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Financings and Capitalization (Tables)
 12 Months Ended
Dec. 31, 2011
Summary of Long-Term Debt Outstanding
In Millions  
      Interest Rate (%)     Maturity      2011     2010  
CMS ENERGY          

Senior notes

      8.500        2011       $ -      $ 146   
     6.300        2012         -        50   
     Variable 1      2013         150        150   
     2.750        2014         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   
     3.375 2      2023         -        4   
     2.875 2      2024         226        288   
       5.500 2       2029         172        172   

Total – CMS Energy

                     $ 2,273      $ 2,285   

CONSUMERS

                     $ 4,329      $ 4,529   

OTHER CMS ENERGY SUBSIDIARIES

          

EnerBank certificates of deposit

      1.328 3      2012-2018       $  462      $  363   

Trust preferred securities

      7.750        2027         29        29   

Total – other CMS Energy subsidiaries

                     $ 491      $ 392   

Total CMS Energy principal amount outstanding

         $ 7,093      $ 7,206   

Current amounts

           (1,033 )      (726 ) 

Net unamortized discount

                       (20 )      (32 ) 

Total CMS Energy long-term debt

                     $   6,040      $   6,448   

 

1 

CMS Energy's variable-rate senior notes bear interest at three-month LIBOR plus 95 basis points (1.353 percent at December 31, 2011 and 1.239 percent at December 31, 2010).

 

2 

CMS Energy's contingently convertible notes. See the "Contingently Convertible Securities" section in this Note for further discussion of the conversion features.

 

3 

The weighted-average interest rate for EnerBank's certificates of deposit was 1.328 percent at December 31, 2011 and 1.707 percent at December 31, 2010. EnerBank's primary deposit product consists of brokered certificates of deposit with varying maturities. EnerBank sells these deposits through investment brokers in large pools, with each certificate within the pool having a face value of $1,000. They cannot be withdrawn until maturity, except in the case of death or incompetence of the holder.

Summary of Major Long-Term Debt Transactions

 

      Principal
(In Millions)		      Interest Rate     Issue/Retirement
Date		      Maturity Date  

Debt Issuances

           

CMS ENERGY

           

Senior notes

    $ 250         2.75 %      May 2011         May 2014   

CONSUMERS

          

Tax-exempt bonds1

     68         Variable        May 2011         April 2018   

Tax-exempt bonds1

     35         Variable        May 2011         April 2035   

Total

    $ 353                             

Debt Retirements

           

CMS ENERGY

           

Senior notes

    $ 146         8.5 %      April 2011         April 2011   

Senior notes

      50         6.3 %      October 2011         February 2012   

Contingently convertible senior notes2

     62         2.875 %      December 2011         December 2024   

CONSUMERS

          

Nuclear fuel disposal liability3

     163         Variable        July 2011         -   

Tax-exempt bonds1

     68         Variable        May 2011         April 2018   

Tax-exempt bonds1

     35         Variable        May 2011         April 2035   

Total

    $ 524                             

 

1 

In May 2011, Consumers utilized the Michigan Strategic Fund for the issuance of $68 million and $35 million of tax-exempt Michigan Strategic Fund Variable Rate Limited Obligation Revenue Bonds. The initial interest rate, which resets weekly, was 0.26 percent for the $68 million bond issuance and 0.28 percent for the $35 million bond issuance. The bonds, which are backed by letters of credit and collateralized by 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 May 2011.

 

2 

CMS Energy's contingently convertible notes. See the "Contingently Convertible Securities" section in this Note for further discussion of the conversions.

 

3 

In July 2011, Consumers settled its nuclear fuel disposal liability with the DOE. For additional details, see the "Consumers' Electric Utility Contingencies – Nuclear Matters" section in Note 5, Contingencies and Commitments.

Debt Maturities
In Millions  
     Payments Due  
      2012      2013      2014      2015      2016  

CMS ENERGY, INCLUDING CONSUMERS

              

Long-term debt

    $ 635       $ 631       $ 527       $ 725       $ 369   

CONSUMERS

              

Long-term debt

    $     339       $     416       $     243       $     323       $     350   
Revolving Credit Facilities
In Millions  
Expiration Date    Amount of
Facility		      Amount
Borrowed		      Letters of Credit
Outstanding		      Amount
Available		  

CMS ENERGY

           

March 31, 20161

     $        550         $            -         $        3         $        547   

CONSUMERS

           

March 31, 20162, 3

     $        500         $            -         $        1         $        499   

August 9, 20133

     150         -         -         150   

September 9, 20143

     30         -         30         -   

 

1 

On March 31, 2011, CMS Energy entered into a $550 million secured revolving credit facility with a consortium of banks. This facility has a five-year term and replaced CMS Energy's revolving credit facility that was set to expire in 2012. Obligations under this facility are secured by Consumers common stock. CMS Energy's average borrowings during the year ended December 31, 2011 totaled $11 million, with a weighted-average annual interest rate of 2.22 percent, representing LIBOR 2.00 percent. 

 
2 

On March 31, 2011, Consumers entered into a $500 million secured revolving credit facility with a consortium of banks. This facility has a five-year term and replaced Consumers' revolving credit facility that was set to expire in 2012.

 

3 

Obligations under this facility are secured by FMBs of Consumers.

