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Financings and Capitalization (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Instrument [Line Items]  
Summary of Long-Term Debt
Presented in the following table is CMS Energy’s long-term debt at December 31:
In Millions
Interest Rate
(%)		Maturity20232022
CMS Energy, including Consumers
CMS Energy, parent only
Senior notes3.875 2024$250 $250 
3.600 2025250 250 
3.000 2026300 300 
2.950 2027275 275 
3.450 2027350 350 
4.700 2043250 250 
4.875 2044300 300 
$1,975 $1,975 
Convertible senior notes3.375 2028800 — 
$800 $— 
Junior subordinated notes1
4.750 
2
2050500 500 
3.750 
3
2050400 400 
5.625 2078200 200 
5.875 2078280 280 
5.875 2079630 630 
$2,010 $2,010 
Total CMS Energy, parent only$4,785 $3,985 
CMS Energy subsidiaries
Consumers10,863 $10,277 
NorthStar Clean Energy, including subsidiaries
Term loan facilityvariable2023— 100 
Total principal amount outstanding$15,648 $14,362 
Current amounts(975)(1,090)
Unamortized discounts(30)(30)
Unamortized issuance costs(135)(120)
Total long-term debt$14,508 $13,122 
1These unsecured obligations rank subordinate and junior in right of payment to all of CMS Energy’s existing and future senior indebtedness.
2On June 1, 2030, and every five years thereafter, the notes will reset to an interest rate equal to the five-year treasury rate plus 4.116 percent.
3On December 1, 2030, and every five years thereafter, the notes will reset to an interest rate equal to the five‑year treasury rate plus 2.900 percent.
Schedule of Major Long-Term Debt Issuances and Retirements Presented in the following table is Consumers’ long-term debt—related parties at December 31, 2023:
Principal
(In Millions)
Interest Rate
(%)
First mortgage bonds due 2060$163 2.500 
First mortgage bonds due 2052106 2.650 
First mortgage bonds due 205023 3.750 
First mortgage bonds due 205052 3.100 
First mortgage bonds due 205127 3.500 
First mortgage bonds due 204860 4.050 
Total principal amount outstanding$431 
Unamortized discounts(3)
Unamortized issuance costs(4)
Total long-term debt — related parties$424 
Presented in the following table is a summary of major long-term debt issuances during 2023:
Principal
(In Millions)		Interest Rate (%)Issuance DateMaturity Date
CMS Energy, parent only
Convertible senior notes$800 3.375 May 2023May 2028
Total CMS Energy, parent only$800 
NorthStar Clean Energy, including subsidiaries
Term loan facility1
$85 variableFebruary 2023November 2023
Total NorthStar Clean Energy, including subsidiaries$85 
Consumers
First mortgage bonds$425 4.650 January 2023March 2028
First mortgage bonds700 4.625 February 2023May 2033
First mortgage bonds115 5.240 May 2023May 2026
First mortgage bonds50 5.070 May 2023May 2029
First mortgage bonds95 5.170 May 2023May 2032
First mortgage bonds140 5.380 May 2023May 2037
First mortgage bonds500 4.900 August 2023February 2029
2023 Securitization bonds2
250 5.550 December 2023March 2028
2023 Securitization bonds2
396 5.210 December 2023September 2031
Total Consumers$2,671 
Total CMS Energy$3,556 
1    In December 2022, a subsidiary of NorthStar Clean Energy entered into a $185 million unsecured term loan credit agreement. Under this credit agreement, a subsidiary of NorthStar Clean Energy borrowed $85 million in 2023.
2    For additional details on the securitization, see Note 2, Regulatory Matters— Securitized Costs.
Presented in the following table is a summary of major long-term debt retirements during 2023:
Principal
(In Millions)		Interest Rate (%)Retirement DateMaturity Date
NorthStar Clean Energy, including subsidiaries
Term loan facility$185 variableNovember 2023November 2023
Total NorthStar Clean Energy, including subsidiaries$185 
Consumers
Term loan facility$1,000 variableFebruary 2023January 2024
First mortgage bonds300 0.350June 2023June 2023
First mortgage bonds325 3.375August 2023August 2023
Total Consumers$1,625 
Schedule of Debt Maturities
Debt Maturities: At December 31, 2023, the aggregate annual maturities for long-term debt for the next five years, based on stated maturities or earlier put dates, were:
In Millions
20242025202620272028
CMS Energy, including Consumers
Long-term debt
CMS Energy, parent only$250 $250 $300 $625 $800 
Consumers
725 116 237 263 843 
Total CMS Energy1
$975 $366 $537 $888 $1,643 
Consumers
Long-term debt$725 $116 $237 $263 $843 
Schedule of Revolving Credit Facilities The following credit facilities with banks were available at December 31, 2023:
In Millions
Expiration DateAmount of FacilityAmount BorrowedLetters of Credit OutstandingAmount Available
CMS Energy, parent only
December 14, 20271
$550 $— $24 $526 
September 22, 2024
50 — 50 — 
NorthStar Clean Energy, including subsidiaries
September 25, 20252
$37 $— $37 $— 
Consumers3
December 14, 2027
$1,100 $— $27 $1,073 
November 18, 2025
250 — 48 202 
1There were no borrowings under this facility during the year ended December 31, 2023.
