GAAP Reconciliation
11
CMS ENERGY CORPORATION
Reconciliation of GAAP EPS to Non-GAAP Adjusted EPS by Segment
(Unaudited)
In Millions, Except Per Share Amounts | |||||||||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||
9/30/21 | 9/30/20 | 9/30/21 | 9/30/20 | ||||||||||||||||||||||||||||||||
Electric Utility | |||||||||||||||||||||||||||||||||||
Reported net income per share available to common stockholders | $ | 0.67 | $ | 0.79 | $ | 1.74 | $ | 1.62 | |||||||||||||||||||||||||||
Reconciling items: | |||||||||||||||||||||||||||||||||||
Other exclusions from adjusted earnings | - | 0.01 | - | 0.03 | |||||||||||||||||||||||||||||||
Tax impact | - | (*) | - | (0.01) | |||||||||||||||||||||||||||||||
Voluntary separation program | - | * | - | 0.03 | |||||||||||||||||||||||||||||||
Tax impact | - | (*) | - | (0.01) | |||||||||||||||||||||||||||||||
Adjusted income per share - non-GAAP | $ | 0.67 | 0.80 | 1.74 | 1.66 | ||||||||||||||||||||||||||||||
Gas Utility | |||||||||||||||||||||||||||||||||||
Reported net income (loss) per share available to common stockholders | $ | (0.03) | $ | 0.02 | $ | 0.72 | $ | 0.57 | |||||||||||||||||||||||||||
Reconciling items: | |||||||||||||||||||||||||||||||||||
Other exclusions from adjusted earnings | - | * | - | * | |||||||||||||||||||||||||||||||
Tax impact | - | (*) | - | (*) | |||||||||||||||||||||||||||||||
Voluntary separation program | - | * | - | 0.01 | |||||||||||||||||||||||||||||||
Tax impact | - | (*) | - | (*) | |||||||||||||||||||||||||||||||
Adjusted income (loss) per share - non-GAAP | $ | (0.03) | $ | 0.02 | $ | 0.72 | $ | 0.58 | |||||||||||||||||||||||||||
Enterprises | |||||||||||||||||||||||||||||||||||
Reported net income per share available to common stockholders | $ | 0.03 | $ | 0.04 | $ | 0.09 | $ | 0.12 | |||||||||||||||||||||||||||
Reconciling items: | |||||||||||||||||||||||||||||||||||
Other exclusions from adjusted earnings | (*) | (*) | (*) | * | |||||||||||||||||||||||||||||||
Tax impact | * | * | * | (*) | |||||||||||||||||||||||||||||||
Tax reform | - | - | - | (0.01) | |||||||||||||||||||||||||||||||
Voluntary separation program | - | * | - | * | |||||||||||||||||||||||||||||||
Tax impact | - | (*) | - | (*) | |||||||||||||||||||||||||||||||
Adjusted income per share - non-GAAP | $ | 0.03 | $ | 0.04 | $ | 0.09 | $ | 0.11 | |||||||||||||||||||||||||||
Corporate Interest and Other | |||||||||||||||||||||||||||||||||||
Reported net loss per share available to common stockholders | $ | (0.13) | $ | (0.13) | $ | (0.37) | $ | (0.34) | |||||||||||||||||||||||||||
Reconciling items: | |||||||||||||||||||||||||||||||||||
Other exclusions from adjusted earnings | - | (*) | (*) | (*) | |||||||||||||||||||||||||||||||
Tax impact | - | * | * | * | |||||||||||||||||||||||||||||||
Tax reform | - | - | - | (0.02) | |||||||||||||||||||||||||||||||
Adjusted loss per share - non-GAAP | $ | (0.13) | $ | (0.13) | $ | (0.37) | $ | (0.36) | |||||||||||||||||||||||||||
Discontinued Operations | |||||||||||||||||||||||||||||||||||
Reported net income per share available to common stockholders | $ | 0.10 | $ | 0.04 | $ | 0.28 | $ | 0.12 | |||||||||||||||||||||||||||
Reconciling items: | |||||||||||||||||||||||||||||||||||
Disposal of discontinued operations loss | 0.01 | - | 0.03 | - | |||||||||||||||||||||||||||||||
Tax impact | (*) | - | (0.01) | - | |||||||||||||||||||||||||||||||
Adjusted income per share - non-GAAP | $ | 0.11 | $ | 0.04 | $ | 0.30 | $ | 0.12 | |||||||||||||||||||||||||||
Total Operations | |||||||||||||||||||||||||||||||||||
Reported net income per share available to common stockholders | $ | 0.64 | $ | 0.76 | $ | 2.46 | $ | 2.09 | |||||||||||||||||||||||||||
