Company Quick10K Filing
CMS Energy
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$0.00 284 $16,762
10-Q 2019-10-24 Quarter: 2019-09-30
10-Q 2019-07-25 Quarter: 2019-06-30
10-Q 2019-04-25 Quarter: 2019-03-31
10-K 2019-02-05 Annual: 2018-12-31
10-Q 2018-10-25 Quarter: 2018-09-30
10-Q 2018-07-26 Quarter: 2018-06-30
10-Q 2018-04-26 Quarter: 2018-03-31
10-K 2018-02-14 Annual: 2017-12-31
10-Q 2017-10-26 Quarter: 2017-09-30
10-Q 2017-07-28 Quarter: 2017-06-30
10-Q 2017-05-01 Quarter: 2017-03-31
10-K 2017-02-07 Annual: 2016-12-31
10-Q 2016-10-27 Quarter: 2016-09-30
10-Q 2016-07-28 Quarter: 2016-06-30
10-Q 2016-04-28 Quarter: 2016-03-31
10-K 2016-02-11 Annual: 2015-12-31
10-Q 2015-10-29 Quarter: 2015-09-30
10-Q 2015-07-23 Quarter: 2015-06-30
10-Q 2015-04-23 Quarter: 2015-03-31
10-K 2015-02-05 Annual: 2014-12-31
10-Q 2014-10-23 Quarter: 2014-09-30
10-Q 2014-07-24 Quarter: 2014-06-30
10-Q 2014-04-24 Quarter: 2014-03-31
10-K 2014-02-06 Annual: 2013-12-31
10-Q 2013-10-24 Quarter: 2013-09-30
10-Q 2013-07-25 Quarter: 2013-06-30
10-K 2013-02-21 Annual: 2012-12-31
10-Q 2012-10-25 Quarter: 2012-09-30
10-Q 2012-07-26 Quarter: 2012-05-30
10-Q 2012-04-26 Quarter: 2012-03-31
10-K 2012-02-23 Annual: 2011-12-31
10-Q 2011-10-27 Quarter: 2011-09-30
10-Q 2011-07-28 Quarter: 2011-06-30
10-Q 2011-04-28 Quarter: 2011-03-31
10-K 2011-02-24 Annual: 2010-12-31
10-Q 2010-10-28 Quarter: 2010-09-30
10-Q 2010-07-28 Quarter: 2010-06-30
10-Q 2010-04-23 Quarter: 2010-03-31
10-K 2010-03-01 Annual: 2009-12-31
8-K 2019-11-19 Enter Agreement, Exhibits
8-K 2019-11-08 Officers, Exhibits
8-K 2019-10-24 Earnings, Regulation FD, Exhibits
8-K 2019-10-01 Exit Costs
8-K 2019-07-25 Earnings, Regulation FD, Exhibits
8-K 2019-05-03 Officers, Shareholder Vote
8-K 2019-04-25 Earnings, Regulation FD, Exhibits
8-K 2019-04-25 Regulation FD, Exhibits
8-K 2019-02-20 Other Events, Exhibits
8-K 2019-01-31 Earnings, Regulation FD, Exhibits
8-K 2019-01-31 Regulation FD, Exhibits
8-K 2019-01-17 Officers, Exhibits
8-K 2018-12-28 Enter Agreement, Exhibits
8-K 2018-11-19 Enter Agreement, Leave Agreement, Exhibits
8-K 2018-10-25 Earnings, Regulation FD, Exhibits
8-K 2018-10-25 Regulation FD, Exhibits
8-K 2018-10-02 Other Events, Exhibits
8-K 2018-10-01 Off-BS Arrangement, Exhibits
8-K 2018-09-26 Other Events, Exhibits
8-K 2018-08-01 Other Events, Exhibits
8-K 2018-07-26 Regulation FD, Exhibits
8-K 2018-07-26 Earnings, Regulation FD, Exhibits
8-K 2018-06-05 Enter Agreement, Leave Agreement, Exhibits
8-K 2018-05-04 Shareholder Vote
8-K 2018-04-26 Earnings, Regulation FD, Exhibits
8-K 2018-04-26 Regulation FD, Exhibits
8-K 2018-03-12 Other Events, Exhibits
8-K 2018-03-08 Other Events, Exhibits
8-K 2018-02-14 Earnings, Regulation FD, Exhibits
8-K 2018-02-14 Regulation FD, Exhibits
CMS 2019-09-30
Part 201 of Michigan's Natural Resources and Environmental Protection Act of 1994, As Amended
Part I-Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part Ii-Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 3. Defaults Upon Senior Securities
Item 4. Mine Safety Disclosures
Item 5. Other Information
Item 6. Exhibits
EX-4.3 ex4309302019.htm
EX-31.1 ex31109302019.htm
EX-31.2 ex31209302019.htm
EX-31.3 ex31309302019.htm
EX-31.4 ex31409302019.htm
EX-32.1 ex32109302019.htm
EX-32.2 ex32209302019.htm

CMS Energy Earnings 2019-09-30

CMS 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Comparables ($MM TTM)
Ticker M Cap Assets Liab Rev G Profit Net Inc EBITDA EV G Margin EV/EBITDA ROA
ED 28,726 55,602 20,241 12,397 0 1,390 3,285 47,224 0% 14.4 2%
WEC 27,002 33,934 23,786 7,688 4,808 0 1,423 37,599 63% 26.4 0%
AEE 18,453 28,103 20,312 6,078 0 817 1,410 26,889 0% 19.1 3%
CMS 16,762 25,292 20,404 6,932 0 635 2,223 28,764 0% 12.9 3%
EVRG 14,805 25,718 16,864 5,205 0 636 1,801 21,822 0% 12.1 2%
LNT 11,853 16,122 11,422 3,580 678 474 1,314 18,469 19% 14.1 3%
NI 10,735 21,974 8,888 5,211 4,081 165 1,072 18,512 78% 17.3 1%
ALE 4,391 5,176 2,972 1,444 1,249 196 461 5,727 86% 12.4 4%
NWE 3,734 5,720 3,710 1,244 928 215 448 5,881 75% 13.1 4%
AVA 2,936 5,878 3,994 1,366 0 197 386 4,620 0% 12.0 3%

Document
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UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
 QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2019
OR
  TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
EXCHANGE ACT OF 1934
For the transition period from _____to_____
Commission File Number
Registrant; State of Incorporation;
Address; and Telephone Number
IRS Employer Identification No.
1-9513
CMS ENERGY CORPORATION
38-2726431
(A Michigan Corporation)
One Energy Plaza, Jackson, Michigan 49201
(517) 788‑0550
1-5611
CONSUMERS ENERGY COMPANY
38-0442310
(A Michigan Corporation)
One Energy Plaza, Jackson, Michigan 49201
(517) 788‑0550
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
CMS Energy Corporation Common Stock, $0.01 par value
 
