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Retirement Benefits (Tables)

12 Months Ended

Dec. 31, 2014

Defined Benefit Plan Disclosure [Line Items]

Schedule Of SERP Trust Assets, ABO And Contributions



In Millions
Years Ended December 31	2014			2013
CMS Energy, including Consumers
Trust assets		$	131		$	136
ABO			145			122
Contributions			-			16
Consumers
Trust assets		$	93		$	96
ABO			99			82
Contributions			-			13

Schedule Of Effect Of One-Percentage-Point Change In Assumed Health Care Cost Trend Rates



In Millions
	One Percentage			One Percentage
Year Ended December 31, 2014	Point Increase			Point Decrease
CMS Energy, including Consumers
Effect on total service and interest cost component		$	13		$	(11)
Effect on PBO			188			(165)
Consumers
Effect on total service and interest cost component		$	12		$	(10)
Effect on PBO			183			(161)

Schedule Of Assumptions Used



	DB Pension Plan and DB SERP									OPEB Plan
December 31	2014			2013			2012			2014			2013			2012
CMS Energy, including Consumers
Weighted average for benefit obligations
Discount rate1		4.10	%		4.90	%		4.10	%		4.30	%		5.10	%		4.40	%
Mortality table2		2014			2000			2000			2014			2000			2000
Rate of compensation increase
DB Pension Plan		3.00	%		3.00	%		3.00	%
DB SERP		5.50	%		5.50	%		5.50	%
Weighted average for net periodic benefit cost
Discount rate1		4.90	%		4.10	%		4.90	%		5.10	%		4.40	%		5.10	%
Expected long-term rate of return on plan assets3		7.50	%		7.75	%		7.75	%		7.25	%		7.25	%		7.25	%
Mortality table2		2000			2000			2000			2000			2000			2000
Rate of compensation increase
DB Pension Plan		3.00	%		3.00	%		3.50	%
DB SERP		5.50	%		5.50	%		5.50	%

The discount rate reflects the rate at which benefits could be effectively settled and is equal to the equivalent single rate resulting from a yield curve analysis. This analysis incorporated the projected benefit payments specific to CMS Energy’s and Consumers’ DB Pension Plan and OPEB Plan and the yields on high quality corporate bonds rated Aa or better.

The mortality assumption for 2014 for benefit obligations was based on the new RP‑2014 mortality table, with projection scale MP‑2014. The mortality assumption for 2013 and 2012 was based on the RP‑2000 mortality tables with projection of future mortality improvements using Scale AA, which aligned with the IRS prescriptions for cash funding valuations under the Pension Protection Act of 2006. The mortality assumption for all three years for net periodic benefit cost was based on the RP‑2000 mortality table.

CMS Energy and Consumers determined the long-term rate of return using historical market returns, the present and expected future economic environment, the capital market principles of risk and return, and the expert opinions of individuals and firms with financial market knowledge. CMS Energy and Consumers considered the asset allocation of the portfolio in forecasting the future expected total return of the portfolio. The goal was to determine a long-term rate of return that could be incorporated into the planning of future cash flow requirements in conjunction with the change in the liability. Annually, CMS Energy and Consumers review for reasonableness and appropriateness the forecasted returns for various classes of assets used to construct an expected return model. CMS Energy’s and Consumers’ expected long-term rate of return on DB Pension Plan assets was 7.5 percent in 2014. The actual return on DB Pension Plan assets was 7.4 percent in 2014, 12.5 percent in 2013, and 14.1 percent in 2012.

Schedule Of Net Benefit Costs



In Millions
	DB Pension Plan and DB SERP									OPEB Plan
Years Ended December 31	2014			2013			2012			2014			2013			2012
CMS Energy, including Consumers
Net periodic cost (credit)
Service cost		$	42		$	54		$	49		$	20		$	29		$	32
Interest expense			105			100			105			56			65			82
Expected return on plan assets			(135)			(127)			(125)			(88)			(77)			(66)
Amortization of:
Net loss			60			101			79			2			26			46
Prior service cost (credit)			1			3			5			(41)			(31)			(20)
Net periodic cost (credit)		$	73		$	131		$	113		$	(51)		$	12		$	74
Consumers
Net periodic cost (credit)
Service cost		$	41		$	52		$	48		$	20		$	28		$	31
Interest expense			100			96			100			54			63			79
Expected return on plan assets			(131)			(124)			(122)			(83)			(72)			(61)
Amortization of:
Net loss			59			98			77			3			27			47
Prior service cost (credit)			1			3			5			(40)			(30)			(20)
Net periodic cost (credit)		$	70		$	125		$	108		$	(46)		$	16		$	76

