XML 76 R46.htm IDEA: XBRL DOCUMENT v3.25.0.1
Financings and Capitalization (Tables)
 12 Months Ended
Dec. 31, 2024
Debt Instrument [Line Items]  
Summary of Long-Term Debt
Presented in the following table is CMS Energy’s long-term debt at December 31:
In Millions, Except Interest Rate and Maturity
Interest Rate
(%)		Maturity20242023
CMS Energy, including Consumers
CMS Energy, parent only
Senior notes3.875 2024$— $250 
3.600 2025250 250 
3.000 2026300 300 
2.950 2027275 275 
3.450 2027350 350 
4.700 2043250 250 
4.875 2044300 300 
$1,725 $1,975 
Convertible senior notes1
3.375 2028$800 $800 
Junior subordinated notes2
4.750 
3
2050$500 $500 
3.750 
4
2050400 400 
5.625 2078200 200 
5.875 2078280 280 
5.875 2079630 630 
$2,010 $2,010 
Term loan facilities variable
5
2025$90 $— 
variable
6
2025400 — 
$490 $— 
Total CMS Energy, parent only$5,025 $4,785 
CMS Energy subsidiaries
Consumers$11,370 $10,863 
NorthStar Clean Energy, including subsidiaries
Revolving credit facilityvariable
7
2027150 — 
Total principal amount outstanding$16,545 $15,648 
Current amounts(1,192)(975)
Unamortized discounts(29)(30)
Unamortized issuance costs(130)(135)
Total long-term debt$15,194 $14,508 
1Holders of the convertible senior notes may convert their notes at their option in accordance with the conditions outlined in the related indenture. CMS Energy will settle conversions of the notes in accordance with the terms outlined in the related indenture. The conversion rate will be subject to adjustment for anti-dilutive events and fundamental change and redemption provisions as described in the related indenture.
There are no sinking fund requirements for the notes. At December 31, 2024, the conversion price for the notes was $73.93 per share of common stock. Unamortized debt costs associated with this issuance were $9 million at December 31, 2024.
2These unsecured obligations rank subordinate and junior in right of payment to all of CMS Energy’s existing and future senior indebtedness.
3On June 1, 2030, and every five years thereafter, the notes will reset to an interest rate equal to the five‑year treasury rate plus 4.116 percent.
4On December 1, 2030, and every five years thereafter, the notes will reset to an interest rate equal to the five‑year treasury rate plus 2.900 percent.
5The delayed-draw unsecured term loan credit facility has an interest rate of Term SOFR plus 0.900 percent. At December 31, 2024, borrowings under the term loan credit facility had a weighted-average interest rate of 5.245 percent.
6The delayed-draw unsecured term loan credit facility has an interest rate of one-month Term SOFR plus 0.850 percent. At December 31, 2024, borrowings under the term loan credit facility had a weighted-average interest rate of 5.403 percent.
7Loans under this facility have an interest rate of one-month Term SOFR plus 1.750 percent less an adjustment of 0.050 percent for green credit advances. At December 31, 2024, the weighted-average interest rate for the loans issued under this facility was 6.097 percent.
Schedule of Major Long-Term Debt Issuances and Retirements Presented in the following table is a summary of major long-term debt issuances during 2024:
Principal
(In Millions)		Interest Rate (%)Issuance DateMaturity Date
CMS Energy, parent only
Term loan credit agreement$400 variableSeptember 2024September 2025
Term loan credit agreement1
90 variableDecember 2024December 2025
Total CMS Energy, parent only$490 
Consumers
First mortgage bonds$600 4.600 January 2024May 2029
First mortgage bonds700 4.700 August 2024January 2030
Total Consumers$1,300 
Total CMS Energy$1,790 
1In December 2024, CMS Energy entered into a $200 million unsecured term loan credit agreement and borrowed $90 million. In January 2025, CMS Energy borrowed an additional $70 million bearing an interest rate of 5.206 percent.
Presented in the following table is a summary of major long-term debt retirements during 2024:
Principal
(In Millions)		Interest Rate (%)Retirement DateMaturity Date
CMS Energy, parent only
Senior notes$250 3.875 January 2024March 2024
Total CMS Energy, parent only$250 
Consumers
First mortgage bonds1
$250 3.125 September 2024August 2024
First mortgage bonds52 3.190 December 2024December 2024
Total Consumers$302 
Total CMS Energy$552 
1First mortgage bonds were repaid the first business day following the maturity date, which did not fall on a business day.