CMS
 
New York Stock Exchange
CMS Energy Corporation 5.625% Junior Subordinated Notes due 2078
 
CMSA
 
New York Stock Exchange
CMS Energy Corporation 5.875% Junior Subordinated Notes due 2078
 
CMSC
 
New York Stock Exchange
CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079
 
CMSD
 
New York Stock Exchange
Consumers Energy Company Cumulative Preferred Stock, $100 par value: $4.50 Series
 
CMS-PB
 
New York Stock Exchange
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.
CMS Energy Corporation:
Yes
No
 
Consumers Energy Company:
Yes
No
 
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S‑T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
CMS Energy Corporation:
Yes
No
 
Consumers Energy Company:
Yes
No
 
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non‑accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b‑2 of the Exchange Act.
CMS Energy Corporation:
 
 
 
 
 
Consumers Energy Company:
 
 
 
 
 
Large accelerated filer
 
 
 
 
Large accelerated filer
 
 
 
 
Non‑accelerated filer
 
 
 
 
Non‑accelerated filer
 
 
 
 
Accelerated filer
 
 
 
 
Accelerated filer
 
 
 
 
Smaller reporting company
 
 
 
 
Smaller reporting company
 
 
 
 
Emerging growth company
 
 
 
 
Emerging growth company
 
 
 
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
CMS Energy Corporation:
 
 
 
 
Consumers Energy Company:
 
 
 
 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b‑2 of the Exchange Act).
CMS Energy Corporation:
Yes
No
 
Consumers Energy Company:
Yes
No
 
Indicate the number of shares outstanding of each of the issuer’s classes of common stock at October 7, 2019:
CMS Energy Corporation:
 
CMS Energy Common Stock, $0.01 par value (including 20,316 shares owned by Consumers Energy)
283,842,478

Consumers Energy Company:
 
Consumers Common Stock, $10 par value, privately held by CMS Energy Corporation
84,108,789



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CMS Energy Corporation
Consumers Energy Company
Quarterly Reports on Form 10‑Q to the Securities and Exchange Commission for the Period Ended September 30, 2019
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Glossary
Certain terms used in the text and financial statements are defined below.
2016 Energy Law
Michigan’s Public Acts 341 and 342 of 2016, which became effective in April 2017
2018 Form 10‑K
Each of CMS Energy’s and Consumers’ Annual Report on Form 10‑K for the year ended December 31, 2018
ABATE
The Association of Businesses Advocating Tariff Equity
ARO
Asset retirement obligation
ASU
Financial Accounting Standards Board Accounting Standards Update
Bay Harbor
A residential/commercial real estate area located near Petoskey, Michigan, in which CMS Energy sold its interest in 2002
bcf
Billion cubic feet
Cantera Gas Company
Cantera Gas Company LLC, a non‑affiliated company, formerly known as CMS Field Services
Cantera Natural Gas, Inc.
Cantera Natural Gas, Inc., a non‑affiliated company that purchased CMS Field Services
CCR
Coal combustion residual
CEO
Chief Executive Officer
CERCLA
The Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended
CFO
Chief Financial Officer
Clean Air Act
Federal Clean Air Act of 1963, as amended
Clean Water Act
Federal Water Pollution Control Act of 1972, as amended
CMS Capital
CMS Capital, L.L.C., a wholly owned subsidiary of CMS Energy


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CMS Energy
CMS Energy Corporation and its consolidated subsidiaries, unless otherwise noted; the parent of Consumers and CMS Enterprises
CMS Enterprises
CMS Enterprises Company, a wholly owned subsidiary of CMS Energy
CMS ERM
CMS Energy Resource Management Company, formerly known as CMS MST, a wholly owned subsidiary of CMS Enterprises
CMS Field Services
CMS Field Services, Inc., a former wholly owned subsidiary of CMS Gas Transmission Company, a wholly owned subsidiary of CMS Enterprises
CMS Land
CMS Land Company, a wholly owned subsidiary of CMS Capital
CMS MST
CMS Marketing, Services and Trading Company, a wholly owned subsidiary of CMS Enterprises, whose name was changed to CMS ERM in 2004
Consumers
Consumers Energy Company and its consolidated subsidiaries, unless otherwise noted; a wholly owned subsidiary of CMS Energy
CSAPR
The Cross‑State Air Pollution Rule of 2011, as amended
DB Pension Plans
Defined benefit pension plans of CMS Energy and Consumers, including certain present and former affiliates and subsidiaries
DB SERP
Defined Benefit Supplemental Executive Retirement Plan
DIG
Dearborn Industrial Generation, L.L.C., a wholly owned subsidiary of Dearborn Industrial Energy, L.L.C., a wholly owned subsidiary of CMS Energy
Dodd‑Frank Act
Dodd‑Frank Wall Street Reform and Consumer Protection Act of 2010
EBITDA
Earnings before interest, taxes, depreciation, and amortization
EGLE
The Michigan Department of Environment, Great Lakes, and Energy, formerly known as the Michigan Department of Environmental Quality
EnerBank
EnerBank USA, a wholly owned subsidiary of CMS Capital


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energy waste reduction
The reduction of energy consumption through energy efficiency and demand‑side energy conservation, as established under the 2016 Energy Law
EPA
U.S. Environmental Protection Agency
EPS
Earnings per share
Exchange Act
Securities Exchange Act of 1934
FDIC
Federal Deposit Insurance Corporation
FERC
The Federal Energy Regulatory Commission
FTR
Financial transmission right
GAAP
U.S. Generally Accepted Accounting Principles
GCR
Gas cost recovery
Genesee
Genesee Power Station Limited Partnership, a variable interest entity in which HYDRA‑CO Enterprises, Inc., a wholly owned subsidiary of CMS Enterprises, has a 50‑percent interest
Internal Revenue Code
Internal Revenue Code of 1986, as amended
IRP
Integrated resource plan
ITC
International Transmission Company, wholly owned by ITC Holdings Corp., a non‑affiliated company
kWh
Kilowatt‑hour, a unit of energy equal to one thousand watt‑hours
LIBOR
The London Interbank Offered Rate
Ludington
Ludington pumped‑storage plant, jointly owned by Consumers and DTE Electric Company, a non‑affiliated company


