Company: TVC
Filing Date: 2025-11-13
Form Type: 10-K
Source: 0001376986-25-000056
Chunk: 146

Company: Tennessee Valley Authority
Filing Date: 2025-11-13
Form: 10-K
Item: Item 8
Chunk 146
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 value measurement.  TVA's assessment of the significance of a particular input to the fair value measurement requires judgment and may affect the determination of the fair value of the assets and liabilities and their classification in the fair value hierarchy levels.

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Fair Value MeasurementsAt September 30, 2025(in millions)Quoted Prices in Active Markets forIdentical Assets(Level 1)Significant OtherObservable Inputs(Level 2)SignificantUnobservableInputs(Level 3)TotalAssetsInvestments    Equity securities$844 $— $— $844 Government debt securities(1)(2)423 50 — 473 Corporate debt securities(3)— 411 — 411 Mortgage and asset-backed securities— 40 — 40 Institutional mutual funds367 — — 367 Forward debt securities contracts— 16 — 16 Cash equivalents and other short-term investments(2)(4)111 163 — 274 Private equity funds measured at net asset value(5)— — — 875 Private real asset funds measured at net asset value(5)— — — 467 Private credit funds measured at net asset value(5)— — — 278 Commingled funds measured at net asset value(5)— — — 1,528 Total investments1,745 680 — 5,573 Commodity contract derivatives— 16 — 16 Commodity derivatives under the FHP— 8 — 8 Total$1,745 $704 $— $5,597 Quoted Prices in Active Markets for Identical Liabilities(Level 1)Significant OtherObservable Inputs(Level 2)SignificantUnobservableInputs(Level 3)TotalLiabilitiesCurrency swaps(6)$— $115 $— $115 Interest rate swaps— 698 — 698 Commodity contract derivatives— 6 — 6 Commodity derivatives under the FHP— 65 — 65 Total$— $884 $— $884 Notes(1)  Includes obligations of government-sponsored entities.(2)  There are $423 million of U.S. Treasury securities in Level 1 Government debt securities and $111 million of U.S. Treasury securities in Level 1 Cash equivalents and other short-term investments for a total of $534 million of U.S. Treasury securities within Level