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Financings and Capitalization (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2021
Debt Instrument [Line Items] |
Summary Of Long-Term Debt | Presented in the following table is CMS Energy’s long-term debt at December 31:
In Millions
| Interest Rate (%) | Maturity | 2021 | 2020
CMS Energy, including Consumers |  |  |  |  |  |  |  |
CMS Energy, parent only |  |  |  |  |  |  |  |
Senior notes | 3.875 |  |  | 2024 |  |  | $ | 250 |  |  | $ | 250 |
| 3.600 |  |  | 2025 |  |  | 250 |  |  | 250 |
| 3.000 |  |  | 2026 |  |  | 300 |  |  | 300 |
| 2.950 |  |  | 2027 |  |  | 275 |  |  | 275 |
| 3.450 |  |  | 2027 |  |  | 350 |  |  | 350 |
| 4.700 |  |  | 2043 |  |  | 250 |  |  | 250 |
| 4.875 |  |  | 2044 |  |  | 300 |  |  | 300 |
|  |  |  |  |  | $ | 1,975 |  |  | $ | 1,975 |
Term loan facility | variable |  | 2021 |  |  | — |  |  | 200 |
Junior subordinated notes 1 | 4.750 |  | 2 | 2050 |  |  | 500 |  |  | 500 |
| 3.750 |  | 3 | 2050 |  |  | 400 |  |  | 400 |
| 5.625 |  |  | 2078 |  |  | 200 |  |  | 200 |
| 5.875 |  |  | 2078 |  |  | 280 |  |  | 280 |
| 5.875 |  |  | 2079 |  |  | 630 |  |  | 630 |
|  |  |  |  |  | $ | 2,010 |  |  | $ | 2,010 |
Total CMS Energy, parent only |  |  |  |  |  | $ | 3,985 |  |  | $ | 4,185 |
Consumers |  |  |  |  |  | 8,505 |  |  | 8,197 |
CMS Enterprises, including subsidiaries |  |  |  |  |  |  |  |
Term loan facility | variable | 4 | 2025 |  |  | 78 |  |  | 85 |
Total principal amount outstanding |  |  |  |  |  | $ | 12,568 |  |  | $ | 12,467 |
Current amounts |  |  |  |  |  | (373) |  |  | (571) |
Unamortized discounts |  |  |  |  |  | (31) |  |  | (33) |
Unamortized issuance costs |  |  |  |  |  | (118) |  |  | (119) |
Total long-term debt |  |  |  |  |  | $ | 12,046 |  |  | $ | 11,744 |
1 These unsecured obligations rank subordinate and junior in right of payment to all of CMS Energy’s existing and future senior indebtedness. 2 On June 1, 2030, and every five years thereafter, the notes will reset to an interest rate equal to the five-year treasury rate plus 4.116 percent. 3 On December 1, 2030, and every five years thereafter, the notes will reset to an interest rate equal to the five-year treasury rate plus 2.900 percent. 4 A subsidiary of CMS Enterprises issued non‑recourse debt to finance the acquisition of a wind generation project in Northwest Ohio. The interest rate for the debt is three-month LIBOR plus 1.500 percent through October 2022 and three-month LIBOR plus 1.750 percent thereafter. At December 31, 2021 and 2020, the interest rate was 1.724 percent and 1.754 percent, respectively. The same subsidiary of CMS Enterprises entered into interest rate swaps with the lending banks to fix the interest charges associated with the debt, at a rate of 4.702 percent through October 2022 and 4.952 percent thereafter. Principal and interest payments are made quarterly. For information about the interest rate swaps, see Note 5, Fair Value Measurements.
