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Missouri
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1-14756
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43-1723446
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(State or other jurisdiction
of incorporation)
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(Commission
File Number)
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(I.R.S. Employer
Identification No.)
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☐
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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☐
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
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☐
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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☐
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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Common Stock, $0.01 par value per share
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AEE
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New York Stock Exchange
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ITEM 2.02
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Results of Operations and Financial Condition.
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ITEM 8.01
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Other Events.
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ITEM 9.01
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Financial Statements and Exhibits.
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(d)
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Exhibits
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Exhibit Number:
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Title:
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99.1*
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99.2
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104
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Cover Page Interactive Data File (formatted as Inline XBRL)
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AMEREN CORPORATION
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(Registrant)
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By: /s/ Michael L. Moehn
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Name: Michael L. Moehn
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Title: Executive Vice President and Chief Financial Officer
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Exhibit 99.1
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Contacts
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|
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Media
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Analysts
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Investors
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Erin Davis
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Andrew Kirk
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Investor Services
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314.554.2182
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314.554.3942
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800.255.2237
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edavis@ameren.com
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akirk@ameren.com
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invest@ameren.com
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•
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First Quarter Diluted Earnings Per Share were $0.59 in 2020 vs. $0.78 in 2019
|
•
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Guidance Range for 2020 Affirmed at $3.40 to $3.60 Per Diluted Share
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•
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2020 through 2024 EPS Growth Rate Guidance Affirmed
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|
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•
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regulatory, judicial, or legislative actions, and any changes in regulatory policies and ratemaking determinations, that may change regulatory recovery mechanisms, such as those that may result from a rehearing of the November 2019 Federal Energy Regulatory Commission (FERC) order determining the allowed base return on common equity (ROE) under the Midcontinent Independent System Operator (MISO) tariff, the Notices of Inquiry issued by the FERC in March 2019, the Notice of Proposed Rulemaking issued by the FERC in March 2020, Ameren Illinois' April 2020 annual electric distribution formula rate update filing, Ameren Illinois' natural gas delivery service regulatory rate review filed with the Illinois Commerce Commission (ICC) in February 2020, and the March 2020 ICC service disconnection moratorium proceeding;
|
•
|
the length and severity of the COVID-19 pandemic, and its impacts on our business continuity plans and our results of operations, financial position, and liquidity, including but not limited to changes in customer demand resulting in changes to sales volumes, customers’ ability to pay for our services, the health and welfare of our workforce and that of our contractors, supplier disruptions, delays in the completion of capital or other construction projects, which could impact our planned capital expenditures and expected planned rate base growth, our attempt to earn our allowed ROEs, the ability to meet customer energy-efficiency program goals and earn performance incentives related to those programs, increased data security risks as a result of the transition to remote working arrangements for a significant portion of our workforce, and our ability to access the capital markets on reasonable terms and when needed;
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•
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the effect and continuation of Ameren Illinois’ election to participate in performance-based formula ratemaking frameworks for its electric distribution service and its participation in electric energy-efficiency programs, including the direct relationship between Ameren Illinois’ ROE and the 30-year United States Treasury bond yields;
|
•
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the effect on Ameren Missouri of any customer rate caps pursuant to Ameren Missouri’s election to use the plant-in-service accounting (PISA), including an extension of use beyond 2023, if requested by Ameren Missouri and approved by the Missouri Public Service Commission;
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•
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the effects of changes in federal, state, or local laws and other governmental actions, including monetary, fiscal, and energy policies;
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•
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the effects of changes in federal, state, or local tax laws, regulations, interpretations, or rates, including as a result of amendments or technical corrections to the TCJA, and challenges to the tax positions we have taken, if any;
|
•
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the effects on demand for our services resulting from technological advances, including advances in customer energy efficiency, energy storage, and private generation sources, which generate electricity at the site of consumption and are becoming more cost-competitive;
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•
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the effectiveness of Ameren Missouri’s customer energy-efficiency programs and the related revenues and performance incentives earned under its Missouri Energy Efficiency Investment Act (MEEIA) programs;
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•
