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Retirement Benefits (Tables)
 12 Months Ended
Dec. 31, 2022
Defined Benefit Plan Disclosure [Line Items]  
Schedule Of SERP Trust Assets, ABO And Contributions Presented in the following table are the fair values of trust assets and ABO for CMS Energy’s and Consumers’ DB SERP:
In Millions
Years Ended December 3120222021
CMS Energy, including Consumers
Trust assets$137 $142 
ABO118 149 
Consumers
Trust assets$101 $104 
ABO85 108 
Schedule Of Assumptions Used Presented in the following table are the weighted-average assumptions used in CMS Energy’s and Consumers’ retirement benefit plans to determine benefit obligations and net periodic benefit cost:
December 31202220212020
CMS Energy, including Consumers
Weighted average for benefit obligations1
Discount rate2
DB Pension Plan A5.24 %3.02 %2.73 %
DB Pension Plan B5.14 2.79 2.41 
DB SERP5.13 2.78 2.40 
OPEB Plan5.21 2.99 2.69 
Rate of compensation increase
DB Pension Plan A3.60 3.60 3.70 
DB SERP5.50 5.50 5.50 
Weighted average for net periodic benefit cost1
Service cost discount rate2,3
DB Pension Plan A3.09 %2.83 %3.44 %
DB SERP3.09 2.84 3.46 
OPEB Plan3.23 3.03 3.57 
Interest cost discount rate2,3
DB Pension Plan A2.44 1.97 2.92 
DB Pension Plan B2.21 1.70 2.74 
DB SERP2.21 1.72 2.74 
OPEB Plan2.45 1.99 2.88 
Expected long-term rate of return on plan assets4
DB Pension Plans6.50 6.75 6.75 
OPEB Plan6.50 6.75 6.75 
Rate of compensation increase
DB Pension Plan A3.60 3.70 3.50 
DB SERP5.50 5.50 5.50 
1The mortality assumption for benefit obligations was based on the Pri-2012 Mortality Table, with improvement scale MP-2021 for 2022 and 2021 and improvement scale MP-2020 for 2020. The mortality assumption for net periodic benefit cost was based on the Pri-2012 Mortality Table, with improvement scales MP-2021 for 2022, MP-2020 for 2021, and MP-2019 for 2020.
2The discount rate reflects the rate at which benefits could be effectively settled and is equal to the equivalent single rate resulting from a yield-curve analysis. This analysis incorporated the projected benefit payments specific to CMS Energy’s and Consumers’ DB Pension Plans and OPEB Plan and the yields on high-quality corporate bonds rated Aa or better.
3CMS Energy and Consumers have elected to use a full-yield-curve approach in the estimation of service cost and interest cost; this approach applies individual spot rates along the yield curve to future projected benefit payments based on the time of payment.
4CMS Energy and Consumers determined the long-term rate of return using historical market returns, the present and expected future economic environment, the capital market principles of risk and return, and the expert opinions of individuals and firms with financial market knowledge. CMS Energy and Consumers
considered the asset allocation of the portfolio in forecasting the future expected total return of the portfolio. The goal was to determine a long-term rate of return that could be incorporated into the planning of future cash flow requirements in conjunction with the change in the liability. Annually, CMS Energy and Consumers review for reasonableness and appropriateness the forecasted returns for various classes of assets used to construct an expected return model. CMS Energy’s and Consumers’ expected long-term rate of return on the assets of the DB Pension Plans was 6.50 percent in 2022. The actual return (loss) on the assets of the DB Pension Plans was (15.9) percent in 2022, 12.0 percent in 2021, and 13.6 percent in 2020.
