CONSUMERS ENERGY CO

For the period ended Dec 31, 2023. Filed Feb 8, 2024.

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FY2023 · Filed Feb 8, 2024

CMS$69.55+0.5%Stored close · as of Nov 9, 2026

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Contents

16: Reportable Segments

Reportable segments consist of business units defined by the products and services they offer. CMS Energy and Consumers evaluate the performance of each segment based on its contribution to net income available to CMS Energy’s common stockholders.

Accounting policies for CMS Energy’s and Consumers’ segments are as described in Note 1, Significant Accounting Policies. The consolidated financial statements reflect the assets, liabilities, revenues, and expenses of the individual segments when appropriate. Accounts are allocated among the segments when common accounts are attributable to more than one segment. The allocations are based on certain measures of business activities, such as revenue, labor dollars, customers, other operating and maintenance expense, construction expense, leased property, taxes, or functional surveys. For example, customer receivables are allocated based on revenue, and pension provisions are allocated based on labor dollars.

Inter-segment sales and transfers are accounted for at current market prices and are eliminated in consolidated net income available to common stockholders by segment. Inter-segment sales and transfers were immaterial for all periods presented.

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.

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.

Presented in the following tables is financial information by segment:

In Millions
Years Ended December 31	2023	2022	2021
CMS Energy, including Consumers
Operating revenue
Electric utility	$4,745	$5,419	$4,958
Gas utility	2,420	2,732	2,063
NorthStar Clean Energy	297	445	308
Total operating revenue – CMS Energy	$7,462	$8,596	$7,329
Consumers
Operating revenue
Electric utility	$4,745	$5,419	$4,958
Gas utility	2,420	2,732	2,063
Other reconciling items	1	—	—
Total operating revenue – Consumers	$7,166	$8,151	$7,021
CMS Energy, including Consumers
Depreciation and amortization
Electric utility	$797	$757	$772
Gas utility	338	330	304
NorthStar Clean Energy	43	38	37
Other reconciling items	2	1	1
Total depreciation and amortization – CMS Energy	$1,180	$1,126	$1,114
Consumers
Depreciation and amortization
Electric utility	$797	$757	$772
Gas utility	338	330	304
Other reconciling items	2	1	1
Total depreciation and amortization – Consumers	$1,137	$1,088	$1,077

In Millions
Years Ended December 31	2023	2022	2021
CMS Energy, including Consumers
NorthStar Clean Energy	$7	$3	$10
Total income from equity method investees – CMS Energy	$7	$3	$10
CMS Energy, including Consumers
Interest charges
Electric utility	$281	$218	$207
Gas utility	158	116	104
NorthStar Clean Energy	2	3	6
Other reconciling items	202	182	183
Total interest charges – CMS Energy	$643	$519	$500
Consumers
Interest charges
Electric utility	$285	$218	$207
Gas utility	161	116	104
Other reconciling items	2	1	—
Total interest charges – Consumers	$448	$335	$311
CMS Energy, including Consumers
Income tax expense (benefit)
Electric utility	$67	$109	$117
Gas utility	98	32	39
NorthStar Clean Energy	4	3	(2)
Other reconciling items	(22)	(51)	(59)
Total income tax expense – CMS Energy	$147	$93	$95
Consumers
Income tax expense (benefit)
Electric utility	$67	$109	$117
Gas utility	98	32	39
Other reconciling items	(4)	(1)	—
Total income tax expense – Consumers	$161	$140	$156

In Millions
Years Ended December 31	2023	2022	2021
CMS Energy, including Consumers
Net income (loss) available to common stockholders
Electric utility	$550	$567	$565
Gas utility	315	378	302
NorthStar Clean Energy	67	34	23
Other reconciling items	(55)	(152)	458
Total net income available to common stockholders – CMS Energy	$877	$827	$1,348
Consumers
Net income (loss) available to common stockholder
Electric utility	$550	$567	$565
Gas utility	315	378	302
Other reconciling items	—	(2)	(1)
Total net income available to common stockholder – Consumers	$865	$943	$866
CMS Energy, including Consumers
Plant, property, and equipment, gross
Electric utility2	$19,302	$17,870	$18,147
Gas utility2	12,383	11,443	10,601
NorthStar Clean Energy	1,420	1,148	1,122
Other reconciling items	30	30	23
Total plant, property, and equipment, gross – CMS Energy	$33,135	$30,491	$29,893
Consumers
Plant, property, and equipment, gross
Electric utility2	$19,302	$17,870	$18,147
Gas utility2	12,383	11,443	10,601
Other reconciling items	38	29	23
Total plant, property, and equipment, gross – Consumers	$31,723	$29,342	$28,771
CMS Energy, including Consumers
NorthStar Clean Energy	$76	$71	$71
Total investments in equity method investees – CMS Energy	$76	$71	$71

In Millions
Years Ended December 31	2023	2022	2021
CMS Energy, including Consumers
Total assets
Electric utility2	$19,358	$17,907	$16,493
Gas utility2	12,353	11,873	10,517
NorthStar Clean Energy	1,604	1,464	1,312
Other reconciling items	202	109	431
Total assets – CMS Energy	$33,517	$31,353	$28,753
Consumers
Total assets
Electric utility2	$19,417	$17,968	$16,555
Gas utility2	12,397	11,918	10,564
Other reconciling items	38	30	21
Total assets – Consumers	$31,852	$29,916	$27,140
CMS Energy, including Consumers
Electric utility4	$2,081	$1,265	$1,153
Gas utility4	1,041	1,008	989
NorthStar Clean Energy	156	113	17
Other reconciling items	2	7	2
Total capital expenditures – CMS Energy	$3,280	$2,393	$2,161
Consumers
Electric utility4	$2,081	$1,265	$1,153
Gas utility4	1,041	1,008	989
Other reconciling items	23	7	2
Total capital expenditures – Consumers	$3,145	$2,280	$2,144

1 Consumers had no equity method investments.

2 Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.

3 Amounts include assets placed under finance lease.

4 Amounts include a portion of Consumers’ capital expenditures for plant and equipment attributable to both the electric and gas utility businesses.

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