CMS Energy Corporation (CMS) Financial Statements (2023 and earlier)
Company Profile
Business Address |
ONE ENERGY PLAZA JACKSON, MI 49201 |
State of Incorp. | MI |
Fiscal Year End | December 31 |
Industry (SIC) | 4931 - Electric and Other Services Combined (benchmarking) |
More info | Complete Financial Analysis Financial Benchmarking |
Balance Sheet (Statement of Financial Position) ($ in millions)
9/30/2023 MRQ | 12/31/2022 | 12/31/2021 | 12/31/2020 | 12/31/2019 | 12/31/2018 | 12/31/2017 | |||
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ASSETS | |||||||||
Current Assets | |||||||||
Cash, cash equivalents, and short-term investments | 164 | 452 | 168 | 140 | 153 | 182 | |||
Cash and cash equivalents | 164 | 452 | 168 | 140 | 153 | 182 | |||
Restricted cash and investments | 18 | 24 | 17 | 17 | 21 | 17 | |||
Receivables | 1,580 | 1,429 | 1,594 | 1,552 | 1,211 | 1,242 | |||
Inventory, net of allowances, customer advances and progress billings | 905 | 499 | 421 | 465 | 507 | 539 | |||
Inventory | 905 | 499 | 421 | 465 | 507 | 539 | |||
Regulatory asset | 57 | 46 | 42 | 33 | 37 | 20 | |||
Disposal group, including discontinued operation | 19 | ||||||||
Other current assets | 113 | 120 | 112 | 86 | 101 | 83 | |||
Other undisclosed current assets | 596 | 38 | 50 | 38 | 438 | 392 | |||
Total current assets: | 3,433 | 2,627 | 2,404 | 2,331 | 2,468 | 2,475 | |||
Noncurrent Assets | |||||||||
Finance lease, right-of-use asset, after accumulated amortization | 82 | ✕ | ✕ | ||||||
Operating lease, right-of-use asset | 31 | ✕ | ✕ | ||||||
Property, plant and equipment | 22,713 | 22,352 | 21,039 | 18,926 | 18,126 | 16,761 | |||
Long-term investments and receivables | 94 | 101 | 2,701 | 2,352 | 1,714 | 1,251 | |||
Long-term investments | 71 | 71 | 70 | 71 | 69 | 64 | |||
Accounts and financing receivable, after allowance for credit loss | 23 | 30 | 2,631 | 2,281 | 1,645 | 1,187 | |||
Regulated entity, other noncurrent assets | 3,595 | 2,259 | 2,653 | 2,489 | 1,743 | 1,764 | |||
Other noncurrent assets | 310 | 1,414 | 869 | 739 | 478 | 799 | |||
Other undisclosed noncurrent assets | 1,095 | ||||||||
Total noncurrent assets: | 27,920 | 26,126 | 27,262 | 24,506 | 22,061 | 20,575 | |||
TOTAL ASSETS: | 31,353 | 28,753 | 29,666 | 26,837 | 24,529 | 23,050 | |||
LIABILITIES AND EQUITY | |||||||||
Liabilities | |||||||||
Current Liabilities | |||||||||
Accounts payable and accrued liabilities | 1,588 | 1,497 | 1,234 | 1,163 | 1,215 | 1,188 | |||
Interest and dividends payable | ✕ | ✕ | 107 | 106 | 104 | 94 | 103 | ||
Taxes payable | ✕ | ✕ | 515 | 457 | 437 | 398 | 360 | ||
Accounts payable | 928 | 875 | 671 | 622 | 723 | 725 | |||
Accrued liabilities | 660 | ||||||||
Debt | 1,101 | 1,499 | 1,127 | 996 | 1,103 | ||||
Regulatory liability | 104 | 146 | 151 | 87 | 155 | 80 | |||
Due to related parties | ✕ | 8 | 11 | 7 | 13 | 10 | 15 | ||
Other liabilities | 166 | 156 | 156 | 186 | 147 | 195 | |||
Other undisclosed current liabilities | 18 | 394 | 27 | 128 | 101 | 203 | |||
Total current liabilities: | 2,985 | 2,204 | 3,074 | 2,704 | 2,624 | 2,784 | |||
Noncurrent Liabilities | |||||||||
Long-term debt and lease obligation | 13,190 | 12,046 | 13,634 | 11,951 | 10,684 | 9,214 | |||
Long-term debt, excluding current maturities | 13,122 | 12,046 | 13,634 | 11,951 | 10,615 | 9,123 | |||
Capital lease obligations | ✕ | ✕ | ✕ | ✕ | ✕ | 69 | 91 | ||
Finance lease, liability | 68 | ✕ | ✕ | ||||||
Liabilities, other than long-term debt | 7,583 | 7,269 | 6,825 | 7,051 | 4,942 | 6,574 | |||
Deferred revenue and credits | ✕ | ✕ | ✕ | ✕ | ✕ | ✕ | 87 | ||
Accumulated deferred investment tax credit | 129 | 112 | 115 | 120 | 99 | ✕ | |||
Asset retirement obligations | 746 | 628 | 553 | 477 | 432 | 430 | |||
Deferred tax liabilities, net | ✕ | ✕ | ✕ | ✕ | ✕ | 1,269 | |||
Deferred income tax liabilities | 2,407 | 2,210 | 1,863 | 1,655 | ✕ | ✕ | |||
Liability, pension and other postretirement and postemployment benefits | 108 | 142 | 152 | 674 | 436 | 766 | |||
