XML 29 R12.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Financings And Capitalization | 9 Months Ended
--- | ---
Sep. 30, 2018
Debt Instrument [Line Items] |
Financings And Capitalization | Financings and Capitalization Financings: Presented in the following table is a summary of major long-term debt transactions during the nine months ended September 30, 2018.
| Principal (In Millions) |  | Interest Rate |  | Issue/Retirement Date | Maturity Date
Debt issuances |  |  |  |  |
CMS Energy, parent only |  |  |  |  |
Junior subordinated notes 1 |  | $ | 200 |  | 5.625 | % | March 2018 | March 2078
Junior subordinated notes 1 |  | 250 |  | 5.875 | % | September 2018 | October 2078
Total CMS Energy, parent only |  | $ | 450 |  |  |  |
Consumers |  |  |  |  |
First mortgage bonds |  | $ | 550 |  | 4.05 | % | May 2018 | May 2048
Total Consumers |  | $ | 550 |  |  |  |
Total CMS Energy |  | $ | 1,000 |  |  |  |
Debt retirements |  |  |  |  |
CMS Energy, parent only |  |  |  |  |
Term loan facility |  | $ | 180 |  | variable |  | March 2018 | December 2018
Senior notes 2 |  | 100 |  | 8.75 | % | June 2018 | June 2019
Term loan facility |  | 45 |  | variable |  | August 2018 | December 2018
Total CMS Energy, parent only |  | $ | 325 |  |  |  |
Consumers |  |  |  |  |
Tax-exempt pollution control revenue bonds |  | $ | 68 |  | various |  | April 2018 | April 2018
First mortgage bonds |  | 250 |  | 5.65 | % | May 2018 | September 2018
Total Consumers |  | $ | 318 |  |  |  |
Total CMS Energy |  | $ | 643 |  |  |  |
1 | These unsecured obligations rank subordinate and junior in right of payment to all of CMS Energy’s existing and future senior indebtedness.
2 | CMS Energy retired these senior notes at a premium and recorded a loss on extinguishment of $5 million in other expense on its consolidated statements of income.
In October 2018, under the over-allotment option included in a September 2018 underwriting agreement, CMS Energy issued and sold an additional $30 million of its 5.875 percent junior subordinated notes due 2078. Also in October 2018, CMS Energy redeemed $300 million of its 6.25 percent senior notes due 2020. CMS Energy retired this debt at a premium and recorded a loss on extinguishment of $11 million in other expense on its consolidated statements of income. In July 2018, Consumers entered into a bond purchase agreement to issue an aggregate principal amount of $500 million in first mortgage bonds through a private placement. In October 2018, the following first mortgage bonds were issued and funded:
• | $100 million of 3.68 percent first mortgage bonds due 2027
• | $215 million of 4.01 percent first mortgage bonds due 2038
• | $185 million of 4.28 percent first mortgage bonds due 2057
Revolving Credit Facilities: The following revolving credit facilities with banks were available at September 30, 2018:
In Millions |
Expiration Date | Amount of Facility |  | Amount Borrowed |  | Letters of Credit Outstanding |  | Amount Available |
CMS Energy, parent only |  |  |  |  |  |  |  |
June 5, 2023 1 |  | $ | 550 |  |  | $ | — |  |  | $ | 9 |  |  | $ | 541 |
Consumers |  |  |  |  |  |  |  |
June 5, 2023 2,3 |  | $ | 850 |  |  | $ | — |  |  | $ | 7 |  |  | $ | 843 |
November 23, 2019 3 |  | 250 |  |  | — |  |  | 25 |  |  | 225 |
September 9, 2019 3 |  | 30 |  |  | — |  |  | 30 |  |  | — |
1 | In June 2018, CMS Energy amended this revolving credit facility, eliminating the security provided by Consumers common stock, and extending the expiration date to June 2023.
2 | In June 2018, Consumers amended this revolving credit facility by increasing its borrowing capacity to $850 million and extending the expiration date to June 2023.
3 | 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’ revolving credit facilities and may have an aggregate principal amount outstanding of up to $500 million. While the amount of outstanding commercial paper does not reduce the available capacity of the revolving credit facilities, Consumers does not intend to issue commercial paper in an amount exceeding the available capacity of the facilities. At September 30, 2018, $279 million in commercial paper notes were outstanding under this program. Dividend Restrictions: At September 30, 2018, payment of dividends by CMS Energy on its common stock was limited to $4.7 billion under provisions of the Michigan Business Corporation Act of 1972. Under the provisions of its articles of incorporation, at September 30, 2018, Consumers had $1.3 billion 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 nine months ended September 30, 2018, Consumers paid $392 million in dividends on its common stock to CMS Energy. Issuance of Common Stock: In March 2017, 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 Shares Issued |  | Average Price Per Share |  | Net Proceeds (In Millions) |
May 2018 |  | 638,898 |  | $ | 45.83 |  | $ | 29 |
June 2017 |  | 1,494,371 |  | 47.31 |  | 70 |
In August 2018, CMS Energy entered into an equity offering program under which it may sell, from time to time, shares of CMS Energy common stock having an aggregate sales price of up to $250 million. Under this program, CMS Energy may sell its common stock in privately negotiated “at the market” offerings, through forward purchases or otherwise. There was no activity under the new program in the third quarter of 2018.
