Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2019

Schedule Of Fair Value Hierarchy Of Assets And Liabilities Measured At Fair Value On Recurring Basis

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 December 31, 2019 and 2018:



		December 31, 2019									December 31, 2018
		Level 1		Level 2		Level 3		Total			Level 1		Level 2		Level 3		Total
Assets:
Ameren	Derivative assets – commodity contracts:
	Fuel oils	$	—	$	—	$	6	$	6		$	1	$	—	$	7	$	8
	Natural gas	—		1		3		4			—		2		1		3
	Power	—		2		14		16			—		1		3		4
	Total derivative assets – commodity contracts	$	—	$	3	$	23	$	26		$	1	$	3	$	11	$	15
	Nuclear decommissioning trust fund:
	Equity securities:
	U.S. large capitalization	$	569	$	—	$	—	$	569		$	427	$	—	$	—	$	427
	Debt securities:
	U.S. Treasury and agency securities	—		107		—		107			—		148		—		148
	Corporate bonds	—		93		—		93			—		72		—		72
	Other	—		73		—		73			—		32		—		32
	Total nuclear decommissioning trust fund	$	569	$	273	$	—	$	842	^(a)	$	427	$	252	$	—	$	679	^(a)
	Total Ameren	$	569	$	276	$	23	$	868		$	428	$	255	$	11	$	694
Ameren Missouri	Derivative assets – commodity contracts:
	Fuel oils	$	—	$	—	$	6	$	6		$	1	$	—	$	7	$	8
	Power	—		2		14		16			—		1		3		4
	Total derivative assets – commodity contracts	$	—	$	2	$	20	$	22		$	1	$	1	$	10	$	12
	Nuclear decommissioning trust fund:
	Equity securities:
	U.S. large capitalization	$	569	$	—	$	—	$	569		$	427	$	—	$	—	$	427
	Debt securities:
	U.S. Treasury and agency securities	—		107		—		107			—		148		—		148
	Corporate bonds	—		93		—		93			—		72		—		72
	Other	—		73		—		73			—		32		—		32
	Total nuclear decommissioning trust fund	$	569	$	273	$	—	$	842	^(a)	$	427	$	252	$	—	$	679	^(a)
	Total Ameren Missouri	$	569	$	275	$	20	$	864		$	428	$	253	$	10	$	691
Ameren Illinois	Derivative assets – commodity contracts:
	Natural gas	$	—	$	1	$	3	$	4		$	—	$	2	$	1	$	3
Liabilities:
Ameren	Derivative liabilities – commodity contracts:
	Fuel oils	$	1	$	—	$	6	$	7		$	2	$	—	$	11	$	13
	Natural gas	3		14		3		20			—		15		4		19
	Power	—		2		225		227			—		1		186		187
	Uranium	—		—		1		1			—		—		—		—
	Total Ameren	$	4	$	16	$	235	$	255		$	2	$	16	$	201	$	219
Ameren Missouri	Derivative liabilities – commodity contracts:
	Fuel oils	$	1	$	—	$	6	$	7		$	2	$	—	$	11	$	13
	Natural gas	—		2		—		2			—		5		—		5
	Power	—		2		1		3			—		1		3		4
	Uranium	—		—		1		1			—		—		—		—
	Total Ameren Missouri	$	1	$	4	$	8	$	13		$	2	$	6	$	14	$	22
Ameren Illinois	Derivative liabilities – commodity contracts:
	Natural gas	$	3	$	12	$	3	$	18		$	—	$	10	$	4	$	14
	Power	—		—		224		224			—		—		183		183
	Total Ameren Illinois	$	3	$	12	$	227	$	242		$	—	$	10	$	187	$	197


(a)	Balance excludes $5 million and $5 million of cash and cash equivalents, receivables, payables, and accrued income, net for December 31, 2019 and 2018, respectively.

Schedule Of Changes In The Fair Value Of Financial Assets And Liabilities Classified As Level 3 In The Fair Value Hierarchy

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 years ended December 31, 2019 and 2018:



	2019									2018
	Ameren Missouri			Ameren Illinois			Ameren			Ameren Missouri			Ameren Illinois			Ameren
Beginning balance at January 1	$	—		$	(183	)	$	(183	)	$	7		$	(195	)	$	(188	)
Realized and unrealized gains (losses) included in regulatory assets/liabilities	23			(56		)	(33		)	(6		)	—			(6		)
Purchases	—			—			—			5			—			5
Settlements	(7		)	15			8			(5		)	12			7
Transfers out of Level 3	(3		)	—			(3		)	(1		)	—			(1		)
Ending balance at December 31	$	13		$	(224	)	$	(211	)	$	—		$	(183	)	$	(183	)
Change in unrealized gains (losses) related to assets/liabilities held at December 31	$	12		$	(54	)	$	(42	)	$	(1	)	$	(2	)	$	(3	)

