CONSUMERS ENERGY COCMS-PB

CONSUMERS ENERGY CO PP&E Disclosure

10-KFiled Feb 10, 20263 min read
Presented in the following table are details of CMS Energy’s and Consumers’ plant, property, and equipment:
In Millions, Except as Noted
December 31Estimated
Depreciable
Life in Years		20252024
CMS Energy, including Consumers
Plant, property, and equipment, gross
Consumers
3 – 125
$36,120 $33,434 
NorthStar Clean Energy
Independent power production1
3 – 40
1,585 1,452 
Assets under finance leases2
55 45 
Other
3 – 5
3 1 
Plant, property, and equipment, gross$37,763 $34,932 
Construction work in progress3,052 2,098 
Accumulated depreciation and amortization(10,135)(9,569)
Total plant, property, and equipment3
$30,680 $27,461 
Consumers
Plant, property, and equipment, gross
Electric
Generation4
15 – 125
$7,171 $6,576 
Distribution
15 – 75
13,360 12,135 
Other
5 – 55
1,209 1,307 
Assets under finance leases2
131 119 
Gas
Distribution
20 – 85
8,553 7,942 
Transmission
17 – 75
3,236 3,081 
Underground storage facilities5
29 – 75
1,535 1,405 
Other
5 – 55
886 828 
Assets under finance leases2
8 12 
Other non-utility property
3 – 51
31 29 
Plant, property, and equipment, gross$36,120 $33,434 
Construction work in progress6
2,354 1,766 
Accumulated depreciation and amortization(9,842)(9,310)
Total plant, property, and equipment3
$28,632 $25,890 
1A portion of independent power production assets are leased to others under operating leases. For information regarding CMS Energy’s operating leases of owned assets, see Note 9, Leases.
2For information regarding the amortization terms of CMS Energy’s and Consumers’ assets under finance leases, see Note 9, Leases.
3Consumers’ plant additions were $3.1 billion for the year ended December 31, 2025 and $2.1 billion for the year ended December 31, 2024. Consumers’ plant retirements were $387 million for the year ended December 31, 2025 and $390 million for the year ended December 31, 2024.
4Includes 13 hydroelectric dams that Consumers has agreed to sell, contingent upon MPSC and FERC approval. For more information, see Note 20, Exit Activities and Asset Sales.
5Underground storage includes base natural gas of $24 million at December 31, 2025 and $26 million for the year ended December 31, 2024. Base natural gas is not subject to depreciation.
6For the year ended December 31, 2025, Consumers fully impaired certain development assets totaling $20 million. Of this amount, $15 million relates to two early-phase renewable natural gas development projects that have been paused indefinitely. The remaining impairment charge was deferred as a regulatory asset and will be recovered through the Renewable Energy Plan.
Assets Under Finance Leases: Presented in the following table are further details about changes in CMS Energy’s and Consumers’ assets under finance leases:
In Millions
Years Ended December 3120252024
CMS Energy, including Consumers
Balance at beginning of period$176 $136 
Additions53 55 
Net retirements and other adjustments(36)(15)
Balance at end of period$193 $176 
Consumers
Balance at beginning of period$131 $112 
Additions22 34 
Net retirements and other adjustments(15)(15)
Balance at end of period$138 $131 

Historical Timeline

Fiscal YearFiled
2025Feb 10, 2026Showing above
2024Feb 11, 2025
2023Feb 8, 2024
2022Feb 9, 2023
2021Feb 10, 2022
2020Feb 11, 2021
2019Feb 6, 2020
2018Feb 5, 2019
2017Feb 14, 2018
2016Feb 7, 2017
2015Feb 11, 2016

About PP&E Disclosures

The PP&E disclosure details a company's physical asset base — land, buildings, machinery, and equipment — along with the depreciation methods and useful life assumptions that determine how these costs flow through the income statement. Capitalization policy thresholds reveal management's judgment on the boundary between expense and asset, directly affecting both reported earnings and asset values.

Key signals: changes in estimated useful lives or depreciation methods can materially shift reported earnings without any operational change. Compare capital expenditures against depreciation expense — when capex consistently trails depreciation, the asset base may be aging and underinvested. Watch for large asset impairments or write-downs that signal overvalued carrying amounts. Asset retirement obligations reveal future environmental or decommissioning costs that are often underappreciated. Compare PP&E intensity (PP&E-to-revenue) against industry peers to assess capital efficiency and competitive positioning.

Other Available Disclosures

Income TaxesRevenueEarnings Per ShareFair ValueLeasesSegmentsCommitmentsNew StandardsPay vs Performance