Missouri | 1-14756 | 43-1723446 |
(State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
ITEM 2.02 | Results of Operations and Financial Condition. |
ITEM 8.01 | Other Events. |
ITEM 9.01 | Financial Statements and Exhibits. |
(d) | Exhibits |
Exhibit Number: | Title: | |
99.1* | ||
99.2 |
AMEREN CORPORATION | ||
(Registrant) | ||
By: /s/ Martin J. Lyons, Jr.___________________________ | ||
Name: Martin J. Lyons, Jr. | ||
Title: Executive Vice President and Chief Financial Officer |
Exhibit 99.1 |
Contacts | ||
Media | Investors | Investors |
Erin Davis | Andrew Kirk | Investor Services |
314.554.2182 | 314.554.3942 | 800.255.2237 |
edavis@ameren.com | akirk@ameren.com | invest@ameren.com |
• | 2018 GAAP Diluted Earnings Per Share were $3.32, Compared to $2.14 in 2017 |
• | 2018 Core (Non-GAAP) Diluted EPS were $3.37, Compared to $2.83 in 2017, Excluding Certain Non-Cash, Tax-Related Charges |
• | 2019 Diluted EPS Guidance Range Established at $3.15 to $3.35 |
• | 2018 through 2023 Growth Rate Guidance Established |
• | A non-cash charge for a true-up to the revaluation of deferred taxes associated with the TCJA resulting primarily from proposed regulations related to bonus depreciation issued in August 2018, which decreased 2018 earnings by $13 million. |
• | A non-cash charge, primarily at the parent company, for the revaluation of deferred taxes resulting from a December 2017 change in federal law (TCJA) that decreased the federal corporate income tax rate, which decreased 2017 earnings by $154 million. |
• | A non-cash charge at the parent company for the revaluation of deferred taxes resulting from a July 2017 change in Illinois law that increased the state's corporate income tax rate, which decreased 2017 earnings by $14 million. |
Three Months Ended | Year Ended | |||||||||||||||||||||||
Dec. 31, | Dec. 31, | |||||||||||||||||||||||
2018 | 2017 | 2018 | 2017 | |||||||||||||||||||||
GAAP Earnings (Loss) / Diluted EPS | $ | 68 | $ | 0.28 | $ | (60 | ) | $ | (0.24 | ) | $ | 815 | $ | 3.32 | $ | 523 | $ | 2.14 | ||||||
Charge for revaluation of deferred taxes from increased Illinois state income tax rate | — | — | — | — | — | — | 22 | 0.09 | ||||||||||||||||
Less: Federal income tax benefit | — | — | — | — | — | — | (8 | ) | (0.03 | ) | ||||||||||||||
Charge, net of tax benefit | — | — | — | — | — | — | 14 | 0.06 | ||||||||||||||||
Charge for revaluation of deferred taxes from decreased federal income tax rate | — | — | 162 | 0.66 | 13 | 0.05 | 162 | 0.66 | ||||||||||||||||
Less: State income tax benefit | — | — | (8 | ) | (0.03 | ) | — | — | (8 | ) | (0.03 | ) | ||||||||||||
Charge, net of tax benefit | — | — | 154 | 0.63 | 13 | 0.05 | 154 | 0.63 | ||||||||||||||||
Core Earnings / Diluted EPS | $ | 68 | $ | 0.28 | $ | 94 | $ | 0.39 | $ | 828 | $ | 3.37 | $ | 691 | $ | 2.83 |
• | regulatory, judicial, or legislative actions, and any changes in regulatory policies and ratemaking determinations, such as those that may result from a potential change in the allowed base return on common equity under the Midcontinent Independent System Operator (MISO) tariff from either the complaint case filed in February 2015 with the Federal Energy Regulatory Commission (FERC) or a new methodology proposed by the FERC in November 2018, Ameren Missouri's requested certificate of convenience and necessity for a wind generation facility filed with the Missouri Public Service Commission (MoPSC) in October 2018, Ameren Missouri’s natural gas regulatory rate review filed with the MoPSC in December 2018, the appeal filed by the Missouri Office of Public Counsel in January 2019 in Ameren Missouri's Renewable Energy Standard Rate Adjustment Mechanism (RESRAM) case, and future regulatory, judicial, or legislative actions that change regulatory recovery mechanisms; |
