v3.24.0.1
DEBT AND CREDIT AGREEMENT (Tables)
 12 Months Ended
Dec. 31, 2023
Debt Disclosure [Abstract]  
Schedule Of Long-Term Debt Instruments The following table presents the components of Long-Term Debt, Net on the Consolidated Balance Sheets:
December 31,
($ in millions)Interest RateMaturity Date20232022
Notes
2012 Senior Notes3.85%2023$— $150 
2015 Senior Notes (1)
3.05%2025300 300 
2020 Senior Notes1.50%2030300 300 
2022 Senior Notes3.25%2032325 325 
2014 Senior Notes5.00%2044150 150 
2018 Senior Notes4.85%2048300 300 
2020 Senior Notes4.00%2050350 350 
2021 Senior Notes3.25%2051325 325 
2023 Senior Notes5.50%2053375 — 
Tax-Exempt Local Furnishings Bonds
2013 Pima A 4.00%2029— 91 
Total Long-Term Debt (2)
2,425 2,291 
Less Unamortized Discount and Debt Issuance Costs28 26 
Less Current Maturities of Long-Term Debt— 150 
Total Long-Term Debt, Net$2,397 $2,115 
(1)On December 15, 2024, the 2015 Senior Notes become callable at par plus accrued interest. The notes mature on March 15, 2025.
(2)As of December 31, 2023 and 2022, all of TEP's debt is unsecured.
Schedule Of Maturities Of Long-Term Debt
Long-term debt matures on the following dates:
($ in millions)
Long-Term Debt (1)
2024$— 
2025300 
2026— 
2027— 
2028— 
Thereafter2,125 
Total$2,425 
(1)Total long-term debt excludes $19 million of related unamortized debt issuance costs and $9 million of unamortized original issue discount.
Schedule Of Line Of Credit Facilities
Terms are as follows:
Sub-Limit Swingline(1)
Sub-Limit LOCWeighted Average Interest Rate
Capacity
Borrowed(2)
Available
Pricing(3)
($ in millions)December 31, 2023
Agreement$250 $15 $50 $— $250 — %
SOFR+ADJ 0.10%+1.025% or ABR+0.025%
($ in millions)December 31, 2022
Agreement$250 $15 $50 $5 $245 — %
LIBOR+1.025% or ABR+0.025%
(1)ABR pricing would apply to swingline loans.
(2)Includes a $5 million LOC at a rate of 1.025% per annum as of December 31, 2022, which was cancelled in August 2023.
(3)TEP's pricing may be adjusted based on performance measured using two sustainability targets: (i) the three-year average Occupational Safety and Health Administration total recordable incident rate, excluding solely COVID-19 pandemic-related incidents; and (ii) capacity targets for owned plus firm purchased power agreement renewable generation, including energy storage.