XML 76 R45.htm IDEA: XBRL DOCUMENT v3.3.1.900
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2015
Schedule Of Effective Income Tax Rate Reconciliation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In Millions, Except Tax Rate 

 

 

Years Ended December 31

2015 

 

2014 

 

2013 

 

 

CMS Energy, including Consumers

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before income taxes

 

$

796 

 

 

$

729 

 

 

$

756 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense at statutory rate

 

 

279 

 

 

 

255 

 

 

 

265 

 

 

Increase (decrease) in income taxes from:

 

 

 

 

 

 

 

 

 

 

 

 

 

State and local income taxes, net of federal effect

 

 

39 

 

 

 

36 

 

 

 

37 

 

 

Accelerated flow-through of regulatory tax benefits

 

 

(39)

 

 

 

(39)

 

 

 

 -

 

 

Other, net

 

 

(8)

 

 

 

(2)

 

 

 

 -

 

 

Income tax expense

 

$

271 

 

 

$

250 

 

 

$

302 

 

 

Effective tax rate

 

 

34.0 

%

 

 

34.3 

%

 

 

39.9 

%

 

Consumers

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before income taxes

 

$

896 

 

 

$

873 

 

 

$

880 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense at statutory rate

 

 

314 

 

 

 

306 

 

 

 

308 

 

 

Increase (decrease) in income taxes from:

 

 

 

 

 

 

 

 

 

 

 

 

 

State and local income taxes, net of federal effect

 

 

42 

 

 

 

42 

 

 

 

43 

 

 

Accelerated flow-through of regulatory tax benefits

 

 

(39)

 

 

 

(39)

 

 

 

 -

 

 

Other, net

 

 

(15)

 

 

 

(3)

 

 

 

(5)

 

 

Income tax expense

 

$

302 

 

 

$

306 

 

 

$

346 

 

 

Effective tax rate

 

 

33.7 

%

 

 

35.1 

%

 

 

39.3 

%

 

 

Significant Components Of Income Tax Expense Table

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In Millions  

Years Ended December 31

2015  2014  2013 

 

CMS Energy, including Consumers

 

 

 

 

 

 

 

 

 

 

Current income taxes

 

 

 

 

 

 

 

 

 

 

Federal

 

$

 -

 

$

 -

 

$

 -

 

State and local

 

 

24 

 

 

24 

 

 

34 

 

 

 

$

24 

 

$

24 

 

$

34 

 

Deferred income taxes

 

 

 

 

 

 

 

 

 

 

Federal

 

$

192 

 

$

198 

 

$

248 

 

State and local

 

 

36 

 

 

31 

 

 

23 

 

 

 

$

228 

 

$

229 

 

$

271 

 

Deferred income tax credit

 

 

19 

 

 

(3)

 

 

(3)

 

Tax expense

 

$

271 

 

$

250 

 

$

302 

 

Consumers

 

 

 

 

 

 

 

 

 

 

Current income taxes

 

 

 

 

 

 

 

 

 

 

Federal

 

$

66 

 

$

 

$

137 

 

State and local

 

 

32 

 

 

36 

 

 

45 

 

 

 

$

98 

 

$

44 

 

$

182 

 

Deferred income taxes

 

 

 

 

 

 

 

 

 

 

Federal

 

$

153 

 

$

236 

 

$

147 

 

State and local

 

 

32 

 

 

29 

 

 

20 

 

 

 

$

185 

 

$

265 

 

$

167 

 

Deferred income tax credit

 

 

19 

 

 

(3)

 

 

(3)

 

Tax expense

 

$

302 

 

$

306 

 

$

346 

 

 

Principal Components Of Deferred Income Tax Assets Table

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In Millions  

December 31

2015  2014 

 

CMS Energy, including Consumers

 

 

 

 

 

 

 

Employee benefits

 

$

(127)

 

$

(72)

 

Gas inventory

 

 

(96)

 