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Ameren Illinois’ ability to achieve the performance standards applicable to its electric distribution business and the FEJA electric customer energy-efficiency goals and the resulting impact on its allowed ROE;
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|
•
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our ability to align overall spending, both operating and capital, with frameworks established by our regulators and to recover these costs in a timely manner in our attempt to earn our allowed ROEs;
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•
|
the cost and availability of fuel, such as low-sulfur coal, natural gas, and enriched uranium used to produce electricity; the cost and availability of purchased power, zero emission credits, renewable energy credits, and natural gas for distribution; and the level and volatility of future market prices for such commodities and credits, including our ability to recover the costs for such commodities and credits and our customers’ tolerance for any related price increases;
|
•
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disruptions in the delivery of fuel, failure of our fuel suppliers to provide adequate quantities or quality of fuel, or lack of adequate inventories of fuel, including nuclear fuel assemblies from the one Nuclear Regulatory Commission-licensed supplier of Ameren Missouri's Callaway Energy Center's assemblies;
|
•
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the cost and availability of transmission capacity for the energy generated by Ameren Missouri's energy centers or required to satisfy Ameren Missouri's energy sales;
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•
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the effectiveness of our risk management strategies and our use of financial and derivative instruments;
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•
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the ability to obtain sufficient insurance, including insurance for Ameren Missouri’s nuclear and coal-fired energy centers, or, in the absence of insurance, the ability to recover uninsured losses from our customers;
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•
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the impact of cyberattacks on us or our suppliers, which could, among other things, result in the loss of operational control of energy centers and electric and natural gas transmission and distribution systems and/or the loss of data, such as customer, employee, financial, and operating system information;
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•
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business and economic conditions, which have been affected by, and will be affected by the length and severity of, the COVID-19 pandemic, including the impact of such conditions on interest rates, collection of our receivable balances, and demand for our products;
|
•
|
disruptions of the capital markets, deterioration in our credit metrics, or other events that may have an adverse effect on the cost or availability of capital, including short-term credit and liquidity;
|
•
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the actions of credit rating agencies and the effects of such actions, including any impacts on our credit ratings that may result from the economic conditions of the COVID-19 pandemic;
|
•
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the inability of our counterparties to meet their obligations with respect to contracts, credit agreements, and financial instruments;
|
•
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the impact of weather conditions and other natural phenomena on us and our customers, including the impact of system outages;
|
•
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the construction, installation, performance, and cost recovery of generation, transmission, and distribution assets;
|
•
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the effects of failures of electric generation, electric and natural gas transmission or distribution or natural gas storage facilities systems and equipment, which could result in unanticipated liabilities or unplanned outages;
|
•
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the operation of Ameren Missouri’s Callaway Energy Center, including planned and unplanned outages, and decommissioning costs;
|
•
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Ameren Missouri’s ability to recover the remaining investment, if any, and decommissioning costs associated with the retirement of an energy center, as well as the ability to earn a return on that remaining investment and those decommissioning costs;
|
•
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the impact of current environmental laws and new, more stringent, or changing requirements, including those related to the New Source Review, carbon dioxide and the implementation of the Affordable Clean Energy Rule, other emissions and discharges, cooling water intake structures, coal combustion residuals, and energy efficiency, that could limit or terminate the operation of certain of Ameren Missouri's energy centers, increase our operating costs or investment requirements, result in an impairment of our assets, cause us to sell our assets, reduce our customers’ demand for electricity or natural gas, or otherwise have a negative financial effect;
|
•
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the impact of complying with renewable energy standards in Missouri and Illinois and with the zero emission standard in Illinois;
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•
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Ameren Missouri’s ability to acquire wind and other renewable energy generation facilities and recover its cost of investment and related return in a timely manner, which is affected by the ability to obtain all necessary project approvals; the ability of developers to meet contractual commitments and timely complete projects, which is dependent upon the availability of necessary materials and equipment, including those that are affected by the disruptions in the global supply chain caused by the COVID-19 pandemic, among other things; the availability of federal production and investment tax credits related to renewable energy and Ameren Missouri’s ability to use such credits; the cost of wind and solar generation technologies; and Ameren Missouri’s ability to obtain timely interconnection agreements with the MISO or other regional transmission organizations at an acceptable cost for each facility;
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•
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labor disputes, work force reductions, changes in future wage and employee benefits costs, including those resulting from changes in discount rates, mortality tables, returns on benefit plan assets, and other assumptions;
|
•
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the impact of negative opinions of us or our utility services that our customers, investors, legislators, or regulators may have or develop, which could result from a variety of factors, including failures in system reliability, failure to implement our investment plans or to protect sensitive customer information, increases in rates, negative media coverage or concerns about environmental, social, and/or governance practices;
|
•
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the impact of adopting new accounting guidance;
|
•
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the effects of strategic initiatives, including mergers, acquisitions, and divestitures;
|
•
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legal and administrative proceedings; and
|
•
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acts of sabotage, war, terrorism, or other intentionally disruptive acts.
