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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
−Removed: 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 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.
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The annual earnings exposure related to variable-rate financing was immaterial for both CMS Energy and Consumers at December 31, 2021 and 2020, assuming an adverse change in market interest rates of ten percent.
−Removed: Notes Receivable:
−Removed: CMS Energy is exposed to interest-rate risk resulting from EnerBank’s fixed-rate installment loans.
−Removed: EnerBank provides primarily unsecured, fixed-rate installment loans throughout the U.S.
−Removed: to finance home improvements.
−Removed: 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):
−Removed: December 31 2020 2019
−Removed: Notes receivable—potential loss in fair value $ 77 $ 61
−Removed: The fair value losses for CMS Energy in the above table could be realized only if EnerBank’s loans were sold to other parties.
−Removed: The annual earnings exposure related to variable-rate interest receipts at EnerBank was immaterial at December 31, 2020 and 2019.
For additional details on financial instruments see Item 8.
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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.