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Long-Term Debt And Equity Financings | 12 Months Ended
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Dec. 31, 2023
Long-Term Debt And Equity Financings [Abstract] |
LONG-TERM DEBT AND EQUITY FINANCINGS | LONG-TERM DEBT AND EQUITY FINANCINGS The following table presents long-term debt outstanding, including maturities due within one year, as of December 31, 2023 and 2022:
| 2023 |  | 2022
Ameren (Parent): |  |  |
2.50% Senior unsecured notes due 2024 | $ | 450 |  |  | $ | 450 |
3.65% Senior unsecured notes due 2026 | 350 |  |  | 350 |
5.70% Senior unsecured notes due 2026 | 600 |  |  | — |
1.95% Senior unsecured notes due 2027 | 500 |  |  | 500 |
1.75% Senior unsecured notes due 2028 | 450 |  |  | 450 |
5.00% Senior unsecured notes due 2029 | 700 |  |  | — |
3.50% Senior unsecured notes due 2031 | 800 |  |  | 800 |
Total long-term debt, gross | 3,850 |  |  | 2,550 |
Less: Unamortized discount and premium | (4) |  |  | (2) |
Less: Unamortized debt issuance costs | (17) |  |  | (12) |
Less: Maturities due within one year | (450) |  |  | — |
Long-term debt, net | $ | 3,379 |  |  | $ | 2,536 |
Ameren Missouri: |  |  |
Bonds and notes: |  |  |
3.50% Senior secured notes due 2024(a) | $ | 350 |  |  | $ | 350 |
2.95% Senior secured notes due 2027(a) | 400 |  |  | 400 |
3.50% First mortgage bonds due 2029(b) | 450 |  |  | 450 |
2.95% First mortgage bonds due 2030(b) | 465 |  |  | 465 |
2.15% First mortgage bonds due 2032(b) | 525 |  |  | 525 |
2.90% 1998 Series A bonds due 2033(c) | 60 |  |  | 60 |
2.90% 1998 Series B bonds due 2033(c) | 50 |  |  | 50 |
2.75% 1998 Series C bonds due 2033(c) | 50 |  |  | 50 |
5.50% Senior secured notes due 2034(a) | 184 |  |  | 184 |
5.30% Senior secured notes due 2037(a) | 300 |  |  | 300 |
8.45% Senior secured notes due 2039(a)(d) | 350 |  |  | 350 |
3.90% Senior secured notes due 2042(a)(d) | 485 |  |  | 485 |
3.65% Senior secured notes due 2045(a) | 400 |  |  | 400 |
4.00% First mortgage bonds due 2048(b) | 425 |  |  | 425 |
3.25% First mortgage bonds due 2049(b) | 330 |  |  | 330 |
2.625% First mortgage bonds due 2051(b) | 550 |  |  | 550 |
3.90% First mortgage bonds due 2052(b) | 525 |  |  | 525 |
5.45% First mortgage bonds due 2053(b) | 500 |  |  | — |
Finance obligations: |  |  |
Audrain County agreement (Audrain County CT) due 2023(e) | — |  |  | 240 |
Total long-term debt, gross | 6,399 |  |  | 6,139 |
Less: Unamortized discount and premium | (13) |  |  | (12) |
Less: Unamortized debt issuance costs | (45) |  |  | (41) |
Less: Maturities due within one year | (350) |  |  | (240) |
Long-term debt, net | $ | 5,991 |  |  | $ | 5,846 |
| 2023 |  | 2022
Ameren Illinois: |  |  |
Bonds and notes: |  |  |
0.375% First mortgage bonds due 2023(f) | $ | — |  |  | $ | 100 |
3.25% Senior secured notes due 2025(g) | 300 |  |  | 300 |
6.125% Senior secured notes due 2028(g) | 60 |  |  | 60 |
3.80% First mortgage bonds due 2028(f) | 430 |  |  | 430 |
1.55% First mortgage bonds due 2030(f) | 375 |  |  | 375 |
3.85% First mortgage bonds due 2032(f) | 500 |  |  | 500 |
4.95% First mortgage bonds due 2033(f) | 500 |  |  | — |
6.70% Senior secured notes due 2036(g) | 61 |  |  | 61 |
6.70% Senior secured notes due 2036(g) | 42 |  |  | 42 |
4.80% Senior secured notes due 2043(g) | 280 |  |  | 280 |
4.30% Senior secured notes due 2044(g) | 250 |  |  | 250 |
4.15% Senior secured notes due 2046(g) | 490 |  |  | 490 |
3.70% First mortgage bonds due 2047(f) | 500 |  |  | 500 |
4.50% First mortgage bonds due 2049(f) | 500 |  |  | 500 |
3.25% First mortgage bonds due 2050(f) | 300 |  |  | 300 |
2.90% First mortgage bonds due 2051(f) | 350 |  |  | 350 |
5.90% First mortgage bonds due 2052(f) | 350 |  |  | 350 |
Total long-term debt, gross | 5,288 |  |  | 4,888 |
Less: Unamortized discount and premium | (9) |  |  | (9) |
Less: Unamortized debt issuance costs | (47) |  |  | (44) |
Less: Maturities due within one year | — |  |  | (100) |
Long-term debt, net | $ | 5,232 |  |  | $ | 4,735 |
ATXI: |  |  |
2.45% Senior unsecured notes due 2036(h) | $ | 75 |  |  | $ | 75 |
3.43% Senior unsecured notes due 2050(i) | 400 |  |  | 400 |
2.96% Senior unsecured notes due 2052(j) | 95 |  |  | 95 |
Total long-term debt, gross | 570 |  |  | 570 |
Less: Unamortized debt issuance costs | (2) |  |  | (2) |