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MATS
Mercury and Air Toxics Standards, which limit mercury, acid gases, and other toxic pollution from coal‑fueled and oil‑fueled power plants
MCV Partnership
Midland Cogeneration Venture Limited Partnership
MCV PPA
PPA between Consumers and the MCV Partnership
MD&A
Management’s Discussion and Analysis of Financial Condition and Results of Operations
METC
Michigan Electric Transmission Company, LLC, a non‑affiliated company
MGP
Manufactured gas plant
Michigan Mercury Rule
Michigan Air Pollution Control Rules of 2009, as amended, Part 15: Emission Limitations and Prohibitions – Mercury
MISO
Midcontinent Independent System Operator, Inc.
MISS DIG Act
MISS DIG Underground Facility Damage Prevention and Safety Act of 2013
mothball
To place a generating unit into a state of extended reserve shutdown in which the unit is inactive and unavailable for service for a specified period, during which the unit can be brought back into service after receiving appropriate notification and completing any necessary maintenance or other work; generation owners in MISO must request approval to mothball a unit, and MISO then evaluates the request for reliability impacts
MPSC
Michigan Public Service Commission
MSF
Michigan Strategic Fund
MW
Megawatt, a unit of power equal to one million watts
NAAQS
National Ambient Air Quality Standards
NPDES
National Pollutant Discharge Elimination System, a permit system for regulating point sources of pollution under the Clean Water Act


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NREPA
Part 201 of Michigan’s Natural Resources and Environmental Protection Act of 1994, as amended
NSR
New Source Review, a construction‑permitting program under the Clean Air Act
OPEB
Other Post‑Employment Benefits
OPEB Plan
Postretirement health care and life insurance plans of CMS Energy and Consumers, including certain present and former affiliates and subsidiaries
OSHA
Occupational Safety and Health Administration
PCB
Polychlorinated biphenyl
PHMSA
The U.S. Department of Transportation’s Pipeline and Hazardous Materials Safety Administration
PPA
Power purchase agreement
PSCR
Power supply cost recovery
PURPA
The Public Utility Regulatory Policies Act of 1978
RCRA
The Federal Resource Conservation and Recovery Act of 1976
REC
Renewable energy credit
ROA
Retail Open Access, which allows electric generation customers to choose alternative electric suppliers pursuant to Michigan’s Public Acts 141 and 142 of 2000, as amended
SEC
U.S. Securities and Exchange Commission
securitization
A financing method authorized by statute and approved by the MPSC which allows a utility to sell its right to receive a portion of the rate payments received from its customers for the repayment of securitization bonds issued by a special‑purpose entity affiliated with such utility
Smart Energy
Consumers’ Smart Energy grid modernization project, which includes the installation of smart meters that transmit and receive data, a two‑way communications network, and modifications to Consumers’ existing information technology system to manage the data and enable changes to key business processes


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TCJA
Tax Cuts and Jobs Act of 2017
T.E.S. Filer City
T.E.S. Filer City Station Limited Partnership, a variable interest entity in which HYDRA‑CO Enterprises, Inc., a wholly owned subsidiary of CMS Enterprises, has a 50‑percent interest


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Filing Format
This combined Form 10‑Q is separately filed by CMS Energy and Consumers. Information in this combined Form 10‑Q relating to each individual registrant is filed by such registrant on its own behalf. Consumers makes no representation regarding information relating to any other companies affiliated with CMS Energy other than its own subsidiaries. None of CMS Energy, CMS Enterprises, nor any of CMS Energy’s other subsidiaries (other than Consumers) has any obligation in respect of Consumers’ debt securities and holders of such debt securities should not consider the financial resources or results of operations of CMS Energy, CMS Enterprises, nor any of CMS Energy’s other subsidiaries (other than Consumers and its own subsidiaries (in relevant circumstances)) in making a decision with respect to Consumers’ debt securities. Similarly, neither Consumers nor any other subsidiary of CMS Energy has any obligation in respect of debt securities of CMS Energy.
This report should be read in its entirety. No one section of this report deals with all aspects of the subject matter of this report. This report should be read in conjunction with the consolidated financial statements and related notes and with MD&A included in the 2018 Form 10‑K.
Available Information
CMS Energy’s internet address is www.cmsenergy.com. CMS Energy routinely posts important information on its website and considers the Investor Relations section, www.cmsenergy.com/investor‑relations, a channel of distribution. Information contained on CMS Energy’s website is not incorporated herein.
Forward‑Looking Statements and Information
This Form 10‑Q and other CMS Energy and Consumers disclosures may contain forward‑looking statements as defined by the Private Securities Litigation Reform Act of 1995. The use of “might,” “may,” “could,” “should,” “anticipates,” “believes,” “estimates,” “expects,” “intends,” “plans,” “projects,” “forecasts,” “predicts,” “assumes,” and other similar words is intended to identify forward‑looking statements that involve risk and uncertainty. This discussion of potential risks and uncertainties is designed to highlight important factors that may impact CMS Energy’s and Consumers’ businesses and financial outlook. CMS Energy and Consumers have no obligation to update or revise forward‑looking statements regardless of whether new information, future events, or any other factors affect the information contained in the statements. These forward‑looking statements are subject to various factors that could cause CMS Energy’s and Consumers’ actual results to differ materially from the results anticipated in these statements. These factors include, but are not limited to, the following, all of which are potentially significant:
the impact of new regulation by the MPSC, FERC, and other applicable governmental proceedings and regulations, including any associated impact on electric or gas rates or rate structures
potentially adverse regulatory treatment or failure to receive timely regulatory orders affecting Consumers that are or could come before the MPSC, FERC, or other governmental authorities
changes in the performance of or regulations applicable to MISO, METC, pipelines, railroads, vessels, or other service providers that CMS Energy, Consumers, or any of their affiliates rely on to serve their customers


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the adoption of federal or state laws or regulations or challenges to federal or state laws or regulations, or changes in applicable laws, rules, regulations, principles, or practices, or in their interpretation, such as those related to energy policy, ROA, and PURPA, infrastructure integrity or security, gas pipeline safety, gas pipeline capacity, energy waste reduction, the environment, regulation or deregulation, reliability, health care reforms (including comprehensive health care reform enacted in 2010), taxes, accounting matters, climate change, air emissions, renewable energy, potential effects of the Dodd‑Frank Act, and other business issues that could have an impact on CMS Energy’s, Consumers’, or any of their affiliates’ businesses or financial results
factors affecting operations, such as costs and availability of personnel, equipment, and materials; weather conditions; natural disasters; catastrophic weather‑related damage; scheduled or unscheduled equipment outages; maintenance or repairs; environmental incidents; failures of equipment or materials; electric transmission and distribution or gas pipeline system constraints; interconnection requirements; and changes in trade policies or regulations
increases in demand for renewable energy by customers seeking to meet sustainability goals
the ability of Consumers to execute its cost‑reduction strategies
potentially adverse regulatory or legal interpretations or decisions regarding environmental matters, or delayed regulatory treatment or permitting decisions that are or could come before EGLE, the EPA, and/or the U.S. Army Corps of Engineers, and potential environmental remediation costs associated with these interpretations or decisions, including those that may affect Bay Harbor or Consumers’ routine maintenance, repair, and replacement classification under NSR regulations
changes in energy markets, including availability and price of electric capacity and the timing and extent of changes in commodity prices and availability and deliverability of coal, natural gas, natural gas liquids, electricity, oil, and certain related products
the price of CMS Energy common stock, the credit ratings of CMS Energy and Consumers, capital and financial market conditions, and the effect of these market conditions on CMS Energy’s and Consumers’ interest costs and access to the capital markets, including availability of financing to CMS Energy, Consumers, or any of their affiliates
the potential effects of a future transition from LIBOR to an alternative reference interest rate in the capital markets
the investment performance of the assets of CMS Energy’s and Consumers’ pension and benefit plans, the discount rates, mortality assumptions, and future medical costs used in calculating the plans’ obligations, and the resulting impact on future funding requirements
the impact of the economy, particularly in Michigan, and potential future volatility in the financial and credit markets on CMS Energy’s, Consumers’, or any of their affiliates’ revenues, ability to collect accounts receivable from customers, or cost and availability of capital
changes in the economic and financial viability of CMS Energy’s and Consumers’ suppliers, customers, and other counterparties and the continued ability of these third parties, including those in bankruptcy, to meet their obligations to CMS Energy and Consumers
population changes in the geographic areas where CMS Energy and Consumers conduct business