Schedule Of Net Loss And Prior Service Cost (Credit) That Will Be Amortized In 2015



In Millions
	DB Pension Plan			OPEB Plan
CMS Energy, including Consumers
Regulatory asset		$	89		$	(18)
AOCI			3			(2)
Consumers
Regulatory asset		$	89		$	(18)

Schedule Of Benefit Obligations In Excess Of Fair Value Of Plan Assets



In Millions
	DB Pension Plan							DB SERP						OPEB Plan
Years Ended December 31	2014			2013				2014			2013			2014			2013
CMS Energy, including Consumers
Benefit obligation at beginning of period		$	2,073		$	2,354			$	132		$	144		$	1,123		$	1,729
Service cost			41			53				1			1			20			29
Interest cost			99			94				6			6			56			65
Plan amendments			-			-				-			-			-			(208)	2
Actuarial (gain) loss			458			(308)				24			(12)			230			(440)
Benefits paid			(124)			(120)				(7)			(7)			(51)	3		(52)	3
Benefit obligation at end of period		$	2,547		$	2,073			$	156		$	132		$	1,378		$	1,123
Plan assets at fair value at beginning of period		$	1,964		$	1,727			$	-		$	-		$	1,218		$	1,047
Actual return on plan assets			139			206				-			-			72			150
Company contribution			-			150				7			7			25			72
Actual benefits paid			(124)			(119)				(7)			(7)			(50)	3		(51)	3
Plan assets at fair value at end of period		$	1,979		$	1,964			$	-		$	-		$	1,265		$	1,218
Funded status		$	(568)	1	$	(109)	1		$	(156)		$	(132)		$	(113)		$	95
Consumers
Benefit obligation at beginning of period									$	93		$	100		$	1,088		$	1,670
Service cost										1			1			20			28
Interest cost										4			4			54			63
Plan amendments										-			-			-			(200)	2
Actuarial (gain) loss										17			(8)			223			(424)
Benefits paid										(4)			(4)			(49)	3		(49)	3
Benefit obligation at end of period									$	111		$	93		$	1,336		$	1,088
Plan assets at fair value at beginning of period									$	-		$	-		$	1,141		$	978
Actual return on plan assets										-			-			68			141
Company contribution										4			4			25			71
Actual benefits paid										(4)			(4)			(48)	3		(49)	3
Plan assets at fair value at end of period									$	-		$	-		$	1,186		$	1,141
Funded status									$	(111)		$	(93)		$	(150)		$	53

At December 31, 2014, $532 million of the total funded status of the DB Pension Plan was attributable to Consumers, based on an allocation of expenses. At December 31, 2013, $86 million of the total funded status of the DB Pension Plan was attributable to Consumers, based on an allocation of expenses.

Plan amendments resulted from changing the Medicare drug program provided through the OPEB Plan from an employer-sponsored prescription drug plan with a retiree drug subsidy to an EGWP that began on January 1, 2015, and from certain benefit changes to the OPEB Plan, to begin on January 1, 2016.

CMS Energy received payments of $4 million in 2014 and $5 million in each of 2013 and 2012 for the Medicare Part D subsidies. Consumers received payments of $4 million in each of 2014 and 2013 and $5 million in 2012 for the Medicare Part D subsidies. The Medicare Part D subsidy payments are used to pay OPEB Plan benefits.

Schedule Of Major Components Of Actuarial Losses



In Millions
	DB Pension Plan			OPEB Plan
CMS Energy, including Consumers
Discount rate change		$	235		$	155
RP-2014 mortality table			150			145
Consumers
Discount rate change					$	150
RP-2014 mortality table						141

Schedule Of Retirement Benefit Plan Assets (Liabilities)



In Millions
December 31	2014			2013
CMS Energy, including Consumers
Current assets (liabilities)
DB SERP		$	(8)		$	(8)
Non-current assets (liabilities)
DB SERP			(148)			(124)
OPEB Plan			(113)			95
DB Pension Plan			(568)			(109)
Consumers
Current assets (liabilities)
DB SERP		$	(5)		$	(5)
Non-current assets (liabilities)
DB SERP			(106)			(88)
OPEB Plan			(150)			53
DB Pension Plan			(532)			(86)

Schedule Of Accumulated And Projected Benefit Obligations



In Millions
December 31	2014			2013
CMS Energy, including Consumers
DB Pension Plan PBO		$	2,547		$	2,073
DB Pension Plan ABO			2,257			1,843
Fair value of DB Pension Plan assets			1,979			1,964

Schedule Of Net Periodic Benefit Cost Not Yet Recognized Including Regulatory Assets



