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Financings And Capitalization (Tables)
 12 Months Ended
Dec. 31, 2020
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
(%)		Maturity20202019
CMS Energy, including Consumers
CMS Energy, parent only
Senior notes5.050 2022$— $300 
3.875 2024250 250 
3.600 2025250 250 
3.000 2026300 300 
2.950 2027275 275 
3.450 2027350 350 
4.700 2043250 250 
4.875 2044300 300 
$1,975 $2,275 
Term loan facilityvariable
1
2021200 — 
Junior subordinated notes2
4.750 2050500 — 
3.750 2050400 — 
5.625 2078200 200 
5.875 2078280 280 
5.875 2079630 630 
$2,010 $1,110 
Total CMS Energy, parent only$4,185 $3,385 
Consumers8,197 7,322 
CMS Enterprises, including subsidiaries
Term loan facilityvariable
3
202585 92 
EnerBank
Certificates of deposit1.621 
4
2021-20282,805 2,389 
Total principal amount outstanding$15,272 $13,188 
Current amounts(1,486)(1,111)
Unamortized discounts(33)(27)
Unamortized issuance costs(119)(99)
Total long-term debt$13,634 $11,951 
1At December 31, 2020, the interest rate on the balance of this term loan facility was 0.600 percent, based on an interest rate of one-week LIBOR plus 0.500 percent.
2These unsecured obligations rank subordinate and junior in right of payment to all of CMS Energy’s existing and future senior indebtedness.
3A subsidiary of CMS Enterprises issued non‑recourse debt to finance the acquisition of a wind generation project in Northwest Ohio. The interest rate for the debt is three-month LIBOR plus 1.500 percent through October 2022 and three-month LIBOR plus 1.750 percent thereafter. At December 31, 2020 and 2019, the interest rate was 1.754 percent and 3.445 percent, respectively. 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 thereafter. Principal and interest payments are made quarterly. For information about the interest rate swaps, see Note 6, Fair Value Measurements.
4The weighted-average interest rate for EnerBank’s certificates of deposit was 1.621 percent at December 31, 2020 and 2.445 percent at December 31, 2019. EnerBank’s primary deposit product consists of brokered certificates of deposit with varying maturities and having a face value of $1,000.
Schedule of Debt Presented in the following table is a summary of major long-term debt issuances during the year ended December 31, 2020:
Principal
(In Millions)		Interest RateIssuance DateMaturity Date
CMS Energy, parent only
Term loan facility1
$300 variableFebruaryFebruary 2021
Junior subordinated notes2
500 4.750 %MayJune 2050
Junior subordinated notes3
400 3.750 %NovemberDecember 2050
Total CMS Energy, parent only$1,200 
Consumers
Term loan facility$300 variableJanuaryJanuary 2021
First mortgage bonds575 3.500 %March August 2051
First mortgage bonds525 2.500 %MayMay 2060
First mortgage bonds134 variableMayMay 2070
First mortgage bonds127 variableOctoberOctober 2070
First mortgage bonds300 0.350 %DecemberJune 2023
Total Consumers$1,961 
Total CMS Energy$3,161 
1In December 2020, CMS Energy repaid $100 million of this facility and, in February 2021, amended the facility by extending its maturity date to November 2021.
2These 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.
3These unsecured obligations rank subordinate and junior in right of payment to all of CMS Energy’s existing and future senior indebtedness. On December 1, 2030, and every five years thereafter, the notes will reset to an interest rate equal to the five-year treasury rate plus 2.900 percent.
Presented in the following table is a summary of major long-term debt retirements during the year ended December 31, 2020:
Principal
(In Millions)		Interest RateRetirement DateMaturity Date
CMS Energy, parent only
Senior notes1
$300 5.050 %DecemberMarch 2022
Total CMS Energy, parent only$300 
Consumers
First mortgage bonds$100 3.770 %AprilOctober 2020
First mortgage bonds250 5.300 %JuneSeptember 2022
First mortgage bonds375 2.850 %SeptemberMay 2022
Term loan facility300 variableDecemberJanuary 2021
Total Consumers$1,025 
Total CMS Energy$1,325 
1CMS Energy retired these senior notes at a premium and recorded a loss on extinguishment of $16 million in other expense on its consolidated statements of income.
