Financings And Capitalization (Tables)

12 Months Ended

Dec. 31, 2012

Summary Of Long-Term Debt Outstanding

In Millions
	Interest Rate  (%)		Maturity	2012			2011
CMS Energy
Senior notes	variable	1	2013		$	-		$	150
	2.750		2014			250			250
	6.875		2015			125			125
	4.250		2015			250			250
	6.550		2017			250			250
	5.050		2018			250			250
	8.750		2019			300			300
	6.250		2020			300			300
	5.050		2022			300			-
	2.875	2	2024			-			226
	5.500	2	2029			172			172
Total CMS Energy senior notes					$	2,197		$	2,273
Term loan facility	variable	3	2016			180			-
Total CMS Energy parent					$	2,377		$	2,273
Consumers					$	4,341		$	4,329
Other CMS Energy subsidiaries
EnerBank certificates of deposits	1.164	4	2013-2020		$	527		$	462
Trust preferred securities	7.750	5	2027			-			29
Total other CMS Energy subsidiaries					$	527		$	491
Total CMS Energy principal amount outstanding					$	7,245		$	7,093
Current amounts						(519)			(1,033)
Net unamortized discounts						(16)			(20)
Total CMS Energy long-term debt					$	6,710		$	6,040

¹ CMS Energy’s variable-rate senior notes bore interest at three-month LIBOR plus 95 basis points (1.35 percent at December 31, 2011).  In July 2012, CMS Energy retired these notes.

² CMS Energy’s contingently convertible notes.  CMS Energy’s 2.875 percent senior notes were converted in January and April 2012.  See the “Contingently Convertible Securities” section in this Note for further discussion of the conversion features.

³ Outstanding borrowings bear interest at an annual interest rate of LIBOR plus 2.50 percent (2.71 percent at December 31, 2012).  In February 2013, the term loan facility was amended, reducing the annual interest rate to LIBOR plus 2.00 percent.

⁴ The weighted-average interest rate for EnerBank’s certificates of deposit was 1.16 percent at December 31, 2012 and 1.33 percent at December 31, 2011.  EnerBank’s primary deposit product consists of brokered certificates of deposit with varying maturities and having a face value of $1,000.

⁵ In February 2012, CMS Energy retired the 7.75 percent Trust Preferred Securities.

Summary Of Major Long-Term Debt Transactions

	Principal					Issue/Retirement
	(In Millions)			Interest Rate		Date	Maturity Date
Debt issuances
CMS Energy
Senior notes		$	300	5.050	%	March 2012	March 2022
Term loan facility1			180	variable		February 2012 and July 2012	December 2016
Total CMS Energy parent			480
Consumers
FMB			375	2.850	%	May 2012	May 2022
Term loan facility2			350	variable		July 2012	March 2013
Tax-exempt bonds3			68	variable		August 2012	April 2018
Tax-exempt bonds3			35	variable		August 2012	April 2035
FMB			52	3.190	%	December 2012	December 2024
FMB			35	3.390	%	December 2012	December 2027
FMB			263	4.310	%	December 2012	December 2042
Total Consumers			1,178
Total debt issuances		$	1,658
Debt retirements
CMS Energy
Contingently convertible    senior notes4		$	226	2.875	%	January 2012 and April 2012	December 2024
Trust Preferred Securities			29	7.750	%	February 2012	July 2027
Senior notes			150	variable		July 2012	January 2013
Total CMS Energy parent			405
Consumers
FMB			300	5.000	%	February 2012	February 2012
FMB			375	5.375	%	May 2012	April 2013
Tax-exempt bonds3			68	variable		August 2012	April 2018
Tax-exempt bonds3			35	variable		August 2012	April 2035
Term loan facility2			350	variable		December 2012	March 2013
Total Consumers			1,128
Total debt retirements		$	1,533

¹ Outstanding borrowings bear interest at an annual interest rate of LIBOR plus 2.50 percent (2.71 percent at December 31, 2012).CMS Energy used these proceeds to retire the 7.75 percent Trust Preferred Securities and floating-rate senior notes due January 2013.  In February 2013, the term loan facility was amended, reducing the annual interest rate to LIBOR plus 2.00 percent.

