Consumers Energy CO 10-K Filing

Ticker: CMS-PB · Form: 10-K · Filed: Feb 11, 2025 · CIK: 201533

Sentiment: neutral

Filing Stats: 4,300 words · 17 min read · ~14 pages · Grade level 20 · Accepted 2025-02-11 09:10:10

Key Financial Figures

Filing Documents

Forward-looking Statements and Information

Forward-looking Statements and Information 13 Part I 17 Item 1.

Business

Business 17 Item 1A.

Risk Factors

Risk Factors 38 Item 1B. Unresolved Staff Comments 50 Item 1C. Cybersecurity 50 Item 2.

Properties

Properties 51 Item 3.

Legal Proceedings

Legal Proceedings 51 Item 4. Mine Safety Disclosures 51 Part II 52 Item 5. Market For Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 52 Item 6. Reserved 53 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 53 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 88 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 89 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 189 Item 9A.

Controls and Procedures

Controls and Procedures 189 Item 9B. Other Information 191 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 191 Part III 191 Item 10. Directors, Executive Officers and Corporate Governance 191 Item 11.

Executive Compensation

Executive Compensation 192 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 193 Item 13. Certain Relationships and Related Transactions, and Director Independence 193 Item 14. Principal Accountant Fees and Services 193 Part IV 195 Item 15. Exhibits and Financial Statement Schedules 195 Item 16. Form 10-K Summary 208

Signatures

Signatures 209 1 Table of Contents Glossary Certain terms used in the text and financial statements are defined below. 2023 Form 10K Each of CMS Energy's and Consumers' Annual Report on Form 10K for the year ended December 31, 2023 2023 Energy Law Michigan's Public Acts 229, 230, 231, 233, 234, and 235 of 2023 3G Third generation technology 4G Fourth generation technology ABATE Association of Businesses Advocating Tariff Equity ABO Accumulated benefit obligation; the liabilities of a pension plan based on service and pay to date, which differs from the PBO in that it does not reflect expected future salary increases AFUDC Allowance for borrowed and equity funds used during construction AOCI Accumulated other comprehensive income (loss) ARO Asset retirement obligation ASC 715 Financial Accounting Standards Board Accounting Standards Codification Topic 715, Retirement Benefits ASP Appliance Service Plan ASU Financial Accounting Standards Board Accounting Standards Update 2 Table of Contents Audit Committee The Audit Committee of the Board, which is composed entirely of independent directors. Aviator Wind Aviator Wind Holdings, LLC, a VIE in which Aviator Wind Equity Holdings holds a Class B membership interest Aviator Wind Equity Holdings Aviator Wind Equity Holdings, LLC, a VIE in which Grand River Wind, LLC, a wholly owned subsidiary of NorthStar Clean Energy, has a 51percent interest Bay Harbor A residential/commercial real estate area located near Petoskey, Michigan, in which CMS Energy sold its interest in 2002 Bcf Billion cubic feet Board Board of Directors of CMS Energy and Consumers CAO Chief Accounting Officer CCR Coal combustion residual CEO Chief Executive Officer CERCLA Comprehensive Environmental Response, Compensation, and Liability Act of 1980, as amended CFO Chief Financial Officer CIO Chief Information Officer An arrangement made for the point at

Forward-looking Statements and Information

Forward-looking Statements and Information This Form 10K and other CMS Energy and Consumers disclosures may contain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. The use of "anticipates," "assumes," "believes," "could," "estimates," "expects," "forecasts," "goals," "guidance," "intends," "may," "might," "objectives," "plans," "possible," "potential," "predicts," "projects," "seeks," "should," "targets," "will," and other similar words is intended to identify forward-looking statements that involve risk and uncertainty. This discussion of potential risks and uncertainties is designed to highlight important factors that may impact CMS Energy's and Consumers' businesses and financial outlook. CMS Energy and Consumers have no obligation to update or revise forward-looking statements regardless of whether new information, future events, or any other factors affect the information contained in the statements. These forward-looking statements are subject to various factors that could cause CMS Energy's and Consumers' actual results to differ materially from the results anticipated in these statements. These factors include, but are not limited to, the following, all of which are potentially significant: the impact and effect of recent events, such as worsening trade relations, geopolitical tensions, war, acts of terrorism, and the responses to these events, and related economic disruptions including, but not limited to, inflation, energy price volatility, and supply chain disruptions the impact of new regulation by the MPSC, FERC, and other applicable governmental proceedings and regulations, including any associated impact on electric or gas rates or rate structures potentially adverse regulatory treatment, effects of a failure to receive timely regulatory orders that are or could come before the MPSC, FERC, or other governmental authorities, or effects of a government shutdown changes in the performance of or regulati

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