• | the effect of Ameren Illinois' participation in performance-based formula ratemaking frameworks under the Illinois Energy Infrastructure Modernization and the Future Energy Jobs Acts (FEJA), including the direct relationship between Ameren Illinois’ return on common equity and the 30-year United States Treasury bond yields, and the related financial commitments; |
• | the effect of Missouri Senate Bill 564 on Ameren Missouri, including as a result of Ameren Missouri’s election to use plant-in-service accounting and the resulting customer rate caps; |
• | the effects of changes in federal, state, or local laws and other governmental actions, including monetary, fiscal, and energy policies; |
• | the effects of changes in federal, state, or local tax laws, regulations, interpretations, or rates, amendments or technical corrections to the TCJA, and challenges to the tax positions we have taken, if any; |
• | the effects on demand for our services resulting from technological advances, including advances in customer energy efficiency, energy storage, and private generation sources, which generate electricity at the site of consumption and are becoming more cost-competitive; |
• | the effectiveness of Ameren Missouri’s customer energy-efficiency programs and the related revenues and performance incentives earned under its Missouri Energy Efficiency Investment Act programs; |
• | Ameren Illinois’ ability to achieve the FEJA electric customer energy-efficiency goals and the resulting impact on its allowed return on program investments; |
• | our ability to align overall spending, both operating and capital, with frameworks established by our regulators and to recover these costs in a timely manner in our attempt to earn our allowed returns on equity; |
• | the cost and availability of fuel, such as ultra-low-sulfur coal, natural gas, and enriched uranium used to produce electricity; the cost and availability of purchased power, zero emission credits, renewable energy credits, and natural gas for distribution; and the level and volatility of future market prices for such commodities and credits, including our ability to recover the costs for such commodities and credits and our customers’ tolerance for any related price increases; |
• | disruptions in the delivery of fuel, failure of our fuel suppliers to provide adequate quantities or quality of fuel, or lack of adequate inventories of fuel, including nuclear fuel assemblies from the one Nuclear Regulatory Commission-licensed supplier of Ameren Missouri’s Callaway Energy Center's assemblies; |
• | the cost and availability of transmission capacity for the energy generated by Ameren Missouri's energy centers or required to satisfy Ameren Missouri’s energy sales; |
• | the effectiveness of our risk management strategies and our use of financial and derivative instruments; |
• | the ability to obtain sufficient insurance, including insurance for Ameren Missouri’s Callaway Energy Center, or, in the absence of insurance, the ability to recover uninsured losses from our customers; |
• | the impact of cyberattacks on us or our suppliers, which could, among other things, result in the loss of operational control of energy centers and electric and natural gas transmission and distribution systems and/or the loss of data, such as customer, employee, financial, and operating system information; |
• | business and economic conditions, including their impact on interest rates, collection of our receivable balances, and demand for our products; |
• | disruptions of the capital markets, deterioration in our credit metrics, including as a result of the implementation of the TCJA, or other events that may have an adverse effect on the cost or availability of capital, including short-term credit and liquidity; |
