Company: TVC
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001376986-25-000029
Chunk: 293

Company: Tennessee Valley Authority
Filing Date: 2025-05-01
Form: 10-Q
Item: Part II, Item 2
Chunk 293
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 Current liabilities Accrued interest$29 $9 Accounts payable and accrued liabilities1 1 Current maturities of long-term debt of variable interest entities47 37 Total current liabilities77 47 Other liabilitiesOther long-term liabilities15 16 Long-term debt, netLong-term debt of variable interest entities, net1,656 897 Total liabilities$1,748 $960 

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Table of Contents                               Draft 4.0                    04/24/2025 5:00 PM

Interest expense of $21 million and $12 million for the three months ended March 31, 2025 and 2024, respectively, and $43 million and $23 million for the six months ended March 31, 2025 and 2024, respectively, is included in the Consolidated Statements of Operations related to debt of VIEs and membership interests of VIEs subject to mandatory redemption.Creditors of the VIEs do not have any recourse to the general credit of TVA.  TVA does not have any obligations to provide financial support to the VIEs other than as prescribed in the terms of the agreements related to these transactions.

11.  Other Long-Term LiabilitiesOther long-term liabilities consist primarily of liabilities related to certain derivative agreements as well as liabilities related to operating leases.  The table below summarizes the types and amounts of Other long-term liabilities:Other Long-Term Liabilities(in millions) At March 31, 2025At September 30, 2024Interest rate swap liabilities$657 $792 Environmental compliance and remediation costs247 212 Long-term project cost accruals181 140 Currency swap liabilities131 109 Operating lease liabilities80 88 EnergyRight® financing obligation52 52 Long-term deferred compensation41 50 Long-term deferred revenue 38 48 Advances for construction22 55 Commodity contract derivative liabilities13 64 Other89 102 Total other long-term liabilities$1,551 $1,712 Interest Rate Swap Liabilities.  See Note 14 — Risk Management Activities and Derivative Transactions — Overview of Accounting Treatment and Derivatives Not Receiving Hedge Accounting Treatment — Interest Rate Derivatives for information regarding the interest rate swap liabilities.Environmental Compliance and Remediation Costs.  At March 31, 2025, and September 30, 2024, the current