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Schedule I - Condensed Financial Information of Registrant | 12 Months Ended
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Dec. 31, 2012
Schedule I - Condensed Financial Information of Registrant [Abtract] |
Schedule I - Condensed Financial Information of Registrant | CMS Energy Corporation Schedule I – Condensed Financial Information of Registrant CMS Energy – Parent Company Condensed Statements of Income
In Millions
Years Ended December 31 | 2012 | 2011 | 2010 |
Operating Expenses |  |  |  |  |  |  |  |  |  |
Other operating expenses |  | $ | (8) |  | $ | (9) |  | $ | (6) |
General taxes |  |  | - |  |  | 6 |  |  | - |
Total operating expenses |  |  | (8) |  |  | (3) |  |  | (6) |
Operating Loss |  |  | (8) |  |  | (3) |  |  | (6) |
Other Income (Expense) |  |  |  |  |  |  |  |  |  |
Equity earnings of subsidiaries |  |  | 477 |  |  | 510 |  |  | 464 |
Interest income |  |  | 1 |  |  | 1 |  |  | 1 |
Other expense |  |  | (5) |  |  | (5) |  |  | (8) |
Total other income |  |  | 473 |  |  | 506 |  |  | 457 |
Interest Charges |  |  |  |  |  |  |  |  |  |
Interest on long-term debt |  |  | 140 |  |  | 143 |  |  | 147 |
Intercompany interest expense and other |  |  | 5 |  |  | 6 |  |  | 4 |
Total interest charges |  |  | 145 |  |  | 149 |  |  | 151 |
Income Before Income Taxes |  |  | 320 |  |  | 354 |  |  | 300 |
Income Tax Benefit |  |  | (62) |  |  | (61) |  |  | (50) |
Income From Continuing Operations |  |  | 382 |  |  | 415 |  |  | 350 |
Loss From Discontinued Operations |  |  | - |  |  | - |  |  | (10) |
Net Income |  |  | 382 |  |  | 415 |  |  | 340 |
Charge for Deferred Issuance Costs on Preferred Stock |  |  | - |  |  | - |  |  | 8 |
Preferred Stock Dividends |  |  | - |  |  | - |  |  | 8 |
Net Income Available to Common Stockholders |  | $ | 382 |  | $ | 415 |  | $ | 324 |
The accompanying notes are an integral part of these statements. |  |  |  |  |  |  |  |  |  |
CMS Energy Corporation Schedule I – Condensed Financial Information of Registrant CMS Energy – Parent Company Condensed Statements of Cash Flows
In Millions
Years Ended December 31 | 2012 | 2011 | 2010 |
Cash Flows from Operating Activities |  |  |  |  |  |  |  |  |  |
Net income |  | $ | 382 |  | $ | 415 |  | $ | 340 |
Adjustments to reconcile net income to net cash provided by operating activities |  |  |  |  |  |  |  |  |  |
Equity earnings of subsidiaries |  |  | (477) |  |  | (510) |  |  | (464) |
Dividends received from subsidiaries |  |  | 401 |  |  | 474 |  |  | 358 |
Cash provided by (used in) changes in assets and liabilities |  |  |  |  |  |  |  |  |  |
Accounts and notes receivable |  |  | 2 |  |  | (1) |  |  | - |
Accounts payable |  |  | - |  |  | - |  |  | (16) |
Other current and non-current assets and liabilities |  |  | (30) |  |  | (71) |  |  | 117 |
Net cash provided by operating activities |  |  | 278 |  |  | 307 |  |  | 335 |
Cash Flows from Investing Activities |  |  |  |  |  |  |  |  |  |
Investment in subsidiaries |  |  | (151) |  |  | (125) |  |  | (250) |
Net cash used in investing activities |  |  | (151) |  |  | (125) |  |  | (250) |
Cash Flows from Financing Activities |  |  |  |  |  |  |  |  |  |
Proceeds from issuance of long-term debt |  |  | 575 |  |  | 375 |  |  | 800 |
Issuance of common stock |  |  | 30 |  |  | 29 |  |  | 8 |
Retirement of long-term debt |  |  | (463) |  |  | (376) |  |  | (396) |
Payment of common stock dividends |  |  | (252) |  |  | (211) |  |  | (154) |
Payment of preferred stock dividends |  |  | - |  |  | - |  |  | (8) |
Redemption of preferred stock |  |  | - |  |  | - |  |  | (239) |
Debt issuance costs and financing fees |  |  | (4) |  |  | (6) |  |  | (11) |
Increase (decrease) in notes payable |  |  | (11) |  |  | 7 |  |  | (85) |
