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Debt and Other Obligations | 9 Months Ended
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Jun. 30, 2025
Debt Disclosure [Abstract] |
Debt and Other Obligations | Debt and Other Obligations Debt Outstanding Total debt outstanding at June 30, 2025, and September 30, 2024, consisted of the following:
Debt Outstanding (in millions)
| At June 30, 2025 |  | At September 30, 2024
Short-term debt |  |  |
Short-term debt, net of discounts | $ | 319 |  |  | $ | 1,167 |
Current maturities of power bonds issued at par | 1,370 |  |  | 1,022 |
Current maturities of long-term debt of VIEs issued at par | 48 |  |  | 37 |
Total current debt outstanding, net | 1,737 |  |  | 2,226 |
Long-term debt |  |  |
Long-term power bonds(1) | 19,389 |  |  | 17,995 |
Long-term debt of VIEs, net | 1,651 |  |  | 897 |
Unamortized discounts, premiums, issue costs, and other | (160) |  |  | (128) |
Total long-term debt, net | 20,880 |  |  | 18,764 |
Total debt outstanding | $ | 22,617 |  |  | $ | 20,990 |
Note (1) Includes total net exchange gain from currency transactions of $48 million and $62 million at June 30, 2025, and September 30, 2024, respectively. Debt Securities Activity The table below summarizes the long-term debt securities activity for the period from October 1, 2024, to June 30, 2025:
Debt Securities Activity
|  | Date |  | Amount (in millions) |  |
Issues |  |  |  |  |  |
Debt of variable interest entities |  | October 2024 |  | $ | 800 |  |  |
2025 Series A(1) |  | February 2025 |  | 1,250 |  |  |
2025 Series B(2) |  | May 2025 |  | 1,500 |  |  |
Discount on debt issues |  |  |  | (28) |  |  |
Total long-term debt issues |  |  |  | $ | 3,522 |  |  |
Redemptions/Maturities(3) |  |  |  |  |  |
2009 Series B |  | December 2024 |  | $ | 1 |  |  |
2020 Series A |  | May 2025 |  | 1,000 |  |  |
2009 Series B |  | June 2025 |  | 21 |  |  |
Total redemptions/maturities of power bonds |  |  |  | 1,022 |  |  |
Debt of variable interest entities |  |  |  | 23 |  |  |
Total redemptions/maturities of debt |  |  |  | $ | 1,045 |  |  |
Notes (1) The 2025 Series A Bonds were issued at 98.517 percent of par. (2) The 2025 Series B Bonds were issued at 99.360 percent of par. (3) All redemptions were at 100 percent of par. Credit Facility Agreements TVA has funding available under four revolving credit facilities totaling $2.7 billion. See the table below for additional information on the four revolving credit facilities. The interest rate on any borrowing under these facilities varies based on market factors and the rating of TVA's senior unsecured, long-term, non-credit-enhanced debt. TVA is required to pay an unused facility fee on the portion of the total $2.7 billion that TVA has not borrowed or committed under letters of credit. This fee, along with letter of credit fees, may fluctuate depending on the rating of TVA's senior unsecured, long-term, non-credit-enhanced debt. At June 30, 2025, and September 30, 2024, there were $517 million and $566 million, respectively, of letters of credit outstanding under these facilities, and there were no borrowings outstanding. TVA's letters of credit are primarily posted as collateral under TVA's interest rate swaps. See Note 14 — Risk Management Activities and Derivative Transactions — Other Derivative Instruments — Collateral. TVA may also post collateral for TVA's currency swaps, for commodity derivatives under the Financial Hedging Program ("FHP"), or for certain transactions with third parties that require TVA to post letters of credit. The following table provides additional information regarding TVA's funding available under the four revolving credit facilities:
Summary of Credit Facilities At June 30, 2025 (in millions)
Maturity Date |  | Facility Limit |  | Letters of Credit Outstanding |  | Cash Borrowings |  | Availability
March 2026 |  | $ | 150 |  |  | $ | 38 |  |  | $ | — |  |  | $ | 112 |
September 2026 |  | 1,000 |  |  | 71 |  |  | — |  |  | 929 |
March 2027 |  | 1,000 |  |  | 194 |  |  | — |  |  | 806 |
February 2028 |  | 500 |  |  | 214 |  |  | — |  |  | 286 |
Total |  | $ | 2,650 |  |  | $ | 517 |  |  | $ | — |  |  | $ | 2,133 |
TVA and the United States ("U.S.") Department of the Treasury ("U.S. Treasury"), pursuant to the Tennessee Valley Authority Act of 1933, as amended ("TVA Act"), have entered into a memorandum of understanding under which the U.S. Treasury provides TVA with a $150 million credit facility. This credit facility was renewed for 2025 with a maturity date of September 30, 2025. Access to this credit facility or other similar financing arrangements with the U.S. Treasury has been available to TVA since the 1960s. TVA can borrow under the U.S. Treasury credit facility only if it cannot issue bonds, notes, or other evidences of indebtedness (collectively, "Bonds") in the market on reasonable terms, and TVA considers the U.S. Treasury credit facility a secondary source of liquidity. The interest rate on any borrowing under this facility is based on the average rate on outstanding marketable obligations of the U.S. with maturities from date of issue of 12 months or less. There were no outstanding borrowings under the facility at June 30, 2025. The availability of this credit facility may be impacted by how the U.S. government addresses the possibility of approaching its debt limit.

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