Regulatory liability | 3,796 | 3,802 | 3,744 | 3,742 | 3,681 | 3,715 | |||
Other liabilities | 397 | 375 | 398 | 383 | 294 | 307 | |||
Other undisclosed noncurrent liabilities | 46 | 56 | 76 | 1,487 | |||||
Total noncurrent liabilities: | 20,773 | 19,361 | 20,515 | 19,078 | 17,113 | 15,788 | |||
Total liabilities: | 23,758 | 21,565 | 23,589 | 21,782 | 19,737 | 18,572 | |||
Equity | |||||||||
Equity, attributable to parent | 7,015 | 6,631 | 5,496 | 5,018 | 4,755 | 4,441 | |||
Preferred stock | 224 | 224 | |||||||
Common stock | 3 | 3 | 3 | 3 | 3 | 3 | |||
Additional paid in capital | 5,490 | 5,406 | 5,365 | 5,113 | 5,088 | 5,019 | |||
Accumulated other comprehensive loss | (52) | (59) | (86) | (73) | (65) | (50) | |||
Retained earnings (accumulated deficit) | 1,350 | 1,057 | 214 | (25) | (271) | (531) | |||
Equity, attributable to noncontrolling interest | 580 | 557 | 581 | 37 | 37 | 37 | |||
Total equity: | 7,595 | 7,188 | 6,077 | 5,055 | 4,792 | 4,478 | |||
TOTAL LIABILITIES AND EQUITY: | 31,353 | 28,753 | 29,666 | 26,837 | 24,529 | 23,050 |
Income Statement (P&L) ($ in millions)
9/30/2023 TTM | 12/31/2022 | 12/31/2021 | 12/31/2020 | 12/31/2019 | 12/31/2018 | 12/31/2017 | ||
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Revenues | 8,596 | 7,329 | 6,680 | 6,845 | 6,873 | 6,583 | ||
Cost of revenue | (5,201) | (4,131) | (3,436) | (3,731) | (3,915) | (3,653) | ||
Cost of goods and services sold | (905) | (593) | (375) | (493) | (528) | (1,255) | ||
Gross profit: | 3,395 | 3,198 | 3,244 | 3,114 | 2,958 | 2,930 | ||
Operating expenses | (2,171) | (2,052) | (1,882) | (1,875) | (1,796) | (1,592) | ||
Operating income: | 1,224 | 1,146 | 1,362 | 1,239 | 1,162 | 1,338 | ||
Nonoperating income (expense) | 197 | 177 | 84 | 109 | 70 | (14) | ||
Investment income, nonoperating | 3 | 4 | 7 | 11 | 12 | |||
Public utilities, allowance for funds used during construction, capitalized cost of equity | 8 | 6 | 10 | 6 | 5 | |||
Other nonoperating income (expense) | (8) | (9) | (56) | (9) | (46) | (70) | ||
Interest and debt expense | (519) | (500) | (561) | (519) | (458) | (438) | ||
Income from continuing operations before income taxes: | 902 | 823 | 885 | 829 | 774 | 886 | ||
Income tax expense | (93) | (95) | (133) | (147) | (115) | (424) | ||
Income from continuing operations: | 809 | 728 | 752 | 682 | 659 | 462 | ||
Income before gain (loss) on sale of properties: | ✕ | ✕ | 1,330 | 752 | 682 | 659 | 462 | |
Income from discontinued operations | 4 | 602 | ||||||
Net income: | 813 | 1,330 | 752 | 682 | 659 | 462 | ||
Net income (loss) attributable to noncontrolling interest | 24 | 23 | 3 | (2) | (2) | (2) | ||
Net income attributable to parent: | 837 | 1,353 | 755 | 680 | 657 | 460 | ||
Preferred stock dividends and other adjustments | (10) | (5) | ||||||
Net income available to common stockholders, diluted: | 827 | 1,348 | 755 | 680 | 657 | 460 |
Comprehensive Income ($ in millions)
9/30/2023 TTM | 12/31/2022 | 12/31/2021 | 12/31/2020 | 12/31/2019 | 12/31/2018 | 12/31/2017 | ||
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Net income: | 813 | 1,330 | 752 | 682 | 659 | 462 | ||
Other comprehensive income (loss) | 7 | 27 | (13) | (8) | (2) | 8 | ||
Other undisclosed comprehensive income (loss) | (8) | |||||||
Comprehensive income: | 820 | 1,357 | 739 | 674 | 657 | 462 | ||
Comprehensive income (loss), net of tax, attributable to noncontrolling interest | 24 | 23 | 3 | (2) | (2) | (2) | ||
Comprehensive income, net of tax, attributable to parent: | 844 | 1,380 | 742 | 672 | 655 | 460 |
Statements Sources
The financial statements are based on the Company's filings with the U.S. Securities and Exchange Commission (SEC) through the Electronic Data Gathering, Analysis, and Retrieval system (EDGAR). The information is derived from the 10-K and 10-Q reports submitted to the SEC in XBRL (eXtensible Business Reporting Language) format and presented according to the US GAAP Taxonomy. Please review the original filings for a more detailed information.