v3.25.2
Financial Instruments
 6 Months Ended
Jun. 30, 2025
Financial Instruments [Line Items]  
Financial Instruments Financial Instruments
Presented in the following table are the carrying amounts and fair values, by level within the fair value hierarchy, of CMS Energy’s and Consumers’ financial instruments that are not recorded at fair value. The table excludes cash, cash equivalents, short-term financial instruments, and trade accounts receivable and payable whose carrying amounts approximate their fair values. For information about assets and liabilities recorded at fair value and for additional details regarding the fair value hierarchy, see Note 4, Fair Value Measurements.
In Millions
June 30, 2025December 31, 2024
Carrying AmountFair ValueCarrying AmountFair Value
TotalLevelTotalLevel
123123
CMS Energy, including Consumers
Assets
Long-term receivables1
$7 $7 $— $— $7 $9 $8 $— $— $8 
Liabilities
Long-term debt2
17,901 16,678 1,981 12,768 1,929 16,386 14,876 1,018 11,952 1,906 
Long-term payables3
8 8 — — 8 9 9 — — 9 
Consumers
Assets
Long-term receivables1
$7 $7 $— $— $7 $9 $8 $— $— $8 
Notes receivable – related party4
92 92 — — 92 94 94 — — 94 
Liabilities
Long-term debt5
12,151 11,067 — 9,138 1,929 11,270 9,940 — 8,034 1,906 
Long-term debt – related party6
1,004 662 — 662 — 823 549 — 549 — 
Long-term payables3 3 — — 3 4 4 — — 4 
1Includes current portion of long-term accounts receivable and notes receivable of $3 million at June 30, 2025 and $4 million at December 31, 2024.
2Includes current portion of long-term debt of $1.1 billion at June 30, 2025 and $1.2 billion at December 31, 2024.
3Includes current portion of long-term payables of $1 million at June 30, 2025 and $2 million at December 31, 2024.
4Includes current portion of notes receivable – related party of $7 million at June 30, 2025 and December 31, 2024.
5Includes current portion of long-term debt of $570 million at June 30, 2025 and $452 million at December 31, 2024.
6For more information on CMS Energy’s repurchases of Consumers’ first mortgage bonds, see Note 3, Financings and Capitalization—CMS Energy’s Purchase of Consumers’ First Mortgage Bonds.
Notes receivable – related party represents Consumers’ portion of the DB SERP demand note payable issued by CMS Energy to the DB SERP rabbi trust. The demand note bears interest at an annual rate of 4.10 percent and has a maturity date of 2028.
Consumers Energy Company  
Financial Instruments [Line Items]  
Financial Instruments Financial Instruments
Presented in the following table are the carrying amounts and fair values, by level within the fair value hierarchy, of CMS Energy’s and Consumers’ financial instruments that are not recorded at fair value. The table excludes cash, cash equivalents, short-term financial instruments, and trade accounts receivable and payable whose carrying amounts approximate their fair values. For information about assets and liabilities recorded at fair value and for additional details regarding the fair value hierarchy, see Note 4, Fair Value Measurements.
In Millions
June 30, 2025December 31, 2024
Carrying AmountFair ValueCarrying AmountFair Value
TotalLevelTotalLevel
123123
CMS Energy, including Consumers
Assets
Long-term receivables1
$7 $7 $— $— $7 $9 $8 $— $— $8 
Liabilities
Long-term debt2
17,901 16,678 1,981 12,768 1,929 16,386 14,876 1,018 11,952 1,906 
Long-term payables3
8 8 — — 8 9 9 — — 9 
Consumers
Assets
Long-term receivables1
$7 $7 $— $— $7 $9 $8 $— $— $8 
Notes receivable – related party4
92 92 — — 92 94 94 — — 94 
Liabilities
Long-term debt5
12,151 11,067 — 9,138 1,929 11,270 9,940 — 8,034 1,906 
Long-term debt – related party6
1,004 662 — 662 — 823 549 — 549 — 
Long-term payables3 3 — — 3 4 4 — — 4 
1Includes current portion of long-term accounts receivable and notes receivable of $3 million at June 30, 2025 and $4 million at December 31, 2024.
2Includes current portion of long-term debt of $1.1 billion at June 30, 2025 and $1.2 billion at December 31, 2024.
3Includes current portion of long-term payables of $1 million at June 30, 2025 and $2 million at December 31, 2024.
4Includes current portion of notes receivable – related party of $7 million at June 30, 2025 and December 31, 2024.
5Includes current portion of long-term debt of $570 million at June 30, 2025 and $452 million at December 31, 2024.
6For more information on CMS Energy’s repurchases of Consumers’ first mortgage bonds, see Note 3, Financings and Capitalization—CMS Energy’s Purchase of Consumers’ First Mortgage Bonds.
Notes receivable – related party represents Consumers’ portion of the DB SERP demand note payable issued by CMS Energy to the DB SERP rabbi trust. The demand note bears interest at an annual rate of 4.10 percent and has a maturity date of 2028.