The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the balance sheets and the statements of cash flows as of December 31, 2024 and 2023:


	December 31, 2024						December 31, 2023
	Ameren		Ameren Missouri		Ameren Illinois		Ameren		Ameren Missouri		Ameren Illinois
“Cash and cash equivalents”	$	7	$	—	$	—	$	25	$	—	$	—
Restricted cash included in “Other current assets”	15		7		6		13		5		5
Restricted cash included in “Other assets”	296		—		296		229		—		229
Restricted cash included in “Nuclear decommissioning trust fund”	10		10		—		5		5		—
Total cash, cash equivalents, and restricted cash	$	328	$	17	$	302	$	272	$	10	$	234

Restricted cash included in “Other current assets” represents funds held by an irrevocable Voluntary Employee Beneficiary Association (VEBA) trust, which provides health care benefits for active employees on Ameren’s, Ameren Missouri’s, and Ameren Illinois’ balance sheets and AMF’s restricted cash for payments for securitized utility tariff bonds on Ameren’s and Ameren Missouri’s balance sheets. Restricted cash included in “Other assets” on Ameren’s and Ameren Illinois’ balance sheets primarily represents amounts collected under a cost recovery rider restricted for use in the procurement of renewable energy credits and amounts in a trust fund restricted for the use of funding certain asbestos-related claims.

“Accounts receivable – trade” on Ameren’s and Ameren Illinois’ balance sheets include certain receivables purchased at a discount from alternative retail electric suppliers that elect to participate in the utility consolidated billing program. At December 31, 2024 and 2023, “Other current liabilities” on Ameren’s and Ameren Illinois’ balance sheets included payables for purchased receivables of $43 million and $42 million, respectively.


	December 31, 2024						December 31, 2023
	Ameren Missouri		Ameren Illinois(a)		Ameren			Ameren Missouri		Ameren Illinois(a)		Ameren
Beginning balance at January 1	$	12	$	18	$	30		$	13	$	18	$	31
Bad debt expense	11		28		39			11		40		51
Charged to other accounts(b)	—		8		8			—		5		5
Net write-offs	(11)		(36)		(47)			(12)		(45)		(57)
Ending balance at December 31	$	12	$	18	$	30		$	12	$	18	$	30

(a)Ameren Illinois has rate-adjustment mechanisms that allow it to recover the difference between its actual net bad debt write-offs under GAAP, including those associated with receivables purchased from alternative retail electric suppliers, and the amount of net bad debt write-offs included in its base rates.

(b)Amounts associated with the allowance for doubtful accounts related to receivables purchased by Ameren Illinois from alternative retail electric suppliers, as required by the Illinois Public Utilities Act.

Ameren and Ameren Missouri have lease agreements primarily relating to rail cars and land related to solar generation facilities. The land leases are related to the Cass County, Boomtown, and Huck Finn energy centers. See Note 2 – Rate and Regulatory Matters for additional information on the acquisitions. Rail cars are leased for the transportation of coal to its energy centers. For rail car leases, we account for the lease and non-lease components as a single lease component, and for the land leases related to solar generation projects, we account for the components separately for each agreement. Certain of the land leases related to the acquisitions of the Cass County, Boomtown, and Huck Finn energy centers have options to renew or terminate those leases. Termination and renewal options are not expected to be exercised and are not included in any of the lease measurements used to record the leased assets and liabilities in the tables below.


	Ameren			Ameren Missouri
Other assets	$	72		$	69
Other current liabilities	5			4
Other deferred credits and liabilities	67			65
Weighted average remaining operating lease term	29 years			30 years
Weighted average discount rate(a)	5.3		%	5.3		%

(a)As an implicit rate is not readily determinable under most of our lease agreements, we use our incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. We use an implicit rate when readily determinable.


	December 31, 2024						December 31, 2023
	Ameren Missouri		Ameren Illinois		Ameren		Ameren Missouri		Ameren Illinois		Ameren
Fuel(a)	$	113	$	—	$	113	$	109	$	—	$	109
Natural gas stored underground	9		82		91		8		87		95
Materials, supplies, and other	392		162		558		391		138		529
Total inventories	$	514	$	244	$	762	$	508	$	225	$	733


	December 31, 2024									December 31, 2023
	Ameren Missouri			Ameren Illinois			Ameren			Ameren Missouri			Ameren Illinois			Ameren
Beginning balance at January 1	$	787	(a)	$	4	(b)	$	791	(a)	$	782		$	4		$	786
Liabilities incurred	21		(c)	—			21		(c)	—			—			—
Liabilities settled	(13)			—			(13)			(10)			—			(10)
Accretion(d)	35		(d)	—			35		(d)	33			—			33
Change in estimates	(7)			—			(7)			(18)			—			(18)
Ending balance at December 31	$	823	(a)(e)	$	4	(b)	$	827	(a)(e)	$	787	(a)	$	4	(b)	$	791	(a)

(c)In 2024, Ameren and Ameren Missouri recorded an ARO related to decommissioning for the Cass County, Boomtown, and Huck Finn energy centers. In addition, as a result of the 2024 CCR Rule, Ameren and Ameren Missouri recorded an increase to their AROs associated with CCR storage facilities. See Note 14 – Commitments and Contingencies for additional information.

