Financial Instruments

9 Months Ended

Sep. 30, 2024

Financial Instruments [Line Items]

Financial Instruments

Financial Instruments

Presented in the following table are the carrying amounts and fair values, by level within the fair value hierarchy, of CMS Energy’s and Consumers’ financial instruments that are not recorded at fair value. The table excludes cash, cash equivalents, short-term financial instruments, and trade accounts receivable and payable whose carrying amounts approximate their fair values. 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
	September 30, 2024															December 31, 2023
	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		$	9		$	9		$	—		$	—		$	9		$	11		$	11		$	—		$	—		$	11
Liabilities
Long-term debt2		16,051			15,229			1,101			12,096			2,032			15,483			14,305			1,103			11,186			2,016
Long-term payables3		11			11			—			—			11			11			11			—			—			11
Consumers
Assets
Long-term receivables1		$	9		$	9		$	—		$	—		$	9		$	11		$	11		$	—		$	—		$	11
Notes receivable – related party4		95			95			—			—			95			97			97			—			—			97
Liabilities
Long-term debt5		11,427			10,619			—			8,587			2,032			10,762			9,757			—			7,741			2,016
Long-term debt – related party		731			531			—			531			—			424			303			—			303			—
Long-term payables		4			4			—			—			4			5			5			—			—			5

1Includes current portion of long-term accounts receivable and notes receivable of $4 million at September 30, 2024 and $6 million at December 31, 2023.

2Includes current portion of long-term debt of $503 million at September 30, 2024 and $975 million at December 31, 2023.

3Includes current portion of long-term payables of $1 million at September 30, 2024.

4Includes current portion of notes receivable – related party of $7 million at September 30, 2024 and December 31, 2023.

5Includes current portion of long-term debt of $503 million at September 30, 2024 and $725 million at December 31, 2023.

Notes receivable – related party represents Consumers’ portion of the DB SERP demand note payable issued by CMS Energy to the DB SERP rabbi trust. The demand note bears interest at an annual rate of 4.10 percent and has a maturity date of 2028.

Consumers Energy Company

Financial Instruments [Line Items]

Financial Instruments

Financial Instruments

Presented in the following table are the carrying amounts and fair values, by level within the fair value hierarchy, of CMS Energy’s and Consumers’ financial instruments that are not recorded at fair value. The table excludes cash, cash equivalents, short-term financial instruments, and trade accounts receivable and payable whose carrying amounts approximate their fair values. 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
	September 30, 2024															December 31, 2023
	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		$	9		$	9		$	—		$	—		$	9		$	11		$	11		$	—		$	—		$	11
Liabilities
Long-term debt2		16,051			15,229			1,101			12,096			2,032			15,483			14,305			1,103			11,186			2,016
Long-term payables3		11			11			—			—			11			11			11			—			—			11
Consumers
Assets
Long-term receivables1		$	9		$	9		$	—		$	—		$	9		$	11		$	11		$	—		$	—		$	11
Notes receivable – related party4		95			95			—			—			95			97			97			—			—			97
Liabilities
Long-term debt5		11,427			10,619			—			8,587			2,032			10,762			9,757			—			7,741			2,016
Long-term debt – related party		731			531			—			531			—			424			303			—			303			—
Long-term payables		4			4			—			—			4			5			5			—			—			5

1Includes current portion of long-term accounts receivable and notes receivable of $4 million at September 30, 2024 and $6 million at December 31, 2023.

2Includes current portion of long-term debt of $503 million at September 30, 2024 and $975 million at December 31, 2023.

3Includes current portion of long-term payables of $1 million at September 30, 2024.

4Includes current portion of notes receivable – related party of $7 million at September 30, 2024 and December 31, 2023.

5Includes current portion of long-term debt of $503 million at September 30, 2024 and $725 million at December 31, 2023.

Notes receivable – related party represents Consumers’ portion of the DB SERP demand note payable issued by CMS Energy to the DB SERP rabbi trust. The demand note bears interest at an annual rate of 4.10 percent and has a maturity date of 2028.