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|
|
|
Three Months Ended March 31,
|
||||||
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|
2020
|
|
2019
|
||||
Operating Revenues:
|
|
|
|
|
||||
Electric
|
|
$
|
1,120
|
|
|
$
|
1,182
|
|
Natural gas
|
|
320
|
|
|
374
|
|
||
Total operating revenues
|
|
1,440
|
|
|
1,556
|
|
||
Operating Expenses:
|
|
|
|
|
||||
Fuel
|
|
140
|
|
|
160
|
|
||
Purchased power
|
|
134
|
|
|
156
|
|
||
Natural gas purchased for resale
|
|
107
|
|
|
161
|
|
||
Other operations and maintenance
|
|
438
|
|
|
417
|
|
||
Depreciation and amortization
|
|
255
|
|
|
248
|
|
||
Taxes other than income taxes
|
|
125
|
|
|
126
|
|
||
Total operating expenses
|
|
1,199
|
|
|
1,268
|
|
||
Operating Income
|
|
241
|
|
|
288
|
|
||
Other Income, Net
|
|
21
|
|
|
29
|
|
||
Interest Charges
|
|
93
|
|
|
97
|
|
||
Income Before Income Taxes
|
|
169
|
|
|
220
|
|
||
Income Taxes
|
|
21
|
|
|
27
|
|
||
Net Income
|
|
148
|
|
|
193
|
|
||
Less: Net Income Attributable to Noncontrolling Interests
|
|
2
|
|
|
2
|
|
||
Net Income Attributable to Ameren Common Shareholders
|
|
$
|
146
|
|
|
$
|
191
|
|
|
|
|
|
|
||||
Earnings per Common Share – Basic and Diluted
|
|
$
|
0.59
|
|
|
$
|
0.78
|
|
|
|
|
|
|
||||
Weighted-average Common Shares Outstanding – Basic
|
|
246.4
|
|
|
244.9
|
|
||
Weighted-average Common Shares Outstanding – Diluted
|
|
248.1
|
|
|
246.4
|
|
|
March 31, 2020
|
|
December 31, 2019
|
||||
ASSETS
|
|
|
|
||||
Current Assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
42
|
|
|
$
|
16
|
|
Accounts receivable - trade (less allowance for doubtful accounts)
|
456
|
|
|
393
|
|
||
Unbilled revenue
|
212
|
|
|
278
|
|
||
Miscellaneous accounts receivable
|
65
|
|
|
63
|
|
||
Inventories
|
471
|
|
|
494
|
|
||
Current regulatory assets
|
91
|
|
|
69
|
|
||
Other current assets
|
127
|
|
|
118
|
|
||
Total current assets
|
1,464
|
|
|
1,431
|
|
||
Property, Plant, and Equipment, Net
|
24,678
|
|
|
24,376
|
|
||
Investments and Other Assets:
|
|
|
|
||||
Nuclear decommissioning trust fund
|
742
|
|
|
847
|
|
||
Goodwill
|
411
|
|
|
411
|
|
||
Regulatory assets
|
1,092
|
|
|
992
|
|
||
Other assets
|
885
|
|
|
876
|
|
||
Total investments and other assets
|
3,130
|
|
|
3,126
|
|
||
TOTAL ASSETS
|
$
|
29,272
|
|
|
$
|
28,933
|
|
LIABILITIES AND EQUITY
|
|
|
|
||||
Current Liabilities:
|
|
|
|
||||
Current maturities of long-term debt
|
$
|
357
|
|
|
$
|
442
|
|
Short-term debt
|
615
|
|
|
440
|
|
||
Accounts and wages payable
|
544
|
|
|
874
|
|
||
Current regulatory liabilities
|
189
|
