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Financings And Capitalization (Tables)
12 Months Ended
Dec. 31, 2019
Debt Instrument [Line Items]  
Summary Of Long-Term Debt Outstanding
Presented in the following table is CMS Energy’s long-term debt at December 31:
In Millions
 
 
Interest Rate (%)
Maturity
2019
 
2018
 
CMS Energy, including Consumers
 
 
 
 
 
 
 
 
CMS Energy, parent only
 
 
 
 
 
 
 
 
Senior notes
5.050
 
2022
 
 
$
300

 
$
300

 
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

Total senior notes
 
 
 
 
 
$
2,275

 
$
2,275

 
 
 
 
 
 
 
 
 
Term loans and revolving credit agreements
variable

2019
 
 

 
180

 
variable

2023
 
 

 
30

 
 
 
 
 
 
$

 
$
210

 
 
 
 
 
 
 
 
 
Junior subordinated notes¹
5.625
 
2078
 
 
200

 
200

 
5.875
 
2078
 
 
280

 
280

 
5.875
 
2079
 
 
630

 

 
 
 
 
 
 
$
1,110

 
$
480

Total CMS Energy, parent only
 
 
 
 
 
$
3,385

 
$
2,965

CMS Energy subsidiaries
 
 
 
 
 
 
 
 
CMS Enterprises, including subsidiaries
 
 
 
 
 
 
 
 
Term loan facility
variable
2 
2025
 
 
$
92

 
$
98

EnerBank
 
 
 
 
 
 
 
 
Certificates of deposit
2.445
3 
2020-2027
 
 
2,389

 
1,758

Consumers
 
 
 
 
 
7,322

 
6,862

Total principal amount outstanding
 
 
 
 
 
$
13,188

 
$
11,683

Current amounts
 
 
 
 
 
(1,111
)
 
(974
)
Unamortized discounts
 
 
 
 
 
(27
)
 
(21
)
Unamortized issuance costs
 
 
 
 
 
(99
)
 
(73
)
Total long-term debt
 
 
 
 
 
$
11,951

 
$
10,615

1 
These unsecured obligations rank subordinate and junior in right of payment to all of CMS Energy’s existing and future senior indebtedness.
2 
A subsidiary of CMS Enterprises issued nonrecourse debt to finance the acquisition of a wind generation project in Northwest Ohio. The debt bears interest at an annual interest rate of LIBOR plus 1.500 percent through October 2022 (3.445 percent at December 31, 2019 and 4.303 percent at December 31, 2018). Beginning in October 2022, the debt will bear interest at an annual interest rate of LIBOR plus 1.750 percent. 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 beginning in October 2022. Principal and interest payments are made quarterly. For information about the interest rate swaps, see Note 6, Fair Value Measurements.
3 
The weighted-average interest rate for EnerBank’s certificates of deposit was 2.445 percent at December 31, 2019 and 2.440 percent at December 31, 2018. EnerBank’s primary deposit product consists of brokered certificates of deposit with varying maturities and having a face value of $1,000.
Major Long-Term Debt Transactions
Presented in the following table is a summary of major long-term debt retirements during the year ended December 31, 2019:
 
   Principal (In Millions)
 
Interest Rate (%)

Retirement Date
Maturity Date
CMS Energy, parent only
 
 
 
 
 
Term loan facility
 
$
300

variable

February 
December 2019
Term loan facility
 
180

variable

February 
April 2019
Term loan facility
 
165

variable

August-December
June 2020
Total CMS Energy, parent only
 
$
645

 
 
 
Consumers
 
 
 
 
 
First mortgage bonds
 
$
300

5.650
%
May 
April 2020
Total Consumers
 
$
300

 
 
 
Total CMS Energy
 
$
945

 
 
 

Presented in the following table is a summary of major long-term debt issuances during the year ended December 31, 2019:
 
   Principal (In Millions)
 
Interest Rate (%)
Issuance Date
Maturity Date
CMS Energy, parent only
 
 
 
 
 
Term loan facility

$
300

variable
January 
December 2019
Junior subordinated notes1

630

5.875
February 
March 2079
Term loan facility

165

variable
June 
June 2020
Total CMS Energy, parent only

$
1,095



 
Consumers
 
 
 
 
 
