XML 52 R31.htm IDEA: XBRL DOCUMENT
v3.25.2

Financings and Capitalization (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2025
Debt Instrument [Line Items] |
Schedule of Major Long-Term Debt Issuances and Retirements | Presented in the following table is a summary of major long-term debt issuances during the six months ended June 30, 2025:
| Principal (In Millions) | Interest Rate (%) | Issuance Date | Maturity Date
CMS Energy, parent only |  |  |  |  |
Junior subordinated notes 1 |  | $ | 1,000 |  | 6.500 |  | February 2025 | June 2055
Term loan credit agreement |  | 110 |  | variable | February 2025 | December 2025
Total CMS Energy, parent only |  | $ | 1,110 |  |  |  |
NorthStar Clean Energy, including subsidiaries |  |  |  |  |
Construction financing agreement 2 |  | $ | 132 |  | variable | February 2025 | Five years after conversion date 2
Total NorthStar Clean Energy, including subsidiaries |  | $ | 132 |  |  |  |
Consumers |  |  |  |  |
First mortgage bonds |  | $ | 500 |  | 4.500 |  | May 2025 | January 2031
First mortgage bonds |  | 625 |  | 5.050 |  | May 2025 | May 2035
Total Consumers |  | $ | 1,125 |  |  |  |
Total CMS Energy |  | $ | 2,367 |  |  |  |
1 These unsecured obligations rank subordinate and junior in right of payment to all of CMS Energy’s existing and future senior indebtedness. On June 1, 2035, and every five years thereafter, the notes will reset to an interest rate equal to the five-year treasury rate plus 1.961 percent. 2 At completion of project construction, scheduled for the first half of 2026, these financings will convert into a term loan that will mature five years after the conversion date. Presented in the following table is a summary of major long-term debt retirements during the six months ended June 30, 2025:
| Principal (In Millions) | Interest Rate (%) | Retirement Date | Maturity Date
CMS Energy, parent only |  |  |  |  |
Term loan credit agreement |  | $ | 400 |  | variable | February 2025 | September 2025
Term loan credit agreement |  | 200 |  | variable | February 2025 | December 2025
Total CMS Energy, parent only |  | $ | 600 |  |  |  |
Total CMS Energy |  | $ | 600 |  |  |  |
Schedule of Revolving Credit Facilities | The following credit facilities with banks were available at June 30, 2025:
In Millions
Expiration Date | Amount of Facility | Amount Borrowed | Letters of Credit Outstanding | Amount Available
CMS Energy, parent only |  |  |  |  |  |  |  |
December 14, 2027 1 |  | $ | 550 |  |  | $ | — |  |  | $ | 38 |  |  | $ | 512 |
September 30, 2025 |  | 50 |  |  | — |  |  | 50 |  |  | — |
NorthStar Clean Energy, including subsidiaries |  |  |  |  |  |  |  |
May 30, 2028 2 |  | $ | 250 |  |  | $ | 160 |  |  | $ | — |  |  | $ | 90 |
September 25, 2025 3 |  | 37 |  |  | — |  |  | 37 |  |  | — |
Upon completion of construction project 4 |  | 19 |  |  | — |  |  | 12 |  |  | 7 |
Consumers 5 |  |  |  |  |  |  |  |
December 14, 2027 |  | $ | 1,100 |  |  | $ | — |  |  | $ | 10 |  |  | $ | 1,090 |
November 18, 2025 |  | 250 |  |  | — |  |  | 72 |  |  | 178 |
March 31, 2028 |  | 50 |  |  | — |  |  | 24 |  |  | 26 |
1 There were no borrowings under this facility during the six months ended June 30, 2025. 2 Obligations under this facility are secured by certain pledged equity interests in subsidiaries of NorthStar Clean Energy; under the terms of this facility, the interests may not be sold by NorthStar Clean Energy unless there is an agreed-upon substitution for the pledged equity interests. At June 30, 2025, the net book value of the pledged equity interests was $505 million. Also under the terms of this facility, NorthStar Clean Energy may be restricted from remitting cash dividends to CMS Energy in the event of default. 3 This letter of credit facility is available to Aviator Wind Equity Holdings. For more information regarding Aviator Wind Equity Holdings, see Note 11, Variable Interest Entities. 4 The letter of credit facility is available to certain subsidiaries of NorthStar Clean Energy. The letter of credit facility will expire upon completion of project construction scheduled for the first half of 2026. 5 Obligations under these facilities are secured by first mortgage bonds of Consumers. There were no borrowings under these facilities during the six months ended June 30, 2025.
