Financings And Capitalization (Tables)

12 Months Ended

Dec. 31, 2014

Summary Of Long-Term Debt Outstanding

In Millions
	Interest Rate  (%)		Maturity	2014			2013
CMS Energy parent
Senior notes	6.875	1	2015		$	-		$	125
	4.250	2	2015			-			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			300
	3.875		2024			250			-
	5.500	3	2029			-			172
	4.700		2043			250			250
	4.875		2044			300			-
Total CMS Energy senior notes					$	2,200		$	2,197
Term loan facility	variable	4	2017			180			180
Total CMS Energy parent					$	2,380		$	2,377
Consumers					$	5,283		$	4,625
Other CMS Energy subsidiaries
EnerBank certificates of deposits	1.218	5	2015-2024		$	884		$	652
Total other CMS Energy subsidiaries					$	884		$	652
Total CMS Energy principal amount outstanding					$	8,547		$	7,654
Current amounts						(519)			(541)
Net unamortized discounts						(12)			(12)
Total CMS Energy long-term debt					$	8,016		$	7,101

¹ In April 2014, CMS Energy retired its 6.875 percent senior notes.

² In December 2014, CMS Energy retired its 4.25 percent senior notes.

³ In June 2014, CMS Energy retired its remaining 5.50 percent contingently convertible notes.  See the “Contingently Convertible Securities” section in this Note for further discussion of the conversions.

⁴ Outstanding borrowings bear interest at an annual interest rate of LIBOR plus 1.25 percent (1.42 percent at December 31, 2014).

⁵ The weighted-average interest rate for EnerBank’s certificates of deposit was 1.22 percent at December 31, 2014 and 1.09 percent at December 31, 2013.  EnerBank’s primary deposit product consists of brokered certificates of deposit with varying maturities and having a face value of $1,000.

Summary Of Major Long-Term Debt Transactions

	Principal					Issue/Retirement
	(In Millions)			Interest Rate		Date	Maturity Date
Debt issuances
CMS Energy parent
Senior notes		$	250	3.875	%	February 2014	March 2024
Senior notes			300	4.875		February 2014	March 2044
Total CMS Energy parent		$	550
Consumers
Securitization bonds1		$	124	1.334	%	July 2014	November 2020
Securitization bonds1			139	2.962		July 2014	November 2025
Securitization bonds1			115	3.528		July 2014	May 2029
FMBs			250	3.125		August 2014	August 2024
FMBs			250	4.350		August 2014	August 2064
Total Consumers		$	878
Total CMS Energy		$	1,428
Debt retirements
CMS Energy parent
Senior notes2		$	125	6.875	%	April 2014	December 2015
Senior notes			155	5.500		June 2014	June 2029
Senior notes3			250	4.250		December 2014	September 2015
Total CMS Energy parent		$	530
Consumers
FMBs		$	177	5.500	%	August 2014	August 2016
Total Consumers		$	177
Total CMS Energy		$	707

¹ For additional details regarding the Securitization, see Note 3, Regulatory Matters and the “Securitization Bonds” section in this Note.

² CMS Energy retired this debt at a premium and recorded a loss on extinguishment of $13 million in other expense on its consolidated statements of income.

³ CMS Energy retired this debt at a premium and recorded a loss on extinguishment of $7 million in other expense on its consolidated statements of income.

Debt Maturities

In Millions
	2015			2016			2017			2018			2019
CMS Energy, including Consumers
Long-term debt		$	519		$	542		$	734		$	866		$	1,234
Consumers
Long-term debt		$	124		$	198		$	375		$	523		$	876

Revolving Credit Facilities

In Millions
	Amount of			Amount			Letters of Credit			Amount
Expiration Date	Facility			Borrowed			Outstanding			Available
CMS Energy parent
December 20, 20181		$	550		$	-		$	3		$	547
Consumers
December 20, 20182		$	650		$	-		$	35		$	615
May 9, 20182			30			-			30			-

¹ Obligations under this facility are secured by Consumers common stock.