Fair Value Inputs, Assets and Liabilities, Quantitative Information

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 December 31, 2019 and 2018:



		Fair Value								Weighted Average^(b)
	Commodity	Assets		Liabilities			Valuation Technique(s)	Unobservable Input^(a)	Range	Weighted Average^(b)
2019	Power^(c)	$	14	$	(225	)	Discounted cash flow	Average forward peak and off-peak pricing – forwards/swaps($/MWh)	22 – 34	25
								Nodal basis($/MWh)	(6) – 0	(2)
								Trend rate(%)	(1) – 0	0
2018	Power^(d)	$	3	$	(186	)	Discounted cash flow	Average forward peak and off-peak pricing – forwards/swaps($/MWh)	23 – 39	28
								Nodal basis($/MWh)	(9) – 0	(2)
							Fundamental energy production model	Estimated future natural gas prices($/mmbtu)	3 – 4	3


(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 through 2028 use visible forward prices adjusted for nodal-to-hub basis differentials. Valuations beyond 2028 use a trend rate factor and are similarly adjusted for nodal-to-hub basis differentials.

(d)

Valuations through 2022 use visible forward prices adjusted for nodal-to-hub basis differentials. Valuations beyond 2022 use a fundamental energy production model incorporating estimated future natural gas prices.

Schedule of Carrying Values and Estimated Fair Values of Debt Instruments [Table Text Block]

The following table sets forth, by level within the fair value hierarchy, the carrying amount and fair value of financial assets and liabilities disclosed, but not carried, at fair value as of December 31, 2019 and 2018:



	Carrying Amount			Fair Value
	Carrying Amount			Level 1		Level 2		Level 3			Total
Ameren:	December 31, 2019
Cash, cash equivalents, and restricted cash	$	176		$	176	$	—	$	—		$	176
Investments in industrial development revenue bonds^(a)	263			—		263		—			263
Short-term debt	440			—		440		—			440
Long-term debt (including current portion)^(a)	9,357		^(b)	—		9,957		484		^(c)	10,441
Ameren Missouri:
Cash, cash equivalents, and restricted cash	$	39		$	39	$	—	$	—		$	39
Investments in industrial development revenue bonds^(a)	263			—		263		—			263
Short-term debt	234			—		234		—			234
Long-term debt (including current portion)^(a)	4,190		^(b)	—		4,772		—			4,772
Ameren Illinois:
Cash, cash equivalents, and restricted cash	$	125		$	125	$	—	$	—		$	125
Short-term debt	53			—		53		—			53
Long-term debt (including current portion)	3,575		^(b)	—		4,019		—			4,019
	December 31, 2018
Ameren:
Cash, cash equivalents, and restricted cash	$	107		$	107	$	—	$	—		$	107
Investments in industrial development revenue bonds^(a)	270			—		270		—			270
Short-term debt	597			—		597		—			597
Long-term debt (including current portion)^(a)	8,439		^(b)	—		8,240		429		^(c)	8,669
Ameren Missouri:
Cash, cash equivalents, and restricted cash	$	8		$	8	$	—	$	—		$	8
Investments in industrial development revenue bonds^(a)	270			—		270		—			270
Short-term debt	55			—		55		—			55
Long-term debt (including current portion)^(a)	3,998		^(b)	—		4,156		—			4,156
Ameren Illinois:
Cash, cash equivalents, and restricted cash	$	80		$	80	$	—	$	—		$	80
Short-term debt	72			—		72		—			72
Long-term debt (including current portion)	3,296		^(b)	—		3,391		—			3,391

(a)

Ameren and Ameren Missouri have investments in industrial development revenue bonds, classified as held-to-maturity and recorded in “Other Assets,” that are equal to the finance obligations for the Peno Creek and Audrain CT energy centers. As of December 31, 2019 and 2018, the carrying amount of both the investments in industrial development revenue bonds and the finance obligations approximated fair value.

(b)

Included unamortized debt issuance costs, which were excluded from the fair value measurement, of $72 million, $30 million, and $34 million for Ameren, Ameren Missouri, and Ameren Illinois, respectively, as of December 31, 2019. Included unamortized debt issuance costs, which were excluded from the fair value measurement, of $58 million, $22 million, and $31 million for Ameren, Ameren Missouri, and Ameren Illinois, respectively, as of December 31, 2018.

(c)

The Level 3 fair value amount consists of ATXI’s senior unsecured notes.