issue commercial paper in an amount exceeding the available capacity of the facilities. At June 30, 2023, there were no commercial paper notes outstanding under this program.
In December 2022, Consumers renewed a short-term credit agreement with CMS Energy, permitting Consumers to borrow up to $500 million. At June 30, 2023, there were no outstanding borrowings under the agreement.
An unregulated subsidiary of Consumers entered into a short-term credit agreement with NorthStar Clean Energy, permitting it to borrow up to $40 million, from NorthStar Clean Energy, at an interest rate of one-month Term SOFR plus 1.750 percent. At June 30, 2023, outstanding borrowings under the agreement were $6 million bearing an interest rate of 6.924 percent.
Consumers’ Supplier Financing Program: Under a supplier financing program, Consumers agrees to pay a bank, acting as its payment agent, the stated amount of confirmed invoices from participating suppliers on the original maturity dates of the invoices. The supplier invoices that have been confirmed as valid under the program require payment in full within 60 days of the invoice date. Consumers does not provide collateral or a guarantee to the bank in support of its payment obligations under the agreement, nor does it pay a fee for the service. Consumers or the bank may terminate the supplier financing program agreement upon 30 days prior written notice to the other party. Amounts recorded as trade payables under the program in accounts payable on CMS Energy’s and Consumers’ consolidated balance sheets were $23 million at June 30, 2023 and less than $1 million at December 31, 2022.
Dividend Restrictions: At June 30, 2023, payment of dividends by CMS Energy on its common stock was limited to $6.9 billion under provisions of the Michigan Business Corporation Act of 1972.
Under the provisions of its articles of incorporation, at June 30, 2023, Consumers had $2.0 billion of unrestricted retained earnings available to pay dividends on its common stock to CMS Energy. Provisions of the Federal Power Act and the Natural Gas Act appear to restrict dividends payable by Consumers to the amount of Consumers’ retained earnings. Several decisions from FERC suggest that, under a variety of circumstances, dividends from Consumers on its common stock would not be limited to amounts in Consumers’ retained earnings. Any decision by Consumers to pay dividends on its common stock in excess of retained earnings would be based on specific facts and circumstances and would be subject to a formal regulatory filing process.
During the six months ended June 30, 2023, Consumers paid $305 million in dividends on its common stock to CMS Energy.
Issuance of Common Stock: Presented in the following table are details of CMS Energy’s forward sales contracts under its equity offering program at June 30, 2023:
Forward Price Per Share
Contract DateMaturity DateNumber of SharesInitialJune 30, 2023
August 3, 2022December 31, 20242,944,207$67.59 $68.23 
August 24, 2022December 31, 20241,677,93869.46 70.18 
August 29, 2022December 31, 20241,783,38868.18 68.84 
Under these contracts, CMS Energy may either settle physically by issuing shares of its common stock at the then-applicable forward sale price specified by the agreement or settle net by delivering or receiving cash or shares. CMS Energy may settle the contracts at any time through their maturity dates, and presently intends to physically settle the contracts by delivering shares of its common stock.
The initial forward price in the forward equity sale contracts includes a deduction for commissions and will be adjusted on a daily basis over the term based on an interest rate factor and decreased on certain dates by certain predetermined amounts to reflect expected dividend payments. No amounts are recorded on CMS Energy’s consolidated balance sheets until settlements of the forward equity sale contracts occur. If CMS Energy had elected to net share settle or net cash settle the contracts as of June 30, 2023, CMS Energy would not have been required to deliver shares or pay cash.
Consumers Energy Company  
Debt Instrument [Line Items]  
Financings and Capitalization Financings and Capitalization
Financings: Presented in the following table is a summary of major long-term debt issuances during the six months ended June 30, 2023:
Principal
(In Millions)		Interest Rate (%)Issuance DateMaturity Date
CMS Energy, parent only
Convertible senior notes$800 3.375 May 2023May 2028
Total CMS Energy, parent only$800 
NorthStar Clean Energy, including subsidiaries
Term loan facility1
$85 variableFebruary 2023December 2023
Total NorthStar Clean Energy, including subsidiaries$85 
Consumers
First mortgage bonds$425 4.650 January 2023March 2028
First mortgage bonds700 4.625 February 2023May 2033
First mortgage bonds115 5.240 May 2023May 2026
First mortgage bonds50 5.070 May 2023May 2029
First mortgage bonds95 5.170 May 2023May 2032
First mortgage bonds140 5.380 May 2023May 2037
Total Consumers$1,525 
Total CMS Energy$2,410 
1    In December 2022, a subsidiary of NorthStar Clean Energy entered into a $185 million unsecured term loan credit agreement. Under this credit agreement, a subsidiary of NorthStar Clean Energy borrowed $85 million in 2023. As of June 30, 2023, there was $185 million of loans outstanding bearing an interest rate of 6.102 percent under the unsecured term loan credit agreement.
Issuance of Convertible Senior Notes: In May 2023, CMS Energy issued an aggregate principal amount of $800 million convertible senior notes that bear an interest rate of 3.375 percent and mature in May 2028 unless redeemed, repurchased, or converted earlier. Unamortized debt costs associated with this issuance were $13 million at June 30, 2023. The convertible senior notes rank equal in right of payment to any of CMS Energy’s unsecured indebtedness that is not subordinated. There are no sinking fund requirements for the notes.
Holders of the convertible senior notes may convert their notes at their option in accordance with the conditions outlined in the related indenture. CMS Energy will settle conversions of the notes by paying cash up to the aggregate principal amount of the notes to be converted and paying or delivering, as the case may be, cash, shares of CMS Energy common stock, or a combination of cash and shares of CMS Energy common stock, at its election, in respect of the remainder, if any, of its conversion obligation in excess of the aggregate principal amount of the notes being converted. The conversion rate for the notes is initially 13.5194 shares of common stock per $1,000 principal amount of notes which is equivalent to an initial conversion price of approximately $73.97 per share of common stock. The conversion rate will be subject to adjustment for anti-dilutive events and fundamental change and redemption provisions as described in the related indenture.
CMS Energy may redeem for cash all or any portion of the notes, at its option, on or after May 6, 2026 if the last reported sale price of its common stock has been at least 130 percent of the conversion price then
in effect for at least 20 trading days during any 30 consecutive trading day period. Holders of the convertible senior notes may require CMS Energy to repurchase for cash all or any portion of their notes if a fundamental change, as outlined in the related indenture, occurs. In both cases, CMS Energy will redeem or repurchase the notes at a price equal to 100 percent of the principal amount of the notes to be redeemed or repurchased, plus accrued and unpaid interest. Presented in the following table is a summary of major long-term debt retirements during the six months ended June 30, 2023:
Principal
(In Millions)		Interest Rate (%)Retirement DateMaturity Date
Consumers
Term loan facility$1,000 variableFebruary 2023January 2024
First mortgage bonds300 0.350June 2023June 2023
CMS Energy’s Purchase of Consumers’ First Mortgage Bonds: In May 2023, CMS Energy purchased the following Consumers’ first mortgage bonds for $150 million:
Principal
(In Millions)
Interest Rate
(%)
First mortgage bonds due 2052$88 2.650 
First mortgage bonds due 2060150 2.500 
On a consolidated basis, CMS Energy’s repurchase of Consumers’ first mortgage bonds was accounted for as a debt extinguishment and resulted in a pre-tax gain of $84 million, which was recorded in other income on its consolidated statements of income.
Consumers’ outstanding debt held by its parent as a result of CMS Energy’s repurchase of Consumers’ first mortgage bonds was $235 million, net of unamortized discount and fees, which was recorded as long-term debt – related parties on Consumers’ consolidated balance sheet at June 30, 2023.
Credit Facilities: The following credit facilities with banks were available at June 30, 2023:
In Millions
Expiration DateAmount of FacilityAmount BorrowedLetters of Credit OutstandingAmount Available
CMS Energy, parent only
December 14, 20271
$550 $— $21 $529 
September 22, 2024
50 — 50 — 
NorthStar Clean Energy, including subsidiaries
September 25, 20252
$37 $— $37 $— 
Consumers3
December 14, 2027
$1,100 $— $27 $1,073 
November 18, 2024
250 — 27 223 
1There were no borrowings under this facility during the six months ended June 30, 2023.
2This letter of credit facility is available to Aviator Wind Equity Holdings. For more information regarding Aviator Wind Equity Holdings, see Note 11, Variable Interest Entities.
3Obligations under these facilities are secured by first mortgage bonds of Consumers. There were no borrowings under these facilities during the six months ended June 30, 2023.Regulatory Authorization for Financings: Consumers is required to maintain FERC authorization for financings. Any long-term issuances during the authorization period are exempt from FERC’s competitive bidding and negotiated placement requirements. In March 2023, FERC granted Consumers the authority to issue securities between April 1, 2023 and March 31, 2025.
Short-term Borrowings: Under Consumers’ commercial paper program, Consumers may issue, in one or more placements, investment-grade commercial paper notes with maturities of up to 365 days at market interest rates. These issuances are supported by Consumers’ revolving credit facilities and may have an aggregate principal amount outstanding of up to $500 million. While the amount of outstanding commercial paper does not reduce the available capacity of the revolving credit facilities, Consumers does not intend to issue commercial paper in an amount exceeding the available capacity of the facilities. At June 30, 2023, there were no commercial paper notes outstanding under this program.
In December 2022, Consumers renewed a short-term credit agreement with CMS Energy, permitting Consumers to borrow up to $500 million. At June 30, 2023, there were no outstanding borrowings under the agreement.
An unregulated subsidiary of Consumers entered into a short-term credit agreement with NorthStar Clean Energy, permitting it to borrow up to $40 million, from NorthStar Clean Energy, at an interest rate of one-month Term SOFR plus 1.750 percent. At June 30, 2023, outstanding borrowings under the agreement were $6 million bearing an interest rate of 6.924 percent.
Consumers’ Supplier Financing Program: Under a supplier financing program, Consumers agrees to pay a bank, acting as its payment agent, the stated amount of confirmed invoices from participating suppliers on the original maturity dates of the invoices. The supplier invoices that have been confirmed as valid under the program require payment in full within 60 days of the invoice date. Consumers does not provide collateral or a guarantee to the bank in support of its payment obligations under the agreement, nor does it pay a fee for the service. Consumers or the bank may terminate the supplier financing program agreement upon 30 days prior written notice to the other party. Amounts recorded as trade payables under the program in accounts payable on CMS Energy’s and Consumers’ consolidated balance sheets were $23 million at June 30, 2023 and less than $1 million at December 31, 2022.
Dividend Restrictions: At June 30, 2023, payment of dividends by CMS Energy on its common stock was limited to $6.9 billion under provisions of the Michigan Business Corporation Act of 1972.
Under the provisions of its articles of incorporation, at June 30, 2023, Consumers had $2.0 billion of unrestricted retained earnings available to pay dividends on its common stock to CMS Energy. Provisions of the Federal Power Act and the Natural Gas Act appear to restrict dividends payable by Consumers to the amount of Consumers’ retained earnings. Several decisions from FERC suggest that, under a variety of circumstances, dividends from Consumers on its common stock would not be limited to amounts in Consumers’ retained earnings. Any decision by Consumers to pay dividends on its common stock in excess of retained earnings would be based on specific facts and circumstances and would be subject to a formal regulatory filing process.
During the six months ended June 30, 2023, Consumers paid $305 million in dividends on its common stock to CMS Energy.
Issuance of Common Stock: Presented in the following table are details of CMS Energy’s forward sales contracts under its equity offering program at June 30, 2023:
Forward Price Per Share
Contract DateMaturity DateNumber of SharesInitialJune 30, 2023
August 3, 2022December 31, 20242,944,207$67.59 $68.23 
August 24, 2022December 31, 20241,677,93869.46 70.18 
August 29, 2022December 31, 20241,783,38868.18 68.84 
Under these contracts, CMS Energy may either settle physically by issuing shares of its common stock at the then-applicable forward sale price specified by the agreement or settle net by delivering or receiving cash or shares. CMS Energy may settle the contracts at any time through their maturity dates, and presently intends to physically settle the contracts by delivering shares of its common stock.
The initial forward price in the forward equity sale contracts includes a deduction for commissions and will be adjusted on a daily basis over the term based on an interest rate factor and decreased on certain dates by certain predetermined amounts to reflect expected dividend payments. No amounts are recorded on CMS Energy’s consolidated balance sheets until settlements of the forward equity sale contracts occur. If CMS Energy had elected to net share settle or net cash settle the contracts as of June 30, 2023, CMS Energy would not have been required to deliver shares or pay cash.
v3.23.2
Fair Value Measurements
 6 Months Ended
Jun. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value Measurements Fair Value Measurements
Accounting standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. When measuring fair value, CMS Energy and Consumers are required to incorporate all assumptions that market participants would use in pricing an asset or liability, including assumptions about risk. A fair value hierarchy prioritizes inputs used to measure fair value according to their observability in the market. The three levels of the fair value hierarchy are as follows:
•Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities.
•Level 2 inputs are observable, market-based inputs, other than Level 1 prices. Level 2 inputs may include quoted prices for similar assets or liabilities in active markets, quoted prices in inactive markets, and inputs derived from or corroborated by observable market data.
•Level 3 inputs are unobservable inputs that reflect CMS Energy’s or Consumers’ own assumptions about how market participants would value their assets and liabilities.
CMS Energy and Consumers classify fair value measurements within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement in its entirety.
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Presented in the following table are CMS Energy’s and Consumers’ assets and liabilities recorded at fair value on a recurring basis:
In Millions
CMS Energy, including ConsumersConsumers
June 30
2023		December 31
2022		June 30
2023		December 31
2022
Assets1
Cash equivalents$188 $— $42 $— 
Restricted cash equivalents17 18 17 17 
Nonqualified deferred compensation plan assets28 24 20 18 
Derivative instruments5 2 4 2 
Total assets$238 $44 $83 $37 
Liabilities1
Nonqualified deferred compensation plan liabilities$28 $24 $20 $18 
Total liabilities$28 $24 $20 $18 
1All assets and liabilities were classified as Level 1 with the exception of derivative contracts, which were classified as Level 3.
Cash Equivalents: Cash equivalents and restricted cash equivalents consist of money market funds with daily liquidity.
Nonqualified Deferred Compensation Plan Assets and Liabilities: The nonqualified deferred compensation plan assets consist of mutual funds, which are valued using the daily quoted net asset values. CMS Energy and Consumers value their nonqualified deferred compensation plan liabilities based on the fair values of the plan assets, as they reflect the amount owed to the plan participants in accordance with their investment elections. CMS Energy and Consumers report the assets in other non‑current assets and the liabilities in other non‑current liabilities on their consolidated balance sheets.
Derivative Instruments: CMS Energy and Consumers value their derivative instruments using either a market approach that incorporates information from market transactions, or an income approach that discounts future expected cash flows to a present value amount. CMS Energy’s and Consumers’ derivatives are classified as Level 3.
The majority of derivatives classified as Level 3 are FTRs held by Consumers. Due to the lack of quoted pricing information, Consumers determines the fair value of its FTRs based on Consumers’ average historical settlements. There was no material activity within the Level 3 categories of assets and liabilities during the periods presented.
Consumers Energy Company  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value Measurements Fair Value Measurements
Accounting standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. When measuring fair value, CMS Energy and Consumers are required to incorporate all assumptions that market participants would use in pricing an asset or liability, including assumptions about risk. A fair value hierarchy prioritizes inputs used to measure fair value according to their observability in the market. The three levels of the fair value hierarchy are as follows:
•Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities.
•Level 2 inputs are observable, market-based inputs, other than Level 1 prices. Level 2 inputs may include quoted prices for similar assets or liabilities in active markets, quoted prices in inactive markets, and inputs derived from or corroborated by observable market data.
•Level 3 inputs are unobservable inputs that reflect CMS Energy’s or Consumers’ own assumptions about how market participants would value their assets and liabilities.
CMS Energy and Consumers classify fair value measurements within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement in its entirety.
Assets and Liabilities Measured at Fair Value on a Recurring Basis
Presented in the following table are CMS Energy’s and Consumers’ assets and liabilities recorded at fair value on a recurring basis:
In Millions
CMS Energy, including ConsumersConsumers
June 30
2023		December 31
2022		June 30
2023		December 31
2022
Assets1
Cash equivalents$188 $— $42 $— 
Restricted cash equivalents17 18 17 17 
Nonqualified deferred compensation plan assets28 24 20 18 
Derivative instruments5 2 4 2 
Total assets$238 $44 $83 $37 
Liabilities1
Nonqualified deferred compensation plan liabilities$28 $24 $20 $18 
Total liabilities$28 $24 $20 $18 
1All assets and liabilities were classified as Level 1 with the exception of derivative contracts, which were classified as Level 3.
Cash Equivalents: Cash equivalents and restricted cash equivalents consist of money market funds with daily liquidity.
Nonqualified Deferred Compensation Plan Assets and Liabilities: The nonqualified deferred compensation plan assets consist of mutual funds, which are valued using the daily quoted net asset values. CMS Energy and Consumers value their nonqualified deferred compensation plan liabilities based on the fair values of the plan assets, as they reflect the amount owed to the plan participants in accordance with their investment elections. CMS Energy and Consumers report the assets in other non‑current assets and the liabilities in other non‑current liabilities on their consolidated balance sheets.
Derivative Instruments: CMS Energy and Consumers value their derivative instruments using either a market approach that incorporates information from market transactions, or an income approach that discounts future expected cash flows to a present value amount. CMS Energy’s and Consumers’ derivatives are classified as Level 3.