² In June 2012, Consumers entered into a short-term credit agreement permitting Consumers to borrow up to $375 million.  This agreement was terminated using proceeds from FMBs issued in December 2012.

³ In August 2012, Consumers utilized the Michigan Strategic Fund for the issuance of $68 million and $35million of tax-exempt Michigan Strategic Fund revenue bonds.  The bonds, which are backed by letters of credit and collateralized by Consumers’ FMBs, are subject to optional tender by the holders that would result in remarketing.  Consumers used the proceeds to redeem $103 million of tax-exempt bonds in August 2012.

⁴ CMS Energy’s contingently convertible notes.  See the “Contingently Convertible Securities” section in this Note for further discussion of the conversions.

Debt Maturities

In Millions
	2013			2014			2015			2016			2017
CMS Energy, including Consumers
Long-term debt		$	347		$	583		$	738		$	563		$	630
Consumers
Long-term debt		$	41		$	243		$	324		$	350		$	350

Revolving Credit Facilities

In Millions
							Letters of Credit
Expiration Date	Amount of Facility			Amount Borrowed			Outstanding			Amount Available
CMS Energy
December 21, 20171		$	550		$	-		$	2		$	548
Consumers
December 21, 20172		$	500		$	-		$	2		$	498
April 18, 20172			150			-			-			150
September 9, 20142			30			-			30			-

¹ Obligations under this facility are secured by Consumers common stock.  CMS Energy’s average borrowings during the year ended December 31, 2012 were $12 million, with a weighted-average annual interest rate of 2.26 percent, representing LIBOR plus 2.00 percent.

² Obligations under this facility are secured by FMBs of Consumers.

Contingently Convertible Securities

		Outstanding			Adjusted			Adjusted
Security	Maturity	(In Millions)			Conversion Price			Trigger Price
5.50% senior notes	2029		$	172		$	13.94		$	18.12

Conversions Of Contingently Convertible Securities Details

					Conversion			Shares
		Principal			Value per			of Common	Cash Paid on
	Conversion	Converted			$1,000 of			Stock Issued	Settlement
	Date	(In Millions)			Principal			on Settlement	(In Millions)
2.875% senior notes due 2024	January 2012		$	73		$	1,738.99	2,464,138		$	73
	April 2012			153			1,774.98	5,381,349			153

Consumers Energy Company [Member]

Summary Of Long-Term Debt Outstanding

In Millions
	Interest Rate  (%)		Maturity	2012			2011
Consumers
FMBs1	5.000		2012		$	-		$	300
	5.375	2	2013			-			375
	6.000		2014			200			200
	5.000		2015			225			225
	2.600		2015			50			50
	5.500		2016			350			350
	5.150		2017			250			250
	3.210		2017			100			100
	5.650		2018			250			250
	6.125		2019			350			350
	6.700		2019			500			500
	5.650		2020			300			300
	3.770		2020			100			100
	5.300		2022			250			250
	2.850		2022			375			-
	3.190		2024			52			-
	3.390		2027			35			-
	5.800		2035			175			175
	6.170		2040			50			50
	4.970		2040			50			50
	4.310		2042			263			-
					$	3,925		$	3,875
Senior notes	6.875		2018			180			180
Securitization bonds	5.718	3	2013-2015			133			171
Tax-exempt pollution control revenue bonds	various		2018-2035			103			103
Total Consumers principal amount outstanding					$	4,341		$	4,329
Current amounts						(41)			(339)
Net unamortized discounts						(3)			(3)
Total Consumers long-term debt					$	4,297		$	3,987

¹ The weighted-average interest rate for Consumers’ FMBs was 5.19 percent at December 31, 2012 and 5.52 percent at December 31, 2011.

² In May 2012, Consumers retired its 5.375 percent FMBs.

³ The weighted-average interest rate for Consumers’ Securitization bonds was 5.72 percent at December 31, 2012 and 5.65 percent at December 31, 2011.