Debt Maturities At December 31, 2020, the aggregate annual maturities for long-term debt for the next five years, based on stated maturities or earlier put dates, were:
In Millions
20212022202320242025
CMS Energy, including Consumers
Long-term debt
CMS Energy, parent only$200 $— $— $250 $250 
Consumers
364 28 654 332 31 
CMS Enterprises, including subsidiaries7 8 9 10 51 
EnerBank915 572 477 325 244 
Total CMS Energy$1,486 $608 $1,140 $917 $576 
Consumers
Long-term debt$364 $28 $654 $332 $31 
Revolving Credit Facilities The following credit facilities with banks were available at December 31, 2020:
In Millions
Expiration DateAmount of FacilityAmount BorrowedLetters of Credit OutstandingAmount Available
CMS Energy, parent only
June 5, 20231
$550 $— $18 $532 
CMS Enterprises, including subsidiaries
September 25, 20252
$39 $— $39 $— 
September 30, 20253
18 — 8 10 
Consumers4
June 5, 2023$850 $— $7 $843 
November 19, 2022250 — 1 249 
April 18, 202230 — 30 — 
1During the year ended December 31, 2020, CMS Energy’s average borrowings totaled $1 million with a weighted-average interest rate of 1.888 percent.
2This letter of credit facility is available to Aviator Wind Equity Holdings. For more information regarding the acquisition of Aviator Wind Equity Holdings, see Note 21, Variable Interest Entities.
3Under 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, 2020.
4Obligations under these facilities are secured by first mortgage bonds of Consumers. During the year ended December 31, 2020, Consumers’ average borrowings totaled less than $1 million with a weighted-average interest rate of 1.425 percent.
Schedule of Forward Contracts Presented in the following table are details of CMS Energy’s forward sales contracts under this program at December 31, 2020:
Forward Price Per Share
Contract DateMaturity DateNumber of SharesInitialDecember 31, 2020
September 15, 2020December 31, 2021846,759$61.04 $60.53 
December 22, 2020June 22, 2022115,59561.81 61.81 
Consumers Energy Company  
Debt Instrument [Line Items]  
Summary Of Long-Term Debt Outstanding Presented in the following table is Consumers’ long-term debt at December 31:
In Millions
Interest Rate
(%)		Maturity20202019
Consumers
First mortgage bonds3.770 2020$— $100 
2.850 2022— 375 
5.300 2022— 250 
0.350 2023300 — 
3.375 2023325 325 
3.125 2024250 250 
3.190 202452 52 
3.680 2027100 100 
3.390 202735 35 
3.800 2028300 300 
3.180 2032100 100 
5.800 2035175 175 
3.520 2037335 335 
4.010 2038215 215 
6.170 204050 50 
4.970 204050 50 
4.310 2042263 263 
3.950 2043425 425 
4.100 2045250 250 
3.250 2046450 450 
3.950 2047350 350 
4.050 2048550 550 
4.350 2049550 550 
3.750 2050300 300 
3.100 2050550 550 
3.500 2051575 — 
3.860 205250 50 
4.280 2057185 185 
2.500 2060525 — 
4.350 2064250 250 
variable
1
206976 76 
variable
1
2070134 — 
variable
1
2070127 — 
$7,897 $6,961 
Tax-exempt revenue bondsvariable2035— 35 
1.800 
2
204975 75 
$75 $110 
Securitization bonds3.250 
3
2025-2029
4
225 251 
Total principal amount outstanding$8,197 $7,322 
Current amounts(364)(202)
Unamortized discounts(29)(23)
Unamortized issuance costs(62)(49)
Total long-term debt$7,742 $7,048 
1The 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 December 31, 2020). The holders of these variable-rate bonds may put them to Consumers for redemption on certain dates prior to their stated maturity, including dates within one year of December 31, 2020.
2The interest rate on these tax‑exempt revenue bonds will reset on October 1, 2024.
3The weighted-average interest rate for Consumers’ securitization bonds issued through its subsidiary, Consumers 2014 Securitization Funding, was 3.250 percent at December 31, 2020 and 3.220 percent at December 31, 2019.
4Principal and interest payments are made semiannually.
