XML 43 R14.htm IDEA: XBRL DOCUMENT
v3.25.1

Fair Value Measurements | 3 Months Ended
--- | ---
Mar. 31, 2025
Fair Value Disclosures [Abstract] |
Fair Value Disclosures | FAIR VALUE MEASUREMENTS Fair value is defined as the price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Fair value measurements are classified in three levels based on the fair value hierarchy as defined by GAAP. See Note 8 – Fair Value Measurements under Part II, Item 8, of the Form 10-K for information related to hierarchy levels and valuation techniques. We consider nonperformance risk in our valuation of derivative instruments by analyzing our own credit standing and the credit standing of our counterparties, and by considering any credit enhancements (e.g., collateral). Included in our valuation, and based on current market conditions, is a valuation adjustment for counterparty default derived from market data such as the price of credit default swaps, bond yields, and credit ratings. No material gains or losses related to valuation adjustments for counterparty default risk were recorded at Ameren, Ameren Missouri, or Ameren Illinois in the three months ended March 31, 2025 or 2024. At March 31, 2025, and December 31, 2024, the counterparty default risk valuation adjustment related to derivative contracts was immaterial for Ameren, Ameren Missouri, and Ameren Illinois. The following table sets forth, by level within the fair value hierarchy, our assets and liabilities measured at fair value on a recurring basis as of March 31, 2025, and December 31, 2024:
|  | March 31, 2025 |  |  | December 31, 2024 |
|  | Level 1 | Level 2 | Level 3 | Total |  |  | Level 1 | Level 2 | Level 3 | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |
Ameren Missouri |  |  |  |  |  |  |  |  |  |  |
| Derivative assets – commodity contracts: |  |  |  |  |  |  |  |  |  |  |
| Natural gas | — |  | 5 |  | 1 |  | 6 |  |  |  | — |  | 4 |  | — |  | 4 |  |
| Power | — |  | — |  | 5 |  | 5 |  |  |  | — |  | — |  | 6 |  | 6 |  |
| Total derivative assets – commodity contracts | $ | — |  | $ | 5 |  | $ | 6 |  | $ | 11 |  |  |  | $ | — |  | $ | 4 |  | $ | 6 |  | $ | 10 |  |
| Nuclear decommissioning trust fund: |  |  |  |  |  |  |  |  |  |  |
| Equity securities: |  |  |  |  |  |  |  |  |  |  |
| U.S. large capitalization | $ | 868 |  | $ | — |  | $ | — |  | $ | 868 |  |  |  | $ | 911 |  | $ | — |  | $ | — |  | $ | 911 |  |
| Debt securities: |  |  |  |  |  |  |  |  |  |  |
| U.S. Treasury and agency securities | — |  | 188 |  | — |  | 188 |  |  |  | — |  | 191 |  | — |  | 191 |  |
| Corporate bonds | — |  | 156 |  | — |  | 156 |  |  |  | — |  | 145 |  | — |  | 145 |  |
| Other | — |  | 92 |  | — |  | 92 |  |  |  | — |  | 86 |  | — |  | 86 |  |
| Total nuclear decommissioning trust fund | $ | 868 |  | $ | 436 |  | $ | — |  | $ | 1,304 |  | (a) |  | $ | 911 |  | $ | 422 |  | $ | — |  | $ | 1,333 |  | (a)
| Total Ameren Missouri | $ | 868 |  | $ | 441 |  | $ | 6 |  | $ | 1,315 |  |  |  | $ | 911 |  | $ | 426 |  | $ | 6 |  | $ | 1,343 |  |
Ameren Illinois |  |  |  |  |  |  |  |  |  |  |
| Derivative assets – commodity contracts: |  |  |  |  |  |  |  |  |  |  |
| Natural gas | $ | 2 |  | $ | 9 |  | $ | 5 |  | $ | 16 |  |  |  | $ | — |  | $ | 3 |  | $ | 3 |  | $ | 6 |  |
| Total Ameren Illinois | $ | 2 |  | $ | 9 |  | $ | 5 |  | $ | 16 |  |  |  | $ | — |  | $ | 3 |  | $ | 3 |  | $ | 6 |  |
Ameren |  |  |  |  |  |  |  |  |  |  |