|
|
164
|
|
||
Other current liabilities
|
662
|
|
|
585
|
|
||
Total current liabilities
|
2,367
|
|
|
2,505
|
|
||
Long-term Debt, Net
|
9,378
|
|
|
8,915
|
|
||
Deferred Credits and Other Liabilities:
|
|
|
|
||||
Accumulated deferred income taxes and investment tax credits, net
|
2,948
|
|
|
2,919
|
|
||
Regulatory liabilities
|
4,842
|
|
|
4,887
|
|
||
Asset retirement obligations
|
631
|
|
|
638
|
|
||
Pension and other postretirement benefits
|
397
|
|
|
401
|
|
||
Other deferred credits and liabilities
|
482
|
|
|
467
|
|
||
Total deferred credits and other liabilities
|
9,300
|
|
|
9,312
|
|
||
Ameren Corporation Shareholders’ Equity:
|
|
|
|
||||
Common stock
|
2
|
|
|
2
|
|
||
Other paid-in capital, principally premium on common stock
|
5,695
|
|
|
5,694
|
|
||
Retained earnings
|
2,404
|
|
|
2,380
|
|
||
Accumulated other comprehensive loss
|
(16
|
)
|
|
(17
|
)
|
||
Total Ameren Corporation shareholders’ equity
|
8,085
|
|
|
8,059
|
|
||
Noncontrolling Interests
|
142
|
|
|
142
|
|
||
Total equity
|
8,227
|
|
|
8,201
|
|
||
TOTAL LIABILITIES AND EQUITY
|
$
|
29,272
|
|
|
$
|
28,933
|
|
|
Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
Cash Flows From Operating Activities:
|
|
|
|
||||
Net income
|
$
|
148
|
|
|
$
|
193
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
263
|
|
|
245
|
|
||
Amortization of nuclear fuel
|
23
|
|
|
23
|
|
||
Amortization of debt issuance costs and premium/discounts
|
5
|
|
|
5
|
|
||
Deferred income taxes and investment tax credits, net
|
23
|
|
|
32
|
|
||
Allowance for equity funds used during construction
|
(4
|
)
|
|
(6
|
)
|
||
Stock-based compensation costs
|
6
|
|
|
6
|
|
||
Other
|
17
|
|
|
(8
|
)
|
||
Changes in assets and liabilities
|
(191
|
)
|
|
(103
|
)
|
||
Net cash provided by operating activities
|
290
|
|
|
387
|
|
||
Cash Flows From Investing Activities:
|
|
|
|
||||
Capital expenditures
|
(636
|
)
|
|
(544
|
)
|
||
Nuclear fuel expenditures
|
(35
|
)
|
|
(21
|
)
|
||
Purchases of securities – nuclear decommissioning trust fund
|
(96
|
)
|
|
(39
|
)
|
||
Sales and maturities of securities – nuclear decommissioning trust fund
|
81
|
|
|
36
|
|
||
Other
|
2
|
|
|
1
|
|
||
Net cash used in investing activities
|
(684
|
)
|
|
(567
|
)
|
||
Cash Flows From Financing Activities:
|
|
|
|
||||
Dividends on common stock
|
(122
|
)
|
|
(116
|
)
|
||
Dividends paid to noncontrolling interest holders
|
(2
|
)
|
|
(2
|
)
|
||
Short-term debt, net
|
175
|
|
|
202
|
|
||
Maturities of long-term debt
|
(85
|
)
|
|
(329
|
)
|
||
Issuances of long-term debt
|
465
