v3.26.1
Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2026
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Schedule 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
June 30
2026		December 31
2025		June 30
2026		December 31
2025
Assets1
Cash equivalents$35 $154 $— $— 
Restricted cash equivalents104 106 85 86 
Nonqualified deferred compensation plan assets38 36 29 27 
Derivative instruments3 2 3 2 
Total assets$180 $298 $117 $115 
Liabilities1
Nonqualified deferred compensation plan liabilities$38 $36 $29 $27 
Derivative instruments2 3 — — 
Total liabilities$40 $39 $29 $27 
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]  
Schedule 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
June 30
2026		December 31
2025		June 30
2026		December 31
2025
Assets1
Cash equivalents$35 $154 $— $— 
Restricted cash equivalents104 106 85 86 
Nonqualified deferred compensation plan assets38 36 29 27 
Derivative instruments3 2 3 2 
Total assets$180 $298 $117 $115 
Liabilities1
Nonqualified deferred compensation plan liabilities$38 $36 $29 $27 
Derivative instruments2 3 — — 
Total liabilities$40 $39 $29 $27 
1All assets and liabilities were classified as Level 1 with the exception of derivative contracts, which were classified as Level 2 and 3.