Company: TVC
Filing Date: 2025-07-29
Form Type: 10-Q
Source: 0001376986-25-000044
Chunk: 17

Company: Tennessee Valley Authority
Filing Date: 2025-07-29
Form: 10-Q
Item: Part II, Item 15
Chunk 17
---
770 Government debt securities(1)(2)400 57 — 457 Corporate debt securities(3)— 378 — 378 Mortgage and asset-backed securities— 43 — 43 Institutional mutual funds342 — — 342 Forward debt securities contracts— 11 — 11 Cash equivalents and other short-term investments(2)(4)95 183 — 278 Private equity funds measured at net asset value(5)— — — 738 Private real asset funds measured at net asset value(5)— — — 432 Private credit funds measured at net asset value(5)— — — 219 Commingled funds measured at net asset value(5)— — — 1,300 Total investments1,607 672 — 4,968 Commodity contract derivatives— 7 — 7 Total$1,607 $679 $— $4,975 Quoted Prices in Active Markets forIdentical Liabilities(Level 1)Significant OtherObservable Inputs(Level 2)SignificantUnobservableInputs(Level 3)TotalLiabilitiesCurrency swaps(6)$— $116 $— $116 Interest rate swaps— 840 — 840 Commodity contract derivatives— 5 — 5 Commodity derivatives under the FHP— 161 — 161 Total$— $1,122 $— $1,122 Notes(1)  Includes obligations of government-sponsored entities.(2)  There are $400 million of U.S. Treasury securities in Level 1 Government debt securities and $95 million of U.S. Treasury securities in Level 1 Cash equivalents and other short-term investments for a total of $495 million of U.S. Treasury securities within Level 1 of the fair value hierarchy.(3)  Includes both U.S. and foreign debt.(4)  Includes $78 million net payables (interest receivable, dividends receivable, receivables for investments sold, and payables for investments purchased), and $174 million of repurchase agreements in Level 2 Cash equivalents and other short-term investments.(5)  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 val