CONSUMERS ENERGY CO, 10-Q filed on 10/31/2024
Quarterly Report
v3.24.3
Cover Page - shares
 9 Months Ended
Sep. 30, 2024
Oct. 14, 2024
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Sep. 30, 2024  
Document Transition Report false  
Entity File Number 1-9513  
Entity Registrant Name CMS ENERGY CORPORATION  
Entity Tax Identification Number 38-2726431  
Entity Incorporation, State or Country Code MI  
Entity Address, Address Line One One Energy Plaza  
Entity Address, City or Town Jackson  
Entity Address, State or Province MI  
Entity Address, Postal Zip Code 49201  
City Area Code 517  
Local Phone Number 788-0550  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   298,784,865
Entity Central Index Key 0000811156  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q3  
Amendment Flag false  
Current Fiscal Year End Date --12-31  
Consumers Energy Company    
Document Information [Line Items]    
Entity File Number 1-5611  
Entity Registrant Name CONSUMERS ENERGY COMPANY  
Entity Tax Identification Number 38-0442310  
Entity Incorporation, State or Country Code MI  
Entity Address, Address Line One One Energy Plaza  
Entity Address, City or Town Jackson  
Entity Address, State or Province MI  
Entity Address, Postal Zip Code 49201  
City Area Code 517  
Local Phone Number 788-0550  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Non-accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   84,108,789
Entity Central Index Key 0000201533  
CMS Energy Corporation Common Stock, $0.01 par value    
Document Information [Line Items]    
Title of 12(b) Security CMS Energy Corporation Common Stock  
Trading Symbol CMS  
Security Exchange Name NYSE  
5.625% Junior Subordinated Notes Due 2078    
Document Information [Line Items]    
Title of 12(b) Security CMS Energy Corporation 5.625% Junior Subordinated Notes due 2078  
Trading Symbol CMSA  
Security Exchange Name NYSE  
5.875% Junior Subordinated Notes Due 2078    
Document Information [Line Items]    
Title of 12(b) Security CMS Energy Corporation 5.875% Junior Subordinated Notes due 2078  
Trading Symbol CMSC  
Security Exchange Name NYSE  
5.875% Junior Subordinated Notes Due 2079    
Document Information [Line Items]    
Title of 12(b) Security CMS Energy Corporation 5.875% Junior Subordinated Notes due 2079  
Trading Symbol CMSD  
Security Exchange Name NYSE  
CMS Energy Corporation Depositary Shares, each representing a 1/1,000th interest in a share of 4.200% Cumulative Redeemable Perpetual Preferred Stock, Series C    
Document Information [Line Items]    
Title of 12(b) Security CMS Energy Corporation Depositary Shares  
Trading Symbol CMS PRC  
Security Exchange Name NYSE  
Consumers Energy Company Cumulative Preferred Stock, $100 par value: $4.50 Series    
Document Information [Line Items]    
Title of 12(b) Security Consumers Energy Company Cumulative Preferred Stock, $100 par value: $4.50 Series  
Trading Symbol CMS-PB  
Security Exchange Name NYSE  
v3.24.3
CMS Energy Corporation Consolidated Statements of Income (Unaudited) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Operating Revenue $ 1,743 $ 1,673 $ 5,526 $ 5,512
Operating Expenses        
Fuel for electric generation 179 162 449 409
Purchased power – related parties 19 21 53 57
Maintenance and other operating expenses 412 447 1,218 1,284
Depreciation and amortization 273 262 914 870
General taxes 99 91 356 330
Total operating expenses 1,376 1,402 4,464 4,683
Operating Income 367 271 1,062 829
Other Income (Expense)        
Non-operating retirement benefits, net 42 45 127 135
Other income 46 34 167 152
Other expense (4) (2) (11) (8)
Total other income 84 77 283 279
Interest Charges        
Interest on long-term debt 176 158 519 454
Allowance for borrowed funds used during construction (5) (1) (11) (2)
Total interest charges 178 164 528 471
Income Before Income Taxes 273 184 817 637
Income Tax Expense 26 11 125 81
Income From Continuing Operations 247 173 692 556
Income From Discontinued Operations, Net of Tax of $— for all periods 0 0 0 1
Net Income 247 173 692 557
Loss Attributable to Noncontrolling Interests (6) (3) (46) (21)
Net Income 253 176 738 578
Preferred Stock Dividends 2 2 7 7
Net Income Available to Common Stockholders $ 251 $ 174 $ 731 $ 571
Basic Earnings Per Average Common Share (in dollars per share) $ 0.84 $ 0.60 $ 2.45 $ 1.96
Diluted Earnings Per Average Common Share (in dollars per share) $ 0.84 $ 0.60 $ 2.45 $ 1.96
Related Party        
Interest Charges        
Other interest expense $ 3 $ 3 $ 9 $ 9
Nonrelated Party        
Interest Charges        
Other interest expense 4 4 11 10
Purchased and interchange power        
Operating Expenses        
Cost of goods and services sold 362 377 1,025 1,060
Cost of gas sold        
Operating Expenses        
Cost of goods and services sold $ 32 $ 42 $ 449 $ 673
v3.24.3
CMS Energy Corporation Consolidated Statements of Income (Unaudited) (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Income Statement [Abstract]        
Tax effect of discontinued operations $ 0 $ 0 $ 0 $ 0
v3.24.3
CMS Energy Corporation Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Statement of Comprehensive Income [Abstract]        
Net Income $ 247 $ 173 $ 692 $ 557
Retirement Benefits Liability        
Net gain arising during the period 0 0 0 1
Amortization of net actuarial loss 0 0 1 1
Amortization of prior service credit 0 0 0 (1)
Other Comprehensive Income 0 0 1 1
Comprehensive Income 247 173 693 558
Comprehensive Loss Attributable to Noncontrolling Interests (6) (3) (46) (21)
Comprehensive Income $ 253 $ 176 $ 739 $ 579
v3.24.3
CMS Energy Corporation Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Statement of Comprehensive Income [Abstract]        
Net gain (loss) arising during the period, tax $ 0 $ 0 $ 0 $ 0
Amortization of prior service credit, tax 0 0 0 0
Amortization of net actuarial loss, tax $ 1 $ 1 $ 1 $ 1
v3.24.3
CMS Energy Corporation Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash Flows from Operating Activities    
Net Income $ 692 $ 557
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 914 870
Deferred income taxes and investment tax credits 103 96
Other non‑cash operating activities and reconciling adjustments (152) (171)
Changes in assets and liabilities    
Accounts receivable and accrued revenue 185 497
Inventories 51 63
Accounts payable and accrued rate refunds 15 (123)
Other current assets and liabilities (3) (56)
Other non‑current assets and liabilities 162 171
Net cash provided by operating activities 1,967 1,904
Cash Flows from Investing Activities    
Cost to retire property and other investing activities (125) (126)
Net cash used in investing activities (2,101) (2,737)
Cash Flows from Financing Activities    
Proceeds from issuance of debt 1,447 2,905
Retirement of debt (789) (1,846)
Increase (decrease) in notes payable (93) 227
Issuance of common stock 283 10
Payment of dividends on common and preferred stock (470) (435)
Proceeds from the sale of membership interest in VIE to tax equity investor 0 17
Other financing costs (25) (43)
Net cash provided by financing activities 353 835
Net Increase in Cash and Cash Equivalents, Including Restricted Amounts 219 2
Cash and Cash Equivalents, Including Restricted Amounts, Beginning of Period 248 182
Cash and Cash Equivalents, Including Restricted Amounts, End of Period 467 184
Non‑cash transactions    
Capital expenditures not paid 387 268
Appliance Service Plan Business    
Cash Flows from Investing Activities    
Proceeds from sale of ASP business 124 0
Capital Expenditures    
Cash Flows from Investing Activities    
Capital expenditures (excludes assets placed under finance lease) (2,100) (1,799)
Covert Plant Acquisition    
Cash Flows from Investing Activities    
Capital expenditures (excludes assets placed under finance lease) $ 0 $ (812)
v3.24.3
CMS Energy Corporation Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Current Assets    
Cash and cash equivalents $ 412 $ 227
Restricted cash and cash equivalents 55 21
Inventories at average cost    
Gas in underground storage 536 587
Materials and supplies 294 267
Generating plant fuel stock 54 84
Deferred property taxes 277 426
Regulatory assets 180 203
Prepayments and other current assets 92 80
Total current assets 2,703 2,839
Plant, Property, and Equipment    
Plant, property, and equipment, gross 34,156 33,135
Less accumulated depreciation and amortization 9,312 9,007
Plant, property, and equipment, net 24,844 24,128
Construction work in progress 1,827 944
Total plant, property, and equipment 26,671 25,072
Other Non‑current Assets    
Regulatory assets 3,560 3,683
Accounts receivable 20 22
Investments 74 76
Postretirement benefits 1,591 1,468
Other 198 357
Total other non‑current assets 5,443 5,606
Total Assets 34,817 33,517
Current Liabilities    
Current portion of long-term debt and finance leases 507 980
Notes payable 0 93
Accrued rate refunds 53 54
Accrued interest 161 142
Accrued taxes 183 612
Regulatory liabilities 120 56
Other current liabilities 213 149
Total current liabilities 2,191 2,895
Non‑current Liabilities    
Long-term debt 15,548 14,508
Non-current portion of finance leases 112 62
Regulatory liabilities 4,075 3,894
Postretirement benefits 102 106
Asset retirement obligations 761 771
Deferred investment tax credit 123 126
Deferred income taxes 2,837 2,615
Other non‑current liabilities 427 415
Total non‑current liabilities 23,985 22,497
Commitments and Contingencies
Common stockholders’ equity    
Common stock 3 3
Other paid-in capital 6,001 5,705
Accumulated other comprehensive loss (45) (46)
Retained earnings 1,928 1,658
Total common stockholders’ equity 7,887 7,320
Cumulative redeemable perpetual preferred stock 224 224
Total stockholders’ equity 8,111 7,544
Noncontrolling interests 530 581
Total equity 8,641 8,125
Total Liabilities and Equity 34,817 33,517
Nonrelated Party    
Current Assets    
Accounts receivable and accrued revenue, less allowance of $22 in 2024 and $21 in 2023 794 933
Current Liabilities    
Accounts payable 947 802
Related Party    
Current Assets    
Accounts receivable – related parties 9 11
Current Liabilities    
Accounts payable $ 7 $ 7
v3.24.3
CMS Energy Corporation Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)
shares in Millions, $ in Millions
Sep. 30, 2024
Dec. 31, 2023
Accounts receivable and accrued revenue, allowance $ 22 $ 21
Common stock authorized (in shares) 350.0 350.0
Common stock outstanding (in shares) 298.8 294.4
Series C Preferred Stock Depositary Shares    
Preferred stock authorized (in shares) 9.2 9.2
Preferred stock outstanding (in shares) 9.2 9.2
v3.24.3
CMS Energy Corporation Consolidated Statements of Changes in Equity (Unaudited) - USD ($)
$ in Millions
Total
Common Stock
Other Paid-in Capital
Accumulated Other Comprehensive Loss
Retirement benefits liability
Retained Earnings
Cumulative Redeemable Perpetual Preferred Stock, Series C
Noncontrolling Interests
Total Equity at Beginning of Period at Dec. 31, 2022 $ 7,595 $ 3 $ 5,490   $ (52) $ 1,350 $ 224 $ 580
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Common stock issued     32          
Common stock repurchased     (7)          
Net gain arising during the period 1       1      
Amortization of net actuarial loss 1       1      
Amortization of prior service credit (1)       (1)      
Net income (loss) 557         578   (21)
Dividends declared on common stock           (426)    
Dividends declared on preferred stock           (7)    
Sale of membership interest in VIE to tax equity investor               17
Other changes in noncontrolling interests               (4)
Total Equity at End of Period at Sep. 30, 2023 $ 7,758 3 5,515 $ (51)   1,495 224 572
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Dividends declared per common share (in dollars per share) $ 1.4625              
Dividends declared per preferred stock Series C depositary share (in dollars per share) $ 0.7875              
Total Equity at Beginning of Period at Jun. 30, 2023 $ 7,706 3 5,506   (51) 1,463   561
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Common stock issued     9          
Common stock repurchased     0          
Net gain arising during the period 0       0      
Amortization of net actuarial loss 0       0      
Amortization of prior service credit 0       0      
Net income (loss) 173         176   (3)
Dividends declared on common stock           (142)    
Dividends declared on preferred stock           (2)    
Sale of membership interest in VIE to tax equity investor               17
Other changes in noncontrolling interests               (3)
Total Equity at End of Period at Sep. 30, 2023 $ 7,758 3 5,515 (51)   1,495 224 572
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Dividends declared per common share (in dollars per share) $ 0.4875              
Dividends declared per preferred stock Series C depositary share (in dollars per share) $ 0.2625              
Total Equity at Beginning of Period at Dec. 31, 2023 $ 8,125 3 5,705   (46) 1,658 224 581
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Common stock issued     307          
Common stock repurchased     (11)          
Net gain arising during the period 0       0      
Amortization of net actuarial loss 1       1      
Amortization of prior service credit 0       0      
Net income (loss) 692         738   (46)
Dividends declared on common stock           (461)    
Dividends declared on preferred stock           (7)    
Sale of membership interest in VIE to tax equity investor               0
Other changes in noncontrolling interests               (5)
Total Equity at End of Period at Sep. 30, 2024 $ 8,641 3 6,001 (45)   1,928 224 530
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Dividends declared per common share (in dollars per share) $ 1.5450              
Dividends declared per preferred stock Series C depositary share (in dollars per share) $ 0.7875              
Total Equity at Beginning of Period at Jun. 30, 2024 $ 8,541 3 5,991   (45) 1,830   538
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Common stock issued     10          
Common stock repurchased     0          
Net gain arising during the period 0       0      
Amortization of net actuarial loss 0       0      
Amortization of prior service credit 0       $ 0      
Net income (loss) 247         253   (6)
Dividends declared on common stock           (153)    
Dividends declared on preferred stock           (2)    
Sale of membership interest in VIE to tax equity investor               0
Other changes in noncontrolling interests               (2)
Total Equity at End of Period at Sep. 30, 2024 $ 8,641 $ 3 $ 6,001 $ (45)   $ 1,928 $ 224 $ 530
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Dividends declared per common share (in dollars per share) $ 0.5150              
Dividends declared per preferred stock Series C depositary share (in dollars per share) $ 0.2625              
v3.24.3
Consumers Energy Company Consolidated Statements of Income (Unaudited) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Operating Revenue $ 1,743 $ 1,673 $ 5,526 $ 5,512
Operating Expenses        
Operating Income 367 271 1,062 829
Other Income (Expense)        
Non-operating retirement benefits, net 42 45 127 135
Other income 46 34 167 152
Other expense (4) (2) (11) (8)
Total other income 84 77 283 279
Interest Charges        
Interest on long-term debt 176 158 519 454
Allowance for borrowed funds used during construction (5) (1) (11) (2)
Total interest charges 178 164 528 471
Income Before Income Taxes 273 184 817 637
Income Tax Expense 26 11 125 81
Net Income 253 176 738 578
Preferred Stock Dividends 2 2 7 7
Net Income Available to Common Stockholders 251 174 731 571
Related Party        
Interest Charges        
Other interest expense 3 3 9 9
Nonrelated Party        
Interest Charges        
Other interest expense 4 4 11 10
Consumers Energy Company        
Operating Revenue 1,661 1,596 5,291 5,291
Operating Expenses        
Fuel for electric generation 150 131 366 314
Purchased and interchange power 346 364 989 1,024
Purchased power – related parties 19 21 53 57
Cost of gas sold 31 41 447 670
Maintenance and other operating expenses 381 425 1,136 1,214
Depreciation and amortization 261 250 878 839
General taxes 95 90 346 323
Total operating expenses 1,283 1,322 4,215 4,441
Operating Income 378 274 1,076 850
Other Income (Expense)        
Non-operating retirement benefits, net 39 43 118 128
Other income 24 13 67 40
Other expense (3) (3) (10) (8)
Total other income 60 53 175 160
Interest Charges        
Interest on long-term debt 123 106 364 306
Allowance for borrowed funds used during construction (4) (1) (8) (2)
Total interest charges 131 114 386 326
Income Before Income Taxes 307 213 865 684
Income Tax Expense 34 35 139 107
Net Income 273 178 726 577
Preferred Stock Dividends 0 0 1 1
Net Income Available to Common Stockholders 273 178 725 576
Consumers Energy Company | Related Party        
Interest Charges        
Other interest expense 9 6 22 13
Consumers Energy Company | Nonrelated Party        
Interest Charges        
Other interest expense $ 3 $ 3 $ 8 $ 9
v3.24.3
Consumers Energy Company Consolidated Statements of Comprehensive Income (Unaudited) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Net Income $ 253 $ 176 $ 738 $ 578
Retirement Benefits Liability        
Amortization of net actuarial loss 0 0 1 1
Other Comprehensive Income 0 0 1 1
Comprehensive Income 253 176 739 579
Consumers Energy Company        
Net Income 273 178 726 577
Retirement Benefits Liability        
Amortization of net actuarial loss 1 1 1 1
Other Comprehensive Income 1 1 1 1
Comprehensive Income $ 274 $ 179 $ 727 $ 578
v3.24.3
Consumers Energy Company Consolidated Statements of Comprehensive Income (Unaudited) (Parenthetical) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Amortization of net actuarial loss, tax $ (1) $ (1) $ (1) $ (1)
Consumers Energy Company        
Amortization of net actuarial loss, tax $ 0 $ 0 $ 0 $ 0
v3.24.3
Consumers Energy Company Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Cash Flows from Operating Activities    
Net Income $ 738 $ 578
Adjustments to reconcile net income to net cash provided by operating activities    
Deferred income taxes and investment tax credits 103 96
Other non‑cash operating activities and reconciling adjustments (152) (171)
Changes in assets and liabilities    
Accounts receivable and accrued revenue 185 497
Inventories 51 63
Accounts payable and accrued rate refunds 15 (123)
Other current assets and liabilities (3) (56)
Other non‑current assets and liabilities 162 171
Net cash provided by operating activities 1,967 1,904
Cash Flows from Investing Activities    
Cost to retire property and other investing activities (125) (126)
Net cash used in investing activities (2,101) (2,737)
Cash Flows from Financing Activities    
Proceeds from issuance of debt 1,447 2,905
Retirement of debt (789) (1,846)
Increase (decrease) in notes payable (93) 227
Other financing costs (25) (43)
Net cash provided by financing activities 353 835
Net Increase in Cash and Cash Equivalents, Including Restricted Amounts 219 2
Cash and Cash Equivalents, Including Restricted Amounts, Beginning of Period 248 182
Cash and Cash Equivalents, Including Restricted Amounts, End of Period 467 184
Non‑cash transactions    
Capital expenditures not paid 387 268
Appliance Service Plan Business    
Cash Flows from Investing Activities    
Proceeds from sale of ASP business 124 0
Capital Expenditures    
Cash Flows from Investing Activities    
Capital expenditures (excludes assets placed under finance lease) (2,100) (1,799)
Covert Plant Acquisition    
Cash Flows from Investing Activities    
Capital expenditures (excludes assets placed under finance lease) 0 (812)
Consumers Energy Company    
Cash Flows from Operating Activities    
Net Income 726 577
Adjustments to reconcile net income to net cash provided by operating activities    
Depreciation and amortization 878 839
Deferred income taxes and investment tax credits 99 107
Other non‑cash operating activities and reconciling adjustments (64) (48)
Changes in assets and liabilities    
Accounts receivable and accrued revenue 184 474
Inventories 50 64
Accounts payable and accrued rate refunds 25 (114)
Other current assets and liabilities (29) (85)
Other non‑current assets and liabilities 145 152
Net cash provided by operating activities 2,014 1,966
Cash Flows from Investing Activities    
Cost to retire property and other investing activities (119) (122)
Net cash used in investing activities (1,994) (2,592)
Cash Flows from Financing Activities    
Proceeds from issuance of debt 1,297 2,020
Retirement of debt (322) (1,639)
Increase (decrease) in notes payable (93) 227
Stockholder contribution 320 475
Return of stockholder contribution (320) 0
Payment of dividends on common and preferred stock (545) (462)
Other financing costs (10) (21)
Net cash provided by financing activities 327 600
Net Increase in Cash and Cash Equivalents, Including Restricted Amounts 347 (26)
Cash and Cash Equivalents, Including Restricted Amounts, Beginning of Period 56 60
Cash and Cash Equivalents, Including Restricted Amounts, End of Period 403 34
Non‑cash transactions    
Capital expenditures not paid 382 264
Consumers Energy Company | Appliance Service Plan Business    
Cash Flows from Investing Activities    
Proceeds from sale of ASP business 124 0
Consumers Energy Company | Capital Expenditures    
Cash Flows from Investing Activities    
Capital expenditures (excludes assets placed under finance lease) (1,999) (1,658)
Consumers Energy Company | Covert Plant Acquisition    
Cash Flows from Investing Activities    
Capital expenditures (excludes assets placed under finance lease) $ 0 $ (812)
v3.24.3
Consumers Energy Company Consolidated Balance Sheets (Unaudited) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Current Assets    
Cash and cash equivalents $ 412 $ 227
Restricted cash and cash equivalents 55 21
Inventories at average cost    
Gas in underground storage 536 587
Materials and supplies 294 267
Generating plant fuel stock 54 84
Deferred property taxes 277 426
Regulatory assets 180 203
Prepayments and other current assets 92 80
Total current assets 2,703 2,839
Other Non‑current Assets    
Regulatory assets 3,560 3,683
Accounts and notes receivable – related parties 20 22
Postretirement benefits 1,591 1,468
Other 198 357
Total other non‑current assets 5,443 5,606
Total Assets 34,817 33,517
Current Liabilities    
Current portion of long-term debt and finance leases 507 980
Notes payable 0 93
Accrued rate refunds 53 54
Accrued interest 161 142
Accrued taxes 183 612
Regulatory liabilities 120 56
Other current liabilities 213 149
Total current liabilities 2,191 2,895
Non‑current Liabilities    
Long-term debt 15,548 14,508
Non-current portion of finance leases 112 62
Regulatory liabilities 4,075 3,894
Postretirement benefits 102 106
Asset retirement obligations 761 771
Deferred investment tax credit 123 126
Deferred income taxes 2,837 2,615
Other non‑current liabilities 427 415
Total non‑current liabilities 23,985 22,497
Commitments and Contingencies
Common stockholders’ equity    
Common stock 3 3
Other paid-in capital 6,001 5,705
Accumulated other comprehensive loss (45) (46)
Retained earnings 1,928 1,658
Total common stockholders’ equity 7,887 7,320
Cumulative preferred stock 224 224
Total stockholders’ equity 8,111 7,544
Total Liabilities and Equity 34,817 33,517
Nonrelated Party    
Current Assets    
Accounts receivable and accrued revenue, less allowance of $22 in 2024 and $21 in 2023 794 933
Current Liabilities    
Accounts payable 947 802
Related Party    
Current Liabilities    
Accounts payable 7 7
Consumers Energy Company    
Current Assets    
Cash and cash equivalents 349 35
Restricted cash and cash equivalents 54 21
Inventories at average cost    
Gas in underground storage 536 587
Materials and supplies 286 257
Generating plant fuel stock 51 80
Deferred property taxes 277 426
Regulatory assets 180 203
Prepayments and other current assets 80 65
Total current assets 2,587 2,594
Plant, Property, and Equipment    
Plant, property, and equipment, gross 32,695 31,723
Less accumulated depreciation and amortization 9,065 8,796
Plant, property, and equipment, net 23,630 22,927
Construction work in progress 1,645 845
Total plant, property, and equipment 25,275 23,772
Other Non‑current Assets    
Regulatory assets 3,560 3,683
Postretirement benefits 1,481 1,367
Other 138 313
Total other non‑current assets 5,298 5,486
Total Assets 33,160 31,852
Current Liabilities    
Current portion of long-term debt and finance leases 507 731
Notes payable 0 93
Accrued rate refunds 53 54
Accrued interest 124 110
Accrued taxes 173 614
Regulatory liabilities 120 56
Other current liabilities 183 128
Total current liabilities 2,074 2,563
Non‑current Liabilities    
Non-current portion of finance leases 70 39
Regulatory liabilities 4,075 3,894
Postretirement benefits 74 77
Asset retirement obligations 727 739
Deferred investment tax credit 123 126
Deferred income taxes 3,002 2,789
Other non‑current liabilities 378 364
Total non‑current liabilities 20,104 18,489
Commitments and Contingencies
Common stockholders’ equity    
Common stock 841 841
Other paid-in capital 7,759 7,759
Accumulated other comprehensive loss (14) (15)
Retained earnings 2,359 2,178
Total common stockholders’ equity 10,945 10,763
Cumulative preferred stock 37 37
Total stockholders’ equity 10,982 10,800
Total Liabilities and Equity 33,160 31,852
Consumers Energy Company | Nonrelated Party    
Current Assets    
Accounts receivable and accrued revenue, less allowance of $22 in 2024 and $21 in 2023 763 909
Other Non‑current Assets    
Accounts receivable 26 28
Current Liabilities    
Accounts payable 901 764
Non‑current Liabilities    
Long-term debt 10,924 10,037
Consumers Energy Company | Related Party    
Current Assets    
Accounts and notes receivable – related parties 11 11
Other Non‑current Assets    
Accounts and notes receivable – related parties 93 95
Current Liabilities    
Accounts payable 13 13
Non‑current Liabilities    
Long-term debt $ 731 $ 424
v3.24.3
Consumers Energy Company Consolidated Balance Sheets (Unaudited) (Parenthetical) - USD ($)
shares in Millions, $ in Millions
Sep. 30, 2024
Dec. 31, 2023
Accounts receivable and accrued revenue, allowance $ 22 $ 21
Common stock authorized (in shares) 350.0 350.0
Common stock outstanding (in shares) 298.8 294.4
Consumers Energy Company    
Accounts receivable and accrued revenue, allowance $ 22 $ 21
Common stock authorized (in shares) 125.0 125.0
Common stock outstanding (in shares) 84.1 84.1
Preferred stock, par value (in dollars per share) $ 4.50 $ 4.50
Preferred stock authorized (in shares) 7.5 7.5
Preferred stock outstanding (in shares) 0.4 0.4
v3.24.3
Consumers Energy Company Consolidated Statements of Changes in Equity (Unaudited) - USD ($)
$ in Millions
Total
Common Stock
Other Paid-in Capital
Accumulated Other Comprehensive Loss
Retirement benefits liability
Retained Earnings
Cumulative Preferred Stock
Consumers Energy Company
Consumers Energy Company
Common Stock
Consumers Energy Company
Other Paid-in Capital
Consumers Energy Company
Accumulated Other Comprehensive Loss
Consumers Energy Company
Retirement benefits liability
Consumers Energy Company
Retained Earnings
Consumers Energy Company
Cumulative Preferred Stock
Total Equity at Beginning of Period at Dec. 31, 2022 $ 7,595 $ 3 $ 5,490   $ (52) $ 1,350 $ 224 $ 10,155 $ 841 $ 7,284   $ (15) $ 2,008 $ 37
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Stockholder contribution                   475        
Return of stockholder contribution                   0        
Amortization of net actuarial loss 1       1     1       1    
Net Income 578             577         577  
Dividends declared on common stock           (426)             (461)  
Dividends declared on preferred stock           (7)             (1)  
Total Equity at End of Period at Sep. 30, 2023 7,758 3 5,515 $ (51)   1,495 224 10,746 841 7,759 $ (14)   2,123 37
Total Equity at Beginning of Period at Jun. 30, 2023 7,706 3 5,506   (51) 1,463   10,723 841 7,759   (15) 2,101 37
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Stockholder contribution                   0        
Return of stockholder contribution                   0        
Amortization of net actuarial loss 0       0     1       1    
Net Income 176             178         178  
Dividends declared on common stock           (142)             (156)  
Dividends declared on preferred stock           (2)             0  
Total Equity at End of Period at Sep. 30, 2023 7,758 3 5,515 (51)   1,495 224 10,746 841 7,759 (14)   2,123 37
Total Equity at Beginning of Period at Dec. 31, 2023 8,125 3 5,705   (46) 1,658 224 10,800 841 7,759   (15) 2,178 37
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Stockholder contribution                   320        
Return of stockholder contribution                   (320)        
Amortization of net actuarial loss 1       1     1       1    
Net Income 738             726         726  
Dividends declared on common stock           (461)             (544)  
Dividends declared on preferred stock           (7)             (1)  
Total Equity at End of Period at Sep. 30, 2024 8,641 3 6,001 (45)   1,928 224 10,982 841 7,759 (14)   2,359 37
Total Equity at Beginning of Period at Jun. 30, 2024 8,541 3 5,991   (45) 1,830   10,893 841 7,759   (15) 2,271 37
Increase (Decrease) in Stockholders' Equity [Roll Forward]                            
Stockholder contribution                   0        
Return of stockholder contribution                   0        
Amortization of net actuarial loss 0       $ 0     1       $ 1    
Net Income 253             273         273  
Dividends declared on common stock           (153)             (185)  
Dividends declared on preferred stock           (2)             0  
Total Equity at End of Period at Sep. 30, 2024 $ 8,641 $ 3 $ 6,001 $ (45)   $ 1,928 $ 224 $ 10,982 $ 841 $ 7,759 $ (14)   $ 2,359 $ 37
v3.24.3
Regulatory Matters
 9 Months Ended
Sep. 30, 2024
Public Utilities, General Disclosures [Line Items]  
Regulatory Matters Regulatory Matters
Regulatory matters are critical to Consumers. The Michigan Attorney General, ABATE, the MPSC Staff, residential customer advocacy groups, environmental organizations, and certain other parties typically participate in MPSC proceedings concerning Consumers, such as Consumers’ rate cases and power supply cost recovery and gas cost recovery processes. Intervenors also participate in certain FERC matters, including FERC’s regulation of certain wholesale rates that affect Consumers’ power supply costs. These parties often challenge various aspects of those proceedings, including the prudence of Consumers’ policies and practices, and seek cost disallowances and other relief. The parties also have appealed significant MPSC orders. Depending upon the specific issues, the outcomes of rate cases and proceedings, including judicial proceedings challenging MPSC and FERC orders or other actions, could negatively affect CMS Energy’s and Consumers’ liquidity, financial condition, and results of operations. Consumers cannot predict the outcome of these proceedings.
