CMS Energy Corp. Files 2023 Annual Report on Form 10-K

TL;DR

<b>CMS Energy Corp. has filed its comprehensive 2023 annual report detailing financial performance and operational data.</b>

AI Summary

CMS ENERGY CORP (CMS-PC) filed a Annual Report (10-K) with the SEC on February 8, 2024. CMS Energy Corp. filed its 2023 Form 10-K on February 8, 2024, reporting on the fiscal year ending December 31, 2023. The filing covers both CMS Energy Corp. (CIK: 0000811156) and its subsidiary Consumers Energy Co. (CIK: 0000201533). The company's principal business address is One Energy Plaza, Jackson, MI 49201. CMS Energy Corp. was formerly known as Consumers Power Co., with a name change effective July 3, 1992. The filing includes data for fiscal years 2021, 2022, and 2023, with specific XBRL tags for various financial elements.

Why It Matters

For investors and stakeholders tracking CMS ENERGY CORP, this filing contains several important signals. This 10-K filing provides investors and analysts with a detailed overview of CMS Energy's financial health, operational activities, and strategic positioning for the fiscal year 2023. The inclusion of data from previous years (2021-2022) allows for trend analysis and year-over-year comparisons, crucial for assessing the company's growth and stability.

Risk Assessment

Risk Level: medium — CMS ENERGY CORP shows moderate risk based on this filing. The filing is a standard 10-K, which is a comprehensive annual report. While it contains a wealth of information, it does not inherently signal immediate positive or negative developments beyond routine disclosure.

Analyst Insight

Review the detailed financial statements and risk factors within the 10-K to assess CMS Energy's performance and outlook for the upcoming fiscal year.

Key Numbers

• 20231231 — Fiscal Year End (Conformed Period of Report)
• 20240208 — Filing Date (Filed As Of Date)
• 176 — Public Document Count (Total number of documents in the filing)
• 19920703 — Date of Name Change (Former company name change date)

Key Players & Entities

• CMS ENERGY CORP (company) — Filer and Company Conformed Name
• CONSUMERS ENERGY CO (company) — Subsidiary Company Conformed Name
• CONSUMERS POWER CO (company) — Former Company Name
• 0000811156 (company) — Central Index Key for CMS Energy Corp.
• 0000201533 (company) — Central Index Key for Consumers Energy Co.
• MI (location) — State of Incorporation
• Jackson (location) — City of Business Address
• 49201 (location) — ZIP Code of Business Address

Forward-Looking Statements

• CMS Energy will continue to manage its long-term debt obligations, specifically the junior subordinated notes due in 2078 and 2079, without significant immediate impact on short-term liquidity. (CMS ENERGY CORP) — high confidence, target: 2025-12-31

FAQ

Industry Context

CMS Energy Corp. operates in the electric and other services industry, providing energy and transportation services.

Regulatory Implications

The filing is a standard SEC filing (Form 10-K) under the Securities Exchange Act of 1934, requiring public companies to report annual financial information.

What Investors Should Do

1. Analyze the financial statements for revenue, net income, and other key performance indicators for fiscal year 2023.
2. Review the risk factors section to understand potential challenges and uncertainties facing CMS Energy.
3. Examine any disclosures related to capital expenditures and debt obligations.

Year-Over-Year Comparison

This filing is the annual 10-K report for the fiscal year 2023, following previous filings which would include quarterly reports (10-Q) and potentially prior annual reports.

