Company: TVC
Filing Date: 2025-11-13
Form Type: 10-K
Source: 0001376986-25-000056
Chunk: 228

Company: Tennessee Valley Authority
Filing Date: 2025-11-13
Form: 10-K
Item: Item 1
Chunk 228
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$960 Interest expense of $86 million, $46 million, and $48 million related to debt of VIEs and membership interests of variable interest entity subject to mandatory redemption is included on the Consolidated Statements of Operations for the years ended September 30, 2025, 2024, and 2023, respectively.At September 30, 2025, TVA had outstanding debt of VIEs of $1.7 billion and outstanding membership interests subject to mandatory redemption (including current portion) of $16 million issued by one of its VIEs of which it is the primary beneficiary.  The following table sets forth TVA's future payments at September 30, 2025:

108

Maturities Due in the Year Ending September 30(in millions)20262027202820292030ThereafterLong-term debt of VIEs including current maturities(1)$49 $51 $53 $56 $58 $1,431 Membership interests of variable interest entity subject to mandatory redemption1 1 1 2 2 9 Note(1)  Long-term debt of VIEs does not include non-cash item of unamortized debt issue costs of $17 million.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.

13.  Other Long-Term Liabilities 

Other long-term liabilities consist primarily of liabilities related to certain derivative agreements as well as liabilities related to environmental compliance and remediation and long-term project cost accruals.  The table below summarizes the types and amounts of Other long-term liabilities:Other Long-Term LiabilitiesAt September 30(in millions) 20252024(1)Interest rate swap liabilities$643 $792 Environmental compliance and remediation costs274 226 Long-term project cost accruals204 140 Currency swap liabilities108 109 Operating lease liabilities63 88 Advances for construction61 55 Long-term deferred compensation54 50 EnergyRight® financing obligation53 52 Long-term deferred revenue39 48 Accrued long-term service agreements25 7 Commodity contract derivative liabilities12 64 Other70 81 Total other long-term liabilities$1,606 $1,712 Note(1)