2023 Electric Rate Case: In May 2023, Consumers filed an application with the MPSC seeking a rate increase of $216 million, based on an authorized return on equity of 10.25 percent for the projected 12‑month period ending February 28, 2025. In September 2023, Consumers revised its requested increase to $169 million. The filing requested authority to recover costs related to new infrastructure investment primarily in distribution system reliability and cleaner energy resources.
In March 2024, the MPSC issued an order authorizing an annual rate increase of $92 million, which is inclusive of a $9 million surcharge for the recovery of select distribution investments made in 2022 that exceeded the rates authorized in accordance with the December 2021 electric rate order. The approved rate increase is based on a 9.9‑percent authorized return on equity. The new rates became effective March 15, 2024.
Meter Investigation: In July 2023, the MPSC issued an order initiating an investigation into Consumers’ handling of malfunctioning meters and meters requiring transition from 3G to 4G, estimated billing, and
new service installations. The order directed Consumers to provide information on such meters and their replacement, meter-reading performance, communications with customers and the MPSC regarding these issues, and other information. Subsequently, the MPSC issued a show-cause order directing Consumers to provide further information on consecutive estimated billings, the provision of actual meter readings, and new service installation issues.
In May 2024, the MPSC approved a settlement agreement resolving this matter. Under the settlement agreement, Consumers paid a $1 million penalty to the MPSC and committed to return a minimum of $3 million to customers. Independent of this agreement, Consumers has made a claim against the associated vendor, with any proceeds to be used to reimburse some or all of Consumers’ $3 million commitment and any excess to be returned to customers.
Consumers Energy Company  
Public Utilities, General Disclosures [Line Items]  
Regulatory Matters Regulatory Matters
Regulatory matters are critical to Consumers. The Michigan Attorney General, ABATE, the MPSC Staff, residential customer advocacy groups, environmental organizations, and certain other parties typically participate in MPSC proceedings concerning Consumers, such as Consumers’ rate cases and power supply cost recovery and gas cost recovery processes. Intervenors also participate in certain FERC matters, including FERC’s regulation of certain wholesale rates that affect Consumers’ power supply costs. These parties often challenge various aspects of those proceedings, including the prudence of Consumers’ policies and practices, and seek cost disallowances and other relief. The parties also have appealed significant MPSC orders. Depending upon the specific issues, the outcomes of rate cases and proceedings, including judicial proceedings challenging MPSC and FERC orders or other actions, could negatively affect CMS Energy’s and Consumers’ liquidity, financial condition, and results of operations. Consumers cannot predict the outcome of these proceedings.
2023 Electric Rate Case: In May 2023, Consumers filed an application with the MPSC seeking a rate increase of $216 million, based on an authorized return on equity of 10.25 percent for the projected 12‑month period ending February 28, 2025. In September 2023, Consumers revised its requested increase to $169 million. The filing requested authority to recover costs related to new infrastructure investment primarily in distribution system reliability and cleaner energy resources.
In March 2024, the MPSC issued an order authorizing an annual rate increase of $92 million, which is inclusive of a $9 million surcharge for the recovery of select distribution investments made in 2022 that exceeded the rates authorized in accordance with the December 2021 electric rate order. The approved rate increase is based on a 9.9‑percent authorized return on equity. The new rates became effective March 15, 2024.
Meter Investigation: In July 2023, the MPSC issued an order initiating an investigation into Consumers’ handling of malfunctioning meters and meters requiring transition from 3G to 4G, estimated billing, and
new service installations. The order directed Consumers to provide information on such meters and their replacement, meter-reading performance, communications with customers and the MPSC regarding these issues, and other information. Subsequently, the MPSC issued a show-cause order directing Consumers to provide further information on consecutive estimated billings, the provision of actual meter readings, and new service installation issues.
In May 2024, the MPSC approved a settlement agreement resolving this matter. Under the settlement agreement, Consumers paid a $1 million penalty to the MPSC and committed to return a minimum of $3 million to customers. Independent of this agreement, Consumers has made a claim against the associated vendor, with any proceeds to be used to reimburse some or all of Consumers’ $3 million commitment and any excess to be returned to customers.
v3.24.3
Contingencies and Commitments
 9 Months Ended
Sep. 30, 2024
Other Commitments [Line Items]  
Contingencies and Commitments Contingencies and Commitments
CMS Energy and Consumers are involved in various matters that give rise to contingent liabilities. Depending on the specific issues, the resolution of these contingencies could negatively affect CMS Energy’s and Consumers’ liquidity, financial condition, and results of operations. In their disclosures of these matters, CMS Energy and Consumers provide an estimate of the possible loss or range of loss when such an estimate can be made. Disclosures stating that CMS Energy or Consumers cannot predict the outcome of a matter indicate that they are unable to estimate a possible loss or range of loss for the matter.
CMS Energy Contingencies
Bay Harbor: CMS Land retained environmental remediation obligations for the collection and treatment of leachate at Bay Harbor after selling its interests in the development in 2002. Leachate is produced when water enters into cement kiln dust piles left over from former cement plant operations at the site. In 2012, CMS Land and EGLE finalized an agreement establishing the final remedies and the future water quality criteria at the site. CMS Land completed all construction necessary to implement the remedies required by the agreement and will continue to maintain and operate a system to discharge treated leachate into Little Traverse Bay under an NPDES permit, which is valid through 2025.
At September 30, 2024, CMS Energy had a recorded liability of $43 million for its remaining obligations for environmental remediation. CMS Energy calculated this liability based on discounted projected costs, using a discount rate of 4.34 percent and an inflation rate of one percent on annual operating and maintenance costs. The undiscounted amount of the remaining obligation is $54 million. CMS Energy expects to pay the following amounts for long-term leachate disposal and operating and maintenance costs during the remainder of 2024 and in each of the next five years:
In Millions
202420252026202720282029
CMS Energy
Long-term leachate disposal and operating and maintenance costs$1 $4 $4 $4 $4 $4 
CMS Energy’s estimate of response activity costs and the timing of expenditures could change if there are changes in circumstances or assumptions used in calculating the liability. Although a liability for its present estimate of remaining response activity costs has been recorded, CMS Energy cannot predict the ultimate financial impact or outcome of this matter.
Consumers Electric Utility Contingencies
Electric Environmental Matters: Consumers’ operations are subject to environmental laws and regulations. Historically, Consumers has generally been able to recover, in customer rates, the costs to operate its facilities in compliance with these laws and regulations.
Cleanup and Solid Waste: Consumers expects to incur remediation and other response activity costs at a number of sites under NREPA. Consumers believes that these costs should be recoverable in rates, but cannot guarantee that outcome. Consumers estimates its liability for NREPA sites for which it can estimate a range of loss to be between $4 million and $5 million. At September 30, 2024, Consumers had a recorded liability of $4 million, the minimum amount in the range of its estimated probable NREPA liability, as no amount in the range was considered a better estimate than any other amount.
Consumers is a potentially responsible party at a number of contaminated sites administered under CERCLA. CERCLA liability is joint and several. In 2010, Consumers received official notification from the EPA that identified Consumers as a potentially responsible party for cleanup of PCBs at the Kalamazoo River CERCLA site. The notification claimed that the EPA had reason to believe that Consumers disposed of PCBs and arranged for the disposal and treatment of PCB-containing materials at portions of the site. In 2011, Consumers received a follow-up letter from the EPA requesting that Consumers agree to participate in a removal action plan along with several other companies for an area of lower Portage Creek, which is connected to the Kalamazoo River. All parties asked to participate in the removal action plan, including Consumers, declined to accept liability. Until further information is received from the EPA, Consumers is unable to estimate a range of potential liability for cleanup of the river.
Based on its experience, Consumers estimates its share of the total liability for known CERCLA sites to be between $3 million and $8 million. Various factors, including the number and creditworthiness of potentially responsible parties involved with each site, affect Consumers’ share of the total liability. At September 30, 2024, Consumers had a recorded liability of $3 million for its share of the total liability at these sites, the minimum amount in the range of its estimated probable CERCLA liability, as no amount in the range was considered a better estimate than any other amount.
The timing of payments related to Consumers’ remediation and other response activities at its CERCLA and NREPA sites is uncertain. Consumers periodically reviews these cost estimates. A change in the underlying assumptions, such as an increase in the number of sites, different remediation techniques, the nature and extent of contamination, and legal and regulatory requirements, could affect its estimates of NREPA and CERCLA liability.
In May 2024, the EPA finalized a rule regulating CCR impoundments at power generation sites that became inactive prior to the effective date of a rule published in 2015 regulating CCRs under RCRA. Additionally, the EPA established groundwater monitoring, corrective action, closure, and post-closure care requirements for CCR surface impoundments and landfills closed prior to the effective date of the 2015 CCR rule, including CCR landfills that were previously exempted from regulation but are now defined within a broader class of CCR units called CCR management units. In response to the new rule, Consumers recorded an immaterial increase to its existing asset retirement obligation and is performing a review of legacy impoundments located at company-owned power generation sites that ceased operation prior to the effective date of the 2015 CCR rule. If needed, Consumers will record an incremental asset retirement obligation for legacy impoundments when a reasonable estimate of the fair value of the associated costs can be made; any resulting asset retirement obligation could be material. Consumers has historically been authorized to recover in electric rates costs related to coal ash disposal sites.
Ludington Overhaul Contract Dispute: Consumers and DTE Electric, co-owners of Ludington, are parties to a 2010 engineering, procurement, and construction agreement with TAES, under which TAES contracted to perform a major overhaul and upgrade of Ludington. The overhauled Ludington units are operational, but TAES’ work has been defective and non‑conforming. Consumers and DTE Electric have demanded that TAES provide a comprehensive plan to resolve those matters, including adherence to its warranty commitments and other contractual obligations. Consumers and DTE Electric have taken extensive efforts to resolve these issues with TAES, including a formal demand to TAES’ parent, Toshiba, under a parent guaranty it provided. TAES has not provided a comprehensive plan or otherwise met its performance obligations.
In order to enforce the contract, Consumers and DTE Electric filed a complaint against TAES and Toshiba in the U.S. District Court for the Eastern District of Michigan in 2022. TAES and Toshiba filed a motion to dismiss the complaint, along with an answer and counterclaims seeking approximately $15 million in damages related to payments allegedly owed under the parties’ contract. As a co-owner of Ludington, Consumers would be liable for 51 percent of any such damages, if liability and damages were proven. The court denied the motion to dismiss filed by TAES and Toshiba. The parties are engaged in ongoing litigation, including discovery, pursuant to a court-ordered schedule. Consumers believes the counterclaims filed by TAES and Toshiba are without merit, but cannot predict the financial impact or outcome of this matter. An unfavorable outcome could have a material adverse effect on CMS Energy’s and Consumers’ financial condition, results of operations, or liquidity.
In 2023, Toshiba announced that TBJH became the majority shareholder and new parent company of Toshiba through a common stock purchase. TBJH is a subsidiary of a Japanese private equity firm. Consumers and DTE Electric continue to monitor this development, but do not believe that this affects their rights under the parent guaranty provided by Toshiba.
In May 2023, the MPSC approved Consumers’ and DTE Electric’s jointly-filed request for authority to defer as a regulatory asset the costs associated with repairing or replacing the defective work performed by TAES while the litigation with TAES and Toshiba moves forward. Although discovery in the litigation is ongoing, Consumers currently estimates that its share of repair, replacement, and other damages resulting from TAES’ defective work is approximately $350 million, which may be offset in part or entirely by any potential future litigation proceeds received from TAES or Toshiba. Consumers and DTE Electric will have the opportunity to seek appropriate recovery and ratemaking treatment for amounts recorded as a regulatory asset following resolution of the litigation, including any amounts not recovered from TAES or Toshiba, but cannot predict the financial impact or outcome of such proceedings.
J.H. Campbell 3 Contract Dispute: In 2022, Consumers filed a complaint against Wolverine Power in the Ottawa County Circuit Court and requested a ruling that Consumers has sole authority to decide to retire the J.H. Campbell 3 coal-fueled generating unit under Consumers’ and Wolverine Power’s agreement to jointly own and operate the unit. Wolverine Power filed an answer, affirmative defenses, and a counterclaim seeking approximately $37 million in damages allegedly caused by Consumers’ decision to retire the unit before the end of its useful life. The state circuit court judge found that Consumers may, in its sole discretion, retire J.H. Campbell 3, provided that Consumers continues to operate and make necessary improvements to the unit while the litigation concerning Wolverine Power’s claim for damages is pending. In May 2023, the circuit court judge issued an order granting Consumers’ motion for clarification confirming that Consumers may continue to operate and invest in J.H. Campbell 3 consistent with the May 2025 retirement date.
In March 2024, the circuit court judge issued an order denying Wolverine Power’s motion for partial summary disposition and granting in part and denying in part Consumers’ motion for summary disposition. The judge granted Consumers’ motion for summary disposition on Wolverine Power’s claim
that Consumers acted in bad faith in deciding to retire J.H. Campbell 3 early, finding no evidence to support that claim. The judge held that Wolverine Power did identify a genuine issue of material fact as to whether Consumers breached the joint ownership and operating agreement by failing to notify and consult with Wolverine Power regarding the unit’s early retirement.
In June 2024, the parties entered into a settlement agreement resolving this matter. The settlement agreement provides for Wolverine Power’s interest in J.H. Campbell 3 to end as of the date the unit permanently ceases to be used for electric operations. The court entered an order of dismissal with prejudice in June 2024.
Consumers Gas Utility Contingencies
Consumers expects to incur remediation and other response activity costs at a number of sites under NREPA. These sites include 23 former MGP facilities. Consumers operated the facilities on these sites for some part of their operating lives. For some of these sites, Consumers has no present ownership interest or may own only a portion of the original site.
At September 30, 2024, Consumers had a recorded liability of $61 million for its remaining obligations for these sites. Consumers expects to pay the following amounts for remediation and other response activity costs during the remainder of 2024 and in each of the next five years:
In Millions
202420252026202720282029
Consumers
Remediation and other response activity costs$1 $3 $7 $9 $24 $7 
Consumers periodically reviews these cost estimates. Any significant change in the underlying assumptions, such as an increase in the number of sites, changes in remediation techniques, or legal and regulatory requirements, could affect Consumers’ estimates of annual response activity costs and the MGP liability.
Pursuant to orders issued by the MPSC, Consumers defers its MGP-related remediation costs and recovers them from its customers over a ten-year period. At September 30, 2024, Consumers had a regulatory asset of $93 million related to the MGP sites.
Guarantees
Presented in the following table are CMS Energy’s and Consumers’ guarantees at September 30, 2024:
In Millions
Guarantee DescriptionIssue DateExpiration DateMaximum ObligationCarrying Amount
CMS Energy, including Consumers
Indemnity obligations from sale of membership interests in VIEs1
variousindefinite$271 $— 
Indemnity obligations from stock and asset sale agreements2
variousindefinite153 1 
Guarantee3
2011indefinite30 — 
Consumers
Guarantee3
2011indefinite$30 $— 
1These obligations arose from the sale of membership interests in Aviator Wind, Newport Solar Holdings, and NWO Holdco to tax equity investors. NorthStar Clean Energy provided certain indemnity obligations that protect the tax equity investors against losses incurred as a result of breaches of representations and warranties under the associated limited liability company agreements. These obligations are generally capped at an amount equal to the tax equity investor’s capital contributions plus a specified return, less any distributions and tax benefits it receives, in connection with its membership interest. For any indemnity obligations related to Aviator Wind, NorthStar Clean Energy would recover 49 percent of any amounts paid to the tax equity investor from the other owner of Aviator Wind Equity Holdings. Additionally, Aviator Wind holds insurance coverage that would partially protect against losses incurred as a result of certain failures to qualify for production tax credits. For further details on NorthStar Clean Energy’s ownership interest in Aviator Wind, Newport Solar Holdings, and NWO Holdco, see Note 11, Variable Interest Entities.
2These obligations arose from stock and asset sale agreements under which CMS Energy or a subsidiary of CMS Energy indemnified the purchaser for losses resulting from various matters, including claims related to taxes. The maximum obligation amount is mostly related to an Equatorial Guinea tax claim.
3This obligation comprises a guarantee provided by Consumers to the U.S. Department of Energy in connection with a settlement agreement regarding damages resulting from the department’s failure to accept spent nuclear fuel from nuclear power plants formerly owned by Consumers.
Additionally, in the normal course of business, CMS Energy, Consumers, and certain other subsidiaries of CMS Energy have entered into various agreements containing tax and other indemnity provisions for which they are unable to estimate the maximum potential obligation. CMS Energy and Consumers consider the likelihood that they would be required to perform or incur substantial losses related to these indemnities and those disclosed in the table to be remote.
Other Contingencies
In addition to the matters disclosed in this Note and Note 1, Regulatory Matters, there are certain other lawsuits and administrative proceedings before various courts and governmental agencies, as well as unasserted claims that may result in such proceedings, arising in the ordinary course of business to which CMS Energy, Consumers, and certain other subsidiaries of CMS Energy are parties. These other lawsuits, proceedings, and unasserted claims may involve personal injury, property damage, contracts, environmental matters, federal and state taxes, rates, licensing, employment, and other matters. Further, CMS Energy and Consumers occasionally self-report certain regulatory non‑compliance matters that may
or may not eventually result in administrative proceedings. CMS Energy and Consumers believe that the outcome of any one of these proceedings and potential claims will not have a material negative effect on their consolidated results of operations, financial condition, or liquidity.
Consumers Energy Company  
Other Commitments [Line Items]  
Contingencies and Commitments Contingencies and Commitments
CMS Energy and Consumers are involved in various matters that give rise to contingent liabilities. Depending on the specific issues, the resolution of these contingencies could negatively affect CMS Energy’s and Consumers’ liquidity, financial condition, and results of operations. In their disclosures of these matters, CMS Energy and Consumers provide an estimate of the possible loss or range of loss when such an estimate can be made. Disclosures stating that CMS Energy or Consumers cannot predict the outcome of a matter indicate that they are unable to estimate a possible loss or range of loss for the matter.
CMS Energy Contingencies
Bay Harbor: CMS Land retained environmental remediation obligations for the collection and treatment of leachate at Bay Harbor after selling its interests in the development in 2002. Leachate is produced when water enters into cement kiln dust piles left over from former cement plant operations at the site. In 2012, CMS Land and EGLE finalized an agreement establishing the final remedies and the future water quality criteria at the site. CMS Land completed all construction necessary to implement the remedies required by the agreement and will continue to maintain and operate a system to discharge treated leachate into Little Traverse Bay under an NPDES permit, which is valid through 2025.
At September 30, 2024, CMS Energy had a recorded liability of $43 million for its remaining obligations for environmental remediation. CMS Energy calculated this liability based on discounted projected costs, using a discount rate of 4.34 percent and an inflation rate of one percent on annual operating and maintenance costs. The undiscounted amount of the remaining obligation is $54 million. CMS Energy expects to pay the following amounts for long-term leachate disposal and operating and maintenance costs during the remainder of 2024 and in each of the next five years:
In Millions
202420252026202720282029
CMS Energy
Long-term leachate disposal and operating and maintenance costs$1 $4 $4 $4 $4 $4 
CMS Energy’s estimate of response activity costs and the timing of expenditures could change if there are changes in circumstances or assumptions used in calculating the liability. Although a liability for its present estimate of remaining response activity costs has been recorded, CMS Energy cannot predict the ultimate financial impact or outcome of this matter.
Consumers Electric Utility Contingencies
Electric Environmental Matters: Consumers’ operations are subject to environmental laws and regulations. Historically, Consumers has generally been able to recover, in customer rates, the costs to operate its facilities in compliance with these laws and regulations.
Cleanup and Solid Waste: Consumers expects to incur remediation and other response activity costs at a number of sites under NREPA. Consumers believes that these costs should be recoverable in rates, but cannot guarantee that outcome. Consumers estimates its liability for NREPA sites for which it can estimate a range of loss to be between $4 million and $5 million. At September 30, 2024, Consumers had a recorded liability of $4 million, the minimum amount in the range of its estimated probable NREPA liability, as no amount in the range was considered a better estimate than any other amount.