Key Financial Figures

• $0.01 — CMS Energy Corporation Common Stock , $0.01 par value CMS New York Stock Exchange
• $100 — rgy Company Cumulative Preferred Stock, $100 par value: $4.50 Series CMS-PB New York
• $4.50 — lative Preferred Stock, $100 par value: $4.50 Series CMS-PB New York Stock Exchange
• $58.75 — 2023 based on the closing sale price of $58.75 for CMS Energy Corporation Common Stock
• $25,000 — , Series C, with a liquidation value of $25,000 per share SOFR Secured overnight fin

Filing Documents

• cms-20231231.htm (10-K) — 5526KB
• cms10k20231231_ex10-2.htm (EX-10.2) — 92KB
• cms10k20231231_ex10-5.htm (EX-10.5) — 90KB
• cms10k20231231_ex10-12.htm (EX-10.12) — 82KB
• cms10k20231231_ex10-22.htm (EX-10.22) — 76KB
• cms10k20231231_ex21-1.htm (EX-21.1) — 69KB
• cms10k20231231_ex23-1.htm (EX-23.1) — 2KB
• cms10k20231231_ex23-2.htm (EX-23.2) — 2KB
• cms10k20231231_ex31-1.htm (EX-31.1) — 10KB
• cms10k20231231_ex31-2.htm (EX-31.2) — 10KB
• cms10k20231231_ex31-3.htm (EX-31.3) — 10KB
• cms10k20231231_ex31-4.htm (EX-31.4) — 10KB
• cms10k20231231_ex32-1.htm (EX-32.1) — 7KB
• cms10k20231231_ex32-2.htm (EX-32.2) — 8KB
• cms10k20231231_ex97-1.htm (EX-97.1) — 14KB
• cms-20231231_g1.jpg (GRAPHIC) — 1024KB
• cms-20231231_g10.jpg (GRAPHIC) — 118KB
• cms-20231231_g11.jpg (GRAPHIC) — 57KB
• cms-20231231_g12.jpg (GRAPHIC) — 46KB
• cms-20231231_g2.jpg (GRAPHIC) — 51KB
• cms-20231231_g3.jpg (GRAPHIC) — 124KB
• cms-20231231_g4.jpg (GRAPHIC) — 56KB
• cms-20231231_g5.jpg (GRAPHIC) — 98KB
• cms-20231231_g6.jpg (GRAPHIC) — 56KB
• cms-20231231_g7.jpg (GRAPHIC) — 91KB
• cms-20231231_g8.jpg (GRAPHIC) — 100KB
• cms-20231231_g9.jpg (GRAPHIC) — 124KB
• 0000811156-24-000044.txt (&nbsp;) — 41961KB
• cms-20231231.xsd (EX-101.SCH) — 153KB
• cms-20231231_cal.xml (EX-101.CAL) — 202KB
• cms-20231231_def.xml (EX-101.DEF) — 1424KB
• cms-20231231_lab.xml (EX-101.LAB) — 1649KB
• cms-20231231_pre.xml (EX-101.PRE) — 1531KB
• cms-20231231_htm.xml (XML) — 10053KB

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 40 Item 1B. Unresolved Staff Comments 50 Item 1C. Cybersecurity 50 Item 2.

Properties

Properties 52 Item 3.

Legal Proceedings

Legal Proceedings 52 Item 4. Mine Safety Disclosures 52 Part II 52 Item 5. Market For Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 52 Item 6. Reserved 54 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 54 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 89 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 91 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 187 Item 9A.

Controls and Procedures

Controls and Procedures 187 Item 9B. Other Information 189 Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 189 Part III 189 Item 10. Directors, Executive Officers and Corporate Governance 189 Item 11.

Executive Compensation

Executive Compensation 190 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 191 Item 13. Certain Relationships and Related Transactions, and Director Independence 191 Item 14. Principal Accountant Fees and Services 191 Part IV 193 Item 15. Exhibits and Financial Statement Schedules 193 Item 16. Form 10-K Summary 206

Signatures

Signatures 207 1 Table of Contents Glossary Certain terms used in the text and financial statements are defined below. 2022 Form 10K Each of CMS Energy's and Consumers' Annual Report on Form 10K for the year ended December 31, 2022 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 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 2 Table of Contents 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 An arrangement made for the point at which a local distribution company physically receives gas from a supplier or pipeline Clean Air Act Federal Clean Air Act of 1963,

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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View this 10-K filing on SEC EDGAR