Company: TVC
Filing Date: 2025-11-13
Form Type: 10-K
Source: 0001376986-25-000056
Chunk: 279

Company: Tennessee Valley Authority
Filing Date: 2025-11-13
Form: 10-K
Item: Item 1
Chunk 279
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 measured at net asset value(3)1,290 — — — Private real asset funds measured at net asset value(3)1,209 — — — Securities lending collateral142 — 142 — Derivatives    Futures3 3 — — Swaps7 — 7 — Total assets$8,837 $1,369 $1,639 $24 Notes(1)  Excludes approximately $101 million in net payables associated with security purchases and sales and various other payables.(2)  Excludes a $142 million payable for collateral on loaned securities in connection with TVARS's participation in securities lending programs.(3)  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 valuations, estimated benchmark yields, and adjustments for currency, credit, liquidity, and other risks.  The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the amounts presented on the Consolidated Balance Sheets as the fair value of net plan assets.

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    The following table provides the fair value measurement amounts for assets held by TVARS at September 30, 2024:TVA Retirement SystemAt September 30, 2024(in millions) Total(1)(2)Quoted Prices in Active Markets for IdenticalAssets/Liabilities(Level 1)Significant OtherObservable Inputs(Level 2)SignificantUnobservableInputs(Level 3)Assets    Equity securities$670 $668 $— $2 Preferred securities3 — 2 1 Debt securities   Corporate debt securities1,122 — 1,121 1 Mortgage and asset-backed securities572 — 511 61 Debt securities issued by U.S. Treasury543 543 — — Debt securities issued by foreign governments19 — 19 — Debt securities issued by state/local governments23 — 23 — Commingled funds measured at net asset value(3)Equity245 — — — Debt1,236 — — — Institutional mutual funds180 180 — — Cash equivalents and other short-term