Schedule of Debt Presented in the following table is a summary of major long-term debt issuances during the year ended December 31, 2020:
Principal
(In Millions)		Interest RateIssuance DateMaturity Date
CMS Energy, parent only
Term loan facility1
$300 variableFebruaryFebruary 2021
Junior subordinated notes2
500 4.750 %MayJune 2050
Junior subordinated notes3
400 3.750 %NovemberDecember 2050
Total CMS Energy, parent only$1,200 
Consumers
Term loan facility$300 variableJanuaryJanuary 2021
First mortgage bonds575 3.500 %March August 2051
First mortgage bonds525 2.500 %MayMay 2060
First mortgage bonds134 variableMayMay 2070
First mortgage bonds127 variableOctoberOctober 2070
First mortgage bonds300 0.350 %DecemberJune 2023
Total Consumers$1,961 
Total CMS Energy$3,161 
1In December 2020, CMS Energy repaid $100 million of this facility and, in February 2021, amended the facility by extending its maturity date to November 2021.
2These 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.
3These unsecured obligations rank subordinate and junior in right of payment to all of CMS Energy’s existing and future senior indebtedness. On December 1, 2030, and every five years thereafter, the notes will reset to an interest rate equal to the five-year treasury rate plus 2.900 percent.
Presented in the following table is a summary of major long-term debt retirements during the year ended December 31, 2020:
Principal
(In Millions)		Interest RateRetirement DateMaturity Date
CMS Energy, parent only
Senior notes1
$300 5.050 %DecemberMarch 2022
Total CMS Energy, parent only$300 
Consumers
First mortgage bonds$100 3.770 %AprilOctober 2020
First mortgage bonds250 5.300 %JuneSeptember 2022
First mortgage bonds375 2.850 %SeptemberMay 2022
Term loan facility300 variableDecemberJanuary 2021
Total Consumers$1,025 
Total CMS Energy$1,325 
1CMS Energy retired these senior notes at a premium and recorded a loss on extinguishment of $16 million in other expense on its consolidated statements of income.
Debt Maturities At December 31, 2020, the aggregate annual maturities for long-term debt for the next five years, based on stated maturities or earlier put dates, were:
In Millions
20212022202320242025
CMS Energy, including Consumers
Long-term debt
CMS Energy, parent only$200 $— $— $250 $250 
Consumers
364 28 654 332 31 
CMS Enterprises, including subsidiaries7 8 9 10 51 
EnerBank915 572 477 325 244 
Total CMS Energy$1,486 $608 $1,140 $917 $576 
Consumers
Long-term debt$364 $28 $654 $332 $31 
Presented in the following table are the minimum Palisades PPA payments included in the financing obligation:
In Millions
December 31, 2020
2021$14 
20223 
Total minimum payments$17 
Less discount1 
Financing obligation$16 
Less current portion13 
Non-current portion$3 
Revolving Credit Facilities The following credit facilities with banks were available at December 31, 2020:
In Millions
Expiration DateAmount of FacilityAmount BorrowedLetters of Credit OutstandingAmount Available
CMS Energy, parent only
June 5, 20231
$550 $— $18 $532 
CMS Enterprises, including subsidiaries
September 25, 20252
$39 $— $39 $— 
September 30, 20253
18 — 8 10 
Consumers4
June 5, 2023$850 $— $7 $843 
November 19, 2022250 — 1 249 
April 18, 202230 — 30 — 
1During the year ended December 31, 2020, CMS Energy’s average borrowings totaled $1 million with a weighted-average interest rate of 1.888 percent.
2This letter of credit facility is available to Aviator Wind Equity Holdings. For more information regarding the acquisition of Aviator Wind Equity Holdings, see Note 21, Variable Interest Entities.
3Under 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, 2020.
4Obligations under these facilities are secured by first mortgage bonds of Consumers. During the year ended December 31, 2020, Consumers’ average borrowings totaled less than $1 million with a weighted-average interest rate of 1.425 percent.
Preferred Stock Presented in the following table are details of Consumers’ preferred stock at December 31, 2020 and 2019:
Par ValueOptional Redemption PriceNumber of Shares AuthorizedNumber of Shares Outstanding
Cumulative, with no mandatory redemption
$100 $110 7,500,000373,148