Long-Term Debt And Equity Financings (Tables)

12 Months Ended

Dec. 31, 2021

Debt Instrument [Line Items]

Schedule of Long-term Debt Instruments

The following table presents long-term debt outstanding, including maturities due within one year, as of December 31, 2021 and 2020:

	2021		2020
Ameren (Parent):
2.50% Senior unsecured notes due 2024	$	450	$	450
3.65% Senior unsecured notes due 2026	350		350
1.95% Senior unsecured notes due 2027	500		—
1.75% Senior unsecured notes due 2028	450		—
3.50% Senior unsecured notes due 2031	800		800
Total long-term debt, gross	2,550		1,600
Less: Unamortized discount and premium	(2)		(2)
Less: Unamortized debt issuance costs	(15)		(10)
Long-term debt, net	$	2,533	$	1,588
Ameren Missouri:
Bonds and notes:
1.60% 1992 Series bonds due 2022(a)	$	47	$	47
3.50% Senior secured notes due 2024(b)	350		350
2.95% Senior secured notes due 2027(b)	400		400
3.50% First mortgage bonds due 2029(d)	450		450
2.95% First mortgage bonds due 2030(d)	465		465
2.15% First mortgage bonds due 2032(d)	525		—
2.90% 1998 Series A bonds due 2033(a)	60		60
2.90% 1998 Series B bonds due 2033(a)	50		50
2.75% 1998 Series C bonds due 2033(a)	50		50
5.50% Senior secured notes due 2034(b)	184		184
5.30% Senior secured notes due 2037(b)	300		300
8.45% Senior secured notes due 2039(b)(c)	350		350
3.90% Senior secured notes due 2042(b)(c)	485		485
3.65% Senior secured notes due 2045(b)	400		400
4.00% First mortgage bonds due 2048(d)	425		425
3.25% First mortgage bonds due 2049(d)	330		330
2.625% First mortgage bonds due 2051(d)	550		550
Finance obligations:
City of Bowling Green agreement (Peno Creek CT) due 2022(e)	8		16
Audrain County agreement (Audrain County CT) due 2023(e)	240		240
Total long-term debt, gross	5,669		5,152
Less: Unamortized discount and premium	(12)		(12)
Less: Unamortized debt issuance costs	(38)		(36)
Less: Maturities due within one year	(55)		(8)
Long-term debt, net	$	5,564	$	5,096

	2021		2020
Ameren Illinois:
Bonds and notes:
2.70% Senior secured notes due 2022(f)(g)	$	400	$	400
0.375% First mortgage bonds due 2023(h)	100		—
3.25% Senior secured notes due 2025(f)	300		300
6.125% Senior secured notes due 2028(f)	60		60
3.80% First mortgage bonds due 2028(h)	430		430
1.55% First mortgage bonds due 2030(h)	375		375
6.70% Senior secured notes due 2036(f)	61		61
6.70% Senior secured notes due 2036(f)	42		42
4.80% Senior secured notes due 2043(f)	280		280
4.30% Senior secured notes due 2044(f)	250		250
4.15% Senior secured notes due 2046(f)	490		490
3.70% First mortgage bonds due 2047(h)	500		500
4.50% First mortgage bonds due 2049(h)	500		500
3.25% First mortgage bonds due 2050(h)	300		300
2.90% First mortgage bonds due 2051(h)	350		—
Total long-term debt, gross	4,438		3,988
Less: Unamortized discount and premium	(7)		(6)
Less: Unamortized debt issuance costs	(39)		(36)
Less: Maturities due within one year	(400)		—
Long-term debt, net	$	3,992	$	3,946
ATXI:
2.45% Senior unsecured notes due 2036(i)	$	75	$	—
3.43% Senior unsecured notes due 2050(j)	450		450
Total long-term debt, gross	525		450
Less: Unamortized debt issuance costs	(2)		(2)
Less: Maturities due within one year	(50)		—
Long-term debt, net	$	473	$	448
Ameren consolidated long-term debt, net	$	12,562	$	11,078

(a)These bonds are collaterally secured by first mortgage bonds issued by Ameren Missouri under the Ameren Missouri mortgage indenture and have a fall-away lien provision similar to that of Ameren Missouri’s senior secured notes.

(b)These notes are collaterally secured by first mortgage bonds issued by Ameren Missouri under the Ameren Missouri mortgage indenture. The notes have a fall-away lien provision and will remain secured only as long as any first mortgage bonds issued under the Ameren Missouri mortgage indenture remain outstanding. Redemption, purchase, or maturity of all first mortgage bonds, including first mortgage bonds currently outstanding and any that may be issued in the future, would result in a release of the first mortgage bonds currently securing these notes, at which time these notes would become unsecured obligations. Considering the 2051 maturity of the 2.625% first mortgage bonds and the restrictions preventing a release date to occur that are attached to certain senior secured notes described in footnote (c) below, Ameren Missouri does not expect the first mortgage lien protection associated with these notes to fall away.

(c)Ameren Missouri has agreed that so long as any of the 3.90% senior secured notes due 2042 are outstanding, Ameren Missouri will not permit a release date to occur, and so long as any of the 8.45% senior secured notes due 2039 are outstanding, Ameren Missouri will not optionally redeem, purchase, or otherwise retire in full the outstanding first mortgage bonds not subject to release provisions.

