CONSUMERS ENERGY CO

For the period ended Dec 31, 2023. Filed Feb 8, 2024.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 8, 2024

CMS$69.55+0.5%Stored close · as of Nov 9, 2026

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Contents

6: 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 5, Fair Value Measurements.

In Millions
December 31, 2023 · December 31, 2022
Carrying Amount · Fair Value · Carrying Amount · Fair Value
Total · Level · Total · Level
	1	2	3	1	2	3
CMS Energy, including Consumers
Assets
Long-term receivables1		$11		$11			$—	$—	$11	$14	$14	$—	$—	$14
Liabilities
Long-term debt2		15,483		14,305			1,103	11,186	2,016	14,212	12,384	987	8,741	2,656
Long-term payables3		11		11			—	—	11	9	7	—	—	7
Consumers
Assets
Long-term receivables1		$11		$11			$—	$—	$11	$14	$14	$—	$—	$14
Notes receivable – related party4		97		97			—	—	97	101	101	—	—	101
Liabilities
Long-term debt5		10,762		9,757			—	7,741	2,016	10,183	8,728	—	6,172	2,556
Long-term debt – related party		424		303			—	303	—	—	—	—	—	—
Long-term payables		5		5			—	—	5	—	—	—	—	—

1 Includes current portion of long-term accounts receivable and notes receivable of $6 million at December 31, 2023 and $7 million at December 31, 2022.

2 Includes current portion of long-term debt of $975 million at December 31, 2023 and $1,090 million at December 31, 2022.

3 Includes current portion of long-term payables of $2 million at December 31, 2022.

4 Includes current portion of notes receivable – related party of $7 million at December 31, 2023 and 2022.

5 Includes current portion of long-term debt of $725 million at December 31, 2023 and $991 million at December 31, 2022.

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.

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