XML 50 R11.htm IDEA: XBRL DOCUMENT
v3.22.2

Long-Term Debt And Equity Financings | 6 Months Ended
--- | ---
Jun. 30, 2022
Long-Term Debt And Equity Financings [Abstract] |
LONG-TERM DEBT AND EQUITY FINANCINGS | LONG-TERM DEBT AND EQUITY FINANCINGS Ameren For the three and six months ended June 30, 2022, Ameren issued a total of 0.2 million and 0.3 million shares of common stock, respectively, under its DRPlus and 401(k) plan, and received proceeds of $4 million and $17 million, respectively, and had a receivable of $8 million as of June 30, 2022. In addition, in the first quarter of 2022, Ameren issued 0.4 million shares of common stock valued at $31 million upon the settlement of stock-based compensation awards. In May 2021, Ameren entered into an equity distribution sales agreement pursuant to which Ameren may offer and sell from time to time up to $750 million of its common stock through an ATM program, which includes the ability to enter into forward sales agreements. There were no shares issued under the ATM program for the three and six months ended June 30, 2022. As of June 30, 2022, Ameren had approximately $90 million of common stock available under the ATM program, which takes into account the forward sale agreements in effect as of June 30, 2022, discussed below. Ameren has entered into multiple forward sale agreements, including the July 2022 forward sale agreement discussed below, under the ATM program with various counterparties relating to 5.8 million shares of common stock. Ameren expects to settle approximately $300 million of the forward sale agreements by December 31, 2022. Related to the forward sale agreements outstanding as of June 30, 2022, these agreements can be settled at Ameren’s discretion on or prior to dates ranging from May 3, 2023 to February 22, 2024. On a settlement date or dates, if Ameren elects to physically settle the forward sale agreement, Ameren will issue shares of common stock to the counterparties at the then-applicable forward sale price. The initial forward sale price for the agreements ranged from $86.35 to $94.80 with an average initial forward sale price of $89.78. Each initial forward sale price is subject to adjustment based on a floating interest rate factor equal to the overnight bank funding rate less a spread of 75 basis points, and will be subject to decrease on certain dates specified in the forward sale agreements by specified amounts related to expected dividends on shares of the common stock during the term of the forward sale agreements. If the overnight bank funding rate is less than the spread on any day, the interest rate factor will result in a reduction of the forward sale price. The forward sale agreements will be physically settled unless Ameren elects to settle in cash or to net share settle. At June 30, 2022, Ameren could have settled the forward sale agreements with physical delivery of 5.6 million shares of common stock to the respective counterparties in exchange for cash of $500 million. Alternatively, the forward sale agreements could have also been settled at June 30, 2022, with delivery of approximately $8 million of cash or approximately 0.1 million shares of common stock to the counterparties. In connection to the forward sale agreements, the various counterparties, or their affiliates, borrowed from third parties and sold 5.6 million shares of common stock. The gross sales price of these shares totaled $510 million. In connection with such sales, the counterparties were deemed to have received commissions of $5 million. Ameren has not received any proceeds from such sales of borrowed shares. The forward sale agreements have been classified as equity transactions. In July 2022, Ameren entered into a forward sale agreement under the ATM program relating to 0.2 million shares of common stock. The July 2022 forward sale agreement can be settled at Ameren’s discretion on or prior to March 8, 2024. The initial forward sale price was $90.77 for the July 2022 forward sale agreement. Ameren Missouri In April 2022, Ameren Missouri issued $525 million of 3.90% first mortgage bonds due April 2052, with interest payable semiannually on April 1 and October 1 of each year, beginning October 1, 2022. Ameren Missouri received net proceeds of $519 million, which were used to repay short-term debt and for near-term capital expenditures. Ameren Missouri intends to allocate an amount equal to the net proceeds to sustainability projects meeting certain eligibility criteria. ATXI In November 2021, pursuant to a note purchase agreement, ATXI agreed to issue $95 million of its 2.96% senior unsecured notes due 2052, with interest payable semiannually on February 25 and August 25 of each year, beginning February 25, 2023, through a private placement offering exempt from registration under the Securities Act of 1933, as amended. ATXI expects to issue the notes and receive net proceeds of $95 million in August 2022, which will be used to refinance the remaining portion of an intercompany long-term note with Ameren (parent), repay a $50 million principal payment of its 3.43% senior unsecured notes, and to repay short-term debt. Indenture Provisions and Other Covenants See Note 5 – Long-term Debt and Equity Financings under Part II, Item 8, in the Form 10-K for a description of our indenture provisions and other covenants, as well as restrictions on the payment of dividends. At June 30, 2022, the Ameren Companies were in compliance with the provisions and covenants contained in their indentures and articles of incorporation, as applicable, and ATXI was in compliance with the provisions and covenants contained in its note purchase agreements. Off-balance-sheet Arrangements At June 30, 2022, none of the Ameren Companies had any significant off-balance-sheet financing arrangements, other than variable interest entities and the multiple forward sale agreements under the ATM program relating to common stock. See Note 1 – Summary of Significant Accounting Policies for further detail concerning variable interest entities.

X
- Definition This disclosure includes information about long-term debt outstanding, as well as indenture provisions and other covenants. Additionally, this disclosure provides information about equity financings." + References No definition available. + Details
Name: | aee_LongTermDebtAndEquityFinancingTextBlock
Namespace Prefix: | aee_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Long-Term Debt and Equity Financings [Abstract] + References No definition available. + Details
Name: | aee_LongTermDebtAndEquityFinancingsAbstract
Namespace Prefix: | aee_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration