EX-12.1 2 a18-8685_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 |
|  | Three Months |  |  |  |  |  |  |  |  |  |  |
|  | Ended |  | Year Ended December 31 |
|  | March 31, 2018 |  | 2017 |  | 2016 |  | 2015 |  | 2014 |  | 2013 |
Earnings as defined 1 |  |  |  |  |  |  |  |  |  |  |  |  |
Pretax income from continuing operations |  | $ | 281 |  | $ | 886 |  | $ | 826 |  | $ | 796 |  | $ | 729 |  | $ | 756 |
Exclude equity basis subsidiaries |  | (2 | ) | (2 | ) | (2 | ) | (2 | ) | (1 | ) | (2 | )
Fixed charges as defined 2 |  | 120 |  | 468 |  | 469 |  | 421 |  | 432 |  | 423 |
Earnings as defined 2 |  | $ | 399 |  | $ | 1,352 |  | $ | 1,293 |  | $ | 1,215 |  | $ | 1,160 |  | $ | 1,177 |
Fixed charges as defined 1 |  |  |  |  |  |  |  |  |  |  |  |  |
Interest on long-term debt |  | $ | 100 |  | $ | 406 |  | $ | 411 |  | $ | 386 |  | $ | 393 |  | $ | 385 |
Estimated interest portion of lease rental |  | 8 |  | 27 |  | 29 |  | 21 |  | 21 |  | 21 |
Other interest charges |  | 12 |  | 36 |  | 31 |  | 16 |  | 19 |  | 18 |
Fixed charges as defined 2 |  | $ | 120 |  | $ | 469 |  | $ | 471 |  | $ | 423 |  | $ | 433 |  | $ | 424 |
Preferred dividends |  | - |  | - |  | - |  | - |  | - |  | - |
Combined fixed charges and preferred dividends |  | $ | 120 |  | $ | 469 |  | $ | 471 |  | $ | 423 |  | $ | 433 |  | $ | 424 |
Ratio of earnings to fixed charges |  | 3.33 |  | 2.88 |  | 2.75 |  | 2.87 |  | 2.68 |  | 2.78 |
Ratio of earnings to combined fixed charges and preferred dividends |  | 3.33 |  | 2.88 |  | 2.75 |  | 2.87 |  | 2.68 |  | 2.78 |

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.