v3.25.4

Leases (Tables) | 12 Months Ended
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Dec. 31, 2025
Leases [Line Items] |
Summary of Lease Right-of-Use Assets and Liabilities | Presented in the following table is information about CMS Energy’s and Consumers’ lease right-of-use assets and lease liabilities:
In Millions, Except as Noted
| CMS Energy, including Consumers |  | Consumers
December 31 | 2025 | 2024 |  | 2025 | 2024
Operating leases |  |  |  |  |  |  |  |  |
Right-of-use assets 1 |  | $ | 22 |  | $ | 24 |  |  | $ | 18 |  | $ | 20
Lease liabilities |  |  |  |  |  |  |  |  |
Current lease liabilities 2 |  | 3 |  | 3 |  |  | 3 |  | 3
Non-current lease liabilities 3 |  | 19 |  | 21 |  |  | 15 |  | 17
Finance leases |  |  |  |  |  |  |  |  |
Right-of-use assets |  | 140 |  | 119 |  |  | 90 |  | 76
Lease liabilities 4 |  |  |  |  |  |  |  |  |
Current lease liabilities |  | 6 |  | 4 |  |  | 6 |  | 4
Non-current lease liabilities |  | 135 |  | 112 |  |  | 81 |  | 69
Weighted-average remaining lease term (in years) |  |  |  |  |  |  |  |  |
Operating leases |  | 20 |  | 20 |  |  | 20 |  | 19
Finance leases |  | 24 |  | 26 |  |  | 19 |  | 22
Weighted-average discount rate |  |  |  |  |  |  |  |  |
Operating leases |  | 5.3 | % |  | 5.3 | % |  |  | 5.4 | % |  | 5.4 | %
Finance leases 5 |  | 5.9 | % |  | 5.8 | % |  |  | 4.9 | % |  | 4.8 | %
1 CMS Energy’s and Consumers’ operating right-of-use lease assets are reported as other non‑current assets on their consolidated balance sheets. 2 The current portion of CMS Energy’s and Consumers’ operating lease liabilities are reported as other current liabilities on their consolidated balance sheets. 3 The non‑current portion of CMS Energy’s and Consumers’ operating lease liabilities are reported as other non‑current liabilities on their consolidated balance sheets. 4 Includes related-party lease liabilities of $22 million, of which $1 million was current, at December 31, 2025 and 2024. 5 This rate excludes the impact of Consumers’ pipeline agreements and long-term PPAs accounted for as finance leases. The required capacity payments under these agreements, when compared to the underlying fair value of the leased assets, result in effective interest rates that exceed market rates for leases with similar terms.
Schedule of Lease Cost | Presented in the following table is a summary of CMS Energy’s and Consumers’ total lease costs:
In Millions
Years Ended December 31 | 2025 | 2024
CMS Energy, including Consumers |  |  |  |
Operating lease costs |  | $ | 4 |  |  | $ | 6 |
Finance lease costs |  |  |  |
Amortization of right-of-use assets |  | 8 |  |  | 6 |
Interest on lease liabilities |  | 18 |  |  | 16 |
Variable lease costs |  | 115 |  |  | 107 |
Short-term lease costs |  | 25 |  |  | 13 |
Total lease costs |  | $ | 170 |  |  | $ | 148 |
Consumers |  |  |  |
Operating lease costs |  | $ | 4 |  |  | $ | 5 |
Finance lease costs |  |  |  |
Amortization of right-of-use assets |  | 6 |  |  | 5 |
Interest on lease liabilities |  | 14 |  |  | 13 |
Variable lease costs |  | 115 |  |  | 107 |
Short-term lease costs |  | 24 |  |  | 12 |
Total lease costs |  | $ | 163 |  |  | $ | 142 |
Presented in the following table is supplemental cash flow information related to CMS Energy’s and Consumers’ lease liabilities:
In Millions
Years Ended December 31 | 2025 | 2024
CMS Energy, including Consumers |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |
Cash used in operating activities for operating leases |  | $ | 4 |  |  | $ | 6 |
Cash used in operating activities for finance leases |  | 17 |  |  | 15 |
Cash used in financing activities for finance leases |  | 5 |  |  | 6 |
Lease liabilities arising from obtaining right-of-use assets |  |  |  |
Operating leases |  | 1 |  |  | 3 |
Finance leases |  | 22 |  |  | 55 |
Consumers |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |
Cash used in operating activities for operating leases |  | $ | 4 |  |  | $ | 5 |
