UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported) July 24, 2014
Commission |
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Registrant; State of Incorporation; |
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IRS Employer |
File Number |
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Address; and Telephone Number |
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Identification No. |
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1-9513 |
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CMS ENERGY CORPORATION |
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38-2726431 |
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(A Michigan Corporation) |
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One Energy Plaza |
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Jackson, Michigan 49201 |
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(517) 788-0550 |
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1-5611 |
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CONSUMERS ENERGY COMPANY |
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38-0442310 |
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(A Michigan Corporation) |
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One Energy Plaza |
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Jackson, Michigan 49201 |
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(517) 788-0550 |
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Item 2.02. Results of Operations and Financial Condition.
On July 24, 2014, CMS Energy Corporation (CMS Energy) issued a News Release, in which it announced its results for the second quarter of 2014. Attached as Exhibit 99.1 to this report and incorporated herein by reference is a copy of the CMS Energy News Release, furnished as a part of this report.
Exhibit 99.1 contains certain financial measures that are considered non-GAAP financial measures as defined in Securities and Exchange Commission rules and contains a reconciliation of these non-GAAP financial measures to their most directly comparable financial measures calculated and presented in accordance with accounting principles generally accepted in the United States.
Item 7.01. Regulation FD Disclosure.
The information set forth in the CMS Energy News Release dated July 24, 2014, attached as Exhibit 99.1, is incorporated by reference in response to this Item 7.01.
In accordance with General Instruction B.2 of Form 8-K, the information in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed filed for the purposes of Section 18 of the Securities Exchange Act of 1934, or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference in any filing under the Securities Act of 1933. Investors and others should note that CMS Energy and Consumers Energy Company post important financial information using the investor relations section of the CMS Energy website, www.cmsenergy.com and Securities and Exchange Commission filings.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits.
99.1 CMS Energy News Release dated July 24, 2014
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrants have duly caused this report to be signed on their behalf by the undersigned hereunto duly authorized.
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CMS ENERGY CORPORATION |
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Dated: July 24, 2014 |
By: |
/s/ Thomas J. Webb |
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Thomas J. Webb |
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Executive Vice President and |
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Chief Financial Officer |
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CONSUMERS ENERGY COMPANY |
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Dated: July 24, 2014 |
By: |
/s/ Thomas J. Webb |
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Thomas J. Webb |
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Executive Vice President and |
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Chief Financial Officer |
Exhibit 99.1
CMS ENERGY ANNOUNCES SECOND QUARTER EARNINGS OF $0.30 PER SHARE AND RAISES ADJUSTED EARNINGS GUIDANCE TO $1.76 TO $1.78 PER SHARE
JACKSON, Mich., July 24, 2014 CMS Energy announced today reported net income of $83 million, or $0.30 per share, for the second quarter of 2014 and $287 million, or $1.05 per share, for the first half. Adjusted (non-Generally Accepted Accounting Principles) earnings per share for the second quarter and first half were the same as reported amounts.
Based on strong results for the first half of the year, CMS Energy raised its 2014 full year adjusted earnings per share guidance from the previous range of $1.74 to $1.78 to a new range of $1.76 to $1.78. This new guidance reflects adjusted earnings growth of 6 percent to 7 percent.
In the first half of 2014, CMS Energy continued to execute its business plan which emphasizes reinvestment in its operations with a focus on the environment, safety, reliability, and customer service.
John Russell, CMS Energys president and chief executive officer, said that CMS Energys principal subsidiary, Consumers Energy, is putting customers first as it works to provide reliable, affordable and increasingly clean energy.
Our business plan of reinvesting proceeds to strengthen and expand our electric and gas system is benefiting customers. Were also seeing progress as Michigan policy makers build the framework for the states energy future, Russell said.
More than $400 million in reinvestment over the past five years in infrastructure and enhanced technology is driving improvements in electric reliability, including 100,000 fewer customer interruptions in 2013 compared to 2012. On the gas side, the company is investing $150 million this year to strengthen and expand its system, including adding 350 more skilled workers.
Reinvesting to strengthen our energy delivery system has helped accelerate Michigans economic comeback, said Russell. Michigans unemployment rate has dropped from a recession-high of more than 14 percent to its current level of 7.5 percent, and is down to 5.4 percent in the Grand Rapids area, the companys largest electric service territory.
By year-end, our $255 million Cross Winds® Energy Park will be in operation. That allows us to meet Michigans standard for renewable energy more than a year ahead of time, said Russell. Separately, he said that the company is in a good position to meet the U.S. EPAs new carbon reduction rule, noting the April 2016 planned retirement of its seven oldest
coal plants, more than $1 billion in ongoing investments in clean air equipment, and its previously-announced decision to acquire a 540 megawatt natural gas plant in its hometown of Jackson.
