Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis

Presented in the following table are CMS Energy’s and Consumers’ assets and liabilities recorded at fair value on a recurring basis:

In Millions
	CMS Energy, including Consumers						Consumers
December 31	2024			2023			2024			2023
Assets1
Cash equivalents		$	27		$	18		$	—		$	—
Restricted cash equivalents		75			21			75			21
Nonqualified deferred compensation plan assets		34			30			25			22
Derivative instruments		2			2			2			2
Total assets		$	138		$	71		$	102		$	45
Liabilities1
Nonqualified deferred compensation plan liabilities		$	34		$	30		$	25		$	22
Total liabilities		$	34		$	30		$	25		$	22

1All assets and liabilities were classified as Level 1 with the exception of derivative contracts, which were classified as Level 3.

Consumers Energy Company

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]

Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis

Presented in the following table are CMS Energy’s and Consumers’ assets and liabilities recorded at fair value on a recurring basis:

In Millions
	CMS Energy, including Consumers						Consumers
December 31	2024			2023			2024			2023
Assets1
Cash equivalents		$	27		$	18		$	—		$	—
Restricted cash equivalents		75			21			75			21
Nonqualified deferred compensation plan assets		34			30			25			22
Derivative instruments		2			2			2			2
Total assets		$	138		$	71		$	102		$	45
Liabilities1
Nonqualified deferred compensation plan liabilities		$	34		$	30		$	25		$	22
Total liabilities		$	34		$	30		$	25		$	22

1All assets and liabilities were classified as Level 1 with the exception of derivative contracts, which were classified as Level 3.