CONSUMERS ENERGY CO
For the period ended Dec 31, 2023. Filed Feb 8, 2024.
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FY2023 · Filed Feb 8, 2024
CMS$69.78+0.3%Stored close · as of Nov 10, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Consolidated Statements of Cash Flows
| In Millions | |||
|---|---|---|---|
| Years Ended December 31 | 2023 | 2022 | 2021 |
| Cash Flows from Operating Activities | |||
| Net income | $808 | $813 | $1,330 |
| Adjustments to reconcile net income to net cash provided by operating activities | |||
| Depreciation and amortization | 1,180 | 1,126 | 1,114 |
| Deferred income taxes and investment tax credits | 157 | 89 | 249 |
| Bad debt expense | 34 | 50 | 22 |
| Postretirement benefits contributions | (12) | (12) | (12) |
| Gain from sale of EnerBank | — | (5) | (657) |
| Other non‑cash operating activities and reconciling adjustments | (274) | (93) | (70) |
| Net cash used in discontinued operations | — | — | (111) |
| Changes in assets and liabilities | |||
| Accounts receivable and accrued revenue | 241 | (677) | (103) |
| Inventories | 185 | (450) | (93) |
| Accounts payable and accrued rate refunds | (136) | 4 | 153 |
| Other current assets and liabilities | (21) | 14 | 13 |
| Other non‑current assets and liabilities | 147 | (4) | (16) |
| Net cash provided by operating activities | 2,309 | 855 | 1,819 |
| Cash Flows from Investing Activities | |||
| Capital expenditures (excludes assets placed under finance lease) | (2,407) | (2,374) | (2,076) |
| Covert Generating Station acquisition | (812) | — | — |
| Net proceeds from sale of EnerBank | — | 5 | 898 |
| Net cash provided by discontinued operations | — | — | 78 |
| Cost to retire property and other investing activities | (167) | (107) | (133) |
| Net cash used in investing activities | (3,386) | (2,476) | (1,233) |
| Cash Flows from Financing Activities | |||
| Proceeds from issuance of debt | 3,551 | 1,899 | 335 |
| Retirement of debt | (2,132) | (106) | (235) |
| Increase in notes payable | 73 | 20 | — |
| Issuance of common stock | 192 | 69 | 26 |
| Issuance of preferred stock, net of issuance costs | — | — | 224 |
| Payment of dividends on common and preferred stock | (579) | (544) | (508) |
| Proceeds from the sale of membership interest in VIE to tax equity investor | 86 | 49 | — |
| Contribution from noncontrolling interest | 6 | 2 | 1 |
| Net cash used in discontinued operations | — | — | (84) |
| Other financing costs | (54) | (62) | (54) |
| Net cash provided by (used in) financing activities | 1,143 | 1,327 | (295) |
| In Millions | |||
|---|---|---|---|
| Years Ended December 31 | 2023 | 2022 | 2021 |
| Net Increase (Decrease) in Cash and Cash Equivalents, Including Restricted Amounts | 66 | (294) | 291 |
| Cash and Cash Equivalents, Including Restricted Amounts, Beginning of Period | 182 | 476 | 185 |
| Cash and Cash Equivalents, Including Restricted Amounts, End of Period | $248 | $182 | $476 |
| Other Cash Flow Activities and Non‑cash Investing and Financing Activities | |||
| Cash transactions | |||
| Interest paid (net of amounts capitalized) | $607 | $490 | $489 |
| Income taxes paid | 15 | 1 | 16 |
| Non‑cash transactions | |||
| Capital expenditures not paid | $265 | $228 | $196 |
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