As of December 31, 2024, and 2023, the present value of benefits to be paid for deferred compensation obligations was $79 million and $85 million, respectively, which was primarily reflected in “Other deferred credits and liabilities” on Ameren’s consolidated balance sheet. Deferred compensation obligations are primarily recorded on the balance sheet of Ameren (parent).

Ameren Missouri and Ameren Illinois collect from their customers excise taxes, including municipal and state excise taxes and gross receipts taxes, that are levied on the sale or distribution of natural gas and electricity. The following table presents the excise taxes recorded on a gross basis in “Operating Revenues – Electric,” “Operating Revenues – Natural gas” and “Operating Expenses – Taxes other than income taxes” on the statements of income for the years ended December 31, 2024, 2023, and 2022:

The following table presents the average rate that was applied to eligible construction work in progress and the amounts of allowance for funds used during construction capitalized in 2024, 2023, and 2022:


	2024			2023			2022
Average rate:
Ameren Missouri	6		%	6		%	5		%
Ameren Illinois	6		%	6		%	5		%
Ameren:
Allowance for equity funds used during construction	$	76		$	54		$	43
Allowance for borrowed funds used during construction	56			48			26
Total Ameren	$	132		$	102		$	69
Ameren Missouri:
Allowance for equity funds used during construction	$	58		$	30		$	24
Allowance for borrowed funds used during construction	39			27			13
Total Ameren Missouri	$	97		$	57		$	37
Ameren Illinois:
Allowance for equity funds used during construction	$	17		$	19		$	18
Allowance for borrowed funds used during construction	15			17			12
Total Ameren Illinois	$	32		$	36		$	30

Earnings per basic and diluted share are computed by dividing “Net Income Attributable to Ameren Common Shareholders” by the weighted-average number of basic and diluted common shares outstanding, respectively, during the applicable period. The weighted-average shares outstanding for earnings per diluted share includes the incremental effects resulting from performance share units, restricted stock units, and forward sale agreements relating to common stock when the impact would be dilutive, as calculated using the treasury stock method. For information regarding performance share units and restricted stock units, see Note 11 – Stock-based Compensation. For information regarding forward sale agreements, see Note 5 – Long-term Debt and Equity Financings.

The following table reconciles the weighted-average number of common shares outstanding to the diluted weighted-average number of common shares outstanding for the years ended December 31, 2024, 2023, and 2022:


	2024	2023	2022


Weighted-average Common Shares Outstanding – Basic	266.8	262.8	258.4
Assumed settlement of performance share units and restricted stock units	0.5	0.6	1.0
Dilutive effect of forward sale agreements	0.1	—	0.1
Weighted-average Common Shares Outstanding – Diluted(a)	267.4	263.4	259.5

(a)There was an immaterial number of anti-dilutive securities excluded from the earnings per diluted share calculations for the years ended December 31, 2024, 2023, and 2022 related to performance share units and restricted stock units. Outstanding forward sale agreements as of December 31, 2024 that were anti-dilutive for the year ended December 31, 2024 were excluded from the earnings per diluted share calculation as calculated using the treasury stock method. The outstanding forward sale agreements as of December 31, 2023, were anti-dilutive for the year ended December 31, 2023, and excluded from the earnings per diluted share calculation as calculated using the treasury stock method. For additional information about the outstanding forward sale agreements, see Note 5 – Long-term Debt and Equity Financings.


	December 31, 2024						December 31, 2023							December 31, 2022
	Ameren		Ameren Missouri		Ameren Illinois			Ameren		Ameren Missouri		Ameren Illinois			Ameren		Ameren Missouri		Ameren Illinois
Investing
Accrued capital expenditures, including nuclear fuel expenditures	$	480	$	303	$	157		$	518	$	270	$	212		$	441	$	243	$	181


Net realized and unrealized gain (loss) – nuclear decommissioning trust fund	165		165		—			167		167		—			(218)		(218)		—
Return of investment in industrial development revenue bonds(a)	—		—		—			240		240		—			—		—		—
Financing
Issuance of common stock for stock-based compensation	$	16	$	—	$	—		$	40	$	—	$	—		$	31	$	—	$	—
Issuance of common stock under the DRPlus	7		—		—			7		—		—			8		—		—
Termination of a financing agreement(a)	—		—		—			240		240		—			—		—		—