Short-Term Debt (Tables)

12 Months Ended

Dec. 31, 2023

Credit Facilities


	December 31, 2023								December 31, 2022
			Borrowings		Borrowings		Letters				Borrowings		Borrowings		Letters
	Credit		Outstanding -		Outstanding -		of Credit		Credit		Outstanding -		Outstanding -		of Credit
(millions)	Facilities		Credit Facilities (1)		Commercial Paper (1)		Outstanding		Facilities		Credit Facilities (1)		Commercial Paper (1)		Outstanding
5-year facility (2)	$	800	$	0	$	706	$	1	$	800	$	0	$	619	$	1
1-year term facility (3)		0		0		0		0		400		400		0		0
1-year term facility (4)		200		0		0		0		0		0		0		0
1-year term facility (5)		200		0		0		0		0		0		0		0
Total	$	1,200	$	0	$	706	$	1	$	1,200	$	400	$	619	$	1

(1)

Borrowings outstanding are reported as notes payable in the Consolidated Balance Sheets.

(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. On January 30, 2024, TEC completed a sale of $500 million aggregate principal amount of 4.90% Notes due March 1, 2029. TEC used the net proceeds from this offering for the repayment of a portion of the borrowings outstanding under the 5-year credit facility. Therefore, $497 million of borrowings outstanding under the 5-year credit facility were reclassified as long-term debt on the Consolidated Balance Sheet as of December 31, 2023.

(3)

This 1-year term facility was set to mature on December 16, 2022. On December 13, 2022, TEC extended the maturity date to December 13, 2023, at which time the facility terminated.

(4)

On March 1, 2023, TEC entered into a 1-year term facility that matures on February 28, 2024.

(5)

On April 3, 2023, TEC entered into a 1-year term facility that matures on April 1, 2024.