Net cash used in financing activities |  |  | (125) |  |  | (182) |  |  | (85) |
Net Increase in Cash and Cash Equivalents |  |  | 2 |  |  | - |  |  | - |
Cash and Cash Equivalents, Beginning of Period |  |  | - |  |  | - |  |  | - |
Cash and Cash Equivalents, End of Period |  | $ | 2 |  | $ | - |  | $ | - |
The accompanying notes are an integral part of these statements. |  |  |  |  |  |  |  |  |  |
CMS Energy Corporation Schedule I – Condensed Financial Information of Registrant CMS Energy – Parent Company Condensed Balance Sheets
ASSETS |  |  |  |  |  |  |
In Millions
December 31 | 2012 | 2011 |
Current Assets |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 2 |  | $ | - |
Notes and accrued interest receivable |  |  | 1 |  |  | 1 |
Accounts receivable, including intercompany and related parties |  |  | 4 |  |  | 6 |
Accrued taxes |  |  | 7 |  |  | 16 |
Deferred income taxes |  |  | 3 |  |  | 3 |
Total current assets |  |  | 17 |  |  | 26 |
Plant, Property, and Equipment |  |  |  |  |  |  |
Plant, property, and equipment, gross |  |  | 16 |  |  | 16 |
Less accumulated depreciation and amortization |  |  | 16 |  |  | 16 |
Total plant, property, and equipment |  |  | - |  |  | - |
Other Non-current Assets |  |  |  |  |  |  |
Deferred income taxes |  |  | 392 |  |  | 367 |
Investments in subsidiaries |  |  | 5,312 |  |  | 5,096 |
Other investments – DB SERP |  |  | 24 |  |  | 23 |
Other |  |  | 26 |  |  | 28 |
Total other non-current assets |  |  | 5,754 |  |  | 5,514 |
Total Assets |  | $ | 5,771 |  | $ | 5,540 |
LIABILITIES AND EQUITY |  |  |  |  |  |  |
In Millions
December 31 | 2012 | 2011 |
Current Liabilities |  |  |  |  |  |  |
Current portion of long-term debt |  | $ | 172 |  | $ | 398 |
Accounts and notes payable, including intercompany and related parties |  |  | 152 |  |  | 163 |
Accrued interest, including intercompany |  |  | 30 |  |  | 28 |
Other current liabilities |  |  | 5 |  |  | 5 |
Total current liabilities |  |  | 359 |  |  | 594 |
Non-current Liabilities |  |  |  |  |  |  |
Long-term debt |  |  | 2,205 |  |  | 1,875 |
Notes payable – related party |  |  | - |  |  | 34 |
Unamortized discount |  |  | (13) |  |  | (17) |
Postretirement benefits |  |  | 24 |  |  | 24 |
Other non-current liabilities |  |  | 2 |  |  | 2 |
Total non-current liabilities |  |  | 2,218 |  |  | 1,918 |
Equity |  |  |  |  |  |  |
Common stockholders equity |  |  | 3,194 |  |  | 3,028 |
Total Liabilities and Equity |  | $ | 5,771 |  | $ | 5,540 |
The accompanying notes are an integral part of these statements. |  |  |  |  |  |  |
CMS Energy Corporation Schedule I – Condensed Financial Information of Registrant CMS Energy – Parent Company Notes to the Condensed Financial Statements 1: Basis of Presentation CMS Energy’s condensed financial statements have been prepared on a parent-only basis. In accordance with Rule 12-04 of Regulation S-X, these parent-only financial statements do not include all of the information and notes required by GAAP for annual financial statements, and therefore these parent-only financial statements and other information included should be read in conjunction with CMS Energy’s audited consolidated financial statements contained within Item 8. Financial Statements and Supplementary Data. 2: Guarantees CMS Energy has issued guarantees with a maximum potential obligation of $165 million on behalf of some of its wholly owned subsidiaries. CMS Energy’s maximum potential obligation consists primarily of payment obligations to third parties under commodity purchase and swap agreements at CMS ERM and to the DOE for non-payment by Consumers in relation to the DOE settlement. The expiry dates of these guarantees vary, depending upon contractual provisions or upon the statute of limitations under the relevant governing law.

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