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Consolidated Balance Sheets
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In Millions |
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|
December 31 |
1998 |
1997 |
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Assets |
|||
|
Plant and Property (at cost) |
Electric |
$ 6,720 |
$ 6,491 |
|
Gas |
2,701 |
2,528 |
|
|
Oil and gas properties (successful efforts method) |
670 |
545 |
|
|
Independent power production |
518 |
122 |
|
|
Other |
373 |
46 |
|
|
|
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|
10,982 |
9,732 |
||
|
Less accumulated depreciation, depletion and amortization |
5,213 |
4,849 |
|
|
|
|||
|
5,769 |
4,883 |
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|
Construction work-in-progress |
271 |
261 |
|
|
|
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|
6,040 |
5,144 |
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|
|
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|
Investments |
Independent power production |
888 |
792 |
|
Natural gas transmission, storage and processing |
494 |
241 |
|
|
International energy distribution |
209 |
255 |
|
|
First Midland Limited Partnership |
240 |
242 |
|
|
Midland Cogeneration Venture Limited Partnership |
209 |
171 |
|
|
Other |
33 |
45 |
|
|
|
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|
2,073 |
1,746 |
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|
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Current Assets |
Cash and temporary cash investments at cost, which approximates market |
101 |
69 |
|
Accounts receivable and accrued revenue, less allowances of $13 in 1998 and $7 in 1997 |
720 |
495 |
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|
Inventories at average cost |
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Gas in underground storage |
219 |
197 |
|
|
Materials and supplies |
99 |
87 |
|
|
Generating plant fuel stock |
43 |
35 |
|
|
Deferred income taxes |
- |
38 |
|
|
Prepayments and other |
225 |
235 |
|
|
|
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|
1,407 |
1,156 |
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Non-current Assets |
Nuclear decommissioning trust funds |
557 |
486 |
|
Postretirement benefits |
373 |
404 |
|
|
Abandoned Midland project |
71 |
93 |
|
|
Other |
789 |
479 |
|
|
|
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|
1,790 |
1,462 |
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|
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Total Assets |
$11,310 |
$9,508 |
|
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The accompanying notes are an integral part of these statements.
|
In Millions |
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|
December 31 |
1998 |
1997 |
|
|
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Stockholders' Investment and Liabilities |
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|
Capitalization |
Common stockholders' equity |
$2,216 |
$1,787 |
|
Preferred stock of subsidiary |
238 |
238 |
|
|
Company-obligated mandatorily redeemable Trust Preferred Securities of: |
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|
Consumers Power Company Financing I(a) |
100 |
100 |
|
|
Consumers Energy Company Financing II(a) |
120 |
120 |
|
|
Company-obligated convertible Trust Preferred Securities of CMS Energy Trust I(b) |
173 |
173 |
|
|
Long-term debt |
4,726 |
3,272 |
|
|
Non-current portion of capital leases |
105 |
75 |
|
|
|
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|
7,678 |
5,765 |
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Current Liabilities |
Current portion of long-term debt and capital leases |
293 |
643 |
|
Notes payable |
328 |
382 |
|
|
Accounts payable |
501 |
398 |
|
|
Accrued taxes |
272 |
272 |
|
|
Accounts payable-related parties |
79 |
80 |
|
|
Accrued interest |
65 |
51 |
|
|
Power purchases |
47 |
47 |
|
|
Accrued refunds |
11 |
12 |
|
|
Other |
214 |
190 |
|
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|
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|
1,810 |
2,075 |
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Non-current Liabilities |
Deferred income taxes |
649 |
648 |
|
Postretirement benefits |
489 |
514 |
|
|
Deferred investment tax credit |
135 |
151 |
|
|
Power purchases |
121 |
133 |
|
|
Regulatory liabilities for income taxes, net |
87 |
54 |
|
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Other |
341 |
168 |
|
|
|
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|
1,822 |
1,668 |
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Total Stockholders' Investment and Liabilities |
$11,310 |
$9,508 |
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(a)
The primary asset of Consumers Power Company Financing I is $103 million principal amount of 8.36 percent subordinated deferrable interest notes due 2015 from Consumers. The primary asset of Consumers Energy Company Financing II is $124 million principal amount of 8.20 percent subordinated deferrable interest notes due 2027 from Consumers. For further discussion, see Note 6 to the Consolidated Financial Statements.(b)
As described in Note 6, the primary asset of CMS Energy Trust I is $178 million principal amount of 7.75 percent convertible subordinated debentures due 2027 from CMS Energy.
Return to the CMS Energy 1998 Financial Report Table of Contents