In other quarterly highlights, CMS Energy was named a NYSE Leadership Award finalist for Best Overall Governance, Risk and Compliance program among small and mid-cap companies. Separately, Consumers Energy was ranked the third most trusted combination utility in the U.S., and the top utility in the Midwest on environmental performance, according to a new survey by Market Strategies® International.
CMS Energy (NYSE: CMS) is a Michigan-based company that has an electric and natural gas utility, Consumers Energy, as its primary business and also owns and operates independent power generation businesses.
# # #
CMS Energy will hold a webcast to discuss its 2014 second quarter results and provide a business and financial outlook on July 24 at 8:30 AM (EDT). To participate in the webcast, go to CMS Energys home page (www.cmsenergy.com) and select Investor Meeting.
CMS Energy provides historical financial results on both a reported (Generally Accepted Accounting Principles) and adjusted (non-GAAP) basis and provides forward-looking guidance on an adjusted basis. Management views adjusted earnings as a key measure of the companys present operating financial performance, unaffected by discontinued operations, asset sales, impairments, regulatory items from prior years, or other items detailed in the attached summary financial statements. These items have the potential to impact, favorably or unfavorably, the companys reported earnings in future periods.
This news release contains forward-looking statements as defined in Rule 3b-6 of the Securities Exchange Act of 1934, Rule 175 of the Securities Act of 1933, and relevant legal decisions. The forward-looking statements are subject to risks and uncertainties. All forward-looking statements should be considered in the context of the risk and other factors detailed from time to time in CMS Energys and Consumers Energys Securities and Exchange Commission filings. Forward-looking statements should be read in conjunction with FORWARD-LOOKING STATEMENTS AND INFORMATION and RISK FACTORS sections of CMS Energys Form 10-K and Consumers Energys Form 10-K each for the year ended December 31, 2013 and as updated in CMS Energys and Consumers Energys subsequent Forms 10-Q.
CMS Energys and Consumers Energys FORWARD-LOOKING STATEMENTS AND INFORMATION and RISK FACTORS sections are incorporated herein by reference and discuss important factors that could cause CMS Energys and Consumers Energys results to differ materially from those anticipated in such statements.
Investors and others should note that CMS Energy and Consumers Energy post important financial information using the investor relations section of the CMS Energy website, www.cmsenergy.com and Securities and Exchange Commission filings.
For more information on CMS Energy, please visit our web site at: www.cmsenergy.com
Media Contacts: Dan Bishop, 517/788-2395 or Brian Wheeler, 517/788-2394
Investment Analyst Contact: CMS Energy Investor Relations, 517/788-2590
CMS Energy Corporation
SUMMARIZED CONSOLIDATED STATEMENTS OF INCOME
(In Millions, Except Per Share Amounts)
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Second Quarter |
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First Half |
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(Unaudited) |
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(Unaudited) |
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2014 |
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2013 |
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2014 |
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2013 |
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Operating Revenue |
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$ |
1,468 |
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$ |
1,406 |
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$ |
3,991 |
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$ |
3,385 |
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Operating Expenses |
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1,233 |
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1,174 |
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3,348 |
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2,824 |
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Operating Income |
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$ |
235 |
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$ |
232 |
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$ |
643 |
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$ |
561 |
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Other Income (Expense) |
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(7 |
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5 |
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(5 |
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13 |
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Interest Charges |
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101 |
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102 |
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202 |
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200 |
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Income before Income Taxes |
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$ |
127 |
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$ |
135 |
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$ |
436 |
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$ |
374 |
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Income Tax Expense |
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43 |
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54 |
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148 |
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149 |
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Net Income |
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$ |
84 |
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$ |
81 |
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$ |
288 |
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$ |
225 |
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Income Attributable to Noncontrolling Interests |
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1 |
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1 |
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1 |
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1 |
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Net Income Available to Common Stockholders |
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$ |
83 |
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$ |
80 |
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$ |
287 |
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$ |
224 |
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Income Per Share |
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Basic |
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$ |
0.31 |
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$ |
0.30 |
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$ |
1.07 |
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$ |
0.85 |
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Diluted |
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0.30 |
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0.29 |
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1.05 |
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0.83 |
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CMS Energy Corporation
SUMMARIZED CONSOLIDATED BALANCE SHEETS
(In Millions)
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June 30 |
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December 31 |
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2014 |
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2013 |
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(Unaudited) |
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Assets |
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Cash and cash equivalents |
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$ |
358 |
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$ |
172 |
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Restricted cash and cash equivalents |
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31 |
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32 |
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Other current assets |
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2,076 |
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2,322 |
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Total current assets |
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$ |
2,465 |
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$ |
2,526 |
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Plant, property, and equipment |
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12,680 |
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12,246 |
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Other non-current assets |
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2,574 |
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2,644 |
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Total Assets |
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$ |
17,719 |
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$ |
17,416 |
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Liabilities and Equity |
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Current liabilities |
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$ |
1,124 |
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$ |
1,213 |
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Non-current liabilities |
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4,808 |
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4,741 |
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Capitalization |
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Debt, capital leases, and financing obligation (*) |
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Debt, capital leases, and financing obligation (excluding non-recourse and securitization debt) |
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7,305 |
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7,227 |
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Non-recourse debt |
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729 |
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652 |
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Total debt, capital leases, and financing obligation |
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8,034 |
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7,879 |
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Noncontrolling interests |
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37 |
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37 |
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Common stockholders equity |
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3,645 |
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3,454 |
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Total capitalization |
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$ |
11,716 |
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$ |
11,370 |
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Securitization debt |
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71 |
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92 |
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Total Liabilities and Equity |
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$ |
17,719 |
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$ |
17,416 |
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(*) Current and long-term
CMS Energy Corporation
SUMMARIZED STATEMENTS OF CASH FLOWS
(In Millions)
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First Half |
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(Unaudited) |
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2014 |
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2013 |
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Beginning of Period Cash |
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$ |
172 |
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$ |
93 |
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Cash provided by operating activities |
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$ |
937 |
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$ |
1,095 |
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Cash used in investing activities |
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(783 |
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(616 |
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Cash flow from operating and investing activities |
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$ |
154 |
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$ |
479 |
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Cash provided by (used in) financing activities |
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32 |
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(35 |
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Total Cash Flow |
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$ |
186 |
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$ |
444 |
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End of Period Cash |
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$ |
358 |
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$ |
537 |
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CMS Energy Corporation
SUMMARY OF CONSOLIDATED EARNINGS
Reconciliations of GAAP Net Income to Non-GAAP Adjusted Net Income
(In Millions, Except Per Share Amounts)
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Second Quarter |
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First Half |
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(Unaudited) |
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(Unaudited) |
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2014 |
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2013 |
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2014 |
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2013 |
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Net Income Available to Common Stockholders |
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$ |
83 |
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$ |
80 |
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$ |
287 |
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$ |
224 |
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Reconciling Items: |
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Discontinued Operations (Income) Loss |
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* |
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* |
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(* |
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* |
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Restructuring Costs and Other |
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* |
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* |
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* |
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* |
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Adjusted Net Income - Non-GAAP Basis |
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$ |
83 |
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$ |
80 |
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$ |
287 |
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$ |
224 |
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Average Number of Common Shares Outstanding |
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Basic |
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268 |
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265 |
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267 |
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264 |
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Diluted |
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275 |
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272 |
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274 |
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272 |
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Basic Earnings Per Average Common Share |
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Net Income Per Share as Reported |
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$ |
0.31 |
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$ |
0.30 |
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$ |
1.07 |
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$ |
0.85 |
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Reconciling Items: |
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Discontinued Operations (Income) Loss |
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* |
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* |
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(* |
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* |
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Restructuring Costs and Other |
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* |
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* |
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* |
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* |
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Adjusted Net Income - Non-GAAP Basis |
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$ |
0.31 |
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$ |
0.30 |
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$ |
1.07 |
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$ |
0.85 |
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Diluted Earnings Per Average Common Share |
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Net Income Per Share as Reported |
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$ |
0.30 |
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$ |
0.29 |
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$ |
1.05 |
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$ |
0.83 |
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Reconciling Items: |
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Discontinued Operations (Income) Loss |
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* |
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* |
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(* |
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* |
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Restructuring Costs and Other |
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* |
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* |
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* |
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* |
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Adjusted Net Income - Non-GAAP Basis |
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$ |
0.30 |
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$ |
0.29 |
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$ |
1.05 |
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$ |
0.83 |
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Note: Management views adjusted (non-Generally Accepted Accounting Principles) earnings as a key measure of the Companys present operating financial performance, unaffected by discontinued operations, asset sales, impairments, regulatory items from prior years, or other items detailed in these summary financial statements.
* Less than $500 thousand or $0.01 per share.
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