Debt and Credit Agreements (Tables)

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Schedule of Commercial Paper, Credit Facilities and Borrowing Rates

As of December 31, 2023 and 2022 we had the following aggregate bank commitments, credit facility borrowings and available capacity under our respective credit facilities:

Facility Type	Aggregate Bank Commitment		Facility Draws		Outstanding Letters of Credit		Outstanding Commercial Paper(a)		Available Capacity as of December 31, 2023
Syndicated Revolver	$	3,500	$	—	$	60	$	1,107	$	2,333
Bilaterals	1,500		—		878		—		622
Liquidity Facility	971		—		720		—		191		(b)
Project Finance	137		—		117		—		20
Total	$	6,108	$	—	$	1,775	$	1,107	$	3,166

Facility Type	Aggregate Bank Commitment		Facility Draws		Outstanding Letters of Credit		Outstanding Commercial Paper(a)		Available Capacity as of December 31, 2022
Syndicated Revolver	$	3,500	$	—	$	765	$	959	$	1,776
Bilaterals	1,200		—		867		—		333
Liquidity Facility	971		—		732		—		139		(b)
Project Finance	131		—		111		—		20
Total	$	5,802	$	—	$	2,475	$	959	$	2,268

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(a)Our commercial paper program is supported by the revolving credit agreement. In order to maintain our commercial paper program in the amounts indicated above, we must have a credit facility in place, at least equal to the amount of our commercial paper program. As of both December 31, 2023 and 2022, the maximum program size of our commercial paper program was $3.5 billion. We do not issue commercial paper in an aggregate amount exceeding the then available capacity under our credit facility. The weighted average interest rate on commercial paper borrowings was 5.66% and 4.90% as of December 31, 2023 and 2022, respectively.

(b)The maximum amount of the bank commitment is not to exceed $971 million. The aggregate available capacity of the facility is subject to market fluctuations based on the value of U.S Treasury Securities which determines the amount of collateral held in the trust. We may post additional collateral to borrow up to the maximum bank commitment. As of December 31, 2023 and 2022, without posting additional collateral, the actual availability of facility, prior to outstanding letters of credit was $911 million and $871 million, respectively.

Schedule of Bilateral Credit Agreements

Bilateral Credit Agreements

The following table reflects the bilateral credit agreements at December 31, 2023:

Date Initiated		Latest Amendment Date	Maturity Date(a)	Amount
January 5, 2016	(b)	April 4, 2023	April 3, 2026	$	150
October 25, 2019	(b)	N/A	N/A	200
November 20, 2019	(b)	N/A	N/A	300
November 21, 2019	(b)	N/A	N/A	100
November 21, 2019	(b)	November 15, 2022	November 21, 2024	100
May 15, 2020	(b)	March 31, 2023	N/A	300
August 12, 2022	(b)	N/A	N/A	50
March 29, 2023	(b)	N/A	March 29, 2025	100
December 8, 2023	(b)	N/A	N/A	200

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(a)Credit facilities that do not contain a maturity date are specific to the agreements set within each contract. In some instances, credit facilities are automatically renewed based on the contingency standards set within the specific agreement.

(b)Bilateral credit agreements solely support the issuance of letters of credit and do not back our commercial paper program.

Schedule of Long-term Debt Instruments

Long-Term Debt 

The following table presents the outstanding long-term debt as of December 31, 2023 and 2022:

						Maturity Date	December 31,
	Rates						2023		2022
Long-term debt
Senior unsecured notes	3.25	%	-	6.50	%	2025 - 2053	$	5,688	$	2,938
Tax-exempt notes	4.10	%	-	4.45	%	2025 - 2053(a)	435		—
Notes payable and other	2.10	%	-	5.85	%	2024 - 2029	34		68
Nonrecourse debt:
Fixed rates	2.29	%	-	6.00	%	2031 - 2037	780		839
Variable rates	7.24	%	-	8.57	%	2026 - 2027	740		805
Total long-term debt							7,677		4,650
Unamortized debt discount and premium, net							(4)		(5)
Unamortized debt issuance costs							(56)		(36)
Long-term debt due within one year							(121)		(143)
Long-term debt							$	7,496	$	4,466

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(a)The Tax-exempt notes have a maturity date of March 1, 2025 - April 1, 2053, and a mandatory purchase date that ranges from March 1, 2025 - June 1, 2029.

Schedule of Maturities of Long-term Debt

Long-term debt maturities in the periods 2024 through 2028 and thereafter are as follows:

2024	$	121
2025	1,010
2026	121
2027	705
2028	1,160
Thereafter	4,560
Total	$	7,677