 

(117)

 

Plant, property, and equipment

 

 

(2,429)

 

 

(2,217)

 

Net regulatory tax liability

 

 

50 

 

 

65 

 

Reserves and accruals

 

 

59 

 

 

63 

 

Securitized costs

 

 

(122)

 

 

(144)

 

Tax loss and credit carryforwards

 

 

657 

 

 

676 

 

Other

 

 

(5)

 

 

 -

 

 

 

$

(2,013)

 

$

(1,746)

 

Less valuation allowance

 

 

(4)

 

 

(2)

 

Total net deferred income tax liabilities

 

$

(2,017)

 

$

(1,748)

 

Deferred tax assets, net of valuation reserves

 

$

762 

 

$

802 

 

Deferred tax liabilities

 

 

(2,779)

 

 

(2,550)

 

Total net deferred income tax liabilities

 

$

(2,017)

 

$

(1,748)

 

Consumers

 

 

 

 

 

 

 

Employee benefits

 

$

(156)

 

$

(103)

 

Gas inventory

 

 

(96)

 

 

(117)

 

Plant, property, and equipment

 

 

(2,457)

 

 

(2,263)

 

Net regulatory tax liability

 

 

50 

 

 

65 

 

Reserves and accruals

 

 

30 

 

 

34 

 

Securitized costs

 

 

(122)

 

 

(144)

 

Tax loss and credit carryforwards

 

 

46 

 

 

45 

 

Other

 

 

(5)

 

 

(2)

 

 

 

$

(2,710)

 

$

(2,485)

 

Less valuation allowance

 

 

 -

 

 

(1)

 

Total net deferred income tax liabilities

 

$

(2,710)

 

$

(2,486)

 

Deferred tax assets, net of valuation reserves

 

$

126 

 

$

143 

 

Deferred tax liabilities

 

 

(2,836)

 

 

(2,629)

 

Total net deferred income tax liabilities

 

$

(2,710)

 

$

(2,486)

 

 

Loss And Credit Carryforwards Table

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In Millions  

 

Gross Amount 

Tax Attribute 

Expiration 

 

CMS Energy, including Consumers

 

 

 

 

 

 

 

 

Federal net operating loss carryforward

 

$

885 

 

$

311 

2025 – 2034 

 

Local net operating loss carryforwards

 

 

414 

 

 

2023 – 2034 

 

Alternative minimum tax credits

 

 

270 

 

 

270 

No expiration 

 

Charitable contribution carryover

 

 

 

 

2016 – 2019 

 

General business credits

 

 

71 

 

 

71 

2018 – 2035 

 

Total tax attributes

 

 

 

 

$

657 

 

 

Consumers

 

 

 

 

 

 

 

 

Federal net operating loss carryforward

 

$

121 

 

$

42 

2025 – 2034 

 

Charitable contribution carryover

 

 

 

 

2016 – 2019 

 

General business credits

 

 

 

 

2032 – 2035 

 

Total tax attributes

 

 

 

 

$

46 

 

 

 

Reconciliation Of Beginning And Ending Uncertain Tax Benefits Table

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In Millions  

Years Ended December 31

2015  2014  2013 

 

CMS Energy, including Consumers

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

 

$

 

$

 

Additions for current-year tax positions

 

 

 

 

 

 

 -

 

Additions for prior-year tax positions

 

 

 

 

 

 

 

Reductions for prior-year tax positions

 

 

(1)

 

 

(2)

 

 

 -

 

Balance at end of period

 

$

 

$

 

$

 

Consumers

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

 

$

 

$

 

Additions for current-year tax positions

 

 

 

 

 

 

 -

 

Additions for prior-year tax positions

 

 

 

 

 

 

 

Reductions for prior-year tax positions

 

 

(1)

 

 

(2)

 

 

 -

 

Balance at end of period

 

$

 

$

 

$

 

 

