Consumers Energy Company Consolidated Balance Sheets - USD ($) $ in Millions	Mar. 31, 2025	Dec. 31, 2024
Current Assets
Cash and cash equivalents	$ 465	$ 103
Restricted cash and cash equivalents	61	75
Inventories at average cost
Gas in underground storage	247	435
Materials and supplies	310	299
Generating plant fuel stock	23	35
Deferred property taxes	360	448
Regulatory assets	173	229
Prepayments and other current assets	115	103
Total current assets	2,782	2,790
Other Non‑current Assets
Regulatory assets	3,543	3,569
Accounts and notes receivable – related parties	20	20
Postretirement benefits	1,666	1,627
Other	310	384
Total other non‑current assets	5,610	5,669
Total Assets	36,295	35,920
Current Liabilities
Current portion of long-term debt and finance leases	707	1,195
Notes payable	0	65
Accrued rate refunds	2	38
Accrued interest	168	156
Accrued taxes	474	654
Regulatory liabilities	99	111
Other current liabilities	226	209
Total current liabilities	2,627	3,521
Non‑current Liabilities
Long-term debt	16,148	15,194
Non-current portion of finance leases	111	112
Regulatory liabilities	4,173	4,067
Postretirement benefits	95	96
Asset retirement obligations	725	728
Deferred investment tax credit	121	122
Deferred income taxes	3,002	2,925
Other non‑current liabilities	370	407
Total non‑current liabilities	24,745	23,651
Commitments and Contingencies
Common stockholders’ equity
Common stock	3	3
Other paid-in capital	5,975	6,009
Accumulated other comprehensive loss	(41)	(41)
Retained earnings	2,174	2,035
Total common stockholders’ equity	8,111	8,006
Cumulative preferred stock	224	224
Total stockholders’ equity	8,335	8,230
Total Liabilities and Equity	36,295	35,920
Nonrelated Party
Current Assets
Accounts receivable and accrued revenue, less allowance of $29 in 2025 and $23 in 2024	1,016	1,049
Current Liabilities
Accounts payable	943	1,085
Related Party
Current Liabilities
Accounts payable	8	8
Consumers Energy Company
Current Assets
Cash and cash equivalents	61	44
Restricted cash and cash equivalents	60	75
Inventories at average cost
Gas in underground storage	247	435
Materials and supplies	302	291
Generating plant fuel stock	21	30
Deferred property taxes	360	448
Regulatory assets	173	229
Prepayments and other current assets	94	86
Total current assets	2,310	2,674
Plant, Property, and Equipment
Plant, property, and equipment, gross	33,782	33,434
Less accumulated depreciation and amortization	9,525	9,310
Plant, property, and equipment, net	24,257	24,124
Construction work in progress	1,990	1,766
Total plant, property, and equipment	26,247	25,890
Other Non‑current Assets
Regulatory assets	3,543	3,569
Postretirement benefits	1,550	1,514
Other	262	323
Total other non‑current assets	5,472	5,524
Total Assets	34,029	34,088
Current Liabilities
Current portion of long-term debt and finance leases	458	456
Notes payable	0	65
Accrued rate refunds	2	38
Accrued interest	125	130
Accrued taxes	515	678
Regulatory liabilities	99	111
Other current liabilities	162	185
Total current liabilities	2,209	2,592
Non‑current Liabilities
Non-current portion of finance leases	68	69
Regulatory liabilities	4,173	4,067
Postretirement benefits	69	70
Asset retirement obligations	691	694
Deferred investment tax credit	121	122
Deferred income taxes	3,130	3,053
Other non‑current liabilities	313	349
Total non‑current liabilities	20,164	20,065
Commitments and Contingencies
Common stockholders’ equity
Common stock	841	841
Other paid-in capital	8,324	8,174
Accumulated other comprehensive loss	(11)	(11)
Retained earnings	2,465	2,390
Total common stockholders’ equity	11,619	11,394
Cumulative preferred stock	37	37
Total stockholders’ equity	11,656	11,431
Total Liabilities and Equity	34,029	34,088
Consumers Energy Company | Nonrelated Party
Current Assets
Accounts receivable and accrued revenue, less allowance of $29 in 2025 and $23 in 2024	982	1,019
Other Non‑current Assets
Accounts receivable	26	26
Current Liabilities
Accounts payable	832	917
Non‑current Liabilities
Long-term debt	10,776	10,818
Consumers Energy Company | Related Party
Current Assets
Accounts and notes receivable – related parties	10	17
Other Non‑current Assets
Accounts and notes receivable – related parties	91	92
Current Liabilities
Accounts payable	16	12
Non‑current Liabilities
Long-term debt	$ 823	$ 823