Schedule of Forward Contracts Indexed to Issuer's Equity | Presented in the following table are details of CMS Energy’s forward sales contracts under its current equity offering program at June 30, 2025:
|  |  | Forward Price Per Share
Contract Date | Maturity Date | Number of Shares | Initial | June 30, 2025
December 16, 2024 | November 27, 2025 | 400,581 |  | $ | 69.43 |  |  | $ | 69.76 |
February 25, 2025 | May 11, 2026 | 757,686 |  | 70.11 |  |  | 70.48 |
March 14, 2025 | June 15, 2026 | 551,166 |  | 72.99 |  |  | 73.25 |
June 13, 2025 | April 28, 2026 | 1,094,643 |  | 71.70 |  |  | 71.80 |
June 16, 2025 | September 16, 2026 | 2,150,000 |  | 69.30 |  |  | 69.39 |
Consumers Energy Company |
Debt Instrument [Line Items] |
Schedule of Major Long-Term Debt Issuances and Retirements | Presented in the following table is a summary of major long-term debt issuances during the six months ended June 30, 2025:
| Principal (In Millions) | Interest Rate (%) | Issuance Date | Maturity Date
CMS Energy, parent only |  |  |  |  |
Junior subordinated notes 1 |  | $ | 1,000 |  | 6.500 |  | February 2025 | June 2055
Term loan credit agreement |  | 110 |  | variable | February 2025 | December 2025
Total CMS Energy, parent only |  | $ | 1,110 |  |  |  |
NorthStar Clean Energy, including subsidiaries |  |  |  |  |
Construction financing agreement 2 |  | $ | 132 |  | variable | February 2025 | Five years after conversion date 2
Total NorthStar Clean Energy, including subsidiaries |  | $ | 132 |  |  |  |
Consumers |  |  |  |  |
First mortgage bonds |  | $ | 500 |  | 4.500 |  | May 2025 | January 2031
First mortgage bonds |  | 625 |  | 5.050 |  | May 2025 | May 2035
Total Consumers |  | $ | 1,125 |  |  |  |
Total CMS Energy |  | $ | 2,367 |  |  |  |
1 These unsecured obligations rank subordinate and junior in right of payment to all of CMS Energy’s existing and future senior indebtedness. On June 1, 2035, and every five years thereafter, the notes will reset to an interest rate equal to the five-year treasury rate plus 1.961 percent. 2 At completion of project construction, scheduled for the first half of 2026, these financings will convert into a term loan that will mature five years after the conversion date.