(d)These bonds are first mortgage bonds issued by Ameren Missouri under the Ameren Missouri bond indenture. They are secured by substantially all Ameren Missouri property and franchises.

(e)Payments due related to these financing obligations are paid to a trustee, which is authorized to utilize the cash only to pay equal amounts due to Ameren Missouri under related bonds issued by the city/county and held by Ameren Missouri. The timing and amounts of payments due from Ameren Missouri under the agreements are equal to the timing and amount of bond service payments due to Ameren Missouri, resulting in no net cash flow. The balance of both the financing obligations and the related investments in debt securities, recorded in “Other Assets,” was $248 million and $256 million, respectively, as of December 31, 2021 and 2020.

(f)These notes are collaterally secured by first mortgage bonds issued by Ameren Illinois under the Ameren Illinois mortgage indenture. The notes have a fall-away lien provision and will remain secured only as long as any first mortgage bonds issued under its mortgage indenture remain outstanding. Redemption, purchase, or maturity of all first mortgage bonds, including first mortgage bonds currently outstanding and any that may be issued in the future, would result in a release of the first mortgage bonds currently securing these notes, at which time these notes would become unsecured obligations. Considering the 2051 maturity date of the 2.90% first mortgage bonds, Ameren Illinois does not expect the first mortgage lien protection associated with these notes to fall away.

(g)Ameren Illinois has agreed that so long as any of the 2.70% senior secured notes due 2022 are outstanding, Ameren Illinois will not permit a release date to occur.

(h)These bonds are first mortgage bonds issued by Ameren Illinois under the Ameren Illinois mortgage indenture. They are secured by substantially all Ameren Illinois property and franchises.

Schedule Of Maturities Of Long-Term Debt

The following table presents the principal maturities schedule for the 2.45% senior unsecured notes due 2036:

Payment Date		Principal Payment
November 2029	$	30
November 2036		45
Total	$	75

(j)The following table presents the principal maturities schedule for the 3.43% senior unsecured notes due 2050:

Payment Date		Principal Payment
August 2022	$	49.5
August 2024		49.5
August 2027		49.5
August 2030		49.5
August 2032		49.5
August 2038		49.5
August 2043		76.5
August 2050		76.5
Total	$	450.0

The following table presents the aggregate maturities of long-term debt, including current maturities, at December 31, 2021:

	Ameren (parent)(a)		Ameren Missouri(a)		Ameren Illinois(a)		ATXI(a)		Ameren Consolidated(a)
2022	$	—	$	55	$	400	$	50	$	505
2023	—		240		100		—		340
2024	450		350		—		50		850
2025	—		—		300		—		300
2026	350		—		—		—		350
Thereafter	1,750		5,024		3,638		425		10,837
Total	$	2,550	$	5,669	$	4,438	$	525	$	13,182

(a)Excludes unamortized discount, premium, and debt issuance costs of $17 million, $50 million, $46 million, and $2 million at Ameren (parent), Ameren Missouri, Ameren Illinois, and ATXI, respectively.

Schedule Of Outstanding Preferred Stock

The following table presents the outstanding preferred stock of Ameren Missouri and Ameren Illinois, which is redeemable at the option of the issuer, at the prices shown below as of December 31, 2021 and 2020:

	Shares Outstanding	Redemption Price (per share)			2021		2020
Ameren Missouri:
Without par value and stated value of $100 per share, 25 million shares authorized
$3.50 Series	130,000 shares	$	110.00		$	13	$	13
$3.70 Series	40,000 shares	104.75			4		4
$4.00 Series	150,000 shares	105.625			15		15
$4.30 Series	40,000 shares	105.00			4		4
$4.50 Series	213,595 shares	110.00		(a)	21		21
$4.56 Series	200,000 shares	102.47			20		20
$4.75 Series	20,000 shares	102.176			2		2
$5.50 Series A	14,000 shares	110.00			1		1
Total					$	80	$	80
Ameren Illinois:
With par value of $100 per share, 2 million shares authorized
4.00% Series	144,275 shares	$	101.00		$	14	$	14
4.08% Series	45,224 shares	103.00			5		5
4.20% Series	23,655 shares	104.00			2		2
4.25% Series	50,000 shares	102.00			5		5
4.26% Series	16,621 shares	103.00			2		2
4.42% Series	16,190 shares	103.00			2		2
4.70% Series	18,429 shares	104.30			2		2
4.90% Series	73,825 shares	102.00			7		7
4.92% Series	49,289 shares	103.50			5		5
5.16% Series	50,000 shares	102.00			5		5
6.625% Series	(b)	100.00			—		12
7.75% Series	(b)	100.00			—		1
Total					$	49	$	62
Total Ameren					$	129	$	142

(a)In the event of voluntary liquidation, $105.50.

(b)In March 2021, Ameren Illinois redeemed its 6.625% and 7.75% series preferred stock at par.

Schedule of Required and Actual Debt Ratios

The following table summarizes the required and actual interest coverage ratios for interest charges, dividend coverage ratios, and bonds and preferred stock issuable as of December 31, 2021, at an assumed interest rate of 5% and dividend rate of 6%.

	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	3.2	$4,834	>2.5	152.4	$3,418
Ameren Illinois	>2.0	7.3	7,697	>1.5	3.5	203	(d)

(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 $2,437 million and $643 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)Preferred stock issuable is restricted by the amount of preferred stock that is currently authorized by Ameren Illinois’ articles of incorporation.