Consumers Energy Company [Member]  
Schedule Of Effective Income Tax Rate Reconciliation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In Millions, Except Tax Rate 

 

 

Years Ended December 31

2015 

 

2014 

 

2013 

 

 

CMS Energy, including Consumers

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before income taxes

 

$

796 

 

 

$

729 

 

 

$

756 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense at statutory rate

 

 

279 

 

 

 

255 

 

 

 

265 

 

 

Increase (decrease) in income taxes from:

 

 

 

 

 

 

 

 

 

 

 

 

 

State and local income taxes, net of federal effect

 

 

39 

 

 

 

36 

 

 

 

37 

 

 

Accelerated flow-through of regulatory tax benefits

 

 

(39)

 

 

 

(39)

 

 

 

 -

 

 

Other, net

 

 

(8)

 

 

 

(2)

 

 

 

 -

 

 

Income tax expense

 

$

271 

 

 

$

250 

 

 

$

302 

 

 

Effective tax rate

 

 

34.0 

%

 

 

34.3 

%

 

 

39.9 

%

 

Consumers

 

 

 

 

 

 

 

 

 

 

 

 

 

Income from continuing operations before income taxes

 

$

896 

 

 

$

873 

 

 

$

880 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income tax expense at statutory rate

 

 

314 

 

 

 

306 

 

 

 

308 

 

 

Increase (decrease) in income taxes from:

 

 

 

 

 

 

 

 

 

 

 

 

 

State and local income taxes, net of federal effect

 

 

42 

 

 

 

42 

 

 

 

43 

 

 

Accelerated flow-through of regulatory tax benefits

 

 

(39)

 

 

 

(39)

 

 

 

 -

 

 

Other, net

 

 

(15)

 

 

 

(3)

 

 

 

(5)

 

 

Income tax expense

 

$

302 

 

 

$

306 

 

 

$

346 

 

 

Effective tax rate

 

 

33.7 

%

 

 

35.1 

%

 

 

39.3 

%

 

 

Significant Components Of Income Tax Expense Table

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In Millions  

Years Ended December 31

2015  2014  2013 

 

CMS Energy, including Consumers

 

 

 

 

 

 

 

 

 

 

Current income taxes

 

 

 

 

 

 

 

 

 

 

Federal

 

$

 -

 

$

 -

 

$

 -

 

State and local

 

 

24 

 

 

24 

 

 

34 

 

 

 

$

24 

 

$

24 

 

$

34 

 

Deferred income taxes

 

 

 

 

 

 

 

 

 

 

Federal

 

$

192 

 

$

198 

 

$

248 

 

State and local

 

 

36 

 

 

31 

 

 

23 

 

 

 

$

228 

 

$

229 

 

$

271 

 

Deferred income tax credit

 

 

19 

 

 

(3)

 

 

(3)

 

Tax expense

 

$

271 

 

$

250 

 

$

302 

 

Consumers

 

 

 

 

 

 

 

 

 

 

Current income taxes

 

 

 

 

 

 

 

 

 

 

Federal

 

$

66 

 

$

 

$

137 

 

State and local

 

 

32 

 

 

36 

 

 

45 

 

 

 

$

98 

 

$

44 

 

$

182 

 

Deferred income taxes

 

 

 

 

 

 

 

 

 

 

Federal

 

$

153 

 

$

236 

 

$

147 

 

State and local

 

 

32 

 

 

29 

 

 

20 

 

 

 

$

185 

 

$

265 

 

$

167 

 

Deferred income tax credit

 

 

19 

 

 

(3)

 

 

(3)

 

Tax expense

 

$

302 

 

$

306 

 

$

346 

 

 

Principal Components Of Deferred Income Tax Assets Table

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In Millions  

December 31

2015  2014 

 

CMS Energy, including Consumers

 

 

 

 

 

 

 

Employee benefits

 

$

(127)

 

$

(72)

 

Gas inventory

 

 

(96)

 

 

(117)

 

