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Debt and Other Obligations Debt and Other Obligations (Tables)

12 Months Ended

Sep. 30, 2020

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
			2020						2019						2018
Gross amount outstanding - discount notes			$	57					$	922					$	1,217
Weighted average interest rate - discount notes			0.06		%				2.15		%				2.05		%

Debt Securities Activity

The table below summarizes the long-term debt securities activity for the years ended September 30, 2020 and 2019.

Debt Securities Activity For the years ended September 30
						2020						2019
Issues
2020 Series A(1)						$	1,000					$	—
Discount on debt issues						(3)						—
Total						$	997					$	—
Redemptions/Maturities(2)
electronotes®						$	219					$	5
2013 Series A												1,000
2009 Series B						28						30
2018 Series A						1,000						—
1999 Series A PARRS (TVE)						23						—
1998 Series D PARRS (TVC)						17						—
1995 Series B						140						—
Total redemptions/maturities of power bonds						1,427						1,035
Notes payable						23						46
Variable interest entities						39						38
Total						$	1,489					$	1,119

Notes

(1) The 2020 Series A Bonds were issued at 99.7 percent of par.

(2) All redemptions were at 100 percent of par.

Debt Outstanding

Total debt outstanding at September 30, 2020 and 2019, consisted of the following: 

Short-Term Debt At September 30
CUSIP or Other Identifier						Maturity						Call/(Put) Date						Coupon Rate						2020						2019
Short-term debt, net of discounts																								$	57					$	922
Current maturities of long-term debt of VIEs issued at par																								41						39
Current maturities of notes payable																								—						23
Current maturities of power bonds issued at par
880591EF5						12/15/2019												3.770%						—						1
880591EF5						6/15/2020												3.770%						—						27
880591EF5						12/15/2020												3.770%						1						—
880591EF5						6/15/2021												3.770%						28						—
88059TEL1						11/15/2019												2.650%						—						1
88059TEL1						5/15/2020												2.650%						—						1
880591EV0						3/15/2020												2.250%						—						1,000
880591EL2						2/15/2021												3.875%						1,500						—
880591DC3						6/7/2021												5.805%						258			(1)			—
Total current maturities of power bonds issued at par																								1,787						1,030
Total current debt outstanding, net																								$	1,885					$	2,014

Note

(1) Includes net exchange gain from currency transactions of $73 million at September 30, 2020.

Long-Term Debt At September 30
CUSIP or Other Identifier						Maturity						Coupon Rate						Effective Call Date						2020 Par						2019 Par						Stock Exchange Listings
electronotes®(2)						5/15/2020 - 2/15/2043						2.375% - 3.625%						2/15/2015 - 2/15/2018 (5)						$	—					$	217					None
880591EL2						2/15/2021						3.875%												—						1,500						New York
880591DC3						6/7/2021						5.805%			(3)									—						246			(1)			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
880591EW8						5/15/2025						0.750%												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						2.134%												256						273						New York
880591409(4)						5/1/2029						2.216%												208						232						New York
880591DM1						5/1/2030						7.125%												1,000						1,000						New York, Luxembourg
880591DP4						6/7/2032						6.587%			(3)									323			(1)			307			(1)			New York, Luxembourg
880591DV1						7/15/2033						4.700%												472						472						New York, Luxembourg
880591EF5						6/15/2034						3.770%												218						246						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)									194			(1)			185			(1)			New York, Luxembourg
880591CF7						7/15/2045						6.235%						7/15/2020						—						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																								18,078						19,225
Unamortized discounts, premiums, issue costs, and other																								(122)						(131)
Total long-term outstanding power bonds, net																								17,956						19,094
Long-term debt of VIEs, net																								1,048						1,089
Total long-term debt, net																								$	19,004					$	20,183

Notes

(1)  Includes net exchange gain from currency transactions of $80 million and $191 million at September 30, 2020 and 2019, 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
			2021						2022						2023						2024						2025						Thereafter						Total
Long-term power bonds, long-term debt of VIEs, and notes payable including current maturities(1)			$	1,901					$	1,071					$	69					$	1,058					$	1,059					$	15,957					$	21,115
Short-term debt, net of discounts			57						—						—						—						—						—						57

Note

(1) Long-term power bonds does not include non-cash items of foreign currency exchange gain of $153 million, unamortized debt issue costs of $45 million, and net discount on sale of Bonds of $77 million. Long-term debt of VIE does not include non-cash item of unamortized debt issue costs of $8 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, 2020
Maturity Date						Facility Limit						Letters of Credit Outstanding						Cash Borrowings						Availability
December 2021						$	150					$	38					$	—					$	112
June 2023						1,000						432						—						568
September 2023						1,000						487						—						513
February 2025						500						500						—						—
Total						$	2,650					$	1,457					$	—					$	1,193

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