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Financial Instruments | 12 Months Ended
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Dec. 31, 2019
Financial Instruments [Line Items] |
Financial Instruments | 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 excludes cash, cash equivalents, short-term financial instruments, and trade accounts receivable and payable whose carrying amounts approximate their fair values. For information about assets and liabilities recorded at fair value and for additional details regarding the fair value hierarchy, see Note 6, Fair Value Measurements.
In Millions |
| December 31, 2019 |  | December 31, 2018
|  |  | 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 |  | $ | 20 |  |  | $ | 20 |  |  | $ | — |  |  | $ | — |  |  | $ | 20 |  |  |  | $ | 22 |  |  | $ | 22 |  |  | $ | — |  |  | $ | — |  |  | $ | 22 |
Notes receivable 2 |  | 2,500 |  |  | 2,652 |  |  | — |  |  | — |  |  | 2,652 |  |  |  | 1,857 |  |  | 1,967 |  |  | — |  |  | — |  |  | 1,967 |
Securities held to maturity |  | 26 |  |  | 26 |  |  | — |  |  | 26 |  |  | — |  |  |  | 22 |  |  | 21 |  |  | — |  |  | 21 |  |  | — |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term debt 3 |  | 13,062 |  |  | 14,185 |  |  | 1,197 |  |  | 11,048 |  |  | 1,940 |  |  |  | 11,589 |  |  | 11,630 |  |  | 459 |  |  | 9,404 |  |  | 1,767 |
Long-term payables 4 |  | 30 |  |  | 32 |  |  | — |  |  | — |  |  | 32 |  |  |  | 27 |  |  | 27 |  |  | — |  |  | — |  |  | 27 |
Consumers |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term receivables 1 |  | $ | 20 |  |  | $ | 20 |  |  | $ | — |  |  | $ | — |  |  | $ | 20 |  |  |  | $ | 22 |  |  | $ | 22 |  |  | $ | — |  |  | $ | — |  |  | $ | 22 |
Notes receivable – related party 5 |  | 103 |  |  | 103 |  |  | — |  |  | — |  |  | 103 |  |  |  | 106 |  |  | 106 |  |  | — |  |  | — |  |  | 106 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term debt 6 |  | 7,250 |  |  | 8,010 |  |  | — |  |  | 6,070 |  |  | 1,940 |  |  |  | 6,805 |  |  | 6,833 |  |  | — |  |  | 5,066 |  |  | 1,767 |
1 | Includes current portion of long-term accounts receivable of $13 million at December 31, 2019 and $14 million at December 31, 2018.
2 | Includes current portion of notes receivable of $242 million at December 31, 2019 and $233 million at December 31, 2018. For further details, see Note 8, Notes Receivable.
3 | Includes current portion of long-term debt of $1.1 billion at December 31, 2019 and $1.0 billion at December 31, 2018.
4 | Includes current portion of long-term payables of $1 million at December 31, 2019 and December 31, 2018.
5 | Includes current portion of notes receivable – related party of $7 million at December 31, 2019 and December 31, 2018. For further details on this note receivable, see the DB SERP discussion below.
6 | Includes current portion of long-term debt of $202 million at December 31, 2019 and $26 million at December 31, 2018.
The effects of third-party credit enhancements were excluded from the fair value measurements of long-term debt. The principal amount of CMS Energy’s long-term debt supported by third-party credit enhancements was $35 million at December 31, 2019 and December 31, 2018. The entirety of these amounts was at Consumers. DB SERP Securities: Presented in the following table is a summary of the sales activity for investment securities held within the DB SERP and classified as available for sale:
In Millions |
Years Ended December 31 | 2019 |  | 2018 |  | 2017 |
CMS Energy, including Consumers |  |  |  |  |  |
Proceeds from sales of investment securities |  | $ | — |  |  | $ | 142 |  |  | $ | 145 |
Consumers |  |  |  |  |  |
Proceeds from sales of investment securities |  | $ | — |  |  | $ | 103 |  |  | $ | 105 |
In 2018, CMS Energy and Consumers sold the DB SERP debt securities and CMS Energy issued a $146 million demand note payable to the DB SERP rabbi trust. The demand note bears interest at an annual rate of 4.10 percent and has a maturity date of 2028. The demand note payable and associated DB SERP investment were eliminated on CMS Energy’s consolidated balance sheets. The portion of the demand note attributable to Consumers was recorded as a note receivable – related party on Consumers’ consolidated balance sheets. During 2017, CMS Energy and Consumers sold mutual fund securities held within the DB SERP and used the proceeds to purchase the debt securities, which were later sold in 2018. CMS Energy reclassified gains of $2 million ($1 million, net of tax) from AOCI and included this amount in other income on the consolidated statements of income. This amount included Consumers’ gains of $2 million ($1 million, net of tax). Debt securities classified as held to maturity consisted primarily of mortgage-backed securities and Utah Housing Corporation bonds held by EnerBank. Presented in the following table are these investment securities:
In Millions |
| December 31, 2019 |  | December 31, 2018
| Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value |  |  | Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value |
CMS Energy |  |  |  |  |  |  |  |  |  |  |  |  |
Debt securities |  | $ | 26 |  |  | $ | — |  |  | $ | — |  |  | $ | 26 |  |  |  | $ | 22 |  |  | $ | — |  |  | $ | 1 |  |  | $ | 21 |
Consumers Energy Company |
Financial Instruments [Line Items] |
Financial Instruments | 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 excludes cash, cash equivalents, short-term financial instruments, and trade accounts receivable and payable whose carrying amounts approximate their fair values. For information about assets and liabilities recorded at fair value and for additional details regarding the fair value hierarchy, see Note 6, Fair Value Measurements.