Cash used in operating activities for finance leases |  | 14 |  |  | 13 |
Cash used in financing activities for finance leases |  | 6 |  |  | 5 |
Lease liabilities arising from obtaining right-of-use assets |  |  |  |
Operating leases |  | 1 |  |  | 1 |
Finance leases |  | 22 |  |  | 34 |
Summary of Minimum Annual Rental Commitments | Presented in the following table are the minimum rental commitments under CMS Energy’s and Consumers’ non‑cancelable leases:
In Millions
|  |  | Finance Leases
December 31, 2025 | Operating Leases | Pipelines and PPAs | Land and Other | Total
CMS Energy, including Consumers |  |  |  |  |  |  |  |
2026 |  | $ | 4 |  |  | $ | 17 |  |  | $ | 6 |  |  | $ | 23 |
2027 |  | 2 |  |  | 17 |  |  | 6 |  |  | 23 |
2028 |  | 2 |  |  | 17 |  |  | 5 |  |  | 22 |
2029 |  | 2 |  |  | 17 |  |  | 6 |  |  | 23 |
2030 |  | 1 |  |  | 17 |  |  | 6 |  |  | 23 |
2031 and thereafter |  | 27 |  |  | 2 |  |  | 200 |  |  | 202 |
Total minimum lease payments |  | $ | 38 |  |  | $ | 87 |  |  | $ | 229 |  |  | $ | 316 |
Less discount |  | 16 |  |  | 42 |  |  | 133 |  |  | 175 |
Present value of minimum lease payments |  | $ | 22 |  |  | $ | 45 |  |  | $ | 96 |  |  | $ | 141 |
Consumers |  |  |  |  |  |  |  |
2026 |  | $ | 4 |  |  | $ | 17 |  |  | $ | 3 |  |  | $ | 20 |
2027 |  | 2 |  |  | 17 |  |  | 3 |  |  | 20 |
2028 |  | 1 |  |  | 17 |  |  | 2 |  |  | 19 |
2029 |  | 1 |  |  | 17 |  |  | 2 |  |  | 19 |
2030 |  | 1 |  |  | 17 |  |  | 2 |  |  | 19 |
2031 and thereafter |  | 22 |  |  | 2 |  |  | 72 |  |  | 74 |
Total minimum lease payments |  | $ | 31 |  |  | $ | 87 |  |  | $ | 84 |  |  | $ | 171 |
Less discount |  | 13 |  |  | 42 |  |  | 42 |  |  | 84 |
Present value of minimum lease payments |  | $ | 18 |  |  | $ | 45 |  |  | $ | 42 |  |  | $ | 87 |
Consumers Energy Company |
Leases [Line Items] |
Summary of Lease Right-of-Use Assets and Liabilities | Presented in the following table is information about CMS Energy’s and Consumers’ lease right-of-use assets and lease liabilities:
In Millions, Except as Noted
| CMS Energy, including Consumers |  | Consumers
December 31 | 2025 | 2024 |  | 2025 | 2024
Operating leases |  |  |  |  |  |  |  |  |
Right-of-use assets 1 |  | $ | 22 |  | $ | 24 |  |  | $ | 18 |  | $ | 20
Lease liabilities |  |  |  |  |  |  |  |  |
Current lease liabilities 2 |  | 3 |  | 3 |  |  | 3 |  | 3
Non-current lease liabilities 3 |  | 19 |  | 21 |  |  | 15 |  | 17
Finance leases |  |  |  |  |  |  |  |  |
Right-of-use assets |  | 140 |  | 119 |  |  | 90 |  | 76
Lease liabilities 4 |  |  |  |  |  |  |  |  |
Current lease liabilities |  | 6 |  | 4 |  |  | 6 |  | 4
Non-current lease liabilities |  | 135 |  | 112 |  |  | 81 |  | 69
Weighted-average remaining lease term (in years) |  |  |  |  |  |  |  |  |
Operating leases |  | 20 |  | 20 |  |  | 20 |  | 19
Finance leases |  | 24 |  | 26 |  |  | 19 |  | 22
Weighted-average discount rate |  |  |  |  |  |  |  |  |
Operating leases |  | 5.3 | % |  | 5.3 | % |  |  | 5.4 | % |  | 5.4 | %
Finance leases 5 |  | 5.9 | % |  | 5.8 | % |  |  | 4.9 | % |  | 4.8 | %
1 CMS Energy’s and Consumers’ operating right-of-use lease assets are reported as other non‑current assets on their consolidated balance sheets. 2 The current portion of CMS Energy’s and Consumers’ operating lease liabilities are reported as other current liabilities on their consolidated balance sheets. 3 The non‑current portion of CMS Energy’s and Consumers’ operating lease liabilities are reported as other non‑current liabilities on their consolidated balance sheets. 4 Includes related-party lease liabilities of $22 million, of which $1 million was current, at December 31, 2025 and 2024. 5 This rate excludes the impact of Consumers’ pipeline agreements and long-term PPAs accounted for as finance leases. The required capacity payments under these agreements, when compared to the underlying fair value of the leased assets, result in effective interest rates that exceed market rates for leases with similar terms.
