CMS Energy Corporation Consolidated Balance Sheets (Unaudited) - 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
Plant, Property, and Equipment
Plant, property, and equipment, gross	35,281	34,932
Less accumulated depreciation and amortization	9,798	9,569
Plant, property, and equipment, net	25,483	25,363
Construction work in progress	2,420	2,098
Total plant, property, and equipment	27,903	27,461
Other Non‑current Assets
Regulatory assets	3,543	3,569
Accounts receivable	20	20
Investments	71	69
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 redeemable perpetual preferred stock	224	224
Total stockholders’ equity	8,335	8,230
Noncontrolling interests	588	518
Total equity	8,923	8,748
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 Assets
Accounts receivable – related parties	12	14
Current Liabilities
Accounts payable	$ 8	$ 8