First mortgage bonds
 
$
300

3.750
May
February 2050
First mortgage bonds
 
550

3.100
September
August 2050
First mortgage bonds
 
76

variable
September
September 2069
Tax-exempt revenue bonds
 
75

1.800
October
October 2049
Total Consumers
 
$
1,001

 
 
 
Total CMS Energy
 
$
2,096

 
 
 
1 
These unsecured obligations rank subordinate and junior in right of payment to all of CMS Energy’s existing and future senior indebtedness.
Debt Maturities At December 31, 2019, the aggregate annual contractual maturities for long-term debt for the next five years were:
In Millions
 
 
2020
 
2021
 
2022
 
2023
 
2024
 
CMS Energy, including Consumers
 
 
 
 
 
 
 
 
 
 
Long-term debt
 
$
1,111

 
$
538

 
$
1,354

 
$
669

 
$
808

Consumers
 
 
 
 
 
 
 
 
 
 
Long-term debt
 
$
202

 
$
27

 
$
653

 
$
354

 
$
332


Revolving Credit Facilities The following revolving credit facilities with banks were available at December 31, 2019:
In Millions
 
Expiration Date
Amount of Facility
 
Amount Borrowed
 
Letters of Credit Outstanding
 
Amount Available
 
CMS Energy, parent only
 
 
 
 
 
 
 
 
June 5, 20231
 
$
550

 
$

 
$
6

 
$
544

CMS Enterprises, including subsidiaries
 
 
 
 
 
 
 
 
September 30, 20252
 
$
18

 
$

 
$
8

 
$
10

Consumers3
 
 
 
 
 
 
 
 
June 5, 2023
 
$
850

 
$

 
$
7

 
$
843

November 19, 2021
 
250

 

 
10

 
240

April 18, 2022
 
30

 

 
30

 

1 
During the year ended December 31, 2019, CMS Energy’s average borrowings totaled $5 million with a weighted-average interest rate of 3.859 percent.
2 
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, 2019.
3 
Obligations under these facilities are secured by first mortgage bonds of Consumers. During the year ended December 31, 2019, Consumers’ average borrowings totaled $2 million with a weighted-average interest rate of 3.225 percent.
Schedule of Forward Contracts Presented in the following table are details of these contracts:
Contract Date
Maturity Date
Number of Shares

Initial Forward Price Per Share
 
November 16, 2018
May 16, 2020
2,017,783

 
$
49.06

November 20, 2018
May 20, 2020
777,899

 
50.91

February 21, 2019
August 21, 2020
2,083,340

 
52.27


Consumers Energy Company  
Debt Instrument [Line Items]  
Summary Of Long-Term Debt Outstanding
Presented in the following table is Consumers’ long-term debt at December 31:
In Millions
 
 
Interest Rate (%)
Maturity
2019
 
2018
 
Consumers
 
 
 
 
 
 
 
 
First mortgage bonds
5.650

 
2020
 
 
$

 
$
300

 
3.770

 
2020
 
 
100

 
100

 
2.850

 
2022
 
 
375

 
375

 
5.300

 
2022
 
 
250

 
250

 
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

 

 
3.100

 
2050
 
 
550

 

 
3.860

 
2052
 
 
50

 
50

 
4.280

 
2057
 
 
185

 
185

 
4.350

 
2064
 
 
250

 
250

 
variable

1 
2069
 
 
76

 

Total first mortgage bonds


 

 
 
$
6,961

 
$
6,335

 
 
 
 
 
 
 
 
 
Tax-exempt revenue bonds
variable

2 
2035
 
 
35

 
35

 
1.800

3 
2049
 
 
75

 

 
 
 
 
 
 
$
110

 
$
35

 
 
 
 
 
 
 
 
 
Securitization bonds
3.220

4 
2025-2029
5 
 
251

 
277

Revolving credit agreements
variable


2020-2023
 
 

 
215

Total principal amount outstanding
 
 

 
 
$
7,322

 
$
6,862

Current amounts
 
 

 
 
(202
)
 
(26
)
Unamortized discounts
 
 

 
 
(23
)
 
(16
)
Unamortized issuance costs
 
 
 
 
 
(49
)
 
(41
)
Total long-term debt
 
 
 
 
 