Schedule of Revolving Credit Facilities | The following credit facilities with banks were available at June 30, 2025:
In Millions
Expiration Date | Amount of Facility | Amount Borrowed | Letters of Credit Outstanding | Amount Available
CMS Energy, parent only |  |  |  |  |  |  |  |
December 14, 2027 1 |  | $ | 550 |  |  | $ | — |  |  | $ | 38 |  |  | $ | 512 |
September 30, 2025 |  | 50 |  |  | — |  |  | 50 |  |  | — |
NorthStar Clean Energy, including subsidiaries |  |  |  |  |  |  |  |
May 30, 2028 2 |  | $ | 250 |  |  | $ | 160 |  |  | $ | — |  |  | $ | 90 |
September 25, 2025 3 |  | 37 |  |  | — |  |  | 37 |  |  | — |
Upon completion of construction project 4 |  | 19 |  |  | — |  |  | 12 |  |  | 7 |
Consumers 5 |  |  |  |  |  |  |  |
December 14, 2027 |  | $ | 1,100 |  |  | $ | — |  |  | $ | 10 |  |  | $ | 1,090 |
November 18, 2025 |  | 250 |  |  | — |  |  | 72 |  |  | 178 |
March 31, 2028 |  | 50 |  |  | — |  |  | 24 |  |  | 26 |
1 There were no borrowings under this facility during the six months ended June 30, 2025. 2 Obligations under this facility are secured by certain pledged equity interests in subsidiaries of NorthStar Clean Energy; under the terms of this facility, the interests may not be sold by NorthStar Clean Energy unless there is an agreed-upon substitution for the pledged equity interests. At June 30, 2025, the net book value of the pledged equity interests was $505 million. Also under the terms of this facility, NorthStar Clean Energy may be restricted from remitting cash dividends to CMS Energy in the event of default. 3 This letter of credit facility is available to Aviator Wind Equity Holdings. For more information regarding Aviator Wind Equity Holdings, see Note 11, Variable Interest Entities. 4 The letter of credit facility is available to certain subsidiaries of NorthStar Clean Energy. The letter of credit facility will expire upon completion of project construction scheduled for the first half of 2026. 5 Obligations under these facilities are secured by first mortgage bonds of Consumers. There were no borrowings under these facilities during the six months ended June 30, 2025.

X
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8A -Publisher FASB -URI https://asc.fasb.org/1943274/2147480434/815-10-50-8A Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 235 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477314/942-235-S99-2 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480738/235-10-S50-1 Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480738/235-10-S50-4 Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.12-04(a)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-3 Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(f)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1 Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 835 -SubTopic 30 -Name Accounting Standards Codification -Section 55 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482949/835-30-55-8 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B Reference 9: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69B -Publisher FASB -URI https://asc.fasb.org/1943274/2147481568/470-20-55-69B Reference 10: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69C -Publisher FASB -URI https://asc.fasb.org/1943274/2147481568/470-20-55-69C Reference 11: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69E -Publisher FASB -URI https://asc.fasb.org/1943274/2147481568/470-20-55-69E Reference 12: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 69F -Publisher FASB -URI https://asc.fasb.org/1943274/2147481568/470-20-55-69F Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B Reference 15: http://www.xbrl.org/2003/role/exampleRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1B Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1D -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1D -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1D -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1D Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1E Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1F -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F Reference 26: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1F -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F Reference 27: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1F -Subparagraph (b)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F Reference 28: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1F -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1F Reference 29: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147481139/470-20-50-1I Reference 30: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 835 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482925/835-30-45-2 Reference 31: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 835 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482900/835-30-50-1 + Details
Name: | us-gaap_DebtInstrumentLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of information pertaining to short-term and long-debt instruments or arrangements, including but not limited to identification of terms, features, collateral requirements and other information necessary to a fair presentation. + References No definition available. + Details
Name: | us-gaap_ScheduleOfDebtTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of freestanding forward contracts issued by an entity that are indexed to, and potentially settled in an entity's own stock. The disclosure may include, but not be limited to: (i) the forward rate and the number of shares to which the contract is indexed, (ii) the settlement date or dates of the contract, (iii) the issuer's accounting for the contract, (iv) settlement alternatives (if applicable) including who controls the settlement alternatives and the maximum number of shares that could be required to be issued to net share settle the contract (if applicable), (v) the fact that a potentially infinite number of shares may be required to be issued to settle the contract, if a contract does not have a stated fixed or determinable maximum number of shares, and (vi) the contract's current fair value for each settlement alternative and how changes in the price of the issuer's equity instruments affect those settlement amounts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 815 -SubTopic 40 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480237/815-40-50-5 + Details
Name: | us-gaap_ScheduleOfForwardContractsIndexedToIssuersEquityTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of short-term or long-term contractual arrangements with lenders, including letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)(b)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(19)(b)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480566/210-10-S99-1 + Details
Name: | us-gaap_ScheduleOfLineOfCreditFacilitiesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Details
Name: | dei_LegalEntityAxis=cms_ConsumersEnergyCompanyMember
Namespace Prefix: |
Data Type: | na
Balance Type: |
Period Type: |