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Debt and Other Obligations Debt and Other Obligations (Tables) | 12 Months Ended
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Sep. 30, 2018
Debt and Other Obligations [Abstract] |
Schedule of short-term borrowings | The following table provides information regarding TVA's short-term borrowings:
Short-term Borrowings At September 30
| 2018 |  | 2017 |  | 2016
Gross amount outstanding - discount notes | $ | 1,217 |  |  | $ | 1,999 |  |  | $ | 1,407 |
Weighted average interest rate - discount notes | 2.045 | % |  | 1.000 | % |  | 0.203 | %
Debt Securities Activity | The table below summarizes the long-term debt securities activity for the period from October 1, 2017, to September 30, 2018.
Debt Securities Activity For the years ended September 30
|  | 2018 |  | 2017
Issues |  |  |  |
2017 Series A |  | $ | — |  |  | $ | 1,000 |
2018 Series A(1) |  | $ | 1,000 |  |  | — |
Discount on debt issues |  | (2 | ) |  | (1 | )
Total |  | $ | 998 |  |  | $ | 999 |
Acquisitions |  |  |  |
Notes payable(2) |  | $ | — |  |  | $ | 74 |
Redemptions/Maturities(3) |  |  |  |
Variable interest entities |  | $ | 36 |  |  | $ | 35 |
Notes payable |  | 53 |  |  | 27 |
electronotes® |  | 52 |  |  | 5 |
2009 Series B |  | 29 |  |  | 28 |
2001 Series D |  | — |  |  | 525 |
2007 Series A |  | — |  |  | 1,000 |
1997 Series E |  | 650 |  |  | — |
2008 Series B |  | 1,000 |  |  | — |
Total |  | $ | 1,820 |  |  | $ | 1,620 |
Notes (1) The 2018 Series A bonds were issued at 99.8 percent of par. (2) The related leaseback obligation of $70 million previously reported in Other liabilities in TVA's consolidated balance sheets was extinguished in the fourth quarter of 2017 as a result of TVA's acquisition of the equity interests in two SPEs. See Note 9 for additional information. (3) All redemptions were at 100 percent of par.
Debt Outstanding | Total debt outstanding at September 30, 2018 and 2017, consisted of the following:
Short-Term Debt At September 30
CUSIP or Other Identifier |  | Maturity |  | Call/(Put) Date |  | Coupon Rate |  | 2018 |  | 2017
Short-term debt, net of discounts |  |  |  |  |  |  |  | $ | 1,216 |  |  | $ | 1,998 |
Current maturities of long-term debt of variable interest entities issued at par |  |  |  |  |  |  |  | 38 |  |  | 36 |
Current maturities of notes payable |  |  |  |  |  |  |  | 46 |  |  | 53 |
Current maturities of power bonds issued at par |  |  |  |  |  |  |  |  |  |
880591EQ1 |  | 10/15/2018 |  |  |  | 1.750% |  | 1,000 |  |  | — |
880591EF5 |  | 12/15/2018 |  |  |  | 3.770% |  | 1 |  |  | 1 |
880591EF5 |  | 6/15/2019 |  |  |  | 3.770% |  | 29 |  |  | 28 |
88059TEL1 |  | 11/15/2018 |  |  |  | 2.650% |  | 1 |  |  | 1 |
88059TEL1 |  | 5/15/2019 |  |  |  | 2.650% |  | 1 |  |  | 2 |
880591CU4 |  | 12/15/2017 |  |  |  | 6.250% |  | — |  |  | 650 |
880591EC2 |  | 4/1/2018 |  |  |  | 4.500% |  | — |  |  | 1,000 |
88059TFS5 |  | 10/15/2017 |  |  |  | 4.125% |  | — |  |  | 46 |
Total current maturities of power bonds issued at par |  |  |  |  |  |  |  | 1,032 |  |  | 1,728 |
Total current debt outstanding, net |  |  |  |  |  |  |  | $ | 2,332 |  |  | $ | 3,815 |
TVA redeemed $1.0 billion of power bonds on October 15, 2018.