$
7,048

 
$
6,779

1 
The variable-rate bonds bear interest quarterly at a rate of three-month LIBOR minus 0.300 percent (1.594 percent at December 31, 2019).
2 
The interest rate on these tax‑exempt revenue bonds is reset weekly and was 1.740 percent at December 31, 2019 and 1.780 percent at December 31, 2018.
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 3.220 percent at December 31, 2019 and 3.057 percent at December 31, 2018.
5 
Principal and interest payments are made semiannually.
Major Long-Term Debt Transactions Presented in the following table is a summary of major long-term debt issuances during the year ended December 31, 2019:
 
   Principal (In Millions)
 
Interest Rate (%)
Issuance Date
Maturity Date
CMS Energy, parent only
 
 
 
 
 
Term loan facility

$
300

variable
January 
December 2019
Junior subordinated notes1

630

5.875
February 
March 2079
Term loan facility

165

variable
June 
June 2020
Total CMS Energy, parent only

$
1,095



 
Consumers
 
 
 
 
 
First mortgage bonds
 
$
300

3.750
May
February 2050
First mortgage bonds
 
550

3.100
September
August 2050
First mortgage bonds
 
76

variable
September
September 2069
Tax-exempt revenue bonds
 
75

1.800
October
October 2049
Total Consumers
 
$
1,001

 
 
 
Total CMS Energy
 
$
2,096

 
 
 
1 
These unsecured obligations rank subordinate and junior in right of payment to all of CMS Energy’s existing and future senior indebtedness.
Presented in the following table is a summary of major long-term debt retirements during the year ended December 31, 2019:
 
   Principal (In Millions)
 
Interest Rate (%)

Retirement Date
Maturity Date
CMS Energy, parent only
 
 
 
 
 
Term loan facility
 
$
300

variable

February 
December 2019
Term loan facility
 
180

variable

February 
April 2019
Term loan facility
 
165

variable

August-December
June 2020
Total CMS Energy, parent only
 
$
645

 
 
 
Consumers
 
 
 
 
 
First mortgage bonds
 
$
300

5.650
%
May 
April 2020
Total Consumers
 
$
300

 
 
 
Total CMS Energy
 
$
945

 
 
 

Debt Maturities At December 31, 2019, the aggregate annual contractual maturities for long-term debt for the next five years were:
In Millions
 
 
2020
 
2021
 
2022
 
2023
 
2024
 
CMS Energy, including Consumers
 
 
 
 
 
 
 
 
 
 
Long-term debt
 
$
1,111

 
$
538

 
$
1,354

 
$
669

 
$
808

Consumers
 
 
 
 
 
 
 
 
 
 
Long-term debt
 
$
202

 
$
27

 
$
653

 
$
354

 
$
332


Presented in the following table are the minimum Palisades PPA payments included in the financing obligation:
In Millions
 
December 31, 2019
 
 
2020
 
$
14

2021
 
14

2022
 
3

Total minimum payments
 
$
31

Less discount
 
2

Financing obligation
 
$
29

Less current portion
 
13

Non-current portion
 
$
16


Revolving Credit Facilities The following revolving credit facilities with banks were available at December 31, 2019:
In Millions
 
Expiration Date
Amount of Facility
 
Amount Borrowed
 
Letters of Credit Outstanding
 
Amount Available
 
CMS Energy, parent only
 
 
 
 
 
 
 
 
June 5, 20231
 
$
550

 
$

 
$
6

 
$
544

CMS Enterprises, including subsidiaries
 
 
 
 
 
 
 
 
September 30, 20252
 
$
18

 
$

 
$
8

 
$
10

Consumers3
 
 
 
 
 
 
 
 
June 5, 2023
 
$
850

 
$

 
$
7

 
$
843

November 19, 2021
 
250

 

 
10

 
240

April 18, 2022
 
30

 

 
30

 

1 
During the year ended December 31, 2019, CMS Energy’s average borrowings totaled $5 million with a weighted-average interest rate of 3.859 percent.
2 
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, 2019.
3 
Obligations under these facilities are secured by first mortgage bonds of Consumers. During the year ended December 31, 2019, Consumers’ average borrowings totaled $2 million with a weighted-average interest rate of 3.225 percent.
Preferred Stock Presented in the following table are details of Consumers’ preferred stock at December 31, 2019 and 2018:
 
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