Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2025

Financial Instruments [Line Items]

Schedule of Carrying Amounts and Fair Values of Financial Instruments

For information about assets and liabilities recorded at fair value and for additional details regarding the fair value hierarchy, see Note 4, Fair Value Measurements.

In Millions
	March 31, 2025															December 31, 2024
	Carrying Amount			Fair Value												Carrying Amount			Fair Value
				Total			Level												Total			Level
							1			2			3									1			2			3
CMS Energy, including Consumers
Assets
Long-term receivables1		$	8		$	7		$	—		$	—		$	7		$	9		$	8		$	—		$	—		$	8
Liabilities
Long-term debt2		16,852			15,493			1,971			11,598			1,924			16,386			14,876			1,018			11,952			1,906
Long-term payables3		8			8			—			—			8			9			9			—			—			9
Consumers
Assets
Long-term receivables1		$	8		$	7		$	—		$	—		$	7		$	9		$	8		$	—		$	—		$	8
Notes receivable – related party4		93			93			—			—			93			94			94			—			—			94
Liabilities
Long-term debt5		11,230			10,007			—			8,083			1,924			11,270			9,940			—			8,034			1,906
Long-term debt – related party		823			550			—			550			—			823			549			—			549			—
Long-term payables		3			3			—			—			3			4			4			—			—			4

1Includes current portion of long-term accounts receivable and notes receivable of $3 million at March 31, 2025 and $4 million at December 31, 2024.

2Includes current portion of long-term debt of $704 million at March 31, 2025 and $1.2 billion at December 31, 2024.

3Includes current portion of long-term payables of $1 million at March 31, 2025.

4Includes current portion of notes receivable – related party of $7 million at March 31, 2025 and December 31, 2024.

5Includes current portion of long-term debt of $454 million at March 31, 2025 and $452 million at December 31, 2024.

Consumers Energy Company

Financial Instruments [Line Items]

Schedule of Carrying Amounts and Fair Values of Financial Instruments

For information about assets and liabilities recorded at fair value and for additional details regarding the fair value hierarchy, see Note 4, Fair Value Measurements.

In Millions
	March 31, 2025															December 31, 2024
	Carrying Amount			Fair Value												Carrying Amount			Fair Value
				Total			Level												Total			Level
							1			2			3									1			2			3
CMS Energy, including Consumers
Assets
Long-term receivables1		$	8		$	7		$	—		$	—		$	7		$	9		$	8		$	—		$	—		$	8
Liabilities
Long-term debt2		16,852			15,493			1,971			11,598			1,924			16,386			14,876			1,018			11,952			1,906
Long-term payables3		8			8			—			—			8			9			9			—			—			9
Consumers
Assets
Long-term receivables1		$	8		$	7		$	—		$	—		$	7		$	9		$	8		$	—		$	—		$	8
Notes receivable – related party4		93			93			—			—			93			94			94			—			—			94
Liabilities
Long-term debt5		11,230			10,007			—			8,083			1,924			11,270			9,940			—			8,034			1,906
Long-term debt – related party		823			550			—			550			—			823			549			—			549			—
Long-term payables		3			3			—			—			3			4			4			—			—			4

1Includes current portion of long-term accounts receivable and notes receivable of $3 million at March 31, 2025 and $4 million at December 31, 2024.

2Includes current portion of long-term debt of $704 million at March 31, 2025 and $1.2 billion at December 31, 2024.

3Includes current portion of long-term payables of $1 million at March 31, 2025.

4Includes current portion of notes receivable – related party of $7 million at March 31, 2025 and December 31, 2024.

5Includes current portion of long-term debt of $454 million at March 31, 2025 and $452 million at December 31, 2024.