Less: Maturities due within one year | (49) |  |  | — |
Long-term debt, net | $ | 519 |  |  | $ | 568 |
Ameren consolidated long-term debt, net | $ | 15,121 |  |  | $ | 13,685 |
(a)These notes are collaterally secured by first mortgage bonds issued by Ameren Missouri under the Ameren Missouri mortgage indenture. The notes have a fall-away lien provision and will remain secured only as long as any first mortgage bonds issued under the Ameren Missouri mortgage indenture remain outstanding. Redemption, purchase, or maturity of all first mortgage bonds, including first mortgage bonds currently outstanding and any that may be issued in the future, would result in a release of the first mortgage bonds currently securing these notes, at which time these notes would become unsecured obligations. Considering the 2053 maturity of the 5.45% first mortgage bonds and the restrictions preventing a release date to occur that are attached to certain senior secured notes described in footnote (d) below, Ameren Missouri does not expect the first mortgage lien protection associated with these notes to fall away. (b)These bonds are first mortgage bonds issued by Ameren Missouri under the Ameren Missouri bond indenture. They are secured by substantially all Ameren Missouri property and franchises. (c)These bonds are collaterally secured by first mortgage bonds issued by Ameren Missouri under the Ameren Missouri mortgage indenture and have a fall-away lien provision similar to that of Ameren Missouri’s senior secured notes. (d)Ameren Missouri has agreed that so long as any of the 3.90% senior secured notes due 2042 are outstanding, Ameren Missouri will not permit a release date to occur, and so long as any of the 8.45% senior secured notes due 2039 are outstanding, Ameren Missouri will not optionally redeem, purchase, or otherwise retire in full the outstanding first mortgage bonds not subject to release provisions. (e)No cash was exchanged associated with the termination of the Audrain County agreement as the $240 million principal amount of the financing obligation due from Ameren Missouri was equal to the amount of bond service payments due to Ameren Missouri. The balance of the financing obligation and the related investment in debt securities was $240 million as of December 31, 2022. The investment was recorded in “Investments in industrial development revenue bonds” as of December 31, 2022. See below for additional information on this financing obligation. (f)These bonds are first mortgage bonds issued by Ameren Illinois under the Ameren Illinois mortgage indenture. They are secured by substantially all Ameren Illinois property and franchises. (g)These notes are collaterally secured by first mortgage bonds issued by Ameren Illinois under the Ameren Illinois mortgage indenture. The notes have a fall-away lien provision and will remain secured only as long as any first mortgage bonds issued under its mortgage indenture remain outstanding. Redemption, purchase, or maturity of all first mortgage bonds, including first mortgage bonds currently outstanding and any that may be issued in the future, would result in a release of the first mortgage bonds currently securing these notes, at which time these notes would become unsecured obligations. Considering the 2052 maturity date of the 5.90% first mortgage bonds, Ameren Illinois does not expect the first mortgage lien protection associated with these notes to fall away. (h)The following table presents the principal maturities schedule for the 2.45% senior unsecured notes due 2036:
Payment Date |  | Principal Payment
November 2029 | $ | 30
November 2036 |  | 45
Total | $ | 75
(i)The following table presents the principal maturities schedule for the 3.43% senior unsecured notes due 2050:
Payment Date |  | Principal Payment
August 2024 | $ | 49
August 2027 |  | 50
August 2030 |  | 49
August 2032 |  | 50
August 2038 |  | 49
August 2043 |  | 77
August 2050 |  | 76
Total | $ | 400
(j)The following table presents the principal maturities schedule for the 2.96% senior unsecured notes due 2052:
Payment Date |  | Principal Payment
August 2040 | $ | 45
August 2052 |  | 50
Total | $ | 95
The following table presents the aggregate maturities of long-term debt, including current maturities, at December 31, 2023:
| Ameren (parent)(a) |  | Ameren Missouri(a) |  | Ameren Illinois(a) |  | ATXI(a) |  | Ameren Consolidated(a)