Consumers is a potentially responsible party at a number of contaminated sites administered under CERCLA. CERCLA liability is joint and several. In 2010, Consumers received official notification from the EPA that identified Consumers as a potentially responsible party for cleanup of PCBs at the Kalamazoo River CERCLA site. The notification claimed that the EPA had reason to believe that Consumers disposed of PCBs and arranged for the disposal and treatment of PCB-containing materials at portions of the site. In 2011, Consumers received a follow-up letter from the EPA requesting that Consumers agree to participate in a removal action plan along with several other companies for an area of lower Portage Creek, which is connected to the Kalamazoo River. All parties asked to participate in the removal action plan, including Consumers, declined to accept liability. Until further information is received from the EPA, Consumers is unable to estimate a range of potential liability for cleanup of the river.
Based on its experience, Consumers estimates its share of the total liability for known CERCLA sites to be between $3 million and $8 million. Various factors, including the number and creditworthiness of potentially responsible parties involved with each site, affect Consumers’ share of the total liability. At September 30, 2024, Consumers had a recorded liability of $3 million for its share of the total liability at these sites, the minimum amount in the range of its estimated probable CERCLA liability, as no amount in the range was considered a better estimate than any other amount.
The timing of payments related to Consumers’ remediation and other response activities at its CERCLA and NREPA sites is uncertain. Consumers periodically reviews these cost estimates. A change in the underlying assumptions, such as an increase in the number of sites, different remediation techniques, the nature and extent of contamination, and legal and regulatory requirements, could affect its estimates of NREPA and CERCLA liability.
In May 2024, the EPA finalized a rule regulating CCR impoundments at power generation sites that became inactive prior to the effective date of a rule published in 2015 regulating CCRs under RCRA. Additionally, the EPA established groundwater monitoring, corrective action, closure, and post-closure care requirements for CCR surface impoundments and landfills closed prior to the effective date of the 2015 CCR rule, including CCR landfills that were previously exempted from regulation but are now defined within a broader class of CCR units called CCR management units. In response to the new rule, Consumers recorded an immaterial increase to its existing asset retirement obligation and is performing a review of legacy impoundments located at company-owned power generation sites that ceased operation prior to the effective date of the 2015 CCR rule. If needed, Consumers will record an incremental asset retirement obligation for legacy impoundments when a reasonable estimate of the fair value of the associated costs can be made; any resulting asset retirement obligation could be material. Consumers has historically been authorized to recover in electric rates costs related to coal ash disposal sites.
Ludington Overhaul Contract Dispute: Consumers and DTE Electric, co-owners of Ludington, are parties to a 2010 engineering, procurement, and construction agreement with TAES, under which TAES contracted to perform a major overhaul and upgrade of Ludington. The overhauled Ludington units are operational, but TAES’ work has been defective and non‑conforming. Consumers and DTE Electric have demanded that TAES provide a comprehensive plan to resolve those matters, including adherence to its warranty commitments and other contractual obligations. Consumers and DTE Electric have taken extensive efforts to resolve these issues with TAES, including a formal demand to TAES’ parent, Toshiba, under a parent guaranty it provided. TAES has not provided a comprehensive plan or otherwise met its performance obligations.
In order to enforce the contract, Consumers and DTE Electric filed a complaint against TAES and Toshiba in the U.S. District Court for the Eastern District of Michigan in 2022. TAES and Toshiba filed a motion to dismiss the complaint, along with an answer and counterclaims seeking approximately $15 million in damages related to payments allegedly owed under the parties’ contract. As a co-owner of Ludington, Consumers would be liable for 51 percent of any such damages, if liability and damages were proven. The court denied the motion to dismiss filed by TAES and Toshiba. The parties are engaged in ongoing litigation, including discovery, pursuant to a court-ordered schedule. Consumers believes the counterclaims filed by TAES and Toshiba are without merit, but cannot predict the financial impact or outcome of this matter. An unfavorable outcome could have a material adverse effect on CMS Energy’s and Consumers’ financial condition, results of operations, or liquidity.
In 2023, Toshiba announced that TBJH became the majority shareholder and new parent company of Toshiba through a common stock purchase. TBJH is a subsidiary of a Japanese private equity firm. Consumers and DTE Electric continue to monitor this development, but do not believe that this affects their rights under the parent guaranty provided by Toshiba.
In May 2023, the MPSC approved Consumers’ and DTE Electric’s jointly-filed request for authority to defer as a regulatory asset the costs associated with repairing or replacing the defective work performed by TAES while the litigation with TAES and Toshiba moves forward. Although discovery in the litigation is ongoing, Consumers currently estimates that its share of repair, replacement, and other damages resulting from TAES’ defective work is approximately $350 million, which may be offset in part or entirely by any potential future litigation proceeds received from TAES or Toshiba. Consumers and DTE Electric will have the opportunity to seek appropriate recovery and ratemaking treatment for amounts recorded as a regulatory asset following resolution of the litigation, including any amounts not recovered from TAES or Toshiba, but cannot predict the financial impact or outcome of such proceedings.
J.H. Campbell 3 Contract Dispute: In 2022, Consumers filed a complaint against Wolverine Power in the Ottawa County Circuit Court and requested a ruling that Consumers has sole authority to decide to retire the J.H. Campbell 3 coal-fueled generating unit under Consumers’ and Wolverine Power’s agreement to jointly own and operate the unit. Wolverine Power filed an answer, affirmative defenses, and a counterclaim seeking approximately $37 million in damages allegedly caused by Consumers’ decision to retire the unit before the end of its useful life. The state circuit court judge found that Consumers may, in its sole discretion, retire J.H. Campbell 3, provided that Consumers continues to operate and make necessary improvements to the unit while the litigation concerning Wolverine Power’s claim for damages is pending. In May 2023, the circuit court judge issued an order granting Consumers’ motion for clarification confirming that Consumers may continue to operate and invest in J.H. Campbell 3 consistent with the May 2025 retirement date.
In March 2024, the circuit court judge issued an order denying Wolverine Power’s motion for partial summary disposition and granting in part and denying in part Consumers’ motion for summary disposition. The judge granted Consumers’ motion for summary disposition on Wolverine Power’s claim
that Consumers acted in bad faith in deciding to retire J.H. Campbell 3 early, finding no evidence to support that claim. The judge held that Wolverine Power did identify a genuine issue of material fact as to whether Consumers breached the joint ownership and operating agreement by failing to notify and consult with Wolverine Power regarding the unit’s early retirement.
In June 2024, the parties entered into a settlement agreement resolving this matter. The settlement agreement provides for Wolverine Power’s interest in J.H. Campbell 3 to end as of the date the unit permanently ceases to be used for electric operations. The court entered an order of dismissal with prejudice in June 2024.
Consumers Gas Utility Contingencies
Consumers expects to incur remediation and other response activity costs at a number of sites under NREPA. These sites include 23 former MGP facilities. Consumers operated the facilities on these sites for some part of their operating lives. For some of these sites, Consumers has no present ownership interest or may own only a portion of the original site.
At September 30, 2024, Consumers had a recorded liability of $61 million for its remaining obligations for these sites. Consumers expects to pay the following amounts for remediation and other response activity costs during the remainder of 2024 and in each of the next five years:
In Millions
202420252026202720282029
Consumers
Remediation and other response activity costs$1 $3 $7 $9 $24 $7 
Consumers periodically reviews these cost estimates. Any significant change in the underlying assumptions, such as an increase in the number of sites, changes in remediation techniques, or legal and regulatory requirements, could affect Consumers’ estimates of annual response activity costs and the MGP liability.
Pursuant to orders issued by the MPSC, Consumers defers its MGP-related remediation costs and recovers them from its customers over a ten-year period. At September 30, 2024, Consumers had a regulatory asset of $93 million related to the MGP sites.
Guarantees
Presented in the following table are CMS Energy’s and Consumers’ guarantees at September 30, 2024:
In Millions
Guarantee DescriptionIssue DateExpiration DateMaximum ObligationCarrying Amount
CMS Energy, including Consumers
Indemnity obligations from sale of membership interests in VIEs1
variousindefinite$271 $— 
Indemnity obligations from stock and asset sale agreements2
variousindefinite153 1 
Guarantee3
2011indefinite30 — 
Consumers
Guarantee3
2011indefinite$30 $— 
1These obligations arose from the sale of membership interests in Aviator Wind, Newport Solar Holdings, and NWO Holdco to tax equity investors. NorthStar Clean Energy provided certain indemnity obligations that protect the tax equity investors against losses incurred as a result of breaches of representations and warranties under the associated limited liability company agreements. These obligations are generally capped at an amount equal to the tax equity investor’s capital contributions plus a specified return, less any distributions and tax benefits it receives, in connection with its membership interest. For any indemnity obligations related to Aviator Wind, NorthStar Clean Energy would recover 49 percent of any amounts paid to the tax equity investor from the other owner of Aviator Wind Equity Holdings. Additionally, Aviator Wind holds insurance coverage that would partially protect against losses incurred as a result of certain failures to qualify for production tax credits. For further details on NorthStar Clean Energy’s ownership interest in Aviator Wind, Newport Solar Holdings, and NWO Holdco, see Note 11, Variable Interest Entities.
2These obligations arose from stock and asset sale agreements under which CMS Energy or a subsidiary of CMS Energy indemnified the purchaser for losses resulting from various matters, including claims related to taxes. The maximum obligation amount is mostly related to an Equatorial Guinea tax claim.
3This obligation comprises a guarantee provided by Consumers to the U.S. Department of Energy in connection with a settlement agreement regarding damages resulting from the department’s failure to accept spent nuclear fuel from nuclear power plants formerly owned by Consumers.
Additionally, in the normal course of business, CMS Energy, Consumers, and certain other subsidiaries of CMS Energy have entered into various agreements containing tax and other indemnity provisions for which they are unable to estimate the maximum potential obligation. CMS Energy and Consumers consider the likelihood that they would be required to perform or incur substantial losses related to these indemnities and those disclosed in the table to be remote.
Other Contingencies
In addition to the matters disclosed in this Note and Note 1, Regulatory Matters, there are certain other lawsuits and administrative proceedings before various courts and governmental agencies, as well as unasserted claims that may result in such proceedings, arising in the ordinary course of business to which CMS Energy, Consumers, and certain other subsidiaries of CMS Energy are parties. These other lawsuits, proceedings, and unasserted claims may involve personal injury, property damage, contracts, environmental matters, federal and state taxes, rates, licensing, employment, and other matters. Further, CMS Energy and Consumers occasionally self-report certain regulatory non‑compliance matters that may
or may not eventually result in administrative proceedings. CMS Energy and Consumers believe that the outcome of any one of these proceedings and potential claims will not have a material negative effect on their consolidated results of operations, financial condition, or liquidity.
v3.24.3
Financings and Capitalization
 9 Months Ended
Sep. 30, 2024
Debt Instrument [Line Items]  
Financings and Capitalization Financings and Capitalization
Financings: Presented in the following table is a summary of major long-term debt issuances during the nine months ended September 30, 2024:
Principal
(In Millions)		Interest Rate (%)Issuance DateMaturity Date
Consumers
First mortgage bonds$600 4.600 January 2024May 2029
First mortgage bonds700 4.700 August 2024January 2030
Total Consumers$1,300 
Total CMS Energy$1,300 
CMS Energy Term Loan: In September 2024, CMS Energy entered into a delayed-draw $400 million unsecured term loan credit facility with an interest rate of one-month Term SOFR plus 0.850 percent. The proceeds of the term loan will be used for general corporate purposes. The term loan matures in September 2025. CMS Energy has until December 2024 to draw funds under the facility. At September 30, 2024, CMS Energy had not drawn on this facility. In October 2024, CMS Energy borrowed $175 million bearing an interest rate of 5.694 percent under the term loan credit facility.
Tax-exempt Variable Rate Limited Obligation Revenue Bonds: In October 2024, Consumers remarketed $75 million in tax-exempt variable rate limited obligation revenue bonds. The bonds bear an interest rate of 3.350 percent and the interest rate will reset in October 2027.
Retirements: Presented in the following table is a summary of major long-term debt retirements during the nine months ended September 30, 2024:
Principal
(In Millions)		Interest Rate (%)Retirement DateMaturity Date
CMS Energy, parent only
Senior notes$250 3.875January 2024March 2024
Total CMS Energy, parent only$250 
Consumers
First mortgage bonds1
$250 3.125 September 2024August 2024
Total Consumers$250 
Total CMS Energy$500 
1First mortgage bonds were repaid the first business day following the maturity date, which did not fall on a business day.
CMS Energy’s Purchase of Consumers’ First Mortgage Bonds: During the nine months ended September 30, 2024, CMS Energy purchased Consumers’ first mortgage bonds with a principal balance of $311 million in exchange for cash of $218 million. On a consolidated basis, CMS Energy’s repurchase of Consumers’ first mortgage bonds was accounted for as a debt extinguishment and resulted in a pre-tax gain of $20 million for the three months ended September 30, 2024 and a pre-tax gain of $90 million for
the nine months ended September 30, 2024, which were recorded in other income on CMS Energy’s consolidated statements of income.
Credit Facilities: The following credit facilities with banks were available at September 30, 2024:
In Millions
Expiration DateAmount of FacilityAmount BorrowedLetters of Credit OutstandingAmount Available
CMS Energy, parent only
December 14, 20271
$550 $— $30 $520 
September 30, 2025
50 — 50 — 
NorthStar Clean Energy, including subsidiaries
May 7, 20272
$150 $150 $— $— 
September 25, 20253
37 — 37 — 
Consumers4
December 14, 2027
$1,100 $— $27 $1,073 
November 18, 2025
250 — 57 193 
1There were no borrowings under this facility during the nine months ended September 30, 2024.
2Obligations under this facility are secured by certain pledged equity interests in subsidiaries of NorthStar Clean Energy; under the terms of this facility, the interests may not be sold by NorthStar Clean Energy unless there is an agreed-upon substitution for the pledged equity interests. At September 30, 2024, the net book value of the pledged equity interests was $396 million. Also under the terms of this facility, NorthStar Clean Energy may be restricted from remitting cash dividends to CMS Energy in the event of default. Loans under this facility have an interest rate of one-month Term SOFR plus 1.750 percent less an adjustment of 0.050 percent for green credit advances. At September 30, 2024, the interest rate for the loan issued under this facility was 6.795 percent.
3This letter of credit facility is available to Aviator Wind Equity Holdings. For more information regarding Aviator Wind Equity Holdings, see Note 11, Variable Interest Entities.
4Obligations under these facilities are secured by first mortgage bonds of Consumers. There were no borrowings under these facilities during the nine months ended September 30, 2024.
Regulatory Authorization for Financings: Consumers is required to maintain FERC authorization for financings. Any long-term issuances during the authorization period are exempt from FERC’s competitive bidding and negotiated placement requirements. In May 2024, FERC granted Consumers the authority to issue securities between May 3, 2024 and May 2, 2026.
Short-term Borrowings: Under Consumers’ commercial paper program, Consumers may issue, in one or more placements, investment-grade commercial paper notes with maturities of up to 365 days at market interest rates. These issuances are supported by Consumers’ revolving credit facilities and may have an aggregate principal amount outstanding of up to $500 million. While the amount of outstanding commercial paper does not reduce the available capacity of the revolving credit facilities, Consumers does not intend to issue commercial paper in an amount exceeding the available capacity of the facilities. At September 30, 2024, there were no commercial paper notes outstanding under this program.
In December 2023, Consumers renewed a short-term credit agreement with CMS Energy, permitting Consumers to borrow up to $500 million at an interest rate of the prior month’s average one‑month Term
SOFR minus 0.100 percent. At September 30, 2024, there were no outstanding borrowings under the agreement.
Dividend Restrictions: At September 30, 2024, payment of dividends by CMS Energy on its common stock was limited to $7.9 billion under provisions of the Michigan Business Corporation Act of 1972.
Under the provisions of its articles of incorporation, at September 30, 2024, Consumers had $2.3 billion of unrestricted retained earnings available to pay dividends on its common stock to CMS Energy. Provisions of the Federal Power Act and the Natural Gas Act appear to restrict dividends payable by Consumers to the amount of Consumers’ retained earnings. Several decisions from FERC suggest that, under a variety of circumstances, dividends from Consumers on its common stock would not be limited to amounts in Consumers’ retained earnings. Any decision by Consumers to pay dividends on its common stock in excess of retained earnings would be based on specific facts and circumstances and would be subject to a formal regulatory filing process.
During the nine months ended September 30, 2024, Consumers paid $544 million in dividends on its common stock to CMS Energy.
Issuance of Common Stock: In 2023, CMS Energy entered into an equity offering program under which it may sell shares of its common stock having an aggregate sales price of up to $1 billion in privately negotiated transactions, in “at the market” offerings, or through forward sales transactions. There have been no sales of securities under this program. In January 2024, CMS Energy settled the remaining forward sale contracts issued under its previous equity offering program by issuing shares at a weighted average price of $70.31 per share, resulting in net proceeds of $266 million.
Consumers Energy Company  
Debt Instrument [Line Items]  
Financings and Capitalization Financings and Capitalization
Financings: Presented in the following table is a summary of major long-term debt issuances during the nine months ended September 30, 2024:
Principal
(In Millions)		Interest Rate (%)Issuance DateMaturity Date
Consumers
First mortgage bonds$600 4.600 January 2024May 2029
First mortgage bonds700 4.700 August 2024January 2030
Total Consumers$1,300 
Total CMS Energy$1,300 
CMS Energy Term Loan: In September 2024, CMS Energy entered into a delayed-draw $400 million unsecured term loan credit facility with an interest rate of one-month Term SOFR plus 0.850 percent. The proceeds of the term loan will be used for general corporate purposes. The term loan matures in September 2025. CMS Energy has until December 2024 to draw funds under the facility. At September 30, 2024, CMS Energy had not drawn on this facility. In October 2024, CMS Energy borrowed $175 million bearing an interest rate of 5.694 percent under the term loan credit facility.
Tax-exempt Variable Rate Limited Obligation Revenue Bonds: In October 2024, Consumers remarketed $75 million in tax-exempt variable rate limited obligation revenue bonds. The bonds bear an interest rate of 3.350 percent and the interest rate will reset in October 2027.
Retirements: Presented in the following table is a summary of major long-term debt retirements during the nine months ended September 30, 2024:
Principal
(In Millions)		Interest Rate (%)Retirement DateMaturity Date
CMS Energy, parent only
Senior notes$250 3.875January 2024March 2024
Total CMS Energy, parent only$250 
Consumers
First mortgage bonds1
$250 3.125 September 2024August 2024
Total Consumers$250 
Total CMS Energy$500 
1First mortgage bonds were repaid the first business day following the maturity date, which did not fall on a business day.
CMS Energy’s Purchase of Consumers’ First Mortgage Bonds: During the nine months ended September 30, 2024, CMS Energy purchased Consumers’ first mortgage bonds with a principal balance of $311 million in exchange for cash of $218 million. On a consolidated basis, CMS Energy’s repurchase of Consumers’ first mortgage bonds was accounted for as a debt extinguishment and resulted in a pre-tax gain of $20 million for the three months ended September 30, 2024 and a pre-tax gain of $90 million for
the nine months ended September 30, 2024, which were recorded in other income on CMS Energy’s consolidated statements of income.
Credit Facilities: The following credit facilities with banks were available at September 30, 2024:
In Millions
Expiration DateAmount of FacilityAmount BorrowedLetters of Credit OutstandingAmount Available
CMS Energy, parent only
December 14, 20271
$550 $— $30 $520 
September 30, 2025
50 — 50 — 
NorthStar Clean Energy, including subsidiaries
May 7, 20272
$150 $150 $— $— 
September 25, 20253
37 — 37 — 
Consumers4
December 14, 2027
$1,100 $— $27 $1,073 
November 18, 2025
250 — 57 193 
1There were no borrowings under this facility during the nine months ended September 30, 2024.
2Obligations under this facility are secured by certain pledged equity interests in subsidiaries of NorthStar Clean Energy; under the terms of this facility, the interests may not be sold by NorthStar Clean Energy unless there is an agreed-upon substitution for the pledged equity interests. At September 30, 2024, the net book value of the pledged equity interests was $396 million. Also under the terms of this facility, NorthStar Clean Energy may be restricted from remitting cash dividends to CMS Energy in the event of default. Loans under this facility have an interest rate of one-month Term SOFR plus 1.750 percent less an adjustment of 0.050 percent for green credit advances. At September 30, 2024, the interest rate for the loan issued under this facility was 6.795 percent.
3This letter of credit facility is available to Aviator Wind Equity Holdings. For more information regarding Aviator Wind Equity Holdings, see Note 11, Variable Interest Entities.
4Obligations under these facilities are secured by first mortgage bonds of Consumers. There were no borrowings under these facilities during the nine months ended September 30, 2024.
Regulatory Authorization for Financings: Consumers is required to maintain FERC authorization for financings. Any long-term issuances during the authorization period are exempt from FERC’s competitive bidding and negotiated placement requirements. In May 2024, FERC granted Consumers the authority to issue securities between May 3, 2024 and May 2, 2026.
Short-term Borrowings: Under Consumers’ commercial paper program, Consumers may issue, in one or more placements, investment-grade commercial paper notes with maturities of up to 365 days at market interest rates. These issuances are supported by Consumers’ revolving credit facilities and may have an aggregate principal amount outstanding of up to $500 million. While the amount of outstanding commercial paper does not reduce the available capacity of the revolving credit facilities, Consumers does not intend to issue commercial paper in an amount exceeding the available capacity of the facilities. At September 30, 2024, there were no commercial paper notes outstanding under this program.
In December 2023, Consumers renewed a short-term credit agreement with CMS Energy, permitting Consumers to borrow up to $500 million at an interest rate of the prior month’s average one‑month Term
SOFR minus 0.100 percent. At September 30, 2024, there were no outstanding borrowings under the agreement.
Dividend Restrictions: At September 30, 2024, payment of dividends by CMS Energy on its common stock was limited to $7.9 billion under provisions of the Michigan Business Corporation Act of 1972.
Under the provisions of its articles of incorporation, at September 30, 2024, Consumers had $2.3 billion of unrestricted retained earnings available to pay dividends on its common stock to CMS Energy. Provisions of the Federal Power Act and the Natural Gas Act appear to restrict dividends payable by Consumers to the amount of Consumers’ retained earnings. Several decisions from FERC suggest that, under a variety of circumstances, dividends from Consumers on its common stock would not be limited to amounts in Consumers’ retained earnings. Any decision by Consumers to pay dividends on its common stock in excess of retained earnings would be based on specific facts and circumstances and would be subject to a formal regulatory filing process.
During the nine months ended September 30, 2024, Consumers paid $544 million in dividends on its common stock to CMS Energy.
Issuance of Common Stock: In 2023, CMS Energy entered into an equity offering program under which it may sell shares of its common stock having an aggregate sales price of up to $1 billion in privately negotiated transactions, in “at the market” offerings, or through forward sales transactions. There have been no sales of securities under this program. In January 2024, CMS Energy settled the remaining forward sale contracts issued under its previous equity offering program by issuing shares at a weighted average price of $70.31 per share, resulting in net proceeds of $266 million.
v3.24.3
Fair Value Measurements
 9 Months Ended
Sep. 30, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value Measurements Fair Value Measurements
Accounting standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. When measuring fair value, CMS Energy and Consumers are required to incorporate all assumptions that market participants would use in pricing an asset or liability, including assumptions about risk. A fair value hierarchy prioritizes inputs used to measure fair value according to their observability in the market. The three levels of the fair value hierarchy are as follows:
•Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities.
•Level 2 inputs are observable, market-based inputs, other than Level 1 prices. Level 2 inputs may include quoted prices for similar assets or liabilities in active markets, quoted prices in inactive markets, and inputs derived from or corroborated by observable market data.
•Level 3 inputs are unobservable inputs that reflect CMS Energy’s or Consumers’ own assumptions about how market participants would value their assets and liabilities.
CMS Energy and Consumers classify fair value measurements within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement in its entirety.
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
2024		December 31
2023		September 30
2024		December 31
2023
Assets1
Cash equivalents$228 $18 $209 $— 
Restricted cash equivalents55 21 54 21 
Nonqualified deferred compensation plan assets34 30 25 22 
Derivative instruments4 2 4 2 
Total assets$321 $71 $292 $45 
Liabilities1
Nonqualified deferred compensation plan liabilities$34 $30 $25 $22 
Total liabilities$34 $30 $25 $22 
1All assets and liabilities were classified as Level 1 with the exception of derivative contracts, which were classified as Level 3.
Cash Equivalents: Cash equivalents and restricted cash equivalents consist of money market funds with daily liquidity.
Nonqualified Deferred Compensation Plan Assets and Liabilities: The nonqualified deferred compensation plan assets consist of mutual funds, which are bought and sold only at the discretion of plan participants.The assets are valued using the daily quoted net asset values. CMS Energy and Consumers value their nonqualified deferred compensation plan liabilities based on the fair values of the plan assets, as they reflect the amount owed to the plan participants in accordance with their investment elections. CMS Energy and Consumers report the assets in other non‑current assets and the liabilities in other non‑current liabilities on their consolidated balance sheets.
Derivative Instruments: CMS Energy and Consumers value their derivative instruments using either a market approach that incorporates information from market transactions, or an income approach that discounts future expected cash flows to a present value amount. CMS Energy’s and Consumers’ derivatives are classified as Level 3. CMS Energy and Consumers report derivatives in other non‑current assets on their consolidated balance sheets.
The majority of derivatives classified as Level 3 are FTRs held by Consumers. Due to the lack of quoted pricing information, Consumers determines the fair value of its FTRs based on Consumers’ average historical settlements. There was no material activity within the Level 3 category of derivatives during the periods presented.
Consumers Energy Company  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Fair Value Measurements Fair Value Measurements
Accounting standards define fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. When measuring fair value, CMS Energy and Consumers are required to incorporate all assumptions that market participants would use in pricing an asset or liability, including assumptions about risk. A fair value hierarchy prioritizes inputs used to measure fair value according to their observability in the market. The three levels of the fair value hierarchy are as follows:
•Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities.
•Level 2 inputs are observable, market-based inputs, other than Level 1 prices. Level 2 inputs may include quoted prices for similar assets or liabilities in active markets, quoted prices in inactive markets, and inputs derived from or corroborated by observable market data.
•Level 3 inputs are unobservable inputs that reflect CMS Energy’s or Consumers’ own assumptions about how market participants would value their assets and liabilities.
CMS Energy and Consumers classify fair value measurements within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement in its entirety.
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
2024		December 31
2023		September 30
2024		December 31
2023
Assets1
Cash equivalents$228 $18 $209 $— 
Restricted cash equivalents55 21 54 21 
Nonqualified deferred compensation plan assets34 30 25 22 
Derivative instruments4 2 4 2 
Total assets$321 $71 $292 $45 
Liabilities1
Nonqualified deferred compensation plan liabilities$34 $30 $25 $22 
Total liabilities$34 $30 $25 $22 
1All assets and liabilities were classified as Level 1 with the exception of derivative contracts, which were classified as Level 3.
Cash Equivalents: Cash equivalents and restricted cash equivalents consist of money market funds with daily liquidity.
Nonqualified Deferred Compensation Plan Assets and Liabilities: The nonqualified deferred compensation plan assets consist of mutual funds, which are bought and sold only at the discretion of plan participants.The assets are valued using the daily quoted net asset values. CMS Energy and Consumers value their nonqualified deferred compensation plan liabilities based on the fair values of the plan assets, as they reflect the amount owed to the plan participants in accordance with their investment elections. CMS Energy and Consumers report the assets in other non‑current assets and the liabilities in other non‑current liabilities on their consolidated balance sheets.
Derivative Instruments: CMS Energy and Consumers value their derivative instruments using either a market approach that incorporates information from market transactions, or an income approach that discounts future expected cash flows to a present value amount. CMS Energy’s and Consumers’ derivatives are classified as Level 3. CMS Energy and Consumers report derivatives in other non‑current assets on their consolidated balance sheets.
The majority of derivatives classified as Level 3 are FTRs held by Consumers. Due to the lack of quoted pricing information, Consumers determines the fair value of its FTRs based on Consumers’ average historical settlements. There was no material activity within the Level 3 category of derivatives during the periods presented.
v3.24.3
Financial Instruments
 9 Months Ended
Sep. 30, 2024
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
September 30, 2024December 31, 2023
Carrying AmountFair ValueCarrying AmountFair Value
TotalLevelTotalLevel
123123
CMS Energy, including Consumers
Assets
Long-term receivables1
$9 $9 $— $— $9 $11 $11 $— $— $11 
Liabilities
Long-term debt2
16,051 15,229 1,101 12,096 2,032 15,483 14,305 1,103 11,186 2,016 
Long-term payables3
11 11 — — 11 11 11 — — 11 
Consumers
Assets
Long-term receivables1
$9 $9 $— $— $9 $11 $11 $— $— $11 
Notes receivable – related party4
95 95 — — 95 97 97 — — 97 
Liabilities
Long-term debt5
11,427 10,619 — 8,587 2,032 10,762 9,757 — 7,741 2,016 
Long-term debt – related party731 531 — 531 — 424 303 — 303 — 
Long-term payables4 4 — — 4 5 5 — — 5 
1Includes current portion of long-term accounts receivable and notes receivable of $4 million at September 30, 2024 and $6 million at December 31, 2023.
2Includes current portion of long-term debt of $503 million at September 30, 2024 and $975 million at December 31, 2023.
3Includes current portion of long-term payables of $1 million at September 30, 2024.
4Includes current portion of notes receivable – related party of $7 million at September 30, 2024 and December 31, 2023.
5Includes current portion of long-term debt of $503 million at September 30, 2024 and $725 million at December 31, 2023.
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
September 30, 2024December 31, 2023
Carrying AmountFair ValueCarrying AmountFair Value
TotalLevelTotalLevel
123123
CMS Energy, including Consumers
Assets
Long-term receivables1
$9 $9 $— $— $9 $11 $11 $— $— $11 
Liabilities
Long-term debt2
16,051 15,229 1,101 12,096 2,032 15,483 14,305 1,103 11,186 2,016 
Long-term payables3
11 11 — — 11 11 11 — — 11 
Consumers
Assets
Long-term receivables1
$9 $9 $— $— $9 $11 $11 $— $— $11 
Notes receivable – related party4
95 95 — — 95 97 97 — — 97 
Liabilities
Long-term debt5
11,427 10,619 — 8,587 2,032 10,762 9,757 — 7,741 2,016 
Long-term debt – related party731 531 — 531 — 424 303 — 303 — 
Long-term payables4 4 — — 4 5 5 — — 5 
1Includes current portion of long-term accounts receivable and notes receivable of $4 million at September 30, 2024 and $6 million at December 31, 2023.
2Includes current portion of long-term debt of $503 million at September 30, 2024 and $975 million at December 31, 2023.
3Includes current portion of long-term payables of $1 million at September 30, 2024.
4Includes current portion of notes receivable – related party of $7 million at September 30, 2024 and December 31, 2023.
5Includes current portion of long-term debt of $503 million at September 30, 2024 and $725 million at December 31, 2023.
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.
v3.24.3
Retirement Benefits
 9 Months Ended
Sep. 30, 2024
Defined Benefit Plan Disclosure [Line Items]  
Retirement Benefits Retirement Benefits
CMS Energy and Consumers provide pension, OPEB, and other retirement benefits to 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 EndedNine Months EndedThree Months EndedNine Months Ended
September 3020242023202420232024202320242023
CMS Energy, including Consumers
Net periodic credit
Service cost$7 $7 $21 $22 $2 $2 $8 $8 
Interest cost26 27 78 80 10 11 32 33 
Expected return on plan assets(58)(55)(176)(165)(28)(26)(86)(77)
Amortization of:
Net loss3 2 9 8 1 3 3 9 
Prior service cost (credit)1 1 3 3 (7)(10)(23)(31)
Settlement loss3 3 8 8 — — — — 
Net periodic credit$(18)$(15)$(57)$(44)$(22)$(20)$(66)$(58)
Consumers
Net periodic credit
Service cost$7 $7 $20 $21 $2 $2 $8 $8 
Interest cost25 24 74 75 11 10 31 31 
Expected return on plan assets(56)(52)(166)(156)(26)(23)(80)(71)
Amortization of:
Net loss3 3 8 8 1 3 3 9 
Prior service cost (credit)1 1 3 3 (8)(10)(23)(30)
Settlement loss3 3 8 8 — — — — 
Net periodic credit$(17)$(14)$(53)$(41)$(20)$(18)$(61)$(53)
In Consumers’ electric and gas rate cases, the MPSC approved a mechanism allowing Consumers to defer the future recovery or refund of pension and OPEB expenses above or below the amounts used to set existing rates. The regulatory deferral will be collected from or refunded to customers over ten years. At
September 30, 2024, CMS Energy, including Consumers, had deferred $12 million of pension credits and $8 million of OPEB credits under this mechanism related to 2024 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 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 EndedNine Months EndedThree Months EndedNine Months Ended
September 3020242023202420232024202320242023
CMS Energy, including Consumers
Net periodic credit
Service cost$7 $7 $21 $22 $2 $2 $8 $8 
Interest cost26 27 78 80 10 11 32 33 
Expected return on plan assets(58)(55)(176)(165)(28)(26)(86)(77)
Amortization of:
Net loss3 2 9 8 1 3 3 9 
Prior service cost (credit)1 1 3 3 (7)(10)(23)(31)
Settlement loss3 3 8 8 — — — — 
Net periodic credit$(18)$(15)$(57)$(44)$(22)$(20)$(66)$(58)
Consumers
Net periodic credit
Service cost$7 $7 $20 $21 $2 $2 $8 $8 
Interest cost25 24 74 75 11 10 31 31 
Expected return on plan assets(56)(52)(166)(156)(26)(23)(80)(71)
Amortization of:
Net loss3 3 8 8 1 3 3 9 
Prior service cost (credit)1 1 3 3 (8)(10)(23)(30)
Settlement loss3 3 8 8 — — — — 
Net periodic credit$(17)$(14)$(53)$(41)$(20)$(18)$(61)$(53)
In Consumers’ electric and gas rate cases, the MPSC approved a mechanism allowing Consumers to defer the future recovery or refund of pension and OPEB expenses above or below the amounts used to set existing rates. The regulatory deferral will be collected from or refunded to customers over ten years. At
September 30, 2024, CMS Energy, including Consumers, had deferred $12 million of pension credits and $8 million of OPEB credits under this mechanism related to 2024 expense.
v3.24.3
Income Taxes
 9 Months Ended
Sep. 30, 2024
Income Taxes [Line Items]  
Income Taxes Income Taxes
Presented in the following table is a reconciliation of the statutory U.S. federal income tax rate to the effective income tax rate from continuing operations:
Nine Months Ended September 3020242023
CMS Energy, including Consumers
U.S. federal income tax rate21.0 %21.0 %
Increase (decrease) in income taxes from:
State and local income taxes, net of federal effect1
5.4 1.7 
Renewable energy tax credits(6.3)(6.9)
TCJA excess deferred taxes
(3.8)(3.9)
Deferred tax adjustment2
(1.9)— 
Taxes attributable to noncontrolling interests1.1 0.6 
Other, net(0.2)0.2 
Effective tax rate15.3 %12.7 %
Consumers
U.S. federal income tax rate21.0 %21.0 %
Increase (decrease) in income taxes from:
State and local income taxes, net of federal effect1
5.0 2.9 
Renewable energy tax credits(4.4)(4.5)
TCJA excess deferred taxes
(3.5)(3.7)
Deferred tax adjustment2
(1.8)— 
Other, net(0.2)(0.1)
Effective tax rate16.1 %15.6 %
1CMS Energy initiated a plan to divest immaterial business activities in a non‑Michigan jurisdiction and will no longer have a taxable presence within that jurisdiction. As a result of these actions, in the first quarter of 2023, CMS Energy reversed a $13 million non‑Michigan reserve, all of which was recognized at Consumers.
2In September 2024, Consumers recognized a $16 million tax benefit resulting from the expiration of the statute of limitations associated with audit points for the 2018 and 2019 tax years.
Renewable Energy Tax Credits: Under the Inflation Reduction Act of 2022, renewable energy tax credits produced after 2022 are transferable to third parties. In April 2024, Consumers sold renewable energy tax credits generated in 2023 and received proceeds of $37 million. In June 2024, Consumers entered into an agreement to sell renewable energy tax credits generated in 2024 for $51 million, subject to adjustment for actual production. These sales are accounted for under ASC 740 with the discount from the sale of the tax credits included as a component of income tax expense. Renewable energy tax credits that have been generated and sold are presented as accounts receivable on CMS Energy’s and Consumers’ consolidated balance sheets until proceeds from the sale are received. Proceeds from the sale of tax credits are presented as operating activities within the statements of cash flows, consistent with the presentation of cash taxes paid.
Consumers Energy Company  
Income Taxes [Line Items]  
Income Taxes Income Taxes
Presented in the following table is a reconciliation of the statutory U.S. federal income tax rate to the effective income tax rate from continuing operations:
Nine Months Ended September 3020242023
CMS Energy, including Consumers
U.S. federal income tax rate21.0 %21.0 %
Increase (decrease) in income taxes from:
State and local income taxes, net of federal effect1
5.4 1.7 
Renewable energy tax credits(6.3)(6.9)
TCJA excess deferred taxes
(3.8)(3.9)
Deferred tax adjustment2
(1.9)— 
Taxes attributable to noncontrolling interests1.1 0.6 
Other, net(0.2)0.2 
Effective tax rate15.3 %12.7 %
Consumers
U.S. federal income tax rate21.0 %21.0 %
Increase (decrease) in income taxes from:
State and local income taxes, net of federal effect1
5.0 2.9 
Renewable energy tax credits(4.4)(4.5)
TCJA excess deferred taxes
(3.5)(3.7)
Deferred tax adjustment2
(1.8)— 
Other, net(0.2)(0.1)
Effective tax rate16.1 %15.6 %
1CMS Energy initiated a plan to divest immaterial business activities in a non‑Michigan jurisdiction and will no longer have a taxable presence within that jurisdiction. As a result of these actions, in the first quarter of 2023, CMS Energy reversed a $13 million non‑Michigan reserve, all of which was recognized at Consumers.
2In September 2024, Consumers recognized a $16 million tax benefit resulting from the expiration of the statute of limitations associated with audit points for the 2018 and 2019 tax years.
Renewable Energy Tax Credits: Under the Inflation Reduction Act of 2022, renewable energy tax credits produced after 2022 are transferable to third parties. In April 2024, Consumers sold renewable energy tax credits generated in 2023 and received proceeds of $37 million. In June 2024, Consumers entered into an agreement to sell renewable energy tax credits generated in 2024 for $51 million, subject to adjustment for actual production. These sales are accounted for under ASC 740 with the discount from the sale of the tax credits included as a component of income tax expense. Renewable energy tax credits that have been generated and sold are presented as accounts receivable on CMS Energy’s and Consumers’ consolidated balance sheets until proceeds from the sale are received. Proceeds from the sale of tax credits are presented as operating activities within the statements of cash flows, consistent with the presentation of cash taxes paid.
v3.24.3
Earnings Per Share - CMS Energy
 9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Earnings Per Share - CMS Energy Earnings Per Share—CMS Energy
Presented in the following table are CMS Energy’s basic and diluted EPS computations based on income from continuing operations:
In Millions, Except Per Share Amounts
Three Months EndedNine Months Ended
September 302024202320242023
Income available to common stockholders
Income from continuing operations$247 $173 $692 $556 
Less loss attributable to noncontrolling interests(6)(3)(46)(21)
Less preferred stock dividends2 2 7 7 
Income from continuing operations available to common stockholders – basic and diluted$251 $174 $731 $570 
Average common shares outstanding
Weighted-average shares – basic298.0 291.0 297.5 290.9 
Add dilutive nonvested stock awards0.8 0.4 0.7 0.4 
Weighted-average shares – diluted298.8 291.4 298.2 291.3 
Income from continuing operations per average common share available to common stockholders
Basic$0.84 $0.60 $2.45 $1.96 
Diluted0.84 0.60 2.45 1.96 
Nonvested Stock Awards
CMS Energy’s nonvested stock awards are composed of participating and non‑participating securities. The participating securities accrue cash dividends when common stockholders receive dividends. Since the recipient is not required to return the dividends to CMS Energy if the recipient forfeits the award, the nonvested stock awards are considered participating securities. As such, the participating nonvested stock awards were included in the computation of basic EPS. The non‑participating securities accrue stock dividends that vest concurrently with the stock award. If the recipient forfeits the award, the stock dividends accrued on the non‑participating securities are also forfeited. Accordingly, the non‑participating awards and stock dividends were included in the computation of diluted EPS, but not in the computation of basic EPS.
Forward Equity Sale Contracts
In January 2024, CMS Energy settled the remaining forward sale contracts issued under its previous equity offering program. These forward equity sale contracts were non‑participating securities. While the forward sale price in the forward equity sale contract was decreased on certain dates by certain predetermined amounts to reflect expected dividend payments, these price adjustments were set upon inception of the agreement and the forward contract did not give the owner the right to participate in undistributed earnings. Accordingly, the forward equity sale contracts were included in the computation of diluted EPS, but not in the computation of basic EPS. The forward equity sale contracts were anti-dilutive for the nine months ended September 30, 2024. For further details on the forward equity sale contracts, see Note 3, Financings and Capitalization.
Convertible Securities
In May 2023, CMS Energy issued convertible senior notes. Potentially dilutive common shares issuable upon conversion of the convertible senior notes are determined using the if-converted method for calculating diluted EPS. Upon conversion, the convertible senior notes are required to be paid in cash with only amounts exceeding the principal permitted to be settled in shares. The convertible senior notes were anti-dilutive for the nine months ended September 30, 2024.
v3.24.3
Revenue
 9 Months Ended
Sep. 30, 2024
Disaggregation of Revenue [Line Items]  
Revenue Revenue
Presented in the following tables are the components of operating revenue:
In Millions
Three Months Ended September 30, 2024Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$1,443 $212 $— $1,655 
Other— — 56 56 
Revenue recognized from contracts with customers$1,443 $212 $56 $1,711 
Leasing income— — 26 26 
Financing income4 1 — 5 
Consumers alternative-revenue programs1 — — 1 
Total operating revenue – CMS Energy$1,448 $213 $82 $1,743 
Consumers
Consumers utility revenue
Residential$707 $127 $834 
Commercial486 40 526 
Industrial169 5 174 
Other81 40 121 
Revenue recognized from contracts with customers$1,443 $212 $1,655 
Financing income4 1 5 
Alternative-revenue programs1 — 1 
Total operating revenue – Consumers$1,448 $213 $1,661 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $15 million for the three months ended September 30, 2024.
In Millions
Three Months Ended September 30, 2023Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$1,348 $243 $— $1,591 
Other— — 48 48 
Revenue recognized from contracts with customers$1,348 $243 $48 $1,639 
Leasing income— — 30 30 
Financing income2 1 — 3 
Consumers alternative-revenue programs1 — — 1 
Total operating revenue – CMS Energy$1,351 $244 $78 $1,673 
Consumers
Consumers utility revenue
Residential$666 $155 $821 
Commercial443 38 481 
Industrial175 5 180 
Other64 45 109 
Revenue recognized from contracts with customers$1,348 $243 $1,591 
Financing income2 1 3 
Alternative-revenue programs1 — 1 
Other non-segment revenue— — 1 
Total operating revenue – Consumers$1,351 $244 $1,596 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $19 million for the three months ended September 30, 2023.
In Millions
Nine Months Ended September 30, 2024Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$3,793 $1,480 $— $5,273 
Other— — 158 158 
Revenue recognized from contracts with customers$3,793 $1,480 $158 $5,431 
Leasing income— — 77 77 
Financing income8 5 — 13 
Consumers alternative-revenue programs5 — — 5 
Total operating revenue – CMS Energy$3,806 $1,485 $235 $5,526 
Consumers
Consumers utility revenue
Residential$1,779 $998 $2,777 
Commercial1,279 311 1,590 
Industrial499 37 536 
Other236 134 370 
Revenue recognized from contracts with customers$3,793 $1,480 $5,273 
Financing income8 5 13 
Alternative-revenue programs5 — 5 
Total operating revenue – Consumers$3,806 $1,485 $5,291 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $44 million for the nine months ended September 30, 2024.
In Millions
Nine Months Ended September 30, 2023Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$3,552 $1,715 $— $5,267 
Other— — 134 134 
Revenue recognized from contracts with customers$3,552 $1,715 $134 $5,401 
Leasing income— — 88 88 
Financing income7 5 — 12 
Consumers alternative-revenue programs11 — — 11 
Total operating revenue – CMS Energy$3,570 $1,720 $222$5,512 
Consumers
Consumers utility revenue
Residential$1,707 $1,160 $2,867 
Commercial1,183 353 1,536 
Industrial495 44 539 
Other167 158 325 
Revenue recognized from contracts with customers$3,552 $1,715 $5,267 
Financing income7 5 12 
Alternative-revenue programs11 — 11 
Other non-segment revenue— — 1 
Total operating revenue – Consumers$3,570 $1,720 $5,291 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $57 million for the nine months ended September 30, 2023.
Electric and Gas Utilities
Consumers Utility Revenue: Consumers recognizes revenue primarily from the sale of electric and gas utility services at tariff-based rates regulated by the MPSC. Consumers’ customer base consists of a mix of residential, commercial, and diversified industrial customers. Consumers’ tariff-based sales performance obligations are described below.
•Consumers has performance obligations for the service of standing ready to deliver electricity or natural gas to customers, and it satisfies these performance obligations over time. Consumers recognizes revenue at a fixed rate as it provides these services. These arrangements generally do not have fixed terms and remain in effect as long as the customer consumes the utility service. The rates are set by the MPSC through the rate-making process and represent the stand-alone selling price of Consumers’ service to stand ready to deliver.
•Consumers has performance obligations for the service of delivering the commodity of electricity or natural gas to customers, and it satisfies these performance obligations upon delivery. Consumers recognizes revenue at a price per unit of electricity or natural gas delivered, based on the tariffs established by the MPSC. These arrangements generally do not have fixed terms and remain in effect as long as the customer consumes the utility service. The rates are set by the
MPSC through the rate-making process and represent the stand-alone selling price of a bundled product comprising the commodity, electricity or natural gas, and the service of delivering such commodity.
In some instances, Consumers has specific fixed-term contracts with large commercial and industrial customers to provide electricity or gas at certain tariff rates or to provide gas transportation services at contracted rates. The amount of electricity and gas to be delivered under these contracts and the associated future revenue to be received are generally dependent on the customers’ needs. Accordingly, Consumers recognizes revenues at the tariff or contracted rate as electricity or gas is delivered to the customer. Consumers also has other miscellaneous contracts with customers related to pole and other property rentals and utility contract work. Generally, these contracts are short term or evergreen in nature.
Accounts Receivable and Unbilled Revenues: Accounts receivable comprise trade receivables and unbilled receivables. CMS Energy and Consumers record their accounts receivable at cost less an allowance for uncollectible accounts. The allowance is increased for uncollectible accounts expense and decreased for account write-offs net of recoveries. CMS Energy and Consumers establish the allowance based on historical losses, management’s assessment of existing economic conditions, customer payment trends, and reasonable and supported forecast information. CMS Energy and Consumers assess late payment fees on trade receivables based on contractual past-due terms established with customers. Accounts are written off when deemed uncollectible, which is generally when they become six months past due.
CMS Energy and Consumers recorded uncollectible accounts expense of $7 million for the three months ended September 30, 2024 and $15 million for the three months ended September 30, 2023. CMS Energy and Consumers recorded uncollectible accounts expense of $24 million for the nine months ended September 30, 2024 and $32 million for the nine months ended September 30, 2023.
Consumers’ customers are billed monthly in cycles having billing dates that do not generally coincide with the end of a calendar month. This results in customers having received electricity or natural gas that they have not been billed for as of the month-end. Consumers estimates its unbilled revenues by applying an average billed rate to total unbilled deliveries for each customer class. Unbilled revenues, which are recorded as accounts receivable and accrued revenue on CMS Energy’s and Consumers’ consolidated balance sheets, were $391 million at September 30, 2024 and $494 million at December 31, 2023.
Alternative‑revenue Program: Under a demand response incentive mechanism, Consumers earns a financial incentive when it meets demand response targets set by the MPSC. Consumers recognizes revenue related to this program once demand response incentive objectives are complete, the incentive amount is calculable, and the incentive revenue will be collected within a 24‑month period.
Consumers also accounts for its financial compensation mechanism as an alternative-revenue program. Consumers recognizes revenue related to the financial compensation mechanism as payments are made on MPSC-approved PPAs.
Consumers does not reclassify revenue from its alternative-revenue program to revenue from contracts with customers at the time the amounts are collected from customers.
Consumers Energy Company  
Disaggregation of Revenue [Line Items]  
Revenue Revenue
Presented in the following tables are the components of operating revenue:
In Millions
Three Months Ended September 30, 2024Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$1,443 $212 $— $1,655 
Other— — 56 56 
Revenue recognized from contracts with customers$1,443 $212 $56 $1,711 
Leasing income— — 26 26 
Financing income4 1 — 5 
Consumers alternative-revenue programs1 — — 1 
Total operating revenue – CMS Energy$1,448 $213 $82 $1,743 
Consumers
Consumers utility revenue
Residential$707 $127 $834 
Commercial486 40 526 
Industrial169 5 174 
Other81 40 121 
Revenue recognized from contracts with customers$1,443 $212 $1,655 
Financing income4 1 5 
Alternative-revenue programs1 — 1 
Total operating revenue – Consumers$1,448 $213 $1,661 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $15 million for the three months ended September 30, 2024.
In Millions
Three Months Ended September 30, 2023Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$1,348 $243 $— $1,591 
Other— — 48 48 
Revenue recognized from contracts with customers$1,348 $243 $48 $1,639 
Leasing income— — 30 30 
Financing income2 1 — 3 
Consumers alternative-revenue programs1 — — 1 
Total operating revenue – CMS Energy$1,351 $244 $78 $1,673 
Consumers
Consumers utility revenue
Residential$666 $155 $821 
Commercial443 38 481 
Industrial175 5 180 
Other64 45 109 
Revenue recognized from contracts with customers$1,348 $243 $1,591 
Financing income2 1 3 
Alternative-revenue programs1 — 1 
Other non-segment revenue— — 1 
Total operating revenue – Consumers$1,351 $244 $1,596 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $19 million for the three months ended September 30, 2023.
In Millions
Nine Months Ended September 30, 2024Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$3,793 $1,480 $— $5,273 
Other— — 158 158 
Revenue recognized from contracts with customers$3,793 $1,480 $158 $5,431 
Leasing income— — 77 77 
Financing income8 5 — 13 
Consumers alternative-revenue programs5 — — 5 
Total operating revenue – CMS Energy$3,806 $1,485 $235 $5,526 
Consumers
Consumers utility revenue
Residential$1,779 $998 $2,777 
Commercial1,279 311 1,590 
Industrial499 37 536 
Other236 134 370 
Revenue recognized from contracts with customers$3,793 $1,480 $5,273 
Financing income8 5 13 
Alternative-revenue programs5 — 5 
Total operating revenue – Consumers$3,806 $1,485 $5,291 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $44 million for the nine months ended September 30, 2024.
