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Debt and Other Obligations | 9 Months Ended
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Jun. 30, 2016
Debt Disclosure [Abstract] |
Debt and Other Obligations | Debt and Other Obligations Debt Outstanding Total debt outstanding at June 30, 2016, and September 30, 2015, consisted of the following:
Debt Outstanding
| At June 30, 2016 |  | At September 30, 2015
Short-term debt |  |  |
Short-term debt, net | $ | 1,542 |  |  | $ | 1,034 |
Current maturities of power bonds | 555 |  |  | 32 |
Current maturities of long-term debt of variable interest entities | 34 |  |  | 33 |
Total current debt outstanding, net | 2,131 |  |  | 1,099 |
Long-term debt |  |  |  |  |
Long-term power bonds(1) | 22,125 |  |  | 22,792 |
Long-term debt of variable interest entities | 1,229 |  |  | 1,246 |
Unamortized discounts, premiums, issue costs, and other | (177 | ) |  | (188 | )
Total long-term debt, net | 23,177 |  |  | 23,850 |
Total outstanding debt | $ | 25,308 |  |  | $ | 24,949 |
Note (1) Includes net exchange gain from currency transactions of $130 million at June 30, 2016, and $21 million at September 30, 2015. Debt Securities Activity The table below summarizes the long-term debt securities activity for the period from October 1, 2015, to June 30, 2016:
Debt Securities Activity
|  | Date |  | Amount(1) |  | Interest Rate
Redemptions/Maturities |  |  |  |  |  |
electronotes® |  | First Quarter 2016 |  | $ | 1 |  |  | 2.65 | %
electronotes® |  | Second Quarter 2016 |  | 2 |  |  | 3.51 | %
electronotes® |  | Third Quarter 2016 |  | 3 |  |  | 2.97 | %
2009 Series A |  | November 2015 |  | 2 |  |  | 2.25 | %
2009 Series B |  | December 2015 |  | 1 |  |  | 3.77 | %
2009 Series B |  | June 2016 |  | 26 |  |  | 3.77 | %
Total redemptions/maturities of power bonds |  |  |  | 35 |  |  |  |
Variable interest entities |  |  |  | 16 |  |  | 4.30 | %
Total redemptions/maturities of debt |  |  |  | $ | 51 |  |  |  |
Note (1) All redemptions were at 100 percent of par. Credit Facility Agreements TVA and the U.S. Treasury, pursuant to the TVA Act, have entered into a memorandum of understanding under which the U.S. Treasury provides TVA with a $150 million credit facility. This credit facility was renewed for 2016 with a maturity date of September 30, 2016. Access to this credit facility or other similar financing arrangements with the U.S. Treasury has been available to TVA since the 1960s. TVA can borrow under the U.S. Treasury credit facility only if it cannot issue Bonds in the market on reasonable terms, and TVA considers the U.S. Treasury credit facility a secondary source of liquidity. The interest rate on any borrowing under this facility is based on the average rate on outstanding marketable obligations of the United States with maturities from date of issue of one year or less. There were no outstanding borrowings under the facility at June 30, 2016. The availability of this credit facility may be impacted by how the U.S. government addresses the situation of approaching its debt limit. TVA also has funding available in the form of three long-term revolving credit facilities totaling $2.5 billion. The $500 million credit facility matures on February 1, 2020, one $1.0 billion credit facility matures on June 2, 2020, and another $1.0 billion credit facility matures on September 30, 2020. The interest rate on any borrowing under these facilities varies based on market factors and the rating of TVA's senior unsecured long-term non-credit-enhanced debt. TVA is required to pay an unused facility fee on the portion of the total $2.5 billion that TVA has not borrowed or committed under letters of credit. This fee, along with letter of credit fees, may fluctuate depending on the rating of TVA's senior unsecured long-term non-credit-enhanced debt. At June 30, 2016 and September 30, 2015, there were approximately $1.2 billion and $1.1 billion, respectively, of letters of credit outstanding under the facilities. See Note 12 — Other Derivative Instruments — Collateral. The following table provides additional information regarding TVA's funding available in the form of three long-term credit facilities:
Summary of Long-Term Credit Facilities At June 30, 2016 (in billions)
Maturity Date | Facility Limit |  | Letters of Credit Outstanding |  | Cash Borrowings |  | Availability
February 2020 | $ | 0.5 |  |  | $ | 0.5 |  |  | $ | — |  |  | $ | — |
June 2020 | 1.0 |  |  | 0.4 |  |  | — |  |  | 0.6 |
September 2020 | 1.0 |  |  | 0.3 |  |  | — |  |  | 0.7 |
Total | $ | 2.5 |  |  | $ | 1.2 |  |  | $ | — |  |  | $ | 1.3 |
Lease/Leaseback Obligations Prior to 2004, TVA received approximately $945 million in proceeds by entering into lease/leaseback transactions for 24 new peaking combustion turbine units. TVA also received approximately $389 million in proceeds by entering into lease/leaseback transactions for qualified technological equipment and software in 2003. Due to TVA's continuing involvement in the operation and maintenance of the leased units and equipment and its control over the distribution of power produced by the combustion turbine facilities during the leaseback term, TVA accounted for the lease proceeds as financing obligations. At June 30, 2016, and September 30, 2015, the outstanding lease/leaseback obligations were $538 million and $616 million, respectively. On May 26, 2016, TVA provided a notice of intent to exercise its right of first refusal ("ROFR") to acquire for $56 million the equity interest in a certain special purpose entity ("SPE") created for the purpose of facilitating lease/leaseback arrangements. See also Note 17 — Subsequent Events.

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- Definition The entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 505 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6928386&loc=d3e21475-112644 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20,22) -URI http://asc.fasb.org/extlink&oid=6877327&loc=d3e13212-122682 + Details
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