Financings and Capitalization (Tables)

9 Months Ended

Sep. 30, 2020

Debt Instrument [Line Items]

Major Long-Term Debt Transactions

Presented in the following table is a summary of major long‑term debt retirements during the nine months ended September 30, 2020:

	Principal (In Millions)			Interest Rate		Retirement Date	Maturity Date
Consumers
First mortgage bonds		$	100	3.770	%	April	October 2020
First mortgage bonds		250		5.300	%	June	September 2022
First mortgage bonds		375		2.850	%	September	May 2022
Total Consumers		$	725
Total CMS Energy		$	725

Presented in the following table is a summary of major long‑term debt issuances during the nine months ended September 30, 2020:

	Principal (In Millions)			Interest Rate		Issuance Date	Maturity Date
CMS Energy, parent only
Term loan facility¹		$	300	variable		February	February 2021
Junior subordinated notes²		500		4.750	%	May	June 2050
Total CMS Energy, parent only		$	800
Consumers
Term loan facility³		$	300	variable		January	January 2021
First mortgage bonds		575		3.500	%	March	August 2051
First mortgage bonds		525		2.500	%	May	May 2060
First mortgage bonds4		134		variable		May	May 2070
Total Consumers		$	1,534
Total CMS Energy		$	2,334

¹  At September 30, 2020, the interest rate on the balance of this term loan facility was 0.606 percent, based on an interest rate of one-week LIBOR plus 0.500 percent.

²  These unsecured obligations rank subordinate and junior in right of payment to all of CMS Energy’s existing and future senior indebtedness. On June 1, 2030, and every five years thereafter, the notes will reset to an interest rate equal to the five-year treasury rate plus 4.116 percent.

³  At September 30, 2020, the interest rate on the balance of this term loan facility was 0.556 percent, based on an interest rate of one‑week LIBOR plus 0.450 percent.

⁴ 

The variable-rate bonds bear interest quarterly at a rate of three-month LIBOR minus 0.300 percent, subject to a zero‑percent floor (zero percent at September 30, 2020).

Revolving Credit Facilities

The following credit facilities with banks were available at September 30, 2020:

In Millions
Expiration Date	Amount of Facility			Amount Borrowed			Letters of Credit Outstanding			Amount Available
CMS Energy, parent only
June 5, 2023		$	550		$	—		$	5		$	545
CMS Enterprises, including subsidiaries
September 25, 2025¹		$	39		$	—		$	39		$	—
September 30, 2025²		18			—			8			10
Consumers³
June 5, 2023		$	850		$	—		$	7		$	843
November 19, 2021		250			—			1			249
April 18, 2022		30			—			30			—

¹  This letter of credit facility is available to Aviator Wind Equity Holdings. For information regarding the acquisition of Aviator Wind Equity Holdings, see Note 15, Purchase of Variable Interest Entity.

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.

³  Obligations under these facilities are secured by first mortgage bonds of Consumers.

Schedule of Forward Contracts Indexed to Issuer's Equity

Presented in the following table are details of CMS Energy’s remaining forward sales contracts under these programs at September 30, 2020:

			Forward Price Per Share
Contract Date	Maturity Date	Number of Shares	Initial			September 30, 2020
November 20, 2018	March 31, 2021	777,899		$	50.91		$	48.83
February 21, 2019	March 31, 2021	2,083,340		52.27			50.39
September 15, 2020	December 31, 2021	846,759		$	61.06		$	61.04

Consumers Energy Company

Debt Instrument [Line Items]

Major Long-Term Debt Transactions

Presented in the following table is a summary of major long‑term debt retirements during the nine months ended September 30, 2020:

	Principal (In Millions)			Interest Rate		Retirement Date	Maturity Date
Consumers
First mortgage bonds		$	100	3.770	%	April	October 2020
First mortgage bonds		250		5.300	%	June	September 2022
First mortgage bonds		375		2.850	%	September	May 2022
Total Consumers		$	725
Total CMS Energy		$	725

Presented in the following table is a summary of major long‑term debt issuances during the nine months ended September 30, 2020:

	Principal (In Millions)			Interest Rate		Issuance Date	Maturity Date
CMS Energy, parent only
Term loan facility¹		$	300	variable		February	February 2021
Junior subordinated notes²		500		4.750	%	May	June 2050
Total CMS Energy, parent only		$	800
Consumers
Term loan facility³		$	300	variable		January	January 2021
First mortgage bonds		575		3.500	%	March	August 2051
First mortgage bonds		525		2.500	%	May	May 2060
First mortgage bonds4		134		variable		May	May 2070
Total Consumers		$	1,534
Total CMS Energy		$	2,334

¹  At September 30, 2020, the interest rate on the balance of this term loan facility was 0.606 percent, based on an interest rate of one-week LIBOR plus 0.500 percent.

²  These unsecured obligations rank subordinate and junior in right of payment to all of CMS Energy’s existing and future senior indebtedness. On June 1, 2030, and every five years thereafter, the notes will reset to an interest rate equal to the five-year treasury rate plus 4.116 percent.

³  At September 30, 2020, the interest rate on the balance of this term loan facility was 0.556 percent, based on an interest rate of one‑week LIBOR plus 0.450 percent.

⁴ 

The variable-rate bonds bear interest quarterly at a rate of three-month LIBOR minus 0.300 percent, subject to a zero‑percent floor (zero percent at September 30, 2020).

Revolving Credit Facilities

The following credit facilities with banks were available at September 30, 2020:

In Millions
Expiration Date	Amount of Facility			Amount Borrowed			Letters of Credit Outstanding			Amount Available
CMS Energy, parent only
June 5, 2023		$	550		$	—		$	5		$	545
CMS Enterprises, including subsidiaries
September 25, 2025¹		$	39		$	—		$	39		$	—
September 30, 2025²		18			—			8			10
Consumers³
June 5, 2023		$	850		$	—		$	7		$	843
November 19, 2021		250			—			1			249
April 18, 2022		30			—			30			—

¹  This letter of credit facility is available to Aviator Wind Equity Holdings. For information regarding the acquisition of Aviator Wind Equity Holdings, see Note 15, Purchase of Variable Interest Entity.

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.

³  Obligations under these facilities are secured by first mortgage bonds of Consumers.