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



	June 30, 2024								December 31, 2023
			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
Credit facility (2)	$	800	$	0	$	65	$	1	$	800	$	0	$	706	$	1
1-year term facility (3)		0		0		0		0		200		0		0		0
1-year term facility (4)		0		0		0		0		200		0		0		0
Total	$	800	$	0	$	65	$	1	$	1,200	$	0	$	706	$	1

(1)

Borrowings outstanding are reported as notes payable.

(2)

This credit facility was planned to mature on December 17, 2026. On April 1, 2024, TEC amended the credit facility agreement to extend the maturity date to December 1, 2028. 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 credit facility. Therefore, $497 million of borrowings outstanding under the credit facility were reclassified as long-term debt on the Balance Sheet as of December 31, 2023.

(3)

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

(4)

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

At June 30, 2024, 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, 2024 and December 31, 2023 was 5.48% and 5.68%, respectively.

As of June 30, 2024 and December 31, 2023, the carrying value of TEC’s short-term debt was not materially different from the fair value due to the short-term nature of the instruments and because the stated rates approximate market rates. The fair value of TEC’s short-term debt is determined using Level 2 measurements.