Exit Activities and Discontinued Operations - (Tables)

6 Months Ended

Jun. 30, 2021

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Schedule of Restructuring Reserve by Type of Cost

Presented in the following table is a reconciliation of the retention benefit liability recorded in other liabilities on Consumers’ consolidated balance sheets:

In Millions
	Six Months Ended
June 30	2021			2020
Retention benefit liability at beginning of period		$	11		$	4
Costs incurred and charged to maintenance and other operating expenses		—			7
Costs deferred as a regulatory asset1		4			—
Costs incurred and capitalized		—			1
Retention benefit liability at the end of the period2		$	15		$	12

1Includes $2 million for the three months ended June 30, 2021.

2Includes current portion of other liabilities of $5 million at June 30, 2021 and 2020.

Schedule of Discontinued Operations

The table below presents the financial results of EnerBank included in income from discontinued operations:

In Millions
	Three Months Ended						Six Months Ended
June 30	2021			2020			2021			2020
Operating revenue		$	69		$	61		$	139		$	123
Expenses
Operating expenses		28			36			43			65
Interest expense		11			14			23			30
Income before income taxes		$	30		$	11		$	73		$	28
Transaction costs		(5)			—			(5)			—
Income from discontinued operations before income taxes		$	25		$	11		$	68		$	28
Income tax expense		7			3			16			6
Income from discontinued operations, net of tax		$	18		$	8		$	52		$	22

The table below presents the aggregate carrying amounts for the major classes of assets and liabilities held for sale related to EnerBank:

In Millions
	June 30, 2021			December 31, 2020
Assets
Current
Cash and cash equivalents		$	121		$	136
Accounts receivable and other current assets		73			18
Notes receivable, less allowance of $28 in 2021 and $32 in 2020		254			275
Total current assets		$	448		$	429
Non‑current
Plant, property, and equipment, net		$	27		$	22
Notes receivable, less allowance of $92 in 2021 and $91 in 2020		2,511			2,612
Other non‑current assets		46			46
Total non‑current assets		$	2,584		$	2,680
Total assets		$	3,032		$	3,109
Liabilities
Current
Current portion of long-term debt		$	952		$	915
Accounts payable and other current liabilities		38			38
Total current liabilities		$	990		$	953
Non‑current
Long-term debt		$	1,715		$	1,890
Other non‑current liabilities		2			4
Total non‑current liabilities		$	1,717		$	1,894
Total liabilities		$	2,707		$	2,847

Consumers Energy Company

Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]

Schedule of Restructuring Reserve by Type of Cost

Presented in the following table is a reconciliation of the retention benefit liability recorded in other liabilities on Consumers’ consolidated balance sheets:

In Millions
	Six Months Ended
June 30	2021			2020
Retention benefit liability at beginning of period		$	11		$	4
Costs incurred and charged to maintenance and other operating expenses		—			7
Costs deferred as a regulatory asset1		4			—
Costs incurred and capitalized		—			1
Retention benefit liability at the end of the period2		$	15		$	12

1Includes $2 million for the three months ended June 30, 2021.

2Includes current portion of other liabilities of $5 million at June 30, 2021 and 2020.