Company: TVC
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001376986-25-000029
Chunk: 392

Company: Tennessee Valley Authority
Filing Date: 2025-05-01
Form: 10-Q
Item: Part II, Item 5
Chunk 392
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At March 31, 2025(in millions)Quoted Prices in Active Markets forIdentical Assets(Level 1)Significant OtherObservable Inputs(Level 2)SignificantUnobservableInputs(Level 3)TotalAssetsInvestments    Equity securities$692 $— $— $692 Government debt securities(1)(2)410 47 — 457 Corporate debt securities(3)— 369 — 369 Mortgage and asset-backed securities— 39 — 39 Institutional mutual funds333 — — 333 Forward debt securities contracts— 16 — 16 Cash equivalents and other short-term investments(2)(4)46 198 — 244 Private equity funds measured at net asset value(5)— — — 762 Private real asset funds measured at net asset value(5)— — — 450 Private credit funds measured at net asset value(5)— — — 263 Commingled funds measured at net asset value(5)— — — 1,292 Total investments1,481 669 — 4,917 Commodity contract derivatives— 10 — 10 Commodity derivatives under the FHP— 106 — 106 Total$1,481 $785 $— $5,033 Quoted Prices in Active Markets forIdentical Liabilities(Level 1)Significant OtherObservable Inputs(Level 2)SignificantUnobservableInputs(Level 3)TotalLiabilitiesCurrency swaps(6)$— $139 $— $139 Interest rate swaps— 707 — 707 Commodity contract derivatives— 5 — 5 Commodity derivatives under the FHP— 11 — 11 Total$— $862 $— $862 Notes(1)  Includes obligations of government-sponsored entities.(2)  There are $410 million of U.S. Treasury securities in Level 1 Government debt securities and $46 million of U.S. Treasury securities in Level 1 Cash equivalents and other short-term investments for a total of $456 million of U.S. Treasury securities within Level 1 of the fair value hierarchy.(3)  Includes both U.S. and foreign debt.(4)  Includes $62 million net payables (interest receivable, dividends receivable, receivables for investments sold, and payables for investments