Schedule of Major Long-Term Debt Transactions | Presented in the following table is a summary of major long-term debt retirements during year ended December 31, 2021:
| Principal (In Millions) | Interest Rate | Retirement Date | Maturity Date
CMS Energy, parent only |  |  |  |  |
Term Loan facility |  | $ | 200 |  | variable | October 2021 | November 2021
Schedule of Debt Maturities | 2021, the aggregate annual maturities for long-term debt for the next five years, based on stated maturities or earlier put dates, were:
In Millions
| 2022 | 2023 | 2024 | 2025 | 2026
CMS Energy, including Consumers |  |  |  |  |  |  |  |  |  |
Long-term debt |  |  |  |  |  |  |  |  |  |
CMS Energy, parent only |  | $ | — |  |  | $ | — |  |  | $ | 250 |  |  | $ | 250 |  |  | $ | 300 |
Consumers |  | 365 |  |  | 654 |  |  | 332 |  |  | 31 |  |  | 32 |
CMS Enterprises, including subsidiaries |  | 8 |  |  | 9 |  |  | 10 |  |  | 51 |  |  | — |
Total CMS Energy |  | $ | 373 |  |  | $ | 663 |  |  | $ | 592 |  |  | $ | 332 |  |  | $ | 332 |
Consumers |  |  |  |  |  |  |  |  |  |
Long-term debt |  | $ | 365 |  |  | $ | 654 |  |  | $ | 332 |  |  | $ | 31 |  |  | $ | 32 |
Schedule of Revolving Credit Facilities | The following credit facilities with banks were available at December 31, 2021:
In Millions
Expiration Date | Amount of Facility | Amount Borrowed | Letters of Credit Outstanding | Amount Available
CMS Energy, parent only |  |  |  |  |  |  |  |
June 5, 2024 1 |  | $ | 550 |  |  | $ | — |  |  | $ | 24 |  |  | $ | 526 |
September 23, 2022 2 |  | 31 |  |  | — |  |  | 31 |  |  | — |
CMS Enterprises, including subsidiaries |  |  |  |  |  |  |  |
September 25, 2025 3 |  | $ | 39 |  |  | $ | — |  |  | $ | 39 |  |  | $ | — |
September 30, 2025 4 |  | 18 |  |  | — |  |  | 8 |  |  | 10 |
Consumers 5 |  |  |  |  |  |  |  |
June 5, 2024 |  | $ | 850 |  |  | $ | — |  |  | $ | 12 |  |  | $ | 838 |
November 19, 2023 |  | 250 |  |  | — |  |  | 8 |  |  | 242 |
April 18, 2022 |  | 30 |  |  | — |  |  | 30 |  |  | — |
1 There were no borrowings under this facility during the year ended December 31, 2021. 2 The maximum aggregate of letters of credit that may be issued under this facility is $50 million. The amount remaining under the facility is uncommitted. 3 This letter of credit facility is available to Aviator Wind Equity Holdings. For more information regarding Aviator Wind Equity Holdings, see Note 19, Variable Interest Entities. 4 Under this facility, $8 million is available solely for the purpose of issuing letters of credit. Obligations under this facility are secured by the collateral accounts with the lending bank. There were no borrowings under this facility during the year ended December 31, 2021. 5 Obligations under these facilities are secured by first mortgage bonds of Consumers. There were no borrowings under these facilities during the year ended December 31, 2021.
