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Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2011

Schedule of Cost/Carrying Amounts and Fair Values of Long-Term Financial Instruments

In Millions


December 31	2011				2010
		Cost or Carrying Amount		Fair Value		Cost or Carrying Amount		Fair Value
CMS ENERGY, INCLUDING CONSUMERS
Securities held to maturity	$	7	$	7	$	5	$	6
Securities available for sale		113		113		90		90
Notes receivable¹		480		504		386		407
Long-term debt²		7,073		8,025		7,174		7,861
CONSUMERS
Securities available for sale	$	81	$	109	$	64	$	90
Long-term debt³		4,326		4,882		4,525		4,891

¹	Includes current portion of notes receivable of $19 million at December 31, 2011 and $11 million at December 31, 2010.

²	Includes current portion of long-term debt of $1.0 billion at December 31, 2011 and $726 million at December 31, 2010.

³	Includes current portion of long-term debt of $339 million at December 31, 2011 and $37 million at December 31, 2010.

Schedule of Investment Securities


	2011								2010
December 31	Cost		Unrealized Gains		Unrealized Losses		Fair Value		Cost		Unrealized Gains		Unrealized Losses		Fair Value
	In Millions
CMS ENERGY, INCLUDING CONSUMERS
Available for sale
SERP
Mutual funds	$	113	$	—	$	—	$	113	$	62	$	—	$	—	$	62
State and municipal bonds		—		—		—		—		28		—		—		28
Held to maturity
Debt securities		7		—		—		7		5		1		—		6
CONSUMERS
Available for sale
SERP
Mutual funds	$	74	$	—	$	—	$	74	$	39	$	—	$	—	$	39
State and municipal bonds		—		—		—		—		17		—		—		17
CMS Energy common stock		7		28		—		35		8		26		—		34

Schedule of Proceeds and Gross Realized Gains/Losses from Sales of Available-for-Sale Securities

In Millions


Years Ended December 31		2011		2010		2009
CMS ENERGY, INCLUDING CONSUMERS
Proceeds from sales of investment securities¹	$	29	$	1	$	53
Realized gains		-		-		8
Net gains from AOCI recognized in net income		-		-		5
CONSUMERS
Proceeds from sales of investment securities¹	$	19	$	-	$	32
Realized gains		-		-		5
Net gains from AOCI recognized in net income		-		-		3

¹	All proceeds related to sales of investments that were held within the SERP and classified as available for sale. Realized losses on these sales were less than $1 million for both CMS Energy and Consumers during each period.

Consumers Energy Company [Member]

Schedule of Cost/Carrying Amounts and Fair Values of Long-Term Financial Instruments

In Millions


December 31	2011				2010
		Cost or Carrying Amount		Fair Value		Cost or Carrying Amount		Fair Value
CMS ENERGY, INCLUDING CONSUMERS
Securities held to maturity	$	7	$	7	$	5	$	6
Securities available for sale		113		113		90		90
Notes receivable¹		480		504		386		407
Long-term debt²		7,073		8,025		7,174		7,861
CONSUMERS
Securities available for sale	$	81	$	109	$	64	$	90
Long-term debt³		4,326		4,882		4,525		4,891

¹	Includes current portion of notes receivable of $19 million at December 31, 2011 and $11 million at December 31, 2010.

²	Includes current portion of long-term debt of $1.0 billion at December 31, 2011 and $726 million at December 31, 2010.

³	Includes current portion of long-term debt of $339 million at December 31, 2011 and $37 million at December 31, 2010.

Schedule of Investment Securities


	2011								2010
December 31	Cost		Unrealized Gains		Unrealized Losses		Fair Value		Cost		Unrealized Gains		Unrealized Losses		Fair Value
	In Millions
CMS ENERGY, INCLUDING CONSUMERS
Available for sale
SERP
Mutual funds	$	113	$	—	$	—	$	113	$	62	$	—	$	—	$	62
State and municipal bonds		—		—		—		—		28		—		—		28
Held to maturity
Debt securities		7		—		—		7		5		1		—		6
CONSUMERS
Available for sale
SERP
Mutual funds	$	74	$	—	$	—	$	74	$	39	$	—	$	—	$	39
State and municipal bonds		—		—		—		—		17		—		—		17
CMS Energy common stock		7		28		—		35		8		26		—		34

Schedule of Proceeds and Gross Realized Gains/Losses from Sales of Available-for-Sale Securities

In Millions


Years Ended December 31		2011		2010		2009
CMS ENERGY, INCLUDING CONSUMERS
Proceeds from sales of investment securities¹	$	29	$	1	$	53
Realized gains		-		-		8
Net gains from AOCI recognized in net income		-		-		5
CONSUMERS
Proceeds from sales of investment securities¹	$	19	$	-	$	32
Realized gains		-		-		5
Net gains from AOCI recognized in net income		-		-		3

¹	All proceeds related to sales of investments that were held within the SERP and classified as available for sale. Realized losses on these sales were less than $1 million for both CMS Energy and Consumers during each period.

- Definition

Tabular disclosure of the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such certain disclosures about the financial instruments, assets, and liabilities include: (1) the fair value of the required items together with their carrying amounts (as appropriate) and (2) the methodology and assumptions used in developing such estimates of fair value.

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+ Details

- Definition

Tabular disclosure of investments in certain debt and equity securities (and certain other trading assets) which include all debt and equity securities (other than those equity securities accounted for under the equity or cost methods of accounting) with readily determinable fair values. Other trading assets include assets that are carried on the balance sheet at fair value and held for trading purposes. A debt security represents a creditor relationship with an enterprise that is in the form of a security. Debt securities include, among other items, US Treasury securities, US government securities, municipal securities, corporate bonds, convertible debt, commercial paper, and all securitized debt instruments. An equity security represents an ownership interest in an enterprise or the right to acquire or dispose of an ownership interest in an enterprise at fixed or determinable prices. Equity securities include, among other things, common stock, certain preferred stock, warrant rights, call options, and put options, but do not include convertible debt. An entity may opt to provide the reader with additional narrative text to better understand the nature of investments in debt and equity securities (and other trading assets).

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