Reconciling items: | |||||||||||||||||||||||||||||||||||
Disposal of discontinued operations loss | 0.01 | - | 0.03 | - | |||||||||||||||||||||||||||||||
Tax impact | (*) | - | (0.01) | - | |||||||||||||||||||||||||||||||
Discontinued operations income | (0.14) | (0.05) | (0.39) | (0.15) | |||||||||||||||||||||||||||||||
Tax impact | 0.03 | 0.01 | 0.09 | 0.03 | |||||||||||||||||||||||||||||||
Other exclusions from adjusted earnings | (*) | 0.01 | (*) | 0.03 | |||||||||||||||||||||||||||||||
Tax impact | * | (*) | * | (0.01) | |||||||||||||||||||||||||||||||
Tax reform | - | - | - | (0.03) | |||||||||||||||||||||||||||||||
Voluntary separation program | - | * | - | 0.04 | |||||||||||||||||||||||||||||||
Tax impact | - | (*) | - | (0.01) | |||||||||||||||||||||||||||||||
Adjusted income from continuing operations per share - non-GAAP | $ | 0.54 | $ | 0.73 | $ | 2.18 | $ | 1.99 | |||||||||||||||||||||||||||
Average Common Shares Outstanding - Diluted | 289.6 | 286.9 | 289.4 | 286.3 | 2 | ||||||||||||||||||||||||||||||
* Less than $0.01 per share. | |||||||||||||||||||||||||||||||||||
CMS ENERGY CORPORATION
Reconciliation of GAAP Net Income to Non-GAAP Adjusted Net Income
by Quarter (Unaudited)
In Millions, Except Per Share Amounts | |||||||||||||||||||||
2021 | |||||||||||||||||||||
1Q | 2Q | 3Q | |||||||||||||||||||
Net Income Available to Common Stockholders | $ | 349 | $ | 176 | $ | 186 | |||||||||||||||
Reconciling items: | - | - | - | ||||||||||||||||||
Electric utility and gas utility | |||||||||||||||||||||
Tax impact | - | - | - | ||||||||||||||||||
Enterprises | (1) | * | (*) | ||||||||||||||||||
Tax impact | * | (*) | * | ||||||||||||||||||
Corporate interest and other | - | (*) | - | ||||||||||||||||||
Tax impact | - | * | - | ||||||||||||||||||
Disposal of discontinued operations loss | - | 5 | 3 | ||||||||||||||||||
Tax impact | - | (1) | (1) | ||||||||||||||||||
Discontinued operations income | (43) | (30) | (42) | ||||||||||||||||||
Tax impact | 9 | 8 | 10 | ||||||||||||||||||
Adjusted Income from Continuing Operations - Non-GAAP | $ | 314 | $ | 158 | $ | 156 | |||||||||||||||
Average Common Shares Outstanding - Diluted | 289.1 | 289.4 | 289.6 | ||||||||||||||||||
Diluted Earnings Per Average Common Share | $ | 1.21 | $ | 0.61 | $ | 0.64 | |||||||||||||||
Reconciling items: | - | - | |||||||||||||||||||
Electric utility and gas utility | - | ||||||||||||||||||||
Tax impact | - | - | - | ||||||||||||||||||
Enterprises | (*) | * | (*) | ||||||||||||||||||
Tax impact | * | (*) | * | ||||||||||||||||||
Corporate interest and other | - | (*) | - | ||||||||||||||||||
Tax impact | - | * | - | ||||||||||||||||||
Disposal of discontinued operations loss | - | 0.02 | 0.01 | ||||||||||||||||||
Tax impact | - | (0.01) | (*) | ||||||||||||||||||
Discontinued operations income | (0.15) | (0.10) | (0.14) | ||||||||||||||||||
Tax impact | 0.03 | 0.03 | 0.03 | ||||||||||||||||||
Adjusted Income from Continuing Operations Per Average Common Share - Non-GAAP | $ | 1.09 | $ | 0.55 | $ | 0.54 |
In Millions, Except Per Share Amounts | ||||||||||||||||||||||||||||
2020 | ||||||||||||||||||||||||||||
1Q | 2Q | 3Q | 4Q | |||||||||||||||||||||||||
Net Income Available to Common Stockholders | $ | 243 | $ | 136 | $ | 218 | $ | 158 | ||||||||||||||||||||
Reconciling items: | 4 | 4 | 2 | |||||||||||||||||||||||||
Electric utility and gas utility | 15 | |||||||||||||||||||||||||||
Tax impact | (4) | (1) | (1) | (1) | ||||||||||||||||||||||||
Enterprises | 1 | (*) | * | (*) | ||||||||||||||||||||||||
Tax impact | (4) | * | (*) | * | ||||||||||||||||||||||||