2024 | $ | 450 |  |  | $ | 350 |  |  | $ | — |  |  | $ | 49 |  |  | $ | 849 |
2025 | — |  |  | — |  |  | 300 |  |  | — |  |  | 300 |
2026 | 950 |  |  | — |  |  | — |  |  | — |  |  | 950 |
2027 | 500 |  |  | 400 |  |  | — |  |  | 50 |  |  | 950 |
2028 | 450 |  |  | — |  |  | 490 |  |  | — |  |  | 940 |
Thereafter | 1,500 |  |  | 5,649 |  |  | 4,498 |  |  | 471 |  |  | 12,118 |
Total | $ | 3,850 |  |  | $ | 6,399 |  |  | $ | 5,288 |  |  | $ | 570 |  |  | $ | 16,107 |
(a)Excludes unamortized discount, premium, and debt issuance costs of $21 million, $58 million, $56 million, and $2 million at Ameren (parent), Ameren Missouri, Ameren Illinois, and ATXI, respectively. All classes of Ameren Missouri’s and Ameren Illinois’ preferred stock are entitled to cumulative dividends, have voting rights, and are not subject to mandatory redemption. The preferred stock of Ameren’s subsidiaries is included in “Noncontrolling Interests” on Ameren’s consolidated balance sheet. The following table presents the outstanding preferred stock of Ameren Missouri and Ameren Illinois, which is redeemable at the option of the issuer, at the prices shown below as of December 31, 2023 and 2022:
| Shares Outstanding |  | Redemption Price (per share) |  | 2023 |  | 2022
Ameren Missouri: |  |  |  |  |  |  |
Without par value and stated value of $100 per share, 25 million shares authorized |  |  |  |  |  |
$3.50 Series | 130,000 shares |  | $ | 110.00 |  |  | $ | 13 |  |  | $ | 13 |
$3.70 Series | 40,000 shares |  | 104.75 |  |  | 4 |  |  | 4 |
$4.00 Series | 150,000 shares |  | 105.625 |  |  | 15 |  |  | 15 |
$4.30 Series | 40,000 shares |  | 105.00 |  |  | 4 |  |  | 4 |
$4.50 Series | 213,595 shares |  | 110.00 |  | (a) | 21 |  |  | 21 |
$4.56 Series | 200,000 shares |  | 102.47 |  |  | 20 |  |  | 20 |
$4.75 Series | 20,000 shares |  | 102.176 |  |  | 2 |  |  | 2 |
$5.50 Series A | 14,000 shares |  | 110.00 |  |  | 1 |  |  | 1 |
Total |  |  |  | $ | 80 |  |  | $ | 80 |
Ameren Illinois: |  |  |  |  |  |  |
With par value of $100 per share, 2 million shares authorized |  |  |  |  |  |
4.00% Series | 144,275 shares |  | $ | 101.00 |  |  | $ | 14 |  |  | $ | 14 |
4.08% Series | 45,224 shares |  | 103.00 |  |  | 5 |  |  | 5 |
4.20% Series | 23,655 shares |  | 104.00 |  |  | 2 |  |  | 2 |
4.25% Series | 50,000 shares |  | 102.00 |  |  | 5 |  |  | 5 |
4.26% Series | 16,621 shares |  | 103.00 |  |  | 2 |  |  | 2 |
4.42% Series | 16,190 shares |  | 103.00 |  |  | 2 |  |  | 2 |
4.70% Series | 18,429 shares |  | 104.30 |  |  | 2 |  |  | 2 |
4.90% Series | 73,825 shares |  | 102.00 |  |  | 7 |  |  | 7 |
4.92% Series | 49,289 shares |  | 103.50 |  |  | 5 |  |  | 5 |
5.16% Series | 50,000 shares |  | 102.00 |  |  | 5 |  |  | 5 |
Total |  |  |  | $ | 49 |  |  | $ | 49 |
Total Ameren |  |  |  | $ | 129 |  |  | $ | 129 |
(a)In the event of voluntary liquidation, $105.50. Ameren has 100 million shares of $0.01 par value preferred stock authorized, with no such shares outstanding. Ameren Missouri has 7.5 million shares of $1 par value preference stock authorized, with no such shares outstanding. Ameren Illinois has 2.6 million shares of no par value preferred stock authorized, with no such shares outstanding. Ameren Under the DRPlus and its 401(k) plan, Ameren issued 0.6 million, 0.5 million, and 0.5 million shares of common stock in 2023, 2022, and 2021, respectively, received proceeds of $39 million, $41 million, and $47 million for the respective years, and had a receivable of $7 million and $8 million as of December 31, 2023 and 2022. In addition, Ameren issued 0.5 million, 0.4 million, and 0.5 million shares of common stock valued at $40 million, $31 million, and $33 million in 2023, 2022, 2021, respectively, for no cash consideration in connection with stock-based compensation. In May 2023, Ameren filed a Form S-3 registration statement with the SEC, authorizing the offering of 3 million additional shares of its common stock under the DRPlus, which expires in May 2026. Shares of common stock sold under the DRPlus are, at Ameren’s option, newly issued shares, treasury shares, or shares purchased in the open market or in privately negotiated contracts. In October 2023, Ameren, Ameren Missouri, and Ameren Illinois filed a Form S-3 shelf registration statement with the SEC, registering the issuance of an unspecified amount of certain types of securities. This registration statement expires in October 2026. In May 2022, Ameren filed a Form S-8 registration statement with the SEC, authorizing the offering of 7.5 million additional shares of its common stock under its 401(k) plan. Shares of common stock issuable under the 401(k) plan are, at Ameren’s option, newly issued shares, treasury shares, or shares purchased in the open market or in privately negotiated contracts. Ameren has entered into an equity distribution sales agreement pursuant to which Ameren may offer and sell from time to time up to $1.75 billion of its common stock through an ATM program, which includes the ability to enter into forward sale agreements. Under the ATM, Ameren issued 3.2 million, 3.4 million, and 1.8 million shares of common stock and received proceeds of $299 million, $292 million, and $148 million in 2023, 2022 and 2021, respectively. These proceeds were net of $3 million, $3 million and $2 million, respectively, in compensation paid to selling agents. As of December 31, 2023, Ameren had approximately $770 million of common stock available for sale under the ATM program, which takes into account the forward sale agreements in effect as of December 31, 2023, discussed below. The forward sale agreements outstanding as of December 31, 2023, can be settled at Ameren’s discretion on or prior to dates ranging from October 3, 2024 to February 28, 2025. On a settlement date or dates, if Ameren elects to physically settle a 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 $76.69 to $89.31, with an average initial forward sale price of $80.45. Each 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 December 31, 2023, Ameren could have settled the forward sale agreements with physical delivery of 2.9 million shares of common stock to the respective counterparties in exchange for cash of $230 million. Alternatively, the forward sale agreements could have also been settled at December 31, 2023, with the counterparties delivering approximately $24 million of cash or approximately 0.3 million shares of common stock to Ameren. In connection to the forward sale agreements, the various counterparties, or their affiliates, borrowed from third parties and sold 2.9 million shares of common stock. The gross sales price of these shares totaled $232 million. Ameren has not received any proceeds from such sales of borrowed shares. The forward sale agreements have been classified as equity transactions. In February 2021, Ameren settled the remainder of a forward sale agreement entered into in August 2019, by physically delivering 1.6 million shares of common stock for cash proceeds of $113 million. The proceeds were used to fund a portion of Ameren Missouri’s wind generation investments. In November 2023, Ameren (parent) issued $600 million of 5.70% senior unsecured notes due December 2026, with interest payable semiannually on June 1 and December 1 of each year, beginning June 1, 2024. Net proceeds from this issuance were used to repay short-term debt. In December 2023, Ameren (parent) issued $700 million of 5.00% senior unsecured notes due January 2029, with interest payable semiannually on January 15 and July 15 of each year, beginning July 15, 2024. Net proceeds from this issuance were used for general corporate purposes, including the repayment of short-term debt. Ameren Missouri In January 2024, Ameren Missouri issued $350 million of 5.25% first mortgage bonds due January 2054, with interest payable semiannually on January 15 and July 15 of each year, beginning July 15, 2024. Net proceeds from this issuance were used for capital expenditures and to repay short-term debt. In January 2023, Ameren Missouri and Audrain County mutually agreed to terminate a financing obligation agreement related to the CT energy center in Audrain County, which was scheduled to expire in December 2023. No cash was exchanged in connection with the termination of the agreement as the $240 million principal amount of the financing obligation due from Ameren Missouri was equal to the amount of bond service payments due to Ameren Missouri. Ownership of the energy center was transferred to Ameren Missouri in January 2023, at which time the property, plant, and equipment became subject to