In Millions
Nine Months Ended September 30, 2023Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$3,552 $1,715 $— $5,267 
Other— — 134 134 
Revenue recognized from contracts with customers$3,552 $1,715 $134 $5,401 
Leasing income— — 88 88 
Financing income7 5 — 12 
Consumers alternative-revenue programs11 — — 11 
Total operating revenue – CMS Energy$3,570 $1,720 $222$5,512 
Consumers
Consumers utility revenue
Residential$1,707 $1,160 $2,867 
Commercial1,183 353 1,536 
Industrial495 44 539 
Other167 158 325 
Revenue recognized from contracts with customers$3,552 $1,715 $5,267 
Financing income7 5 12 
Alternative-revenue programs11 — 11 
Other non-segment revenue— — 1 
Total operating revenue – Consumers$3,570 $1,720 $5,291 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $57 million for the nine months ended September 30, 2023.
Electric and Gas Utilities
Consumers Utility Revenue: Consumers recognizes revenue primarily from the sale of electric and gas utility services at tariff-based rates regulated by the MPSC. Consumers’ customer base consists of a mix of residential, commercial, and diversified industrial customers. Consumers’ tariff-based sales performance obligations are described below.
•Consumers has performance obligations for the service of standing ready to deliver electricity or natural gas to customers, and it satisfies these performance obligations over time. Consumers recognizes revenue at a fixed rate as it provides these services. These arrangements generally do not have fixed terms and remain in effect as long as the customer consumes the utility service. The rates are set by the MPSC through the rate-making process and represent the stand-alone selling price of Consumers’ service to stand ready to deliver.
•Consumers has performance obligations for the service of delivering the commodity of electricity or natural gas to customers, and it satisfies these performance obligations upon delivery. Consumers recognizes revenue at a price per unit of electricity or natural gas delivered, based on the tariffs established by the MPSC. These arrangements generally do not have fixed terms and remain in effect as long as the customer consumes the utility service. The rates are set by the
MPSC through the rate-making process and represent the stand-alone selling price of a bundled product comprising the commodity, electricity or natural gas, and the service of delivering such commodity.
In some instances, Consumers has specific fixed-term contracts with large commercial and industrial customers to provide electricity or gas at certain tariff rates or to provide gas transportation services at contracted rates. The amount of electricity and gas to be delivered under these contracts and the associated future revenue to be received are generally dependent on the customers’ needs. Accordingly, Consumers recognizes revenues at the tariff or contracted rate as electricity or gas is delivered to the customer. Consumers also has other miscellaneous contracts with customers related to pole and other property rentals and utility contract work. Generally, these contracts are short term or evergreen in nature.
Accounts Receivable and Unbilled Revenues: Accounts receivable comprise trade receivables and unbilled receivables. CMS Energy and Consumers record their accounts receivable at cost less an allowance for uncollectible accounts. The allowance is increased for uncollectible accounts expense and decreased for account write-offs net of recoveries. CMS Energy and Consumers establish the allowance based on historical losses, management’s assessment of existing economic conditions, customer payment trends, and reasonable and supported forecast information. CMS Energy and Consumers assess late payment fees on trade receivables based on contractual past-due terms established with customers. Accounts are written off when deemed uncollectible, which is generally when they become six months past due.
CMS Energy and Consumers recorded uncollectible accounts expense of $7 million for the three months ended September 30, 2024 and $15 million for the three months ended September 30, 2023. CMS Energy and Consumers recorded uncollectible accounts expense of $24 million for the nine months ended September 30, 2024 and $32 million for the nine months ended September 30, 2023.
Consumers’ customers are billed monthly in cycles having billing dates that do not generally coincide with the end of a calendar month. This results in customers having received electricity or natural gas that they have not been billed for as of the month-end. Consumers estimates its unbilled revenues by applying an average billed rate to total unbilled deliveries for each customer class. Unbilled revenues, which are recorded as accounts receivable and accrued revenue on CMS Energy’s and Consumers’ consolidated balance sheets, were $391 million at September 30, 2024 and $494 million at December 31, 2023.
Alternative‑revenue Program: Under a demand response incentive mechanism, Consumers earns a financial incentive when it meets demand response targets set by the MPSC. Consumers recognizes revenue related to this program once demand response incentive objectives are complete, the incentive amount is calculable, and the incentive revenue will be collected within a 24‑month period.
Consumers also accounts for its financial compensation mechanism as an alternative-revenue program. Consumers recognizes revenue related to the financial compensation mechanism as payments are made on MPSC-approved PPAs.
Consumers does not reclassify revenue from its alternative-revenue program to revenue from contracts with customers at the time the amounts are collected from customers.
v3.24.3
Reportable Segments
 9 Months Ended
Sep. 30, 2024
Segment Reporting Information [Line Items]  
Reportable Segments Reportable Segments
Reportable segments consist of business units defined by the products and services they offer. CMS Energy and Consumers evaluate the performance of each segment based on its contribution to net income available to CMS Energy’s common stockholders.
CMS Energy
The segments reported for CMS Energy are:
•electric utility, consisting of regulated activities associated with the generation, purchase, distribution, and sale of electricity in Michigan
•gas utility, consisting of regulated activities associated with the purchase, transmission, storage, distribution, and sale of natural gas in Michigan
•NorthStar Clean Energy, consisting of various subsidiaries engaging in domestic independent power production, including the development and operation of renewable generation, and the marketing of independent power production
CMS Energy presents corporate interest and other expenses, discontinued operations, and Consumers’ other consolidated entities within other reconciling items.
Consumers
The segments reported for Consumers are:
•electric utility, consisting of regulated activities associated with the generation, purchase, distribution, and sale of electricity in Michigan
•gas utility, consisting of regulated activities associated with the purchase, transmission, storage, distribution, and sale of natural gas in Michigan
Consumers’ other consolidated entities are presented within other reconciling items.
Presented in the following tables is financial information by segment:
In Millions
Three Months EndedNine Months Ended
September 302024202320242023
CMS Energy, including Consumers
Operating revenue
Electric utility$1,448 $1,351 $3,806 $3,570 
Gas utility213 244 1,485 1,720 
NorthStar Clean Energy82 78 235 222 
Total operating revenue – CMS Energy$1,743 $1,673 $5,526 $5,512 
Consumers
Operating revenue
Electric utility$1,448 $1,351 $3,806 $3,570 
Gas utility213 244 1,485 1,720 
Other reconciling items— 1 — 1 
Total operating revenue – Consumers$1,661 $1,596 $5,291 $5,291 
CMS Energy, including Consumers
Net income (loss) available to common stockholders
Electric utility$273 $187 $540 $404 
Gas utility11 4 195 181 
NorthStar Clean Energy6 16 53 26 
Other reconciling items(39)(33)(57)(40)
Total net income available to common stockholders – CMS Energy$251 $174 $731 $571 
Consumers
Net income (loss) available to common stockholder
Electric utility$273 $187 $540 $404 
Gas utility11 4 195 181 
Other reconciling items(11)(13)(10)(9)
Total net income available to common stockholder – Consumers$273 $178 $725 $576 
In Millions
September 30, 2024December 31, 2023
CMS Energy, including Consumers
Plant, property, and equipment, gross
Electric utility1
$19,826 $19,302 
Gas utility1
12,840 12,383 
NorthStar Clean Energy1,469 1,420 
Other reconciling items21 30 
Total plant, property, and equipment, gross – CMS Energy$34,156 $33,135 
Consumers
Plant, property, and equipment, gross
Electric utility1
$19,826 $19,302 
Gas utility1
12,840 12,383 
Other reconciling items29 38 
Total plant, property, and equipment, gross – Consumers$32,695 $31,723 
CMS Energy, including Consumers
Total assets
Electric utility1
$20,222 $19,358 
Gas utility1
12,809 12,353 
NorthStar Clean Energy1,711 1,604 
Other reconciling items75 202 
Total assets – CMS Energy$34,817 $33,517 
Consumers
Total assets
Electric utility1
$20,279 $19,417 
Gas utility1
12,852 12,397 
Other reconciling items29 38 
Total assets – Consumers$33,160 $31,852 
1Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
Consumers Energy Company  
Segment Reporting Information [Line Items]  
Reportable Segments Reportable Segments
Reportable segments consist of business units defined by the products and services they offer. CMS Energy and Consumers evaluate the performance of each segment based on its contribution to net income available to CMS Energy’s common stockholders.
CMS Energy
The segments reported for CMS Energy are:
•electric utility, consisting of regulated activities associated with the generation, purchase, distribution, and sale of electricity in Michigan
•gas utility, consisting of regulated activities associated with the purchase, transmission, storage, distribution, and sale of natural gas in Michigan
•NorthStar Clean Energy, consisting of various subsidiaries engaging in domestic independent power production, including the development and operation of renewable generation, and the marketing of independent power production
CMS Energy presents corporate interest and other expenses, discontinued operations, and Consumers’ other consolidated entities within other reconciling items.
Consumers
The segments reported for Consumers are:
•electric utility, consisting of regulated activities associated with the generation, purchase, distribution, and sale of electricity in Michigan
•gas utility, consisting of regulated activities associated with the purchase, transmission, storage, distribution, and sale of natural gas in Michigan
Consumers’ other consolidated entities are presented within other reconciling items.
Presented in the following tables is financial information by segment:
In Millions
Three Months EndedNine Months Ended
September 302024202320242023
CMS Energy, including Consumers
Operating revenue
Electric utility$1,448 $1,351 $3,806 $3,570 
Gas utility213 244 1,485 1,720 
NorthStar Clean Energy82 78 235 222 
Total operating revenue – CMS Energy$1,743 $1,673 $5,526 $5,512 
Consumers
Operating revenue
Electric utility$1,448 $1,351 $3,806 $3,570 
Gas utility213 244 1,485 1,720 
Other reconciling items— 1 — 1 
Total operating revenue – Consumers$1,661 $1,596 $5,291 $5,291 
CMS Energy, including Consumers
Net income (loss) available to common stockholders
Electric utility$273 $187 $540 $404 
Gas utility11 4 195 181 
NorthStar Clean Energy6 16 53 26 
Other reconciling items(39)(33)(57)(40)
Total net income available to common stockholders – CMS Energy$251 $174 $731 $571 
Consumers
Net income (loss) available to common stockholder
Electric utility$273 $187 $540 $404 
Gas utility11 4 195 181 
Other reconciling items(11)(13)(10)(9)
Total net income available to common stockholder – Consumers$273 $178 $725 $576 
In Millions
September 30, 2024December 31, 2023
CMS Energy, including Consumers
Plant, property, and equipment, gross
Electric utility1
$19,826 $19,302 
Gas utility1
12,840 12,383 
NorthStar Clean Energy1,469 1,420 
Other reconciling items21 30 
Total plant, property, and equipment, gross – CMS Energy$34,156 $33,135 
Consumers
Plant, property, and equipment, gross
Electric utility1
$19,826 $19,302 
Gas utility1
12,840 12,383 
Other reconciling items29 38 
Total plant, property, and equipment, gross – Consumers$32,695 $31,723 
CMS Energy, including Consumers
Total assets
Electric utility1
$20,222 $19,358 
Gas utility1
12,809 12,353 
NorthStar Clean Energy1,711 1,604 
Other reconciling items75 202 
Total assets – CMS Energy$34,817 $33,517 
Consumers
Total assets
Electric utility1
$20,279 $19,417 
Gas utility1
12,852 12,397 
Other reconciling items29 38 
Total assets – Consumers$33,160 $31,852 
1Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
v3.24.3
Variable Interest Entities
 9 Months Ended
Sep. 30, 2024
Variable Interest Entity [Line Items]  
Variable Interest Entities Variable Interest Entities
Consolidated VIEs: NorthStar Clean Energy consolidates certain entities that it does not wholly own, but for which it manages and controls the entities’ operating activities. NorthStar Clean Energy is the primary beneficiary of these entities because it has the power to direct the activities that most significantly impact the economic performance of the companies, as well as the obligation to absorb losses or the right to receive benefits from the companies. Presented in the following table is information about the VIEs NorthStar Clean Energy consolidates:
Consolidated VIENorthStar Clean Energy’s ownership interestDescription of VIE
Aviator Wind Equity Holdings
51‑percent ownership interest1
Holds a Class B membership interest in Aviator Wind
Aviator Wind
Class B membership interest2
Holding company of a 525‑MW wind generation project in Coke County, Texas
Newport Solar Holdings
Class B membership interest2
Holding company of a 180‑MW solar generation project in Jackson County, Arkansas
NWO Holdco
Class B membership interest2
Holding company of a 100‑MW wind generation project in Paulding County, Ohio
1The remaining 49‑percent interest is presented as noncontrolling interest on CMS Energy’s consolidated balance sheets.
2The Class A membership interest in the entity is held by a tax equity investor and is presented as noncontrolling interest on CMS Energy’s consolidated balance sheets. Under the associated limited liability company agreement, the tax equity investor is guaranteed preferred returns from the entity.
Earnings, tax attributes, and cash flows generated by the entities in which NorthStar Clean Energy holds a Class B membership are allocated among and distributed to the membership classes in accordance with the ratios specified in the associated limited liability company agreements; these ratios change over time and are not representative of the ownership interest percentages of each membership class. Since these entities’ income and cash flows are not distributed among their investors based on ownership interest percentages, NorthStar Clean Energy allocates the entities’ income (loss) among the investors by applying the hypothetical liquidation at book value method. This method calculates each investor’s earnings based on a hypothetical liquidation of the entities at the net book value of underlying assets as of the balance sheet date. The liquidation tax gain (loss) is allocated to each investor’s capital account, resulting in income (loss) equal to the period change in the investor’s capital account balance.
Presented in the following table are the carrying values of the VIEs’ assets and liabilities included on CMS Energy’s consolidated balance sheets:
In Millions
September 30, 2024December 31, 2023
Current
Cash and cash equivalents$24 $28 
Accounts receivable3 3 
Prepayments and other current assets3 4 
Non-current
Plant, property, and equipment, net1,036 1,064 
Other non-current assets3 3 
Total assets1
$1,069 $1,102 
Current
Accounts payable$8 $12 
Non-current
Non-current portion of finance leases23 23 
Asset retirement obligations33 32 
Total liabilities$64 $67 
1Assets may be used only to meet VIEs’ obligations and commitments.
NorthStar Clean Energy is obligated under certain indemnities that protect the tax equity investors against losses incurred as a result of breaches of representations and warranties under the associated limited liability company agreements. For additional details on these indemnity obligations, see Note 2, Contingencies and Commitments—Guarantees.
Consumers’ wholly-owned subsidiaries, Consumers 2014 Securitization Funding and Consumers 2023 Securitization Funding, are VIEs designed to collateralize Consumers’ securitization bonds. These entities are considered VIEs primarily because their equity capitalization is insufficient to support their operations. Consumers is the primary beneficiary of and consolidates these VIEs, as it has the power to direct the activities that most significantly impact the economic performance of the companies, as well as the obligation to absorb losses or the right to receive benefits from the companies. The VIEs’ primary assets and liabilities comprise regulatory assets and long-term debt. The carrying value of the regulatory assets were $695 million at September 30, 2024 and $778 million at December 31, 2023. The securitization bonds outstanding under the VIEs were $715 million at September 30, 2024 and $787 million at December 31, 2023.
Non-consolidated VIEs: NorthStar Clean Energy has variable interests in T.E.S. Filer City, Grayling, Genesee, and Craven. While NorthStar Clean Energy owns 50 percent of each partnership, it is not the primary beneficiary of any of these partnerships because decision making is shared among unrelated parties, and no one party has the ability to direct the activities that most significantly impact the entities’ economic performance, such as operations and maintenance, plant dispatch, and fuel strategy. The partners must agree on all major decisions for each of the partnerships.
Presented in the following table is information about these partnerships:
NameNature of the EntityNature of NorthStar Clean Energy’s Involvement
T.E.S. Filer City Coal-fueled power generatorLong-term PPA between partnership and Consumers
Employee assignment agreement
Grayling Wood waste-fueled power generatorLong-term PPA between partnership and Consumers
Reduced dispatch agreement with Consumers1
Operating and management contract
Genesee Wood waste-fueled power generatorLong-term PPA between partnership and Consumers
Reduced dispatch agreement with Consumers1
Operating and management contract
Craven Wood waste-fueled power generatorOperating and management contract
1Reduced dispatch agreements allow the facilities to be dispatched based on the market price of power compared with the cost of production of the plants. This results in fuel cost savings that each partnership shares with Consumers’ customers.
The creditors of these partnerships do not have recourse to the general credit of CMS Energy, NorthStar Clean Energy, or Consumers. NorthStar Clean Energy’s maximum risk exposure to these partnerships is generally limited to its investment in the partnerships, which is included in investments on CMS Energy’s consolidated balance sheets in the amount of $69 million at September 30, 2024 and $74 million at December 31, 2023.
Consumers Energy Company  
Variable Interest Entity [Line Items]  
Variable Interest Entities Variable Interest Entities
Consolidated VIEs: NorthStar Clean Energy consolidates certain entities that it does not wholly own, but for which it manages and controls the entities’ operating activities. NorthStar Clean Energy is the primary beneficiary of these entities because it has the power to direct the activities that most significantly impact the economic performance of the companies, as well as the obligation to absorb losses or the right to receive benefits from the companies. Presented in the following table is information about the VIEs NorthStar Clean Energy consolidates:
Consolidated VIENorthStar Clean Energy’s ownership interestDescription of VIE
Aviator Wind Equity Holdings
51‑percent ownership interest1
Holds a Class B membership interest in Aviator Wind
Aviator Wind
Class B membership interest2
Holding company of a 525‑MW wind generation project in Coke County, Texas
Newport Solar Holdings
Class B membership interest2
Holding company of a 180‑MW solar generation project in Jackson County, Arkansas
NWO Holdco
Class B membership interest2
Holding company of a 100‑MW wind generation project in Paulding County, Ohio
1The remaining 49‑percent interest is presented as noncontrolling interest on CMS Energy’s consolidated balance sheets.
2The Class A membership interest in the entity is held by a tax equity investor and is presented as noncontrolling interest on CMS Energy’s consolidated balance sheets. Under the associated limited liability company agreement, the tax equity investor is guaranteed preferred returns from the entity.
Earnings, tax attributes, and cash flows generated by the entities in which NorthStar Clean Energy holds a Class B membership are allocated among and distributed to the membership classes in accordance with the ratios specified in the associated limited liability company agreements; these ratios change over time and are not representative of the ownership interest percentages of each membership class. Since these entities’ income and cash flows are not distributed among their investors based on ownership interest percentages, NorthStar Clean Energy allocates the entities’ income (loss) among the investors by applying the hypothetical liquidation at book value method. This method calculates each investor’s earnings based on a hypothetical liquidation of the entities at the net book value of underlying assets as of the balance sheet date. The liquidation tax gain (loss) is allocated to each investor’s capital account, resulting in income (loss) equal to the period change in the investor’s capital account balance.
Presented in the following table are the carrying values of the VIEs’ assets and liabilities included on CMS Energy’s consolidated balance sheets:
In Millions
September 30, 2024December 31, 2023
Current
Cash and cash equivalents$24 $28 
Accounts receivable3 3 
Prepayments and other current assets3 4 
Non-current
Plant, property, and equipment, net1,036 1,064 
Other non-current assets3 3 
Total assets1
$1,069 $1,102 
Current
Accounts payable$8 $12 
Non-current
Non-current portion of finance leases23 23 
Asset retirement obligations33 32 
Total liabilities$64 $67 
1Assets may be used only to meet VIEs’ obligations and commitments.
NorthStar Clean Energy is obligated under certain indemnities that protect the tax equity investors against losses incurred as a result of breaches of representations and warranties under the associated limited liability company agreements. For additional details on these indemnity obligations, see Note 2, Contingencies and Commitments—Guarantees.
Consumers’ wholly-owned subsidiaries, Consumers 2014 Securitization Funding and Consumers 2023 Securitization Funding, are VIEs designed to collateralize Consumers’ securitization bonds. These entities are considered VIEs primarily because their equity capitalization is insufficient to support their operations. Consumers is the primary beneficiary of and consolidates these VIEs, as it has the power to direct the activities that most significantly impact the economic performance of the companies, as well as the obligation to absorb losses or the right to receive benefits from the companies. The VIEs’ primary assets and liabilities comprise regulatory assets and long-term debt. The carrying value of the regulatory assets were $695 million at September 30, 2024 and $778 million at December 31, 2023. The securitization bonds outstanding under the VIEs were $715 million at September 30, 2024 and $787 million at December 31, 2023.
Non-consolidated VIEs: NorthStar Clean Energy has variable interests in T.E.S. Filer City, Grayling, Genesee, and Craven. While NorthStar Clean Energy owns 50 percent of each partnership, it is not the primary beneficiary of any of these partnerships because decision making is shared among unrelated parties, and no one party has the ability to direct the activities that most significantly impact the entities’ economic performance, such as operations and maintenance, plant dispatch, and fuel strategy. The partners must agree on all major decisions for each of the partnerships.
Presented in the following table is information about these partnerships:
NameNature of the EntityNature of NorthStar Clean Energy’s Involvement
T.E.S. Filer City Coal-fueled power generatorLong-term PPA between partnership and Consumers
Employee assignment agreement
Grayling Wood waste-fueled power generatorLong-term PPA between partnership and Consumers
Reduced dispatch agreement with Consumers1
Operating and management contract
Genesee Wood waste-fueled power generatorLong-term PPA between partnership and Consumers
Reduced dispatch agreement with Consumers1
Operating and management contract
Craven Wood waste-fueled power generatorOperating and management contract
1Reduced dispatch agreements allow the facilities to be dispatched based on the market price of power compared with the cost of production of the plants. This results in fuel cost savings that each partnership shares with Consumers’ customers.
The creditors of these partnerships do not have recourse to the general credit of CMS Energy, NorthStar Clean Energy, or Consumers. NorthStar Clean Energy’s maximum risk exposure to these partnerships is generally limited to its investment in the partnerships, which is included in investments on CMS Energy’s consolidated balance sheets in the amount of $69 million at September 30, 2024 and $74 million at December 31, 2023.
v3.24.3
Exit Activities
 9 Months Ended
Sep. 30, 2024
Restructuring Cost and Reserve [Line Items]  
Exit Activities Exit Activities
Retention Incentive Program: In accordance with its Clean Energy Plan, Consumers plans to retire the J.H. Campbell coal-fueled generating units in 2025. In order to ensure necessary staffing at J.H. Campbell through retirement, Consumers has implemented a retention incentive program. The aggregate cost of the J.H. Campbell program through 2025 is estimated to be $50 million. The MPSC has approved deferred accounting treatment for these costs; these expenses are deferred as a regulatory asset.
As of September 30, 2024, the cumulative cost incurred and deferred as a regulatory asset related to the J.H. Campbell retention incentive program was $41 million. The regulatory asset will be collected from customers over three years.
Presented in the following table is a reconciliation of the retention benefit liability recorded in other liabilities on Consumers’ consolidated balance sheets:
In Millions
Nine Months Ended September 3020242023
1
Retention benefit liability at beginning of period$16 $21 
Costs deferred as a regulatory asset2
6 14 
Costs paid or settled— (13)
Retention benefit liability at the end of the period3
$22 $22 
1Includes amounts associated with a retention incentive program at the D.E. Karn coal-fueled generating units; this program concluded following the units’ retirement in June 2023.
2Includes $3 million for the three months ended September 30, 2024 and $4 million for the three months ended September 30, 2023.
3Includes current portion of other liabilities of $9 million at September 30, 2024 and $11 million at September 30, 2023.
Sale of ASP Business: In April 2024, Consumers sold its unregulated ASP business to a non-affiliated company. Consumers received proceeds of $124 million from the transaction, which resulted in a $110 million gain on the transaction.
Prior to the sale closing, Consumers filed an application requesting the MPSC’s approval to share voluntarily with customers half of the gain, net of transaction costs, to be recognized on this sale. In Consumers’ 2023 gas rate case, it had proposed sharing the gain with customers over five years in the form of a surcharge credit. In July 2024, the MPSC approved a settlement in the gas rate case, under which Consumers agreed to utilize $27.5 million, or one-fourth, of the gain on the sale as an offset to the revenue deficiency in lieu of additional rate relief, with the remaining three-fourths of the gain, or $82.5 million, to be credited to customers as a bill credit over a three-year period. Accordingly, at September 30, 2024, Consumers recorded a regulatory liability of $110 million on its consolidated balance sheets.
In conjunction with the sale, Consumers executed a long-term services agreement, under which it will continue to provide certain services associated with the ASP business for a fee, including billing, collection, and call center services.
Consumers Energy Company  
Restructuring Cost and Reserve [Line Items]  
Exit Activities Exit Activities
Retention Incentive Program: In accordance with its Clean Energy Plan, Consumers plans to retire the J.H. Campbell coal-fueled generating units in 2025. In order to ensure necessary staffing at J.H. Campbell through retirement, Consumers has implemented a retention incentive program. The aggregate cost of the J.H. Campbell program through 2025 is estimated to be $50 million. The MPSC has approved deferred accounting treatment for these costs; these expenses are deferred as a regulatory asset.
