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Reportable Segments
 9 Months Ended
Sep. 30, 2025
Segment Reporting Information [Line Items]  
Reportable Segments Reportable Segments
Reportable segments consist of business units defined by the products and services they offer. CMS Energy’s and Consumers’ chief operating decision-maker is the CEO. The chief operating decision-maker evaluates segment performance and profitability using net income available to CMS Energy’s common stockholders. This metric provides a clear, consistent basis for analyzing the financial results of each segment and supports decision-making regarding the allocation of resources.
Resource allocation to CMS Energy’s and Consumers’ segments begins with the annual budgeting process, which establishes initial funding and resource levels for each segment. The budget incorporates key financial and operational inputs, including anticipated revenues, expenses, and capital requirements, aligning with CMS Energy’s and Consumers’ strategic objectives and regulatory obligations. The chief operating decision-maker reviews budget-to-actual variances on a monthly basis and makes interim decisions to reallocate resources among segments as needed, ensuring a timely and effective response to changing conditions. For the electric utility and gas utility segments, the chief operating decision-maker uses this assessment to determine whether the segments are achieving their regulatory authorized return on equity.
CMS Energy
The segments reported for CMS Energy are:
•electric utility, consisting of regulated activities associated with the generation, purchase, distribution, and sale of electricity in Michigan
•gas utility, consisting of regulated activities associated with the purchase, transmission, storage, distribution, and sale of natural gas in Michigan
•NorthStar Clean Energy, consisting of various subsidiaries engaging in domestic independent power production, including the development and operation of renewable generation, and the marketing of independent power production
CMS Energy presents corporate interest and other expenses, discontinued operations, and Consumers’ other consolidated entities within other reconciling items.
Consumers
The segments reported for Consumers are:
•electric utility, consisting of regulated activities associated with the generation, purchase, distribution, and sale of electricity in Michigan
•gas utility, consisting of regulated activities associated with the purchase, transmission, storage, distribution, and sale of natural gas in Michigan
Consumers’ other consolidated entities are presented within other reconciling items.
In Millions
Three Months Ended September 30, 2025Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$1,679 $234 $108 $2,021 $— $2,021 
Operating expenses
Power supply cost1
624 — 63 687 — 687 
Cost of gas sold— 40 2 42 — 42 
Maintenance and other operating expenses285 103 25 413 3 416 
Depreciation and amortization239 35 14 288 — 288 
General taxes81 23 3 107 — 107 
Total operating expenses1,229 201 107 1,537 3 1,540 
Operating Income (Loss)450 33 1 484 (3)481 
Other income34 22 4 60 2 62 
Interest charges92 53 (1)144 59 203 
Income (Loss) Before Income Taxes392 2 6 400 (60)340 
Income tax expense66 2 — 68 — 68 
Income (Loss) From Continuing Operations326 — 6 332 (60)272 
Other segment items2
— — 5 5 (2)3 
Net Income (Loss) Available to Common Stockholders$326 $— $11 $337 $(62)$275 
Property, plant, and equipment, gross$21,095 
3
$13,890 
3
$1,568 $36,553 $30 $36,583 
Total assets21,917 
3
13,720 
3
2,229 37,866 142 38,008 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of loss attributable to noncontrolling interests and preferred stock dividends.