Consumers Energy Company |
Debt Instrument [Line Items] |
Financings And Capitalization | Financings and Capitalization Financings: Presented in the following table is a summary of major long-term debt transactions during the nine months ended September 30, 2018.
| Principal (In Millions) |  | Interest Rate |  | Issue/Retirement Date | Maturity Date
Debt issuances |  |  |  |  |
CMS Energy, parent only |  |  |  |  |
Junior subordinated notes 1 |  | $ | 200 |  | 5.625 | % | March 2018 | March 2078
Junior subordinated notes 1 |  | 250 |  | 5.875 | % | September 2018 | October 2078
Total CMS Energy, parent only |  | $ | 450 |  |  |  |
Consumers |  |  |  |  |
First mortgage bonds |  | $ | 550 |  | 4.05 | % | May 2018 | May 2048
Total Consumers |  | $ | 550 |  |  |  |
Total CMS Energy |  | $ | 1,000 |  |  |  |
Debt retirements |  |  |  |  |
CMS Energy, parent only |  |  |  |  |
Term loan facility |  | $ | 180 |  | variable |  | March 2018 | December 2018
Senior notes 2 |  | 100 |  | 8.75 | % | June 2018 | June 2019
Term loan facility |  | 45 |  | variable |  | August 2018 | December 2018
Total CMS Energy, parent only |  | $ | 325 |  |  |  |
Consumers |  |  |  |  |
Tax-exempt pollution control revenue bonds |  | $ | 68 |  | various |  | April 2018 | April 2018
First mortgage bonds |  | 250 |  | 5.65 | % | May 2018 | September 2018
Total Consumers |  | $ | 318 |  |  |  |
Total CMS Energy |  | $ | 643 |  |  |  |
1 | These unsecured obligations rank subordinate and junior in right of payment to all of CMS Energy’s existing and future senior indebtedness.
2 | CMS Energy retired these senior notes at a premium and recorded a loss on extinguishment of $5 million in other expense on its consolidated statements of income.
In October 2018, under the over-allotment option included in a September 2018 underwriting agreement, CMS Energy issued and sold an additional $30 million of its 5.875 percent junior subordinated notes due 2078. Also in October 2018, CMS Energy redeemed $300 million of its 6.25 percent senior notes due 2020. CMS Energy retired this debt at a premium and recorded a loss on extinguishment of $11 million in other expense on its consolidated statements of income. In July 2018, Consumers entered into a bond purchase agreement to issue an aggregate principal amount of $500 million in first mortgage bonds through a private placement. In October 2018, the following first mortgage bonds were issued and funded:
• | $100 million of 3.68 percent first mortgage bonds due 2027
• | $215 million of 4.01 percent first mortgage bonds due 2038
• | $185 million of 4.28 percent first mortgage bonds due 2057
Revolving Credit Facilities: The following revolving credit facilities with banks were available at September 30, 2018:
In Millions |
Expiration Date | Amount of Facility |  | Amount Borrowed |  | Letters of Credit Outstanding |  | Amount Available |
CMS Energy, parent only |  |  |  |  |  |  |  |
June 5, 2023 1 |  | $ | 550 |  |  | $ | — |  |  | $ | 9 |  |  | $ | 541 |
Consumers |  |  |  |  |  |  |  |
June 5, 2023 2,3 |  | $ | 850 |  |  | $ | — |  |  | $ | 7 |  |  | $ | 843 |
November 23, 2019 3 |  | 250 |  |  | — |  |  | 25 |  |  | 225 |
September 9, 2019 3 |  | 30 |  |  | — |  |  | 30 |  |  | — |
1 | In June 2018, CMS Energy amended this revolving credit facility, eliminating the security provided by Consumers common stock, and extending the expiration date to June 2023.
2 | In June 2018, Consumers amended this revolving credit facility by increasing its borrowing capacity to $850 million and extending the expiration date to June 2023.
3 | 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’ revolving credit facilities and may have an aggregate principal amount outstanding of up to $500 million. While the amount of outstanding commercial paper does not reduce the available capacity of the revolving credit facilities, Consumers does not intend to issue commercial paper in an amount exceeding the available capacity of the facilities. At September 30, 2018, $279 million in commercial paper notes were outstanding under this program. Dividend Restrictions: At September 30, 2018, payment of dividends by CMS Energy on its common stock was limited to $4.7 billion under provisions of the Michigan Business Corporation Act of 1972. Under the provisions of its articles of incorporation, at September 30, 2018, Consumers had $1.3 billion 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 nine months ended September 30, 2018, Consumers paid $392 million in dividends on its common stock to CMS Energy. Issuance of Common Stock: In March 2017, 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 Shares Issued |  | Average Price Per Share |  | Net Proceeds (In Millions) |
May 2018 |  | 638,898 |  | $ | 45.83 |  | $ | 29 |
June 2017 |  | 1,494,371 |  | 47.31 |  | 70 |
In August 2018, CMS Energy entered into an equity offering program under which it may sell, from time to time, shares of CMS Energy common stock having an aggregate sales price of up to $250 million. Under this program, CMS Energy may sell its common stock in privately negotiated “at the market” offerings, through forward purchases or otherwise. There was no activity under the new program in the third quarter of 2018.

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 470 -URI http://asc.fasb.org/topic&trid=2208564 + Details
Name: | us-gaap_DebtDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References No definition available. + Details
Name: | us-gaap_DebtInstrumentLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | dei_LegalEntityAxis=cms_ConsumersEnergyCompanyMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |