v3.25.4

Leases (Summary of Lease Right-of-Use Assets and Liabilities) (Details) - USD ($) $ in Millions | Dec. 31, 2025 | Dec. 31, 2024
--- | --- | ---
Lessor, Lease, Description [Line Items] |  |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Other | Other
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other current liabilities | Other current liabilities
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other non‑current liabilities | Other non‑current liabilities
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Plant, property, and equipment, net | Plant, property, and equipment, net
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Current portion of long-term debt and finance leases | Current portion of long-term debt and finance leases
Operating leases |  |
Right-of-use assets | $ 22 | $ 24
Lease liabilities |  |
Current lease liabilities | 3 | 3
Noncurrent lease liabilities | 19 | 21
Finance leases |  |
Right-of-use assets | 140 | 119
Lease liabilities |  |
Current lease liabilities | 6 | 4
Non-current lease liabilities | $ 135 | $ 112
Weighted-average remaining lease term (in years) |  |
Operating leases | 20 years | 20 years
Finance leases | 24 years | 26 years
Weighted-average discount rate |  |
Operating leases | 5.30% | 5.30%
Finance leases | 5.90% | 5.80%
Finance lease liability | $ 141 |
Consumers Energy Company |  |
Operating leases |  |
Right-of-use assets | 18 | $ 20
Lease liabilities |  |
Current lease liabilities | 3 | 3
Noncurrent lease liabilities | 15 | 17
Finance leases |  |
Right-of-use assets | 90 | 76
Lease liabilities |  |
Current lease liabilities | 6 | 4
Non-current lease liabilities | $ 81 | $ 69
Weighted-average remaining lease term (in years) |  |
Operating leases | 20 years | 19 years
Finance leases | 19 years | 22 years
Weighted-average discount rate |  |
Operating leases | 5.40% | 5.40%
Finance leases | 4.90% | 4.80%
Finance lease liability | $ 87 |
Related Party Lease |  |
Lease liabilities |  |
Current lease liabilities | 1 | $ 1
Weighted-average discount rate |  |
Finance lease liability | $ 22 | $ 22

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