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Debt and Other Obligations Debt and Other Obligations (Tables) | 12 Months Ended
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Sep. 30, 2021
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
| 2021 |  | 2020 |  | 2019
Gross amount outstanding - discount notes | $ | 780 |  |  | $ | 57 |  |  | $ | 922 |
Weighted average interest rate - discount notes | 0.03 | % |  | 0.06 | % |  | 2.15 | %
Debt Securities Activity | The table below summarizes the long-term debt securities activity for the years ended September 30, 2021 and 2020.
Debt Securities Activity For the years ended September 30
|  | 2021 |  | 2020
Issues |  |  |  |
2020 Series A(1) |  | $ | — |  |  | $ | 1,000 |
2021 Series A(2) |  | 500 |  |  | — |
Discount on debt issues |  | — |  |  | (3) |
Total |  | $ | 500 |  |  | $ | 997 |
Redemptions/Maturities(3) |  |  |  |
electronotes® |  | $ | — |  |  | $ | 219 |
2009 Series B |  | 29 |  |  | 28 |
2018 Series A |  | — |  |  | 1,000 |
1999 Series A PARRS (TVE) |  | — |  |  | 23 |
1998 Series D PARRS (TVC) |  | — |  |  | 17 |
1995 Series B |  | — |  |  | 140 |
2011 Series A |  | 1,500 |  |  | — |
1998 Series H |  | 331 |  |  | — |
Total redemptions/maturities of power bonds |  | 1,860 |  |  | 1,427 |
Notes payable |  | — |  |  | 23 |
Variable interest entities |  | 41 |  |  | 39 |
Total |  | $ | 1,901 |  |  | $ | 1,489 |
Notes (1) The 2020 Series A Bonds were issued at 99.706 percent of par. (2) The 2021 Series A Bonds were issued at 99.982 percent of par. (3) All redemptions were at 100 percent of par.
Debt Outstanding | Total debt outstanding at September 30, 2021 and 2020, consisted of the following:
Short-Term Debt At September 30
CUSIP or Other Identifier |  | Maturity |  | Call/(Put) Date |  | Coupon Rate |  | 2021 |  | 2020 |
Short-term debt, net of discounts |  |  |  |  |  |  |  | $ | 780 |  |  | $ | 57 |  |
Current maturities of long-term debt of VIEs issued at par |  |  |  |  |  |  |  | 43 |  |  | 41 |  |
Current maturities of notes payable |  |  |  |  |  |  |  | — |  |  | — |  |
Current maturities of power bonds issued at par |  |  |  |  |  |  |  |  |  |  |
880591EN8 |  | 8/15/2022 |  |  |  | 1.875% |  | 1,000 |  |  | — |  |
880591EF5 |  | 12/15/2021 |  |  |  | 3.770% |  | 1 |  |  | 1 |  |
880591EF5 |  | 6/15/2022 |  |  |  | 3.770% |  | 27 |  |  | 28 |  |
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 |  |  |  |  |  |  |  | 1,028 |  |  | 1,787 |  |
Total current debt outstanding, net |  |  |  |  |  |  |  | $ | 1,851 |  |  | $ | 1,885 |  |
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 |  | 2021 Par |  | 2020 Par |  | Stock Exchange Listings
880591EN8 |  | 8/15/2022 |  | 1.875% |  |  |  | $ | — |  |  | $ | 1,000 |  |  | New York
880591ER9 |  | 9/15/2024 |  | 2.875% |  |  |  | 1,000 |  |  | 1,000 |  |  | New York
880591EW8 |  | 5/15/2025 |  | 0.750% |  |  |  | 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(3) |  | 6/1/2028 |  | 2.134% |  |  |  | 256 |  |  | 256 |  |  | New York
880591409(3) |  | 5/1/2029 |  | 2.216% |  |  |  | 208 |  |  | 208 |  |  | New York
880591DM1 |  | 5/1/2030 |  | 7.125% |  |  |  | 1,000 |  |  | 1,000 |  |  | New York, Luxembourg
880591EX6 |  | 9/15/2031 |  | 1.500% |  |  |  | 500 |  |  | — |  |  | New York
880591DP4 |  | 6/7/2032 |  | 6.587% | (2) |  |  | 337 |  | (1) | 323 |  | (1) | New York, Luxembourg
880591DV1 |  | 7/15/2033 |  | 4.700% |  |  |  | 472 |  |  | 472 |  |  | New York, Luxembourg
880591EF5 |  | 6/15/2034 |  | 3.770% |  |  |  | 190 |  |  | 218 |  |  | 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% | (2) |  |  | 202 |  | (1) | 194 |  | (1) | New York, Luxembourg
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 |  |  |  |  |  |  |  | 17,572 |  |  | 18,078 |  |  |
Unamortized discounts, premiums, issue costs, and other |  |  |  |  |  |  |  | (115) |  |  | (122) |  |  |
Total long-term outstanding power bonds, net |  |  |  |  |  |  |  | 17,457 |  |  | 17,956 |  |  |
Long-term debt of VIEs, net |  |  |  |  |  |  |  | 1,006 |  |  | 1,048 |  |  |
Total long-term debt, net |  |  |  |  |  |  |  | $ | 18,463 |  |  | $ | 19,004 |  |  |
Notes (1) Includes net exchange gain from currency transactions of $58 million and $80 million at September 30, 2021 and 2020, respectively. (2) The coupon rate represents TVA's effective interest rate. (3) 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
| 2022 |  | 2023 |  | 2024 |  | 2025 |  | 2026 |  | Thereafter |  | Total
Long-term power bonds including current maturities(1) | $ | 1,028 |  |  | $ | 29 |  |  | $ | 1,022 |  |  | $ | 1,022 |  |  | $ | 1,370 |  |  | $ | 14,187 |  |  | $ | 18,658 |
Short-term debt, net of discounts | 780 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 780 |
Note (1) Long-term power bonds does not include non-cash items of foreign currency exchange gain of $58 million, unamortized debt issue costs of $43 million, and net discount on sale of Bonds of $72 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, 2021
Maturity Date |  | Facility Limit |  | Letters of Credit Outstanding |  | Cash Borrowings |  | Availability
September 2023 |  | $ | 1,000 |  |  | $ | 328 |  |  | $ | — |  |  | $ | 672 |
February 2024 |  | 150 |  |  | 38 |  |  | — |  |  | 112 |
February 2025 |  | 500 |  |  | 500 |  |  | — |  |  | — |
September 2026 |  | 1,000 |  |  | 301 |  |  | — |  |  | 699 |
Total |  | $ | 2,650 |  |  | $ | 1,167 |  |  | $ | — |  |  | $ | 1,483 |

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