Plant, property, and equipment

 

 

(2,429)

 

 

(2,217)

 

Net regulatory tax liability

 

 

50 

 

 

65 

 

Reserves and accruals

 

 

59 

 

 

63 

 

Securitized costs

 

 

(122)

 

 

(144)

 

Tax loss and credit carryforwards

 

 

657 

 

 

676 

 

Other

 

 

(5)

 

 

 -

 

 

 

$

(2,013)

 

$

(1,746)

 

Less valuation allowance

 

 

(4)

 

 

(2)

 

Total net deferred income tax liabilities

 

$

(2,017)

 

$

(1,748)

 

Deferred tax assets, net of valuation reserves

 

$

762 

 

$

802 

 

Deferred tax liabilities

 

 

(2,779)

 

 

(2,550)

 

Total net deferred income tax liabilities

 

$

(2,017)

 

$

(1,748)

 

Consumers

 

 

 

 

 

 

 

Employee benefits

 

$

(156)

 

$

(103)

 

Gas inventory

 

 

(96)

 

 

(117)

 

Plant, property, and equipment

 

 

(2,457)

 

 

(2,263)

 

Net regulatory tax liability

 

 

50 

 

 

65 

 

Reserves and accruals

 

 

30 

 

 

34 

 

Securitized costs

 

 

(122)

 

 

(144)

 

Tax loss and credit carryforwards

 

 

46 

 

 

45 

 

Other

 

 

(5)

 

 

(2)

 

 

 

$

(2,710)

 

$

(2,485)

 

Less valuation allowance

 

 

 -

 

 

(1)

 

Total net deferred income tax liabilities

 

$

(2,710)

 

$

(2,486)

 

Deferred tax assets, net of valuation reserves

 

$

126 

 

$

143 

 

Deferred tax liabilities

 

 

(2,836)

 

 

(2,629)

 

Total net deferred income tax liabilities

 

$

(2,710)

 

$

(2,486)

 

 

Loss And Credit Carryforwards Table

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In Millions  

 

Gross Amount 

Tax Attribute 

Expiration 

 

CMS Energy, including Consumers

 

 

 

 

 

 

 

 

Federal net operating loss carryforward

 

$

885 

 

$

311 

2025 – 2034 

 

Local net operating loss carryforwards

 

 

414 

 

 

2023 – 2034 

 

Alternative minimum tax credits

 

 

270 

 

 

270 

No expiration 

 

Charitable contribution carryover

 

 

 

 

2016 – 2019 

 

General business credits

 

 

71 

 

 

71 

2018 – 2035 

 

Total tax attributes

 

 

 

 

$

657 

 

 

Consumers

 

 

 

 

 

 

 

 

Federal net operating loss carryforward

 

$

121 

 

$

42 

2025 – 2034 

 

Charitable contribution carryover

 

 

 

 

2016 – 2019 

 

General business credits

 

 

 

 

2032 – 2035 

 

Total tax attributes

 

 

 

 

$

46 

 

 

 

Reconciliation Of Beginning And Ending Uncertain Tax Benefits Table

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

In Millions  

Years Ended December 31

2015  2014  2013 

 

CMS Energy, including Consumers

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

 

$

 

$

 

Additions for current-year tax positions

 

 

 

 

 

 

 -

 

Additions for prior-year tax positions

 

 

 

 

 

 

 

Reductions for prior-year tax positions

 

 

(1)

 

 

(2)

 

 

 -

 

Balance at end of period

 

$

 

$

 

$

 

Consumers

 

 

 

 

 

 

 

 

 

 

Balance at beginning of period

 

$

 

$

 

$

 

Additions for current-year tax positions

 

 

 

 

 

 

 -

 

Additions for prior-year tax positions

 

 

 

 

 

 

 

Reductions for prior-year tax positions

 

 

(1)

 

 

(2)

 

 

 -

 

Balance at end of period

 

$

 

$

 

$