Corporate interest and other | (2) | * | (*) | * | ||||||||||||||||||||||||
Tax impact | (4) | (*) | * | (*) | ||||||||||||||||||||||||
Discontinued operations income | (17) | (11) | (16) | (32) | ||||||||||||||||||||||||
Tax impact | 3 | 3 | 4 | 8 | ||||||||||||||||||||||||
Adjusted Income from Continuing Operations - Non-GAAP | $ | 231 | $ | 131 | $ | 209 | $ | 135 | ||||||||||||||||||||
Average Common Shares Outstanding - Diluted | 285.2 | 286.5 | 286.9 | 286.9 | ||||||||||||||||||||||||
Diluted Earnings Per Average Common Share | $ | 0.85 | $ | 0.48 | $ | 0.76 | $ | 0.55 | ||||||||||||||||||||
Reconciling items: | 0.02 | 0.01 | 0.01 | |||||||||||||||||||||||||
Electric utility and gas utility | 0.05 | |||||||||||||||||||||||||||
Tax impact | (0.01) | (0.01) | (*) | (*) | ||||||||||||||||||||||||
Enterprises | * | (*) | * | (*) | ||||||||||||||||||||||||
Tax impact | (0.01) | * | (*) | * | ||||||||||||||||||||||||
Corporate interest and other | (*) | * | (*) | * | ||||||||||||||||||||||||
Tax impact | (0.02) | (*) | * | (*) | ||||||||||||||||||||||||
Discontinued operations income | (0.06) | (0.04) | (0.05) | (0.11) | ||||||||||||||||||||||||
Tax impact | 0.01 | 0.01 | 0.01 | 0.03 | 3 | |||||||||||||||||||||||
Adjusted Income from Continuing Operations Per Average Common Share - Non-GAAP | $ | 0.81 | $ | 0.46 | $ | 0.73 | $ | 0.48 |
* Less than $0.5 million or $0.01 per share.
CMS ENERGY CORPORATION
Reconciliation of GAAP to Non-GAAP Adjusted Income from Continuing Operations
(Unaudited)
In Millions, Except Per Share Amounts | ||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||
9/30/21 | 9/30/20 | 9/30/21 | 9/30/20 | |||||||||
Net Income Available to Common Stockholders | $ | 186 | $ | 218 | $ | 711 | $ | 597 | ||||
Reconciling items: | ||||||||||||
Disposal of discontinued operations (gain) loss | 3 | - | 8 | - | ||||||||
Tax impact | (1) | - | (2) | - | ||||||||
Discontinued operations income | (42) | (16) | (115) | (44) | ||||||||
Tax impact | 10 | 4 | 27 | 10 | ||||||||
Other exclusions from adjusted earnings** | (*) | 4 | (1) | 11 | ||||||||
Tax impact | * | (1) | * | (2) | ||||||||
Tax reform | - | - | - | (9) | ||||||||
Voluntary separation program | - | * | - | 11 | ||||||||
Tax impact | - | (*) | - | (3) | ||||||||
Adjusted income from continuing operations - non-GAAP | $ | 156 | $ | 209 | $ | 628 | $ | 571 | ||||
Average Common Shares Outstanding | ||||||||||||
Basic | 289.1 | 285.6 | 288.9 | 284.8 | ||||||||
Diluted | 289.6 | 286.9 | 289.4 | 286.3 | ||||||||
Basic Earnings Per Average Common Share | ||||||||||||
Reported net income per average common share | $ | 0.64 | $ | 0.76 | $ | 2.46 | $ | 2.10 | ||||
Reconciling items: | ||||||||||||
Disposal of discontinued operations (gain) loss | 0.01 | - | 0.03 | - | ||||||||
Tax impact | (*) | - | (0.01) | - | ||||||||
Discontinued operations income | (0.14) | (0.05) | (0.39) | (0.15) | ||||||||
Tax impact | 0.03 | 0.01 | 0.09 | 0.03 | ||||||||
Other exclusions from adjusted earnings** | (*) | 0.01 | (*) | 0.03 | ||||||||
Tax impact | * | (*) | * | (0.01) | ||||||||
Tax reform | - | - | - | (0.03) | ||||||||
Voluntary separation program | - | * | - | 0.04 | ||||||||
Tax impact | - | (*) | - | (0.01) | ||||||||
Adjusted income from continuing operations per average common share - non-GAAP | $ | 0.54 | $ | 0.73 | $ | 2.18 | $ | 2.00 | ||||
Diluted Earnings Per Average Common Share | ||||||||||||
Reported net income per average common share | $ | 0.64 | $ | 0.76 | $ | 2.46 | $ | 2.09 | ||||
Reconciling items: | ||||||||||||
Disposal of discontinued operations (gain) loss | 0.01 | - | 0.03 | - | ||||||||
Tax impact | (*) | - | (0.01) | - | ||||||||
