Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

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 September 30, 2023, and December 31, 2022:


		September 30, 2023									December 31, 2022
		Level 1		Level 2		Level 3		Total			Level 1		Level 2		Level 3		Total
Assets:
Ameren Missouri
	Derivative assets – commodity contracts:
	Fuel oils	$	8	$	—	$	—	$	8		$	16	$	—	$	—	$	16
	Natural gas	—		6		—		6			1		15		—		16
	Power	—		—		7		7			—		—		14		14
	Uranium	—		—		5		5			—		—		3		3
	Total derivative assets – commodity contracts	$	8	$	6	$	12	$	26		$	17	$	15	$	17	$	49
	Nuclear decommissioning trust fund:

	Equity securities:
	U.S. large capitalization	$	703	$	—	$	—	$	703		$	618	$	—	$	—	$	618
	Debt securities:
	U.S. Treasury and agency securities	—		138		—		138			—		137		—		137
	Corporate bonds	—		126		—		126			—		122		—		122


	Other	—		70		—		70			—		70		—		70
	Total nuclear decommissioning trust fund	$	703	$	334	$	—	$	1,037	(a)	$	618	$	329	$	—	$	947	(a)
	Total Ameren Missouri	$	711	$	340	$	12	$	1,063		$	635	$	344	$	17	$	996
Ameren Illinois
	Derivative assets – commodity contracts:
	Natural gas	$	—	$	6	$	3	$	9		$	1	$	28	$	5	$	34
	Power	—		—		—		—			—		—		6		6
	Total Ameren Illinois	$	—	$	6	$	3	$	9		$	1	$	28	$	11	$	40
Ameren
	Derivative assets – commodity contracts(b)	$	8	$	12	$	15	$	35		$	18	$	43	$	28	$	89
	Nuclear decommissioning trust fund(c)	703		334		—		1,037		(a)	618		329		—		947		(a)
	Total Ameren	$	711	$	346	$	15	$	1,072		$	636	$	372	$	28	$	1,036
Liabilities:
Ameren Missouri
	Derivative liabilities – commodity contracts:

	Natural gas	—		11		2		13			—		6		3		9
	Power	6		—		1		7			57		—		2		59

	Total Ameren Missouri	$	6	$	11	$	3	$	20		$	57	$	6	$	5	$	68
Ameren Illinois
	Derivative liabilities – commodity contracts:
	Natural gas	$	2	$	34	$	5	$	41		$	—	$	19	$	10	$	29
	Power	—		—		64		64			—		—		39		39
	Total Ameren Illinois	$	2	$	34	$	69	$	105		$	—	$	19	$	49	$	68
Ameren
	Derivative liabilities – commodity contracts(b)	$	8	$	45	$	72	$	125		$	57	$	25	$	54	$	136

(a)Balance excludes $5 million and $11 million of cash and cash equivalents, receivables, payables, and accrued income, net, for September 30, 2023, and December 31, 2022, 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 and nine months ended September 30, 2023 and 2022:


	2023						2022
	Ameren Missouri		Ameren Illinois		Ameren			Ameren Missouri		Ameren Illinois		Ameren
For the three months ended September 30:
Beginning balance at July 1	$	14	$	(68)	$	(54)		$	(36)	$	(44)	$	(80)
Realized and unrealized gains/(losses) included in regulatory assets/liabilities	(5)		1		(4)			(10)		30		20


Settlements	(3)		3		—			38		(6)		32


Ending balance at September 30	$	6	$	(64)	$	(58)		$	(8)	$	(20)	$	(28)
Change in unrealized gains/(losses) related to assets/liabilities held at September 30	$	(5)	$	1	$	(4)		$	(3)	$	28	$	25
For the nine months ended September 30:
Beginning balance at January 1	$	12	$	(33)	$	(21)		$	(15)	$	(117)	$	(132)
Realized and unrealized gains/(losses) included in regulatory assets/liabilities	3		(40)		(37)			(56)		105		49


Settlements	(9)		9		—			63		(8)		55


Ending balance at September 30	$	6	$	(64)	$	(58)		$	(8)	$	(20)	$	(28)
Change in unrealized gains/(losses) related to assets/liabilities held at September 30	$	6	$	(31)	$	(25)		$	(39)	$	100	$	61

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 September 30, 2023, and December 31, 2022:


			Fair Value						Weighted Average(b)
	Commodity		Assets		Liabilities	Valuation Technique(s)	Unobservable Input(a)	Range
2023	Power(c)	$	7	$	(65)	Discounted cash flow	Average forward peak and off-peak pricing – forwards/swaps ($/MWh)	32 – 63	43

							Nodal basis ($/MWh)	(10) – (1)	(5)


2022	Power(d)	$	20	$	(41)	Discounted cash flow	Average forward peak and off-peak pricing – forwards/swaps ($/MWh)	38 – 89	51

							Nodal basis ($/MWh)	(10) – (1)	(4)


							Trend rate (%)	0 – 1	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 use visible forward prices adjusted for nodal-to-hub basis differentials.

(d)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.

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 September 30, 2023, and December 31, 2022:


	Carrying Amount			Fair Value
				Level 1		Level 2		Level 3			Total
	September 30, 2023
Ameren:
Cash, cash equivalents, and restricted cash	$	246		$	246	$	—	$	—		$	246

Short-term debt	1,340			—		1,340		—			1,340
Long-term debt (including current portion)	14,678		(a)	—		11,985		432		(b)	12,417
Ameren Missouri:
Cash, cash equivalents, and restricted cash	$	13		$	13	$	—	$	—		$	13


Short-term debt	157			—		157		—			157

Long-term debt (including current portion)	6,341		(a)	—		5,287		—			5,287
Ameren Illinois:
Cash, cash equivalents, and restricted cash	$	225		$	225	$	—	$	—		$	225

Short-term debt	59			—		59		—			59

Long-term debt (including current portion)	5,231		(a)	—		4,419		—			4,419
	December 31, 2022
Ameren:
Cash, cash equivalents, and restricted cash	$	216		$	216	$	—	$	—		$	216
Investment in industrial development revenue bonds(c)	240			—		240		—			240
Short-term debt	1,070			—		1,070		—			1,070
Long-term debt (including current portion)(c)	14,025		(a)	—		11,989		464		(b)	12,453
Ameren Missouri:
Cash, cash equivalents, and restricted cash	$	13		$	13	$	—	$	—		$	13

Investment in industrial development revenue bonds(c)	240			—		240		—			240
Short-term debt	329			—		329		—			329
Long-term debt (including current portion)(c)	6,086		(a)	—		5,365		—			5,365
Ameren Illinois:
Cash, cash equivalents, and restricted cash	$	191		$	191	$	—	$	—		$	191
Short-term debt	264			—		264		—			264

Long-term debt (including current portion)	4,835		(a)	—		4,320		—			4,320

(a)Included unamortized debt issuance costs, which were excluded from the fair value measurement, of $105 million, $45 million, and $48 million for Ameren, Ameren Missouri, and Ameren Illinois, respectively, as of September 30, 2023. Included unamortized debt issuance costs, which were excluded from the fair value measurement, of $99 million, $41 million, and $44 million for Ameren, Ameren Missouri, and Ameren Illinois, respectively, as of December 31, 2022.

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

(c)Ameren and Ameren Missouri had an investment in industrial development revenue bonds, classified as held-to-maturity, that were equal to the finance obligation for the Audrain CT energy center. As of December 31, 2022, the carrying amount of the investment in industrial development revenue bonds and the finance obligation approximated fair value.