|
|
|
450
|
|
||
Issuances of common stock
|
13
|
|
|
19
|
|
||
Employee payroll taxes related to stock-based compensation
|
(20
|
)
|
|
(29
|
)
|
||
Debt issuance costs
|
(3
|
)
|
|
(4
|
)
|
||
Net cash provided by financing activities
|
421
|
|
|
191
|
|
||
Net change in cash, cash equivalents, and restricted cash
|
27
|
|
|
11
|
|
||
Cash, cash equivalents, and restricted cash at beginning of year
|
176
|
|
|
107
|
|
||
Cash, cash equivalents, and restricted cash at end of period
|
$
|
203
|
|
|
$
|
118
|
|
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
|
2020
|
|
2019
|
||||
Electric Sales - kilowatthours (in millions):
|
|
|
|
||||
Ameren Missouri
|
|
|
|
||||
Residential
|
3,548
|
|
|
3,838
|
|
||
Commercial
|
3,352
|
|
|
3,549
|
|
||
Industrial
|
991
|
|
|
1,012
|
|
||
Street lighting and public authority
|
25
|
|
|
28
|
|
||
Ameren Missouri retail load subtotal
|
7,916
|
|
|
8,427
|
|
||
Off-system
|
2,269
|
|
|
1,836
|
|
||
Ameren Missouri total
|
10,185
|
|
|
10,263
|
|
||
Ameren Illinois Electric Distribution
|
|
|
|
||||
Residential
|
2,886
|
|
|
3,133
|
|
||
Commercial
|
2,856
|
|
|
2,957
|
|
||
Industrial
|
2,694
|
|
|
2,744
|
|
||
Street lighting and public authority
|
120
|
|
|
137
|
|
||
Ameren Illinois Electric Distribution total
|
8,556
|
|
|
8,971
|
|
||
Eliminate affiliate sales
|
(70
|
)
|
|
(17
|
)
|
||
Ameren Total
|
18,671
|
|
|
19,217
|
|
||
Electric Revenues (in millions):
|
|
|
|
||||
Ameren Missouri
|
|
|
|
||||
Residential
|
$
|
297
|
|
|
$
|
312
|
|
Commercial
|
221
|
|
|
239
|
|
||
Industrial
|
53
|
|
|
55
|
|
||
Other, including street lighting and public authority
|
12
|
|
|
41
|
|
||
Ameren Missouri retail load subtotal
|
$
|
583
|
|
|
$
|
647
|
|
Off-system
|
48
|
|
|
57
|
|
||
Ameren Missouri total
|
$
|
631
|
|
|
$
|
704
|
|
Ameren Illinois Electric Distribution
|
|
|
|
||||
Residential
|
$
|
220
|
|
|
$
|
217
|
|
Commercial
|
126
|
|
|
123
|
|
||
Industrial
|
35
|
|
|
34
|
|
||
Other, including street lighting and public authority
|
9
|
|
|
13
|
|
||
Ameren Illinois Electric Distribution total
|
$
|
390
|
|
|
$
|
387
|
|
Ameren Transmission
|
|
|
|
||||
Ameren Illinois Transmission(a)
|
$
|
75
|
|
|
$
|
70
|
|
ATXI
|
48
|
|
|
44
|
|
||
Ameren Transmission total
|
$
|
123
|
|
|
$
|
114
|
|
Other and intersegment eliminations(a)
|
(24
|
)
|
|
(23
|
)
|
||
Ameren Total
|
$
|
1,120
|
|
|
$
|
1,182
|
|
(a)
|
Includes $12 million and $15 million, respectively, of electric operating revenues from transmission services provided to the Ameren Illinois Electric Distribution segment.