Schedule of Forward Contracts | Presented in the following table are details of CMS Energy’s forward sales contracts under this program at December 31, 2021:
|  |  | Forward Price Per Share
Contract Date | Maturity Date | Number of Shares | Initial | December 31, 2021
September 15, 2020 | June 30, 2022 | 846,759 |  | $ | 61.04 |  |  | $ | 58.51 |
December 22, 2020 | June 22, 2022 | 115,595 |  | 61.81 |  |  | 59.73 |
Consumers Energy Company |
Debt Instrument [Line Items] |
Summary Of Long-Term Debt | Presented in the following table is Consumers’ long-term debt at December 31:
In Millions
| Interest Rate (%) | Maturity | 2021 | 2020
Consumers |  |  |  |  |  |  |  |
First mortgage bonds |  |  |  |  |  |  |  |
| 0.350 |  |  | 2023 |  |  | $ | 300 |  |  | $ | 300 |
| 3.375 |  |  | 2023 |  |  | 325 |  |  | 325 |
| 3.125 |  |  | 2024 |  |  | 250 |  |  | 250 |
| 3.190 |  |  | 2024 |  |  | 52 |  |  | 52 |
| 3.680 |  |  | 2027 |  |  | 100 |  |  | 100 |
| 3.390 |  |  | 2027 |  |  | 35 |  |  | 35 |
| 3.800 |  |  | 2028 |  |  | 300 |  |  | 300 |
| 3.180 |  |  | 2032 |  |  | 100 |  |  | 100 |
| 5.800 |  |  | 2035 |  |  | 175 |  |  | 175 |
| 3.520 |  |  | 2037 |  |  | 335 |  |  | 335 |
| 4.010 |  |  | 2038 |  |  | 215 |  |  | 215 |
| 6.170 |  |  | 2040 |  |  | 50 |  |  | 50 |
| 4.970 |  |  | 2040 |  |  | 50 |  |  | 50 |
| 4.310 |  |  | 2042 |  |  | 263 |  |  | 263 |
| 3.950 |  |  | 2043 |  |  | 425 |  |  | 425 |
| 4.100 |  |  | 2045 |  |  | 250 |  |  | 250 |
| 3.250 |  |  | 2046 |  |  | 450 |  |  | 450 |
| 3.950 |  |  | 2047 |  |  | 350 |  |  | 350 |
| 4.050 |  |  | 2048 |  |  | 550 |  |  | 550 |
| 4.350 |  |  | 2049 |  |  | 550 |  |  | 550 |
| 3.750 |  |  | 2050 |  |  | 300 |  |  | 300 |
| 3.100 |  |  | 2050 |  |  | 550 |  |  | 550 |
| 3.500 |  |  | 2051 |  |  | 575 |  |  | 575 |
| 2.650 |  |  | 2052 |  |  | 300 |  |  | — |
| 3.860 |  |  | 2052 |  |  | 50 |  |  | 50 |
| 4.280 |  |  | 2057 |  |  | 185 |  |  | 185 |
| 2.500 |  |  | 2060 |  |  | 525 |  |  | 525 |
| 4.350 |  |  | 2064 |  |  | 250 |  |  | 250 |
| variable | 1 | 2069 |  |  | 76 |  |  | 76 |
| variable | 1 | 2070 |  |  | 134 |  |  | 134 |
| variable | 1 | 2070 |  |  | 127 |  |  | 127 |
|  |  |  |  |  | $ | 8,197 |  |  | $ | 7,897 |
Tax-exempt revenue bonds | 0.875 |  | 2 | 2035 |  |  | 35 |  |  | — |
| 1.800 |  | 3 | 2049 |  |  | 75 |  |  | 75 |
|  |  |  |  |  | $ | 110 |  |  | $ | 75 |
Securitization bonds | 3.290 |  | 4 | 2025-2029 | 5 |  | 198 |  |  | 225 |
Total principal amount outstanding |  |  |  |  |  | $ | 8,505 |  |  | $ | 8,197 |
Current amounts |  |  |  |  |  | (365) |  |  | (364) |
Unamortized discounts |  |  |  |  |  | (28) |  |  | (29) |
Unamortized issuance costs |  |  |  |  |  | (62) |  |  | (62) |
Total long-term debt |  |  |  |  |  | $ | 8,050 |  |  | $ | 7,742 |
1 The variable-rate bonds bear interest quarterly at a rate of three-month LIBOR minus 0.300 percent, subject to a zero-percent floor (zero percent at December 31, 2021) and (zero percent at December 31, 2020). The holders of these variable-rate bonds may put them to Consumers for redemption on certain dates prior to their stated maturity, including dates within one year of December 31, 2021. 2 The interest rate on these tax-exempt revenue bonds will reset on October 8, 2026. 3 The interest rate on these tax‑exempt revenue bonds will reset on October 1, 2024. 4 The weighted-average interest rate for Consumers’ securitization bonds issued through its subsidiary, Consumers 2014 Securitization Funding, was 3.290 percent at December 31, 2021 and 3.250 percent at December 31, 2020. 5 Principal and interest payments are made semiannually.