As of September 30, 2024, the cumulative cost incurred and deferred as a regulatory asset related to the J.H. Campbell retention incentive program was $41 million. The regulatory asset will be collected from customers over three years.
Presented in the following table is a reconciliation of the retention benefit liability recorded in other liabilities on Consumers’ consolidated balance sheets:
In Millions
Nine Months Ended September 3020242023
1
Retention benefit liability at beginning of period$16 $21 
Costs deferred as a regulatory asset2
6 14 
Costs paid or settled— (13)
Retention benefit liability at the end of the period3
$22 $22 
1Includes amounts associated with a retention incentive program at the D.E. Karn coal-fueled generating units; this program concluded following the units’ retirement in June 2023.
2Includes $3 million for the three months ended September 30, 2024 and $4 million for the three months ended September 30, 2023.
3Includes current portion of other liabilities of $9 million at September 30, 2024 and $11 million at September 30, 2023.
Sale of ASP Business: In April 2024, Consumers sold its unregulated ASP business to a non-affiliated company. Consumers received proceeds of $124 million from the transaction, which resulted in a $110 million gain on the transaction.
Prior to the sale closing, Consumers filed an application requesting the MPSC’s approval to share voluntarily with customers half of the gain, net of transaction costs, to be recognized on this sale. In Consumers’ 2023 gas rate case, it had proposed sharing the gain with customers over five years in the form of a surcharge credit. In July 2024, the MPSC approved a settlement in the gas rate case, under which Consumers agreed to utilize $27.5 million, or one-fourth, of the gain on the sale as an offset to the revenue deficiency in lieu of additional rate relief, with the remaining three-fourths of the gain, or $82.5 million, to be credited to customers as a bill credit over a three-year period. Accordingly, at September 30, 2024, Consumers recorded a regulatory liability of $110 million on its consolidated balance sheets.
In conjunction with the sale, Consumers executed a long-term services agreement, under which it will continue to provide certain services associated with the ASP business for a fee, including billing, collection, and call center services.
v3.24.3
Earnings Per Share - CMS Energy (Policies)
 9 Months Ended
Sep. 30, 2024
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]  
EPS
Nonvested Stock Awards
CMS Energy’s nonvested stock awards are composed of participating and non‑participating securities. The participating securities accrue cash dividends when common stockholders receive dividends. Since the recipient is not required to return the dividends to CMS Energy if the recipient forfeits the award, the nonvested stock awards are considered participating securities. As such, the participating nonvested stock awards were included in the computation of basic EPS. The non‑participating securities accrue stock dividends that vest concurrently with the stock award. If the recipient forfeits the award, the stock dividends accrued on the non‑participating securities are also forfeited. Accordingly, the non‑participating awards and stock dividends were included in the computation of diluted EPS, but not in the computation of basic EPS.
Forward Equity Sale Contracts
In January 2024, CMS Energy settled the remaining forward sale contracts issued under its previous equity offering program. These forward equity sale contracts were non‑participating securities. While the forward sale price in the forward equity sale contract was decreased on certain dates by certain predetermined amounts to reflect expected dividend payments, these price adjustments were set upon inception of the agreement and the forward contract did not give the owner the right to participate in undistributed earnings. Accordingly, the forward equity sale contracts were included in the computation of diluted EPS, but not in the computation of basic EPS. The forward equity sale contracts were anti-dilutive for the nine months ended September 30, 2024. For further details on the forward equity sale contracts, see Note 3, Financings and Capitalization.
Convertible Securities
In May 2023, CMS Energy issued convertible senior notes. Potentially dilutive common shares issuable upon conversion of the convertible senior notes are determined using the if-converted method for calculating diluted EPS. Upon conversion, the convertible senior notes are required to be paid in cash with only amounts exceeding the principal permitted to be settled in shares. The convertible senior notes were anti-dilutive for the nine months ended September 30, 2024.
Accounts Receivable
Accounts Receivable and Unbilled Revenues: Accounts receivable comprise trade receivables and unbilled receivables. CMS Energy and Consumers record their accounts receivable at cost less an allowance for uncollectible accounts. The allowance is increased for uncollectible accounts expense and decreased for account write-offs net of recoveries. CMS Energy and Consumers establish the allowance based on historical losses, management’s assessment of existing economic conditions, customer payment trends, and reasonable and supported forecast information. CMS Energy and Consumers assess late payment fees on trade receivables based on contractual past-due terms established with customers. Accounts are written off when deemed uncollectible, which is generally when they become six months past due.
Consolidation, Variable Interest Entity
Non-consolidated VIEs: NorthStar Clean Energy has variable interests in T.E.S. Filer City, Grayling, Genesee, and Craven. While NorthStar Clean Energy owns 50 percent of each partnership, it is not the primary beneficiary of any of these partnerships because decision making is shared among unrelated parties, and no one party has the ability to direct the activities that most significantly impact the entities’ economic performance, such as operations and maintenance, plant dispatch, and fuel strategy. The partners must agree on all major decisions for each of the partnerships.
Consumers Energy Company  
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]  
Consumers Utility Revenue
Consumers Utility Revenue: Consumers recognizes revenue primarily from the sale of electric and gas utility services at tariff-based rates regulated by the MPSC. Consumers’ customer base consists of a mix of residential, commercial, and diversified industrial customers. Consumers’ tariff-based sales performance obligations are described below.
•Consumers has performance obligations for the service of standing ready to deliver electricity or natural gas to customers, and it satisfies these performance obligations over time. Consumers recognizes revenue at a fixed rate as it provides these services. These arrangements generally do not have fixed terms and remain in effect as long as the customer consumes the utility service. The rates are set by the MPSC through the rate-making process and represent the stand-alone selling price of Consumers’ service to stand ready to deliver.
•Consumers has performance obligations for the service of delivering the commodity of electricity or natural gas to customers, and it satisfies these performance obligations upon delivery. Consumers recognizes revenue at a price per unit of electricity or natural gas delivered, based on the tariffs established by the MPSC. These arrangements generally do not have fixed terms and remain in effect as long as the customer consumes the utility service. The rates are set by the
MPSC through the rate-making process and represent the stand-alone selling price of a bundled product comprising the commodity, electricity or natural gas, and the service of delivering such commodity.
In some instances, Consumers has specific fixed-term contracts with large commercial and industrial customers to provide electricity or gas at certain tariff rates or to provide gas transportation services at contracted rates. The amount of electricity and gas to be delivered under these contracts and the associated future revenue to be received are generally dependent on the customers’ needs. Accordingly, Consumers recognizes revenues at the tariff or contracted rate as electricity or gas is delivered to the customer. Consumers also has other miscellaneous contracts with customers related to pole and other property rentals and utility contract work. Generally, these contracts are short term or evergreen in nature.
Accounts Receivable
Accounts Receivable and Unbilled Revenues: Accounts receivable comprise trade receivables and unbilled receivables. CMS Energy and Consumers record their accounts receivable at cost less an allowance for uncollectible accounts. The allowance is increased for uncollectible accounts expense and decreased for account write-offs net of recoveries. CMS Energy and Consumers establish the allowance based on historical losses, management’s assessment of existing economic conditions, customer payment trends, and reasonable and supported forecast information. CMS Energy and Consumers assess late payment fees on trade receivables based on contractual past-due terms established with customers. Accounts are written off when deemed uncollectible, which is generally when they become six months past due.
Unbilled Revenues Consumers’ customers are billed monthly in cycles having billing dates that do not generally coincide with the end of a calendar month. This results in customers having received electricity or natural gas that they have not been billed for as of the month-end. Consumers estimates its unbilled revenues by applying an average billed rate to total unbilled deliveries for each customer class.
v3.24.3
Contingencies and Commitments (Tables)
 9 Months Ended
Sep. 30, 2024
Site Contingency [Line Items]  
Schedule of Remediation and Other Response Activity Costs by Year CMS Energy expects to pay the following amounts for long-term leachate disposal and operating and maintenance costs during the remainder of 2024 and in each of the next five years:
In Millions
202420252026202720282029
CMS Energy
Long-term leachate disposal and operating and maintenance costs$1 $4 $4 $4 $4 $4 
Summary of Guarantees
Presented in the following table are CMS Energy’s and Consumers’ guarantees at September 30, 2024:
In Millions
Guarantee DescriptionIssue DateExpiration DateMaximum ObligationCarrying Amount
CMS Energy, including Consumers
Indemnity obligations from sale of membership interests in VIEs1
variousindefinite$271 $— 
Indemnity obligations from stock and asset sale agreements2
variousindefinite153 1 
Guarantee3
2011indefinite30 — 
Consumers
Guarantee3
2011indefinite$30 $— 
1These obligations arose from the sale of membership interests in Aviator Wind, Newport Solar Holdings, and NWO Holdco to tax equity investors. NorthStar Clean Energy provided certain indemnity obligations that protect the tax equity investors against losses incurred as a result of breaches of representations and warranties under the associated limited liability company agreements. These obligations are generally capped at an amount equal to the tax equity investor’s capital contributions plus a specified return, less any distributions and tax benefits it receives, in connection with its membership interest. For any indemnity obligations related to Aviator Wind, NorthStar Clean Energy would recover 49 percent of any amounts paid to the tax equity investor from the other owner of Aviator Wind Equity Holdings. Additionally, Aviator Wind holds insurance coverage that would partially protect against losses incurred as a result of certain failures to qualify for production tax credits. For further details on NorthStar Clean Energy’s ownership interest in Aviator Wind, Newport Solar Holdings, and NWO Holdco, see Note 11, Variable Interest Entities.
2These obligations arose from stock and asset sale agreements under which CMS Energy or a subsidiary of CMS Energy indemnified the purchaser for losses resulting from various matters, including claims related to taxes. The maximum obligation amount is mostly related to an Equatorial Guinea tax claim.
3This obligation comprises a guarantee provided by Consumers to the U.S. Department of Energy in connection with a settlement agreement regarding damages resulting from the department’s failure to accept spent nuclear fuel from nuclear power plants formerly owned by Consumers.
Consumers Energy Company  
Site Contingency [Line Items]  
Schedule of Remediation and Other Response Activity Costs by Year Consumers expects to pay the following amounts for remediation and other response activity costs during the remainder of 2024 and in each of the next five years:
In Millions
202420252026202720282029
Consumers
Remediation and other response activity costs$1 $3 $7 $9 $24 $7 
Summary of Guarantees
Presented in the following table are CMS Energy’s and Consumers’ guarantees at September 30, 2024:
In Millions
Guarantee DescriptionIssue DateExpiration DateMaximum ObligationCarrying Amount
CMS Energy, including Consumers
Indemnity obligations from sale of membership interests in VIEs1
variousindefinite$271 $— 
Indemnity obligations from stock and asset sale agreements2
variousindefinite153 1 
Guarantee3
2011indefinite30 — 
Consumers
Guarantee3
2011indefinite$30 $— 
1These obligations arose from the sale of membership interests in Aviator Wind, Newport Solar Holdings, and NWO Holdco to tax equity investors. NorthStar Clean Energy provided certain indemnity obligations that protect the tax equity investors against losses incurred as a result of breaches of representations and warranties under the associated limited liability company agreements. These obligations are generally capped at an amount equal to the tax equity investor’s capital contributions plus a specified return, less any distributions and tax benefits it receives, in connection with its membership interest. For any indemnity obligations related to Aviator Wind, NorthStar Clean Energy would recover 49 percent of any amounts paid to the tax equity investor from the other owner of Aviator Wind Equity Holdings. Additionally, Aviator Wind holds insurance coverage that would partially protect against losses incurred as a result of certain failures to qualify for production tax credits. For further details on NorthStar Clean Energy’s ownership interest in Aviator Wind, Newport Solar Holdings, and NWO Holdco, see Note 11, Variable Interest Entities.
2These obligations arose from stock and asset sale agreements under which CMS Energy or a subsidiary of CMS Energy indemnified the purchaser for losses resulting from various matters, including claims related to taxes. The maximum obligation amount is mostly related to an Equatorial Guinea tax claim.
3This obligation comprises a guarantee provided by Consumers to the U.S. Department of Energy in connection with a settlement agreement regarding damages resulting from the department’s failure to accept spent nuclear fuel from nuclear power plants formerly owned by Consumers.
v3.24.3
Financings and Capitalization (Tables)
 9 Months Ended
Sep. 30, 2024
Debt Instrument [Line Items]  
Schedule of Major Long-Term Debt Issuances and Retirements Presented in the following table is a summary of major long-term debt issuances during the nine months ended September 30, 2024:
Principal
(In Millions)		Interest Rate (%)Issuance DateMaturity Date
Consumers
First mortgage bonds$600 4.600 January 2024May 2029
First mortgage bonds700 4.700 August 2024January 2030
Total Consumers$1,300 
Total CMS Energy$1,300 
Presented in the following table is a summary of major long-term debt retirements during the nine months ended September 30, 2024:
Principal
(In Millions)		Interest Rate (%)Retirement DateMaturity Date
CMS Energy, parent only
Senior notes$250 3.875January 2024March 2024
Total CMS Energy, parent only$250 
Consumers
First mortgage bonds1
$250 3.125 September 2024August 2024
Total Consumers$250 
Total CMS Energy$500 
1First mortgage bonds were repaid the first business day following the maturity date, which did not fall on a business day.
Schedule of Revolving Credit Facilities The following credit facilities with banks were available at September 30, 2024:
In Millions
Expiration DateAmount of FacilityAmount BorrowedLetters of Credit OutstandingAmount Available
CMS Energy, parent only
December 14, 20271
$550 $— $30 $520 
September 30, 2025
50 — 50 — 
NorthStar Clean Energy, including subsidiaries
May 7, 20272
$150 $150 $— $— 
September 25, 20253
37 — 37 — 
Consumers4
December 14, 2027
$1,100 $— $27 $1,073 
November 18, 2025
250 — 57 193 
1There were no borrowings under this facility during the nine months ended September 30, 2024.
2Obligations under this facility are secured by certain pledged equity interests in subsidiaries of NorthStar Clean Energy; under the terms of this facility, the interests may not be sold by NorthStar Clean Energy unless there is an agreed-upon substitution for the pledged equity interests. At September 30, 2024, the net book value of the pledged equity interests was $396 million. Also under the terms of this facility, NorthStar Clean Energy may be restricted from remitting cash dividends to CMS Energy in the event of default. Loans under this facility have an interest rate of one-month Term SOFR plus 1.750 percent less an adjustment of 0.050 percent for green credit advances. At September 30, 2024, the interest rate for the loan issued under this facility was 6.795 percent.
3This letter of credit facility is available to Aviator Wind Equity Holdings. For more information regarding Aviator Wind Equity Holdings, see Note 11, Variable Interest Entities.
4Obligations under these facilities are secured by first mortgage bonds of Consumers. There were no borrowings under these facilities during the nine months ended September 30, 2024.
Consumers Energy Company  
Debt Instrument [Line Items]  
Schedule of Major Long-Term Debt Issuances and Retirements Presented in the following table is a summary of major long-term debt issuances during the nine months ended September 30, 2024:
Principal
(In Millions)		Interest Rate (%)Issuance DateMaturity Date
Consumers
First mortgage bonds$600 4.600 January 2024May 2029
First mortgage bonds700 4.700 August 2024January 2030
Total Consumers$1,300 
Total CMS Energy$1,300 
Schedule of Revolving Credit Facilities The following credit facilities with banks were available at September 30, 2024:
In Millions
Expiration DateAmount of FacilityAmount BorrowedLetters of Credit OutstandingAmount Available
CMS Energy, parent only
December 14, 20271
$550 $— $30 $520 
September 30, 2025
50 — 50 — 
NorthStar Clean Energy, including subsidiaries
May 7, 20272
$150 $150 $— $— 
September 25, 20253
37 — 37 — 
Consumers4
December 14, 2027
$1,100 $— $27 $1,073 
November 18, 2025
250 — 57 193 
1There were no borrowings under this facility during the nine months ended September 30, 2024.
2Obligations under this facility are secured by certain pledged equity interests in subsidiaries of NorthStar Clean Energy; under the terms of this facility, the interests may not be sold by NorthStar Clean Energy unless there is an agreed-upon substitution for the pledged equity interests. At September 30, 2024, the net book value of the pledged equity interests was $396 million. Also under the terms of this facility, NorthStar Clean Energy may be restricted from remitting cash dividends to CMS Energy in the event of default. Loans under this facility have an interest rate of one-month Term SOFR plus 1.750 percent less an adjustment of 0.050 percent for green credit advances. At September 30, 2024, the interest rate for the loan issued under this facility was 6.795 percent.
3This letter of credit facility is available to Aviator Wind Equity Holdings. For more information regarding Aviator Wind Equity Holdings, see Note 11, Variable Interest Entities.
4Obligations under these facilities are secured by first mortgage bonds of Consumers. There were no borrowings under these facilities during the nine months ended September 30, 2024.
v3.24.3
Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2024
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Summary 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
2024		December 31
2023		September 30
2024		December 31
2023
Assets1
Cash equivalents$228 $18 $209 $— 
Restricted cash equivalents55 21 54 21 
Nonqualified deferred compensation plan assets34 30 25 22 
Derivative instruments4 2 4 2 
Total assets$321 $71 $292 $45 
Liabilities1
Nonqualified deferred compensation plan liabilities$34 $30 $25 $22 
Total liabilities$34 $30 $25 $22 
1All assets and liabilities were classified as Level 1 with the exception of derivative contracts, which were classified as Level 3.
Consumers Energy Company  
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]  
Summary 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
2024		December 31
2023		September 30
2024		December 31
2023
Assets1
Cash equivalents$228 $18 $209 $— 
Restricted cash equivalents55 21 54 21 
Nonqualified deferred compensation plan assets34 30 25 22 
Derivative instruments4 2 4 2 
Total assets$321 $71 $292 $45 
Liabilities1
Nonqualified deferred compensation plan liabilities$34 $30 $25 $22 
Total liabilities$34 $30 $25 $22 
1All assets and liabilities were classified as Level 1 with the exception of derivative contracts, which were classified as Level 3.
v3.24.3
Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2024
Financial Instruments [Line Items]  
Schedule of Carrying Amounts and Fair Values of Financial Instruments 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
September 30, 2024December 31, 2023
Carrying AmountFair ValueCarrying AmountFair Value
TotalLevelTotalLevel
123123
CMS Energy, including Consumers
Assets
Long-term receivables1
$9 $9 $— $— $9 $11 $11 $— $— $11 
Liabilities
Long-term debt2
16,051 15,229 1,101 12,096 2,032 15,483 14,305 1,103 11,186 2,016 
Long-term payables3
11 11 — — 11 11 11 — — 11 
Consumers
Assets
Long-term receivables1
$9 $9 $— $— $9 $11 $11 $— $— $11 
Notes receivable – related party4
95 95 — — 95 97 97 — — 97 
Liabilities
Long-term debt5
11,427 10,619 — 8,587 2,032 10,762 9,757 — 7,741 2,016 
Long-term debt – related party731 531 — 531 — 424 303 — 303 — 
Long-term payables4 4 — — 4 5 5 — — 5 
1Includes current portion of long-term accounts receivable and notes receivable of $4 million at September 30, 2024 and $6 million at December 31, 2023.
2Includes current portion of long-term debt of $503 million at September 30, 2024 and $975 million at December 31, 2023.
3Includes current portion of long-term payables of $1 million at September 30, 2024.
4Includes current portion of notes receivable – related party of $7 million at September 30, 2024 and December 31, 2023.
5Includes current portion of long-term debt of $503 million at September 30, 2024 and $725 million at December 31, 2023.
Consumers Energy Company  
Financial Instruments [Line Items]  
Schedule of Carrying Amounts and Fair Values of Financial Instruments 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
September 30, 2024December 31, 2023
Carrying AmountFair ValueCarrying AmountFair Value
TotalLevelTotalLevel
123123
CMS Energy, including Consumers
Assets
Long-term receivables1
$9 $9 $— $— $9 $11 $11 $— $— $11 
Liabilities
Long-term debt2
16,051 15,229 1,101 12,096 2,032 15,483 14,305 1,103 11,186 2,016 
Long-term payables3
11 11 — — 11 11 11 — — 11 
Consumers
Assets
Long-term receivables1
$9 $9 $— $— $9 $11 $11 $— $— $11 
Notes receivable – related party4
95 95 — — 95 97 97 — — 97 
Liabilities
Long-term debt5
11,427 10,619 — 8,587 2,032 10,762 9,757 — 7,741 2,016 
Long-term debt – related party731 531 — 531 — 424 303 — 303 — 
Long-term payables4 4 — — 4 5 5 — — 5 
1Includes current portion of long-term accounts receivable and notes receivable of $4 million at September 30, 2024 and $6 million at December 31, 2023.
2Includes current portion of long-term debt of $503 million at September 30, 2024 and $975 million at December 31, 2023.
3Includes current portion of long-term payables of $1 million at September 30, 2024.
4Includes current portion of notes receivable – related party of $7 million at September 30, 2024 and December 31, 2023.
5Includes current portion of long-term debt of $503 million at September 30, 2024 and $725 million at December 31, 2023.
v3.24.3
Retirement Benefits (Tables)
 9 Months Ended
Sep. 30, 2024
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Net Benefit 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 EndedNine Months EndedThree Months EndedNine Months Ended
September 3020242023202420232024202320242023
CMS Energy, including Consumers
Net periodic credit
Service cost$7 $7 $21 $22 $2 $2 $8 $8 
Interest cost26 27 78 80 10 11 32 33 
Expected return on plan assets(58)(55)(176)(165)(28)(26)(86)(77)
Amortization of:
Net loss3 2 9 8 1 3 3 9 
Prior service cost (credit)1 1 3 3 (7)(10)(23)(31)
Settlement loss3 3 8 8 — — — — 
Net periodic credit$(18)$(15)$(57)$(44)$(22)$(20)$(66)$(58)
Consumers
Net periodic credit
Service cost$7 $7 $20 $21 $2 $2 $8 $8 
Interest cost25 24 74 75 11 10 31 31 
Expected return on plan assets(56)(52)(166)(156)(26)(23)(80)(71)
Amortization of:
Net loss3 3 8 8 1 3 3 9 
Prior service cost (credit)1 1 3 3 (8)(10)(23)(30)
Settlement loss3 3 8 8 — — — — 
Net periodic credit$(17)$(14)$(53)$(41)$(20)$(18)$(61)$(53)
Consumers Energy Company  
Defined Benefit Plan Disclosure [Line Items]  
Schedule of Net Benefit 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 EndedNine Months EndedThree Months EndedNine Months Ended
September 3020242023202420232024202320242023
CMS Energy, including Consumers
Net periodic credit
Service cost$7 $7 $21 $22 $2 $2 $8 $8 
Interest cost26 27 78 80 10 11 32 33 
Expected return on plan assets(58)(55)(176)(165)(28)(26)(86)(77)
Amortization of:
Net loss3 2 9 8 1 3 3 9 
Prior service cost (credit)1 1 3 3 (7)(10)(23)(31)
Settlement loss3 3 8 8 — — — — 
Net periodic credit$(18)$(15)$(57)$(44)$(22)$(20)$(66)$(58)
Consumers
Net periodic credit
Service cost$7 $7 $20 $21 $2 $2 $8 $8 
Interest cost25 24 74 75 11 10 31 31 
Expected return on plan assets(56)(52)(166)(156)(26)(23)(80)(71)
Amortization of:
Net loss3 3 8 8 1 3 3 9 
Prior service cost (credit)1 1 3 3 (8)(10)(23)(30)
Settlement loss3 3 8 8 — — — — 
Net periodic credit$(17)$(14)$(53)$(41)$(20)$(18)$(61)$(53)
v3.24.3
Income Taxes (Tables)
 9 Months Ended
Sep. 30, 2024
Income Taxes [Line Items]  
Schedule of Effective Income Tax Rate Reconciliation
Presented in the following table is a reconciliation of the statutory U.S. federal income tax rate to the effective income tax rate from continuing operations:
Nine Months Ended September 3020242023
CMS Energy, including Consumers
U.S. federal income tax rate21.0 %21.0 %
Increase (decrease) in income taxes from:
State and local income taxes, net of federal effect1
5.4 1.7 
Renewable energy tax credits(6.3)(6.9)
TCJA excess deferred taxes
(3.8)(3.9)
Deferred tax adjustment2
(1.9)— 
Taxes attributable to noncontrolling interests1.1 0.6 
Other, net(0.2)0.2 
Effective tax rate15.3 %12.7 %
Consumers
U.S. federal income tax rate21.0 %21.0 %
Increase (decrease) in income taxes from:
State and local income taxes, net of federal effect1
5.0 2.9 
Renewable energy tax credits(4.4)(4.5)
TCJA excess deferred taxes
(3.5)(3.7)
Deferred tax adjustment2
(1.8)— 
Other, net(0.2)(0.1)
Effective tax rate16.1 %15.6 %
1CMS Energy initiated a plan to divest immaterial business activities in a non‑Michigan jurisdiction and will no longer have a taxable presence within that jurisdiction. As a result of these actions, in the first quarter of 2023, CMS Energy reversed a $13 million non‑Michigan reserve, all of which was recognized at Consumers.
2In September 2024, Consumers recognized a $16 million tax benefit resulting from the expiration of the statute of limitations associated with audit points for the 2018 and 2019 tax years.