3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
In Millions
Three Months Ended September 30, 2025Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$1,679 $234 $1,913 $— $1,913 
Operating expenses
Power supply cost1
624 — 624 — 624 
Cost of gas sold— 40 40 — 40 
Maintenance and other operating expenses285 103 388 — 388 
Depreciation and amortization239 35 274 — 274 
General taxes81 23 104 — 104 
Total operating expenses1,229 201 1,430 — 1,430 
Operating Income450 33 483 — 483 
Other income34 22 56 (1)55 
Interest charges92 53 145 — 145 
Income (Loss) Before Income Taxes392 2 394 (1)393 
Income tax expense66 2 68 11 79 
Net Income (Loss) Available to Common Stockholder$326 $— $326 $(12)$314 
Property, plant, and equipment, gross$21,095 
2
$13,890 
2
$34,985 $36 $35,021 
Total assets21,972 
2
13,762 
2
35,734 46 35,780 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
In Millions
Three Months Ended September 30, 2024Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$1,448 $213 $82 $1,743 $— $1,743 
Operating expenses
Power supply cost1
515 — 45 560 — 560 
Cost of gas sold— 31 1 32 — 32 
Maintenance and other operating expenses282 99 27 408 4 412 
Depreciation and amortization229 32 12 273 — 273 
General taxes75 20 4 99 — 99 
Total operating expenses1,101 182 89 1,372 4 1,376 
Operating Income (Loss)347 31 (7)371 (4)367 
Other income35 25 3 63 21 84 
Interest charges82 49 2 133 45 178 
Income (Loss) Before Income Taxes300 7 (6)301 (28)273 
Income tax expense (benefit)27 (4)(6)17 9 26 
Income (Loss) From Continuing Operations273 11 — 284 (37)247 
Other segment items2
— — 6 6 (2)4 
Net Income (Loss) Available to Common Stockholders$273 $11 $6 $290 $(39)$251 
Property, plant, and equipment, gross$19,826 
3
$12,840 
3
$1,469 $34,135 $21 $34,156 
Total assets20,222 
3
12,809 
3
1,711 34,742 75 34,817 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of income from discontinued operations, net of tax, loss attributable to noncontrolling interests, and preferred stock dividends.
3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
In Millions
Three Months Ended September 30, 2024Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$1,448 $213 $1,661 $— $1,661 
Operating expenses
Power supply cost1
515 — 515 — 515 
Cost of gas sold— 31 31 — 31 
Maintenance and other operating expenses282 99 381 — 381 
Depreciation and amortization229 32 261 — 261 
General taxes75 20 95 — 95 
Total operating expenses1,101 182 1,283 — 1,283 
Operating Income347 31 378 — 378 
Other income35 25 60 — 60 
Interest charges82 49 131 — 131 
Income Before Income Taxes300 7 307 — 307 
Income tax expense (benefit)27 (4)23 11 34 
Net Income (Loss) Available to Common Stockholder$273 $11 $284 $(11)$273 
Property, plant, and equipment, gross$19,826 
2
$12,840 
2
$32,666 $29 $32,695 
Total assets20,279 
2
12,852 
2
33,131 29 33,160 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
Presented in the following tables is financial information by segment:
In Millions
Nine Months Ended September 30, 2025Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$4,337 $1,670 $299 $6,306 $— $6,306 
Operating expenses
Power supply cost1
1,707 — 198 1,905 — 1,905 
Cost of gas sold— 545 4 549 — 549 
Maintenance and other operating expenses806 331 73 1,210 8 1,218 
Depreciation and amortization682 243 39 964 — 964 
General taxes227 142 9 378 — 378 
Total operating expenses3,422 1,261 323 5,006 8 5,014 
Operating Income (Loss)915 409 (24)1,300 (8)1,292 
Other income97 64 7 168 81 249 
Interest charges263 152 (2)413 175 588 
Income (Loss) Before Income Taxes749 321 (15)1,055 (102)953 
Income tax expense (benefit)131 83 (7)207 (14)193 
Income (Loss) From Continuing Operations618 238 (8)848 (88)760 
Other segment items2
(1)— 23 22 (7)15 
Net Income (Loss) Available to Common Stockholders$617 $238 $15 $870 $(95)$775 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of loss attributable to noncontrolling interests and preferred stock dividends.
In Millions
Nine Months Ended September 30, 2025Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$4,337 $1,670 $6,007 $— $6,007 
Operating expenses
Power supply cost1
1,707 — 1,707 — 1,707 
Cost of gas sold— 545 545 — 545 
Maintenance and other operating expenses806 331 1,137 — 1,137 
Depreciation and amortization682 243 925 — 925 
General taxes227 142 369 — 369 
Total operating expenses3,422 1,261 4,683 — 4,683 
Operating Income915 409 1,324 — 1,324 
Other income97 64 161 — 161 
Interest charges263 152 415 1 416 
Income (Loss) Before Income Taxes749 321 1,070 (1)1,069 
Income tax expense131 83 214 7 221 
Net Income (Loss)618 238 856 (8)848 
Other segment items2
(1)— (1)— (1)
Net Income (Loss) Available to Common Stockholder$617 $238 $855 $(8)$847 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of preferred stock dividends.
In Millions
Nine Months Ended September 30, 2024Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$3,806 $1,485 $235 $5,526 $— $5,526 
Operating expenses
Power supply cost1
1,408 — 119 1,527 — 1,527 
Cost of gas sold— 447 2 449 — 449 
Maintenance and other operating expenses781 355 73 1,209 9 1,218 
Depreciation and amortization651 226 36 913 1 914 
General taxes214 132 10 356 — 356 
Total operating expenses3,054 1,160 240 4,454 10 4,464 
Operating Income (Loss)752 325 (5)1,072 (10)1,062 
Other income105 70 11 186 97 283 
Interest charges242 143 3 388 140 528 
Income (Loss) Before Income Taxes615 252 3 870 (53)817 
Income tax expense (benefit)74 57 (3)128 (3)125 
Income (Loss) From Continuing Operations541 195 6 742 (50)692 
Other segment items2
(1)— 47 46 (7)39 
Net Income (Loss) Available to Common Stockholders$540 $195 $53 $788 $(57)$731 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of loss attributable to noncontrolling interests and preferred stock dividends.
In Millions
Nine Months Ended September 30, 2024Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$3,806 $1,485 $5,291 $— $5,291 
Operating expenses
Power supply cost1
1,408 — 1,408 — 1,408 
Cost of gas sold— 447 447 — 447 
Maintenance and other operating expenses781 355 1,136 — 1,136 
Depreciation and amortization651 226 877 1 878 
General taxes214 132 346 — 346 
Total operating expenses3,054 1,160 4,214 1 4,215 
Operating Income (Loss)752 325 1,077 (1)1,076 
Other income105 70 175 — 175 
Interest charges242 143 385 1 386 
Income (Loss) Before Income Taxes615 252 867 (2)865 
Income tax expense74 57 131 8 139 
Net Income (Loss)541 195 736 (10)726 
Other segment items2
(1)— (1)— (1)
Net Income (Loss) Available to Common Stockholder$540 $195 $735 $(10)$725 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of preferred stock dividends.
Consumers Energy Company  
Segment Reporting Information [Line Items]  
Reportable Segments Reportable Segments
Reportable segments consist of business units defined by the products and services they offer. CMS Energy’s and Consumers’ chief operating decision-maker is the CEO. The chief operating decision-maker evaluates segment performance and profitability using net income available to CMS Energy’s common stockholders. This metric provides a clear, consistent basis for analyzing the financial results of each segment and supports decision-making regarding the allocation of resources.
Resource allocation to CMS Energy’s and Consumers’ segments begins with the annual budgeting process, which establishes initial funding and resource levels for each segment. The budget incorporates key financial and operational inputs, including anticipated revenues, expenses, and capital requirements, aligning with CMS Energy’s and Consumers’ strategic objectives and regulatory obligations. The chief operating decision-maker reviews budget-to-actual variances on a monthly basis and makes interim decisions to reallocate resources among segments as needed, ensuring a timely and effective response to changing conditions. For the electric utility and gas utility segments, the chief operating decision-maker uses this assessment to determine whether the segments are achieving their regulatory authorized return on equity.
CMS Energy
The segments reported for CMS Energy are:
•electric utility, consisting of regulated activities associated with the generation, purchase, distribution, and sale of electricity in Michigan
•gas utility, consisting of regulated activities associated with the purchase, transmission, storage, distribution, and sale of natural gas in Michigan
•NorthStar Clean Energy, consisting of various subsidiaries engaging in domestic independent power production, including the development and operation of renewable generation, and the marketing of independent power production
CMS Energy presents corporate interest and other expenses, discontinued operations, and Consumers’ other consolidated entities within other reconciling items.
Consumers
The segments reported for Consumers are:
•electric utility, consisting of regulated activities associated with the generation, purchase, distribution, and sale of electricity in Michigan
•gas utility, consisting of regulated activities associated with the purchase, transmission, storage, distribution, and sale of natural gas in Michigan
Consumers’ other consolidated entities are presented within other reconciling items.