The majority of derivatives classified as Level 3 are FTRs held by Consumers. Due to the lack of quoted pricing information, Consumers determines the fair value of its FTRs based on Consumers’ average historical settlements. There was no material activity within the Level 3 categories of assets and liabilities during the periods presented.
v3.23.2
Financial Instruments
 6 Months Ended
Jun. 30, 2023
Financial Instruments [Line Items]  
Financial Instruments Financial Instruments
Presented in the following table are the carrying amounts and fair values, by level within the fair value hierarchy, of CMS Energy’s and Consumers’ financial instruments that are not recorded at fair value. The table excludes cash, cash equivalents, short-term financial instruments, and trade accounts receivable and payable whose carrying amounts approximate their fair values. For information about assets and liabilities recorded at fair value and for additional details regarding the fair value hierarchy, see Note 4, Fair Value Measurements.
In Millions
June 30, 2023December 31, 2022
Carrying AmountFair ValueCarrying AmountFair Value
TotalLevelTotalLevel
123123
CMS Energy, including Consumers
Assets
Long-term receivables1
$13 $13 $— $— $13 $14 $14 $— $— $14 
Liabilities
Long-term debt2
15,051 13,638 1,076 10,389 2,173 14,212 12,384 987 8,741 2,656 
Long-term payables3
14 14 — — 14 9 7 — — 7 
Consumers
Assets
Long-term receivables1
$13 $13 $— $— $13 $14 $14 $— $— $14 
Notes receivable – related party4
99 99 — — 99 101 101 — — 101 
Liabilities
Long-term debt5
10,147 8,989 — 7,001 1,988 10,183 8,728 — 6,172 2,556 
Long-term debt – related party235 146 — 146 — — — — — — 
Long-term payables6 6 — — 6 — — — — — 
1Includes current portion of long-term accounts receivable and notes receivable of $6 million at June 30, 2023 and $7 million at December 31, 2022.
2Includes current portion of long-term debt of $1,126 million at June 30, 2023 and $1,090 million at December 31, 2022.
3Includes current portion of long-term payables of $1 million at June 30, 2023 and $2 million at December 31, 2022.
4Includes current portion of notes receivable – related party of $7 million at June 30, 2023 and December 31, 2022.
5Includes current portion of long-term debt of $691 million at June 30, 2023 and $991 million at December 31, 2022.
Notes receivable – related party represents Consumers’ portion of the DB SERP demand note payable issued by CMS Energy to the DB SERP rabbi trust. The demand note bears interest at an annual rate of 4.10 percent and has a maturity date of 2028.
Consumers Energy Company  
Financial Instruments [Line Items]  
Financial Instruments Financial Instruments
Presented in the following table are the carrying amounts and fair values, by level within the fair value hierarchy, of CMS Energy’s and Consumers’ financial instruments that are not recorded at fair value. The table excludes cash, cash equivalents, short-term financial instruments, and trade accounts receivable and payable whose carrying amounts approximate their fair values. For information about assets and liabilities recorded at fair value and for additional details regarding the fair value hierarchy, see Note 4, Fair Value Measurements.
In Millions
June 30, 2023December 31, 2022
Carrying AmountFair ValueCarrying AmountFair Value
TotalLevelTotalLevel
123123
CMS Energy, including Consumers
Assets
Long-term receivables1
$13 $13 $— $— $13 $14 $14 $— $— $14 
Liabilities
Long-term debt2
15,051 13,638 1,076 10,389 2,173 14,212 12,384 987 8,741 2,656 
Long-term payables3
14 14 — — 14 9 7 — — 7 
Consumers
Assets
Long-term receivables1
$13 $13 $— $— $13 $14 $14 $— $— $14 
Notes receivable – related party4
99 99 — — 99 101 101 — — 101 
Liabilities
Long-term debt5
10,147 8,989 — 7,001 1,988 10,183 8,728 — 6,172 2,556 
Long-term debt – related party235 146 — 146 — — — — — — 
Long-term payables6 6 — — 6 — — — — — 
1Includes current portion of long-term accounts receivable and notes receivable of $6 million at June 30, 2023 and $7 million at December 31, 2022.
2Includes current portion of long-term debt of $1,126 million at June 30, 2023 and $1,090 million at December 31, 2022.
3Includes current portion of long-term payables of $1 million at June 30, 2023 and $2 million at December 31, 2022.
4Includes current portion of notes receivable – related party of $7 million at June 30, 2023 and December 31, 2022.
5Includes current portion of long-term debt of $691 million at June 30, 2023 and $991 million at December 31, 2022.
Notes receivable – related party represents Consumers’ portion of the DB SERP demand note payable issued by CMS Energy to the DB SERP rabbi trust. The demand note bears interest at an annual rate of 4.10 percent and has a maturity date of 2028.
v3.23.2
Retirement Benefits
 6 Months Ended
Jun. 30, 2023
Defined Benefit Plan Disclosure [Line Items]  
Retirement Benefits Retirement BenefitsCMS Energy and Consumers provide pension, OPEB, and other retirement benefits to employees under a number of different plans.
Costs: Presented in the following table are the costs (credits) and other changes in plan assets and benefit obligations incurred in CMS Energy’s and Consumers’ retirement benefit plans:
In Millions
DB Pension PlansOPEB Plan
Three Months EndedSix Months EndedThree Months EndedSix Months Ended
June 3020232022202320222023202220232022
CMS Energy, including Consumers
Net periodic credit
Service cost$8 $11 $15 $23 $3 $5 $6 $9 
Interest cost26 20 53 38 11 7 22 14 
Expected return on plan assets(55)(52)(110)(104)(25)(29)(51)(58)
Amortization of:
Net loss3 10 6 27 3 1 6 1 
Prior service cost (credit)1 1 2 2 (11)(14)(21)(26)
Settlement loss3 2 5 4 — — — — 
Net periodic credit$(14)$(8)$(29)$(10)$(19)$(30)$(38)$(60)
Consumers
Net periodic credit
Service cost$7 $11 $14 $23 $3 $5 $6 $9 
Interest cost26 20 51 36 10 7 21 14 
Expected return on plan assets(52)(50)(104)(99)(24)(27)(48)(54)
Amortization of:
Net loss2 9 5 25 3 — 6 — 
Prior service cost (credit)1 1 2 2 (10)(13)(20)(25)
Settlement loss3 2 5 4 — — — — 
Net periodic credit$(13)$(7)$(27)$(9)$(18)$(28)$(35)$(56)
In Consumers’ 2022 electric rate case, the MPSC approved a mechanism allowing Consumers to defer the future recovery or refund of pension and OPEB expenses above or below the amounts used to set existing
rates, respectively, beginning in 2023. At June 30, 2023, CMS Energy, including Consumers, had deferred $6 million of pension credits and $12 million of OPEB costs under this mechanism.
Consumers Energy Company  
Defined Benefit Plan Disclosure [Line Items]  
Retirement Benefits Retirement BenefitsCMS Energy and Consumers provide pension, OPEB, and other retirement benefits to employees under a number of different plans.
Costs: Presented in the following table are the costs (credits) and other changes in plan assets and benefit obligations incurred in CMS Energy’s and Consumers’ retirement benefit plans:
In Millions
DB Pension PlansOPEB Plan
Three Months EndedSix Months EndedThree Months EndedSix Months Ended
June 3020232022202320222023202220232022
CMS Energy, including Consumers
Net periodic credit
Service cost$8 $11 $15 $23 $3 $5 $6 $9 
Interest cost26 20 53 38 11 7 22 14 
Expected return on plan assets(55)(52)(110)(104)(25)(29)(51)(58)
Amortization of:
Net loss3 10 6 27 3 1 6 1 
Prior service cost (credit)1 1 2 2 (11)(14)(21)(26)
Settlement loss3 2 5 4 — — — — 
Net periodic credit$(14)$(8)$(29)$(10)$(19)$(30)$(38)$(60)
Consumers
Net periodic credit
Service cost$7 $11 $14 $23 $3 $5 $6 $9 
Interest cost26 20 51 36 10 7 21 14 
Expected return on plan assets(52)(50)(104)(99)(24)(27)(48)(54)
Amortization of:
Net loss2 9 5 25 3 — 6 — 
Prior service cost (credit)1 1 2 2 (10)(13)(20)(25)
Settlement loss3 2 5 4 — — — — 
Net periodic credit$(13)$(7)$(27)$(9)$(18)$(28)$(35)$(56)
In Consumers’ 2022 electric rate case, the MPSC approved a mechanism allowing Consumers to defer the future recovery or refund of pension and OPEB expenses above or below the amounts used to set existing
rates, respectively, beginning in 2023. At June 30, 2023, CMS Energy, including Consumers, had deferred $6 million of pension credits and $12 million of OPEB costs under this mechanism.
v3.23.2
Income Taxes
 6 Months Ended
Jun. 30, 2023
Income Taxes [Line Items]  
Income Taxes Income Taxes
Presented in the following table is a reconciliation of the statutory U.S. federal income tax rate to the effective income tax rate from continuing operations:
Six Months Ended June 3020232022
CMS Energy, including Consumers
U.S. federal income tax rate21.0 %21.0 %
Increase (decrease) in income taxes from:
State and local income taxes, net of federal effect1
2.6 5.5 
Production tax credits(4.4)(5.1)
TCJA excess deferred taxes2
(4.0)(7.2)
Accelerated flow-through of regulatory tax benefits3
— (4.3)
Other, net0.3 — 
Effective tax rate15.5 %9.9 %
Consumers
U.S. federal income tax rate21.0 %21.0 %
Increase (decrease) in income taxes from:
State and local income taxes, net of federal effect1
2.4 5.2 
Production tax credits(4.1)(3.8)
TCJA excess deferred taxes2
(3.6)(6.0)
Accelerated flow-through of regulatory tax benefits3
— (3.6)
Other, net(0.4)(0.4)
Effective tax rate15.3 %12.4 %
1CMS Energy initiated a plan to divest immaterial business activities in a non‑Michigan jurisdiction and will no longer have a taxable presence within that jurisdiction after 2023. As a result of these actions, CMS Energy reversed a $13 million non‑Michigan reserve, all of which was recognized at Consumers.
2In 2020, the MPSC authorized Consumers to accelerate the amortization of the gas portion of its regulatory liability associated with unprotected, non-property-related excess deferred income taxes resulting from the TCJA. This portion of the regulatory liability was fully amortized in 2022.
3In 2020, the MPSC authorized Consumers to accelerate the amortization of income tax benefits associated with the cost to remove gas plant assets. These tax benefits were fully amortized in 2022.
Consumers Energy Company  
Income Taxes [Line Items]  
Income Taxes Income Taxes
Presented in the following table is a reconciliation of the statutory U.S. federal income tax rate to the effective income tax rate from continuing operations:
Six Months Ended June 3020232022
CMS Energy, including Consumers
U.S. federal income tax rate21.0 %21.0 %
Increase (decrease) in income taxes from:
State and local income taxes, net of federal effect1
2.6 5.5 
Production tax credits(4.4)(5.1)
TCJA excess deferred taxes2
(4.0)(7.2)
Accelerated flow-through of regulatory tax benefits3
— (4.3)
Other, net0.3 — 
Effective tax rate15.5 %9.9 %
Consumers
U.S. federal income tax rate21.0 %21.0 %
Increase (decrease) in income taxes from:
State and local income taxes, net of federal effect1
2.4 5.2 
Production tax credits(4.1)(3.8)
TCJA excess deferred taxes2
(3.6)(6.0)
Accelerated flow-through of regulatory tax benefits3
— (3.6)
Other, net(0.4)(0.4)
Effective tax rate15.3 %12.4 %
1CMS Energy initiated a plan to divest immaterial business activities in a non‑Michigan jurisdiction and will no longer have a taxable presence within that jurisdiction after 2023. As a result of these actions, CMS Energy reversed a $13 million non‑Michigan reserve, all of which was recognized at Consumers.
2In 2020, the MPSC authorized Consumers to accelerate the amortization of the gas portion of its regulatory liability associated with unprotected, non-property-related excess deferred income taxes resulting from the TCJA. This portion of the regulatory liability was fully amortized in 2022.
3In 2020, the MPSC authorized Consumers to accelerate the amortization of income tax benefits associated with the cost to remove gas plant assets. These tax benefits were fully amortized in 2022.
v3.23.2
Earnings Per Share - CMS Energy
 6 Months Ended
Jun. 30, 2023
Earnings Per Share [Abstract]  
Earnings Per Share - CMS Energy Earnings Per Share—CMS Energy
Presented in the following table are CMS Energy’s basic and diluted EPS computations based on income from continuing operations:
In Millions, Except Per Share Amounts
Three Months EndedSix Months Ended
June 302023202220232022
Income available to common stockholders
Income from continuing operations$189 $142 $383 $483 
Less loss attributable to noncontrolling interests(8)(6)(18)(14)
Less preferred stock dividends3 3 5 5 
Income from continuing operations available to common stockholders – basic and diluted$194 $145 $396 $492 
Average common shares outstanding
Weighted-average shares – basic290.9 289.5 290.8 289.4 
Add dilutive nonvested stock awards0.4 0.4 0.4 0.4 
Add dilutive forward equity sale contracts— 0.2 — 0.2 
Weighted-average shares – diluted291.3 290.1 291.2 290.0 
Income from continuing operations per average common share available to common stockholders
Basic$0.67 $0.50 $1.36 $1.70 
Diluted0.67 0.50 1.36 1.70 
Nonvested Stock Awards
CMS Energy’s nonvested stock awards are composed of participating and non‑participating securities. The participating securities accrue cash dividends when common stockholders receive dividends. Since the recipient is not required to return the dividends to CMS Energy if the recipient forfeits the award, the nonvested stock awards are considered participating securities. As such, the participating nonvested stock awards were included in the computation of basic EPS. The non‑participating securities accrue stock dividends that vest concurrently with the stock award. If the recipient forfeits the award, the stock dividends accrued on the non‑participating securities are also forfeited. Accordingly, the non‑participating awards and stock dividends were included in the computation of diluted EPS, but not in the computation of basic EPS.
Forward Equity Sale Contracts
CMS Energy has entered into forward equity sale contracts. These forward equity sale contracts are non‑participating securities. While the forward sale price in the forward equity sale contract is decreased on certain dates by certain predetermined amounts to reflect expected dividend payments, these price adjustments were set upon inception of the agreement and the forward contract does not give the owner the right to participate in undistributed earnings. Accordingly, the forward equity sale contracts were included in the computation of diluted EPS, but not in the computation of basic EPS. For further details on the forward equity sale contracts, see Note 3, Financings and Capitalization.
Convertible Securities
In May 2023, CMS Energy issued an aggregate principal amount of $800 million convertible senior notes. Potentially dilutive common shares issuable upon conversion of the convertible senior notes are determined using the if-converted method for calculating diluted earnings per share. Upon conversion, the convertible senior notes are required to be paid in cash with only amounts exceeding the principal permitted to be settled in shares. The convertible senior notes were anti-dilutive for the three and six months ended June 30, 2023. For further details on CMS Energy’s convertible senior notes, see Note 3, Financings and Capitalization.
v3.23.2
Revenue
 6 Months Ended
Jun. 30, 2023
Disaggregation of Revenue [Line Items]  
Revenue RevenuePresented in the following tables are the components of operating revenue:
In Millions
Three Months Ended June 30, 2023Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$1,115 $356 $— $1,471 
Other— — 43 43 
Revenue recognized from contracts with customers$1,115 $356 $43 $1,514 
Leasing income— — 27 27 
Financing income3 1 — 4 
Consumers alternative-revenue programs10 — — 10 
Total operating revenue – CMS Energy$1,128 $357 $70 $1,555 
Consumers
Consumers utility revenue
Residential$513 $229 $742 
Commercial393 68 461 
Industrial159 8 167 
Other50 51 101 
Revenue recognized from contracts with customers$1,115 $356 $1,471 
Financing income3 1 4 
Alternative-revenue programs10 — 10 
Total operating revenue – Consumers$1,128 $357 $1,485 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $16 million for the three months ended June 30, 2023.
In Millions
Three Months Ended June 30, 2022Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$1,322 $468 $— $1,790 
Other— — 52 52 
Revenue recognized from contracts with customers$1,322 $468 $52 $1,842 
Leasing income— — 66 66 
Financing income2 2 — 4 
Consumers alternative-revenue programs1 7 — 8 
Total operating revenue – CMS Energy$1,325 $477 $118 $1,920 
Consumers
Consumers utility revenue
Residential$597 $309 $906 
Commercial420 99 519 
Industrial207 15 222 
Other98 45 143 
Revenue recognized from contracts with customers$1,322 $468 $1,790 
Financing income2 2 4 
Alternative-revenue programs1 7 8 
Total operating revenue – Consumers$1,325 $477 $1,802 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $53 million for the three months ended June 30, 2022.
In Millions
Six Months Ended June 30, 2023Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$2,204 $1,472 $— $3,676 
Other— — 86 86 
Revenue recognized from contracts with customers$2,204 $1,472 $86 $3,762 
Leasing income— — 58 58 
Financing income5 4 — 9 
Consumers alternative-revenue programs10 — — 10 
Total operating revenue – CMS Energy$2,219 $1,476 $144 $3,839 
Consumers
Consumers utility revenue
Residential$1,041 $1,005 $2,046 
Commercial740 315 1,055 
Industrial320 39 359 
Other103 113 216 
Revenue recognized from contracts with customers$2,204 $1,472 $3,676 
Financing income5 4 9 
Alternative-revenue programs10 — 10 
Total operating revenue – Consumers$2,219 $1,476 $3,695 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $38 million for the six months ended June 30, 2023.
In Millions
Six Months Ended June 30, 2022Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$2,560 $1,515 $— $4,075 
Other— — 85 85 
Revenue recognized from contracts with customers$2,560 $1,515 $85 $4,160 
Leasing income— — 124 124 
Financing income5 4 — 9 
Consumers alternative-revenue programs1 — — 1 
Total operating revenue – CMS Energy$2,566 $1,519 $209 $4,294 
Consumers
Consumers utility revenue
Residential$1,188 $1,049 $2,237 
Commercial804 320 1,124 
Industrial375 43 418 
Other193 103 296 
Revenue recognized from contracts with customers$2,560 $1,515 $4,075 
Financing income5 4 9 
Alternative-revenue programs1 — 1 
Total operating revenue – Consumers$2,566 $1,519 $4,085 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $97 million for the six months ended June 30, 2022.
