v3.25.4
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 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 ConsumersConsumers
December 312025202420252024
Assets1
Cash equivalents$154 $27 $— $— 
Restricted cash equivalents106 75 86 75 
Nonqualified deferred compensation plan assets36 34 27 25 
Derivative instruments2 2 2 2 
Total assets$298 $138 $115 $102 
Liabilities1
Nonqualified deferred compensation plan liabilities$36 $34 $27 $25 
Derivative instruments3 — — — 
Total liabilities$39 $34 $27 $25 
1All 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 ConsumersConsumers
December 312025202420252024
Assets1
Cash equivalents$154 $27 $— $— 
Restricted cash equivalents106 75 86 75 
Nonqualified deferred compensation plan assets36 34 27 25 
Derivative instruments2 2 2 2 
Total assets$298 $138 $115 $102 
Liabilities1
Nonqualified deferred compensation plan liabilities$36 $34 $27 $25 
Derivative instruments3 — — — 
Total liabilities$39 $34 $27 $25 
1All assets and liabilities were classified as Level 1 with the exception of derivative contracts, which were classified as Level 2 and 3.