Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

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
	March 31 2025			December 31 2024			March 31 2025			December 31 2024
Assets1
Cash equivalents		$	269		$	27		$	—		$	—
Restricted cash equivalents		61			75			60			75
Nonqualified deferred compensation plan assets		33			34			24			25
Derivative instruments		1			2			1			2
Total assets		$	364		$	138		$	85		$	102
Liabilities1
Nonqualified deferred compensation plan liabilities		$	33		$	34		$	24		$	25
Derivative instruments		3			—			—			—
Total liabilities		$	36		$	34		$	24		$	25

1All assets and liabilities were classified as Level 1 with the exception of derivative contracts, which were classified as Level 2 and 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
	March 31 2025			December 31 2024			March 31 2025			December 31 2024
Assets1
Cash equivalents		$	269		$	27		$	—		$	—
Restricted cash equivalents		61			75			60			75
Nonqualified deferred compensation plan assets		33			34			24			25
Derivative instruments		1			2			1			2
Total assets		$	364		$	138		$	85		$	102
Liabilities1
Nonqualified deferred compensation plan liabilities		$	33		$	34		$	24		$	25
Derivative instruments		3			—			—			—
Total liabilities		$	36		$	34		$	24		$	25

1All assets and liabilities were classified as Level 1 with the exception of derivative contracts, which were classified as Level 2 and 3.