Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024, and December 31, 2023:


		March 31, 2024									December 31, 2023
		Level 1		Level 2		Level 3		Total			Level 1		Level 2		Level 3		Total
Assets:
Ameren Missouri
	Derivative assets – commodity contracts:
	Fuel oils	$	2	$	—	$	—	$	2		$	2	$	—	$	—	$	2
	Natural gas	—		3		—		3			—		3		—		3
	Power	—		—		2		2			—		—		5		5
	Uranium	—		—		—		—			—		—		9		9
	Total derivative assets – commodity contracts	$	2	$	3	$	2	$	7		$	2	$	3	$	14	$	19
	Nuclear decommissioning trust fund:

	Equity securities:
	U.S. large capitalization	$	868	$	—	$	—	$	868		$	787	$	—	$	—	$	787
	Debt securities:
	U.S. Treasury and agency securities	—		145		—		145			—		150		—		150
	Corporate bonds	—		139		—		139			—		136		—		136


	Other	—		72		—		72			—		68		—		68
	Total nuclear decommissioning trust fund	$	868	$	356	$	—	$	1,224	(a)	$	787	$	354	$	—	$	1,141	(a)
	Total Ameren Missouri	$	870	$	359	$	2	$	1,231		$	789	$	357	$	14	$	1,160
Ameren Illinois
	Derivative assets – commodity contracts:
	Natural gas	$	—	$	1	$	3	$	4		$	—	$	1	$	2	$	3
	Power	—		—		—		—			—		—		—		—
	Total Ameren Illinois	$	—	$	1	$	3	$	4		$	—	$	1	$	2	$	3
Ameren
	Derivative assets – commodity contracts(b)	$	2	$	4	$	5	$	11		$	2	$	4	$	16	$	22
	Nuclear decommissioning trust fund(c)	868		356		—		1,224		(a)	787		354		—		1,141		(a)
	Total Ameren	$	870	$	360	$	5	$	1,235		$	789	$	358	$	16	$	1,163
Liabilities:
Ameren Missouri
	Derivative liabilities – commodity contracts:
	Fuel oils	$	1	$	—	$	—	$	1		$	2	$	—	$	—	$	2
	Natural gas	—		18		1		19			—		19		3		22
	Power	—		—		—		—			—		—		1		1

	Total Ameren Missouri	$	1	$	18	$	1	$	20		$	2	$	19	$	4	$	25
Ameren Illinois
	Derivative liabilities – commodity contracts:
	Natural gas	$	2	$	61	$	8	$	71		$	4	$	60	$	11	$	75
	Power	—		—		54		54			—		—		68		68
	Total Ameren Illinois	$	2	$	61	$	62	$	125		$	4	$	60	$	79	$	143
Ameren
	Derivative liabilities – commodity contracts(b)	$	3	$	79	$	63	$	145		$	6	$	79	$	83	$	168

(a)Balance excludes $8 million and $9 million of cash and cash equivalents, receivables, payables, and accrued income, net, for March 31, 2024, and December 31, 2023, 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, 2024 and 2023:


	2024						2023
	Ameren Missouri		Ameren Illinois		Ameren			Ameren Missouri		Ameren Illinois		Ameren
For the three months ended March 31:
Beginning balance at January 1	$	4	$	(68)	$	(64)		$	12	$	(33)	$	(21)
Realized and unrealized gains/(losses) included in regulatory assets/liabilities	(1)		10		9			(6)		(20)		(26)


Settlements	(1)		4		3			(1)		1		—


Ending balance at March 31	$	2	$	(54)	$	(52)		$	5	$	(52)	$	(47)
Change in unrealized gains/(losses) related to assets/liabilities held at March 31	$	—	$	11	$	11		$	(2)	$	(18)	$	(20)

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, 2024, and December 31, 2023:


			Fair Value						Weighted Average(b)
	Commodity		Assets		Liabilities	Valuation Technique(s)	Unobservable Input(a)	Range
2024	Power(c)	$	2	$	(54)	Discounted cash flow	Average forward peak and off-peak pricing – forwards/swaps ($/MWh)	22 – 68	45

							Nodal basis ($/MWh)	(8) – (2)	(5)


2023	Power(c)	$	5	$	(69)	Discounted cash flow	Average forward peak and off-peak pricing – forwards/swaps ($/MWh)	31 – 65	43

							Nodal basis ($/MWh)	(8) – (1)	(5)

(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.

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 long-term debt (including current portion) disclosed, but not recorded, at fair value as of March 31, 2024, and December 31, 2023:


Long-Term Debt (Including Current Portion):	Carrying Amount(a)	Fair Value
		Level 2	Level 3		Total
	March 31, 2024




Ameren	16,316	14,258	453	(b)	14,711






Ameren Missouri	6,686	5,923	—		5,923





Ameren Illinois	5,233	4,668	—		4,668
	December 31, 2023



Ameren	15,970	14,366	467	(b)	14,833






Ameren Missouri	6,341	5,800	—		5,800




Ameren Illinois	5,232	4,867	—		4,867

(a)Included unamortized debt issuance costs, which were excluded from the fair value measurement, of $114 million, $48 million, and $46 million for Ameren, Ameren Missouri, and Ameren Illinois, respectively, as of March 31, 2024. Included unamortized debt issuance costs, which were excluded from the fair value measurement, of $111 million, $45 million, and $47 million for Ameren, Ameren Missouri, and Ameren Illinois, respectively, as of December 31, 2023.

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