In Millions |
| December 31, 2019 |  | December 31, 2018
|  |  | 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 |  | $ | 20 |  |  | $ | 20 |  |  | $ | — |  |  | $ | — |  |  | $ | 20 |  |  |  | $ | 22 |  |  | $ | 22 |  |  | $ | — |  |  | $ | — |  |  | $ | 22 |
Notes receivable 2 |  | 2,500 |  |  | 2,652 |  |  | — |  |  | — |  |  | 2,652 |  |  |  | 1,857 |  |  | 1,967 |  |  | — |  |  | — |  |  | 1,967 |
Securities held to maturity |  | 26 |  |  | 26 |  |  | — |  |  | 26 |  |  | — |  |  |  | 22 |  |  | 21 |  |  | — |  |  | 21 |  |  | — |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term debt 3 |  | 13,062 |  |  | 14,185 |  |  | 1,197 |  |  | 11,048 |  |  | 1,940 |  |  |  | 11,589 |  |  | 11,630 |  |  | 459 |  |  | 9,404 |  |  | 1,767 |
Long-term payables 4 |  | 30 |  |  | 32 |  |  | — |  |  | — |  |  | 32 |  |  |  | 27 |  |  | 27 |  |  | — |  |  | — |  |  | 27 |
Consumers |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term receivables 1 |  | $ | 20 |  |  | $ | 20 |  |  | $ | — |  |  | $ | — |  |  | $ | 20 |  |  |  | $ | 22 |  |  | $ | 22 |  |  | $ | — |  |  | $ | — |  |  | $ | 22 |
Notes receivable – related party 5 |  | 103 |  |  | 103 |  |  | — |  |  | — |  |  | 103 |  |  |  | 106 |  |  | 106 |  |  | — |  |  | — |  |  | 106 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Long-term debt 6 |  | 7,250 |  |  | 8,010 |  |  | — |  |  | 6,070 |  |  | 1,940 |  |  |  | 6,805 |  |  | 6,833 |  |  | — |  |  | 5,066 |  |  | 1,767 |
1 | Includes current portion of long-term accounts receivable of $13 million at December 31, 2019 and $14 million at December 31, 2018.
2 | Includes current portion of notes receivable of $242 million at December 31, 2019 and $233 million at December 31, 2018. For further details, see Note 8, Notes Receivable.
3 | Includes current portion of long-term debt of $1.1 billion at December 31, 2019 and $1.0 billion at December 31, 2018.
4 | Includes current portion of long-term payables of $1 million at December 31, 2019 and December 31, 2018.
5 | Includes current portion of notes receivable – related party of $7 million at December 31, 2019 and December 31, 2018. For further details on this note receivable, see the DB SERP discussion below.
6 | Includes current portion of long-term debt of $202 million at December 31, 2019 and $26 million at December 31, 2018.
The effects of third-party credit enhancements were excluded from the fair value measurements of long-term debt. The principal amount of CMS Energy’s long-term debt supported by third-party credit enhancements was $35 million at December 31, 2019 and December 31, 2018. The entirety of these amounts was at Consumers. DB SERP Securities: Presented in the following table is a summary of the sales activity for investment securities held within the DB SERP and classified as available for sale:
In Millions |
Years Ended December 31 | 2019 |  | 2018 |  | 2017 |
CMS Energy, including Consumers |  |  |  |  |  |
Proceeds from sales of investment securities |  | $ | — |  |  | $ | 142 |  |  | $ | 145 |
Consumers |  |  |  |  |  |
Proceeds from sales of investment securities |  | $ | — |  |  | $ | 103 |  |  | $ | 105 |
In 2018, CMS Energy and Consumers sold the DB SERP debt securities and CMS Energy issued a $146 million demand note payable to the DB SERP rabbi trust. The demand note bears interest at an annual rate of 4.10 percent and has a maturity date of 2028. The demand note payable and associated DB SERP investment were eliminated on CMS Energy’s consolidated balance sheets. The portion of the demand note attributable to Consumers was recorded as a note receivable – related party on Consumers’ consolidated balance sheets. During 2017, CMS Energy and Consumers sold mutual fund securities held within the DB SERP and used the proceeds to purchase the debt securities, which were later sold in 2018. CMS Energy reclassified gains of $2 million ($1 million, net of tax) from AOCI and included this amount in other income on the consolidated statements of income. This amount included Consumers’ gains of $2 million ($1 million, net of tax). Debt securities classified as held to maturity consisted primarily of mortgage-backed securities and Utah Housing Corporation bonds held by EnerBank. Presented in the following table are these investment securities:
In Millions |
| December 31, 2019 |  | December 31, 2018
| Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value |  |  | Cost |  | Unrealized Gains |  | Unrealized Losses |  | Fair Value |
CMS Energy |  |  |  |  |  |  |  |  |  |  |  |  |
Debt securities |  | $ | 26 |  |  | $ | — |  |  | $ | — |  |  | $ | 26 |  |  |  | $ | 22 |  |  | $ | — |  |  | $ | 1 |  |  | $ | 21 |

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