• | the actions of credit rating agencies and the effects of such actions; |
• | the inability of our counterparties to meet their obligations with respect to contracts, credit agreements, and financial instruments; |
• | the impact of weather conditions and other natural phenomena on us and our customers, including the impact of system outages; |
• | the construction, installation, performance, and cost recovery of generation, transmission, and distribution assets; |
• | the effects of breakdowns or failures of equipment in the operation of natural gas transmission and distribution systems and storage facilities, such as leaks, explosions, and mechanical problems, and compliance with natural gas safety regulations; |
• | the effects of breakdowns or failures of electric generation, transmission, or distribution equipment or facilities, which could cause unplanned liabilities or outages; |
• | the operation of Ameren Missouri’s Callaway Energy Center, including planned and unplanned outages, and decommissioning costs; |
• | the impact of current environmental laws and new, more stringent, or changing requirements, including those related to carbon dioxide, and the proposed repeal and replacement of the Clean Power Plan and potential adoption and implementation of the Affordable Clean Energy rule, other emissions and discharges, cooling water intake structures, coal combustion residuals, and energy efficiency, that could limit or terminate the operation of certain of Ameren Missouri's energy centers, increase our operating costs or investment requirements, result in an impairment of our assets, cause us to sell our assets, reduce our customers’ demand for electricity or natural gas, or otherwise have a negative financial effect; |
• | the impact of complying with renewable energy requirements in Missouri and Illinois and with the zero emission standard in Illinois; |
• | Ameren Missouri’s ability to acquire wind and other renewable generation facilities and recover its cost of investment and related return in a timely manner, which is affected by the ability to obtain all necessary project approvals; the availability of federal production and investment tax credits related to renewable energy and Ameren Missouri’s ability to use such credits; the cost of wind and solar generation technologies; and Ameren Missouri’s ability to obtain timely interconnection agreements with MISO or other regional transmission organizations, including the costs of such interconnections; |
• | labor disputes, work force reductions, changes in future wage and employee benefits costs, including those resulting from changes in discount rates, mortality tables, returns on benefit plan assets, and other assumptions; |
• | the impact of negative opinions of us or our utility services that our customers, legislators, or regulators may have or develop, which could result from a variety of factors, including failures in system reliability, failure to implement our investment plans or to protect sensitive customer information, increases in rates, or negative media coverage; |
• | the impact of adopting new accounting guidance; |
• | the effects of strategic initiatives, including mergers, acquisitions, and divestitures; |
• | legal and administrative proceedings; and |
• | acts of sabotage, war, terrorism, or other intentionally disruptive acts. |
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Operating Revenues: | |||||||||||||||
Electric | $ | 1,130 | $ | 1,124 | $ | 5,339 | $ | 5,307 | |||||||
Natural gas | 289 | 275 | 952 | 867 | |||||||||||
Total operating revenues | 1,419 | 1,399 | 6,291 | 6,174 | |||||||||||
Operating Expenses: | |||||||||||||||
Fuel | 179 | 143 | 769 | 737 | |||||||||||
Purchased power | 128 | 145 | 581 | 638 | |||||||||||
