AMEREN CORP

For the period ended Dec 31, 2023. Filed Feb 29, 2024.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2023 · Filed Feb 29, 2024

AEE$113.68-0.3%Stored close · as of Nov 10, 2026

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Contents

Ameren Corporation

CONSOLIDATED STATEMENT OF INCOME AND COMPREHENSIVE INCOME

	Year Ended December 31,
	2023	2022	2021
Operating Revenues:
Electric	$6,439	$6,581	$5,297
Natural gas	1,061	1,376	1,097
Total operating revenues	7,500	7,957	6,394
Operating Expenses:
Fuel	514	473	581
Purchased power	1,298	1,547	606
Natural gas purchased for resale	355	657	442
Other operations and maintenance	1,866	1,937	1,774
Depreciation and amortization	1,387	1,289	1,146
Taxes other than income taxes	522	539	512
Total operating expenses	5,942	6,442	5,061
Operating Income	1,558	1,515	1,333
Other Income, Net	348	226	202
Interest Charges	566	486	383
Income Before Income Taxes	1,340	1,255	1,152
Income Taxes	183	176	157
Net Income	1,157	1,079	995
Less: Net Income Attributable to Noncontrolling Interests	5	5	5
Net Income Attributable to Ameren Common Shareholders	$1,152	$1,074	$990
Net Income	$1,157	$1,079	$995
Other Comprehensive Income (Loss), Net of Taxes
Pension and other postretirement benefit plan activity, net of income taxes (benefit) of $(2), $(4), and $4, respectively	(5)	(14)	14
Comprehensive Income	1,152	1,065	1,009
Less: Comprehensive Income Attributable to Noncontrolling Interests	5	5	5
Comprehensive Income Attributable to Ameren Common Shareholders	$1,147	$1,060	$1,004
Earnings per Common Share – Basic	$4.39	$4.16	$3.86
Earnings per Common Share – Diluted	$4.38	$4.14	$3.84
Weighted-average Common Shares Outstanding – Basic	262.8	258.4	256.3
Weighted-average Common Shares Outstanding – Diluted	263.4	259.5	257.6

CONSOLIDATED BALANCE SHEET

	December 31,
	2023	2022
ASSETS
Current Assets:
Cash and cash equivalents	$25	$10
Accounts receivable – trade (less allowance for doubtful accounts of $30 and $31, respectively)	494	600
Unbilled revenue	319	446
Miscellaneous accounts receivable	106	54
Inventories	733	667
Current regulatory assets	365	354
Investments in industrial development revenue bonds	—	240
Current collateral assets	14	142
Other current assets	125	155
Total current assets	2,181	2,668
Property, Plant, and Equipment, Net	33,776	31,262
Investments and Other Assets:
Nuclear decommissioning trust fund	1,150	958
Goodwill	411	411
Regulatory assets	1,810	1,426
Pension and other postretirement benefits	581	411
Other assets	921	768
Total investments and other assets	4,873	3,974
TOTAL ASSETS	$40,830	$37,904
LIABILITIES AND EQUITY
Current Liabilities:
Current maturities of long-term debt	$849	$340
Short-term debt	536	1,070
Accounts and wages payable	1,136	1,159
Customer deposits	176	115
Other current liabilities	648	682
Total current liabilities	3,345	3,366
Long-term Debt, Net	15,121	13,685
Deferred Credits and Other Liabilities:
Accumulated deferred income taxes and investment tax credits, net	4,176	3,804
Regulatory liabilities	5,512	5,309
Asset retirement obligations	772	763
Other deferred credits and liabilities	426	340
Total deferred credits and other liabilities	10,886	10,216
Commitments and Contingencies (Notes 2, 9, and 14)
Shareholders’ Equity:
Common stock, $.01 par value, 400.0 shares authorized – shares outstanding of 266.3 and 262.0, respectively	3	3
Other paid-in capital, principally premium on common stock	7,216	6,860
Retained earnings	4,136	3,646
Accumulated other comprehensive loss	(6)	(1)
Total shareholders’ equity	11,349	10,508
Noncontrolling Interests	129	129
Total equity	11,478	10,637
TOTAL LIABILITIES AND EQUITY	$40,830	$37,904

