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Long-Term Debt And Equity Financings | 9 Months Ended
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Sep. 30, 2025
Long-Term Debt And Equity Financings [Abstract] |
LONG-TERM DEBT AND EQUITY FINANCINGS | LONG-TERM DEBT AND EQUITY FINANCINGS Ameren For the three and nine months ended September 30, 2025, Ameren issued a total of 0.1 million and 0.3 million shares of common stock, under its DRPlus and 401(k) plan, and received proceeds of $3 million and $28 million. As of September 30, 2025, Ameren had a receivable of $7 million related to issuances of common stock under its DRPlus and 401(k) plan. In addition, in the first quarter of 2025, Ameren issued 0.3 million shares of common stock valued at $25 million upon the settlement of stock-based compensation awards. Ameren has entered into an equity distribution sales agreement pursuant to which Ameren may offer and sell from time to time its common stock through an ATM program, which includes the ability to enter into forward sale agreements. In August 2025, Ameren increased the amount of common stock available for sale under the ATM program by $1.25 billion to a total of $3 billion. There were no shares issued under the ATM program during the three and nine months ended September 30, 2025. As of September 30, 2025, Ameren had approximately $1.5 billion of common stock remaining available for sale under the ATM program. Forward sale agreements outstanding as of September 30, 2025 under the ATM program for 5.8 million shares, can be settled at Ameren’s discretion on or prior to dates ranging from January 23, 2026, to March 6, 2026. The initial forward sale price for the agreements ranged from $81.00 to $98.66, with an average initial forward sale price of $91.02. Additionally in May 2025, Ameren entered into forward sale agreements separate from the ATM program with multiple counterparties relating to 6.4 million shares of common stock. The forward sale agreements can be settled at Ameren’s discretion on or prior to January 15, 2027, and the initial forward sale price under these agreements was $91.89 per share. 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. 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 or more than the spread on any day, the interest rate factor will result in a reduction or an increase, respectively, 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 September 30, 2025, Ameren could have settled the forward sale agreements with physical delivery of 12.2 million shares of common stock to the respective counterparties in exchange for cash of $1.1 billion. Alternatively, the forward sale agreements could have also been net settled at September 30, 2025, with delivery of approximately $158 million of cash or approximately 1.5 million shares of common stock to the counterparties. In connection with the forward sale agreements outstanding at September 30, 2025, the various counterparties, or their affiliates, borrowed from third parties and sold 12.2 million shares of common stock. The gross sales price of these shares totaled $1.1 billion. Ameren does not receive any proceeds from such sales of borrowed shares. The forward sale agreements have been classified as equity transactions. In March 2025, Ameren (parent) issued $750 million of 5.375% senior unsecured notes due March 2035, with interest payable semiannually on March 15 and September 15 of each year, beginning September 15, 2025. Net proceeds from this issuance were used for general corporate purposes, including the repayment of short-term debt. In June 2025, Ameren (parent) purchased senior secured notes and first mortgage bonds issued by Ameren Missouri and first mortgage bonds issued by Ameren Illinois for $24 million in the aggregate. On a consolidated basis, Ameren (parent)’s repurchase of these senior secured notes and first mortgage bonds were accounted for as a debt extinguishment and resulted in a pre-tax gain of $8 million, which is reflected in “Other Income, Net” on Ameren’s consolidated statement of income. Interest expense related to repurchased bonds was $1 million and $2 million for the three and nine months ended September 30, 2025. Ameren Missouri In April 2025, Ameren Missouri issued $500 million of 5.25% first mortgage bonds due April 2035, with interest payable semiannually on April 15 and October 15 of each year, beginning October 15, 2025. Net proceeds from this issuance were used to repay short-term debt. Ameren Illinois In March and September 2025, Ameren Illinois issued $350 million and $350 million, respectively, of 5.625% first mortgage bonds due March 2055, with interest payable semiannually on March 1 and September 1 of each year, beginning September 1, 2025 and March 1, 2026, respectively. Net proceeds from the March 2025 issuance were used to repay $300 million principal amount of its 3.25% senior secured notes that matured in March 2025, and net proceeds of both issuances were used to repay a portion of its short-term debt. Indenture Provisions and Other Covenants See Note 5 – Long-term Debt and Equity Financings under Part II, Item 8, of the Form 10-K for a description of our indenture provisions and other covenants, as well as restrictions on the payment of dividends. At September 30, 2025, 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 September 30, 2025, none of the Ameren Companies had any material off-balance-sheet financing arrangements, other than their investment in unconsolidated variable interest entities, letters of credit, and the multiple forward sale agreements relating to common stock. See Note 1 – Summary of Significant Accounting Policies for further detail concerning variable interest entities.

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