Natural gas purchased for resale | 122 | 115 | 374 | 311 | |||||||||||
Other operations and maintenance | 473 | 443 | 1,772 | 1,705 | |||||||||||
Depreciation and amortization | 242 | 228 | 955 | 896 | |||||||||||
Taxes other than income taxes | 109 | 113 | 483 | 477 | |||||||||||
Total operating expenses | 1,253 | 1,187 | 4,934 | 4,764 | |||||||||||
Operating Income | 166 | 212 | 1,357 | 1,410 | |||||||||||
Other Income, Net | 18 | 25 | 102 | 86 | |||||||||||
Interest Charges | 99 | 96 | 401 | 391 | |||||||||||
Income Before Income Taxes | 85 | 141 | 1,058 | 1,105 | |||||||||||
Income Taxes | 16 | 200 | 237 | 576 | |||||||||||
Net Income (Loss) | 69 | (59 | ) | 821 | 529 | ||||||||||
Less: Net Income Attributable to Noncontrolling Interests | 1 | 1 | 6 | 6 | |||||||||||
Net Income (Loss) Attributable to Ameren Common Shareholders | $ | 68 | $ | (60 | ) | $ | 815 | $ | 523 | ||||||
Earnings (Loss) per Common Share – Basic | $ | 0.28 | $ | (0.24 | ) | $ | 3.34 | $ | 2.16 | ||||||
Earnings (Loss) per Common Share – Diluted | $ | 0.28 | $ | (0.24 | ) | $ | 3.32 | $ | 2.14 | ||||||
Weighted-average Common Shares Outstanding – Basic | 244.3 | 242.6 | 243.8 | 242.6 | |||||||||||
Weighted-average Common Shares Outstanding – Diluted | 246.8 | 244.7 | 245.8 | 244.2 |
December 31, 2018 | December 31, 2017 | ||||||
ASSETS | |||||||
Current Assets: | |||||||
Cash and cash equivalents | $ | 16 | $ | 10 | |||
Accounts receivable - trade (less allowance for doubtful accounts) | 463 | 445 | |||||
Unbilled revenue | 295 | 323 | |||||
Miscellaneous accounts receivable | 79 | 70 | |||||
Inventories | 483 | 522 | |||||
Current regulatory assets | 134 | 144 | |||||
Other current assets | 63 | 98 | |||||
Total current assets | 1,533 | 1,612 | |||||
Property, Plant, and Equipment, Net | 22,810 | 21,466 | |||||
Investments and Other Assets: | |||||||
Nuclear decommissioning trust fund | 684 | 704 | |||||
Goodwill | 411 | 411 | |||||
Regulatory assets | 1,127 | 1,230 | |||||
Other assets | 650 | 522 | |||||
Total investments and other assets | 2,872 | 2,867 | |||||
TOTAL ASSETS | $ | 27,215 | $ | 25,945 | |||
LIABILITIES AND EQUITY | |||||||
Current Liabilities: | |||||||
Current maturities of long-term debt | $ | 580 | $ | 841 | |||
Short-term debt | 597 | 484 | |||||
Accounts and wages payable | 817 | 902 | |||||
Taxes accrued | 53 | 52 | |||||
Interest accrued | 93 | 99 | |||||
Customer deposits | 116 | 108 | |||||
Current regulatory liabilities | 149 | 128 | |||||
Other current liabilities | 282 | 326 | |||||
Total current liabilities | 2,687 | 2,940 | |||||
Long-term Debt, Net | 7,859 | 7,094 | |||||
Deferred Credits and Other Liabilities: | |||||||
Accumulated deferred income taxes, net | 2,623 | 2,506 | |||||
Accumulated deferred investment tax credits | 43 | 49 | |||||
Regulatory liabilities | 4,637 | 4,387 | |||||
Asset retirement obligations | 627 | 638 | |||||
Pension and other postretirement benefits | 558 | 545 | |||||
Other deferred credits and liabilities | 408 | 460 | |||||
Total deferred credits and other liabilities | 8,896 | 8,585 | |||||
Ameren Corporation Shareholders’ Equity: | |||||||
Common stock | 2 | 2 | |||||
Other paid-in capital, principally premium on common stock | 5,627 | 5,540 | |||||
Retained earnings | 2,024 | 1,660 | |||||
Accumulated other comprehensive loss | (22 | ) | (18 | ) | |||
Total Ameren Corporation shareholders’ equity | 7,631 | 7,184 | |||||
Noncontrolling Interests | 142 | 142 | |||||
Total equity | 7,773 | 7,326 | |||||
TOTAL LIABILITIES AND EQUITY | $ | 27,215 | $ | 25,945 |
Year Ended December 31, | |||||||
2018 | 2017 | ||||||
Cash Flows From Operating Activities: | |||||||
Net income | $ | 821 | $ | 529 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 938 | 876 | |||||
Amortization of nuclear fuel | 95 | 76 | |||||
