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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Millions
3 Months Ended 6 Months Ended
Jun. 30, 2020
Jun. 30, 2019
Jun. 30, 2020
Jun. 30, 2019
Operating Revenue $ 1,443 $ 1,445 $ 3,307 $ 3,504
Operating Expenses        
Fuel for electric generation 63 119 166 261
Purchased power – related parties 14 16 32 34
Maintenance and other operating expenses 351 343 666 697
Depreciation and amortization 223 216 539 514
General taxes 75 71 189 177
Total operating expenses 1,170 1,227 2,666 2,927
Operating Income 273 218 641 577
Other Income (Expense)        
Interest income 1 2 2 3
Interest and dividend income – related parties 0 0 7 0
Allowance for equity funds used during construction 2 3 3 5
Income (loss) from equity method investees (2) 2 1 1
Nonoperating retirement benefits, net 30 23 61 46
Other income 2 2 2 3
Other expense (1) (5) (5) (8)
Total other income 32 27 71 50
Interest Charges        
Interest on long-term debt 121 110 237 216
Interest expense – related parties 3 3 6 3
Other interest expense 17 19 36 35
Allowance for borrowed funds used during construction 0 (1) (1) (2)
Total interest charges 141 131 278 252
Income Before Income Taxes 164 114 434 375
Income Tax Expense 27 20 54 68
Net Income 137 94 380 307
Income Attributable to Noncontrolling Interests 1 1 1 1
Net Income Available to Common Stockholders $ 136 $ 93 $ 379 $ 306
Basic earnings per average common share (in dollars per share) $ 0.48 $ 0.33 $ 1.33 $ 1.08
Diluted earnings per average common share (in dollars per share) $ 0.48 $ 0.33 $ 1.33 $ 1.08
Consumers Energy Company        
Operating Revenue $ 1,330 $ 1,334 $ 3,074 $ 3,277
Operating Expenses        
Fuel for electric generation 43 88 122 194
Purchased and interchange power 354 350 701 724
Purchased power – related parties 14 16 32 34
Cost of gas sold 80 104 350 505
Maintenance and other operating expenses 302 320 580 639
Depreciation and amortization 218 212 530 506
General taxes 73 69 184 172
Total operating expenses 1,084 1,159 2,499 2,774
Operating Income 246 175 575 503
Other Income (Expense)        
Interest income 1 1 2 2
Interest and dividend income – related parties 1 1 2 2
Allowance for equity funds used during construction 2 3 3 5
Nonoperating retirement benefits, net 28 22 57 43
Other income 2 1 2 2
Other expense (2) (5) (5) (8)
Total other income 32 23 61 46
Interest Charges        
Interest on long-term debt 77 68 151 137
Interest expense – related parties 3 3 6 3
Other interest expense 2 4 5 7
Allowance for borrowed funds used during construction 0 (1) (1) (2)
Total interest charges 82 74 161 145
Income Before Income Taxes 196 124 475 404
Income Tax Expense 36 26 80 80
Net Income 160 98 395 324
Preferred Stock Dividends 1 1 1 1
Net Income Available to Common Stockholder 159 97 394 323
Purchased and interchange power        
Operating Expenses        
Cost of sales 362 356 719 734
Cost of gas sold        
Operating Expenses        
Cost of sales $ 82 $ 106 $ 355 $ 510