CMS Energy Corporation Consolidated Balance Sheets - USD ($) $ in Millions	Dec. 31, 2024	Dec. 31, 2023
Current Assets
Cash and cash equivalents	$ 103	$ 227
Restricted cash and cash equivalents	75	21
Inventories at average cost
Gas in underground storage	435	587
Materials and supplies	299	267
Generating plant fuel stock	35	84
Deferred property taxes	448	426
Regulatory assets	229	203
Prepayments and other current assets	103	80
Total current assets	2,790	2,839
Plant, Property, and Equipment
Plant, property, and equipment, gross	34,932	33,135
Less accumulated depreciation and amortization	9,569	9,007
Plant, property, and equipment, net	25,363	24,128
Construction work in progress	2,098	944
Total plant, property, and equipment	27,461	25,072
Other Non‑current Assets
Regulatory assets	3,569	3,683
Accounts receivable	20	22
Investments	69	76
Postretirement benefits	1,627	1,468
Other	384	357
Total other non‑current assets	5,669	5,606
Total Assets	35,920	33,517
Current Liabilities
Current portion of long-term debt and finance leases	1,195	980
Notes payable	65	93
Accrued rate refunds	38	54
Accrued interest	156	142
Accrued taxes	654	612
Regulatory liabilities	111	56
Other current liabilities	209	149
Total current liabilities	3,521	2,895
Non‑current Liabilities
Long-term debt	15,194	14,508
Non-current portion of finance leases	112	62
Regulatory liabilities	4,067	3,894
Postretirement benefits	96	106
Asset retirement obligations	728	771
Deferred investment tax credit	122	126
Deferred income taxes	2,925	2,615
Other non‑current liabilities	407	415
Total non‑current liabilities	23,651	22,497
Commitments and Contingencies
Common stockholders’ equity
Common stock	3	3
Other paid-in capital	6,009	5,705
Accumulated other comprehensive loss	(41)	(46)
Retained earnings	2,035	1,658
Total common stockholders’ equity	8,006	7,320
Cumulative redeemable perpetual preferred stock	224	224
Total stockholders’ equity	8,230	7,544
Noncontrolling interests	518	581
Total equity	8,748	8,125
Total Liabilities and Equity	35,920	33,517
Nonrelated Party
Current Assets
Accounts receivable and accrued revenue, less allowance of $23 in 2024 and $21 in 2023	1,049	933
Current Liabilities
Accounts payable	1,085	802
Related Party
Current Assets
Accounts receivable – related parties	14	11
Current Liabilities
Accounts payable	$ 8	$ 7