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Financings And Capitalization | 3 Months Ended
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Mar. 31, 2016
Financings And Capitalization | 4:Financings and Capitalization Term Loan: In April 2016, CMS Energy reached an agreement to extend the maturity date of its $180 million term loan by one year, through April 2018. Revolving Credit Facilities: The following secured revolving credit facilities with banks were available at March 31, 2016:
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |
﻿In Millions
﻿ |  |  | Letters of Credit |
﻿Expiration Date | Amount of Facility | Amount Borrowed | Outstanding | Amount Available |
﻿CMS Energy parent |  |  |  |  |  |  |  |  |  |  |  |  |
﻿May 27, 2020 1 |  | $ | 550 |  | $ | - |  | $ | 1 |  | $ | 549 |
﻿Consumers |  |  |  |  |  |  |  |  |  |  |  |  |
﻿May 27, 2020 2 |  | $ | 650 |  | $ | - |  | $ | 7 |  | $ | 643 |
﻿November 23, 2017 2 |  |  | 250 |  |  | - |  |  | - |  |  | 250 |
﻿May 9, 2018 2 |  |  | 30 |  |  | - |  |  | 30 |  |  | - |
﻿
| 1 |  | During the three months ended March 31, 2016, CMS Energy’s average borrowings totaled $10 million with a weighted-average interest rate of 1.68 percent. Obligations under this facility are secured by Consumers common stock.
| 2 |  | Obligations under this facility are secured by first mortgage bonds of Consumers.
Short-term Borrowings: Under Consumers’ commercial paper program, Consumers may issue, in one or more placements, commercial paper notes with maturities of up to 365 days and that bear interest at fixed or floating rates. These issuances are supported by Consumers’ $650 million revolving credit facility and may have an aggregate principal amount outstanding of up to $500 million. While the amount of outstanding commercial paper does not reduce the revolver’s available capacity, Consumers would not issue commercial paper in an amount exceeding the available revolver capacity. At March 31, 2016, no commercial paper notes were outstanding under this program. Dividend Restrictions: At March 31, 2016, payment of dividends by CMS Energy on its common stock was limited to $4.1 billion under provisions of the Michigan Business Corporation Act of 1972. Under the provisions of its articles of incorporation, at March 31, 2016, Consumers had $902 million 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. For the three months ended March 31, 2016, Consumers paid $155 million in dividends on its common stock to CMS Energy. Issuance of Common Stock: In April 2015, CMS Energy entered into an updated continuous equity offering program permitting it to sell, from time to time in “at the market” offerings, common stock having an aggregate sales price of up to $100 million. Presented in the following table are the transactions that CMS Energy entered into under the program:
﻿ |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |
﻿ | Number of | Average | Proceeds |
﻿ | Shares Issued | Price per Share | (In Millions) |
﻿April – July 2015 | 888,610 |  | $ | 33.76 |  | $ | 30 |
﻿March 2016 | 1,449,171 |  |  | 41.40 |  |  | 60 |
﻿Total | 2,337,781 |  | $ | 38.50 |  | $ | 90 |
﻿
Consumers Energy Company [Member] |
Financings And Capitalization | 4:Financings and Capitalization Term Loan: In April 2016, CMS Energy reached an agreement to extend the maturity date of its $180 million term loan by one year, through April 2018. Revolving Credit Facilities: The following secured revolving credit facilities with banks were available at March 31, 2016:
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |
﻿In Millions
﻿ |  |  | Letters of Credit |
﻿Expiration Date | Amount of Facility | Amount Borrowed | Outstanding | Amount Available |
﻿CMS Energy parent |  |  |  |  |  |  |  |  |  |  |  |  |
﻿May 27, 2020 1 |  | $ | 550 |  | $ | - |  | $ | 1 |  | $ | 549 |
﻿Consumers |  |  |  |  |  |  |  |  |  |  |  |  |
﻿May 27, 2020 2 |  | $ | 650 |  | $ | - |  | $ | 7 |  | $ | 643 |
﻿November 23, 2017 2 |  |  | 250 |  |  | - |  |  | - |  |  | 250 |
﻿May 9, 2018 2 |  |  | 30 |  |  | - |  |  | 30 |  |  | - |
﻿
| 1 |  | During the three months ended March 31, 2016, CMS Energy’s average borrowings totaled $10 million with a weighted-average interest rate of 1.68 percent. Obligations under this facility are secured by Consumers common stock.
| 2 |  | Obligations under this facility are secured by first mortgage bonds of Consumers.
Short-term Borrowings: Under Consumers’ commercial paper program, Consumers may issue, in one or more placements, commercial paper notes with maturities of up to 365 days and that bear interest at fixed or floating rates. These issuances are supported by Consumers’ $650 million revolving credit facility and may have an aggregate principal amount outstanding of up to $500 million. While the amount of outstanding commercial paper does not reduce the revolver’s available capacity, Consumers would not issue commercial paper in an amount exceeding the available revolver capacity. At March 31, 2016, no commercial paper notes were outstanding under this program. Dividend Restrictions: At March 31, 2016, payment of dividends by CMS Energy on its common stock was limited to $4.1 billion under provisions of the Michigan Business Corporation Act of 1972. Under the provisions of its articles of incorporation, at March 31, 2016, Consumers had $902 million 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. For the three months ended March 31, 2016, Consumers paid $155 million in dividends on its common stock to CMS Energy. Issuance of Common Stock: In April 2015, CMS Energy entered into an updated continuous equity offering program permitting it to sell, from time to time in “at the market” offerings, common stock having an aggregate sales price of up to $100 million. Presented in the following table are the transactions that CMS Energy entered into under the program:
﻿ |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |
﻿ | Number of | Average | Proceeds |
﻿ | Shares Issued | Price per Share | (In Millions) |
﻿April – July 2015 | 888,610 |  | $ | 33.76 |  | $ | 30 |
﻿March 2016 | 1,449,171 |  |  | 41.40 |  |  | 60 |
﻿Total | 2,337,781 |  | $ | 38.50 |  | $ | 90 |
﻿

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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