Consumers Energy Company  
Income Taxes [Line Items]  
Schedule of Effective Income Tax Rate Reconciliation
Presented in the following table is a reconciliation of the statutory U.S. federal income tax rate to the effective income tax rate from continuing operations:
Nine Months Ended September 3020242023
CMS Energy, including Consumers
U.S. federal income tax rate21.0 %21.0 %
Increase (decrease) in income taxes from:
State and local income taxes, net of federal effect1
5.4 1.7 
Renewable energy tax credits(6.3)(6.9)
TCJA excess deferred taxes
(3.8)(3.9)
Deferred tax adjustment2
(1.9)— 
Taxes attributable to noncontrolling interests1.1 0.6 
Other, net(0.2)0.2 
Effective tax rate15.3 %12.7 %
Consumers
U.S. federal income tax rate21.0 %21.0 %
Increase (decrease) in income taxes from:
State and local income taxes, net of federal effect1
5.0 2.9 
Renewable energy tax credits(4.4)(4.5)
TCJA excess deferred taxes
(3.5)(3.7)
Deferred tax adjustment2
(1.8)— 
Other, net(0.2)(0.1)
Effective tax rate16.1 %15.6 %
1CMS Energy initiated a plan to divest immaterial business activities in a non‑Michigan jurisdiction and will no longer have a taxable presence within that jurisdiction. As a result of these actions, in the first quarter of 2023, CMS Energy reversed a $13 million non‑Michigan reserve, all of which was recognized at Consumers.
2In September 2024, Consumers recognized a $16 million tax benefit resulting from the expiration of the statute of limitations associated with audit points for the 2018 and 2019 tax years.
v3.24.3
Earnings Per Share - CMS Energy (Tables)
 9 Months Ended
Sep. 30, 2024
Earnings Per Share [Abstract]  
Summary of Basic and Diluted EPS Computations
Presented in the following table are CMS Energy’s basic and diluted EPS computations based on income from continuing operations:
In Millions, Except Per Share Amounts
Three Months EndedNine Months Ended
September 302024202320242023
Income available to common stockholders
Income from continuing operations$247 $173 $692 $556 
Less loss attributable to noncontrolling interests(6)(3)(46)(21)
Less preferred stock dividends2 2 7 7 
Income from continuing operations available to common stockholders – basic and diluted$251 $174 $731 $570 
Average common shares outstanding
Weighted-average shares – basic298.0 291.0 297.5 290.9 
Add dilutive nonvested stock awards0.8 0.4 0.7 0.4 
Weighted-average shares – diluted298.8 291.4 298.2 291.3 
Income from continuing operations per average common share available to common stockholders
Basic$0.84 $0.60 $2.45 $1.96 
Diluted0.84 0.60 2.45 1.96 
v3.24.3
Revenue (Tables)
 9 Months Ended
Sep. 30, 2024
Disaggregation of Revenue [Line Items]  
Disaggregation of Revenue
Presented in the following tables are the components of operating revenue:
In Millions
Three Months Ended September 30, 2024Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$1,443 $212 $— $1,655 
Other— — 56 56 
Revenue recognized from contracts with customers$1,443 $212 $56 $1,711 
Leasing income— — 26 26 
Financing income4 1 — 5 
Consumers alternative-revenue programs1 — — 1 
Total operating revenue – CMS Energy$1,448 $213 $82 $1,743 
Consumers
Consumers utility revenue
Residential$707 $127 $834 
Commercial486 40 526 
Industrial169 5 174 
Other81 40 121 
Revenue recognized from contracts with customers$1,443 $212 $1,655 
Financing income4 1 5 
Alternative-revenue programs1 — 1 
Total operating revenue – Consumers$1,448 $213 $1,661 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $15 million for the three months ended September 30, 2024.
In Millions
Three Months Ended September 30, 2023Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$1,348 $243 $— $1,591 
Other— — 48 48 
Revenue recognized from contracts with customers$1,348 $243 $48 $1,639 
Leasing income— — 30 30 
Financing income2 1 — 3 
Consumers alternative-revenue programs1 — — 1 
Total operating revenue – CMS Energy$1,351 $244 $78 $1,673 
Consumers
Consumers utility revenue
Residential$666 $155 $821 
Commercial443 38 481 
Industrial175 5 180 
Other64 45 109 
Revenue recognized from contracts with customers$1,348 $243 $1,591 
Financing income2 1 3 
Alternative-revenue programs1 — 1 
Other non-segment revenue— — 1 
Total operating revenue – Consumers$1,351 $244 $1,596 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $19 million for the three months ended September 30, 2023.
In Millions
Nine Months Ended September 30, 2024Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$3,793 $1,480 $— $5,273 
Other— — 158 158 
Revenue recognized from contracts with customers$3,793 $1,480 $158 $5,431 
Leasing income— — 77 77 
Financing income8 5 — 13 
Consumers alternative-revenue programs5 — — 5 
Total operating revenue – CMS Energy$3,806 $1,485 $235 $5,526 
Consumers
Consumers utility revenue
Residential$1,779 $998 $2,777 
Commercial1,279 311 1,590 
Industrial499 37 536 
Other236 134 370 
Revenue recognized from contracts with customers$3,793 $1,480 $5,273 
Financing income8 5 13 
Alternative-revenue programs5 — 5 
Total operating revenue – Consumers$3,806 $1,485 $5,291 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $44 million for the nine months ended September 30, 2024.
In Millions
Nine Months Ended September 30, 2023Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$3,552 $1,715 $— $5,267 
Other— — 134 134 
Revenue recognized from contracts with customers$3,552 $1,715 $134 $5,401 
Leasing income— — 88 88 
Financing income7 5 — 12 
Consumers alternative-revenue programs11 — — 11 
Total operating revenue – CMS Energy$3,570 $1,720 $222$5,512 
Consumers
Consumers utility revenue
Residential$1,707 $1,160 $2,867 
Commercial1,183 353 1,536 
Industrial495 44 539 
Other167 158 325 
Revenue recognized from contracts with customers$3,552 $1,715 $5,267 
Financing income7 5 12 
Alternative-revenue programs11 — 11 
Other non-segment revenue— — 1 
Total operating revenue – Consumers$3,570 $1,720 $5,291 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $57 million for the nine months ended September 30, 2023.
Consumers Energy Company  
Disaggregation of Revenue [Line Items]  
Disaggregation of Revenue
Presented in the following tables are the components of operating revenue:
In Millions
Three Months Ended September 30, 2024Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$1,443 $212 $— $1,655 
Other— — 56 56 
Revenue recognized from contracts with customers$1,443 $212 $56 $1,711 
Leasing income— — 26 26 
Financing income4 1 — 5 
Consumers alternative-revenue programs1 — — 1 
Total operating revenue – CMS Energy$1,448 $213 $82 $1,743 
Consumers
Consumers utility revenue
Residential$707 $127 $834 
Commercial486 40 526 
Industrial169 5 174 
Other81 40 121 
Revenue recognized from contracts with customers$1,443 $212 $1,655 
Financing income4 1 5 
Alternative-revenue programs1 — 1 
Total operating revenue – Consumers$1,448 $213 $1,661 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $15 million for the three months ended September 30, 2024.
In Millions
Three Months Ended September 30, 2023Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$1,348 $243 $— $1,591 
Other— — 48 48 
Revenue recognized from contracts with customers$1,348 $243 $48 $1,639 
Leasing income— — 30 30 
Financing income2 1 — 3 
Consumers alternative-revenue programs1 — — 1 
Total operating revenue – CMS Energy$1,351 $244 $78 $1,673 
Consumers
Consumers utility revenue
Residential$666 $155 $821 
Commercial443 38 481 
Industrial175 5 180 
Other64 45 109 
Revenue recognized from contracts with customers$1,348 $243 $1,591 
Financing income2 1 3 
Alternative-revenue programs1 — 1 
Other non-segment revenue— — 1 
Total operating revenue – Consumers$1,351 $244 $1,596 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $19 million for the three months ended September 30, 2023.
In Millions
Nine Months Ended September 30, 2024Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$3,793 $1,480 $— $5,273 
Other— — 158 158 
Revenue recognized from contracts with customers$3,793 $1,480 $158 $5,431 
Leasing income— — 77 77 
Financing income8 5 — 13 
Consumers alternative-revenue programs5 — — 5 
Total operating revenue – CMS Energy$3,806 $1,485 $235 $5,526 
Consumers
Consumers utility revenue
Residential$1,779 $998 $2,777 
Commercial1,279 311 1,590 
Industrial499 37 536 
Other236 134 370 
Revenue recognized from contracts with customers$3,793 $1,480 $5,273 
Financing income8 5 13 
Alternative-revenue programs5 — 5 
Total operating revenue – Consumers$3,806 $1,485 $5,291 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $44 million for the nine months ended September 30, 2024.
In Millions
Nine Months Ended September 30, 2023Electric UtilityGas Utility
NorthStar Clean Energy1
Consolidated
CMS Energy, including Consumers
Consumers utility revenue$3,552 $1,715 $— $5,267 
Other— — 134 134 
Revenue recognized from contracts with customers$3,552 $1,715 $134 $5,401 
Leasing income— — 88 88 
Financing income7 5 — 12 
Consumers alternative-revenue programs11 — — 11 
Total operating revenue – CMS Energy$3,570 $1,720 $222$5,512 
Consumers
Consumers utility revenue
Residential$1,707 $1,160 $2,867 
Commercial1,183 353 1,536 
Industrial495 44 539 
Other167 158 325 
Revenue recognized from contracts with customers$3,552 $1,715 $5,267 
Financing income7 5 12 
Alternative-revenue programs11 — 11 
Other non-segment revenue— — 1 
Total operating revenue – Consumers$3,570 $1,720 $5,291 
1Amounts represent NorthStar Clean Energy’s operating revenue from independent power production and its sales of energy commodities. Certain of NorthStar Clean Energy’s power sales agreements are accounted for as operating leases. In addition to fixed payments, these agreements have variable payments based on energy delivered. NorthStar Clean Energy’s leasing income included variable lease payments of $57 million for the nine months ended September 30, 2023.
v3.24.3
Reportable Segments (Tables)
 9 Months Ended
Sep. 30, 2024
Segment Reporting Information [Line Items]  
Schedule of Financial Information by Reportable Segments
Presented in the following tables is financial information by segment:
In Millions
Three Months EndedNine Months Ended
September 302024202320242023
CMS Energy, including Consumers
Operating revenue
Electric utility$1,448 $1,351 $3,806 $3,570 
Gas utility213 244 1,485 1,720 
NorthStar Clean Energy82 78 235 222 
Total operating revenue – CMS Energy$1,743 $1,673 $5,526 $5,512 
Consumers
Operating revenue
Electric utility$1,448 $1,351 $3,806 $3,570 
Gas utility213 244 1,485 1,720 
Other reconciling items— 1 — 1 
Total operating revenue – Consumers$1,661 $1,596 $5,291 $5,291 
CMS Energy, including Consumers
Net income (loss) available to common stockholders
Electric utility$273 $187 $540 $404 
Gas utility11 4 195 181 
NorthStar Clean Energy6 16 53 26 
Other reconciling items(39)(33)(57)(40)
Total net income available to common stockholders – CMS Energy$251 $174 $731 $571 
Consumers
Net income (loss) available to common stockholder
Electric utility$273 $187 $540 $404 
Gas utility11 4 195 181 
Other reconciling items(11)(13)(10)(9)
Total net income available to common stockholder – Consumers$273 $178 $725 $576 
In Millions
September 30, 2024December 31, 2023
CMS Energy, including Consumers
Plant, property, and equipment, gross
Electric utility1
$19,826 $19,302 
Gas utility1
12,840 12,383 
NorthStar Clean Energy1,469 1,420 
Other reconciling items21 30 
Total plant, property, and equipment, gross – CMS Energy$34,156 $33,135 
Consumers
Plant, property, and equipment, gross
Electric utility1
$19,826 $19,302 
Gas utility1
12,840 12,383 
Other reconciling items29 38 
Total plant, property, and equipment, gross – Consumers$32,695 $31,723 
CMS Energy, including Consumers
Total assets
Electric utility1
$20,222 $19,358 
Gas utility1
12,809 12,353 
NorthStar Clean Energy1,711 1,604 
Other reconciling items75 202 
Total assets – CMS Energy$34,817 $33,517 
Consumers
Total assets
Electric utility1
$20,279 $19,417 
Gas utility1
12,852 12,397 
Other reconciling items29 38 
Total assets – Consumers$33,160 $31,852 
1Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
Consumers Energy Company  
Segment Reporting Information [Line Items]  
Schedule of Financial Information by Reportable Segments
Presented in the following tables is financial information by segment:
In Millions
Three Months EndedNine Months Ended
September 302024202320242023
CMS Energy, including Consumers
Operating revenue
Electric utility$1,448 $1,351 $3,806 $3,570 
Gas utility213 244 1,485 1,720 
NorthStar Clean Energy82 78 235 222 
Total operating revenue – CMS Energy$1,743 $1,673 $5,526 $5,512 
Consumers
Operating revenue
Electric utility$1,448 $1,351 $3,806 $3,570 
Gas utility213 244 1,485 1,720 
Other reconciling items— 1 — 1 
Total operating revenue – Consumers$1,661 $1,596 $5,291 $5,291 
CMS Energy, including Consumers
Net income (loss) available to common stockholders
Electric utility$273 $187 $540 $404 
Gas utility11 4 195 181 
NorthStar Clean Energy6 16 53 26 
Other reconciling items(39)(33)(57)(40)
Total net income available to common stockholders – CMS Energy$251 $174 $731 $571 
Consumers
Net income (loss) available to common stockholder
Electric utility$273 $187 $540 $404 
Gas utility11 4 195 181 
Other reconciling items(11)(13)(10)(9)
Total net income available to common stockholder – Consumers$273 $178 $725 $576 
In Millions
September 30, 2024December 31, 2023
CMS Energy, including Consumers
Plant, property, and equipment, gross
Electric utility1
$19,826 $19,302 
Gas utility1
12,840 12,383 
NorthStar Clean Energy1,469 1,420 
Other reconciling items21 30 
Total plant, property, and equipment, gross – CMS Energy$34,156 $33,135 
Consumers
Plant, property, and equipment, gross
Electric utility1
$19,826 $19,302 
Gas utility1
12,840 12,383 
Other reconciling items29 38 
Total plant, property, and equipment, gross – Consumers$32,695 $31,723 
CMS Energy, including Consumers
Total assets
Electric utility1
$20,222 $19,358 
Gas utility1
12,809 12,353 
NorthStar Clean Energy1,711 1,604 
Other reconciling items75 202 
Total assets – CMS Energy$34,817 $33,517 
Consumers
Total assets
Electric utility1
$20,279 $19,417 
Gas utility1
12,852 12,397 
Other reconciling items29 38 
Total assets – Consumers$33,160 $31,852 
1Amounts include a portion of Consumers’ other common assets attributable to both the electric and gas utility businesses.
v3.24.3
Variable Interest Entities (Tables)
 9 Months Ended
Sep. 30, 2024
Variable Interest Entities [Abstract]  
Schedule of Variable Interest Entities Presented in the following table is information about the VIEs NorthStar Clean Energy consolidates:
Consolidated VIENorthStar Clean Energy’s ownership interestDescription of VIE
Aviator Wind Equity Holdings
51‑percent ownership interest1
Holds a Class B membership interest in Aviator Wind
Aviator Wind
Class B membership interest2
Holding company of a 525‑MW wind generation project in Coke County, Texas
Newport Solar Holdings
Class B membership interest2
Holding company of a 180‑MW solar generation project in Jackson County, Arkansas
NWO Holdco
Class B membership interest2
Holding company of a 100‑MW wind generation project in Paulding County, Ohio
1The remaining 49‑percent interest is presented as noncontrolling interest on CMS Energy’s consolidated balance sheets.
2The Class A membership interest in the entity is held by a tax equity investor and is presented as noncontrolling interest on CMS Energy’s consolidated balance sheets. Under the associated limited liability company agreement, the tax equity investor is guaranteed preferred returns from the entity.
Presented in the following table are the carrying values of the VIEs’ assets and liabilities included on CMS Energy’s consolidated balance sheets:
In Millions
September 30, 2024December 31, 2023
Current
Cash and cash equivalents$24 $28 
Accounts receivable3 3 
Prepayments and other current assets3 4 
Non-current
Plant, property, and equipment, net1,036 1,064 
Other non-current assets3 3 
Total assets1
$1,069 $1,102 
Current
Accounts payable$8 $12 
Non-current
Non-current portion of finance leases23 23 
Asset retirement obligations33 32 
Total liabilities$64 $67 
1Assets may be used only to meet VIEs’ obligations and commitments.
Presented in the following table is information about these partnerships:
NameNature of the EntityNature of NorthStar Clean Energy’s Involvement
T.E.S. Filer City Coal-fueled power generatorLong-term PPA between partnership and Consumers
Employee assignment agreement
Grayling Wood waste-fueled power generatorLong-term PPA between partnership and Consumers
Reduced dispatch agreement with Consumers1
Operating and management contract
Genesee Wood waste-fueled power generatorLong-term PPA between partnership and Consumers
Reduced dispatch agreement with Consumers1
Operating and management contract
Craven Wood waste-fueled power generatorOperating and management contract
1Reduced dispatch agreements allow the facilities to be dispatched based on the market price of power compared with the cost of production of the plants. This results in fuel cost savings that each partnership shares with Consumers’ customers.
v3.24.3
Exit Activities (Tables)
 9 Months Ended
Sep. 30, 2024
Restructuring Cost and Reserve [Line Items]  
Schedule of Retention Benefit Liability Roll Forward
Presented in the following table is a reconciliation of the retention benefit liability recorded in other liabilities on Consumers’ consolidated balance sheets:
In Millions
Nine Months Ended September 3020242023
1
Retention benefit liability at beginning of period$16 $21 
Costs deferred as a regulatory asset2
6 14 
Costs paid or settled— (13)
Retention benefit liability at the end of the period3
$22 $22 
1Includes amounts associated with a retention incentive program at the D.E. Karn coal-fueled generating units; this program concluded following the units’ retirement in June 2023.
2Includes $3 million for the three months ended September 30, 2024 and $4 million for the three months ended September 30, 2023.
3Includes current portion of other liabilities of $9 million at September 30, 2024 and $11 million at September 30, 2023.
Consumers Energy Company  
Restructuring Cost and Reserve [Line Items]  
Schedule of Retention Benefit Liability Roll Forward
Presented in the following table is a reconciliation of the retention benefit liability recorded in other liabilities on Consumers’ consolidated balance sheets:
In Millions
Nine Months Ended September 3020242023
1
Retention benefit liability at beginning of period$16 $21 
Costs deferred as a regulatory asset2
6 14 
Costs paid or settled— (13)
Retention benefit liability at the end of the period3
$22 $22 
1Includes amounts associated with a retention incentive program at the D.E. Karn coal-fueled generating units; this program concluded following the units’ retirement in June 2023.
2Includes $3 million for the three months ended September 30, 2024 and $4 million for the three months ended September 30, 2023.
3Includes current portion of other liabilities of $9 million at September 30, 2024 and $11 million at September 30, 2023.