Schedule Of Net Benefit Costs Presented in the following table are the costs (credits) and other changes in plan assets and benefit obligations incurred in CMS Energy’s and Consumers’ retirement benefit plans:
In Millions
DB Pension Plans and DB SERPOPEB Plan
Years Ended December 31202220212020202220212020
CMS Energy, including Consumers
Net periodic cost (credit)
Service cost$41 $53 $50 $17 $18 $16 
Interest cost84 63 83 28 23 33 
Settlement loss1 1 1 — — — 
Expected return on plan assets(206)(208)(191)(115)(109)(100)
Amortization of:
Net loss40 100 95 1 8 15 
Prior service cost (credit)4 4 1 (51)(53)(56)
Settlement loss9 6 2 — — — 
Net periodic cost (credit)$(27)$19 $41 $(120)$(113)$(92)
Consumers
Net periodic cost (credit)
Service cost$39 $51 $49 $17 $17 $15 
Interest cost79 59 78 27 23 31 
Expected return on plan assets(194)(197)(181)(107)(102)(93)
Amortization of:
Net loss37 96 90 — 8 15 
Prior service cost (credit)4 4 1 (50)(51)(54)
Settlement loss9 6 2 — — — 
Net periodic cost (credit)$(26)$19 $39 $(113)$(105)$(86)
Schedule Of Funded Status Of Retirement Benefit Plans Presented in the following table are reconciliations of the funded status of CMS Energy’s and Consumers’ retirement benefit plans with their retirement benefit plans’ liabilities:
In Millions
DB Pension PlansDB SERPOPEB Plan
Years Ended December 31202220212022202120222021
CMS Energy, including Consumers
Benefit obligation at beginning of period$3,070 $3,266 $149 $160 $1,166 $1,205 
Service cost41 53 — — 17 18 
Interest cost81 60 3 3 28 23 
Plan amendments— — — — — 5 
Actuarial gain(811)
1
(108)
1
(25)(4)(274)
1
(32)
1
Benefits paid(212)(201)(10)(10)(48)(53)
Benefit obligation at end of period$2,169 $3,070 $117 $149 $889 $1,166 
Plan assets at fair value at beginning of period$3,599 $3,402 $— $— $1,787 $1,645 
Actual return on plan assets(567)398 — — (294)194 
Company contribution— — 10 10 — — 
Actual benefits paid(212)(201)(10)(10)(47)(52)
Plan assets at fair value at end of period$2,820 $3,599 $— $— $1,446 $1,787 
Funded status$651 
2
$529 
2
$(117)$(149)$557 $621 
Consumers
Benefit obligation at beginning of period$109 $117 $1,122 $1,158 
Service cost— — 17 17 
Interest cost2 2 27 23 
Plan amendments— — — 5 
Actuarial gain(19)(3)(265)
1
(30)
1
Benefits paid(7)(7)(45)(51)
Benefit obligation at end of period$85 $109 $856 $1,122 
Plan assets at fair value at beginning of period$— $— $1,668 $1,535 
Actual return on plan assets— — (273)182 
Company contribution7 7 — — 
Actual benefits paid(7)(7)(45)(49)
Plan assets at fair value at end of period$— $— $1,350 $1,668 
Funded status$(85)$(109)$494 $546 
1The actuarial gains for 2022 and 2021 for the DB Pension Plans and OPEB Plan were primarily the result of higher discount rates.
2The total funded status of the DB Pension Plans attributable to Consumers, based on an allocation of expenses, was $632 million at December 31, 2022 and $510 million at December 31, 2021.
Schedule Of Retirement Benefit Plan Assets (Liabilities)
Presented in the following table is the classification of CMS Energy’s and Consumers’ retirement benefit plans’ assets and liabilities:
In Millions
December 3120222021
CMS Energy, including Consumers
Non-current assets
DB Pension Plans$651 $529 
OPEB Plan557 621 
Current liabilities
DB SERP10 10 
Non-current liabilities
DB SERP107 139 
Consumers
Non-current assets
DB Pension Plans$632 $510 
OPEB Plan494 546 
Current liabilities
DB SERP7 7 
Non-current liabilities
DB SERP78 102 
Schedule Of Net Periodic Benefit Cost Not Yet Recognized Presented in the following table are the amounts recognized in regulatory assets, regulatory liabilities, and AOCI that have not been recognized as components of net periodic benefit cost. For additional details on regulatory assets and regulatory liabilities, see Note 2, Regulatory Matters.