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national, regional, and local economic, competitive, and regulatory policies, conditions, and developments
loss of customer demand for electric generation supply to alternative electric suppliers, increased use of distributed generation, or energy waste reduction and storage
adverse consequences of employee, director, or third‑party fraud or non‑compliance with codes of conduct or with laws or regulations
federal regulation of electric sales and transmission of electricity, including periodic re‑examination by federal regulators of CMS Energy’s and Consumers’ market‑based sales authorizations
the impact of credit markets, economic conditions, increased competition, and any new banking and consumer protection regulations on EnerBank
the availability, cost, coverage, and terms of insurance, the stability of insurance providers, and the ability of Consumers to recover the costs of any insurance from customers
the effectiveness of CMS Energy’s and Consumers’ risk management policies, procedures, and strategies, including strategies to hedge risk related to interest rates and future prices of electricity, natural gas, and other energy‑related commodities
factors affecting development of electric generation projects and gas and electric transmission and distribution infrastructure replacement, conversion, and expansion projects, including factors related to project site identification, construction material pricing, schedule delays, availability of qualified construction personnel, permitting, acquisition of property rights, and government approvals
potential disruption to, interruption of, or other impacts on facilities, utility infrastructure, operations, or backup systems due to accidents, explosions, physical disasters, cyber incidents, vandalism, war, or terrorism, and the ability to obtain or maintain insurance coverage for these events
changes or disruption in fuel supply, including but not limited to supplier bankruptcy and delivery disruptions
potential costs, lost revenues, reputational harm, or other consequences resulting from misappropriation of assets or sensitive information, corruption of data, or operational disruption in connection with a cyber attack or other cyber incident
potential disruption to, interruption or failure of, or other impacts on information technology backup or disaster recovery systems
technological developments in energy production, storage, delivery, usage, and metering
the ability to implement technology successfully
the impact of CMS Energy’s and Consumers’ integrated business software system and its effects on their operations, including utility customer billing and collections
adverse consequences resulting from any past, present, or future assertion of indemnity or warranty claims associated with assets and businesses previously owned by CMS Energy or


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Consumers, including claims resulting from attempts by foreign or domestic governments to assess taxes on or to impose environmental liability associated with past operations or transactions
the outcome, cost, and other effects of any legal or administrative claims, proceedings, investigations, or settlements
the reputational impact on CMS Energy and Consumers of operational incidents, violations of corporate policies, regulatory violations, inappropriate use of social media, and other events
restrictions imposed by various financing arrangements and regulatory requirements on the ability of Consumers and other subsidiaries of CMS Energy to transfer funds to CMS Energy in the form of cash dividends, loans, or advances
earnings volatility resulting from the application of fair value accounting to certain energy commodity contracts or interest rate contracts
changes in financial or regulatory accounting principles or policies
other matters that may be disclosed from time to time in CMS Energy’s and Consumers’ SEC filings, or in other public documents
All forward‑looking statements should be considered in the context of the risk and other factors described above and as detailed from time to time in CMS Energy’s and Consumers’ SEC filings. For additional details regarding these and other uncertainties, see Part I—Item 1. Financial Statements—MD&A—Outlook and Notes to the Unaudited Consolidated Financial StatementsNote 2, Regulatory Matters and Note 3, Contingencies and Commitments; and Part II—Item 1A. Risk Factors.


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Part I—Financial Information
Item 1.    Financial Statements
Index to Financial Statements


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CMS Energy Corporation
Consumers Energy Company
Management’s Discussion and Analysis of Financial Condition and Results of Operations
This MD&A is a combined report of CMS Energy and Consumers.
Executive Overview
CMS Energy is an energy company operating primarily in Michigan. It is the parent holding company of several subsidiaries, including Consumers, an electric and gas utility, and CMS Enterprises, primarily a domestic independent power producer and marketer. Consumers’ electric utility operations include the generation, purchase, transmission, distribution, and sale of electricity, and Consumers’ gas utility operations include the purchase, transmission, storage, distribution, and sale of natural gas. Consumers’ customer base consists of a mix of residential, commercial, and diversified industrial customers. CMS Enterprises, through its subsidiaries and equity investments, is engaged in domestic independent power production, including the development and operation of renewable generation, and the marketing of independent power production.
CMS Energy and Consumers manage their businesses by the nature of services each provides. CMS Energy operates principally in three business segments: electric utility; gas utility; and enterprises, its non‑utility operations and investments. Consumers operates principally in two business segments: electric utility and gas utility. CMS Energy’s and Consumers’ businesses are affected primarily by:
regulation and regulatory matters
state and federal legislation
economic conditions
weather
energy commodity prices
interest rates
their securities’ credit ratings
The Triple Bottom Line
CMS Energy’s and Consumers’ purpose is to achieve world class performance while delivering hometown service. In support of this purpose, the companies employ the “Consumers Energy Way,” a lean operating model designed to improve safety, quality, cost, delivery, and employee morale.


