Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

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 Consumers						Consumers
December 31	2023			2022			2023			2022
Assets1
Cash equivalents		$	18		$	—		$	—		$	—
Restricted cash equivalents		21			18			21			17
Nonqualified deferred compensation plan assets		30			24			22			18
Derivative instruments		2			2			2			2
Total assets		$	71		$	44		$	45		$	37
Liabilities1
Nonqualified deferred compensation plan liabilities		$	30		$	24		$	22		$	18
Total liabilities		$	30		$	24		$	22		$	18

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 Consumers						Consumers
December 31	2023			2022			2023			2022
Assets1
Cash equivalents		$	18		$	—		$	—		$	—
Restricted cash equivalents		21			18			21			17
Nonqualified deferred compensation plan assets		30			24			22			18
Derivative instruments		2			2			2			2
Total assets		$	71		$	44		$	45		$	37
Liabilities1
Nonqualified deferred compensation plan liabilities		$	30		$	24		$	22		$	18
Total liabilities		$	30		$	24		$	22		$	18

1All assets and liabilities were classified as Level 1 with the exception of derivative contracts, which were classified as Level 3.