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Credit Facilities, Long-Term Debt and Lease Liabilities (Tables) | 12 Months Ended
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Dec. 31, 2023
Subclassifications of assets, liabilities and equities [abstract] |
Disclosure of borrowings outstanding | The amounts outstanding are as follows:
As at Dec. 31 |  |  |  | 2023 | 2022
Segment | Maturity | Currency | Carrying value | Face value | Interest(1) | Carrying value | Face value | Interest |
Credit facilities |  |  |  |  |  |  |  |  |  |
Committed syndicated bank facility(2) | Corporate | 2027 | CAD | — |  | — |  | — |  | 32 |  | 33 |  | 4.7 | % |
Term Facility | Corporate | 2024 | CAD | 397 |  | 400 |  | 7.4 | % | 396 |  | 400 |  | 6.5 | % |
Debentures |  |  |  |  |  |  |  |  |  |
7.3% Medium term notes | Corporate | 2029 | CAD | 110 |  | 110 |  | 7.3 | % | 110 |  | 110 |  | 7.3 | % |
6.9% Medium term notes | Corporate | 2030 | CAD | 141 |  | 141 |  | 6.9 | % | 141 |  | 141 |  | 6.9 | % |
Senior notes(3) |  |  |  |  |  |  |  |  |  |
7.8% Senior notes(4) | Corporate | 2029 | USD | 520 |  | 528 |  | 7.8 | % | 533 |  | 542 |  | 7.8 | % |
6.5% Senior notes | Corporate | 2040 | USD | 391 |  | 396 |  | 6.5 | % | 401 |  | 407 |  | 6.5 | % |
Non-recourse |  |  |  |  |  |  |  |  |  |
Melancthon Wolfe Wind LP bond | Wind & Solar | 2028 | CAD | 168 |  | 169 |  | 3.8 | % | 202 |  | 203 |  | 3.8 | % |
New Richmond Wind LP bond | Wind & Solar | 2032 | CAD | 103 |  | 104 |  | 4.0 | % | 112 |  | 113 |  | 4.0 | % |
Kent Hills Wind LP bond | Wind & Solar | 2033 | CAD | 193 |  | 196 |  | 4.5 | % | 206 |  | 209 |  | 4.5 | % |
Windrise Wind LP bond | Wind & Solar | 2041 | CAD | 164 |  | 167 |  | 3.4 | % | 170 |  | 173 |  | 3.4 | % |
Pingston bond | Hydro | 2043 | CAD | 39 |  | 39 |  | 6.2 | % | 45 |  | 45 |  | 3.0 | % |
TAPC Holdings LP bond (Poplar Creek) | Gas | 2030 | CAD | 85 |  | 86 |  | 9.4 | % | 94 |  | 95 |  | 8.9 | % |
TEC Hedland PTY Ltd bond(5) | Gas | 2042 | AUD | 691 |  | 699 |  | 4.1 | % | 711 |  | 720 |  | 4.1 | % |
TransAlta OCP LP bond | Gas | 2030 | CAD | 217 |  | 218 |  | 4.5 | % | 241 |  | 242 |  | 4.5 | % |
Tax equity financing |  |  |  |  |  |  |  |  |  |
Big Level & Antrim(6) | Wind & Solar | 2029 | USD | 91 |  | 97 |  | 6.6 | % | 102 |  | 108 |  | 6.6 | % |
Lakeswind(7) | Wind & Solar | 2029 | USD | 10 |  | 10 |  | 10.5 | % | 15 |  | 15 |  | 10.5 | % |
North Carolina Solar(8) | Wind & Solar | 2028 | USD | 3 |  | 3 |  | 7.3 | % | 6 |  | 6 |  | 7.3 | % |
Other(9) | Corporate |  | CAD | — |  | — |  | — |  | 1 |  | 1 |  | 5.9 | % |
Total long-term debt |  |  |  | 3,323 |  | 3,363 |  |  | 3,518 |  | 3,563 |  |  |
Lease liabilities(10) |  |  |  | 143 |  |  |  | 135 |  |  |  |
Total long-term debt and lease liabilities | 3,466 |  |  |  | 3,653 |  |  |  |
Less: current portion of long-term debt | (526) |  |  |  | (170) |  |  |  |
Less: current portion of lease liabilities | (6) |  |  |  | (8) |  |  |  |
Total current long-term debt and lease liabilities | (532) |  |  |  | (178) |  |  |  |
Total non-current credit facilities, long-term debt and lease liabilities | 2,934 |  |  |  | 3,475 |  |  |  |
(1)Interest rate reflects the stipulated rate or the average rate weighted by principal amounts outstanding and is before the effect of hedging. (2)Composed of bankers’ acceptances and other commercial borrowings under long-term committed credit facilities. (3)US face value at Dec. 31, 2023 – US$700 million (2022 – US$700 million). (4)The effective interest rate for the senior notes is 5.98 per cent after the effects of gains realized on settled interest rate hedging instruments. (5)AU face value at Dec. 31, 2023 – AU$773 million (2022 – AU$786 million). (6)US face value at Dec. 31, 2023 – US$73 million (2022 – US$79 million). (7)US face value at Dec. 31, 2023 – US$8 million (2022 – US$11 million). (8)US face value at Dec. 31, 2023 – US$2 million (2022 – US$5 million). (9)Other debt consisted of an unsecured commercial loan obligation that matured and was repaid in 2023. (10)At Dec. 31, 2023, lease liabilities exclude a lease incentive of $12 million expected to be received in 2024, which is recognized in trade and other receivables. The Company's credit facilities are summarized in the table below:
As at Dec. 31, 2023 |  | Utilized |  |
Credit Facilities | Facility size | Outstanding letters of credit(1) | Cash drawings | Available capacity | Maturity date
Committed |  |  |  |  |
TransAlta syndicated credit facility | 1,950 |  | 417 |  | — |  | 1,533 |  | Q2 2027
TransAlta bilateral credit facilities | 240 |  | 178 |  | — |  | 62 |  | Q2 2025
TransAlta Term Facility | 400 |  | — |  | 400 |  | — |  | Q3 2024
Total Committed | 2,590 |  | 595 |  | 400 |  | 1,595 |  |
Non-Committed |  |  |  |  |
TransAlta demand facilities | 400 |  | 187 |  | — |  | 213 |  | N/A
Total Non-Committed | 400 |  | 187 |  | — |  | 213 |  |
(1)TransAlta has obligations to issue letters of credit and cash collateral to secure potential liabilities to certain parties, including those related to potential environmental obligations, commodity risk management and hedging activities, pension plan obligations, construction projects and purchase obligations. Letters of credit drawn against the non-committed facilities reduce the available capacity under the committed syndicated credit facilities. At Dec. 31, 2023, TransAlta provided cash collateral of $145 million.
Disclosure of principal repayments |
| 2024 | 2025 | 2026 | 2027 | 2028 | 2029 and thereafter | Total
Principal repayments(1) | 526 |  | 142 |  | 143 |  | 153 |  | 162 |  | 2,237 |  | 3,363 |
Lease liabilities(2) | 4 |  | 4 |  | 4 |  | 4 |  | 4 |  | 123 |  | 143 |
(1)Excludes impact of hedge accounting and derivatives. (2)Lease liabilities exclude a lease incentive of $12 million, expected to be received in 2024, which is recognized in trade and other receivables.

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