the lien of the Ameren Missouri mortgage bond indenture. In March 2023, Ameren Missouri issued $500 million of 5.45% first mortgage bonds due March 2053, with interest payable semiannually on March 15 and September 15 of each year, beginning September 15, 2023. Net proceeds from this issuance were used for capital expenditures and to repay short-term debt. In April 2022, Ameren Missouri issued $525 million of 3.90% green first mortgage bonds due April 2052, with interest payable semiannually on April 1 and October 1 of each year, beginning October 1, 2022. Net proceeds from this issuance were used for capital expenditures and to repay short-term debt. Ameren Missouri intends to allocate an amount equal to the net proceeds to sustainability projects meeting certain eligibility criteria. In November 2022, $47 million principal amount of Ameren Missouri’s 1.60% 1992 Series bonds matured and were repaid with commercial paper borrowings. In December 2022, Ameren Missouri repaid $8 million of the remaining principal amount of the financing obligation related to the Peno Creek CT Energy Center to a trustee, which is authorized to utilize the cash only to pay equal amounts due to Ameren Missouri under related bonds issued by the city of Bowling Green and held by Ameren Missouri. The timing and amounts of payments due from Ameren Missouri under the agreement were equal to the timing and amount of bond service payments due to Ameren Missouri, resulting in no net cash flow. Under the terms of this agreement, Ameren Missouri was responsible for all operation and maintenance for the energy center. Ownership of the energy center transferred to Ameren Missouri in December 2022, at which time the property, plant, and equipment became subject to the lien of the Ameren Missouri mortgage bond indenture. For information on Ameren Missouri’s capital contributions, refer to Capital Contributions in Note 13 – Related-party Transactions. Ameren Illinois In May 2023, Ameren Illinois issued $500 million of 4.95% first mortgage bonds due June 2033, with interest payable semiannually on June 1 and December 1 of each year, beginning December 1, 2023. Net proceeds from this issuance were used to repay $100 million principal amount of its 0.375% first mortgage bonds that matured in June 2023 and short-term debt. In August 2022, Ameren Illinois issued $500 million of 3.85% first mortgage bonds due September 2032, with interest payable semiannually on March 1 and September 1 of each year, beginning March 1, 2023. Net proceeds from this issuance were used to repay $400 million principal amount of its 2.70% senior secured notes that matured in September 2022 and short-term debt. In November 2022, Ameren Illinois issued $350 million of 5.90% first mortgage bonds due December 2052, with interest payable semiannually on June 1 and December 1 of each year, beginning June 1, 2023. Net proceeds from this issuance were used to repay short-term debt. Ameren Illinois intends to allocate an amount equal to the net proceeds to sustainability projects meeting certain eligibility criteria. For information on Ameren Illinois’ capital contributions, refer to Capital Contributions in Note 13 – Related-party Transactions. ATXI In August 2022, ATXI issued $95 million of its 2.96% senior unsecured notes due 2052 pursuant to a November 2021 note purchase agreement, 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. Net proceeds from this issuance were 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 in August 2022, and to repay short-term debt. Indenture Provisions and Other Covenants Ameren Missouri’s and Ameren Illinois’ indentures and articles of incorporation include covenants and provisions related to issuances of first mortgage bonds and preferred stock. Ameren Missouri and Ameren Illinois are required to meet certain ratios to issue additional first mortgage bonds and preferred stock. A failure to achieve these ratios would not result in a default under these covenants and provisions but would restrict the companies’ ability to issue bonds or preferred stock. The following table summarizes the required and actual interest coverage ratios for interest charges, dividend coverage ratios, and bonds and preferred stock issuable as of December 31, 2023, at an assumed interest rate of 7% and dividend rate of 8%.