Summary Of Major Long-Term Debt Transactions

	Principal					Issue/Retirement
	(In Millions)			Interest Rate		Date	Maturity Date
Debt issuances
CMS Energy
Senior notes		$	300	5.050	%	March 2012	March 2022
Term loan facility1			180	variable		February 2012 and July 2012	December 2016
Total CMS Energy parent			480
Consumers
FMB			375	2.850	%	May 2012	May 2022
Term loan facility2			350	variable		July 2012	March 2013
Tax-exempt bonds3			68	variable		August 2012	April 2018
Tax-exempt bonds3			35	variable		August 2012	April 2035
FMB			52	3.190	%	December 2012	December 2024
FMB			35	3.390	%	December 2012	December 2027
FMB			263	4.310	%	December 2012	December 2042
Total Consumers			1,178
Total debt issuances		$	1,658
Debt retirements
CMS Energy
Contingently convertible    senior notes4		$	226	2.875	%	January 2012 and April 2012	December 2024
Trust Preferred Securities			29	7.750	%	February 2012	July 2027
Senior notes			150	variable		July 2012	January 2013
Total CMS Energy parent			405
Consumers
FMB			300	5.000	%	February 2012	February 2012
FMB			375	5.375	%	May 2012	April 2013
Tax-exempt bonds3			68	variable		August 2012	April 2018
Tax-exempt bonds3			35	variable		August 2012	April 2035
Term loan facility2			350	variable		December 2012	March 2013
Total Consumers			1,128
Total debt retirements		$	1,533

¹ Outstanding borrowings bear interest at an annual interest rate of LIBOR plus 2.50 percent (2.71 percent at December 31, 2012).CMS Energy used these proceeds to retire the 7.75 percent Trust Preferred Securities and floating-rate senior notes due January 2013.  In February 2013, the term loan facility was amended, reducing the annual interest rate to LIBOR plus 2.00 percent.

² In June 2012, Consumers entered into a short-term credit agreement permitting Consumers to borrow up to $375 million.  This agreement was terminated using proceeds from FMBs issued in December 2012.

³ In August 2012, Consumers utilized the Michigan Strategic Fund for the issuance of $68 million and $35million of tax-exempt Michigan Strategic Fund revenue bonds.  The bonds, which are backed by letters of credit and collateralized by Consumers’ FMBs, are subject to optional tender by the holders that would result in remarketing.  Consumers used the proceeds to redeem $103 million of tax-exempt bonds in August 2012.

⁴ CMS Energy’s contingently convertible notes.  See the “Contingently Convertible Securities” section in this Note for further discussion of the conversions.

Debt Maturities

In Millions
	2013			2014			2015			2016			2017
CMS Energy, including Consumers
Long-term debt		$	347		$	583		$	738		$	563		$	630
Consumers
Long-term debt		$	41		$	243		$	324		$	350		$	350

Revolving Credit Facilities

In Millions
							Letters of Credit
Expiration Date	Amount of Facility			Amount Borrowed			Outstanding			Amount Available
CMS Energy
December 21, 20171		$	550		$	-		$	2		$	548
Consumers
December 21, 20172		$	500		$	-		$	2		$	498
April 18, 20172			150			-			-			150
September 9, 20142			30			-			30			-

¹ Obligations under this facility are secured by Consumers common stock.  CMS Energy’s average borrowings during the year ended December 31, 2012 were $12 million, with a weighted-average annual interest rate of 2.26 percent, representing LIBOR plus 2.00 percent.

² Obligations under this facility are secured by FMBs of Consumers.

Preferred Stock Of Subsidiary

				Optional			Number of	Balance
				Redemption			Shares	Outstanding
December 31, 2012 and 2011	Series			Price			Outstanding	In Millions
Cumulative, $100 par value, authorized 7,500,000 shares, with no mandatory    redemption		$	4.16		$	103.25	68,451		$	7
			4.50			110.00	373,148			37
Total preferred stock of Consumers									$	44