Schedule of Lease Cost | Presented in the following table is a summary of CMS Energy’s and Consumers’ total lease costs:
In Millions
Years Ended December 31 | 2025 | 2024
CMS Energy, including Consumers |  |  |  |
Operating lease costs |  | $ | 4 |  |  | $ | 6 |
Finance lease costs |  |  |  |
Amortization of right-of-use assets |  | 8 |  |  | 6 |
Interest on lease liabilities |  | 18 |  |  | 16 |
Variable lease costs |  | 115 |  |  | 107 |
Short-term lease costs |  | 25 |  |  | 13 |
Total lease costs |  | $ | 170 |  |  | $ | 148 |
Consumers |  |  |  |
Operating lease costs |  | $ | 4 |  |  | $ | 5 |
Finance lease costs |  |  |  |
Amortization of right-of-use assets |  | 6 |  |  | 5 |
Interest on lease liabilities |  | 14 |  |  | 13 |
Variable lease costs |  | 115 |  |  | 107 |
Short-term lease costs |  | 24 |  |  | 12 |
Total lease costs |  | $ | 163 |  |  | $ | 142 |
Presented in the following table is supplemental cash flow information related to CMS Energy’s and Consumers’ lease liabilities:
In Millions
Years Ended December 31 | 2025 | 2024
CMS Energy, including Consumers |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |
Cash used in operating activities for operating leases |  | $ | 4 |  |  | $ | 6 |
Cash used in operating activities for finance leases |  | 17 |  |  | 15 |
Cash used in financing activities for finance leases |  | 5 |  |  | 6 |
Lease liabilities arising from obtaining right-of-use assets |  |  |  |
Operating leases |  | 1 |  |  | 3 |
Finance leases |  | 22 |  |  | 55 |
Consumers |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |
Cash used in operating activities for operating leases |  | $ | 4 |  |  | $ | 5 |
Cash used in operating activities for finance leases |  | 14 |  |  | 13 |
Cash used in financing activities for finance leases |  | 6 |  |  | 5 |
Lease liabilities arising from obtaining right-of-use assets |  |  |  |
Operating leases |  | 1 |  |  | 1 |
Finance leases |  | 22 |  |  | 34 |
Summary of Minimum Annual Rental Commitments | Presented in the following table are the minimum rental commitments under CMS Energy’s and Consumers’ non‑cancelable leases:
In Millions
|  |  | Finance Leases
December 31, 2025 | Operating Leases | Pipelines and PPAs | Land and Other | Total
CMS Energy, including Consumers |  |  |  |  |  |  |  |
2026 |  | $ | 4 |  |  | $ | 17 |  |  | $ | 6 |  |  | $ | 23 |
2027 |  | 2 |  |  | 17 |  |  | 6 |  |  | 23 |
2028 |  | 2 |  |  | 17 |  |  | 5 |  |  | 22 |
2029 |  | 2 |  |  | 17 |  |  | 6 |  |  | 23 |
2030 |  | 1 |  |  | 17 |  |  | 6 |  |  | 23 |
2031 and thereafter |  | 27 |  |  | 2 |  |  | 200 |  |  | 202 |
Total minimum lease payments |  | $ | 38 |  |  | $ | 87 |  |  | $ | 229 |  |  | $ | 316 |
Less discount |  | 16 |  |  | 42 |  |  | 133 |  |  | 175 |
Present value of minimum lease payments |  | $ | 22 |  |  | $ | 45 |  |  | $ | 96 |  |  | $ | 141 |
Consumers |  |  |  |  |  |  |  |
2026 |  | $ | 4 |  |  | $ | 17 |  |  | $ | 3 |  |  | $ | 20 |
2027 |  | 2 |  |  | 17 |  |  | 3 |  |  | 20 |
2028 |  | 1 |  |  | 17 |  |  | 2 |  |  | 19 |
2029 |  | 1 |  |  | 17 |  |  | 2 |  |  | 19 |
2030 |  | 1 |  |  | 17 |  |  | 2 |  |  | 19 |
2031 and thereafter |  | 22 |  |  | 2 |  |  | 72 |  |  | 74 |
Total minimum lease payments |  | $ | 31 |  |  | $ | 87 |  |  | $ | 84 |  |  | $ | 171 |
Less discount |  | 13 |  |  | 42 |  |  | 42 |  |  | 84 |
Present value of minimum lease payments |  | $ | 18 |  |  | $ | 45 |  |  | $ | 42 |  |  | $ | 87 |

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- Definition Tabular disclosure of lessee's lease cost. Includes, but is not limited to, interest expense for finance lease, amortization of right-of-use asset for finance lease, operating lease cost, short-term lease cost, variable lease cost and sublease income. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478964/842-20-50-4 + Details
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