Amortization of debt issuance costs and premium/discounts | 20 | 22 | |||||
Deferred income taxes and investment tax credits, net | 224 | 539 | |||||
Allowance for equity funds used during construction | (36 | ) | (24 | ) | |||
Stock-based compensation costs | 20 | 17 | |||||
Other | 44 | (10 | ) | ||||
Changes in assets and liabilities | 44 | 93 | |||||
Net cash provided by operating activities | 2,170 | 2,118 | |||||
Cash Flows From Investing Activities: | |||||||
Capital expenditures | (2,286 | ) | (2,132 | ) | |||
Nuclear fuel expenditures | (52 | ) | (63 | ) | |||
Purchases of securities – nuclear decommissioning trust fund | (315 | ) | (321 | ) | |||
Sales and maturities of securities – nuclear decommissioning trust fund | 299 | 305 | |||||
Other | 18 | 7 | |||||
Net cash used in investing activities | (2,336 | ) | (2,204 | ) | |||
Cash Flows From Financing Activities: | |||||||
Dividends on common stock | (451 | ) | (431 | ) | |||
Dividends paid to noncontrolling interest holders | (6 | ) | (6 | ) | |||
Short-term debt, net | 112 | (74 | ) | ||||
Maturities of long-term debt | (841 | ) | (681 | ) | |||
Issuances of long-term debt | 1,352 | 1,345 | |||||
Issuances of common stock | 74 | — | |||||
Debt issuance costs | (14 | ) | (11 | ) | |||
Repurchases of common stock for stock-based compensation | — | (24 | ) | ||||
Employee payroll taxes related to stock-based compensation | (19 | ) | (15 | ) | |||
Other | (2 | ) | (1 | ) | |||
Net cash provided by financing activities | 205 | 102 | |||||
Net change in cash, cash equivalents, and restricted cash | 39 | 16 | |||||
Cash, cash equivalents, and restricted cash at beginning of year | 68 | 52 | |||||
Cash, cash equivalents, and restricted cash at end of year | $ | 107 | $ | 68 |
Three Months Ended | Twelve Months Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Electric Sales - kilowatthours (in millions): | |||||||||||||||
Ameren Missouri | |||||||||||||||
Residential | 3,319 | 3,064 | 14,320 | 12,653 | |||||||||||
Commercial | 3,439 | 3,431 | 14,791 | 14,384 | |||||||||||
Industrial | 1,098 | 1,101 | 4,499 | 4,469 | |||||||||||
Street lighting and public authority | 30 | 32 | 108 | 117 | |||||||||||
Ameren Missouri retail load subtotal | 7,886 | 7,628 | 33,718 | 31,623 | |||||||||||
Off-system | 2,758 | 1,518 | 10,036 | 10,640 | |||||||||||
Ameren Missouri total | 10,644 | 9,146 | 43,754 | 42,263 | |||||||||||
Ameren Illinois Electric Distribution | |||||||||||||||
Residential | 2,716 | 2,680 | 12,099 | 10,985 | |||||||||||
Commercial | 3,149 | 3,111 | 12,717 | 12,382 | |||||||||||
Industrial | 2,903 | 2,867 | 11,673 | 11,436 | |||||||||||
Street lighting and public authority | 125 | 127 | 513 | 515 | |||||||||||
Ameren Illinois Electric Distribution total | 8,893 | 8,785 | 37,002 | 35,318 | |||||||||||
Eliminate affiliate sales | — | (58 | ) | (288 | ) | (440 | ) | ||||||||
Ameren total | 19,537 | 17,873 | 80,468 | 77,141 | |||||||||||
Electric Revenues (in millions): | |||||||||||||||
Ameren Missouri | |||||||||||||||
Residential | $ | 288 | $ | 282 | $ | 1,560 | $ | 1,417 | |||||||
Commercial | 238 | 237 | 1,271 | 1,208 | |||||||||||
Industrial | 63 | 63 | 312 | 305 | |||||||||||
Other, including street lighting and public authority | 5 | 31 | 30 | 111 | |||||||||||
Ameren Missouri retail load subtotal | $ | 594 | $ | 613 | $ | 3,173 | $ | 3,041 | |||||||
Off-system | 75 | 40 | 278 | 370 | |||||||||||
Ameren Missouri total | $ | 669 | $ | 653 | $ | 3,451 | $ | 3,411 | |||||||
Ameren Illinois Electric Distribution | |||||||||||||||
Residential | $ | 204 | $ | 219 | $ | 867 | $ | 870 | |||||||
Commercial | 130 | 132 | 511 | 527 | |||||||||||
Industrial | 34 | 30 | 130 | 113 | |||||||||||
Other, including street lighting and public authority | — | 9 | 39 | 58 | |||||||||||