Contingently Convertible Securities
Security    Maturity      Outstanding
(In Millions)		      Adjusted
Conversion Price		      Adjusted
Trigger Price		  

2.875% senior notes

      2024         $        226         $        12.54         $        15.04   

5.50% senior notes

      2029         172         14.08         18.31   
Conversions of Contingently Convertible Securities Details

Series

    Conversion Date      Principal
Converted
(In  Millions)		      Conversion
Value per
$1,000 of
principal		      Shares of
Common
Stock Issued
on Settlement		      Cash Paid  on
Settlement
(In Millions)		  

3.375% contingently convertible senior notes due 2023

      January 2011       $ 4       $ 1,994.21         197,472       $ 4   

2.875% contingently convertible senior notes due 2024

      December 2011       $ 62       $ 1,654.13         1,954,542       $ 62   
Consumers Energy Company [Member]
  
Summary of Long-Term Debt Outstanding
In Millions  
      Interest Rate (%)     Maturity      2011     2010  

CONSUMERS

          

FMBs1

     5.000        2012       $ 300      $ 300   
     5.375        2013         375        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   
     5.800        2035         175        175   
     6.170        2040         50        50   
     4.970        2040         50        50   
        $ 3,875      $ 3,875   

Senior notes

      6.875        2018         180        180   

Securitization bonds

      5.652 2      2012-2015         171        208   

Nuclear fuel disposal liability to DOE

      0.132 3         -        163   

Tax-exempt pollution control revenue bonds

      Various        2018-2035         103        103   

Total Consumers principal amount outstanding

         $ 4,329      $ 4,529   

Current amounts

           (339 )      (37 ) 

Net unamortized discount

                       (3 )      (4 ) 

Total Consumers long-term debt

                     $     3,987      $     4,488   

 

1 

The weighted-average interest rate for Consumers' FMBs was 5.5 percent at December 31, 2011 and 2010.

 

2 

The weighted-average interest rate for Consumers' Securitization bonds was 5.652 percent at December 31, 2011 and 5.613 percent at December 31, 2010.

 

3 

The interest rate for Consumers' nuclear fuel disposal liability was 0.132 percent at December 31, 2010. For additional details, see the "Consumers' Electric Utility Contingencies – Nuclear Matters" section included in Note 5, Contingencies and Commitments.

Summary of Major Long-Term Debt Transactions

 

      Principal
(In Millions)		      Interest Rate     Issue/Retirement
Date		      Maturity Date  

Debt Issuances

           

CMS ENERGY

           

Senior notes

    $ 250         2.75 %      May 2011         May 2014   

CONSUMERS

          

Tax-exempt bonds1

     68         Variable        May 2011         April 2018   

Tax-exempt bonds1

     35         Variable        May 2011         April 2035   

Total

    $ 353                             

Debt Retirements

           

CMS ENERGY

           

Senior notes

    $ 146         8.5 %      April 2011         April 2011   

Senior notes

      50         6.3 %      October 2011         February 2012   

Contingently convertible senior notes2

     62         2.875 %      December 2011         December 2024   

CONSUMERS

          

Nuclear fuel disposal liability3

     163         Variable        July 2011         -   

Tax-exempt bonds1

     68         Variable        May 2011         April 2018   

Tax-exempt bonds1

     35         Variable        May 2011         April 2035   

Total

    $ 524                             

 

1 

In May 2011, Consumers utilized the Michigan Strategic Fund for the issuance of $68 million and $35 million of tax-exempt Michigan Strategic Fund Variable Rate Limited Obligation Revenue Bonds. The initial interest rate, which resets weekly, was 0.26 percent for the $68 million bond issuance and 0.28 percent for the $35 million bond issuance. The bonds, which are backed by letters of credit and collateralized by 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 May 2011.

 

2 

CMS Energy's contingently convertible notes. See the "Contingently Convertible Securities" section in this Note for further discussion of the conversions.

 

3 

In July 2011, Consumers settled its nuclear fuel disposal liability with the DOE. For additional details, see the "Consumers' Electric Utility Contingencies – Nuclear Matters" section in Note 5, Contingencies and Commitments.

Debt Maturities
In Millions  
     Payments Due  
      2012      2013      2014      2015      2016  

CMS ENERGY, INCLUDING CONSUMERS

              

Long-term debt

    $ 635       $ 631       $ 527       $ 725       $ 369   

CONSUMERS

              

Long-term debt

    $     339       $     416       $     243       $     323       $     350   
Revolving Credit Facilities
In Millions  
Expiration Date    Amount of
Facility		      Amount
Borrowed		      Letters of Credit
Outstanding		      Amount
Available		  

CMS ENERGY

           

March 31, 20161

     $        550         $            -         $        3         $        547   

CONSUMERS

           

March 31, 20162, 3

     $        500         $            -         $        1         $        499   

August 9, 20133

     150         -         -         150   

September 9, 20143

     30         -         30         -   

 

1 

On March 31, 2011, CMS Energy entered into a $550 million secured revolving credit facility with a consortium of banks. This facility has a five-year term and replaced CMS Energy's revolving credit facility that was set to expire in 2012. Obligations under this facility are secured by Consumers common stock. CMS Energy's average borrowings during the year ended December 31, 2011 totaled $11 million, with a weighted-average annual interest rate of 2.22 percent, representing LIBOR plus 2.00 percent. 

2 

On March 31, 2011, Consumers entered into a $500 million secured revolving credit facility with a consortium of banks. This facility has a five-year term and replaced Consumers' revolving credit facility that was set to expire in 2012.

 

3 

Obligations under this facility are secured by FMBs of Consumers.

Preferred Stock of Subsidiary
December 31, 2011 and 2010    Series      Optional
Redemption
Price		      Number of
Shares		      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