In Millions
DB Pension Plans and DB SERPOPEB Plan
December 312022202120222021
CMS Energy, including Consumers
Regulatory assets (liabilities)
Net loss$724 $812 $251 $136 
Prior service cost (credit)21 25 (140)(190)
Regulatory assets (liabilities)$745 $837 $111 $(54)
AOCI
Net loss (gain)69 94 2 (17)
Prior service cost (credit)1 — (3)(5)
Total amounts recognized in regulatory assets (liabilities) and AOCI$815 $931 $110 $(76)
Consumers
Regulatory assets (liabilities)
Net loss$724 $812 $251 $136 
Prior service cost (credit)21 25 (140)(190)
Regulatory assets (liabilities)$745 $837 $111 $(54)
AOCI
Net loss20 41 — — 
Total amounts recognized in regulatory assets (liabilities) and AOCI$765 $878 $111 $(54)
Schedule Of Allocation Of Plan Assets Presented in the following tables are the fair values of the assets of CMS Energy’s DB Pension Plans and OPEB Plan, by asset category and by level within the fair value hierarchy. For additional details regarding the fair value hierarchy, see Note 5, Fair Value Measurements.
In Millions
DB Pension Plans
December 31, 2022December 31, 2021
TotalLevel 1TotalLevel 1Level 2
CMS Energy, including Consumers
Cash and short-term investments$122 $122 $30 $30 $— 
U.S. government and agencies securities— — 209 — 209 
Corporate debt— — 595 — 595 
State and municipal bonds— — 13 — 13 
Foreign corporate bonds— — 66 — 66 
Mutual funds263 263 785 785 — 
$385 $385 $1,698 $815 $883 
Pooled funds2,435 1,901 
Total$2,820 $3,599 
In Millions
OPEB Plan
December 31, 2022December 31, 2021
TotalLevel 1TotalLevel 1Level 2
CMS Energy, including Consumers
Cash and short-term investments$28 $28 $21 $21 $— 
U.S. government and agencies securities— — 25 — 25 
Corporate debt— — 73 — 73 
State and municipal bonds— — 2 — 2 
Foreign corporate bonds— — 8 — 8 
Common stocks69 69 85 85 — 
Mutual funds754 754 941 941 — 
$851 $851 $1,155 $1,047 $108 
Pooled funds595 632 
Total$1,446 $1,787 
Schedule Of Asset Allocation Presented in the following table are the investment components of the assets of CMS Energy’s DB Pension Plans and OPEB Plan as of December 31, 2022:
DB Pension PlansOPEB Plan
Equity securities38.0 %55.0 %
Fixed-income securities47.0 38.0 
Real asset investments11.0 5.0 
Cash and cash equivalents4.0 2.0 
100.0 %100.0 %
Schedule Of Expected Benefit Payments Presented in the following table are the expected benefit payments for each of the next five years and the five‑year period thereafter:
In Millions
DB Pension PlansDB SERPOPEB Plan
CMS Energy, including Consumers
2023$160 $10 $55 
2024158 10 57 
2025161 10 58 
2026160 10 59 
2027159 10 60 
2028-2032790 45 312 
Consumers
2023$150 $7 $52 
2024149 7 54 
2025151 7 55 
2026151 7 56 
2027150 7 58 
2028-2032745 30 298 
Consumers Energy Company  
Defined Benefit Plan Disclosure [Line Items]  
Schedule Of SERP Trust Assets, ABO And Contributions Presented in the following table are the fair values of trust assets and ABO for CMS Energy’s and Consumers’ DB SERP:
In Millions
Years Ended December 3120222021
CMS Energy, including Consumers
Trust assets$137 $142 
ABO118 149 
Consumers
Trust assets$101 $104 
ABO85 108 
Schedule Of Assumptions Used Presented in the following table are the weighted-average assumptions used in CMS Energy’s and Consumers’ retirement benefit plans to determine benefit obligations and net periodic benefit cost:
December 31202220212020
CMS Energy, including Consumers
Weighted average for benefit obligations1
Discount rate2
DB Pension Plan A5.24 %3.02 %2.73 %
DB Pension Plan B5.14 2.79 2.41 
DB SERP5.13 2.78 2.40 
OPEB Plan5.21 2.99 2.69 
Rate of compensation increase
DB Pension Plan A3.60 3.60 3.70 
DB SERP5.50 5.50 5.50 
Weighted average for net periodic benefit cost1
Service cost discount rate2,3
DB Pension Plan A3.09 %2.83 %3.44 %
DB SERP3.09 2.84 3.46 
OPEB Plan3.23 3.03 3.57 
Interest cost discount rate2,3
DB Pension Plan A2.44 1.97 2.92 
DB Pension Plan B2.21 1.70 2.74 
DB SERP2.21 1.72 2.74 
OPEB Plan2.45 1.99 2.88 
Expected long-term rate of return on plan assets4
DB Pension Plans6.50 6.75 6.75 
OPEB Plan6.50 6.75 6.75 
Rate of compensation increase
DB Pension Plan A3.60 3.70 3.50 
DB SERP5.50 5.50 5.50 
1The mortality assumption for benefit obligations was based on the Pri-2012 Mortality Table, with improvement scale MP-2021 for 2022 and 2021 and improvement scale MP-2020 for 2020. The mortality assumption for net periodic benefit cost was based on the Pri-2012 Mortality Table, with improvement scales MP-2021 for 2022, MP-2020 for 2021, and MP-2019 for 2020.