| Required Interest Coverage Ratio(a) | Actual Interest Coverage Ratio | Bonds Issuable(b) |  | Required Dividend Coverage Ratio(c) | Actual Dividend Coverage Ratio | Preferred Stock Issuable |
Ameren Missouri | >2.0 | 3.3 | $4,209 |  | >2.5 | 160.5 | $2,701 |
Ameren Illinois | >2.0 | 6.9 | 8,517 |  | >1.5 | 3.8 | 203 | (d)
(a)Coverage required on the annual interest charges on first mortgage bonds outstanding and to be issued. Coverage is not required in certain cases when additional first mortgage bonds are issued on the basis of retired bonds. (b)Amount of bonds issuable based either on required coverage ratios or unfunded property additions, whichever is more restrictive. The amounts shown also include bonds issuable based on retired bond capacity of $1,959 million and $1,143 million at Ameren Missouri and Ameren Illinois, respectively. (c)Coverage required on the annual dividend on preferred stock outstanding and to be issued, as required in the respective company’s articles of incorporation. (d)Preferred stock issuable is restricted by the amount of preferred stock that is currently authorized by Ameren Illinois’ articles of incorporation. Ameren’s indenture does not require Ameren to comply with any quantitative financial covenants. The indenture does, however, include certain cross-default provisions. Specifically, either (1) the failure by Ameren to pay when due and upon expiration of any applicable grace period any portion of any Ameren indebtedness in excess of $25 million, or (2) the acceleration upon default of the maturity of any Ameren indebtedness in excess of $25 million under any indebtedness agreement, including borrowings under the Credit Agreements or the Ameren commercial paper program, constitutes a default under the indenture, unless such past due or accelerated debt is discharged or the acceleration is rescinded or annulled within a specified period. Ameren Missouri and Ameren Illinois and certain other nonregistrant Ameren subsidiaries are subject to Section 305(a) of the Federal Power Act, which makes it unlawful for any officer or director of a public utility, as defined in the Federal Power Act, to participate in the making or paying of any dividend from any funds “properly included in capital account.” The FERC has consistently interpreted the provision to allow dividends to be paid as long as (1) the source of the dividends is clearly disclosed, (2) the dividends are not excessive, and (3) there is no self-dealing on the part of corporate officials. At a minimum, Ameren believes that dividends can be paid by its subsidiaries that are public utilities from net income and retained earnings. In addition, under Illinois law, Ameren Illinois and ATXI may not pay any dividend on their respective stock unless, among other things, their respective earnings and earned surplus are sufficient to declare and pay a dividend after provisions are made for reasonable and proper reserves, or unless Ameren Illinois or ATXI has specific authorization from the ICC. Ameren Illinois’ articles of incorporation require dividend payments on its common stock to be based on ratios of common stock to total capitalization and other provisions related to certain operating expenses and accumulations of earned surplus. Ameren Illinois has made a commitment to the FERC to maintain a minimum 30% ratio of common stock equity to total capitalization. As of December 31, 2023, using the FERC-agreed upon calculation method, Ameren Illinois’ ratio of common stock equity to total capitalization was 53%. ATXI’s note purchase agreements includes financial covenants that require ATXI not to permit at any time (1) debt to exceed 70% of total capitalization or (2) secured debt to exceed 10% of total assets. At December 31, 2023, 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. In order for the Ameren Companies to issue securities in the future, they will have to comply with all applicable requirements in effect at the time of any such issuances. Off-Balance-Sheet Arrangements At December 31, 2023, none of the Ameren Companies had any material off-balance-sheet financing arrangements, other than their investments in 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.

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