Company: TVC
Filing Date: 2025-05-01
Form Type: 10-Q
Source: 0001376986-25-000029
Chunk: 110

Company: Tennessee Valley Authority
Filing Date: 2025-05-01
Form: 10-Q
Item: Part II, Item 3
Chunk 110
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 April 1, 2025, in connection with the JACTG notes and JHLLC's membership interests in JACTG.  The deposit is reflected as Restricted cash of variable interest entity on the Consolidated Balance Sheets.  TVA intends to use the proceeds from the transaction to meet its requirements under the Tennessee Valley Authority Act of 1933, as amended ("TVA Act").Impact on Consolidated Financial StatementsThe financial statement items attributable to carrying amounts and classifications of JSCCG, Holdco, SCCG, JACTG, and JHLLC at March 31, 2025, and September 30, 2024, as reflected on the Consolidated Balance Sheets, are as follows:Summary of Impact of VIEs on Consolidated Balance Sheets(in millions) At March 31, 2025At September 30, 2024Current assets Restricted cash of variable interest entity$25 $— Total assets$25 $— Current liabilities Accrued interest$29 $9 Accounts payable and accrued liabilities1 1 Current maturities of long-term debt of variable interest entities47 37 Total current liabilities77 47 Other liabilitiesOther long-term liabilities15 16 Long-term debt, netLong-term debt of variable interest entities, net1,656 897 Total liabilities$1,748 $960 

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Table of Contents                               Draft 4.0                    04/24/2025 5:00 PM

Interest expense of $21 million and $12 million for the three months ended March 31, 2025 and 2024, respectively, and $43 million and $23 million for the six months ended March 31, 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.

11.  Other Long-Term LiabilitiesOther long-term liabilities consist primarily of liabilities related to certain derivative agreements as well as liabilities related to operating leases.  The table below summarizes the types and amounts of Other long-term liabilities:Other Long-Term Liabilities(in millions)