2The discount rate reflects the rate at which benefits could be effectively settled and is equal to the equivalent single rate resulting from a yield-curve analysis. This analysis incorporated the projected benefit payments specific to CMS Energy’s and Consumers’ DB Pension Plans and OPEB Plan and the yields on high-quality corporate bonds rated Aa or better.
3CMS Energy and Consumers have elected to use a full-yield-curve approach in the estimation of service cost and interest cost; this approach applies individual spot rates along the yield curve to future projected benefit payments based on the time of payment.
4CMS Energy and Consumers determined the long-term rate of return using historical market returns, the present and expected future economic environment, the capital market principles of risk and return, and the expert opinions of individuals and firms with financial market knowledge. CMS Energy and Consumers
considered the asset allocation of the portfolio in forecasting the future expected total return of the portfolio. The goal was to determine a long-term rate of return that could be incorporated into the planning of future cash flow requirements in conjunction with the change in the liability. Annually, CMS Energy and Consumers review for reasonableness and appropriateness the forecasted returns for various classes of assets used to construct an expected return model. CMS Energy’s and Consumers’ expected long-term rate of return on the assets of the DB Pension Plans was 6.50 percent in 2022. The actual return (loss) on the assets of the DB Pension Plans was (15.9) percent in 2022, 12.0 percent in 2021, and 13.6 percent in 2020.
Schedule Of Net Benefit Costs Presented in the following table are the costs (credits) and other changes in plan assets and benefit obligations incurred in CMS Energy’s and Consumers’ retirement benefit plans:
In Millions
DB Pension Plans and DB SERPOPEB Plan
Years Ended December 31202220212020202220212020
CMS Energy, including Consumers
Net periodic cost (credit)
Service cost$41 $53 $50 $17 $18 $16 
Interest cost84 63 83 28 23 33 
Settlement loss1 1 1 — — — 
Expected return on plan assets(206)(208)(191)(115)(109)(100)
Amortization of:
Net loss40 100 95 1 8 15 
Prior service cost (credit)4 4 1 (51)(53)(56)
Settlement loss9 6 2 — — — 
Net periodic cost (credit)$(27)$19 $41 $(120)$(113)$(92)
Consumers
Net periodic cost (credit)
Service cost$39 $51 $49 $17 $17 $15 
Interest cost79 59 78 27 23 31 
Expected return on plan assets(194)(197)(181)(107)(102)(93)
Amortization of:
Net loss37 96 90 — 8 15 
Prior service cost (credit)4 4 1 (50)(51)(54)
Settlement loss9 6 2 — — — 
Net periodic cost (credit)$(26)$19 $39 $(113)$(105)$(86)
Schedule Of Funded Status Of Retirement Benefit Plans Presented in the following table are reconciliations of the funded status of CMS Energy’s and Consumers’ retirement benefit plans with their retirement benefit plans’ liabilities:
In Millions
DB Pension PlansDB SERPOPEB Plan
Years Ended December 31202220212022202120222021
CMS Energy, including Consumers
Benefit obligation at beginning of period$3,070 $3,266 $149 $160 $1,166 $1,205 
Service cost41 53 — — 17 18 
Interest cost81 60 3 3 28 23 
Plan amendments— — — — — 5 
Actuarial gain(811)
1
(108)
1
(25)(4)(274)
1
(32)
1
Benefits paid(212)(201)(10)(10)(48)(53)
