Retirement Benefits

3 Months Ended

Mar. 31, 2025

Defined Benefit Plan Disclosure [Line Items]

Retirement Benefits

Retirement Benefits

CMS Energy and Consumers provide pension, OPEB, and other retirement benefits to eligible employees under a number of different plans.

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					OPEB Plan
Three Months Ended March 31	2025		2024			2025			2024
CMS Energy, including Consumers
Net periodic credit
Service cost	$	6		$	7		$	2		$	3
Interest cost	27			26			11			11
Expected return on plan assets	(57)			(59)			(28)			(29)
Amortization of:
Net loss	3			3			1			1
Prior service cost (credit)	1			1			(9)			(8)
Settlement loss	3			3			—			—
Net periodic credit	$	(17)		$	(19)		$	(23)		$	(22)
Consumers
Net periodic credit
Service cost	$	6		$	7		$	2		$	3
Interest cost	26			24			10			10
Expected return on plan assets	(54)			(55)			(26)			(27)
Amortization of:
Net loss	2			3			1			1
Prior service cost (credit)	1			1			(8)			(7)
Settlement loss	3			3			—			—
Net periodic credit	$	(16)		$	(17)		$	(21)		$	(20)

In Consumers’ electric and gas rate cases, the MPSC approved a mechanism allowing Consumers to defer for future recovery or refund pension and OPEB expenses above or below the amounts used to set existing rates. Amounts deferred will be collected from or refunded to customers over ten years. At March 31, 2025, CMS Energy, including Consumers, had deferred $1 million of pension credits and $4 million of OPEB credits under this mechanism related to 2025 expense. At March 31, 2024, CMS Energy, including Consumers, had deferred $5 million of pension credits and less than $1 million of OPEB costs under this mechanism related to 2024 expense.

Consumers Energy Company

Defined Benefit Plan Disclosure [Line Items]

Retirement Benefits

Retirement Benefits

CMS Energy and Consumers provide pension, OPEB, and other retirement benefits to eligible employees under a number of different plans.

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					OPEB Plan
Three Months Ended March 31	2025		2024			2025			2024
CMS Energy, including Consumers
Net periodic credit
Service cost	$	6		$	7		$	2		$	3
Interest cost	27			26			11			11
Expected return on plan assets	(57)			(59)			(28)			(29)
Amortization of:
Net loss	3			3			1			1
Prior service cost (credit)	1			1			(9)			(8)
Settlement loss	3			3			—			—
Net periodic credit	$	(17)		$	(19)		$	(23)		$	(22)
Consumers
Net periodic credit
Service cost	$	6		$	7		$	2		$	3
Interest cost	26			24			10			10
Expected return on plan assets	(54)			(55)			(26)			(27)
Amortization of:
Net loss	2			3			1			1
Prior service cost (credit)	1			1			(8)			(7)
Settlement loss	3			3			—			—
Net periodic credit	$	(16)		$	(17)		$	(21)		$	(20)

In Consumers’ electric and gas rate cases, the MPSC approved a mechanism allowing Consumers to defer for future recovery or refund pension and OPEB expenses above or below the amounts used to set existing rates. Amounts deferred will be collected from or refunded to customers over ten years. At March 31, 2025, CMS Energy, including Consumers, had deferred $1 million of pension credits and $4 million of OPEB credits under this mechanism related to 2025 expense. At March 31, 2024, CMS Energy, including Consumers, had deferred $5 million of pension credits and less than $1 million of OPEB costs under this mechanism related to 2024 expense.