Discontinued operations income | (0.14) | (0.05) | (0.39) | (0.15) | ||||||||
Tax impact | 0.03 | 0.01 | 0.09 | 0.03 | ||||||||
Other exclusions from adjusted earnings** | (*) | 0.01 | (*) | 0.03 | ||||||||
Tax impact | * | (*) | * | (0.01) | ||||||||
Tax reform | - | - | - | (0.03) | ||||||||
Voluntary separation program | - | * | - | 0.04 | ||||||||
Tax impact | - | (*) | - | (0.01) | ||||||||
Adjusted income from continuing operations per average common share - non-GAAP | $ | 0.54 | $ | 0.73 | $ | 2.18 | $ | 1.99 | ||||
* Less than $0.5 million or $0.01 per share. | 4 |
** Includes restructuring costs and unrealized gains or losses, recognized in net income, from mark-to-market adjustments related to CMS Enterprises' interest expense. |
CMS ENERGY CORPORATION
Reconciliation of GAAP to Non-GAAP Adjusted Income from Continuing Operations
(Unaudited)
In Millions, Except Per Share Amounts | ||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||
Income Available to Common Stockholders | 9/30/21 | 9/30/20 | 9/30/21 | 9/30/20 | ||||||||||||||
$ | 156 | $ | 206 | $ | 629 | $ | 563 | |||||||||||
Reported income from continuing operations available to common stockholders | ||||||||||||||||||
Reconciling items: | (*) | 4 | (1) | 11 | ||||||||||||||
Other exclusions from adjusted earnings** | ||||||||||||||||||
Tax impact | * | (1) | * | (2) | ||||||||||||||
Tax reform | - | - | - | (9) | ||||||||||||||
Voluntary separation program | - | * | - | 11 | ||||||||||||||
Tax impact | - | (*) | - | (3) | ||||||||||||||
Adjusted income from continuing operations - non-GAAP | $ | 156 | $ | 209 | $ | 628 | $ | 571 | ||||||||||
Average Common Shares Outstanding | 288.9 | 284.8 | ||||||||||||||||
Basic | 289.1 | 285.6 | ||||||||||||||||
Diluted | 289.6 | 286.9 | 289.4 | 286.3 | ||||||||||||||
Basic Earnings Per Average Common Share | ||||||||||||||||||
Reported income from continuing operations per average common share | $ | 0.54 | $ | 0.72 | $ | 2.18 | $ | 1.98 | ||||||||||
available to common stockholders | ||||||||||||||||||
Reconciling items: | (*) | 0.03 | ||||||||||||||||
Other exclusions from adjusted earnings** | (*) | 0.01 | ||||||||||||||||
Tax impact | * | (*) | * | (0.01) | ||||||||||||||
Tax reform | - | - | - | (0.03) | ||||||||||||||
Voluntary separation program | - | * | - | 0.04 | ||||||||||||||
Tax impact | - | (*) | - | (0.01) | ||||||||||||||
Adjusted income from continuing operations per average common share - non-GAAP | $ | 0.54 | $ | 0.73 | $ | 2.18 | $ | 2.00 | ||||||||||
Diluted Earnings Per Average Common Share | ||||||||||||||||||
Reported income from continuing operations per average common share | $ | 0.54 | $ | 0.72 | $ | 2.18 | $ | 1.97 | ||||||||||
available to common stockholders | ||||||||||||||||||
Reconciling items: | (*) | 0.01 | (*) | 0.03 | ||||||||||||||
Other exclusions from adjusted earnings** | ||||||||||||||||||
Tax impact | * | (*) | * | (0.01) | ||||||||||||||
Tax reform | - | - | - | (0.03) | ||||||||||||||
Voluntary separation program | - | * | - | 0.04 | ||||||||||||||
Tax impact | - | (*) | - | (0.01) | ||||||||||||||
Adjusted income from continuing operations per average common share - non-GAAP | $ | 0.54 | $ | 0.73 | $ | 2.18 | $ | 1.99 | ||||||||||
* Less than $0.5 million or $0.01 per share. | 5 |
** Includes restructuring costs and unrealized gains or losses, from mark-to-market adjustments, recognized in net income, related to CMS Enterprises' interest expense. |
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original document
- Permalink
Disclaimer
Consumers Energy Co. published this content on 28 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 October 2021 12:12:07 UTC.