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CMS Energy and Consumers measure their progress toward the purpose by considering their impact on the “triple bottom line” of people, planet, and profit, which is underpinned by performance; this consideration takes into account not only the economic value that the companies create for customers and investors, but also their responsibility to social and environmental goals. The triple bottom line balances the interests of the companies’ employees, customers, suppliers, regulators, creditors, Michigan’s residents, the investment community, and other stakeholders, and it reflects the broader societal impacts of the companies’ activities.
cmsimage0a01.jpg
Consumers’ Sustainability Report, which is available to the public, describes the company’s progress toward world class performance measured in the areas of people, planet, and profit.
People: The people element of the triple bottom line represents CMS Energy’s and Consumers’ commitment to their employees, their customers, the residents of local communities in which the companies do business, and other stakeholders.
The safety of employees, customers, and the general public is a priority of CMS Energy and Consumers. Accordingly, CMS Energy and Consumers have worked to integrate a set of safety principles into their business operations and culture. These principles include complying with applicable safety, health, and security regulations and implementing programs and processes aimed at continually improving safety and security conditions. Over the last ten years, Consumers’ OSHA recordable incident rate has decreased by over 70 percent.
CMS Energy and Consumers also place a high priority on customer value and on providing a hometown customer experience. Consumers’ customer-driven investment program is aimed at improving safety and increasing electric and gas reliability, which has resulted in measurable improvements in customer satisfaction.
Central to Consumers’ commitment to its customers are the initiatives it has undertaken to keep electricity and natural gas affordable, including:
replacement of coal-fueled generation and PPAs with renewable energy and energy waste reduction and demand response programs
targeted infrastructure investment to improve reliability and safety and to reduce maintenance costs
information and control system efficiencies
employee and retiree health care cost sharing
workforce productivity enhancements
In addition, Consumers’ gas commodity costs declined by 60 percent from 2008 through 2018, due not only to a decrease in market prices but also to Consumers’ improvements to its gas infrastructure and optimization of its gas purchasing and storage strategy. These gas commodity savings are passed on to customers.
Planet: The planet element of the triple bottom line represents CMS Energy’s and Consumers’ commitment to protect the environment; this commitment extends beyond complying with the various


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state and federal environmental and health and safety laws and regulations to which CMS Energy and Consumers are subject. Management considers climate change and other environmental risks in the companies’ strategy development, business planning, and enterprise risk management processes.
CMS Energy and Consumers continue to focus on opportunities to protect the environment and to reduce their carbon footprint. As a result of actions already taken by CMS Energy and Consumers, including the retirement of seven of Consumers’ coal-fueled electric generating units in 2016, the companies have:
decreased their combined percentage of electric supply (self-generated and purchased) from coal by 18 percentage points since 2015
reduced carbon dioxide emissions by over 35 percent since 2005
reduced the amount of water used to generate electricity by over 30 percent since 2012
reduced landfill waste disposal by over one million cubic yards since 1992
reduced methane emissions by 17 percent since 2012
Additionally, over the last 20 years, Consumers has reduced its sulfur dioxide, nitrogen oxide, particulate matter, and mercury emissions by 90 percent.
The 2016 Energy Law:
raised the renewable energy standard from the previous ten‑percent requirement to 12.5 percent in 2019 and 15 percent in 2021
established a goal of 35 percent combined renewable energy and energy waste reduction by 2025
authorized incentives for demand response programs and expanded existing incentives for energy efficiency programs, referring to the combined initiatives as energy waste reduction programs
established an integrated planning process for new generation resources
Consumers filed an IRP with the MPSC in June 2018, detailing its “Clean Energy Plan,” its long‑term strategy for delivering reliable and affordable energy to its customers through the increased use of energy efficiency and customer demand management programs and additional renewable energy. In March 2019, Consumers and a broad coalition of key stakeholders, including business customers, environmental groups, the MPSC Staff, and the Michigan Attorney General, filed an agreement settling the IRP with the MPSC and the MPSC approved it in June 2019.
Under its Clean Energy Plan, Consumers will meet the requirements of the 2016 Energy Law using its clean and lean strategy, which focuses on increasing the generation of renewable energy, helping customers use less energy, and offering demand response programs to reduce demand during critical peak times. Further, Consumers plans to replace all of its coal-fueled generation with investment in renewable energy, which will enable Consumers to meet and exceed the 2016 Energy Law renewable energy requirements and fulfill increasing customer demand for renewable energy. Through its Clean Energy Plan, Consumers expects to reduce carbon emissions by more than 90 percent by 2040. Additionally, the plan will allow Consumers to achieve a breakthrough goal of at least 50 percent combined renewable energy and energy waste reduction by 2030.


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Presented in the following illustration is Consumers’ 2019 generation capacity and projected future generation capacity in 2030 and 2040, including purchased capacity, based on a variety of fuel sources:
chart-bd8f11da5e1d5cdd90d.jpg
In addition to Consumers’ efforts to reduce the electric utility’s carbon footprint, it is also making efforts to reduce the gas utility’s methane footprint. In October 2019, Consumers set a goal of net-zero methane emissions from its natural gas delivery system by 2030. To reach this goal, Consumers plans to reduce methane emissions from its system by about 80 percent and to offset its remaining emissions by purchasing and/or producing renewable natural gas. Consumers plans to release its Methane Reduction Plan, which will outline its plan to reach this net-zero emissions goal, in November 2019.
Additionally, in an effort to advance its environmental stewardship in Michigan and to minimize the impact of future regulations, Consumers announced the following five‑year targets during 2018:
to reduce its water use by one billion gallons; in 2018, Consumers reduced its water usage by 180 million gallons
to reduce the amount of waste taken to landfills by 35 percent; in 2018, Consumers reduced its waste to landfills by 12 percent
to enhance, restore, or protect 5,000 acres of land; in 2018, Consumers enhanced, restored, or protected nearly 800 acres of land
CMS Energy, through its non‑utility businesses, continues to pursue further opportunities for the development of renewable generation projects. CMS Enterprises has completed the development of and


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operates a 105‑MW wind generation project in northwest Ohio and three solar generation projects in Michigan and Wisconsin totaling 27 MW. Renewable energy produced by these projects is committed to customers under long-term PPAs.
CMS Energy and Consumers are monitoring numerous legislative, policy, and regulatory initiatives, including those to regulate greenhouse gases, and related litigation. While CMS Energy and Consumers cannot predict the outcome of these matters, which could have a material effect on the companies, they intend to continue to move forward with their clean and lean strategy.
Profit: The profit element of the triple bottom line represents CMS Energy’s and Consumers’ commitment to meeting their financial objectives and providing economic development opportunities and benefits in the communities in which they do business. CMS Energy’s and Consumers’ financial strength allows them to maintain solid investment-grade credit ratings and thereby reduce funding costs for the benefit of customers and investors, to preserve and create jobs, and to reinvest in the communities they serve.
For the nine months ended September 30, 2019, CMS Energy’s net income available to common stockholders was $513 million, and diluted EPS were $1.81. This compares with net income available to common stockholders of $549 million and diluted EPS of $1.94 for the nine months ended September 30, 2018. In 2019, the benefits from electric and gas rate increases, higher gas sales due primarily to colder weather, and the gain on the sale of transmission equipment were more than offset by lower electric sales due primarily to unfavorable weather, lower earnings at the enterprises segment, higher depreciation and amortization, and higher service restoration costs from 2019 storms. A more detailed discussion of the factors affecting CMS Energy’s and Consumers’ performance can be found in the Results of Operations section that follows this Executive Overview.
Consumers projects that its electric weather-normalized deliveries will remain stable and gas weather-normalized deliveries will increase slightly through 2023. This outlook reflects modest growth in electric demand offset by the effects of energy waste reduction programs, and modest growth in gas demand offset partially by energy efficiency and conservation.
Performance: Impacting the Triple Bottom Line
CMS Energy and Consumers remain committed to achieving world class performance while delivering hometown service. Leveraging the Consumers Energy Way, CMS Energy and Consumers have accomplished the following during 2019:
received approval of Consumers’ IRP, which supports the companies’ clean energy goals
launched a three-year electric vehicle pilot program
committed to invest $7.5 billion in Michigan businesses over the next five years; of that amount,$1.5 billion will be invested in diverse suppliers
completed the deployment of automated gas meters in areas where Consumers provides only natural gas to customers, allowing for drive-by meter reading
ranked the highest in customer satisfaction among large natural gas providers in the Midwest, according to a residential customer satisfaction study conducted by J.D. Power, a global marketing information company
CMS Energy and Consumers will continue to utilize the Consumers Energy Way to enable them to achieve world class performance and positively impact the triple bottom line. Consumers’ investment plan and the regulatory environment in which it operates also drive its ability to impact the triple bottom line.