|
|
Three Months Ended
|
||||||
|
March 31,
|
||||||
|
2020
|
|
2019
|
||||
Gas Sales - dekatherms (in millions):
|
|
|
|
||||
Ameren Missouri
|
8
|
|
|
9
|
|
||
Ameren Illinois Natural Gas
|
64
|
|
|
73
|
|
||
Ameren Total
|
72
|
|
|
82
|
|
||
Gas Revenues (in millions):
|
|
|
|||||
Ameren Missouri
|
$
|
49
|
|
|
$
|
54
|
|
Ameren Illinois Natural Gas
|
271
|
|
|
320
|
|
||
Ameren Total
|
$
|
320
|
|
|
$
|
374
|
|
|
March 31,
|
|
December 31,
|
||||
|
2020
|
|
2019
|
||||
Common Stock:
|
|
|
|
||||
Shares outstanding (in millions)
|
246.9
|
|
|
246.2
|
|
||
Book value per share
|
$
|
32.75
|
|
|
$
|
32.73
|
|
|
|
Three Months Ended March 31,
|
||||||
|
|
2020
|
|
2019
|
||||
Operating Revenues:
|
|
|
|
|
||||
Electric
|
|
$
|
1,120
|
|
|
$
|
1,182
|
|
Natural gas
|
|
320
|
|
|
374
|
|
||
Total operating revenues
|
|
1,440
|
|
|
1,556
|
|
||
Operating Expenses:
|
|
|
|
|
||||
Fuel
|
|
140
|
|
|
160
|
|
||
Purchased power
|
|
134
|
|
|
156
|
|
||
Natural gas purchased for resale
|
|
107
|
|
|
161
|
|
||
Other operations and maintenance
|
|
438
|
|
|
417
|
|
||
Depreciation and amortization
|
|
255
|
|
|
248
|
|
||
Taxes other than income taxes
|
|
125
|
|
|
126
|
|
||
Total operating expenses
|
|
1,199
|
|
|
1,268
|
|
||
Operating Income
|
|
241
|
|
|
288
|
|
||
Other Income, Net
|
|
21
|
|
|
29
|
|
||
Interest Charges
|
|
93
|
|
|
97
|
|
||
Income Before Income Taxes
|
|
169
|
|
|
220
|
|
||
Income Taxes
|
|
21
|
|
|
27
|
|
||
Net Income
|
|
148
|
|
|
193
|
|
||
Less: Net Income Attributable to Noncontrolling Interests
|
|
2
|
|
|
2
|
|
||
Net Income Attributable to Ameren Common Shareholders
|
|
$
|
146
|
|
|
$
|
191
|
|
|
|
|
|
|
||||
Earnings per Common Share – Basic and Diluted
|
|
$
|
0.59
|
|
|
$
|
0.78
|
|
|
|
|
|
|
||||
Weighted-average Common Shares Outstanding – Basic
|
|
246.4
|
|
|
244.9
|
|
||
Weighted-average Common Shares Outstanding – Diluted
|
|
248.1
|
|
|
246.4
|
|
|
March 31, 2020
|
|
December 31, 2019
|
||||
ASSETS
|
|
|
|
||||
Current Assets:
|
|
|
|
||||
Cash and cash equivalents
|
$
|
42
|
|
|
$
|
16
|
|
Accounts receivable - trade (less allowance for doubtful accounts)
|
456
|
|
|
393
|
|
||
Unbilled revenue
|
212
|
|
|
278
|
|
||
Miscellaneous accounts receivable
|
65
|
|
|
63
|
|
||
Inventories
|
471
|
|
|
494
|
|
||
Current regulatory assets
|
91
|
|
|
69
|
|
||
Other current assets
|
127
|
|
|
118
|
|
||
Total current assets
|
1,464
|
|
|
1,431
|
|
||
Property, Plant, and Equipment, Net
|
24,678
|
|
|
24,376
|
|
||
Investments and Other Assets:
|
|
|
|
||||
Nuclear decommissioning trust fund
|
742
|
|
|
847
|
|
||
Goodwill
|
411
|
|
|
411
|
|
||
Regulatory assets
|
1,092
|
|
|
992
|
|
||
Other assets
|
885
|
|
|
876
|
|
||
Total investments and other assets
|
3,130
|
|
|
3,126
|
|
||
TOTAL ASSETS
|
$
|
29,272
|
|
|
$
|
28,933
|
|
LIABILITIES AND EQUITY
|
|
|
|
||||
Current Liabilities:
|
|
|
|
||||
Current maturities of long-term debt
|
$
|
357
|
|
|
$
|
442
|
|
Short-term debt
|
615
|
|
|
440
|
|
||
Accounts and wages payable
|
544
|
|
|
874
|
|
||
Current regulatory liabilities
|
189
|
|
|
164
|
|
||
Other current liabilities
|