Ameren Illinois Electric Distribution total | $ | 368 | $ | 390 | $ | 1,547 | $ | 1,568 | |||||||
Ameren Transmission | |||||||||||||||
Ameren Illinois Transmission(a) | $ | 72 | $ | 61 | $ | 267 | $ | 258 | |||||||
ATXI | 41 | 39 | 166 | 168 | |||||||||||
Ameren Transmission total | $ | 113 | $ | 100 | $ | 433 | $ | 426 | |||||||
Other and intersegment eliminations | (20 | ) | (19 | ) | (92 | ) | (98 | ) | |||||||
Ameren total | $ | 1,130 | $ | 1,124 | $ | 5,339 | $ | 5,307 |
(a) | Includes $12 million, $10 million, $53 million and $42 million, respectively, of electric operating revenues from transmission services provided to the Ameren Illinois Electric Distribution segment. |
Three Months Ended | Twelve Months Ended | ||||||||||||||
December 31, | December 31, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Gas Sales - dekatherms (in millions): | |||||||||||||||
Ameren Missouri | 6 | 6 | 21 | 18 | |||||||||||
Ameren Illinois Natural Gas | 55 | 53 | 182 | 166 | |||||||||||
Ameren total | 61 | 59 | 203 | 184 | |||||||||||
Gas Revenues (in millions): | |||||||||||||||
Ameren Missouri | $ | 44 | $ | 43 | $ | 138 | $ | 126 | |||||||
Ameren Illinois Natural Gas | 246 | 233 | 815 | 743 | |||||||||||
Eliminate affiliate revenues | (1 | ) | (1 | ) | (1 | ) | (2 | ) | |||||||
Ameren total | $ | 289 | $ | 275 | $ | 952 | $ | 867 | |||||||
December 31, 2018 | December 31, 2017 | ||||||||||||||
Common Stock: | |||||||||||||||
Shares outstanding (in millions) | 244.5 | 242.6 | |||||||||||||
Book value per share | $ | 31.21 | $ | 29.61 | |||||||||||
Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Operating Revenues: | |||||||||||||||
Electric | $ | 1,130 | $ | 1,124 | $ | 5,339 | $ | 5,307 | |||||||
Natural gas | 289 | 275 | 952 | 867 | |||||||||||
Total operating revenues | 1,419 | 1,399 | 6,291 | 6,174 | |||||||||||
Operating Expenses: | |||||||||||||||
Fuel | 179 | 143 | 769 | 737 | |||||||||||
Purchased power | 128 | 145 | 581 | 638 | |||||||||||
Natural gas purchased for resale | 122 | 115 | 374 | 311 | |||||||||||
Other operations and maintenance | 473 | 443 | 1,772 | 1,705 | |||||||||||
Depreciation and amortization | 242 | 228 | 955 | 896 | |||||||||||
Taxes other than income taxes | 109 | 113 | 483 | 477 | |||||||||||
Total operating expenses | 1,253 | 1,187 | 4,934 | 4,764 | |||||||||||
Operating Income | 166 | 212 | 1,357 | 1,410 | |||||||||||
Other Income, Net | 18 | 25 | 102 | 86 | |||||||||||
Interest Charges | 99 | 96 | 401 | 391 | |||||||||||
Income Before Income Taxes | 85 | 141 | 1,058 | 1,105 | |||||||||||
Income Taxes | 16 | 200 | 237 | 576 | |||||||||||
Net Income (Loss) | 69 | (59 | ) | 821 | 529 | ||||||||||
Less: Net Income Attributable to Noncontrolling Interests | 1 | 1 | 6 | 6 | |||||||||||
Net Income (Loss) Attributable to Ameren Common Shareholders | $ | 68 | $ | (60 | ) | $ | 815 | $ | 523 | ||||||
Earnings (Loss) per Common Share – Basic | $ | 0.28 | $ | (0.24 | ) | $ | 3.34 | $ | 2.16 | ||||||
Earnings (Loss) per Common Share – Diluted | $ | 0.28 | $ | (0.24 | ) | $ | 3.32 | $ | 2.14 | ||||||
Weighted-average Common Shares Outstanding – Basic | 244.3 | 242.6 | 243.8 | 242.6 | |||||||||||
Weighted-average Common Shares Outstanding – Diluted | 246.8 | 244.7 | 245.8 | 244.2 |
December 31, 2018 | December 31, 2017 | ||||||
ASSETS | |||||||
Current Assets: | |||||||
Cash and cash equivalents | $ | 16 | $ | 10 | |||
Accounts receivable - trade (less allowance for doubtful accounts) | 463 | 445 | |||||
Unbilled revenue | 295 | 323 | |||||
Miscellaneous accounts receivable | 79 | 70 | |||||
Inventories | 483 | 522 | |||||
Current regulatory assets | 134 | 144 | |||||
Other current assets | 63 | 98 | |||||
Total current assets | 1,533 | 1,612 | |||||
Property, Plant, and Equipment, Net | 22,810 | 21,466 | |||||
Investments and Other Assets: | |||||||