In Millions
Three Months Ended September 30, 2025Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$1,679 $234 $108 $2,021 $— $2,021 
Operating expenses
Power supply cost1
624 — 63 687 — 687 
Cost of gas sold— 40 2 42 — 42 
Maintenance and other operating expenses285 103 25 413 3 416 
Depreciation and amortization239 35 14 288 — 288 
General taxes81 23 3 107 — 107 
Total operating expenses1,229 201 107 1,537 3 1,540 
Operating Income (Loss)450 33 1 484 (3)481 
Other income34 22 4 60 2 62 
Interest charges92 53 (1)144 59 203 
Income (Loss) Before Income Taxes392 2 6 400 (60)340 
Income tax expense66 2 — 68 — 68 
Income (Loss) From Continuing Operations326 — 6 332 (60)272 
Other segment items2
— — 5 5 (2)3 
Net Income (Loss) Available to Common Stockholders$326 $— $11 $337 $(62)$275 
Property, plant, and equipment, gross$21,095 
3
$13,890 
3
$1,568 $36,553 $30 $36,583 
Total assets21,917 
3
13,720 
3
2,229 37,866 142 38,008 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of loss attributable to noncontrolling interests and preferred stock dividends.
3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
In Millions
Three Months Ended September 30, 2025Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$1,679 $234 $1,913 $— $1,913 
Operating expenses
Power supply cost1
624 — 624 — 624 
Cost of gas sold— 40 40 — 40 
Maintenance and other operating expenses285 103 388 — 388 
Depreciation and amortization239 35 274 — 274 
General taxes81 23 104 — 104 
Total operating expenses1,229 201 1,430 — 1,430 
Operating Income450 33 483 — 483 
Other income34 22 56 (1)55 
Interest charges92 53 145 — 145 
Income (Loss) Before Income Taxes392 2 394 (1)393 
Income tax expense66 2 68 11 79 
Net Income (Loss) Available to Common Stockholder$326 $— $326 $(12)$314 
Property, plant, and equipment, gross$21,095 
2
$13,890 
2
$34,985 $36 $35,021 
Total assets21,972 
2
13,762 
2
35,734 46 35,780 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
In Millions
Three Months Ended September 30, 2024Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$1,448 $213 $82 $1,743 $— $1,743 
Operating expenses
Power supply cost1
515 — 45 560 — 560 
Cost of gas sold— 31 1 32 — 32 
Maintenance and other operating expenses282 99 27 408 4 412 
Depreciation and amortization229 32 12 273 — 273 
General taxes75 20 4 99 — 99 
Total operating expenses1,101 182 89 1,372 4 1,376 
Operating Income (Loss)347 31 (7)371 (4)367 
Other income35 25 3 63 21 84 
Interest charges82 49 2 133 45 178 
Income (Loss) Before Income Taxes300 7 (6)301 (28)273 
Income tax expense (benefit)27 (4)(6)17 9 26 
Income (Loss) From Continuing Operations273 11 — 284 (37)247 
Other segment items2
— — 6 6 (2)4 
Net Income (Loss) Available to Common Stockholders$273 $11 $6 $290 $(39)$251 
Property, plant, and equipment, gross$19,826 
3
$12,840 
3
$1,469 $34,135 $21 $34,156 
Total assets20,222 
3
12,809 
3
1,711 34,742 75 34,817 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of income from discontinued operations, net of tax, loss attributable to noncontrolling interests, and preferred stock dividends.
3Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
In Millions
Three Months Ended September 30, 2024Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$1,448 $213 $1,661 $— $1,661 
Operating expenses
Power supply cost1
515 — 515 — 515 
Cost of gas sold— 31 31 — 31 
Maintenance and other operating expenses282 99 381 — 381 
Depreciation and amortization229 32 261 — 261 
General taxes75 20 95 — 95 
Total operating expenses1,101 182 1,283 — 1,283 
Operating Income347 31 378 — 378 
Other income35 25 60 — 60 
Interest charges82 49 131 — 131 
Income Before Income Taxes300 7 307 — 307 
Income tax expense (benefit)27 (4)23 11 34 
Net Income (Loss) Available to Common Stockholder$273 $11 $284 $(11)$273 
Property, plant, and equipment, gross$19,826 
2
$12,840 
2
$32,666 $29 $32,695 
Total assets20,279 
2
12,852 
2
33,131 29 33,160 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
Presented in the following tables is financial information by segment:
In Millions
Nine Months Ended September 30, 2025Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$4,337 $1,670 $299 $6,306 $— $6,306 
Operating expenses
Power supply cost1
1,707 — 198 1,905 — 1,905 
Cost of gas sold— 545 4 549 — 549 
Maintenance and other operating expenses806 331 73 1,210 8 1,218 
Depreciation and amortization682 243 39 964 — 964 
General taxes227 142 9 378 — 378 
Total operating expenses3,422 1,261 323 5,006 8 5,014 
Operating Income (Loss)915 409 (24)1,300 (8)1,292 
Other income97 64 7 168 81 249 
Interest charges263 152 (2)413 175 588 
Income (Loss) Before Income Taxes749 321 (15)1,055 (102)953 
Income tax expense (benefit)131 83 (7)207 (14)193 
Income (Loss) From Continuing Operations618 238 (8)848 (88)760 
Other segment items2
(1)— 23 22 (7)15 
Net Income (Loss) Available to Common Stockholders$617 $238 $15 $870 $(95)$775 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of loss attributable to noncontrolling interests and preferred stock dividends.