Electric and Gas Utilities
Consumers Utility Revenue: Consumers recognizes revenue primarily from the sale of electric and gas utility services at tariff-based rates regulated by the MPSC. Consumers’ customer base consists of a mix of residential, commercial, and diversified industrial customers. Consumers’ tariff-based sales performance obligations are described below.
•Consumers has performance obligations for the service of standing ready to deliver electricity or natural gas to customers, and it satisfies these performance obligations over time. Consumers recognizes revenue at a fixed rate as it provides these services. These arrangements generally do not have fixed terms and remain in effect as long as the customer consumes the utility service. The rates are set by the MPSC through the rate-making process and represent the stand-alone selling price of Consumers’ service to stand ready to deliver.
•Consumers has performance obligations for the service of delivering the commodity of electricity or natural gas to customers, and it satisfies these performance obligations upon delivery. Consumers recognizes revenue at a price per unit of electricity or natural gas delivered, based on the tariffs established by the MPSC. These arrangements generally do not have fixed terms and remain in effect as long as the customer consumes the utility service. The rates are set by the MPSC through the rate-making process and represent the stand-alone selling price of a bundled
product comprising the commodity, electricity or natural gas, and the service of delivering such commodity.
In some instances, Consumers has specific fixed-term contracts with large commercial and industrial customers to provide electricity or gas at certain tariff rates or to provide gas transportation services at contracted rates. The amount of electricity and gas to be delivered under these contracts and the associated future revenue to be received are generally dependent on the customers’ needs. Accordingly, Consumers recognizes revenues at the tariff or contracted rate as electricity or gas is delivered to the customer. Consumers also has other miscellaneous contracts with customers related to pole and other property rentals, appliance service plans, and utility contract work. Generally, these contracts are short term or evergreen in nature.
Accounts Receivable and Unbilled Revenues: Accounts receivable comprise trade receivables and unbilled receivables. CMS Energy and Consumers record their accounts receivable at cost less an allowance for uncollectible accounts. The allowance is increased for uncollectible accounts expense and decreased for account write-offs net of recoveries. CMS Energy and Consumers establish the allowance based on historical losses, management’s assessment of existing economic conditions, customer payment trends, and reasonable and supported forecast information. CMS Energy and Consumers assess late payment fees on trade receivables based on contractual past-due terms established with customers. Accounts are written off when deemed uncollectible, which is generally when they become six months past due.
CMS Energy and Consumers recorded uncollectible accounts expense of $8 million for the three months ended June 30, 2023 and $14 million for the three months ended June 30, 2022. CMS Energy and Consumers recorded uncollectible accounts expense of $17 million for the six months ended June 30, 2023 and $18 million for the six months ended June 30, 2022.
Consumers’ customers are billed monthly in cycles having billing dates that do not generally coincide with the end of a calendar month. This results in customers having received electricity or natural gas that they have not been billed for as of the month-end. Consumers estimates its unbilled revenues by applying an average billed rate to total unbilled deliveries for each customer class. Unbilled revenues, which are recorded as accounts receivable and accrued revenue on CMS Energy’s and Consumers’ consolidated balance sheets, were $339 million at June 30, 2023 and $663 million at December 31, 2022.
Alternative‑revenue Programs: Under a demand response incentive mechanism, Consumers earns a financial incentive when it meets demand response targets set by the MPSC. Consumers recognizes revenue related to this program once demand response incentive objectives are complete, the incentive amount is calculable, and the incentive revenue will be collected within a 24‑month period.
Under a gas revenue decoupling mechanism authorized by the MPSC, Consumers is allowed to adjust future gas rates for differences between Consumers’ actual weather‑normalized, non‑fuel revenues and the revenues approved by the MPSC. Consumers accounts for this program as an alternative‑revenue program that meets the criteria for recognizing the effects of decoupling adjustments on revenue as gas is delivered.
Consumers does not reclassify revenue from its alternative-revenue program to revenue from contracts with customers at the time the amounts are collected from customers.
Consumers Energy Company  
Disaggregation of Revenue [Line Items]  
Revenue RevenuePresented in the following tables are the components of operating revenue:
In Millions
Three Months Ended June 30, 2023Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$1,115 $356 $— $1,471 
Other— — 43 43 
Revenue recognized from contracts with customers$1,115 $356 $43 $1,514 
Leasing income— — 27 27 
Financing income3 1 — 4 
Consumers alternative-revenue programs10 — — 10 
Total operating revenue – CMS Energy$1,128 $357 $70 $1,555 
Consumers
Consumers utility revenue
Residential$513 $229 $742 
Commercial393 68 461 
Industrial159 8 167 
Other50 51 101 
Revenue recognized from contracts with customers$1,115 $356 $1,471 
Financing income3 1 4 
Alternative-revenue programs10 — 10 
Total operating revenue – Consumers$1,128 $357 $1,485 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $16 million for the three months ended June 30, 2023.
In Millions
Three Months Ended June 30, 2022Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$1,322 $468 $— $1,790 
Other— — 52 52 
Revenue recognized from contracts with customers$1,322 $468 $52 $1,842 
Leasing income— — 66 66 
Financing income2 2 — 4 
Consumers alternative-revenue programs1 7 — 8 
Total operating revenue – CMS Energy$1,325 $477 $118 $1,920 
Consumers
Consumers utility revenue
Residential$597 $309 $906 
Commercial420 99 519 
Industrial207 15 222 
Other98 45 143 
Revenue recognized from contracts with customers$1,322 $468 $1,790 
Financing income2 2 4 
Alternative-revenue programs1 7 8 
Total operating revenue – Consumers$1,325 $477 $1,802 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $53 million for the three months ended June 30, 2022.
In Millions
Six Months Ended June 30, 2023Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$2,204 $1,472 $— $3,676 
Other— — 86 86 
Revenue recognized from contracts with customers$2,204 $1,472 $86 $3,762 
Leasing income— — 58 58 
Financing income5 4 — 9 
Consumers alternative-revenue programs10 — — 10 
Total operating revenue – CMS Energy$2,219 $1,476 $144 $3,839 
Consumers
Consumers utility revenue
Residential$1,041 $1,005 $2,046 
Commercial740 315 1,055 
Industrial320 39 359 
Other103 113 216 
Revenue recognized from contracts with customers$2,204 $1,472 $3,676 
Financing income5 4 9 
Alternative-revenue programs10 — 10 
Total operating revenue – Consumers$2,219 $1,476 $3,695 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $38 million for the six months ended June 30, 2023.
In Millions
Six Months Ended June 30, 2022Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$2,560 $1,515 $— $4,075 
Other— — 85 85 
Revenue recognized from contracts with customers$2,560 $1,515 $85 $4,160 
Leasing income— — 124 124 
Financing income5 4 — 9 
Consumers alternative-revenue programs1 — — 1 
Total operating revenue – CMS Energy$2,566 $1,519 $209 $4,294 
Consumers
Consumers utility revenue
Residential$1,188 $1,049 $2,237 
Commercial804 320 1,124 
Industrial375 43 418 
Other193 103 296 
Revenue recognized from contracts with customers$2,560 $1,515 $4,075 
Financing income5 4 9 
Alternative-revenue programs1 — 1 
Total operating revenue – Consumers$2,566 $1,519 $4,085 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $97 million for the six months ended June 30, 2022.
Electric and Gas Utilities
Consumers Utility Revenue: Consumers recognizes revenue primarily from the sale of electric and gas utility services at tariff-based rates regulated by the MPSC. Consumers’ customer base consists of a mix of residential, commercial, and diversified industrial customers. Consumers’ tariff-based sales performance obligations are described below.
•Consumers has performance obligations for the service of standing ready to deliver electricity or natural gas to customers, and it satisfies these performance obligations over time. Consumers recognizes revenue at a fixed rate as it provides these services. These arrangements generally do not have fixed terms and remain in effect as long as the customer consumes the utility service. The rates are set by the MPSC through the rate-making process and represent the stand-alone selling price of Consumers’ service to stand ready to deliver.
•Consumers has performance obligations for the service of delivering the commodity of electricity or natural gas to customers, and it satisfies these performance obligations upon delivery. Consumers recognizes revenue at a price per unit of electricity or natural gas delivered, based on the tariffs established by the MPSC. These arrangements generally do not have fixed terms and remain in effect as long as the customer consumes the utility service. The rates are set by the MPSC through the rate-making process and represent the stand-alone selling price of a bundled
product comprising the commodity, electricity or natural gas, and the service of delivering such commodity.
In some instances, Consumers has specific fixed-term contracts with large commercial and industrial customers to provide electricity or gas at certain tariff rates or to provide gas transportation services at contracted rates. The amount of electricity and gas to be delivered under these contracts and the associated future revenue to be received are generally dependent on the customers’ needs. Accordingly, Consumers recognizes revenues at the tariff or contracted rate as electricity or gas is delivered to the customer. Consumers also has other miscellaneous contracts with customers related to pole and other property rentals, appliance service plans, and utility contract work. Generally, these contracts are short term or evergreen in nature.
Accounts Receivable and Unbilled Revenues: Accounts receivable comprise trade receivables and unbilled receivables. CMS Energy and Consumers record their accounts receivable at cost less an allowance for uncollectible accounts. The allowance is increased for uncollectible accounts expense and decreased for account write-offs net of recoveries. CMS Energy and Consumers establish the allowance based on historical losses, management’s assessment of existing economic conditions, customer payment trends, and reasonable and supported forecast information. CMS Energy and Consumers assess late payment fees on trade receivables based on contractual past-due terms established with customers. Accounts are written off when deemed uncollectible, which is generally when they become six months past due.
CMS Energy and Consumers recorded uncollectible accounts expense of $8 million for the three months ended June 30, 2023 and $14 million for the three months ended June 30, 2022. CMS Energy and Consumers recorded uncollectible accounts expense of $17 million for the six months ended June 30, 2023 and $18 million for the six months ended June 30, 2022.
Consumers’ customers are billed monthly in cycles having billing dates that do not generally coincide with the end of a calendar month. This results in customers having received electricity or natural gas that they have not been billed for as of the month-end. Consumers estimates its unbilled revenues by applying an average billed rate to total unbilled deliveries for each customer class. Unbilled revenues, which are recorded as accounts receivable and accrued revenue on CMS Energy’s and Consumers’ consolidated balance sheets, were $339 million at June 30, 2023 and $663 million at December 31, 2022.
Alternative‑revenue Programs: Under a demand response incentive mechanism, Consumers earns a financial incentive when it meets demand response targets set by the MPSC. Consumers recognizes revenue related to this program once demand response incentive objectives are complete, the incentive amount is calculable, and the incentive revenue will be collected within a 24‑month period.
Under a gas revenue decoupling mechanism authorized by the MPSC, Consumers is allowed to adjust future gas rates for differences between Consumers’ actual weather‑normalized, non‑fuel revenues and the revenues approved by the MPSC. Consumers accounts for this program as an alternative‑revenue program that meets the criteria for recognizing the effects of decoupling adjustments on revenue as gas is delivered.
Consumers does not reclassify revenue from its alternative-revenue program to revenue from contracts with customers at the time the amounts are collected from customers.
v3.23.2
Reportable Segments
 6 Months Ended
Jun. 30, 2023
Segment Reporting Information [Line Items]  
Reportable Segments Reportable SegmentsReportable segments consist of business units defined by the products and services they offer. CMS Energy and Consumers evaluate the performance of each segment based on its contribution to net income available to CMS Energy’s common stockholders.
CMS Energy
The segments reported for CMS Energy are:
•electric utility, consisting of regulated activities associated with the generation, purchase, distribution, and sale of electricity in Michigan
•gas utility, consisting of regulated activities associated with the purchase, transmission, storage, distribution, and sale of natural gas in Michigan
•NorthStar Clean Energy, consisting of various subsidiaries engaging in domestic independent power production, including the development and operation of renewable generation, and the marketing of independent power production
CMS Energy presents corporate interest and other expenses, discontinued operations, and Consumers’ other consolidated entities within other reconciling items.
Consumers
The segments reported for Consumers are:
•electric utility, consisting of regulated activities associated with the generation, purchase, distribution, and sale of electricity in Michigan
•gas utility, consisting of regulated activities associated with the purchase, transmission, storage, distribution, and sale of natural gas in Michigan
Consumers’ other consolidated entities are presented within other reconciling items.
Presented in the following tables is financial information by segment:
In Millions
Three Months EndedSix Months Ended
June 302023202220232022
CMS Energy, including Consumers
Operating revenue
Electric utility$1,128 $1,325 $2,219 $2,566 
Gas utility357 477 1,476 1,519 
NorthStar Clean Energy70 118 144 209 
Total operating revenue – CMS Energy$1,555 $1,920 $3,839 $4,294 
Consumers
Operating revenue
Electric utility$1,128 $1,325 $2,219 $2,566 
Gas utility357 477 1,476 1,519 
Total operating revenue – Consumers$1,485 $1,802 $3,695 $4,085 
CMS Energy, including Consumers
Net income (loss) available to common stockholders
Electric utility$147 $140 $217 $307 
Gas utility23 36 177 252 
NorthStar Clean Energy3 7 10 15 
Other reconciling items22 (38)(7)(78)
Total net income available to common stockholders – CMS Energy$195 $145 $397 $496 
Consumers
Net income (loss) available to common stockholder
Electric utility$147 $140 $217 $307 
Gas utility23 36 177 252 
Other reconciling items(4)(4)4 (4)
Total net income available to common stockholder – Consumers$166 $172 $398 $555 
In Millions
June 30, 2023December 31, 2022
CMS Energy, including Consumers
Plant, property, and equipment, gross
Electric utility1
$18,615 $17,870 
Gas utility1
11,795 11,443 
NorthStar Clean Energy1,154 1,148 
Other reconciling items28 30 
Total plant, property, and equipment, gross – CMS Energy$31,592 $30,491 
Consumers
Plant, property, and equipment, gross
Electric utility1
$18,615 $17,870 
Gas utility1
11,795 11,443 
Other reconciling items35 29 
Total plant, property, and equipment, gross – Consumers$30,445 $29,342 
CMS Energy, including Consumers
Total assets
Electric utility1
$18,889 $17,907 
Gas utility1
11,552 11,873 
NorthStar Clean Energy1,536 1,464 
Other reconciling items288 109 
Total assets – CMS Energy$32,265 $31,353 
Consumers
Total assets
Electric utility1
$18,949 $17,968 
Gas utility1
11,597 11,918 
Other reconciling items42 30 
Total assets – Consumers$30,588 $29,916 
1Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
Consumers Energy Company  
Segment Reporting Information [Line Items]  
Reportable Segments Reportable SegmentsReportable segments consist of business units defined by the products and services they offer. CMS Energy and Consumers evaluate the performance of each segment based on its contribution to net income available to CMS Energy’s common stockholders.
CMS Energy
The segments reported for CMS Energy are:
•electric utility, consisting of regulated activities associated with the generation, purchase, distribution, and sale of electricity in Michigan
•gas utility, consisting of regulated activities associated with the purchase, transmission, storage, distribution, and sale of natural gas in Michigan
•NorthStar Clean Energy, consisting of various subsidiaries engaging in domestic independent power production, including the development and operation of renewable generation, and the marketing of independent power production
CMS Energy presents corporate interest and other expenses, discontinued operations, and Consumers’ other consolidated entities within other reconciling items.
Consumers
The segments reported for Consumers are:
•electric utility, consisting of regulated activities associated with the generation, purchase, distribution, and sale of electricity in Michigan
•gas utility, consisting of regulated activities associated with the purchase, transmission, storage, distribution, and sale of natural gas in Michigan
Consumers’ other consolidated entities are presented within other reconciling items.
Presented in the following tables is financial information by segment:
In Millions
Three Months EndedSix Months Ended
June 302023202220232022
CMS Energy, including Consumers
Operating revenue
Electric utility$1,128 $1,325 $2,219 $2,566 
Gas utility357 477 1,476 1,519 
NorthStar Clean Energy70 118 144 209 
Total operating revenue – CMS Energy$1,555 $1,920 $3,839 $4,294 
Consumers
Operating revenue
Electric utility$1,128 $1,325 $2,219 $2,566 
Gas utility357 477 1,476 1,519 
Total operating revenue – Consumers$1,485 $1,802 $3,695 $4,085 
CMS Energy, including Consumers
Net income (loss) available to common stockholders
Electric utility$147 $140 $217 $307 
Gas utility23 36 177 252 
NorthStar Clean Energy3 7 10 15 
Other reconciling items22 (38)(7)(78)
Total net income available to common stockholders – CMS Energy$195 $145 $397 $496 
Consumers
Net income (loss) available to common stockholder
Electric utility$147 $140 $217 $307 
Gas utility23 36 177 252 
Other reconciling items(4)(4)4 (4)
Total net income available to common stockholder – Consumers$166 $172 $398 $555 
In Millions
June 30, 2023December 31, 2022
CMS Energy, including Consumers
Plant, property, and equipment, gross
Electric utility1
$18,615 $17,870 
Gas utility1
11,795 11,443 
NorthStar Clean Energy1,154 1,148 
Other reconciling items28 30 
Total plant, property, and equipment, gross – CMS Energy$31,592 $30,491 
Consumers
Plant, property, and equipment, gross
Electric utility1
$18,615 $17,870 
Gas utility1
11,795 11,443 
Other reconciling items35 29 
Total plant, property, and equipment, gross – Consumers$30,445 $29,342 
CMS Energy, including Consumers
Total assets
Electric utility1
$18,889 $17,907 
Gas utility1
11,552 11,873 
NorthStar Clean Energy1,536 1,464 
Other reconciling items288 109 
Total assets – CMS Energy$32,265 $31,353 
Consumers
Total assets
Electric utility1
$18,949 $17,968 
Gas utility1
11,597 11,918 
Other reconciling items42 30 
Total assets – Consumers$30,588 $29,916 
1Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
v3.23.2
Variable Interest Entities
 6 Months Ended
Jun. 30, 2023
Variable Interest Entities [Abstract]  
Variable Interest Entities Variable Interest Entities
NorthStar Clean Energy holds a Class B membership interest in NWO Holdco, which owns 100 percent of Northwest Ohio Wind, LLC, a 100‑MW wind generation project in Paulding County, Ohio. The Class A membership interest in NWO Holdco is held by a tax equity investor.
