Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2020

Fair Value Disclosures [Abstract]

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 March 31, 2020, and December 31, 2019:

		March 31, 2020									December 31, 2019
		Level 1		Level 2		Level 3		Total			Level 1		Level 2		Level 3		Total
Assets:
Ameren Missouri
	Derivative assets – commodity contracts:
	Fuel oils	$	—	$	—	$	4	$	4		$	—	$	—	$	6	$	6
	Power	4		—		18		22			—		2		14		16
	Total derivative assets – commodity contracts	$	4	$	—	$	22	$	26		$	—	$	2	$	20	$	22
	Nuclear decommissioning trust fund:
	Equity securities:
	U.S. large capitalization	$	457	$	—	$	—	$	457		$	569	$	—	$	—	$	569
	Debt securities:
	U.S. Treasury and agency securities	—		105		—		105			—		107		—		107
	Corporate bonds	—		96		—		96			—		93		—		93
	Other	—		68		—		68			—		73		—		73
	Total nuclear decommissioning trust fund	$	457	$	269	$	—	$	726	(a)	$	569	$	273	$	—	$	842	(a)
	Total Ameren Missouri	$	461	$	269	$	22	$	752		$	569	$	275	$	20	$	864
Ameren Illinois
	Derivative assets – commodity contracts:
	Natural gas	$	—	$	1	$	3	$	4		$	—	$	1	$	3	$	4

		March 31, 2020									December 31, 2019
		Level 1		Level 2		Level 3		Total			Level 1		Level 2		Level 3		Total
Ameren
	Derivative assets – commodity contracts(b)	$	4	$	1	$	25	$	30		$	—	$	3	$	23	$	26
	Nuclear decommissioning trust fund(c)	457		269		—		726		(a)	569		273		—		842		(a)
	Total Ameren	$	461	$	270	$	25	$	756		$	569	$	276	$	23	$	868
Liabilities:
Ameren Missouri
	Derivative liabilities – commodity contracts:
	Fuel oils	$	18	$	—	$	13	$	31		$	1	$	—	$	6	$	7
	Natural gas	—		3		—		3			—		2		—		2
	Power	2		—		1		3			—		2		1		3
	Uranium	—		—		1		1			—		—		1		1
	Total Ameren Missouri	$	20	$	3	$	15	$	38		$	1	$	4	$	8	$	13
Ameren Illinois
	Derivative liabilities – commodity contracts:
	Natural gas	$	2	$	15	$	5	$	22		$	3	$	12	$	3	$	18
	Power	—		—		241		241			—		—		224		224
	Total Ameren Illinois	$	2	$	15	$	246	$	263		$	3	$	12	$	227	$	242
Ameren
	Derivative liabilities – commodity contracts(b)	$	22	$	18	$	261	$	301		$	4	$	16	$	235	$	255

(a) Balance excludes $16 million and $5 million of cash and cash equivalents, receivables, payables, and accrued income, net, for March 31, 2020, and December 31, 2019, 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.

Schedule Of Changes In The Fair Value Of Financial Assets And Liabilities Classified As Level Three 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 three months ended March 31, 2020 and 2019:

	2020									2019
	Ameren Missouri			Ameren Illinois			Ameren			Ameren Missouri		Ameren Illinois			Ameren
For the three months ended March 31:
Beginning balance at January 1	$	13		$	(224	)	$	(211	)	$	—	$	(183	)	$	(183	)
Realized and unrealized gains/(losses) included in regulatory assets/liabilities	11			(21		)	(10		)	—		(4		)	(4		)
Settlements	(7		)	4			(3		)	—		3			3
Ending balance at March 31	$	17		$	(241	)	$	(224	)	$	—	$	(184	)	$	(184	)
Change in unrealized gains/(losses) related to assets/liabilities held at March 31	$	10		$	(21	)	$	(11	)	$	—	$	(4	)	$	(4	)

Fair Value, Assets and Liabilities Measured on Nonrecurring Basis, Valuation Techniques

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, 2020, and December 31, 2019:

			Fair Value						Weighted Average(b)
	Commodity		Assets		Liabilities	Valuation Technique(s)	Unobservable Input(a)	Range
2020	Power(c)	$	18	$	(242)	Discounted cash flow	Average forward peak and off-peak pricing – forwards/swaps ($/MWh)	16 – 33	25
							Nodal basis ($/MWh)	(6) – 0	(2)
							Trend rate (%)	2 – 3	2
2019	Power(d)	$	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

(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 2029 use visible forward prices adjusted for nodal-to-hub basis differentials. Valuations beyond 2029 use a trend rate factor and are similarly adjusted for nodal-to-hub basis differentials.

(d)

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.

Schedule of Financial Assets and Liabilities

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 recorded, at fair value as of March 31, 2020, and December 31, 2019:

	March 31, 2020
	Carrying Amount			Fair Value
				Level 1		Level 2		Level 3			Total
Ameren:
Cash, cash equivalents, and restricted cash	$	203		$	203	$	—	$	—		$	203
Investments in industrial development revenue bonds(a)	263			—		263		—			263
Short-term debt	615			—		615		—			615
Long-term debt (including current portion)(a)	9,735		(b)	—		10,189		449		(c)	10,638
Ameren Missouri:
Cash, cash equivalents, and restricted cash	$	24		$	24	$	—	$	—		$	24
Investments in industrial development revenue bonds(a)	263			—		263		—			263
Short-term debt	130			—		130		—			130
Long-term debt (including current portion)(a)	4,567		(b)	—		5,098		—			5,098
Ameren Illinois:
Cash, cash equivalents, and restricted cash	$	140		$	140	$	—	$	—		$	140
Short-term debt	60			—		60		—			60
Long-term debt (including current portion)	3,575		(b)	—		3,945		—			3,945
	December 31, 2019
Ameren:
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

(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 March 31, 2020, and December 31, 2019, 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 $73 million, $32 million, and $34 million for Ameren, Ameren Missouri, and Ameren Illinois, respectively, as of March 31, 2020. 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.

(c)

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