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Financial Instruments | 9 Months Ended
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Sep. 30, 2016
Financial Instruments | 6: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 does not include information on cash, cash equivalents, short-term accounts and notes receivable, short-term investments, and current liabilities since the carrying amounts of these items approximate their fair values because of their short-term nature. For information about assets and liabilities recorded at fair value and for additional details regarding the fair value hierarchy, see Note 5, Fair Value Measurements.
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﻿In Millions
﻿ | September 30, 2016 |  | December 31, 2015 |
﻿ |  | Fair Value |  |  | Fair Value |
﻿ | Carrying |  |  |  | Level |  | Carrying |  |  |  | Level |
﻿ | Amount | Total | 1 | 2 | 3 |  | Amount | Total | 1 | 2 | 3 |
﻿CMS Energy, including Consumers |
﻿Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Long-term receivables 1 |  | $ | 23 |  | $ | 23 |  | $ | - |  | $ | - |  | $ | 23 |  |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | - |
﻿Notes receivable 2 |  |  | 1,286 |  |  | 1,374 |  |  | - |  |  | - |  |  | 1,374 |  |  |  | 1,161 |  |  | 1,228 |  |  | - |  |  | - |  |  | 1,228 |
﻿Securities held to maturity |  |  | 13 |  |  | 14 |  |  | - |  |  | 14 |  |  | - |  |  |  | 11 |  |  | 11 |  |  | - |  |  | 11 |  |  | - |
﻿Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Long-term debt 3 |  |  | 9,706 |  |  | 10,651 |  |  | - |  |  | 9,628 |  |  | 1,023 |  |  |  | 9,084 |  |  | 9,599 |  |  | - |  |  | 8,648 |  |  | 951 |
﻿Long-term payables 4 |  |  | 22 |  |  | 23 |  |  | - |  |  | - |  |  | 23 |  |  |  | 14 |  |  | 14 |  |  | - |  |  | - |  |  | 14 |
﻿Consumers |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Long-term receivables 1 |  | $ | 23 |  | $ | 23 |  | $ | - |  | $ | - |  | $ | 23 |  |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | - |
﻿Notes receivable |  |  | 45 |  |  | 44 |  |  | - |  |  | - |  |  | 44 |  |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |
﻿Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Long-term debt 5 |  |  | 5,640 |  |  | 6,232 |  |  | - |  |  | 5,209 |  |  | 1,023 |  |  |  | 5,381 |  |  | 5,684 |  |  | - |  |  | 4,733 |  |  | 951 |
﻿Long-term payables |  |  | 6 |  |  | 6 |  |  | - |  |  | - |  |  | 6 |  |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |
﻿
| 1 |  | Includes current accounts receivable of $13 million at September 30, 2016.
| 2 |  | Includes current portion of notes receivable of $187 million at September 30, 2016 and $144 million at December 31, 2015.
| 3 |  | Includes current portion of long-term debt of $984 million at September 30, 2016 and $684 million at December 31, 2015.
| 4 |  | Includes current portion of long-term payables of $1 million at September 30, 2016 and December 31, 2015.
| 5 |  | Includes current portion of long-term debt of $275 million at September 30, 2016 and $198 million at December 31, 2015.
At CMS Energy, n otes receivable consist primarily of EnerBank’s fixed-rate installment loans. EnerBank estimates the fair value of these loans using a discounted cash flows technique that incorporates market interest rates as well as assumptions about the remaining life of the loans and credit risk. CMS Energy and Consumers estimate the fair value of their long-term debt using quoted prices from market trades of the debt, if available. In the absence of quoted prices, CMS Energy and Consumers calculate market yields and prices for the debt using a matrix method that incorporates market data for similarly rated debt. Depending on the information available, other valuation techniques and models may be used that rely on assumptions that cannot be observed or confirmed through market transactions. The effects of third-party credit enhancements are excluded from the fair value measurements of long-term debt. At September 30, 2016 and December 31, 2015, CMS Energy’s long-term debt included $103 million principal amount that was supported by third-party credit enhancements. This entire principal amount was at Consumers. Presented in the following table are CMS Energy’s and Consumers’ investment securities classified as available for sale or held to maturity:
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﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿In Millions
﻿ | September 30, 2016 |  | December 31, 2015 |
﻿ |  | Unrealized | Unrealized | Fair |  |  | Unrealized | Unrealized | Fair |
﻿ | Cost | Gains | Losses | Value |  | Cost | Gains | Losses | Value |
﻿CMS Energy, including Consumers |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Available for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿DB SERP |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Mutual funds |  | $ | 149 |  | $ | - |  | $ | 5 |  | $ | 144 |  |  | $ | 152 |  | $ | - |  | $ | 6 |  | $ | 146 |
﻿Held to maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Debt securities |  |  | 13 |  |  | 1 |  |  | - |  |  | 14 |  |  |  | 11 |  |  | - |  |  | - |  |  | 11 |
﻿Consumers |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Available for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿DB SERP |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Mutual funds |  | $ | 107 |  | $ | - |  | $ | 4 |  | $ | 103 |  |  | $ | 108 |  | $ | - |  | $ | 4 |  | $ | 104 |
﻿CMS Energy common stock |  |  | 4 |  |  | 30 |  |  | - |  |  | 34 |  |  |  | 4 |  |  | 25 |  |  | - |  |  | 29 |
﻿ The mutual funds classified as available for sale hold primarily fixed-income instruments of varying maturities. Debt securities classified as held to maturity consist primarily of mortgage-backed securities and Utah Housing Corporation bonds held by EnerBank.