2This letter of credit facility is available to Aviator Wind Equity Holdings. For more information regarding Aviator Wind Equity Holdings, see Note 18, Variable Interest Entities.
3Obligations under these facilities are secured by first mortgage bonds of Consumers. There were no borrowings under these facilities during the year ended December 31, 2023.
Schedule of Forward Contracts
Presented in the following table are details of CMS Energy’s forward sales contracts under its equity offering program at December 31, 2023:
Forward Price Per Share
Contract DateMaturity DateNumber of SharesInitialDecember 31, 2023
August 3, 2022December 31, 2024328,207$67.59 $68.37 
August 24, 2022December 31, 20241,677,93869.46 70.91 
August 29, 2022December 31, 20241,783,38868.18 69.54 
Schedule of Preferred Stock Presented in the following table are details of CMS Energy’s Series C preferred stock at December 31, 2023 and 2022:
Depositary Share Par Value Depositary Share Optional Redemption PriceNumber of Depositary Shares AuthorizedNumber of Depositary Shares Outstanding
Cumulative, redeemable perpetual$25 $25 9,200,000 9,200,000 
Consumers Energy Company  
Debt Instrument [Line Items]  
Summary of Long-Term Debt
Presented in the following table is Consumers’ long-term debt at December 31:
In Millions
Interest Rate
(%)		Maturity20232022
Consumers
First mortgage bonds
0.350 2023$— $300 
3.375 2023— 325 
3.125 2024250 250 
3.190 202452 52 
5.240 2026115 — 
3.680 2027100 100 
3.390 202735 35 
4.650 2028425 — 
3.800 2028300 300 
4.900 2029500 — 
5.070 202950 — 
5.170 203295 — 
3.600 2032350 350 
3.180 2032100 100 
4.625 2033700 — 
5.800 2035175 175 
5.380 2037140 — 
3.520 2037335 335 
4.010 2038215 215 
6.170 204050 50 
4.970 204050 50 
4.310 2042263 263 
3.950 2043425 425 
4.100 2045250 250 
3.250 2046450 450 
3.950 2047350 350 
4.050 2048550 550 
4.350 2049550 550 
3.750 2050300 300 
3.100 2050550 550 
3.500 2051575 575 
2.650 2052300 300 
4.200 2052450 450 
3.860 205250 50 
4.280 2057185 185 
2.500 2060525 525 
4.350 2064250 250 
variable
1
206976 76 
variable
1
2070134 134 
variable
1
2070127 127 
In Millions
Interest Rate
(%)		Maturity20232022
$10,397 $8,997 
Tax-exempt revenue bonds0.875 
2
203535 35 
1.800 
3
204975 75 
$110 $110 
2014 Securitization bonds3.421 
4
2025-2029
5
$141 $170 
2023 Securitization bonds5.342 
6
2028-2031
5
646 — 
$787 $170 
Term loan facilityvariable2024— 1,000 
Total principal amount outstanding$11,294 $10,277 
Current amounts(725)(991)
Long-term debt – related parties7 principal amount outstanding
2050-2060(431)— 
Unamortized discounts(28)(27)
Unamortized issuance costs(73)(67)
Total long-term debt$10,037 $9,192 
1The variable-rate bonds bear interest quarterly at a rate of three-month SOFR minus 0.038 percent, subject to a zero-percent floor. At December 31, 2023, the interest rates were 5.346 percent for bonds due September 2069, 5.329 percent for bonds due May 2070, and 5.368 percent for bonds due October 2070. The interest rate for all variable-rate bonds at December 31, 2022 was zero percent. The holders of these variable-rate bonds may put them to Consumers for redemption on certain dates prior to their stated maturity, including dates within one year of December 31, 2023.
