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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2019
Jun. 30, 2018
Jun. 30, 2019
Jun. 30, 2018
Operating Revenue $ 1,445 $ 1,492 $ 3,504 $ 3,445
Operating Expenses        
Fuel for electric generation 119 115 261 247
Purchased power – related parties 16 19 34 38
Maintenance and other operating expenses 343 326 697 636
Depreciation and amortization 216 204 514 483
General taxes 71 68 177 155
Total operating expenses 1,227 1,237 2,927 2,827
Operating Income 218 255 577 618
Other Income (Expense)        
Interest income 2 4 3 6
Allowance for equity funds used during construction 3 1 5 2
Income from equity method investees 2 4 1 7
Nonoperating retirement benefits, net 23 22 46 46
Other income 2 0 3 1
Other expense (5) (9) (8) (11)
Total other income 27 22 50 51
Interest Charges        
Interest on long-term debt 110 103 216 203
Interest expense – related parties 3 0 3 0
Other interest expense 19 10 35 21
Allowance for borrowed funds used during construction (1) (1) (2) (1)
Total interest charges 131 112 252 223
Income Before Income Taxes 114 165 375 446
Income Tax Expense 20 25 68 65
Net Income 94 140 307 381
Income Attributable to Noncontrolling Interests 1 1 1 1
Net Income Available to Common Stockholders $ 93 $ 139 $ 306 $ 380
Basic earnings per average common share (in dollars per share) $ 0.33 $ 0.49 $ 1.08 $ 1.35
Diluted earnings per average common share (in dollars per share) $ 0.33 $ 0.49 $ 1.08 $ 1.35
Consumers Energy Company        
Operating Revenue $ 1,334 $ 1,395 $ 3,277 $ 3,250
Operating Expenses        
Fuel for electric generation 88 86 194 188
Purchased and interchange power 350 388 724 766
Purchased power – related parties 16 19 34 39
Cost of gas sold 104 108 505 485
Maintenance and other operating expenses 320 298 639 580
Depreciation and amortization 212 201 506 478
General taxes 69 66 172 151
Total operating expenses 1,159 1,166 2,774 2,687
Operating Income 175 229 503 563
Other Income (Expense)        
Interest income 1 2 2 4
Interest and dividend income – related parties 1 0 2 0
Allowance for equity funds used during construction 3 1 5 2
Nonoperating retirement benefits, net 22 20 43 42
Other income 1 0 2 1
Other expense (5) (3) (8) (5)
Total other income 23 20 46 44
Interest Charges        
Interest on long-term debt 68 67 137 134
Interest expense – related parties 3 0 3 0
Other interest expense 4 4 7 9
Allowance for borrowed funds used during construction (1) (1) (2) (1)
Total interest charges 74 70 145 142
Income Before Income Taxes 124 179 404 465
Income Tax Expense 26 27 80 71
Net Income 98 152 324 394
Preferred Stock Dividends 1 1 1 1
Net Income Available to Common Stockholder 97 151 323 393
Purchased and interchange power        
Operating Expenses        
Cost of sales 356 393 734 775
Cost of gas sold        
Operating Expenses        
Cost of sales $ 106 $ 112 $ 510 $ 493