CONSOLIDATED STATEMENT OF CASH FLOWS

	Year Ended December 31,
	2023	2022	2021
Cash Flows From Operating Activities:
Net income	$1,157	$1,079	$995
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	1,432	1,373	1,219
Amortization of nuclear fuel	68	65	58
Amortization of debt issuance costs and premium/discounts	16	21	23
Deferred income taxes and investment tax credits, net	229	170	156
Allowance for equity funds used during construction	(54)	(43)	(43)
Stock-based compensation costs	26	24	22
Other	16	68	19
Changes in assets and liabilities:
Receivables	144	(317)	(74)
Inventories	(67)	(77)	(71)
Accounts and wages payable	(104)	136	28
Taxes accrued	(4)	(13)	1
Regulatory assets and liabilities	(165)	(72)	(439)
Assets, other	(109)	(74)	(71)
Liabilities, other	115	52	(75)
Pension and other postretirement benefits	(283)	(65)	(33)
Counterparty collateral, net	147	(64)	(54)
Net cash provided by operating activities	2,564	2,263	1,661
Cash Flows From Investing Activities:
Capital expenditures	(3,597)	(3,351)	(3,479)
Nuclear fuel expenditures	(174)	(29)	(44)
Purchases of securities – nuclear decommissioning trust fund	(266)	(229)	(452)
Sales and maturities of securities – nuclear decommissioning trust fund	240	216	439
Other	(1)	23	8
Net cash used in investing activities	(3,798)	(3,370)	(3,528)
Cash Flows From Financing Activities:
Dividends on common stock	(662)	(610)	(565)
Dividends paid to noncontrolling interest holders	(5)	(5)	(5)
Short-term debt, net	(533)	522	55
Maturities of long-term debt	(100)	(505)	(8)
Issuances of long-term debt	2,295	1,467	1,997
Issuances of common stock	346	333	308
Redemptions of Ameren Illinois preferred stock	—	—	(13)
Employee payroll taxes related to stock-based compensation	(20)	(16)	(17)
Debt issuance costs	(21)	(18)	(18)
Other	(10)	—	(13)
Net cash provided by financing activities	1,290	1,168	1,721
Net change in cash, cash equivalents, and restricted cash	56	61	(146)
Cash, cash equivalents, and restricted cash at beginning of year	216	155	301
Cash, cash equivalents, and restricted cash at end of year	$272	$216	$155
Cash Paid (Refunded) During the Year:
Interest (net of $48, $26, and $17 capitalized, respectively)	$546	$476	$426
Income taxes, net (includes production tax credit sale proceeds of $49, $—, and $—, respectively)	(24)	(8)	(1)

CONSOLIDATED STATEMENT OF SHAREHOLDERS’ EQUITY

	December 31,
	2023	2022	2021
Common Stock	$3	$3	$3
Other Paid-in Capital:
Beginning of year	6,860	6,502	6,179
Settlement of non-ATM program forward sale agreement through common shares issuance	—	—	113
Shares issued under the ATM program	299	292	148
Shares issued under the DRPlus and 401(k) plan	46	49	47
Stock-based compensation activity	11	17	15
Other paid-in capital, end of year	7,216	6,860	6,502
Retained Earnings:
Beginning of year	3,646	3,182	2,757
Net income attributable to Ameren common shareholders	1,152	1,074	990
Dividends on common stock	(662)	(610)	(565)
Retained earnings, end of year	4,136	3,646	3,182
Accumulated Other Comprehensive Income (Loss):
Deferred retirement benefit costs, beginning of year	(1)	13	(1)
Change in deferred retirement benefit costs	(5)	(14)	14
Deferred retirement benefit costs, end of year	(6)	(1)	13
Total accumulated other comprehensive gain (loss), end of year	(6)	(1)	13
Total Shareholders’ Equity	$11,349	$10,508	$9,700
Noncontrolling Interests:
Beginning of year	129	129	142
Net income attributable to noncontrolling interest holders	5	5	5
Dividends paid to noncontrolling interest holders	(5)	(5)	(5)
Redemptions of Ameren Illinois preferred stock	—	—	(13)
Noncontrolling interests, end of year	129	129	129
Total Equity	$11,478	$10,637	$9,829
Common stock shares outstanding at beginning of year	262.0	257.7	253.3
Shares issued under non-ATM program forward sale agreement	—	—	1.6
Shares issued under the ATM program	3.2	3.4	1.8
Shares issued under the DRPlus and 401(k) plan	0.6	0.5	0.5
Shares issued for stock-based compensation	0.5	0.4	0.5
Common stock shares outstanding at end of year	266.3	262.0	257.7
Dividends per common share	$2.52	$2.36	$2.20

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