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Debt and Other Obligations Debt and Other Obligations (Tables) | 12 Months Ended
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Sep. 30, 2023
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
| 2023 |  | 2022
Gross amount outstanding - discount notes (in millions) | $ | 432 |  |  | $ | 1,173 |
Weighted average interest rate - discount notes | 5.29 | % |  | 2.93 | %
Debt Securities Activity | The table below summarizes the long-term debt securities activity for the years ended September 30, 2023 and 2022.
Debt Securities Activity For the years ended September 30 (in millions)
|  | 2023 |  | 2022
Issues |  |  |  |
2022 Series A(1) |  | $ | — |  |  | $ | 500 |
2023 Series A(2) |  | 1,000 |  |  | — |
Discount on debt issues |  | (8) |  |  | (16) |
Total |  | $ | 992 |  |  | $ | 484 |
Redemptions/Maturities(3) |  |  |  |
2009 Series B |  | $ | 29 |  |  | $ | 28 |
2012 Series A |  | — |  |  | 1,000 |
Total redemptions/maturities of power bonds |  | 29 |  |  | 1,028 |
Debt of variable interest entities |  | 39 |  |  | 43 |
Total redemptions/maturities of debt |  | $ | 68 |  |  | $ | 1,071 |
Notes (1) The 2022 Series A Bonds were issued at 96.786 percent of par. (2) The 2023 Series A Bonds were issued at 99.187 percent of par. (3) All redemptions were at 100 percent of par.
Debt Outstanding | Total debt outstanding at September 30, 2023 and 2022, consisted of the following:
Short-Term Debt At September 30 (in millions)
CUSIP or Other Identifier |  | Maturity |  |  |  | Coupon Rate |  | 2023 |  | 2022
Short-term debt, net of discounts |  |  |  |  |  |  |  | $ | 432 |  |  | $ | 1,172 |
Current maturities of long-term debt of VIEs issued at par |  |  |  |  |  |  |  | 35 |  |  | 39 |
Current maturities of power bonds issued at par |  |  |  |  |  |  |  |  |  |
880591EF5 |  | 12/15/2023 |  |  |  | 3.770% |  | 1 |  |  | 1 |
880591EF5 |  | 6/15/2024 |  |  |  | 3.770% |  | 21 |  |  | 28 |
880591ER9 |  | 9/15/2024 |  |  |  | 2.875% |  | 1,000 |  |  | — |
Total current maturities of power bonds issued at par |  |  |  |  |  |  |  | 1,022 |  |  | 29 |
Total current debt outstanding, net |  |  |  |  |  |  |  | $ | 1,489 |  |  | $ | 1,240 |
Long-Term Debt At September 30 (in millions)
CUSIP or Other Identifier |  | Maturity |  | Coupon Rate |  |  |  | 2023 Par |  | 2022 Par |  | Stock Exchange Listings
880591ER9 |  | 9/15/2024 |  | 2.875% |  |  |  | $ | — |  |  | $ | 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 |  |  | 500 |  |  | New York
880591DP4 |  | 6/7/2032 |  | 6.587% | (2) |  |  | 305 |  | (1) | 279 |  | (1) | New York, Luxembourg
880591DV1 |  | 7/15/2033 |  | 4.700% |  |  |  | 472 |  |  | 472 |  |  | New York, Luxembourg
880591EF5 |  | 6/15/2034 |  | 3.770% |  |  |  | 139 |  |  | 160 |  |  | 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) |  |  | 183 |  | (1) | 168 |  | (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
880591EY4 |  | 9/15/2052 |  | 4.250% |  |  |  | 500 |  |  | 500 |  |  | New York
880591EZ1 |  | 3/15/2028 |  | 3.875% |  |  |  | 1,000 |  |  | — |  |  | New York
Subtotal |  |  |  |  |  |  |  | 17,970 |  |  | 17,950 |  |  |
Unamortized discounts, premiums, issue costs, and other |  |  |  |  |  |  |  | (126) |  |  | (124) |  |  |
Total long-term outstanding power bonds, net |  |  |  |  |  |  |  | 17,844 |  |  | 17,826 |  |  |
Long-term debt of VIEs, net |  |  |  |  |  |  |  | 933 |  |  | 968 |  |  |
Total long-term debt, net |  |  |  |  |  |  |  | $ | 18,777 |  |  | $ | 18,794 |  |  |
Notes (1) Includes total net exchange gain from currency transactions of $109 million and $150 million at September 30, 2023 and 2022, 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 Options above.
Maturities Due in the Year Ending September 30 |
Maturities Due in the Year Ending September 30 (in millions)
| 2024 |  | 2025 |  | 2026 |  | 2027 |  | 2028 |  | Thereafter |  | Total
Long-term power bonds including current maturities(1) | $ | 1,022 |  |  | $ | 1,022 |  |  | $ | 1,370 |  |  | $ | 1,020 |  |  | $ | 1,272 |  |  | $ | 13,395 |  |  | $ | 19,101 |
Short-term debt(2) | 432 |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 432 |
Notes (1) Long-term power bonds do not include non-cash items of foreign currency exchange gain of $109 million, unamortized debt issue costs of $41 million, or net discount on sale of Bonds of $85 million. (2) Short-term debt does not include the non-cash item of discount on issuance of discount notes of less than $1 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, 2023 (in millions)
Maturity Date |  | Facility Limit |  | Letters of Credit Outstanding |  | Cash Borrowings |  | Availability
February 2025 |  | $ | 500 |  |  | $ | 302 |  |  | $ | — |  |  | $ | 198 |
March 2026 |  | 150 |  |  | 38 |  |  | — |  |  | 112 |
September 2026 |  | 1,000 |  |  | 99 |  |  | — |  |  | 901 |
March 2027 |  | 1,000 |  |  | 96 |  |  | — |  |  | 904 |
Total |  | $ | 2,650 |  |  | $ | 535 |  |  | $ | — |  |  | $ | 2,115 |

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