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Investment Plan: Consumers expects to make capital investments of $25 billion from 2019 through 2028. Over the next five years, Consumers expects to make significant expenditures on infrastructure upgrades and replacements and electric supply projects. While it has a large number of potential investment opportunities that would add customer value, Consumers has prioritized its spending based on the criteria of enhancing public safety, increasing reliability, maintaining affordability for its customers, and advancing its environmental stewardship. Consumers’ investment program is expected to result in annual rate-base growth of six to eight percent. This rate-base growth, together with cost-control measures, should allow Consumers to maintain affordable customer prices.
Presented in the following illustration are planned capital expenditures of $11.8 billion that Consumers expects to make from 2019 through 2023:
chart-fdc0183cda6b595ba8b.jpg
Of this amount, Consumers plans to spend $9.3 billion over the next five years to maintain and upgrade its gas infrastructure and electric distribution systems in order to enhance safety and reliability, improve customer satisfaction, and reduce energy waste on those systems. The gas infrastructure projects comprise $5.1 billion to sustain deliverability and enhance pipeline integrity and safety. These projects, which involve replacement of mains and services and enhancement of transmission and storage systems, should reduce the minor quantity of methane emissions released as gas is transported. The electric distribution projects comprise $4.2 billion to strengthen circuits and substations and replace poles. Consumers also expects to spend $2.5 billion on electric supply projects, primarily new renewable generation, and environmental investments needed to comply with state and federal laws and regulations.
Regulation: Regulatory matters are a key aspect of Consumers’ business, particularly rate cases and regulatory proceedings before the MPSC, which permit recovery of new investments while helping to ensure that customer rates are fair and affordable. Important regulatory events and developments not already discussed are summarized below.
2018 Electric Rate Case: In May 2018, Consumers filed an application with the MPSC seeking an annual rate increase of $58 million, based on a 10.75 percent authorized return on equity. The filing requested authority to recover new investment in system reliability, environmental


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compliance, and technology enhancements. In October 2018, Consumers reduced its requested annual rate increase to $44 million. In January 2019, the MPSC approved a settlement agreement authorizing an annual rate decrease of $24 million, based on a 10.0 percent authorized return on equity. With the elimination of the $113 million TCJA credit to customer bills, the approved settlement agreement resulted in an $89 million net increase in annual rates. The settlement agreement also provided for deferred accounting treatment for distribution‑related capital investments exceeding certain amounts. Consumers also agreed to not file a new electric rate case prior to January 2020.
2018 Gas Rate Case: In November 2018, Consumers filed an application with the MPSC seeking an annual rate increase of $229 million, based on a 10.75 percent authorized return on equity. In April 2019, Consumers reduced its requested annual rate increase to $204 million. In September 2019, the MPSC approved an annual rate increase of $144 million, based on a 9.90 percent authorized return on equity. This increase includes a $13 million adjustment to begin returning net regulatory tax liabilities associated with the TCJA to customers. The MPSC also approved the continuation of a revenue decoupling mechanism, which annually reconciles Consumers’ actual weather‑normalized, non‑fuel revenues with the revenues approved by the MPSC.
Tax Cuts and Jobs Act: The TCJA, which changed existing federal tax law and included numerous provisions that affect businesses, was signed into law in December 2017. In early 2018, the MPSC ordered Consumers to file various proceedings to determine the reduction in its electric and gas revenue requirements as a result of the reduction in the corporate income tax rate, and to implement bill credits to reflect that reduction until customer rates could be adjusted through Consumers’ general rate cases. Consumers filed, and the MPSC approved, such proceedings throughout 2018, resulting in credits to customer bills during 2018 to reflect reductions in Consumers’ electric and gas revenue requirements. Additionally, Consumers filed an application to address the December 31, 2017 remeasurement of its deferred income taxes and other base rate impacts of the TCJA on customers. In September 2019, the MPSC authorized Consumers to begin returning net regulatory tax liabilities of $0.4 billion to gas customers through rates approved in the 2018 gas rate case and $1.2 billion to electric customers through rates to be determined in Consumers’ next electric rate case. Until then, the MPSC authorized Consumers to refund $32 million to electric customers through a temporary bill credit. For details on these proceedings, see Note 2, Regulatory Matters.
Looking Forward
CMS Energy and Consumers will continue to consider the impact on the triple bottom line of people, planet, and profit in their daily operations as well as in their long-term strategic decisions. Consumers will continue to seek fair and timely regulatory treatment that will support its customer-driven investment plan, while pursuing cost-control measures that will allow it to maintain sustainable customer base rates. The Consumers Energy Way is an important means of realizing CMS Energy’s and Consumers’ purpose of achieving world class performance while delivering hometown service.


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Results of Operations
CMS Energy Consolidated Results of Operations
In Millions, Except Per Share Amounts
 
 
Three Months Ended
 
Nine Months Ended
September 30
2019
 
2018
 
Change
 
 
2019
 
2018
 
Change
 
Net Income Available to Common Stockholders
 
$
207

 
$
169

 
$
38

 
 
$
513

 
$
549

 
$
(36
)
Basic Earnings Per Average Common Share
 
$
0.73

 
$
0.60

 
$
0.13

 
 
$
1.81

 
$
1.95

 
$
(0.14
)
Diluted Earnings Per Average Common Share
 
$
0.73

 
$
0.59

 
$
0.14

 
 
$
1.81

 
$
1.94

 
$
(0.13
)
 
In Millions
 
 
Three Months Ended
 
Nine Months Ended
September 30
2019
 
2018
 
Change
 
 
2019
 
2018
 
Change
 
Electric utility
 
$
223

 
$
199

 
$
24

 
 
$
418

 
$
468

 
$
(50
)
Gas utility
 
(10
)
 
(19
)
 
9

 
 
119

 
105

 
14

Enterprises
 
7

 
4

 
3

 
 
18

 
33

 
(15
)
Corporate interest and other
 
(13
)
 
(15
)
 
