Company: TVC
Filing Date: 2025-07-29
Form Type: 10-Q
Source: 0001376986-25-000044
Chunk: 274

Company: Tennessee Valley Authority
Filing Date: 2025-07-29
Form: 10-Q
Item: Part II, Item 2
Chunk 274
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'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.Fair Value MeasurementsAt June 30, 2025(in millions)Quoted Prices in Active Markets forIdentical Assets(Level 1)Significant OtherObservable Inputs(Level 2)SignificantUnobservableInputs(Level 3)TotalAssetsInvestments    Equity securities$736 $— $— $736 Government debt securities(1)(2)408 44 — 452 Corporate debt securities(3)— 379 — 379 Mortgage and asset-backed securities— 35 — 35 Institutional mutual funds352 — — 352 Forward debt securities contracts— 18 — 18 Cash equivalents and other short-term investments(2)(4)48 202 — 250 Private equity funds measured at net asset value(5)— — — 868 Private real asset funds measured at net asset value(5)— — — 474 Private credit funds measured at net asset value(5)— — — 267 Commingled funds measured at net asset value(5)— — — 1,446 Total investments1,544 678 — 5,277 Commodity contract derivatives— 6 — 6 Commodity derivatives under the FHP— 24 — 24 Total$1,544 $708 $— $5,307 Quoted Prices in Active Markets forIdentical Liabilities(Level 1)Significant OtherObservable Inputs(Level 2)SignificantUnobservableInputs(Level 3)TotalLiabilitiesCurrency swaps(6)$— $91 $— $91 Interest rate swaps— 673 — 673 Commodity contract derivatives— 5 — 5 Commodity derivatives under the FHP— 25 — 25 Total$— $794 $— $794 Notes(1)  Includes obligations of government-sponsored entities.(2)  There are $408 million of U.S. Treasury securities in Level 1 Government debt securities and $48 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.(