v3.26.3
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 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
September 30
2026		December 31
2025		September 30
2026		December 31
2025
Assets1
Cash equivalents$88 $154 $— $— 
Restricted cash equivalents102 106 68 86 
Nonqualified deferred compensation plan assets37 36 29 27 
Derivative instruments14 2 2 2 
Total assets$241 $298 $99 $115 
Liabilities1
Nonqualified deferred compensation plan liabilities$37 $36 $29 $27 
Derivative instruments— 3 — — 
Total liabilities$37 $39 $29 $27 
Schedule of Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis
Presented in the following table are CMS Energy’s assets, by level within the fair value hierarchy, reported at fair value on a nonrecurring basis during the three months ended September 30, 2026:
In Millions
Level 1Level 2Level 3
Long-lived assets held for sale$— $— $789 
Equity method investments— — 18 
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
September 30
2026		December 31
2025		September 30
2026		December 31
2025
Assets1
Cash equivalents$88 $154 $— $— 
Restricted cash equivalents102 106 68 86 
Nonqualified deferred compensation plan assets37 36 29 27 
Derivative instruments14 2 2 2 
Total assets$241 $298 $99 $115 
Liabilities1
Nonqualified deferred compensation plan liabilities$37 $36 $29 $27 
Derivative instruments— 3 — — 
Total liabilities$37 $39 $29 $27