NorthStar Clean Energy has a 51‑percent ownership interest in Aviator Wind Equity Holdings, which holds a Class B membership interest in Aviator Wind, the holding company of a 525‑MW wind generation project in Coke County, Texas. The Class A membership interest in Aviator Wind is held by a tax equity investor.
Earnings, tax attributes, and cash flows generated by NWO Holdco and Aviator Wind are allocated among and distributed to the membership classes in accordance with the ratios specified in the associated limited liability company agreements; these ratios change over time and are not representative of the ownership interest percentages of each membership class. Since NWO Holdco’s and Aviator Wind’s income and cash flows are not distributed among their investors based on ownership interest percentages,
NorthStar Clean Energy allocates the entities’ income (loss) among the investors by applying the hypothetical liquidation at book value method. This method calculates each investor’s earnings based on a hypothetical liquidation of the entities at the net book value of underlying assets as of the balance sheet date. The liquidation tax gain (loss) is allocated to each investor’s capital account, resulting in income (loss) equal to the period change in the investor’s capital account balance.
NWO Holdco, Aviator Wind Equity Holdings, and Aviator Wind are VIEs. In accordance with the associated limited liability company agreements, the tax equity investors are guaranteed preferred returns from NWO Holdco and Aviator Wind. However, NorthStar Clean Energy manages and controls the operating activities of NWO Holdco and Aviator Wind Equity Holdings (and, thereby, Aviator Wind). As a result, NorthStar Clean Energy is the primary beneficiary, as it has the power to direct the activities that most significantly impact the economic performance of the companies, as well as the obligation to absorb losses or the right to receive benefits from the companies. NorthStar Clean Energy consolidates NWO Holdco, Aviator Wind Equity Holdings, and Aviator Wind and presents the Class A membership interests and 49 percent of the Class B membership interest in Aviator Wind as noncontrolling interests.
Presented in the following table are the carrying values of the VIEs’ assets and liabilities included on CMS Energy’s consolidated balance sheets:
In Millions
June 30, 2023December 31, 2022
Current
Cash and cash equivalents$22 $28 
Accounts receivable4 7 
Prepayments and other current assets4 3 
Non-current
Plant, property, and equipment, net810 825 
Total assets1
$840 $863 
Current
Accounts payable$7 $15 
Non-current
Asset retirement obligations24 24 
Total liabilities$31 $39 
1Assets may be used only to meet VIEs’ obligations and commitments.
NorthStar Clean Energy is obligated under certain indemnities that protect the tax equity investors against losses incurred as a result of breaches of representations and warranties under the associated limited liability company agreements. For additional details on these indemnity obligations, see Note 2, Contingencies and Commitments—Guarantees.
Other VIEs: CMS Energy has variable interests in T.E.S. Filer City, Grayling, Genesee, and Craven. While CMS Energy owns 50 percent of each partnership, it is not the primary beneficiary of any of these partnerships because decision making is shared among unrelated parties, and no one party has the ability to direct the activities that most significantly impact the entities’ economic performance, such as operations and maintenance, plant dispatch, and fuel strategy. The partners must agree on all major decisions for each of the partnerships.
Presented in the following table is information about these partnerships:
NameNature of the EntityNature of CMS Energy’s Involvement
T.E.S. Filer City Coal-fueled power generatorLong-term PPA between partnership and Consumers
Employee assignment agreement
Grayling Wood waste-fueled power generatorLong-term PPA between partnership and Consumers
Reduced dispatch agreement with Consumers1
Operating and management contract
Genesee Wood waste-fueled power generatorLong-term PPA between partnership and Consumers
Reduced dispatch agreement with Consumers1
Operating and management contract
Craven Wood waste-fueled power generatorOperating and management contract
1Reduced dispatch agreements allow the facilities to be dispatched based on the market price of power compared with the cost of production of the plants. This results in fuel cost savings that each partnership shares with Consumers’ customers.
The creditors of these partnerships do not have recourse to the general credit of CMS Energy or Consumers. CMS Energy’s maximum risk exposure to these partnerships is generally limited to its investment in the partnerships, which is included in investments on its consolidated balance sheets in the amount of $72 million at June 30, 2023 and $71 million at December 31, 2022.
v3.23.2
Transition Activities
 6 Months Ended
Jun. 30, 2023
Restructuring Cost and Reserve [Line Items]  
Transition Activities Transition Activities
Asset Acquisition: In May 2023, Consumers purchased the Covert Generating Facility, a natural gas-fueled generating unit with 1,200 MW of nameplate capacity in Van Buren County, Michigan, for $810 million. Consumers accounted for the purchase as an asset acquisition, allocating the purchase price to the assets acquired and liabilities assumed based on their relative fair value. The original cost of the plant was $665 million and the seller had recognized $225 million of accumulated depreciation. Upon acquisition, Consumers recorded the net book value of $440 million and a plant acquisition adjustment of $370 million, resulting in an increase to plant, property, and equipment of $810 million.
Exit Activities: In accordance with its Clean Energy Plan, Consumers retired the D.E. Karn coal-fueled electric generating units in June 2023. In 2019, when the MPSC approved the retirement of these units, Consumers removed from total plant, property, and equipment an amount representing the projected remaining book value of the two coal-fueled electric generating units upon their retirement, and recorded it as a regulatory asset. As of June 30, 2023, Consumers has recorded a regulatory asset of $670 million representing the remaining book value of these units.
Through a 2020 securitization financing order, the MPSC authorized Consumers to issue securitization bonds in order to finance the recovery of the remaining book value of the two coal-fueled electric generating units upon their retirement. Until securitization, the book value of the generating units will remain in rate base and receive full regulatory returns in general rate cases.
Under its Clean Energy Plan, Consumers also plans to retire the J.H. Campbell coal-fueled generating units in 2025. In order to ensure necessary staffing at both D.E. Karn and J.H. Campbell through retirement, Consumers has implemented retention incentive programs. The aggregate cost of the D.E. Karn program, which is now complete, was $32 million. The aggregate cost of the J.H. Campbell
program through 2025 is estimated to be $50 million. The MPSC has approved deferred accounting treatment for these costs; these expenses are deferred as a regulatory asset.
As of June 30, 2023, the cumulative cost incurred and charged to expense related to the D.E. Karn retention incentive program was $16 million. Additionally, an amount of $4 million has been capitalized as a cost of plant, property, and equipment and an amount of $12 million has been deferred as a regulatory asset. The cumulative cost incurred and deferred as a regulatory asset related to the J.H. Campbell retention incentive program was $28 million. The regulatory assets for both programs will be collected from customers over three years.
Presented in the following table is a reconciliation of the retention benefit liability recorded in other liabilities on Consumers’ consolidated balance sheets:
In Millions
Six Months Ended
June 3020232022
Retention benefit liability at beginning of period$21 $14 
Costs deferred as a regulatory asset1
10 3 
Retention benefit liability at the end of the period2
$31 $17 
1Includes $5 million for the three months ended June 30, 2023 and $2 million for the three months ended June 30, 2022.
2Includes current portion of other liabilities of $18 million at June 30, 2023 and $6 million at June 30, 2022.
Consumers Energy Company  
Restructuring Cost and Reserve [Line Items]  
Transition Activities Transition Activities
Asset Acquisition: In May 2023, Consumers purchased the Covert Generating Facility, a natural gas-fueled generating unit with 1,200 MW of nameplate capacity in Van Buren County, Michigan, for $810 million. Consumers accounted for the purchase as an asset acquisition, allocating the purchase price to the assets acquired and liabilities assumed based on their relative fair value. The original cost of the plant was $665 million and the seller had recognized $225 million of accumulated depreciation. Upon acquisition, Consumers recorded the net book value of $440 million and a plant acquisition adjustment of $370 million, resulting in an increase to plant, property, and equipment of $810 million.
Exit Activities: In accordance with its Clean Energy Plan, Consumers retired the D.E. Karn coal-fueled electric generating units in June 2023. In 2019, when the MPSC approved the retirement of these units, Consumers removed from total plant, property, and equipment an amount representing the projected remaining book value of the two coal-fueled electric generating units upon their retirement, and recorded it as a regulatory asset. As of June 30, 2023, Consumers has recorded a regulatory asset of $670 million representing the remaining book value of these units.
Through a 2020 securitization financing order, the MPSC authorized Consumers to issue securitization bonds in order to finance the recovery of the remaining book value of the two coal-fueled electric generating units upon their retirement. Until securitization, the book value of the generating units will remain in rate base and receive full regulatory returns in general rate cases.
Under its Clean Energy Plan, Consumers also plans to retire the J.H. Campbell coal-fueled generating units in 2025. In order to ensure necessary staffing at both D.E. Karn and J.H. Campbell through retirement, Consumers has implemented retention incentive programs. The aggregate cost of the D.E. Karn program, which is now complete, was $32 million. The aggregate cost of the J.H. Campbell
program through 2025 is estimated to be $50 million. The MPSC has approved deferred accounting treatment for these costs; these expenses are deferred as a regulatory asset.
As of June 30, 2023, the cumulative cost incurred and charged to expense related to the D.E. Karn retention incentive program was $16 million. Additionally, an amount of $4 million has been capitalized as a cost of plant, property, and equipment and an amount of $12 million has been deferred as a regulatory asset. The cumulative cost incurred and deferred as a regulatory asset related to the J.H. Campbell retention incentive program was $28 million. The regulatory assets for both programs will be collected from customers over three years.
Presented in the following table is a reconciliation of the retention benefit liability recorded in other liabilities on Consumers’ consolidated balance sheets:
In Millions
Six Months Ended
June 3020232022
Retention benefit liability at beginning of period$21 $14 
Costs deferred as a regulatory asset1
10 3 
Retention benefit liability at the end of the period2
$31 $17 
1Includes $5 million for the three months ended June 30, 2023 and $2 million for the three months ended June 30, 2022.
2Includes current portion of other liabilities of $18 million at June 30, 2023 and $6 million at June 30, 2022.
v3.23.2
Significant Accounting Policies (Policy)
 6 Months Ended
Jun. 30, 2023
Significant Accounting Policies [Line Items]  
EPS
Nonvested Stock Awards
CMS Energy’s nonvested stock awards are composed of participating and non‑participating securities. The participating securities accrue cash dividends when common stockholders receive dividends. Since the recipient is not required to return the dividends to CMS Energy if the recipient forfeits the award, the nonvested stock awards are considered participating securities. As such, the participating nonvested stock awards were included in the computation of basic EPS. The non‑participating securities accrue stock dividends that vest concurrently with the stock award. If the recipient forfeits the award, the stock dividends accrued on the non‑participating securities are also forfeited. Accordingly, the non‑participating awards and stock dividends were included in the computation of diluted EPS, but not in the computation of basic EPS.
Forward Equity Sale Contracts
CMS Energy has entered into forward equity sale contracts. These forward equity sale contracts are non‑participating securities. While the forward sale price in the forward equity sale contract is decreased on certain dates by certain predetermined amounts to reflect expected dividend payments, these price adjustments were set upon inception of the agreement and the forward contract does not give the owner the right to participate in undistributed earnings. Accordingly, the forward equity sale contracts were included in the computation of diluted EPS, but not in the computation of basic EPS. For further details on the forward equity sale contracts, see Note 3, Financings and Capitalization.
Convertible Securities
In May 2023, CMS Energy issued an aggregate principal amount of $800 million convertible senior notes. Potentially dilutive common shares issuable upon conversion of the convertible senior notes are determined using the if-converted method for calculating diluted earnings per share. Upon conversion, the convertible senior notes are required to be paid in cash with only amounts exceeding the principal permitted to be settled in shares. The convertible senior notes were anti-dilutive for the three and six months ended June 30, 2023. For further details on CMS Energy’s convertible senior notes, see Note 3, Financings and Capitalization.
Accounts Receivable Accounts Receivable and Unbilled Revenues: Accounts receivable comprise trade receivables and unbilled receivables. CMS Energy and Consumers record their accounts receivable at cost less an allowance for uncollectible accounts. The allowance is increased for uncollectible accounts expense and decreased for account write-offs net of recoveries. CMS Energy and Consumers establish the allowance based on historical losses, management’s assessment of existing economic conditions, customer payment trends, and reasonable and supported forecast information. CMS Energy and Consumers assess late payment fees on trade receivables based on contractual past-due terms established with customers. Accounts are written off when deemed uncollectible, which is generally when they become six months past due.
Consolidation, Variable Interest Entity NWO Holdco, Aviator Wind Equity Holdings, and Aviator Wind are VIEs. In accordance with the associated limited liability company agreements, the tax equity investors are guaranteed preferred returns from NWO Holdco and Aviator Wind. However, NorthStar Clean Energy manages and controls the operating activities of NWO Holdco and Aviator Wind Equity Holdings (and, thereby, Aviator Wind). As a result, NorthStar Clean Energy is the primary beneficiary, as it has the power to direct the activities that most significantly impact the economic performance of the companies, as well as the obligation to absorb losses or the right to receive benefits from the companies.CMS Energy has variable interests in T.E.S. Filer City, Grayling, Genesee, and Craven. While CMS Energy owns 50 percent of each partnership, it is not the primary beneficiary of any of these partnerships because decision making is shared among unrelated parties, and no one party has the ability to direct the activities that most significantly impact the entities’ economic performance, such as operations and maintenance, plant dispatch, and fuel strategy. The partners must agree on all major decisions for each of the partnerships.
Consumers Energy Company  
Significant Accounting Policies [Line Items]  
Consumers Utility Revenue
Consumers Utility Revenue: Consumers recognizes revenue primarily from the sale of electric and gas utility services at tariff-based rates regulated by the MPSC. Consumers’ customer base consists of a mix of residential, commercial, and diversified industrial customers. Consumers’ tariff-based sales performance obligations are described below.
•Consumers has performance obligations for the service of standing ready to deliver electricity or natural gas to customers, and it satisfies these performance obligations over time. Consumers recognizes revenue at a fixed rate as it provides these services. These arrangements generally do not have fixed terms and remain in effect as long as the customer consumes the utility service. The rates are set by the MPSC through the rate-making process and represent the stand-alone selling price of Consumers’ service to stand ready to deliver.
•Consumers has performance obligations for the service of delivering the commodity of electricity or natural gas to customers, and it satisfies these performance obligations upon delivery. Consumers recognizes revenue at a price per unit of electricity or natural gas delivered, based on the tariffs established by the MPSC. These arrangements generally do not have fixed terms and remain in effect as long as the customer consumes the utility service. The rates are set by the MPSC through the rate-making process and represent the stand-alone selling price of a bundled
product comprising the commodity, electricity or natural gas, and the service of delivering such commodity.
In some instances, Consumers has specific fixed-term contracts with large commercial and industrial customers to provide electricity or gas at certain tariff rates or to provide gas transportation services at contracted rates. The amount of electricity and gas to be delivered under these contracts and the associated future revenue to be received are generally dependent on the customers’ needs. Accordingly, Consumers recognizes revenues at the tariff or contracted rate as electricity or gas is delivered to the customer. Consumers also has other miscellaneous contracts with customers related to pole and other property rentals, appliance service plans, and utility contract work. Generally, these contracts are short term or evergreen in nature.
Accounts Receivable Accounts Receivable and Unbilled Revenues: Accounts receivable comprise trade receivables and unbilled receivables. CMS Energy and Consumers record their accounts receivable at cost less an allowance for uncollectible accounts. The allowance is increased for uncollectible accounts expense and decreased for account write-offs net of recoveries. CMS Energy and Consumers establish the allowance based on historical losses, management’s assessment of existing economic conditions, customer payment trends, and reasonable and supported forecast information. CMS Energy and Consumers assess late payment fees on trade receivables based on contractual past-due terms established with customers. Accounts are written off when deemed uncollectible, which is generally when they become six months past due.
Unbilled Revenues Consumers’ customers are billed monthly in cycles having billing dates that do not generally coincide with the end of a calendar month. This results in customers having received electricity or natural gas that they have not been billed for as of the month-end. Consumers estimates its unbilled revenues by applying an average billed rate to total unbilled deliveries for each customer class.
Alternative-Revenue Programs
Alternative‑revenue Programs: Under a demand response incentive mechanism, Consumers earns a financial incentive when it meets demand response targets set by the MPSC. Consumers recognizes revenue related to this program once demand response incentive objectives are complete, the incentive amount is calculable, and the incentive revenue will be collected within a 24‑month period.
Under a gas revenue decoupling mechanism authorized by the MPSC, Consumers is allowed to adjust future gas rates for differences between Consumers’ actual weather‑normalized, non‑fuel revenues and the revenues approved by the MPSC. Consumers accounts for this program as an alternative‑revenue program that meets the criteria for recognizing the effects of decoupling adjustments on revenue as gas is delivered.
