v3.26.1
Retirement Benefits
 6 Months Ended
Jun. 30, 2026
Defined Benefit Plan Disclosure [Line Items]  
Retirement Benefits Retirement Benefits
CMS Energy and Consumers provide pension, OPEB, and other retirement benefits to eligible employees under a number of different plans.
Costs: Presented in the following table are the costs (credits) and other changes in plan assets and benefit obligations incurred in CMS Energy’s and Consumers’ retirement benefit plans:
In Millions
DB Pension PlansOPEB Plan
Three Months EndedSix Months EndedThree Months EndedSix Months Ended
June 3020262025202620252026202520262025
CMS Energy, including Consumers
Net periodic credit
Service cost$6 $7 $12 $13 $2 $2 $4 $4 
Interest cost25 27 50 54 9 11 19 22 
Expected return on plan assets(59)(57)(119)(114)(31)(28)(62)(56)
Amortization of:
Net loss3 2 7 5 — 1 — 2 
Prior service cost (credit)1 1 2 2 (8)(8)(16)(17)
Settlement loss2 2 5 5 — — — — 
Net periodic credit$(22)$(18)$(43)$(35)$(28)$(22)$(55)$(45)
Consumers
Net periodic credit
Service cost$6 $6 $12 $12 $2 $2 $4 $4 
Interest cost24 25 47 51 9 11 19 21 
Expected return on plan assets(56)(54)(112)(108)(29)(26)(58)(52)
Amortization of:
Net loss3 3 6 5 — 1 — 2 
Prior service cost (credit)1 1 2 2 (8)(9)(16)(17)
Settlement loss2 2 5 5 — — — — 
Net periodic credit$(20)$(17)$(40)$(33)$(26)$(21)$(51)$(42)
In Consumers’ electric and gas rate cases, the MPSC approved a mechanism allowing Consumers to defer for future recovery or refund pension and OPEB expenses above or below the amounts used to set existing rates. Amounts deferred will be collected from or refunded to customers over ten years. At June 30, 2026, CMS Energy, including Consumers, had deferred $4 million of pension credits and $6 million of OPEB credits under this mechanism related to 2026 expense. At June 30, 2025, CMS Energy, including Consumers, had deferred less than $1 million of pension credits and $5 million of OPEB credits under this mechanism related to 2025 expense.
Consumers Energy Company  
Defined Benefit Plan Disclosure [Line Items]  
Retirement Benefits Retirement Benefits
CMS Energy and Consumers provide pension, OPEB, and other retirement benefits to eligible employees under a number of different plans.
Costs: Presented in the following table are the costs (credits) and other changes in plan assets and benefit obligations incurred in CMS Energy’s and Consumers’ retirement benefit plans:
In Millions
DB Pension PlansOPEB Plan
Three Months EndedSix Months EndedThree Months EndedSix Months Ended
June 3020262025202620252026202520262025
CMS Energy, including Consumers
Net periodic credit
Service cost$6 $7 $12 $13 $2 $2 $4 $4 
Interest cost25 27 50 54 9 11 19 22 
Expected return on plan assets(59)(57)(119)(114)(31)(28)(62)(56)
Amortization of:
Net loss3 2 7 5 — 1 — 2 
Prior service cost (credit)1 1 2 2 (8)(8)(16)(17)
Settlement loss2 2 5 5 — — — — 
Net periodic credit$(22)$(18)$(43)$(35)$(28)$(22)$(55)$(45)
Consumers
Net periodic credit
Service cost$6 $6 $12 $12 $2 $2 $4 $4 
Interest cost24 25 47 51 9 11 19 21 
Expected return on plan assets(56)(54)(112)(108)(29)(26)(58)(52)
Amortization of:
Net loss3 3 6 5 — 1 — 2 
Prior service cost (credit)1 1 2 2 (8)(9)(16)(17)
Settlement loss2 2 5 5 — — — — 
Net periodic credit$(20)$(17)$(40)$(33)$(26)$(21)$(51)$(42)
In Consumers’ electric and gas rate cases, the MPSC approved a mechanism allowing Consumers to defer for future recovery or refund pension and OPEB expenses above or below the amounts used to set existing rates. Amounts deferred will be collected from or refunded to customers over ten years. At June 30, 2026, CMS Energy, including Consumers, had deferred $4 million of pension credits and $6 million of OPEB credits under this mechanism related to 2026 expense. At June 30, 2025, CMS Energy, including Consumers, had deferred less than $1 million of pension credits and $5 million of OPEB credits under this mechanism related to 2025 expense.