Consumers Energy Company [Member] |
Financial Instruments | 6: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 does not include information on cash, cash equivalents, short-term accounts and notes receivable, short-term investments, and current liabilities since the carrying amounts of these items approximate their fair values because of their short-term nature. For information about assets and liabilities recorded at fair value and for additional details regarding the fair value hierarchy, see Note 5, Fair Value Measurements.
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿In Millions
﻿ | September 30, 2016 |  | December 31, 2015 |
﻿ |  | Fair Value |  |  | Fair Value |
﻿ | Carrying |  |  |  | Level |  | Carrying |  |  |  | Level |
﻿ | Amount | Total | 1 | 2 | 3 |  | Amount | Total | 1 | 2 | 3 |
﻿CMS Energy, including Consumers |
﻿Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Long-term receivables 1 |  | $ | 23 |  | $ | 23 |  | $ | - |  | $ | - |  | $ | 23 |  |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | - |
﻿Notes receivable 2 |  |  | 1,286 |  |  | 1,374 |  |  | - |  |  | - |  |  | 1,374 |  |  |  | 1,161 |  |  | 1,228 |  |  | - |  |  | - |  |  | 1,228 |
﻿Securities held to maturity |  |  | 13 |  |  | 14 |  |  | - |  |  | 14 |  |  | - |  |  |  | 11 |  |  | 11 |  |  | - |  |  | 11 |  |  | - |
﻿Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Long-term debt 3 |  |  | 9,706 |  |  | 10,651 |  |  | - |  |  | 9,628 |  |  | 1,023 |  |  |  | 9,084 |  |  | 9,599 |  |  | - |  |  | 8,648 |  |  | 951 |
﻿Long-term payables 4 |  |  | 22 |  |  | 23 |  |  | - |  |  | - |  |  | 23 |  |  |  | 14 |  |  | 14 |  |  | - |  |  | - |  |  | 14 |
﻿Consumers |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Long-term receivables 1 |  | $ | 23 |  | $ | 23 |  | $ | - |  | $ | - |  | $ | 23 |  |  | $ | - |  | $ | - |  | $ | - |  | $ | - |  | $ | - |
﻿Notes receivable |  |  | 45 |  |  | 44 |  |  | - |  |  | - |  |  | 44 |  |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |
﻿Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Long-term debt 5 |  |  | 5,640 |  |  | 6,232 |  |  | - |  |  | 5,209 |  |  | 1,023 |  |  |  | 5,381 |  |  | 5,684 |  |  | - |  |  | 4,733 |  |  | 951 |
﻿Long-term payables |  |  | 6 |  |  | 6 |  |  | - |  |  | - |  |  | 6 |  |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |
﻿
| 1 |  | Includes current accounts receivable of $13 million at September 30, 2016.
| 2 |  | Includes current portion of notes receivable of $187 million at September 30, 2016 and $144 million at December 31, 2015.
| 3 |  | Includes current portion of long-term debt of $984 million at September 30, 2016 and $684 million at December 31, 2015.
| 4 |  | Includes current portion of long-term payables of $1 million at September 30, 2016 and December 31, 2015.
| 5 |  | Includes current portion of long-term debt of $275 million at September 30, 2016 and $198 million at December 31, 2015.
At CMS Energy, n otes receivable consist primarily of EnerBank’s fixed-rate installment loans. EnerBank estimates the fair value of these loans using a discounted cash flows technique that incorporates market interest rates as well as assumptions about the remaining life of the loans and credit risk. CMS Energy and Consumers estimate the fair value of their long-term debt using quoted prices from market trades of the debt, if available. In the absence of quoted prices, CMS Energy and Consumers calculate market yields and prices for the debt using a matrix method that incorporates market data for similarly rated debt. Depending on the information available, other valuation techniques and models may be used that rely on assumptions that cannot be observed or confirmed through market transactions. The effects of third-party credit enhancements are excluded from the fair value measurements of long-term debt. At September 30, 2016 and December 31, 2015, CMS Energy’s long-term debt included $103 million principal amount that was supported by third-party credit enhancements. This entire principal amount was at Consumers. Presented in the following table are CMS Energy’s and Consumers’ investment securities classified as available for sale or held to maturity:
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿ |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿In Millions
﻿ | September 30, 2016 |  | December 31, 2015 |
﻿ |  | Unrealized | Unrealized | Fair |  |  | Unrealized | Unrealized | Fair |
﻿ | Cost | Gains | Losses | Value |  | Cost | Gains | Losses | Value |
﻿CMS Energy, including Consumers |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Available for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿DB SERP |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Mutual funds |  | $ | 149 |  | $ | - |  | $ | 5 |  | $ | 144 |  |  | $ | 152 |  | $ | - |  | $ | 6 |  | $ | 146 |
﻿Held to maturity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Debt securities |  |  | 13 |  |  | 1 |  |  | - |  |  | 14 |  |  |  | 11 |  |  | - |  |  | - |  |  | 11 |
﻿Consumers |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Available for sale |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿DB SERP |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
﻿Mutual funds |  | $ | 107 |  | $ | - |  | $ | 4 |  | $ | 103 |  |  | $ | 108 |  | $ | - |  | $ | 4 |  | $ | 104 |
﻿CMS Energy common stock |  |  | 4 |  |  | 30 |  |  | - |  |  | 34 |  |  |  | 4 |  |  | 25 |  |  | - |  |  | 29 |
﻿ The mutual funds classified as available for sale hold primarily fixed-income instruments of varying maturities. Debt securities classified as held to maturity consist primarily of mortgage-backed securities and Utah Housing Corporation bonds held by EnerBank.

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