Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

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, 2022, and December 31, 2021:


		March 31, 2022									December 31, 2021
		Level 1		Level 2		Level 3		Total			Level 1		Level 2		Level 3		Total
Assets:
Ameren Missouri
	Derivative assets – commodity contracts:
	Fuel oils	$	24	$	—	$	2	$	26		$	13	$	—	$	—	$	13
	Natural gas	—		26		—		26			—		12		—		12
	Power	18		—		1		19			10		—		13		23
	Uranium	—		—		7		7			—		—		1		1
	Total derivative assets – commodity contracts	$	42	$	26	$	10	$	78		$	23	$	12	$	14	$	49
	Nuclear decommissioning trust fund:

	Equity securities:
	U.S. large capitalization	$	719	$	—	$	—	$	719		$	824	$	—	$	—	$	824
	Debt securities:
	U.S. Treasury and agency securities	—		174		—		174			—		141		—		141
	Corporate bonds	—		133		—		133			—		131		—		131


	Other	—		61		—		61			—		56		—		56
	Total nuclear decommissioning trust fund	$	719	$	368	$	—	$	1,087	(a)	$	824	$	328	$	—	$	1,152	(a)
	Total Ameren Missouri	$	761	$	394	$	10	$	1,165		$	847	$	340	$	14	$	1,201
Ameren Illinois
	Derivative assets – commodity contracts:
	Natural gas	$	7	$	77	$	13	$	97		$	1	$	33	$	7	$	41
	Power	—		—		5		5			—		—		—		—
	Total Ameren Illinois	$	7	$	77	$	18	$	102		$	1	$	33	$	7	$	41
Ameren
	Derivative assets – commodity contracts(b)	$	49	$	103	$	28	$	180		$	24	$	45	$	21	$	90
	Nuclear decommissioning trust fund(c)	719		368		—		1,087		(a)	824		328		—		1,152		(a)
	Total Ameren	$	768	$	471	$	28	$	1,267		$	848	$	373	$	21	$	1,242
Liabilities:
Ameren Missouri
	Derivative liabilities – commodity contracts:

	Natural gas	$	—	$	1	$	—	$	1		$	—	$	2	$	1	$	3
	Power	81		—		54		135			45		—		28		73
	Uranium	—		—		—		—			—		—		1		1
	Total Ameren Missouri	$	81	$	1	$	54	$	136		$	45	$	2	$	30	$	77


		March 31, 2022								December 31, 2021
		Level 1		Level 2		Level 3		Total		Level 1		Level 2		Level 3		Total
Ameren Illinois
	Derivative liabilities – commodity contracts:
	Natural gas	$	—	$	1	$	2	$	3	$	—	$	5	$	3	$	8
	Power	—		—		79		79		—		—		117		117
	Total Ameren Illinois	$	—	$	1	$	81	$	82	$	—	$	5	$	120	$	125
Ameren
	Derivative liabilities – commodity contracts(b)	$	81	$	2	$	135	$	218	$	45	$	7	$	150	$	202

(a)Balance excludes $7 million of cash and cash equivalents, receivables, payables, and accrued income, net, for both March 31, 2022, and December 31, 2021.

(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, 2022 and 2021:


	2022						2021
	Ameren Missouri		Ameren Illinois		Ameren			Ameren Missouri		Ameren Illinois		Ameren










For the three months ended March 31:
Beginning balance at January 1	$	(15)	$	(117)	$	(132)		$	2	$	(198)	$	(196)
Realized and unrealized gains/(losses) included in regulatory assets/liabilities	(41)		42		1			(5)		9		4


Settlements	3		1		4			—		4		4


Ending balance at March 31	$	(53)	$	(74)	$	(127)		$	(3)	$	(185)	$	(188)
Change in unrealized gains/(losses) related to assets/liabilities held at March 31	$	(38)	$	42	$	4		$	(3)	$	9	$	6

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, 2022, and December 31, 2021:


			Fair Value						Weighted Average(b)
	Commodity		Assets		Liabilities	Valuation Technique(s)	Unobservable Input(a)	Range









2022	Power(c)	$	6	$	(133)	Discounted cash flow	Average forward peak and off-peak pricing – forwards/swaps ($/MWh)	35 – 82	51

							Nodal basis ($/MWh)	(16) – 0	(3)


							Trend rate (%)	(e)	(1)








































2021	Power(d)	$	13	$	(145)	Discounted cash flow	Average forward peak and off-peak pricing – forwards/swaps ($/MWh)	32 – 55	40

							Nodal basis ($/MWh)	(14) – 0	(2)


							Trend rate (%)	(e)	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 2031 use visible forward prices adjusted for nodal-to-hub basis differentials. Valuations beyond 2031 use a trend rate factor and are similarly adjusted for nodal-to-hub basis differentials.

(d)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.

(e)No meaningful range around weighted average.

Schedule of Financial Assets and Liabilities

The following table sets forth the carrying amount and, by level within the fair value hierarchy, the fair value of financial assets and liabilities disclosed, but not recorded, at fair value as of March 31, 2022, and December 31, 2021:


	Carrying Amount			Fair Value
				Level 1		Level 2		Level 3			Total
	March 31, 2022
Ameren:
Cash, cash equivalents, and restricted cash	$	154		$	154	$	—	$	—		$	154
Investments in industrial development revenue bonds(a)	248			—		248		—			248
Short-term debt	1,101			—		1,101		—			1,101
Long-term debt (including current portion)(a)	13,068		(b)	—		12,615		526		(c)	13,141
Ameren Missouri:
Cash, cash equivalents, and restricted cash	$	9		$	9	$	—	$	—		$	9

Investments in industrial development revenue bonds(a)	248			—		248		—			248
Short-term debt	528			—		528		—			528

Long-term debt (including current portion)(a)	5,619		(b)	—		5,701		—			5,701
Ameren Illinois:
Cash, cash equivalents, and restricted cash	$	137		$	137	$	—	$	—		$	137

Short-term debt	107			—		107		—			107

Long-term debt (including current portion)	4,393		(b)	—		4,457		—			4,457
	December 31, 2021
Ameren:
Cash, cash equivalents, and restricted cash	$	155		$	155	$	—	$	—		$	155
Investments in industrial development revenue bonds(a)	248			—		248		—			248
Short-term debt	545			—		545		—			545
Long-term debt (including current portion)(a)	13,067		(b)	—		13,930		591		(c)	14,521
Ameren Missouri:
Cash, cash equivalents, and restricted cash	$	8		$	8	$	—	$	—		$	8

Investments in industrial development revenue bonds(a)	248			—		248		—			248
Short-term debt	165			—		165		—			165
Long-term debt (including current portion)(a)	5,619		(b)	—		6,321		—			6,321
Ameren Illinois:
Cash, cash equivalents, and restricted cash	$	133		$	133	$	—	$	—		$	133
Short-term debt	103			—		103		—			103

Long-term debt (including current portion)	4,392		(b)	—		4,971		—			4,971

(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, 2022, and December 31, 2021, 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 $94 million, $38 million, and $38 million for Ameren, Ameren Missouri, and Ameren Illinois, respectively, as of March 31, 2022. Included unamortized debt issuance costs, which were excluded from the fair value measurement, of $94 million, $38 million, and $39 million for Ameren, Ameren Missouri, and Ameren Illinois, respectively, as of December 31, 2021.

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