Details of TEC’s short-term borrowings are presented in the following table:



	June 30, 2022									December 31, 2021
			Borrowings			Borrowings		Letters				Borrowings		Borrowings		Letters
	Credit		Outstanding -			Outstanding -		of Credit		Credit		Outstanding -		Outstanding -		of Credit
(millions)	Facilities		Credit Facilities (1)			Commercial Paper		Outstanding		Facilities		Credit Facilities (1)		Commercial Paper (1)		Outstanding
5-year facility (2)	$	800	$	0	(3)	$	470	$	1	$	800	$	0	$	245	$	1
1-year term facility (4)		500		500			0		0		500		500		0		0
Total	$	1,300	$	500		$	470	$	1	$	1,300	$	500	$	245	$	1

(1)

Borrowings outstanding are reported as notes payable.

(2)

This 5-year facility matures on December 17, 2026. TEC also has an active commercial paper program for up to $800 million, of which the full amount outstanding is backed by TEC’s credit facility. The amount of commercial paper issued results in an equal amount of its credit facility being considered drawn and unavailable.

(3)

On July 12, 2022, TEC issued long-term debt and a portion of the proceeds were used to repay TEC's $470 million commercial paper balance. Therefore, the $470 million commercial paper balance was classified as a long-term debt on TEC's consolidated balance sheet as of June 30, 2022.

(4)

On December 17, 2021, TEC entered into a 1-year term facility that matures on December 16, 2022.

At June 30, 2022, these credit facilities required a commitment fee of 12.5 basis points. The weighted-average interest rate on borrowings outstanding under the credit facilities and commercial paper at June 30, 2022 and December 31, 2021 was 2.11% and 0.58%, respectively.