v3.25.4

Leases (Tables)

12 Months Ended

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 assets1						$	22					$	24								$	18					$	20
Lease liabilities
Current lease liabilities2						3						3									3						3
Non-current lease liabilities3						19						21									15						17
Finance leases
Right-of-use assets						140						119									90						76
Lease liabilities4
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 leases5						5.9		%				5.8		%							4.9		%				4.8		%

1CMS Energy’s and Consumers’ operating right-of-use lease assets are reported as other non‑current assets on their consolidated balance sheets.

2The current portion of CMS Energy’s and Consumers’ operating lease liabilities are reported as other current liabilities on their consolidated balance sheets.

3The non‑current portion of CMS Energy’s and Consumers’ operating lease liabilities are reported as other non‑current liabilities on their consolidated balance sheets.

4Includes related-party lease liabilities of $22 million, of which $1 million was current, at December 31, 2025 and 2024.

5This 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 assets1						$	22					$	24								$	18					$	20
Lease liabilities
Current lease liabilities2						3						3									3						3
Non-current lease liabilities3						19						21									15						17
Finance leases
Right-of-use assets						140						119									90						76
Lease liabilities4
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 leases5						5.9		%				5.8		%							4.9		%				4.8		%

1CMS Energy’s and Consumers’ operating right-of-use lease assets are reported as other non‑current assets on their consolidated balance sheets.

2The current portion of CMS Energy’s and Consumers’ operating lease liabilities are reported as other current liabilities on their consolidated balance sheets.

3The non‑current portion of CMS Energy’s and Consumers’ operating lease liabilities are reported as other non‑current liabilities on their consolidated balance sheets.

4Includes related-party lease liabilities of $22 million, of which $1 million was current, at December 31, 2025 and 2024.

5This 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

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