Company: TVC
Filing Date: 2025-11-13
Form Type: 10-K
Source: 0001376986-25-000056
Chunk: 301

Company: Tennessee Valley Authority
Filing Date: 2025-11-13
Form: 10-K
Item: Item 1
Chunk 301
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 Long-term power bonds, net4 3 1 Return on power program appropriation investment8 7 6 

25.  Segment Reporting

TVA operates as a single reportable segment that includes the generation, transmission, and sale of electricity throughout the Tennessee Valley.  Revenue is primarily derived from wholesale electricity sales to LPCs and directly served customers.  TVA's Chief Executive Officer ("CEO") serves as the CODM.  The CODM uses net income in the annual planning process and to monitor budget versus actual results on a monthly basis in assessing financial performance and in determining how to allocate resources.The following table includes operating revenues, expenses, and net income as regularly provided to the CODM, which align directly to the amounts presented in TVA’s Consolidated Statements of Operations.  As the segment measure used by the CODM is net income, no reconciliation is necessary.For the years ended September 30(in millions)20252024(2)2023(2)Base Revenue$9,415 $8,725 $7,863 Fuel Revenue4,068 3,398 4,025 Other Revenue189191 166 Total Operating Revenue13,672 12,314 12,054 Fuel2,376 2,169 2,549 Purchased Power2,106 1,581 1,633 Operating and Maintenance3,717 3,641 3,372 Depreciation and Amortization2,271 2,138 2,213 Interest Expense1,196 1,066 1,056 Tax Equivalents633 557 593 Other Segment Items(1)13 27 138 Net Income$1,360 $1,135 $500 Notes(1)  Other segment items include non-utility related miscellaneous income and expenses, pension and post-retirement benefit costs, and interest income. (2)  Prior period amounts have been reclassified to conform to the current period presentation resulting from the retrospective adoption of ASU 2023-07, Segment Reporting.  Expanded segment disclosures were not required in the comparative periods presented because the company operated, and continues to operate, as a single reportable segment for which detailed segment expense disclosures were not previously required.Segment asset information is not presented, as it is not regularly reviewed by the CODM.  The CODM evaluates capital planning and resource allocation on a consolidated basis which is presented in TVA's Consolidated Balance