Company: TVC
Filing Date: 2025-11-13
Form Type: 10-K
Source: 0001376986-25-000056
Chunk: 169

Company: Tennessee Valley Authority
Filing Date: 2025-11-13
Form: 10-K
Item: Item 8
Chunk 169
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1,121 1 Mortgage and asset-backed securities572 — 511 61 Debt securities issued by U.S. Treasury543 543 — — Debt securities issued by foreign governments19 — 19 — Debt securities issued by state/local governments23 — 23 — Commingled funds measured at net asset value(3)Equity245 — — — Debt1,236 — — — Institutional mutual funds180 180 — — Cash equivalents and other short-term investments249 5 244 — Private credit funds measured at net asset value(3)1,126 — — — Private equity funds measured at net asset value(3)1,580 — — — Private real asset funds measured at net asset value(3)1,150 — — — Securities lending collateral235 — 235 — DerivativesSwaps6 — 6 — Total assets$8,959 $1,396 $2,161 $65 Liabilities    DerivativesFutures$1 $1 $— $— Swaps3 — 3 — Total liabilities$4 $1 $3 $— Notes(1)  Excludes approximately $47 million in net payables associated with security purchases and sales and various other payables.(2)  Excludes a $235 million payable for collateral on loaned securities in connection with TVARS's participation in securities lending programs.(3)  Certain investments that are measured at fair value using the NAV or its equivalent ("alternative investments") have not been categorized in the fair value hierarchy.  The inputs to these fair value measurements include underlying NAVs, discounted cash flow valuations, comparable market valuations, estimated benchmark yields, and adjustments for currency, credit, liquidity, and other risks.  The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented on the Consolidated Balance Sheets as the fair value of net plan assets.

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The following table provides a reconciliation of beginning and ending balances of pension plan assets measured at fair value on a recurring basis where the determination of fair value includes significant unobservable inputs (Level 3):Fair Value Measurements Using Significant Unobservable Inputs(in millions) Fair Value Measurements Using Significant Unobservable Inputs