Exit Activities and Discontinued Operations - (Tables)

9 Months Ended

Sep. 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
	Nine Months Ended
September 30	2021			2020
Retention benefit liability at beginning of period		$	11		$	4
Costs incurred and charged to maintenance and other operating expenses		—			11
Costs deferred as a regulatory asset1		5			—
Costs incurred and capitalized		1			1
Retention benefit liability at the end of the period2		$	17		$	16

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

2Includes current portion of other liabilities of $5 million at September 30, 2021 and $7 million at September 30, 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						Nine Months Ended
September 30	2021			2020			2021			2020
Operating revenue		$	70		$	68		$	209		$	191
Expenses
Operating expenses		17			39			60			104
Interest expense		11			13			34			43
Income before income taxes		$	42		$	16		$	115		$	44
Transaction costs		(3)			—			(8)			—
Income from discontinued operations before income taxes		$	39		$	16		$	107		$	44
Income tax expense		9			4			25			10
Income from discontinued operations, net of tax		$	30		$	12		$	82		$	34

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

In Millions
	September 30, 2021			December 31, 2020
Assets
Current
Cash and cash equivalents		$	104		$	136
Accounts receivable and other current assets		143			18
Notes receivable, less allowance of $28 in 2021 and $32 in 2020		247			275
Total current assets		$	494		$	429
Non‑current
Plant, property, and equipment, net		$	29		$	22
Notes receivable, less allowance of $84 in 2021 and $91 in 2020		2,532			2,612
Other non‑current assets		45			46
Total non‑current assets		$	2,606		$	2,680
Total assets		$	3,100		$	3,109
Liabilities
Current
Current portion of long-term debt		$	1,199		$	915
Accounts payable and other current liabilities		34			38
Total current liabilities		$	1,233		$	953
Non‑current
Long-term debt		$	1,522		$	1,890
Other non‑current liabilities		1			4
Total non‑current liabilities		$	1,523		$	1,894
Total liabilities		$	2,756		$	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
	Nine Months Ended
September 30	2021			2020
Retention benefit liability at beginning of period		$	11		$	4
Costs incurred and charged to maintenance and other operating expenses		—			11
Costs deferred as a regulatory asset1		5			—
Costs incurred and capitalized		1			1
Retention benefit liability at the end of the period2		$	17		$	16

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

2Includes current portion of other liabilities of $5 million at September 30, 2021 and $7 million at September 30, 2020.