Consumers does not reclassify revenue from its alternative-revenue program to revenue from contracts with customers at the time the amounts are collected from customers.
v3.23.2
Contingencies and Commitments (Tables)
 6 Months Ended
Jun. 30, 2023
Site Contingency [Line Items]  
Schedule of Remediation and Other Response Activity Costs by Year CMS Energy
expects to pay the following amounts for long-term leachate disposal and operating and maintenance costs during the remainder of 2023 and in each of the next five years:
In Millions
202320242025202620272028
CMS Energy
Long-term leachate disposal and operating and maintenance costs$2 $4 $4 $4 $4 $4 
Summary of Guarantees
Presented in the following table are CMS Energy’s and Consumers’ guarantees at June 30, 2023:
In Millions
Guarantee DescriptionIssue DateExpiration DateMaximum ObligationCarrying Amount
CMS Energy, including Consumers
Indemnity obligations from sale of membership interests in VIEs1
variousindefinite$308 $— 
Indemnity obligations from stock and asset sale agreements2
variousindefinite154 2 
Guarantee3
2011indefinite30 — 
Consumers
Guarantee3
2011indefinite$30 $— 
1These obligations arose from the sale of membership interests in NWO Holdco and Aviator Wind to tax equity investors. NorthStar Clean Energy provided certain indemnity obligations that protect the tax equity investors against losses incurred as a result of breaches of representations and warranties under the associated limited liability company agreements. These obligations are generally capped at an amount equal to the tax equity investor’s capital contributions plus a specified return, less any distributions and tax benefits it receives, in connection with its membership interest. For any indemnity obligations related to Aviator Wind, NorthStar Clean Energy would recover 49 percent of any amounts paid to the tax equity investor from the other owner of Aviator Wind Equity Holdings. Additionally, Aviator Wind holds insurance coverage that would partially protect against losses incurred as a result of certain failures to qualify for production tax credits. For further details on NorthStar Clean Energy’s ownership interest in NWO Holdco and Aviator Wind, see Note 11, Variable Interest Entities.
2These obligations arose from stock and asset sale agreements under which CMS Energy or a subsidiary of CMS Energy indemnified the purchaser for losses resulting from various matters, including claims related to taxes. The maximum obligation amount is mostly related to an Equatorial Guinea tax claim.
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.
Consumers Energy Company  
Site Contingency [Line Items]  
Schedule of Remediation and Other Response Activity Costs by Year Consumers expects to pay the following amounts for remediation and other response activity costs during the remainder of 2023 and in each of the next five years:
In Millions
202320242025202620272028
Consumers
Remediation and other response activity costs$3 $2 $2 $6 $9 $23 
Summary of Guarantees
Presented in the following table are CMS Energy’s and Consumers’ guarantees at June 30, 2023:
In Millions
Guarantee DescriptionIssue DateExpiration DateMaximum ObligationCarrying Amount
CMS Energy, including Consumers
Indemnity obligations from sale of membership interests in VIEs1
variousindefinite$308 $— 
Indemnity obligations from stock and asset sale agreements2
variousindefinite154 2 
Guarantee3
2011indefinite30 — 
Consumers
Guarantee3
2011indefinite$30 $— 
1These obligations arose from the sale of membership interests in NWO Holdco and Aviator Wind to tax equity investors. NorthStar Clean Energy provided certain indemnity obligations that protect the tax equity investors against losses incurred as a result of breaches of representations and warranties under the associated limited liability company agreements. These obligations are generally capped at an amount equal to the tax equity investor’s capital contributions plus a specified return, less any distributions and tax benefits it receives, in connection with its membership interest. For any indemnity obligations related to Aviator Wind, NorthStar Clean Energy would recover 49 percent of any amounts paid to the tax equity investor from the other owner of Aviator Wind Equity Holdings. Additionally, Aviator Wind holds insurance coverage that would partially protect against losses incurred as a result of certain failures to qualify for production tax credits. For further details on NorthStar Clean Energy’s ownership interest in NWO Holdco and Aviator Wind, see Note 11, Variable Interest Entities.
2These obligations arose from stock and asset sale agreements under which CMS Energy or a subsidiary of CMS Energy indemnified the purchaser for losses resulting from various matters, including claims related to taxes. The maximum obligation amount is mostly related to an Equatorial Guinea tax claim.
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.
v3.23.2
Financings and Capitalization (Tables)
 6 Months Ended
Jun. 30, 2023
Debt Instrument [Line Items]  
Schedule of Major Long-Term Debt Issuances and Retirements Presented in the following table is a summary of major long-term debt issuances during the six months ended June 30, 2023:
Principal
(In Millions)		Interest Rate (%)Issuance DateMaturity Date
CMS Energy, parent only
Convertible senior notes$800 3.375 May 2023May 2028
Total CMS Energy, parent only$800 
NorthStar Clean Energy, including subsidiaries
Term loan facility1
$85 variableFebruary 2023December 2023
Total NorthStar Clean Energy, including subsidiaries$85 
Consumers
First mortgage bonds$425 4.650 January 2023March 2028
First mortgage bonds700 4.625 February 2023May 2033
First mortgage bonds115 5.240 May 2023May 2026
First mortgage bonds50 5.070 May 2023May 2029
First mortgage bonds95 5.170 May 2023May 2032
First mortgage bonds140 5.380 May 2023May 2037
Total Consumers$1,525 
Total CMS Energy$2,410 
1    In December 2022, a subsidiary of NorthStar Clean Energy entered into a $185 million unsecured term loan credit agreement. Under this credit agreement, a subsidiary of NorthStar Clean Energy borrowed $85 million in 2023. As of June 30, 2023, there was $185 million of loans outstanding bearing an interest rate of 6.102 percent under the unsecured term loan credit agreement.
Presented in the following table is a summary of major long-term debt retirements during the six months ended June 30, 2023:
Principal
(In Millions)		Interest Rate (%)Retirement DateMaturity Date
Consumers
Term loan facility$1,000 variableFebruary 2023January 2024
First mortgage bonds300 0.350June 2023June 2023
In May 2023, CMS Energy purchased the following Consumers’ first mortgage bonds for $150 million:
Principal
(In Millions)
Interest Rate
(%)
First mortgage bonds due 2052$88 2.650 
First mortgage bonds due 2060150 2.500 
Schedule of Revolving Credit Facilities The following credit facilities with banks were available at June 30, 2023:
In Millions
Expiration DateAmount of FacilityAmount BorrowedLetters of Credit OutstandingAmount Available
CMS Energy, parent only
December 14, 20271
$550 $— $21 $529 
September 22, 2024
50 — 50 — 
NorthStar Clean Energy, including subsidiaries
September 25, 20252
$37 $— $37 $— 
Consumers3
December 14, 2027
$1,100 $— $27 $1,073 
November 18, 2024
250 — 27 223 
1There were no borrowings under this facility during the six months ended June 30, 2023.
2This letter of credit facility is available to Aviator Wind Equity Holdings. For more information regarding Aviator Wind Equity Holdings, see Note 11, Variable Interest Entities.
3Obligations under these facilities are secured by first mortgage bonds of Consumers. There were no borrowings under these facilities during the six months ended June 30, 2023.
Schedule of Forward Contracts Presented in the following table are details of CMS Energy’s forward sales contracts under its equity offering program at June 30, 2023:
Forward Price Per Share
Contract DateMaturity DateNumber of SharesInitialJune 30, 2023
August 3, 2022December 31, 20242,944,207$67.59 $68.23 
August 24, 2022December 31, 20241,677,93869.46 70.18 
August 29, 2022December 31, 20241,783,38868.18 68.84 
Consumers Energy Company  
Debt Instrument [Line Items]  
Schedule of Major Long-Term Debt Issuances and Retirements Presented in the following table is a summary of major long-term debt issuances during the six months ended June 30, 2023:
Principal
(In Millions)		Interest Rate (%)Issuance DateMaturity Date
CMS Energy, parent only
Convertible senior notes$800 3.375 May 2023May 2028
Total CMS Energy, parent only$800 
NorthStar Clean Energy, including subsidiaries
Term loan facility1
$85 variableFebruary 2023December 2023
Total NorthStar Clean Energy, including subsidiaries$85 
Consumers
First mortgage bonds$425 4.650 January 2023March 2028
First mortgage bonds700 4.625 February 2023May 2033
First mortgage bonds115 5.240 May 2023May 2026
First mortgage bonds50 5.070 May 2023May 2029
First mortgage bonds95 5.170 May 2023May 2032
First mortgage bonds140 5.380 May 2023May 2037
Total Consumers$1,525 
Total CMS Energy$2,410 
1    In December 2022, a subsidiary of NorthStar Clean Energy entered into a $185 million unsecured term loan credit agreement. Under this credit agreement, a subsidiary of NorthStar Clean Energy borrowed $85 million in 2023. As of June 30, 2023, there was $185 million of loans outstanding bearing an interest rate of 6.102 percent under the unsecured term loan credit agreement.
In May 2023, CMS Energy purchased the following Consumers’ first mortgage bonds for $150 million:
Principal
(In Millions)
Interest Rate
(%)
First mortgage bonds due 2052$88 2.650 
First mortgage bonds due 2060150 2.500 
Schedule of Revolving Credit Facilities The following credit facilities with banks were available at June 30, 2023:
In Millions
Expiration DateAmount of FacilityAmount BorrowedLetters of Credit OutstandingAmount Available
CMS Energy, parent only
December 14, 20271
$550 $— $21 $529 
September 22, 2024
50 — 50 — 
NorthStar Clean Energy, including subsidiaries
September 25, 20252
$37 $— $37 $— 
Consumers3
December 14, 2027
$1,100 $— $27 $1,073 
November 18, 2024
250 — 27 223 
1There were no borrowings under this facility during the six months ended June 30, 2023.
2This letter of credit facility is available to Aviator Wind Equity Holdings. For more information regarding Aviator Wind Equity Holdings, see Note 11, Variable Interest Entities.
3Obligations under these facilities are secured by first mortgage bonds of Consumers. There were no borrowings under these facilities during the six months ended June 30, 2023.
v3.23.2
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Assets And Liabilities Measured At Fair Value On A Recurring Basis
Presented in the following table are CMS Energy’s and Consumers’ assets and liabilities recorded at fair value on a recurring basis:
In Millions
CMS Energy, including ConsumersConsumers
June 30
2023		December 31
2022		June 30
2023		December 31
2022
Assets1
Cash equivalents$188 $— $42 $— 
Restricted cash equivalents17 18 17 17 
Nonqualified deferred compensation plan assets28 24 20 18 
Derivative instruments5 2 4 2 
Total assets$238 $44 $83 $37 
Liabilities1
Nonqualified deferred compensation plan liabilities$28 $24 $20 $18 
Total liabilities$28 $24 $20 $18 
1All assets and liabilities were classified as Level 1 with the exception of derivative contracts, which were classified as Level 3.
Consumers Energy Company  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Assets And Liabilities Measured At Fair Value On A Recurring Basis
Presented in the following table are CMS Energy’s and Consumers’ assets and liabilities recorded at fair value on a recurring basis:
In Millions
CMS Energy, including ConsumersConsumers
June 30
2023		December 31
2022		June 30
2023		December 31
2022
Assets1
Cash equivalents$188 $— $42 $— 
Restricted cash equivalents17 18 17 17 
Nonqualified deferred compensation plan assets28 24 20 18 
Derivative instruments5 2 4 2 
Total assets$238 $44 $83 $37 
Liabilities1
Nonqualified deferred compensation plan liabilities$28 $24 $20 $18 
Total liabilities$28 $24 $20 $18 
1All assets and liabilities were classified as Level 1 with the exception of derivative contracts, which were classified as Level 3.
v3.23.2
Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2023
Financial Instruments [Line Items]  
Schedule Of Carrying Amounts And Fair Values Of Financial Instruments For information about assets and liabilities recorded at fair value and for additional details regarding the fair value hierarchy, see Note 4, Fair Value Measurements.
In Millions
June 30, 2023December 31, 2022
Carrying AmountFair ValueCarrying AmountFair Value
TotalLevelTotalLevel
123123
CMS Energy, including Consumers
Assets
Long-term receivables1
$13 $13 $— $— $13 $14 $14 $— $— $14 
Liabilities
Long-term debt2
15,051 13,638 1,076 10,389 2,173 14,212 12,384 987 8,741 2,656 
Long-term payables3
14 14 — — 14 9 7 — — 7 
Consumers
Assets
Long-term receivables1
$13 $13 $— $— $13 $14 $14 $— $— $14 
Notes receivable – related party4
99 99 — — 99 101 101 — — 101 
Liabilities
Long-term debt5
10,147 8,989 — 7,001 1,988 10,183 8,728 — 6,172 2,556 
Long-term debt – related party235 146 — 146 — — — — — — 
Long-term payables6 6 — — 6 — — — — — 
1Includes current portion of long-term accounts receivable and notes receivable of $6 million at June 30, 2023 and $7 million at December 31, 2022.
2Includes current portion of long-term debt of $1,126 million at June 30, 2023 and $1,090 million at December 31, 2022.
3Includes current portion of long-term payables of $1 million at June 30, 2023 and $2 million at December 31, 2022.
4Includes current portion of notes receivable – related party of $7 million at June 30, 2023 and December 31, 2022.
5Includes current portion of long-term debt of $691 million at June 30, 2023 and $991 million at December 31, 2022.
Consumers Energy Company  
Financial Instruments [Line Items]  
Schedule Of Carrying Amounts And Fair Values Of Financial Instruments For information about assets and liabilities recorded at fair value and for additional details regarding the fair value hierarchy, see Note 4, Fair Value Measurements.
In Millions
June 30, 2023December 31, 2022
Carrying AmountFair ValueCarrying AmountFair Value
TotalLevelTotalLevel
123123
CMS Energy, including Consumers
Assets
Long-term receivables1
$13 $13 $— $— $13 $14 $14 $— $— $14 
Liabilities
Long-term debt2
15,051 13,638 1,076 10,389 2,173 14,212 12,384 987 8,741 2,656 
Long-term payables3
14 14 — — 14 9 7 — — 7 
Consumers
Assets
Long-term receivables1
$13 $13 $— $— $13 $14 $14 $— $— $14 
Notes receivable – related party4
99 99 — — 99 101 101 — — 101 
Liabilities
Long-term debt5
10,147 8,989 — 7,001 1,988 10,183 8,728 — 6,172 2,556 
Long-term debt – related party235 146 — 146 — — — — — — 
Long-term payables6 6 — — 6 — — — — — 
1Includes current portion of long-term accounts receivable and notes receivable of $6 million at June 30, 2023 and $7 million at December 31, 2022.
2Includes current portion of long-term debt of $1,126 million at June 30, 2023 and $1,090 million at December 31, 2022.
3Includes current portion of long-term payables of $1 million at June 30, 2023 and $2 million at December 31, 2022.
4Includes current portion of notes receivable – related party of $7 million at June 30, 2023 and December 31, 2022.
5Includes current portion of long-term debt of $691 million at June 30, 2023 and $991 million at December 31, 2022.
v3.23.2
Retirement Benefits (Tables)
 6 Months Ended
Jun. 30, 2023
Defined Benefit Plan Disclosure [Line Items]  
Schedule Of Net Benefit Costs Presented in the following table are the costs (credits) and other changes in plan assets and benefit obligations incurred in CMS Energy’s and Consumers’ retirement benefit plans:
In Millions
DB Pension PlansOPEB Plan
Three Months EndedSix Months EndedThree Months EndedSix Months Ended
June 3020232022202320222023202220232022
CMS Energy, including Consumers
Net periodic credit
Service cost$8 $11 $15 $23 $3 $5 $6 $9 
Interest cost26 20 53 38 11 7 22 14 
Expected return on plan assets(55)(52)(110)(104)(25)(29)(51)(58)
Amortization of:
Net loss3 10 6 27 3 1 6 1 
Prior service cost (credit)1 1 2 2 (11)(14)(21)(26)
Settlement loss3 2 5 4 — — — — 
Net periodic credit$(14)$(8)$(29)$(10)$(19)$(30)$(38)$(60)
Consumers
Net periodic credit
Service cost$7 $11 $14 $23 $3 $5 $6 $9 
Interest cost26 20 51 36 10 7 21 14 
Expected return on plan assets(52)(50)(104)(99)(24)(27)(48)(54)
Amortization of:
Net loss2 9 5 25 3 — 6 — 
Prior service cost (credit)1 1 2 2 (10)(13)(20)(25)
Settlement loss3 2 5 4 — — — — 
Net periodic credit$(13)$(7)$(27)$(9)$(18)$(28)$(35)$(56)
Consumers Energy Company  
Defined Benefit Plan Disclosure [Line Items]  
Schedule Of Net Benefit Costs Presented in the following table are the costs (credits) and other changes in plan assets and benefit obligations incurred in CMS Energy’s and Consumers’ retirement benefit plans:
In Millions
DB Pension PlansOPEB Plan
Three Months EndedSix Months EndedThree Months EndedSix Months Ended
June 3020232022202320222023202220232022
CMS Energy, including Consumers
Net periodic credit
Service cost$8 $11 $15 $23 $3 $5 $6 $9 
Interest cost26 20 53 38 11 7 22 14 
Expected return on plan assets(55)(52)(110)(104)(25)(29)(51)(58)
Amortization of:
Net loss3 10 6 27 3 1 6 1 
Prior service cost (credit)1 1 2 2 (11)(14)(21)(26)
Settlement loss3 2 5 4 — — — — 
Net periodic credit$(14)$(8)$(29)$(10)$(19)$(30)$(38)$(60)
Consumers
Net periodic credit
Service cost$7 $11 $14 $23 $3 $5 $6 $9 
Interest cost26 20 51 36 10 7 21 14 
Expected return on plan assets(52)(50)(104)(99)(24)(27)(48)(54)
Amortization of:
Net loss2 9 5 25 3 — 6 — 
Prior service cost (credit)1 1 2 2 (10)(13)(20)(25)
Settlement loss3 2 5 4 — — — — 
Net periodic credit$(13)$(7)$(27)$(9)$(18)$(28)$(35)$(56)
v3.23.2
Income Taxes (Tables)
 6 Months Ended
Jun. 30, 2023
Income Taxes [Line Items]  
Schedule Of Effective Income Tax Rate Reconciliation
Presented in the following table is a reconciliation of the statutory U.S. federal income tax rate to the effective income tax rate from continuing operations:
Six Months Ended June 3020232022
CMS Energy, including Consumers
U.S. federal income tax rate21.0 %21.0 %
Increase (decrease) in income taxes from:
State and local income taxes, net of federal effect1
2.6 5.5 
Production tax credits(4.4)(5.1)
TCJA excess deferred taxes2
(4.0)(7.2)
Accelerated flow-through of regulatory tax benefits3
— (4.3)
Other, net0.3 — 
Effective tax rate15.5 %9.9 %
Consumers
U.S. federal income tax rate21.0 %21.0 %
Increase (decrease) in income taxes from:
State and local income taxes, net of federal effect1
2.4 5.2 
Production tax credits(4.1)(3.8)
TCJA excess deferred taxes2
(3.6)(6.0)
Accelerated flow-through of regulatory tax benefits3
— (3.6)
Other, net(0.4)(0.4)
Effective tax rate15.3 %12.4 %
1CMS Energy initiated a plan to divest immaterial business activities in a non‑Michigan jurisdiction and will no longer have a taxable presence within that jurisdiction after 2023. As a result of these actions, CMS Energy reversed a $13 million non‑Michigan reserve, all of which was recognized at Consumers.