Benefit obligation at end of period$2,169 $3,070 $117 $149 $889 $1,166 
Plan assets at fair value at beginning of period$3,599 $3,402 $— $— $1,787 $1,645 
Actual return on plan assets(567)398 — — (294)194 
Company contribution— — 10 10 — — 
Actual benefits paid(212)(201)(10)(10)(47)(52)
Plan assets at fair value at end of period$2,820 $3,599 $— $— $1,446 $1,787 
Funded status$651 
2
$529 
2
$(117)$(149)$557 $621 
Consumers
Benefit obligation at beginning of period$109 $117 $1,122 $1,158 
Service cost— — 17 17 
Interest cost2 2 27 23 
Plan amendments— — — 5 
Actuarial gain(19)(3)(265)
1
(30)
1
Benefits paid(7)(7)(45)(51)
Benefit obligation at end of period$85 $109 $856 $1,122 
Plan assets at fair value at beginning of period$— $— $1,668 $1,535 
Actual return on plan assets— — (273)182 
Company contribution7 7 — — 
Actual benefits paid(7)(7)(45)(49)
Plan assets at fair value at end of period$— $— $1,350 $1,668 
Funded status$(85)$(109)$494 $546 
1The actuarial gains for 2022 and 2021 for the DB Pension Plans and OPEB Plan were primarily the result of higher discount rates.
2The total funded status of the DB Pension Plans attributable to Consumers, based on an allocation of expenses, was $632 million at December 31, 2022 and $510 million at December 31, 2021.
Schedule Of Retirement Benefit Plan Assets (Liabilities)
Presented in the following table is the classification of CMS Energy’s and Consumers’ retirement benefit plans’ assets and liabilities:
In Millions
December 3120222021
CMS Energy, including Consumers
Non-current assets
DB Pension Plans$651 $529 
OPEB Plan557 621 
Current liabilities
DB SERP10 10 
Non-current liabilities
DB SERP107 139 
Consumers
Non-current assets
DB Pension Plans$632 $510 
OPEB Plan494 546 
Current liabilities
DB SERP7 7 
Non-current liabilities
DB SERP78 102 
Schedule Of Net Periodic Benefit Cost Not Yet Recognized Presented in the following table are the amounts recognized in regulatory assets, regulatory liabilities, and AOCI that have not been recognized as components of net periodic benefit cost. For additional details on regulatory assets and regulatory liabilities, see Note 2, Regulatory Matters.
In Millions
DB Pension Plans and DB SERPOPEB Plan
December 312022202120222021
CMS Energy, including Consumers
Regulatory assets (liabilities)
Net loss$724 $812 $251 $136 
Prior service cost (credit)21 25 (140)(190)
Regulatory assets (liabilities)$745 $837 $111 $(54)
AOCI
Net loss (gain)69 94 2 (17)
Prior service cost (credit)1 — (3)(5)
Total amounts recognized in regulatory assets (liabilities) and AOCI$815 $931 $110 $(76)
Consumers
Regulatory assets (liabilities)
Net loss$724 $812 $251 $136 
Prior service cost (credit)21 25 (140)(190)
Regulatory assets (liabilities)$745 $837 $111 $(54)
AOCI
Net loss20 41 — — 
Total amounts recognized in regulatory assets (liabilities) and AOCI$765 $878 $111 $(54)
Schedule Of Expected Benefit Payments Presented in the following table are the expected benefit payments for each of the next five years and the five‑year period thereafter:
In Millions
DB Pension PlansDB SERPOPEB Plan
CMS Energy, including Consumers
2023$160 $10 $55 
2024158 10 57 
2025161 10 58 
2026160 10 59 
2027159 10 60 
2028-2032790 45 312 
Consumers
2023$150 $7 $52 
2024149 7 54 
2025151 7 55 
2026151 7 56 
2027150 7 58 
2028-2032745 30 298