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v3.25.3

Financings and Capitalization (Tables) | 9 Months Ended
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Sep. 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 nine months ended September 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 |  | $ | 179 |  | variable | February 2025 | Five years after conversion date 2
Total NorthStar Clean Energy, including subsidiaries |  | $ | 179 |  |  |  |
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 |  | $ | 2,414 |  |  |  |
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 nine months ended September 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 September 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 |  |  | $ | — |  |  | $ | 35 |  |  | $ | 515 |
September 30, 2026 |  | 50 |  |  | — |  |  | 50 |  |  | — |
NorthStar Clean Energy, including subsidiaries |  |  |  |  |  |  |  |
May 30, 2028 2 |  | $ | 250 |  |  | $ | 180 |  |  | $ | 8 |  |  | $ | 62 |
December 25, 2025 3 |  | 37 |  |  | — |  |  | 37 |  |  | — |
Upon completion of construction project 4 |  | 19 |  |  | — |  |  | 12 |  |  | 7 |
Consumers |  |  |  |  |  |  |  |
December 14, 2027 5 |  | $ | 1,100 |  |  | $ | — |  |  | $ | 10 |  |  | $ | 1,090 |
November 18, 2025 5 |  | 250 |  |  | — |  |  | 112 |  |  | 138 |
March 31, 2028 |  | 50 |  |  | — |  |  | 42 |  |  | 8 |
1 There were no borrowings under this facility during the nine months ended September 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 September 30, 2025, the net book value of the pledged equity interests was $515 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 nine months ended September 30, 2025.
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 nine months ended September 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 |  | $ | 179 |  | variable | February 2025 | Five years after conversion date 2
Total NorthStar Clean Energy, including subsidiaries |  | $ | 179 |  |  |  |
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 |  | $ | 2,414 |  |  |  |
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 September 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 |  |  | $ | — |  |  | $ | 35 |  |  | $ | 515 |
September 30, 2026 |  | 50 |  |  | — |  |  | 50 |  |  | — |
NorthStar Clean Energy, including subsidiaries |  |  |  |  |  |  |  |
May 30, 2028 2 |  | $ | 250 |  |  | $ | 180 |  |  | $ | 8 |  |  | $ | 62 |
December 25, 2025 3 |  | 37 |  |  | — |  |  | 37 |  |  | — |
Upon completion of construction project 4 |  | 19 |  |  | — |  |  | 12 |  |  | 7 |
Consumers |  |  |  |  |  |  |  |
December 14, 2027 5 |  | $ | 1,100 |  |  | $ | — |  |  | $ | 10 |  |  | $ | 1,090 |
November 18, 2025 5 |  | 250 |  |  | — |  |  | 112 |  |  | 138 |
March 31, 2028 |  | 50 |  |  | — |  |  | 42 |  |  | 8 |
1 There were no borrowings under this facility during the nine months ended September 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 September 30, 2025, the net book value of the pledged equity interests was $515 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 nine months ended September 30, 2025.

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