2In 2020, the MPSC authorized Consumers to accelerate the amortization of the gas portion of its regulatory liability associated with unprotected, non-property-related excess deferred income taxes resulting from the TCJA. This portion of the regulatory liability was fully amortized in 2022.
3In 2020, the MPSC authorized Consumers to accelerate the amortization of income tax benefits associated with the cost to remove gas plant assets. These tax benefits were fully amortized in 2022.
Consumers Energy Company  
Income Taxes [Line Items]  
Schedule Of Effective Income Tax Rate Reconciliation
Presented in the following table is a reconciliation of the statutory U.S. federal income tax rate to the effective income tax rate from continuing operations:
Six Months Ended June 3020232022
CMS Energy, including Consumers
U.S. federal income tax rate21.0 %21.0 %
Increase (decrease) in income taxes from:
State and local income taxes, net of federal effect1
2.6 5.5 
Production tax credits(4.4)(5.1)
TCJA excess deferred taxes2
(4.0)(7.2)
Accelerated flow-through of regulatory tax benefits3
— (4.3)
Other, net0.3 — 
Effective tax rate15.5 %9.9 %
Consumers
U.S. federal income tax rate21.0 %21.0 %
Increase (decrease) in income taxes from:
State and local income taxes, net of federal effect1
2.4 5.2 
Production tax credits(4.1)(3.8)
TCJA excess deferred taxes2
(3.6)(6.0)
Accelerated flow-through of regulatory tax benefits3
— (3.6)
Other, net(0.4)(0.4)
Effective tax rate15.3 %12.4 %
1CMS Energy initiated a plan to divest immaterial business activities in a non‑Michigan jurisdiction and will no longer have a taxable presence within that jurisdiction after 2023. As a result of these actions, CMS Energy reversed a $13 million non‑Michigan reserve, all of which was recognized at Consumers.
2In 2020, the MPSC authorized Consumers to accelerate the amortization of the gas portion of its regulatory liability associated with unprotected, non-property-related excess deferred income taxes resulting from the TCJA. This portion of the regulatory liability was fully amortized in 2022.
3In 2020, the MPSC authorized Consumers to accelerate the amortization of income tax benefits associated with the cost to remove gas plant assets. These tax benefits were fully amortized in 2022.
v3.23.2
Earnings Per Share - CMS Energy (Tables)
 6 Months Ended
Jun. 30, 2023
Earnings Per Share [Abstract]  
Basic And Diluted EPS Computations
Presented in the following table are CMS Energy’s basic and diluted EPS computations based on income from continuing operations:
In Millions, Except Per Share Amounts
Three Months EndedSix Months Ended
June 302023202220232022
Income available to common stockholders
Income from continuing operations$189 $142 $383 $483 
Less loss attributable to noncontrolling interests(8)(6)(18)(14)
Less preferred stock dividends3 3 5 5 
Income from continuing operations available to common stockholders – basic and diluted$194 $145 $396 $492 
Average common shares outstanding
Weighted-average shares – basic290.9 289.5 290.8 289.4 
Add dilutive nonvested stock awards0.4 0.4 0.4 0.4 
Add dilutive forward equity sale contracts— 0.2 — 0.2 
Weighted-average shares – diluted291.3 290.1 291.2 290.0 
Income from continuing operations per average common share available to common stockholders
Basic$0.67 $0.50 $1.36 $1.70 
Diluted0.67 0.50 1.36 1.70 
v3.23.2
Revenue (Tables)
 6 Months Ended
Jun. 30, 2023
Disaggregation of Revenue [Line Items]  
Disaggregation of Revenue Presented in the following tables are the components of operating revenue:
In Millions
Three Months Ended June 30, 2023Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$1,115 $356 $— $1,471 
Other— — 43 43 
Revenue recognized from contracts with customers$1,115 $356 $43 $1,514 
Leasing income— — 27 27 
Financing income3 1 — 4 
Consumers alternative-revenue programs10 — — 10 
Total operating revenue – CMS Energy$1,128 $357 $70 $1,555 
Consumers
Consumers utility revenue
Residential$513 $229 $742 
Commercial393 68 461 
Industrial159 8 167 
Other50 51 101 
Revenue recognized from contracts with customers$1,115 $356 $1,471 
Financing income3 1 4 
Alternative-revenue programs10 — 10 
Total operating revenue – Consumers$1,128 $357 $1,485 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $16 million for the three months ended June 30, 2023.
In Millions
Three Months Ended June 30, 2022Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$1,322 $468 $— $1,790 
Other— — 52 52 
Revenue recognized from contracts with customers$1,322 $468 $52 $1,842 
Leasing income— — 66 66 
Financing income2 2 — 4 
Consumers alternative-revenue programs1 7 — 8 
Total operating revenue – CMS Energy$1,325 $477 $118 $1,920 
Consumers
Consumers utility revenue
Residential$597 $309 $906 
Commercial420 99 519 
Industrial207 15 222 
Other98 45 143 
Revenue recognized from contracts with customers$1,322 $468 $1,790 
Financing income2 2 4 
Alternative-revenue programs1 7 8 
Total operating revenue – Consumers$1,325 $477 $1,802 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $53 million for the three months ended June 30, 2022.
In Millions
Six Months Ended June 30, 2023Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$2,204 $1,472 $— $3,676 
Other— — 86 86 
Revenue recognized from contracts with customers$2,204 $1,472 $86 $3,762 
Leasing income— — 58 58 
Financing income5 4 — 9 
Consumers alternative-revenue programs10 — — 10 
Total operating revenue – CMS Energy$2,219 $1,476 $144 $3,839 
Consumers
Consumers utility revenue
Residential$1,041 $1,005 $2,046 
Commercial740 315 1,055 
Industrial320 39 359 
Other103 113 216 
Revenue recognized from contracts with customers$2,204 $1,472 $3,676 
Financing income5 4 9 
Alternative-revenue programs10 — 10 
Total operating revenue – Consumers$2,219 $1,476 $3,695 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $38 million for the six months ended June 30, 2023
In Millions
Six Months Ended June 30, 2022Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$2,560 $1,515 $— $4,075 
Other— — 85 85 
Revenue recognized from contracts with customers$2,560 $1,515 $85 $4,160 
Leasing income— — 124 124 
Financing income5 4 — 9 
Consumers alternative-revenue programs1 — — 1 
Total operating revenue – CMS Energy$2,566 $1,519 $209 $4,294 
Consumers
Consumers utility revenue
Residential$1,188 $1,049 $2,237 
Commercial804 320 1,124 
Industrial375 43 418 
Other193 103 296 
Revenue recognized from contracts with customers$2,560 $1,515 $4,075 
Financing income5 4 9 
Alternative-revenue programs1 — 1 
Total operating revenue – Consumers$2,566 $1,519 $4,085 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $97 million for the six months ended June 30, 2022.
Consumers Energy Company  
Disaggregation of Revenue [Line Items]  
Disaggregation of Revenue Presented in the following tables are the components of operating revenue:
In Millions
Three Months Ended June 30, 2023Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$1,115 $356 $— $1,471 
Other— — 43 43 
Revenue recognized from contracts with customers$1,115 $356 $43 $1,514 
Leasing income— — 27 27 
Financing income3 1 — 4 
Consumers alternative-revenue programs10 — — 10 
Total operating revenue – CMS Energy$1,128 $357 $70 $1,555 
Consumers
Consumers utility revenue
Residential$513 $229 $742 
Commercial393 68 461 
Industrial159 8 167 
Other50 51 101 
Revenue recognized from contracts with customers$1,115 $356 $1,471 
Financing income3 1 4 
Alternative-revenue programs10 — 10 
Total operating revenue – Consumers$1,128 $357 $1,485 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $16 million for the three months ended June 30, 2023.
In Millions
Three Months Ended June 30, 2022Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$1,322 $468 $— $1,790 
Other— — 52 52 
Revenue recognized from contracts with customers$1,322 $468 $52 $1,842 
Leasing income— — 66 66 
Financing income2 2 — 4 
Consumers alternative-revenue programs1 7 — 8 
Total operating revenue – CMS Energy$1,325 $477 $118 $1,920 
Consumers
Consumers utility revenue
Residential$597 $309 $906 
Commercial420 99 519 
Industrial207 15 222 
Other98 45 143 
Revenue recognized from contracts with customers$1,322 $468 $1,790 
Financing income2 2 4 
Alternative-revenue programs1 7 8 
Total operating revenue – Consumers$1,325 $477 $1,802 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $53 million for the three months ended June 30, 2022.
In Millions
Six Months Ended June 30, 2023Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$2,204 $1,472 $— $3,676 
Other— — 86 86 
Revenue recognized from contracts with customers$2,204 $1,472 $86 $3,762 
Leasing income— — 58 58 
Financing income5 4 — 9 
Consumers alternative-revenue programs10 — — 10 
Total operating revenue – CMS Energy$2,219 $1,476 $144 $3,839 
Consumers
Consumers utility revenue
Residential$1,041 $1,005 $2,046 
Commercial740 315 1,055 
Industrial320 39 359 
Other103 113 216 
Revenue recognized from contracts with customers$2,204 $1,472 $3,676 
Financing income5 4 9 
Alternative-revenue programs10 — 10 
Total operating revenue – Consumers$2,219 $1,476 $3,695 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $38 million for the six months ended June 30, 2023
In Millions
Six Months Ended June 30, 2022Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$2,560 $1,515 $— $4,075 
Other— — 85 85 
Revenue recognized from contracts with customers$2,560 $1,515 $85 $4,160 
Leasing income— — 124 124 
Financing income5 4 — 9 
Consumers alternative-revenue programs1 — — 1 
Total operating revenue – CMS Energy$2,566 $1,519 $209 $4,294 
Consumers
Consumers utility revenue
Residential$1,188 $1,049 $2,237 
Commercial804 320 1,124 
Industrial375 43 418 
Other193 103 296 
Revenue recognized from contracts with customers$2,560 $1,515 $4,075 
Financing income5 4 9 
Alternative-revenue programs1 — 1 
Total operating revenue – Consumers$2,566 $1,519 $4,085 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $97 million for the six months ended June 30, 2022.
v3.23.2
Reportable Segments (Tables)
 6 Months Ended
Jun. 30, 2023
Segment Reporting Information [Line Items]  
Schedule Of Financial Information By Reportable Segments
Presented in the following tables is financial information by segment:
In Millions
Three Months EndedSix Months Ended
June 302023202220232022
CMS Energy, including Consumers
Operating revenue
Electric utility$1,128 $1,325 $2,219 $2,566 
Gas utility357 477 1,476 1,519 
NorthStar Clean Energy70 118 144 209 
Total operating revenue – CMS Energy$1,555 $1,920 $3,839 $4,294 
Consumers
Operating revenue
Electric utility$1,128 $1,325 $2,219 $2,566 
Gas utility357 477 1,476 1,519 
Total operating revenue – Consumers$1,485 $1,802 $3,695 $4,085 
CMS Energy, including Consumers
Net income (loss) available to common stockholders
Electric utility$147 $140 $217 $307 
Gas utility23 36 177 252 
NorthStar Clean Energy3 7 10 15 
Other reconciling items22 (38)(7)(78)
Total net income available to common stockholders – CMS Energy$195 $145 $397 $496 
Consumers
Net income (loss) available to common stockholder
Electric utility$147 $140 $217 $307 
Gas utility23 36 177 252 
Other reconciling items(4)(4)4 (4)
Total net income available to common stockholder – Consumers$166 $172 $398 $555 
In Millions
June 30, 2023December 31, 2022
CMS Energy, including Consumers
Plant, property, and equipment, gross
Electric utility1
$18,615 $17,870 
Gas utility1
11,795 11,443 
NorthStar Clean Energy1,154 1,148 
Other reconciling items28 30 
Total plant, property, and equipment, gross – CMS Energy$31,592 $30,491 
Consumers
Plant, property, and equipment, gross
Electric utility1
$18,615 $17,870 
Gas utility1
11,795 11,443 
Other reconciling items35 29 
Total plant, property, and equipment, gross – Consumers$30,445 $29,342 
CMS Energy, including Consumers
Total assets
Electric utility1
$18,889 $17,907 
Gas utility1
11,552 11,873 
NorthStar Clean Energy1,536 1,464 
Other reconciling items288 109 
Total assets – CMS Energy$32,265 $31,353 
Consumers
Total assets
Electric utility1
$18,949 $17,968 
Gas utility1
11,597 11,918 
Other reconciling items42 30 
Total assets – Consumers$30,588 $29,916 
1Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
Consumers Energy Company  
Segment Reporting Information [Line Items]  
Schedule Of Financial Information By Reportable Segments
Presented in the following tables is financial information by segment:
In Millions
Three Months EndedSix Months Ended
June 302023202220232022
CMS Energy, including Consumers
Operating revenue
Electric utility$1,128 $1,325 $2,219 $2,566 
Gas utility357 477 1,476 1,519 
NorthStar Clean Energy70 118 144 209 
Total operating revenue – CMS Energy$1,555 $1,920 $3,839 $4,294 
Consumers
Operating revenue
Electric utility$1,128 $1,325 $2,219 $2,566 
Gas utility357 477 1,476 1,519 
Total operating revenue – Consumers$1,485 $1,802 $3,695 $4,085 
CMS Energy, including Consumers
Net income (loss) available to common stockholders
Electric utility$147 $140 $217 $307 
Gas utility23 36 177 252 
NorthStar Clean Energy3 7 10 15 
Other reconciling items22 (38)(7)(78)
Total net income available to common stockholders – CMS Energy$195 $145 $397 $496 
Consumers
Net income (loss) available to common stockholder
Electric utility$147 $140 $217 $307 
Gas utility23 36 177 252 
Other reconciling items(4)(4)4 (4)
Total net income available to common stockholder – Consumers$166 $172 $398 $555 
In Millions
June 30, 2023December 31, 2022
CMS Energy, including Consumers
Plant, property, and equipment, gross
Electric utility1
$18,615 $17,870 
Gas utility1
11,795 11,443 
NorthStar Clean Energy1,154 1,148 
Other reconciling items28 30 
Total plant, property, and equipment, gross – CMS Energy$31,592 $30,491 
Consumers
Plant, property, and equipment, gross
Electric utility1
$18,615 $17,870 
Gas utility1
11,795 11,443 
Other reconciling items35 29 
Total plant, property, and equipment, gross – Consumers$30,445 $29,342 
CMS Energy, including Consumers
Total assets
Electric utility1
$18,889 $17,907 
Gas utility1
11,552 11,873 
NorthStar Clean Energy1,536 1,464 
Other reconciling items288 109 
Total assets – CMS Energy$32,265 $31,353 
Consumers
Total assets
Electric utility1
$18,949 $17,968 
Gas utility1
11,597 11,918 
Other reconciling items42 30 
Total assets – Consumers$30,588 $29,916 
1Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
v3.23.2
Variable Interest Entities (Tables)
 6 Months Ended
Jun. 30, 2023
Variable Interest Entities [Abstract]  
Schedule of Variable Interest Entities
Presented in the following table are the carrying values of the VIEs’ assets and liabilities included on CMS Energy’s consolidated balance sheets:
In Millions
June 30, 2023December 31, 2022
Current
Cash and cash equivalents$22 $28 
Accounts receivable4 7 
Prepayments and other current assets4 3 
Non-current
Plant, property, and equipment, net810 825 
Total assets1
$840 $863 
Current
Accounts payable$7 $15 
Non-current
Asset retirement obligations24 24 
Total liabilities$31 $39 
1Assets may be used only to meet VIEs’ obligations and commitments.
Presented in the following table is information about these partnerships:
NameNature of the EntityNature of CMS Energy’s Involvement
T.E.S. Filer City Coal-fueled power generatorLong-term PPA between partnership and Consumers
Employee assignment agreement
Grayling Wood waste-fueled power generatorLong-term PPA between partnership and Consumers
Reduced dispatch agreement with Consumers1
Operating and management contract
Genesee Wood waste-fueled power generatorLong-term PPA between partnership and Consumers
Reduced dispatch agreement with Consumers1
Operating and management contract
Craven Wood waste-fueled power generatorOperating and management contract
1Reduced dispatch agreements allow the facilities to be dispatched based on the market price of power compared with the cost of production of the plants. This results in fuel cost savings that each partnership shares with Consumers’ customers.
v3.23.2
Transition Activities - (Tables)
 6 Months Ended
Jun. 30, 2023
Restructuring Cost and Reserve [Line Items]  
Schedule of Retention Benefit Liability Roll Forward
Presented in the following table is a reconciliation of the retention benefit liability recorded in other liabilities on Consumers’ consolidated balance sheets:
In Millions
Six Months Ended
June 3020232022
Retention benefit liability at beginning of period$21 $14 
Costs deferred as a regulatory asset1
10 3 
Retention benefit liability at the end of the period2
$31 $17 
1Includes $5 million for the three months ended June 30, 2023 and $2 million for the three months ended June 30, 2022.