662
|
|
|
585
|
|
||
Total current liabilities
|
2,367
|
|
|
2,505
|
|
||
Long-term Debt, Net
|
9,378
|
|
|
8,915
|
|
||
Deferred Credits and Other Liabilities:
|
|
|
|
||||
Accumulated deferred income taxes and investment tax credits, net
|
2,948
|
|
|
2,919
|
|
||
Regulatory liabilities
|
4,842
|
|
|
4,887
|
|
||
Asset retirement obligations
|
631
|
|
|
638
|
|
||
Pension and other postretirement benefits
|
397
|
|
|
401
|
|
||
Other deferred credits and liabilities
|
482
|
|
|
467
|
|
||
Total deferred credits and other liabilities
|
9,300
|
|
|
9,312
|
|
||
Ameren Corporation Shareholders’ Equity:
|
|
|
|
||||
Common stock
|
2
|
|
|
2
|
|
||
Other paid-in capital, principally premium on common stock
|
5,695
|
|
|
5,694
|
|
||
Retained earnings
|
2,404
|
|
|
2,380
|
|
||
Accumulated other comprehensive loss
|
(16
|
)
|
|
(17
|
)
|
||
Total Ameren Corporation shareholders’ equity
|
8,085
|
|
|
8,059
|
|
||
Noncontrolling Interests
|
142
|
|
|
142
|
|
||
Total equity
|
8,227
|
|
|
8,201
|
|
||
TOTAL LIABILITIES AND EQUITY
|
$
|
29,272
|
|
|
$
|
28,933
|
|
|
Three Months Ended March 31,
|
||||||
|
2020
|
|
2019
|
||||
Cash Flows From Operating Activities:
|
|
|
|
||||
Net income
|
$
|
148
|
|
|
$
|
193
|
|
Adjustments to reconcile net income to net cash provided by operating activities:
|
|
|
|
||||
Depreciation and amortization
|
263
|
|
|
245
|
|
||
Amortization of nuclear fuel
|
23
|
|
|
23
|
|
||
Amortization of debt issuance costs and premium/discounts
|
5
|
|
|
5
|
|
||
Deferred income taxes and investment tax credits, net
|
23
|
|
|
32
|
|
||
Allowance for equity funds used during construction
|
(4
|
)
|
|
(6
|
)
|
||
Stock-based compensation costs
|
6
|
|
|
6
|
|
||
Other
|
17
|
|
|
(8
|
)
|
||
Changes in assets and liabilities
|
(191
|
)
|
|
(103
|
)
|
||
Net cash provided by operating activities
|
290
|
|
|
387
|
|
||
Cash Flows From Investing Activities:
|
|
|
|
||||
Capital expenditures
|
(636
|
)
|
|
(544
|
)
|
||
Nuclear fuel expenditures
|
(35
|
)
|
|
(21
|
)
|
||
Purchases of securities – nuclear decommissioning trust fund
|
(96
|
)
|
|
(39
|
)
|
||
Sales and maturities of securities – nuclear decommissioning trust fund
|
81
|
|
|
36
|
|
||
Other
|
2
|
|
|
1
|
|
||
Net cash used in investing activities
|
(684
|
)
|
|
(567
|
)
|
||
Cash Flows From Financing Activities:
|
|
|
|
||||
Dividends on common stock
|
(122
|
)
|
|
(116
|
)
|
||
Dividends paid to noncontrolling interest holders
|
(2
|
)
|
|
(2
|
)
|
||
Short-term debt, net
|
175
|
|
|
202
|
|
||
Maturities of long-term debt
|
(85
|
)
|
|
(329
|
)
|
||
Issuances of long-term debt
|
465
|
|
|
450
|
|
||
Issuances of common stock
|
13
|
|
|
19
|
|
||
Employee payroll taxes related to stock-based compensation
|
(20
|
)
|
|
(29
|
)
|
||
Debt issuance costs
|
(3
|
)
|
|
(4
|
)
|
||
Net cash provided by financing activities
|
421
|
|
|
191
|
|
||
Net change in cash, cash equivalents, and restricted cash
|
27
|
|
|
11
|
|
||
Cash, cash equivalents, and restricted cash at beginning of year
|
176
|
|
|
107
|
|
||
Cash, cash equivalents, and restricted cash at end of period
|
$
|
203
|
|
|
$
|
118
|
|