Company: TVC
Filing Date: 2025-02-05
Form Type: 10-Q
Source: 0001376986-25-000011
Chunk: 90

Company: Tennessee Valley Authority
Filing Date: 2025-02-05
Form: 10-Q
Item: Part I, Item 1
Chunk 90
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 September 30, 2023$258 $15,302 $525 $(29)$16,056 Net income (loss)— 129 (2)— 127 Total other comprehensive income— — — 1 1 Return on power program appropriation investment— (2)— — (2)Balance at December 31, 2023$258 $15,429 $523 $(28)$16,182 Balance at September 30, 2024$258 $16,437 $518 $(52)$17,161 Net income (loss)— 127 (2)— 125 Total other comprehensive income— — — 18 18 Return on power program appropriation investment— (2)— — (2)Balance at December 31, 2024$258 $16,562 $516 $(34)$17,302 The accompanying notes are an integral part of these consolidated financial statements.

11

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (Unaudited)

(Dollars in millions except where noted)

NotePage1Summary of Significant Accounting Policies122Impact of New Accounting Standards and Interpretations143Accounts Receivable, Net154Inventories, Net155Other Current Assets156Plant Closures157Other Long-Term Assets168Regulatory Assets and Liabilities179Variable Interest Entities1810Other Long-Term Liabilities2011Asset Retirement Obligations2112Debt and Other Obligations2213Risk Management Activities and Derivative Transactions2314Fair Value Measurements2815Revenue3416Other Income, Net3617Supplemental Cash Flow Information3718Benefit Plans3719Collaborative Arrangement3720Contingencies and Legal Proceedings38

1.  Summary of Significant Accounting Policies 

GeneralThe Tennessee Valley Authority ("TVA") prepares its consolidated interim financial statements in conformity with accounting principles generally accepted in the United States of America ("GAAP") for consolidated interim financial information.  Accordingly, TVA's consolidated interim financial statements do not include all of the information and notes required by GAAP for annual financial statements.  As such, they should be read in conjunction with the audited financial statements for the year ended September 30, 2024, and the notes thereto, which are contained in TVA's Annual Report on Form 10-K for the year ended September 30, 2024 (the "Annual Report").  In the opinion