Company: TVC
Filing Date: 2025-07-29
Form Type: 10-Q
Source: 0001376986-25-000044
Chunk: 253

Company: Tennessee Valley Authority
Filing Date: 2025-07-29
Form: 10-Q
Item: Part II, Item 2
Chunk 253
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 2024, as reflected on the Consolidated Balance Sheets, are as follows:Summary of Impact of VIEs on Consolidated Balance Sheets(in millions) At June 30, 2025At September 30, 2024Current liabilities Accrued interest$30 $9 Accounts payable and accrued liabilities1 1 Current maturities of long-term debt of variable interest entities48 37 Total current liabilities79 47 Other liabilitiesOther long-term liabilities15 16 Long-term debt, netLong-term debt of variable interest entities, net1,651 897 Total liabilities$1,745 $960 Interest expense of $21 million and $12 million for the three months ended June 30, 2025 and 2024, respectively, and $64 million and $35 million for the nine months ended June 30, 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.

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Table of Contents                               Draft 4.0                    07/24/2025 5:00 PM

11.  Other Long-Term LiabilitiesOther long-term liabilities consist primarily of liabilities related to certain derivative agreements as well as liabilities related to environmental compliance and remediation, and long-term project cost accruals.  The table below summarizes the types and amounts of Other long-term liabilities:Other Long-Term Liabilities(in millions) At June 30, 2025At September 30, 2024(1)Interest rate swap liabilities$622 $792 Environmental compliance and remediation costs272 212 Long-term project cost accruals198 140 Currency swap liabilities85 109 Operating lease liabilities74 88 EnergyRight® financing obligation52 52 Long-term deferred compensation47 50 Long-term deferred revenue 38 48 Accrued long-term service agreements20 7 Advances for construction15 55 Commodity contract derivative liabilities8 64 Other76 95 Total other long-term liabilities$1,507 $1,712 Note(1)