EX-12.1 3 a17-1055_1ex12d1.htm EX-12.1

Exhibit 12.1

CMS Energy Corporation

Ratios of Earnings to Fixed Charges and Combined Fixed Charges and Preferred Dividends

In Millions, Except Ratios |
Years Ended December 31 | 2016 | 2015 | 2014 | 2013 | 2012 |
Earnings as defined 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Pretax income from continuing operations |  | $ | 826 |  | $ | 796 |  | $ | 729 |  | $ | 756 |  | $ | 622 |
Exclude equity basis subsidiaries |  |  | (2 | ) |  | (2 | ) |  | (1 | ) |  | (2 | ) |  | (7 | )
Fixed charges as defined 2 |  |  | 469 |  |  | 421 |  |  | 432 |  |  | 423 |  |  | 414 |
Earnings as defined 2 |  | $ | 1,293 |  | $ | 1,215 |  | $ | 1,160 |  | $ | 1,177 |  | $ | 1,029 |
Fixed charges as defined 1 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Interest on long-term debt |  | $ | 411 |  | $ | 386 |  | $ | 393 |  | $ | 385 |  | $ | 372 |
Estimated interest portion of lease rental |  |  | 29 |  |  | 21 |  |  | 21 |  |  | 21 |  |  | 21 |
Other interest charges |  |  | 31 |  |  | 16 |  |  | 19 |  |  | 18 |  |  | 23 |
Fixed charges as defined 2 |  |  | 471 |  |  | 423 |  |  | 433 |  |  | 424 |  |  | 416 |
Preferred dividends |  |  | - |  |  | - |  |  | - |  |  | - |  |  | - |
Combined fixed charges and preferred dividends |  | $ | 471 |  | $ | 423 |  | $ | 433 |  | $ | 424 |  | $ | 416 |
Ratio of earnings to fixed charges |  |  | 2.75 |  |  | 2.87 |  |  | 2.68 |  |  | 2.78 |  |  | 2.47 |
Ratio of earnings to combined fixed charges and preferred dividends |  |  | 2.75 |  |  | 2.87 |  |  | 2.68 |  |  | 2.78 |  |  | 2.47 |

1 Earnings and fixed charges as defined in instructions for Item 503 of Regulation S-K.

2 Preferred dividends of a consolidated subsidiary are included in fixed charges, but excluded from earnings as defined because the amount was not deducted in arriving at pretax income from continuing operations.