Schedule of Debt Maturities
Debt Maturities: At December 31, 2024, the aggregate annual maturities for long-term debt for the next five years, based on stated maturities or earlier put dates, were:
In Millions
20252026202720282029
CMS Energy, including Consumers
Long-term debt
CMS Energy, parent only$740 $300 $625 $800 $— 
NorthStar Clean Energy— — 150 — — 
Consumers
452 237 263 843 1,256 
Total CMS Energy1
$1,192 $537 $1,038 $1,643 $1,256 
NorthStar Clean Energy, including subsidiaries
Long-term debt$— $— $150 $— $— 
Consumers
Long-term debt$452 $237 $263 $843 $1,256 
Schedule of Revolving Credit Facilities The following credit facilities with banks were available at December 31, 2024:
In Millions
Expiration DateAmount of FacilityAmount BorrowedLetters of Credit OutstandingAmount Available
CMS Energy, parent only
December 14, 20271
$550 $— $31 $519 
September 30, 2025
50 — 50 — 
NorthStar Clean Energy, including subsidiaries
May 7, 20272
$150 $150 $— $— 
September 25, 20253
37 — 37 — 
Consumers4
December 14, 2027
$1,100 $— $28 $1,072 
November 18, 2025
250 — 58 192 
1There were no borrowings under this facility during the year ended December 31, 2024.
2Obligations under this facility are secured by certain pledged equity interests in subsidiaries of NorthStar Clean Energy; under the terms of this facility, the interests may not be sold by NorthStar Clean Energy unless there is an agreed-upon substitution for the pledged equity interests. At December 31, 2024, the net book value of the pledged equity interests was $396 million. Also under the terms of this facility, NorthStar Clean Energy may be restricted from remitting cash dividends to CMS Energy in the event of default.
3This letter of credit facility is available to Aviator Wind Equity Holdings. For more information regarding Aviator Wind Equity Holdings, see Note 18, Variable Interest Entities.
4Obligations under these facilities are secured by first mortgage bonds of Consumers. There were no borrowings under these facilities during the year ended December 31, 2024.
Schedule of Supplier Finance Program Presented in the following table is the activity under NorthStar Clean Energy’s supplier financing program during the year ended December 31, 2024:
In Millions
Year Ended December 312024
Balance of payables under suppler financing program at beginning of period$—
Payables confirmed22 
Balance of payables under suppler financing program at end of period$22 
Schedule of Forward Contracts Indexed to Issuer's Equity
Presented in the following table are details of CMS Energy’s forward sales contracts under its current equity offering program at December 31, 2024:
Forward Price Per Share
Contract DateMaturity DateNumber of SharesInitialDecember 31, 2024
December 16, 2024November 27, 2025400,581$69.43 $69.53 
Schedule of Preferred Stock Presented in the following table are details of CMS Energy’s Series C preferred stock at December 31, 2024 and 2023:
Depositary Share Par Value Depositary Share Optional Redemption PriceNumber of Depositary Shares AuthorizedNumber of Depositary Shares Outstanding
Cumulative, redeemable perpetual$25 $25 9,200,000 9,200,000 
Consumers Energy Company  
Debt Instrument [Line Items]  
Summary of Long-Term Debt
Presented in the following table is Consumers’ long-term debt at December 31:
In Millions, Except Interest Rate and Maturity
Interest Rate
(%)		Maturity20242023
Consumers
First mortgage bonds
3.125 2024$— $250 
3.190 2024— 52 
5.240 2026115 115 
3.680 2027100 100 
3.390 202735 35 
4.650 2028425 425 
3.800 2028300 300 
4.900 2029500 500 
5.070 202950 50 
4.600 2029600 — 
4.700 2030700 — 
5.170 203295 95 
3.600 2032350 350 
3.180 2032100 100 
4.625 2033700 700 
5.800 2035175 175 
5.380 2037140 140 
3.520 2037335 335 
4.010 2038215 215 
6.170 204050 50 
4.970 204050 50 
4.310 2042263 263 
3.950 2043425 425 
4.100 2045250 250 
3.250 2046450 450 
3.950 2047350 350 
4.050 2048550 550 
4.350 2049550 550 
3.750 2050300 300 
3.100 2050550 550 
3.500 2051575 575 
2.650 2052300 300 
4.200 2052450 450 
3.860 205250 50 
4.280 2057185 185 
2.500 2060525 525 
4.350 2064250 250 
variable
1
206976 76 
variable
1
2070134 134 
variable
1
2070127 127 
$11,395 $10,397 
In Millions, Except Interest Rate and Maturity
Interest Rate
(%)		Maturity20242023
Tax-exempt revenue bonds0.875 
2
2035$35 $35 
3.350 
3
204975 75 
$110 $110 
2014 Securitization bonds3.528 
4
2029
5
$112 $141 
2023 Securitization bonds5.322 
6
2028-2031
5
588 646 
$700 $787 
Total principal amount outstanding$12,205 $11,294 
Current amounts(452)(725)
Long-term debt – related parties7 principal amount outstanding
2043-2060(835)(431)
Unamortized discounts(27)(28)
Unamortized issuance costs(73)(73)
Total long-term debt$10,818 $10,037 
1The variable-rate bonds bear interest quarterly at a rate of three‑month SOFR minus 0.038 percent, subject to a zero‑percent floor. At December 31, 2024, the interest rates were 4.320 percent for bonds due September 2069, 4.483 percent for bonds due May 2070, and 4.551 percent for bonds due October 2070. The interest rate for the variable-rate bonds at December 31, 2023 were 5.346 percent, 5.329 percent, and 5.368 percent, respectively. The holders of these variable-rate bonds may put them to Consumers for redemption on certain dates prior to their stated maturity, including dates within one year of December 31, 2024.
2The interest rate on these tax-exempt revenue bonds will reset on October 8, 2026.
3The interest rate on these tax‑exempt revenue bonds will reset on October 1, 2027.
4The weighted-average interest rate for Consumers’ securitization bonds issued through its subsidiary, Consumers 2014 Securitization Funding, was 3.528 percent at December 31, 2024 and 3.421 percent at December 31, 2023.
5Principal and interest payments are made semiannually.
6The weighted-average interest rate for Consumers’ securitization bonds issued through its subsidiary, Consumers 2023 Securitization Funding, was 5.322 percent at December 31, 2024 and 5.342 percent at December 31, 2023.
7Long-term debt – related parties reflects Consumers’ outstanding debt held by its parent as a result of CMS Energy’s repurchase of Consumers’ first mortgage bonds. Unamortized discounts associated with the repurchase of Consumers’ first mortgage bonds were $5 million at December 31, 2024 and $3 million at December 31, 2023. Unamortized issuance costs were $7 million at December 31, 2024 and $4 million at December 31, 2023.
Schedule of Major Long-Term Debt Issuances and Retirements Presented in the following table is a summary of major long-term debt issuances during 2024:
Principal
(In Millions)		Interest Rate (%)Issuance DateMaturity Date
CMS Energy, parent only
Term loan credit agreement$400 variableSeptember 2024September 2025
Term loan credit agreement1
90 variableDecember 2024December 2025
Total CMS Energy, parent only$490 
Consumers
First mortgage bonds$600 4.600 January 2024May 2029
First mortgage bonds700 4.700 August 2024January 2030
Total Consumers$1,300 
Total CMS Energy$1,790 
1In December 2024, CMS Energy entered into a $200 million unsecured term loan credit agreement and borrowed $90 million. In January 2025, CMS Energy borrowed an additional $70 million bearing an interest rate of 5.206 percent.
Schedule of Debt Maturities
Debt Maturities: At December 31, 2024, the aggregate annual maturities for long-term debt for the next five years, based on stated maturities or earlier put dates, were:
In Millions
20252026202720282029
CMS Energy, including Consumers
Long-term debt
CMS Energy, parent only$740 $300 $625 $800 $— 
NorthStar Clean Energy— — 150 — — 
Consumers
452 237 263 843 1,256 
Total CMS Energy1
$1,192 $537 $1,038 $1,643 $1,256 
NorthStar Clean Energy, including subsidiaries
Long-term debt$— $— $150 $— $— 
Consumers
Long-term debt$452 $237 $263 $843 $1,256 
Schedule of Revolving Credit Facilities The following credit facilities with banks were available at December 31, 2024:
In Millions
Expiration DateAmount of FacilityAmount BorrowedLetters of Credit OutstandingAmount Available
CMS Energy, parent only
December 14, 20271
$550 $— $31 $519 
September 30, 2025
50 — 50 — 
NorthStar Clean Energy, including subsidiaries
May 7, 20272
$150 $150 $— $— 
September 25, 20253
37 — 37 — 
Consumers4
December 14, 2027
$1,100 $— $28 $1,072 
November 18, 2025
250 — 58 192 
1There were no borrowings under this facility during the year ended December 31, 2024.
2Obligations under this facility are secured by certain pledged equity interests in subsidiaries of NorthStar Clean Energy; under the terms of this facility, the interests may not be sold by NorthStar Clean Energy unless there is an agreed-upon substitution for the pledged equity interests. At December 31, 2024, the net book value of the pledged equity interests was $396 million. Also under the terms of this facility, NorthStar Clean Energy may be restricted from remitting cash dividends to CMS Energy in the event of default.
3This letter of credit facility is available to Aviator Wind Equity Holdings. For more information regarding Aviator Wind Equity Holdings, see Note 18, Variable Interest Entities.
4Obligations under these facilities are secured by first mortgage bonds of Consumers. There were no borrowings under these facilities during the year ended December 31, 2024.
Schedule of Preferred Stock Presented in the following table are details of Consumers’ preferred stock at December 31, 2024 and 2023:
Par ValueOptional Redemption PriceNumber of Shares AuthorizedNumber of Shares Outstanding
Cumulative, with no mandatory redemption
$100 $110 7,500,000 373,148 
NorthStar Clean Energy  
Debt Instrument [Line Items]  
Schedule of Supplier Finance Program Presented in the following table is the activity under NorthStar Clean Energy’s supplier financing program during the year ended December 31, 2024:
In Millions
Year Ended December 312024
Balance of payables under suppler financing program at beginning of period$—
Payables confirmed22 
Balance of payables under suppler financing program at end of period$22