2Includes current portion of other liabilities of $18 million at June 30, 2023 and $6 million at June 30, 2022.
Consumers Energy Company  
Restructuring Cost and Reserve [Line Items]  
Schedule of Retention Benefit Liability Roll Forward
Presented in the following table is a reconciliation of the retention benefit liability recorded in other liabilities on Consumers’ consolidated balance sheets:
In Millions
Six Months Ended
June 3020232022
Retention benefit liability at beginning of period$21 $14 
Costs deferred as a regulatory asset1
10 3 
Retention benefit liability at the end of the period2
$31 $17 
1Includes $5 million for the three months ended June 30, 2023 and $2 million for the three months ended June 30, 2022.
2Includes current portion of other liabilities of $18 million at June 30, 2023 and $6 million at June 30, 2022.
v3.23.2
Regulatory Matters - Quarterly Narrative (Details) - USD ($)
$ in Millions
 1 Months Ended
Jan. 31, 2023
Jun. 30, 2023
May 31, 2023
Apr. 30, 2023
Dec. 31, 2022
Public Utilities, General Disclosures [Line Items]          
Regulatory liabilities   $ 88     $ 104
Consumers Energy Company          
Public Utilities, General Disclosures [Line Items]          
Regulatory liabilities   $ 88     104
Consumers Energy Company | Electric Rate Case          
Public Utilities, General Disclosures [Line Items]          
Additional annual rate increase authorized $ 155        
Rate of return on equity authorized 9.90%        
Surcharge for the recovery of excess distribution investments $ 6        
Consumers Energy Company | Voluntary refund mechanism          
Public Utilities, General Disclosures [Line Items]          
Regulatory liabilities         $ 22
Consumers Energy Company | Contributions to programs assisting vulnerable gas customers          
Public Utilities, General Disclosures [Line Items]          
Regulatory liabilities       $ 5  
Consumers Energy Company | Bill assistance to support vulnerable electric customers          
Public Utilities, General Disclosures [Line Items]          
Regulatory liabilities     $ 9    
Consumers Energy Company | Incremental vegetation management          
Public Utilities, General Disclosures [Line Items]          
Regulatory liabilities     $ 8    
v3.23.2
Contingencies and Commitments (Narrative) (Details)
$ in Millions
 1 Months Ended 6 Months Ended
Jul. 31, 2022
USD ($)
Jun. 30, 2022
USD ($)
Jun. 30, 2023
USD ($)
site
Dec. 31, 2022
USD ($)
Loss Contingencies [Line Items]        
Regulatory assets     $ 3,807 $ 3,595
Environmental Loss Contingency, Statement Of Financial Position, Extensible Enumeration, Not Disclosed Flag     recorded liability  
Consumers Energy Company        
Loss Contingencies [Line Items]        
Regulatory assets     $ 3,807 $ 3,595
Consumers Energy Company | MGP Sites        
Loss Contingencies [Line Items]        
Regulatory assets     $ 103  
Consumers Energy Company | Ludington        
Loss Contingencies [Line Items]        
Ownership share     51.00%  
Consumers Energy Company | Ludington Plant Overhaul Contract Dispute        
Loss Contingencies [Line Items]        
Damages sought   $ 15    
Consumers Energy Company | J.H. Campbell 3 Plant Retirement Contract Dispute        
Loss Contingencies [Line Items]        
Damages sought $ 37      
Bay Harbor        
Loss Contingencies [Line Items]        
Accrual for environmental loss contingencies     $ 44  
Discount rate     4.34%  
Accrual for environmental loss contingencies, inflation rate     1.00%  
Accrual for environmental loss contingencies, gross     $ 55  
NREPA | Electric Utility | Consumers Energy Company        
Loss Contingencies [Line Items]        
Accrual for environmental loss contingencies     2  
NREPA | Gas Utility | Consumers Energy Company        
Loss Contingencies [Line Items]        
Accrual for environmental loss contingencies     1  
NREPA | Minimum | Electric Utility | Consumers Energy Company        
Loss Contingencies [Line Items]        
Remediation and other response activity costs     2  
NREPA | Maximum | Electric Utility | Consumers Energy Company        
Loss Contingencies [Line Items]        
Remediation and other response activity costs     4  
NREPA | Maximum | Gas Utility | Consumers Energy Company        
Loss Contingencies [Line Items]        
Remediation and other response activity costs     3  
CERCLA Liability | Consumers Energy Company        
Loss Contingencies [Line Items]        
Accrual for environmental loss contingencies     3  
CERCLA Liability | Minimum | Consumers Energy Company        
Loss Contingencies [Line Items]        
Remediation and other response activity costs     3  
CERCLA Liability | Maximum | Consumers Energy Company        
Loss Contingencies [Line Items]        
Remediation and other response activity costs     8  
MGP Sites | Consumers Energy Company        
Loss Contingencies [Line Items]        
Accrual for environmental loss contingencies     $ 62  
Number of former MGPs | site     23  
Regulatory asset collection period     10 years  
v3.23.2
Contingencies and Commitments (Schedule of Remediation and Other Response Activity Costs by Year) (Details)
$ in Millions
Jun. 30, 2023
USD ($)
Bay Harbor  
Site Contingency [Line Items]  
2023 $ 2
2024 4
2025 4
2026 4
2027 4
2028 4
Consumers Energy Company | MGP Sites  
Site Contingency [Line Items]  
2023 3
2024 2
2025 2
2026 6
2027 9
2028 $ 23
v3.23.2
Contingencies and Commitments (Summary of Guarantees) (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2023
USD ($)
Variable Interest Entity, Primary Beneficiary | Aviator Wind Class B Membership  
Guarantees And Other Contingencies [Line Items]  
Ownership percentage 49.00%
Guarantees  
Guarantees And Other Contingencies [Line Items]  
Expiration Date indefinite
Maximum Obligation $ 30
Carrying Amount $ 0
Guarantees | Consumers Energy Company  
Guarantees And Other Contingencies [Line Items]  
Expiration Date indefinite
Maximum Obligation $ 30
Carrying Amount $ 0
Indemnification agreement from sale of membership interests in VIEs  
Guarantees And Other Contingencies [Line Items]  
Expiration Date indefinite
Maximum Obligation $ 308
Carrying Amount $ 0
Indemnity obligations from stock and asset sale agreements  
Guarantees And Other Contingencies [Line Items]  
Expiration Date indefinite
Maximum Obligation $ 154
Carrying Amount $ 2
v3.23.2
Financings and Capitalization (Major Long-Term Debt Issuances and Retirements) (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2023
May 31, 2023
Dec. 31, 2022
Debt Instrument [Line Items]      
Principal (In Millions) $ 2,410    
CMS Energy      
Debt Instrument [Line Items]      
Principal (In Millions) 800    
NorthStar Clean Energy, Including Subsidiaries      
Debt Instrument [Line Items]      
Principal (In Millions) 85    
Consumers Energy Company      
Debt Instrument [Line Items]      
Principal (In Millions) 1,525    
Convertible debt | 3.375% Convertible Senior Notes Due 2028 | CMS Energy      
Debt Instrument [Line Items]      
Principal (In Millions) $ 800 $ 800  
Interest rate 3.375% 3.375%  
Term loan facility | Term Loan Facility Due 2023 | NorthStar Clean Energy, Including Subsidiaries      
Debt Instrument [Line Items]      
Principal (In Millions) $ 85    
Interest rate 6.102%    
Maximum borrowing capacity     $ 185
Total principal amount outstanding $ 185    
Term loan facility | Term Loan Facility Due 2024      
Debt Instrument [Line Items]      
Repayments of debt 1,000    
First mortgage bonds | 4.650% First Mortgage Bonds Due March 2028 | Consumers Energy Company      
Debt Instrument [Line Items]      
Principal (In Millions) $ 425    
Interest rate 4.65%    
First mortgage bonds | 4.625% First Mortgage Bonds Due May 2033 | Consumers Energy Company      
Debt Instrument [Line Items]      
Principal (In Millions) $ 700    
Interest rate 4.625%    
First mortgage bonds | 5.240% First Mortgage Bonds Due May 2026 | Consumers Energy Company      
Debt Instrument [Line Items]      
Principal (In Millions) $ 115    
Interest rate 5.24%    
First mortgage bonds | 5.070% First Mortgage Bonds Due May 2029 | Consumers Energy Company      
Debt Instrument [Line Items]      
Principal (In Millions) $ 50    
Interest rate 5.07%    
First mortgage bonds | 5.170% First Mortgage Bonds Due May 2032 | Consumers Energy Company      
Debt Instrument [Line Items]      
Principal (In Millions) $ 95    
Interest rate 5.17%    
First mortgage bonds | 5.380% First Mortgage Bonds Due May 2037 | Consumers Energy Company      
Debt Instrument [Line Items]      
Principal (In Millions) $ 140    
Interest rate 5.38%    
First mortgage bonds | 0.350% First Mortgage Bonds Due 2023 | Consumers Energy Company      
Debt Instrument [Line Items]      
Repayments of debt $ 300    
Interest rate 0.35%    
v3.23.2
Financings and Capitalization (Issuance of Convertible Senior Notes) (Details)
$ / shares in Units, $ in Millions
 1 Months Ended
May 31, 2023
USD ($)
d
$ / shares
Jun. 30, 2023
USD ($)
Debt Instrument [Line Items]    
Principal (In Millions)   $ 2,410
CMS Energy    
Debt Instrument [Line Items]    
Principal (In Millions)   800
3.375% Convertible Senior Notes Due 2028 | Convertible debt | CMS Energy    
Debt Instrument [Line Items]    
Principal (In Millions) $ 800 $ 800
Interest rate 3.375% 3.375%
Unamortized issuance costs $ 13  
Conversion ratio 0.0135194  
Conversion price | $ / shares $ 73.97  
Threshold percentage of stock price trigger 130.00%  
Threshold trading days | d 20  
Threshold consecutive trading days | d 30  
Redemption price percentage 100.00%  
v3.23.2
Financings and Capitalization (First Mortgage Bond Purchase) (Details) - USD ($)
$ in Millions
 1 Months Ended
May 31, 2023
Jun. 30, 2023
Dec. 31, 2022
Debt Instrument [Line Items]      
Principal (In Millions)   $ 2,410  
Gain on debt extinguishment $ 84    
Long-term debt   13,925 $ 13,122
Consumers Energy Company      
Debt Instrument [Line Items]      
Principal (In Millions)   1,525  
Related Party | Consumers Energy Company      
Debt Instrument [Line Items]      
Long-term debt   235 $ 0
CMS Energy      
Debt Instrument [Line Items]      
Payment for purchase of first mortgage bonds 150    
Principal (In Millions)   $ 800  
2.650% First Mortgage Bonds Due 2052 | First mortgage bonds | Consumers Energy Company      
Debt Instrument [Line Items]      
Principal (In Millions) $ 88    
Interest rate 2.65%    
2.500% First Mortgage Bonds Due 2060 | First mortgage bonds | Consumers Energy Company      
Debt Instrument [Line Items]      
Principal (In Millions) $ 150    
Interest rate 2.50%    
v3.23.2
Financings and Capitalization (Schedule of Revolving Credit Facilities) (Details)
 6 Months Ended
Jun. 30, 2023
USD ($)
Consumers Energy Company | Letter of Credit  
Line of Credit Facility [Line Items]  
Borrowings $ 0
Consumers Energy Company | Revolving Credit Facilities December 14, 2027  
Line of Credit Facility [Line Items]  
Amount of Facility 1,100,000,000
Amount Borrowed 0
Letters of Credit Outstanding 27,000,000
Amount Available 1,073,000,000
Consumers Energy Company | Revolving Credit Facilities November 18, 2024  
Line of Credit Facility [Line Items]  
Amount of Facility 250,000,000
Amount Borrowed 0
Letters of Credit Outstanding 27,000,000
Amount Available 223,000,000
CMS Energy | Revolving Credit Facilities December 14, 2027  
Line of Credit Facility [Line Items]  
Amount of Facility 550,000,000
Amount Borrowed 0
Letters of Credit Outstanding 21,000,000
Amount Available 529,000,000
CMS Energy | Revolving Credit Facilities December 14, 2027 | Letter of Credit  
Line of Credit Facility [Line Items]  
Borrowings 0
CMS Energy | Revolving Credit Facilities September 22, 2024  
Line of Credit Facility [Line Items]  
Amount of Facility 50,000,000
Amount Borrowed 0
Letters of Credit Outstanding 50,000,000
Amount Available 0
NorthStar Clean Energy, Including Subsidiaries | Revolving Credit Facilities September 25, 2025  
Line of Credit Facility [Line Items]  
Amount of Facility 37,000,000
Amount Borrowed 0
Letters of Credit Outstanding 37,000,000
Amount Available $ 0
v3.23.2
Financings and Capitalization (Narrative) (Details) - USD ($)
 6 Months Ended
Jun. 30, 2023
Dec. 31, 2022
Financing And Capitalization [Line Items]    
Notes payable $ 0 $ 20,000,000
Limitation on payment of stock dividends 6,900,000,000  
Dividends paid $ 305,000,000  
Consumers Energy Company    
Financing And Capitalization [Line Items]    
Supplier financing program, payment period 60 days  
Supplier financing program, termination period 30 days  
Payables under supplier finance program $ 23,000,000 1,000,000
Unrestricted retained earnings 2,000,000,000  
Consumers Energy Company | Related Party    
Financing And Capitalization [Line Items]    
Notes payable 6,000,000 75,000,000
Consumers Energy Company | Credit Agreement | Related Party    
Financing And Capitalization [Line Items]    
Maximum borrowing capacity   $ 500,000,000
Notes payable 0  
Consumers Energy Company | Credit Agreement | Subsidiaries    
Financing And Capitalization [Line Items]    
Maximum borrowing capacity 40,000,000  
Notes payable $ 6,000,000  
Interest rate at period end 6.924%  
Consumers Energy Company | Credit Agreement | Subsidiaries | SOFR    
Financing And Capitalization [Line Items]    
Basis spread on variable rate 1.75%  
Consumers Energy Company | Commercial Paper    
Financing And Capitalization [Line Items]    
Short-term debt authorized borrowings $ 500,000,000  
Short-term borrowings outstanding $ 0  
v3.23.2
Financings and Capitalization (Schedule of Forward Stock Contracts) (Details) - $ / shares
Jun. 30, 2023
Aug. 29, 2022
Aug. 24, 2022
Aug. 03, 2022
Forward contracts entered into 8/3/2022        
Debt and Equity Securities, FV-NI [Line Items]        
Number of Shares (in shares)       2,944,207
Initial forward price (in dollars per share) $ 68.23     $ 67.59
Forward contracts entered into 8/24/2022        
Debt and Equity Securities, FV-NI [Line Items]        
Number of Shares (in shares)     1,677,938  
Initial forward price (in dollars per share) 70.18   $ 69.46  
Forward contracts entered into 8/29/2022        
Debt and Equity Securities, FV-NI [Line Items]        
Number of Shares (in shares)   1,783,388    
Initial forward price (in dollars per share) $ 68.84 $ 68.18    
v3.23.2
Fair Value Measurements (Assets And Liabilities Measured At Fair Value On A Recurring Basis) (Details) - USD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Assets    
Restricted cash equivalents $ 17 $ 18
Derivative instruments 5 2
Consumers Energy Company    
Assets    
Restricted cash equivalents 17 17
Derivative instruments 4 2
Level 1    
Assets    
Cash equivalents 188 0
Restricted cash equivalents 17 18
Nonqualified deferred compensation plan assets 28 24
Liabilities    
Nonqualified deferred compensation plan liabilities 28 24
Level 1 | Consumers Energy Company    
Assets    
Cash equivalents 42 0
Restricted cash equivalents 17 17
Nonqualified deferred compensation plan assets 20 18
Liabilities    
Nonqualified deferred compensation plan liabilities 20 18
Fair Value, Inputs, Level 1, 2 and 3    
Assets    
Total assets 238 44
Liabilities    
Total liabilities 28 24
Fair Value, Inputs, Level 1, 2 and 3 | Consumers Energy Company    
Assets    
Total assets 83 37
Liabilities    
Total liabilities $ 20 $ 18
v3.23.2
Financial Instruments (Schedule Of Carrying Amounts And Fair Values Of Financial Instruments) (Details) - USD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Liabilities    
Current accounts receivable and notes receivable $ 6 $ 7
Current portion of long term debt 1,126 1,090
Current portion of long-term payables 1 2
Carrying Amount    
Assets    
Long-term receivables 13 14
Liabilities    
Long-term debt 15,051 14,212
Long-term payables 14 9
Fair Value    
Assets    
Long-term receivables 13 14
Liabilities    
Long-term debt 13,638 12,384
Long-term payables 14 7
Consumers Energy Company    
Liabilities    
Current accounts receivable and notes receivable 6 7
Current portion of long term debt 691 991
Consumers Energy Company | Related Party    
Liabilities    
Current portion of notes receivable, related party 7 7
Consumers Energy Company | Carrying Amount    
Assets    
Long-term receivables 13 14
Notes receivable related party 99 101
Liabilities    
Long-term payables 6 0
Consumers Energy Company | Carrying Amount | Nonrelated Party    
Liabilities    
Long-term debt 10,147 10,183
Consumers Energy Company | Carrying Amount | Related Party    
Liabilities    
Long-term debt 235 0
Consumers Energy Company | Fair Value    
Assets    
Long-term receivables 13 14
Notes receivable related party 99 101
Liabilities    
Long-term payables 6 0
Consumers Energy Company | Fair Value | Nonrelated Party    
Liabilities    
Long-term debt 8,989 8,728
Consumers Energy Company | Fair Value | Related Party    
Liabilities    
Long-term debt 146 0
Level 1 | Fair Value    
Assets    
Long-term receivables 0 0
Liabilities    
Long-term debt 1,076 987
Long-term payables 0 0
Level 1 | Consumers Energy Company | Fair Value    
Assets    
Long-term receivables 0 0
Notes receivable related party 0 0
Liabilities    
Long-term payables 0 0
Level 1 | Consumers Energy Company | Fair Value | Nonrelated Party    
Liabilities    
Long-term debt 0 0
Level 1 | Consumers Energy Company | Fair Value | Related Party    
Liabilities    
Long-term debt 0 0
Level 2 | Fair Value    
Assets    
