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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 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
| September 30 2025 | December 31 2024 |  | September 30 2025 | December 31 2024
Assets 1 |  |  |  |  |  |  |  |  |
Cash equivalents |  | $ | 75 |  |  | $ | 27 |  |  |  | $ | — |  |  | $ | — |
Restricted cash equivalents |  | 70 |  |  | 75 |  |  |  | 69 |  |  | 75 |
Nonqualified deferred compensation plan assets |  | 35 |  |  | 34 |  |  |  | 27 |  |  | 25 |
Derivative instruments |  | 3 |  |  | 2 |  |  |  | 3 |  |  | 2 |
Total assets |  | $ | 183 |  |  | $ | 138 |  |  |  | $ | 99 |  |  | $ | 102 |
Liabilities 1 |  |  |  |  |  |  |  |  |
Nonqualified deferred compensation plan liabilities |  | $ | 35 |  |  | $ | 34 |  |  |  | $ | 27 |  |  | $ | 25 |
Derivative instruments |  | 4 |  |  | — |  |  |  | — |  |  | — |
Total liabilities |  | $ | 39 |  |  | $ | 34 |  |  |  | $ | 27 |  |  | $ | 25 |
1 All 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
| September 30 2025 | December 31 2024 |  | September 30 2025 | December 31 2024
Assets 1 |  |  |  |  |  |  |  |  |
Cash equivalents |  | $ | 75 |  |  | $ | 27 |  |  |  | $ | — |  |  | $ | — |
Restricted cash equivalents |  | 70 |  |  | 75 |  |  |  | 69 |  |  | 75 |
Nonqualified deferred compensation plan assets |  | 35 |  |  | 34 |  |  |  | 27 |  |  | 25 |
Derivative instruments |  | 3 |  |  | 2 |  |  |  | 3 |  |  | 2 |
Total assets |  | $ | 183 |  |  | $ | 138 |  |  |  | $ | 99 |  |  | $ | 102 |
Liabilities 1 |  |  |  |  |  |  |  |  |
Nonqualified deferred compensation plan liabilities |  | $ | 35 |  |  | $ | 34 |  |  |  | $ | 27 |  |  | $ | 25 |
Derivative instruments |  | 4 |  |  | — |  |  |  | — |  |  | — |
Total liabilities |  | $ | 39 |  |  | $ | 34 |  |  |  | $ | 27 |  |  | $ | 25 |
1 All assets and liabilities were classified as Level 1 with the exception of derivative contracts, which were classified as Level 2 and 3.

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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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