| Derivative assets – commodity contracts(b) | $ | 2 |  | $ | 14 |  | $ | 11 |  | $ | 27 |  |  |  | $ | — |  | $ | 7 |  | $ | 9 |  | $ | 16 |  |
| Nuclear decommissioning trust fund(c) | 868 |  | 436 |  | — |  | 1,304 |  | (a) |  | 911 |  | 422 |  | — |  | 1,333 |  | (a)
| Total Ameren | $ | 870 |  | $ | 450 |  | $ | 11 |  | $ | 1,331 |  |  |  | $ | 911 |  | $ | 429 |  | $ | 9 |  | $ | 1,349 |  |
Liabilities: |  |  |  |  |  |  |  |  |  |  |
Ameren Missouri |  |  |  |  |  |  |  |  |  |  |
| Derivative liabilities – commodity contracts: |  |  |  |  |  |  |  |  |  |  |
| Fuel oils | $ | 3 |  | $ | — |  | $ | — |  | $ | 3 |  |  |  | $ | 4 |  | $ | — |  | $ | — |  | $ | 4 |  |
| Natural gas | — |  | 8 |  | 1 |  | 9 |  |  |  | — |  | 11 |  | — |  | 11 |  |
| Total Ameren Missouri | $ | 3 |  | $ | 8 |  | $ | 1 |  | $ | 12 |  |  |  | $ | 4 |  | $ | 11 |  | $ | — |  | $ | 15 |  |
|  | March 31, 2025 |  |  | December 31, 2024 |
|  | Level 1 | Level 2 | Level 3 | Total |  |  | Level 1 | Level 2 | Level 3 | Total |
Ameren Illinois |  |  |  |  |  |  |  |  |  |  |
| Derivative liabilities – commodity contracts: |  |  |  |  |  |  |  |  |  |  |
| Natural gas | $ | — |  | $ | 17 |  | $ | 3 |  | $ | 20 |  |  |  | $ | 1 |  | $ | 28 |  | $ | 6 |  | $ | 35 |  |
| Power | — |  | — |  | 67 |  | 67 |  |  |  | — |  | — |  | 53 |  | 53 |  |
| Total Ameren Illinois | $ | — |  | $ | 17 |  | $ | 70 |  | $ | 87 |  |  |  | $ | 1 |  | $ | 28 |  | $ | 59 |  | $ | 88 |  |
Ameren |  |  |  |  |  |  |  |  |  |  |
| Derivative liabilities – commodity contracts(b) | $ | 3 |  | $ | 25 |  | $ | 71 |  | $ | 99 |  |  |  | $ | 5 |  | $ | 39 |  | $ | 59 |  | $ | 103 |  |
(a)Balance excludes $8 million and $9 million of cash and cash equivalents, receivables, payables, and accrued income, net, for March 31, 2025, and December 31, 2024, respectively. (b)See the Ameren Missouri and Ameren Illinois sections of the table for a breakout of the fair value of Ameren’s derivative assets and liabilities by type of commodity. (c)See the Ameren Missouri section of the table for a breakout of the fair value of Ameren’s nuclear decommissioning trust fund by investment type. Level 3 fuel oils and natural gas derivative contract assets and liabilities measured at fair value on a recurring basis were immaterial for all periods presented. The following table presents the fair value reconciliation of Level 3 power derivative contract assets and liabilities measured at fair value on a recurring basis for the three months ended March 31, 2025 and 2024:
| 2025 |  |  | 2024
| Ameren Missouri | Ameren Illinois |  |  | Ameren |  |  | Ameren Missouri | Ameren Illinois | Ameren
For the three months ended March 31: |  |  |  |  |  |  |  |  |  |
Beginning balance at January 1 | $ | 6 |  | $ | (53) |  |  |  | $ | (47) |  |  |  | $ | 4 |  | $ | (68) |  | $ | (64) |
Realized and unrealized gains/(losses) included in regulatory assets/liabilities | 2 |  | (16) |  |  |  | (14) |  |  |  | (1) |  | 10 |  | 9 |
Settlements | (3) |  | 2 |  |  |  | (1) |  |  |  | (1) |  | 4 |  | 3 |
Ending balance at March 31 | $ | 5 |  | $ | (67) |  |  |  | $ | (62) |  |  |  | $ | 2 |  | $ | (54) |  | $ | (52) |
Change in unrealized gains/(losses) related to assets/liabilities held at March 31 | $ | 2 |  | $ | (16) |  |  |  | $ | (14) |  |  |  | $ | — |  | $ | 11 |  | $ | 11 |