2The interest rate on these tax-exempt revenue bonds will reset on October 8, 2026.
3The interest rate on these tax‑exempt revenue bonds will reset on October 1, 2024.
4The weighted-average interest rate for Consumers’ securitization bonds issued through its subsidiary, Consumers 2014 Securitization Funding, was 3.421 percent at December 31, 2023 and 3.343 percent at December 31, 2022.
5Principal and interest payments are made semiannually.
6The weighted-average interest rate for Consumers’ securitization bonds issued through its subsidiary, Consumers 2023 Securitization Funding, was 5.342 percent at December 31, 2023.
7Long-term debt – related parties reflects Consumers’ outstanding debt held by its parent as a result of CMS Energy’s repurchase of Consumers’ first mortgage bonds.
Schedule of Major Long-Term Debt Issuances and Retirements Presented in the following table is Consumers’ long-term debt—related parties at December 31, 2023:
Principal
(In Millions)
Interest Rate
(%)
First mortgage bonds due 2060$163 2.500 
First mortgage bonds due 2052106 2.650 
First mortgage bonds due 205023 3.750 
First mortgage bonds due 205052 3.100 
First mortgage bonds due 205127 3.500 
First mortgage bonds due 204860 4.050 
Total principal amount outstanding$431 
Unamortized discounts(3)
Unamortized issuance costs(4)
Total long-term debt — related parties$424 
Presented in the following table is a summary of major long-term debt issuances during 2023:
Principal
(In Millions)		Interest Rate (%)Issuance DateMaturity Date
CMS Energy, parent only
Convertible senior notes$800 3.375 May 2023May 2028
Total CMS Energy, parent only$800 
NorthStar Clean Energy, including subsidiaries
Term loan facility1
$85 variableFebruary 2023November 2023
Total NorthStar Clean Energy, including subsidiaries$85 
Consumers
First mortgage bonds$425 4.650 January 2023March 2028
First mortgage bonds700 4.625 February 2023May 2033
First mortgage bonds115 5.240 May 2023May 2026
First mortgage bonds50 5.070 May 2023May 2029
First mortgage bonds95 5.170 May 2023May 2032
First mortgage bonds140 5.380 May 2023May 2037
First mortgage bonds500 4.900 August 2023February 2029
2023 Securitization bonds2
250 5.550 December 2023March 2028
2023 Securitization bonds2
396 5.210 December 2023September 2031
Total Consumers$2,671 
Total CMS Energy$3,556 
1    In December 2022, a subsidiary of NorthStar Clean Energy entered into a $185 million unsecured term loan credit agreement. Under this credit agreement, a subsidiary of NorthStar Clean Energy borrowed $85 million in 2023.
2    For additional details on the securitization, see Note 2, Regulatory Matters— Securitized Costs.
Schedule of Debt Maturities
Debt Maturities: At December 31, 2023, the aggregate annual maturities for long-term debt for the next five years, based on stated maturities or earlier put dates, were:
In Millions
20242025202620272028
CMS Energy, including Consumers
Long-term debt
CMS Energy, parent only$250 $250 $300 $625 $800 
Consumers
725 116 237 263 843 
Total CMS Energy1
$975 $366 $537 $888 $1,643 
Consumers
Long-term debt$725 $116 $237 $263 $843 
Schedule of Revolving Credit Facilities The following credit facilities with banks were available at December 31, 2023:
In Millions
Expiration DateAmount of FacilityAmount BorrowedLetters of Credit OutstandingAmount Available
CMS Energy, parent only
December 14, 20271
$550 $— $24 $526 
September 22, 2024
50 — 50 — 
NorthStar Clean Energy, including subsidiaries
September 25, 20252
$37 $— $37 $— 
Consumers3
December 14, 2027
$1,100 $— $27 $1,073 
November 18, 2025
250 — 48 202 
1There were no borrowings under this facility during the year ended December 31, 2023.
2This letter of credit facility is available to Aviator Wind Equity Holdings. For more information regarding Aviator Wind Equity Holdings, see Note 18, Variable Interest Entities.
3Obligations under these facilities are secured by first mortgage bonds of Consumers. There were no borrowings under these facilities during the year ended December 31, 2023.
Schedule of Preferred Stock Presented in the following table are details of Consumers’ preferred stock at December 31, 2023 and 2022:
Par ValueOptional Redemption PriceNumber of Shares AuthorizedNumber of Shares Outstanding
Cumulative, with no mandatory redemption
$100 $110 7,500,000 373,148