Long-term receivables 0 0
Liabilities    
Long-term debt 10,389 8,741
Long-term payables 0 0
Level 2 | Consumers Energy Company | Fair Value    
Assets    
Long-term receivables 0 0
Notes receivable related party 0 0
Liabilities    
Long-term payables 0 0
Level 2 | Consumers Energy Company | Fair Value | Nonrelated Party    
Liabilities    
Long-term debt 7,001 6,172
Level 2 | Consumers Energy Company | Fair Value | Related Party    
Liabilities    
Long-term debt 146 0
Level 3 | Fair Value    
Assets    
Long-term receivables 13 14
Liabilities    
Long-term debt 2,173 2,656
Long-term payables 14 7
Level 3 | Consumers Energy Company | Fair Value    
Assets    
Long-term receivables 13 14
Notes receivable related party 99 101
Liabilities    
Long-term payables 6 0
Level 3 | Consumers Energy Company | Fair Value | Nonrelated Party    
Liabilities    
Long-term debt 1,988 2,556
Level 3 | Consumers Energy Company | Fair Value | Related Party    
Liabilities    
Long-term debt $ 0 $ 0
v3.23.2
Financial Instruments (Narrative) (Details)
Jun. 30, 2023
Consumers Energy Company | CMS Energy Note Payable  
Financial Instruments [Line Items]  
Interest rate 4.10%
v3.23.2
Retirement Benefits (Schedule Of Net Benefit Costs) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
DB Pension Plans        
Defined Benefit Plan, Roll Forwards [Abstract]        
Service cost $ 8 $ 11 $ 15 $ 23
Interest cost 26 20 53 38
Expected return on plan assets (55) (52) (110) (104)
Amortization of        
Net loss 3 10 6 27
Prior service cost (credit) 1 1 2 2
Settlement loss 3 2 5 4
Net periodic credit (14) (8) (29) (10)
DB Pension Plans | Volatility Mechanism        
Amortization of        
Deferred costs (credits)     6  
DB Pension Plans | Consumers Energy Company        
Defined Benefit Plan, Roll Forwards [Abstract]        
Service cost 7 11 14 23
Interest cost 26 20 51 36
Expected return on plan assets (52) (50) (104) (99)
Amortization of        
Net loss 2 9 5 25
Prior service cost (credit) 1 1 2 2
Settlement loss 3 2 5 4
Net periodic credit (13) (7) (27) (9)
OPEB Plan        
Defined Benefit Plan, Roll Forwards [Abstract]        
Service cost 3 5 6 9
Interest cost 11 7 22 14
Expected return on plan assets (25) (29) (51) (58)
Amortization of        
Net loss 3 1 6 1
Prior service cost (credit) (11) (14) (21) (26)
Settlement loss 0 0 0 0
Net periodic credit (19) (30) (38) (60)
OPEB Plan | Volatility Mechanism        
Amortization of        
Deferred costs (credits)     (12)  
OPEB Plan | Consumers Energy Company        
Defined Benefit Plan, Roll Forwards [Abstract]        
Service cost 3 5 6 9
Interest cost 10 7 21 14
Expected return on plan assets (24) (27) (48) (54)
Amortization of        
Net loss 3 0 6 0
Prior service cost (credit) (10) (13) (20) (25)
Settlement loss 0 0 0 0
Net periodic credit $ (18) $ (28) $ (35) $ (56)
v3.23.2
Income Taxes (Schedule Of Effective Income Rate Reconciliation) (Details) - USD ($)
$ in Millions
 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Income Taxes [Line Items]    
U.S. federal income tax rate 21.00% 21.00%
Increase (decrease) in income taxes from:    
State and local income taxes, net of federal effect 2.60% 5.50%
Production tax credits (4.40%) (5.10%)
TCJA excess deferred taxes (4.00%) (7.20%)
Accelerated flow-through of regulatory tax benefits 0.00% (4.30%)
Other, net 0.30% 0.00%
Effective tax rate 15.50% 9.90%
Consumers Energy Company    
Income Taxes [Line Items]    
U.S. federal income tax rate 21.00% 21.00%
Increase (decrease) in income taxes from:    
State and local income taxes, net of federal effect 2.40% 5.20%
Production tax credits (4.10%) (3.80%)
TCJA excess deferred taxes (3.60%) (6.00%)
Accelerated flow-through of regulatory tax benefits 0.00% (3.60%)
Other, net (0.40%) (0.40%)
Effective tax rate 15.30% 12.40%
Consumers Energy Company | Non-Michigan Jurisdiction    
Increase (decrease) in income taxes from:    
Reversal of tax reserve $ 13  
v3.23.2
Earnings Per Share - CMS Energy (Basic And Diluted EPS Computations) (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Income available to common stockholders        
Income from continuing operations $ 189 $ 142 $ 383 $ 483
Loss attributable to noncontrolling interests (8) (6) (18) (14)
Preferred stock dividends 3 3 5 5
Income from continuing operations available to common stockholders – basic and diluted $ 194 $ 145 $ 396 $ 492
Average common shares outstanding        
Weighted average shares - basic (in shares) 290.9 289.5 290.8 289.4
Dilutive nonvested stock awards (in shares) 0.4 0.4 0.4 0.4
Dilutive forward equity sale contracts (in shares) 0.0 0.2 0.0 0.2
Weighted average shares - diluted (in shares) 291.3 290.1 291.2 290.0
Income from continuing operations per average common share available to common stockholders        
Basic (in dollars per share) $ 0.67 $ 0.50 $ 1.36 $ 1.70
Diluted (in dollars per share) $ 0.67 $ 0.50 $ 1.36 $ 1.70
v3.23.2
Earnings Per Share - CMS Energy - Narrative (Details) - USD ($)
$ in Millions
Jun. 30, 2023
May 31, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Principal (In Millions) $ 2,410  
CMS Energy    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Principal (In Millions) 800  
CMS Energy | 3.375% Convertible Senior Notes Due 2028 | Convertible debt    
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]    
Principal (In Millions) $ 800 $ 800
v3.23.2
Revenue (Disaggregation of Revenue) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers $ 1,514 $ 1,842 $ 3,762 $ 4,160
Leasing income 27 66 58 124
Financing income 4 4 9 9
Consumers alternative-revenue programs     10 1
Total operating revenue 1,555 1,920 3,839 4,294
Electric Utility | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 1,115 1,322 2,204 2,560
Financing income 3 2 5 5
Consumers alternative-revenue programs     10 1
Total operating revenue 1,128 1,325 2,219 2,566
Gas Utility | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 356 468 1,472 1,515
Financing income 1 2 4 4
Consumers alternative-revenue programs     0 0
Total operating revenue 357 477 1,476 1,519
NorthStar Clean Energy | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 43 52 86 85
Leasing income 27 66 58 124
Total operating revenue 70 118 144 209
Variable lease income 16 53 38 97
Consumers Energy Company        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 1,471 1,790 3,676 4,075
Financing income 4 4 9 9
Consumers alternative-revenue programs 10 8 10 1
Total operating revenue 1,485 1,802 3,695 4,085
Consumers Energy Company | Electric Utility | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 1,115 1,322 2,204 2,560
Financing income 3 2 5 5
Consumers alternative-revenue programs 10 1 10 1
Total operating revenue 1,128 1,325 2,219 2,566
Consumers Energy Company | Gas Utility | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 356 468 1,472 1,515
Financing income 1 2 4 4
Consumers alternative-revenue programs 0 7 0 0
Total operating revenue 357 477 1,476 1,519
Residential | Consumers Energy Company        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 742 906 2,046 2,237
Residential | Consumers Energy Company | Electric Utility | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 513 597 1,041 1,188
Residential | Consumers Energy Company | Gas Utility | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 229 309 1,005 1,049
Commercial | Consumers Energy Company        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 461 519 1,055 1,124
Commercial | Consumers Energy Company | Electric Utility | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 393 420 740 804
Commercial | Consumers Energy Company | Gas Utility | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 68 99 315 320
Industrial | Consumers Energy Company        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 167 222 359 418
Industrial | Consumers Energy Company | Electric Utility | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 159 207 320 375
Industrial | Consumers Energy Company | Gas Utility | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 8 15 39 43
Other        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 43 52 86 85
Other | NorthStar Clean Energy | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 43 52 86 85
Other | Consumers Energy Company        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 101 143 216 296
Other | Consumers Energy Company | Electric Utility | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 50 98 103 193
Other | Consumers Energy Company | Gas Utility | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers $ 51 $ 45 $ 113 $ 103
v3.23.2
Revenue (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Dec. 31, 2022
Disaggregation of Revenue [Line Items]          
Unbilled receivables $ 339   $ 339   $ 663
Incentive revenue collection period 24 months   24 months    
Consumers Energy Company          
Disaggregation of Revenue [Line Items]          
Unbilled receivables $ 339   $ 339   $ 663
Accounts Receivable          
Disaggregation of Revenue [Line Items]          
Bad debt expense 8 $ 14 17 $ 18  
Accounts Receivable | Consumers Energy Company          
Disaggregation of Revenue [Line Items]          
Bad debt expense $ 8 $ 14 $ 17 $ 18  
v3.23.2
Reportable Segments (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Dec. 31, 2022
Segment Reporting Information [Line Items]          
Operating Revenue $ 1,555 $ 1,920 $ 3,839 $ 4,294  
Net income (loss) available to common stockholders 195 145 397 496  
Plant, property, and equipment, gross 31,592   31,592   $ 30,491
Total assets 32,265   32,265   31,353
Consumers Energy Company          
Segment Reporting Information [Line Items]          
Operating Revenue 1,485 1,802 3,695 4,085  
Net income (loss) available to common stockholders 166 172 398 555  
Plant, property, and equipment, gross 30,445   30,445   29,342
Total assets 30,588   30,588   29,916
Other reconciling items          
Segment Reporting Information [Line Items]          
Net income (loss) available to common stockholders 22 (38) (7) (78)  
Plant, property, and equipment, gross 28   28   30
Total assets 288   288   109
Other reconciling items | Consumers Energy Company          
Segment Reporting Information [Line Items]          
Net income (loss) available to common stockholders (4) (4) 4 (4)  
Plant, property, and equipment, gross 35   35   29
Total assets 42   42   30
Electric Utility | Operating Segments          
Segment Reporting Information [Line Items]          
Operating Revenue 1,128 1,325 2,219 2,566  
Net income (loss) available to common stockholders 147 140 217 307  
Plant, property, and equipment, gross 18,615   18,615   17,870
Total assets 18,889   18,889   17,907
Electric Utility | Operating Segments | Consumers Energy Company          
Segment Reporting Information [Line Items]          
Operating Revenue 1,128 1,325 2,219 2,566  
Net income (loss) available to common stockholders 147 140 217 307  
Plant, property, and equipment, gross 18,615   18,615   17,870
Total assets 18,949   18,949   17,968
Gas Utility | Operating Segments          
Segment Reporting Information [Line Items]          
Operating Revenue 357 477 1,476 1,519  
Net income (loss) available to common stockholders 23 36 177 252  
Plant, property, and equipment, gross 11,795   11,795   11,443
Total assets 11,552   11,552   11,873
Gas Utility | Operating Segments | Consumers Energy Company          
Segment Reporting Information [Line Items]          
Operating Revenue 357 477 1,476 1,519  
Net income (loss) available to common stockholders 23 36 177 252  
Plant, property, and equipment, gross 11,795   11,795   11,443
Total assets 11,597   11,597   11,918
NorthStar Clean Energy | Operating Segments          
Segment Reporting Information [Line Items]          
Operating Revenue 70 118 144 209  
Net income (loss) available to common stockholders 3 $ 7 10 $ 15  
Plant, property, and equipment, gross 1,154   1,154   1,148
Total assets $ 1,536   $ 1,536   $ 1,464
v3.23.2
Variable Interest Entities (Narrative) (Details)
$ in Millions
 6 Months Ended
Jun. 30, 2023
USD ($)
MW
Dec. 31, 2022
USD ($)
Variable Interest Entity [Line Items]    
Investments | $ $ 72 $ 71
NWO Holdco, L.L.C    
Variable Interest Entity [Line Items]    
Nameplate capacity (in MW) | MW 100  
Variable Interest Entity, Primary Beneficiary | Aviator Wind    
Variable Interest Entity [Line Items]    
Nameplate capacity (in MW) | MW 525  
Ownership interest 51.00%  
Variable Interest Entity, Primary Beneficiary | Aviator Wind Class B Membership    
Variable Interest Entity [Line Items]    
Noncontrolling ownership interest 49.00%  
Variable Interest Entity, Not Primary Beneficiary    
Variable Interest Entity [Line Items]    
Investments | $ $ 72 $ 71
Variable Interest Entity, Not Primary Beneficiary | T.E.S. Filer City    
Variable Interest Entity [Line Items]    
Ownership interest 50.00%  
Variable Interest Entity, Not Primary Beneficiary | Grayling    
Variable Interest Entity [Line Items]    
Ownership interest 50.00%  
Variable Interest Entity, Not Primary Beneficiary | Genesee    
Variable Interest Entity [Line Items]    
Ownership interest 50.00%  
Variable Interest Entity, Not Primary Beneficiary | Craven    
Variable Interest Entity [Line Items]    
Ownership interest 50.00%  
v3.23.2
Variable Interest Entities (Consolidated Information of Variable Interest Entity) (Details) - USD ($)
$ in Millions
Jun. 30, 2023
Dec. 31, 2022
Variable Interest Entity [Line Items]    
Cash and cash equivalents $ 389 $ 164
Prepayments and other current assets 125 113
Plant, property, and equipment, net 24,264 22,713
Total assets 32,265 31,353
Asset retirement obligations 759 746
Variable Interest Entity, Primary Beneficiary    
Variable Interest Entity [Line Items]    
Cash and cash equivalents 22 28
Accounts receivable 4 7
Prepayments and other current assets 4 3
Plant, property, and equipment, net 810 825
Total assets 840 863
Accounts payable 7 15
Asset retirement obligations 24 24
Total liabilities $ 31 $ 39
v3.23.2
Transition Activities - Narrative (Details)
$ in Millions
 1 Months Ended 3 Months Ended 6 Months Ended 12 Months Ended 45 Months Ended
May 31, 2023
USD ($)
MW
Jun. 30, 2023
USD ($)
coal_fueled_electric_generating_unit
Jun. 30, 2022
USD ($)
Jun. 30, 2023
USD ($)
coal_fueled_electric_generating_unit
Jun. 30, 2022
USD ($)
Jun. 30, 2023
USD ($)
coal_fueled_electric_generating_unit
Jun. 30, 2023
USD ($)
coal_fueled_electric_generating_unit
Dec. 31, 2022
USD ($)
New Covert Generating Facility | Consumers Energy Company                
Restructuring Cost and Reserve [Line Items]                
Nameplate capacity (in MW) | MW 1,200              
Consideration transferred $ 810              
Net book value of plant 440              
Plant acquisition adjustment 370              
Increase to property, plant, and equipment 810              
New Covert Generating Facility | Seller                
Restructuring Cost and Reserve [Line Items]                
Original cost of plant 665              
Accumulated depreciation $ 225              
D.E. Karn Generating Complex | Consumers Energy Company | Costs of coal-fueled electric generating units to be retired                
Restructuring Cost and Reserve [Line Items]                
Regulatory assets, number of units | coal_fueled_electric_generating_unit   2   2   2 2  
Regulatory asset   $ 670   $ 670   $ 670 $ 670  
Retention Benefits                
Restructuring Cost and Reserve [Line Items]                
Cost deferred   $ 5 $ 2 $ 10 $ 3      
Retention Benefits | D.E. Karn Generating Complex and J.H. Campbell Generating Units | Retention Incentive Program                
Restructuring Cost and Reserve [Line Items]                
Regulatory asset collection period   3 years   3 years   3 years 3 years  
Retention Benefits | D.E. Karn Generating Complex                
Restructuring Cost and Reserve [Line Items]                
Aggregate cost incurred               $ 32
Retention and severance costs             $ 16  
Retention Benefits | D.E. Karn Generating Complex | Retention Incentive Program                
Restructuring Cost and Reserve [Line Items]                
Cost deferred             12  
Retention Benefits | D.E. Karn Generating Complex | Property, Plant and Equipment                
Restructuring Cost and Reserve [Line Items]                
Costs incurred and capitalized             4  
Retention Benefits | J.H. Campbell Generating Units                
Restructuring Cost and Reserve [Line Items]                
Expected cost   $ 50   $ 50   $ 50 $ 50  
Retention Benefits | J.H. Campbell Generating Units | Retention Incentive Program                
Restructuring Cost and Reserve [Line Items]                
Cost deferred           $ 28    
v3.23.2
Transition Activities - Schedule of Retention Benefit Liability Roll Forward (Details) - USD ($)
$ in Millions
 3 Months Ended 6 Months Ended 12 Months Ended
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Jun. 30, 2022
Jun. 30, 2023
Dec. 31, 2022
Restructuring Reserve [Roll Forward]            
Other current liabilities $ 187   $ 187   $ 187 $ 166
Retention Benefits            
Restructuring Reserve [Roll Forward]            
Retention benefit liability at beginning of period     21 $ 14 17  
Costs deferred as a regulatory asset 5 $ 2 10 3    
Retention benefit liability at the end of the period 31 17 31 17 31  
Other current liabilities $ 18 $ 6 $ 18 $ 6 $ 18