v3.24.3
Regulatory Matters - (Narrative) (Details) - USD ($)
$ in Millions
 1 Months Ended
May 31, 2024
Mar. 31, 2024
Sep. 30, 2023
May 31, 2023
Public Utilities, General Disclosures [Line Items]        
Settlement agreement penalty payment $ 1      
Minimum settlement returns to customers $ 3      
Electric Rate Case | Consumers Energy Company        
Public Utilities, General Disclosures [Line Items]        
Requested annual rate increase       $ 216
Requested annual rate increase, as a percent       10.25%
Amended requested annual rate increase     $ 169  
Additional annual rate increase authorized   $ 92    
Surcharge for the recovery of excess distribution investments   $ 9    
Rate of return on equity authorized   9.90%    
v3.24.3
Contingencies and Commitments (Narrative) (Details)
$ in Millions
 9 Months Ended 12 Months Ended
Sep. 30, 2024
USD ($)
facility
Dec. 31, 2022
USD ($)
Dec. 31, 2023
USD ($)
Loss Contingencies [Line Items]      
Environmental Loss Contingency, Statement Of Financial Position, Extensible Enumeration, Not Disclosed Flag recorded liability    
Regulatory assets $ 3,560   $ 3,683
Consumers Energy Company      
Loss Contingencies [Line Items]      
Regulatory assets 3,560   $ 3,683
Consumers Energy Company | MGP sites      
Loss Contingencies [Line Items]      
Regulatory assets $ 93    
Consumers Energy Company | Ludington      
Loss Contingencies [Line Items]      
Ownership share 51.00%    
Consumers Energy Company | Ludington Plant Overhaul Contract Dispute      
Loss Contingencies [Line Items]      
Damages sought   $ 15  
Estimate of shared costs $ 350    
Consumers Energy Company | J.H. Campbell 3 Plant Retirement Contract Dispute      
Loss Contingencies [Line Items]      
Damages sought   $ 37  
Bay Harbor      
Loss Contingencies [Line Items]      
Accrual for environmental loss contingencies $ 43    
Discount rate 4.34%    
Accrual for environmental loss contingencies, inflation rate 1.00%    
Accrual for environmental loss contingencies, gross $ 54    
NREPA | Electric Utility | Consumers Energy Company      
Loss Contingencies [Line Items]      
Accrual for environmental loss contingencies 4    
NREPA | Minimum | Electric Utility | Consumers Energy Company      
Loss Contingencies [Line Items]      
Remediation and other response activity costs 4    
NREPA | Maximum | Electric Utility | Consumers Energy Company      
Loss Contingencies [Line Items]      
Remediation and other response activity costs 5    
CERCLA Liability | Consumers Energy Company      
Loss Contingencies [Line Items]      
Accrual for environmental loss contingencies 3    
CERCLA Liability | Minimum | Consumers Energy Company      
Loss Contingencies [Line Items]      
Remediation and other response activity costs 3    
CERCLA Liability | Maximum | Consumers Energy Company      
Loss Contingencies [Line Items]      
Remediation and other response activity costs 8    
MGP sites | Consumers Energy Company      
Loss Contingencies [Line Items]      
Accrual for environmental loss contingencies $ 61    
Number of former MGPs | facility 23    
Regulatory asset collection period 10 years    
v3.24.3
Contingencies and Commitments (Schedule of Remediation and Other Response Activity Costs by Year) (Details)
$ in Millions
Sep. 30, 2024
USD ($)
Bay Harbor  
Site Contingency [Line Items]  
2024 $ 1
2025 4
2026 4
2027 4
2028 4
2029 4
Consumers Energy Company | MGP sites  
Site Contingency [Line Items]  
2024 1
2025 3
2026 7
2027 9
2028 24
2029 $ 7
v3.24.3
Contingencies and Commitments (Summary of Guarantees) (Details)
$ in Millions
Sep. 30, 2024
USD ($)
Variable Interest Entity, Primary Beneficiary | Aviator Wind Class B Membership  
Guarantees And Other Contingencies [Line Items]  
Ownership percentage 49.00%
Guarantees  
Guarantees And Other Contingencies [Line Items]  
Maximum Obligation $ 30
Carrying Amount 0
Guarantees | Consumers Energy Company  
Guarantees And Other Contingencies [Line Items]  
Maximum Obligation 30
Carrying Amount 0
Indemnification agreement from sale of membership interests in VIEs  
Guarantees And Other Contingencies [Line Items]  
Maximum Obligation 271
Carrying Amount 0
Indemnity obligations from stock and asset sale agreements  
Guarantees And Other Contingencies [Line Items]  
Maximum Obligation 153
Carrying Amount $ 1
v3.24.3
Financings and Capitalization (Major Long-Term Debt Issuances and Retirements) (Details)
$ in Millions
 9 Months Ended
Sep. 30, 2024
USD ($)
Debt Instrument [Line Items]  
Principal Debt Issuances (In Millions) $ 1,300
Principal Debt Retirements (In Millions) 500
Consumers Energy Company  
Debt Instrument [Line Items]  
Principal Debt Issuances (In Millions) 1,300
Principal Debt Retirements (In Millions) 250
First mortgage bonds | 4.600% First Mortgage Bonds Due May 2029 | Consumers Energy Company  
Debt Instrument [Line Items]  
Principal Debt Issuances (In Millions) $ 600
Interest rate 4.60%
First mortgage bonds | 4.700% First Mortgage Bonds Due January 2030 | Consumers Energy Company  
Debt Instrument [Line Items]  
Principal Debt Issuances (In Millions) $ 700
Interest rate 4.70%
First mortgage bonds | 3.125% First Mortgage Bonds Due August 2024 | Consumers Energy Company  
Debt Instrument [Line Items]  
Interest rate 3.125%
Principal Debt Retirements (In Millions) $ 250
CMS Energy  
Debt Instrument [Line Items]  
Principal Debt Retirements (In Millions) $ 250
CMS Energy | Senior notes | 3.875% Senior Notes Due March 2024  
Debt Instrument [Line Items]  
Interest rate 3.875%
Principal Debt Retirements (In Millions) $ 250
v3.24.3
Financings and Capitalization (Narrative) (Details) - USD ($)
$ / shares in Units, $ in Millions
 1 Months Ended 3 Months Ended 9 Months Ended 12 Months Ended
Sep. 30, 2024
Jan. 31, 2024
Dec. 31, 2023
Sep. 30, 2024
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Oct. 31, 2024
Financing And Capitalization [Line Items]                
Principal (In Millions) $ 1,300     $ 1,300 $ 1,300      
Payment for purchase of first mortgage bonds         789 $ 1,846    
Notes payable 0   $ 93 0 0   $ 93  
Limitation on payment of stock dividends 7,900     7,900 7,900      
Dividends paid         544      
Stock offering program maximum value             1,000  
Issuance of common stock         283 10    
First mortgage bonds                
Financing And Capitalization [Line Items]                
Gain on extinguishment of debt       20 90      
Settlement Of Forward Contracts                
Financing And Capitalization [Line Items]                
Settlement of forward contracts through issuance of stock (in dollars per share)   $ 70.31            
Issuance of common stock   $ 266            
Senior notes | Delayed Draw Unsecured Term Loan Credit Facility                
Financing And Capitalization [Line Items]                
Maximum borrowing capacity $ 400     400 400      
Basis spread on variable rate 0.85%              
Senior notes | Subsequent Event | Delayed Draw Unsecured Term Loan Credit Facility                
Financing And Capitalization [Line Items]                
Amount borrowed               $ 175
Interest rate at period end               5.694%
Consumers Energy Company                
Financing And Capitalization [Line Items]                
Principal (In Millions) $ 1,300     1,300 1,300      
Payment for purchase of first mortgage bonds         322 $ 1,639    
Notes payable 0   93 0 0   93  
Unrestricted retained earnings 2,300     2,300 2,300      
Consumers Energy Company | Variable Rate Revenue Bonds | Subsequent Event                
Financing And Capitalization [Line Items]                
Principal (In Millions)               $ 75
Interest rate               3.35%
Consumers Energy Company | Related Party | First mortgage bonds                
Financing And Capitalization [Line Items]                
Principal (In Millions) 311     311 311      
Payment for purchase of first mortgage bonds         218      
Consumers Energy Company | Credit Agreement | Related Party                
Financing And Capitalization [Line Items]                
Maximum borrowing capacity     $ 500       $ 500  
Basis spread on variable rate     (0.10%)          
Notes payable 0     0 0      
Consumers Energy Company | Commercial Paper                
Financing And Capitalization [Line Items]                
Short-term debt authorized borrowings         500      
Short-term borrowings outstanding $ 0     $ 0 $ 0      
v3.24.3
Financings and Capitalization (Schedule of Revolving Credit Facilities) (Details) - USD ($)
 1 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2024
Oct. 31, 2024
Senior notes | Delayed Draw Unsecured Term Loan Credit Facility      
Line of Credit Facility [Line Items]      
Amount of Facility $ 400,000,000 $ 400,000,000  
Basis spread on variable rate 0.85%    
Senior notes | Subsequent Event | Delayed Draw Unsecured Term Loan Credit Facility      
Line of Credit Facility [Line Items]      
Amount Borrowed     $ 175,000,000
Interest rate at period end     5.694%
Consumers Energy Company | Letter of Credit      
Line of Credit Facility [Line Items]      
Borrowings   0  
Consumers Energy Company | Revolving Credit Facilities December 14, 2027      
Line of Credit Facility [Line Items]      
Amount of Facility $ 1,100,000,000 1,100,000,000  
Amount Borrowed 0 0  
Letters of Credit Outstanding 27,000,000 27,000,000  
Amount Available 1,073,000,000 1,073,000,000  
Consumers Energy Company | Revolving Credit Facilities November 18, 2024      
Line of Credit Facility [Line Items]      
Amount of Facility 250,000,000 250,000,000  
Amount Borrowed 0 0  
Letters of Credit Outstanding 57,000,000 57,000,000  
Amount Available 193,000,000 193,000,000  
CMS Energy | Revolving Credit Facilities December 14, 2027      
Line of Credit Facility [Line Items]      
Amount of Facility 550,000,000 550,000,000  
Amount Borrowed 0 0  
Letters of Credit Outstanding 30,000,000 30,000,000  
Amount Available 520,000,000 520,000,000  
CMS Energy | Revolving Credit Facilities December 14, 2027 | Letter of Credit      
Line of Credit Facility [Line Items]      
Borrowings   0  
CMS Energy | Revolving Credit Facilities September 30, 2025      
Line of Credit Facility [Line Items]      
Amount of Facility 50,000,000 50,000,000  
Amount Borrowed 0 0  
Letters of Credit Outstanding 50,000,000 50,000,000  
Amount Available 0 0  
NorthStar Clean Energy, Including Subsidiaries | Revolving Credit Facilities May 7, 2027      
Line of Credit Facility [Line Items]      
Amount of Facility 150,000,000 150,000,000  
Amount Borrowed 150,000,000 150,000,000  
Letters of Credit Outstanding 0 0  
Amount Available 0 0  
Equity interests $ 396,000,000 $ 396,000,000  
Basis spread on variable rate   1.75%  
Interest rate adjustment 0.05% 0.05%  
Interest rate at period end 6.795% 6.795%  
NorthStar Clean Energy, Including Subsidiaries | Revolving Credit Facilities September 25, 2025      
Line of Credit Facility [Line Items]      
Amount of Facility $ 37,000,000 $ 37,000,000  
Amount Borrowed 0 0  
Letters of Credit Outstanding 37,000,000 37,000,000  
Amount Available $ 0 $ 0  
v3.24.3
Fair Value Measurements (Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Assets    
Restricted cash equivalents $ 55 $ 21
Consumers Energy Company    
Assets    
Restricted cash equivalents 54 21
Fair Value, Inputs, Level 1, 2 and 3    
Assets    
Total assets 321 71
Liabilities    
Total liabilities 34 30
Fair Value, Inputs, Level 1, 2 and 3 | Consumers Energy Company    
Assets    
Total assets 292 45
Liabilities    
Total liabilities 25 22
Fair Value, Inputs, Level 1    
Assets    
Cash equivalents 228 18
Restricted cash equivalents 55 21
Nonqualified deferred compensation plan assets 34 30
Liabilities    
Nonqualified deferred compensation plan liabilities 34 30
Fair Value, Inputs, Level 1 | Consumers Energy Company    
Assets    
Cash equivalents 209 0
Restricted cash equivalents 54 21
Nonqualified deferred compensation plan assets 25 22
Liabilities    
Nonqualified deferred compensation plan liabilities 25 22
Fair Value, Inputs, Level 3    
Assets    
Derivative instruments 4 2
Fair Value, Inputs, Level 3 | Consumers Energy Company    
Assets    
Derivative instruments $ 4 $ 2
v3.24.3
Financial Instruments (Schedule of Carrying Amounts and Fair Values of Financial Instruments) (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Liabilities    
Current accounts receivable and notes receivable $ 4 $ 6
Current portion of long-term debt 503 975
Current portion of long-term payables 1  
Carrying Amount    
Assets    
Long-term receivables 9 11
Liabilities    
Long-term debt 16,051 15,483
Long-term payables 11 11
Fair Value    
Assets    
Long-term receivables 9 11
Liabilities    
Long-term debt 15,229 14,305
Long-term payables 11 11
Consumers Energy Company    
Liabilities    
Current accounts receivable and notes receivable 4 6
Current portion of long-term debt 503 725
Consumers Energy Company | Related Party    
Liabilities    
Notes receivable 7 7
Consumers Energy Company | Carrying Amount    
Assets    
Long-term receivables 9 11
Notes receivable related party 95 97
Liabilities    
Long-term payables 4 5
Consumers Energy Company | Carrying Amount | Nonrelated Party    
Liabilities    
Long-term debt 11,427 10,762
Consumers Energy Company | Carrying Amount | Related Party    
Liabilities    
Long-term debt 731 424
Consumers Energy Company | Fair Value    
Assets    
Long-term receivables 9 11
Notes receivable related party 95 97
Liabilities    
Long-term payables 4 5
Consumers Energy Company | Fair Value | Nonrelated Party    
Liabilities    
Long-term debt 10,619 9,757
Consumers Energy Company | Fair Value | Related Party    
Liabilities    
Long-term debt 531 303
Level 1 | Fair Value    
Assets    
Long-term receivables 0 0
Liabilities    
Long-term debt 1,101 1,103
Long-term payables 0 0
Level 1 | Consumers Energy Company | Fair Value    
Assets    
Long-term receivables 0 0
Notes receivable related party 0 0
Liabilities    
Long-term payables 0 0
Level 1 | Consumers Energy Company | Fair Value | Nonrelated Party    
Liabilities    
Long-term debt 0 0
Level 1 | Consumers Energy Company | Fair Value | Related Party    
Liabilities    
Long-term debt 0 0
Level 2 | Fair Value    
Assets    
Long-term receivables 0 0
Liabilities    
Long-term debt 12,096 11,186
Long-term payables 0 0
Level 2 | Consumers Energy Company | Fair Value    
Assets    
Long-term receivables 0 0
Notes receivable related party 0 0
Liabilities    
Long-term payables 0 0
Level 2 | Consumers Energy Company | Fair Value | Nonrelated Party    
Liabilities    
Long-term debt 8,587 7,741
Level 2 | Consumers Energy Company | Fair Value | Related Party    
Liabilities    
Long-term debt 531 303
Level 3 | Fair Value    
Assets    
Long-term receivables 9 11
Liabilities    
Long-term debt 2,032 2,016
Long-term payables 11 11
Level 3 | Consumers Energy Company | Fair Value    
Assets    
Long-term receivables 9 11
Notes receivable related party 95 97
Liabilities    
Long-term payables 4 5
Level 3 | Consumers Energy Company | Fair Value | Nonrelated Party    
Liabilities    
Long-term debt 2,032 2,016
Level 3 | Consumers Energy Company | Fair Value | Related Party    
Liabilities    
Long-term debt $ 0 $ 0
v3.24.3
Financial Instruments (Narrative) (Details)
Sep. 30, 2024
Consumers Energy Company | CMS Energy Note Payable  
Financial Instruments [Line Items]  
Interest rate 4.10%
v3.24.3
Retirement Benefits (Schedule of Net Benefit Costs) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
DB Pension Plans        
Defined Benefit Plan, Roll Forwards [Abstract]        
Service cost $ 7 $ 7 $ 21 $ 22
Interest cost 26 27 78 80
Expected return on plan assets (58) (55) (176) (165)
Amortization of:        
Net loss 3 2 9 8
Prior service cost (credit) 1 1 3 3
Settlement loss 3 3 8 8
Net periodic credit (18) (15) (57) (44)
DB Pension Plans | Volatility Mechanism        
Amortization of:        
Deferred credits     12  
DB Pension Plans | Consumers Energy Company        
Defined Benefit Plan, Roll Forwards [Abstract]        
Service cost 7 7 20 21
Interest cost 25 24 74 75
Expected return on plan assets (56) (52) (166) (156)
Amortization of:        
Net loss 3 3 8 8
Prior service cost (credit) 1 1 3 3
Settlement loss 3 3 8 8
Net periodic credit (17) (14) (53) (41)
OPEB Plan        
Defined Benefit Plan, Roll Forwards [Abstract]        
Service cost 2 2 8 8
Interest cost 10 11 32 33
Expected return on plan assets (28) (26) (86) (77)
Amortization of:        
Net loss 1 3 3 9
Prior service cost (credit) (7) (10) (23) (31)
Settlement loss 0 0 0 0
Net periodic credit (22) (20) (66) (58)
OPEB Plan | Volatility Mechanism        
Amortization of:        
Deferred credits     8  
OPEB Plan | Consumers Energy Company        
Defined Benefit Plan, Roll Forwards [Abstract]        
Service cost 2 2 8 8
Interest cost 11 10 31 31
Expected return on plan assets (26) (23) (80) (71)
Amortization of:        
Net loss 1 3 3 9
Prior service cost (credit) (8) (10) (23) (30)
Settlement loss 0 0 0 0
Net periodic credit $ (20) $ (18) $ (61) $ (53)
v3.24.3
Income Taxes (Schedule of Effective Income Rate Reconciliation) (Details) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended 9 Months Ended
Sep. 30, 2024
Mar. 31, 2023
Sep. 30, 2024
Sep. 30, 2023
Income Taxes [Line Items]        
U.S. federal income tax rate     21.00% 21.00%
Increase (decrease) in income taxes from:        
State and local income taxes, net of federal effect     5.40% 1.70%
Renewable energy tax credits     (6.30%) (6.90%)
TCJA excess deferred taxes     (3.80%) (3.90%)
Statutory time limit expiration     (1.90%) 0.00%
Taxes attributable to noncontrolling interests     1.10% 0.60%
Other, net     (0.20%) 0.20%
Effective tax rate     15.30% 12.70%
Consumers Energy Company        
Income Taxes [Line Items]        
U.S. federal income tax rate     21.00% 21.00%
Increase (decrease) in income taxes from:        
State and local income taxes, net of federal effect     5.00% 2.90%
Renewable energy tax credits     (4.40%) (4.50%)
TCJA excess deferred taxes     (3.50%) (3.70%)
Statutory time limit expiration     (1.80%) 0.00%
Other, net     (0.20%) (0.10%)
Effective tax rate     16.10% 15.60%
Consumers Energy Company | Tax Year 2018 And 2019        
Increase (decrease) in income taxes from:        
Income tax benefit from statutory time limit expiration $ 16      
Consumers Energy Company | Non-Michigan Jurisdiction        
Increase (decrease) in income taxes from:        
State and local income taxes, net of federal effect   $ (13)    
v3.24.3
Income Taxes (Narrative) (Details) - USD ($)
$ in Millions
 1 Months Ended 9 Months Ended
Apr. 30, 2024
Sep. 30, 2024
Sep. 30, 2023
Jun. 30, 2024
Income Tax Benefits [Line Items]        
Deferred income taxes and investment tax credits   $ 103 $ 96  
Consumers Energy Company        
Income Tax Benefits [Line Items]        
Deferred income taxes and investment tax credits   $ 99 $ 107  
Consumers Energy Company | Renewable Energy Tax Credit        
Income Tax Benefits [Line Items]        
Deferred income taxes and investment tax credits $ 37      
Adjustment for production       $ 51
v3.24.3
Earnings Per Share - CMS Energy (Basic And Diluted EPS Computations) (Details) - USD ($)
$ / shares in Units, shares in Millions, $ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Income available to common stockholders        
Income from continuing operations $ 247 $ 173 $ 692 $ 556
Loss attributable to noncontrolling interests (6) (3) (46) (21)
Preferred stock dividends 2 2 7 7
Income from continuing operations available to common stockholders – basic and diluted $ 251 $ 174 $ 731 $ 570
Average common shares outstanding        
Weighted average shares - basic (in shares) 298.0 291.0 297.5 290.9
Dilutive nonvested stock awards (in shares) 0.8 0.4 0.7 0.4
Weighted average shares - diluted (in shares) 298.8 291.4 298.2 291.3
Income from continuing operations per average common share available to common stockholders        
Basic (in dollars per share) $ 0.84 $ 0.60 $ 2.45 $ 1.96
Diluted (in dollars per share) $ 0.84 $ 0.60 $ 2.45 $ 1.96
v3.24.3
Revenue (Disaggregation of Revenue) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers $ 1,711 $ 1,639 $ 5,431 $ 5,401
Leasing income 26 30 77 88
Financing income 5 3 13 12
Total operating revenue 1,743 1,673 5,526 5,512
Electric Utility | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 1,443 1,348 3,793 3,552
Financing income 4 2 8 7
Total operating revenue 1,448 1,351 3,806 3,570
Gas Utility | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 212 243 1,480 1,715
Financing income 1 1 5 5
Total operating revenue 213 244 1,485 1,720
NorthStar Clean Energy | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 56 48 158 134
Leasing income 26 30 77 88
Total operating revenue 82 78 235 222
Variable lease income 15 19 44 57
Consumers Energy Company        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 1,655 1,591 5,273 5,267
Financing income 5 3 13 12
Alternative-revenue programs 1 1 5 11
Other non-segment revenue   1   1
Total operating revenue 1,661 1,596 5,291 5,291
Consumers Energy Company | Electric Utility | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 1,443 1,348 3,793 3,552
Financing income 4 2 8 7
Alternative-revenue programs 1 1 5 11
Total operating revenue 1,448 1,351 3,806 3,570
Consumers Energy Company | Gas Utility | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 212 243 1,480 1,715
Financing income 1 1 5 5
Alternative-revenue programs 0 0 0 0
Total operating revenue 213 244 1,485 1,720
Residential | Consumers Energy Company        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 834 821 2,777 2,867
Residential | Consumers Energy Company | Electric Utility | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 707 666 1,779 1,707
Residential | Consumers Energy Company | Gas Utility | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 127 155 998 1,160
Commercial | Consumers Energy Company        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 526 481 1,590 1,536
Commercial | Consumers Energy Company | Electric Utility | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 486 443 1,279 1,183
Commercial | Consumers Energy Company | Gas Utility | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 40 38 311 353
Industrial | Consumers Energy Company        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 174 180 536 539
Industrial | Consumers Energy Company | Electric Utility | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 169 175 499 495
Industrial | Consumers Energy Company | Gas Utility | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 5 5 37 44
Other        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 56 48 158 134
Other | NorthStar Clean Energy | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 56 48 158 134
Other | Consumers Energy Company        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 121 109 370 325
Other | Consumers Energy Company | Electric Utility | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers 81 64 236 167
Other | Consumers Energy Company | Gas Utility | Operating Segments        
Disaggregation of Revenue [Line Items]        
Revenue recognized from contracts with customers $ 40 $ 45 $ 134 $ 158
v3.24.3
Revenue (Narrative) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Disaggregation of Revenue [Line Items]          
Bad debt expense $ 7 $ 15 $ 24 $ 32  
Unbilled receivables 391   391   $ 494
Consumers Energy Company          
Disaggregation of Revenue [Line Items]          
Bad debt expense 7 $ 15 24 $ 32  
Unbilled receivables $ 391   $ 391   $ 494
v3.24.3
Reportable Segments (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Segment Reporting Information [Line Items]          
Operating Revenue $ 1,743 $ 1,673 $ 5,526 $ 5,512  
Net income (loss) available to common stockholders 251 174 731 571  
Plant, property, and equipment, gross 34,156   34,156   $ 33,135
Total assets 34,817   34,817   33,517
Consumers Energy Company          
Segment Reporting Information [Line Items]          
Operating Revenue 1,661 1,596 5,291 5,291  
Net income (loss) available to common stockholders 273 178 725 576  
Plant, property, and equipment, gross 32,695   32,695   31,723
Total assets 33,160   33,160   31,852
Other reconciling items          
Segment Reporting Information [Line Items]          
Net income (loss) available to common stockholders (39) (33) (57) (40)  
Plant, property, and equipment, gross 21   21   30
Total assets 75   75   202
Other reconciling items | Consumers Energy Company          
Segment Reporting Information [Line Items]          
Operating Revenue 0 1 0 1  
Net income (loss) available to common stockholders (11) (13) (10) (9)  
Plant, property, and equipment, gross 29   29   38
Total assets 29   29   38
Electric Utility | Operating Segments          
Segment Reporting Information [Line Items]          
Operating Revenue 1,448 1,351 3,806 3,570  
Net income (loss) available to common stockholders 273 187 540 404  
Plant, property, and equipment, gross 19,826   19,826   19,302
Total assets 20,222   20,222   19,358
Electric Utility | Operating Segments | Consumers Energy Company          
Segment Reporting Information [Line Items]          
Operating Revenue 1,448 1,351 3,806 3,570  
Net income (loss) available to common stockholders 273 187 540 404  
Plant, property, and equipment, gross 19,826   19,826   19,302
Total assets 20,279   20,279   19,417
Gas Utility | Operating Segments          
Segment Reporting Information [Line Items]          
Operating Revenue 213 244 1,485 1,720  
Net income (loss) available to common stockholders 11 4 195 181  
Plant, property, and equipment, gross 12,840   12,840   12,383
Total assets 12,809   12,809   12,353
Gas Utility | Operating Segments | Consumers Energy Company          
Segment Reporting Information [Line Items]          
Operating Revenue 213 244 1,485 1,720  
Net income (loss) available to common stockholders 11 4 195 181  
Plant, property, and equipment, gross 12,840   12,840   12,383
Total assets 12,852   12,852   12,397
NorthStar Clean Energy | Operating Segments          
Segment Reporting Information [Line Items]          
Operating Revenue 82 78 235 222  
Net income (loss) available to common stockholders 6 $ 16 53 $ 26  
Plant, property, and equipment, gross 1,469   1,469   1,420
Total assets $ 1,711   $ 1,711   $ 1,604
v3.24.3
Variable Interest Entities (Summary of VIE Information) (Details)
 9 Months Ended
Sep. 30, 2024
MW
Newport Solar Holdings  
Variable Interest Entity [Line Items]  
Nameplate capacity (in MW) 180
NWO Holdco, L.L.C  
Variable Interest Entity [Line Items]  
Nameplate capacity (in MW) 100
Variable Interest Entity, Primary Beneficiary | Aviator Wind  
Variable Interest Entity [Line Items]  
Ownership interest 51.00%
Nameplate capacity (in MW) 525
Variable Interest Entity, Primary Beneficiary | Aviator Wind Class B Membership  
Variable Interest Entity [Line Items]  
Ownership percentage 49.00%
v3.24.3
Variable Interest Entities (Schedule of Variable Interest Entities) (Details) - USD ($)
$ in Millions
Sep. 30, 2024
Dec. 31, 2023
Variable Interest Entity [Line Items]    
Cash and cash equivalents $ 412 $ 227
Prepayments and other current assets 92 80
Plant, property, and equipment, net 26,671 25,072
Other non-current assets 198 357
Total Assets 34,817 33,517
Non-current portion of finance leases 112 62
Asset retirement obligations 761 771
Variable Interest Entity, Primary Beneficiary    
Variable Interest Entity [Line Items]    
Cash and cash equivalents 24 28
Accounts receivable 3 3
Prepayments and other current assets 3 4
Plant, property, and equipment, net 1,036 1,064
Other non-current assets 3 3
Total Assets 1,069 1,102
Accounts payable 8 12
Non-current portion of finance leases 23 23
Asset retirement obligations 33 32
Total liabilities $ 64 $ 67
v3.24.3
Variable Interest Entities (Narrative) (Details) - USD ($)
$ in Millions
 9 Months Ended
Sep. 30, 2024
Dec. 31, 2023
Variable Interest Entity [Line Items]    
Investments $ 74 $ 76
Securitization bonds    
Variable Interest Entity [Line Items]    
Total principal amount outstanding 715 787
Variable Interest Entity, Primary Beneficiary    
Variable Interest Entity [Line Items]    
Regulatory asset 695 778
Variable Interest Entity, Not Primary Beneficiary    
Variable Interest Entity [Line Items]    
Investments $ 69 $ 74
Variable Interest Entity, Not Primary Beneficiary | T.E.S. Filer City    
Variable Interest Entity [Line Items]    
Ownership interest 50.00%  
Variable Interest Entity, Not Primary Beneficiary | Grayling    
Variable Interest Entity [Line Items]    
Ownership interest 50.00%  
Variable Interest Entity, Not Primary Beneficiary | Craven    
Variable Interest Entity [Line Items]    
Ownership interest 50.00%  
Variable Interest Entity, Not Primary Beneficiary | Genesee    
Variable Interest Entity [Line Items]    
Ownership interest 50.00%  
v3.24.3
Exit Activities (Narrative) (Details) - USD ($)
$ in Millions
 1 Months Ended 3 Months Ended 9 Months Ended 27 Months Ended
Jul. 31, 2024
Apr. 30, 2024
Dec. 31, 2023
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Appliance Service Plan Business                
Restructuring Cost and Reserve [Line Items]                
Proceeds from sale of ASP business   $ 124.0       $ 124.0 $ 0.0  
Gain on disposition of assets   $ 110.0            
Gain sharing with customers, percentage of gain     50.00%          
Sharing period of gains     5 years          
Gain on sale utilized as offset $ 27.5              
Amount credited to customers $ 82.5              
Amount credited to customers, term 3 years              
Regulatory liability       $ 110.0   110.0   $ 110.0
Retention Benefits                
Restructuring Cost and Reserve [Line Items]                
Cost deferred       $ 3.0 $ 4.0 $ 6.0 $ 14.0  
Retention Benefits | D.E. Karn Generating Complex and J.H. Campbell Generating Units | Retention Incentive Program                
Restructuring Cost and Reserve [Line Items]                
Regulatory asset collection period       3 years   3 years   3 years
Retention Benefits | J.H. Campbell Generating Units                
Restructuring Cost and Reserve [Line Items]                
Expected cost       $ 50.0   $ 50.0   $ 50.0
Retention Benefits | J.H. Campbell Generating Units | Retention Incentive Program                
Restructuring Cost and Reserve [Line Items]                
Cost deferred               $ 41.0
v3.24.3
Exit Activities (Schedule of Retention Benefit Liability Roll Forward) (Details) - USD ($)
$ in Millions
 3 Months Ended 9 Months Ended
Sep. 30, 2024
Sep. 30, 2023
Sep. 30, 2024
Sep. 30, 2023
Dec. 31, 2023
Restructuring Reserve [Roll Forward]          
Other current liabilities $ 213   $ 213   $ 149
Retention Benefits          
Restructuring Reserve [Roll Forward]          
Retention benefit liability at beginning of period     16 $ 21  
Costs deferred as a regulatory asset 3 $ 4 6 14  
Costs paid or settled     0 (13)  
Retention benefit liability at the end of the period 22 22 22 22  
Other current liabilities $ 9 $ 11 $ 9 $ 11