Long-Term Debt At September 30
CUSIP or Other Identifier |  | Maturity |  | Coupon Rate |  | Effective Call Date |  | 2018 Par |  | 2017 Par |  | Stock Exchange Listings
electronotes®(2) |  | 5/15/2020 - 2/15/2043 |  | 2.375% - 3.625% |  | 2/15/2015 - 2/15/2018(5) |  | $ | 221 |  |  | $ | 226 |  |  | None
880591EQ1 |  | 10/15/2018 |  | 1.750% |  |  |  | — |  |  | 1,000 |  |  | New York
880591EV0 |  | 3/15/2020 |  | 2.250% |  |  |  | 1,000 |  |  | — |  |  | New York
880591EL2 |  | 2/15/2021 |  | 3.875% |  |  |  | 1,500 |  |  | 1,500 |  |  | New York
880591DC3 |  | 6/7/2021 |  | 5.805% | (3) |  |  | 261 |  | (1) | 268 |  |  | New York, Luxembourg
880591EN8 |  | 8/15/2022 |  | 1.875% |  |  |  | 1,000 |  |  | 1,000 |  |  | New York
880591ER9 |  | 9/15/2024 |  | 2.875% |  |  |  | 1,000 |  |  | 1,000 |  |  | New York
880591CJ9 |  | 11/1/2025 |  | 6.750% |  |  |  | 1,350 |  |  | 1,350 |  |  | New York, Hong Kong, Luxembourg, Singapore
880591EU2 |  | 2/1/2027 |  | 2.875% |  |  |  | 1,000 |  |  | 1,000 |  |  | New York
880591300(4) |  | 6/1/2028 |  | 3.550% |  |  |  | 273 |  |  | 273 |  |  | New York
880591409(4) |  | 5/1/2029 |  | 3.360% |  |  |  | 232 |  |  | 232 |  |  | New York
880591DM1 |  | 5/1/2030 |  | 7.125% |  |  |  | 1,000 |  |  | 1,000 |  |  | New York, Luxembourg
880591DP4 |  | 6/7/2032 |  | 6.587% | (3) |  |  | 326 |  | (1) | 335 |  |  | New York, Luxembourg
880591DV1 |  | 7/15/2033 |  | 4.700% |  |  |  | 472 |  |  | 472 |  |  | New York, Luxembourg
880591EF5 |  | 6/15/2034 |  | 3.770% |  |  |  | 273 |  |  | 303 |  |  | None
880591DX7 |  | 6/15/2035 |  | 4.650% |  |  |  | 436 |  |  | 436 |  |  | New York
880591CK6 |  | 4/1/2036 |  | 5.980% |  |  |  | 121 |  |  | 121 |  |  | New York
880591CS9 |  | 4/1/2036 |  | 5.880% |  |  |  | 1,500 |  |  | 1,500 |  |  | New York
880591CP5 |  | 1/15/2038 |  | 6.150% |  |  |  | 1,000 |  |  | 1,000 |  |  | New York
880591ED0 |  | 6/15/2038 |  | 5.500% |  |  |  | 500 |  |  | 500 |  |  | New York
880591EH1 |  | 9/15/2039 |  | 5.250% |  |  |  | 2,000 |  |  | 2,000 |  |  | New York
880591EP3 |  | 12/15/2042 |  | 3.500% |  |  |  | 1,000 |  |  | 1,000 |  |  | New York
880591DU3 |  | 6/7/2043 |  | 4.962% | (3) |  |  | 195 |  | (1) | 201 |  |  | New York, Luxembourg
880591CF7 |  | 7/15/2045 |  | 6.235% |  | 7/15/2020 |  | 140 |  |  | 140 |  |  | New York
880591EB4 |  | 1/15/2048 |  | 4.875% |  |  |  | 500 |  |  | 500 |  |  | New York, Luxembourg
880591DZ2 |  | 4/1/2056 |  | 5.375% |  |  |  | 1,000 |  |  | 1,000 |  |  | New York
880591EJ7 |  | 9/15/2060 |  | 4.625% |  |  |  | 1,000 |  |  | 1,000 |  |  | New York
880591ES7 |  | 9/15/2065 |  | 4.250% |  |  |  | 1,000 |  |  | 1,000 |  |  | New York
Subtotal |  |  |  |  |  |  |  | 20,300 |  |  | 20,357 |  |  |
Unamortized discounts, premiums, issue costs, and other |  |  |  |  |  |  |  | (143 | ) |  | (152 | ) |  |
Total long-term outstanding power bonds, net |  |  |  |  |  |  |  | 20,157 |  |  | 20,205 |  |  |
Long-term debt of variable interest entities, net |  |  |  |  |  |  |  | 1,127 |  |  | 1,164 |  |  |
Long-term notes payable |  |  |  |  |  |  |  | 23 |  |  | 69 |  |  |
Total long-term debt, net |  |  |  |  |  |  |  | $ | 21,307 |  |  | $ | 21,438 |  |  |
Notes (1) Includes net exchange gain from currency transactions of $147 million and $125 million at September 30, 2018 and 2017, respectively. (2) Includes one electronotes® issue with partial maturities of principal for each required annual payment. (3) The coupon rate represents TVA’s effective interest rate. (4) TVA PARRS, CUSIP numbers 880591300 and 880591409, may be redeemed under certain conditions. See Put and Call Options above.
Maturities Due in the Year Ending September 30 |
Maturities Due in the Year Ending September 30
| 2019 |  | 2020 |  | 2021 |  | 2022 |  | 2023 |  | Thereafter |  | Total
Long-term power bonds, long-term debt of variable interest entities, and notes payable including current maturities(1) | $ | 1,116 |  |  | $ | 1,092 |  |  | $ | 1,901 |  |  | $ | 1,072 |  |  | $ | 69 |  |  | $ | 17,474 |  |  | $ | 22,724 |
Short-term debt, net of discounts | 1,216 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 1,216 |
Note (1) Long-term power bonds does not include non-cash items of foreign currency exchange gain of $147 million, unamortized debt issue costs of $56 million, and net discount on sale of Bonds of $88 million. Long-term debt of VIE does not include non-cash item of unamortized debt issue costs of $10 million.
Summary of Long-Term Credit Facilities | The following table provides additional information regarding TVA's funding available under the four long-term revolving credit facilities:
Summary of Long-Term Credit Facilities At September 30, 2018
Maturity Date | Facility Limit |  | Letters of Credit Outstanding |  | Cash Borrowings |  | Availability
December 2019 | $ | 150 |  |  | $ | 38 |  |  | $ | — |  |  | $ | 112 |
February 2022 | 500 |  |  | 500 |  |  | — |  |  | — |
June 2023 | 1,000 |  |  | 383 |  |  | — |  |  | 617 |
September 2023 | 1,000 |  |  | — |  |  | — |  |  | 1,000 |
Total | $ | 2,650 |  |  | $ | 921 |  |  | $ | — |  |  | $ | 1,729 |

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