All gains or losses related to our Level 3 derivative commodity contracts are expected to be recovered or returned through customer rates; therefore, there is no impact to either net income or other comprehensive income resulting from changes in the fair value of these instruments. The following table describes the valuation techniques and significant unobservable inputs utilized for the fair value of our Level 3 power derivative contract assets and liabilities as of March 31, 2025, and December 31, 2024:
|  |  | Fair Value |  |  |  | Weighted Average(b) |
| Commodity |  | Assets |  | Liabilities | Valuation Technique(s) | Unobservable Input(a) | Range |
2025 | Power(c) | $ | 5 | $ | (67) | Discounted cash flow | Average forward peak and off-peak pricing – forwards/swaps ($/MWh) | 32 – 65 | 41 |
|  |  |  |  |  |  | Nodal basis ($/MWh) | (8) – (2) | (5) |
2024 | Power(c) | $ | 6 | $ | (53) | Discounted cash flow | Average forward peak and off-peak pricing – forwards/swaps ($/MWh) | 32 – 69 | 45 |
|  |  |  |  |  |  | Nodal basis ($/MWh) | (8) – (2) | (5) |
(a)Generally, significant increases (decreases) in these inputs in isolation would result in a significantly higher (lower) fair value measurement. (b)Unobservable inputs were weighted by relative fair value. (c)Valuations use visible forward prices adjusted for nodal-to-hub basis differentials. The following table sets forth the carrying amount and, by level within the fair value hierarchy, the fair value of long-term debt (including current portion) disclosed, but not recorded, at fair value as of March 31, 2025, and December 31, 2024:
Long-Term Debt (Including Current Portion): | Carrying Amount(a) |  |  |  | Fair Value |  |
|  |  | Level 2 |  | Level 3 |  | Total
| March 31, 2025
Ameren(b) | $ | 18,371 |  |  |  |  | $ | 16,277 |  |  | $ | 547 |  | (c) | $ | 16,824 |
Ameren Missouri(d) | 7,746 |  |  |  |  | 6,963 |  |  | — |  |  | 6,963 |
Ameren Illinois(d) | 5,900 |  |  |  |  | 5,310 |  |  | — |  |  | 5,310 |
| December 31, 2024
Ameren(b) | $ | 17,579 |  |  |  |  | $ | 15,395 |  |  | $ | 538 |  | (c) | $ | 15,933 |
Ameren Missouri(d) | 7,745 |  |  |  |  | 6,926 |  |  | — |  |  | 6,926 |
Ameren Illinois(d) | 5,852 |  |  |  |  | 5,243 |  |  | — |  |  | 5,243 |
(a)Included unamortized debt issuance costs, which were excluded from the fair value measurement, of $133 million, $61 million, and $54 million for Ameren, Ameren Missouri, and Ameren Illinois, respectively, as of March 31, 2025. Included unamortized debt issuance costs, which were excluded from the fair value measurement, of $129 million, $62 million, and $51 million for Ameren, Ameren Missouri, and Ameren Illinois, respectively, as of December 31, 2024. (b)Amount excludes Ameren (parent)’s repurchase of Ameren Missouri’s senior secured notes and first mortgage bonds and Ameren Illinois’ first mortgage bonds in 2024. (c)The Level 3 fair value amount consists of ATXI’s senior unsecured notes. (d)Amount includes Ameren Missouri’s senior secured notes and first mortgage bonds and Ameren Illinois’ first mortgage bonds that were repurchased by Ameren (parent) in 2024. The Ameren Companies’ carrying amounts of cash, cash equivalents, and restricted cash approximate fair value and are considered Level 1 in the fair value hierarchy. The Ameren Companies’ short-term borrowings approximate fair value because of the short-term nature of these instruments and are considered Level 2 in the fair value hierarchy.

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
Name: | us-gaap_FairValueDisclosuresTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration