2 unchanged sentences
They may enter into various risk management contracts to mitigate exposure to these risks, including swaps, options, futures, and forward contracts.
−Removed: CMS Energy and Consumers enter into these contracts using established policies and procedures, under the direction of an executive oversight committee consisting of certain officers and a risk committee consisting of those and other officers and business managers.
+Added: CMS Energy and Consumers enter into these contracts using established policies and procedures, under
+Added: the direction of an executive oversight committee consisting of certain officers and a risk committee consisting of those and other officers and business managers.
The following risk sensitivities illustrate the potential loss in fair value, cash flows, or future earnings from financial instruments, assuming a hypothetical adverse change in market rates or prices of ten percent.
Potential losses could exceed the amounts shown in the sensitivity analyses if changes in market rates or prices were to exceed ten percent.
−Removed: Interest-Rate Risk
Long-Term Debt:
2 unchanged sentences
Presented in the following table is a sensitivity analysis of interest-rate risk on CMS Energy’s and Consumers’ debt instruments, which includes the effects of interest-rate swaps (assuming an adverse change in market interest rates of ten percent):
+Added: December 31 2020 2019
Fixed-rate financing—potential loss in fair value
CMS Energy, including Consumers $ 634 $ 558
+Added: Consumers 372 355
The fair value losses in the above table could be realized only if CMS Energy and Consumers transferred all of their fixed-rate financing to other creditors.
2 unchanged sentences
CMS Energy is exposed to interest-rate risk resulting from EnerBank’s fixed-rate installment loans.
−Removed: EnerBank provides unsecured consumer installment loans, largely for financing home improvements .
+Added: EnerBank provides primarily unsecured, fixed-rate installment loans throughout the U.S.
+Added: to finance home improvements.
Presented in the following table is a sensitivity analysis of interest-rate risk on EnerBank’s notes receivable, which includes the effects of interest-rate swaps (assuming an adverse change in market interest rates of ten percent):
+Added: December 31 2020 2019
Notes receivable—potential loss in fair value $ 77 $ 61
4 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.