Net cash provided by discontinued operations

[Table of Contents](#iedef37dc53354d4baa10c50c5095e29f_25)CMS Energy CorporationConsolidated Statements of Cash Flows (Unaudited)

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| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
| In Millions |
| Six Months Ended June 30 | 2022 | 2021 |  |
| Cash Flows from Operating Activities |  |  |  |  |  |  |
| Net income |  | $ | 487  |  |  | $ | 513  |  |  |  |
| Adjustments to reconcile net income to net cash provided by operating activities |  |  |  |  |  |  |
| Depreciation and amortization |  | 587  |  |  | 582  |  |  |  |
| Deferred income taxes and investment tax credits |  | 39  |  |  | 75  |  |  |  |
|  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |
| Gain from sale of EnerBank |  | (5) |  |  | —  |  |  |  |
| Other non‑cash operating activities and reconciling adjustments |  | (33) |  |  | (29) |  |  |  |
| Net cash used in discontinued operations |  | —  |  |  | (23) |  |  |  |
| Changes in assets and liabilities |  |  |  |  |  |  |
| Accounts receivable and accrued revenue |  | (80) |  |  | 101  |  |  |  |
| Inventories |  | (179) |  |  | 36  |  |  |  |
| Accounts payable and accrued rate refunds |  | 53  |  |  | —  |  |  |  |
| Other current assets and liabilities |  | 117  |  |  | 78  |  |  |  |
| Other non‑current assets and liabilities |  | 73  |  |  | 34  |  |  |  |
| Net cash provided by operating activities |  | 1,059  |  |  | 1,367  |  |  |  |
|  |  |  |  |  |  |  |
| Cash Flows from Investing Activities |  |  |  |  |  |  |
| Capital expenditures (excludes assets placed under finance lease) |  | (1,088) |  |  | (878) |  |  |  |
|  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |
| Net proceeds from sale of EnerBank |  | 5  |  |  | —  |  |  |  |
|  |  |  |  |  |  |  |
| Net cash provided by discontinued operations |  | —  |  |  | 90  |  |  |  |
| Cost to retire property and other investing activities |  | (56) |  |  | (63) |  |  |  |
| Net cash used in investing activities |  | (1,139) |  |  | (851) |  |  |  |
|  |  |  |  |  |  |  |
| Cash Flows from Financing Activities |  |  |  |  |  |  |
|  |  |  |  |  |  |  |
| Retirement of debt |  | (92) |  |  | (18) |  |  |  |
|  |  |  |  |  |  |  |
| Increase in notes payable |  | 45  |  |  | —  |  |  |  |
| Issuance of common stock |  | 7  |  |  | 20  |  |  |  |
|  |  |  |  |  |  |  |
| Payment of dividends on common and preferred stock |  | (273) |  |  | (253) |  |  |  |
|  |  |  |  |  |  |  |
| Proceeds from the sale of membership interest in VIE to tax equity investor |  | 49  |  |  | —  |  |  |  |
|  |  |  |  |  |  |  |
| Net cash used in discontinued operations |  | —  |  |  | (138) |  |  |  |
| Other financing costs |  | (36) |  |  | (20) |  |  |  |
| Net cash used in financing activities |  | (300) |  |  | (409) |  |  |  |
|  |  |  |  |  |  |  |
| Net Increase (Decrease) in Cash and Cash Equivalents, Including Restricted Amounts |  | (380) |  |  | 107  |  |  |  |
| Cash and Cash Equivalents, Including Restricted Amounts, Beginning of Period |  | 476  |  |  | 185  |  |  |  |
|  |  |  |  |  |  |  |
| Cash and Cash Equivalents, Including Restricted Amounts, End of Period |  | $ | 96  |  |  | $ | 292  |  |  |  |
|  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |
| Other Non‑cash Investing and Financing Activities |
|  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |
| Non‑cash transactions |  |  |  |  |  |  |
| Capital expenditures not paid |  | $ | 162  |  |  | $ | 138  |  |  |  |
|  |  |  |  |  |  |  |

The accompanying notes are an integral part of these statements.51
