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Divestiture Transactions and Discontinued Operations (Tables)
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9 Months Ended |
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Sep. 30, 2013
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| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
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| Schedule of Disposal Groups, Including Discontinued Operations, Income Statement, Balance Sheet and Additional Disclosures |
The following table presents the carrying amounts of the components of assets and liabilities segregated on Ameren's consolidated balance sheets as discontinued operations at September 30, 2013, and December 31, 2012: | | | | | | | | | | September 30, 2013 | | December 31, 2012 | Assets of discontinued operations | | | | Cash and cash equivalents | $ | 25 |
| | $ | 25 |
| Accounts receivable and unbilled revenue | 102 |
| | 102 |
| Materials and supplies | 121 |
| | 134 |
| Mark-to-market derivative assets | 71 |
| | 102 |
| Property and plant, net | 623 |
| | 748 |
| Accumulated deferred income taxes, net | 357 |
| | 385 |
| Other assets | 96 |
| | 104 |
| Total assets of discontinued operations | $ | 1,395 |
| | $ | 1,600 |
| Liabilities of discontinued operations | | | | Accounts payable and other current obligations | $ | 141 |
| | $ | 133 |
| Mark-to-market derivative liabilities | 38 |
| | 63 |
| Long-term debt, net | 824 |
| | 824 |
| Asset retirement obligations | 87 |
| | 78 |
| Pension and other postretirement benefits | 32 |
| | 40 |
| Other liabilities | 19 |
| | 28 |
| Total liabilities of discontinued operations | $ | 1,141 |
| | $ | 1,166 |
| Accumulated other comprehensive income(a) | $ | 3 |
| | $ | 19 |
| Noncontrolling interest(b) | $ | 8 |
| | $ | 8 |
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| | (a) | Accumulated other comprehensive income related to discontinued operations remains in “Accumulated other comprehensive loss” on Ameren’s September 30, 2013, and December 31, 2012, balance sheets. This balance relates to New AER assets and liabilities that will be realized or removed from Ameren’s balance sheet either before or at the closing of the New AER divestiture. |
| | (b) | The 20% ownership interest of EEI not owned by Ameren was included in “Noncontrolling interests” on Ameren’s September 30, 2013, and December 31, 2012, balance sheets. This noncontrolling interest will be removed from Ameren’s balance sheet at the closing of the New AER divestiture. |
The following table presents the components of discontinued operations in Ameren's consolidated statement of income for the three and nine months ended September 30, 2013, and 2012: | | | | | | | | | | | | | | | | | | | Three Months | | Nine months | | | 2013 | | 2012 | | 2013 | | 2012 | | Operating revenues | $ | 311 |
| | $ | 293 |
| | $ | 878 |
| | $ | 797 |
| | Operating expenses | (309 | ) | | (237 | ) | | (1,034 | ) | (a) | (1,301 | ) | (b) | Operating income (loss) | 2 |
| | 56 |
| | (156 | ) | | (504 | ) | | Other income (loss) | — |
| | — |
| | (1 | ) | | — |
| | Interest charges | (9 | ) | | (14 | ) | | (31 | ) | | (43 | ) | | Income (loss) before income taxes | (7 | ) | | 42 |
| | (188 | ) | | (547 | ) | | Income tax (expense) benefit | 4 |
| | 21 |
| | (24 | ) | | 216 |
| | Income (loss) from discontinued operations, net of taxes | $ | (3 | ) | | $ | 63 |
| | $ | (212 | ) | | $ | (331 | ) | |
| | (a) | Includes a noncash pretax impairment charge of $175 million for the nine months ended September 30, 2013, to reduce the carrying value of the New AER disposal group to its estimated fair value less cost to sell. |
| | (b) | Includes a noncash pretax asset impairment charge of $628 million to reduce the carrying value of AERG’s Duck Creek energy center to its estimated fair value under held and used accounting guidance. |
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| Schedule Of Coverage Ratios |
Ameren Missouri In October 2013, $44 million of Ameren Missouri’s 1993 5.45% Series tax-exempt first mortgage bonds were redeemed at par plus accrued interest. In October 2013, $200 million of Ameren Missouri’s 4.65% senior secured notes matured and were retired. 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 and dividend coverage ratios and bonds and preferred stock issuable as of September 30, 2013, at an assumed annual interest rate of 6% and dividend rate of 7%. | | | | | | | | | | | | | | | | | | 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 | | 4.3 | $ | 3,564 |
| | ≥2.5 | | 111.5 | $ | 2,130 |
| Ameren Illinois | | ≥2.0 | | 7.4 | | 3,536 |
| (d) | ≥1.5 | | 2.7 | | 203 |
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| | (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 $485 million and $645 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) | Amount of bonds issuable by Ameren Illinois based on unfunded property additions and retired bonds solely under the former IP mortgage indenture. |
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Ameren Energy Generating Company
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| Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] |
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| Schedule Of Coverage Ratios |
Genco Indenture Provisions Genco’s indenture includes provisions that require Genco to maintain certain interest coverage and debt-to-capital ratios in order for Genco to pay dividends, to make principal or interest payments on subordinated borrowings, to make loans to or investments in affiliates, or to incur additional external, third-party indebtedness. The following table summarizes these ratios for the 12 months ended and as of September 30, 2013: | | | | | | Required Ratio | Actual Ratio | Interest coverage ratio- restricted payment (a) | ≥1.75 | 1.05 |
| Interest coverage ratio- additional indebtedness (b) | ≥2.50 | 1.05 |
| Debt-to-capital ratio- additional indebtedness (b) | ≤60% | 51 | % |
| | (a) | As of the date of the restricted payment, as defined, the minimum ratio must have been achieved for the most recently ended four fiscal quarters and projected by management to be achieved for each of the subsequent four six-month periods. Investments in the non-state-regulated subsidiary money pool and repayments of non-state-regulated subsidiary money pool borrowings are not subject to this incurrence test. |
| | (b) | Ratios must be computed on a pro forma basis considering the additional indebtedness to be incurred and the related interest expense. Non-state-regulated subsidiary money pool borrowings are defined as permitted indebtedness and are not subject to these incurrence tests. Other borrowings from third-party external sources are included in the definition of indebtedness and are subject to these incurrence tests. |
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