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

Conversions Of Contingently Convertible Securities

					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)
5.50% senior notes due 2029	February 2014		$	17		$	1,968	605,531		$	17
5.50% senior notes due 2029	June 2014			155			2,215	6,372,578			155

Issuance Of Stock

	Number of	Average			Proceeds
	Shares Issued	Price per Share			(In Millions)
March 2014	1,070,080		$	28.04		$	30

Consumers Energy Company [Member]

Summary Of Long-Term Debt Outstanding

In Millions
	Interest Rate  (%)		Maturity	2014			2013
Consumers
FMBs1	2.600		2015		$	50		$	50
	5.500	2	2016			173			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			375
	3.375		2023			325			325
	3.190		2024			52			52
	3.125		2024			250			-
	3.390		2027			35			35
	5.800		2035			175			175
	6.170		2040			50			50
	4.970		2040			50			50
	4.310		2042			263			263
	3.950		2043			425			425
	4.350		2064			250			-
					$	4,573		$	4,250
Securitization bonds	5.760	3	2015			49			92
	2.597	4	2020-2029	5		378			-
					$	427		$	92
Senior notes	6.875		2018			180			180
Tax-exempt pollution control revenue bonds	various		2018-2035			103			103
Total Consumers principal amount outstanding					$	5,283		$	4,625
Current amounts						(124)			(43)
Net unamortized discounts						(5)			(3)
Total Consumers long-term debt					$	5,154		$	4,579

¹ The weighted-average interest rate for Consumers’ FMBs was 4.75 percent at December 31, 2014 and 4.90 percent at December 31, 2013.

² In August 2014, Consumers retired $177 million of its 5.50 percent FMBs.

³ The interest rate for Consumers’ Securitization bonds issued through its subsidiary Consumers Funding was 5.76 percent at December 31, 2014 and 2013.

⁴ The weighted-average interest rate for Consumers’ Securitization bonds issued through its subsidiary Consumers 2014 Securitization Funding was 2.60 percent at December 31, 2014.

⁵ Principal and interest payments are made semiannually beginning in 2015.

Summary Of Major Long-Term Debt Transactions

	Principal					Issue/Retirement
	(In Millions)			Interest Rate		Date	Maturity Date
Debt issuances
CMS Energy parent
Senior notes		$	250	3.875	%	February 2014	March 2024
Senior notes			300	4.875		February 2014	March 2044
Total CMS Energy parent		$	550
Consumers
Securitization bonds1		$	124	1.334	%	July 2014	November 2020
Securitization bonds1			139	2.962		July 2014	November 2025
Securitization bonds1			115	3.528		July 2014	May 2029
FMBs			250	3.125		August 2014	August 2024
FMBs			250	4.350		August 2014	August 2064
Total Consumers		$	878
Total CMS Energy		$	1,428
Debt retirements
CMS Energy parent
Senior notes2		$	125	6.875	%	April 2014	December 2015
Senior notes			155	5.500		June 2014	June 2029
Senior notes3			250	4.250		December 2014	September 2015
Total CMS Energy parent		$	530
Consumers
FMBs		$	177	5.500	%	August 2014	August 2016
Total Consumers		$	177
Total CMS Energy		$	707

¹ For additional details regarding the Securitization, see Note 3, Regulatory Matters and the “Securitization Bonds” section in this Note.

² CMS Energy retired this debt at a premium and recorded a loss on extinguishment of $13 million in other expense on its consolidated statements of income.

³ CMS Energy retired this debt at a premium and recorded a loss on extinguishment of $7 million in other expense on its consolidated statements of income.

Debt Maturities

In Millions
	2015			2016			2017			2018			2019
CMS Energy, including Consumers
Long-term debt		$	519		$	542		$	734		$	866		$	1,234
Consumers
Long-term debt		$	124		$	198		$	375		$	523		$	876

Revolving Credit Facilities

In Millions
	Amount of			Amount			Letters of Credit			Amount
Expiration Date	Facility			Borrowed			Outstanding			Available
CMS Energy parent
December 20, 20181		$	550		$	-		$	3		$	547
Consumers
December 20, 20182		$	650		$	-		$	35		$	615
May 9, 20182			30			-			30			-

¹ Obligations under this facility are secured by Consumers common stock.

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

Issuance Of Stock

				Optional			Number of	Balance
				Redemption			Shares	Outstanding
	Series			Price			Outstanding	(In Millions)
December 31								2014			2013
Cumulative, $100 par value, authorized 7,500,000 shares, with no mandatory    redemption		$	4.50		$	110.00	373,148		$	37		$	37