Schedule of Major Long-Term Debt Transactions | Presented in the following table is a summary of major long-term debt issuances during 2021:
| Principal (In Millions) | Interest Rate | Issuance Date | Maturity Date
Consumers |  |  |  |  |
First mortgage bonds |  | $ | 300 |  | 2.650% | August 2021 | August 2052
Tax-exempt revenue bonds 1 |  | 35 |  | 0.875% | October 2021 | April 2035
1 These bonds were repurchased, in lieu of redemption, in July 2020. In October 2021, the bonds were remarketed to the public and the interest rate on the bonds will reset in October 2026.
Schedule of Debt Maturities | 2021, the aggregate annual maturities for long-term debt for the next five years, based on stated maturities or earlier put dates, were:
In Millions
| 2022 | 2023 | 2024 | 2025 | 2026
CMS Energy, including Consumers |  |  |  |  |  |  |  |  |  |
Long-term debt |  |  |  |  |  |  |  |  |  |
CMS Energy, parent only |  | $ | — |  |  | $ | — |  |  | $ | 250 |  |  | $ | 250 |  |  | $ | 300 |
Consumers |  | 365 |  |  | 654 |  |  | 332 |  |  | 31 |  |  | 32 |
CMS Enterprises, including subsidiaries |  | 8 |  |  | 9 |  |  | 10 |  |  | 51 |  |  | — |
Total CMS Energy |  | $ | 373 |  |  | $ | 663 |  |  | $ | 592 |  |  | $ | 332 |  |  | $ | 332 |
Consumers |  |  |  |  |  |  |  |  |  |
Long-term debt |  | $ | 365 |  |  | $ | 654 |  |  | $ | 332 |  |  | $ | 31 |  |  | $ | 32 |
Schedule of Revolving Credit Facilities | The following credit facilities with banks were available at December 31, 2021:
In Millions
Expiration Date | Amount of Facility | Amount Borrowed | Letters of Credit Outstanding | Amount Available
CMS Energy, parent only |  |  |  |  |  |  |  |
June 5, 2024 1 |  | $ | 550 |  |  | $ | — |  |  | $ | 24 |  |  | $ | 526 |
September 23, 2022 2 |  | 31 |  |  | — |  |  | 31 |  |  | — |
CMS Enterprises, including subsidiaries |  |  |  |  |  |  |  |
September 25, 2025 3 |  | $ | 39 |  |  | $ | — |  |  | $ | 39 |  |  | $ | — |
September 30, 2025 4 |  | 18 |  |  | — |  |  | 8 |  |  | 10 |
Consumers 5 |  |  |  |  |  |  |  |
June 5, 2024 |  | $ | 850 |  |  | $ | — |  |  | $ | 12 |  |  | $ | 838 |
November 19, 2023 |  | 250 |  |  | — |  |  | 8 |  |  | 242 |
April 18, 2022 |  | 30 |  |  | — |  |  | 30 |  |  | — |
1 There were no borrowings under this facility during the year ended December 31, 2021. 2 The maximum aggregate of letters of credit that may be issued under this facility is $50 million. The amount remaining under the facility is uncommitted. 3 This letter of credit facility is available to Aviator Wind Equity Holdings. For more information regarding Aviator Wind Equity Holdings, see Note 19, Variable Interest Entities. 4 Under this facility, $8 million is available solely for the purpose of issuing letters of credit. Obligations under this facility are secured by the collateral accounts with the lending bank. There were no borrowings under this facility during the year ended December 31, 2021. 5 Obligations under these facilities are secured by first mortgage bonds of Consumers. There were no borrowings under these facilities during the year ended December 31, 2021.
Schedule of Preferred Stock | Presented in the following table are details of Consumers’ preferred stock at December 31, 2021 and 2020:
| Par Value | Optional Redemption Price | Number of Shares Authorized | Number of Shares Outstanding
Cumulative, with no mandatory redemption |  | $ | 100 |  |  | $ | 110 |  | 7,500,000 | 373,148

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