EX-12.1 3 ex12106302018.htm EXHIBIT 12.1 Exhibit
Exhibit 12.1

CMS Energy Corporation
Ratios of Earnings to Fixed Charges and Combined Fixed Charges and Preferred Dividends
In Millions, Except Ratios
 
 
Six Months Ended
 
 
Year Ended December 31
 
June 30, 2018
 
 
2017
 
2016
 
2015
 
2014
 
2013
 
Earnings as defined1
 
 

 
 
 

 
 

 
 

 
 

 
 

Pretax income from continuing operations
 
$
446

 
 
$
886

 
$
826

 
$
796

 
$
729

 
$
756

Exclude equity basis subsidiaries
 
(10
)
 
 
(2
)
 
(2
)
 
(2
)
 
(1
)
 
(2
)
Fixed charges as defined2
 
238

 
 
468

 
469

 
421

 
432

 
423

Earnings as defined2
 
$
674

 
 
$
1,352

 
$
1,293

 
$
1,215

 
$
1,160

 
$
1,177

Fixed charges as defined1
 
 

 
 
 

 
 

 
 

 
 

 
 

Interest on long-term debt
 
$
203

 
 
$
406

 
$
411

 
$
386

 
$
393

 
$
385

Estimated interest portion of lease rental
 
14

 
 
27

 
29

 
21

 
21

 
21

Other interest charges
 
22

 
 
36

 
31

 
16

 
19

 
18

Fixed charges as defined2
 
$
239

 
 
$
469

 
$
471

 
$
423

 
$
433

 
$
424

Preferred dividends
 
—

 
 
—

 
—

 
—

 
—

 
—

Combined fixed charges and preferred dividends
 
$
239

 
 
$
469

 
$
471

 
$
423

 
$
433

 
$
424

Ratio of earnings to fixed charges
 
2.82

 
 
2.88

 
2.75

 
2.87

 
2.68

 
2.78

Ratio of earnings to combined fixed charges and preferred dividends
 
2.82

 
 
2.88

 
2.75

 
2.87

 
2.68

 
2.78

1 
Earnings and fixed charges as defined in instructions for Item 503 of Regulation S-K.
2 
Preferred dividends of a consolidated subsidiary are included in fixed charges, but excluded from earnings as defined because the amount was not deducted in arriving at pretax income from continuing operations.