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Debt and Other Obligations Debt and Other Obligations (Tables)

12 Months Ended

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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