In Millions
Nine Months Ended September 30, 2025Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$4,337 $1,670 $6,007 $— $6,007 
Operating expenses
Power supply cost1
1,707 — 1,707 — 1,707 
Cost of gas sold— 545 545 — 545 
Maintenance and other operating expenses806 331 1,137 — 1,137 
Depreciation and amortization682 243 925 — 925 
General taxes227 142 369 — 369 
Total operating expenses3,422 1,261 4,683 — 4,683 
Operating Income915 409 1,324 — 1,324 
Other income97 64 161 — 161 
Interest charges263 152 415 1 416 
Income (Loss) Before Income Taxes749 321 1,070 (1)1,069 
Income tax expense131 83 214 7 221 
Net Income (Loss)618 238 856 (8)848 
Other segment items2
(1)— (1)— (1)
Net Income (Loss) Available to Common Stockholder$617 $238 $855 $(8)$847 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of preferred stock dividends.
In Millions
Nine Months Ended September 30, 2024Electric UtilityGas UtilityNorthStar Clean EnergySegments TotalOther Reconciling ItemsConsolidated
CMS Energy, including Consumers
Operating revenue$3,806 $1,485 $235 $5,526 $— $5,526 
Operating expenses
Power supply cost1
1,408 — 119 1,527 — 1,527 
Cost of gas sold— 447 2 449 — 449 
Maintenance and other operating expenses781 355 73 1,209 9 1,218 
Depreciation and amortization651 226 36 913 1 914 
General taxes214 132 10 356 — 356 
Total operating expenses3,054 1,160 240 4,454 10 4,464 
Operating Income (Loss)752 325 (5)1,072 (10)1,062 
Other income105 70 11 186 97 283 
Interest charges242 143 3 388 140 528 
Income (Loss) Before Income Taxes615 252 3 870 (53)817 
Income tax expense (benefit)74 57 (3)128 (3)125 
Income (Loss) From Continuing Operations541 195 6 742 (50)692 
Other segment items2
(1)— 47 46 (7)39 
Net Income (Loss) Available to Common Stockholders$540 $195 $53 $788 $(57)$731 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of loss attributable to noncontrolling interests and preferred stock dividends.
In Millions
Nine Months Ended September 30, 2024Electric UtilityGas UtilitySegments TotalOther Reconciling ItemsConsolidated
Consumers
Operating revenue$3,806 $1,485 $5,291 $— $5,291 
Operating expenses
Power supply cost1
1,408 — 1,408 — 1,408 
Cost of gas sold— 447 447 — 447 
Maintenance and other operating expenses781 355 1,136 — 1,136 
Depreciation and amortization651 226 877 1 878 
General taxes214 132 346 — 346 
Total operating expenses3,054 1,160 4,214 1 4,215 
Operating Income (Loss)752 325 1,077 (1)1,076 
Other income105 70 175 — 175 
Interest charges242 143 385 1 386 
Income (Loss) Before Income Taxes615 252 867 (2)865 
Income tax expense74 57 131 8 139 
Net Income (Loss)541 195 736 (10)726 
Other segment items2
(1)— (1)— (1)
Net Income (Loss) Available to Common Stockholder$540 $195 $735 $(10)$725 
1Power supply costs comprise of fuel for electric generation, purchased and interchange power, and purchased power – related parties.
2Other segment items comprise of preferred stock dividends.