2

 
 
(42
)
 
(57
)
 
15

Net Income Available to Common Stockholders
 
$
207

 
$
169

 
$
38

 
 
$
513

 
$
549

 
$
(36
)


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Presented in the following table are specific after-tax changes to CMS Energy’s net income available to common stockholders for the three and nine months ended September 30, 2019 versus 2018:
In Millions
 
 
Three Months Ended
 
Nine Months Ended
September 30, 2018
 
 
 
$
169

 
 
 
 
$
549

Reasons for the change
 
 
 
 
 
 
 
 
 
Consumers electric utility and gas utility
 
 
 
 
 
 
 
 
 
Electric sales
 
$
(19
)
 
 
 
 
$
(42
)
 
 
Gas sales
 
(3
)
 
 
 
 
15

 
 
Electric rate increase
 
16

 
 
 
 
40

 
 
Gas rate increase
 
2

 
 
 
 
30

 
 
Gain on sale of transmission equipment1
 
25

 
 
 
 
25

 
 
Depreciation and amortization
 
(4
)
 
 
 
 
(25
)
 
 
Lower (higher) service restoration costs
 
2

 
 
 
 
(23
)
 
 
Absence of 2018 income tax benefit associated with electric cost of removal2
 
(8
)
 
 
 
 
(23
)
 
 
Higher property tax, reflecting higher capital spending
 
(2
)
 
 
 
 
(11
)
 
 
Absence of 2018 research and development tax credits2
 

 
 
 
 
(9
)
 
 
Absence of 2018 settlement of a property tax appeal related to the J.H. Campbell plant
 

 
 
 
 
(7
)
 
 
Lower distribution and transmission expenses
 
10

 
 
 
 

 
 
Other
 
14

 


 
 
(6
)
 


 
 
 
 
$
33

 
 
 
 
$
(36
)
Enterprises
 
 
 
 
 
 
 
 
 
Lower earnings due primarily to lower capacity revenue and higher operating and maintenance costs
 

 
 
 
 
(27
)
 
 
Absence of 2018 expiration of indemnity obligation
 

 
 
 
 
(3
)
 
 
Gain on sale of transmission equipment1
 

 


 
 
12

 


Absence of 2018 write off of capital costs related to T.E.S. Filer City plant conversion
 
3

 
 
 
 
3

 
 
 
 
 
 
3

 
 
 
 
(15
)
Corporate interest and other
 
 
 
 
 
 
 
 
 
Increased income tax benefit due primarily to production tax credits
 
3

 
 
 
 
14

 
 
Higher earnings at EnerBank
 
1

 
 
 
 
6

 
 
2019 tax deductions primarily attributable to asset sales
 
4

 
 
 
 
4

 
 
Absence of 2018 loss on early extinguishment of debt
 

 
 
 
 
4

 
 
Higher fixed charges due to higher debt
 
(6
)
 


 
 
(13
)
 


 
 
 
 
2

 
 
 
 
15

September 30, 2019
 
 
 
$
207

 
 
 
 
$
513

1 
See Note 15, Asset Sales and Exit Activities.
2 
See Note 10, Income Taxes.


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Consumers Electric Utility Results of Operations
Presented in the following table are the detailed changes to the electric utility’s net income available to common stockholders for the three months ended September 30, 2019 versus 2018 (amounts are presented pre-tax, with the exception of income tax changes):
In Millions
 
Three Months Ended September 30, 2018
 
 
 
$
199

Reasons for the change
 
 
 
 
Electric deliveries1 and rate increases
 
 
 
 
Rate increase, including the impacts of the January 2019 order
 
$
26

 
 
Lower sales due primarily to unfavorable weather
 
(28
)
 
 
Lower energy waste reduction program revenues
 
(8
)
 
 
Other revenues
 
2

 
$
(8
)
Maintenance and other operating expenses
 
 
 
 
Gain on sale of transmission equipment2
 
34

 
 
Lower energy waste reduction program costs
 
8

 
 
Lower distribution and transmission expenses
 
5

 
 
Lower maintenance and other operating expenses
 
7

 
54

Depreciation and amortization
 
 
 
 
Increased plant in service, reflecting higher capital spending
 
 
 
(6
)
General taxes
 
 
 
(2
)
Other income, net of expenses
 
 
 
 
Higher other income, net of expenses
 
 
 
3

Interest charges
 
 
 
(2
)
Income taxes
 
 
 
 
Higher electric utility pre-tax earnings
 
(11
)
 
 
Absence of 2018 income tax benefit associated with cost of removal3
 
(9
)
 
 
Lower other income taxes
 
5

 
(15
)
Three Months Ended September 30, 2019
 
 
 
$
223

1 
Deliveries to end-use customers were 10.1 billion kWh in 2019 and 10.6 billion kWh in 2018.
2 
See Note 15, Asset Sales and Exit Activities.
3 
See Note 10, Income Taxes.


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Presented in the following table are the detailed changes to the electric utility’s net income available to common stockholders for the nine months ended September 30, 2019 versus 2018 (amounts are presented pre-tax, with the exception of income tax changes):
In Millions
 
Nine Months Ended September 30, 2018
 
 
 
$
468

Reasons for the change
 
 
 
 
Electric deliveries1 and rate increases
 
 
 
 
Rate increase, including the impacts of the January 2019 order
 
$
61

 
 
Lower sales due primarily to unfavorable weather
 
(68
)
 
 
Lower energy waste reduction program revenues
 
(7
)
 
 
Effect of new leases accounting standard2
 
8

 
 
Other revenues
 
3

 
$
(3
)
Maintenance and other operating expenses
 
 
 
 
Gain on sale of transmission equipment3
 
34

 
 
Litigation settlement
 
8

 
 
Lower energy waste reduction program costs
 
7

 
 
Higher service restoration costs from 2019 winter storms
 
(31
)
 
 
Lower mutual insurance distribution
 
(4
)
 
 
Higher maintenance and other operating expenses
 
(5
)
 
9

Depreciation and amortization
 
 
 
 
Increased plant in service, reflecting higher capital spending
 
 
 
(21
)
General taxes
 
 
 
 
Absence of 2018 settlement of a property tax appeal related to the J.H. Campbell plant
 
(9
)
 
 
Higher property tax, reflecting higher capital spending
 
(5
)
 
(14
)
Other income, net of expenses
 
 
 
 
Higher other income, net of expenses
 
 
 
2

Interest charges
 
 
 
 
Effect of new leases accounting standard2
 
(8
)
 
 
Lower PSCR interest expense
 
3

 
 
Lower other interest charges
 
2

 
(3
)
Income taxes
 
 
 
 
Absence of 2018 income tax benefit associated with cost of removal4
 
(23
)
 
 
Absence of 2018 research and development tax credits4
 
(8
)
 
 
Lower electric utility pre-tax earnings
 
7

 
 
Lower other income taxes
 
4

 
(20
)
Nine Months Ended September 30, 2019
 
 
 
$
418

1 
Deliveries to end-use customers were 27.9 billion kWh in 2019 and 29.1 billion kWh in 2018.
2 
Under the provisions of ASU 2016‑02, Leases, fixed energy and capacity costs associated with Consumers’ PPAs that are accounted for as finance leases are presented as amortization and interest expense, rather than purchased power expense. See Note 8, Leases for more information about Consumers’ leases.
3 
See Note 15, Asset Sales and Exit Activities.
4 
See Note 10, Income Taxes.