In Millions
	DB Pension Plan and DB SERP						OPEB Plan
Years Ended December 31	2014			2013			2014			2013
CMS Energy, including Consumers
Regulatory assets (liabilities)
Net loss		$	1,012		$	625		$	419		$	184
Prior service cost (credit)			7			9			(243)			(282)
Regulatory assets (liabilities)		$	1,019		$	634		$	176		$	(98)
AOCI
Net loss (gain)			99			69			(18)			(26)
Prior service cost (credit)			1			-			(8)			(10)
Total amounts recognized in regulatory assets (liabilities) and AOCI		$	1,119		$	703		$	150		$	(134)
Consumers
Regulatory assets (liabilities)
Net loss		$	1,012		$	625		$	419		$	184
Prior service cost (credit)			7			9			(243)			(282)
Regulatory assets (liabilities)		$	1,019		$	634		$	176		$	(98)
AOCI
Net loss (gain)			39			25			-			-
Total amounts recognized in regulatory assets (liabilities) and AOCI		$	1,058		$	659		$	176		$	(98)

Schedule Of Allocation Of Plan Assets



In Millions
	DB Pension Plan
	December 31, 2014									December 31, 2013
	Total			Level 1			Level 2			Total			Level 1			Level 2
CMS Energy, including Consumers
Asset category
Cash and short-term investments		$	31		$	31		$	-		$	109		$	109		$	-
U.S. government and agencies securities			30			-			30			25			-			25
Corporate debt			222			-			222			188			-			188
State and municipal bonds			8			-			8			5			-			5
Foreign corporate bonds			21			-			21			20			-			20
Mutual funds			598			598			-			449			449			-
Pooled funds			1,069			-			1,069			1,168			-			1,168
Total		$	1,979		$	629		$	1,350		$	1,964		$	558		$	1,406



In Millions
	OPEB Plan
	December 31, 2014									December 31, 2013
	Total			Level 1			Level 2			Total			Level 1			Level 2
CMS Energy, including Consumers
Asset category
Cash and short-term investments		$	19		$	19		$	-		$	44		$	44		$	-
U.S. government and agencies securities			5			-			5			3			-			3
Corporate debt			33			-			33			26			-			26
State and municipal bonds			1			-			1			1			-			1
Foreign corporate bonds			3			-			3			3			-			3
Common stocks			69			69			-			71			71			-
Mutual funds			438			438			-			343			343			-
Pooled funds			697			-			697			727			-			727
Total		$	1,265		$	526		$	739		$	1,218		$	458		$	760
Consumers
Asset category
Cash and short-term investments		$	18		$	18		$	-		$	41		$	41		$	-
U.S. government and agencies securities			4			-			4			3			-			3
Corporate debt			31			-			31			25			-			25
State and municipal bonds			1			-			1			1			-			1
Foreign corporate bonds			3			-			3			3			-			3
Common stocks			65			65			-			66			66			-
Mutual funds			411			411			-			321			321			-
Pooled funds			653			-			653			681			-			681
Total		$	1,186		$	494		$	692		$	1,141		$	428		$	713

Schedule Of Investment Components Of Pooled Funds



	DB Pension Plan						OPEB Plan
December 31	2014			2013			2014			2013
U.S. equity securities		64	%		61	%		62	%		60	%
Foreign equity securities		16			28			12			20
U.S. fixed-income securities		9			4			18			14
Foreign fixed-income securities		6			3			5			4
Alternative investments		5			4			3			2
		100	%		100	%		100	%		100	%

Schedule Of Plan Contributions



In Millions
Years Ended December 31	2014			2013
CMS Energy, including Consumers
OPEB Plan1
VEBA trust		$	16		$	55
401(h) component			9			17
		$	25		$	72
DB Pension Plan2		$	-		$	150
Consumers
OPEB Plan1
VEBA trust		$	16		$	55
401(h) component			9			16
		$	25		$	71
DB Pension Plan2		$	-		$	147

CMS Energy, including Consumers, plans to contribute $29 million to the OPEB Plan in 2015, of which Consumers plans to contribute $29 million.

Neither CMS Energy nor Consumers plans to contribute to the DB Pension Plan in 2015.

Schedule Of Expected Benefit Payments



In Millions
	DB Pension Plan			DB SERP			OPEB Plan
CMS Energy, including Consumers
2015		$	134		$	8		$	56
2016			141			8			58
2017			147			8			61
2018			152			8			64
2019			156			9			67
2020-2024			810			50			367
Consumers
2015		$	131		$	5		$	53
2016			137			5			56
2017			143			5			59
2018			148			5			62
2019			152			5			64
2020-2024			789			30			352

Consumers Energy Company [Member]