Nuclear decommissioning trust fund | 684 | 704 | |||||
Goodwill | 411 | 411 | |||||
Regulatory assets | 1,127 | 1,230 | |||||
Other assets | 650 | 522 | |||||
Total investments and other assets | 2,872 | 2,867 | |||||
TOTAL ASSETS | $ | 27,215 | $ | 25,945 | |||
LIABILITIES AND EQUITY | |||||||
Current Liabilities: | |||||||
Current maturities of long-term debt | $ | 580 | $ | 841 | |||
Short-term debt | 597 | 484 | |||||
Accounts and wages payable | 817 | 902 | |||||
Taxes accrued | 53 | 52 | |||||
Interest accrued | 93 | 99 | |||||
Customer deposits | 116 | 108 | |||||
Current regulatory liabilities | 149 | 128 | |||||
Other current liabilities | 282 | 326 | |||||
Total current liabilities | 2,687 | 2,940 | |||||
Long-term Debt, Net | 7,859 | 7,094 | |||||
Deferred Credits and Other Liabilities: | |||||||
Accumulated deferred income taxes, net | 2,623 | 2,506 | |||||
Accumulated deferred investment tax credits | 43 | 49 | |||||
Regulatory liabilities | 4,637 | 4,387 | |||||
Asset retirement obligations | 627 | 638 | |||||
Pension and other postretirement benefits | 558 | 545 | |||||
Other deferred credits and liabilities | 408 | 460 | |||||
Total deferred credits and other liabilities | 8,896 | 8,585 | |||||
Ameren Corporation Shareholders’ Equity: | |||||||
Common stock | 2 | 2 | |||||
Other paid-in capital, principally premium on common stock | 5,627 | 5,540 | |||||
Retained earnings | 2,024 | 1,660 | |||||
Accumulated other comprehensive loss | (22 | ) | (18 | ) | |||
Total Ameren Corporation shareholders’ equity | 7,631 | 7,184 | |||||
Noncontrolling Interests | 142 | 142 | |||||
Total equity | 7,773 | 7,326 | |||||
TOTAL LIABILITIES AND EQUITY | $ | 27,215 | $ | 25,945 |
Year Ended December 31, | |||||||
2018 | 2017 | ||||||
Cash Flows From Operating Activities: | |||||||
Net income | $ | 821 | $ | 529 | |||
Adjustments to reconcile net income to net cash provided by operating activities: | |||||||
Depreciation and amortization | 938 | 876 | |||||
Amortization of nuclear fuel | 95 | 76 | |||||
Amortization of debt issuance costs and premium/discounts | 20 | 22 | |||||
Deferred income taxes and investment tax credits, net | 224 | 539 | |||||
Allowance for equity funds used during construction | (36 | ) | (24 | ) | |||
Stock-based compensation costs | 20 | 17 | |||||
Other | 44 | (10 | ) | ||||
Changes in assets and liabilities | 44 | 93 | |||||
Net cash provided by operating activities | 2,170 | 2,118 | |||||
Cash Flows From Investing Activities: | |||||||
Capital expenditures | (2,286 | ) | (2,132 | ) | |||
Nuclear fuel expenditures | (52 | ) | (63 | ) | |||
Purchases of securities – nuclear decommissioning trust fund | (315 | ) | (321 | ) | |||
Sales and maturities of securities – nuclear decommissioning trust fund | 299 | 305 | |||||
Other | 18 | 7 | |||||
Net cash used in investing activities | (2,336 | ) | (2,204 | ) | |||
Cash Flows From Financing Activities: | |||||||
Dividends on common stock | (451 | ) | (431 | ) | |||
Dividends paid to noncontrolling interest holders | (6 | ) | (6 | ) | |||
Short-term debt, net | 112 | (74 | ) | ||||
Maturities of long-term debt | (841 | ) | (681 | ) | |||
Issuances of long-term debt | 1,352 | 1,345 | |||||
Issuances of common stock | 74 | — | |||||
Debt issuance costs | (14 | ) | (11 | ) | |||
Repurchases of common stock for stock-based compensation | — | (24 | ) | ||||
Employee payroll taxes related to stock-based compensation | (19 | ) | (15 | ) | |||
Other | (2 | ) | (1 | ) | |||
Net cash provided by financing activities | 205 | 102 | |||||
Net change in cash, cash equivalents, and restricted cash | 39 | 16 | |||||
Cash, cash equivalents, and restricted cash at beginning of year | 68 | 52 | |||||
Cash, cash equivalents, and restricted cash at end of year | $ | 107 | $ | 68 |