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Consolidated Statements of Income (Unaudited) - USD ($)
$ in Millions
3 Months Ended 9 Months Ended
Sep. 30, 2020
Sep. 30, 2019
Sep. 30, 2020
Sep. 30, 2019
Operating Revenue $ 1,575 $ 1,546 $ 4,882 $ 5,050
Operating Expenses        
Fuel for electric generation 108 130 274 391
Purchased power – related parties 13 19 45 53
Maintenance and other operating expenses 317 313 983 1,010
Depreciation and amortization 228 215 767 729
General taxes 75 70 264 247
Total operating expenses 1,206 1,195 3,872 4,122
Operating Income 369 351 1,010 928
Other Income (Expense)        
Interest income 1 2 3 5
Interest and dividend income – related parties 0 0 7 0
Allowance for equity funds used during construction 1 2 4 7
Income from equity method investees 0 5 1 6
Nonoperating retirement benefits, net 29 22 90 68
Other income 1 0 3 3
Other expense (4) 0 (9) (8)
Total other income 28 31 99 81
Interest Charges        
Interest on long-term debt 124 111 361 327
Interest expense – related parties 3 3 9 6
Other interest expense 17 20 53 55
Allowance for borrowed funds used during construction (1) (1) (2) (3)
Total interest charges 143 133 421 385
Income Before Income Taxes 254 249 688 624
Income Tax Expense 44 42 98 110
Net Income 210 207 590 514
Income (Loss) Attributable to Noncontrolling Interests (8) 0 (7) 1
Net Income Available to Common Stockholders $ 218 $ 207 $ 597 $ 513
Basic earnings per average common share (in dollars per share) $ 0.76 $ 0.73 $ 2.10 $ 1.81
Diluted earnings per average common share (in dollars per share) $ 0.76 $ 0.73 $ 2.09 $ 1.81
Consumers Energy Company        
Operating Revenue $ 1,450 $ 1,429 $ 4,524 $ 4,706
Operating Expenses        
Fuel for electric generation 85 101 207 295
Purchased and interchange power 420 408 1,121 1,132
Purchased power – related parties 13 19 45 53
Cost of gas sold 33 32 383 537
Maintenance and other operating expenses 266 272 846 911
Depreciation and amortization 223 210 753 716
General taxes 72 68 256 240
Total operating expenses 1,112 1,110 3,611 3,884
Operating Income 338 319 913 822
Other Income (Expense)        
Interest income 1 2 3 4
Interest and dividend income – related parties 2 1 4 3
Allowance for equity funds used during construction 1 2 4 7
Nonoperating retirement benefits, net 28 21 85 64
Other income 1 0 3 2
Other expense (4) 0 (9) (8)
Total other income 29 26 90 72
Interest Charges        
Interest on long-term debt 76 69 227 206
Interest expense – related parties 3 3 9 6
Other interest expense 4 4 9 11
Allowance for borrowed funds used during construction (1) (1) (2) (3)
Total interest charges 82 75 243 220
Income Before Income Taxes 285 270 760 674
Income Tax Expense 55 57 135 137
Net Income 230 213 625 537
Preferred Stock Dividends 0 0 1 1
Net Income Available to Common Stockholder 230 213 624 536
Purchased and interchange power        
Operating Expenses        
Cost of sales 430 413 1,149 1,147
Cost of gas sold        
Operating Expenses        
Cost of sales $ 35 $ 35 $ 390 $ 545