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Consolidated Statements of Cash Flows - USD ($)
$ in Millions
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Cash Flows from Operating Activities      
Net Income $ 752 $ 682 $ 659
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation and amortization 1,048 992 933
Deferred income taxes and investment tax credits 170 150 182
Bad debt expense 90 67 54
Other non‑cash operating activities and reconciling adjustments (22) (58) 22
Postretirement benefits contributions (712) (10) (252)
Cash provided by (used in) changes in assets and liabilities      
Accounts and notes receivable and accrued revenue (12) 45 15
Inventories 28 44 14
Accounts payable and accrued rate refunds 54 (69) 22
Other current and non‑current assets and liabilities (120) (53) 54
Net cash provided by operating activities 1,276 1,790 1,703
Cash Flows from Investing Activities      
Capital expenditures (excludes assets placed under finance lease) (2,317) (2,104) (2,074)
Increase in EnerBank notes receivable (657) (401) (307)
Purchase of notes receivable by EnerBank (17) (343) (225)
Proceeds from DB SERP investments 0 0 146
Proceeds from sale of EnerBank notes receivable 197 67 0
Proceeds from sale of transmission equipment 58 97 0
Cost to retire property and other investing activities (131) (132) (146)
Net cash used in investing activities (2,867) (2,816) (2,606)
Cash Flows from Financing Activities      
Proceeds from issuance of debt 3,179 2,151 2,767
Retirement of debt (2,010) (1,285) (1,870)
Increase in EnerBank certificates of deposit 416 631 513
Decrease in notes payable (90) (7) (73)
Issuance of common stock, net of issuance costs 253 12 41
Payment of dividends on common and preferred stock (467) (436) (407)
Debt prepayment costs (59) (8) (36)
Proceeds from the sale of membership interest in VIE to tax equity investor 417 0 0
Contribution from noncontrolling interest 31 0 0
Other financing costs (51) (50) (61)
Net cash provided by financing activities 1,619 1,008 874
Net Increase (Decrease) in Cash and Cash Equivalents, Including Restricted Amounts 28 (18) (29)
Cash and Cash Equivalents, Including Restricted Amounts, Beginning of Period 157 175 204
Cash and Cash Equivalents, Including Restricted Amounts, End of Period 185 157 175
Cash transactions      
Interest paid (net of amounts capitalized) 549 498 458
Income taxes paid (refunds received), net (58) (58) (123)
Non‑cash transactions      
Capital expenditures not paid 141 170 158
Consumers Energy Company      
Cash Flows from Operating Activities      
Net Income 816 743 705
Adjustments to reconcile net income to net cash provided by operating activities      
Depreciation and amortization 1,023 975 921
Deferred income taxes and investment tax credits 177 37 123
Bad debt expense     29
Other non‑cash operating activities and reconciling adjustments (30) (32) 13
Postretirement benefits contributions (690) (7) (242)
Cash provided by (used in) changes in assets and liabilities      
Accounts and notes receivable and accrued revenue (46) 8 (26)
Inventories 26 40 15
Accounts payable and accrued rate refunds 45 (63) 12
Other current and non‑current assets and liabilities (136) (129) (101)
Net cash provided by operating activities 1,218 1,601 1,449
Cash Flows from Investing Activities      
Capital expenditures (excludes assets placed under finance lease) (2,170) (2,085) (1,822)
Proceeds from DB SERP investments 0 0 106
DB SERP investment in note receivable – related party (5) 0 (106)
Proceeds from sale of transmission equipment 58 77 0
Cost to retire property and other investing activities (129) (129) (149)
Net cash used in investing activities (2,246) (2,137) (1,971)
Cash Flows from Financing Activities      
Proceeds from issuance of debt 1,954 993 2,106
Retirement of debt (1,086) (541) (1,193)
Decrease in notes payable (90) (7) (73)
Increase in notes payable – related parties 307 0 0
Stockholder contribution 650 675 250
Payment of dividends on common and preferred stock (639) (594) (533)
Debt prepayment costs (43) (8) (20)
Other financing costs (18) (10) (24)
Net cash provided by financing activities 1,035 508 513
Net Increase (Decrease) in Cash and Cash Equivalents, Including Restricted Amounts 7 (28) (9)
Cash and Cash Equivalents, Including Restricted Amounts, Beginning of Period 28 56 65
Cash and Cash Equivalents, Including Restricted Amounts, End of Period 35 28 56
Cash transactions      
Interest paid (net of amounts capitalized) 305 279 287
Income taxes paid (refunds received), net 51 132 156
Non‑cash transactions      
Capital expenditures not paid $ 130 $ 160 $ 143