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Consumers Gas Utility Results of Operations
Presented in the following table are the detailed changes to the gas utility’s net income available to common stockholders for the three months ended September 30, 2019 versus 2018 (amounts are presented pre-tax, with the exception of income tax changes):
In Millions
 
Three Months Ended September 30, 2018
 
 
 
$
(19
)
Reasons for the change
 
 
 
 
Gas deliveries1 and rate increases
 
 
 
 
Rate increase, including the impacts of the September 2018 order
 
$
3

 
 
Lower sales
 
(5
)
 
 
Higher energy waste reduction program revenues
 
3

 
 
Other revenues
 
2

 
$
3

Maintenance and other operating expenses
 
 
 
 
Lower distribution and transmission expenses
 
7

 
 
Lower pipeline integrity expenses
 
6

 
 
Higher leak repair and survey expenses
 
(3
)
 
 
Higher energy waste reduction program costs
 
(3
)
 
 
Lower maintenance and other operating expenses
 
1

 
8

General taxes
 
 
 
 
Higher property tax, reflecting higher capital spending
 
 
 
(1
)
Other income, net of expenses
 
 
 
 
Higher other income, net of expenses
 
 
 
2

Interest charges
 
 
 
(1
)
Income taxes
 
 
 
 
Higher gas utility pre-tax earnings
 
(3
)
 
 
Lower other income taxes
 
1

 
(2
)
Three Months Ended September 30, 2019
 
 
 
$
(10
)
1 
Deliveries to end-use customers were 26 bcf in 2019 and 27 bcf in 2018.


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Presented in the following table are the detailed changes to the gas utility’s net income available to common stockholders for the nine months ended September 30, 2019 versus 2018 (amounts are presented pre-tax, with the exception of income tax changes):
In Millions
 
Nine Months Ended September 30, 2018
 
 
 
$
105

Reasons for the change
 
 
 
 
Gas deliveries1 and rate increases
 
 
 
 
Rate increase, including the impacts of the September 2018 order
 
$
32

 
 
Higher sales, due primarily to colder weather
 
19

 
 
Lower energy waste reduction program revenues
 
(5
)
 
 
Other revenues
 
1

 
$
47

Maintenance and other operating expenses
 
 
 
 
Higher leak repair and survey expenses
 
(7
)
 
 
Lower energy waste reduction program costs
 
5

 
 
Lower pipeline integrity expenses
 
2

 
 
Higher maintenance and other operating expenses
 
(5
)
 
(5
)
Depreciation and amortization
 
 
 
 
Increased plant in service, reflecting higher capital spending
 
 
 
(13
)
General taxes
 
 
 
 
Higher property tax, reflecting higher capital spending
 
 
 
(10
)
Other income, net of expenses
 
 
 
 
Higher other income, net of expenses
 
 
 
4

Interest charges
 
 
 
(3
)
Income taxes
 
 
 
 
Higher gas utility pre-tax earnings
 
(5
)
 
 
Higher other income taxes
 
(1
)
 
(6
)
Nine Months Ended September 30, 2019
 
 
 
$
119

1 
Deliveries to end-use customers were 217 bcf in 2019 and 211 bcf in 2018.
Enterprises Results of Operations
Presented in the following table are the detailed after-tax changes to the enterprises segment’s net income available to common stockholders for the three months ended September 30, 2019 versus 2018:
In Millions
 
Three Months Ended September 30, 2018
 
 
 
$
4

Reason for the change
 
 
 
 
Absence of 2018 write off of capital costs related to T.E.S. Filer City plant conversion
 
 
 
$
3

Three Months Ended September 30, 2019
 
 
 
$
7



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Presented in the following table are the detailed after-tax changes to the enterprises segment’s net income available to common stockholders for the nine months ended September 30, 2019 versus 2018:
In Millions
 
Nine Months Ended September 30, 2018
 
 
 
$
33

Reason for the change
 
 
 
 
Lower earnings due primarily to lower capacity revenue and higher operating and maintenance costs
 
 
 
$
(27
)
Absence of 2018 expiration of indemnity obligation
 
 
 
(3
)
Gain on sale of transmission equipment1
 
 
 
12

Absence of 2018 write off of capital costs related to T.E.S. Filer City plant conversion
 
 
 
3

Nine Months Ended September 30, 2019
 
 
 
$
18

1 
See Note 15, Asset Sales and Exit Activities.
Corporate Interest and Other Results of Operations
Presented in the following table are the detailed after-tax changes to corporate interest and other results for the three months ended September 30, 2019 versus 2018:
In Millions
 
Three Months Ended September 30, 2018
 
 
 
$
(15
)
Reasons for the change
 
 
 
 

Increased income tax benefit due primarily to production tax credits
 
 
 
$
3

Higher earnings at EnerBank
 
 
 
1

2019 tax deductions primarily attributable to asset sales
 
 
 
4

Higher fixed charges due to higher debt
 
 
 
(6
)
Three Months Ended September 30, 2019
 
 
 
$
(13
)
Presented in the following table are the detailed after-tax changes to corporate interest and other results for the nine months ended September 30, 2019 versus 2018:
In Millions
 
Nine Months Ended September 30, 2018
 
 
 
$
(57
)
Reasons for the change
 
 
 
 

Increased income tax benefit due primarily to production tax credits
 
 
 
$
14

Higher earnings at EnerBank
 
 
 
6

2019 tax deductions primarily attributable to asset sales
 
 
 
4

Absence of 2018 loss on early extinguishment of debt
 
 
 
4

Higher fixed charges due to higher debt
 
 
 
(13
)
Nine Months Ended September 30, 2019
 
 
 
$
(42
)


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Table of Contents


Cash Position, Investing, and Financing
At September 30, 2019, CMS Energy had $433 million of consolidated cash and cash equivalents, which included $30 million of restricted cash and cash equivalents. At September 30, 2019, Consumers had $284 million of consolidated cash and cash equivalents, which included $25 million of restricted cash and cash equivalents. For additional details, see Note 13, Cash and Cash Equivalents.
Operating Activities
Presented in the following table are specific components of net cash provided by operating activities for the nine months ended September 30, 2019 versus 2018:
In Millions
 
CMS Energy, including Consumers
 
 
Nine Months Ended September 30, 2018
 
$
1,565

Reasons for the change
 
 
Lower net income
 
$